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 23, 2008 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 January 23, 2008, Reinsurance Group of America, Incorporated issued a press release announcing its earnings for the three-month period ended December 31, 2007 and providing certain additional information. The press release also notes that a conference call will be held on January 24, 2008 to discuss the financial and operating results for the three-month period ended December 31, 2007. A copy of the press release is furnished with this report as Exhibit 99.1 and shall not be deemed filed pursuant to Instruction B.2 of Form 8-K. ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS (d) Exhibits Exhibit No. Exhibit ----------- ------- 99.1 Press Release of Reinsurance Group of America, Incorporated dated January 23, 2008 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. REINSURANCE GROUP OF AMERICA, INCORPORATED Date: January 23, 2008 By: /s/ Jack B. Lay ------------------------------ Jack B. Lay Senior Executive Vice President and Chief Financial Officer

EXHIBIT INDEX Exhibit No. Exhibit ----------- ------- 99.1 Press Release of Reinsurance Group of America, Incorporated dated January 23, 2008

Exhibit 99.1 [RGA logo] Reinsurance Group of America, Incorporated(R) For further information, contact Jack B. Lay Senior Executive Vice President and Chief Financial Officer (636) 736-7000 FOR IMMEDIATE RELEASE - --------------------- REINSURANCE GROUP OF AMERICA REPORTS FOURTH-QUARTER --------------------------------------------------- OPERATING INCOME OF $1.42 PER DILUTED SHARE; -------------------------------------------- PROVIDES GUIDANCE FOR FULL-YEAR 2008 ------------------------------------ ST. LOUIS, January 23, 2008 - Reinsurance Group of America, Incorporated (NYSE:RGA), a leading global provider of life reinsurance, reported net income for the fourth quarter of $63.6 million, or $0.99 per diluted share, compared to $81.5 million, or $1.28 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 13 percent to $91.2 million, or $1.42 per diluted share, from $81.0 million, or $1.27 per diluted share, in the year-ago quarter. On a per share basis, operating income increased 12 percent. Fourth-quarter net premiums rose 12 percent, to $1,348.0 million, from $1,200.7 million a year ago. Net investment income totaled $226.8 million versus $240.8 million the year before. For the full-year 2007, net income totaled $293.8 million or $4.57 per diluted share, compared to $288.2 million, or $4.57 per diluted share, in the year-ago period. Operating income totaled $353.5 million, or $5.50 per diluted share, compared to $293.2 million, or $4.65 per diluted share, in the prior-year period, an 18 percent increase on a per share basis. Consolidated net premiums were up 13 percent, to $4,909.0 million from $4,346.0 million. A. Greig Woodring, president and chief executive officer, commented, "Results for the quarter were once again strong, contributing to a record year for RGA in terms of revenues and operating income. The U.S. and Canada segments, in particular, reported very strong operating income. Total U.S. segment pre-tax operating income increased 30 percent to $110.7 million from $84.9 million the year before. Claim levels were very favorable in the Traditional segment. -more-

Add one "Our U.S. facultative operation set a record this year as it processed over 100,000 facultative submissions for the first time in its 30-plus year history. Our facultative expertise continues to be highly coveted by our clients and continues to distinguish us from our competition. Net premiums were up 9 percent to $791.4 million from $728.2 million in the prior-year quarter. On a year-to-date basis, net premiums increased 8 percent. "The U.S. segment reported pre-tax net income totaling $82.4 million for the quarter versus $86.3 million the year before. The current quarter includes a $22.9 million pre-tax loss, net of deferred acquisition costs, due to a decline in the value of embedded derivatives associated with modified coinsurance and funds withheld treaties. The change in value of the embedded derivatives represents a non-cash, unrealized change due to the impact of widening credit spreads on the investment portfolios underlying certain of our funds withheld annuity reinsurance treaties. We consider it a non-operating item since it is unrealized and does not affect current cash flows or spread performance on the underlying treaties. "Our Canada operations reported another strong quarter on favorable mortality, with pre-tax net income of $19.5 million compared to $12.8 million a year ago. Pre-tax operating income totaled $19.5 million, up substantially from $11.0 million a year ago. Net premiums increased 5 percent to $141.4 million from $134.6 million in the prior year. For the year, premiums were up 13 percent. Net premiums for the fourth quarter of 2007 were favorably affected by currency exchange rates relative to the prior year by approximately $19.6 million, as the Canadian dollar strengthened relative to the U.S. dollar. The impact of foreign currency fluctuations favorably affected pre-tax operating income by approximately $3.1 million. "Asia Pacific reported a good quarter as well with strong premium flow and favorable segment-wide claims experience. Pre-tax net income totaled $16.9 million compared with $23.9 million in the year-ago quarter while pre-tax operating income totaled $17.5 million compared with $24.1 million a year ago. The prior-year quarter reflected very favorable mortality experience. Net premiums increased 28 percent to $238.3 million from $186.6 million. Our three largest markets, Australia, Japan and South Korea, reported solid results for the quarter and year as a whole. Additionally, we experienced good revenue growth and earnings contribution from our operation in Taiwan. Foreign currency fluctuations favorably affected net premiums and pre-tax operating income by approximately $17.5 million and $1.4 million, respectively. "Our Europe and South Africa segment experienced high claim levels in the UK, which led to a poor segment-wide result for the quarter. Pre-tax net income totaled $2.8 million compared to $17.4 million a year ago and pre-tax operating income totaled $3.3 million versus - more -

Add two $17.4 million last year, a period in which we experienced favorable mortality. For the year, claims levels in the UK were higher-than-expected, but within normal statistical fluctuations. Net premiums for the segment increased 16 percent to $175.2 million. Foreign currency exchange fluctuations favorably affected reported net premiums and pre-tax operating income by approximately $11.3 million and $0.5 million, respectively. "The loss in our discontinued accidental and health operation for the quarter includes an increase in claim settlements on particular treaties as we continue to run off that business. The level of unreserved, disputed claims now stands at approximately $8.5 million. We expect to conclude a significant portion of the remaining business in 2008." Woodring continued, "Fourth-quarter results marked the completion of a record year for RGA. Our operating income per share of $5.50 represents an increase of 18 percent over 2006, exceeding the top end of the expectation we set at the beginning of 2007. RGA continues to build its franchise as a preeminent provider in the global life reinsurance market, and we expect the positive trajectory of the last several years to continue. We expect 2008 operating income per share to be within a range of $6.00 to $6.50 per diluted share, representing 14 percent improvement at the midpoint of that range over 2007's strong performance. This rate of growth is consistent with our five-year compound annual growth rate. We expect that growth rate to continue. This guidance assumes an expected level of death claims, which are prone to normal short-term statistical fluctuations that can significantly affect our results on a quarterly and annual basis. We were pleased to achieve a 14 percent return on equity based on operating income, excluding 'accumulated other comprehensive income' in 2007, up from 13 percent in 2006. We expect to maintain the 14 percent return on equity in 2008, and beyond. "We anticipate that net premiums will continue to grow at a brisk pace. On a consolidated basis for 2008, we expect net premiums to increase in a range of 10 to 13 percent. At the segment level, we expect a 7 to 9 percent increase in the U.S., 10 to 12 percent in Canada, 13 to 16 percent in Asia Pacific and 12 to 15 percent in Europe and South Africa. We will continue to exploit significant growth opportunities in select Asian markets such as Japan and South Korea, and will continue our inroads into European markets." Woodring concluded, "It has been an exceptional year for RGA in terms of our operations and financial results. Our business continues to perform well despite the turmoil in the - more -

Add three economy and financial markets and while there is still significant uncertainty, we believe we are well positioned in this market, both operationally and financially. Our balance sheet is solid and our assets are conservatively invested, with approximately 3 percent of our fixed maturity portfolio invested in other than investment grade securities. Our exposure to sub-prime mortgages totaled $267.7 million in book value at year end, or less than 2 percent of total invested assets, of which 82 percent is rated `AA' or above, with 44 percent in the `AAA' category and with no holdings in the non-investment grade category. We largely avoided investing in securities originated in the second half of 2005 and beyond, which we believe was a period of lessened underwriting quality. "We don't expect our results to be significantly affected by the recent news regarding financial guarantors, as we have generally invested in securities where the financial guarantee does not significantly enhance the credit profile of the security. Our fixed maturity and funds withheld portfolios include approximately $683 million in amortized cost of securities that are wrapped by the various financial guarantors, or less than five percent of our total invested assets. The securities are diversified between municipal bonds and asset backed securities with well-diversified collateral pools. We do not invest in any wrapped CDO structures. Our securities are primarily investment-grade credit without the benefit of the financial guarantee. While we may see some increase in unrealized losses associated with these securities in the near term, we don't expect significant realized losses. In addition to these wrapped securities, our investment portfolio includes direct positions in four of the financial guarantors totaling $22.0 million in amortized cost." The company also announced that its board of directors declared a regular quarterly dividend of $0.09, payable February 25 to shareholders of record as of February 4. A conference call to discuss the company's fourth-quarter results and the outlook for 2008 will begin at 9 a.m. Eastern Time on Thursday, January 24. Interested parties may access the call by dialing 877-719-9789 (domestic) or 719-325-4781 (international). The access code is 1510425. 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 three months following the conference call. A replay of the conference call will also be available via telephone through January 31 at 888-203-1112 (domestic) or 719-457-0820, access code 1510425. -more-

Add four Reinsurance Group of America, Incorporated, through its various operating subsidiaries, is among the largest global providers of life reinsurance. Reinsurance Group of America, Incorporated has subsidiary companies or offices in Australia, Barbados, Bermuda, Canada, China, France, Germany, Hong Kong, India, Ireland, Italy, Japan, Mexico, Poland, South Africa, South Korea, Spain, Taiwan, the United Kingdom and the United States. Worldwide, the company has approximately $2.1 trillion of life reinsurance in force, and assets of $21.6 billion. MetLife, Inc. is the beneficial owner of approximately 52 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," "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, lapsation 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 -more-

Add five 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, catastrophes, terrorist attacks, epidemics or pandemics anywhere in the world where we or our clients do business, (20) changes in laws, regulations, and accounting standards applicable to us, our subsidiaries, or our business, (21) the effect of our status as an insurance holding company and regulatory restrictions on our ability to pay principal of and interest on our debt obligations, and (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 six 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 certain 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) (Unaudited) Three Months Ended Twelve Months Ended December 31, December 31, ------------------------------------------ 2007 2006 2007 2006 ---- ---- ---- ---- GAAP net income-continuing operations $ 71,501 $83,318 $308,273 $293,261 Investment related (gains)losses, net 8,047 (523) 24,779 2,744 Change in value of embedded derivatives 55,017 (5,716) 92,238 (4,253) DAC offset for embedded derivatives and investment related (gains)losses, net (43,348) 3,916 (71,779) 1,453 ----------------------------------------- Operating income $ 91,217 $80,995 $353,511 $293,205 - 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) (Unaudited) Three Months Ended December 31, 2007 Investment Change in Pre-tax related value of Pre-tax net (gains) embedded operating income losses, derivatives, income (loss) net net (loss) ------- ---------- ------------ --------- U.S. Operations: Traditional $ 97,227 $ 3,478 $ -- $100,705 Asset Intensive (17,424) 2,008(1) 22,862(2) 7,446 Financial Reinsurance 2,581 (2) -- 2,579 --------------------------------------------------- Total U.S. 82,384 5,484 22,862 110,730 Canada Operations 19,509 2 -- 19,511 Europe & South Africa 2,808 466 -- 3,274 Asia Pacific Operations 16,909 592 -- 17,501 Corporate and Other (11,365) 954 -- (10,411) --------------------------------------------------- Consolidated $110,245 $ 7,498 $22,862 $140,605 =================================================== (1) Asset Intensive is net of $(4,909)DAC offset. (2) Asset Intensive is net of DAC offsets of $(61,780) included in change in deferred acquisition cost associated with change in value of embedded derivative. (Unaudited) Three Months Ended December 31, 2006 Investment Change in Pre-tax related value of Pre-tax net (gains) embedded operating income losses, derivatives, income (loss) net net (loss) ------- ---------- ------------ --------- U.S. Operations: Traditional $ 74,635 $ 542 $ -- $ 75,177 Asset Intensive 7,903 815(1) (2,720)(2) 5,998 Financial Reinsurance 3,737 -- -- 3,737 --------------------------------------------------- Total U.S. 86,275 1,357 (2,720) 84,912 Canada Operations 12,799 (1,830) -- 10,969 Europe & South Africa 17,362 84 -- 17,446 Asia Pacific Operations 23,874 249 -- 24,123 Corporate & Other (12,125) (652) -- (12,777) --------------------------------------------------- Consolidated $128,185 $ (792) $(2,720) $124,673 =================================================== (1) Asset Intensive is net of $(49)DAC offset. (2) Asset Intensive is net of DAC offsets of $6,074 included in change in deferred acquisition cost associated with change in value of embedded derivative. - more -

Add eight 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) (Unaudited) Twelve Months Ended December 31, 2007 Investment Change in Pre-tax related value of Pre-tax net (gains) embedded operating income losses, derivatives, income (loss) net net (loss) ------- ---------- ------------ --------- U.S. Operations: Traditional $337,624 $13,770 $ -- $351,394 Asset Intensive (22,329) 8,206(1) 37,524(2) 23,401 Financial Reinsurance 12,633 7 -- 12,640 --------------------------------------------------- Total U.S. 327,928 21,983 37,524 387,435 Canada Operations 81,543 (6,646) -- 74,897 Europe & South Africa 47,467 2,183 -- 49,650 Asia Pacific Operations 60,090 1,529 -- 61,619 Corporate & Other (42,110) 12,522 -- (29,588) --------------------------------------------------- Consolidated $474,918 $31,571 $37,524 $544,013 =================================================== (1) Asset Intensive is net of $(6,047)DAC offset. (2) Asset Intensive is net of DAC offsets of $(104,381)included in change in deferred acquisition cost associated with change in value of embedded derivative. (Unaudited) Twelve Months Ended December 31, 2006 Investment Change in Pre-tax related value of Pre-tax net (gains) embedded operating income losses, derivatives, income (loss) net net (loss) ------- ---------- ------------ --------- U.S. Operations: Traditional $287,122 $ 4,077 $ -- $291,199 Asset Intensive 20,187 7,206(1) (2,808)(2) 24,585 Financial Reinsurance 15,039 (4) -- 15,035 --------------------------------------------------- Total U.S. 322,348 11,279 (2,808) 330,819 Canada Operations 45,766 (5,137) -- 40,629 Europe & South Africa 58,241 322 -- 58,563 Asia Pacific Operations 58,591 372 -- 58,963 Corporate & Other (33,558) (4,014) -- (37,572) --------------------------------------------------- Consolidated $451,388 $ 2,822 $(2,808) $451,402 =================================================== (1) Asset Intensive is net of $(1,500)DAC offset. (2) Asset Intensive is net of DAC offsets of $3,735 included in change in deferred acquisition cost associated with change in value of embedded derivative. - more -

Add nine REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES Condensed Consolidated Statements of Income (Dollars in thousands) Three Months Ended Twelve Months Ended (Unaudited) December 31, December 31, - ------------------------------------------------------------------------------ 2007 2006 2007 2006 ---- ---- ---- ---- Revenues: Net premiums $1,348,023 $1,200,733 $4,909,026 $4,345,969 Investment income, net of related expenses 226,801 240,752 907,904 779,655 Investment related gains(losses), net (12,097) 854 (36,811) (3,953) Change in value of embedded derivatives (84,642) 8,794 (141,905) 6,543 Other revenues 18,510 18,442 80,147 65,477 ------------------------ ------------------------ Total revenues 1,496,595 1,469,575 5,718,361 5,193,691 Benefits and expenses: Claims and other policy benefits 1,093,984 955,436 3,983,996 3,488,388 Interest credited 40,873 94,928 246,066 244,771 Policy acquisition costs and other insurance expenses 209,534 199,333 752,213 712,568 Change in deferred acquisition cost associated with change in value of embedded derivatives (61,780) 6,074 (104,381) 3,735 Other operating expenses 67,287 57,455 236,612 204,380 Interest expense 23,361 15,149 76,906 62,033 Collateral finance facilities expense 13,091 13,015 52,031 26,428 ------------------------ ------------------------ Total benefits and expenses 1,386,350 1,341,390 5,243,443 4,742,303 ------------------------ ------------------------ Income from continuing operations before income taxes 110,245 128,185 474,918 451,388 Provision for income taxes 38,744 44,867 166,645 158,127 ------------------------ ------------------------ Income from continuing operations 71,501 83,318 308,273 293,261 Discontinued operations: Loss from discontinued accident and health operations, net of income taxes (7,915) (1,844) (14,439) (5,051) ------------------------ ------------------------ Net income $ 63,586 $ 81,474 $ 293,834 $ 288,210 ======================== ======================== - more -

Add ten REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES Condensed Consolidated Statements of Income (In thousands, except per share data) Three Months Ended Twelve Months Ended (Unaudited) December 31, December 31, - ------------------------------------------------------------------------------ 2007 2006 2007 2006 ---- ---- ---- ---- Earnings per share from continuing operations: Basic earnings per share $ 1.15 $ 1.36 $ 4.98 $ 4.79 Diluted earnings per share $ 1.11 $ 1.31 $ 4.80 $ 4.65 Diluted earnings before investment related gains (losses), change in value of embedded derivatives, and related deferred acquisition costs $ 1.42 $ 1.27 $ 5.50 $ 4.65 Earnings per share from net income: Basic earnings per share $ 1.03 $ 1.33 $ 4.75 $ 4.71 Diluted earnings per share $ 0.99 $ 1.28 $ 4.57 $ 4.57 Weighted average number of common and common equivalent shares outstanding 64,270 63,815 64,231 63,062 - more -

Add eleven REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES Condensed Consolidated Business Summary At or For the Twelve Months Ended (Unaudited) December 31, - ----------------------------------------------------------------------------- 2007 2006 ---- ---- Gross life reinsurance in force (in billions) U.S. $ 1,232.3 $ 1,159.8 Canada $ 217.7 $ 155.4 Europe & South Africa $ 380.4 $ 345.1 Asia Pacific $ 289.5 $ 281.1 Gross life reinsurance written (in billions) U.S. $ 164.2 $ 172.1 Canada $ 46.8 $ 39.8 Europe & South Africa $ 61.3 $ 105.1 Asia Pacific $ 30.1 $ 57.6 Balance sheet information (in millions, except share and per share figures) Consolidated cash and invested assets $ 16,802.0 $ 14,773.3 Invested asset book yield - trailing three months excluding funds withheld 6.02% 5.92% Investment portfolio mix Cash and short-term investments 2.85% 2.04% Fixed maturity securities 55.93% 56.67% Mortgage loans 4.95% 4.98% Policy loans 6.31% 6.87% Funds withheld at interest 28.27% 27.95% Other invested assets 1.69% 1.49% Collateral finance facilities $ 850.4 $ 850.4 Short-term debt $ 29.8 $ 29.4 Long-term debt $ 896.1 $ 676.2 Company-obligated mandatorily redeemable preferred securities of subsidiary $ 158.9 $ 158.7 Total stockholders' equity $ 3,189.8 $ 2,815.4 Less: Accumulated other comprehensive income "AOCI"* 526.8 433.4 ----------- ----------- Total stockholders' equity, before impact of AOCI* $ 2,663.0 $ 2,382.0 Treasury shares 1,096,775 1,717,722 Common shares outstanding 62,031,498 61,410,551 Book value per share outstanding $ 51.42 $ 45.85 Book value per share outstanding, before impact of AOCI* $ 42.93 $ 38.79 * Book value per share outstanding and total stockholders' equity, before impact of AOCI, are non-GAAP financial measures that management believes are 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. - more -

Add twelve REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES U.S. Operations (Dollars in thousands) (Unaudited) Three Months Ended December 31, 2007 Asset- Financial Total Revenues: Traditional Intensive Reinsurance U.S. ----------- --------- ----------- ----- Net premiums $789,843 $ 1,577 $ -- $791,420 Investment income, net of related expenses 91,253 57,497 (163) 148,587 Investment related gains (losses), net (3,478) (6,917) 2 (10,393) Change in value of embedded derivatives -- (84,642) -- (84,642) Other revenues 274 9,797 4,177 14,248 -------------------------------------------------- Total revenues 877,892 (22,688) 4,016 859,220 Benefits and expenses: Claims and other policy benefits 634,109 (375) (125) 633,609 Interest credited 14,901 25,787 -- 40,688 Policy acquisition costs and other insurance expenses 117,012 29,118 384 146,514 Change in deferred ac- quisition cost associated with change in value of embedded derivatives -- (61,780) -- (61,780) Other operating expenses 14,643 1,986 1,176 17,805 -------------------------------------------------- Total benefits and expenses 780,665 (5,264) 1,435 776,836 Income(loss) before income taxes $ 97,227 $(17,424) $2,581 $ 82,384 ======== ======== ====== ======== (Unaudited) Three Months Ended December 31, 2006 Asset- Financial Total Revenues: Traditional Intensive Reinsurance U.S. ----------- --------- ----------- ----- Net premiums $726,655 $ 1,552 $ -- $728,207 Investment income, net of related expenses 82,622 99,317 (51) 181,888 Investment related losses, net (542) (864) -- (1,406) Change in value of embedded derivatives -- 8,794 -- 8,794 Other revenues 42 5,571 7,478 13,091 -------------------------------------------------- Total revenues 808,777 114,370 7,427 930,574 Benefits and expenses: Claims and other policy benefits 606,097 (346) 1 605,752 Interest credited 14,439 79,801 -- 94,240 Policy acquisition costs and other insurance expenses 102,917 18,883 2,232 124,032 Change in deferred ac- quisition cost associated with change in value of embedded derivatives -- 6,074 -- 6,074 Other operating expenses 10,689 2,055 1,457 14,201 -------------------------------------------------- Total benefits and expenses 734,142 106,467 3,690 844,299 Income before income taxes $ 74,635 $ 7,903 $3,737 $ 86,275 ======== ======== ====== ======== - more -

Add thirteen REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES U.S. Operations (Dollars in thousands) (Unaudited) Twelve Months Ended December 31, 2007 Asset- Financial Total Revenues: Traditional Intensive Reinsurance U.S. ----------- --------- ----------- ----- Net premiums $2,868,403 $ 6,356 $ -- $2,874,759 Investment income, net of related expenses 352,553 271,638 (53) 624,138 Investment related losses, net (13,770) (14,253) (7) (28,030) Change in value of embedded derivatives -- (141,905) -- (141,905) Other revenues 922 38,006 23,117 62,045 ---------------------------------------------------- Total revenues 3,208,108 159,842 23,057 3,391,007 Benefits and expenses: Claims and other policy benefits 2,344,185 5,875 (124) 2,349,936 Interest credited 58,595 185,726 -- 244,321 Policy acquisition costs and other insurance expenses 417,958 87,882 6,410 512,250 Change in deferred ac- quisition cost associated with change in value of embedded derivatives -- (104,381) -- (104,381) Other operating expenses 49,746 7,069 4,138 60,953 ---------------------------------------------------- Total benefits and expenses 2,870,484 182,171 10,424 3,063,079 Income(loss) before income taxes $ 337,624 $ (22,329) $12,633 $ 327,928 ========== ========= ======= ========== (Unaudited) Twelve Months Ended December 31, 2006 Asset- Financial Total Revenues: Traditional Intensive Reinsurance U.S. ----------- --------- ----------- ----- Net premiums $2,647,322 $ 6,190 $ -- $2,653,512 Investment income, net of related expenses 305,221 267,111 (213) 572,119 Investment related gains(losses), net (4,077) (8,706) 4 (12,779) Change in value of embedded derivatives -- 6,543 -- 6,543 Other revenues 269 20,031 29,868 50,168 ---------------------------------------------------- Total revenues 2,948,735 291,169 29,659 3,269,563 Benefits and expenses: Claims and other policy benefits 2,174,142 581 5 2,174,728 Interest credited 50,059 192,092 -- 242,151 Policy acquisition costs and other insurance expenses 395,531 67,461 9,284 472,276 Change in deferred ac- quisition cost associated with change in value of embedded derivatives -- 3,735 -- 3,735 Other operating expenses 41,881 7,113 5,331 54,325 ---------------------------------------------------- Total benefits and expenses 2,661,613 270,982 14,620 2,947,215 Income before income taxes $ 287,122 $ 20,187 $15,039 $ 322,348 ========== ========= ======= ========== - more -

Add fourteen REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES Canada Operations (Dollars in thousands) Three Months Ended (Unaudited) December 31, - ----------------------------------------------------------------------------- 2007 2006 ---- ---- Revenues: Net premiums $141,388 $134,600 Investment income, net of related expenses 34,782 28,092 Investment related gains, net 308 1,941 Other revenues 2 (155) -------- -------- Total revenues 176,480 164,478 Benefits and expenses: Claims and other policy benefits 122,267 105,839 Interest credited 185 208 Policy acquisition costs and other insurance expenses 28,297 41,201 Other operating expenses 6,222 4,431 -------- -------- Total benefits and expenses 156,971 151,679 Income before income taxes $ 19,509 $ 12,799 ======== ======== Twelve Months Ended (Unaudited) December 31, - ----------------------------------------------------------------------------- 2007 2006 ---- ---- Revenues: Net premiums $487,136 $429,438 Investment income, net of related expenses 124,634 106,973 Investment related gains, net 7,453 5,506 Other revenues 182 160 -------- -------- Total revenues 619,405 542,077 Benefits and expenses: Claims and other policy benefits 425,498 386,221 Interest credited 726 831 Policy acquisition costs and other insurance expenses 91,234 92,936 Other operating expenses 20,404 16,323 -------- -------- Total benefits and expenses 537,862 496,311 Income before income taxes $ 81,543 $ 45,766 ======== ======== - more -

Add fifteen REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES Europe & South Africa (Dollars in thousands) Three Months Ended (Unaudited) December 31, - ----------------------------------------------------------------------------- 2007 2006 ---- ---- Revenues: Net premiums $175,185 $150,910 Investment income, net of related expenses 7,721 4,836 Investment related losses, net (466) (84) Other revenues (205) 739 -------- --------- Total revenues 182,235 156,401 Benefits and expenses: Claims and other policy benefits 145,397 106,683 Interest credited - 285 Policy acquisition costs and other insurance expenses 18,968 20,910 Other operating expenses 15,062 11,161 -------- -------- Total benefits and expenses 179,427 139,039 Income before income taxes $ 2,808 $ 17,362 ======== ======== Twelve Months Ended (Unaudited) December 31, - ----------------------------------------------------------------------------- 2007 2006 ---- ---- Revenues: Net premiums $678,551 $587,903 Investment income, net of related expenses 26,167 16,311 Investment related losses, net (2,183) (322) Other revenues (144) 858 -------- -------- Total revenues 702,391 604,750 Benefits and expenses: Claims and other policy benefits 515,660 414,855 Interest credited 1,019 764 Policy acquisition costs and other insurance expenses 84,749 90,098 Other operating expenses 53,496 40,792 -------- -------- Total benefits and expenses 654,924 546,509 Income before income taxes $ 47,467 $ 58,241 ======== ======== - more -

Add sixteen REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES Asia Pacific (Dollars in thousands) Three Months Ended (Unaudited) December 31, - ----------------------------------------------------------------------------- 2007 2006 ---- ---- Revenues: Net premiums $238,265 $186,564 Investment income, net of related expenses 9,981 7,751 Investment related losses, net (592) (249) Other revenues 2,682 1,731 -------- -------- Total revenues 250,336 195,797 Benefits and expenses: Claims and other policy benefits 192,885 136,341 Policy acquisition costs and other insurance expenses 23,665 23,384 Other operating expenses 16,877 12,198 -------- -------- Total benefits and expenses 233,427 171,923 Income before income taxes $ 16,909 $ 23,874 ======== ======== Twelve Months Ended (Unaudited) December 31, - ----------------------------------------------------------------------------- 2007 2006 ---- ---- Revenues: Net premiums $864,550 $673,179 Investment income, net of related expenses 36,388 28,105 Investment related losses, net (1,529) (372) Other revenues 9,197 6,465 -------- -------- Total revenues 908,606 707,377 Benefits and expenses: Claims and other policy benefits 692,859 512,740 Policy acquisition costs and other insurance expenses 99,285 93,614 Other operating expenses 56,372 42,432 -------- -------- Total benefits and expenses 848,516 648,786 Income before income taxes $ 60,090 $ 58,591 ======== ======== - more -

Add seventeen REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES Corporate and Other (Dollars in thousands) Three Months Ended (Unaudited) December 31, - ----------------------------------------------------------------------------- 2007 2006 ---- ---- Revenues: Net premiums $ 1,765 $ 452 Investment income, net of related expenses 25,730 18,185 Investment related gains (losses), net (954) 652 Other revenues 1,783 3,036 -------- -------- Total revenues 28,324 22,325 Benefits and expenses: Claims and other policy benefits (174) 821 Interest credited -- 195 Policy acquisition costs and other insurance expenses (7,910) (10,194) Other operating expenses 11,321 15,464 Interest expense 23,361 15,149 Collateral finance facilities expense 13,091 13,015 -------- -------- Total benefits and expenses 39,689 34,450 Income(loss) before income taxes $(11,365) $(12,125) ======== ======== Twelve Months Ended (Unaudited) December 31, - ----------------------------------------------------------------------------- 2007 2006 ---- ---- Revenues: Net premiums $ 4,030 $ 1,937 Investment income, net of related expenses 96,577 56,147 Investment related gains(losses), net (12,522) 4,014 Other revenues 8,867 7,826 -------- -------- Total revenues 96,952 69,924 Benefits and expenses: Claims and other policy benefits 43 (156) Interest credited -- 1,025 Policy acquisition costs and other insurance expenses (35,305) (36,356) Other operating expenses 45,387 50,508 Interest expense 76,906 62,033 Collateral finance facilities expense 52,031 26,428 -------- -------- Total benefits and expenses 139,062 103,482 Loss before income taxes $(42,110) $(33,558) ======== ======== # # #