Reinsurance Group of America, Incorporated Barclays 24th Annual Global Financial Services Conference

Sure. I will start. Feel free to jump in. I think as I come into this role, there is a few priorities that I think about over the next year. First is really just continuing to deliver on our strategy. I think we have been doing extremely well and hitting our financial targets of the 8%-10% EPS growth and the 13%-15% ROE. As I think about going forward and leveraging our competitive advantages and how we want to continue to benefit from our local presence, our ability to reinsure both sides of the balance sheet, our biometric expertise, continuing to use those to ensure we are going after that balanced, disciplined growth. Second would be investor communications. I think one of the things that I really want to focus on is just how we tell our story externally.

I think there is a little bit of a gap between just the understanding of how RGA creates value, really our biometric focus and expertise, the mix of earnings of our business. Really want to enhance how we do the investor communications, whether through things like this or our disclosures or different metrics. Lastly, I would probably say third-party capital. That is a focus for us right now.

Okay. A great tool for us as we think about our broader capital management and just different things we can benefit from that.

That is something as we finish deploying Ruby Re this year, we will look to kind of what makes sense going forward.

Sure. You want to start with this?

Yeah, I can start this one. One of the benefits we have is a global footprint. When you think about the local support we have across the globe and the way we interact with the regions, it enables us really to think about competition in a different light. In Asia, for example, we do an awful lot of flow business, and a lot of that is origination with the clients and then work with the regulators as we build the products. What we have found in our exclusive approach to many of those situations is we do not have competition, per se, in those. Take the U.S., we do the same thing across the Americas, including Canada, where we focus on an underwriting approach, and a lot of those transactions end up also being exclusive.

On the larger blocks, which happen more in the U.S., we have become highly selective of the types of business that we want and where we think our biometric expertise can play a role. As Laura mentioned, having the ability to do both sides of the balance sheet really do help us in terms of focus on transactions that we are capable of doing just about anything across the board. In EMEA, primarily in the U.K., we are very big in the longevity space. We are well-represented there. We have got a long-standing history there. Although that marketplace has been a little bit slow in 2026, the pipelines are picking up significantly. There just have not been as many large transactions. We are capable of handling the small transactions. We are capable of handling the larger transactions. We have seen an increase, as I just mentioned.

We are very selective where we compete, and I think that helps us in terms of the competitive environment overall.

Yeah, I will take that. I think from a mortality experience perspective, it has been favorable to date the last few years, actually, and we are quite pleased with that. I think it really does show our expertise in the risk selection as we think about just broader mortality. The mortality trends have been really positive across a lot of our key markets in the U.K., the U.S., and Canada, so that certainly provides some potential tailwinds. If it is pull forward from COVID, I think that is a possibility. It is hard to say exactly if that is the case. It is certainly something that we monitor and we look at as we see the trends, but it is hard to tell. The medical advancements for sure. GLP-1 is the one that absolutely comes up the most as we are talking and looking at a lot of our research.

There's been a lot this year as far as advancements specifically in that as far as kind of the oral GLP-1. Medicare is going to start covering it, so that should allow broader access and hopefully make it cheaper. Then just the generic versions of it. I think all of that will be beneficial. When we think about that and we think about our assumptions, we generally bake in some sort of medical advancements into our assumptions. So what's happening with GLP-1 and some of the other drugs certainly helps give us confidence in those assumptions.