Business: Reinsurance Group of America, Inc., 5.75% Fixed-To-Floating Rate Subordinated Debentures due 2056, issued in $25 denominations, redeemable at the issuer's option on or after 6/15/2026 at $25 per share plus accrued and unpaid interest, and maturing 6/15/2056. <p> Interest distributions of 5.75% per annum ($1.4375 per annum or $0.359375 per quarter) will be paid quarterly on 3/15, 6/15, 9/15 & 12/15 to holders of record on the record date which will be 3/1, 6/1, 9/1 & 12/1 respectively (NOTE: the ex-dividend date is one business day prior to the record date). <p> Commencing on 6/15/2026 to the maturity date the Debentures will bear interest at an annual rate equal to three-month LIBOR, reset quarterly, plus 4.04%. <p> The issuer has the discretion to defer interest payments on the Debentures for one or more interest periods of up to five consecutive years (but not beyond the maturity date). Distributions paid by these debt securities are interest and as such are NOT eligible for the preferential 15% to 20% tax rate on dividends and are also NOT eligible for the dividend received deduction for corporate holders. <p> The debentures may be redeemable at any time prior to 6/15/2026 within 90 days of the occurrence of a rating agency event, tax event or regulatory capital event (see the prospectus for further information). <p> Units are expected to trade flat, which means accrued interest will be reflected in the trading price and the purchasers will not pay and the sellers will not receive any accrued and unpaid interest. <p> This security was rated as Baa2 by Moody’s and BBB by S&P at the date of its IPO. The Notes are unsecured, subordinated obligations of the company and will rank equally with all existing and future unsecured, subordinated indebtedness of the company. See the IPO prospectus for further information on the debt securities by clicking on the ‘Link to IPO Prospectus’ provided below.