RGA 10-Q Quarterly Report June 30, 2021 | Alphaminr
REINSURANCE GROUP OF AMERICA INC
ALPHAMINR

RGA 10-Q Quarter ended June 30, 2021

Balance Sheet
Cash Flow
Income Statement
Debt
REINSURANCE GROUP OF AMERICA INC
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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2021
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number 1-11848
REINSURANCE GROUP OF AMERICA, INCORPORATED
(Exact name of Registrant as specified in its charter)
Missouri 43-1627032
(State or other jurisdiction (IRS employer
of incorporation or organization) identification number)
16600 Swingley Ridge Road
Chesterfield , Missouri 63017
(Address of principal executive offices)
( 636 ) 736-7000
(Registrant’s telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes x No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
Yes ☒ No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer x Accelerated filer o Non-accelerated filer o
Smaller reporting company ☐ Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock, par value $0.01 RGA New York Stock Exchange
6.20% Fixed-To-Floating Rate Subordinated Debentures due 2042 RZA New York Stock Exchange
5.75% Fixed-To-Floating Rate Subordinated Debentures due 2056 RZB New York Stock Exchange
As of July 31, 2021, 67,996,937 shares of the registrant’s common stock were outstanding.

Table of Contents

REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
TABLE OF CONTENTS
Item Page
PART I – FINANCIAL INFORMATION
1
2
3
4
PART II – OTHER INFORMATION
1
1A
2
6

2
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PART I - FINANCIAL INFORMATION
ITEM 1. Financial Statements

REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
June 30,
2021 		December 31,
2020
(Dollars in millions, except share data)
Assets
Fixed maturity securities available-for-sale, at fair value (amortized cost of $ 52,797 and $ 49,548 ; allowance for credit losses of $ 16 and $ 20 )
$ 58,287 $ 56,735
Equity securities, at fair value 147 132
Mortgage loans on real estate (net of allowance for credit losses of $ 45 and $ 64 )
6,481 5,787
Policy loans 1,254 1,258
Funds withheld at interest 7,049 5,432
Short-term investments 184 227
Other invested assets 2,924 2,829
Total investments 76,326 72,400
Cash and cash equivalents 3,254 3,408
Accrued investment income 525 511
Premiums receivable and other reinsurance balances 3,102 2,842
Reinsurance ceded receivables 1,093 983
Deferred policy acquisition costs 3,622 3,616
Other assets 1,022 896
Total assets $ 88,944 $ 84,656
Liabilities and Stockholders’ Equity
Future policy benefits $ 33,761 $ 31,453
Interest-sensitive contract liabilities 26,161 23,276
Other policy claims and benefits 6,795 6,413
Other reinsurance balances 531 598
Deferred income taxes 2,699 3,263
Other liabilities 2,057 1,340
Long-term debt 3,173 3,573
Collateral finance and securitization notes 323 388
Total liabilities 75,500 70,304
Commitments and contingent liabilities (See Note 8)
Stockholders’ Equity:
Preferred stock – par value $ 0.01 per share, 10,000,000 shares authorized, no shares issued or outstanding
— —
Common stock – par value $ 0.01 per share, 140,000,000 shares authorized, 85,310,598 shares issued at June 30, 2021 and December 31, 2020
1 1
Additional paid-in capital 2,430 2,406
Retained earnings 8,531 8,148
Treasury stock, at cost – 17,313,661 and 17,353,697 shares
( 1,559 ) ( 1,562 )
Accumulated other comprehensive income 4,041 5,359
Total stockholders’ equity 13,444 14,352
Total liabilities and stockholders’ equity $ 88,944 $ 84,656
See accompanying notes to condensed consolidated financial statements (unaudited).
3
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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
Three months ended June 30, Six months ended June 30,
2021 2020 2021 2020
Revenues: (Dollars in millions, except per share data)
Net premiums $ 3,098 $ 2,790 $ 6,012 $ 5,609
Investment income, net of related expenses 759 645 1,571 1,239
Investment related gains (losses), net 112 81 414 ( 204 )
Other revenues 168 90 259 166
Total revenues 4,137 3,606 8,256 6,810
Benefits and Expenses:
Claims and other policy benefits 2,813 2,700 6,005 5,364
Interest credited 218 187 364 333
Policy acquisition costs and other insurance expenses 339 290 672 538
Other operating expenses 240 188 454 383
Interest expense 43 42 88 83
Collateral finance and securitization expense 2 4 5 10
Total benefits and expenses 3,655 3,411 7,588 6,711
Income before income taxes
482 195 668 99
Provision for income taxes 138 37 185 29
Net income $ 344 $ 158 $ 483 $ 70
Earnings per share:
Basic earnings per share $ 5.06 $ 2.49 $ 7.11 $ 1.12
Diluted earnings per share $ 5.02 $ 2.48 $ 7.06 $ 1.11
See accompanying notes to condensed consolidated financial statements (unaudited).
4
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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
Three months ended June 30, Six months ended June 30,
2021 2020 2021 2020
Comprehensive income (loss) (Dollars in millions)
Net income $ 344 $ 158 $ 483 $ 70
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments 19 13 49 ( 118 )
Net unrealized investment gains (losses) 1,020 2,663 ( 1,367 ) 790
Defined benefit pension and postretirement plan adjustments — ( 5 ) — ( 8 )
Total other comprehensive income (loss), net of tax 1,039 2,671 ( 1,318 ) 664
Total comprehensive income (loss) $ 1,383 $ 2,829 $ ( 835 ) $ 734
See accompanying notes to condensed consolidated financial statements (unaudited).
5
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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(in millions except per share amounts)
(Unaudited)

Three months ended June 30, 2021 and 2020
Common
Stock 		Additional Paid In Capital Retained
Earnings 		Treasury
Stock 		Accumulated Other Comprehensive Income Total
Balance, March 31, 2021 $ 1 $ 2,411 $ 8,235 $ ( 1,559 ) $ 3,002 $ 12,090
Net income 344 344
Total other comprehensive income (loss) 1,039 1,039
Dividends to stockholders, $ 0.70 per share
( 47 ) ( 47 )
Purchase of treasury stock ( 1 ) ( 1 )
Reissuance of treasury stock 19 ( 1 ) 1 19
Balance, June 30, 2021
$ 1 $ 2,430 $ 8,531 $ ( 1,559 ) $ 4,041 $ 13,444
Balance, March 31, 2020 $ 1 $ 1,942 $ 7,802 $ ( 1,574 ) $ 1,130 $ 9,301
Net income 158 158
Total other comprehensive income (loss) 2,671 2,671
Dividends to stockholders, $ 0.70 per share
( 43 ) ( 43 )
Issuance of common stock, net of expenses 481 481
Purchase of treasury stock ( 6 ) ( 6 )
Reissuance of treasury stock ( 10 ) ( 16 ) 17 ( 9 )
Balance, June 30, 2020
$ 1 $ 2,413 $ 7,901 $ ( 1,563 ) $ 3,801 $ 12,553
Six months ended June 30, 2021 and 2020
Common
Stock 		Additional Paid In Capital Retained
Earnings 		Treasury
Stock 		Accumulated Other Comprehensive Income Total
Balance, December 31, 2020
$ 1 $ 2,406 $ 8,148 $ ( 1,562 ) $ 5,359 $ 14,352
Adoption of new accounting standards — —
Net income 483 483
Total other comprehensive income (loss) ( 1,318 ) ( 1,318 )
Dividends to stockholders, $ 1.40 per share
( 95 ) ( 95 )
Issuance of common stock, net of expenses —
Purchase of treasury stock ( 2 ) ( 2 )
Reissuance of treasury stock 24 ( 5 ) 5 24
Balance, June 30, 2021
$ 1 $ 2,430 $ 8,531 $ ( 1,559 ) $ 4,041 $ 13,444
Balance, December 31, 2019
$ 1 $ 1,937 $ 7,952 $ ( 1,426 ) $ 3,137 $ 11,601
Adoption of new accounting standards ( 12 ) ( 12 )
Net income 70 70
Total other comprehensive income (loss) 664 664
Dividends to stockholders, $ 1.40 per share
( 87 ) ( 87 )
Issuance of common stock, net of expenses 481 481
Purchase of treasury stock ( 162 ) ( 162 )
Reissuance of treasury stock ( 5 ) ( 22 ) 25 ( 2 )
Balance, June 30, 2020
$ 1 $ 2,413 $ 7,901 $ ( 1,563 ) $ 3,801 $ 12,553

See accompanying notes to condensed consolidated financial statements (unaudited).
6
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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Six months ended June 30,
2021 2020
(Dollars in millions)
Net cash provided by (used in) operating activities $ 2,330 $ 2,579
Cash flows from investing activities:
Sales of fixed maturity securities available-for-sale 7,235 3,835
Maturities of fixed maturity securities available-for-sale 545 406
Sales of equity securities 3 180
Principal payments and sales of mortgage loans on real estate 417 283
Principal payments on policy loans 12 15
Purchases of fixed maturity securities available-for-sale ( 9,885 ) ( 4,875 )
Purchases of equity securities ( 1 ) ( 21 )
Cash invested in mortgage loans on real estate ( 783 ) ( 604 )
Cash invested in policy loans ( 8 ) ( 6 )
Cash invested in funds withheld at interest ( 52 ) ( 49 )
Proceeds from sale of businesses, net of cash transferred of $ 43
19 —
Purchases of property and equipment ( 10 ) ( 11 )
Change in short-term investments 223 ( 19 )
Change in other invested assets 112 ( 158 )
Net cash provided by (used in) investing activities ( 2,173 ) ( 1,024 )
Cash flows from financing activities:
Dividends to stockholders ( 95 ) ( 87 )
Proceeds from issuance of common stock, net — 481
Repayment of collateral finance and securitization notes ( 65 ) ( 160 )
Proceeds from long-term debt issuance — 598
Debt issuance costs — ( 5 )
Principal payments of long-term debt ( 401 ) ( 1 )
Purchases of treasury stock ( 2 ) ( 162 )
Exercise of stock options, net — 1
Change in cash collateral for derivative positions and other arrangements 184 93
Deposits on universal life and other investment type policies and contracts 599 1,004
Withdrawals on universal life and other investment type policies and contracts ( 520 ) ( 429 )
Net cash provided by (used in) financing activities ( 300 ) 1,333
Effect of exchange rate changes on cash ( 11 ) ( 24 )
Change in cash and cash equivalents ( 154 ) 2,864
Cash and cash equivalents, beginning of period 3,408 1,449
Cash and cash equivalents, end of period $ 3,254 $ 4,313
Supplemental disclosures of cash flow information:
Interest paid $ 85 $ 80
Income taxes paid (received), net of refunds $ 185 $ ( 12 )
Non-cash investing activities:
Transfer of invested assets $ 1,557 $ —
Sale of businesses:
Assets disposed, net of cash transferred $ ( 512 ) $ —
Liabilities disposed $ 504 $ —
See accompanying notes to condensed consolidated financial statements (unaudited).
7
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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
(Unaudited)
1. Business and Basis of Presentation
Business
Reinsurance Group of America, Incorporated (“RGA”) is an insurance holding company that was formed on December 31, 1992. RGA and its subsidiaries (collectively, the “Company”) is engaged in providing traditional reinsurance, which includes individual and group life and health, disability, and critical illness reinsurance. The Company also provides financial solutions, which includes longevity reinsurance, asset-intensive products, primarily annuities, financial reinsurance, capital solutions and stable value products.
Basis of Presentation
The unaudited condensed consolidated financial statements of the Company have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission (“SEC”). Accordingly, these condensed consolidated financial statements do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the Company’s 2020 Annual Report on Form 10-K filed with the SEC on February 26, 2021 (the “2020 Annual Report”).
In the opinion of management, all adjustments, including normal recurring adjustments necessary for a fair presentation have been included. Interim results are not necessarily indicative of the results that may be expected for the year ending December 31, 2021.
Consolidation
These unaudited condensed consolidated financial statements include the accounts of RGA and its subsidiaries and all intercompany accounts and transactions have been eliminated. Entities in which the Company has significant influence over the operating and financing decisions but are not required to be consolidated are reported under the equity method of accounting.
2. Earnings Per Share
The following table sets forth the computation of basic and diluted earnings per share on net income (in millions, except per share information):
Three months ended June 30, Six months ended June 30,
2021 2020 2021 2020
Earnings:
Net income $ 344 $ 158 $ 483 $ 70
Shares:
Weighted average outstanding shares 68 63 68 63
Equivalent shares from outstanding stock options 1 1 1 1
Denominator for diluted calculation 69 64 69 64
Earnings per share:
Basic $ 5.06 $ 2.49 $ 7.11 $ 1.12
Diluted $ 5.02 $ 2.48 $ 7.06 $ 1.11

The calculation of common equivalent shares does not include the impact of stock awards with a conversion price that exceeds the average stock price for the earnings period, as the result would be antidilutive. The calculation of common equivalent shares also excludes the impact of outstanding performance contingent shares, as the conditions necessary for their issuance have not been satisfied as of the end of the reporting period. Approximately 0.9 million and 1.3 million stock awards and approximately 0.5 million performance contingent shares were excluded from the calculation of common equivalent shares during the three and six month periods ended June 30, 2021, respectively.

8
Table of Contents

3. Equity
Common Stock
The changes in the number of common stock issued, held in treasury and outstanding are as follows for the periods indicated:
Issued Held In Treasury Outstanding
Balance, December 31, 2020
85,310,598 17,353,697 67,956,901
Issuance of common stock — — —
Common stock acquired — — —
Stock-based compensation (1)
— ( 40,036 ) 40,036
Balance, June 30, 2021
85,310,598 17,313,661 67,996,937
Issued Held In Treasury Outstanding
Balance, December 31, 2019
79,137,758 16,481,656 62,656,102
Issuance of common stock 6,172,840 — 6,172,840
Common stock acquired — 1,074,413 ( 1,074,413 )
Stock-based compensation (1)
— ( 181,330 ) 181,330
Balance, June 30, 2020
85,310,598 17,374,739 67,935,859
(1) Represents net shares issued from treasury pursuant to the Company’s equity-based compensation programs.

Common Stock Held in Treasury
Common stock held in treasury is accounted for at average cost. Gains resulting from the reissuance of common stock held in treasury are credited to additional paid-in capital. Losses resulting from the reissuance of common stock held in treasury are charged first to additional paid-in capital to the extent the Company has previously recorded gains on treasury share transactions, then to retained earnings.
In January 2019, RGA’s board of directors authorized a repurchase program for up to $ 400 million of RGA’s outstanding common stock. The authorization was effective immediately and does not have an expiration date. On August 3, 2021, the Company announced the lifting of the existing suspension on share repurchases. During the six months ended June 30, 2021, RGA did not repurchase any shares of common stock under this program. During the first six months of 2020, RGA repurchased 1,074,413 shares of common stock under this program for $ 153 million.
Accumulated Other Comprehensive Income (Loss)
The balance of and changes in each component of accumulated other comprehensive income (loss) (“AOCI”) for the six months ended June 30, 2021 and 2020 are as follows (dollars in millions):
Accumulated
Currency
Translation
Adjustments
Unrealized
Appreciation
(Depreciation)
of Investments (1)
Pension and
Postretirement
Benefits 		Total
Balance, December 31, 2020
$ ( 69 ) $ 5,500 $ ( 72 ) $ 5,359
Other comprehensive income (loss) before reclassifications 55 ( 1,607 ) ( 3 ) ( 1,555 )
Amounts reclassified to (from) AOCI — ( 154 ) 3 ( 151 )
Deferred income tax benefit (expense) ( 6 ) 394 — 388
Balance, June 30, 2021
$ ( 20 ) $ 4,133 $ ( 72 ) $ 4,041
Accumulated
Currency
Translation
Adjustments
Unrealized
Appreciation
(Depreciation)
of Investments (1)
Pension and
Postretirement
Benefits 		Total
Balance, December 31, 2019
$ ( 92 ) $ 3,299 $ ( 70 ) $ 3,137
Other comprehensive income (loss) before reclassifications ( 116 ) 1,034 ( 12 ) 906
Amounts reclassified to (from) AOCI — — 2 2
Deferred income tax benefit (expense) ( 2 ) ( 244 ) 2 ( 244 )
Balance, June 30, 2020
$ ( 210 ) $ 4,089 $ ( 78 ) $ 3,801
(1) Includes cash flow hedges of $( 40 ) and $( 49 ) as of June 30, 2021 and December 31, 2020, respectively, and $( 74 ) and $( 26 ) as of June 30, 2020 and December 31, 2019, respectively. See Note 5 – “Derivative Instruments” for additional information on cash flow hedges.


9
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The following table presents the amounts of AOCI reclassifications for the three and six months ended June 30, 2021 and 2020 (dollars in millions):
Amount Reclassified from AOCI
Three months ended June 30, Six months ended June 30,
Details about AOCI Components 2021 2020 2021 2020 Affected Line Item in Statements of Income
Net unrealized investment gains (losses):
Net unrealized gains (losses) on available-for-sale securities $ 26 $ 11 $ 183 $ ( 28 ) Investment related gains (losses), net
Cash flow hedges – Interest rate — ( 1 ) ( 2 ) ( 1 ) (1)
Cash flow hedges – Currency/Interest rate ( 4 ) — ( 4 ) — (1)
Deferred policy acquisition costs attributed to unrealized gains and losses 19 131 ( 23 ) 29 (2)
Total 41 141 154 —
Provision for income taxes ( 9 ) ( 29 ) ( 33 ) ( 2 )
Net unrealized gains (losses), net of tax $ 32 $ 112 $ 121 $ ( 2 )
Amortization of defined benefit plan items:
Prior service cost (credit) $ 1 $ 1 $ 1 $ 1 (3)
Actuarial gains (losses)
( 3 ) ( 2 ) ( 4 ) ( 3 ) (3)
Total ( 2 ) ( 1 ) ( 3 ) ( 2 )
Provision for income taxes 1 — 1 —
Amortization of defined benefit plans, net of tax $ ( 1 ) $ ( 1 ) $ ( 2 ) $ ( 2 )
Total reclassifications for the period $ 31 $ 111 $ 119 $ ( 4 )
(1) See Note 5 – “Derivative Instruments” for additional information on cash flow hedges.
(2) This AOCI component is included in the computation of the deferred policy acquisition cost. See Note 8 – “Deferred Policy Acquisition Costs” of the 2020 Annual Report for additional details.
(3) This AOCI component is included in the computation of the net periodic pension cost. See Note 10 – “Employee Benefit Plans” for additional details.
Equity Based Compensation
Equity compensation expense was $ 24 million and $( 5 ) million in the first six months of 2021 and 2020, respectively. In the first quarter of 2021, the Company granted 200,239 stock appreciation rights at $ 129.01 weighted average exercise price per share, 167,883 performance contingent awards and 327,813 restricted stock units to employees. Performance contingent awards include both performance contingent shares and performance share units. Additionally, non-employee directors were granted a total of 8,154 shares of common stock. As of June 30, 2021, 1,633,693 share awards at a weighted average strike price per share of $ 96.87 were vested and exercisable, with a remaining weighted average exercise period of 4.4 years. As of June 30, 2021, the total compensation cost of non-vested awards not yet recognized in the condensed consolidated financial statements was $ 56 million. It is estimated that these costs will vest over a weighted average period of 1.0 year.
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4. Investments
Fixed Maturity Securities Available-for-Sale
The Company holds various types of fixed maturity securities available-for-sale and classifies them as corporate securities (“Corporate”), Canadian and Canadian provincial government securities (“Canadian government”), residential mortgage-backed securities (“RMBS”), asset-backed securities (“ABS”), commercial mortgage-backed securities (“CMBS”), U.S. government and agencies (“U.S. government”), state and political subdivisions, and other foreign government, supranational and foreign government-sponsored enterprises (“Other foreign government”). RMBS, ABS and CMBS are collectively “structured securities.”
The following tables provide information relating to investments in fixed maturity securities by type as of June 30, 2021 and December 31, 2020 (dollars in millions):
June 30, 2021: Amortized
Cost 		Allowance for Credit Losses Unrealized Gains Unrealized Losses Estimated
Fair Value 		% of Total
Available-for-sale:
Corporate $ 33,687 $ 11 $ 3,465 $ 137 $ 37,004 63.4 %
Canadian government 3,303 — 1,602 2 4,903 8.4
RMBS 1,323 — 60 6 1,377 2.4
ABS 3,467 — 36 21 3,482 6.0
CMBS 1,774 1 102 6 1,869 3.2
U.S. government 1,295 — 47 24 1,318 2.3
State and political subdivisions 1,206 — 144 6 1,344 2.3
Other foreign government 6,742 4 317 65 6,990 12.0
Total fixed maturity securities $ 52,797 $ 16 $ 5,773 $ 267 $ 58,287 100.0 %
December 31, 2020: Amortized Cost Allowance for Credit Losses Unrealized Gains Unrealized Losses Estimated Fair Value % of Total
Available-for-sale:
Corporate $ 31,963 $ 17 $ 4,356 $ 94 $ 36,208 63.9 %
Canadian government 3,145 — 1,995 — 5,140 9.1
RMBS 1,735 — 84 2 1,817 3.2
ABS 3,099 — 35 42 3,092 5.4
CMBS 1,790 3 102 21 1,868 3.3
U.S. government 1,242 — 196 1 1,437 2.5
State and political subdivisions 1,237 — 157 4 1,390 2.4
Other foreign government 5,337 — 479 33 5,783 10.2
Total fixed maturity securities $ 49,548 $ 20 $ 7,404 $ 197 $ 56,735 100.0 %
The Company enters into various collateral arrangements with counterparties that require both the pledging and acceptance of fixed maturity securities as collateral. Pledged fixed maturity securities are included in fixed maturity securities, available-for-sale in the condensed consolidated balance sheets. Fixed maturity securities received as collateral are held in separate custodial accounts and are not recorded on the Company’s condensed consolidated balance sheets. Subject to certain constraints, the Company is permitted by contract to sell or repledge collateral it receives; however, as of June 30, 2021 and December 31, 2020, none of the collateral received had been sold or repledged. The Company also holds assets in trust to satisfy collateral requirements under derivative transactions and certain third-party reinsurance treaties. The following table includes fixed maturity securities pledged and received as collateral and assets in trust held to satisfy collateral requirements under derivative transactions and certain third-party reinsurance treaties as of June 30, 2021 and December 31, 2020 (dollars in millions):
June 30, 2021 December 31, 2020
Amortized
Cost 		Estimated
Fair Value 		Amortized
Cost 		Estimated
Fair Value
Fixed maturity securities pledged as collateral $ 125 $ 135 $ 148 $ 162
Fixed maturity securities received as collateral n/a 1,881 n/a 1,784
Assets in trust held to satisfy collateral requirements 27,929 30,749 27,675 31,179
The Company monitors its concentrations of financial instruments on an ongoing basis and mitigates credit risk by maintaining a diversified investment portfolio that limits exposure to any one issuer. The Company’s exposure to concentrations of credit risk from single issuers greater than 10% of the Company’s stockholders’ equity included the securities disclosed below, as of
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June 30, 2021. The Company’s exposure to concentrations of credit risk from single issuers greater than 10 % of the Company’s stockholders’ equity included securities of the U.S. government and its agencies as well as the securities disclosed below as of December 31, 2020 (dollars in millions).
June 30, 2021 December 31, 2020
Amortized
Cost 		Estimated
Fair Value 		Amortized
Cost 		Estimated
Fair Value
Fixed maturity securities guaranteed or issued by:
Government of Japan $ 2,890 $ 2,879 $ 1,493 $ 1,491
Canadian province of Quebec 1,372 2,315 1,303 2,474
Canadian province of Ontario 1,097 1,477 1,054 1,528
The amortized cost and estimated fair value of fixed maturity securities classified as available-for-sale as of June 30, 2021, are shown by contractual maturity in the table below (dollars in millions). Actual maturities can differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Structured securities are shown separately in the table below, as they are not due at a single maturity date.
Amortized Cost Estimated Fair Value
Available-for-sale:
Due in one year or less $ 1,143 $ 1,150
Due after one year through five years 8,350 8,887
Due after five years through ten years 10,565 11,518
Due after ten years 26,175 30,004
Structured securities 6,564 6,728
Total $ 52,797 $ 58,287
Corporate Fixed Maturity Securities
The tables below show the major sectors of the Company’s corporate fixed maturity holdings as of June 30, 2021 and December 31, 2020 (dollars in millions):
June 30, 2021: Estimated
Amortized Cost Fair Value % of Total
Finance $ 12,479 $ 13,627 36.8 %
Industrial 17,032 18,749 50.7
Utility 4,176 4,628 12.5
Total $ 33,687 $ 37,004 100.0 %
December 31, 2020: Estimated
Amortized Cost Fair Value % of Total
Finance $ 11,785 $ 13,236 36.6 %
Industrial 16,274 18,435 50.9
Utility 3,904 4,537 12.5
Total $ 31,963 $ 36,208 100.0 %
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Allowance for Credit Losses and Impairments – Fixed Maturity Securities Available-for-Sale
As discussed in Note 2 – “Significant Accounting Policies and Pronouncements” of the Company’s 2020 Annual Report, allowances for credit losses on fixed maturity securities are recognized in investment related gains (losses), net on the condensed consolidated statements of income. For these securities, the net amount recognized represents the difference between the amortized cost of the security and the net present value of its projected future cash flows discounted at the effective interest rate implicit in the fixed maturity security prior to the allowance for credit losses. Any remaining difference between the fair value and amortized cost is recognized in AOCI.
The following table presents the rollforward of the allowance for credit losses in fixed maturity securities by type for the six months ended June 30, 2021 and 2020 (dollars in millions) :
Six months ended June 30, 2021
Corporate CMBS Other Foreign Government Total
Balance, beginning of period $ 17 $ 3 $ — $ 20
Credit losses recognized on securities for which credit losses were not previously recorded 2 1 4 7
Reductions for securities sold during the period ( 8 ) ( 2 ) — ( 10 )
Additional increases or decreases for credit losses on securities that had an allowance recorded in a previous period — ( 1 ) — ( 1 )
Balance, end of period $ 11 $ 1 $ 4 $ 16
Six months ended June 30, 2020
Corporate CMBS Other Foreign Government Total
Balance, beginning of period $ — $ — $ — $ —
Credit losses recognized on securities for which credit losses were not previously recorded 40 — 2 42
Reductions for securities sold during the period ( 8 ) — ( 1 ) ( 9 )
Balance, end of period $ 32 $ — $ 1 $ 33
Unrealized Losses for Fixed Maturity Securities Available-for-Sale
The following table presents the total gross unrealized losses for the 1,223 and 877 fixed maturity securities as of June 30, 2021 and December 31, 2020, where the estimated fair value had declined and remained below amortized cost by the indicated amount (dollars in millions):
June 30, 2021 December 31, 2020
Gross
Unrealized
Losses 		% of Total Gross
Unrealized
Losses 		% of Total
Less than 20% $ 213 79.8 % $ 133 67.5 %
20% or more for less than six months 2 0.7 42 21.3
20% or more for six months or greater 52 19.5 22 11.2
Total $ 267 100.0 % $ 197 100.0 %
The Company’s determination of whether a decline in value necessitates the recording of an allowance for credit losses includes an analysis of whether the issuer is current on its contractual payments, evaluating whether it is probable that the Company will be able to collect all amounts due according to the contractual terms of the security and analyzing the overall ability of the Company to recover the amortized cost of the investment.
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The following tables present the estimated fair values and gross unrealized losses for fixed maturity securities that have estimated fair values below amortized cost as of June 30, 2021 and December 31, 2020 (dollars in millions). These investments are presented by class and grade of security, as well as the length of time the related fair value has remained below amortized cost.
Less than 12 months 12 months or greater Total
Gross Gross Gross
June 30, 2021: Estimated Unrealized Estimated Unrealized Estimated Unrealized
Fair Value Losses Fair Value Losses Fair Value Losses
Investment grade securities:
Corporate $ 2,596 $ 79 $ 168 $ 6 $ 2,764 $ 85
Canadian government 24 2 — — 24 2
RMBS 261 5 21 1 282 6
ABS 800 4 754 5 1,554 9
CMBS — — 24 1 24 1
U.S. government 364 24 — — 364 24
State and political subdivisions 95 2 29 4 124 6
Other foreign government 1,630 37 561 23 2,191 60
Total investment grade securities 5,770 153 1,557 40 7,327 193
Below investment grade securities:
Corporate 258 42 168 10 426 52
ABS 24 1 15 11 39 12
CMBS — — 43 5 43 5
Other foreign government 66 3 16 2 82 5
Total below investment grade securities 348 46 242 28 590 74
Total fixed maturity securities $ 6,118 $ 199 $ 1,799 $ 68 $ 7,917 $ 267

Less than 12 months 12 months or greater Total
Gross Gross Gross
December 31, 2020: Estimated Unrealized Estimated Unrealized Estimated Unrealized
Fair Value Losses Fair Value Losses Fair Value Losses
Investment grade securities:
Corporate $ 930 $ 29 $ 70 $ 5 $ 1,000 $ 34
Canadian government — — — — — —
RMBS 294 2 — — 294 2
ABS 1,096 17 570 11 1,666 28
CMBS 160 6 — — 160 6
U.S. government 27 1 — — 27 1
State and political subdivisions 66 1 16 3 82 4
Other foreign government 973 27 — — 973 27
Total investment grade securities 3,546 83 656 19 4,202 102
Below investment grade securities:
Corporate 375 49 81 11 456 60
ABS 20 13 4 1 24 14
CMBS 91 15 — — 91 15
Other foreign government 36 3 28 3 64 6
Total below investment grade securities 522 80 113 15 635 95
Total fixed maturity securities $ 4,068 $ 163 $ 769 $ 34 $ 4,837 $ 197
The Company has no intention to sell, nor does it expect to be required to sell, the securities outlined in the tables above, as of the dates indicated. However, unforeseen facts and circumstances may cause the Company to sell fixed maturity securities in the ordinary course of managing its portfolio to meet certain diversification, credit quality and liquidity guidelines. Changes in unrealized losses are primarily driven by changes in interest rates.

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Investment Income and Investment Related Gains (Loss), Net – Accounting Correction
During the first quarter of 2021, the Company reclassified approximately $ 92 million of pre-tax unrealized gains from AOCI to investment income, net of related expenses associated with investments in limited partnerships and private equity funds for which it utilizes the equity method of accounting. The unrealized gains should have been recognized directly in investment income in the same prior periods they were reported by the investees. In addition, the Company recorded approximately $ 70 million of pre-tax gains in investment related gains (losses), net, associated with investments in limited partnerships considered to be investment companies in order to adjust the carrying value from cost less impairments to a fair value approach, using the net asset value (“NAV”) per share or its equivalent. Had the adjustments been recorded in the years they were reported by the investees, the Company estimates it would have recognized approximately $ 102 million, $( 2 ) million, $ 1 million and $ 10 million of pre-tax income (loss) in the years ended December 31, 2020, 2019, 2018 and 2017, respectively.
Investment Income, Net of Related Expenses
Major categories of investment income, net of related expenses, consist of the following (dollars in millions):
Three months ended June 30, Six months ended June 30,
2021 2020 2021 2020
Fixed maturity securities available-for-sale $ 516 $ 474 $ 1,011 $ 954
Equity securities 1 1 3 3
Mortgage loans on real estate 73 66 139 133
Policy loans 13 14 27 29
Funds withheld at interest 95 69 179 122
Short-term investments and cash and cash equivalents — 2 1 6
Other invested assets 87 41 261 36
Investment income 785 667 1,621 1,283
Investment expense ( 26 ) ( 22 ) ( 50 ) ( 44 )
Investment income, net of related expenses $ 759 $ 645 $ 1,571 $ 1,239
Investment Related Gains (Losses), Net
Investment related gains (losses), net, consist of the following (dollars in millions):
Three months ended June 30, Six months ended June 30,
2021 2020 2021 2020
Fixed maturity securities available-for-sale:
Impairments and change in allowance for credit losses $ 5 $ — $ 3 $ ( 34 )
Gain on investment activity 53 46 220 73
Loss on investment activity ( 30 ) ( 46 ) ( 43 ) ( 54 )
Net gains (losses) on equity securities 20 8 23 ( 15 )
Other impairment losses and change in mortgage loan allowance for credit losses 3 ( 22 ) 21 ( 35 )
Change in fair value of certain limited partnership investments and other, net 32 8 143 17
Net gains (losses) on derivatives 29 87 47 ( 156 )
Total investment related gains (losses), net $ 112 $ 81 $ 414 $ ( 204 )

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Securities Borrowing, Lending and Repurchase Agreements
The following table includes the amount of borrowed securities, loaned securities and securities received as collateral as part of the securities lending program and repurchased/reverse repurchased securities pledged, securities received and cash received as of June 30, 2021 and December 31, 2020 (dollars in millions).
June 30, 2021 December 31, 2020
Amortized
Cost 		Estimated
Fair Value 		Amortized
Cost 		Estimated
Fair Value
Borrowed securities $ 318 $ 360 $ 118 $ 161
Securities lending:
Securities loaned 94 103 94 105
Securities received n/a 102 n/a 102
Repurchase program/reverse repurchase program:
Securities pledged 877 919 653 711
Securities received n/a 670 n/a 669
Cash received n/a 207 n/a —
No cash or securities have been pledged by the Company for its securities borrowing and lending programs as of June 30, 2021 and December 31, 2020.
The following tables present information on the Company’s securities lending and repurchase/reverse repurchase transactions as of June 30, 2021 and December 31, 2020, respectively (dollars in millions). Collateral associated with certain borrowed securities is not included within the tables, as the collateral pledged to each counterparty is the right to reinsurance treaty cash flows.
June 30, 2021
Remaining Contractual Maturity of the Agreements
Overnight and Continuous Up to 30 Days 30 – 90 Days Greater than 90 Days Total
Securities lending transactions:
Corporate $ — $ — $ — $ 103 $ 103
Total — — — 103 103
Repurchase/reverse repurchase transactions:
Corporate — — — 411 411
Other foreign government — — 220 288 508
Total — — 220 699 919
Total transactions $ — $ — $ 220 $ 802 $ 1,022
Gross amount of recognized liabilities for securities lending and repurchase/reverse repurchase transactions in preceding table $ 979
Amounts related to agreements not included in offsetting disclosure $ 43
December 31, 2020
Remaining Contractual Maturity of the Agreements
Overnight and Continuous Up to 30 Days 30 – 90 Days Greater than 90 Days Total
Securities lending transactions:
Corporate $ — $ — $ — $ 105 $ 105
Total — — — 105 105
Repurchase/reverse repurchase transactions:
Corporate — — — 417 417
Other foreign government — — — 294 294
Total — — — 711 711
Total transactions $ — $ — $ — $ 816 $ 816
Gross amount of recognized liabilities for securities lending and repurchase/reverse repurchase transactions in preceding table $ 771
Amounts related to agreements not included in offsetting disclosure $ 45

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The Company has elected to offset amounts recognized as receivables and payables resulting from the repurchase/reverse repurchase programs excluding any cash received or paid. After the effect of offsetting, there was no liability presented on the consolidated balance sheet as of June 30, 2021 and December 31, 2020. As of June 30, 2021, the Company recognized payables resulting from cash received as collateral associated with a repurchase/reverse repurchase agreement. As of December 31, 2020, the Company did not have payables resulting from cash received as collateral associated with repurchase/reverse repurchase agreements. Amounts owed to and due from the counterparties may be settled in cash or offset, in accordance with the agreements.
Mortgage Loans on Real Estate
As of June 30, 2021, mortgage loans were geographically dispersed throughout the U.S. with the largest concentrations in Texas ( 13.5 %), California ( 13.4 %) and Washington ( 8.1 %), in addition to loans secured by properties in Canada ( 3.2 %) and United Kingdom ( 1.8 %). The recorded investment in mortgage loans on real estate presented below is gross of unamortized deferred loan origination fees and expenses and allowance for credit losses.
The following table presents the distribution of the Company’s recorded investment in mortgage loans by property type as of June 30, 2021 and December 31, 2020 (dollars in millions):
June 30, 2021 December 31, 2020
Property type: Carrying Value % of Total Carrying Value % of Total
Office $ 1,733 26.5 % $ 1,702 29.0 %
Retail 2,036 31.2 1,711 29.3
Industrial 1,388 21.2 1,210 20.6
Apartment 897 13.7 808 13.8
Other commercial 483 7.4 430 7.3
Recorded investment 6,537 100.0 % 5,861 100.0 %
Unamortized balance of loan origination fees and expenses ( 11 ) ( 10 )
Allowance for credit losses ( 45 ) ( 64 )
Total mortgage loans on real estate $ 6,481 $ 5,787
The following table presents the maturities of the Company’s recorded investment in mortgage loans as of June 30, 2021 and December 31, 2020 (dollars in millions):
June 30, 2021 December 31, 2020
Recorded
Investment 		% of Total Recorded
Investment 		% of Total
Due within five years $ 2,585 39.6 % $ 2,276 38.8 %
Due after five years through ten years 2,845 43.5 2,768 47.3
Due after ten years 1,107 16.9 817 13.9
Total $ 6,537 100.0 % $ 5,861 100.0 %
The following tables set forth certain key credit quality indicators of the Company’s recorded investment in mortgage loans as of June 30, 2021 and December 31, 2020 (dollars in millions):
Recorded Investment
Debt Service Ratios Construction Loans
>1.20x 1.00x – 1.20x <1.00x Total % of Total
June 30, 2021:
Loan-to-Value Ratio
0% – 59.99% $ 3,053 $ 274 $ 65 $ 24 $ 3,416 52.2 %
60% – 69.99% 2,110 200 42 — 2,352 36.0
70% – 79.99% 503 36 16 — 555 8.5
80% or greater 193 — 21 — 214 3.3
Total $ 5,859 $ 510 $ 144 $ 24 $ 6,537 100.0 %
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Recorded Investment
Debt Service Ratios Construction
Loans
>1.20x 1.00x – 1.20x <1.00x Total % of Total
December 31, 2020:
Loan-to-Value Ratio
0% – 59.99% $ 2,774 $ 106 $ 17 $ 12 $ 2,909 49.6 %
60% – 69.99% 2,013 62 33 — 2,108 36.0
70% – 79.99% 555 49 13 — 617 10.5
80% or greater 189 21 17 — 227 3.9
Total $ 5,531 $ 238 $ 80 $ 12 $ 5,861 100.0 %
The following table sets forth credit quality grades by year of origination of the Company’s recorded investment in mortgage loans as of June 30, 2021 and December 31, 2020 (dollars in millions):
Recorded Investment
Year of Origination
2021 2020 2019 2018 2017 Prior Total
June 30, 2021:
Internal credit quality grade:
High investment grade $ 491 $ 406 $ 569 $ 468 $ 304 $ 1,686 $ 3,924
Investment grade 263 366 474 371 399 580 2,453
Average 6 — — 39 18 57 120
Watch list — — — — — 4 4
In or near default — — — — — 36 36
Total $ 760 $ 772 $ 1,043 $ 878 $ 721 $ 2,363 $ 6,537
Recorded Investment
Year of Origination
2020 2019 2018 2017 2016 Prior Total
December 31, 2020:
Internal credit quality grade:
High investment grade $ 411 $ 616 $ 493 $ 336 $ 574 $ 1,008 $ 3,438
Investment grade 352 496 399 407 249 368 2,271
Average — — — 19 37 55 111
Watch list — — — — — 4 4
In or near default — — — — — 37 37
Total $ 763 $ 1,112 $ 892 $ 762 $ 860 $ 1,472 $ 5,861
The following table presents the current and past due composition of the Company’s recorded investment in mortgage loans as of June 30, 2021 and December 31, 2020 (dollars in millions):
June 30, 2021 December 31, 2020
Current $ 6,522 $ 5,846
31 – 60 days past due 15 15
Total $ 6,537 $ 5,861
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The following table presents the recorded investment in mortgage loans, by method of measuring impairment, and the related allowance for credit losses as of June 30, 2021 and December 31, 2020 (dollars in millions):
June 30, 2021 December 31, 2020
Mortgage loans:
Individually measured for impairment $ 36 $ 37
Collectively measured for impairment 6,501 5,824
Recorded investment $ 6,537 $ 5,861
Allowance for credit losses:
Individually measured for impairment $ — $ —
Collectively measured for impairment 45 64
Total allowance for credit losses $ 45 $ 64
The following table presents information regarding the Company’s allowance for credit losses for mortgage loans (dollars in millions):
Six months ended June 30,
2021 2020
Balance, beginning of period $ 64 $ 12
Adoption of new accounting standard, see Note 14 — 14
Change in allowance for credit losses ( 19 ) 30
Balance, end of period $ 45 $ 56
The following table presents information regarding the portion of the Company’s mortgage loans that were impaired as of June 30, 2021 and December 31, 2020 (dollars in millions):
Unpaid
Principal
Balance 		Recorded
Investment 		Related
Allowance 		Carrying
Value
June 30, 2021:
Impaired mortgage loans with no allowance for credit losses recorded $ 36 $ 36 $ — $ 36
Impaired mortgage loans with allowance for credit losses recorded — — — —
Total impaired mortgage loans $ 36 $ 36 $ — $ 36
December 31, 2020:
Impaired mortgage loans with no allowance for credit losses recorded $ 37 $ 37 $ — $ 37
Impaired mortgage loans with allowance for credit losses recorded — — — —
Total impaired mortgage loans $ 37 $ 37 $ — $ 37
The Company’s average investment balance of impaired mortgage loans and the related interest income are reflected in the table below for the periods indicated (dollars in millions):
Three months ended June 30,
2021 2020
Average
Recorded
Investment (1)
Interest
Income
Average
Recorded
Investment (1)
Interest
Income
Impaired mortgage loans with no allowance for credit losses recorded $ 36 $ 1 $ 17 $ —
Total impaired mortgage loans $ 36 $ 1 $ 17 $ —
Six months ended June 30,
2021 2020
Average
Recorded
Investment (1)
Interest
Income
Average
Recorded
Investment (1)
Interest
Income
Impaired mortgage loans with no allowance for credit losses recorded $ 36 $ 1 $ 17 $ —
Total impaired mortgage loans $ 36 $ 1 $ 17 $ —
(1) Average recorded investment represents the average loan balances as of the beginning of period and all subsequent quarterly end of period balances.
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The Company did not acquire any impaired mortgage loans during the six months ended June 30, 2021 and 2020. The Company had no mortgage loans that were on a nonaccrual status as of June 30, 2021 and December 31, 2020. During the six months ended June 30, 2021, the Company modified the payment terms of one commercial mortgage loan, with a carrying value of approximately $ 10 million in response to COVID-19. During the year ended December 31, 2020, the Company modified the payment terms of 52 commercial mortgage loans, with a carrying value of approximately $ 660 million in response to COVID-19. These loans met the criteria established in the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) and were not considered a troubled debt restructuring.  In accordance with the CARES Act criteria, these loans were not more than 30 days past due at December 31, 2019, and the modifications included deferral or delayed payments of principal or interest on the loan.
Policy Loans
The majority of policy loans are associated with one client. These policy loans present no credit risk as the amount of the loan cannot exceed the obligation due to the ceding company upon the death of the insured or surrender of the underlying policy. The provisions of the treaties in force and the underlying policies determine the policy loan interest rates. The Company earns a spread between the interest rate earned on policy loans and the interest rate credited to corresponding liabilities.
Funds Withheld at Interest
As of June 30, 2021, $ 4.7 billion of the funds withheld at interest balance is associated with two clients. For reinsurance agreements written on modco basis and certain agreements written on a coinsurance funds withheld basis, assets equal to the net statutory reserves are withheld and legally owned and managed by the ceding company and are reflected as funds withheld at interest. In the event of a ceding company’s insolvency, the Company would need to assert a claim on the assets supporting its reserve liabilities. However, the risk of loss to the Company is mitigated by its ability to offset amounts it owes the ceding company for claims or allowances against amounts owed to the Company from the ceding company.
Other Invested Assets
Other invested assets include limited partnership interests, joint ventures (other than operating joint ventures), lifetime mortgages, derivative contracts and fair value option (“FVO”) contractholder-directed unit-linked investments. Other invested assets also include FHLB common stock, which is included in Other in the table below. The allowance for credit losses for lifetime mortgages as of June 30, 2021 and December 31, 2020, was $ 1 million and $ 2 million, respectively. Carrying values of these assets as of June 30, 2021 and December 31, 2020 are as follows (dollars in millions):
June 30, 2021 December 31, 2020
Limited partnership interests and real estate joint ventures $ 1,611 $ 1,367
Lifetime mortgages 958 935
Derivatives 146 140
FVO contractholder-directed unit-linked investments 54 289
Other 155 98
Total other invested assets $ 2,924 $ 2,829
5. Derivative Instruments
Accounting for Derivative Instruments and Hedging Activities
See Note 2 – “Significant Accounting Policies and Pronouncements” of the Company’s 2020 Annual Report for a detailed discussion of the accounting treatment for derivative instruments, including embedded derivatives. See Note 6 – “Fair Value of Assets and Liabilities” for additional disclosures related to the fair value hierarchy for derivative instruments, including embedded derivatives.
Types of Derivatives Used by the Company
Commonly used derivative instruments include, but are not necessarily limited to: credit default swaps, financial futures, equity options, foreign currency swaps, foreign currency forwards, interest rate swaps, synthetic guaranteed investment contracts (“GICs”), consumer price index (“CPI”) swaps, forward bond purchase commitments, and embedded derivatives.
For detailed information on these derivative instruments and the related strategies, see Note 5 – “Derivative Instruments” of the Company’s 2020 Annual Report.
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Summary of Derivative Positions
Derivatives, except for embedded derivatives, are included in other invested assets or other liabilities, at fair value. Embedded derivative assets and liabilities on modco or funds withheld arrangements are included on the condensed consolidated balance sheets with the host contract in funds withheld at interest, at fair value. Embedded derivative liabilities on indexed annuity and variable annuity products are included on the condensed consolidated balance sheets with the host contract in interest-sensitive contract liabilities, at fair value. The following table presents the notional amounts and gross fair value of derivative instruments prior to taking into account the netting effects of master netting agreements as of June 30, 2021 and December 31, 2020 (dollars in millions):
June 30, 2021 December 31, 2020
Primary Underlying Risk Notional Carrying Value/Fair Value Notional Carrying Value/Fair Value
Amount Assets Liabilities Amount Assets Liabilities
Derivatives not designated as hedging instruments:
Interest rate swaps Interest rate $ 1,089 $ 74 $ 1 $ 1,084 $ 93 $ 1
Financial futures Equity 254 — — 258 — —
Foreign currency swaps Foreign currency 150 — 6 150 — 18
Foreign currency forwards Foreign currency 459 1 4 347 4 2
CPI swaps CPI 607 19 11 612 11 19
Credit default swaps Credit 1,893 36 1 1,517 13 —
Equity options Equity 479 23 — 395 29 —
Synthetic GICs Interest rate 16,489 — — 16,644 — —
Embedded derivatives in:
Modco or funds withheld arrangements — 124 — — 58 —
Indexed annuity products — — 726 — — 752
Variable annuity products — — 154 — — 155
Total non-hedging derivatives 21,420 277 903 21,007 208 947
Derivatives designated as hedging instruments:
Interest rate swaps Foreign currency/Interest rate 920 5 27 802 3 24
Foreign currency swaps Foreign currency 193 3 1 234 8 1
Foreign currency forwards Foreign currency 1,327 9 24 1,255 10 15
Forward bond purchase commitments Interest rate 369 7 — — — —
Total hedging derivatives 2,809 24 52 2,291 21 40
Total derivatives $ 24,229 $ 301 $ 955 $ 23,298 $ 229 $ 987

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Fair Value Hedges
The Company designates and reports certain foreign currency swaps to hedge the foreign currency fair value exposure of foreign currency denominated assets as fair value hedges when they meet the requirements of the general accounting principles for Derivatives and Hedging . The gain or loss on the hedged item attributable to a change in foreign currency and the offsetting gain or loss on the related foreign currency swaps as of June 30, 2021 and 2020 were (dollars in millions):
Type of Fair Value Hedge Hedged Item Gains (Losses) Recognized for Derivatives Gains (Losses) Recognized for Hedged Items
Investment Related Gains (Losses)
For the three months ended June 30, 2021:
Foreign currency swaps Foreign-denominated fixed maturity securities $ ( 2 ) $ 2
For the three months ended June 30, 2020:
Foreign currency swaps Foreign-denominated fixed maturity securities $ 15 $ ( 13 )
For the six months ended June 30, 2021:
Foreign currency swaps Foreign-denominated fixed maturity securities $ ( 2 ) $ 3
For the six months ended June 30, 2020:
Foreign currency swaps Foreign-denominated fixed maturity securities $ ( 8 ) $ 2
Cash Flow Hedges
Certain derivative instruments are designated as cash flow hedges when they meet the requirements of the general accounting principles for Derivatives and Hedging . The Company designates and accounts for the following as cash flow hedges: (i) certain interest rate swaps, in which the cash flows of assets and liabilities are variable based on a benchmark rate; (ii) certain interest rate swaps, in which the cash flows of assets are denominated in different currencies, commonly referred to as cross-currency swaps; and (iii) forward bond purchase commitments.
The following tables present the components of AOCI, before income tax, and the condensed consolidated income statement classification where the gain or loss is recognized related to cash flow hedges for the three and six months ended June 30, 2021 and 2020 (dollars in millions):
Three months ended June 30,
2021 2020
Balance, beginning of period $ ( 71 ) $ ( 87 )
Gains deferred in other comprehensive income (loss) 29 12
Amounts reclassified to investment income — —
Amounts reclassified to interest expense 2 1
Balance, end of period $ ( 40 ) $ ( 74 )
Six months ended June 30,
2021 2020
Balance, beginning of period $ ( 49 ) $ ( 26 )
Gains (losses) deferred in other comprehensive income (loss) 5 ( 49 )
Amounts reclassified to investment income — —
Amounts reclassified to interest expense 4 1
Balance, end of period $ ( 40 ) $ ( 74 )
As of June 30, 2021, approximately $ 6 million of before-tax deferred net losses on derivative instruments recorded in AOCI are expected to be reclassified to interest expense during the next twelve months. For the same time period, there was an immaterial amount of before-tax deferred net gains expected to be reclassified to investment income during the next twelve months.
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The following table presents the effect of derivatives in cash flow hedging relationships on the condensed consolidated statements of income and the condensed consolidated statements of comprehensive income for the three and six months ended June 30, 2021 and 2020 (dollars in millions):
Derivative Type Gain (Loss) Deferred in AOCI Gain (Loss) Reclassified into Income from AOCI
Investment Income Interest Expense
For the three months ended June 30, 2021:
Interest rate $ 29 $ — $ ( 2 )
Foreign currency/interest rate — — —
Total $ 29 $ — $ ( 2 )
For the three months ended June 30, 2020:
Interest rate $ ( 1 ) $ — $ ( 1 )
Foreign currency/interest rate 13 — —
Total $ 12 $ — $ ( 1 )
For the six months ended June 30, 2021:
Interest rate $ 6 $ — $ ( 4 )
Foreign currency/interest rate ( 1 ) — —
Total $ 5 $ — $ ( 4 )
For the six months ended June 30, 2020:
Interest rate $ ( 36 ) $ — $ ( 1 )
Foreign currency/interest rate ( 13 ) — —
Total $ ( 49 ) $ — $ ( 1 )
For the three and six months ended June 30, 2021 and 2020, there were no material amounts reclassified into earnings relating to instances in which the Company discontinued cash flow hedge accounting because the forecasted transaction did not occur by the anticipated date or within the additional time period permitted by the authoritative guidance for the accounting for derivatives and hedging.
Hedges of Net Investments in Foreign Operations
The Company uses foreign currency swaps and foreign currency forwards to hedge a portion of its net investment in certain foreign operations against adverse movements in exchange rates. The following table illustrates the Company’s net investments in foreign operations (“NIFO”) hedges and the gains (losses) deferred in AOCI for the three and six months ended June 30, 2021 and 2020 (dollars in millions):
Derivative Gains (Losses) Deferred in AOCI
Three months ended June 30, Six months ended June 30,
Type of NIFO Hedge 2021 2020 2021 2020
Foreign currency swaps $ ( 2 ) $ ( 6 ) $ ( 3 ) $ 9
Foreign currency forwards ( 10 ) ( 34 ) ( 24 ) 46
Total $ ( 12 ) $ ( 40 ) $ ( 27 ) $ 55
The cumulative foreign currency translation gain recorded in AOCI related to these hedges was $ 112 million and $ 139 million at June 30, 2021 and December 31, 2020, respectively. If a hedged foreign operation was sold or substantially liquidated, the amounts in AOCI would be reclassified to the condensed consolidated statements of income. A pro rata portion would be reclassified upon partial sale of a hedged foreign operation. There were no sales or substantial liquidations of net investments in foreign operations that would have required the reclassification of gains or losses from accumulated other comprehensive income (loss) into investment income during the periods presented.
Non-qualifying Derivatives and Derivatives for Purposes Other Than Hedging
The Company uses various other derivative instruments for risk management purposes that either do not qualify or have not been qualified for hedge accounting treatment. The gain or loss related to the change in fair value for these derivative instruments is recognized in investment related gains (losses), net in the condensed consolidated statements of income, except where otherwise noted.
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A summary of the effect of non-hedging derivatives, including embedded derivatives, on the Company’s condensed consolidated statements of income for the three and six months ended June 30, 2021 and 2020 is as follows (dollars in millions):
Three months ended June 30,
Type of Non-hedging Derivative Income Statement Location of Gain (Loss) 2021 2020
Interest rate swaps Investment related gains (losses), net $ 33 $ 3
Financial futures Investment related gains (losses), net ( 9 ) ( 48 )
Foreign currency swaps Investment related gains (losses), net 3 3
Foreign currency forwards Investment related gains (losses), net ( 1 ) 1
CPI swaps Investment related gains (losses), net 3 26
Credit default swaps Investment related gains (losses), net 12 17
Equity options Investment related gains (losses), net ( 11 ) ( 25 )
Subtotal 30 ( 23 )
Embedded derivatives in:
Modco or funds withheld arrangements Investment related gains (losses), net 16 1
Indexed annuity products Interest credited ( 13 ) ( 7 )
Variable annuity products Investment related gains (losses), net ( 17 ) 107
Total non-hedging derivatives $ 16 $ 78
Six months ended June 30,
Type of Non-hedging Derivative Income Statement Location of Gain (Loss) 2021 2020
Interest rate swaps Investment related gains (losses), net $ ( 37 ) $ 109
Financial futures Investment related gains (losses), net ( 19 ) ( 4 )
Foreign currency swaps Investment related gains (losses), net 12 ( 10 )
Foreign currency forwards Investment related gains (losses), net ( 9 ) ( 2 )
CPI swaps Investment related gains (losses), net 21 ( 14 )
Credit default swaps Investment related gains (losses), net 32 ( 7 )
Equity options Investment related gains (losses), net ( 21 ) 28
Subtotal ( 21 ) 100
Embedded derivatives in:
Modco or funds withheld arrangements Investment related gains (losses), net 66 ( 229 )
Indexed annuity products Interest credited 1 ( 1 )
Variable annuity products Investment related gains (losses), net 1 ( 21 )
Total non-hedging derivatives $ 47 $ ( 151 )

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Credit Derivatives
The following table presents the estimated fair value, maximum amount of future payments and weighted average years to maturity of credit default swaps sold by the Company at June 30, 2021 and December 31, 2020 (dollars in millions):
June 30, 2021 December 31, 2020
Rating Agency Designation of Referenced Credit Obligations (1)
Estimated Fair
Value of Credit
Default Swaps
Maximum
Amount of Future
Payments under
Credit Default
Swaps (2)
Weighted
Average
Years to
Maturity (3)
Estimated Fair
Value of Credit
Default Swaps
Maximum
Amount of Future
Payments under
Credit Default
Swaps (2)
Weighted
Average
Years to
Maturity (3)
AAA/AA+/AA/AA-/A+/A/A-
Single name credit default swaps $ 34 $ 715 12.4 $ 11 $ 287 15.0
Subtotal 34 715 12.4 11 287 15.0
BBB+/BBB/BBB-
Single name credit default swaps 1 181 2.0 2 232 1.6
Credit default swaps referencing indices — 988 3.4 — 988 3.9
Subtotal 1 1,169 3.2 2 1,220 3.5
BB+/BB/BB-
Single name credit default swaps — 9 0.5 — 10 0.7
Subtotal — 9 0.5 — 10 0.7
Total $ 35 $ 1,893 6.7 $ 13 $ 1,517 5.6
(1) The rating agency designations are based on ratings from Standard and Poor’s (“S&P”).
(2) Assumes the value of the referenced credit obligations is zero.
(3) The weighted average years to maturity of the credit default swaps is calculated based on weighted average notional amounts.
Netting Arrangements and Credit Risk
Certain of the Company’s derivatives are subject to enforceable master netting arrangements and reported as a net asset or liability in the condensed consolidated balance sheets. The Company nets all derivatives that are subject to such arrangements.
The Company has elected to include all derivatives, except embedded derivatives, in the table below, irrespective of whether they are subject to an enforceable master netting arrangement or a similar agreement. See Note 4 – “Investments” for information regarding the Company’s securities borrowing, lending, and repurchase/reverse repurchase programs.
The following table provides information relating to the netting of the Company’s derivative instruments as of June 30, 2021 and December 31, 2020 (dollars in millions):
Gross Amounts Not
Offset in the Balance Sheet
Gross Amounts   Recognized Gross Amounts
Offset in the
Balance Sheet 		Net Amounts
Presented in the
Balance Sheet
Financial Instruments (1)
Cash Collateral   Pledged/
Received 		Net Amount
June 30, 2021:
Derivative assets $ 177 $ ( 31 ) $ 146 $ ( 36 ) $ ( 100 ) $ 10
Derivative liabilities 75 ( 31 ) 44 ( 121 ) ( 48 ) ( 125 )
December 31, 2020:
Derivative assets $ 171 $ ( 31 ) $ 140 $ ( 30 ) $ ( 98 ) $ 12
Derivative liabilities 80 ( 31 ) 49 ( 146 ) ( 47 ) ( 144 )
(1) Includes initial margin posted to a central clearing partner.
The Company may be exposed to credit-related losses in the event of non-performance by counterparties to derivative financial instruments. Generally, the credit exposure of the Company’s derivative contracts is limited to the fair value and accrued interest of non-collateralized derivative contracts in an asset position at the reporting date. As of June 30, 2021, the Company had credit exposure of $ 18 million.
Derivatives may be exchange-traded or they may be privately negotiated contracts, which are referred to as over-the-counter (“OTC”) derivatives. Certain of the Company’s OTC derivatives are cleared and settled through central clearing counterparties (“OTC cleared”) and others are bilateral contracts between two counterparties. The Company manages its credit risk related to OTC derivatives by entering into transactions with creditworthy counterparties, maintaining collateral arrangements and through the use of master netting agreements that provide for a single net payment to be made by one counterparty to another at each due date and upon termination. The Company is only exposed to the default of the central clearing counterparties for OTC
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cleared derivatives, and these transactions require initial and daily variation margin collateral postings. Exchange-traded derivatives are settled on a daily basis, thereby reducing the credit risk exposure in the event of non-performance by counterparties to such financial instruments.
6. Fair Value of Assets and Liabilities
Fair Value Measurement
General accounting principles for Fair Value Measurements and Disclosures define fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. These principles also establish a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value and describes three levels of inputs that may be used to measure fair value:
Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities. The Company’s Level 1 assets and liabilities are traded in active exchange markets.
Level 2 – Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or market standard valuation techniques and assumptions that use significant inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the related assets or liabilities. Prices are determined using valuation methodologies such as discounted cash flow models and other similar techniques that require management’s judgment or estimation in developing inputs that are consistent with those other market participants would use when pricing similar assets and liabilities. Additionally, the Company’s embedded derivatives, all of which are associated with reinsurance treaties, are classified in Level 3 since their values include significant unobservable inputs.
For a discussion of the Company’s valuation methodologies for assets and liabilities measured at fair value and the fair value hierarchy, see Note 6 – “Fair Value of Assets and Liabilities” in the Notes to Consolidated Financial Statements included in the Company’s 2020 Annual Report.
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Assets and Liabilities by Hierarchy Level
Assets and liabilities measured at fair value on a recurring basis as of June 30, 2021 and December 31, 2020 are summarized below (dollars in millions):
June 30, 2021: Fair Value Measurements Using:
Total Level 1 Level 2 Level 3
Assets:
Fixed maturity securities – available-for-sale:
Corporate $ 37,004 $ — $ 33,796 $ 3,208
Canadian government 4,903 — 4,903 —
RMBS 1,377 — 1,375 2
ABS 3,482 — 2,896 586
CMBS 1,869 — 1,804 65
U.S. government 1,318 1,198 107 13
State and political subdivisions 1,344 — 1,336 8
Other foreign government 6,990 — 6,949 41
Total fixed maturity securities – available-for-sale 58,287 1,198 53,166 3,923
Equity securities 147 84 — 63
Funds withheld at interest – embedded derivatives and other 206 — — 206
Cash equivalents 1,167 1,152 15 —
Short-term investments 166 1 165 —
Other invested assets:
Derivatives 146 — 146 —
FVO contractholder-directed unit-linked investments 54 — 54 —
Other 53 — 53 —
Total other invested assets (1)
253 — 253 —
Total $ 60,226 $ 2,435 $ 53,599 $ 4,192
Liabilities:
Interest-sensitive contract liabilities – embedded derivatives $ 880 $ — $ — $ 880
Other liabilities:
Derivatives 44 — 44 —
Total $ 924 $ — $ 44 $ 880
(1) Other invested assets included in the fair value hierarchy exclude limited partnership interests that are measured at estimated fair value using the net asset value (“NAV”) per share (or its equivalent) as a practical expedient. As of June 30, 2021, the fair value of such investments was $ 493 million.


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December 31, 2020: Fair Value Measurements Using:
Total Level 1 Level 2 Level 3
Assets:
Fixed maturity securities – available-for-sale:
Corporate $ 36,208 $ — $ 33,179 $ 3,029
Canadian government 5,140 — 5,140 —
RMBS 1,817 — 1,814 3
ABS 3,092 — 2,896 196
CMBS 1,868 — 1,813 55
U.S. government 1,437 1,312 111 14
State and political subdivisions 1,390 — 1,381 9
Other foreign government 5,783 — 5,766 17
Total fixed maturity securities – available-for-sale 56,735 1,312 52,100 3,323
Equity securities 132 79 — 53
Funds withheld at interest – embedded derivatives and other 114 — — 114
Cash equivalents 1,478 1,478 — —
Short-term investments 197 32 150 15
Other invested assets:
Derivatives 140 — 140 —
FVO contractholder-directed unit-linked investments 289 224 65 —
Total other invested assets 429 224 205 —
Total $ 59,085 $ 3,125 $ 52,455 $ 3,505
Liabilities:
Interest-sensitive contract liabilities – embedded derivatives $ 907 $ — $ — $ 907
Other liabilities:
Derivatives 49 — 49 —
Total $ 956 $ — $ 49 $ 907
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Quantitative Information Regarding Internally – Priced Assets and Liabilities
The following table presents quantitative information about significant unobservable inputs used in Level 3 fair value measurements that are developed internally by the Company as of June 30, 2021 and December 31, 2020 (dollars in millions):
Estimated Fair Value Valuation Technique Unobservable Inputs Range (Weighted Average)
June 30, 2021 December 31, 2020 June 30, 2021 December 31, 2020
Assets:
Corporate $ 45 $ 37 Market comparable securities Liquidity premium
1 %
0 - 1 % ( 1 %)
EBITDA Multiple
5.0 x- 7.0 x ( 5.9 x)
5.2 x- 11.2 x ( 7.1 x)
ABS 78 87 Market comparable securities Liquidity premium
1 - 18 % ( 5 %)
1 - 18 % ( 1 %)
U.S. government 13 14 Market comparable securities Liquidity premium
0 - 1 % ( 1 %)
0 - 1 % ( 1 %)
Equity securities 10 10 Market comparable securities EBITDA Multiple
6.3 x- 10.6 x ( 7.9 x)
6.9 x- 10.6 x ( 7.9 x)
Funds withheld at interest – embedded derivatives 124 58 Total return swap Mortality
0 - 100 % ( 3 %)
0 - 100 %  ( 3 %)
Lapse
0 - 35 % ( 16 %)
0 - 35 %  ( 13 %)
Withdrawal
0 - 5 % ( 3 %)
0 - 5 %  ( 3 %)
CVA
0 - 5 % ( 0 %)
0 - 5 %  ( 1 %)
Crediting rate
1 - 4 % ( 2 %)
2 - 4 %  ( 2 %)
Liabilities:
Interest-sensitive contract liabilities – embedded derivatives – indexed annuities 726 752 Discounted cash flow Mortality
0 - 100 % ( 3 %)
0 - 100 % ( 3 %)
Lapse
0 - 35 % ( 16 %)
0 - 35 % ( 13 %)
Withdrawal
0 - 5 % ( 3 %)
0 - 5 % ( 3 %)
Option budget projection
1 - 4 % ( 2 %)
2 - 4 % ( 2 %)
Interest-sensitive contract liabilities – embedded derivatives – variable annuities 154 155 Discounted cash flow Mortality
0 - 100 % ( 2 %)
0 - 100 % ( 2 %)
Lapse
0 - 25 % ( 4 %)
0 - 25 % ( 4 %)
Withdrawal
0 - 7 % ( 5 %)
0 - 7 % ( 5 %)
CVA
0 - 5 % ( 1 %)
0 - 5 % ( 1 %)
Long-term volatility
0 - 27 % ( 14 %)
0 - 27 % ( 13 %)

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Changes in Level 3 Assets and Liabilities
Assets and liabilities transferred into Level 3 are due to a lack of observable market transactions and price information. Transfers out of Level 3 are primarily the result of the Company obtaining observable pricing information or a third party pricing quotation that appropriately reflects the fair value of those assets and liabilities.
For further information on the Company’s valuation processes, see Note 6 – “Fair Value of Assets and Liabilities” in the Notes to Consolidated Financial Statements included in the Company’s 2020 Annual Report.
The reconciliations for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) are as follows (dollars in millions):
For the three months ended June 30, 2021: Fixed maturity securities – available-for-sale Funds
withheld at interest – embedded derivatives & other 		Interest-sensitive contract
liabilities – embedded derivatives
Corporate Foreign govt Structured securities U.S. and local govt Equity securities Short-term investments
Fair value, beginning of period $ 3,101 $ 16 $ 388 $ 22 $ 54 $ 11 $ 176 $ ( 857 )
Total gains/losses (realized/unrealized)
Included in earnings, net:
Investment income, net of related expenses 2 — — — — — ( 1 ) —
Investment related gains (losses), net 2 — — — 10 — 16 ( 17 )
Interest credited — — — — — — — ( 13 )
Included in other comprehensive income 49 — 5 — — — — —
Other revenues — — — — — — — —
Purchases (1)
317 25 262 — — — 16 ( 13 )
Sales (1)
( 19 ) — ( 2 ) — ( 1 ) — — —
Settlements (1)
( 269 ) — ( 24 ) ( 1 ) — ( 10 ) ( 1 ) 20
Transfers into Level 3 25 — 24 — — — — —
Transfers out of Level 3 — — — — — ( 1 ) — —
Fair value, end of period $ 3,208 $ 41 $ 653 $ 21 $ 63 $ — $ 206 $ ( 880 )
Total gains/losses (realized/unrealized) recorded for the period relating to those Level 3 assets and liabilities that were still held at the end of the period
Included in earnings, net:
Investment income, net of related expenses $ 1 $ — $ — $ — $ — $ — $ ( 1 ) $ —
Investment related gains (losses), net — — — — 9 — 16 ( 19 )
Other revenues — — — — — — — —
Interest credited — — — — — — — ( 33 )
Included in other comprehensive income 51 — 5 — — — — —
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For the six months ended June 30, 2021: Fixed maturity securities – available-for-sale Funds
withheld at interest – embedded derivatives & other 		Interest-sensitive contract
liabilities – embedded derivatives
Corporate Foreign govt Structured securities U.S. and local govt Equity securities Short-term investments
Fair value, beginning of period $ 3,029 $ 17 $ 254 $ 23 $ 53 $ 15 $ 114 $ ( 907 )
Total gains/losses (realized/unrealized)
Included in earnings, net:
Investment income, net of related expenses 3 — — — — — ( 6 ) —
Investment related gains (losses), net 1 — — — 11 — 66 1
Interest credited — — — — — — — 1
Included in other comprehensive income ( 33 ) ( 1 ) 4 — — — 1 —
Other revenues — — — — — — — —
Purchases (1)
540 25 428 — — — 32 ( 17 )
Sales (1)
( 20 ) — ( 2 ) — ( 1 ) — — —
Settlements (1)
( 341 ) — ( 85 ) ( 2 ) — ( 10 ) ( 1 ) 42
Transfers into Level 3 29 — 54 — — — — —
Transfers out of Level 3 — — — — — ( 5 ) — —
Fair value, end of period $ 3,208 $ 41 $ 653 $ 21 $ 63 $ — $ 206 $ ( 880 )
Total gains/losses (realized/unrealized) recorded for the period relating to those Level 3 assets and liabilities that were still held at the end of the period
Included in earnings, net:
Investment income, net of related expenses $ 2 $ — $ — $ — $ — $ — $ ( 6 ) $ —
Investment related gains (losses), net ( 1 ) — — — 10 — 66 ( 3 )
Other revenues — — — — — — — —
Interest credited — — — — — — — ( 41 )
Included in other comprehensive income ( 31 ) ( 1 ) 4 — — — 1 —
For the three months ended June 30, 2020: Fixed maturity securities – available-for-sale Funds
withheld at interest – embedded derivatives 		Interest-sensitive contract
liabilities – embedded derivatives
Corporate Foreign govt Structured securities U.S. and local govt Equity securities Short-term investments
Fair value, beginning of period $ 2,197 $ 15 $ 144 $ 25 $ 56 $ 1 $ ( 109 ) $ ( 1,042 )
Total gains/losses (realized/unrealized)
Included in earnings, net:
Investment income, net of related expenses — — — — — — — —
Investment related gains (losses), net ( 14 ) — — — 3 — 1 106
Interest credited — — — — — — — ( 7 )
Included in other comprehensive income 112 2 17 — — — — —
Other revenues — — — — — — — —
Purchases (1)
79 — 15 — 3 5 — ( 8 )
Sales (1)
( 18 ) — ( 3 ) — — — — —
Settlements (1)
( 44 ) — ( 18 ) ( 1 ) — ( 1 ) — 21
Transfers into Level 3 — — — — — — — —
Transfers out of Level 3 ( 4 ) — ( 2 ) — — — — —
Fair value, end of period $ 2,308 $ 17 $ 153 $ 24 $ 62 $ 5 $ ( 108 ) $ ( 930 )
Total gains/losses (realized/unrealized) recorded for the period relating to those Level 3 assets and liabilities that were still held at the end of the period
Included in earnings, net:
Investment income, net of related expenses $ — $ — $ — $ — $ — $ — $ — $ —
Investment related gains (losses), net ( 15 ) — — — 3 — 1 103
Other revenues — — — — — — — —
Interest credited — — — — — — — ( 27 )
Included in other comprehensive income 111 2 16 — — — — —
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For the six months ended June 30, 2020: Fixed maturity securities – available-for-sale Funds
withheld at interest – embedded derivatives 		Interest-sensitive contract
liabilities – embedded derivatives
Corporate Foreign govt Structured securities U.S. and local govt Equity securities Short-term investments
Fair value, beginning of period $ 2,186 $ 720 $ 208 $ 25 $ 77 $ 2 $ 121 $ ( 930 )
Total gains/losses (realized/unrealized)
Included in earnings, net:
Investment income, net of related expenses 1 — — — — — — —
Investment related gains (losses), net ( 25 ) — — — ( 4 ) — ( 229 ) ( 22 )
Interest credited — — — — — — — ( 1 )
Included in other comprehensive income ( 3 ) 1 ( 10 ) 1 — — — —
Other revenues — — — — — — — —
Purchases (1)
310 — 24 — 3 5 — ( 19 )
Sales (1)
( 62 ) — ( 4 ) — — — — —
Settlements (1)
( 96 ) — ( 31 ) ( 2 ) — ( 1 ) — 42
Transfers into Level 3 1 — 21 — — — — —
Transfers out of Level 3 ( 4 ) ( 704 ) ( 55 ) — ( 14 ) ( 1 ) — —
Fair value, end of period $ 2,308 $ 17 $ 153 $ 24 $ 62 $ 5 $ ( 108 ) $ ( 930 )
Total gains/losses (realized/unrealized) recorded for the period relating to those Level 3 assets and liabilities that were still held at the end of the period
Included in earnings, net:
Investment income, net of related expenses $ — $ — $ — $ — $ — $ — $ — $ —
Investment related gains (losses), net ( 26 ) — — — ( 4 ) — ( 229 ) ( 27 )
Other revenues — — — — — — — —
Interest credited — — — — — — — ( 43 )
Included in other comprehensive income ( 29 ) 1 ( 11 ) 1 — — — —
(1) The amount reported within purchases, sales and settlements is the purchase price (for purchases) and the sales/settlement proceeds (for sales and settlements) based upon the actual date purchased or sold/settled. Items purchased and sold/settled in the same period are excluded from the rollforward. The Company had no issuances during the period.
Nonrecurring Fair Value Measurements
The Company has certain assets subject to measurement at fair value on a nonrecurring basis, in periods subsequent to their initial recognition if they are determined to be impaired. During the six months ended June 30, 2021 and 2020, the Company did not have any material assets that were measured at fair value due to impairment.
Fair Value of Financial Instruments
The following table presents the carrying values and estimated fair values of the Company’s financial instruments, which were not measured at fair value on a recurring basis, as of June 30, 2021 and December 31, 2020 (dollars in millions). For additional information regarding the methods and significant assumptions used by the Company to estimate these fair values, see Note 6 – “Fair Value of Assets and Liabilities” in the Notes to Consolidated Financial Statements included in the Company’s 2020 Annual Report. This table excludes any payables or receivables for collateral under repurchase or reverse repurchase agreements and other transactions. The estimated fair value of the excluded amount approximates carrying value as they equal the amount of cash collateral received/paid.
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June 30, 2021:
Carrying Value (1)
Estimated
Fair Value 		Fair Value Measurement Using:
Level 1 Level 2 Level 3 NAV
Assets:
Mortgage loans on real estate $ 6,481 $ 6,744 $ — $ — $ 6,744 $ —
Policy loans 1,254 1,254 — 1,254 — —
Funds withheld at interest 6,825 7,169 — — 7,169 —
Cash and cash equivalents 2,087 2,087 2,087 — — —
Short-term investments 18 18 18 — — —
Other invested assets 1,133 1,141 6 84 1,051 —
Accrued investment income 525 525 — 525 — —
Liabilities:
Interest-sensitive contract liabilities $ 21,274 $ 22,983 $ — $ — $ 22,983 $ —
Long-term debt 3,173 3,455 — — 3,455 —
Collateral finance and securitization notes 323 292 — — 292 —
December 31, 2020:
Carrying Value (1)
Estimated
Fair Value 		Fair Value Measurement Using:
Level 1 Level 2 Level 3 NAV
Assets:
Mortgage loans on real estate $ 5,787 $ 6,167 $ — $ — $ 6,167 $ —
Policy loans 1,258 1,258 — 1,258 — —
Funds withheld at interest 5,292 5,676 — — 5,676 —
Cash and cash equivalents 1,930 1,930 1,930 — — —
Short-term investments 30 30 30 — — —
Other invested assets 1,482 1,601 5 89 1,018 489
Accrued investment income 511 511 — 511 — —
Liabilities:
Interest-sensitive contract liabilities $ 18,106 $ 19,683 $ — $ — $ 19,683 $ —
Long-term debt 3,573 3,901 — — 3,901 —
Collateral finance and securitization notes 388 351 — — 351 —
(1) Carrying values presented herein may differ from those in the Company’s condensed consolidated balance sheets because certain items within the respective financial statement captions may be measured at fair value on a recurring basis.

7. Segment Information
The accounting policies of the segments are the same as those described in Note 2 – “ Significant Accounting Policies and Pronouncements” in the Notes to Consolidated Financial Statements included in the Company’s 2020 Annual Report. The Company measures segment performance primarily based on profit or loss from operations before income taxes. There are no intersegment reinsurance transactions and the Company does not have any material long-lived assets.
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.
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The Company has geographic-based and business-based operational segments. Geographic-based operations are further segmented into traditional and financial solutions businesses. Information related to revenues, income (loss) before income taxes and total assets of the Company for each reportable segment are summarized below (dollars in millions).
Three months ended June 30, Six months ended June 30,
Revenues: 2021 2020 2021 2020
U.S. and Latin America:
Traditional $ 1,816 $ 1,642 $ 3,453 $ 3,175
Financial Solutions 433 323 751 462
Total 2,249 1,965 4,204 3,637
Canada:
Traditional 366 311 709 607
Financial Solutions 26 22 52 46
Total 392 333 761 653
Europe, Middle East and Africa:
Traditional 459 371 916 778
Financial Solutions 139 136 285 214
Total 598 507 1,201 992
Asia Pacific:
Traditional 653 636 1,300 1,303
Financial Solutions 104 75 208 143
Total 757 711 1,508 1,446
Corporate and Other 141 90 582 82
Total $ 4,137 $ 3,606 $ 8,256 $ 6,810
Three months ended June 30, Six months ended June 30,
Income (loss) before income taxes: 2021 2020 2021 2020
U.S. and Latin America:
Traditional $ 135 $ ( 158 ) $ ( 203 ) $ ( 220 )
Financial Solutions 186 117 269 102
Total 321 ( 41 ) 66 ( 118 )
Canada:
Traditional 32 44 56 67
Financial Solutions 4 4 10 7
Total 36 48 66 74
Europe, Middle East and Africa:
Traditional ( 12 ) 16 ( 80 ) 33
Financial Solutions 83 98 143 128
Total 71 114 63 161
Asia Pacific:
Traditional ( 12 ) 47 29 71
Financial Solutions 31 26 59 1
Total 19 73 88 72
Corporate and Other 35 1 385 ( 90 )
Total $ 482 $ 195 $ 668 $ 99
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Assets: June 30, 2021 December 31, 2020
U.S. and Latin America:
Traditional $ 20,760 $ 20,071
Financial Solutions 29,272 25,433
Total 50,032 45,504
Canada:
Traditional 5,017 4,682
Financial Solutions 8 13
Total 5,025 4,695
Europe, Middle East and Africa:
Traditional 5,058 4,763
Financial Solutions 6,419 7,292
Total 11,477 12,055
Asia Pacific:
Traditional 8,664 8,197
Financial Solutions 6,814 4,299
Total 15,478 12,496
Corporate and Other 6,932 9,906
Total $ 88,944 $ 84,656

8. Commitments, Contingencies and Guarantees
Commitments
Funding of Investments
The Company’s commitments to fund investments as of June 30, 2021 and December 31, 2020 are presented in the following table (dollars in millions):
June 30, 2021 December 31, 2020
Limited partnership interests and joint ventures $ 867 $ 678
Mortgage loans on real estate 175 199
Bank loans and private placements 541 194
Lifetime mortgages 46 43
The Company anticipates that the majority of its current commitments will be invested over the next five years; however, these commitments could become due any time at the request of the counterparties. Bank loans and private placements are included in fixed maturity securities available-for-sale.
The Company has a liability for expected credit losses associated with unfunded commitments of approximately $ 1 million and $ 2 million as of June 30, 2021 and December 31, 2020, which is included in other liabilities on the Company’s condensed consolidated balance sheets.
Contingencies
Litigation
The Company is subject to litigation in the normal course of its business. The Company currently has no material litigation. A legal reserve is established when the Company is notified of an arbitration demand or litigation or is notified that an arbitration demand or litigation is imminent, it is probable that the Company will incur a loss as a result and the amount of the probable loss is reasonably capable of being estimated.
Other Contingencies
The Company indemnifies its directors and officers as provided in its charters and by-laws. Since this indemnity generally is not subject to limitation with respect to duration or amount, the Company does not believe that it is possible to determine the maximum potential amount due under this indemnity in the future.
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Guarantees
Statutory Reserve Support
Certain RGA subsidiaries have committed to provide statutory reserve support to third parties, in exchange for a fee, by funding loans if certain defined events occur. Such statutory reserves are required under the U.S. Valuation of Life Policies Model Regulation (commonly referred to as Regulation XXX for term life insurance policies and Regulation A-XXX for universal life secondary guarantees). In addition, certain subsidiaries have also committed to provide capital support to a third-party, in exchange for a fee, by agreeing to assume real estate leases in the event of a severe and prolonged decline in the commercial lease market. Upon assumption of a lease, the Company would recognize a right to use asset and lease obligation. As of June 30, 2021, the Company does not believe that it will be required to provide any funding under these commitments as the occurrence of the defined events is considered remote. The following table presents the maximum potential obligation for these commitments as of June 30, 2021 (dollars in millions):
Commitment Period: Maximum Potential Obligation
2034 $ 1,243
2035 2,444
2036 3,599
2037 2,850
2038 2,300
2039 11,350
2046 3,000
Other Guarantees
RGA has issued guarantees to third parties on behalf of its subsidiaries for the payment of amounts due under certain securities borrowing and repurchase arrangements, financing arrangements and office lease obligations, whereby, if a subsidiary fails to meet an obligation, RGA or one of its other subsidiaries will make a payment to fulfill the obligation. Additionally, in limited circumstances, treaty guarantees are granted to ceding companies in order to provide them additional security, particularly in cases where RGA’s subsidiary is relatively new, unrated, or not of a significant size, relative to the ceding company. Liabilities supported by the treaty guarantees, before consideration of any legally offsetting amounts due from the guaranteed party are reflected on the Company’s condensed consolidated balance sheets in future policy benefits. Potential guaranteed amounts of future payments will vary depending on production levels and underwriting results. Guarantees related to securities borrowing and repurchase arrangements provide additional security to third parties should a subsidiary fail to provide securities when due. RGA’s guarantees issued as of June 30, 2021 and December 31, 2020 are reflected in the following table (dollars in millions):
June 30, 2021 December 31, 2020
Treaty guarantees $ 2,104 $ 1,934
Treaty guarantees, net of assets in trust 1,133 961
Securities borrowing and repurchase arrangements 136 133

9. Income Tax
For the three and six months ended June 30, 2021, the effective tax rate on pre-tax income was 28.5 % and 27.6 %, respectively. The Company’s effective tax rate for the three and six months ended June 30, 2021 differed from the U.S. statutory rate of 21% primarily due to income earned in jurisdictions with tax rates higher than the U.S., state income taxes, and the effect of the enacted UK corporate tax rate increase on the remeasurement of deferred taxes.
For the three and six months ended June 30, 2020, the effective tax rate on pre-tax income was 18.9 % and 28.6 %, respectively. The Company’s effective tax rate for both tax periods differed from the U.S. statutory income tax rate of 21% primarily as a result of benefits from differences in bases in foreign jurisdictions, increases to the valuation allowance, return to provision adjustments and accruals related to uncertain tax positions.

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10. Employee Benefit Plans
The components of net periodic benefit cost, included in other operating expenses on the Company’s condensed consolidated statements of income, for the three and six months ended June 30, 2021 and 2020 were as follows (dollars in millions):
Pension Benefits Other Benefits
Three months ended June 30, Three months ended June 30,
2021 2020 2021 2020
Service cost $ 5 $ 4 $ 1 $ 1
Interest cost 1 1 1 1
Expected return on plan assets ( 3 ) ( 3 ) — —
Amortization of prior service cost (credit) — — ( 1 ) ( 1 )
Amortization of prior actuarial losses 2 1 1 1
Net periodic benefit cost $ 5 $ 3 $ 2 $ 2
Pension Benefits Other Benefits
Six months ended June 30, Six months ended June 30,
2021 2020 2021 2020
Service cost $ 9 $ 7 $ 2 $ 1
Interest cost 2 3 1 2
Expected return on plan assets ( 5 ) ( 5 ) — —
Amortization of prior service cost (credit) — — ( 1 ) ( 1 )
Amortization of prior actuarial losses 3 2 1 1
Net periodic benefit cost $ 9 $ 7 $ 3 $ 3
11. Reinsurance
Retrocession reinsurance treaties do not relieve the Company from its obligations to direct writing companies. Failure of retrocessionaires to honor their obligations could result in losses to the Company. Consequently, allowances would be established for amounts deemed uncollectible. At June 30, 2021 and December 31, 2020, no allowances were deemed necessary. The Company regularly evaluates the financial condition of the insurance companies from which it assumes and to which it cedes reinsurance.
Retrocessions are arranged through the Company’s retrocession pools for amounts in excess of the Company’s retention limit. As of June 30, 2021 and December 31, 2020, all rated retrocession pool participants followed by the A.M. Best Company were rated “A- (excellent)” or better. The Company verifies retrocession pool participants’ ratings on a quarterly basis. For a majority of the retrocessionaires that were not rated, security in the form of letters of credit or trust assets has been posted. In addition, the Company performs annual financial reviews of its retrocessionaires to evaluate financial stability and performance.
The following table presents information for the Company’s reinsurance ceded receivable assets, including the respective amount and A.M. Best rating for each reinsurer representing in excess of five percent of the total as of June 30, 2021 or December 31, 2020 (dollars in millions):
June 30, 2021 December 31, 2020
Reinsurer A.M. Best Rating Amount % of Total Amount % of Total
Reinsurer A A+ $ 476 43.5 % $ 420 42.7 %
Reinsurer B A+ 225 20.6 216 22.0
Reinsurer C A 67 6.1 64 6.5
Reinsurer D A++ 66 6.0 55 5.6
Reinsurer E A+ 50 4.6 46 4.7
Other reinsurers 209 19.2 182 18.5
Total $ 1,093 100.0 % $ 983 100.0 %
Included in the total reinsurance ceded receivables balance were $ 254 million and $ 278 million of claims recoverable, of which $ 15 million and $ 10 million were in excess of 90 days past due, as of June 30, 2021 and December 31, 2020, respectively.
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12. Policy Claims and Benefits
Rollforward of Claims and Claim Adjustment Expenses
The liability for unpaid claims is reported in future policy benefits and other policy claims and benefits on the Company’s condensed consolidated balance sheets. Activity associated with unpaid claims is summarized below (dollars in millions):
Six Months Ended June 30,
2021
2020
Balance, beginning of period $ 7,556 $ 6,786
Less: reinsurance recoverable ( 641 ) ( 564 )
Net balance, beginning of period 6,915 6,222
Incurred:
Current year 7,631 5,740
Prior years ( 122 ) 59
Total incurred 7,509 5,799
Payments:
Current year ( 2,747 ) ( 1,332 )
Prior years ( 4,358 ) ( 3,903 )
Total payments ( 7,105 ) ( 5,235 )
Other changes:
Interest accretion 20 18
Foreign exchange adjustments ( 38 ) ( 142 )
Total other changes ( 18 ) ( 124 )
Net balance, end of period 7,302 6,662
Plus: reinsurance recoverable 674 633
Balance, end of period $ 7,976 $ 7,295
Incurred claims associated with prior periods are primarily due to events, related to long-duration business, which were incurred in prior periods but were reported in the current period, and to a lesser extent, the development of short-duration business claims for prior years being different than were anticipated when the liabilities for unpaid claims were originally estimated.  These trends have been considered in establishing the current year liability for unpaid claims.
13. Financing Activities
On June 9, 2020 , RGA issued 3.15 % Senior Notes due June 15, 2030 , with a face amount of $ 600 million. This security has been registered with the Securities and Exchange Commission. The net proceeds were approximately $ 593 million and were used in part to repay the Company’s $ 400 million 5.000 % Senior Notes that matured in June 2021, and the remainder was used for general corporate purposes. Capitalized issue costs were approximately $ 5 million.

14. New Accounting Standards
Changes to the general accounting principles are established by the Financial Accounting Standards Board (“FASB”) in the form of accounting standards updates to the FASB Accounting Standards Codification™. Accounting standards updates not listed below were assessed and determined to be either not applicable or are expected to have minimal impact on the Company’s condensed consolidated financial statements.
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Description Date of Adoption Effect on the Consolidated Financial Statements
Standards adopted:
Financial Instruments – Credit Losses
This guidance adds to U.S. GAAP an impairment model, known as current expected credit loss (“CECL”) model, that is based on expected losses rather than incurred losses. For traditional and other receivables, held-to-maturity debt securities, loans and other instruments entities will be required to use the new forward-looking “expected loss” model that generally will result in earlier recognition of allowance for losses. For available-for-sale debt securities with unrealized losses, entities will measure credit losses similar to what they do today, except the losses will be recognized through an allowance for credit losses and adjusted each period for changes in credit risks. Early adoption is permitted.


January 1, 2020

For asset classes within the scope of the CECL model, this guidance was adopted through a cumulative-effect adjustment to retained earnings (that is, a modified-retrospective approach). For available-for-sale debt securities, this guidance was applied prospectively. The allowance for credit losses increased when this guidance was adopted to include expected losses over the lifetime of commercial mortgages and other loans, including reasonable and supportable forecasts and expected changes in future economic conditions. The overall impact was an approximate $ 15 million pre-tax increase in the allowance for credit losses. This increase was reflected as a decrease to opening retained earnings, net of income taxes, as of January 1, 2020.
Fair Value Measurement
This guidance is part of the FASB’s disclosure framework project and eliminates certain disclosure requirements for fair value measurement, requires entities to disclose new information and modifies existing disclosure requirements. Early adoption is permitted.

January 1, 2020
Certain disclosure changes in the new guidance were applied prospectively in the year of adoption. The remaining changes in the new guidance were applied retrospectively to all periods presented in the year of adoption.

As of December 31, 2019, the Company early adopted the guidance that removed the requirements relating to transfers between fair value hierarchy levels and certain disclosures about valuation processes for Level 3 fair value measurements. The Company adopted the remainder of the guidance on January 1, 2020. The adoption of the new guidance was not material to the Company’s financial position.
Reference Rate Reform
This guidance eases the potential burden in accounting for, or recognizing the effects of, reference rate reform on financial reporting. which includes the transition away from the London Interbank Offered Rate (“LIBOR”). The ASU provides optional expedients and exceptions for applying GAAP modification to contracts and hedge accounting relationships affected by reference rate reform on financial reporting. Under the new guidance, a change in the reference rate for a contract that meets certain criteria will be accounted for as a continuation of that contract rather than the creation of a new contract. The new guidance applies to debt, insurance contracts, leases, derivative contracts and other arrangements.

January 1, 2020
The reference rate reform is not expected to have material accounting consequences. The Company has established a team that is currently assessing the effects of the discontinuation of LIBOR on existing contracts that extend beyond 2021 (that is, the date when the Financial Conduct Authority intends to stop persuading or compelling banks to submit LIBOR), by analyzing contractual fallback provisions, evaluating alternative rate ramifications and assessing the effects on current hedging strategies, systems and operations.
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Description Anticipated Date of Adoption Effect on the Consolidated Financial Statements
Standards not yet adopted:
Financial Services – Insurance
This guidance significantly changes how insurers account for long-duration insurance contracts. The new guidance also significantly expands the disclosure requirements of long-duration insurance contracts. The new guidance is effective for annual and interim reporting periods beginning January 1, 2023. Below are the most significant areas of change:

January 1, 2023
See each significant area of change below for the method of adoption and expected impact to the Company’s results of operations and financial position.
Cash flow assumptions for measuring liability for future policy benefits The new guidance requires insurers to review, and if necessary, update the cash flow assumptions used to measure liabilities for future policy benefits periodically. The change in the liability estimate as a result of updating cash flow assumptions will be recognized in net income.
Cash flow assumptions for measuring liability for future policy benefits The Company will likely adopt this guidance on a modified retrospective basis as of the earliest period presented in the year of adoption. The Company is currently evaluating the impact of this amendment on its results of operations and financial position but anticipates the updated guidance will likely have a material impact.
Discount rate assumption for measuring liability for future policy benefits The new guidance requires insurers to update the discount rate assumption used to measure liabilities for future policy benefits at each reporting period, and the discount rate utilized must be based on an upper-medium grade fixed income instrument yield. The change in the liability estimate as a result of updating the discount rate assumption will be recognized in other comprehensive income.
Discount rate assumption for measuring liability for future policy benefits The Company will likely adopt this guidance on a modified retrospective basis as of the earliest period presented in the year of adoption. The Company is currently evaluating the impact of this amendment on its results of operations and financial position but anticipates the updated guidance will likely have a material impact.
Market risk benefits The new guidance created a new category of benefit features called market risk benefits that will be measured at fair value with changes in fair value attributable to a change in the instrument-specific credit risk recognized in other comprehensive income.
Market risk benefits The Company will adopt this guidance on a retrospective basis as of the earliest period presented in the year of adoption. The Company is currently evaluating the impact of this amendment on its results of operations and financial position but anticipates the updated guidance will likely have a material impact.
Amortization of deferred acquisition costs (“DAC”) and other balances The new guidance requires DAC and other balances to be amortized on a constant level basis over the expected term of the related contracts.
Amortization of deferred acquisition costs (“DAC”) and other balances The Company will likely adopt this guidance on a modified retrospective basis as of the earliest period presented in the year of adoption. The Company is currently evaluating the impact of this amendment on its results of operations and financial position but anticipates the updated guidance will likely have a material impact.


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ITEM 2.        MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Cautionary Note Regarding Forward-Looking Statements
This report contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 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 “intend,” “expect,” “project,” “estimate,” “predict,” “anticipate,” “should,” “believe” and other similar expressions. 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.
The effects of the COVID-19 pandemic and the response thereto on economic conditions, the financial markets and insurance risks, and the resulting effects on the Company’s financial results, liquidity, capital resources, financial metrics, investment portfolio and stock price, could cause actual results and events to differ materially from those expressed or implied by forward-looking statements. Additionally, numerous other important factors (whether related to, resulting from or exacerbated by the COVID-19 pandemic or otherwise) could also cause results and events to differ materially from those expressed or implied by forward-looking statements, including, without limitation: (1) adverse changes in mortality, morbidity, lapsation or claims experience, (2) inadequate risk analysis and underwriting, (3) adverse capital and credit market conditions and their impact on the Company’s liquidity, access to capital and cost of capital, (4) changes in the Company’s financial strength and credit ratings and the effect of such changes on the Company’s future results of operations and financial condition, (5) the availability and cost of collateral necessary for regulatory reserves and capital, (6) requirements to post collateral or make payments due to declines in market value of assets subject to the Company’s collateral arrangements, (7) action by regulators who have authority over the Company’s reinsurance operations in the jurisdictions in which it operates, (8) the effect of the Company parent’s status as an insurance holding company and regulatory restrictions on its ability to pay principal of and interest on its debt obligations, (9) general economic conditions or a prolonged economic downturn affecting the demand for insurance and reinsurance in the Company’s current and planned markets, (10) the impairment of other financial institutions and its effect on the Company’s business, (11) fluctuations in U.S. or foreign currency exchange rates, interest rates, or securities and real estate markets, (12) market or economic conditions that adversely affect the value of the Company’s investment securities or result in the impairment of all or a portion of the value of certain of the Company’s investment securities, that in turn could affect regulatory capital, (13) market or economic conditions that adversely affect the Company’s ability to make timely sales of investment securities, (14) risks inherent in the Company’s risk management and investment strategy, including changes in investment portfolio yields due to interest rate or credit quality changes, (15) the fact that the determination of allowances and impairments taken on the Company’s investments is highly subjective, (16) the stability of and actions by governments and economies in the markets in which the Company operates, including ongoing uncertainties regarding the amount of U.S. sovereign debt and the credit ratings thereof, (17) the Company’s dependence on third parties, including those insurance companies and reinsurers to which the Company cedes some reinsurance, third-party investment managers and others, (18) financial performance of the Company’s clients, (19) the threat of natural disasters, catastrophes, terrorist attacks, epidemics or pandemics anywhere in the world where the Company or its clients do business, (20) competitive factors and competitors’ responses to the Company’s initiatives, (21) development and introduction of new products and distribution opportunities, (22) execution of the Company’s entry into new markets, (23) integration of acquired blocks of business and entities, (24) 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 stored on such systems, (25) adverse litigation or arbitration results, (26) the adequacy of reserves, resources and accurate information relating to settlements, awards and terminated and discontinued lines of business, (27) changes in laws, regulations, and accounting standards applicable to the Company or its business, (28) the effects of the Tax Cuts and Jobs Act of 2017 may be different than expected and (29) other risks and uncertainties described in this document and in the Company’s other filings with the Securities and Exchange Commission (“SEC”).
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. For a discussion of these 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 2020 Annual Report, as may be supplemented by Item 1A – “Risk Factors” in the Company’s subsequent Quarterly Reports on Form 10-Q.
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Overview
The Company is among the leading global providers of life reinsurance and financial solutions, with $3.5 trillion of life reinsurance in force and assets of $88.9 billion as of June 30, 2021. 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.
Historically, the Company’s primary business has been traditional life reinsurance, which 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 reinsured 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 has expanded its financial solutions business, including 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’s long-term 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 its sources of liquidity are sufficient to cover potential claims payments on both a short-term and long-term basis.
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.
Segment Presentation
The Company has geographic-based and business-based operational segments. Geographic-based operations are further segmented into traditional and financial solutions businesses. 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 consistent basis upon which capital is deployed. The economic capital model considers the unique and specific nature of the risks inherent in RGA’s businesses.
As a result of the economic capital allocation process, a portion of investment income is credited 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. Segment investment performance varies with the composition of investments and the relative allocation of capital to the operating segments.
Segment revenue levels can be significantly influenced by currency fluctuations, large transactions, mix of business and reporting practices of ceding companies, and therefore may fluctuate from period to period. Although reasonably predictable over a period of years, segment claims experience can be volatile over shorter periods. See “Results of Operations by Segment” below for further information about the Company’s segments.

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Critical Accounting Policies
The preparation of financial statements in conformity with GAAP requires the application of accounting policies that often involve a significant degree of judgment. Management, on an ongoing basis, reviews estimates and assumptions used in the preparation of financial statements. If management determines that modifications in assumptions and estimates are appropriate given current facts and circumstances, results of operations and financial position as reported in the condensed consolidated financial statements could change significantly.
Management believes the critical accounting policies relating to the following areas are most dependent on the application of estimates and assumptions:
Premiums receivable;
Deferred acquisition costs;
Liabilities for future policy benefits and incurred but not reported claims;
Valuation of investments, allowance for credit losses and impairments to specific investments;
Valuation of embedded derivatives; and
Income taxes.
A discussion of each of the critical accounting policies may be found in the Company’s 2020 Annual Report under “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Critical Accounting Policies.”
Consolidated Results of Operations
Impacts of the COVID-19 Pandemic
The COVID-19 global pandemic continues to cause increases in the Company’s claims costs, primarily relating to its mortality business. However, the Company cannot reliably predict the future impact of the pandemic on its business, results of operations and financial condition as the impact will largely depend on, among other factors, the impact of new variants of the virus, successful rollout of the vaccination programs globally, country-specific circumstances, measures by public and private institutions, and COVID-19’s impact on all other causes of death. In addition, the Company’s clients’ ability to write new business in this environment may result in a slowdown in new business temporarily; however, much of the Company’s premiums and other revenues are contractually recurring for many years to come.
The ultimate amount and timing of claims the Company will experience as a result of the COVID-19 pandemic will be dependent on many variables and uncertainties. These variables and uncertainties include those discussed above, in addition to age, gender, comorbidities, other insured versus general population characteristics, geography-specific institutional and individual mitigating actions, medical capacity, and other factors. To date, general population COVID-19 deaths have been heavily concentrated in individuals aged 70 and older and with pre-existing comorbidities. The Company’s insured population has lower exposure to older ages than the general population and covers a generally healthier population due to underwriting and socioeconomic factors of those purchasing insurance. In addition, the Company’s longevity business may act as a modest offset to excess life insurance claims.
The Company’s COVID-19 projection and financial impact models continue to be updated and refined based on updated external data and the Company’s claim experience to date and are subject to the many variables and uncertainties noted above. The U.S. is the key driver of mortality claim costs followed by the UK, India, South Africa and Canada. For the six month period ended June 30, 2021, the Company estimates it has incurred approximately $595 million of COVID-19 related life and health claim costs, including amounts incurred but not reported, with approximately $352 million of that amount being associated with the U.S. and Latin America Traditional segment. The Company has updated the range of COVID-19 mortality claim cost estimates relative to the level of general population deaths. The U.S. range was lowered reflecting developing data and go forward expectations. The ranges for the UK and Canada were widened, reflective of our experience as well as the expectation that a lower number of COVID-19 general population deaths will result in more variability in the relationship to claims costs. The Company estimates that every additional 10,000 population deaths in the U.S., UK, or Canada as a result of COVID-19 would result in the following corresponding excess mortality claims of approximately:
• $10 million to $20 million in the U.S.;
• $4 million to $8 million in the UK; and
• $10 million to $20 million in Canada.
While the global financial markets have stabilized since the beginning of the pandemic, they continue to be in a state of uncertainty due to COVID-19 mandated economic shutdowns and historically large and rapid central bank and fiscal policies meant to offset the economic impact of the pandemic. The economic weakness and uncertainty caused by these events may also adversely affect the Company’s financial performance. All investments held by the Company, directly or in a funds withheld at
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interest reinsurance arrangement are monitored for conformance with the Company’s stated investment policy limits as well as any limits prescribed by the applicable jurisdiction’s insurance laws and regulations. The current market environment may result in certain investments being downgraded which can affect conformance with these limits. The level of potential impairments will depend on broad economic conditions and the pace at which global economies recover from the effects of COVID-19 and the response thereto. See “Investments” for more information.
The safety and well-being of the Company’s employees and clients continues to be a priority. The Company’s business continuity plans remain activated and the actions taken during 2020 to protect both employees and clients, such as working from home, restricting travel, conducting meetings remotely, and reinforcing the importance of face coverings, good hygiene and social distancing, also continue. The Company’s offices worldwide are at a minimum adhering to local government mandates and guidelines regarding occupancy levels; however, in certain situations the Company’s guidelines are more restrictive than those of local governments.
The Company has not experienced any significant disruptions to its daily operations, despite most of its workforce working remotely. However, COVID-19 heightened operational risks and related impacts, which may include a reduction in new business volumes from slower sales, impacts to the Company’s workforce productivity due to travel restrictions, temporary office closures and increased remote working situations, and potential client delays in paying premiums and reporting claims. Similar to other reinsurers, the Company is heavily reliant on timely reporting from its clients and other third parties. The Company continues to emphasize awareness and training regarding operational risks, including privacy and cybersecurity risks, as such risks are heightened during remote working situations. In addition, the Company continues to monitor its programs, processes and procedures designed to manage these risks.
RGA’s operating subsidiaries continue to be well capitalized, and the Company continues to monitor its solvency position under multiple capital regimes on a regular basis while considering both its developing experience and economic conditions. In addition, the Company utilizes its internal capital model to assess its ability to meet its long-term obligations under a range of stress scenarios on a consolidated basis. This internal capital model is also used as the capital basis for RGA’s consolidated Own Risk and Solvency Assessment.
Results from Operations – 2021 compared to 2020
The following table summarizes net income for the periods presented.
Three months ended June 30, Six months ended June 30,
2021 2020 2021 vs 2020 2021 2020 2021 vs 2020
Revenues: (Dollars in millions, except per share data)
Net premiums $ 3,098 $ 2,790 $ 308 $ 6,012 $ 5,609 $ 403
Investment income, net of related expenses 759 645 114 1,571 1,239 332
Investment related gains (losses), net 112 81 31 414 (204) 618
Other revenues 168 90 78 259 166 93
Total revenues 4,137 3,606 531 8,256 6,810 1,446
Benefits and Expenses:
Claims and other policy benefits 2,813 2,700 113 6,005 5,364 641
Interest credited 218 187 31 364 333 31
Policy acquisition costs and other insurance expenses 339 290 49 672 538 134
Other operating expenses 240 188 52 454 383 71
Interest expense 43 42 1 88 83 5
Collateral finance and securitization expense 2 4 (2) 5 10 (5)
Total benefits and expenses 3,655 3,411 244 7,588 6,711 877
Income before income taxes
482 195 287 668 99 569
Provision for income taxes 138 37 101 185 29 156
Net income $ 344 $ 158 $ 186 $ 483 $ 70 $ 413
Earnings per share:
Basic earnings per share $ 5.06 $ 2.49 $ 2.57 $ 7.11 $ 1.12 $ 5.99
Diluted earnings per share $ 5.02 $ 2.48 $ 2.54 $ 7.06 $ 1.11 $ 5.95
Three months ended June 30, 2021 compared to three months ended June 30, 2020
The increase in income for the three months ended June 30, 2021, was primarily the result of:
• An increase in investment income and investment related gains (losses), net primarily due to an increase in variable investment income.
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• An increase in income before taxes generated by the Company’s Financial Solutions business in the U.S. and UK.
• Improved mortality experience in the U.S. and Latin America Traditional segment.
• The increase in income before taxes was partially offset by unfavorable mortality claims in the EMEA, Canada and Asia Pacific segments.
Six months ended June 30, 2021 compared to six months ended June 30, 2020
The increase in income for the six months ended June 30, 2021, was primarily the result of:
• A one-time adjustment of $162 million, pretax, associated with prior periods that includes $92 million, pretax, to correct the accounting for equity method limited partnerships to reflect unrealized gains in investment income, net of related expenses that were previously included in accumulated other comprehensive income, and a $70 million, pretax, correction reflected in other investment related gains (losses), net to adjust the carrying value of certain limited partnerships from cost less impairments to a fair value approach, using the net asset value (“NAV”) per share or its equivalent.
• $177 million, pretax, of capital gains included in other investment related gains (losses), net associated with portfolio repositioning.
• Changes in fair value of embedded derivatives, associated with modco/funds withheld treaties, increased investment related gains by $66 million for the six month period ended June 30, 2021, compared to a decrease of $229 million for the six month period ended June 30, 2020.
• The increases in investment income and investment related gains (losses), net were partially offset by unfavorable claims, primarily in the EMEA and U.S. and Latin America segments.
• As discussed in the “Impacts of the COVID-19 Pandemic” above, the Company estimates it has incurred approximately $595 million, pretax, of COVID-19 related life and health claim costs, including amounts incurred but not reported, with approximately $352 million, pretax, in the U.S. and Latin America segment.
Foreign currency fluctuations can result in variances in financial statement line items. Foreign currency increased income before taxes for the three and six month periods ended June 30, 2021, by $14 million and $18 million, respectively, primarily due to the strengthening of the Great British Pound and Canadian Dollar compared to the U.S. Dollar.
Premiums and business growth
The increase in premiums during the three and six month period ended June 30, 2021, is primarily due to growth in life reinsurance in force. Consolidated assumed life insurance in force increased to $3,471.7 billion as of June 30, 2021, from $3,457.8 billion as of June 30, 2020, due to new business production and in force transactions offset by an increase in lapses and mortality claims in the current period, primarily attributable to the increased claims as a result of the ongoing COVID-19 pandemic. The Company added new business production, measured by face amount of insurance in force, of $220.9 billion, and $210.9 billion during the six months ended June 30, 2021 and 2020, respectively.
Investment income, net of related expenses and investment related gains (losses), net
The increase in investment income, net of related expenses is primarily attributable to the aforementioned accounting correction associated with equity method limited partnerships recorded in the first quarter of 2021, in addition to an increase in the average invested asset base and yield:
• The average invested assets at amortized cost, excluding spread business, totaled $33.3 billion for the six months ended June 30, 2021, compared to $30.0 billion for the six months ended June 30, 2020.
• The average yield earned on investments, excluding spread related business, was 4.64% and 4.07% for the three month period ended June 30, 2021 and 2020, respectively, and 5.15% and 4.07% for the six months ended June 30, 2021 and 2020, respectively.
A continued low interest rate environment, in addition to higher cash and cash equivalents balances held by the Company during the COVID-19 pandemic, is expected to put downward pressure on this yield in future reporting periods. The average yield will vary from year to year depending on several variables, including the prevailing risk-fee 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, including unrealized gains and losses on certain limited partnerships, will also vary from year to year and can be highly variable based on equity-market performance and 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.

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The increase in investment related gains (losses), net is primarily attributable to the following:
• During the three and six months ended June 30, 2021, the Company repositioned its portfolio generating capital gains of $23 million and $177 million, respectively.
• There were no material impairments or changes in allowance for credit losses on fixed maturities during the three months ended June 30, 2021 or June 30, 2020. During the six months ended June 30, 2021, the Company recognized a reduction of $3 million of impairments and change in allowance for credit losses on fixed maturities compared to an increase of $34 million during the first six months of 2020.
• Changes in the fair value of embedded derivatives, associated with modco/funds withheld treaties, increased investment related gains (losses), net by $16 million and $66 million for the three and six month period ended June 30, 2021, respectively, compared to an increase (decrease) of $1 million and $(229) million for the three and six month period ended June 30, 2020.
• Unrealized gains of $48 million and $155 million, including the previously mentioned correction recorded in the first quarter of 2021 of $70 million due to the change in fair value of certain cost method limited partnerships were recognized during the three and six month periods ended June 30, of 2021.
The effective tax rate on a consolidated basis was 28.5% and 18.9% for the three months ended June 30, 2021 and 2020, respectively, and 27.6% and 28.6% for the six months ended June 30, 2021 and 2020, respectively. See Note 9 – “Income Tax” in the Notes to Condensed Consolidated Financial Statements for additional information on the Company’s consolidated effective tax rates.
Impact of certain derivatives
The Company recognizes in consolidated income, any changes in the fair value of embedded derivatives on modco or funds withheld treaties, equity index annuities (“EIAs”) and variable annuities with guaranteed minimum benefit riders. The Company utilizes freestanding derivatives to minimize the income statement volatility due to changes in the fair value of embedded derivatives associated with guaranteed minimum benefit riders. The following table presents the effect of embedded derivatives and related freestanding derivatives on income before income taxes for the periods indicated (dollars in millions):
Three Months Ended June 30,
Six Months Ended June 30,
2021
2020
2021 vs 2020
2021
2020
2021 vs 2020
Modco/Funds withheld:
Unrealized gains (losses) $ 16 $ 1 $ 15 $ 66 $ (229) $ 295
Deferred acquisition costs/retrocession (7) 2 (9) (23) 115 (138)
Net effect 9 3 6 43 (114) 157
EIAs:
Unrealized gains (losses) 3 (7) 10 33 (19) 52
Deferred acquisition costs/retrocession (1) 2 (3) (17) 10 (27)
Net effect 2 (5) 7 16 (9) 25
Guaranteed minimum benefit riders:
Unrealized gains (losses) (16) 107 (123) 1 (21) 22
Related freestanding derivatives, net of deferred acquisition costs/retrocession 20 (70) 90 (33) 94 (127)
Net effect 4 37 (33) (32) 73 (105)
Total net effect after freestanding derivatives $ 15 $ 35 $ (20) $ 27 $ (50) $ 77

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Results of Operations by Segment
U.S. and Latin America Operations
The U.S. and Latin America operations include business generated by the Company’s offices in the U.S., Mexico and Brazil. The offices in Mexico and Brazil provide services to clients in other Latin American countries. 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 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 annuities and corporate-owned life insurance policies and to a lesser extent, fee-based synthetic guaranteed investment contracts, which include investment-only, 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 .
The following table summarizes income before income taxes for the Company’s U.S. and Latin America operations for the periods presented:
Three Months Ended June 30, Six Months Ended June 30,
(dollars in millions) 2021 2020 2021 vs 2020 2021 2020 2021 vs 2020
Revenues:
Net premiums $ 1,593 $ 1,469 $ 124 $ 3,025 $ 2,854 $ 171
Investment income, net of related expenses 509 420 89 974 815 159
Investment related gains (losses), net 31 22 9 31 (145) 176
Other revenues 116 54 62 174 113 61
Total revenues 2,249 1,965 284 4,204 3,637 567
Benefits and expenses:
Claims and other policy benefits 1,439 1,607 (168) 3,239 3,027 212
Interest credited 200 157 43 331 305 26
Policy acquisition costs and other insurance expenses 238 204 34 469 341 128
Other operating expenses 51 38 13 99 82 17
Total benefits and expenses 1,928 2,006 (78) 4,138 3,755 383
Income before income taxes $ 321 $ (41) $ 362 $ 66 $ (118) $ 184
The increase in income before income taxes in the second quarter of 2021 was the result of a nine percent decrease in claims and other policy benefits in the U.S. Traditional segment, strong performance from Financial Solutions related to both experience gains, an increase in transaction and other fees, as well as higher variable investment income from real estate joint ventures and unrealized gains from investments in limited partnerships. The increase in income before income taxes for the first six months of 2021 is also attributable to the impact of embedded derivatives in U.S. Financial Solutions. Partially offsetting the six month increase were realized capital losses compared to realized capital gains in 2020 and significantly higher claims in U.S. Mortality Markets. The significant increase in claims in the U.S. Mortality Markets during the first six months compared to the same period in 2020 was primarily related to an increase in large and non-large claim frequency within the individual mortality business in the first three months of 2021 as compared to the same period in 2020. While the cause of death is not yet available for all claims, the Company believes the excess claim costs are primarily attributable to COVID-19.

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Traditional Reinsurance
Three Months Ended June 30, Six Months Ended June 30,
(dollars in millions) 2021 2020 2021 vs 2020 2021 2020 2021 vs 2020
Revenues:
Net premiums $ 1,578 $ 1,454 $ 124 $ 2,997 $ 2,827 $ 170
Investment income, net of related expenses 233 177 56 440 338 102
Investment related gains (losses), net 1 7 (6) 7 — 7
Other revenues 4 4 — 9 10 (1)
Total revenues 1,816 1,642 174 3,453 3,175 278
Benefits and expenses:
Claims and other policy benefits 1,418 1,558 (140) 3,158 2,925 233
Interest credited 18 18 — 35 37 (2)
Policy acquisition costs and other insurance expenses 206 195 11 388 370 18
Other operating expenses 39 29 10 75 63 12
Total benefits and expenses 1,681 1,800 (119) 3,656 3,395 261
Income (loss) before income taxes $ 135 $ (158) $ 293 $ (203) $ (220) $ 17
Key metrics:
Life insurance in force $1,619.4 billion $1,620.5 billion
Claims and other policy benefits as a percentage of net premiums (“loss ratios”) 89.9 % 107.2 % 105.4 % 103.5 %
Policy acquisition costs and other insurance expenses as a percentage of net premiums 13.1 % 13.4 % 12.9 % 13.1 %
Other operating expenses as a percentage of net premiums 2.5 % 2.0 % 2.5 % 2.2 %
The increase in income before income taxes in the second quarter for the U.S. and Latin America Traditional segment was primarily the result of a nine percent decrease in claims in the U.S. Mortality Market primarily due to lower claims attributable to COVID-19 or COVID-19 related factors and an increase in investment income. The decrease in the loss before income taxes for six months ended June 30, 2021, as compared the same period in 2020 is primarily attributable an increase in investment income partially offset by an increase in claims attributable to COVID-19 or COVID-19 related factors.
Revenues
• The increase in net premiums for the three and six month periods ended June 30, 2021, was primarily due to organic growth as well as new sales. The segment added new life business production, measured by face amount of insurance in force, of $35.7 billion and $25.3 billion during the second quarter of 2021 and 2020, respectively, and $64.2 and $59.3 billion during the first six months of 2021 and 2020, respectively. Also contributing to the premium growth was the restructure and extension of an existing transaction and the partial recapture of a retroceded block of individual life business.
• The increase in net investment income for the three and six month periods ended June 30, 2021, was primarily due to higher variable investment income associated with investments in limited partnerships and private equity funds primarily generated from unrealized gains in the underlying investments and higher variable investment income from real estate joint ventures.
Benefits and expenses
• The decrease in the loss ratio for the three months ended June 30, 2021, as compared to the same period in 2020, was primarily due to favorable claims experience in the individual mortality line of business, attributed primarily to fewer claims from COVID-19 or COVID-19 related factors than in 2020. The increase in the loss ratio for the six months ended June 30, 2021, as compared to the same period in 2020, was primarily due to unfavorable large and non-large claims experience in the individual mortality line of business, attributed to the COVID-19 pandemic. As explained above, while the cause of death is not yet available for all claims, the Company estimates that approximately $352 million of excess claims for the six months ended June 30, 2021, were attributable to COVID-19.
• The increase in other operating expenses for the three and six months ended June 30, 2021, was primarily due to an increase in incentive compensation expense.

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Financial Solutions
For the three months ended June 30, 2021 2020 2021 vs 2020
Asset-Intensive Capital Solutions Total Asset-Intensive Capital Solutions Total Asset-Intensive Capital Solutions Total
(dollars in millions)
Revenues:
Net premiums $ 15 $ — $ 15 $ 15 $ — $ 15 $ — $ — $ —
Investment income, net of related expenses 276 — 276 241 2 243 35 (2) 33
Investment related gains (losses), net 30 — 30 15 — 15 15 — 15
Other revenues 85 27 112 24 26 50 61 1 62
Total revenues 406 27 433 295 28 323 111 (1) 110
Benefits and expenses:
Claims and other policy benefits 21 — 21 49 — 49 (28) — (28)
Interest credited 182 — 182 139 — 139 43 — 43
Policy acquisition costs and other insurance expenses 32 — 32 7 2 9 25 (2) 23
Other operating expenses 8 4 12 7 2 9 1 2 3
Total benefits and expenses 243 4 247 202 4 206 41 — 41
Income before income taxes $ 163 $ 23 $ 186 $ 93 $ 24 $ 117 $ 70 $ (1) $ 69
For the six months ended June 30, 2021 2020 2021 vs 2020
Asset-Intensive Capital Solutions Total Asset-Intensive Capital Solutions Total Asset-Intensive Capital Solutions Total
(dollars in millions)
Revenues:
Net premiums $ 28 $ — $ 28 $ 27 $ — $ 27 $ 1 $ — $ 1
Investment income, net of related expenses 533 1 534 474 3 477 59 (2) 57
Investment related gains (losses), net 24 — 24 (145) — (145) 169 — 169
Other revenues 111 54 165 52 51 103 59 3 62
Total revenues 696 55 751 408 54 462 288 1 289
Benefits and expenses:
Claims and other policy benefits 81 — 81 102 — 102 (21) — (21)
Interest credited 296 — 296 268 — 268 28 — 28
Policy acquisition costs and other insurance expenses 79 2 81 (31) 2 (29) 110 — 110
Other operating expenses 17 7 24 14 5 19 3 2 5
Total benefits and expenses 473 9 482 353 7 360 120 2 122
Income before income taxes $ 223 $ 46 $ 269 $ 55 $ 47 $ 102 $ 168 $ (1) $ 167
Asset-Intensive Reinsurance
The increase before income taxes for U.S. and Latin America Financial Solutions’ Asset-intensive segment for the three months ended June 30, 2021 was primarily due to an increase in transaction and other fees, favorable policyholder experience including impacts from COVID-19 and higher investment related gains (losses), net in coinsurance and funds withheld portfolios. The increase for the six months ended June 30, 2021, was also due to the net increase in fair value of the embedded derivatives.
The invested asset base supporting this segment increased to $26.7 billion as of June 30, 2021, from $23.5 billion as of June 30, 2020.
• The increase in the asset base was primarily due to growth from new transactions.
• As of June 30, 2021 and 2020, $4.8 billion and $3.1 billion, respectively, of the invested assets were funds withheld at interest, of which greater than 90% was associated with two clients.

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Impact of certain derivatives
Income from the asset-intensive business tends to be volatile due to changes in the fair value of certain derivatives, including embedded derivatives associated with reinsurance treaties structured on a modco or funds withheld basis, as well as embedded derivatives associated with the Company’s reinsurance of equity-indexed annuities and variable annuities with guaranteed minimum benefit riders. Fluctuations occur period to period primarily due to changing investment conditions including, but not limited to, interest rate movements (including risk-free rates and credit spreads), implied volatility, the Company’s own credit risk and equity market performance, all of which are factors in the calculations of fair value. Therefore, management believes it is helpful to distinguish between the effects of changes in these derivatives, net of related hedging activity, and the primary factors that drive profitability of the underlying treaties, namely investment income, fee income (included in other revenues), and interest credited. These fluctuations are considered unrealized by management and do not affect current cash flows, crediting rates or spread performance on the underlying treaties.
The following table summarizes the asset-intensive results and quantifies the impact of these embedded derivatives for the periods presented. Revenues before certain derivatives, benefits and expenses before certain derivatives, and income before income taxes and certain derivatives, should not be viewed as substitutes for GAAP revenues, GAAP benefits and expenses, and GAAP income before income taxes.
(dollars in millions) Three months ended June 30, Six months ended June 30,
2021 2020 2021 2020
Revenues:
Total revenues $ 406 $ 295 $ 696 $ 408
Less:
Embedded derivatives – modco/funds withheld treaties 14 (7) 59 (230)
Guaranteed minimum benefit riders and related free standing derivatives — 39 (65) 113
Revenues before certain derivatives 392 263 702 525
Benefits and expenses:
Total benefits and expenses 243 202 473 353
Less:
Embedded derivatives – modco/funds withheld treaties 6 (2) 23 (115)
Guaranteed minimum benefit riders and related free standing derivatives (4) 2 (33) 40
Equity-indexed annuities (2) 5 (16) 9
Benefits and expenses before certain derivatives 243 197 499 419
Income before income taxes:
Income before income taxes 163 93 223 55
Less:
Embedded derivatives – modco/funds withheld treaties 8 (5) 36 (115)
Guaranteed minimum benefit riders and related free standing derivatives 4 37 (32) 73
Equity-indexed annuities 2 (5) 16 (9)
Income before income taxes and certain derivatives $ 149 $ 66 $ 203 $ 106
Embedded Derivatives – Modco/Funds Withheld Treaties – Represents the change in the fair value of embedded derivatives on funds withheld at interest associated with treaties written on a modco or funds withheld basis. The fair value changes of embedded derivatives are reflected in revenues, while the related impact on deferred acquisition expenses is reflected in benefits and expenses. The Company’s utilization of a credit valuation adjustment did not have a material effect on the change in fair value of these embedded derivatives for the six months ended June 30, 2021 and 2020.
The change in fair value of the embedded derivatives related to modco/funds withheld treaties, net of deferred acquisition costs increased (decreased) income before income taxes by $8 million and $(5) million for the second quarter and $36 million and $(115) million for the six months ended June 30, 2021 and 2020, respectively. The increase in income for the second quarter was primarily due to amortization of the underlying investments within the funds withheld. The increase in income for the six months ended June 30, 2021, was primarily due to tightening credit spreads, partially offset by higher risk free interest rates.
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Guaranteed Minimum Benefit Riders – Represents the impact related to guaranteed minimum benefits associated with the Company’s reinsurance of variable annuities. The fair value changes of the guaranteed minimum benefits along with the changes in fair value of the free standing derivatives (interest rate swaps, financial futures and equity options), purchased by the Company to substantially hedge the liability are reflected in revenues, while the related impact on deferred acquisition expenses is reflected in benefits and expenses. Changes in fair values of the embedded derivatives on guaranteed minimum benefits are net of an increase (decrease) in investment related gains (losses), net of $(8) million and $29 million for the second quarter and $(63) million and $127 million for the six months ended June 30, 2021 and 2020, respectively, associated with the Company’s utilization of a credit valuation adjustment.
The change in fair value of the guaranteed minimum benefits, after allowing for changes in the associated free standing derivatives, increased (decreased) income before income taxes by $4 million and $37 million for the second quarter and $(32) million and $73 million for the six months ended June 30, 2021 and 2020, respectively. The increase in income for the three months ended June 30, 2021, was primarily due to favorable hedging impacts. The decrease in income for the six months ended June 30, 2021, was primarily due to a decrease in the credit valuation adjustment which has the impact of increasing the fair value of the guaranteed minimum benefit liability, net of related impact on deferred acquisition expenses.
Equity-Indexed Annuities – Represents changes in the liability for equity-indexed annuities in excess of changes in account value, after adjustments for related deferred acquisition expenses. The change in fair value of embedded derivative liabilities associated with equity-indexed annuities increased (decreased) income before income taxes by $2 million and $(5) million for the second quarter and $16 million and $(9) million for the six months ended June 30, 2021 and 2020, respectively.  The increase in income for the six months of 2021 was primarily due to an increase in risk free interest rates which has the impact of lowering the fair value of the liability.
The changes in derivatives discussed above are considered unrealized by management and do not affect current cash flows, crediting rates or spread performance on the underlying treaties. Fluctuations occur period to period primarily due to changing investment conditions including, but not limited to, interest rate movements (including benchmark rates and credit spreads), credit valuation adjustments, implied volatility and equity market performance, all of which are factors in the calculations of fair value. Therefore, management believes it is helpful to distinguish between the effects of changes in these derivatives and the primary factors that drive profitability of the underlying treaties, namely investment income, fee income (included in other revenues) and interest credited.
Discussion and analysis before certain derivatives:
• Income before income taxes and certain derivatives increased by $83 million and $97 million for the three and six months ended June 30, 2021, as compared to the same periods in 2020. The increases were primarily due to an increase in transaction and other fees, favorable policyholder experience including impacts from COVID-19 and higher investment related gains (losses), net in coinsurance and funds withheld portfolios.
• Revenue before certain derivatives increased by $129 million and by $177 million for the three and six months ended June 30, 2021, respectively, as compared to the same periods in 2020. The increases were primarily due to the revenue associated with recently executed transactions, increases in fair value of equity options associated with the reinsurance of EIAs and higher investment related gains (losses), net in coinsurance portfolios. The effect on investment income related to equity options is substantially offset by a corresponding change in interest credited.
• Benefits and expenses before certain derivatives increased by $46 million and $80 million for the three and six months ended June 30, 2021, as compared to the same period in 2020. The increases in the second quarter and first six months were primarily due to higher interest credited associated with the reinsurance of EIAs due to improved equity market performance and benefits associated with recently executed transactions. The effect on interest credited related to equity options is substantially offset by a corresponding increase in investment income.
Capital Solutions
Income before income taxes for the U.S. and Latin America Capital Solutions’ business decreased $1 million, or 4.2%, and $1 million, or 2.1%, for the three and six months ended June 30, 2021, as compared to the same periods in 2020. The decreases were primarily due to the termination of transactions, partially offset by growth from new transactions and organic growth on existing transactions. Fees earned from this business can vary significantly depending on the size of the transactions and the timing of their completion and therefore can fluctuate from period to period.
• At June 30, 2021 and 2020, the amount of reinsurance assumed from client companies, as measured by pre-tax statutory surplus, risk based capital and other financial structures was $22.3 billion and $19.4 billion, respectively.

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Canada Operations
The Company conducts reinsurance business in Canada primarily through RGA Canada, which assists clients with capital management activity and mortality and morbidity risk management. 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 and capital solutions.
Three Months Ended June 30, Six Months Ended June 30,
(dollars in millions) 2021 2020 2021 vs 2020 2021 2020 2021 vs 2020
Revenues:
Net premiums $ 324 $ 274 $ 50 $ 627 $ 555 $ 72
Investment income, net of related expenses 63 50 13 123 100 23
Investment related gains (losses), net — 6 (6) 2 (6) 8
Other revenues 5 3 2 9 4 5
Total revenues 392 333 59 761 653 108
Benefits and expenses:
Claims and other policy benefits 298 233 65 582 473 109
Interest credited — — — — — —
Policy acquisition costs and other insurance expenses 47 43 4 92 88 4
Other operating expenses 11 9 2 21 18 3
Total benefits and expenses 356 285 71 695 579 116
Income before income taxes $ 36 $ 48 $ (12) $ 66 $ 74 $ (8)
• The decrease in income before income taxes for the three and six months ended June 30, 2021, as compared to the same periods in 2020, is primarily due to increased claims and other policy benefits associated with the COVID-19 pandemic. These increases are partially offset by an increase in net premiums in the Canada Traditional segment and investment income.
• Foreign currency fluctuations can result in variances in the financial statement line items. Foreign currency fluctuations resulted in a $4 million increase in income before income taxes for both the three and six months ended June 30, 2021. Unless otherwise stated, all amounts discussed below are net of foreign currency fluctuations.
Traditional Reinsurance
Three Months Ended June 30, Six Months Ended June 30,
(dollars in millions) 2021 2020 2021 vs 2020 2021 2020 2021 vs 2020
Revenues:
Net premiums $ 301 $ 254 $ 47 $ 581 $ 514 $ 67
Investment income, net of related expenses 63 50 13 123 99 24
Investment related gains (losses), net — 6 (6) 2 (6) 8
Other revenues 2 1 1 3 — 3
Total revenues 366 311 55 709 607 102
Benefits and expenses:
Claims and other policy benefits 277 216 61 543 436 107
Interest credited — — — — — —
Policy acquisition costs and other insurance expenses 46 42 4 91 87 4
Other operating expenses 11 9 2 19 17 2
Total benefits and expenses 334 267 67 653 540 113
Income (loss) before income taxes $ 32 $ 44 $ (12) $ 56 $ 67 $ (11)
Key metrics:
Life insurance in force $468.3 billion $409.2 billion
Claims and other policy benefits as a percentage of net premiums (“loss ratios”) 92.0 % 85.0 % 93.5 % 84.8 %
Policy acquisition costs and other insurance expenses as a percentage of net premiums 15.3 % 16.5 % 15.7 % 16.9 %
Other operating expenses as a percentage of net premiums 3.7 % 3.5 % 3.3 % 3.3 %
The decrease in income before income taxes for the three and six months ended June 30, 2021, is primarily due to unfavorable individual life mortality experience compared to the same period in 2020, partially offset by an increase in investment income.

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Revenues
• The segment added new life business production, measured by face amount of insurance in force, of $8.5 billion and $9.1 billion for the second quarter of 2021 and 2020, respectively, and $22.7 billion, and $21.3 billion during the first six months of 2021 and 2020, respectively.
• The increase in net investment income for the three and six months ended June 30, 2021, was primarily due to increased variable investment income and an increase in the invested asset base due to growth in the underlying business volume partially offset by a decline in interest rates.
• The decrease in investment related gains (losses), net in the second quarter of 2021 is primarily attributable to an increase in the fair value of credit default derivatives in the second quarter of 2020 due to a significant tightening in credit spreads, compared to an immaterial change in credit spreads during the second quarter of 2021. The increase for the six months ended June 30, 2021, is due to a modest increase in the fair value of credit default derivatives during the first six months of 2021, compared to a decrease in the fair value of credit default derivatives during the first six months of 2020 due to the significant widening of credit spreads in the first quarter of 2020.

Benefits and expenses
• The increase in the loss ratio for the three and six months ended June 30, 2021, as compared to the same periods in 2020, was primarily due to unfavorable claims experience in the individual mortality line of business, attributed primarily to the COVID-19 pandemic. While the cause of death is not yet available for all claims, the Company estimates that approximately $49 million of excess claims for the six months ended June 30, 2021, were attributable to COVID-19 or COVID-19 related factors.
Financial Solutions Reinsurance
Three Months Ended June 30, Six Months Ended June 30,
(dollars in millions) 2021 2020 2021 vs 2020 2021 2020 2021 vs 2020
Revenues:
Net premiums $ 23 $ 20 $ 3 $ 46 $ 41 $ 5
Investment income, net of related expenses — — — — 1 (1)
Investment related gains (losses), net — — — — — —
Other revenues 3 2 1 6 4 2
Total revenues 26 22 4 52 46 6
Benefits and expenses:
Claims and other policy benefits 21 17 4 39 37 2
Interest credited — — — — — —
Policy acquisition costs and other insurance expenses 1 1 — 1 1 —
Other operating expenses — — — 2 1 1
Total benefits and expenses 22 18 4 42 39 3
Income (loss) before income taxes $ 4 $ 4 $ — $ 10 $ 7 $ 3
Income before income taxes was flat for the second quarter of 2021 compared to the same period in 2020. The increase in income before income taxes for the first six months of 2021 is primarily the result of favorable mortality experience on longevity business.

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Europe, Middle East and Africa Operations
The Europe, Middle East and Africa (“EMEA”) operations include business primarily generated by offices in France, Germany, Ireland, Italy, the Middle East, the Netherlands, Poland, South Africa, Spain and the United Kingdom (“UK”). EMEA consists 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.
Three Months Ended June 30, Six Months Ended June 30,
(dollars in millions) 2021 2020 2021 vs 2020 2021 2020 2021 vs 2020
Revenues:
Net premiums $ 517 $ 409 $ 108 $ 1,034 $ 852 $ 182
Investment income, net of related expenses 74 79 (5) 142 126 16
Investment related gains (losses), net 2 16 (14) 18 10 8
Other revenues 5 3 2 7 4 3
Total revenues 598 507 91 1,201 992 209
Benefits and expenses:
Claims and other policy benefits 456 314 142 1,000 701 299
Interest credited 2 16 (14) 1 (1) 2
Policy acquisition costs and other insurance expenses 28 33 (5) 59 64 (5)
Other operating expenses 41 30 11 78 67 11
Total benefits and expenses 527 393 134 1,138 831 307
Income before income taxes $ 71 $ 114 $ (43) $ 63 $ 161 $ (98)
• The decreases in income before income taxes for the three and six months ended June 30, 2021, as compared to the same periods in 2020, were primarily due to unfavorable mortality experience mainly from the impact of COVID-19. These decreases were partially offset by increases in net premiums.
• Foreign currency fluctuations can result in variances in the financial statement line items. Foreign currency exchange fluctuations resulted in an increase in income before income taxes of $6 million for the three and six months ended June 30, 2021, as compared to the same periods in 2020. Unless otherwise stated, all amounts discussed below are net of foreign currency fluctuations.
Traditional Reinsurance
Three Months Ended June 30, Six Months Ended June 30,
(dollars in millions) 2021 2020 2021 vs 2020 2021 2020 2021 vs 2020
Revenues:
Net premiums $ 433 $ 352 $ 81 $ 871 $ 742 $ 129
Investment income, net of related expenses 24 18 6 44 37 7
Investment related gains (losses), net — — — — — —
Other revenues 2 1 1 1 (1) 2
Total revenues 459 371 88 916 778 138
Benefits and expenses:
Claims and other policy benefits 414 301 113 883 635 248
Interest credited — — — — — —
Policy acquisition costs and other insurance expenses 27 32 (5) 56 62 (6)
Other operating expenses 30 22 8 57 48 9
Total benefits and expenses 471 355 116 996 745 251
Income (loss) before income taxes $ (12) $ 16 $ (28) $ (80) $ 33 $ (113)
Key metrics:
Life insurance in force $861.4 billion $772.8 billion
Claims and other policy benefits as a percentage of net premiums (“loss ratios”) 95.6 % 85.5 % 101.4 % 85.6 %
Policy acquisition costs and other insurance expenses as a percentage of net premiums 6.2 % 9.1 % 6.4 % 8.4 %
Other operating expenses as a percentage of net premiums 6.9 % 6.3 % 6.5 % 6.5 %
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Income before income taxes decreased for the three and six months ended June 30, 2021, as compared to the same periods in 2020. The decreases were the result of poor mortality experience, primarily due to the impact of COVID-19. The decreases in both periods were partially offset by increases in net premiums.
Revenues
• The increase in net premiums for the three and six months ended June 30, 2021, as compared to the same periods in 2020, was due to an in increase in business volume on new and existing treaties.
• The segment added new life business production, measured by face amount of insurance in force, of $87.8 billion and $65.1 billion during the second quarter of 2021 and 2020, respectively, and $115.4 billion, and $98.0 billion during the six months ended June 30, 2021, and the same period in 2020, respectively.
Benefits and expenses
• The increase in the loss ratio for the second quarter and first six months of 2021 is due to unfavorable mortality experience primarily attributable to COVID-19. While the cause of death is not available for all claims, the Company estimates that approximately $130 million of excess claims for the six months ended June 30, 2021, were attributable to COVID-19 or COVID-19 related factors.
• The decrease in the ratio of policy acquisition costs and other insurance expense to net premium in the second quarter and first six months of 2021 is due to an overall increase in premiums and transactions with lower or no acquisition costs.
• The increase in other operating expenses for the three and six months ended June 30, 2021, was primarily due to an increase in incentive compensation expense.
Financial Solutions
Three Months Ended June 30, Six Months Ended June 30,
(dollars in millions) 2021 2020 2021 vs 2020 2021 2020 2021 vs 2020
Revenues:
Net premiums $ 84 $ 57 $ 27 $ 163 $ 110 $ 53
Investment income, net of related expenses 50 61 (11) 98 89 9
Investment related gains (losses), net 2 16 (14) 18 10 8
Other revenues 3 2 1 6 5 1
Total revenues 139 136 3 285 214 71
Benefits and expenses:
Claims and other policy benefits 42 13 29 117 66 51
Interest credited 2 16 (14) 1 (1) 2
Policy acquisition costs and other insurance expenses 1 1 — 3 2 1
Other operating expenses 11 8 3 21 19 2
Total benefits and expenses 56 38 18 142 86 56
Income (loss) before income taxes $ 83 $ 98 $ (15) $ 143 $ 128 $ 15
The decrease in income before income taxes for the second quarter of 2021 compared to the same period in 2020 is primarily due to decreases in investment income, net of related expenses and investment related gains (losses), net. The increase in income before income taxes for the first six months of 2021 was primarily due to new business activity and investment related gains on the investments supporting the segment’s payout annuity business.
Revenues
• The increase in net premiums for the three and six months ended June 30, 2021, as compared to the same periods in 2020 was primarily due to increased volumes of closed longevity block business.
• The decrease in net investment income for the three months ended and increase for six month ended June 30, 2021, as compared to the same periods in 2020 was primarily related to decreases and increases in income associated with unit-linked policies which fluctuate with market performance and is offset by a decrease in interest credited.
• The decrease and increase in investment related gains (losses), net for the three and six month periods, respectively, was primarily due to fluctuations in the fair market value of CPI swap derivatives due to changes in future inflation expectations.
Benefits and expenses
• The increase in claims and other policy benefits was the result of increased volumes of closed longevity block business.
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• The increase in benefits and expenses was partially offset by a decrease in interest credited primarily attributable to the sale of Leidsche, the Company’s subsidiary located in the Netherlands that issued unit-linked products. Interest credited in this segment relates to amounts credited to the contract holders of unit-linked products. This amount will fluctuate according to contract holder investment selections, equity returns and interest rates. The effect on interest credited related to unit-linked products is substantially offset by a corresponding change in investment income.
Asia Pacific Operations
The Asia Pacific operations include business generated by its offices principally in Australia, China, Hong Kong, India, Japan, Malaysia, New Zealand, Singapore, South Korea and Taiwan. The Traditional segment’s principal types of reinsurance include individual and group life and health, critical illness, disability and superannuation. Reinsurance agreements may be facultative or automatic agreements covering primarily individual risks, and in some markets, group risks. Superannuation is the Australian government mandated compulsory retirement savings program. Superannuation funds accumulate retirement funds for employees, and, in addition, typically offer life and disability insurance coverage. The Financial Solutions segment includes financial reinsurance, asset-intensive and certain disability and life blocks.
Three Months Ended June 30, Six Months Ended June 30,
(dollars in millions) 2021 2020 2021 vs 2020 2021 2020 2021 vs 2020
Revenues:
Net premiums $ 664 $ 638 $ 26 $ 1,326 $ 1,348 $ (22)
Investment income, net of related expenses 65 48 17 126 92 34
Investment related gains (losses), net 15 15 — 26 (18) 44
Other revenues 13 10 3 30 24 6
Total revenues 757 711 46 1,508 1,446 62
Benefits and expenses:
Claims and other policy benefits 620 546 74 1,184 1,163 21
Interest credited 15 11 4 30 24 6
Policy acquisition costs and other insurance expenses 52 39 13 106 102 4
Other operating expenses 51 42 9 100 85 15
Total benefits and expenses 738 638 100 1,420 1,374 46
Income before income taxes $ 19 $ 73 $ (54) $ 88 $ 72 $ 16
• The decrease in income before income taxes for the three months ended June 30, 2021, is primarily due to unfavorable claims experience in Asia compared to the prior period, partially offset by continued growth of Financial Solutions Reinsurance in Asia. The increase in income before income taxes for the first six months is primarily attributable to increases in investment income, net and investment related gains (losses), net partially offset by unfavorable claims experience in Asia compared to the prior period.
• Foreign currency fluctuations can result in variances in the financial statement line items. Foreign currency fluctuations resulted in an increase (decrease) in income before income taxes of $(1) million and $1 million for the three and six months ended June 30, 2021, as compared to the same periods in 2020. Unless otherwise stated, all amounts discussed below are net of foreign currency fluctuations.
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Traditional Reinsurance
Three Months Ended June 30, Six Months Ended June 30,
(dollars in millions) 2021 2020 2021 vs 2020 2021 2020 2021 vs 2020
Revenues:
Net premiums $ 616 $ 607 $ 9 $ 1,225 $ 1,243 $ (18)
Investment income, net of related expenses 34 27 7 67 54 13
Investment related gains (losses), net — — — (1) — (1)
Other revenues 3 2 1 9 6 3
Total revenues 653 636 17 1,300 1,303 (3)
Benefits and expenses:
Claims and other policy benefits 578 514 64 1,096 1,069 27
Interest credited — — — — — —
Policy acquisition costs and other insurance expenses 41 34 7 84 83 1
Other operating expenses 46 41 5 91 80 11
Total benefits and expenses 665 589 76 1,271 1,232 39
Income (loss) before income taxes $ (12) $ 47 $ (59) $ 29 $ 71 $ (42)
Key metrics:
Life insurance in force $516.1 billion $649.5 billion
Claims and other policy benefits as a percentage of net premiums (“loss ratios”) 93.8 % 84.7 % 89.5 % 86.0 %
Policy acquisition costs and other insurance expenses as a percentage of net premiums 6.7 % 5.6 % 6.9 % 6.7 %
Other operating expenses as a percentage of net premiums 7.5 % 6.8 % 7.4 % 6.4 %
The decrease in income before income taxes is primarily the result of net unfavorable claims experience in Asia, primarily in India. The decrease for the first six months is also the result of year to date decreases in net premiums in Australia.

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Revenues
• The increase in net premiums for the three months ended June 30, 2021 as compared to the same period in 2020 is primarily the due to new business production partially offset by a reduction in premiums in Australia. Premiums for the first six months of 2021 was primarily due to premium reductions in Australia group business as a result of the non-renewal of two large group treaties effective June 30, 2020.
• The segment added new life business production, measured by face amount of insurance in force, of $10.9 billion and $16.6 billion during the second quarter of 2021 and 2020, respectively, and $18.5 billion, and $32.3 billion during the six months ended June 30, 2021 and 2020, respectively, due to new business production and in force transactions offset by lapses, recaptures and non-renewal of two large group treaties in Australia.
Benefits and expenses
• The increases in the loss ratio for the three and six months ended June 30, 2021, as compared to the same periods in 2020, were primarily due to unfavorable claims experience in Asia. While the cause of death is not yet available for all claims, the Company estimates that approximately $63 million of claims, of which approximately $57 million were incurred in India, for the six months ended June 30, 2021, were attributable to COVID-19 or COVID-19 related factors.
Financial Solutions
Three Months Ended June 30, Six Months Ended June 30,
(dollars in millions) 2021 2020 2021 vs 2020 2021 2020 2021 vs 2020
Revenues:
Net premiums $ 48 $ 31 $ 17 $ 101 $ 105 $ (4)
Investment income, net of related expenses 31 21 10 59 38 21
Investment related gains (losses), net 15 15 — 27 (18) 45
Other revenues 10 8 2 21 18 3
Total revenues 104 75 29 208 143 65
Benefits and expenses:
Claims and other policy benefits 42 32 10 88 94 (6)
Interest credited 15 11 4 30 24 6
Policy acquisition costs and other insurance expenses 11 5 6 22 19 3
Other operating expenses 5 1 4 9 5 4
Total benefits and expenses 73 49 24 149 142 7
Income (loss) before income taxes $ 31 $ 26 $ 5 $ 59 $ 1 $ 58
The increase in income before income taxes for the second quarter was primarily due to continued growth in the business. The increase in income before income taxes for the first six months of 2021 was due to favorable fluctuations in the fair value of derivatives and continued growth and favorable experience on existing asset-intensive business in Asia. The amount of reinsurance assumed from client companies, as measured by pre-tax statutory surplus, risk based capital and other financial reinsurance structures was $1.6 billion and $3.2 billion for the six months ended June 30, 2021 and 2020, respectively. Fees earned from this business can vary significantly depending on the size, complexity and timing of the transactions and, therefore, can fluctuate from period to period.
Revenues
• The increase in net premiums for the second quarter is attributable to a higher contribution from single premium asset-intensive transactions in the three months ended June 30, 2021, as compared to the same period in 2020.
• The increase in investment related gains (losses), net for the six month period ended June 30, 2021, is primarily due to favorable fluctuations in the fair value of credit default and CPI swap derivatives due to tightening credit spreads and higher future inflation expectations.
Benefits and expenses
• The increase in claims and other policy benefits in the second quarter is the result of an increase in reserves from single premium asset-intensive transactions in the three months ended June 30, 2021, as compared to the same period in 2020.
Corporate and Other
Corporate and Other revenues primarily include investment income from unallocated invested assets, investment related gains and losses 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 overhead and executive costs,
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interest expense related to debt, and the investment income and expense associated with the Company’s collateral finance and securitization transactions and service business expenses. Additionally, Corporate and Other includes results from certain wholly-owned subsidiaries, such as RGAX, and joint ventures that, among other activities, develop and market technology, and provide consulting and outsourcing solutions for the insurance and reinsurance industries. The Company has increased its investment and expenditures in this area in an effort to both support its clients and accelerate the development of new solutions and services to increase consumer engagement within the life insurance industry and hence generate new future revenue streams.
(dollars in millions) Three months ended June 30, Six months ended June 30,
2021 2020 2021 vs 2020 2021 2020 2021 vs 2020
Revenues:
Net premiums $ — $ — $ — $ — $ — $ —
Investment income, net of related expenses 48 48 — 206 106 100
Investment related gains (losses), net 64 22 42 337 (45) 382
Other revenues 29 20 9 39 21 18
Total revenues 141 90 51 582 82 500
Benefits and expenses:
Claims and other policy benefits — — — — — —
Interest credited 1 3 (2) 2 5 (3)
Policy acquisition costs and other insurance income (26) (29) 3 (54) (57) 3
Other operating expenses 86 69 17 156 131 25
Interest expense 43 42 1 88 83 5
Collateral finance and securitization expense 2 4 (2) 5 10 (5)
Total benefits and expenses 106 89 17 197 172 25
Income (loss) before income taxes $ 35 $ 1 $ 34 $ 385 $ (90) $ 475
The increase in income before income taxes for the three and six month periods ended June 30, 2021, is primarily due to an increase in total revenues and partially offset by an increase in other operating expenses.
• The increase in net investment income for the first six months of 2021 includes a reclassification of approximately $92 million of pre-tax unrealized gains on certain limited partnerships, for which the Company uses the equity method of accounting, from AOCI to net investment income. The unrealized gains should have been recognized directly in net investment income in the same prior periods they were reported as earnings by the investees.
• The increase in investment related gains (losses), net for the three and six months ended June 30, 2021, includes $27 million and $131 million, respectively, of changes in the carrying value of investments in limited partnerships considered to be investment companies. $70 million of the changes in the carrying value recognized in the first quarter relates to an adjustment to the carrying value from cost less impairments to a fair value approach, using the net asset value (“NAV”) per share or its equivalent, which should have been recognized in prior periods. The remaining increase for the three and six months ended June 30, 2021, is attributable to gains on sales of fixed maturity securities, a decrease in the allowance for credit losses on mortgage loans as a result of assumption updates due to the improving view of the impact of the COVID-19 pandemic, and changes in the fair value of derivatives and equity securities.
• The increase in other operating expenses for the three and six months ended June 30, 2021, was primarily due to an increase in incentive compensation expense.
Liquidity and Capital Resources
Overview
The Company believes that cash flows from the source of funds available to it will provide sufficient cash flows for the next twelve months to satisfy the current liquidity requirements of the Company under various scenarios that include the potential risk of early recapture of reinsurance treaties, market events and higher than expected claims associated with the pandemic. Given the uncertainty associated with the COVID-19 pandemic and the related volatility in the financial markets, the Company continues to maintain a higher cash and cash equivalent balance than its historical balances. The Company performs periodic liquidity stress testing to ensure its asset portfolio includes sufficient high quality liquid assets that could be utilized to bolster its liquidity position under stress scenarios. These assets could be utilized as collateral for secured borrowing transactions with various third parties or by selling the securities in the open market if needed. The Company’s liquidity requirements have been and will continue to be funded through net cash flows from operations. However, in the event of significant unanticipated cash requirements, the Company has multiple liquidity alternatives available based on market conditions and the amount and timing
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of the liquidity need. These alternatives include borrowings under committed credit facilities, secured borrowings, the ability to issue long-term debt, preferred securities or common equity and, the sale of invested assets subject to market conditions.
Current Market Environment
The Company’s average investment yield, excluding spread business, for the six months ended June 30, 2021, was 5.15%, 108 basis points higher compared to the same period in 2020. The increase in average yield is primarily attributable to the aforementioned accounting correction associated with equity method limited partnerships and an increase in the average invested asset base and overall yield, primarily attributable to an increase in variable investment income in the current year. However, the current interest rate environment continues to put downward pressure on the Company’s investment yield. The Company’s insurance liabilities, in particular its annuity products, are sensitive to changing market factors. Gross unrealized gains on fixed maturity securities available-for-sale decreased from $7.4 billion at December 31, 2020, to $5.8 billion at June 30, 2021. Similarly, gross unrealized losses increased from $197 million at December 31, 2020, to $267 million at June 30, 2021.
The Company continues to be in a position to hold any investment security showing an unrealized loss until recovery, provided it remains comfortable with the credit of the issuer. As indicated above, gross unrealized gains on fixed maturity securities of $5.8 billion remain well in excess of gross unrealized losses of $267 million as of June 30, 2021. The Company does not rely on short-term funding or commercial paper and to date has experienced no liquidity pressure, nor does it anticipate such pressure in the foreseeable future.
The Company projects its reserves to be sufficient, and it would not expect to write down deferred acquisition costs or be required to take any actions to augment capital, even if interest rates remain at current levels for the next five years, assuming all other factors remain constant. While the Company has felt the pressures of sustained low interest rates and volatile equity markets and may continue to do so, its business and results of operations are not overly sensitive to these risks. Mortality and morbidity risks continue to be the most significant risk for the Company. Although management believes the Company’s current capital base is adequate to support its business at current operating levels, it continues to monitor new business opportunities and any associated new capital needs that could arise from the changing financial landscape.
The Holding Company
RGA is an insurance holding company whose primary uses of liquidity include, but are not limited to, the immediate capital needs of its operating companies, dividends paid to its shareholders, repurchase of common stock and interest payments on its indebtedness. The primary sources of RGA’s liquidity include proceeds from its capital-raising efforts, interest income on undeployed corporate investments, interest income received on surplus notes with RGA Reinsurance, RCM and Rockwood Re and dividends from operating subsidiaries. The following tables provide comparative information for RGA (dollars in millions):
Three months ended June 30, Six months ended June 30,
2021 2020 2021 2020
Interest and dividend income $ 32 $ 183 $ 64 $ 408
Interest expense 51 50 103 100
Capital contributions to subsidiaries 3 18 7 33
Issuance of unaffiliated debt — 598 — 598
Dividends to shareholders 47 43 95 87
Issuance of common stock, net of expenses — 481 — 481
Purchase of treasury stock 2 — 2 153
June 30, 2021 December 31, 2020
Cash and invested assets $ 611 $ 1,308
See Item 15, Schedule II – “Condensed Financial Information of the Registrant” in the 2020 Annual Report for additional financial information related to RGA.
The undistributed earnings of substantially all of the Company’s foreign subsidiaries have been reinvested indefinitely in those non-U.S. operations, as described in Note 9 – “Income Tax” in the Notes to Consolidated Financial Statements in the 2020 Annual Report. As U.S. Tax Reform generally eliminates U.S. federal income taxes on dividends from foreign subsidiaries, the Company does not expect to incur material income taxes if these funds are repatriated.
RGA endeavors to maintain a capital structure that provides financial and operational flexibility to its subsidiaries, credit ratings that support its competitive position in the financial services marketplace, and shareholder returns. As part of the Company’s capital deployment strategy, it has in recent years repurchased shares of RGA common stock and paid dividends to RGA shareholders, as authorized by the board of directors. RGA’s current share repurchase program, which was approved by the board of directors in January 2019, authorizes the repurchase of up to $400 million of common stock. On August 3, 2021, the Company announced the lifting of the existing suspension on share repurchases. The pace of repurchase activity depends on
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various factors such as the level of available cash, an evaluation of the costs and benefits associated with alternative uses of excess capital, such as acquisitions and in force reinsurance transactions, and RGA’s stock price.
Details underlying dividend and share repurchase program activity were as follows (in millions, except share data):
Six months ended June 30,
2021 2020
Dividends to shareholders $ 95 $ 87
Purchase of treasury stock (1)
— 153
Total amount paid to shareholders $ 95 $ 240
Number of treasury shares purchased (1)
— 1,074,413
Average price per share $ — $ 142.05
(1) Excludes shares utilized to execute and settle certain stock incentive awards.
On June 5, 2020, the Company completed a public offering of 6,172,840 shares of common stock, $0.01 par value per share, at a public offering price of $81.00 per share.  The Company received net proceeds of approximately $481 million. The Company granted the underwriters an option to purchase from the Company, within 30 days after the underwriting Agreement dated June 2, 2020, up to an additional 925,926 shares of common stock at the offering price of $81.00 per share. The underwriters’ option was not exercised and expired on July 2, 2020. The Company utilized the net proceeds of the offering for general corporate purposes.
In July 2021, RGA’s board of directors declared a quarterly dividend of $0.73 per share. All future payments of dividends are at the discretion of RGA’s board of directors and will depend on the Company’s earnings, capital requirements, insurance regulatory conditions, operating conditions, and other such factors as the board of directors may deem relevant. The amount of dividends that RGA can pay will depend in part on the operations of its reinsurance subsidiaries. See Note 3 – “Equity” in the Notes to Condensed Consolidated Financial Statements for information on the Company’s share repurchase program.
Debt
Certain of the Company’s debt agreements contain financial covenant restrictions related to, among others, liens, the issuance and disposition of stock of restricted subsidiaries, minimum requirements of consolidated net worth, maximum ratios of debt to capitalization and change of control provisions. The Company is required to maintain a minimum consolidated net worth, as defined in the debt agreements, of $5.3 billion, calculated as of the last day of each fiscal quarter. Also, consolidated indebtedness, calculated as of the last day of each fiscal quarter, cannot exceed 35% of the sum of the Company’s consolidated indebtedness plus adjusted consolidated stockholders’ equity. A material ongoing covenant default could require immediate payment of the amount due, including principal, under the various agreements. Additionally, the Company’s debt agreements contain cross-acceleration covenants, which would make outstanding borrowings immediately payable in the event of a material uncured covenant default under any of the agreements, including, but not limited to, non-payment of indebtedness when due for an amount in excess of the amounts set forth in those agreements, bankruptcy proceedings, or any other event that results in the acceleration of the maturity of indebtedness.
As of June 30, 2021 and December 31, 2020, the Company had $3.2 billion and $3.6 billion, respectively, in outstanding borrowings under its debt agreements and was in compliance with all covenants under those agreements. As of June 30, 2021 and December 31, 2020, the average net interest rate on long-term debt outstanding was 4.48% and 4.54%, respectively. The ability of the Company to make debt principal and interest payments depends on the earnings and surplus of subsidiaries, investment earnings on undeployed capital proceeds, available liquidity at the holding company, and the Company’s ability to raise additional funds.
On June 9, 2020, RGA issued 3.15% Senior Notes due June 15, 2030, with a face amount of $600 million. This security has been registered with the Securities and Exchange Commission. The net proceeds were approximately $593 million and were used in part to repay the Company’s $400 million 5.000% senior notes due in the second quarter of 2021, and the remainder was used for general corporate purposes. Capitalized issue costs were approximately $5 million.
The Company enters into derivative agreements with counterparties that reference either the Company’s debt rating or its financial strength rating. If either rating is downgraded in the future, it could trigger certain terms in the Company’s derivative agreements, which could negatively affect overall liquidity. For the majority of the Company’s derivative agreements, there is a termination event should the long-term senior debt ratings drop below either BBB+ (S&P) or Baa1 (Moody’s) or the financial strength ratings drop below either A- (S&P) or A3 (Moody’s).
The Company may borrow up to $850 million in cash and obtain letters of credit in multiple currencies on its revolving credit facility that matures in August 2023. As of June 30, 2021, the Company had no cash borrowings outstanding and $21 million in issued, but undrawn, letters of credit under this facility.
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Based on the historic cash flows and the current financial results of the Company, management believes RGA’s cash flows will be sufficient to enable RGA to meet its obligations for at least the next twelve months.
Credit and Committed Facilities
At June 30, 2021, the Company maintained an $850 million syndicated revolving credit facility and certain committed letter of credit facilities aggregating to $1.1 billion. See Note 13 – “Debt” in the Notes to Consolidated Financial Statements in the 2020 Annual Report for further information about these facilities.
The Company has obtained bank letters of credit in favor of various affiliated and unaffiliated insurance companies from which the Company assumes business. These letters of credit represent guarantees of performance under the reinsurance agreements and allow ceding companies to take statutory reserve credits. Certain of these letters of credit contain financial covenant restrictions similar to those described in the “Debt” discussion above. At June 30, 2021, there were approximately $23 million of outstanding bank letters of credit in favor of third parties. Additionally, in accordance with applicable regulations, the Company utilizes letters of credit to secure statutory reserve credits when it retrocedes business to its affiliated subsidiaries. The Company cedes business to its affiliates to help reduce the amount of regulatory capital required in certain jurisdictions, such as the U.S. and the UK. The Company believes the capital required to support the business in the affiliates reflects more realistic expectations than the original jurisdiction of the business, where capital requirements are often considered to be quite conservative. As of June 30, 2021, $1.5 billion in letters of credit from various banks were outstanding, but undrawn, backing reinsurance between the various subsidiaries of the Company.
Cash Flows
The Company’s principal cash inflows from its reinsurance operations include premiums and deposit funds received from ceding companies. The primary liquidity concerns with respect to these cash flows are early recapture of the reinsurance contract by the ceding company and lapses of annuity products reinsured by the Company. The Company’s principal cash inflows from its invested assets result from investment income and the maturity and sales of invested assets. The primary liquidity concerns with respect to these cash inflows relates to the risk of default by debtors and interest rate volatility. The Company manages these risks very closely. See “Investments” and “Interest Rate Risk” below.
Additional sources of liquidity to meet unexpected cash outflows in excess of operating cash inflows and current cash and equivalents on hand also includes drawing funds under a revolving credit facility, under which the Company had availability of $829 million as of June 30, 2021. The Company also has $419 million of funds available through collateralized borrowings from the FHLB as of June 30, 2021. As of June 30, 2021, the Company could have borrowed these additional amounts without violating any of its existing debt covenants.
The Company’s principal cash outflows relate to the payment of claims liabilities, interest credited, operating expenses, income taxes, dividends to shareholders, purchases of treasury stock and principal and interest under debt and other financing obligations. The Company seeks to limit its exposure to loss on any single insured and to recover a portion of benefits paid by ceding reinsurance to other insurance enterprises or reinsurers under excess coverage and coinsurance contracts (See Note 2 – “Significant Accounting Policies and Pronouncements” in the Notes to Consolidated Financial Statements in the 2020 Annual Report). The Company performs annual financial reviews of its retrocessionaires to evaluate financial stability and performance. The Company has never experienced a material default in connection with retrocession arrangements, nor has it experienced any difficulty in collecting claims recoverable from retrocessionaires; however, no assurance can be given as to the future performance of such retrocessionaires nor to the recoverability of future claims. The Company’s management believes its cash and cash equivalents along with its current sources of liquidity are adequate to meet its cash requirements for the next twelve months, despite the uncertainty associated with the pandemic.
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Summary of Primary Sources and Uses of Liquidity and Capital
The Company’s primary sources and uses of liquidity and capital are summarized as follows:
For the six months ended June 30,
2021
2020
(Dollars in millions)
Sources:
Net cash provided by operating activities $ 2,330 $ 2,579
Proceeds from issuance of common stock, net — 481
Proceeds from long-term debt issuance — 598
Exercise of stock options, net — 1
Change in cash collateral for derivative positions and other arrangements 184 93
Cash provided by changes in universal life and other
investment type policies and contracts 79 575
Total sources 2,593 4,327
Uses:
Net cash used in investing activities 2,173 1,024
Dividends to stockholders 95 87
Repayment of collateral finance and securitization notes 65 160
Debt issuance costs — 5
Principal payments of long-term debt 401 1
Purchases of treasury stock 2 162
Effect of exchange rate changes on cash 11 24
Total uses 2,747 1,463
Net change in cash and cash equivalents $ (154) $ 2,864
Cash Flows from Operations – The principal cash inflows from the Company’s reinsurance activities come from premiums, investment and fee income, annuity considerations and deposit funds. The principal cash outflows relate to the liabilities associated with various life and health insurance, annuity and disability products, operating expenses, income tax payments and interest on outstanding debt obligations. The primary liquidity concern with respect to these cash flows is the risk of shortfalls in premiums and investment income, particularly in periods with abnormally high claims levels.
Cash Flows from Investments – The principal cash inflows from the Company’s investment activities come from repayments of principal on invested assets, proceeds from maturities of invested assets, sales of invested assets and settlements of freestanding derivatives. The principal cash outflows relate to purchases of investments, issuances of policy loans and settlements of freestanding derivatives. The Company typically has a net cash outflow from investing activities because cash inflows from insurance operations are reinvested in accordance with its asset/liability management discipline to fund insurance liabilities. The Company closely monitors and manages these risks through its credit risk management process. The primary liquidity concerns with respect to these cash flows are the risk of default by debtors and market disruption, which could make it difficult for the Company to sell investments.
Financing Cash Flows – The principal cash inflows from the Company’s financing activities come from issuances of RGA debt and equity securities, and deposit funds associated with universal life and other investment type policies and contracts. The principal cash outflows come from repayments of debt, payments of dividends to stockholders, purchases of treasury stock, and withdrawals associated with universal life and other investment type policies and contracts. A primary liquidity concern with respect to these cash flows is the risk of early contractholder and policyholder withdrawal.
Contractual Obligations
There were no other material changes in the Company’s contractual obligations from those reported in the 2020 Annual Report, except for the following:

• The Company’s contractual obligations associated with interest sensitive liabilities increased from $37.1 billion at December 2020 to $41.7 billion as of June 30, 2021, primarily due to a large asset-intensive transaction completed in the second quarter. The majority of the payments due under these commitments are expected to occur beyond five years.

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• The Company’s contractual obligations associated with limited partnerships and other investment related commitments increased from $1.1 billion at December 2020 to $1.8 billion as of June 30, 2021, primarily due to an increase in new investment opportunities in the current period. The majority of the payments due under these commitments are expected to occur within the next twelve months.
Asset / Liability Management
The Company actively manages its cash and invested assets using an approach that is intended to balance quality, diversification, asset/liability matching, liquidity and investment return. The goals of the investment process are to optimize after-tax, risk-adjusted investment income and after-tax, risk-adjusted total return while managing the assets and liabilities on a cash flow and duration basis.
The Company has established target asset portfolios for its operating segments, which represent the investment strategies intended to profitably fund its liabilities within acceptable risk parameters. These strategies include objectives and limits for effective duration, yield curve sensitivity and convexity, liquidity, asset sector concentration and credit quality.
The Company’s asset-intensive products are primarily supported by investments in fixed maturity securities reflected on the Company’s balance sheet and under funds withheld arrangements with the ceding company. Investment guidelines are established to structure the investment portfolio based upon the type, duration and behavior of products in the liability portfolio so as to achieve targeted levels of profitability. The Company manages the asset-intensive business to provide a targeted spread between the interest rate earned on investments and the interest rate credited to the underlying interest-sensitive contract liabilities. The Company periodically reviews models projecting different interest rate scenarios and their effect on profitability. Certain of these asset-intensive agreements, primarily in the U.S. and Latin America Financial Solutions operating segment, are generally funded by fixed maturity securities that are withheld by the ceding company.
The Company’s liquidity position (cash and cash equivalents and short-term investments) was $3.4 billion and $3.6 billion at June 30, 2021 and December 31, 2020, respectively. Given the uncertainty associated with the COVID-19 pandemic and the related volatility in the financial markets, the Company has increased its liquidity position. Liquidity needs are determined from valuation analyses conducted by operational units and are driven by product portfolios. Periodic evaluations of demand liabilities and short-term liquid assets are designed to adjust specific portfolios, as well as their durations and maturities, in response to anticipated liquidity needs.
See “Securities Borrowing, Lending and Other” in Note 4 – “Investments” in the Notes to Condensed Consolidated Financial Statements for information related to the Company’s securities borrowing, lending and repurchase/reverse repurchase programs. In addition to its security agreements with third parties, certain RGA’s subsidiaries have entered into intercompany securities lending agreements to more efficiently source securities for lending to third parties and to provide for more efficient regulatory capital management.
The Company is a member of the FHLB and holds $84 million of FHLB common stock, which is included in other invested assets on the Company’s condensed consolidated balance sheets.
The Company has entered into funding agreements with the FHLB under guaranteed investment contracts whereby the Company has issued the funding agreements in exchange for cash and for which the FHLB has been granted a blanket lien on the Company’s commercial and residential mortgage-backed securities and commercial mortgage loans used to collateralize the Company’s obligations under the funding agreements. The Company maintains control over these pledged assets, and may use, commingle, encumber or dispose of any portion of the collateral as long as there is no event of default and the remaining qualified collateral is sufficient to satisfy the collateral maintenance level. The funding agreements and the related security agreements represented by this blanket lien provide that upon any event of default by the Company, the FHLB’s recovery is limited to the amount of the Company’s liability under the outstanding funding agreements. The amount of the Company’s liability for the funding agreements with the FHLB under guaranteed investment contracts was $1.8 billion at June 30, 2021 and December 31, 2020, which is included in interest-sensitive contract liabilities on the Company’s condensed consolidated balance sheets. The advances on these agreements are collateralized primarily by commercial and residential mortgage-backed securities, commercial mortgage loans, and U.S. Treasury and government agency securities. The amount of collateral exceeds the liability and is dependent on the type of assets collateralizing the guaranteed investment contracts.
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Investments
Management of Investments
The Company’s investment and derivative strategies involve matching the characteristics of its reinsurance products and other obligations and to seek to closely approximate the interest rate sensitivity of the assets with estimated interest rate sensitivity of the reinsurance liabilities. The Company achieves its income objectives through strategic and tactical asset allocations, security and derivative strategies within an asset/liability management and disciplined risk management framework. Derivative strategies are employed within the Company’s risk management framework to help manage duration, currency, and other risks in assets and/or liabilities and to replicate the credit characteristics of certain assets.
The Company’s portfolio management groups work with the Enterprise Risk Management function to develop the investment policies for the assets of the Company’s domestic and international investment portfolios. All investments held by the Company, directly or in a funds withheld at interest reinsurance arrangement, are monitored for conformance with the Company’s stated investment policy limits as well as any limits prescribed by the applicable jurisdiction’s insurance laws and regulations. See Note 4 – “Investments” in the Notes to Condensed Consolidated Financial Statements for additional information regarding the Company’s investments.
Effects of COVID-19
Credit markets continued to recover during the first six months of 2021 following the disruption in the global financial markets caused by the COVID-19 pandemic. The Company has exposure to some of the asset classes and industries most affected by the COVID-19 pandemic such as commercial mortgage loans, emerging market debt, energy, and airlines; however, the Company’s primary exposure in these asset classes is of high quality assets. The Company continues to monitor and evaluate the impact of the COVID-19 pandemic on its investment portfolio and is working closely with its borrowers to evaluate any short-term cash flow issues.
Portfolio Composition
The Company had total cash and invested assets of $79.6 billion and $75.8 billion as of June 30, 2021 and December 31, 2020, respectively, as illustrated below (dollars in millions):
June 30, 2021 % of Total December 31, 2020 % of Total
Fixed maturity securities, available-for-sale $ 58,287 73.2 % $ 56,735 74.8 %
Equity securities 147 0.2 132 0.2
Mortgage loans on real estate 6,481 8.1 5,787 7.6
Policy loans 1,254 1.6 1,258 1.7
Funds withheld at interest 7,049 8.9 5,432 7.2
Short-term investments 184 0.2 227 0.3
Other invested assets 2,924 3.7 2,829 3.7
Cash and cash equivalents 3,254 4.1 3,408 4.5
Total cash and invested assets $ 79,580 100.0 % $ 75,808 100.0 %
Investment Yield
The following table presents consolidated average invested assets, at amortized cost, net investment income, investment yield, variable investment income (“VII”), and investment yield excluding VII, which can vary significantly from period to period (dollars in millions). The table excludes spread related business. Spread related business is primarily associated with contracts on which the Company earns an interest rate spread between assets and liabilities. To varying degrees, fluctuations in the yield on other spread related business is generally subject to corresponding adjustments to the interest credited on the liabilities.
Three months ended June 30, Six months ended June 30,
2021 2020 Increase/
(Decrease) 		2021 2020 Increase/
(Decrease)
Average invested assets at amortized cost $ 33,587 $ 30,420 $ 3,167 $ 33,266 $ 29,923 $ 3,343
Net investment income $ 383 $ 305 $ 78 $ 846 $ 604 $ 242
Annualized investment yield (ratio of net investment income to average invested assets at amortized cost) 4.64 % 4.07 % 57 bps 5.15 % 4.07 % 108 bps
VII (included in net investment income) $ 78 $ 16 $ 62 $ 240 $ 19 $ 221
Annualized investment yield excluding VII (ratio of net investment income, excluding VII, to average invested assets, excluding assets with only VII, at amortized cost) 3.84 % 3.99 % (15) bps 3.82 % 4.09 % (27) bps
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Investment yield increased for the three and six months ended June 30, 2021, in comparison to the same periods in the prior year, primarily due to increased variable income from limited partnerships and real estate joint ventures, which are included in other invested assets on the condensed consolidated balance sheets. Investment yield excluding variable investment income decreased for the three and six months ended June 30, 2021, in comparison to the same periods in the prior year, primarily due to the continued low interest rate environment.
Fixed Maturity Securities Available-for-Sale
See “Fixed Maturity Securities Available-for-Sale” in Note 4 – “Investments” in the Notes to Condensed Consolidated Financial Statements for tables that provide the amortized cost, allowance for credit losses, unrealized gains and losses and estimated fair value of these securities by type as of June 30, 2021 and December 31, 2020.
The Company holds various types of fixed maturity securities available-for-sale and classifies them as corporate securities (“Corporate”), Canadian and Canadian provincial government securities (“Canadian government”), residential mortgage-backed securities (“RMBS”), asset-backed securities (“ABS”), commercial mortgage-backed securities (“CMBS”), U.S. government and agencies (“U.S. government”), state and political subdivisions, and other foreign government, supranational and foreign government-sponsored enterprises (“Other foreign government”). RMBS, ABS, and CMBS are collectively “structured securities.” As of June 30, 2021 and December 31, 2020, approximately 93.9% and 94.0%, respectively, of the Company’s consolidated investment portfolio of fixed maturity securities were investment grade.
Important factors in the selection of investments include diversification, quality, yield, call protection and total rate of return potential. The relative importance of these factors is determined by market conditions and the underlying reinsurance liability and existing portfolio characteristics. The Company owns floating rate securities that represent approximately 5.2% and 5.6% of the total fixed maturity securities as of June 30, 2021 and December 31, 2020, respectively. These investments have a higher degree of income variability than the other fixed income holdings in the portfolio due to fluctuations in interest payments. The Company holds floating rate investments to match specific floating rate liabilities primarily reflected in the condensed consolidated balance sheets as collateral finance notes, as well as to enhance asset management strategies.
The largest asset class in which fixed maturity securities were invested was corporate securities, which represented approximately 63.4% and 63.9% of total fixed maturity securities as of June 30, 2021 and December 31, 2020, respectively. See “Corporate Fixed Maturity Securities” in Note 4 – “Investments” in the Notes to Condensed Consolidated Financial Statements for tables showing the major sector types, which comprise the corporate fixed maturity holdings as of June 30, 2021 and December 31, 2020.
As of June 30, 2021, the Company’s investments in Canadian government securities represented 8.4% of the fair value of total fixed maturity securities compared to 9.1% of the fair value of total fixed maturities as of December 31, 2020. These assets are primarily high quality, long duration provincial strip bonds, the valuation of which is closely linked to the interest rate curve. These assets are longer in duration and held primarily for asset/liability management to meet Canadian regulatory requirements.
The Company references rating agency designations in some of its investments disclosures. These designations are based on the ratings from nationally recognized statistical rating organizations, primarily Moody’s, S&P and Fitch. Structured securities held by the Company’s insurance subsidiaries that maintain the NAIC statutory basis of accounting utilize the NAIC rating methodology. The NAIC assigns designations to publicly traded as well as privately placed securities. The designations assigned by the NAIC range from class 1 to class 6, with designations in classes 1 and 2 generally considered investment grade (BBB or higher rating agency designation). NAIC designations in classes 3 through 6 are generally considered below investment grade (BB or lower rating agency designation).
The quality of the Company’s available-for-sale fixed maturity securities portfolio, as measured at fair value and by the percentage of fixed maturity securities invested in various ratings categories, relative to the entire available-for-sale fixed maturity securities portfolio, as of June 30, 2021 and December 31, 2020 was as follows (dollars in millions):
June 30, 2021 December 31, 2020
NAIC
Designation 		Rating Agency
Designation 		Amortized Cost Estimated
Fair Value 		% of Total Amortized Cost Estimated
Fair Value 		% of Total
1 AAA/AA/A $ 31,394 $ 34,862 59.8 % $ 29,770 $ 34,589 60.9 %
2 BBB 17,948 19,896 34.1 16,440 18,751 33.1
3 BB 2,575 2,683 4.6 2,480 2,588 4.6
4 B 686 678 1.2 713 697 1.2
5 CCC and lower 179 159 0.3 131 102 0.2
6 In or near default 15 9 — 14 8 —
Total $ 52,797 $ 58,287 100.0 % $ 49,548 $ 56,735 100.0 %
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The Company’s fixed maturity portfolio includes structured securities. The following table shows the types of structured securities the Company held as of June 30, 2021 and December 31, 2020 (dollars in millions):
June 30, 2021 December 31, 2020
Amortized Cost Estimated
Fair Value 		% of Total Amortized  Cost Estimated
Fair Value 		% of Total
RMBS:
Agency $ 623 $ 667 9.9 % $ 686 $ 744 11.0 %
Non-agency 700 710 10.5 1,049 1,073 15.8
Total RMBS 1,323 1,377 20.4 1,735 1,817 26.8
ABS:
Collateralized loan obligations (“CLOs”) 1,722 1,720 25.6 1,707 1,689 24.9
ABS, excluding CLOs 1,745 1,762 26.2 1,392 1,403 20.7
Total ABS 3,467 3,482 51.8 3,099 3,092 45.6
CMBS 1,774 1,869 27.8 1,790 1,868 27.6
Total $ 6,564 $ 6,728 100.0 % $ 6,624 $ 6,777 100.0 %
The Company’s RMBS portfolio includes agency-issued pass-through securities and collateralized mortgage obligations. Agency-issued pass-through securities are guaranteed or otherwise supported by the Federal Home Loan Mortgage Corporation, Federal National Mortgage Association, or the Government National Mortgage Association. The principal risks inherent in holding RMBS are prepayment and extension risks, which will affect the timing of when cash will be received and are dependent on the level of mortgage interest rates. Prepayment risk is the unexpected increase in principal payments from the expected, primarily as a result of owner refinancing. Extension risk relates to the unexpected slowdown in principal payments from the expected. In addition, non-agency RMBS face credit risk should the borrower be unable to pay the contractual interest or principal on their obligation. The Company monitors its mortgage-backed securities to mitigate exposure to the cash flow uncertainties associated with these risks.
The Company’s ABS portfolio primarily consists of CLOs, single-family rentals, container leasing, railcar leasing, aircraft and student loans. The principal risks in holding ABS are structural, credit, capital market and interest rate risks. Structural risks include the securities’ cash flow priority in the capital structure and the inherent prepayment sensitivity of the underlying collateral. Credit risks include the adequacy and ability to realize proceeds from the collateral. Credit risks are mitigated by credit enhancements that include excess spread, over-collateralization and subordination. Capital market risks include general level of interest rates and the liquidity for these securities in the marketplace.
The Company’s CMBS portfolio primarily consists of large pool securitizations that are diverse by property type, borrower and geographic dispersion. The principal risks in holding CMBS are structural and credit risks. Structural risks include the securities’ cash flow priority in the capital structure and the inherent prepayment sensitivity of the underlying collateral. Credit risks include the adequacy and ability to realize proceeds from the collateral. The Company focuses on investment grade rated tranches that provide additional credit support beyond the equity protection in the underlying loans. These assets are viewed as an attractive alternative to other fixed income asset classes.
As of June 30, 2021 and December 31, 2020, the Company had $267 million and $197 million, respectively, of gross unrealized losses related to its fixed maturity securities. The Company monitors its fixed maturity securities to determine impairments in value and evaluates factors such as financial condition of the issuer, payment performance, compliance with covenants, general market and industry sector conditions, current intent and ability to hold securities, and various other subjective factors. Based on management’s judgment, securities determined to have expected credit losses will record an allowance for credit losses in the amount that the fair value is less than the amortized cost.
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Mortgage Loans on Real Estate
The Company’s mortgage loan portfolio consists of U.S., Canada and UK based investments primarily in commercial offices, light industrial properties and retail locations. The mortgage loan portfolio is diversified by geographic region and property type as discussed further under “Mortgage Loans on Real Estate” in Note 4 – “Investments” in the Notes to Condensed Consolidated Financial Statements. Most of the mortgage loans in the Company’s portfolio range in size up to $30 million, with the average mortgage loan investment as of June 30, 2021, totaling approximately $9 million. For the six months ended June 30, 2021, the Company decreased its allowance for credit losses on its commercial mortgage loan portfolio by approximately $19 million to reflect the updated outlook from the COVID-19 pandemic.
The Company continues to monitor and evaluate the impact of the COVID-19 pandemic on its investment portfolio and is working closely with its borrowers to evaluate any short-term cash flow issues. For the six months ended June 30, 2021, the Company modified the payment terms of one commercial mortgage loan, with a carrying value of approximately $10 million in response to COVID-19. For the year ended December 31, 2020, the Company modified the payments terms of approximately 52 commercial mortgage loans, with a carrying value of approximately $660 million in response to COVID-19. These loans met the criteria established in the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) and were not considered a troubled debt restructuring. In accordance with the CARES Act criteria, these loans were not more than 30 days past due at December 31, 2019, and the modifications included deferral or delayed payments of principal or interest on the loan. As of June 30, 2021 and December 31, 2020, the Company’s recorded investment in mortgage loans, gross of unamortized deferred loan origination fees and expenses and allowance for credit losses, were distributed geographically as follows (dollars in millions):
June 30, 2021 December 31, 2020
Recorded
Investment 		% of Total Recorded
Investment 		% of Total
U.S. Region:
West $ 2,361 36.1 % $ 2,253 38.5 %
South 2,235 34.2 2,040 34.8
Midwest 1,204 18.4 1,027 17.5
Northeast 410 6.3 277 4.7
Subtotal - U.S. 6,210 95.0 5,597 95.5
Canada 208 3.2 188 3.2
United Kingdom 117 1.8 76 1.3
Other 2 — — —
Total $ 6,537 100.0 % $ 5,861 100.0 %
See “Allowance for Credit Losses and Impairments” in Note 2 – “Significant Accounting Policies and Pronouncements” of the Company’s 2020 Annual Report for information regarding the Company’s policy for allowance for credit losses and impairments on mortgage loans.
See “Mortgage Loans on Real Estate” in Note 4 – “Investments” in the Notes to Condensed Consolidated Financial Statements for information regarding allowance for credit losses and impairments.
Impairments and Allowance for Credit Losses
The Company’s determination of whether a decline in value necessitates the recording of an allowance for credit losses includes an analysis of whether the issuer is current on its contractual payments, evaluating whether it is probable that the Company will be able to collect all amounts due according to the contractual terms of the security and analyzing the overall ability of the Company to recover the amortized cost of the investment. See “Allowance for Credit Losses and Impairments” in Note 2 – “Significant Accounting Policies and Pronouncements” of the Company’s 2020 Annual Report for additional information. The table below summarizes investment related (gains) losses, net, for impairments and changes in allowance for credit losses on fixed maturity securities, other impairment losses and changes in the mortgage loan allowance for credit losses for the three and six months ended June 30, 2021 and 2020 (dollars in millions).
Three months ended June 30, Six months ended June 30,
2021 2020 2021 2020
Impairments and change in allowance for credit losses on fixed maturity securities $ (5) $ — $ (3) $ 34
Other impairment losses and changes in provision (1) 5 (2) 5
Change in mortgage loan allowance for credit losses (2) 17 (19) 30
Total $ (8) $ 22 $ (24) $ 69
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The decrease in mortgage loan allowance for credit losses for the six months ended June 30, 2021, was primarily due to the updated outlook from the COVID-19 pandemic. The impairments and change in allowance for credit losses on fixed maturity securities for the six months ended June 30, 2020, were primarily related to high-yield securities as a result of the uncertainty in the global markets due to the COVID-19 pandemic. In addition, the increase in mortgage loan allowance for credit losses for the six months ended June 30, 2020, was primarily due to the estimated impact from the COVID-19 pandemic.
See “Unrealized Losses for Fixed Maturity Securities Available-for-Sale” in Note 4 – “Investments” in the Notes to Condensed Consolidated Financial Statements for tables that present the estimated fair value and gross unrealized losses for securities that have estimated fair values below amortized cost, by class and grade, as well as the length of time the related estimated fair value has remained below amortized cost as of June 30, 2021 and December 31, 2020.
As of June 30, 2021 and December 31, 2020, the Company classified approximately 6.7% and 5.9%, respectively, of its fixed maturity securities in the Level 3 category (refer to Note 6 – “Fair Value of Assets and Liabilities” in the Notes to Condensed Consolidated Financial Statements for additional information). These securities primarily consist of private placement corporate securities, bank loans, and Canadian provincial strip bonds with inactive trading markets.
See “Securities Borrowing, Lending and Repurchase Agreements” in Note 4 – “Investments” in the Notes to Condensed Consolidated Financial Statements for information related to the Company’s securities borrowing, lending, and repurchase/reverse repurchase programs.
Policy Loans
The majority of policy loans are associated with one client. These policy loans present no credit risk because the amount of the loan cannot exceed the obligation due to the ceding company upon the death of the insured or surrender of the underlying policy. The provisions of the treaties in force and the underlying policies determine the policy loan interest rates. The Company earns a spread between the interest rate earned on policy loans and the interest rate credited to corresponding liabilities.
Funds Withheld at Interest
For reinsurance agreements written on a modified coinsurance basis and certain agreements written on a coinsurance basis, assets equal to the net statutory reserves are withheld and legally owned and managed by the ceding company, and are reflected as funds withheld at interest on the Company’s condensed consolidated balance sheets. In the event of a ceding company’s insolvency, the Company would need to assert a claim on the assets supporting its reserve liabilities. However, the risk of loss to the Company is mitigated by its ability to offset amounts it owes the ceding company for claims or allowances against amounts owed by the ceding company. Interest accrues to the total funds withheld at interest assets at rates defined by the treaty terms. The Company is subject to the investment performance on the withheld assets, although it does not directly control them. These assets are primarily fixed maturity investment securities and pose risks similar to the fixed maturity securities the Company owns. To mitigate this risk, the Company helps set the investment guidelines followed by the ceding company and monitors compliance. Ceding companies with funds withheld at interest had an average financial strength rating of “A” as of June 30, 2021 and December 31, 2020. Certain ceding companies maintain segregated portfolios for the benefit of the Company.
Other Invested Assets
Other invested assets include limited partnership interests, joint ventures (other than operating joint ventures), lifetime mortgages, derivative contracts, fair value option (“FVO”) contractholder-directed unit-linked investments and FHLB common stock. See “Other Invested Assets” in Note 4 – “Investments” in the Notes to Condensed Consolidated Financial Statements for a table that presents the carrying value of the Company’s other invested assets by type as of June 30, 2021 and December 31, 2020.
The Company utilizes derivative financial instruments to protect the Company against possible changes in the fair value of its investment portfolio as a result of interest rate changes, to hedge against risk of changes in the purchase price of securities, to hedge liabilities associated with the reinsurance of variable annuities with guaranteed living benefits and to manage the portfolio’s effective yield, maturity and duration. In addition, the Company utilizes derivative financial instruments to reduce the risk associated with fluctuations in foreign currency exchange rates. The Company uses exchange-traded, centrally cleared, and customized over-the-counter derivative financial instruments.
See Note 5 – “Derivative Instruments” in the Notes to Condensed Consolidated Financial Statements for a table that presents the notional amounts and fair value of investment related derivative instruments held as of June 30, 2021 and December 31, 2020.
The Company may be exposed to credit-related losses in the event of non-performance by counterparties to derivative financial instruments. Generally, the credit exposure of the Company’s derivative contracts is limited to the fair value and accrued interest of non-collateralized derivative contracts in an asset position at the reporting date. As of June 30, 2021, the Company had credit exposure of $18 million.
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The Company manages its credit risk related to over-the-counter derivatives by entering into transactions with creditworthy counterparties, maintaining collateral arrangements and through the use of master agreements that provide for a single net payment to be made by one counterparty to another at each due date and upon termination. As exchange-traded futures are affected through regulated exchanges, and positions are marked to market on a daily basis, the Company has minimal exposure to credit-related losses in the event of nonperformance by counterparties. See Note 5 – “Derivative Instruments” in the Notes to Condensed Consolidated Financial Statements for more information regarding the Company’s derivative instruments.
The Company holds $958 million and $935 million, of lifetime mortgages, net of allowance for credit losses, as of June 30, 2021 and December 31, 2020, respectively, in beneficial interests in lifetime mortgages in the UK. Investment income includes $13 million and $10 million in interest income earned on lifetime mortgages for the three months ended June 30, 2021 and 2020, respectively, and $26 million and $20 million in interest income earned on lifetime mortgages for the six months ended June 30, 2021 and 2020, respectively. Lifetime mortgages represent loans provided to individuals 55 years of age and older secured by the borrower’s residence. Lifetime mortgages are comparable to a home equity loan by allowing the borrower to utilize the equity in their home as collateral. The amount of the loan is dependent on the appraised value of the home at the time of origination, the borrower's age and interest rate. Unlike a home equity loan, no payment of principal or interest is required until the death of the borrower or sale of the home. Lifetime mortgages may also be either fully funded at origination, or the borrower can request periodic funding similar to a line of credit. Lifetime mortgages are subject to risks, including market, credit, interest rate, liquidity, operational, reputational and legal risks.
New Accounting Standards
See Note 14 – “New Accounting Standards” in the Notes to Condensed Consolidated Financial Statements.

ITEM 3.  Quantitative and Qualitative Disclosures About Market Risk
Market risk is the risk of fluctuations in the value of financial instruments as a result of absolute or relative changes in interest rates, foreign currency exchange rates, equity prices or commodity prices. To varying degrees, the Company products and services, and the investment activities supporting them, generate exposure to market risk. The market risk incurred, and the Company’s strategies for managing this risk, vary by product.  As of June 30, 2021, there have been no material changes in the Company’s economic exposure to market risk or the Company’s Enterprise Risk Management function from December 31, 2020, a description of which may be found in its Annual Report on Form 10-K, for the year ended December 31, 2020, Item 7A, “Quantitative and Qualitative Disclosures about Market Risk,” filed with the Securities and Exchange Commission.
ITEM 4.  Controls and Procedures
The Chief Executive Officer and the Chief Financial Officer have evaluated the effectiveness of the design and operation of the Company’s disclosure controls and procedures as defined in Exchange Act Rule 13a-15(e) as of the end of the period covered by this report. Based on that evaluation, the Chief Executive Officer and the Chief Financial Officer concluded that these disclosure controls and procedures were effective.
There was no change in the Company’s internal control over financial reporting as defined in Exchange Act Rule 13a-15(f) during the quarter ended June 30, 2021, that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting. As a result of the COVID-19 pandemic, the majority of our workforce began working remotely in March 2020. These changes to the working environment did not have a material effect on our internal controls over financial reporting during the most recent quarter.  The Company continues to monitor and assess the COVID-19 situation on its internal controls to minimize the impact on their design and operating effectiveness.

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PART II - OTHER INFORMATION
ITEM 1.  Legal Proceedings
The Company is subject to litigation in the normal course of its business. The Company currently has no material litigation. A legal reserve is established when the Company is notified of an arbitration demand or litigation or is notified that an arbitration demand or litigation is imminent, it is probable that the Company will incur a loss as a result and the amount of the probable loss is reasonably capable of being estimated.
ITEM 1A.  Risk Factors
There have been no material changes from the risk factors previously disclosed in the Company’s 2020 Annual Report.
ITEM 2.  Unregistered Sales of Equity Securities and Use of Proceeds
Issuer Purchases of Equity Securities
The following table summarizes RGA’s repurchase activity of its common stock during the quarter ended June 30, 2021:
Total Number of Shares
Purchased (1)
Average Price Paid per
Share
Total Number of Shares
Purchased as Part of
Publicly Announced Plans
or Programs (1)
Maximum Number (or
Approximate Dollar
Value) of Shares that May
Yet Be Purchased Under
the Plan or Program
April 1, 2021 –
April 30, 2021 		— $ — — $ 167,573,148
May 1, 2021 –
May 31, 2021 		845 $ 126.86 — $ 167,573,148
June 1, 2021 –
June 30, 2021 		124 $ 115.80 — $ 167,573,148
(1) RGA had no repurchases of common stock under its share repurchase program for April, May and June 2021. The Company net settled – issuing 2,414 and 2,095 shares from treasury and repurchased from recipients 845 and 124 shares in May and June 2021, respectively, in settlement of income tax withholding requirements incurred by the recipients of equity incentive awards.
On January 24, 2019, RGA’s board of directors authorized a share repurchase program for up to $400 million of RGA’s outstanding common stock. The authorization was effective immediately and does not have an expiration date. In connection with this authorization, the board of directors terminated the stock repurchase authority granted in 2017. On August 3, 2021, the Company announced the lifting of the existing suspension on share repurchases. The pace of repurchase activity depends on various factors such as the level of available cash, an evaluation of the costs and benefits associated with alternative uses of excess capital, such as acquisitions and in force reinsurance transactions, and RGA’s stock price..
ITEM 6.  Exhibits
See index to exhibits.
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INDEX TO EXHIBITS
Exhibit
Number 		Description
101.INS XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
104 Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibits 101).

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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Reinsurance Group of America, Incorporated
Date: August 5, 2021 By: /s/ Anna Manning
Anna Manning
President & Chief Executive Officer
(Principal Executive Officer)
Date: August 5, 2021 By: /s/ Todd C. Larson
Todd C. Larson
Senior Executive Vice President & Chief Financial Officer
(Principal Financial and Accounting Officer)

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Part I - Financial InformationprintItem 1. Financial StatementsprintItem 2. Management S Discussion and Analysis Of Financial Condition and Results Of OperationsprintItem 3. Quantitative and Qualitative Disclosures About Market RiskprintItem 4. Controls and ProceduresprintPart II - Other InformationprintItem 1. Legal ProceedingsprintItem 1A. Risk FactorsprintItem 2. Unregistered Sales Of Equity Securities and Use Of ProceedsprintItem 6. Exhibitsprint

Exhibits

3.1 Amended and Restated Articles of Incorporation, effective as of May 21, 2020, incorporated by reference to Exhibit 3.1(i) to Current Report on Form 8-K filed on May 22, 2020. 3.2 Amended and Restated Bylaws, effective as of May 23, 2018, incorporated by reference to Exhibit 3.2 to Current Report on Form 8-K filed on May 24, 2018. 10.1 Amendment to the Reinsurance Group of America, Incorporated Flexible Stock Plan, effective May 19, 2021, incorporated by reference to Exhibit 10.1 to Current Report on Form 8-K filed on May 20, 2021. 10.2 Amendment to the Reinsurance Group of America, Incorporated Flexible Stock Plan for Directors, effective May 19, 2021, incorporated by reference to Exhibit 10.2 to Current Report on Form 8-K filed on May 20, 2021. 10.3 Reinsurance Group of America, Incorporated Phantom Stock Plan for Directors, as amended and restated effective May 19, 2021, incorporated by reference to Exhibit 10.3 to Current Report on Form 8-K filed on May 20, 2021. 31.1 Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to section 302 of the Sarbanes-Oxley Act of 2002. 31.2 Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to section 302 of the Sarbanes-Oxley Act of 2002. 32.1 Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002. 32.2 Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002. 101.SCH XBRL Taxonomy Extension Schema Document