Chicken meal is basically concentrated, dehydrated chicken. Take 5 lb of wet/fresh chicken, pull out the water and fat and you have 1 lb of chicken meal.
Also, reduced calorie is just formulated to reduce weight. There are other premium foods that are especially formulated for older dogs that have a nutritional balance particularly for seniors.
Overall it's not a bad food, like, well, anything advertised on TV, but it uses canola oil. I won't eat canola so I won't give it to my pets. I happen to *like* sunflower oil in a dog food. It's natural, needs no 'processing' (like soy and canola,) is high in Omega 6 and linoleic acid.