SEC Filing | Reinsurance Group of America, Inc

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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

Date of Report (Date of Earliest Event Reported): January 24, 2019

REINSURANCE GROUP OF AMERICA, INCORPORATED

(Exact Name of Registrant as Specified in its Charter)



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

16600 Swingley Ridge Road, 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):



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

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter):



r	Emerging growth company
r	If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.



Item 2.02	Results of Operations and Financial Condition.

On January 28, 2019, Reinsurance Group of America, Incorporated issued (1) a press release (the "Press Release") announcing its earnings for the three-month period ended December 31, 2018, and providing certain additional information, a copy of which is furnished with this report as Exhibit 99.1, and (2) a quarterly financial supplement (the "Quarterly Financial Supplement") for the quarter ended December 31, 2018, a copy of which is furnished with this report as Exhibit 99.2. The Press Release also notes that a conference call will be held on January 29, 2019 to discuss the financial and operating results for the three-month period ended December 31, 2018. The information set forth in this Current Report on Form 8-K, including the Press Release and Quarterly Financial Supplement, is being furnished and shall not be deemed to be "filed", as described in Instruction B.2 of Form 8-K.



Item 5.02	Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On January 24, 2019, the Board of Directors (the “Board”) of the Company appointed Steven C. Van Wyk to the Board, effective as of February 1, 2019, for a term of office ending at the 2019 annual meeting, or until his successor is duly elected and qualified. The addition of Mr. Van Wyk increases the size of the Board to twelve directors.

Mr. Van Wyk, 60, has more than 30 years of information technology and operations experience. Since 2013, Mr. Van Wyk has been employed by PNC Financial Services Group, Inc. (“PNC”) and currently serves as Head of Technology & Innovation. Prior to PNC, Mr. Van Wyk was with ING Groep N.V. for seven years.

Mr. Van Wyk holds degrees in Business Management and Accounting with a minor in Computer Science from Central University of Iowa. He is a Certified Public Accountant and a Certified Internal Auditor. In addition, Mr. Van Wyk has a Series 27 license and is Chairman of the Board for the Banking Industry Architecture Network.

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, 2018, in which the amount involved exceeds $120,000 and in which Mr. Van Wyk had, or will have, a direct or indirect material interest.

There are no arrangements or understandings between Mr. Van Wyk and any other person pursuant to which he was elected as a director. Mr. Van Wyk will participate in the non-employee director compensation arrangements established by the Company for non-employee directors, as described under “Board of Directors-Director Compensation” in the Company’s proxy statement dated April 11, 2018 for its 2018 annual meeting of shareholders. Mr. Van Wyk has not yet been named to any committees of the Board.



Item 7.01	Regulation FD Disclosure.

The Company issued a press release (the “Press Release”) announcing the appointment of Mr. Van Wyk to the Board, a copy of which is furnished with this report as Exhibit 99.3. The information set forth in this Item 7.01, including the Press Release, is being furnished and shall not be deemed to be “filed”, as described in 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 January 28, 2019

99.2		Quarterly Financial Supplement for the quarter ended December 31, 2018

99.3		Press Release of Reinsurance Group of America, Incorporated dated January 25, 2019

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.




	REINSURANCE GROUP OF AMERICA, INCORPORATED

Date: January 28, 2019	By:	/s/ Todd C. Larson
		Todd C. Larson
		Senior Executive Vice President and Chief Financial Officer

Exhibit

Exhibit 99.1

PRESS RELEASE

REINSURANCE GROUP OF AMERICA REPORTS FOURTH-QUARTER RESULTS


•	Earnings per diluted share: $1.72 from net income, $3.46 from adjusted operating income*


•	Full-year earnings per diluted share: $11.00 from net income, $12.12 from adjusted operating income*


•	ROE 8.1 percent and adjusted operating ROE* 10.3 percent for the full year


•	Deployed capital of $160 million into in-force and other transactions in the quarter

ST. LOUIS, January 28, 2019 - Reinsurance Group of America, Incorporated (NYSE: RGA), a leading global provider of life reinsurance, reported fourth-quarter net income of $110.0 million, or $1.72 per diluted share, compared with $1,216.9 million, or $18.49 per diluted share, in the prior-year quarter. The Tax Cuts and Jobs Act of 2017 (“U.S. Tax Reform”) benefited the prior-year quarter by approximately $1.0 billion, or $15.71 per diluted share. Adjusted operating income* totaled $221.8 million, or $3.46 per diluted share, compared with $170.9 million, or $2.60 per diluted share, the year before. Net foreign currency fluctuations had an adverse effect of $0.05 per diluted share on net income and $0.06 per diluted share on adjusted operating income as compared with the prior year. The difference between net income and adjusted operating income in the quarter reflects realized and unrealized investment losses and changes in the fair value of certain embedded derivatives and related deferred acquisition costs.



	Quarterly Results				Year-to-Date Results
($ in thousands, except per share data)	2018		2017		2018		2017
Net premiums	$	2,804,723	$	2,505,186	$	10,543,776	$	9,841,130
Net income	110,039		1,216,888		715,842		1,822,181
Net income per diluted share	1.72		18.49		11.00		27.71
Adjusted operating income*	221,751		170,899		788,968		712,686
Adjusted operating income per diluted share*	3.46		2.60		12.12		10.84
Book value per share	134.53		148.48
Book value per share, excluding accumulated other comprehensive income (AOCI)*	124.39		116.46
Total assets	64,609,026		60,514,818



*	See ‘Use of Non-GAAP Financial Measures’ below

Full-year net income totaled $715.8 million, or $11.00 per diluted share, versus $1,822.2 million, or $27.71 per diluted share in 2017. The prior year reflected the effects of the reduced corporate tax rate from the enactment of U.S. Tax Reform, totaling $1.0 billion, or $15.72 per diluted share. Adjusted operating income for the full year increased to $789.0 million, or $12.12 per diluted share, from $712.7 million, or $10.84 per diluted share, the year before. Net foreign currency fluctuations had a favorable effect of $0.13 per diluted share on net income and $0.09 per diluted share on adjusted operating income. Net premiums totaled $10.5 billion, increasing 7 percent in 2018. Full-year premiums reflected favorable foreign currency effects of $43.0 million.

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In the fourth quarter, consolidated net premiums totaled $2.8 billion, up 12 percent from last year’s fourth quarter of $2.5 billion, with adverse net foreign currency effects of $43.8 million. Excluding spread-based businesses and the value of associated derivatives, investment income increased 5 percent versus a year ago, reflecting asset growth of 4 percent and higher variable investment income. The average investment yield, excluding spread businesses, was up 6 basis points from the fourth quarter of 2017 to 4.44 percent, reflecting higher variable investment income for the quarter. The average investment yield was down 13 basis points from the third-quarter yield due to lower variable investment income this quarter; variable investment income was above average in both quarters, but particularly strong in the third quarter.

The GAAP effective tax rate this quarter was 20.2 percent on pre-tax income, and for the full year was 15.4 percent. The full-year GAAP effective tax rate was affected by the release of a valuation allowance previously established as part of the Company’s provisional estimate of the effects of U.S. Tax Reform.

The effective tax rate was 20.8 percent on pre-tax adjusted operating income for the quarter. For the full year, the effective tax rate was 22.5 percent on pre-tax adjusted operating income, in line with the expected range.

Anna Manning, President and Chief Executive Officer, commented, “On balance, this was a solid quarter, as we continued to benefit from earnings diversity that comes with our global operating platform, with strong results in EMEA, Asia and Canada, offsetting moderate weakness in the U.S. Traditional segment and Australia. Premiums were up a healthy 12 percent, and we had another quarter of significant capital deployment.

“The full year featured numerous highlights, including continued strong operating results from our operations in EMEA and Asia, good overall organic growth and a high level of capital deployment.

“Our strong capital position has allowed us to pursue and execute attractive in-force transactions and manage capital effectively through active share repurchases. For the year, we deployed approximately $440 million toward in-force transactions, including approximately $160 million in the fourth quarter. We also repurchased $284 million of common shares in 2018, including $25 million in the fourth quarter. Our Board approved a new authorization of $400 million, replacing the previous authorization. We ended the year with an excess capital position of approximately $1.0 billion.

“Looking forward, we remain optimistic about the future and our business prospects, and ability to deliver attractive financial returns. RGA is well positioned in its markets, we have a proven strategy and a long track record of successful execution. We anticipate ongoing change in the life insurance industry, and RGA expects to continue to innovate and add to its capabilities in order to help our clients successfully address these industry challenges and opportunities.”

SEGMENT RESULTS

U.S. and Latin America

Traditional

The U.S. and Latin America Traditional segment reported pre-tax income of $95.2 million, compared with $92.4 million in the fourth quarter of 2017. Pre-tax adjusted operating income totaled $92.4 million for

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the quarter, compared with $93.8 million the year before. Results for the current quarter reflected unfavorable individual mortality, while the previous year reflected moderately unfavorable individual mortality experience and poor performance in the Group business. For the full year, pre-tax income totaled $286.4 million, compared with $373.4 million a year ago and pre-tax adjusted operating income totaled $278.2 million, compared with $375.0 million a year ago.

Traditional net premiums were up 8 percent from last year’s fourth quarter to $1,500.2 million, reflecting increased sales in this year’s quarter, while last year was negatively affected by the negotiated modification of an existing health treaty that effectively reduced premiums in that quarter. Full-year net premiums totaled $5,533.3 million, up 3 percent from 2017.

Financial Solutions

The Asset-Intensive business reported pre-tax losses of $5.8 million compared with pre-tax income of $80.8 million last year. Fourth-quarter pre-tax adjusted operating income totaled $52.8 million compared with $55.3 million a year ago. Current-period results were relatively in line with expectations, while prior-year results reflected new deal income, as well as favorable equity markets. Full-year pre-tax income totaled $167.8 million, compared with $320.7 million in 2017. Pre-tax adjusted operating income for the full year totaled $216.0 million, compared with $229.4 million in the prior year.

The Financial Reinsurance business reported pre-tax income and pre-tax adjusted operating income of $19.4 million, down modestly from $21.1 million the year before. For the full year, pre-tax income and pre-tax adjusted operating income totaled $82.7 million, up from $80.9 million in 2017.

Canada

Traditional

The Canada Traditional segment reported pre-tax income of $45.6 million, compared with $39.3 million the year before. Pre-tax adjusted operating income increased to $50.3 million, from $38.6 million a year ago, due to favorable individual mortality experience, and the contribution of income from two new in-force transactions written during the year. Foreign currency exchange rates had an adverse effect of $2.1 million on pre-tax income and $2.3 million on pre-tax adjusted operating income. Pre-tax income for the full year totaled $112.3 million, compared with $120.2 million the year before and pre-tax adjusted operating income totaled $118.0 million, compared with $113.9 million the year before. Foreign currency exchange rates had an adverse effect of $1.2 million on pre-tax income and pre-tax adjusted operating income for the full year.

Reported net premiums totaled $267.4 million for the quarter, up 12 percent over $239.0 million in the year-ago period primarily due to new business and in particular in-force transactions entered into in 2018. Net foreign currency fluctuations had an adverse effect of $10.7 million on net premiums. For the full year, net premiums totaled $1,024.0 million compared with $902.0 million in 2017. Net foreign currency fluctuations had an adverse effect of $0.1 million on net premiums for the full year.

Financial Solutions

The Canada Financial Solutions business segment, which consists of longevity and fee-based transactions,

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reported fourth-quarter pre-tax income and pre-tax adjusted operating income of $1.2 million, compared with $4.2 million a year ago. Current-period results were relatively in line with expectations, while the prior-year period had favorable longevity experience. Net foreign currency fluctuations adversely affected pre-tax income and pre-tax adjusted operating income by $0.1 million. For the full year, pre-tax income and pre-tax adjusted operating income totaled $9.6 million, compared with $16.6 million in 2017. Net foreign currency fluctuations favorably affected pre-tax income and pre-tax adjusted operating income by $0.2 million.

Europe, Middle East and Africa (EMEA)

Traditional

The EMEA Traditional segment reported pre-tax income of $14.9 million compared with $29.7 million in last year’s fourth quarter. Pre-tax adjusted operating income totaled $15.0 million, compared with $29.7 million in the prior-year period. The current-period results reflected modestly favorable underwriting experience, while the year-ago period reflected particularly favorable mortality and morbidity experience. Net foreign currency fluctuations adversely affected pre-tax income and pre-tax adjusted operating income by $0.9 million for the quarter. Full-year pre-tax income totaled $55.1 million, compared with $70.5 million and pre-tax adjusted operating income totaled $55.3 million compared with $70.4 million in the prior year. For the year, foreign currency fluctuations favorably affected pre-tax income and pre-tax adjusted operating income by $1.5 million.

Reported net premiums increased 10 percent to $352.5 million in the fourth quarter due to new business across the segment. Foreign currency exchange rates adversely affected net premiums by $12.0 million. For the full year, net premiums totaled $1,423.2 million, with a favorable effect of $40.6 million from foreign currency exchange rates.

Financial Solutions

The EMEA Financial Solutions business segment, which consists of longevity, asset-intensive and fee-based transactions, reported fourth-quarter pre-tax income of $35.6 million, compared with $31.7 million in the year-ago period. Pre-tax adjusted operating income increased to $44.2 million, up from $34.5 million the year before, due to favorable longevity experience. Net foreign currency fluctuations adversely affected pre-tax income by $1.2 million and pre-tax adjusted operating income by $1.4 million. For the full year, pre-tax income totaled $196.4 million compared with $123.5 million and pre-tax adjusted operating income totaled $196.0 million compared with $118.2 million the year before. Net foreign currency fluctuations had a favorable effect of $5.8 million on pre-tax income and $4.9 million on pre-tax adjusted operating income.

Asia Pacific

Traditional

The Asia Pacific Traditional segment’s pre-tax income and pre-tax adjusted operating income totaled

$33.7 million, compared with $27.2 million in the prior-year period. Current-period results reflected favorable experience in Asia, offset slightly by a loss in Australia. Net foreign currency fluctuations had a

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favorable effect of $0.7 million on pre-tax income and pre-tax adjusted operating income. Full-year pre-tax income and pre-tax adjusted operating income totaled $177.5 million compared with $148.8 million in 2017. Net foreign currency fluctuations had a favorable effect of $2.8 million on pre-tax income and $2.7 million pre-tax adjusted operating income for the full year.

Reported net premiums increased 24 percent to $616.4 million, reflecting growth on new and existing treaties in Asia and premium catch-ups due to the timing of client reporting. Foreign currency exchange rates had an adverse effect of $18.4 million on net premiums. Reported net premiums for the full year totaled $2,296.4 million, an increase of 12 percent over the prior year. Foreign currency exchanges rates had an adverse effect of $2.8 million for the full year.

Financial Solutions

The Asia Pacific Financial Solutions business segment, which consists of asset-intensive and fee-based transactions, reported fourth-quarter pre-tax losses of $14.3 million, compared with pre-tax income of $2.1 million in the prior-year period. Pre-tax adjusted operating income totaled $2.0 million, compared with $0.7 million the year before. Current-period results were relatively in line with expectations. Net foreign currency fluctuations had a favorable effect of $0.3 million on pre-tax income and an adverse effect of $0.1 million on pre-tax adjusted operating income. Full-year pre-tax losses totaled $6.0 million compared with pre-tax income of $13.1 million in the prior year. Pre-tax adjusted operating income totaled $7.5 million compared with $2.6 million in 2017. Net foreign currency fluctuations had a favorable effect of $0.4 million on pre-tax income and an adverse effect of $0.1 million on pre-tax adjusted operating income for the full year.

Corporate and Other

The Corporate and Other segment’s pre-tax losses totaled $87.6 million, compared with pre-tax losses of $73.0 million the year before. Pre-tax adjusted operating losses totaled $31.0 million, compared with year-ago pre-tax adjusted operating losses of $59.6 million. The current-period loss was higher than the expected range due to costs related to technology and service initiatives. For the full year, pre-tax losses totaled $236.0 million compared with $125.0 million and pre-tax adjusted operating losses totaled $122.9 million compared with $117.4 million in the prior year.

Company Guidance

On an annual basis, the Company provides financial guidance based upon the intermediate term rather than giving a range of annual earnings per share for an upcoming year. This better reflects the long-term nature of the business, as the Company accepts risks over very long periods of time, up to 30 years or longer in some cases. While more predictable over longer-term horizons, RGA's business is subject to inherent short-term volatility, primarily due to mortality and morbidity experience.

Over the intermediate term, the Company continues to target growth in adjusted operating earnings per share in the 5 to 8 percent range, and adjusted operating return on equity of 10 to 12 percent. It is presumed that there are no significant changes in the investment environment from current levels, and the Company will deploy $300 to $400 million of excess capital, on average, annually. These guidance ranges are based upon “normalized” results. The Company currently estimates its effective tax rate on adjusted operating income for 2019 and thereafter will be in the range of 21 percent to 24 percent.

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Share Repurchase Authorization

The board of directors authorized a share repurchase program for up to $400 million of the Company’s outstanding common stock, replacing the previous share repurchase authorization. This new authorization is effective immediately and does not have an expiration date. Repurchases would be made in accordance with applicable securities laws and would be made through market transactions, block trades, privately negotiated transactions or other means, or a combination of these methods, with the timing and number of shares repurchased dependent on a variety of factors, including share price, corporate and regulatory requirements, and market and business conditions. Repurchases may be commenced or suspended from time to time without prior notice.

Dividend Declaration

The board of directors declared a regular dividend of $0.60, payable February 28 to shareholders of record as of February 7.

Earnings Conference Call

A conference call to discuss fourth-quarter results will begin at 11 a.m. Eastern Time on Tuesday, January 29. Interested parties may access the call by dialing 800-281-7973 (domestic) or 323-794-2093 (international). The access code is 7263989. A live audio webcast of the conference call will be available

on the Company’s Investor Relations website at www.rgare.com. A replay of the conference call will be available at the same address for 90 days following the conference call.

The Company has posted to its website a Quarterly Financial Supplement that includes financial information for all segments as well as information on its investment portfolio. Additionally, the Company posts periodic reports, press releases and other useful information on its Investor Relations website.

Use of Non-GAAP Financial Measures

RGA uses a non-GAAP financial measure called adjusted 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 adjusted 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 substantially all of 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, adjusted operating income excludes any net gain or loss from discontinued operations, the cumulative effect of any accounting changes, tax reform and other items that management believes are not indicative of the Company’s ongoing operations. The definition of adjusted operating income can vary by company and is not considered a substitute for GAAP net income.

Book value per share excluding the 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.

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Adjusted operating income per diluted share is a non-GAAP financial measure calculated as adjusted operating income divided by weighted average diluted shares outstanding. Adjusted operating return on equity is a non-GAAP financial measure calculated as adjusted operating income divided by average stockholders’ equity excluding AOCI. Similar to adjusted operating income, management believes these non-GAAP financial measures better reflect the ongoing profitability and underlying trends of the Company’s continuing operations, they also serve as a basis for establishing target levels and awards under RGA’s management incentive programs.

Reconciliations from GAAP net income, book value per share, net income per diluted share and average stockholders’ equity are provided in the following tables. Additional financial information can be found in the Quarterly Financial Supplement on RGA’s Investor Relations website at www.rgare.com in the “Financial Information” section.

About RGA

Reinsurance Group of America, Incorporated (RGA), a Fortune 500 company, is among the leading global providers of life reinsurance and financial solutions, with approximately $3.3 trillion of life reinsurance in force and assets of $64.6 billion as of December 31, 2018. Founded in 1973, RGA today is recognized for its deep technical expertise in risk and capital management, innovative solutions, and commitment to serving its clients. With headquarters in St. Louis, Missouri, and operations around the world, RGA delivers expert solutions in individual life reinsurance, individual living benefits reinsurance, group reinsurance, health reinsurance, facultative underwriting, product development, and financial solutions. To learn more about RGA and its businesses, visit the Company’s website at www.rgare.com.

Cautionary Note 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, ratios, future financial performance, and growth potential of Reinsurance Group of America, Incorporated and its subsidiaries (which we refer to in the previous 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 the Company’s liquidity, access to capital, and cost of capital, (2) the impairment of other financial institutions and its effect on the Company’s business,

(3) requirements to post collateral or make payments due to declines in market value of assets subject to the Company’s collateral arrangements, (4) the fact that the determination of allowances and impairments

taken on the Company’s investments is highly subjective, (5) adverse changes in mortality, morbidity, lapsation, or claims experience, (6) changes in the Company’s financial strength and credit ratings and the effect of such changes on the Company’s 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 the Company’s current and planned

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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 the Company’s investment securities or result in the impairment of all or a portion of the value of certain of the Company’s investment securities, that in turn could affect regulatory capital, (11) market or economic conditions that adversely affect the Company’s ability to make timely sales of investment securities, (12) risks inherent in the Company’s 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 the Company operates, including ongoing uncertainties regarding the amount of United States sovereign debt and the credit ratings thereof, (17) competitive factors and competitors’ responses to

the Company’s initiatives, (18) the success of the Company’s clients, (19) successful execution of the Company’s entry into new markets, (20) successful development and introduction of new products and distribution opportunities, (21) the Company’s ability to successfully integrate acquired blocks of business and entities, (22) action by regulators who have authority over the Company’s reinsurance operations in the jurisdictions in which it operates, (23) the Company’s dependence on third parties, including those insurance companies and reinsurers to which the Company cedes 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 the Company or its clients do business, (25) interruption or failure of the Company’s telecommunication, information technology, or other operational systems, or the

Company’s failure to maintain adequate security to protect the confidentiality or privacy of personal or

sensitive data stored on such systems, (26) changes in laws, regulations, and accounting standards

applicable to the Company, its subsidiaries, or its business, (27) the benefits or burdens associated with the

Tax Cuts and Jobs Act of 2017 may be different than expected, (28) the effect of the Company’s status as

an insurance holding company and regulatory restrictions on its ability to pay principal of and interest on its debt obligations and (29) other risks and uncertainties described in this document and in the Company’s 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 see Item 1A - “Risk Factors” in the 2017 Annual Report.

Investor Contact

Jeff Hopson

Senior Vice President - Investor Relations

(636) 736-7000

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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

Reconciliation of Consolidated Net Income to Adjusted Operating Income

(Dollars in thousands, except per share data)



(Unaudited)	Three Months Ended December 31,
	2018						2017
				Diluted Earnings Per Share						Diluted Earnings Per Share
Net income	$	110,039		$	1.72		$	1,216,888		$	18.49
Reconciliation to adjusted operating income:
Capital (gains) losses, derivatives and other, included in investment related gains/losses, net	25,067			0.39			17,806			0.28
Capital (gains) losses on funds withheld, included in investment income, net of related expenses	(24		)	—			(2,036		)	(0.03		)
Embedded derivatives:
Included in investment related gains/losses, net	87,397			1.36			(34,787		)	(0.53		)
Included in interest credited	9,655			0.15			(2,337		)	(0.04		)
DAC offset, net	(9,874		)	(0.15		)	14,449			0.22
Investment (income) loss on unit-linked variable annuities	8,324			0.13			(3,108		)	(0.05		)
Interest credited on unit-linked variable annuities	(8,324		)	(0.13		)	3,108			0.05
Non-investment derivatives	(160		)	—			27			—
U.S. tax reform and statutory tax rate changes	(349		)	(0.01		)	(1,039,111		)	(15.79		)
Adjusted operating income	$	221,751		$	3.46		$	170,899		$	2.60



(Unaudited)	Twelve Months Ended December 31,
	2018						2017
				Diluted Earnings Per Share						Diluted Earnings Per Share
Net income	$	715,842		$	11.00		$	1,822,181		$	27.71
Reconciliation to adjusted operating income:
Capital (gains) losses, derivatives and other, included in investment related gains/losses, net	120,512			1.85			10,385			0.16
Capital (gains) losses on funds withheld, included in investment income, net of related expenses	(1,757		)	(0.03		)	(10,070		)	(0.15		)
Embedded derivatives:
Included in investment related gains/losses, net	22,161			0.34			(114,979		)	(1.75		)
Included in interest credited	(13,729		)	(0.21		)	(26,169		)	(0.40		)
DAC offset, net	8,272			0.13			70,382			1.07
Investment (income) loss on unit-linked variable annuities	5,261			0.08			(7,201		)	(0.11		)
Interest credited on unit-linked variable annuities	(5,261		)	(0.08		)	7,201			0.11
Non-investment derivatives	(160		)	—			67			—
U.S. tax reform and statutory tax rate changes	(62,173		)	(0.96		)	(1,039,111		)	(15.80		)
Adjusted operating income	$	788,968		$	12.12		$	712,686		$	10.84

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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

Reconciliation of Consolidated Effective Income Tax Rates

(Dollars in thousands)



(Unaudited)	Three Months Ended December 31, 2018
	Pre-tax Income			Income Taxes			Effective Tax Rate
GAAP income	$	137,946		$	27,907		20.2	%
Reconciliation to adjusted operating income:
Capital (gains) losses, derivatives and other, included in investment related gains/losses, net	32,023			6,956
Capital (gains) losses on funds withheld, included in investment income, net of related expenses	(30		)	(6		)
Embedded derivatives:
Included in investment related gains/losses, net	110,629			23,232
Included in interest credited	12,222			2,567
DAC offset, net	(12,498		)	(2,624		)
Investment (income) loss on unit-linked variable annuities	10,536			2,212
Interest credited on unit-linked variable annuities	(10,536		)	(2,212		)
Non-investment derivatives	(202		)	(42		)
U.S. tax reform and statutory tax rate changes	—			349
Adjusted operating income	$	280,090		$	58,339		20.8	%

Reconciliation of Consolidated Income before Income Taxes to Pre-tax Adjusted Operating Income

(Dollars in thousands)



(Unaudited)	Three Months Ended December 31,						Twelve Months Ended December 31,
	2018			2017			2018			2017
Income before income taxes	$	137,946		$	255,494		$	845,820		$	1,142,815
Reconciliation to pre-tax adjusted operating income:
Capital (gains) losses, derivatives and other, included in investment related gains/losses, net	32,023			27,908			153,342			19,969
Capital (gains) losses on funds withheld, included in investment income, net of related expenses	(30		)	(3,133		)	(2,224		)	(15,493		)
Embedded derivatives:
Included in investment related gains/losses, net	110,629			(53,518		)	28,052			(176,890		)
Included in interest credited	12,222			(3,595		)	(17,378		)	(40,260		)
DAC offset, net	(12,498		)	22,230			10,471			108,280
Investment (income) loss on unit-linked variable annuities	10,536			(4,781		)	6,659			(11,078		)
Interest credited on unit-linked variable annuities	(10,536		)	4,781			(6,659		)	11,078
Non-investment derivatives	(202		)	41			(202		)	103
Pre-tax adjusted operating income	$	280,090		$	245,427		$	1,017,881		$	1,038,524

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Add Ten

REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

Reconciliation of Pre-tax Income to Pre-tax Adjusted Operating Income

(Dollars in thousands)



(Unaudited)	Three Months Ended December 31, 2018
	Pre-tax income (loss)			Capital (gains) losses, derivatives and other, net			Change in value of embedded derivatives, net				Pre-tax adjusted operating income (loss)
U.S. and Latin America:
Traditional	$	95,212		$	76		$	(2,878	)		$	92,410
Financial Solutions:
Asset-Intensive	(5,798		)	6,414		⁽¹⁾	52,161			⁽²⁾	52,777
Financial Reinsurance	19,394			—			—				19,394
Total U.S. and Latin America	108,808			6,490			49,283				164,581
Canada Traditional	45,647			4,693			—				50,340
Canada Financial Solutions	1,195			—			—				1,195
Total Canada	46,842			4,693			—				51,535
EMEA Traditional	14,860			170			—				15,030
EMEA Financial Solutions	35,649			8,525			—				44,174
Total EMEA	50,509			8,695			—				59,204
Asia Pacific Traditional	33,745			—			—				33,745
Asia Pacific Financial Solutions	(14,331		)	16,351			—				2,020
Total Asia Pacific	19,414			16,351			—				35,765
Corporate and Other	(87,627		)	56,632			—				(30,995		)
Consolidated	$	137,946		$	92,861		$	49,283			$	280,090


(1)	Asset-Intensive is net of $61,070 DAC offset.


(2)	Asset-Intensive is net of $(73,568) DAC offset.



(Unaudited)	Three Months Ended December 31, 2017
	Pre-tax income (loss)			Capital (gains) losses, derivatives and other, net				Change in value of embedded derivatives, net				Pre-tax adjusted operating income (loss)
U.S. and Latin America:
Traditional	$	92,368		$	(6	)		$	1,420			$	93,782
Financial Solutions:
Asset-Intensive	80,810			30,413			⁽¹⁾	(55,934		)	⁽²⁾	55,289
Financial Reinsurance	21,085			—				—				21,085
Total U.S. and Latin America	194,263			30,407				(54,514		)		170,156
Canada Traditional	39,265			(647		)		—				38,618
Canada Financial Solutions	4,154			—				—				4,154
Total Canada	43,419			(647		)		—				42,772
EMEA Traditional	29,735			(45		)		—				29,690
EMEA Financial Solutions	31,738			2,779				—				34,517
Total EMEA	61,473			2,734				—				64,207
Asia Pacific Traditional	27,212			15				—				27,227
Asia Pacific Financial Solutions	2,110			(1,408		)		—				702
Total Asia Pacific	29,322			(1,393		)		—				27,929
Corporate and Other	(72,983		)	13,346				—				(59,637		)
Consolidated	$	255,494		$	44,447			$	(54,514	)		$	245,427


(1)	Asset-Intensive is net of $19,631 DAC offset.


(2)	Asset-Intensive is net of $2,599 DAC offset.

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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

Reconciliation of Pre-tax Income to Pre-tax Adjusted Operating Income

(Dollars in thousands)



(Unaudited)	Twelve Months Ended December 31, 2018
	Pre-tax income (loss)			Capital (gains) losses, derivatives and other, net				Change in value of embedded derivatives, net				Pre-tax adjusted operating income (loss)
U.S. and Latin America:
Traditional	$	286,410		$	217			$	(8,394	)		$	278,233
Financial Solutions:
Asset-Intensive	167,794			71,673			⁽¹⁾	(23,507		)	⁽²⁾	215,960
Financial Reinsurance	82,684			—				—				82,684
Total U.S. and Latin America	536,888			71,890				(31,901		)		576,877
Canada Traditional	112,308			5,703				—				118,011
Canada Financial Solutions	9,576			—				—				9,576
Total Canada	121,884			5,703				—				127,587
EMEA Traditional	55,119			161				—				55,280
EMEA Financial Solutions	196,387			(396		)		—				195,991
Total EMEA	251,506			(235		)		—				251,271
Asia Pacific Traditional	177,501			(6		)		—				177,495
Asia Pacific Financial Solutions	(5,966		)	13,467				—				7,501
Total Asia Pacific	171,535			13,461				—				184,996
Corporate and Other	(235,993		)	113,143				—				(122,850		)
Consolidated	$	845,820		$	203,962			$	(31,901	)		$	1,017,881


(1)	Asset-Intensive is net of $53,046 DAC offset.


(2)	Asset-Intensive is net of $(42,575) DAC offset.



(Unaudited)	Twelve Months Ended December 31, 2017
	Pre-tax income (loss)			Capital (gains) losses, derivatives and other, net				Change in value of embedded derivatives, net				Pre-tax adjusted operating income (loss)
U.S. and Latin America:
Traditional	$	373,434		$	1			$	1,605			$	375,040
Financial Solutions:
Asset-Intensive	320,708			81,620			⁽¹⁾	(172,930		)	⁽²⁾	229,398
Financial Reinsurance	80,876			—				—				80,876
Total U.S. and Latin America	775,018			81,621				(171,325		)		685,314
Canada Traditional	120,218			(6,285		)		—				113,933
Canada Financial Solutions	16,643			—				—				16,643
Total Canada	136,861			(6,285		)		—				130,576
EMEA Traditional	70,486			(52		)		—				70,434
EMEA Financial Solutions	123,514			(5,323		)		—				118,191
Total EMEA	194,000			(5,375		)		—				188,625
Asia Pacific Traditional	148,786			15				—				148,801
Asia Pacific Financial Solutions	13,130			(10,498		)		—				2,632
Total Asia Pacific	161,916			(10,483		)		—				151,433
Corporate and Other	(124,980		)	7,556				—				(117,424		)
Consolidated	$	1,142,815		$	67,034			$	(171,325	)		$	1,038,524


(1)	Asset-Intensive is net of $62,455 DAC offset.


(2)	Asset-Intensive is net of $45,825 DAC offset.

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Add Twelve

REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

Per Share and Shares Data

(In thousands, except per share data)



(Unaudited)	Three Months Ended December 31,				Twelve Months Ended December 31,
	2018		2017		2018		2017
Earnings per share from net income:
Basic earnings per share	$	1.75	$	18.89	$	11.25	$	28.28
Diluted earnings per share	$	1.72	$	18.49	$	11.00	$	27.71

Diluted earnings per share from adjusted operating income	$	3.46	$	2.60	$	12.12	$	10.84
Weighted average number of common and common equivalent shares outstanding	64,156		65,806		65,094		65,753



(Unaudited)	At December 31,
	2018		2017
Treasury shares	16,324		14,686
Common shares outstanding	62,814		64,452
Book value per share outstanding	$	134.53	$	148.48
Book value per share outstanding, before impact of AOCI	$	124.39	$	116.46

Reconciliation of Book Value Per Share to Book Value Per Share Excluding AOCI



(Unaudited)	At December 31,
	2018			2017
Book value per share outstanding	$	134.53		$	148.48
Less effect of AOCI:
Accumulated currency translation adjustments	(2.69		)	(1.34		)
Unrealized appreciation of securities	13.63			34.14
Pension and postretirement benefits	(0.80		)	(0.78		)
Book value per share outstanding, before impact of AOCI	$	124.39		$	116.46

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Add Thirteen

Reconciliation of Stockholders' Average Equity to Stockholders' Average Equity Excluding AOCI

(Dollars in thousands)



(Unaudited)
Trailing Twelve Months Ended December 31, 2018:	Average Equity
Stockholders' average equity	$	8,841,875
Less effect of AOCI:
Accumulated currency translation adjustments	(120,809		)
Unrealized appreciation of securities	1,360,913
Pension and postretirement benefits	(50,791		)
Stockholders' average equity, excluding AOCI	$	7,652,562

Reconciliation of Trailing Twelve Months of Consolidated Net Income to Adjusted Operating Income and

Related Return on Equity

(Dollars in thousands)



(Unaudited)				Return on Equity
Trailing Twelve Months Ended December 31, 2018:	Income			Return on Equity
Net Income	$	715,842		8.1	%
Reconciliation to adjusted operating income:
Capital (gains) losses, derivatives and other, net	118,595
Change in fair value of embedded derivatives	8,432
Deferred acquisition cost offset, net	8,272
Statutory tax rate changes and subsequent effects	(62,173		)
Adjusted operating income	$	788,968		10.3	%

REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

Condensed Consolidated Statements of Income

(Dollars in thousands)



(Unaudited)	Three Months Ended December 31,						Twelve Months Ended December 31,
	2018			2017			2018			2017
Revenues:
Net premiums	$	2,804,723		$	2,505,186		$	10,543,776		$	9,841,130
Investment income, net of related expenses	521,393			564,831			2,138,525			2,154,651
Investment related gains (losses), net:
Other-than-temporary impairments on fixed maturity securities	(14,439		)	(21,659		)	(28,494		)	(42,639		)
Other investment related gains (losses), net	(124,590		)	50,068			(141,594		)	210,519
Total investment related gains (losses), net	(139,029		)	28,409			(170,088		)	167,880
Other revenue	91,431			134,017			363,451			352,108
Total revenues	3,278,518			3,232,443			12,875,664			12,515,769
Benefits and expenses:
Claims and other policy benefits	2,467,315			2,147,729			9,318,929			8,518,917
Interest credited	92,136			152,972			425,204			502,040
Policy acquisition costs and other insurance expenses	334,703			402,001			1,322,520			1,466,646
Other operating expenses	199,642			229,411			786,137			710,690
Interest expense	39,586			37,435			147,355			146,025
Collateral finance and securitization expense	7,190			7,401			29,699			28,636
Total benefits and expenses	3,140,572			2,976,949			12,029,844			11,372,954
Income before income taxes	137,946			255,494			845,820			1,142,815
Provision for income taxes	27,907			(961,394		)	129,978			(679,366		)
Net income	$	110,039		$	1,216,888		$	715,842		$	1,822,181

# # #

Exhibit

Exhibit 99.2

https://cdn.kscope.io/075d633e950ef79b426be07e1382dc3a-rgalogospelledoutaa01a13.jpg

Financial Supplement

Fourth Quarter 2018

(Unaudited)



World Headquarters	Internet Address	Contacts
16600 Swingley Ridge Road	www.rgare.com	Todd C. Larson
Chesterfield, Missouri 63017 U.S.A.		Senior Executive Vice President
		and Chief Financial Officer
		Phone: (636) 736-7000
		e-mail: tlarson@rgare.com

		Jeff Hopson
		Senior Vice President, Investor Relations
		Phone: (636) 736-2068
		e-mail: jhopson@rgare.com



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 dac	AA-	NR	NR
RGA Global Reinsurance Company, Ltd.	AA-	NR	NR
RGA Reinsurance Company of Australia Limited	AA-	NR	NR
RGA Americas Reinsurance Company, Ltd.	AA-	A+	NR
RGA Atlantic Reinsurance Company Ltd.	NR	A+	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

4th Quarter 2018

Table of Contents



	Page
Non-GAAP Disclosures	1

2019 Guidance	2

2018 Notes	3

Consolidated

Financial Highlights	4

Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations)	5

Consolidated Balance Sheets	7

Segment Summaries of GAAP Income Statements and Adjusted Operating Income Statements

U.S. and Latin America Operations	8

Canada Traditional	15

Canada Financial Solutions	17

Europe, Middle East and Africa Traditional	19

Europe, Middle East and Africa Financial Solutions	21

Asia Pacific Traditional	23

Asia Pacific Financial Solutions	25

Corporate and Other	27

Summary of Segment GAAP Income	29

Summary of Segment Adjusted Operating Income	30

Investments

Cash and Invested Assets, Investment Income and Yield Summary	31

Amortized Cost, Gross Unrealized Gains and Losses, and Estimated Fair Values of Fixed Maturity and Equity Securities	32

Corporate Fixed Maturity Securities by Sector	33

Ratings of Fixed Maturity Securities and Structured Fixed Maturity Securities	34

Gross Unrealized Losses Aging - Fixed Maturity Securities	35

Fixed Maturity and Equity Securities Below Amortized Cost	36

Consolidated Investment Related Gains and Losses	38

Appendix

Reconciliations of GAAP to Non-GAAP Measures	39

Reinsurance Group of America, Incorporated

Quarterly Financial Supplement

Non-GAAP Disclosures

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 (“RGA”) with the SEC. The consolidated financial information herein include the assets, liabilities, and results of operations of RGA and its subsidiaries, all of which are wholly owned (collectively, the “Company”).

Non-GAAP Disclosures

RGA uses a non-GAAP financial measure called adjusted 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 adjusted 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 substantially all of 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, adjusted operating income excludes any net gain or loss from discontinued operations, the cumulative effect of any accounting changes, tax reform and other items that management believes are not indicative of the Company’s ongoing operations. The definition of adjusted 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 adjusted operating income before income tax is presented in the appendix.

RGA evaluates its shareholders’ 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 uses a non-GAAP financial measure called adjusted operating return on equity, which is calculated as adjusted operating income divided by average shareholders’ equity excluding AOCI. Additionally, RGA uses a non-GAAP financial measure called book value per share excluding the impact of AOCI 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. A reconciliation of shareholders’ equity before and after the impact of AOCI is presented in the appendix.



		Page 1

Reinsurance Group of America, Incorporated

Financial Supplement

2019 Guidance



		Page 2

Reinsurance Group of America, Incorporated

Financial Supplement

2018 Notes

Effective January 1, 2018, the Company adopted Accounting Standard Update (“ASU”) 2016-01 - Recognition and Measurement of Financial Assets and Financial Liabilities. Under the new guidance, all of the Company’s equity securities with readily determinable fair values are measured at fair value with changes in fair value recognized in net income. Previous to the adoption, the Company recognized changes in the fair value of its equity securities in other comprehensive income. The changes to disclosure related to the adoption are reflected in the Consolidated Balance Sheets on page 7 and in the Investments section of this quarterly financial supplement beginning on page 31.



		Page 3

Reinsurance Group of America, Incorporated Financial Highlights

	Three Months Ended															Current Qtr vs. PY Quarter			Year-to Date
(USD thousands, except in force & per share data)	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,						Dec. 31,		Dec. 31,
	2018			2018			2018			2018			2017						2018		2017		Change
Net premiums	$	2,804,723		$	2,562,042		$	2,594,460		$	2,582,551		$	2,505,186		$	299,537		$	10,543,776	$	9,841,130	$	702,646
Net income	110,039			301,199			204,374			100,230			1,216,888			(1,106,849		)	715,842		1,822,181		(1,106,339		)
Adjusted operating income	221,751			259,417			202,054			105,746			170,899			50,852			788,968		712,686		76,282
Return on equity - annualized	5.2		%	14.0		%	9.3		%	4.3		%	55.1		%	(49.9		)%
Return on equity - trailing 12 months	8.1		%	20.8		%	20.2		%	21.1		%	22.7		%	(14.6		)%
Adjusted operating return on equity (ex AOCI):
Annualized	11.4		%	13.5		%	10.7		%	5.6		%	9.8		%	1.6		%
Trailing 12 months	10.3		%	10.0		%	9.9		%	10.3		%	11.0		%	(0.7		)%
Total assets	$	64,609,026		$	62,972,642		$	59,766,497		$	60,954,823		$	60,514,818		$	4,094,208
Assumed Life Reinsurance In Force (in billions)
U.S. and Latin America Traditional	$	1,610.1		$	1,609.8		$	1,608.7		$	1,606.5		$	1,609.8		$	0.3
U.S. and Latin America Financial Solutions	2.1			2.1			2.1			2.1			2.1			—
Canada Traditional	383.5			400.4			391.9			396.8			393.9			(10.4		)
Europe, Middle East and Africa Traditional	716.3			706.5			743.3			772.5			739.0			(22.7		)
Asia Pacific Traditional	616.9			588.1			594.3			605.7			552.3			64.6
Asia Pacific Financial Solutions	0.3			0.3			0.3			0.2			0.2			0.1
Total assumed life reinsurance in force	$	3,329.2		$	3,307.2		$	3,340.6		$	3,383.8		$	3,297.3		$	31.9
Assumed New Business Production (in billions)
U.S. and Latin America Traditional	$	26.3		$	27.6		$	29.3		$	23.3		$	24.3		$	2.0		$	106.5	$	99.4	$	7.1
Canada Traditional	9.4			7.7			7.7			18.3			9.1			0.3			43.1		35.6		7.5
Europe, Middle East and Africa Traditional	58.6			48.2			45.4			38.0			45.0			13.6			190.2		181.5		8.7
Asia Pacific Traditional	20.3			12.2			17.3			17.1			12.2			8.1			66.9		78.9		(12.0		)
Total assumed new business production	$	114.6		$	95.7		$	99.7		$	96.7		$	90.6		$	24.0		$	406.7	$	395.4	$	11.3
Per Share and Shares Data
Basic earnings per share
Net income	$	1.75		$	4.76		$	3.19		$	1.55		$	18.89		$	(17.14	)	$	11.25	$	28.28	$	(17.03	)
Adjusted operating income	$	3.53		$	4.10		$	3.15		$	1.64		$	2.65		$	0.88		$	12.39	$	11.06	$	1.33
Diluted earnings per share
Net income	$	1.72		$	4.68		$	3.13		$	1.52		$	18.49		$	(16.77	)	$	11.00	$	27.71	$	(16.71	)
Adjusted operating income	$	3.46		$	4.03		$	3.10		$	1.61		$	2.60		$	0.86		$	12.12	$	10.84	$	1.28

Wgt. average common shares outstanding
Basic	62,815			63,279			64,071			64,490			64,414			(1,599		)	63,658		64,427		(769		)
Diluted	64,156			64,296			65,250			65,872			65,806			(1,650		)	65,094		65,753		(659		)

Common shares issued	79,138			79,138			79,138			79,138			79,138			—			79,138		79,138		—
Treasury shares	16,324			16,187			15,466			14,625			14,686			1,638			16,324		14,686		1,638
Common shares outstanding	62,814			62,951			63,672			64,513			64,452			(1,638		)	62,814		64,452		(1,638		)

Book value per share	$	134.53		$	136.29		$	135.09		$	139.64		$	148.48		$	(13.95	)
Per share effect of AOCI	$	10.14		$	12.92		$	15.78		$	22.15		$	32.02		$	(21.88	)
Book value per share, excluding AOCI	$	124.39		$	123.37		$	119.31		$	117.49		$	116.46		$	7.93

Stockholders’ dividends paid	$	37,668.5		$	38,071.2		$	32,128.8		$	32,241.1		$	32,205.0		$	5,463.5		$	140,109.6	$	117,290.5	$	22,819.1



		Page 4

Reinsurance Group of America, Incorporated Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations) (USD in thousands)

	Three Months Ended															Current Qtr			Year-to Date
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
	2018			2018			2018			2018			2017			Quarter			2018			2017			Change
Revenues:
Net premiums	$	2,804,723		$	2,562,042		$	2,594,460		$	2,582,551		$	2,505,186		$	299,537		$	10,543,776		$	9,841,130		$	702,646
Investment income, net of related expenses	521,393			572,742			528,061			516,329			564,831			(43,438		)	2,138,525			2,154,651			(16,126		)
Investment related gains (losses), net
OTTI on fixed maturity securities	(14,439		)	(10,705		)	(3,350		)	—			(21,659		)	7,220			(28,494		)	(42,639		)	14,145
Other investment related gains (losses), net	(124,590		)	(9,312		)	(7,222		)	(470		)	50,068			(174,658		)	(141,594		)	210,519			(352,113		)
Total investment related gains (losses), net	(139,029		)	(20,017		)	(10,572		)	(470		)	28,409			(167,438		)	(170,088		)	167,880			(337,968		)
Other revenue	91,431			112,764			83,959			75,297			134,017			(42,586		)	363,451			352,108			11,343
Total revenues	3,278,518			3,227,531			3,195,908			3,173,707			3,232,443			46,075			12,875,664			12,515,769			359,895
Benefits and expenses:
Claims and other policy benefits	2,467,315			2,209,920			2,279,593			2,362,101			2,147,729			319,586			9,318,929			8,518,917			800,012
Interest credited	92,136			143,292			109,327			80,449			152,972			(60,836		)	425,204			502,040			(76,836		)
Policy acquisition costs and other insurance expenses	334,703			310,639			320,276			356,902			402,001			(67,298		)	1,322,520			1,466,646			(144,126		)
Other operating expenses	199,642			200,262			194,959			191,274			229,411			(29,769		)	786,137			710,690			75,447
Interest expense	39,586			33,290			37,025			37,454			37,435			2,151			147,355			146,025			1,330
Collateral finance and securitization expense	7,190			7,467			7,440			7,602			7,401			(211		)	29,699			28,636			1,063
Total benefits and expenses	3,140,572			2,904,870			2,948,620			3,035,782			2,976,949			163,623			12,029,844			11,372,954			656,890
Income before income taxes	137,946			322,661			247,288			137,925			255,494			(117,548		)	845,820			1,142,815			(296,995		)
Provision for income taxes	27,907			21,462			42,914			37,695			(961,394		)	989,301			129,978			(679,366		)	809,344
Net income	$	110,039		$	301,199		$	204,374		$	100,230		$	1,216,888		$	(1,106,849	)	$	715,842		$	1,822,181		$	(1,106,339	)
Pre-tax adjusted operating income reconciliation:
Income before income tax	$	137,946		$	322,661		$	247,288		$	137,925		$	255,494		$	(117,548	)	$	845,820		$	1,142,815		$	(296,995	)
Investment and derivative losses (1)	32,023			52,455			37,221			31,643			27,908			4,115			153,342			19,969			133,373
Change in value of modified coinsurance and
funds withheld embedded derivatives (1)	32,932			2,081			(8,805		)	(13,611		)	(37,870		)	70,802			12,597			(144,724		)	157,321
GMXB embedded derivatives (1)	77,697			(32,133		)	(15,324		)	(14,785		)	(15,648		)	93,345			15,455			(32,166		)	47,621
Funds withheld (gains) losses - investment income	(30		)	614			(13,100		)	10,292			(3,133		)	3,103			(2,224		)	(15,493		)	13,269
EIA embedded derivatives - interest credited	12,222			(1,602		)	565			(28,563		)	(3,595		)	15,817			(17,378		)	(40,260		)	22,882
DAC offset, net	(12,498		)	(110		)	1,755			21,324			22,230			(34,728		)	10,471			108,280			(97,809		)
Investment (income) loss on unit-linked variable annuities	10,536			(2,402		)	(4,127		)	2,652			(4,781		)	15,317			6,659			(11,078		)	17,737
Interest credited on unit-linked variable annuities	(10,536		)	2,402			4,127			(2,652		)	4,781			(15,317		)	(6,659		)	11,078			(17,737		)
Non-investment derivatives	(202		)	(553		)	477			76			41			(243		)	(202		)	103			(305		)
Adjusted operating income before income taxes	$	280,090		$	343,413		$	250,077		$	144,301		$	245,427		$	34,663		$	1,017,881		$	1,038,524		$	(20,643	)


(1) Included in “Investment related gains (losses), net” on Consolidated GAAP Income Statement.



		Page 5

Reinsurance Group of America, Incorporated Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations) - continued (USD in thousands)



	Three Months Ended															Current Qtr			Year-to Date
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
	2018			2018			2018			2018			2017			Quarter			2018			2017			Change
After-tax adjusted operating income reconciliation:
Net income	$	110,039		$	301,199		$	204,374		$	100,230		$	1,216,888		$	(1,106,849	)	$	715,842		$	1,822,181		$	(1,106,339	)
Investment and derivative losses (1)	25,067			41,548			29,195			24,702			17,806			7,261			120,512			10,385			110,127
Change in value of modified coinsurance and
funds withheld embedded derivatives (1)	26,017			1,644			(6,956		)	(10,753		)	(24,616		)	50,633			9,952			(94,071		)	104,023
GMXB embedded derivatives (1)	61,380			(25,385		)	(12,106		)	(11,680		)	(10,171		)	71,551			12,209			(20,908		)	33,117
Funds withheld (gains) losses - investment income	(24		)	485			(10,349		)	8,131			(2,036		)	2,012			(1,757		)	(10,070		)	8,313
EIA embedded derivatives - interest credited	9,655			(1,266		)	447			(22,565		)	(2,337		)	11,992			(13,729		)	(26,169		)	12,440
DAC offset, net	(9,874		)	(86		)	1,386			16,846			14,449			(24,323		)	8,272			70,382			(62,110		)
Investment (income) loss on unit-linked variable annuities	8,324			(1,898		)	(3,260		)	2,095			(3,108		)	11,432			5,261			(7,201		)	12,462
Interest credited on unit-linked variable annuities	(8,324		)	1,898			3,260			(2,095		)	3,108			(11,432		)	(5,261		)	7,201			(12,462		)
Non-investment derivatives	(160		)	(437		)	377			60			27			(187		)	(160		)	67			(227		)
U.S. tax reform and statutory tax rate changes	(349		)	(58,285		)	(4,314		)	775			(1,039,111		)	1,038,762			(62,173		)	(1,039,111		)	976,938
Adjusted operating income	$	221,751		$	259,417		$	202,054		$	105,746		$	170,899		$	50,852		$	788,968		$	712,686		$	76,282


Wgt. average common shares outstanding (diluted)	64,156			64,296			65,250			65,872			65,806			(1,650		)	65,094			65,753			(659		)

Diluted earnings per share - adjusted operating income	$	3.46		$	4.03		$	3.10		$	1.61		$	2.60		$	0.86		$	12.12		$	10.84		$	1.28

Foreign currency effect on (2):
Net premiums	$	(43,803	)	$	(33,440	)	$	40,891		$	79,348		$	43,226		$	(87,029	)	$	42,996		$	25,932		$	17,064
Adjusted operating income (loss) before income taxes	$	(4,914	)	$	(1,293	)	$	5,422		$	8,325		$	5,988		$	(10,902	)	$	7,540		$	(365	)	$	7,905


(1) Included in “Investment related gains (losses), net” on Consolidated GAAP Income Statement.
(2) Compared to comparable prior year period.



		Page 6

Reinsurance Group of America, Incorporated Consolidated Balance Sheets (USD thousands)


	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,
	2018			2018			2018			2018			2017
Assets
Fixed maturity securities, available-for-sale	$	39,992,346		$	39,005,212		$	36,784,954		$	37,945,260		$	38,150,820
Equity securities (1)	82,197			101,069			108,070			103,983			100,152
Mortgage loans on real estate	4,966,298			4,779,074			4,558,669			4,437,994			4,400,533
Policy loans	1,344,980			1,320,050			1,339,252			1,346,930			1,357,624
Funds withheld at interest	5,761,471			5,976,301			5,981,092			6,005,892			6,083,388
Short-term investments	142,598			229,928			123,028			130,430			93,304
Other invested assets (1)	1,989,078			1,706,979			1,605,562			1,512,147			1,505,332
Total investments	54,278,968			53,118,613			50,500,627			51,482,636			51,691,153
Cash and cash equivalents	1,889,733			1,730,489			1,397,679			1,510,407			1,303,524
Accrued investment income	427,893			455,296			400,160			408,338			392,721
Premiums receivable and other reinsurance balances	3,017,868			2,779,556			2,617,382			2,620,515			2,338,481
Reinsurance ceded receivables	757,572			769,324			789,429			810,554			782,027
Deferred policy acquisition costs	3,397,770			3,211,145			3,205,667			3,245,851			3,239,824
Other assets	839,222			908,219			855,553			876,522			767,088
Total assets	$	64,609,026		$	62,972,642		$	59,766,497		$	60,954,823		$	60,514,818

Liabilities and stockholders’ equity
Future policy benefits	$	25,285,400		$	25,139,148		$	22,286,622		$	22,645,243		$	22,363,241
Interest-sensitive contract liabilities	18,004,526			16,751,379			16,513,668			16,661,602			16,227,642
Other policy claims and benefits	5,642,755			5,424,347			5,334,210			5,361,149			4,992,074
Other reinsurance balances	487,177			482,235			412,846			483,708			488,739
Deferred income taxes	1,798,800			1,883,848			2,009,514			2,085,631			2,198,309
Other liabilities	1,469,981			1,213,595			1,094,826			1,167,596			1,102,975
Long-term debt	2,787,873			2,787,975			2,788,111			2,788,240			2,788,365
Collateral finance and securitization notes	681,961			710,792			724,998			753,393			783,938
Total liabilities	56,158,473			54,393,319			51,164,795			51,946,562			50,945,283

Stockholders’ equity:
Common stock, at par value	791			791			791			791			791
Additional paid-in-capital	1,898,652			1,899,144			1,887,336			1,880,352			1,870,906
Retained earnings	7,284,949			7,215,526			6,952,170			6,797,545			6,736,265
Treasury stock	(1,370,602		)	(1,348,943		)	(1,243,566		)	(1,098,823		)	(1,102,058		)
Accumulated other comprehensive income (AOCI):
Accumulated currency translation adjustment, net of income taxes	(168,698		)	(119,298		)	(142,187		)	(87,510		)	(86,350		)
Unrealized appreciation of securities, net of income taxes	856,159			982,352			1,198,338			1,567,057			2,200,661
Pension and postretirement benefits, net of income taxes	(50,698		)	(50,249		)	(51,180		)	(51,151		)	(50,680		)
Total stockholders’ equity	8,450,553			8,579,323			8,601,702			9,008,261			9,569,535
Total liabilities and stockholders’ equity	$	64,609,026		$	62,972,642		$	59,766,497		$	60,954,823		$	60,514,818

Total stockholders’ equity, excluding AOCI	$	7,813,790		$	7,766,518		$	7,596,731		$	7,579,865		$	7,505,904

See appendix for reconciliation of total stockholders' equity before and after impact of AOCI.

(1) Effective January 1, 2018, the Company adopted ASU 2016-01. For additional information see the “2018 Notes” section on page 3.



		Page 7

Reinsurance Group of America, Incorporated U.S. and Latin America Traditional GAAP Income Statements (USD thousands)


	Three Months Ended															Current Qtr			Year-to-Date
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
	2018			2018			2018			2018			2017			Quarter			2018			2017			Change
Revenues:
Net premiums	$	1,500,210		$	1,360,076		$	1,373,548		$	1,299,422		$	1,389,479		$	110,731		$	5,533,256		$	5,356,321		$	176,935
Investment income, net of related expenses	184,823			181,396			180,478			183,060			173,461			11,362			729,757			728,073			1,684
Investment related gains (losses), net	2,802			(33		)	3,725			1,683			(1,414		)	4,216			8,177			(1,606		)	9,783
Other revenue	6,267			6,351			6,396			5,529			6,061			206			24,543			17,383			7,160
Total revenues	1,694,102			1,547,790			1,564,147			1,489,694			1,567,587			126,515			6,295,733			6,100,171			195,562

Benefits and expenses:
Claims and other policy benefits	1,347,292			1,191,489			1,255,007			1,254,961			1,221,236			126,056			5,048,749			4,760,194			288,555
Interest credited	20,453			20,321			20,992			20,280			20,418			35			82,046			82,218			(172		)
Policy acquisition costs and other insurance expenses	195,437			183,433			182,064			177,640			196,860			(1,423		)	738,574			753,336			(14,762		)
Other operating expenses	35,708			36,219			34,106			33,921			36,705			(997		)	139,954			130,989			8,965
Total benefits and expenses	1,598,890			1,431,462			1,492,169			1,486,802			1,475,219			123,671			6,009,323			5,726,737			282,586

Income before income taxes	$	95,212		$	116,328		$	71,978		$	2,892		$	92,368		$	2,844		$	286,410		$	373,434		$	(87,024	)

Loss and expense ratios:
Claims and other policy benefits	89.8		%	87.6		%	91.4		%	96.6		%	87.9		%	1.9		%	91.2		%	88.9		%	2.3		%
Policy acquisition costs and other insurance expenses	13.0		%	13.5		%	13.3		%	13.7		%	14.2		%	(1.2		)%	13.3		%	14.1		%	(0.8		)%
Other operating expenses	2.4		%	2.7		%	2.5		%	2.6		%	2.6		%	(0.2		)%	2.5		%	2.4		%	0.1		%

Foreign currency effect on (1):
Net premiums	$	(625	)	$	(995	)	$	(608	)	$	944		$	386		$	(1,011	)	$	(1,284	)	$	(190	)	$	(1,094	)
Income (loss) before income taxes	$	10		$	261		$	185		$	(49	)	$	(114	)	$	124		$	407		$	(464	)	$	871

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period.



		Page 8

Reinsurance Group of America, Incorporated U.S. and Latin America Traditional Adjusted Operating Income Statements (USD thousands)


	Three Months Ended															Current			Year-to-Date
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			Qtr vs. PY			Dec. 31,			Dec. 31,
	2018			2018			2018			2018			2017			Quarter			2018			2017			Change
Revenues:
Net premiums	$	1,500,210		$	1,360,076		$	1,373,548		$	1,299,422		$	1,389,479		$	110,731		$	5,533,256		$	5,356,321		$	176,935
Investment income, net of related expenses	184,823			181,396			180,478			183,060			173,461			11,362			729,757			728,073			1,684
Other revenue	6,267			6,351			6,396			5,529			6,061			206			24,543			17,383			7,160
Total revenues	1,691,300			1,547,823			1,560,422			1,488,011			1,569,001			122,299			6,287,556			6,101,777			185,779

Benefits and expenses:
Claims and other policy benefits	1,347,292			1,191,489			1,255,007			1,254,961			1,221,236			126,056			5,048,749			4,760,194			288,555
Interest credited	20,453			20,321			20,992			20,280			20,418			35			82,046			82,218			(172		)
Policy acquisition costs and other insurance expenses	195,437			183,433			182,064			177,640			196,860			(1,423		)	738,574			753,336			(14,762		)
Other operating expenses	35,708			36,219			34,106			33,921			36,705			(997		)	139,954			130,989			8,965
Total benefits and expenses	1,598,890			1,431,462			1,492,169			1,486,802			1,475,219			123,671			6,009,323			5,726,737			282,586

Adjusted operating income before income taxes	$	92,410		$	116,361		$	68,253		$	1,209		$	93,782		$	(1,372	)	$	278,233		$	375,040		$	(96,807	)

Loss and expense ratios:
Claims and other policy benefits	89.8		%	87.6		%	91.4		%	96.6		%	87.9		%	1.9		%	91.2		%	88.9		%	2.3		%
Policy acquisition costs and other insurance expenses	13.0		%	13.5		%	13.3		%	13.7		%	14.2		%	(1.2		)%	13.3		%	14.1		%	(0.8		)%
Other operating expenses	2.4		%	2.7		%	2.5		%	2.6		%	2.6		%	(0.2		)%	2.5		%	2.4		%	0.1		%

Foreign currency effect on (1):
Net premiums	$	(625	)	$	(995	)	$	(608	)	$	944		$	386		$	(1,011	)	$	(1,284	)	$	(190	)	$	(1,094	)
Adjusted operating income (loss) before income taxes	$	10		$	261		$	185		$	(49	)	$	(114	)	$	124		$	407		$	(464	)	$	871

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period.



		Page 9

Reinsurance Group of America, Incorporated U.S. and Latin America Financial Solutions - Asset Intensive GAAP Income Statements (USD thousands)


	Three Months Ended											Current Qtr			Year-to-Date
	Dec. 31,			Sept. 30,		June 30,		March 31,		Dec. 31,		vs. PY			Dec. 31,			Dec. 31,
	2018			2018		2018		2018		2017		Quarter			2018			2017		Change
Revenues:
Net premiums	$	8,427		$	6,885	$	6,699	$	5,192	$	5,497	$	2,930		$	27,203		$	23,683	$	3,520
Investment income, net of related expenses	169,922			200,397		171,810		157,912		216,646		(46,724		)	700,041			769,932		(69,891		)
Investment related gains (losses), net	(59,261		)	581		776		676		41,114		(100,375		)	(57,228		)	144,343		(201,571		)
Other revenue	27,365			53,735		24,065		22,959		22,458		4,907			128,124			98,782		29,342
Total revenues	146,453			261,598		203,350		186,739		285,715		(139,262		)	798,140			1,036,740		(238,600		)

Benefits and expenses:
Claims and other policy benefits	44,704			46,995		22,590		15,945		24,449		20,255			130,234			78,447		51,787
Interest credited	72,142			110,673		74,810		54,212		118,980		(46,838		)	311,837			379,921		(68,084		)
Policy acquisition costs and other insurance expenses	28,436			30,519		37,939		62,035		53,201		(24,765		)	158,929			229,506		(70,577		)
Other operating expenses	6,969			7,921		7,171		7,285		8,275		(1,306		)	29,346			28,158		1,188
Total benefits and expenses	152,251			196,108		142,510		139,477		204,905		(52,654		)	630,346			716,032		(85,686		)

Income (loss) before income taxes	$	(5,798	)	$	65,490	$	60,840	$	47,262	$	80,810	$	(86,608	)	$	167,794		$	320,708	$	(152,914	)

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.



		Page 10

Reinsurance Group of America, Incorporated U.S. and Latin America Financial Solutions - Asset Intensive Adjusted Operating Income Statements (USD thousands)

	Three Months Ended										Current Qtr			Year-to-Date
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,		vs. PY			Dec. 31,		Dec. 31,
	2018		2018		2018		2018		2017		Quarter			2018		2017		Change
Revenues:
Net premiums	$	8,427	$	6,885	$	6,699	$	5,192	$	5,497	$	2,930		$	27,203	$	23,683	$	3,520
Investment income, net of related expenses	169,512		200,982		159,165		168,227		213,604		(44,092		)	697,886		754,945		(57,059		)
Other revenue	27,365		53,735		24,065		22,959		22,458		4,907			128,124		98,782		29,342
Total revenues	205,304		261,602		189,929		196,378		241,559		(36,255		)	853,213		877,410		(24,197		)

Benefits and expenses:
Claims and other policy benefits	44,704		46,995		22,590		15,945		24,449		20,255			130,234		78,447		51,787
Interest credited	59,920		112,275		74,245		82,775		122,575		(62,655		)	329,215		420,181		(90,966		)
Policy acquisition costs and other insurance expenses	40,934		30,629		36,184		40,711		30,971		9,963			148,458		121,226		27,232
Other operating expenses	6,969		7,921		7,171		7,285		8,275		(1,306		)	29,346		28,158		1,188
Total benefits and expenses	152,527		197,820		140,190		146,716		186,270		(33,743		)	637,253		648,012		(10,759		)

Adjusted operating income before income taxes	$	52,777	$	63,782	$	49,739	$	49,662	$	55,289	$	(2,512	)	$	215,960	$	229,398	$	(13,438	)

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.



		Page 11

Reinsurance Group of America, Incorporated U.S. and Latin America Financial Solutions - Asset Intensive (Continued) (USD millions)


	Three Months Ended
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,
	2018			2018			2018			2018			2017
Annuity account values:
Fixed annuities (deferred)	$	8,461		$	7,447		$	7,101		$	7,165		$	6,607

Net interest spread (fixed annuities)	1.5		%	1.8		%	1.7		%	1.6		%	2.3		%

Equity-indexed annuities	$	3,782		$	3,873		$	3,931		$	4,022		$	4,126

Variable annuities account values
No riders	$	797		$	870		$	877		$	890		$	950
GMDB only	159			179			177			178			182
GMIB only	21			24			24			23			24
GMAB only	7			10			13			16			22
GMWB only	1,090			1,244			1,268			1,299			1,366
GMDB / WB	272			309			318			327			343
Other	19			23			24			28			31
Total variable annuities account values	$	2,365		$	2,659		$	2,701		$	2,761		$	2,918

Fair value of liabilities associated with living benefit riders	$	168		$	90		$	122		$	138		$	152

Interest-sensitive contract liabilities associated with:

Guaranteed investment contracts	$	991		$	945		$	955		$	882		$	858

Bank-owned life insurance (BOLI)	$	596		$	593		$	589		$	586		$	584

Other asset-intensive business	$	58		$	59		$	60		$	61		$	62

Future policy benefits associated with:

Payout annuities	$	4,943		$	5,004		$	2,247		$	2,255		$	2,271



		Page 12

Reinsurance Group of America, Incorporated U.S. and Latin America Financial Solutions - Financial Reinsurance GAAP Income Statements (USD thousands)


	Three Months Ended										Current Qtr			Year-to-Date
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,		vs. PY			Dec. 31,		Dec. 31,
	2018		2018		2018		2018		2017		Quarter			2018		2017		Change
Revenues:
Investment income, net of related expenses	$	1,766	$	1,491	$	1,504	$	1,822	$	2,040	$	(274	)	$	6,583	$	8,541	$	(1,958	)
Other revenue	24,878		27,759		25,094		24,791		27,631		(2,753		)	102,522		105,097		(2,575		)
Total revenues	26,644		29,250		26,598		26,613		29,671		(3,027		)	109,105		113,638		(4,533		)

Benefits and expenses:
Policy acquisition costs and other insurance expenses	4,084		5,324		2,609		4,000		5,570		(1,486		)	16,017		22,804		(6,787		)
Other operating expenses	3,166		2,343		2,441		2,454		3,016		150			10,404		9,958		446
Total benefits and expenses	7,250		7,667		5,050		6,454		8,586		(1,336		)	26,421		32,762		(6,341		)

Income before income taxes	$	19,394	$	21,583	$	21,548	$	20,159	$	21,085	$	(1,691	)	$	82,684	$	80,876	$	1,808

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.



		Page 13

Reinsurance Group of America, Incorporated U.S. and Latin America Financial Solutions - Financial Reinsurance Adjusted Operating Income Statements (USD thousands)

	Three Months Ended										Current Qtr			Year-to-Date
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,		vs. PY			Dec. 31,		Dec. 31,
	2018		2018		2018		2018		2017		Quarter			2018		2017		Change
Revenues:
Investment income, net of related expenses	$	1,766	$	1,491	$	1,504	$	1,822	$	2,040	$	(274	)	$	6,583	$	8,541	$	(1,958	)
Other revenue	24,878		27,759		25,094		24,791		27,631		(2,753		)	102,522		105,097		(2,575		)
Total revenues	26,644		29,250		26,598		26,613		29,671		(3,027		)	109,105		113,638		(4,533		)

Benefits and expenses:
Policy acquisition costs and other insurance expenses	4,084		5,324		2,609		4,000		5,570		(1,486		)	16,017		22,804		(6,787		)
Other operating expenses	3,166		2,343		2,441		2,454		3,016		150			10,404		9,958		446
Total benefits and expenses	7,250		7,667		5,050		6,454		8,586		(1,336		)	26,421		32,762		(6,341		)

Adjusted operating income before income taxes	$	19,394	$	21,583	$	21,548	$	20,159	$	21,085	$	(1,691	)	$	82,684	$	80,876	$	1,808

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.



		Page 14

Reinsurance Group of America, Incorporated Canada Traditional GAAP Income Statements (USD thousands)

	Three Months Ended															Current Qtr			Year-to-Date
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
	2018			2018			2018			2018			2017			Quarter			2018			2017			Change
Revenues:
Net premiums	$	267,443		$	243,105		$	260,750		$	252,723		$	238,993		$	28,450		$	1,024,021		$	901,976		$	122,045
Investment income, net of related expenses	49,148			50,145			49,535			50,584			48,089			1,059			199,412			189,018			10,394
Investment related gains (losses), net	(2,932		)	2,484			446			(731		)	1,798			(4,730		)	(733		)	10,619			(11,352		)
Other revenue	265			228			1,468			(257		)	(3		)	268			1,704			1,907			(203		)
Total revenues	313,924			295,962			312,199			302,319			288,877			25,047			1,224,404			1,103,520			120,884

Benefits and expenses:
Claims and other policy benefits	200,693			210,292			223,935			212,825			191,665			9,028			847,745			757,892			89,853
Interest credited	51			6			21			5			5			46			83			20			63
Policy acquisition costs and other insurance expenses	59,461			56,224			58,541			57,032			48,881			10,580			231,258			192,183			39,075
Other operating expenses	8,072			8,291			7,897			8,750			9,061			(989		)	33,010			33,207			(197		)
Total benefits and expenses	268,277			274,813			290,394			278,612			249,612			18,665			1,112,096			983,302			128,794

Income before income taxes	$	45,647		$	21,149		$	21,805		$	23,707		$	39,265		$	6,382		$	112,308		$	120,218		$	(7,910	)

Loss and expense ratios:
Loss ratios (creditor business)	29.1		%	27.2		%	26.3		%	27.0		%	24.6		%	4.5		%	27.4		%	25.5		%	1.9		%
Loss ratios (excluding creditor business)	80.9		%	94.7		%	94.4		%	92.2		%	90.6		%	(9.7		)%	90.4		%	95.7		%	(5.3		)%
Claims and other policy benefits / (net premiums + investment income)	63.4		%	71.7		%	72.2		%	70.2		%	66.8		%	(3.4		)%	69.3		%	69.5		%	(0.2		)%
Policy acquisition costs and other insurance expenses (creditor business)	64.7		%	64.2		%	66.5		%	65.2		%	69.2		%	(4.5		)%	65.2		%	66.8		%	(1.6		)%
Policy acquisition costs and other insurance expenses (excluding creditor business)	16.8		%	17.4		%	16.2		%	16.6		%	11.3		%	5.5		%	16.7		%	12.2		%	4.5		%
Other operating expenses	3.0		%	3.4		%	3.0		%	3.5		%	3.8		%	(0.8		)%	3.2		%	3.7		%	(0.5		)%

Foreign currency effect on (1):
Net premiums	$	(10,704	)	$	(10,468	)	$	10,222		$	10,846		$	11,467		$	(22,171	)	$	(104	)	$	18,470		$	(18,574	)
Income (loss) before income taxes	$	(2,097	)	$	(1,075	)	$	579		$	1,416		$	1,852		$	(3,949	)	$	(1,177	)	$	3,239		$	(4,416	)

Creditor reinsurance net premiums	$	30,299		$	29,521		$	32,453		$	31,093		$	37,819		$	(7,520	)	$	123,366		$	150,127		$	(26,761	)

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
Note: The loss ratios on creditor reinsurance business are normally lower than traditional reinsurance, while allowances are normally higher as a percentage of premiums.
(1) Compared to comparable prior year period



		Page 15

Reinsurance Group of America, Incorporated Canada Traditional Adjusted Operating Income Statements (USD thousands)


	Three Months Ended															Current Qtr			Year-to-Date
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
	2018			2018			2018			2018			2017			Quarter			2018			2017			Change
Revenues:
Net premiums	$	267,443		$	243,105		$	260,750		$	252,723		$	238,993		$	28,450		$	1,024,021		$	901,976		$	122,045
Investment income, net of related expenses	49,528			50,174			49,080			50,561			47,998			1,530			199,343			188,512			10,831
Investment related gains, net	1,381			1,258			1,258			1,142			1,242			139			5,039			4,840			199
Other revenue	265			228			1,468			(257		)	(3		)	268			1,704			1,907			(203		)
Total revenues	318,617			294,765			312,556			304,169			288,230			30,387			1,230,107			1,097,235			132,872

Benefits and expenses:
Claims and other policy benefits	200,693			210,292			223,935			212,825			191,665			9,028			847,745			757,892			89,853
Interest credited	51			6			21			5			5			46			83			20			63
Policy acquisition costs and other insurance expenses	59,461			56,224			58,541			57,032			48,881			10,580			231,258			192,183			39,075
Other operating expenses	8,072			8,291			7,897			8,750			9,061			(989		)	33,010			33,207			(197		)
Total benefits and expenses	268,277			274,813			290,394			278,612			249,612			18,665			1,112,096			983,302			128,794

Adjusted operating income before income taxes	$	50,340		$	19,952		$	22,162		$	25,557		$	38,618		$	11,722		$	118,011		$	113,933		$	4,078

Loss and expense ratios:
Loss ratios (creditor business)	29.1		%	27.2		%	26.3		%	27.0		%	24.6		%	4.5		%	27.4		%	25.5		%	1.9		%
Loss ratios (excluding creditor business)	80.9		%	94.7		%	94.4		%	92.2		%	90.6		%	(9.7		)%	90.4		%	95.7		%	(5.3		)%
Claims and other policy benefits / (net premiums + investment income)	63.3		%	71.7		%	72.3		%	70.2		%	66.8		%	(3.5		)%	69.3		%	69.5		%	(0.2		)%
Policy acquisition costs and other insurance expenses (creditor business)	64.7		%	64.2		%	66.5		%	65.2		%	69.2		%	(4.5		)%	65.2		%	66.8		%	(1.6		)%
Policy acquisition costs and other insurance expenses (excluding creditor business)	16.8		%	17.4		%	16.2		%	16.6		%	11.3		%	5.5		%	16.7		%	12.2		%	4.5		%
Other operating expenses	3.0		%	3.4		%	3.0		%	3.5		%	3.8		%	(0.8		)%	3.2		%	3.7		%	(0.5		)%

Foreign currency effect on (1):
Net premiums	$	(10,704	)	$	(10,468	)	$	10,222		$	10,846		$	11,467		$	(22,171	)	$	(104	)	$	18,470		$	(18,574	)
Adjusted operating income (loss) before income taxes	$	(2,273	)	$	(1,022	)	$	600		$	1,512		$	1,820		$	(4,093	)	$	(1,183	)	$	3,151		$	(4,334	)

Creditor reinsurance net premiums	$	30,299		$	29,521		$	32,453		$	31,093		$	37,819		$	(7,520	)	$	123,366		$	150,127		$	(26,761	)

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
Note: The loss ratios on creditor reinsurance business are normally lower than traditional reinsurance, while allowances are normally higher as a percentage of premiums.
(1) Compared to comparable prior year period



		Page 16

Reinsurance Group of America, Incorporated Canada Financial Solutions (1) GAAP Income Statements (USD thousands)

	Three Months Ended												Current Qtr			Year-to-Date
	Dec. 31,			Sept. 30,			June 30,		March 31,		Dec. 31,		vs. PY			Dec. 31,		Dec. 31,
	2018			2018			2018		2018		2017		Quarter			2018		2017		Change
Revenues:
Net premiums	$	10,431		$	10,681		$	10,955	$	11,305	$	9,631	$	800		$	43,372	$	38,229	$	5,143
Investment income, net of related expenses	474			415			330		115		1,600		(1,126		)	1,334		5,115		(3,781		)
Other revenue	649			1,072			804		1,357		1,467		(818		)	3,882		5,594		(1,712		)
Total revenues	11,554			12,168			12,089		12,777		12,698		(1,144		)	48,588		48,938		(350		)

Benefits and expenses:
Claims and other policy benefits	9,775			10,003			7,915		9,115		7,751		2,024			36,808		29,639		7,169
Policy acquisition costs and other insurance expenses	188			190			292		96		218		(30		)	766		789		(23		)
Other operating expenses	396			329			338		375		575		(179		)	1,438		1,867		(429		)
Total benefits and expenses	10,359			10,522			8,545		9,586		8,544		1,815			39,012		32,295		6,717

Income before income taxes	$	1,195		$	1,646		$	3,544	$	3,191	$	4,154	$	(2,959	)	$	9,576	$	16,643	$	(7,067	)

Foreign currency effect on (2):
Net premiums	$	(423	)	$	(459	)	$	436	$	501	$	462	$	(885	)	$	55	$	882	$	(827	)
Income (loss) before income taxes	$	(69	)	$	(71	)	$	146	$	188	$	195	$	(264	)	$	194	$	413	$	(219	)

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Canada Financial Solutions operations includes longevity and financial reinsurance transactions.
(2) Compared to comparable prior year period



		Page 17

Reinsurance Group of America, Incorporated Canada Financial Solutions (1) Adjusted Operating Income Statements (USD thousands)

	Three Months Ended												Current Qtr			Year-to-Date
	Dec. 31,			Sept. 30,			June 30,		March 31,		Dec. 31,		vs. PY			Dec. 31,		Dec. 31,
	2018			2018			2018		2018		2017		Quarter			2018		2017		Change
Revenues:
Net premiums	$	10,431		$	10,681		$	10,955	$	11,305	$	9,631	$	800		$	43,372	$	38,229	$	5,143
Investment income, net of related expenses	474			415			330		115		1,600		(1,126		)	1,334		5,115		(3,781		)
Other revenue	649			1,072			804		1,357		1,467		(818		)	3,882		5,594		(1,712		)
Total revenues	11,554			12,168			12,089		12,777		12,698		(1,144		)	48,588		48,938		(350		)

Benefits and expenses:
Claims and other policy benefits	9,775			10,003			7,915		9,115		7,751		2,024			36,808		29,639		7,169
Policy acquisition costs and other insurance expenses	188			190			292		96		218		(30		)	766		789		(23		)
Other operating expenses	396			329			338		375		575		(179		)	1,438		1,867		(429		)
Total benefits and expenses	10,359			10,522			8,545		9,586		8,544		1,815			39,012		32,295		6,717

Adjusted operating income before income taxes	$	1,195		$	1,646		$	3,544	$	3,191	$	4,154	$	(2,959	)	$	9,576	$	16,643	$	(7,067	)

Foreign currency effect on (2):
Net premiums	$	(423	)	$	(459	)	$	436	$	501	$	462	$	(885	)	$	55	$	882	$	(827	)
Adjusted operating income (loss) before income taxes	$	(68	)	$	(71	)	$	146	$	188	$	195	$	(263	)	$	195	$	413	$	(218	)

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Canada Financial Solutions operations includes longevity and financial reinsurance transactions.
(2) Compared to comparable prior year period



		Page 18

Reinsurance Group of America, Incorporated Europe, Middle East and Africa Traditional GAAP Income Statements (USD thousands)

	Three Months Ended															Current Qtr			Year-to-Date
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
	2018			2018			2018			2018			2017			Quarter			2018			2017			Change
Revenues:
Net premiums	$	352,522		$	340,414		$	354,534		$	375,729		$	321,907		$	30,615		$	1,423,199		$	1,301,640		$	121,559
Investment income, net of related expenses	17,201			16,190			17,087			15,764			14,479			2,722			66,242			55,511			10,731
Investment related gains (losses), net	(170		)	—			—			9			45			(215		)	(161		)	52			(213		)
Other revenue	1,673			455			917			2,280			666			1,007			5,325			4,872			453
Total revenues	371,226			357,059			372,538			393,782			337,097			34,129			1,494,605			1,362,075			132,530

Benefits and expenses:
Claims and other policy benefits	305,027			291,442			310,187			326,802			249,735			55,292			1,233,458			1,096,211			137,247
Policy acquisition costs and other insurance expenses	21,651			21,817			29,961			25,552			25,880			(4,229		)	98,981			92,143			6,838
Other operating expenses	29,688			25,430			25,922			26,007			31,747			(2,059		)	107,047			103,235			3,812
Total benefits and expenses	356,366			338,689			366,070			378,361			307,362			49,004			1,439,486			1,291,589			147,897

Income before income taxes	$	14,860		$	18,370		$	6,468		$	15,421		$	29,735		$	(14,875	)	$	55,119		$	70,486		$	(15,367	)

Loss and expense ratios:
Claims and other policy benefits	86.5		%	85.6		%	87.5		%	87.0		%	77.6		%	8.9		%	86.7		%	84.2		%	2.5		%
Policy acquisition costs and other insurance expenses	6.1		%	6.4		%	8.5		%	6.8		%	8.0		%	(1.9		)%	7.0		%	7.1		%	(0.1		)%
Other operating expenses	8.4		%	7.5		%	7.3		%	6.9		%	9.9		%	(1.5		)%	7.5		%	7.9		%	(0.4		)%


Foreign currency effect on (1):
Net premiums	$	(12,043	)	$	(6,362	)	$	18,659		$	40,308		$	19,482		$	(31,525	)	$	40,562		$	(8,329	)	$	48,891
Income (loss) before income taxes	$	(875	)	$	(363	)	$	978		$	1,801		$	2,037		$	(2,912	)	$	1,541		$	1,497		$	44

Critical illness net premiums	$	45,292		$	45,601		$	47,851		$	48,898		$	47,322		$	(2,030	)	$	187,642		$	191,494		$	(3,852	)

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period



		Page 19

Reinsurance Group of America, Incorporated Europe, Middle East and Africa Traditional Adjusted Operating Income Statements (USD thousands)

	Three Months Ended															Current Qtr			Year-to-Date
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
	2018			2018			2018			2018			2017			Quarter			2018			2017			Change
Revenues:
Net premiums	$	352,522		$	340,414		$	354,534		$	375,729		$	321,907		$	30,615		$	1,423,199		$	1,301,640		$	121,559
Investment income, net of related expenses	17,201			16,190			17,087			15,764			14,479			2,722			66,242			55,511			10,731
Other revenue	1,673			455			917			2,280			666			1,007			5,325			4,872			453
Total revenues	371,396			357,059			372,538			393,773			337,052			34,344			1,494,766			1,362,023			132,743

Benefits and expenses:
Claims and other policy benefits	305,027			291,442			310,187			326,802			249,735			55,292			1,233,458			1,096,211			137,247
Policy acquisition costs and other insurance expenses	21,651			21,817			29,961			25,552			25,880			(4,229		)	98,981			92,143			6,838
Other operating expenses	29,688			25,430			25,922			26,007			31,747			(2,059		)	107,047			103,235			3,812
Total benefits and expenses	356,366			338,689			366,070			378,361			307,362			49,004			1,439,486			1,291,589			147,897

Adjusted operating income before income taxes	$	15,030		$	18,370		$	6,468		$	15,412		$	29,690		$	(14,660	)	$	55,280		$	70,434		$	(15,154	)

Loss and expense ratios:
Claims and other policy benefits	86.5		%	85.6		%	87.5		%	87.0		%	77.6		%	8.9		%	86.7		%	84.2		%	2.5		%
Policy acquisition costs and other insurance expenses	6.1		%	6.4		%	8.5		%	6.8		%	8.0		%	(1.9		)%	7.0		%	7.1		%	(0.1		)%
Other operating expenses	8.4		%	7.5		%	7.3		%	6.9		%	9.9		%	(1.5		)%	7.5		%	7.9		%	(0.4		)%


Foreign currency effect on (1):
Net premiums	$	(12,043	)	$	(6,362	)	$	18,659		$	40,308		$	19,482		$	(31,525	)	$	40,562		$	(8,329	)	$	48,891
Adjusted operating income (loss) before income taxes	$	(884	)	$	(363	)	$	978		$	1,801		$	2,033		$	(2,917	)	$	1,532		$	1,494		$	38

Critical illness net premiums	$	45,292		$	45,601		$	47,851		$	48,898		$	47,322		$	(2,030	)	$	187,642		$	191,494		$	(3,852	)

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period



		Page 20

Reinsurance Group of America, Incorporated Europe, Middle East and Africa Financial Solutions (1) GAAP Income Statements (USD thousands)

	Three Months Ended														Current Qtr			Year-to-Date
	Dec. 31,			Sept. 30,			June 30,		March 31,			Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
	2018			2018			2018		2018			2017			Quarter			2018			2017			Change
Revenues:
Net premiums	$	49,115		$	49,104		$	49,135	$	47,979		$	43,911		$	5,204		$	195,333		$	163,720		$	31,613
Investment income, net of related expenses	24,045			37,548			40,330		31,932			34,656			(10,611		)	133,855			123,258			10,597
Investment related gains (losses), net	(8,568		)	(87		)	5,858		3,352			(2,738		)	(5,830		)	555			5,487			(4,932		)
Other revenue	4,812			5,099			5,352		4,880			4,807			5			20,143			18,606			1,537
Total revenues	69,404			91,664			100,675		88,143			80,636			(11,232		)	349,886			311,071			38,815

Benefits and expenses:
Claims and other policy benefits	34,615			24,211			21,854		42,471			34,415			200			123,151			142,796			(19,645		)
Interest credited	(10,536		)	2,402			4,127		(2,652		)	4,781			(15,317		)	(6,659		)	11,078			(17,737		)
Policy acquisition costs and other insurance expenses	1,033			814			1,054		1,080			763			270			3,981			1,833			2,148
Other operating expenses	8,643			8,032			8,271		8,080			8,939			(296		)	33,026			31,850			1,176
Total benefits and expenses	33,755			35,459			35,306		48,979			48,898			(15,143		)	153,499			187,557			(34,058		)

Income before income taxes	$	35,649		$	56,205		$	65,369	$	39,164		$	31,738		$	3,911		$	196,387		$	123,514		$	72,873

Foreign currency effect on (2):
Net premiums	$	(1,627	)	$	(241	)	$	2,987	$	5,368		$	2,922		$	(4,549	)	$	6,487		$	(7,569	)	$	14,056
Income (loss) before income taxes	$	(1,164	)	$	(676	)	$	3,339	$	4,318		$	2,108		$	(3,272	)	$	5,817		$	(5,819	)	$	11,636

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Europe, Middle East and Africa Financial Solutions operations includes asset intensive, financial reinsurance, capital motivated and longevity closed block business.
(2) Compared to comparable prior year period



		Page 21

Reinsurance Group of America, Incorporated Europe, Middle East and Africa Financial Solutions (1) Adjusted Operating Income Statements (USD thousands)

	Three Months Ended												Current Qtr			Year-to-Date
	Dec. 31,			Sept. 30,			June 30,		March 31,		Dec. 31,		vs. PY			Dec. 31,		Dec. 31,
	2018			2018			2018		2018		2017		Quarter			2018		2017			Change
Revenues:
Net premiums	$	49,115		$	49,104		$	49,135	$	47,979	$	43,911	$	5,204		$	195,333	$	163,720		$	31,613
Investment income, net of related expenses	34,581			35,146			36,203		34,584		29,875		4,706			140,514		112,180			28,334
Other revenue	4,769			5,238			5,339		4,956		4,848		(79		)	20,302		18,770			1,532
Total revenues	88,465			89,488			90,677		87,519		78,634		9,831			356,149		294,670			61,479

Benefits and expenses:
Claims and other policy benefits	34,615			24,211			21,854		42,471		34,415		200			123,151		142,796			(19,645		)
Policy acquisition costs and other insurance expenses	1,033			814			1,054		1,080		763		270			3,981		1,833			2,148
Other operating expenses	8,643			8,032			8,271		8,080		8,939		(296		)	33,026		31,850			1,176
Total benefits and expenses	44,291			33,057			31,179		51,631		44,117		174			160,158		176,479			(16,321		)

Adjusted operating income before income taxes	$	44,174		$	56,431		$	59,498	$	35,888	$	34,517	$	9,657		$	195,991	$	118,191		$	77,800

Foreign currency effect on (2):
Net premiums	$	(1,627	)	$	(241	)	$	2,987	$	5,368	$	2,922	$	(4,549	)	$	6,487	$	(7,569	)	$	14,056
Adjusted operating income (loss) before income taxes	$	(1,400	)	$	(687	)	$	3,050	$	3,965	$	2,311	$	(3,711	)	$	4,928	$	(4,602	)	$	9,530

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Europe, Middle East and Africa Financial Solutions operations includes asset intensive, financial reinsurance, capital motivated and longevity closed block business.
(2) Compared to comparable prior year period



		Page 22

Reinsurance Group of America, Incorporated Asia Pacific Traditional GAAP Income Statements (USD thousands)


	Three Months Ended															Current Qtr			Year-to-Date
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
	2018			2018			2018			2018			2017			Quarter			2018			2017			Change
Revenues:
Net premiums	$	616,428		$	551,695		$	538,799		$	589,513		$	495,439		$	120,989		$	2,296,435		$	2,053,029		$	243,406
Investment income, net of related expenses	23,676			23,169			24,076			24,600			23,570			106			95,521			91,675			3,846
Investment related gains (losses), net	(1		)	—			—			8			(10		)	9			7			(10		)	17
Other revenue	13,651			3,171			7,645			418			63,268			(49,617		)	24,885			65,992			(41,107		)
Total revenues	653,754			578,035			570,520			614,539			582,267			71,487			2,416,848			2,210,686			206,162

Benefits and expenses:
Claims and other policy benefits	522,999			431,570			435,592			495,194			414,637			108,362			1,885,355			1,635,728			249,627
Policy acquisition costs and other insurance expenses	56,256			42,063			37,584			58,782			97,575			(41,319		)	194,685			277,582			(82,897		)
Other operating expenses	40,754			42,395			38,482			37,676			42,843			(2,089		)	159,307			148,590			10,717
Total benefits and expenses	620,009			516,028			511,658			591,652			555,055			64,954			2,239,347			2,061,900			177,447

Income before income taxes	$	33,745		$	62,007		$	58,862		$	22,887		$	27,212		$	6,533		$	177,501		$	148,786		$	28,715

Loss and expense ratios:
Claims and other policy benefits	84.8		%	78.2		%	80.8		%	84.0		%	83.7		%	1.1		%	82.1		%	79.7		%	2.4		%
Policy acquisition costs and other insurance expenses	9.1		%	7.6		%	7.0		%	10.0		%	19.7		%	(10.6		)%	8.5		%	13.5		%	(5		)%
Other operating expenses	6.6		%	7.7		%	7.1		%	6.4		%	8.6		%	(2.0		)%	6.9		%	7.2		%	(0.3		)%

Foreign currency effect on (1):
Net premiums	$	(18,381	)	$	(14,915	)	$	9,195		$	21,345		$	8,512		$	(26,893	)	$	(2,756	)	$	22,673		$	(25,429	)
Income (loss) before income taxes	$	698		$	1,181		$	(66	)	$	954		$	(1,066	)	$	1,764		$	2,767		$	(1,430	)	$	4,197

Critical illness net premiums	$	198,428		$	191,099		$	180,852		$	235,721		$	136,246		$	62,182		$	806,100		$	611,045		$	195,055

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period



		Page 23

Reinsurance Group of America, Incorporated Asia Pacific Traditional Adjusted Operating Income Statements (USD thousands)

	Three Months Ended															Current Qtr			Year-to-Date
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
	2018			2018			2018			2018			2017			Quarter			2018			2017			Change
Revenues:
Net premiums	$	616,428		$	551,695		$	538,799		$	589,513		$	495,439		$	120,989		$	2,296,435		$	2,053,029		$	243,406
Investment income, net of related expenses	23,676			23,169			24,076			24,600			23,570			106			95,521			91,675			3,846
Investment related gains (losses), net	(1		)	(1		)	—			3			5			(6		)	1			5			(4		)
Other revenue	13,651			3,171			7,645			418			63,268			(49,617		)	24,885			65,992			(41,107		)
Total revenues	653,754			578,034			570,520			614,534			582,282			71,472			2,416,842			2,210,701			206,141

Benefits and expenses:
Claims and other policy benefits	522,999			431,570			435,592			495,194			414,637			108,362			1,885,355			1,635,728			249,627
Policy acquisition costs and other insurance expenses	56,256			42,063			37,584			58,782			97,575			(41,319		)	194,685			277,582			(82,897		)
Other operating expenses	40,754			42,395			38,482			37,676			42,843			(2,089		)	159,307			148,590			10,717
Total benefits and expenses	620,009			516,028			511,658			591,652			555,055			64,954			2,239,347			2,061,900			177,447

Adjusted operating income before income taxes	$	33,745		$	62,006		$	58,862		$	22,882		$	27,227		$	6,518		$	177,495		$	148,801		$	28,694

Loss and expense ratios:
Claims and other policy benefits	84.8		%	78.2		%	80.8		%	84.0		%	83.7		%	1.1		%	82.1		%	79.7		%	2.4		%
Policy acquisition costs and other insurance expenses	9.1		%	7.6		%	7.0		%	10.0		%	19.7		%	(10.6		)%	8.5		%	13.5		%	(5.0		)%
Other operating expenses	6.6		%	7.7		%	7.1		%	6.4		%	8.6		%	(2.0		)%	6.9		%	7.2		%	(0.3		)%

Foreign currency effect on (1):
Net premiums	$	(18,381	)	$	(14,915	)	$	9,195		$	21,345		$	8,512		$	(26,893	)	$	(2,756	)	$	22,673		$	(25,429	)
Adjusted operating income (loss) before income taxes	$	697		$	1,181		$	(66	)	$	916		$	(1,059	)	$	1,756		$	2,728		$	(1,423	)	$	4,151

Critical illness net premiums	$	198,428		$	191,099		$	180,852		$	235,721		$	136,246		$	62,182		$	806,100		$	611,045		$	195,055

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period



		Page 24

Reinsurance Group of America, Incorporated Asia Pacific Financial Solutions (1) GAAP Income Statements (USD thousands)


	Three Months Ended													Current Qtr			Year-to-Date
	Dec. 31,			Sept. 30,			June 30,		March 31,		Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
	2018			2018			2018		2018		2017			Quarter			2018			2017			Change
Revenues:
Net premiums	$	83		$	75		$	30	$	678	$	325		$	(242	)	$	866		$	2,419		$	(1,553	)
Investment income, net of related expenses	10,006			10,145			10,184		10,394		9,867			139			40,729			34,529			6,200
Investment related gains (losses), net	(15,211		)	(438		)	1,904		3,467		2,413			(17,624		)	(10,278		)	13,938			(24,216		)
Other revenue	5,596			6,385			5,874		5,307		5,802			(206		)	23,162			22,889			273
Total revenues	474			16,167			17,992		19,846		18,407			(17,933		)	54,479			73,775			(19,296		)

Benefits and expenses:
Claims and other policy benefits	2,576			3,894			2,405		4,468		3,850			(1,274		)	13,343			18,020			(4,677		)
Interest credited	6,454			6,875			6,660		6,394		6,852			(398		)	26,383			22,447			3,936
Policy acquisition costs and other insurance expenses	756			786			728		1,197		1,000			(244		)	3,467			5,111			(1,644		)
Other operating expenses	5,019			4,406			4,061		3,766		4,595			424			17,252			15,067			2,185
Total benefits and expenses	14,805			15,961			13,854		15,825		16,297			(1,492		)	60,445			60,645			(200		)

Income (loss) before income taxes	$	(14,331	)	$	206		$	4,138	$	4,021	$	2,110		$	(16,441	)	$	(5,966	)	$	13,130		$	(19,096	)

Foreign currency effect on (2):
Net premiums	$	—		$	—		$	—	$	36	$	(5	)	$	5		$	36		$	(5	)	$	41
Income (loss) before income taxes	$	272		$	(41	)	$	38	$	98	$	242		$	30		$	367		$	344		$	23

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Asia Pacific Financial Solutions operations includes asset intensive, financial reinsurance, and disabled life closed block business.
(2) Compared to comparable prior year period



		Page 25

Reinsurance Group of America, Incorporated Asia Pacific Financial Solutions (1) Adjusted Operating Income Statements (USD thousands)

	Three Months Ended														Current Qtr			Year-to-Date
	Dec. 31,			Sept. 30,			June 30,		March 31,			Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
	2018			2018			2018		2018			2017			Quarter			2018			2017			Change
Revenues:
Net premiums	$	83		$	75		$	30	$	678		$	325		$	(242	)	$	866		$	2,419		$	(1,553	)
Investment income, net of related expenses	10,006			10,145			10,184		10,394			9,867			139			40,729			34,529			6,200
Investment related gains, net	1,140			695			630		724			1,005			135			3,189			3,440			(251		)
Other revenue	5,596			6,385			5,874		5,307			5,802			(206		)	23,162			22,889			273
Total revenues	16,825			17,300			16,718		17,103			16,999			(174		)	67,946			63,277			4,669

Benefits and expenses:
Claims and other policy benefits	2,576			3,894			2,405		4,468			3,850			(1,274		)	13,343			18,020			(4,677		)
Interest credited	6,454			6,875			6,660		6,394			6,852			(398		)	26,383			22,447			3,936
Policy acquisition costs and other insurance expenses	756			786			728		1,197			1,000			(244		)	3,467			5,111			(1,644		)
Other operating expenses	5,019			4,406			4,061		3,766			4,595			424			17,252			15,067			2,185
Total benefits and expenses	14,805			15,961			13,854		15,825			16,297			(1,492		)	60,445			60,645			(200		)

Adjusted operating income before income taxes	$	2,020		$	1,339		$	2,864	$	1,278		$	702		$	1,318		$	7,501		$	2,632		$	4,869

Foreign currency effect on (2):
Net premiums	$	—		$	—		$	—	$	36		$	(5	)	$	5		$	36		$	(5	)	$	41
Adjusted operating income (loss) before income taxes	$	(94	)	$	(34	)	$	66	$	(42	)	$	158		$	(252	)	$	(104	)	$	174		$	(278	)

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Asia Pacific Financial Solutions operations includes asset intensive, financial reinsurance, and disabled life closed block business.
(2) Compared to comparable prior year period



		Page 26

Reinsurance Group of America, Incorporated Corporate and Other GAAP Income Statements (USD thousands)

	Three Months Ended															Current Qtr			Year-to-Date
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
	2018			2018			2018			2018			2017			Quarter			2018			2017			Change
Revenues:
Net premiums	$	64		$	7		$	10		$	10		$	4		$	60		$	91		$	113		$	(22	)
Investment income, net of related expenses	40,332			51,846			32,727			40,146			40,423			(91		)	165,051			148,999			16,052
Investment related losses, net	(55,688		)	(22,524		)	(23,281		)	(8,934		)	(12,799		)	(42,889		)	(110,427		)	(4,943		)	(105,484		)
Other revenue	6,275			8,509			6,344			8,033			1,860			4,415			29,161			10,986			18,175
Total revenues	(9,017		)	37,838			15,800			39,255			29,488			(38,505		)	83,876			155,155			(71,279		)

Benefits and expenses:
Claims and other policy benefits	(366		)	24			108			320			(9		)	(357		)	86			(10		)	96
Interest credited	3,572			3,015			2,717			2,210			1,936			1,636			11,514			6,356			5,158
Policy acquisition costs and other insurance income	(32,599		)	(30,531		)	(30,496		)	(30,512		)	(27,947		)	(4,652		)	(124,138		)	(108,641		)	(15,497		)
Other operating expenses	61,227			64,896			66,270			62,960			83,655			(22,428		)	255,353			207,769			47,584
Interest expense	39,586			33,290			37,025			37,454			37,435			2,151			147,355			146,025			1,330
Collateral finance and securitization expense	7,190			7,467			7,440			7,602			7,401			(211		)	29,699			28,636			1,063
Total benefits and expenses	78,610			78,161			83,064			80,034			102,471			(23,861		)	319,869			280,135			39,734

Loss before income taxes	$	(87,627	)	$	(40,323	)	$	(67,264	)	$	(40,779	)	$	(72,983	)	$	(14,644	)	$	(235,993	)	$	(124,980	)	$	(111,013	)

Foreign currency effect on (1):
Income (loss) before income taxes	$	(524	)	$	(636	)	$	762		$	156		$	766		$	(1,290	)	$	(242	)	$	859		$	(1,101	)

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period



		Page 27

Reinsurance Group of America, Incorporated Corporate and Other Adjusted Operating Income Statements (USD thousands)

	Three Months Ended															Current Qtr			Year-to-Date
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
	2018			2018			2018			2018			2017			Quarter			2018			2017			Change
Revenues:
Net premiums	$	64		$	7		$	10		$	10		$	4		$	60		$	91		$	113		$	(22	)
Investment income, net of related expenses	40,332			51,846			32,727			40,146			40,423			(91		)	165,051			148,999			16,052
Investment related gains, net	1,103			434			632			908			547			556			3,077			2,674			403
Other revenue	6,116			7,817			6,834			8,033			1,860			4,256			28,800			10,925			17,875
Total revenues	47,615			60,104			40,203			49,097			42,834			4,781			197,019			162,711			34,308

Benefits and expenses:
Claims and other policy benefits	(366		)	24			108			320			(9		)	(357		)	86			(10		)	96
Interest credited	3,572			3,015			2,717			2,210			1,936			1,636			11,514			6,356			5,158
Policy acquisition costs and other insurance income	(32,599		)	(30,531		)	(30,496		)	(30,512		)	(27,947		)	(4,652		)	(124,138		)	(108,641		)	(15,497		)
Other operating expenses	61,227			64,896			66,270			62,960			83,655			(22,428		)	255,353			207,769			47,584
Interest expense	39,586			33,290			37,025			37,454			37,435			2,151			147,355			146,025			1,330
Collateral finance and securitization expense	7,190			7,467			7,440			7,602			7,401			(211		)	29,699			28,636			1,063
Total benefits and expenses	78,610			78,161			83,064			80,034			102,471			(23,861		)	319,869			280,135			39,734

Adjusted operating loss before income taxes	$	(30,995	)	$	(18,057	)	$	(42,861	)	$	(30,937	)	$	(59,637	)	$	28,642		$	(122,850	)	$	(117,424	)	$	(5,426	)

Foreign currency effect on (1):
Adjusted operating income (loss) before income taxes	$	(902	)	$	(558	)	$	463		$	34		$	644		$	(1,546	)	$	(963	)	$	892		$	(1,855	)

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period



		Page 28

Reinsurance Group of America, Incorporated Summary of Segment GAAP Income (USD thousands)


	Three Months Ended															Current Qtr			Year-to-date
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
	2018			2018			2018			2018			2017			Quarter			2018			2017			Change
U.S. and Latin America:
Traditional	$	95,212		$	116,328		$	71,978		$	2,892		$	92,368		$	2,844		$	286,410		$	373,434		$	(87,024	)
Financial Solutions:
Asset Intensive	(5,798		)	65,490			60,840			47,262			80,810			(86,608		)	167,794			320,708			(152,914		)
Financial Reinsurance	19,394			21,583			21,548			20,159			21,085			(1,691		)	82,684			80,876			1,808
Total U.S. and Latin America	108,808			203,401			154,366			70,313			194,263			(85,455		)	536,888			775,018			(238,130		)
Canada:
Canada Traditional	45,647			21,149			21,805			23,707			39,265			6,382			112,308			120,218			(7,910		)
Canada Financial Solutions	1,195			1,646			3,544			3,191			4,154			(2,959		)	9,576			16,643			(7,067		)
Total Canada	46,842			22,795			25,349			26,898			43,419			3,423			121,884			136,861			(14,977		)
Europe, Middle East and Africa:
Europe, Middle East and Africa Traditional	14,860			18,370			6,468			15,421			29,735			(14,875		)	55,119			70,486			(15,367		)
Europe, Middle East and Africa Financial Solutions	35,649			56,205			65,369			39,164			31,738			3,911			196,387			123,514			72,873
Total Europe, Middle East and Africa	50,509			74,575			71,837			54,585			61,473			(10,964		)	251,506			194,000			57,506
Asia Pacific:
Asia Pacific Traditional	33,745			62,007			58,862			22,887			27,212			6,533			177,501			148,786			28,715
Asia Pacific Financial Solutions	(14,331		)	206			4,138			4,021			2,110			(16,441		)	(5,966		)	13,130			(19,096		)
Total Asia Pacific	19,414			62,213			63,000			26,908			29,322			(9,908		)	171,535			161,916			9,619
Corporate and Other	(87,627		)	(40,323		)	(67,264		)	(40,779		)	(72,983		)	(14,644		)	(235,993		)	(124,980		)	(111,013		)
Consolidated income before income taxes	$	137,946		$	322,661		$	247,288		$	137,925		$	255,494		$	(117,548	)	$	845,820		$	1,142,815		$	(296,995	)

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.



		Page 29

Reinsurance Group of America, Incorporated Summary of Segment Adjusted Operating Income (USD thousands)


	Three Months Ended															Current Qtr vs. PY Quarter			Year-to-date
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,						Dec. 31,			Dec. 31,
	2018			2018			2018			2018			2017						2018			2017			Change
U.S. and Latin America:
Traditional	$	92,410		$	116,361		$	68,253		$	1,209		$	93,782		$	(1,372	)	$	278,233		$	375,040		$	(96,807	)
Financial Solutions:
Asset Intensive	52,777			63,782			49,739			49,662			55,289			(2,512		)	215,960			229,398			(13,438		)
Financial Reinsurance	19,394			21,583			21,548			20,159			21,085			(1,691		)	82,684			80,876			1,808
Total U.S. and Latin America	164,581			201,726			139,540			71,030			170,156			(5,575		)	576,877			685,314			(108,437		)
Canada:
Canada Traditional	50,340			19,952			22,162			25,557			38,618			11,722			118,011			113,933			4,078
Canada Financial Solutions	1,195			1,646			3,544			3,191			4,154			(2,959		)	9,576			16,643			(7,067		)
Total Canada	51,535			21,598			25,706			28,748			42,772			8,763			127,587			130,576			(2,989		)
Europe, Middle East and Africa:
Europe, Middle East and Africa Traditional	15,030			18,370			6,468			15,412			29,690			(14,660		)	55,280			70,434			(15,154		)
Europe, Middle East and Africa Financial Solutions	44,174			56,431			59,498			35,888			34,517			9,657			195,991			118,191			77,800
Total Europe, Middle East and Africa	59,204			74,801			65,966			51,300			64,207			(5,003		)	251,271			188,625			62,646
Asia Pacific:
Asia Pacific Traditional	33,745			62,006			58,862			22,882			27,227			6,518			177,495			148,801			28,694
Asia Pacific Financial Solutions	2,020			1,339			2,864			1,278			702			1,318			7,501			2,632			4,869
Total Asia Pacific	35,765			63,345			61,726			24,160			27,929			7,836			184,996			151,433			33,563
Corporate and Other	(30,995		)	(18,057		)	(42,861		)	(30,937		)	(59,637		)	28,642			(122,850		)	(117,424		)	(5,426		)
Consolidated adjusted operating income before income taxes	$	280,090		$	343,413		$	250,077		$	144,301		$	245,427		$	34,663		$	1,017,881		$	1,038,524		$	(20,643	)

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.



		Page 30

Reinsurance Group of America, Incorporated Investments (USD thousands) Cash and Invested Assets

	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,
	2018		2018		2018		2018		2017
Fixed maturity securities, available-for-sale (1)	$	39,992,346	$	39,005,212	$	36,784,954	$	37,945,260	$	38,150,820
Equity securities (2)	82,197		101,069		108,070		103,983		100,152
Mortgage loans on real estate	4,966,298		4,779,074		4,558,669		4,437,994		4,400,533
Policy loans	1,344,980		1,320,050		1,339,252		1,346,930		1,357,624
Funds withheld at interest	5,761,471		5,976,301		5,981,092		6,005,892		6,083,388
Short-term investments	142,598		229,928		123,028		130,430		93,304
Other invested assets	1,989,078		1,706,979		1,605,562		1,512,147		1,505,332
Cash and cash equivalents	1,889,733		1,730,489		1,397,679		1,510,407		1,303,524
Total cash and invested assets	$	56,168,701	$	54,849,102	$	51,898,306	$	52,993,043	$	52,994,677

(1) The Company holds the various types of fixed maturity securities available-for-sale and classifies them as corporate securities (“Corporate”), Canadian and Canadian provincial government securities (“Canadian government”), residential mortgage-backed securities (“RMBS”), asset-backed securities (“ABS”), commercial mortgage-backed securities (“CMBS”), U.S. government and agencies (“U.S. government”), state and political subdivisions, and other foreign government, supernational and foreign government-sponsored enterprises (“Other foreign government”).
(2) Effective January 1, 2018, the Company adopted ASU 2016-01. For additional information see the “2018 Notes” section on page 3.

Investment Income and Yield Summary


	Three Months Ended															Current Qtr vs. PY Quarter			Year-to-Date
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,						Dec. 31,			Dec. 31,
	2018			2018			2018			2018			2017						2018			2017			Change
Average invested assets at amortized cost (1)	$	27,387,965		$	27,029,073		$	26,899,416		$	27,024,934		$	26,351,089		$	1,036,876		$	26,640,947		$	25,225,400		$	1,415,547
Net investment income (1)	$	298,902		$	303,860		$	285,832		$	296,473		$	283,989		$	14,913		$	1,185,067		$	1,147,713		$	37,354
Annualized investment yield (ratio of net investment income to average invested assets at amortized cost) (1)	4.44		%	4.57		%	4.32		%	4.46		%	4.38		%	0.06		%	4.45		%	4.55		%	(0.10)		%

(1) Excludes spread related business (e.g. coinsurance of annuities).



		Page 31

Reinsurance Group of America, Incorporated Investments (USD thousands) Amortized Cost, Gross Unrealized Gains and Losses, and Estimated Fair Values of Fixed Maturity Securities(1) (Excludes Funds Withheld Portfolios)

December 31, 2018
	Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value		% of Total		Other-than- temporary Impairment in AOCI
Available-for-sale:
Corporate	$	24,006,407	$	530,804	$	555,092	$	23,982,119	59.9	%	$	—
Canadian governments	2,768,466		1,126,227		2,308		3,892,385		9.7	%	—
RMBS	1,872,236		22,267		25,282		1,869,221		4.7	%	—
ABS	2,171,254		10,779		32,829		2,149,204		5.4	%	275
CMBS	1,428,115		9,153		18,234		1,419,034		3.5	%	—
U.S. government	2,233,537		10,204		57,867		2,185,874		5.5	%	—
State and political subdivisions	721,290		39,914		9,010		752,194		1.9	%	—
Other foreign government	3,680,863		109,320		47,868		3,742,315		9.4	%	—
Total fixed maturity securities	$	38,882,168	$	1,858,668	$	748,490	$	39,992,346	100.0	%	$	275

(1) Effective January 1, 2018, the Company adopted ASU 2016-01. For additional information see the “2018 Notes” section on page 3.

Amortized Cost, Gross Unrealized Gains and Losses, and Estimated Fair Values of Fixed Maturity and Equity Securities (Excludes Funds Withheld Portfolios)

December 31, 2017
	Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value		% of Total		Other-than- temporary Impairment in AOCI
Available-for-sale:
Corporate	$	21,966,803	$	1,299,594	$	55,429	$	23,210,968	60.9	%	$	—
Canadian governments	2,843,273		1,378,510		1,707		4,220,076		11.1	%	—
RMBS	1,695,126		36,632		11,878		1,719,880		4.5	%	—
ABS	1,634,758		18,798		5,194		1,648,362		4.3	%	275
CMBS	1,285,594		22,627		4,834		1,303,387		3.4	%	—
U.S. government	1,953,436		12,089		21,933		1,943,592		5.1	%	—
State and political subdivisions	647,727		59,997		4,296		703,428		1.8	%	—
Other foreign government	3,254,695		154,507		8,075		3,401,127		8.9	%	—
Total fixed maturity securities	$	35,281,412	$	2,982,754	$	113,346	$	38,150,820	100.0	%	$	275

Non-redeemable preferred stock	$	41,553	$	479	$	2,226	$	39,806	39.7	%
Other equity securities	61,288		479		1,421		60,346		60.3	%
Total equity securities	$	102,841	$	958	$	3,647	$	100,152	100.0	%



		Page 32

Reinsurance Group of America, Incorporated Investments (USD thousands) Corporate Fixed Maturity Securities by Sector (Excludes Funds Withheld Portfolios)

	December 31, 2018							December 31, 2017
	Amortized Cost		Estimated Fair Value		% of Total		Average Credit Ratings (1)	Amortized Cost		Estimated Fair Value		% of Total		Average Credit Ratings (1)
Financial institutions
Banking	$	4,853,921	$	4,835,124	20.1	%	A-	$	4,353,995	$	4,549,003	19.6	%	A-
Brokerage/asset managers/exchanges	582,082		582,624		2.4	%	A-	529,100		556,022		2.4	%	A-
Finance companies	184,843		179,219		0.7	%	BBB	219,289		226,733		1.0	%	BBB+
Insurance	2,293,651		2,263,918		9.4	%	BBB+	1,864,357		1,989,990		8.6	%	A-
REITs	639,466		638,511		2.7	%	BBB+	714,489		738,979		3.2	%	BBB+
Other finance	239,779		231,172		1.0	%	A-	296,655		302,047		1.3	%	A
Total financial institutions	$	8,793,742	$	8,730,568	36.3	%		$	7,977,885	$	8,362,774	36.1	%
Industrials
Basic	$	1,296,617	$	1,287,773	5.4	%	BBB	$	1,075,380	$	1,137,668	4.9	%	BBB
Capital goods	1,197,773		1,185,024		4.9	%	BBB	1,151,629		1,202,609		5.2	%	BBB+
Communications	1,903,510		1,917,240		8.0	%	BBB	2,006,383		2,133,924		9.2	%	BBB
Consumer cyclical	1,188,006		1,187,639		5.0	%	A-	1,249,776		1,301,978		5.6	%	A-
Consumer noncyclical	2,584,174		2,581,539		10.8	%	BBB+	2,243,126		2,396,115		10.3	%	BBB+
Energy	1,799,801		1,814,668		7.6	%	BBB+	1,871,898		1,994,951		8.6	%	BBB+
Technology	767,069		768,807		3.2	%	A-	676,245		705,682		3.0	%	A
Transportation	1,321,537		1,320,565		5.5	%	A-	1,065,994		1,122,892		4.8	%	A-
Other Industrial	278,370		278,856		1.2	%	BBB+	194,735		203,514		0.9	%	BBB+
Total industrials	$	12,336,857	$	12,342,111	51.6	%		$	11,535,166	$	12,199,333	52.5	%
Utilities
Electric	$	2,245,526	$	2,254,770	9.4	%	A-	$	1,818,459	$	1,951,774	8.4	%	A-
Natural gas	359,308		365,514		1.5	%	A-	354,958		381,873		1.6	%	A-
Other utility	270,974		289,156		1.2	%	A-	280,335		315,214		1.4	%	BBB+
Total utilities	$	2,875,808	$	2,909,440	12.1	%		$	2,453,752	$	2,648,861	11.4	%
Total	$	24,006,407	$	23,982,119	100.0	%	BBB+	$	21,966,803	$	23,210,968	100.0	%	BBB+

(1) The Average Credit Rating designations are based on the ratings from nationally recognized statistical rating organizations (NRSRO), primarily those assigned by Moody’s, S&P and Fitch.



		Page 33

Reinsurance Group of America, Incorporated

Investments

(USD thousands)

Ratings of Fixed Maturity Securities (Excludes Funds Withheld Portfolios)

		December 31, 2018						September 30, 2018						June 30, 2018						March 31, 2018						December 31, 2017
NAIC Designation (1)	Rating Agency Designation (2)	Amortized Cost		Estimated Fair Value		% of Total		Amortized Cost		Estimated Fair Value		% of Total		Amortized Cost		Estimated Fair Value		% of Total		Amortized Cost		Estimated Fair Value		% of Total		Amortized Cost		Estimated Fair Value		% of Total
1	AAA/AA/A	$	24,904,526	$	26,180,440	65.5	%	$	24,627,894	$	25,837,847	66.2	%	$	23,206,331	$	24,697,276	67.2	%	$	23,699,901	$	25,416,105	67.0	%	$	23,534,574	$	25,762,103	67.5	%
2	BBB	12,141,601		12,023,426		30.1	%	11,466,201		11,526,902		29.6	%	10,309,842		10,413,893		28.3	%	10,502,621		10,816,607		28.5	%	10,115,008		10,709,170		28.1	%
3	BB	1,409,235		1,371,328		3.4	%	1,187,035		1,168,627		3.0	%	1,165,503		1,136,259		3.1	%	1,209,542		1,211,330		3.2	%	1,139,200		1,173,639		3.1	%
4	B	395,694		385,670		1.0	%	425,572		424,040		1.1	%	501,101		488,648		1.3	%	439,444		439,736		1.2	%	408,990		420,284		1.1	%
5	CCC	13,183		12,860		—	%	27,341		30,106		0.1	%	45,696		42,876		0.1	%	45,617		43,929		0.1	%	78,143		79,747		0.2	%
6	In or near default	17,929		18,622		—	%	17,089		17,690		—	%	5,497		6,002		—	%	16,580		17,553		—	%	5,497		5,877		—	%
	Total	$	38,882,168	$	39,992,346	100.0	%	$	37,751,132	$	39,005,212	100.0	%	$	35,233,970	$	36,784,954	100.0	%	$	35,913,705	$	37,945,260	100.0	%	$	35,281,412	$	38,150,820	100.0	%

(1) Structured securities held by the Company’s insurance subsidiaries that maintain the NAIC statutory basis of accounting that meet the definition of SSAP No. 43R utilize the NAIC rating methodology.
All other securities will continue to utilize the NRSRO ratings, as available, or equivalent ratings based on information from the NAIC.
(2) The Rating Agency Designation includes all “+” or “-” at that rating level (e. g. “BBB” includes “BBB+”, “BBB”, and “BBB-”).

Structured Fixed Maturity Securities

	December 31, 2018				September 30, 2018				June 30, 2018				March 31, 2018				December 31, 2017
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
RMBS
Agency	$	811,044	$	814,568	$	813,762	$	795,873	$	840,284	$	833,587	$	861,908	$	861,214	$	878,559	$	896,977
Non-agency	1,061,192		1,054,653		1,003,187		984,889		997,032		987,627		929,099		925,934		816,567		822,903
Total	1,872,236		1,869,221		1,816,949		1,780,762		1,837,316		1,821,214		1,791,007		1,787,148		1,695,126		1,719,880
CMBS	1,428,115		1,419,034		1,282,015		1,273,534		1,249,616		1,242,509		1,281,452		1,281,933		1,285,594		1,303,387
ABS	2,171,254		2,149,204		1,867,650		1,863,017		1,711,099		1,708,824		1,727,810		1,734,722		1,634,758		1,648,362
Total	$	5,471,605	$	5,437,459	$	4,966,614	$	4,917,313	$	4,798,031	$	4,772,547	$	4,800,269	$	4,803,803	$	4,615,478	$	4,671,629



		Page 34

Reinsurance Group of America, Incorporated Investments (USD thousands) Gross Unrealized Losses Aging Fixed Maturity Securities

	December 31, 2018				September 30, 2018				June 30, 2018				March 31, 2018				December 31, 2017
	Gross Unrealized Losses		% of Total		Gross Unrealized Losses		% of Total		Gross Unrealized Losses		% of Total		Gross Unrealized Losses		% of Total		Gross Unrealized Losses		% of Total
Less than 20%	$	721,015	96.3	%	$	640,481	98.1	%	$	571,151	96.4	%	$	358,873	94.1	%	$	110,508	97.5	%
20% or more for less than six months	21,336		2.9	%	309		—	%	21,045		3.6	%	20,232		5.3	%	—		—	%
20% or more for six months or greater	6,139		0.8	%	12,293		1.9	%	12		—	%	2,360		0.6	%	2,838		2.5	%
Total	$	748,490	100.0	%	$	653,083	100.0	%	$	592,208	100.0	%	$	381,465	100.0	%	$	113,346	100.0	%



		Page 35

Reinsurance Group of America, Incorporated Investments (USD thousands) Fixed Maturity Securities Below Amortized Cost(1) (Excludes Funds Withheld Portfolios)

	As of December 31, 2018
	Less than 12 months				Equal to or greater than 12 months				Total
	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
Investment grade securities:
Corporate	$	8,505,371	$	302,604	$	3,611,266	$	195,082	$	12,116,637	$	497,686
Canadian governments	25,169		419		131,806		1,612		156,975		2,031
RMBS	269,558		2,488		836,741		22,760		1,106,299		25,248
ABS	1,102,677		24,271		381,609		8,523		1,484,286		32,794
CMBS	384,259		4,304		414,719		13,930		798,978		18,234
U.S. government	8,616		80		1,086,694		57,787		1,095,310		57,867
State and political subdivisions	103,504		1,538		157,330		7,472		260,834		9,010
Other foreign government	789,859		24,509		472,934		17,446		1,262,793		41,955
Total investment grade securities	$	11,189,013	$	360,213	$	7,093,099	$	324,612	$	18,282,112	$	684,825

Below-investment grade securities:
Corporate	$	755,679	$	42,760	$	122,559	$	14,646	$	878,238	$	57,406
Canadian governments	443		34		1,770		243		2,213		277
RMBS	—		—		1,026		34		1,026		34
ABS	—		—		1,063		35		1,063		35
Other foreign government	128,725		5,574		7,479		339		136,204		5,913
Total below investment grade securities	$	884,847	$	48,368	$	133,897	$	15,297	$	1,018,744	$	63,665
Total fixed maturity securities	$	12,073,860	$	408,581	$	7,226,996	$	339,909	$	19,300,856	$	748,490

(1) Effective January 1, 2018, the Company adopted ASU 2016-01. For additional information see the “2018 Notes” section on page 3.



		Page 36

Reinsurance Group of America, Incorporated Investments (USD thousands) Fixed Maturity and Equity Securities Below Amortized Cost (Excludes Funds Withheld Portfolios)

	As of December 31, 2017
	Less than 12 months				Equal to or greater than 12 months				Total
	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
Investment grade securities:
Corporate	$	1,886,212	$	17,099	$	1,009,750	$	28,080	$	2,895,962	$	45,179
Canadian governments	18,688		91		111,560		1,596		130,248		1,687
RMBS	566,699		5,852		224,439		6,004		791,138		11,856
ABS	434,274		2,707		168,524		2,434		602,798		5,141
CMBS	220,401		1,914		103,269		2,920		323,670		4,834
U.S. government	800,298		6,177		767,197		15,756		1,567,495		21,933
State and political subdivisions	43,510		242		68,666		4,054		112,176		4,296
Other foreign government	369,717		2,707		191,265		4,704		560,982		7,411
Total investment grade securities	$	4,339,799	$	36,789	$	2,644,670	$	65,548	$	6,984,469	$	102,337

Below-investment grade securities:
Corporate	$	194,879	$	3,317	$	75,731	$	6,933	$	270,610	$	10,250
Canadian governments	1,995		20		—		—		1,995		20
RMBS	—		—		1,369		22		1,369		22
ABS	—		—		1,489		53		1,489		53
Other foreign government	28,600		113		15,134		551		43,734		664
Total below investment grade securities	$	225,474	$	3,450	$	93,723	$	7,559	$	319,197	$	11,009
Total fixed maturity securities	$	4,565,273	$	40,239	$	2,738,393	$	73,107	$	7,303,666	$	113,346

Equity securities:
Non-redeemable preferred stock	$	82	$	1	$	26,471	$	2,225	$	26,553	$	2,226
Other equity securities	5,820		1,023		47,251		398		$	53,071	$	1,421
Total equity securities	$	5,902	$	1,024	$	73,722	$	2,623	$	79,624	$	3,647



		Page 37

Reinsurance Group of America, Incorporated Investments (USD thousands) Consolidated Investment Related Gains and Losses

	Three Months Ended															Current Qtr vs. PY Quarter			Year-to-date
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,						Dec. 31,			Dec. 31,
	2018			2018			2018			2018			2017						2018			2017			Change
Fixed maturity securities available for sale (1):
Other-than-temporary impairment losses on fixed maturities	$	(14,439	)	$	(10,705	)	$	(3,350	)	$	—		$	(21,659	)	$	7,220		$	(28,494	)	$	(42,639	)	$	14,145
Gain on investment activity	13,065			20,040			21,140			10,966			18,935			(5,870		)	65,211			110,546			(45,335		)
Loss on investment activity	(64,676		)	(37,880		)	(35,934		)	(20,380		)	(10,751		)	(53,925		)	(158,870		)	(37,328		)	(121,542		)
Net gains (losses) on fixed maturity securities available for sale	(66,050		)	(28,545		)	(18,144		)	(9,414		)	(13,475		)	(52,575		)	(122,153		)	30,579			(152,732		)

Net gains (losses) on equity securities	(16,433		)	7,297			(6,497		)	(5,059		)	(530		)	(15,903		)	(20,692		)	(5,530		)	(15,162		)
Other impairment losses and change in mortgage loan provision	(3,684		)	(6,566		)	(1,357		)	(312		)	(277		)	(3,407		)	(11,919		)	(9,497		)	(2,422		)
Other non-derivative gain, net	4,244			5,336			5,511			5,303			3,988			256			20,394			23,751			(3,357		)

Free-standing derivatives:
Credit default swaps	(7,521		)	4,689			1,084			(402		)	2,744			(10,265		)	(2,150		)	18,118			(20,268		)
Interest rate swaps - non-hedged	26,085			(12,228		)	(8,600		)	(26,571		)	(1,040		)	27,125			(21,314		)	11,278			(32,592		)
Interest rate swaps - hedged	8			(8		)	(8		)	(15		)	156			(148		)	(23		)	136			(159		)
Foreign currency swaps - hedged	(3,100		)	574			1,435			2,373			1,216			(4,316		)	1,282			1,980			(698		)
Futures	28,512			(6,544		)	(897		)	129			(8,053		)	36,565			21,200			(36,160		)	57,360
CPI swaps	(9,051		)	(4,223		)	1,041			2,186			(2,289		)	(6,762		)	(10,047		)	(2,078		)	(7,969		)
Equity options	22,522			(9,793		)	(8,007		)	2,593			(8,196		)	30,718			7,315			(42,953		)	50,268
Currency forwards	(237		)	(58		)	(262		)	323			14			(251		)	(234		)	591			(825		)
Foreign currency swaps - non-hedged	(3,695		)	—			—			—			—			(3,695		)	(3,695		)	—			(3,695		)
Bond forwards	—			—			—			—			633			(633		)	—			775			(775		)
Total free-standing derivatives	53,523			(27,591		)	(14,214		)	(19,384		)	(14,815		)	68,338			(7,666		)	(48,313		)	40,647

Embedded derivatives:
Modified coinsurance and funds withheld treaties	(32,932		)	(2,081		)	8,805			13,611			37,870			(70,802		)	(12,597		)	144,724			(157,321		)
GMXB	(77,697		)	32,133			15,324			14,785			15,648			(93,345		)	(15,455		)	32,166			(47,621		)
Total embedded derivatives	(110,629		)	30,052			24,129			28,396			53,518			(164,147		)	(28,052		)	176,890			(204,942		)

Net gain (loss) on total derivatives	(57,106		)	2,461			9,915			9,012			38,703			(95,809		)	(35,718		)	128,577			(164,295		)

Total investment related gains (losses), net	$	(139,029	)	$	(20,017	)	$	(10,572	)	$	(470	)	$	28,409		$	(167,438	)	$	(170,088	)	$	167,880		$	(337,968	)

(1) Effective January 1, 2018, the Company adopted ASU 2016-01. For additional information see the “2018 Notes” section on page 3.



		Page 38

Appendix



Reconciliations of GAAP to Non-GAAP Measures



		Page 39

Reinsurance Group of America, Incorporated Reconciliations of GAAP Income to Adjusted Operating Income (USD thousands)

	Three Months Ended															Current Qtr			Year-to-Date
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
	2018			2018			2018			2018			2017			Quarter			2018			2017			Change
U.S. & Latin America Traditional
Income before income taxes	$	95,212		$	116,328		$	71,978		$	2,892		$	92,368		$	2,844		$	286,410		$	373,434		$	(87,024	)
Investment and derivative (gains) losses (1)	76			90			41			10			(6		)	82			217			1			216
Change in value of modified coinsurance and
funds withheld embedded derivatives (1)	(2,878		)	(57		)	(3,766		)	(1,693		)	1,420			(4,298		)	(8,394		)	1,605			(9,999		)
Adjusted operating income before income taxes	$	92,410		$	116,361		$	68,253		$	1,209		$	93,782		$	(1,372	)	$	278,233		$	375,040		$	(96,807	)

U.S. & Latin America Asset Intensive
Income (loss) before income taxes	$	(5,798	)	$	65,490		$	60,840		$	47,262		$	80,810		$	(86,608	)	$	167,794		$	320,708		$	(152,914	)
Investment and derivative (gains) losses (1)	(54,246		)	29,414			19,587			26,027			13,824			(68,070		)	20,782			34,152			(13,370		)
Change in value of modified coinsurance and
funds withheld embedded derivatives (1)	35,810			2,138			(5,039		)	(11,918		)	(39,290		)	75,100			20,991			(146,329		)	167,320
GMXB embedded derivatives (1)	77,697			(32,133		)	(15,324		)	(14,785		)	(15,648		)	93,345			15,455			(32,166		)	47,621
Funds withheld (gains) losses - investment income	(410		)	585			(12,645		)	10,315			(3,042		)	2,632			(2,155		)	(14,987		)	12,832
EIA embedded derivatives - interest credited	12,222			(1,602		)	565			(28,563		)	(3,595		)	15,817			(17,378		)	(40,260		)	22,882
DAC offset, net	(12,498		)	(110		)	1,755			21,324			22,230			(34,728		)	10,471			108,280			(97,809		)
Adjusted operating income before income taxes	$	52,777		$	63,782		$	49,739		$	49,662		$	55,289		$	(2,512	)	$	215,960		$	229,398		$	(13,438	)

U.S. & Latin America Financial Reinsurance
Income before income taxes	$	19,394		$	21,583		$	21,548		$	20,159		$	21,085		$	(1,691	)	$	82,684		$	80,876		$	1,808
Adjusted operating income before income taxes	$	19,394		$	21,583		$	21,548		$	20,159		$	21,085		$	(1,691	)	$	82,684		$	80,876		$	1,808

Total U.S. & Latin America
Income before income taxes	$	108,808		$	203,401		$	154,366		$	70,313		$	194,263		$	(85,455	)	$	536,888		$	775,018		$	(238,130	)
Investment and derivative (gains) losses (1)	(54,170		)	29,504			19,628			26,037			13,818			(67,988		)	20,999			34,153			(13,154		)
Change in value of modified coinsurance and
funds withheld embedded derivatives (1)	32,932			2,081			(8,805		)	(13,611		)	(37,870		)	70,802			12,597			(144,724		)	157,321
GMXB embedded derivatives (1)	77,697			(32,133		)	(15,324		)	(14,785		)	(15,648		)	93,345			15,455			(32,166		)	47,621
Funds withheld (gains) losses - investment income	(410		)	585			(12,645		)	10,315			(3,042		)	2,632			(2,155		)	(14,987		)	12,832
EIA embedded derivatives - interest credited	12,222			(1,602		)	565			(28,563		)	(3,595		)	15,817			(17,378		)	(40,260		)	22,882
DAC offset, net	(12,498		)	(110		)	1,755			21,324			22,230			(34,728		)	10,471			108,280			(97,809		)
Adjusted operating income before income taxes	$	164,581		$	201,726		$	139,540		$	71,030		$	170,156		$	(5,575	)	$	576,877		$	685,314		$	(108,437	)

(1) Included in “Investment related gains (losses), net” on Consolidated GAAP Income Statement



		Page 40

Reinsurance Group of America, Incorporated Reconciliations of GAAP Income to Adjusted Operating Income (USD thousands)


	Three Months Ended															Current Qtr			Year-to-Date
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
	2018			2018			2018			2018			2017			Quarter			2018			2017			Change
Canada Traditional
Income before income taxes	$	45,647		$	21,149		$	21,805		$	23,707		$	39,265		$	6,382		$	112,308		$	120,218		$	(7,910	)
Investment and derivative (gains) losses (1)	4,313			(1,226		)	812			1,873			(556		)	4,869			5,772			(5,779		)	11,551
Funds withheld (gains) losses - investment income	380			29			(455		)	(23		)	(91		)	471			(69		)	(506		)	437
Adjusted operating income before income taxes	$	50,340		$	19,952		$	22,162		$	25,557		$	38,618		$	11,722		$	118,011		$	113,933		$	4,078

Canada Financial Solutions
Income before income taxes	$	1,195		$	1,646		$	3,544		$	3,191		$	4,154		$	(2,959	)	$	9,576		$	16,643		$	(7,067	)
Adjusted operating income before income taxes	$	1,195		$	1,646		$	3,544		$	3,191		$	4,154		$	(2,959	)	$	9,576		$	16,643		$	(7,067	)

Europe, Middle East and Africa Traditional
Income before income taxes	$	14,860		$	18,370		$	6,468		$	15,421		$	29,735		$	(14,875	)	$	55,119		$	70,486		$	(15,367	)
Investment and derivative (gains) losses (1)	170			—			—			(9		)	(45		)	215			161			(52		)	213
Adjusted operating income before income taxes	$	15,030		$	18,370		$	6,468		$	15,412		$	29,690		$	(14,660	)	$	55,280		$	70,434		$	(15,154	)

Europe, Middle East and Africa Financial Solutions
Income before income taxes	$	35,649		$	56,205		$	65,369		$	39,164		$	31,738		$	3,911		$	196,387		$	123,514		$	72,873
Investment and derivative (gains) losses (1)	8,568			87			(5,858		)	(3,352		)	2,738			5,830			(555		)	(5,487		)	4,932
Investment (income) loss on unit-linked variable annuities	10,536			(2,402		)	(4,127		)	2,652			(4,781		)	15,317			6,659			(11,078		)	17,737
Interest credited on unit-linked variable annuities	(10,536		)	2,402			4,127			(2,652		)	4,781			(15,317		)	(6,659		)	11,078			(17,737		)
Non-investment derivatives	(43		)	139			(13		)	76			41			(84		)	159			164			(5		)
Adjusted operating income before income taxes	$	44,174		$	56,431		$	59,498		$	35,888		$	34,517		$	9,657		$	195,991		$	118,191		$	77,800

Asia Pacific Traditional
Income before income taxes	$	33,745		$	62,007		$	58,862		$	22,887		$	27,212		$	6,533		$	177,501		$	148,786		$	28,715
Investment and derivative (gains) losses (1)	—			(1		)	—			(5		)	15			(15		)	(6		)	15			(21		)
Adjusted operating income before income taxes	$	33,745		$	62,006		$	58,862		$	22,882		$	27,227		$	6,518		$	177,495		$	148,801		$	28,694

Asia Pacific Financial Solutions
Income (loss) before income taxes	$	(14,331	)	$	206		$	4,138		$	4,021		$	2,110		$	(16,441	)	$	(5,966	)	$	13,130		$	(19,096	)
Investment and derivative (gains) losses (1)	16,351			1,133			(1,274		)	(2,743		)	(1,408		)	17,759			13,467			(10,498		)	23,965
Adjusted operating income before income taxes	$	2,020		$	1,339		$	2,864		$	1,278		$	702		$	1,318		$	7,501		$	2,632		$	4,869

(1) Included in “Investment related gains (losses), net” on Consolidated GAAP Income Statement



		Page 41

Reinsurance Group of America, Incorporated Reconciliations of GAAP Income to Adjusted Operating Income (USD thousands)



	Three Months Ended															Current Qtr			Year-to-Date
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
	2018			2018			2018			2018			2017			Quarter			2018			2017			Change
Corporate and Other
Loss before income taxes	$	(87,627	)	$	(40,323	)	$	(67,264	)	$	(40,779	)	$	(72,983	)	$	(14,644	)	$	(235,993	)	$	(124,980	)	$	(111,013	)
Investment and derivative losses (1)	56,791			22,958			23,913			9,842			13,346			43,445			113,504			7,617			105,887
Non-investment derivatives	(159		)	(692		)	490			—			—			(159		)	(361		)	(61		)	(300		)
Adjusted operating loss before income taxes	$	(30,995	)	$	(18,057	)	$	(42,861	)	$	(30,937	)	$	(59,637	)	$	28,642		$	(122,850	)	$	(117,424	)	$	(5,426	)

Consolidated
Income before income taxes	$	137,946		$	322,661		$	247,288		$	137,925		$	255,494		$	(117,548	)	$	845,820		$	1,142,815		$	(296,995	)
Investment and derivative losses (1)	32,023			52,455			37,221			31,643			27,908			4,115			153,342			19,969			133,373
Change in value of modified coinsurance and
funds withheld embedded derivatives (1)	32,932			2,081			(8,805		)	(13,611		)	(37,870		)	70,802			12,597			(144,724		)	157,321
GMXB embedded derivatives (1)	77,697			(32,133		)	(15,324		)	(14,785		)	(15,648		)	93,345			15,455			(32,166		)	47,621
Funds withheld (gains) losses - investment income	(30		)	614			(13,100		)	10,292			(3,133		)	3,103			(2,224		)	(15,493		)	13,269
EIA embedded derivatives - interest credited	12,222			(1,602		)	565			(28,563		)	(3,595		)	15,817			(17,378		)	(40,260		)	22,882
DAC offset, net	(12,498		)	(110		)	1,755			21,324			22,230			(34,728		)	10,471			108,280			(97,809		)
Investment (income) loss on unit-linked variable annuities	10,536			(2,402		)	(4,127		)	2,652			(4,781		)	15,317			6,659			(11,078		)	17,737
Interest credited on unit-linked variable annuities	(10,536		)	2,402			4,127			(2,652		)	4,781			(15,317		)	(6,659		)	11,078			(17,737		)
Non-investment derivatives	(202		)	(553		)	477			76			41			(243		)	(202		)	103			(305		)
Adjusted operating income before income taxes	$	280,090		$	343,413		$	250,077		$	144,301		$	245,427		$	34,663		$	1,017,881		$	1,038,524		$	(20,643	)

(1) Included in “Investment related gains (losses), net” on Consolidated GAAP Income Statement



		Page 42

Reinsurance Group of America, Incorporated Reconciliations of Stockholders’ Equity to Stockholders’ Equity Excluding AOCI (USD thousands except per share data)


	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,
	2018			2018			2018			2018			2017

Stockholders’ equity	$	8,450,553		$	8,579,323		$	8,601,702		$	9,008,261		$	9,569,535
Less effect of AOCI:
Accumulated currency translation adjustments	(168,698		)	(119,298		)	(142,187		)	(87,510		)	(86,350		)
Unrealized appreciation of securities	856,159			982,352			1,198,338			1,567,057			2,200,661
Pension and postretirement benefits	(50,698		)	(50,249		)	(51,180		)	(51,151		)	(50,680		)
Stockholders’ equity, excluding AOCI	$	7,813,790		$	7,766,518		$	7,596,731		$	7,579,865		$	7,505,904



Reconciliation of Book Value Per Share to Book Value Per Share Excluding AOCI

	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,
	2018			2018			2018			2018			2017

Book value per share	$	134.53		$	136.29		$	135.09		$	139.64		$	148.48
Less effect of AOCI:
Accumulated currency translation adjustments	(2.69		)	(1.90		)	(2.23		)	(1.36		)	(1.34		)
Unrealized appreciation of securities	13.63			15.61			18.82			24.29			34.14
Pension and postretirement benefits	(0.80		)	(0.79		)	(0.81		)	(0.78		)	(0.78		)
Book value per share, excluding AOCI	$	124.39		$	123.37		$	119.31		$	117.49		$	116.46



		Page 43

Exhibit

Reinsurance Group of America, Incorporated

16600 Swingley Ridge Road, Chesterfield, Missouri 63017

RGA Elects New Member to Board of Directors

ST. LOUIS, January 25, 2019 - Reinsurance Group of America, Incorporated (NYSE:RGA), a leading global life and health reinsurer, today announced the appointment of Steven C. Van Wyk to its Board of Directors. He will begin his service as an independent director on February 1, 2019. The addition of Mr. Van Wyk increases the size of RGA’s Board of Directors to 12 members.

“Steve has an accomplished career leading IT operations at major financial services organizations and global companies,” said Anna Manning, President and Chief Executive Officer, RGA. “His proven experience in IT transformation, innovation and digital consumer engagement will serve the RGA board well as we seek to capitalize on the rapid advances in technology impacting the insurance industry.”

“The depth of Steve’s IT and operations experience will augment the board’s ability to advise and support business initiatives across the company,” said J. Cliff Eason, Chairman of the Board of Directors. “His aptitude for resolving complex issues, developing innovative solutions, and identifying cost improvements will provide great value to the board.”

With more than 30 years of IT and operations experience, Mr. Van Wyk has demonstrated leadership in structuring, building, and improving IT organizations. His diverse background includes senior positions in the financial services, energy, and manufacturing sectors as well as extensive international experience. Currently, he is Chief Information Officer and Head of Technology & Innovation at PNC Financial Services Group, Inc. (PNC) in Pittsburgh. Prior to PNC, Mr. Van Wyk was Global CIO for ING Groep N.V., a multinational banking and financial services corporation.

Mr. Van Wyk holds degrees in Business Management and Accounting from the University of Central Iowa. He is a Certified Public Accountant and a Certified Internal Auditor. In addition, Mr. Van Wyk also serves as Chairman of the Board for the Banking Industry Architecture Network (BIAN).

About RGA

Reinsurance Group of America, Incorporated (RGA), a Fortune 500 company, is among the leading global providers of life reinsurance and financial solutions, with approximately $3.3 trillion of life reinsurance in force and assets of $63 billion as of September 30, 2018. Founded in 1973, RGA is recognized for its deep technical expertise in risk and capital management, innovative solutions, and commitment to serving its clients. With headquarters in St. Louis, Missouri and operations around the world, RGA delivers expert solutions in individual life reinsurance, individual living benefits reinsurance, group reinsurance, health reinsurance, facultative underwriting, product development, and financial solutions. To learn more about RGA and its businesses, visit the company’s website at www.rgare.com.

###

FOR MORE INFORMATION:

Jeff Hopson

Senior Vice President, Investor Relations

636-736-2068

jhopson@rgare.com

Lynn Phillips

Vice President, Corporate Communications

636-736-2351

lphillips@rgare.com

Lizzie Curry

Public Relations Manager

636-736-8521

lizzie.curry@rgare.com