UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

REINSURANCE GROUP OF AMERICA, INCORPORATED

(Exact Name of Registrant as Specified in its Charter)

Missouri (State or Other Jurisdiction of Incorporation)		1-11848 (Commission File Number)		43-1627032 (IRS Employer Identification Number)

1370 Timberlake Manor Parkway, Chesterfield, Missouri 63017
(Address of Principal Executive Office)

Registrant’s telephone number, including area code: (636) 736-7000

      Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o		Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o		Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o		Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o		Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

Item 2.02 Results of Operations and Financial Condition

On July 27, 2009, Reinsurance Group of America, Incorporated (the “Company”) issued (1) a press release announcing its earnings for the three-month period ended June 30, 2009, and providing certain additional information, a copy of which is furnished with this report as Exhibit 99.1, and (2) a Quarterly Financial Supplement for the quarter ended June 30, 2009, a copy of which is attached hereto as Exhibit 99.2. The press release also notes that a conference call will be held on July 28, 2009 to discuss the financial and operating results for the three-month period ended June 30, 2009. The press release and Quarterly Financial Supplement are furnished and are not filed pursuant to Instruction B.2 of Form 8-K.

Item 5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers

On July 27, 2009, the Company issued a press release announcing that on July 23, 2009, Rachel Lomax, Retired Deputy Governor of the Bank of England, was elected to the Board of Directors and appointed to the Audit and Finance, Investment and Risk Management Committees of RGA’s Board of Directors. A copy of the press release is attached hereto as Exhibit 99.1.

The Company is not aware of any transactions, proposed transactions, or series of either to which the Company or any of its subsidiaries was or is to be a participant since January 1, 2008, in which the amount involved exceeds $120,000 and in which Ms. Lomax had, or will have, a direct or indirect material interest.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits. The following documents are filed as exhibits to this report:

Exhibit No.		Exhibit
99.1		Press Release of Reinsurance Group of America, Incorporated dated July 27, 2009
99.2		Quarterly Financial Supplement for the quarter ended June 30, 2009

SIGNATURE

      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 hereunto duly authorized.

EXHIBIT INDEX

Exhibit Number		Description
99.1		Press Release dated July 27, 2009
99.2		Quarterly Financial Supplement for the quarter ended June 30, 2009

Exhibit 99.1

PRESS RELEASE

REINSURANCE GROUP OF AMERICA REPORTS SECOND-QUARTER RESULTS

	•		Net income totals $2.10 per diluted share and operating income* $1.79 per diluted share
	•		Operating income* reaches $130.6 million, up 19 percent over prior-year period
	•		Mortality experience recovers from adverse first-quarter performance
	•		Net unrealized securities losses decline 52 percent from first quarter

ST. LOUIS, July 27, 2009 — Reinsurance Group of America, Incorporated (NYSE:RGA), a leading global provider of life reinsurance, reported net income for the second quarter of $153.2 million, or $2.10 per diluted share, compared with $110.7 million, or $1.73 per diluted share in the prior-year quarter. Operating income* totaled $130.6 million, or $1.79 per diluted share, compared with $109.7 million, or $1.71 per diluted share in the year-ago quarter, increases of 19.1 percent and 4.7 percent, respectively.

For the first half of 2009, net income increased to $176.5 million, or $2.42 per diluted share, from $142.2 million, or $2.22 per diluted share, in the year-ago period. Operating income* totaled $197.9 million, or $2.71 per diluted share, compared with $180.6 million, or $2.82 per diluted share, in the prior-year period.

		Quarterly Results								Year-to-date Results
($ in thousands, except per share data)		2009				2008				2009				2008
Net premiums		$	1,375,181			$	1,358,555			$	2,721,228			$	2,656,620
Net income			153,179				110,702				176,469				142,207
Net income per diluted share			2.10				1.73				2.42				2.22
Operating income*			130,562				109,688				197,917				180,645
Operating income per diluted share*			1.79				1.71				2.71				2.82
Book value per share			42.59				49.13
Book value per share (excl. AOCI)*			45.90				45.04
Total assets			22,649,349				22,410,167

Quarterly and year-to-date earnings per share for 2009 include the effect of the company’s 10,235,000-share common stock offering in November 2008. Most of the $332 million of net proceeds from that offering have yet to be deployed in the business. Weaker foreign currencies negatively affected operating income by approximately $0.09 per share, after tax, for the 2009 quarter. Consolidated net premiums, including translated foreign currency-denominated premiums, increased modestly for the quarter. Excluding the effect of foreign currency translation, premiums increased approximately 9 percent.

This quarter’s net income included a pre-tax gain of $38.9 million, or $0.35 per diluted share on an after-tax basis, associated with the repurchase of $80.2 million in face amount of the company’s junior subordinated debentures. This transaction is not included in operating earnings.

A. Greig Woodring, president and chief executive officer, commented, “Our experience during 2009 continues to mirror that of 2008 as adverse mortality experience during the first quarter was again followed by strong results in the second quarter. We expect periods of mortality variations to offset over longer-term horizons. Overall, we are pleased with the second-quarter results especially since the year-ago period was exceptionally strong. We head into the second half of the year in a strong position. We

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believe fundamentals for the life reinsurance market are attractive and continue to see increasing new business quoting activity in the U.S. and substantial growth opportunities in our international markets as well. Our geographically diverse operations continue to yield benefits and with the strong results this quarter, we are back on track after a difficult first quarter.”

The company has posted to its Web site a Quarterly Financial Supplement that includes financial information for all segments as well as information on its investment portfolio. The investment profile remains appropriately positioned, with 95 percent of our fixed maturity securities held in the investment-grade categories.

Capital and Liquidity

The company’s capital and liquidity positions are strong and expected to remain strong for the foreseeable future. Book value increased $626.0 million, or 25 percent, on a per share basis from March 31, 2009, with a significant decline in net unrealized losses in the company’s investment portfolio. Credit-related impairments during the quarter were $20.8 million and were partially offset by net gains from investment sales with little overall impact to the company’s capital position. The company remains in a position to hold investment securities until financial markets improve, and does not rely on short-term funding or commercial paper.

Woodring continued, “We feel we are in good shape with respect to our level of capital and opportunities for capital deployment remain compelling. We continue to evaluate a number of transactions and expect to see block transaction opportunities for some period of time, given ever-changing dynamics in the primary life insurance industry and in the reinsurance competitive landscape. We did not execute any block transactions during the quarter, but we continue to evaluate several opportunities.”

SEGMENT RESULTS

U.S.

The U.S. division reported pre-tax income of $106.2 million for the quarter, down slightly from $109.2 million in the prior-year period. Pre-tax operating income improved to $119.2 million from $109.2 million the year before, an increase of 9 percent. Mortality experience recovered from the first quarter as claims came in at expected levels. Net premiums were up 7 percent to $808.8 million from $754.4 million in the prior-year quarter. On a year-to-date basis, net premiums increased 8 percent, in line with our guidance range of 6 to 8 percent.

The U.S. Asset Intensive business reported a pre-tax gain of $19.9 million compared with $9.9 million a year ago. On an operating basis, the pre-tax gain increased to $16.0 million from $9.3 million a year ago. Current-period increases were primarily related to significant improvements in underlying fund values.

Canada

Canadian operations reported pre-tax net income of $25.5 million, down slightly from $26.8 million a year ago. Pre-tax operating income totaled $17.6 million versus $23.8 million, reflecting slightly adverse mortality experience in the current quarter coupled with very favorable mortality experience a year ago. Foreign currency fluctuations negatively affected pre-tax operating income by approximately $3.7 million in the 2009 quarter. On a Canadian dollar basis, net premiums increased approximately 27 percent, aided by a strong increase in creditor business. On a U.S. dollar basis, net premiums rose to $154.9 million from $139.5 million in the year-ago quarter.

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Asia Pacific

Asia Pacific reported a strong quarter, with pre-tax net income of $25.5 million compared with $21.3 million in the year-ago quarter. Pre-tax operating income increased 8.3 percent to $24.7 million compared to $22.8 million a year ago, primarily as a result of favorable claims experience in Australia and Japan, and despite adverse foreign currency exchange of $2.8 million. Net premiums totaled $229.4 million compared with $277.7 million. Current-period premiums were negatively affected by approximately $39.1 million due to foreign currency fluctuations.

Europe & South Africa

Europe & South Africa reported pre-tax net income of $12.4 million for the quarter compared with $17.0 million a year ago. Pre-tax operating income was $12.4 million versus $17.2 million last year. Claims experience varied by country and was slightly adverse in the U.K. Pre-tax operating income was also adversely affected by $1.7 million associated with foreign currency exchange rates. Net premiums declined to $180.0 million from $185.5 million due to weaker foreign currencies, which had a negative effect of $41.2 million.

Corporate and Other

The company reported a favorable adjustment associated with an uncertain tax position of $12.0 million during the quarter, lowering the effective tax rate for operating earnings to 28.1 percent compared with 35.2 percent a year ago. Further, the segment results reflect a $4.8 million pre-tax foreign currency gain related to the company’s repayment of foreign-denominated debt.

New Director

The company announced that Rachel Lomax, retired deputy governor of the Bank of England, was elected to the board of directors and appointed to the Audit and Finance, Investment & Risk Management Committees. Lomax’s election increases the size of the board to eight members.

Dividend Declaration

The company’s board of directors declared a regular quarterly dividend of $0.09, payable August 24 to shareholders of record as of August 3.

Earnings Conference Call

A conference call to discuss the company’s second-quarter results will begin at 9 a.m. Eastern Time on Tuesday, July 28. Interested parties may access the call by dialing 1-877-879-6207 (domestic) or 719-325-4763 (international). The access code is 8648151. A live audio webcast of the conference call will be available on the company’s investor relations Web page at www.rgare.com. A replay of the conference call will be available at the same address for 90 days following the conference call. A telephonic replay will also be available through August 4 at 888-203-1112 (domestic) or 719-457-0820, access code 8648151.

Use of Non-GAAP Financial Measures

RGA uses a non-GAAP financial measure called operating income as a basis for analyzing financial results. This measure also serves as a basis for establishing target levels and awards under RGA’s

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management incentive programs. Management believes that operating income, on a pre-tax and after-tax basis, better measures the ongoing profitability and underlying trends of the company’s continuing operations, primarily because that measure excludes the effect of net investment related gains and losses, as well as changes in the fair value of certain embedded derivatives and related deferred acquisition costs. These items can be volatile, primarily due to the credit market and interest rate environment and are not necessarily indicative of the performance of the company’s underlying businesses. Additionally, operating income excludes any net gain or loss from discontinued operations and the cumulative effect of any accounting changes, which management believes are not indicative of the company’s ongoing operations. The definition of operating income can vary by company and is not considered a substitute for GAAP net income. Reconciliations to GAAP net income are provided in the following tables. Additional financial information can be found in the Quarterly Financial Supplement on RGA’s Investor Relations site at www.rgare.com in the “Quarterly Results” tab and in the “Featured Report” section.

Book value per share outstanding before impact of AOCI is a non-GAAP financial measure that management believes is important in evaluating the balance sheet in order to ignore the effects of unrealized amounts primarily associated with mark-to-market adjustments on investments and foreign currency translation.

About RGA

Reinsurance Group of America, Incorporated is among the largest global providers of life reinsurance with subsidiary companies or offices in Australia, Barbados, Bermuda, Canada, China, France, Germany, Hong Kong, India, Ireland, Italy, Japan, Mexico, Poland, South Africa, South Korea, Spain, Taiwan, the United Kingdom and the United States. Worldwide, the company has approximately $2.2 trillion of life reinsurance in force, and assets of $22.6 billion.

Investor Contact

Jack B. Lay
Senior Executive Vice President and Chief Financial Officer
(636) 736-7000

Cautionary Statement Regarding Forward-looking Statements

This release 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 earnings, revenues, income or loss, future financial performance and growth potential of Reinsurance Group of America, Incorporated and its subsidiaries (which we refer to in the following paragraphs as “we,” “us” or “our”). The words “intend,” “expect,” “project,” “estimate,” “predict,” “anticipate,” “should,” “believe,” and other similar expressions also are intended to identify forward-looking statements. Forward-looking statements are inherently 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.

Numerous important factors could cause actual results and events to differ materially from those expressed or implied by forward-looking statements including, without limitation, (1) adverse capital and credit market conditions and their impact on our liquidity, access to capital, and cost of capital, (2) the impairment of other financial institutions and its effect on our business, (3) requirements to post collateral or make payments due to declines in market value of assets subject to our collateral arrangements, (4) the fact that the determination of allowances and impairments taken on our investments is highly subjective,

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(5) adverse changes in mortality, morbidity, lapsation, or claims experience, (6) changes in our financial strength and credit ratings and the effect of such changes on our future results of operations and financial condition, (7) inadequate risk analysis and underwriting, (8) general economic conditions or a prolonged economic downturn affecting the demand for insurance and reinsurance in our current and planned markets, (9) the availability and cost of collateral necessary for regulatory reserves and capital, (10) market or economic conditions that adversely affect the value of our investment securities or result in the impairment of all or a portion of the value of certain of our investment securities, (11) market or economic conditions that adversely affect our ability to make timely sales of investment securities, (12) risks inherent in our risk management and investment strategy, including changes in investment portfolio yields due to interest rate or credit quality changes, (13) fluctuations in U.S. or foreign currency exchange rates, interest rates, or securities and real estate markets, (14) adverse litigation or arbitration results, (15) the adequacy of reserves, resources, and accurate information relating to settlements, awards, and terminated and discontinued lines of business, (16) the stability of and actions by governments and economies in the markets in which we operate, (17) competitive factors and competitors’ responses to our initiatives, (18) the success of our clients, (19) successful execution of our entry into new markets, (20) successful development and introduction of new products and distribution opportunities, (21) our ability to successfully integrate and operate reinsurance business that we acquire, (22) regulatory action that may be taken by state Departments of Insurance with respect to us, (23) our dependence on third parties, including those insurance companies and reinsurers to which we cede some reinsurance, third-party investment managers, and others, (24) the threat of natural disasters, catastrophes, terrorist attacks, epidemics, or pandemics anywhere in the world where we or our clients do business, (25) changes in laws, regulations, and accounting standards applicable to us, our subsidiaries, or our business, (26) the effect of our status as an insurance holding company and regulatory restrictions on our ability to pay principal of and interest on our debt obligations, and (27) other risks and uncertainties described in this document and in our other filings with the Securities and Exchange Commission.

Forward-looking statements should be evaluated together with the many risks and uncertainties that affect our business, including those mentioned in this document and described in the periodic reports we file with the Securities and Exchange Commission. These forward-looking statements speak only as of the date on which they are made. We do not undertake any obligations to update these forward-looking statements, even though our situation may change in the future. We qualify all of our forward-looking statements by these cautionary statements. For a discussion of the risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements, you are advised to review the risk factors in our 2008 Form 10-K.

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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
Reconciliation of Consolidated Net Income From Continuing Operations
to Operating Income
(Dollars in thousands)

		Three Months Ended								Six Months Ended
		June 30,								June 30,
(Unaudited)		2009				2008				2009				2008
GAAP net income-continuing operations		$	153,179			$	110,806			$	176,469			$	147,395
Reconciliation to operating income:
Capital losses, derivatives and other, net included in investment related losses, net			96,091				1,207				140,208				1,831
Embedded derivatives:
Included in investment related (gains) losses, net			(146,624	)			3,962				(143,236	)			104,595
Included in interest credited			(8,301	)			(6,011	)			(13,582	)			35,905
Included in policy acquisition costs and other insurance expenses			1,136				1,554				1,984				(6,305	)
DAC offset, net			60,350				(1,830	)			61,343				(102,776	)
Gain on debt repurchase			(25,269	)			—				(25,269	)			—
Operating income		$	130,562			$	109,688			$	197,917			$	180,645

Reconciliation of Consolidated Pre-tax Net Income From Continuing Operations
to Pre-tax Operating Income
(Dollars in thousands)

		Three Months Ended								Six Months Ended
		June 30,								June 30,
(Unaudited)		2009				2008				2009			2008
Income from continuing operations before income taxes		$	215,423			$	170,964			$	249,629			$	227,652
Reconciliation to pre-tax operating income:
Capital losses, derivatives and other, net included in investment related losses, net			148,794				1,962				217,106				2,824
Embedded derivatives:
Included in investment related (gains) losses, net			(225,574	)			6,095				(220,362	)			160,915
Included in interest credited			(12,772	)			(9,248	)			(20,896	)			55,238
Included in policy acquisition costs and other insurance expenses			1,748				2,390				3,052				(9,700	)
DAC offset, net			92,846				(2,817	)			94,375				(158,118	)
Gain on debt repurchase			(38,875	)			—				(38,875	)			—
Pre-tax operating income		$	181,590			$	169,346			$	284,029			$	278,811

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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
Reconciliation of Pre-tax Net Income From Continuing Operations
to Pre-tax Operating Income
(Dollars in thousands)

		Three Months Ended June 30, 2009
						Capital
						(gains)				Change in
						losses,				value of				Gain
		Pre-tax				derivatives,				embedded				on				Pre-tax
		net				and other,				derivatives,				debt				operating
(Unaudited)		income				net				net				repurchase				income
U.S. Operations:
Traditional		$	83,287			$	16,934			$	—				—			$	100,221
Asset Intensive			19,945				(9,574	)(1)			5,614	(2)			—				15,985
Financial Reinsurance			2,994				(38	)			—				—				2,956
Total U.S.			106,226				7,322				5,614				—				119,162
Canada Operations			25,514				(7,951	)			—				—				17,563
Europe & South Africa			12,363				14				—				—				12,377
Asia Pacific Operations			25,520				(855	)			—				—				24,665
Corporate and Other			45,800				898				—				(38,875	)			7,823
Consolidated		$	215,423			$	(572	)		$	5,614				(38,875	)		$	181,590

		Three Months Ended June 30, 2008
						Capital
						(gains)				Change in
		Pre-tax				losses,				value of				Pre-tax
		net				derivatives,				embedded				operating
		income				and other,				derivatives,				income
(Unaudited)		(loss)				net				net				(loss)
U.S. Operations:
Traditional		$	95,622			$	637			$	—			$	96,259
Asset Intensive			9,893				(3,252	)(1)			2,621	(2)			9,262
Financial Reinsurance			3,651				2				—				3,653
Total U.S.			109,166				(2,613	)			2,621				109,174
Canada Operations			26,778				(3,026	)			—				23,752
Europe & South Africa			17,041				131				—				17,172
Asia Pacific Operations			21,256				1,510				—				22,766
Corporate and Other			(3,277	)			(241	)			—				(3,518	)
Consolidated		$	170,964			$	(4,239	)		$	2,621			$	169,346

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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
Reconciliation of Pre-tax Net Income From Continuing Operations
to Pre-tax Operating Income
(Dollars in thousands)

		Six Months Ended June 30, 2009
						Capital
						(gains)				Change in
		Pre-tax				losses,				value of				Gain
		net				derivatives,				embedded				on				Pre-tax
		income				and other,				derivatives,				debt				operating
(Unaudited)		(loss)				net				net				repurchase				income
U.S. Operations:
Traditional		$	117,637			$	55,162			$	—				—			$	172,799
Asset Intensive			(7,077	)			(25,606	)(1)			44,927	(2)			—				12,244
Financial Reinsurance			8,515				(70	)			—				—				8,445
Total U.S.			119,075				29,486				44,927				—				193,488
Canada Operations			41,700				(6,380	)			—				—				35,320
Europe & South Africa			20,898				(408	)			—				—				20,490
Asia Pacific Operations			29,093				2,712				—				—				31,805
Corporate and Other			38,863				2,938				—				(38,875	)			2,926
Consolidated		$	249,629			$	28,348			$	44,927				(38,875	)		$	284,029

		Six Months Ended June 30, 2008
						Capital
						(gains)				Change in
		Pre-tax				losses,				value of				Pre-tax
		net				derivatives,				embedded				operating
		income				and other,				derivatives,				income
(Unaudited)		(loss)				net				net				(loss)
U.S. Operations:
Traditional		$	150,070			$	3,145			$	—			$	153,215
Asset Intensive			(31,209	)			(1,506	)(1)			47,524	(2)			14,809
Financial Reinsurance			5,590				3				—				5,593
Total U.S.			124,451				1,642				47,524				173,617
Canada Operations			50,449				1,481				—				51,930
Europe & South Africa			23,084				(614	)			—				22,470
Asia Pacific Operations			39,819				996				—				40,815
Corporate and Other			(10,151	)			130				—				(10,021	)
Consolidated		$	227,652			$	3,635			$	47,524			$	278,811

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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
Per Share and Shares Data
(In thousands, except per share data)

		Three Months Ended								Six Months Ended
(Unaudited)		June 30,								June 30,
		2009				2008				2009				2008
Earnings per share from continuing operations:
Basic earnings per share		$	2.11			$	1.78			$	2.43			$	2.37
Diluted earnings per share		$	2.10			$	1.73			$	2.42			$	2.30
Diluted earnings per share from operating income		$	1.79			$	1.71			$	2.71			$	2.82
Earnings per share from net income:
Basic earnings per share		$	2.11			$	1.78			$	2.43			$	2.29
Diluted earnings per share		$	2.10			$	1.73			$	2.42			$	2.22
Weighted average number of common and common equivalent shares outstanding			72,939				63,982				72,912				64,106

		At or For the
		Six Months
		Ended June 30,
(Unaudited)		2009				2008
Treasury shares			589				813
Common shares outstanding			72,775				62,316
Book value per share outstanding		$	42.59			$	49.13
Book value per share outstanding, before impact of AOCI		$	45.90			$	45.04

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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
Condensed Consolidated Statements of Income
(Dollars in thousands)

		Three Months Ended								Six Months Ended
(Unaudited)		June 30,								June 30,
		2009				2008				2009				2008
Revenues:
Net premiums		$	1,375,181			$	1,358,555			$	2,721,228			$	2,656,620
Investment income, net of related expenses			284,636				254,868				507,832				454,394
Investment related gains (losses), net:
Other-than-temporary impairments on fixed maturity securities			(36,942	)			(548	)			(71,337	)			(5,699	)
Other-than-temporary impairments on fixed maturity securities transferred to other comprehensive income			16,135				—				16,135				—
Other investment related gains (losses), net			98,995				(6,531	)			61,128				(156,640	)
Total investment related gains (losses), net			78,188				(7,079	)			5,926				(162,339	)
Other revenue			75,161				36,262				109,020				54,198
Total revenues			1,813,166				1,642,606				3,344,006				3,002,873
Benefits and expenses:
Claims and other policy benefits			1,123,696				1,128,827				2,293,440				2,248,339
Interest credited			72,897				63,000				109,806				136,897
Policy acquisition costs and other insurance expenses			308,403				189,272				507,204				205,534
Other operating expenses			71,095				61,997				137,844				125,337
Interest expense			19,595				21,580				41,712				44,674
Collateral finance facility expense			2,057				6,966				4,371				14,440
Total benefits and expenses			1,597,743				1,471,642				3,094,377				2,775,221
Income before income taxes			215,423				170,964				249,629				227,652
Income tax expense			62,244				60,158				73,160				80,257
Income from continuing operations			153,179				110,806				176,469				147,395
Discontinued operations:
Loss from discontinued accident and health operations, net of income taxes			—				(104	)			—				(5,188	)
Net income		$	153,179			$	110,702			$	176,469			$	142,207

# # #

Exhibit 99.2

Reinsurance Group of America, Incorporated^®

Financial Supplement

Second Quarter 2009

(Unaudited)

Reinsurance Group of America, Incorporated^®

World Headquarters		Internet address
1370 Timberlake Manor Parkway		www.rgare.com
Chesterfield, Missouri 63017
U.S.A.

Current Ratings

		Standard & Poor’s		A.M. Best		Moody’s
Financial Strength Ratings
RGA Reinsurance Company		AA-		A+		A1
RGA Life Reinsurance Company of Canada		AA-		A+		NR
RGA International Reinsurance Company Limited		AA-		NR		NR
RGA Global Reinsurance Company Limited		AA-		NR		NR
Senior Debt Ratings
Reinsurance Group of America, Incorporated		A-		a-		Baa1

Our common stock is traded on the New York Stock Exchange under the symbol “RGA.”

Contacts:

Jack B. Lay
Senior Executive Vice President
and Chief Financial Officer
Phone: (636) 736-7000
e-mail: jlay@rgare.com

John Hayden
Vice President
Investor Relations
Phone: (636) 736-7243
e-mail: jhayden@rgare.com

Reinsurance Group of America, Incorporated
Financial Supplement
2nd Quarter 2009
Table of Contents

		Page
Non-GAAP Disclosure			1
Consolidated
Financial Highlights			2
Consolidated Income Statement (incl. Operating Income Reconciliation)			3
Consolidated Operating Income Statement			4
Consolidated Balance Sheets			5
Segment Pre-tax Operating Income Summaries and Reconciliations to U.S. GAAP
U.S. Operations			6
Canada Operations			10
Europe & South Africa Operations			11
Asia Pacific Operations			12
Corporate and Other			13
Summary of Pre-tax Segment Operating Income			14
Investments
Cash and Invested Assets, Yield Summary			15
Amortized cost, Gross Unrealized Gains and Losses, Estimated Fair Values of Fixed Maturity and Equity Securities			16
Corporate Securities by Sector (Fixed Maturities and Equities)			17
Quality of Fixed Maturity Securities and Structured Fixed Maturity Securities			18
Subprime Mortgage Exposure (Including Funds Withheld Portfolios)			19
CMBS Exposure (Including Funds Withheld Portfolios)			20
Gross Unrealized Losses Aging			21
Fixed Maturity and Equity Securities Below Amortized Cost			22
Consolidated Gross Gains and Losses			23

Reinsurance Group of America, Incorporated
Financial Supplement

This Financial Supplement is for information purposes only and includes unaudited figures. This report should be read in conjunction with documents filed by Reinsurance Group of America, Incorporated with the SEC.

Non-GAAP Disclosures

RGA uses a non-GAAP financial measure called operating income as a basis for analyzing financial results. This measure also serves as a basis for establishing target levels and awards under RGA’s management incentive programs. Management believes that operating income, on a pre-tax and after-tax basis, better measures the ongoing profitability and underlying trends of the company’s continuing operations, primarily because that measure excludes the effect of net investment related gains and losses, as well as changes in the fair value of certain embedded derivatives and related deferred acquisition costs. These items can be volatile, primarily due to the credit market and interest rate environment and are not necessarily indicative of the performance of the company’s underlying businesses. Additionally, operating income excludes any net gain or loss from discontinued operations and the cumulative effect of any accounting changes, which management believes are not indicative of the company’s ongoing operations. The definition of operating income can vary by company and is not considered a substitute for GAAP net income. A reconciliation of income before income taxes of the operating segments to pre-tax operating income (loss) is presented herein.

Additionally, RGA evaluates its stockholder equity position excluding the impact of Accumulated Other Comprehensive Income (“AOCI”) since the net unrealized gains or losses included in AOCI primarily relate to changes in interest rates, credit spreads on its investment securities and foreign currency fluctuations that are not permanent and can fluctuate significantly from period to period.

Reinsurance Group of America, Incorporated
Financial Highlights
Second Quarter 2009

		Three Months Ended or As of																				Current Qtr					Year-to-Date
		June 30,				March 31,				Dec. 31,				Sept. 30,				June 30,				vs. PY					June 30,				June 30,
(USD thousands, except inforce & per share data)		2009				2009				2008				2008				2008				Quarter					2009				2008				Change
Net premiums		$	1,375,181			$	1,346,047			$	1,389,091			$	1,303,590			$	1,358,555			$	16,626				$	2,721,228			$	2,656,620			$	64,608
Net income — continuing operations			153,179				23,290				15,170				25,250				110,806				42,373					176,469				147,395				29,074
Operating income			130,562				67,355				99,966				118,542				109,688				20,874					197,917				180,645				17,272
Total assets			22,649,349				21,634,314				21,658,818				21,844,347				22,410,167				239,182
Assumed Ordinary Life Reinsurance in Force (in billions)
U.S.		$	1,280.5			$	1,285.6			$	1,274.5			$	1,265.6			$	1,258.6			$	21.9				$	1,280.5			$	1,258.6			$	21.9
Canada			234.3				209.9				209.5				231.4				230.9				3.4					234.3				230.9				3.4
Europe & South Africa			382.9				332.8				325.2				368.9				419.4				(36.5	)				382.9				419.4				(36.5	)
Asia Pacific			321.6				293.0				298.9				310.6				330.6				(9.0	)				321.6				330.6				(9.0	)
Total Life Reinsurance in Force		$	2,219.3			$	2,121.3			$	2,108.1			$	2,176.5			$	2,239.5			$	(20.2	)			$	2,219.3			$	2,239.5			$	(20.2	)
Assumed New Business Production (in billions)
U.S.		$	25.8			$	35.5			$	33.7			$	30.5			$	35.5			$	(9.7	)			$	61.3			$	70.2			$	(8.9	)
Canada			9.6				9.9				12.1				14.5				11.7				(2.1	)				19.5				24.6				(5.1	)
Europe & South Africa			22.7				36.0				28.2				21.4				19.4				3.3					58.7				37.9				20.8
Asia Pacific			3.3				3.8				9.2				7.5				4.9				(1.6	)				7.1				15.2				(8.1	)
Total New Business Production		$	61.4			$	85.2			$	83.2			$	73.9			$	71.5			$	(10.1	)			$	146.6			$	147.9			$	(1.3	)
Per Share and Shares Data
Basic earnings per share from continuing operations
Net income		$	2.11			$	0.32			$	0.22			$	0.41			$	1.78			$	0.33				$	2.43			$	2.37			$	0.06
Operating income		$	1.79			$	0.93			$	1.45			$	1.90			$	1.76			$	0.03				$	2.72			$	2.90			$	(0.18	)
Diluted earnings per share from continuing operations
Net income		$	2.10			$	0.32			$	0.22			$	0.40			$	1.73			$	0.37				$	2.42			$	2.30			$	0.12
Operating income		$	1.79			$	0.92			$	1.45			$	1.86			$	1.71			$	0.08				$	2.71			$	2.82			$	(0.11	)
Wgt. average common shares outstanding (basic)			72,770				72,710				68,831				62,323				62,284				10,486					72,740				62,214				10,526
Wgt. average common shares outstanding (diluted)			72,939				72,884				69,176				63,607				63,982				8,957					72,912				64,106				8,806
Common shares issued			73,364				73,363				73,363				63,128				63,128				10,236					73,364				63,128
Treasury shares			589				600				741				803				812				(223	)				589				812
Common shares outstanding			72,775				72,763				72,622				62,325				62,316				10,459					72,775				62,316
Book value per share		$	42.59			$	33.99			$	36.03			$	41.83			$	49.13
Per share effect of accumulated other comprehensive income (AOCI)		$	(3.31	)		$	(9.79	)		$	(7.55	)		$	(3.56	)		$	4.09
Book value per share, excluding AOCI		$	45.90			$	43.78			$	43.58			$	45.39			$	45.04

Reinsurance Group of America, Incorporated
Consolidated GAAP Income Statement (incl. Operating Income Reconciliation)

		Three Months Ended																				Current Qtr					Year-to-Date
		June 30,				March 31,				Dec. 31,				Sept. 30,				June 30,				vs. PY					June 30,				June 30,
(USD thousands)		2009				2009				2008				2008				2008				Quarter					2009				2008				Change
Revenues:
Net premiums		$	1,375,181			$	1,346,047			$	1,389,091			$	1,303,590			$	1,358,555			$	16,626				$	2,721,228			$	2,656,620			$	64,608
Investment income, net of related expenses			284,636				223,196				196,634				220,248				254,868				29,768					507,832				454,394				53,438
Investment related gains (losses), net
OTTI on fixed maturity securities			(36,942	)			(34,395	)			(15,226	)			(92,388	)			(548	)			(36,394	)				(71,337	)			(5,699	)			(65,638	)
OTTI on fixed maturity securities transferred to AOCI			16,135				—				—				—				—				16,135					16,135				—				16,135
Other investment related gains (losses), net			98,995				(37,867	)			(228,333	)			(148,919	)			(6,531	)			105,526					61,128				(156,640	)			217,768
Total investment related gains (losses), net			78,188				(72,262	)			(243,559	)			(241,307	)			(7,079	)			85,267					5,926				(162,339	)			168,265
Other revenue			75,161				33,859				25,869				27,764				36,262				38,899					109,020				54,198				54,822
Total revenues			1,813,166				1,530,840				1,368,035				1,310,295				1,642,606				170,560					3,344,006				3,002,873				341,133
Benefits and expenses:
Claims and other policy benefits			1,123,696				1,169,744				1,150,645				1,062,948				1,128,827				(5,131	)				2,293,440				2,248,339				45,101
Interest credited			72,897				36,909				86,989				9,293				63,000				9,897					109,806				136,897				(27,091	)
Policy acquisition costs and other insurance expenses			308,403				198,801				27,529				124,836				189,272				119,131					507,204				205,534				301,670
Other operating expenses			71,095				66,749				53,694				63,886				61,997				9,098					137,844				125,337				12,507
Interest expense			19,595				22,117				21,552				9,935				21,580				(1,985	)				41,712				44,674				(2,962	)
Collateral finance facility expense			2,057				2,314				7,432				6,851				6,966				(4,909	)				4,371				14,440				(10,069	)
Total benefits and expenses			1,597,743				1,496,634				1,347,841				1,277,749				1,471,642				126,101					3,094,377				2,775,221				319,156
Income before income taxes — continuing operations			215,423				34,206				20,194				32,546				170,964				44,459					249,629				227,652				21,977
Income tax expense			62,244				10,916				5,024				7,296				60,158				2,086					73,160				80,257				(7,097	)
Income — continuing operations			153,179				23,290				15,170				25,250				110,806				42,373					176,469				147,395				29,074
Loss from discontinued operations			—				—				(5,809	)			(22	)			(104	)			104					—				(5,188	)			5,188
Net income		$	153,179			$	23,290			$	9,361			$	25,228			$	110,702			$	42,477				$	176,469			$	142,207			$	34,262
Pre-tax Operating Income Reconciliation:
Income before income taxes — continuing operations			215,423				34,206				20,194				32,546				170,964				44,459					249,629				227,652				21,977
Investment and Derivative losses (gains) — non-operating (1)			148,794				68,312				(146,818	)			99,801				1,962				146,832					217,106				2,824				214,282
Change in value of B36 embedded derivatives (1)			(64,337	)			40,425				161,021				106,797				11,452				(75,789	)				(23,912	)			159,980				(183,892	)
GMXB embedded derivatives (1)			(161,237	)			(35,213	)			230,775				35,772				(5,357	)			(155,880	)				(196,450	)			935				(197,385	)
EIA embedded derivatives — interest credited			(12,772	)			(8,124	)			48,896				(43,871	)			(9,248	)			(3,524	)				(20,896	)			55,238				(76,134	)
EIA embedded derivatives — policy acq. costs			1,748				1,304				(5,697	)			8,274				2,390				(642	)				3,052				(9,700	)			12,752
DAC offset, net			92,846				1,529				(157,941	)			(63,394	)			(2,817	)			95,663					94,375				(158,118	)			252,493
Gain on debt repurchase			(38,875	)			—				—				—				—				(38,875	)				(38,875	)			—				(38,875	)
Operating Income Before Income Taxes			181,590				102,439				150,430				175,925				169,346				12,244					284,029				278,811				5,218
After-tax Operating Income Reconciliation:
Income — continuing operations			153,179				23,290				15,170				25,250				110,806				42,373					176,469				147,395				29,074
Investment and Derivative losses (gains) — non-operating (1)			96,091				44,117				(95,289	)			64,967				1,207				94,884					140,208				1,831				138,377
Change in value of B36 embedded derivatives (1)			(41,819	)			26,276				104,664				69,418				7,444				(49,263	)				(15,543	)			103,987				(119,530	)
GMXB embedded derivatives (1)			(104,805	)			(22,888	)			150,003				23,252				(3,482	)			(101,323	)				(127,693	)			608				(128,301	)
EIA embedded derivatives — interest credited			(8,301	)			(5,281	)			31,782				(28,516	)			(6,011	)			(2,290	)				(13,582	)			35,905				(49,487	)
EIA embedded derivatives — policy acq. costs			1,136				848				(3,703	)			5,378				1,554				(418	)				1,984				(6,305	)			8,289
DAC offset, net			60,350				993				(102,661	)			(41,207	)			(1,830	)			62,180					61,343				(102,776	)			164,119
Gain on debt repurchase			(25,269	)			—				—				—				—				(25,269	)				(25,269	)			—				(25,269	)
Operating Income			130,562				67,355				99,966				118,542				109,688				20,874					197,917				180,645				17,272