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 October 23, 2008, Reinsurance Group of America, Incorporated (the “Company”) issued a press release announcing its earnings for the three-month period ended September 30, 2008 and providing certain additional information. The press release is attached as Exhibit 99.1 to the Current Report on Form 8-K dated October 23, 2008. On October 24, 2008, the Company issued an Investment Supplement for the quarter ended September 30, 2008, a copy of which is attached hereto as Exhibit 99.1. The Investment Supplement is furnished and not filed pursuant to Instruction B.2 of Form 8-K.

Item 9.01 Financial Statements and Exhibits

(d)

Exhibits

Exhibit No.		Exhibit
99.1		Investment Supplement of Reinsurance Group of America, Incorporated for the quarter ended September 30, 2008.

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 No.		Exhibit
99.1		Investment Supplement of Reinsurance Group of America, Incorporated for the quarter ended September 30, 2008.

Exhibit 99.1

Selected Investment Detail as of September 30, 2008

Reinsurance Group of America, Incorporated and its subsidiaries (“The Company”) had total cash and invested assets of $16.6 billion and $16.8 billion at September 30, 2008 and December 31, 2007, respectively, as illustrated below (dollars in thousands):

		September 30, 2008				December 31, 2007
Fixed maturity securities, available-for-sale		$	9,121,953			$	9,397,916
Mortgage loans on real estate			782,282				831,557
Policy loans			1,048,517				1,059,439
Funds withheld at interest			4,806,642				4,749,496
Short-term investments			32,520				75,062
Other invested assets			432,982				284,220
Cash and cash equivalents			412,255				404,351
Total cash and invested assets		$	16,637,151			$	16,802,041

The following table presents consolidated invested assets, net investment income and investment yield, excluding funds withheld. Funds withheld assets are primarily associated with the reinsurance of annuity contracts on which the Company earns a spread. Fluctuations in the yield on funds withheld assets are generally offset by a corresponding adjustment to the interest credited on the liabilities (dollars in thousands).

		Three months ended September 30,												Nine months ended September 30,
		2008				2007				Increase				2008				2007				Increase
Average invested assets at amortized cost		$	12,185,216			$	10,996,941				10.8	%		$	11,632,451			$	10,497,605				10.8	%
Net investment income			179,193				161,311				11.1	%			523,681				466,449				12.3	%
Investment yield (ratio of net investment income to average invested assets)			6.01	%			6.00	%		1		bp			6.05	%			5.97	%		8		bps

The amortized cost, gross unrealized gains and losses, and estimated fair values of investments in fixed maturity securities and equity securities, the percentage that each sector represents by the total fixed maturity securities holdings and by the total equity securities holdings at September 30, 2008 and December 31, 2007 are as follows (dollars in thousands):

														Estimated
		Amortized				Unrealized				Unrealized				Fair				% of
September 30, 2008		Cost				Gains				Losses				Value				Total
Available-for-sale:
U.S. corporate securities		$	3,565,074			$	5,682			$	(469,436	)		$	3,101,320				34.0	%
Canadian and Canadian provincial governments			1,678,671				330,369				(40,926	)			1,968,114				21.6	%
Residential mortgage-backed securities			1,302,991				6,776				(47,052	)			1,262,715				13.9	%
Foreign corporate securities			1,185,038				11,588				(108,371	)			1,088,255				11.9	%
Asset-backed securities			483,308				1,316				(88,717	)			395,907				4.3	%
Commercial mortgage-backed securities			1,029,457				891				(124,917	)			905,431				9.9	%
U.S. government and agencies			8,250				298				—				8,548				0.1	%
State and political subdivisions			46,630				25				(4,587	)			42,068				0.5	%
Other foreign government securities			343,905				7,032				(1,342	)			349,595				3.8	%
Total fixed maturity securities		$	9,643,324			$	363,977			$	(885,348	)		$	9,121,953				100.0	%
Non-redeemable preferred stock		$	187,966			$	14			$	(72,830	)		$	115,150				77.5	%
Common stock			35,571				336				(2,464	)			33,443				22.5	%
Total equity securities		$	223,537			$	350			$	(75,294	)		$	148,593				100.0	%

														Estimated
		Amortized				Unrealized				Unrealized				Fair				% of
December 31, 2007		Cost				Gains				Losses				Value				Total
Available-for-sale:
U.S. corporate securities		$	3,382,944			$	27,350			$	96,679			$	3,313,615				35.3	%
Canadian and Canadian provincial governments			1,561,700				570,691				1,163				2,131,228				22.7	%
Residential mortgage-backed securities			1,414,187				12,306				12,216				1,414,277				15.0	%
Foreign corporate securities			1,040,817				35,159				25,971				1,050,005				11.2	%
Asset-backed securities			494,458				1,252				31,456				464,254				4.9	%
Commercial mortgage-backed securities			641,479				8,835				5,087				645,227				6.9	%
U.S. government and agencies			3,244				209				1				3,452				—	%
State and political subdivisions			52,254				152				945				51,461				0.5	%
Other foreign government securities			325,609				3,300				4,512				324,397				3.5	%
Total fixed maturity securities		$	8,916,692			$	659,254			$	178,030			$	9,397,916				100.0	%
Non-redeemable preferred stock		$	144,942			$	986			$	19,953			$	125,975				91.8	%
Common stock			11,483				2				232				11,253				8.2	%
Total equity securities		$	156,425			$	988			$	20,185			$	137,228				100.0	%

The table below shows the major industry types and weighted average credit ratings, which comprise the U.S. and foreign corporate fixed maturity holdings at (dollars in thousands):

		September 30, 2008
						Estimated								Average Credit
		Amortized Cost				Fair Value				% of Total				Ratings
Finance		$	1,433,689			$	1,176,929				28.1	%		A-
Industrial			1,161,833				1,043,016				24.9	%		BBB
Foreign (1)			1,185,038				1,088,255				26.0	%		A
Utility			531,564				487,337				11.6	%		BBB
Other			437,988				394,038				9.4	%		BBB+
Total		$	4,750,112			$	4,189,575				100.0	%		A

		December 31, 2007
						Estimated								Average Credit
		Amortized Cost				Fair Value				% of Total				Ratings
Finance		$	1,394,562			$	1,343,539				30.8	%		A
Industrial			1,069,727				1,060,236				24.3	%		BBB+
Foreign (1)			1,040,817				1,050,005				24.1	%		A
Utility			504,678				503,969				11.5	%		BBB
Other			413,977				405,871				9.3	%		BBB+
Total		$	4,423,761			$	4,363,620				100.0	%	A-

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 security portfolio, at September 30, 2008 and December 31, 2007 was as follows (dollars in thousands):

		September 30, 2008																December 31, 2007
NAIC		Rating Agency				Amortized				Estimated				% of				Amortized				Estimated				% of
Designation		Designation				Cost				Fair Value				Total				Cost				Fair Value				Total
1		AAA/AA/A				$	7,479,538			$	7,183,940				78.8	%		$	7,022,497			$	7,521,177				80.0	%
2		BBB					1,817,281				1,632,806				17.9	%			1,628,431				1,617,983				17.2	%
3		BB					253,665				231,706				2.5	%			201,868				198,487				2.1	%
4		B					58,868				43,503				0.5	%			47,013				43,680				0.5	%
5		CCC and lower					31,336				27,361				0.3	%			16,800				16,502				0.2	%
6		In or near default					2,636				2,637				—	%			83				87				—	%
		Total				$	9,643,324			$	9,121,953				100.0	%		$	8,916,692			$	9,397,916				100.0	%

The Company’s fixed maturity portfolio includes structured securities. The following table shows the types of structured securities the Company held at:

		September 30, 2008								December 31, 2007
		Amortized				Estimated				Amortized				Estimated
(dollars in thousands)		Cost				Fair Value				Cost				Fair Value
Residential mortgage-backed securities:
Collateralized mortgage obligations		$	932,046			$	892,959			$	1,018,597			$	1,016,195
Pass-through securities			370,945				369,756				395,590				398,081
Total residential mortgage-backed securities			1,302,991				1,262,715				1,414,187				1,414,276
Commercial mortgage-backed securities			1,029,457				905,431				641,479				645,227
Asset-backed securities			483,308				395,907				494,458				464,254
Total		$	2,815,756			$	2,564,053			$	2,550,124			$	2,523,757

As of September 30, 2008 and December 31, 2007, the Company held investments in securities with subprime mortgage exposure with amortized costs totaling $239.6 million and $267.7 million, and estimated fair values of $177.4 million and $246.8 million, respectively. Those amounts include exposure to subprime mortgages through securities held directly in the Company’s investment portfolios within asset-backed securities, as well as securities backing the Company’s funds withheld at interest investment. The following tables summarize the securities by rating and underwriting year at September 30, 2008 and December 31, 2007 (dollars in thousands):

		September 30, 2008
		AAA								AA								A
						Estimated								Estimated								Estimated
Underwriting Year		Amortized Cost				Fair Value				Amortized Cost				Fair Value				Amortized Cost				Fair Value
2003 & Prior		$	11,419			$	10,586			$	6,580			$	4,746			$	1,868			$	1,337
2004			—				—				39,335				30,741				13,560				10,791
2005			48,481				40,885				57,019				38,337				6,516				3,362
2006			5,018				3,135				9,498				5,480				—				—
2007			2,250				1,820				888				615				10,490				5,175
Total		$	67,168			$	56,426			$	113,320			$	79,919			$	32,434			$	20,665

		BBB								Below Investment Grade								Total
						Estimated								Estimated								Estimated
Underwriting Year		Amortized Cost				Fair Value				Amortized Cost				Fair Value				Amortized Cost				Fair Value
2003 & Prior		$	1,221			$	217			$	—			$	—			$	21,088			$	16,886
2004			—				—				9,071				6,610				61,966				48,142
2005			1,323				1,323				4,173				4,168				117,512				88,075
2006			3,223				1,823				—				—				17,739				10,438
2007			—				—				7,639				6,288				21,267				13,898
Total		$	5,767			$	3,363			$	20,883			$	17,066			$	239,572			$	177,439

		December 31, 2007
		AAA								AA								A
						Estimated								Estimated								Estimated
Underwriting Year		Amortized Cost				Fair Value				Amortized Cost				Fair Value				Amortized Cost				Fair Value
2003 & Prior		$	16,520			$	16,531			$	2,111			$	1,910			$	3,749			$	3,246
2004			26,520				26,286				33,757				31,465				16,151				14,614
2005			41,638				40,190				60,233				55,041				21,593				18,140
2006			13,964				11,957				5,002				3,763				—				—
2007			20,274				18,351				—				—				—				—
Total		$	118,916			$	113,315			$	101,103			$	92,179			$	41,493			$	36,000

		BBB								Below Investment Grade								Total
						Estimated								Estimated								Estimated
Underwriting Year		Amortized Cost				Fair Value				Amortized Cost				Fair Value				Amortized Cost				Fair Value
2003 & Prior		$	1,186			$	1,046			$	—			$	—			$	23,566			$	22,733
2004			—				—				—				—				76,428				72,365
2005			5,026				4,250				—				—				128,490				117,621
2006			—				—				—				—				18,966				15,720
2007			—				—				—				—				20,274				18,351
Total		$	6,212			$	5,296			$	—			$	—			$	267,724			$	246,790

The following table presents the total gross unrealized losses for fixed maturity securities and equity securities as of September 30, 2008 and December 31, 2007, respectively, where the estimated fair value had declined and remained below amortized cost by the indicated amount (dollars in thousands):

		September 30, 2008								December 31, 2007
		Gross								Gross
		Unrealized								Unrealized
		Losses				% of Total				Losses				% of Total
Less than 20%		$	472,148				49.1	%		$	159,563				80.5	%
20% or more for less than six months			381,221				39.7	%			35,671				18.0	%
20% or more for six months or greater			107,273				11.2	%			2,981				1.5	%
Total		$	960,642				100.0	%		$	198,215				100.0	%

The following tables present the estimated fair values and gross unrealized losses for the 1,976 and 1,105 fixed maturity securities and equity securities that have estimated fair values below amortized cost as of September 30, 2008 and December 31, 2007, respectively. These investments are presented by class and grade of security, as well as the length of time the related market value has remained below amortized cost.

		As of September 30, 2008
										Equal to or greater than
		Less than 12 months								12 months								Total
						Gross								Gross								Gross
		Estimated				Unrealized				Estimated				Unrealized				Estimated				Unrealized
(dollars in thousands)		Fair Value				Losses				Fair Value				Losses				Fair Value				Losses
Investment grade securities:
U.S. corporate securities		$	2,136,005			$	289,078			$	481,672			$	139,996			$	2,617,677			$	429,074
Canadian and Canadian provincial governments			483,226				33,670				55,046				7,256				538,272				40,926
Residential mortgage-backed securities			497,433				26,121				253,224				20,931				750,657				47,052
Foreign corporate securities			573,499				72,645				191,346				31,944				764,845				104,589
Asset-backed securities			159,077				20,269				201,503				66,944				360,580				87,213
Commercial mortgage-backed securities			801,793				105,354				59,865				19,563				861,658				124,917
State and political subdivisions			27,468				4,587				8,000				—				35,468				4,587
Other foreign government securities			45,207				534				47,494				808				92,701				1,342
Investment grade securities			4,723,708				552,258				1,298,150				287,442				6,021,858				839,700
Non-investment grade securities:
U.S. corporate securities			193,333				31,385				42,473				8,977				235,806				40,362
Asset-backed securities			1,226				79				5,126				1,425				6,352				1,504
Foreign corporate securities			16,964				2,455				3,164				1,327				20,128				3,782
Non-investment grade securities			211,523				33,919				50,763				11,729				262,286				45,648
Total fixed maturity securities		$	4,935,231			$	586,177			$	1,348,913			$	299,171			$	6,284,144			$	885,348
Equity securities		$	95,030			$	60,555			$	21,226			$	14,739			$	116,256			$	75,294
Total number of securities in an unrealized loss position			1,426								550								1,976

		As of December 31, 2007
										Equal to or greater than
		Less than 12 months								12 months								Total
						Gross								Gross								Gross
		Estimated				Unrealized				Estimated				Unrealized				Estimated				Unrealized
(dollars in thousands)		Fair Value				Losses				Fair Value				Losses				Fair Value				Losses
Investment grade securities:
U.S. corporate securities		$	1,185,664			$	63,368			$	487,626			$	25,541			$	1,673,290			$	88,909
Canadian and Canadian provincial governments			78,045				1,077				4,313				86				82,358				1,163
Residential mortgage-backed securities			299,655				5,473				348,632				6,743				648,287				12,216
Foreign corporate securities			293,783				17,880				155,445				5,995				449,228				23,875
Asset-backed securities			341,337				24,958				72,445				5,722				413,782				30,680
Commercial mortgage-backed securities			110,097				4,499				46,647				588				156,744				5,087
U.S. government and agencies			700				1				—				—				700				1
State and political subdivisions			27,265				605				14,518				339				41,783				944
Other foreign government securities			127,397				1,635				75,354				2,878				202,751				4,513
Investment grade securities			2,463,943				119,496				1,204,980				47,892				3,668,923				167,388
Non-investment grade securities:
U.S. corporate securities			106,842				6,044				30,105				1,727				136,947				7,771
Asset-backed securities			1,996				776				—				—				1,996				776
Foreign corporate securities			9,692				1,930				3,524				165				13,216				2,095
Non-investment grade securities			118,530				8,750				33,629				1,892				152,159				10,642
Total fixed maturity securities		$	2,582,473			$	128,246			$	1,238,609			$	49,784			$	3,821,082			$	178,030
Equity securities		$	83,166			$	16,764			$	19,073			$	3,421			$	102,239			$	20,185
Total number of securities in an unrealized loss position			691								414								1,105

At September 30, 2008 and December 31, 2007, the Company had $960.6 million and $198.2 million, respectively, of gross unrealized losses related to its fixed maturity and equity securities. These securities are concentrated, calculated as a percentage of gross unrealized losses, as follows:

		September 30,				December 31,
		2008				2007
Sector:
U.S. corporate securities			58	%			59	%
Canadian and Canada provincial governments			4	%			1	%
Residential mortgage-backed securities			5	%			6	%
Foreign corporate securities			11	%			13	%
Asset-backed securities			9	%			16	%
Commercial mortgage-backed securities			13	%			3	%
State and political subdivisions			—	%			—	%
Other foreign government securities			—	%			2	%
Total			100	%			100	%
Industry:
Finance			40	%			49	%
Asset-backed			9	%			16	%
Industrial			17	%			12	%
Mortgage-backed			18	%			9	%
Government			5	%			3	%
Utility			6	%			4	%
Other			5	%			7	%
Total			100	%			100	%

The table below presents the Company’s top twenty corporate exposures held directly in its investment portfolio as of September 30, 2008. Securities backing the Company’s funds withheld portfolios are not included.

(dollars in thousands)

		Amortized				Estimated
Corporate Exposures		Cost				Fair Value
JP Morgan		$	85,305			$	74,614
Bank of America			82,708				71,376
Citigroup			78,036				61,825
General Electric Co.			67,940				58,011
AT&T, Inc.			64,293				57,605
Toronto Dominion			48,816				46,577
Verizon			41,480				37,208
American International Group			48,367				32,760
HSBC			36,755				32,102
Wells Fargo			35,330				31,887
Deutsche Telekom			30,380				27,786
Merrill Lynch			34,418				27,506
Power Corp of Canada			25,314				27,299
Morgan Stanley			36,957				27,041
Time Warner Cable			30,245				26,539
Kraft Foods, Inc.			27,943				25,976
Wachovia			42,957				24,909
Goldman Sachs			36,304				24,866
Enbridge, Inc.			20,718				23,841
Banco Santander			35,805				23,460
Total		$	910,071			$	763,188

The table below summarizes impairment writedowns on select issuers for the three month period ended September 30, 2008.

(dollars in thousands)
Asset Class / Institution		Impairment
Subprime / Alt-A		$	25,727
Lehman Brothers Holdings			24,232
Washington Mutual			22,075
Morgan Stanley			8,214
American International Group			7,500
Fannie Mae			7,231
Freddie Mac			4,680
Bell Canada Enterprises			3,499
Other			6,123
Total		$	109,281