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 April 26, 2010, Reinsurance Group of America, Incorporated (the “Company”) issued (1) a press release announcing its earnings for the three-month period ended March 31, 2010, 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 March 31, 2010, a copy of which is attached hereto as Exhibit 99.2. The press release also notes that a conference call will be held on April 27, 2010 to discuss the financial and operating results for the three-month period ended March 31, 2010. The press release and Quarterly Financial Supplement are furnished and are 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				Press Release of Reinsurance Group of America, Incorporated dated April 26, 2010
99.2				Quarterly Financial Supplement for the quarter ended March 31, 2010

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 April 26, 2010
99.2				Quarterly Financial Supplement for the quarter ended March 31, 2010

Exhibit 99.1

PRESS RELEASE

REINSURANCE GROUP OF AMERICA REPORTS FIRST-QUARTER RESULTS

	•		First-quarter earnings per diluted share: net income $1.64; operating income* $1.25
	•		High claims levels in U.S., Canada
	•		Consolidated premiums exceed $1.6 billion, up 21 percent over prior-year period

ST. LOUIS, April 26, 2010 - Reinsurance Group of America, Incorporated (NYSE:RGA), a leading global provider of life reinsurance, reported first-quarter net income of $122.4 million, or $1.64 per diluted share, compared to $23.3 million, or $0.32 per diluted share in the prior-year quarter. Operating income* totaled $93.0 million, or $1.25 per diluted share, compared to $67.4 million, or $0.92 per diluted share in the year-ago quarter.

		Quarterly Results
($ in thousands, except per share data)		2010				2009
Net premiums		$	1,628,464			$	1,346,047
Net income			122,439				23,290
Net income per diluted share			1.64				0.32
Operating income*			93,008				67,355
Operating income per diluted share*			1.25				0.92
Book value per share			56.98				33.99
Book value per share (excl. Accumulated Other Comprehensive Income “AOCI”)*			50.49				43.78
Total assets			26,722,458				21,634,314

Consolidated net premiums, including translated foreign currency-denominated premiums, increased 21 percent to $1,628.5 million. Holding foreign exchange rates constant, premiums increased approximately 13 percent. Investment income increased $81.1 million, or 36 percent, to $304.3 million in the current period. Excluding the change in valuation of option contracts supporting equity-indexed annuities, investment income increased $47.1 million, or 19 percent, to $297.6 million. An increase to the company’s tax provision of approximately $5.0 million had an adverse effect totaling $0.07 per share. That additional tax provision arose since an anticipated extension by Congress of the existing active financing exception legislation has not yet taken place, although it is anticipated later this year. Stronger foreign currencies contributed approximately $6.2 million after taxes, or $0.08 per share, to operating results when compared to 2009.

As previously announced in January, the company completed the acquisition of the U.S. and Canadian group life, accident and health reinsurance business from ReliaStar Life Insurance Company, a subsidiary of ING Groep N.V. This business is included in RGA’s consolidated results for the first time this quarter and the integration is on schedule. This business contributed $74.2 million to first-quarter consolidated premiums.

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A. Greig Woodring, president and chief executive officer, commented, “Our capital and liquidity positions remain strong. The stability embedded in our balance sheet continues to improve, demonstrated by an increasing book value and strengthening investment portfolio. During the quarter, our net unrealized gain position improved by $148.4 million and impairment losses were substantially reduced compared to 2009.

“Regarding our earnings flow, we experienced the same sort of U.S. mortality seasonality this quarter as we have in the first quarter in each of the last several years, a pattern we expect. The first-quarter reporting period typically presents the unfavorable combination of higher claims flows with the lowest quarterly premium flows. Our U.S. traditional business reported some degree of additional higher-than-expected mortality, while claim levels in Canada were also somewhat higher-than-expected. Despite this claims experience, we still generated a consolidated annualized operating return on equity in excess of 10 percent for the quarter.

“We continually update our assessment of mortality trends affecting our business, and use our findings to refine pricing on new business and expected future premium and claims flow for our entire reinsurance portfolio. Though still subject to significant volatility, this ongoing modeling forms the basis for our longer-term expectations.

“Our return on the U.S. traditional mortality business was 13 percent in 2009. This return has been somewhat depressed in both 2008 and 2009, due in part to the influence of more competitively priced business and its relative contribution to income. Our projection models indicate returns on the U.S. traditional business will likely remain in low double digits in 2010 before gradually increasing in the following years. That pattern has been anticipated, and we continue to target an enterprise-wide return on equity of 13 percent.”

SEGMENT RESULTS

U.S.

The U.S. Traditional sub-segment reported pre-tax income of $63.8 million for the quarter compared with $34.4 million in the prior year. Pre-tax operating income decreased to $61.0 million from $72.6 million the year before due to the adverse mortality experience. Net premiums were up 15 percent to $903.0 million from $786.7 million in the prior-year quarter. Excluding the effect of the group reinsurance business from the ReliaStar acquisition, premiums increased 6 percent.

The U.S. Asset Intensive business reported pre-tax income of $64.6 million compared with a pre-tax loss of $27.0 million a year ago. The prior-year result was adversely affected by losses associated with variable annuity reinsurance and embedded derivatives compared to substantial gains on those items in the current period. On an operating basis, pre-tax income increased to $16.5 million from a pre-tax loss of $3.7 million a year ago. Strong equity market performance contributed to improved spreads during the current period.

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Canada

Canadian operations reported pre-tax net income of $19.0 million compared to $16.2 million in the first quarter of 2009. Pre-tax operating income totaled $16.0 million versus $17.8 million a year ago, a result of adverse mortality experience in the current quarter. Foreign currency fluctuations benefited pre-tax operating income by approximately $1.4 million. On a Canadian dollar basis, net premiums increased approximately 27 percent, aided by strong creditor reinsurance volume. On a U.S. dollar basis, net premiums totaled $208.7 million in the current quarter compared with last year’s $138.1 million, an increase of 51 percent.

Asia Pacific

Asia Pacific reported strong pre-tax net income of $26.4 million compared with $3.6 million in the year-ago quarter. Pre-tax operating income increased to $26.6 million compared with $7.1 million a year ago, primarily as a result of favorable claims experience in Australia and Hong Kong in the current quarter. Favorable foreign currency exchange of $3.6 million also helped the current-quarter pre-tax operating result. Net premiums totaled $285.8 million compared to $243.7 million. Current-period premiums benefited approximately $50.3 million due to foreign currency fluctuations.

Europe & South Africa

Europe & South Africa reported pre-tax net income of $10.7 million for the quarter compared to $8.5 million a year ago. Pre-tax operating income was $10.2 million versus $8.1 million last year. Foreign currency exchange rates did not have a material effect on pre-tax operating income. Net premiums increased to $217.7 million, including $20.1 million from foreign currency translation, from $173.3 million in the prior year.

Corporate and Other

The company’s effective tax rate was 36.7 percent for the quarter, higher-than-expected due to the expiration of the active financing exception tax rules on December 31, 2009. Since Congress failed to pass an extender package by March 31, 2010, the company has reflected an additional tax burden for the first quarter of approximately $5 million. Excluding the effect of this item, the company’s effective tax rate was 34.1 percent. It is widely expected that Congress will soon pass the extender package, at which point the company’s additional tax burden will be reversed.

Dividend Declaration

The company’s board of directors declared a regular quarterly dividend of $0.12, payable May 26 to shareholders of record as of May 5.

Earnings Conference Call

A conference call to discuss the company’s first-quarter results will begin at 9 a.m. Eastern Time on Tuesday, April 27. Interested parties may access the call by dialing 877-852-6543 (domestic)

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or 719-325-4775 (international). The access code is 9365404. 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 May 5 at 888-203-1112 (domestic) or 719-457-0820, access code 9365404.

The company has posted to its Web site a Quarterly Financial Supplement that includes financial information for all its segments as well as information on its investment portfolio.

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 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 $2.4 trillion of life reinsurance in force, and assets of $26.7 billion.

Investor Contact

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

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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, (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.

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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 2009 Form 10-K.

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

		Three Months Ended
		March 31,
(Unaudited)		2010				2009
GAAP net income		$	122,439			$	23,290
Reconciliation to operating income:
Capital (gains) losses, derivatives and other, included in investment related (gains) losses, net			(47	)			44,117
Capital (gains) losses on funds withheld:
Included in investment income			53				—
Included in policy acquisition costs and other insurance expenses			(53	)			—
Embedded derivatives:
Included in investment related (gains) losses, net			(84,374	)			3,388
Included in interest credited			(14,574	)			(5,281	)
Included in policy acquisition costs and other insurance expenses			2,113				848
DAC offset, net			67,451				993
Operating income		$	93,008			$	67,355

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

		Three Months Ended
		March 31,
(Unaudited)		2010				2009
Income before income taxes		$	193,315			$	34,206
Reconciliation to pre-tax operating income:
Capital (gains) losses, derivatives and other, included in investment related (gains) losses, net			371				68,312
Capital (gains) losses on funds withheld:
Included in investment income			82				—
Included in policy acquisition costs and other insurance expenses			(81	)			—
Embedded derivatives:
Included in investment related (gains) losses, net			(129,806	)			5,212
Included in interest credited			(22,422	)			(8,124	)
Included in policy acquisition costs and other insurance expenses			3,250				1,304
DAC offset, net			103,769				1,529
Pre-tax operating income		$	148,478			$	102,439

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

Three Months Ended March 31, 2010

						Capital				Change in
						(gains) losses,				value of				Pre-tax
		Pre-tax net				derivatives				embedded				operating
(Unaudited)		income				and other, net				derivatives, net				income
U.S. Operations:
Traditional		$	63,825			$	(2,848	)		$	—			$	60,977
Asset Intensive			64,562				(10,808	)(1)			(37,208	)(2)			16,546
Financial Reinsurance			3,185				9				—				3,194
Total U.S.			131,572				(13,647	)			(37,208	)			80,717
Canada Operations			18,973				(2,955	)			—				16,018
Europe & South Africa			10,657				(459	)			—				10,198
Asia Pacific Operations			26,445				120				—				26,565
Corporate and Other			5,668				9,312				—				14,980
Consolidated		$	193,315			$	(7,629	)		$	(37,208	)		$	148,478

Three Months Ended March 31, 2009

						Capital				Change in
						(gains) losses,				value of				Pre-tax
		Pre-tax net				derivatives				embedded				operating
(Unaudited)		income (loss)				and other, net				derivatives, net				income (loss)
U.S. Operations:
Traditional		$	34,350			$	38,228			$	—			$	72,578
Asset Intensive			(27,022	)			(16,032	)(1)			39,313	(2)			(3,741	)
Financial Reinsurance			5,521				(32	)			—				5,489
Total U.S.			12,849				22,164				39,313				74,326
Canada Operations			16,186				1,571				—				17,757
Europe & South Africa			8,535				(422	)			—				8,113
Asia Pacific Operations			3,573				3,567				—				7,140
Corporate and Other			(6,937	)			2,040				—				(4,897	)
Consolidated		$	34,206			$	28,920			$	39,313			$	102,439

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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
		March 31,
(Unaudited)		2010				2009
Diluted earnings per share from operating income		$	1.25			$	0.92
Earnings per share from net income:
Basic earnings per share		$	1.68			$	0.32
Diluted earnings per share		$	1.64			$	0.32
Weighted average number of common and common equivalent shares outstanding			74,578				72,884

		At of for the Three Months
		Ended March 31,
(Unaudited)		2010				2009
Treasury shares			261				600
Common shares outstanding			73,103				72,763
Book value per share outstanding		$	56.98			$	33.99
Book value per share outstanding, before impact of AOCI		$	50.49			$	43.78

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

		Three Months Ended
		March 31,
(Unaudited)		2010				2009
Revenues:
Net premiums		$	1,628,464			$	1,346,047
Investment income, net of related expenses			304,258				223,196
Investment related gains (losses), net:
Other-than-temporary impairments on fixed maturity securities			(7,430	)			(34,395	)
Other-than-temporary impairments on fixed maturity securities transferred to (from) accumulated other comprehensive income			2,344				—
Other investment related gains (losses), net			136,271				(37,867	)
Total investment related gains (losses), net			131,185				(72,262	)
Other revenue			36,278				33,859
Total revenues			2,100,185				1,530,840
Benefits and expenses:
Claims and other policy benefits			1,375,180				1,169,744
Interest credited			56,934				36,909
Policy acquisition costs and other insurance expenses			366,302				198,801
Other operating expenses			91,199				66,749
Interest expense			15,449				22,117
Collateral finance facility expense			1,806				2,314
Total benefits and expenses			1,906,870				1,496,634
Income before income taxes			193,315				34,206
Income tax expense			70,876				10,916
Net income		$	122,439			$	23,290

# # #

Exhibit 99.2

Financial Supplement

First Quarter 2010

(Unaudited)

World Headquarters		Internet address						Contacts:
1370 Timberlake Manor Parkway		www.rgare.com						Jack B. Lay
Chesterfield, Missouri 63017								Senior Executive Vice President
U.S.A.								and Chief Financial Officer
								Phone: (636) 736-7000
		Current Ratings						e-mail: jlay@rgare.com
		Standard & Poor's		A.M. Best		Moody's		John Hayden
Financial Strength Ratings								Sr. Vice President
RGA Reinsurance Company		AA-		A+		A1		Controller & Investor Relations
RGA Life Reinsurance Company of Canada		AA-		A+		NR		Phone: (636) 736-7243
RGA International Reinsurance Company Limited		AA-		NR		NR		e-mail: jhayden@rgare.com
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”.

Reinsurance Group of America, Incorporated
Financial Supplement
1st Quarter 2010
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

RGA Quarterly Financial Supplement

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.

RGA Quarterly Financial Supplement

Reinsurance Group of America, Incorporated
Financial Highlights

		Three Months Ended or As of																				Current Qtr				Year-to-Date
		March 31,				Dec. 31,				Sept. 30,				June 30,				March 31,				vs. PY				March 31,				March 31,
(USD thousands, except inforce & per share data)		2010				2009				2009				2009				2009				Quarter				2010				2009				Change
Net premiums		$	1,628,464			$	1,598,754			$	1,405,179			$	1,375,181			$	1,346,047			$	282,417			$	1,628,464			$	1,346,047			$	282,417
Net income — continuing operations			122,439				112,409				118,208				153,179				23,290				99,149				122,439				23,290				99,149
Operating income			93,008				125,833				114,571				130,562				67,355				25,653				93,008				67,355				25,653
Total assets			26,722,458				25,249,501				24,162,113				22,649,349				21,634,314				5,088,144
Assumed Life Reinsurance in Force (in billions)
U.S.		$	1,318.0			$	1,290.5			$	1,281.9			$	1,280.5			$	1,285.6			$	32.4			$	1,318.0			$	1,285.6			$	32.4
Canada			293.9				276.8				261.1				234.3				209.9				84.0				293.9				209.9				84.0
Europe & South Africa			395.6				408.9				388.2				382.9				332.8				62.8				395.6				332.8				62.8
Asia Pacific			355.6				348.9				343.4				321.6				293.0				62.6				355.6				293.0				62.6
Total Life Reinsurance in Force		$	2,363.1			$	2,325.1			$	2,274.6			$	2,219.3			$	2,121.3			$	241.8			$	2,363.1			$	2,121.3			$	241.8
Assumed New Business Production (in billions) (1)
U.S.		$	40.6			$	42.5			$	31.2			$	25.8			$	35.5			$	5.1			$	40.6			$	35.5			$	5.1
Canada			13.9				13.9				10.5				9.6				9.9				4.0				13.9				9.9				4.0
Europe & South Africa			21.7				42.5				19.9				22.7				36.0				(14.3	)			21.7				36.0				(14.3	)
Asia Pacific			2.7				5.3				8.6				3.3				3.8				(1.1	)			2.7				3.8				(1.1	)
Total New Business Production		$	78.9			$	104.2			$	70.2			$	61.4			$	85.2			$	(6.3	)		$	78.9			$	85.2			$	(6.3	)
Per Share and Shares Data
Basic earnings per share from continuing operations
Net income		$	1.68			$	1.54			$	1.63			$	2.11			$	0.32			$	1.36			$	1.68			$	0.32			$	1.36
Operating income		$	1.27			$	1.73			$	1.57			$	1.79			$	0.93			$	0.34			$	1.27			$	0.93			$	0.34
Diluted earnings per share from continuing operations
Net income		$	1.64			$	1.52			$	1.61			$	2.10			$	0.32			$	1.32			$	1.64			$	0.32			$	1.32
Operating income		$	1.25			$	1.70			$	1.56			$	1.79			$	0.92			$	0.33			$	1.25			$	0.92			$	0.33
Wgt. average common shares outstanding (basic)			73,046				72,895				72,781				72,770				72,710				336				73,046				72,710				336
Wgt. average common shares outstanding (diluted)			74,578				74,195				73,286				72,939				72,884				1,694				74,578				72,884				1,694
Common shares issued			73,364				73,364				73,363				73,364				73,363				1				73,364				73,363				1
Treasury shares			261				374				573				589				600				(339	)			261				600				(339	)
Common shares outstanding			73,103				72,990				72,790				72,775				72,763				340				73,103				72,763				340
Book value per share		$	56.98			$	52.99			$	51.83			$	42.59			$	33.99
Per share effect of accumulated other comprehensive income (AOCI)		$	6.49			$	4.10			$	4.36			$	(3.31	)		$	(9.79	)
Book value per share, excluding AOCI		$	50.49			$	48.89			$	47.47			$	45.90			$	43.78

RGA Quarterly Financial Supplement

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

		Three Months Ended																				Current Qtr				Year-to-Date
		March 31,				Dec. 31,				Sept. 30,				June 30,				March 31,				vs. PY				March 31,				March 31,
(USD thousands)		2010				2009				2009				2009				2009				Quarter				2010				2009				Change
Revenues:
Net premiums		$	1,628,464			$	1,598,754			$	1,405,179			$	1,375,181			$	1,346,047			$	282,417			$	1,628,464			$	1,346,047			$	282,417
Investment income, net of related expenses			304,258				315,159				299,471				284,636				223,196				81,062				304,258				223,196				81,062
Investment related gains (losses), net
OTTI on fixed maturity securities			(7,430	)			(40,552	)			(16,945	)			(36,942	)			(34,395	)			26,965				(7,430	)			(34,395	)			26,965
OTTI on fixed maturity securities transferred to/from AOCI			2,344				3,910				(4,000	)			16,135				—				2,344				2,344				—				2,344
Other investment related gains (losses), net			136,271				22,505				63,304				98,995				(37,867	)			174,138				136,271				(37,867	)			174,138
Total investment related gains (losses), net			131,185				(14,137	)			42,359				78,188				(72,262	)			203,447				131,185				(72,262	)			203,447
Other revenue			36,278				44,059				31,972				75,161				33,859				2,419				36,278				33,859				2,419
Total revenues			2,100,185				1,943,835				1,778,981				1,813,166				1,530,840				569,345				2,100,185				1,530,840				569,345
Benefits and expenses:
Claims and other policy benefits			1,375,180				1,370,175				1,155,811				1,123,696				1,169,744				205,436				1,375,180				1,169,744				205,436
Interest credited			56,934				128,779				85,153				72,897				36,909				20,025				56,934				36,909				20,025
Policy acquisition costs and other insurance expenses			366,302				179,333				271,789				308,403				198,801				167,501				366,302				198,801				167,501
Other operating expenses			91,199				80,532				76,403				71,095				66,749				24,450				91,199				66,749				24,450
Interest expense			15,449				22,985				5,243				19,595				22,117				(6,668	)			15,449				22,117				(6,668	)
Collateral finance facility expense			1,806				1,866				2,031				2,057				2,314				(508	)			1,806				2,314				(508	)
Total benefits and expenses			1,906,870				1,783,670				1,596,430				1,597,743				1,496,634				410,236				1,906,870				1,496,634				410,236
Income before income taxes — continuing operations			193,315				160,165				182,551				215,423				34,206				159,109				193,315				34,206				159,109
Income tax expense			70,876				47,756				64,343				62,244				10,916				59,960				70,876				10,916				59,960
Income — continuing operations			122,439				112,409				118,208				153,179				23,290				99,149				122,439				23,290				99,149
Loss from discontinued operations			—				—				—				—				—				—				—				—				—
Net income		$	122,439			$	112,409			$	118,208			$	153,179			$	23,290			$	99,149			$	122,439			$	23,290			$	99,149
Pre-tax Operating Income Reconciliation:
Income before income taxes — continuing operations			193,315				160,165				182,551				215,423				34,206				159,109				193,315				34,206				159,109
Investment and derivative losses (gains) — non-operating (1)			371				65,676				20,616				148,794				68,312				(67,941	)			371				68,312				(67,941	)
Change in value of modified coinsurance and funds withheld embedded derivatives (1)			(122,635	)			(3,028	)			(51,454	)			(64,337	)			40,425				(163,060	)			(122,635	)			40,425				(163,060	)
GMXB embedded derivatives (1)			(7,171	)			(46,120	)			(10,127	)			(161,237	)			(35,213	)			28,042				(7,171	)			(35,213	)			28,042
Funds withheld losses (gains) — investment income			82				—				—				—				—				82				82				—				82
Funds withheld losses (gains) — policy acq. costs			(81	)			—				—				—				—				(81	)			(81	)			—				(81	)
EIA embedded derivatives — interest credited			(22,422	)			12,563				(5,248	)			(12,772	)			(8,124	)			(14,298	)			(22,422	)			(8,124	)			(14,298	)
EIA embedded derivatives — policy acq. costs			3,250				(801	)			191				1,748				1,304				1,946				3,250				1,304				1,946
DAC offset, net			103,769				(5,572	)			40,780				92,846				1,529				102,240				103,769				1,529				102,240
Gain on debt repurchase			—				—				—				(38,875	)			—				—				—				—				—
Operating Income Before Income Taxes		$	148,478			$	182,883			$	177,309			$	181,590			$	102,439			$	46,039			$	148,478			$	102,439			$	46,039
After-tax Operating Income Reconciliation:
Income — continuing operations			122,439				112,409				118,208				153,179				23,290				99,149				122,439				23,290				99,149
Investment and derivative losses (gains) — non-operating (1)			(47	)			41,347				13,170				96,091				44,117				(44,164	)			(47	)			44,117				(44,164	)
Change in value of modified coinsurance and
funds withheld embedded derivatives (1)			(79,713	)			(1,968	)			(33,445	)			(41,819	)			26,276				(105,989	)			(79,713	)			26,276				(105,989	)
GMXB embedded derivatives (1)			(4,661	)			(29,978	)			(6,582	)			(104,805	)			(22,888	)			18,227				(4,661	)			(22,888	)			18,227
Funds withheld losses (gains) — investment income			53				—				—				—				—				53				53				—				53
Funds withheld losses (gains) — policy acq. costs			(53	)			—				—				—				—				(53	)			(53	)			—				(53	)
EIA embedded derivatives — interest credited			(14,574	)			8,166				(3,412	)			(8,301	)			(5,281	)			(9,293	)			(14,574	)			(5,281	)			(9,293	)
EIA embedded derivatives — policy acq. costs			2,113				(521	)			124				1,136				848				1,265				2,113				848				1,265
DAC offset, net			67,451				(3,622	)			26,508				60,350				993				66,458				67,451				993				66,458
Gain on debt repurchase			—				—				—				(25,269	)			—				—				—				—				—
Operating Income		$	93,008			$	125,833			$	114,571			$	130,562			$	67,355			$	25,653			$	93,008			$	67,355			$	25,653

RGA Quarterly Financial Supplement

     

Reinsurance Group of America, Incorporated
Consolidated Operating Income Statement

		Three Months Ended																				Current Qtr				Year-to-Date
		March 31,				Dec. 31,				Sept. 30,				June 30,				March 31,				vs. PY				March 31,				March 31,
(USD thousands, except per share data)		2010				2009				2009				2009				2009				Quarter				2010				2009				Change
Revenues:
Net premiums		$	1,628,464			$	1,598,754			$	1,405,179			$	1,375,181			$	1,346,047			$	282,417			$	1,628,464			$	1,346,047			$	282,417
Investment income, net of related expenses			304,340				315,159				299,471				284,636				223,196				81,144				304,340				223,196				81,144
Investment related gains (losses), net			1,750				2,391				1,394				1,408				1,262				488				1,750				1,262				488
Other revenue			36,278				44,059				31,972				36,286				33,859				2,419				36,278				33,859				2,419
Total revenues			1,970,832				1,960,363				1,738,016				1,697,511				1,604,364				366,468				1,970,832				1,604,364				366,468
Benefits and expenses:
Claims and other policy benefits			1,375,180				1,370,175				1,155,811				1,123,696				1,169,744				205,436				1,375,180				1,169,744				205,436
Interest credited			79,356				116,216				90,401				85,669				45,033				34,323				79,356				45,033				34,323
Policy acquisition costs and other insurance expenses			259,364				185,706				230,818				213,809				195,968				63,396				259,364				195,968				63,396
Other operating expenses			91,199				80,532				76,403				71,095				66,749				24,450				91,199				66,749				24,450
Interest expense			15,449				22,985				5,243				19,595				22,117				(6,668	)			15,449				22,117				(6,668	)
Collateral finance facility expense			1,806				1,866				2,031				2,057				2,314				(508	)			1,806				2,314				(508	)
Total benefits and expenses			1,822,354				1,777,480				1,560,707				1,515,921				1,501,925				320,429				1,822,354				1,501,925				320,429
Operating income before income taxes			148,478				182,883				177,309				181,590				102,439				46,039				148,478				102,439				46,039
Operating income tax expense			55,470				57,050				62,738				51,028				35,084				20,386				55,470				35,084				20,386
Operating income		$	93,008			$	125,833			$	114,571			$	130,562			$	67,355			$	25,653			$	93,008			$	67,355			$	25,653
Wgt. Average Common Shares Outstanding (Diluted)			74,578				74,195				73,286				72,939				72,884				1,694				74,578				72,884				1,694
Diluted Earnings Per Share — Operating Income		$	1.25			$	1.70			$	1.56			$	1.79			$	0.92			$	0.33			$	1.25			$	0.92			$	0.33
Foreign currency effect on*:
Net premiums		$	103,974			$	81,807			$	(41,517	)		$	(103,209	)		$	(144,690	)		$	248,664			$	103,974			$	(144,690	)		$	248,664
Operating income before income taxes		$	9,497			$	13,321			$	(1,564	)		$	(9,666	)		$	(10,993	)		$	20,490			$	9,497			$	(10,993	)		$	20,490