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): October 24, 2005 REINSURANCE GROUP OF AMERICA, INCORPORATED (Exact Name of Registrant as Specified in its Charter) MISSOURI 1-11848 43-1627032 (State or Other Jurisdiction of (Commission (IRS Employer Incorporation) File Number) Identification Number) 1370 TIMBERLAKE MANOR PARKWAY, CHESTERFIELD, MISSOURI 63017 (Address of Principal Executive Office) Registrant's telephone number, including area code: (636) 736-7000 Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): / / Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) / / Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) / / Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) / / Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION On October 24, 2005, the Company issued a press release announcing its earnings for the three-month period ended September 30, 2005 and providing certain additional information. In addition, the Company announced in the press release that a conference call would be held on October 25, 2005 to discuss its financial and operating results for the three-month period ended September 30, 2005. A copy of the press release is furnished with this report as Exhibit 99.1 and incorporated by reference herein. The information in Item 2.02 of this Current Report on Form 8-K and Exhibit 99.1 attached hereto shall not be deemed to be "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act"), or otherwise subject to the liabilities of such section, nor shall such information or exhibit be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing. ITEM 7.01 REGULATION FD DISCLOSURE On October 24, 2005, the Company issued a press release announcing its earnings for the three-month period ended September 30, 2005 and providing certain additional information. In addition, the Company announced in the press release that a conference call would be held on October 25, 2005 to discuss its financial and operating results for the three-month period ended September 30, 2005. A copy of the press release is furnished with this report as Exhibit 99.1 and incorporated by reference herein. The information in Item 7.01 of this Current Report on Form 8-K and Exhibit 99.1 attached hereto shall not be deemed to be "filed" for the purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of such section, nor shall such information or exhibit be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing. ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS (c) Exhibits Exhibit No. Exhibit ----------- ------- 99.1 Press Release of Reinsurance Group of America, Incorporated dated October 24, 2005

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: October 24, 2005 By: /s/ Jack B. Lay --------------------------------------- Jack B. Lay Executive Vice President and Chief Financial Officer

EXHIBIT INDEX Exhibit No. Exhibit ----------- ------- 99.1 Press Release of Reinsurance Group of America, Incorporated dated October 24, 2005

Exhibit 99.1 [RGA logo] For further information, contact Jack B. Lay Executive Vice President and Chief Financial Officer (636) 736-7439 FOR IMMEDIATE RELEASE - --------------------- REINSURANCE GROUP OF AMERICA REPORTS ------------------------------------ THIRD-QUARTER RESULTS --------------------- ST. LOUIS, OCTOBER 24, 2005 - Reinsurance Group of America, Incorporated (NYSE:RGA), a leading global provider of life reinsurance, reported net income for the third quarter of $67.6 million, or $1.06 per diluted share, compared to net income of $39.4 million, or $0.63 per diluted share, in the prior-year quarter. RGA uses a non-GAAP financial measure called operating income as a basis for analyzing financial results. The definition of operating income and reconciliations to GAAP net income are provided in the following tables. Operating income increased 20 percent to $71.8 million, or $1.13 per diluted share, from $59.8 million, or $0.95 per diluted share, in the year-ago quarter. Third-quarter net premiums rose 19 percent to $973.5 million from $819.5 million a year ago. Net investment income totaled $166.5 million versus $144.6 million the year before. A. Greig Woodring, president and chief executive officer, commented, "We are pleased with the results for the quarter. The U.S. segment reported a strong quarter with pre-tax net income of $88.2 million compared with $72.0 million in the prior-year quarter, while pre-tax operating income increased to $88.3 million from $78.4 million. Net premiums in the U.S. segment rose 13 percent to $611.5 million from $539.8 million in the prior year. On a year-to-date basis, the net premium increase is 9 percent. Mortality experience was favorable, partially offsetting the unfavorable experience in the first half of the year. We have not yet received any claims from the recent Gulf Coast hurricanes and don't expect any significant claim activity. U.S. operations also include Asset Intensive and Financial Reinsurance businesses, each of which posted solid results. - more -

Add One "Our Canada operations posted double-digit gains fueled by strong top-line growth and continuing favorable mortality. Pre-tax net income increased to $22.1 million from $15.8 million a year ago while pre-tax operating income was up 33 percent to $21.1 million from $15.9 million. Net premiums increased $29.8 million, or 50 percent, for the quarter, and totaled $89.1 million. Approximately $12.0 million of that premium increase represents the effect of an inforce transaction that was executed this quarter on a retroactive basis. Approximately $7.2 million of the increase in net premiums and approximately $1.6 million of the increase in pre-tax operating income were the result of a favorable currency exchange rate. "Other International operations, which include Asia Pacific and Europe and South Africa, reported solid results in total. Asia Pacific reported pre-tax net income of $3.9 million compared with a pre-tax net loss of $1.4 million in the year-ago quarter. Pre-tax operating income totaled $3.9 million compared to the prior-year quarter net operating loss of $1.6 million. Mortality experience was slightly unfavorable on a segment-wide basis. Net premiums in Asia Pacific increased 31 percent to $135.3 million from $103.4 million in the year-earlier quarter. Stronger foreign currencies contributed approximately $8.0 million to the premium growth, but did not have a material impact on pre-tax operating income. "Results in our Europe and South Africa segment rebounded from a poor second quarter. The segment reported pre-tax net income of $15.4 million compared to pre-tax net income of $9.6 million in the year before, which was also a particularly strong quarter. Pre-tax operating income benefited from favorable mortality and totaled $15.0 million compared with $9.2 million in the prior-year quarter. Net premium flow for the segment improved to $137.1 million from $116.9 million a year ago. Foreign currency fluctuations did not have a significant impact on the quarter's results." For the first nine months of 2005, net income totaled $156.0 million, or $2.45 per diluted share, compared to $166.5 million, or $2.65 per diluted share, in the year-ago period. Operating income totaled $152.3 million, or $2.39 per diluted share, compared to $169.1 million, or $2.69 per diluted share in the prior-year period. Consolidated net premiums were up 15 percent, to $2,806.7 million from $2,430.6 million. Woodring concluded, "During the quarter, we were named `Life Reinsurance Company of the Year' for the second consecutive year by the UK trade magazine The Review - Worldwide Reinsurance. The award recognizes RGA as a company that shows consistent, strong financial - more -

Add Two performance, and offers superior service and security to clients. This award came on the heels of RGA being recognized as "Best Overall Life Reinsurer" in the recent 2005 Flaspohler Cedant Survey (Life - North America). In that survey, we were also given top honors for underwriting capabilities, timely service, financial value, strong client orientation, market knowledge/expertise, innovation, quality actuaries and leading technology. We are very proud of these two awards, as they not only reflect the quality of our associates, but also the quality of our client relationships." The company also announced that its board of directors declared a regular quarterly dividend of $0.09 per share, payable November 28 to shareholders of record as of November 7. A conference call to discuss the company's third-quarter results will begin at 9 a.m. Eastern Time on Tuesday, October 25. Interested parties may access the call by dialing 800-967-7140 (domestic) or 719-457-2629 (international). The access code is 904246. A live audio webcast of the conference call will be available on the company's investor relations web page at www.rgare.com. A replay of the conference call will be available at the same address for 15 days following the conference call. A replay of the conference call will also be available via telephone through November 1 at 888-203-1112 (domestic) or 719-457-0820, access code 904246. Reinsurance Group of America, Incorporated, through its subsidiaries, is among the largest global providers of life reinsurance. In addition to its U.S. and Canadian operations, Reinsurance Group of America, Incorporated has subsidiary companies or offices in Australia, Barbados, China, Hong Kong, India, Ireland, Japan, Mexico, South Africa, South Korea, Spain, Taiwan, and the United Kingdom. Worldwide, the company has approximately $1.7 trillion of life reinsurance in force, and assets of $15.4 billion. MetLife, Inc. is the beneficial owner of approximately 51 percent of RGA's outstanding shares. CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS - --------------------------------------------------------- This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, among others, statements relating to projections of the earnings, revenues, income or loss, future financial performance and growth potential of Reinsurance Group of America, Incorporated and its subsidiaries (which we refer to in the following paragraphs as "we," "us" or "our"). The words "intend," "expect," "project," - more -

Add Three "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 changes in mortality, morbidity or claims experience, (2) changes in our financial strength and credit ratings or those of MetLife, Inc. ("MetLife"), the beneficial owner of a majority of our common shares, or its subsidiaries, and the effect of such changes on our future results of operations and financial condition, (3) inadequate risk analysis and underwriting, (4) general economic conditions or a prolonged economic downturn affecting the demand for insurance and reinsurance in our current and planned markets, (5) the availability and cost of collateral necessary for regulatory reserves and capital, (6) market or economic conditions that adversely affect our ability to make timely sales of investment securities, (7) risks inherent in our risk management and investment strategy, including changes in investment portfolio yields due to interest rate or credit quality changes, (8) fluctuations in U.S. or foreign currency exchange rates, interest rates, or securities and real estate markets, (9) adverse litigation or arbitration results, (10) the adequacy of reserves, resources and accurate information relating to settlements, awards and terminated and discontinued lines of business, (11) the stability of and actions by governments and economies in the markets in which we operate, (12) competitive factors and competitors' responses to our initiatives, (13) the success of our clients, (14) successful execution of our entry into new markets, (15) successful development and introduction of new products and distribution opportunities, (16) our ability to successfully integrate and operate reinsurance business that we acquire, (17) regulatory action that may be taken by state Departments of Insurance with respect to us, MetLife, or its subsidiaries, (18) our dependence on third parties, including those insurance companies and reinsurers to which we cede some reinsurance, third-party investment managers and others, (19) the threat of natural disasters or terrorist attacks anywhere in the world where we or our clients do business, (20) changes in laws, regulations, - more -

Add Four and accounting standards applicable to us, our subsidiaries, or our business, (21) the effect of our status as a holding company and regulatory restrictions on our ability to pay principal of and interest on our debt obligations, and (22) other risks and uncertainties described in this document and in our other filings with the Securities and Exchange Commission. Forward-looking statements should be evaluated together with the many risks and uncertainties that affect our business, including those mentioned in this document and described in the periodic reports we file with the Securities and Exchange Commission. These forward-looking statements speak only as of the date on which they are made. We do not undertake any obligations to update these forward-looking statements, even though our situation may change in the future. We qualify all of our forward-looking statements by these cautionary statements. - tables attached -

Add Five Operating Income RGA uses a non-GAAP financial measure called operating income as a basis for analyzing financial results. This measure also serves as a basis for establishing target levels and awards under RGA's management incentive programs. Management believes that operating income, on a pre-tax and after-tax basis, better measures the ongoing profitability and underlying trends of the company's continuing operations, primarily because that measure excludes the effect of net investment related gains and losses, as well as changes in the fair value of embedded derivatives and related deferred acquisition costs. These items tend to be highly variable, primarily due to the credit market and interest rate environment and are not necessarily indicative of the performance of the company's underlying businesses. Additionally, operating income excludes any net gain or loss from discontinued operations and the cumulative effect of any accounting changes, which management believes are not indicative of the company's ongoing operations. The definition of operating income can vary by company and is not considered a substitute for GAAP net income. REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES Reconciliation of Net Income From Continuing Operations to Operating Income (Dollars in thousands) Three Months Ended Nine Months Ended September 30, September 30, --------------------------------------- 2005 2004 2005 2004 ---- ---- ---- ---- GAAP net income-continuing operations $73,519 $57,999 $165,943 $189,383 Investment related (gains)/losses (2,014) (1,150) (16,740) (22,008) Change in value of embedded derivatives (2,298) 12,096 (4,017) (250) DAC offset for embedded derivatives and investment related (gains)/losses, net 2,613 (9,145) 7,162 1,981 --------------------------------------- Operating income $71,820 $59,800 $152,348 $169,106 - more -

Add Six REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES Reconciliation of Pre-tax Net Income From Continuing Operations to Pre-tax Operating Income (Dollars in thousands) (Unaudited) Three Months Ended September 30, 2005 Pre-tax Investment Change in Pre-tax net related value of operating income (gains)/ embedded income (loss) losses, net derivative (loss) -------- ----------- ---------- --------- U.S. Operations: Traditional $ 80,473 $ 68 $ -- $ 80,541 Asset Intensive 4,431 (239)(1) 322(2) 4,514 Financial Reinsurance 3,294 -- -- 3,294 ----------------------------------------------- Total U.S. 88,198 (171) 322 88,349 Canada Operations 22,069 (973) -- 21,096 Asia Pacific Operations 3,948 (66) -- 3,882 Europe & South Africa 15,376 (391) -- 14,985 ------------------------------------------------ Other Intl Operations 19,324 (457) -- 18,867 Corporate & Other (16,029) (837) -- (16,866) ----------------------------------------------- Consolidated $113,562 $(2,438) $322 $111,446 =============================================== (1) Asset Intensive is net of $162 DAC offset. (2) Asset Intensive is net of DAC offsets of $3,858 included in change in deferred acquisition cost associated with change in value of embedded derivative. Three Months Ended September 30, 2004 Pre-tax Investment Change in Pre-tax net related value of operating income (gains)/ embedded income (loss) losses, net derivative (loss) ------- ----------- ---------- --------- U.S. Operations: Traditional $69,007 $ 840 $ -- $69,847 Asset Intensive (341) 73(1) 5,434(2) 5,166 Financial Reinsurance 3,365 -- -- 3,365 ---------------------------------------------- Total U.S. 72,031 913 5,434 78,378 Canada Operations 15,835 19 -- 15,854 Asia Pacific Operations (1,406) (244) -- (1,650) Europe & South Africa 9,577 (341) -- 9,236 ---------------------------------------------- Other Intl Operations 8,171 (585) -- 7,586 Corporate & Other (6,931) (1,904) -- (8,835) ---------------------------------------------- Consolidated $89,106 $(1,557) $5,434 $92,983 ============================================== (1) Asset Intensive is net of $(893) DAC offset. (2) Asset Intensive is net of DAC offsets of $(13,209)included in change in deferred acquisition cost associated with change in value of embedded derivative and $33 investment income offset. - more -

Add Seven REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES Reconciliation of Pre-tax Net Income From Continuing Operations to Pre-tax Operating Income (Dollars in thousands, except per share data) Nine Months Ended September 30, 2005 Pre-tax Investment Change in Pre-tax net related value of operating income (gains)/ embedded income (loss) losses, net derivative (loss) -------- ----------- ---------- --------- U.S. Operations: Traditional $156,289 $ (1,141) $ -- $155,148 Asset Intensive 18,318 (1,694)(1) (218)(2) 16,406 Financial Reinsurance 10,131 -- -- 10,131 ----------------------------------------------- Total U.S. 184,738 (2,835) (218) 181,685 Canada Operations 66,557 (4,168) -- 62,389 Asia Pacific Operations 22,551 (120) -- 22,431 Europe & South Africa 23,493 (327) -- 23,166 ----------------------------------------------- Other Intl Operations 46,044 (447) -- 45,597 Corporate & Other (50,633) (8,644)(3) -- (59,277) ----------------------------------------------- Consolidated $246,706 $(16,094) $ (218) $230,394 =============================================== (1) Asset Intensive is net of $367 DAC offset. (2) Asset Intensive is net of DAC offsets of $5,962 included in change in deferred acquisition cost associated with change in value of embedded derivative. (3) Corporate & Other is net of DAC offsets of $3,048 included in Policy acquisition costs and other insurance expenses. Nine Months Ended September 30, 2004 Pre-tax Investment Change in Pre-tax net related value of operating income (gains)/ embedded income (loss) losses, net derivative (loss) -------- ----------- ---------- --------- U.S. Operations: Traditional $196,140 $(10,380) $ -- $185,760 Asset Intensive 12,655 374 (1) 3,933(2) 16,962 Financial Reinsurance 9,293 -- -- 9,293 ----------------------------------------------- Total U.S. 218,088 (10,006) 3,933 212,015 Canada Operations 52,966 (8,159) -- 44,807 Asia Pacific Operations 10,085 (442) -- 9,643 Europe & South Africa 27,666 (4,643) -- 23,023 ----------------------------------------------- Other Intl Operations 37,751 (5,085) -- 32,666 Corporate & Other (19,491) (9,790) -- (29,281) ----------------------------------------------- Consolidated $289,314 $(33,040) $ 3,933 $260,207 =============================================== (1) Asset Intensive is net of $(1,269) DAC offset. (2) Asset Intensive is net of DAC offsets of $4,284 included in change in deferred acquisition cost associated with change in value of embedded derivative and $33 investment income offset. - more -

Add Eight REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES Condensed Consolidated Statements of Income (Dollars in thousands) Three Months Ended Nine Months Ended (Unaudited) September 30, September 30, - ---------------------------------------------------------------------------- 2005 2004 2005 2004 ---- ---- ---- ---- Revenues: Net premiums $ 973,532 $819,454 $2,806,706 $2,430,636 Investment income, net of related expenses 166,456 144,582 469,793 412,327 Investment related gains/(losses), net 2,659 664 19,588 31,771 Change in value of embedded derivatives 3,536 (18,610) 6,180 384 Other revenues 12,234 13,374 43,698 39,983 ---------------------- ------------------------ Total revenues 1,158,417 959,464 3,345,965 2,915,101 Benefits and expenses: Claims and other policy benefits 774,336 641,618 2,340,319 1,923,474 Interest credited 59,919 47,336 153,587 138,686 Policy acquisition costs and other insurance expenses 158,698 148,090 460,529 425,315 Change in deferred acquisition cost associated with change in value of embedded derivatives 3,858 (13,209) 5,962 4,284 Other operating expenses 37,992 36,868 109,030 105,293 Interest expense 10,052 9,655 29,832 28,735 ---------------------- ------------------------ Total benefits and expenses 1,044,855 870,358 3,099,259 2,625,787 ---------------------- ------------------------ Income from continuing operations before income taxes 113,562 89,106 246,706 289,314 Provision for income taxes 40,043 31,107 80,763 99,931 ---------------------- ------------------------ Income from continuing operations 73,519 57,999 165,943 189,383 Discontinued operations: Loss from discontinued accident and health operations, net of income taxes (5,890) (18,604) (9,940) (22,551) Cumulative effect of change in accounting principle -- -- -- (361) ---------------------- ------------------------ Net income $ 67,629 $ 39,395 $ 156,003 $ 166,471 ====================== ======================== - more -

Add Nine REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES Condensed Consolidated Statements of Income (Dollars in thousands, except per share data) Three Months Ended Nine Months Ended (Unaudited) September 30, September 30, - ---------------------------------------------------------------------------- 2005 2004 2005 2004 ---- ---- ---- ---- Earnings per share from continuing operations: Basic earnings per share $ 1.17 $ 0.93 $ 2.65 $ 3.04 Diluted earnings per share $ 1.15 $ 0.92 $ 2.60 $ 3.02 Diluted earnings before Investment related gains/ (losses), change in value of embedded derivatives, and related deferred acquisition costs $ 1.13 $ 0.95 $ 2.39 $ 2.69 Earnings per share from net income: Basic earnings per share $ 1.08 $ 0.63 $ 2.49 $ 2.67 Diluted earnings per share $ 1.06 $ 0.63 $ 2.45 $ 2.65 Weighted average number of common and common equivalent shares outstanding (in thousands) 63,653 62,871 63,756 62,751 - more -

Add Ten REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES Condensed Consolidated Business Summary At or For the Nine Months Ended (Unaudited) September 30, - ----------------------------------------------------------------------------- 2005 2004 ---- ---- Gross life reinsurance in force (in billions) North American business $ 1,189.5 $ 1,079.1 International business $ 467.7 $ 324.0 Gross life reinsurance written (in billions) North American business $ 161.4 $ 146.4 International business $ 101.6 $ 73.6 Consolidated cash and invested assets (in millions) $ 11,756.1 $ 10,152.0 Invested asset book yield - trailing three months excluding funds withheld 5.89% 6.03% Investment portfolio mix Cash and short-term investments 1.50% 1.42% Fixed maturity securities 55.29% 56.89% Mortgage loans 5.39% 5.44% Policy loans 7.95% 8.92% Funds withheld at interest 27.88% 24.98% Other invested assets 1.99% 2.35% Short-term debt (in millions) $ 126.6 $ 27.2 Long-term debt (in millions) $ 276.4 $ 375.1 Company-obligated mandatorily redeemable preferred securities of subsidiary $ 158.5 $ 158.4 Book value per share outstanding $ 40.33 $ 33.92 Book value per share outstanding, before impact of FAS 115* $ 34.81 $ 31.01 Total stockholders' equity (in millions) 2,526 2,115 Total stockholders' equity, before impact of FAS 115* (in millions) 2,181 1,934 Treasury shares 487,640 765,364 Common stock outstanding 62,640,633 62,362,909 * Book value per share outstanding and total stockholders' equity, before impact of FAS 115, is a non-GAAP financial measure that management believes is important in evaluating the balance sheet ignoring the effect of mark-to-market adjustments that primarily relate to changes in interest rates and credit spreads on investment securities since they were acquired. - more -

Add Eleven REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES U.S. OPERATIONS (Unaudited) (Dollars in thousands) Three Months Ended September 30, 2005 Asset- Financial Total Traditional Intensive Reinsurance U.S. ----------- --------- ----------- ----- Revenues: Net premiums $610,342 $ 1,147 $ -- $611,489 Investment income, net of related expenses 65,328 61,227 18 126,573 Investment related gains/(losses), net (68) 401 -- 333 Change in value of embedded derivatives -- 3,536 -- 3,536 Other revenues 939 2,116 5,226 8,281 ----------------------------------------------- Total revenues 676,541 68,427 5,244 750,212 Benefits and expenses: Claims and other policy benefits 484,493 859 3 485,355 Interest credited 13,553 45,828 -- 59,381 Policy acquisition costs and other insurance expenses 87,861 12,277 660 100,798 Change in deferred ac- quisition cost associated with change in value of embedded derivatives -- 3,858 -- 3,858 Other operating expenses 10,161 1,174 1,287 12,622 ----------------------------------------------- Total benefits and expenses 596,068 63,996 1,950 662,014 Income before income taxes $ 80,473 $ 4,431 $3,294 $ 88,198 ======== ======= ====== ======== Three Months Ended September 30, 2004 Asset- Financial Total Traditional Intensive Reinsurance U.S. ----------- --------- ----------- ----- Revenues: Net premiums $538,524 $ 1,227 $ -- $539,751 Investment income, net of related expenses 53,305 53,134 14 106,453 Investment related gains/(losses), net (840) (966) -- (1,806) Change in value of embedded derivatives -- (18,610) -- (18,610) Other revenues 928 2,644 6,896 10,468 ----------------------------------------------- Total revenues 591,917 37,429 6,910 636,256 Benefits and expenses: Claims and other policy benefits 412,021 7,831 2 419,854 Interest credited 12,073 34,652 -- 46,725 Policy acquisition costs and other insurance expenses 87,121 7,201 2,349 96,671 Change in deferred ac- quisition cost associated with change in value of embedded derivatives -- (13,209) -- (13,209) Other operating expenses 11,695 1,295 1,194 14,184 ----------------------------------------------- Total benefits and expenses 522,910 37,770 3,545 564,225 Income before income taxes $ 69,007 $ (341) $3,365 $ 72,031 ======== ======== ====== ======== - more -

Add Twelve REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES U.S. OPERATIONS (Dollars in thousands) Nine Months Ended September 30, 2005 Asset- Financial Total Traditional Intensive Reinsurance U.S. ----------- --------- ----------- ----- Revenues: Net premiums $1,752,031 $ 3,488 $ -- $1,755,519 Investment income, net of related expenses 180,034 162,044 51 342,129 Investment related gain/(losses), net 1,141 2,061 -- 3,202 Change in value of embedded derivatives -- 6,180 -- 6,180 Other revenues 2,793 5,960 20,384 29,137 ------------------------------------------------- Total revenues 1,935,999 179,733 20,435 2,136,167 Benefits and expenses: Claims and other policy benefits 1,464,773 4,109 5 1,468,887 Interest credited 41,863 109,809 -- 151,672 Policy acquisition costs and other insurance expenses 243,610 37,787 6,230 287,627 Change in deferred ac- quisition cost associated with change in value of embedded derivatives -- 5,962 -- 5,962 Other operating expenses 29,464 3,748 4,069 37,281 ------------------------------------------------- Total benefits and expenses 1,779,710 161,415 10,304 1,951,429 Income before income taxes $ 156,289 $ 18,318 $10,131 $ 184,738 ========== ======== ======= ========== Nine Months Ended September 30, 2004 Asset- Financial Total Traditional Intensive Reinsurance U.S. ----------- --------- ----------- ----- Revenues: Net premiums $1,599,864 $ 3,599 $ -- $1,603,463 Investment income, net of related expenses 161,332 146,096 129 307,557 Investment related gain/(losses), net 10,380 (1,643) -- 8,737 Change in value of embedded derivatives -- 384 -- 384 Other revenues 3,193 6,221 20,234 29,648 ------------------------------------------------- Total revenues 1,774,769 154,657 20,363 1,949,789 Benefits and expenses: Claims and other policy benefits 1,272,335 10,056 2 1,282,393 Interest credited 36,268 100,850 -- 137,118 Policy acquisition costs and other insurance expenses 235,266 23,330 6,923 265,519 Change in deferred ac- quisition cost associated with change in value of embedded derivatives -- 4,284 -- 4,284 Other operating expenses 34,760 3,482 4,145 42,387 ------------------------------------------------- Total benefits and expenses 1,578,629 142,002 11,070 1,731,701 Income before income taxes $ 196,140 $ 12,655 $ 9,293 $ 218,088 ========== ======== ======= ========== - more -

Add Thirteen REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES CANADIAN OPERATIONS (Dollars in thousands) Three Months Ended (Unaudited) September 30, - ----------------------------------------------------------------------------- 2005 2004 ---- ---- Revenues: Net premiums $ 89,074 $59,231 Investment income, net of related expenses 30,211 25,142 Investment related gains/(losses), net 1,032 (19) Other revenues (319) (31) -------- ------- Total revenues 119,998 84,323 Benefits and expenses: Claims and other policy benefits 73,810 59,568 Interest credited 266 530 Policy acquisition costs and other insurance expenses 19,932 5,672 Other operating expenses 3,921 2,718 -------- ------- Total benefits and expenses 97,929 68,488 Income before income taxes $ 22,069 $15,835 ======== ======= Nine Months Ended (Unaudited) September 30, - ----------------------------------------------------------------------------- 2005 2004 ---- ---- Revenues: Net premiums $239,684 $181,209 Investment income, net of related expenses 87,784 72,559 Investment related gains, net 4,247 8,159 Other revenues (266) 38 -------- -------- Total revenues 331,449 261,965 Benefits and expenses: Claims and other policy benefits 216,707 178,433 Interest credited 875 1,325 Policy acquisition costs and other insurance expenses 36,310 21,033 Other operating expenses 11,000 8,208 -------- -------- Total benefits and expenses 264,892 208,999 Income before income taxes $ 66,557 $ 52,966 ======== ======== - more -

Add Fourteen Europe & South Africa (Dollars in thousands) Three Months Ended (Unaudited) September 30, - ----------------------------------------------------------------------------- 2005 2004 ---- ---- Revenues: Net premiums $137,145 $116,873 Investment income, net of related expenses 2,127 1,390 Investment related gains, net 391 341 Other revenues 89 673 -------- -------- Total revenues 139,752 119,277 Benefits and expenses: Claims and other policy benefits 97,039 76,089 Interest credited 109 -- Policy acquisition costs and other insurance expenses 19,595 27,752 Other operating expenses 7,264 5,480 Interest expense 369 379 -------- -------- Total benefits and expenses 124,376 109,700 Income before income taxes $ 15,376 $ 9,577 ======== ======== Nine Months Ended (Unaudited) September 30, - ----------------------------------------------------------------------------- 2005 2004 ---- ---- Revenues: Net premiums $411,475 $352,963 Investment income, net of related expenses 7,035 3,797 Investment related gains, net 327 4,643 Other revenues 210 1,555 -------- -------- Total revenues 419,047 362,958 Benefits and expenses: Claims and other policy benefits 305,488 231,895 Interest credited 662 -- Policy acquisition costs and other insurance expenses 68,111 86,625 Other operating expenses 20,042 15,686 Interest expense 1,251 1,086 -------- -------- Total benefits and expenses 395,554 335,292 Income before income taxes $ 23,493 $ 27,666 ======== ======== - more -

Add Fifteen REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES Asia Pacific (Dollars in thousands) Three Months Ended (Unaudited) September 30, - ----------------------------------------------------------------------------- 2005 2004 ---- ---- Revenues: Net premiums $135,336 $103,362 Investment income, net of related expenses 7,504 4,398 Investment related gains, net 66 244 Other revenues 699 (423) -------- -------- Total revenues 143,605 107,581 Benefits and expenses: Claims and other policy benefits 114,059 84,611 Policy acquisition costs and other insurance expenses 17,943 17,514 Other operating expenses 7,232 6,478 Interest expense 423 384 -------- -------- Total benefits and expenses 139,657 108,987 Income before income taxes $ 3,948 $ (1,406) ======== ======== Nine Months Ended (Unaudited) September 30, - ----------------------------------------------------------------------------- 2005 2004 ---- ---- Revenues: Net premiums $398,562 $291,079 Investment income, net of related expenses 21,042 11,162 Investment related gains, net 120 442 Other revenues 2,647 3,162 -------- -------- Total revenues 422,371 305,845 Benefits and expenses: Claims and other policy benefits 315,336 226,836 Policy acquisition costs and other insurance expenses 64,147 50,922 Other operating expenses 19,065 16,893 Interest expense 1,272 1,109 -------- -------- Total benefits and expenses 399,820 295,760 Income before income taxes $ 22,551 $ 10,085 ======== ======== - more -

Add Sixteen CORPORATE AND OTHER (Dollars in thousands) Three Months Ended (Unaudited) September 30, - ----------------------------------------------------------------------------- 2005 2004 ---- ---- Revenues: Net premiums $ 488 $ 237 Investment income, net of related expenses 41 7,199 Investment related gains, net 837 1,904 Other revenues 3,484 2,687 -------- -------- Total revenues 4,850 12,027 Benefits and expenses: Claims and other policy benefits 4,073 1,496 Interest credited 163 81 Policy acquisition costs and other insurance expenses 430 481 Other operating expenses 6,953 8,008 Interest expense 9,260 8,892 -------- -------- Total benefits and expenses 20,879 18,958 Income before income taxes $(16,029) $ (6,931) ======== ======== Nine Months Ended (Unaudited) September 30, - ----------------------------------------------------------------------------- 2005 2004 ---- ---- Revenues: Net premiums $ 1,466 $ 1,922 Investment income, net of related expenses 11,803 17,252 Investment related gains, net 11,692 9,790 Other revenues 11,970 5,580 -------- -------- Total revenues 36,931 34,544 Benefits and expenses: Claims and other policy benefits 33,901 3,917 Interest credited 378 243 Policy acquisition costs and other insurance expenses 4,334 1,216 Other operating expenses 21,642 22,119 Interest expense 27,309 26,540 -------- -------- Total benefits and expenses 87,564 54,035 Income before income taxes $(50,633) $(19,491) ======== ======== # # #