UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K/A
 CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): February 2, 2015
 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)	
16000 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))	

Explanatory note:  This amendment is being filed solely to correct a technical error (i.e., an inadvertent failure to properly code Item 2.02 in the Edgar submission page for the original filing).  No text from the original filing or its exhibits has been altered. 

 	
 	 	
Item 2.02	Results of Operations and Financial Condition.	
On February 2, 2015, Reinsurance Group of America, Incorporated (the “Company”) issued (1) a press release (the “Press Release”) announcing its earnings for the three-month period ended December 31, 2014, and providing certain additional information, a copy of which is furnished with this report as Exhibit 99.1, and (2) a Quarterly Financial Supplement for the quarter ended December 31, 2014, a copy of which is attached hereto as Exhibit 99.2. The Press Release also notes that a conference call will be held on February 3, 2015 to discuss the financial and operating results for the three-month period ended December 31, 2014. The Press Release and Quarterly Financial Supplement are furnished and are not filed pursuant to Instruction B.2 of Form 8-K.

 	
 	 	
Item 9.01	Financial Statements and Exhibits	
(d) Exhibits.

 	 	 	
 	 	 	
Exhibit No.	  	Exhibit	
99.1	  	Press Release of Reinsurance Group of America, Incorporated dated February 2, 2015	
 	 	
99.2	  	Quarterly Financial Supplement for the quarter ended December 31, 2014	

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: February 3, 2015	 	 	By:	 	  /s/ Jack B. Lay	
 	 	 	 	 	Jack B. Lay	
 	 	 	 	 	Senior Executive Vice President and Chief Financial Officer	

EXHIBIT INDEX

 	 	 	
Exhibit Number	  	Description	
 	 	
99.1	  	Press Release dated February 2, 2015	
 	 	
99.2	  	Quarterly Financial Supplement for the quarter ended December 31, 2014	

Exhibit 99.1

 PRESS RELEASE
REINSURANCE GROUP OF AMERICA REPORTS FOURTH-QUARTER RESULTS

 	 	
•	Earnings per diluted share: operating income* $2.99, net income $2.75	
 	 	
•	Tax-related adjustments added a total of $0.55 per diluted share in the quarter	
 	 	
•	Reported premiums increased modestly despite negative effects of the Pacific Life retrocession agreement announced on December 29, as well as a stronger U.S. dollar	
 	 	
•	Full-year operating return on equity* 12.5 percent	
 	 	
•	Closed previously announced transaction with Voya Financial	

ST. LOUIS, February 2, 2015 - Reinsurance Group of America, Incorporated (NYSE: RGA), a leading global provider of life reinsurance, reported operating income* of $208.3 million, or $2.99 per diluted share, compared with $154.5 million, or $2.17 per diluted share, in the prior-year quarter. Net income totaled $191.1 million, or $2.75 per diluted share, compared with $145.0 million, or $2.03 per diluted share, the year before. The current period includes favorable tax-related adjustments of approximately $38.5 million, or $0.55 per diluted share, primarily associated with the release of provisions for uncertain tax positions in prior years, along with related accrued interest. A relatively stronger U.S. dollar versus all major foreign currencies resulted in a net adverse effect of $0.09 per share this quarter.

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Quarterly Results	 	Year-to-Date Results	
($ in thousands, except per share data)	 	2014	 	2013	 	2014	 	2013	
Net premiums	 	$	2,217,772	
 	 	$	2,212,998	
 	 	$	8,669,854	
 	 	$	8,254,027	
 	
Net income	 	191,091	
 	 	144,959	
 	 	684,047	
 	 	418,837	
 	
Net income per diluted share	 	2.75	
 	 	2.03	
 	 	9.78	
 	 	5.78	
 	
Operating income*	 	208,288	
 	 	154,509	
 	 	638,049	
 	 	358,446	
 	
Operating income per diluted share*	 	2.99	
 	 	2.17	
 	 	9.12	
 	 	4.95	
 	
Book value per share	 	102.13	
 	 	83.87	
 	 	 	 	 	
Book value per share (excl. Accumulated Other Comprehensive Income “AOCI”)*	 	78.03	
 	 	69.66	
 	 	 	 	 	
Total assets	 	44,679,611	
 	 	39,674,473	

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

Full-year 2014 net income totaled $684.0 million, or $9.78 per diluted share, an increase from $418.4 million, or $5.78 per diluted share, in 2013. Operating income increased to $638.0 million, or $9.12 per diluted share, from $358.4 million, or $4.95 per diluted share, the year before, which included an after-tax increase in Australian claim liabilities of $184 million, or $2.53 per diluted share.

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Excluding that Australian charge, operating income per diluted share in 2014 was up 22 percent over 2013’s level. Net foreign currency fluctuations reduced 2014 operating income per share by $0.17. Reported net premiums rose five percent for the current year. In original currencies, net premiums increased six percent.

For the quarter, consolidated net premiums of $2.2 billion rose slightly from last year’s fourth quarter, while premiums increased three percent in original currencies. Investment income of $451.6 million was two percent lower this period, primarily due to a $63.7 million decrease in the fair value of options contracts underlying equity-indexed annuities.

Excluding spread-based businesses and the value of associated derivatives, investment income increased 15 percent over year-ago levels, including the effects of commercial mortgage loan prepayments, bond make-whole premiums and a growing average invested asset base. The average investment yield was up 26 basis points to 4.94 percent over the fourth quarter of 2013. Enterprise-wide, including spread-based portfolios, the combined favorable effect of mortgage loan prepayments and bond make-whole premiums was above the expected quarterly run rate by approximately $17 million, or $0.16 per diluted share.

The quarter’s results benefited from the release of liabilities established for uncertain tax positions due to the closure with the Internal Revenue Service of tax returns for a recent five-year period. As a result of that release and other adjustments, the tax provision for the period was reduced and accrued interest expense of approximately $43.9 million was reversed. The effect of recognizing the closure of these tax years and other adjustments totaled $33.0 million, after tax, or $0.47 per diluted share. Additionally, Congress retroactively extended the active financing exception legislation during the quarter, which further reduced the tax provision by $5.5 million, or $0.08 per diluted share.

Greig Woodring, president and chief executive officer, commented, “Our very strong operating results this quarter capped off an equally strong full year, as operating income rose to $208.3 million, or $2.99 per diluted share in the quarter. As noted, the result was influenced by favorable tax adjustments, but the underlying results were strong irrespective of those adjustments.

“We continued to see the benefit of our global operating model, as demonstrated by the increased diversity of earnings by geography and product. The quarter was highlighted by excellent results in our core U.S. Traditional business. Our Global Financial Solutions (GFS) and international lines of business, aside from Canada, sustained their recent strong momentum and favorable bottom-line results.

“We are quite pleased with the year as a whole, as we achieved strong operating results and continued to build our brand recognition worldwide. Our operating return on equity exceeded 12 percent, and the balance sheet remains strong. While the macro environment continues to be challenging in certain respects, we have continued to execute collectively across the organization, and we are optimistic about future opportunities.

“We have executed our capital management strategy by supporting solid organic growth and taking a balanced approach with the deployment of excess capital into several attractive in-force blocks as well as a return of capital to shareholders as appropriate. We further demonstrated our commitment to

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capital efficiency in the fourth quarter with an embedded value securitization and an agreement to retrocede a block of lower-margin mortality risk, which should enable us to redeploy capital and enhance future returns. These capital-generating transactions, along with strong earnings, contributed to an increase in our excess capital position to approximately $1.2 billion. Finally, our board recently authorized a $300 million share repurchase program, replacing the previous authorization. ”

SEGMENT RESULTS

U.S. and Latin America

Traditional

The U.S. and Latin America Traditional segment reported pre-tax operating income of $134.1 million, an eight percent increase over $123.6 million in the fourth quarter last year, with both periods benefitting from favorable mortality experience. The current period included the effects of the previously announced Voya Financial in-force block transaction and the Pacific Life retrocession agreement, each of which was retroactive to October 1, 2014. The combined effect of those transactions on pre-tax operating income was insignificant.

Traditional net premiums decreased two percent to $1,221.9 million from $1,246.1 million a year ago, reflecting the lost premiums from the Pacific Life agreement, partially offset by the premiums gained in the Voya Financial transaction. Excluding those transactions, traditional net premiums would have increased six percent over the fourth quarter of 2013, reflecting solid growth in all traditional product lines. For the full year, net premiums increased four percent and totaled $4,725.5 million. Pre-tax net income totaled $128.9 million for the quarter, compared with $122.8 million in last year’s fourth quarter.

Non-Traditional

The Asset Intensive business reported very strong results with pre-tax operating income totaling $56.0 million compared with $42.3 million last year, reflecting an increase in commercial mortgage loan prepayment fees of $12.0 million, as well as favorable net interest rate spread performance. Full-year pre-tax operating income also was very strong at $199.0 million, compared with $166.1 million in 2013. Fourth-quarter pre-tax net income increased to $34.5 million from $31.8 million a year ago.

The Financial Reinsurance business continued to benefit from recent growth in fee-based transactions and posted pre-tax operating income of $12.5 million for the quarter, compared with a strong $14.3 million in last year’s fourth quarter. For the year, pre-tax operating income increased 15 percent to $52.4 million. Pre-tax net income totaled $12.4 million in the fourth quarter and $14.3 million in the prior-year period.

Canada

Canadian operations reported pre-tax operating income of $19.9 million this quarter, down from $47.2 million in the prior-year period. Higher-than-expected large individual mortality claims, those exceeding $1 million, hampered results throughout 2014, including during the fourth quarter.

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Additionally, a relatively weaker Canadian dollar adversely affected pre-tax operating income by approximately $1.9 million for the quarter, and $7.8 million for the year. Reported net premiums increased modestly over the prior-year quarter and totaled $245.0 million. In Canadian dollars,
premiums rose nine percent. For the full year, net premiums increased one percent in reported U.S. dollars and nine percent in Canadian dollars. Fourth-quarter pre-tax net income totaled $21.6 million compared with $50.5 million in the fourth quarter of 2013.

Europe, Middle East and Africa (EMEA)

Pre-tax operating income in EMEA increased significantly, totaling $33.8 million versus last year’s $12.0 million, primarily a result of strong operating performance in the U.K. due to favorable claims experience and the impact of two GFS transactions that closed in 2014. Net foreign currency fluctuations adversely affected pre-tax operating income by approximately $2.4 million. Net reported premiums increased four percent and totaled $345.9 million, compared with $332.5 million last year; original currency premiums increased nine percent over the prior-year level. For the full year, reported net premiums increased 13 percent over 2013 and net premiums on a local currency basis increased 10 percent. Fourth-quarter pre-tax net income totaled $39.9 million versus $12.0 million in the year‑ago quarter.

Asia Pacific

Asia Pacific’s fourth-quarter pre-tax operating income of $25.3 million approached the strong prior-year performance of $26.9 million. Most Asian operations, particularly Japan and India, posted strong results. Australia pre-tax operating income was again modestly positive this period. Segment-wide reported net premiums rose three percent to $400.1 million from $387.8 million in the prior-year period. Local currency premiums increased 10 percent with strong growth in Hong Kong & Southeast Asia. Foreign currency fluctuations adversely affected pre-tax operating income by approximately $3.8 million this quarter. For the year, net premiums were up six percent on a U.S. dollar basis and 11 percent in original currencies. Fourth-quarter pre-tax net income totaled $20.6 million compared with $23.7 million in last year’s fourth quarter.

Corporate and Other

The Corporate and Other segment reported pre-tax operating income of $22.6 million versus a pre-tax operating loss of $21.9 million for the fourth quarter of 2014 and 2013, respectively. Current-quarter results were primarily influenced by the $43.9 million reduction in tax-related interest expense described above. General expenses were higher this period, primarily due to higher incentive-based compensation expenses and new corporate initiatives. This segment reported pre-tax net income of $18.9 million this quarter compared with a pre-tax net loss of $25.5 million in the prior-year period.

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 and the difficulty in predicting the timing of shorter-term or periodic events such as block

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transactions. 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.

Over the intermediate term, the company targets growth in operating income per share in the five to eight percent range, and operating return on equity of 11 percent to 12 percent; these targets are unchanged from those provided last year at this time. It is presumed that there are no significant changes in the investment environment from current levels and the company will deploy $250 million to $400 million of excess capital, on average, annually. These guidance ranges are based upon “normalized” results.

Dividend Declaration

The board of directors declared a regular quarterly dividend of $0.33, payable March 6 to shareholders of record as of February 13.

Earnings Conference Call

A conference call to discuss fourth-quarter results will begin at 9 a.m. Eastern Time on Tuesday, February 3. Interested parties may access the call by dialing 1-877-681-3375 (domestic) or 719-325-4934 (international). The access code is 9573722. 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. A telephonic replay also will be available through February 11 at 888-203-1112 (domestic) or 719-457-0820 (international), access code 9573722.

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 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 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, operating income excludes any net gain or loss from discontinued operations, the cumulative effect of any accounting changes, and other items that 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.

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Reconciliations to GAAP net income are provided in the following tables. Additional financial information can be found in the Quarterly Financial Supplement on RGA’s Investor Relations
website at www.rgare.com in the “Quarterly Results” tab and in the “Featured Report” section.

Book value per share before impact of AOCI is a non-GAAP financial measure that management believes is important in evaluating the balance sheet in order to ignore the effects of unrealized amounts primarily associated with mark-to-market adjustments on investments and foreign currency translation.

Operating income per diluted share is a non-GAAP financial measure calculated as operating income divided by weighted average diluted shares outstanding. Operating return on equity is a non-GAAP financial measure calculated as operating income divided by average shareholders’ equity excluding AOCI.

About RGA

Reinsurance Group of America, Incorporated is among the largest global providers of life reinsurance, with operations in Australia, Barbados, Bermuda, Canada, China, France, Germany, Hong Kong, India, Ireland, Italy, Japan, Malaysia, Mexico, the Netherlands, New Zealand, Poland, Singapore, South Africa, South Korea, Spain, Taiwan, Turkey, the United Arab Emirates, the United Kingdom and the United States. Worldwide, the company has approximately $2.9 trillion of life reinsurance in force, and assets of $44.7 billion.

Cautionary Statement Regarding Forward-looking Statements

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, among others, statements relating to projections of the earnings, revenues, income or loss, future financial performance and growth potential of Reinsurance Group of America, Incorporated and its subsidiaries (which we refer to in the following paragraphs as “we,” “us” or “our”). The words “intend,” “expect,” “project,” “estimate,” “predict,” “anticipate,” “should,” “believe,” and other similar expressions also are intended to identify forward-looking statements. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Future events and actual results, performance and achievements could differ materially from those set forth in, contemplated by or underlying the forward-looking statements.

Numerous important factors could cause actual results and events to differ materially from those expressed or implied by forward-looking statements including, without limitation, (1) adverse capital and credit market conditions and their impact on 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

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downturn affecting the demand for insurance and reinsurance in the Company’s current and planned markets, (9) the availability and cost of collateral necessary for regulatory reserves and capital, (10) market or economic conditions that adversely affect the value of 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 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 (28) other risks and uncertainties described in this document and in the Company’s other filings with the SEC.

Forward-looking statements should be evaluated together with the many risks and uncertainties that affect our business, including those mentioned in this document and described in the periodic reports we file with the Securities and Exchange Commission. These forward-looking statements speak only as of the date on which they are made. We do not undertake any obligations to update these forward-looking statements, even though our situation may change in the future. We qualify all of our forward-looking statements by these cautionary statements. For a discussion of the risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements, you are advised to review the risk factors in our Annual Report on Form 10-K for the year ended December 31, 2013.

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 Operating Income
(Dollars in thousands)

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(Unaudited)	Three Months Ended 
 December 31,	 	Twelve Months Ended 
 December 31,	
 	2014	 	2013	 	2014	 	2013	
GAAP net income	$	191,091	
 	 	$	144,959	
 	 	$	684,047	
 	 	$	418,837	
 	
Reconciliation to operating income:	 	 	 	 	 	 	 	
Capital (gains) losses, derivatives and other, included in investment related (gains) losses, net	(15,281	)	 	29,161	
 	 	(64,625	)	 	103,495	
 	
Capital (gains) losses on funds withheld, included in investment income	(891	)	 	(1,651	)	 	(8,590	)	 	(8,345	)	
Embedded derivatives:	 	 	 	 	 	 	 	
Included in investment related (gains) losses, net	43,826	
 	 	(22,595	)	 	(44,941	)	 	(137,948	)	
Included in interest credited	(236	)	 	1,817	
 	 	(274	)	 	(51,330	)	
DAC offset, net	(9,914	)	 	2,818	
 	 	72,721	
 	 	63,966	
 	
Non-investment derivatives	(307	)	 	—	
 	 	(289	)	 	—	
 	
Gain on repurchase of collateral finance notes	—	
 	 	—	
 	 	—	
 	 	(30,229	)	
Operating income	$	208,288	
 	 	$	154,509	
 	 	$	638,049	
 	 	$	358,446	

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

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(Unaudited)	Three Months Ended 
 December 31,	 	Twelve Months Ended 
 December 31,	
 	2014	 	2013	 	2014	 	2013	
Income before income taxes	$	276,743	
 	 	$	229,490	
 	 	$	1,008,533	
 	 	$	635,254	
 	
Reconciliation to pre-tax operating income:	 	 	 	 	 	 	 	
Capital (gains) losses, derivatives and other, included in investment related (gains) losses, net	(22,453	)	 	45,090	
 	 	(95,308	)	 	161,502	
 	
Capital (gains) losses on funds withheld, included in investment income	(1,371	)	 	(2,540	)	 	(13,215	)	 	(12,839	)	
Embedded derivatives:	 	 	 	 	 	 	 	
Included in investment related (gains) losses, net	67,424	
 	 	(34,761	)	 	(69,141	)	 	(212,227	)	
Included in interest credited	(362	)	 	2,795	
 	 	(421	)	 	(78,969	)	
DAC offset, net	(15,253	)	 	4,334	
 	 	111,879	
 	 	98,408	
 	
Non-investment derivatives	(472	)	 	—	
 	 	(444	)	 	—	
 	
Gain on repurchase of collateral finance notes	—	
 	 	—	
 	 	—	
 	 	(46,506	)	
Pre-tax operating income	$	304,256	
 	 	$	244,408	
 	 	$	941,883	
 	 	$	544,623	

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

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(Unaudited)	Three Months Ended December 31, 2014	
 	Pre-tax net income	 	Capital
(gains) losses,
derivatives
and other, net	 	Change in
value of
embedded
derivatives, net	 	Pre-tax
operating
income	
U.S. and Latin America Operations:	 	 	 	 	 	 	 	
Traditional	$	128,852	
 	 	$	4,235	
 	 	$	1,033	
 	 	$	134,120	
 	
Non-Traditional:	 	 	 	 	 	 	 	
Asset Intensive	34,478	
 	 	48,572	
 	(1) 	(27,036	)	(2) 	56,014	
 	
Financial Reinsurance	12,368	
 	 	162	
 	 	—	
 	 	12,530	
 	
Total U.S. and Latin America	175,698	
 	 	52,969	
 	 	(26,003	)	 	202,664	
 	
Canada Operations	21,572	
 	 	(1,643	)	 	—	
 	 	19,929	
 	
Europe, Middle East and Africa	39,939	
 	 	(6,156	)	 	—	
 	 	33,783	
 	
Asia Pacific Operations	20,643	
 	 	4,610	
 	 	—	
 	 	25,253	
 	
Corporate and Other	18,891	
 	 	3,736	
 	 	—	
 	 	22,627	
 	
Consolidated	$	276,743	
 	 	$	53,516	
 	 	$	(26,003	)	 	$	304,256	

(1)	Asset Intensive is net of $77,812 DAC offset.	
 	 	
(2)	Asset Intensive is net of $(93,065) DAC offset.	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(Unaudited)	Three Months Ended December 31, 2013	
 	Pre-tax net income (loss)	 	Capital
(gains) losses,
derivatives
and other, net	 	Change in
value of
embedded
derivatives, net	 	Pre-tax
operating
income (loss)	
U.S. and Latin America Operations:	 	 	 	 	 	 	 	
Traditional	$	122,792	
 	 	$	51	
 	 	$	799	
 	 	$	123,642	
 	
Non-Traditional:	 	 	 	 	 	 	 	
Asset Intensive	31,767	
 	 	35,668	
 	(1) 	(25,169	)	(2) 	42,266	
 	
Financial Reinsurance	14,271	
 	 	5	
 	 	—	
 	 	14,276	
 	
Total U.S. and Latin America	168,830	
 	 	35,724	
 	 	(24,370	)	 	180,184	
 	
Canada Operations	50,482	
 	 	(3,329	)	 	—	
 	 	47,153	
 	
Europe, Middle East and Africa	11,977	
 	 	54	
 	 	—	
 	 	12,031	
 	
Asia Pacific Operations	23,659	
 	 	3,282	
 	 	—	
 	 	26,941	
 	
Corporate and Other	(25,458	)	 	3,557	
 	 	—	
 	 	(21,901	)	
Consolidated	$	229,490	
 	 	$	39,288	
 	 	$	(24,370	)	 	$	244,408	

(1)	Asset Intensive is net of $(3,262) DAC offset.	
 	 	
(2)	Asset Intensive is net of $7,596 DAC offset.	
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Add Nine
REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
Reconciliation of Pre-tax Net Income to Pre-tax Operating Income
(Dollars in thousands)

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(Unaudited)	Twelve Months Ended December 31, 2014	
 	Pre-tax net income (loss)	 	Capital
(gains) losses,
derivatives
and other, net	 	Change in
value of
embedded
derivatives, net	 	Pre-tax
operating
income (loss)	
U.S. and Latin America Operations:	 	 	 	 	 	 	 	
Traditional	$	351,645	
 	 	$	(4,542	)	 	$	3,099	
 	 	$	350,202	
 	
Non-Traditional:	 	 	 	 	 	 	 	
Asset Intensive	250,686	
 	 	61,020	
 	(1) 	(112,684	)	(2) 	199,022	
 	
Financial Reinsurance	52,258	
 	 	111	
 	 	—	
 	 	52,369	
 	
Total U.S. and Latin America	654,589	
 	 	56,589	
 	 	(109,585	)	 	601,593	
 	
Canada Operations	101,700	
 	 	(3,186	)	 	—	
 	 	98,514	
 	
Europe, Middle East and Africa	161,642	
 	 	(25,222	)	 	—	
 	 	136,420	
 	
Asia Pacific Operations	102,295	
 	 	4,387	
 	 	—	
 	 	106,682	
 	
Corporate and Other	(11,693	)	 	10,367	
 	 	—	
 	 	(1,326	)	
Consolidated	$	1,008,533	
 	 	$	42,935	
 	 	$	(109,585	)	 	$	941,883	

(1)	Asset Intensive is net of $151,902 DAC offset.	
 	 	
(2)	Asset Intensive is net of $(40,023) DAC offset.	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(Unaudited)	Twelve Months Ended December 31, 2013	
 	Pre-tax net
income (loss)	 	Capital (gains) losses, derivatives and other, net	 	Change in value of embedded derivatives, net	 	Gain on debt
repurchase	 	Pre-tax
operating
income
(loss)	
U.S. and Latin America Operations:	 	 	 	 	 	 	 	 	 	
Traditional	$	377,586	
 	 	$	(3,030	)	 	$	(1,891	)	 	$	—	
 	 	$	372,665	
 	
Non-Traditional:	 	 	 	 	 	 	 	 	 	
Asset Intensive	200,348	
 	 	130,971	
 	(1) 	(165,181	)	(2) 	—	
 	 	166,138	
 	
Financial Reinsurance	45,301	
 	 	392	
 	 	—	
 	 	—	
 	 	45,693	
 	
Total U.S. and Latin America	623,235	
 	 	128,333	
 	 	(167,072	)	 	—	
 	 	584,496	
 	
Canada Operations	164,318	
 	 	(16,626	)	 	—	
 	 	—	
 	 	147,692	
 	
Europe, Middle East and Africa	74,553	
 	 	(3,481	)	 	—	
 	 	—	
 	 	71,072	
 	
Asia Pacific Operations	(226,665	)	 	8,289	
 	 	—	
 	 	—	
 	 	(218,376	)	
Corporate and Other	(187	)	 	6,432	
 	 	—	
 	 	(46,506	)	 	(40,261	)	
Consolidated	$	635,254	
 	 	$	122,947	
 	 	$	(167,072	)	 	$	(46,506	)	 	$	544,623	

(1)	Asset Intensive is net of $(25,716) DAC offset.	
 	 	
(2)	Asset Intensive is net of $124,124 DAC offset.	
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Add Ten
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,	
 	2014	 	2013	 	2014	 	2013	
Diluted earnings per share from operating income	$	2.99	
 	 	$	2.17	
 	 	$	9.12	
 	 	$	4.95	
 	
Earnings per share from net income:	 	 	 	 	 	 	 	
Basic earnings per share	$	2.78	
 	 	$	2.05	
 	 	$	9.88	
 	 	$	5.82	
 	
Diluted earnings per share	$	2.75	
 	 	$	2.03	
 	 	$	9.78	
 	 	$	5.78	
 	
Weighted average number of common and common equivalent shares outstanding	69,550	
 	 	71,332	
 	 	69,962	
 	 	72,461	

 	
 	 	 	 	 	 	 	 	
(Unaudited)	At or for the Twelve Months
Ended December 31,	
 	2014	 	2013	
Treasury shares	10,365	
 	 	8,370	
 	
Common shares outstanding	68,773	
 	 	70,768	
 	
Book value per share outstanding	$	102.13	
 	 	$	83.87	
 	
Book value per share outstanding, before impact of AOCI	$	78.03	
 	 	$	69.66	

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Add Eleven
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,	
 	2014	 	2013	 	2014	 	2013	
Revenues:	 	 	 	 	 	 	 	
Net premiums	$	2,217,772	
 	 	$	2,212,998	
 	 	$	8,669,854	
 	 	$	8,254,027	
 	
Investment income, net of related expenses	451,603	
 	 	461,134	
 	 	1,713,691	
 	 	1,699,865	
 	
Investment related gains (losses), net:	 	 	 	 	 	 	 	
Other-than-temporary impairments on fixed maturity securities	(6,347	)	 	(2,258	)	 	(7,766	)	 	(12,654	)	
Other-than-temporary impairments on fixed maturity securities transferred to (from) accumulated other comprehensive income	—	
 	 	—	
 	 	—	
 	 	(247	)	
Other investment related gains (losses), net	(32,876	)	 	99	
 	 	193,959	
 	 	76,891	
 	
Total investment related gains (losses), net	(39,223	)	 	(2,159	)	 	186,193	
 	 	63,990	
 	
Other revenue	67,261	
 	 	64,821	
 	 	334,456	
 	 	300,471	
 	
Total revenues	2,697,413	
 	 	2,736,794	
 	 	10,904,194	
 	 	10,318,353	
 	
Benefits and expenses:	 	 	 	 	 	 	 	
Claims and other policy benefits	1,866,042	
 	 	1,869,949	
 	 	7,406,641	
 	 	7,304,332	
 	
Interest credited	103,523	
 	 	172,747	
 	 	451,031	
 	 	476,514	
 	
Policy acquisition costs and other insurance expenses	290,775	
 	 	304,837	
 	 	1,391,433	
 	 	1,300,780	
 	
Other operating expenses	166,280	
 	 	122,136	
 	 	538,415	
 	 	466,717	
 	
Interest expense	(9,660	)	 	35,072	
 	 	96,700	
 	 	124,307	
 	
Collateral finance and securitization expense	3,710	
 	 	2,563	
 	 	11,441	
 	 	10,449	
 	
Total benefits and expenses	2,420,670	
 	 	2,507,304	
 	 	9,895,661	
 	 	9,683,099	
 	
Income before income taxes	276,743	
 	 	229,490	
 	 	1,008,533	
 	 	635,254	
 	
Income tax expense	85,652	
 	 	84,531	
 	 	324,486	
 	 	216,417	
 	
Net income	$	191,091	
 	 	$	144,959	
 	 	$	684,047	
 	 	$	418,837	
 	
# # #

Exhibit 99.2

Financial Supplement
Fourth Quarter 2014
(Unaudited)

World Headquarters	  	Internet address	 	Contacts:	
16600 Swingley Ridge Road	  	www.rgare.com	 	Jack B. Lay	
Chesterfield, Missouri 63017 U.S.A.	  	 	 	Senior Executive Vice President	
 	 	 	 	and Chief Financial Officer	
 	 	 	 	Phone: (636) 736-7000	
 	 	 	 	e-mail: jlay@rgare.com	
 	 	 	 	 	
 	 	 	 	Jeff Hopson	
 	 	 	 	Sr. 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 Limited	 	AA-	 	NR	 	NR	
RGA Global Reinsurance Company Limited	 	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 2014
Table of Contents

 	 	
 	Page	
Non-GAAP Disclosure	1	
 	 	
2015 Guidance	2	
 	 	
2014 Notes	3	
 	 	
Consolidated	 	
 	 	
Financial Highlights	4	
 	 	
Consolidated Income Statement (incl. Operating Income Reconciliation)	5	
 	 	
Consolidated Operating Income Statement	6	
 	 	
Consolidated Balance Sheets	7	
 	 	
Segment Pre-tax Operating Income Summaries and Reconciliations to U.S. GAAP	 	
 	 	
U.S. and Latin America Operations	8	
 	 	
Canada Operations	12	
 	 	
Europe, Middle East & Africa Operations	13	
 	 	
Asia Pacific Operations	14	
 	 	
Corporate and Other	15	
 	 	
Summary of Pre-tax Segment Operating Income	16	
 	 	
Investments	 	
 	 	
Cash and Invested Assets, Yield Summary	17	
 	 	
Amortized Cost, Gross Unrealized Gains and Losses, Estimated Fair Values of Fixed Maturity and Equity Securities	18	
 	 	
Corporate Securities by Sector (Fixed Maturities and Equities)	19	
 	 	
Quality of Fixed Maturity Securities and Structured Fixed Maturity Securities	20	
 	 	
Gross Unrealized Losses Aging	21	
 	 	
Fixed Maturity and Equity Securities Below Amortized Cost	22	
 	 	
Consolidated Gross Gains and Losses	23	

Reinsurance Group of America, Incorporated
Financial Supplement
This Financial Supplement is for information purposes only and includes unaudited figures. This report should be read in conjunction with documents filed by Reinsurance Group of America, Incorporated ("RGA") with the SEC.
Non-GAAP Disclosures
RGA uses a non-GAAP financial measure called operating income as a basis for analyzing financial results. This measure also serves as a basis for establishing target levels and awards under RGA’s management incentive programs. Management believes that operating income, on a pre-tax and after-tax basis, better measures the ongoing profitability and underlying trends of the company’s continuing operations, primarily because that measure excludes 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, operating income excludes any net gain or loss from discontinued operations, the cumulative effect of any accounting changes, and other items that management believes are not indicative of the company’s ongoing operations. The definition of operating income can vary by company and is not considered a substitute for GAAP net income. A reconciliation of income before income taxes of the operating segments to pre-tax operating income (loss) is presented herein.
RGA evaluates its stockholder equity position excluding the impact of Accumulated Other Comprehensive Income (“AOCI”) since the net unrealized gains or losses included in AOCI primarily relate to changes in interest rates, credit spreads on its investment securities and foreign currency fluctuations that are not permanent and can fluctuate significantly from period to period.
Additionally, RGA uses a non-GAAP financial measure called operating return on equity, which is calculated as operating income divided by average shareholders’
equity excluding AOCI.

                                        

 	 	Page 1

Reinsurance Group of America, Incorporated
Financial Supplement
2015 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 and the difficulty in predicting the timing of shorter-term or periodic events such as block transactions. 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.

Over the intermediate term, the company targets growth in operating income per share in the five to eight percent range, and operating return on equity of 11 percent to 12 percent; these targets are unchanged from those provided last year at this time. It is presumed that there are no significant changes in the investment environment from current levels and the company will deploy $250 million to $400 million of excess capital, on average, annually. These guidance ranges are based upon “normalized” results.

                                        

 	 	Page 2

Reinsurance Group of America, Incorporated
SEGMENT RESTRUCTURING
Effective January 1, 2014, the Company realigned certain operations and management responsibilities to better fit within its geographic-based segments. Mexico and Latin America operations were moved from Europe & South Africa to the U.S. segment, which has been renamed U.S. and Latin America. India operations have been moved from Europe & South Africa to the Asia Pacific segment. Europe & South Africa has been renamed Europe, Middle East and Africa. December 2013 figures have been adjusted to conform to the new reporting alignment.

PRIOR PERIOD RECLASSIFICATIONS
The Company has reclassified the presentation of certain prior-period information to conform to the current presentation.

 

                                        

 	 	Page 3

Reinsurance Group of America, Incorporated
Financial Highlights (1)	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	Current Qtr vs. PY Quarter	 	 	 	Year-to Date	 	
(USD thousands, except inforce & per share data)	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	 	Dec. 31,	 	 	 	 	 	Dec. 31,	 	Dec. 31,	 	 	 	 	 	 	
 	 	2014	 	2014	 	2014	 	2014	 	2013	 	 	 	 	 	2014	 	2013	 	Change	 	 	 	 	 	 	
Net premiums	 	$	2,217,772	
 	 	$	2,168,285	
 	 	$	2,183,160	
 	 	$	2,100,637	
 	 	$	2,212,998	
 	 	$	4,774	
 	 	 	 	$	8,669,854	
 	 	$	8,254,027	
 	 	$	415,827	
 	 	 	 	 	 	 	
Net income	 	191,091	
 	 	157,996	
 	 	198,296	
 	 	136,664	
 	 	144,959	
 	 	46,132	
 	 	 	 	684,047	
 	 	418,837	
 	 	265,210	
 	 	 	 	 	 	 	
Operating income	 	208,288	
 	 	159,823	
 	 	155,131	
 	 	114,807	
 	 	154,509	
 	 	53,779	
 	 	 	 	638,049	
 	 	358,446	
 	 	279,603	
 	 	 	 	 	 	 	
Operating return on equity (ex AOCI) -	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
annualized	 	15.8	%	 	12.5	%	 	12.4	%	 	9.3	%	 	12.7	%	 	3.1	%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
trailing 12 months	 	12.5	%	 	11.7	%	 	11.8	%	 	7.2	%	 	7.4	%	 	5.1	%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total assets	 	44,679,611	
 	 	42,910,363	
 	 	43,171,051	
 	 	40,541,581	
 	 	39,674,473	
 	 	5,005,138	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Assumed Life Reinsurance in Force (in billions)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
U.S. and Latin America Traditional	 	$	1,483.9	
 	 	$	1,387.2	
 	 	$	1,393.1	
 	 	$	1,393.2	
 	 	$	1,397.0	
 	 	$	86.9	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
U.S. and Latin America Non-Traditional	 	1.4	
 	 	2.2	
 	 	2.2	
 	 	2.2	
 	 	2.2	
 	 	(0.8	)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Canada	 	402.8	
 	 	383.9	
 	 	395.8	
 	 	376.7	
 	 	386.4	
 	 	16.4	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Europe, Middle East and Africa	 	561.1	
 	 	573.0	
 	 	626.1	
 	 	587.6	
 	 	556.7	
 	 	4.4	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Asia Pacific	 	494.3	
 	 	577.3	
 	 	617.2	
 	 	595.6	
 	 	547.6	
 	 	(53.3	)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Life Reinsurance in Force	 	$	2,943.5	
 	 	$	2,923.6	
 	 	$	3,034.4	
 	 	$	2,955.3	
 	 	$	2,889.9	
 	 	$	53.6	

 	 	

 	
 	 	 	 	 	 	 	
Assumed New Business Production (in billions)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
U.S. and Latin America Traditional	 	$	118.1	
 	(2)	$	16.6	
 	 	$	21.8	
 	 	$	20.4	
 	 	$	21.1	
 	 	$	97.0	
 	 	 	 	$	176.9	
 	 	$	95.6	
 	 	$	81.3	
 	 	 	 	 	 	 	
U.S. and Latin America Non-Traditional	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	 	 	—	
 	 	—	
 	 	—	
 	 	 	 	 	 	 	
Canada	 	13.9	
 	 	11.6	
 	 	10.4	
 	 	12.4	
 	 	10.4	
 	 	3.5	
 	 	 	 	48.3	
 	 	46.0	
 	 	2.3	
 	 	 	 	 	 	 	
Europe, Middle East and Africa	 	38.5	
 	 	22.5	
 	 	67.7	
 	 	46.5	
 	 	24.6	
 	 	13.9	
 	 	 	 	175.2	
 	 	106.2	
 	 	69.0	
 	 	 	 	 	 	 	
Asia Pacific	 	22.4	
 	 	21.1	
 	 	18.5	
 	 	19.6	
 	 	22.8	
 	 	(0.4	)	 	 	 	81.6	
 	 	122.6	
 	 	(41.0	)	 	 	 	 	 	 	
Total New Business Production	 	$	192.9	
 	 	$	71.8	
 	 	$	118.4	
 	 	$	98.9	
 	 	$	78.9	
 	 	$	114.0	
 	 	 	 	$	482.0	
 	 	$	370.4	
 	 	$	111.6	
 	 	 	 	 	 	 	
Per Share and Shares Data	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic earnings per share	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	 	$	2.78	
 	 	$	2.30	
 	 	$	2.87	
 	 	$	1.94	
 	 	$	2.05	
 	 	$	0.73	
 	 	 	 	$	9.88	
 	 	$	5.82	
 	 	$	4.06	
 	 	 	 	 	 	 	
Operating income	 	$	3.03	
 	 	$	2.33	
 	 	$	2.25	
 	 	$	1.63	
 	 	$	2.19	
 	 	$	0.84	
 	 	 	 	$	9.21	
 	 	$	4.98	
 	 	$	4.23	
 	 	 	 	 	 	 	
Diluted earnings per share	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	 	$	2.75	
 	 	$	2.28	
 	 	$	2.84	
 	 	$	1.92	
 	 	$	2.03	
 	 	$	0.72	
 	 	 	 	$	9.78	
 	 	$	5.78	
 	 	$	4.00	
 	 	 	 	 	 	 	
Operating income	 	$	2.99	
 	 	$	2.31	
 	 	$	2.23	
 	 	$	1.61	
 	 	$	2.17	
 	 	$	0.82	
 	 	 	 	$	9.12	
 	 	$	4.95	
 	 	$	4.17	

Wgt. average common shares outstanding	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(basic)	 	68,718	
 	 	68,642	
 	 	69,076	
 	 	70,574	
 	 	70,650	
 	 	(1,932	)	 	 	 	69,248	
 	 	71,917	
 	 	(2,669	)	 	 	 	 	 	 	
(diluted)	 	69,550	
 	 	69,335	
 	 	69,718	
 	 	71,264	
 	 	71,332	
 	 	(1,782	)	 	 	 	69,962	
 	 	72,461	
 	 	(2,499	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Common shares issued	 	79,138	
 	 	79,138	
 	 	79,138	
 	 	79,138	
 	 	79,138	
 	 	—	
 	 	 	 	79,138	
 	 	79,138	
 	 	—	
 	 	 	 	 	 	 	
Treasury shares	 	10,365	
 	 	10,472	
 	 	10,328	
 	 	9,624	
 	 	8,370	
 	 	1,995	
 	 	 	 	10,365	
 	 	8,370	
 	 	1,995	
 	 	 	 	 	 	 	
Common shares outstanding	 	68,773	
 	 	68,666	
 	 	68,810	
 	 	69,514	
 	 	70,768	
 	 	(1,995	)	 	 	 	68,773	
 	 	70,768	
 	 	(1,995	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Book value per share	 	$	102.13	
 	 	$	97.28	
 	 	$	97.21	
 	 	$	89.92	
 	 	$	83.87	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Per share effect of accumulated other	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
comprehensive income (AOCI)	 	$	24.10	
 	 	$	21.84	
 	 	$	23.67	
 	 	$	18.41	
 	 	$	14.21	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Book value per share, excluding AOCI	 	$	78.03	
 	 	$	75.44	
 	 	$	73.54	
 	 	$	71.51	
 	 	$	69.66	

Shareholder dividends paid	 	$	22,669.4	
 	 	$	22,632.1	
 	 	$	20,711.1	
 	 	$	21,243.6	
 	 	$	21,177.3	
 	 	$	1,492.1	
 	 	 	 	$	87,256.2	
 	 	$	77,642.1	
 	 	$	9,614.1	
 	 	 	 	 	 	 	
(1) Effective January 1, 2014, the company realigned certain operations and management responsibilities to better fit within its geographic-based segments. Mexico and Latin America operations were moved from Europe & South Africa to the U.S. segment, which has been renamed U.S. and Latin America. India operations have been moved from Europe & South Africa to the Asia Pacific segment. Europe & South Africa has been renamed Europe, Middle East and Africa. December 2013 figures have been adjusted to conform to the new reporting alignment.
	 	 	 	 	 	 	
(2) Increase in new business production related to the Voya Financial transaction that closed during the 4th quarter.	 	 	 	 	 	 	

 	
 	 	 	
 	 	Page 4

Reinsurance Group of America, Incorporated
Consolidated GAAP Income Statement (incl. Operating Income Reconciliations)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	Current Qtr	 	 	 	Year-to Date	
 	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	 	Dec. 31,	 	vs. PY	 	 	 	Dec. 31,	 	Dec. 31,	 	 	
(USD thousands)	 	2014	 	2014	 	2014	 	2014	 	2013	 	Quarter	 	 	 	2014	 	2013	 	Change	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	2,217,772	
 	 	$	2,168,285	
 	 	$	2,183,160	
 	 	$	2,100,637	
 	 	$	2,212,998	
 	 	$	4,774	
 	 	 	 	$	8,669,854	
 	 	$	8,254,027	
 	 	$	415,827	
 	
Investment income, net of related expenses	 	451,603	
 	 	447,106	
 	 	410,607	
 	 	404,375	
 	 	461,134	
 	 	(9,531	)	 	 	 	1,713,691	
 	 	1,699,865	
 	 	13,826	
 	
Investment related gains (losses), net	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
OTTI on fixed maturity securities	 	(6,347	)	 	(246	)	 	(870	)	 	(303	)	 	(2,258	)	 	(4,089	)	 	 	 	(7,766	)	 	(12,654	)	 	4,888	
 	
OTTI on fixed maturity securities transferred	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
to/from AOCI	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	 	 	—	
 	 	(247	)	 	247	
 	
Other investment related gains (losses), net	 	(32,876	)	 	22,564	
 	 	119,397	
 	 	84,874	
 	 	99	
 	 	(32,975	)	 	 	 	193,959	
 	 	76,891	
 	 	117,068	
 	
Total investment related gains (losses), net	 	(39,223	)	 	22,318	
 	 	118,527	
 	 	84,571	
 	 	(2,159	)	 	(37,064	)	 	 	 	186,193	
 	 	63,990	
 	 	122,203	
 	
Other revenue	 	67,261	
 	 	78,879	
 	 	120,726	
 	 	67,590	
 	 	64,821	
 	 	2,440	
 	 	 	 	334,456	
 	 	300,471	
 	 	33,985	
 	
Total revenues	 	2,697,413	
 	 	2,716,588	
 	 	2,833,020	
 	 	2,657,173	
 	 	2,736,794	
 	 	(39,381	)	 	 	 	10,904,194	
 	 	10,318,353	
 	 	585,841	
 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	

Claims and other policy benefits	 	1,866,042	
 	 	1,855,037	
 	 	1,841,885	
 	 	1,843,677	
 	 	1,869,949	
 	 	(3,907	)	 	 	 	7,406,641	
 	 	7,304,332	
 	 	102,309	
 	
Interest credited	 	103,523	
 	 	120,952	
 	 	115,962	
 	 	110,594	
 	 	172,747	
 	 	(69,224	)	 	 	 	451,031	
 	 	476,514	
 	 	(25,483	)	
Policy acquisition costs and other insurance expenses	 	290,775	
 	 	336,411	
 	 	409,374	
 	 	354,873	
 	 	304,837	
 	 	(14,062	)	 	 	 	1,391,433	
 	 	1,300,780	
 	 	90,653	
 	
Other operating expenses	 	166,280	
 	 	133,737	
 	 	127,462	
 	 	110,936	
 	 	122,136	
 	 	44,144	
 	 	 	 	538,415	
 	 	466,717	
 	 	71,698	
 	
Interest expense	 	(9,660	)	 	36,065	
 	 	35,211	
 	 	35,084	
 	 	35,072	
 	 	(44,732	)	 	 	 	96,700	
 	 	124,307	
 	 	(27,607	)	
Collateral finance and securitization expense	 	3,710	
 	 	2,571	
 	 	2,591	
 	 	2,569	
 	 	2,563	
 	 	1,147	
 	 	 	 	11,441	
 	 	10,449	
 	 	992	
 	
Total benefits and expenses	 	2,420,670	
 	 	2,484,773	
 	 	2,532,485	
 	 	2,457,733	
 	 	2,507,304	
 	 	(86,634	)	 	 	 	9,895,661	
 	 	9,683,099	
 	 	212,562	
 	
Income before income taxes	 	276,743	
 	 	231,815	
 	 	300,535	
 	 	199,440	
 	 	229,490	
 	 	47,253	
 	 	 	 	1,008,533	
 	 	635,254	
 	 	373,279	
 	
Income tax expense	 	85,652	
 	 	73,819	
 	 	102,239	
 	 	62,776	
 	 	84,531	
 	 	1,121	
 	 	 	 	324,486	
 	 	216,417	
 	 	108,069	
 	
Net income	 	$	191,091	
 	 	$	157,996	
 	 	$	198,296	
 	 	$	136,664	
 	 	$	144,959	
 	 	$	46,132	
 	 	 	 	$	684,047	
 	 	$	418,837	
 	 	$	265,210	
 	
Pre-tax Operating Income Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	276,743	
 	 	231,815	
 	 	300,535	
 	 	199,440	
 	 	229,490	
 	 	47,253	
 	 	 	 	1,008,533	
 	 	635,254	
 	 	373,279	
 	
Investment and derivative losses (gains)—	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
non-operating (1)	 	(22,453	)	 	(8,413	)	 	(38,136	)	 	(26,306	)	 	45,090	
 	 	(67,543	)	 	 	 	(95,308	)	 	161,502	
 	 	(256,810	)	
Change in value of modified coinsurance and	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
funds withheld embedded derivatives (1)	 	14,523	
 	 	(56,812	)	 	(78,835	)	 	(77,241	)	 	337	
 	 	14,186	
 	 	 	 	(198,365	)	 	(70,177	)	 	(128,188	)	
GMXB embedded derivatives  (1)	 	52,901	
 	 	47,479	
 	 	5,183	
 	 	23,661	
 	 	(35,098	)	 	87,999	
 	 	 	 	129,224	
 	 	(142,050	)	 	271,274	
 	
Funds withheld losses (gains)—investment income	 	(1,371	)	 	(5,501	)	 	(5,954	)	 	(389	)	 	(2,540	)	 	1,169	
 	 	 	 	(13,215	)	 	(12,839	)	 	(376	)	
EIA embedded derivatives—interest credited	 	(362	)	 	(415	)	 	6,916	
 	 	(6,560	)	 	2,795	
 	 	(3,157	)	 	 	 	(421	)	 	(78,969	)	 	78,548	
 	
DAC offset, net	 	(15,253	)	 	26,521	
 	 	47,543	
 	 	53,068	
 	 	4,334	
 	 	(19,587	)	 	 	 	111,879	
 	 	98,408	
 	 	13,471	
 	
Non-investment derivatives	 	(472	)	 	28	
 	 	—	
 	 	—	
 	 	—	
 	 	(472	)	 	 	 	(444	)	 	—	
 	 	(444	)	
Gain on repurchase of collateral finance notes	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	 	 	—	
 	 	(46,506	)	 	46,506	
 	
Operating Income Before Income Taxes	 	$	304,256	
 	 	$	234,702	
 	 	$	237,252	
 	 	$	165,673	
 	 	$	244,408	
 	 	$	59,848	
 	 	 	 	$	941,883	
 	 	$	544,623	
 	 	$	397,260	
 	
After-tax Operating Income Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net Income	 	191,091	
 	 	157,996	
 	 	198,296	
 	 	136,664	
 	 	144,959	
 	 	46,132	
 	 	 	 	684,047	
 	 	418,837	
 	 	265,210	
 	
Investment and derivative losses (gains)—	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

non-operating (1)	 	(15,281	)	 	(5,517	)	 	(26,820	)	 	(17,007	)	 	29,161	
 	 	(44,442	)	 	 	 	(64,625	)	 	103,495	
 	 	(168,120	)	
Change in value of modified coinsurance	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
and funds withheld embedded derivatives (1)	 	9,440	
 	 	(36,928	)	 	(51,242	)	 	(50,207	)	 	219	
 	 	9,221	
 	 	 	 	(128,937	)	 	(45,615	)	 	(83,322	)	
GMXB embedded derivatives (1)	 	34,386	
 	 	30,861	
 	 	3,369	
 	 	15,380	
 	 	(22,814	)	 	57,200	
 	 	 	 	83,996	
 	 	(92,333	)	 	176,329	
 	
Funds withheld losses (gains)—investment income	 	(891	)	 	(3,576	)	 	(3,870	)	 	(253	)	 	(1,651	)	 	760	
 	 	 	 	(8,590	)	 	(8,345	)	 	(245	)	
EIA embedded derivatives—interest credited	 	(236	)	 	(269	)	 	4,495	
 	 	(4,264	)	 	1,817	
 	 	(2,053	)	 	 	 	(274	)	 	(51,330	)	 	51,056	
 	
DAC offset, net	 	(9,914	)	 	17,238	
 	 	30,903	
 	 	34,494	
 	 	2,818	
 	 	(12,732	)	 	 	 	72,721	
 	 	63,966	
 	 	8,755	
 	
Non-investment derivatives	 	(307	)	 	18	
 	 	—	
 	 	—	
 	 	—	
 	 	(307	)	 	 	 	(289	)	 	—	
 	 	(289	)	
Gain on repurchase of collateral finance notes	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	 	 	—	
 	 	(30,229	)	 	30,229	
 	
Operating Income	 	$	208,288	
 	 	$	159,823	
 	 	$	155,131	
 	 	$	114,807	
 	 	$	154,509	
 	 	$	53,779	
 	 	 	 	$	638,049	
 	 	$	358,446	
 	 	$	279,603	

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

                                        

 	 	Page 5

Reinsurance Group of America, Incorporated
Consolidated Operating Income Statement	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	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,	 	 	 	 	 	 	
(USD thousands, except per share data)	 	2014	 	2014	 	2014	 	2014	 	2013	 	 	 	 	 	2014	 	2013	 	Change	 	 	 	 	 	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	2,217,772	
 	 	$	2,168,285	
 	 	$	2,183,160	
 	 	$	2,100,637	
 	 	$	2,212,998	
 	 	$	4,774	
 	 	 	 	$	8,669,854	
 	 	$	8,254,027	
 	 	$	415,827	
 	 	 	 	 	 	 	
Investment income, net of related expenses	 	450,232	
 	 	441,605	
 	 	404,653	
 	 	403,986	
 	 	458,594	
 	 	(8,362	)	 	 	 	1,700,476	
 	 	1,687,026	
 	 	13,450	
 	 	 	 	 	 	 	
Investment related gains (losses), net	 	5,748	
 	 	4,572	
 	 	6,739	
 	 	4,685	
 	 	8,170	
 	 	(2,422	)	 	 	 	21,744	
 	 	13,265	
 	 	8,479	
 	 	 	 	 	 	 	
Other revenue	 	66,789	
 	 	78,907	
 	 	120,726	
 	 	67,590	
 	 	64,821	
 	 	1,968	
 	 	 	 	334,012	
 	 	253,965	
 	 	80,047	
 	 	 	 	 	 	 	
Total revenues	 	2,740,541	
 	 	2,693,369	
 	 	2,715,278	
 	 	2,576,898	
 	 	2,744,583	
 	 	(4,042	)	 	 	 	10,726,086	
 	 	10,208,283	
 	 	517,803	

Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	1,866,042	
 	 	1,855,037	
 	 	1,841,885	
 	 	1,843,677	
 	 	1,869,949	
 	 	(3,907	)	 	 	 	7,406,641	
 	 	7,304,332	
 	 	102,309	
 	 	 	 	 	 	 	
Interest credited	 	103,885	
 	 	121,367	
 	 	109,046	
 	 	117,154	
 	 	169,952	
 	 	(66,067	)	 	 	 	451,452	
 	 	555,483	
 	 	(104,031	)	 	 	 	 	 	 	
Policy acquisition costs and other insurance expenses	 	306,028	
 	 	309,890	
 	 	361,831	
 	 	301,805	
 	 	300,503	
 	 	5,525	
 	 	 	 	1,279,554	
 	 	1,202,372	
 	 	77,182	
 	 	 	 	 	 	 	
Other operating expenses	 	166,280	
 	 	133,737	
 	 	127,462	
 	 	110,936	
 	 	122,136	
 	 	44,144	
 	 	 	 	538,415	
 	 	466,717	
 	 	71,698	
 	 	 	 	 	 	 	
Interest expense	 	(9,660	)	 	36,065	
 	 	35,211	
 	 	35,084	
 	 	35,072	
 	 	(44,732	)	 	 	 	96,700	
 	 	124,307	
 	 	(27,607	)	 	 	 	 	 	 	
Collateral finance and securitization expense	 	3,710	
 	 	2,571	
 	 	2,591	
 	 	2,569	
 	 	2,563	
 	 	1,147	
 	 	 	 	11,441	
 	 	10,449	
 	 	992	
 	 	 	 	 	 	 	
Total benefits and expenses	 	2,436,285	
 	 	2,458,667	
 	 	2,478,026	
 	 	2,411,225	
 	 	2,500,175	
 	 	(63,890	)	 	 	 	9,784,203	
 	 	9,663,660	
 	 	120,543	

Operating income before income taxes	 	304,256	
 	 	234,702	
 	 	237,252	
 	 	165,673	
 	 	244,408	
 	 	59,848	
 	 	 	 	941,883	
 	 	544,623	
 	 	397,260	

Operating income tax expense	 	95,968	
 	 	74,879	
 	 	82,121	
 	 	50,866	
 	 	89,899	
 	 	6,069	
 	 	 	 	303,834	
 	 	186,177	
 	 	117,657	

Operating income	 	$	208,288	
 	 	$	159,823	
 	 	$	155,131	
 	 	$	114,807	
 	 	$	154,509	
 	 	$	53,779	
 	 	 	 	$	638,049	
 	 	$	358,446	
 	 	$	279,603	

Wgt. Average Common Shares Outstanding (Diluted)	 	69,550	
 	 	69,335	
 	 	69,718	
 	 	71,264	
 	 	71,332	
 	 	(1,782)	
 	 	 	 	69,962	
 	 	72,461	
 	 	(2,499)	

Diluted Earnings Per Share—Operating Income	 	$	2.99	
 	 	$	2.31	
 	 	$	2.23	
 	 	$	1.61	
 	 	$	2.17	
 	 	$	0.82	
 	 	 	 	$	9.12	
 	 	$	4.95	
 	 	$	4.17	

Foreign currency effect   (1) :	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	(61,093	)	 	$	5,906	
 	 	$	(4,964	)	 	$	(50,225	)	 	$	(49,448	)	 	$	(11,645	)	 	 	 	$	(110,376	)	 	$	(142,539	)	 	$	32,163	
 	 	 	 	 	 	 	
Operating income before income taxes	 	$	(9,276	)	 	$	(2,016	)	 	$	(809	)	 	$	(6,605	)	 	$	(8,679	)	 	$	(597	)	 	 	 	$	(18,706	)	 	$	(2,789	)	 	(15,917	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(1) Compared to comparable prior year period	 	 	 	 	 	 	

                                        

 	 	Page 6

 
Reinsurance Group of America, Incorporated
Consolidated Balance Sheets	

 	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	 	Dec. 31,	
(USD thousands)	 	2014	 	2014	 	2014	 	2014	 	2013	
Assets	 	 	 	 	 	 	 	 	 	 	
Fixed maturity securities, available-for-sale	 	$	25,480,972	
 	 	$	24,475,451	
 	 	$	24,480,396	
 	 	$	22,157,182	
 	 	$	21,474,136	
 	
Mortgage loans on real estate	 	2,712,238	
 	 	2,617,091	
 	 	2,555,800	
 	 	2,526,228	
 	 	2,486,680	
 	
Policy loans	 	1,284,284	
 	 	1,249,948	
 	 	1,250,635	
 	 	1,296,897	
 	 	1,244,469	
 	
Funds withheld at interest	 	5,922,561	
 	 	5,969,006	
 	 	5,940,521	
 	 	5,814,231	
 	 	5,771,467	
 	
Short-term investments	 	97,694	
 	 	44,437	
 	 	45,596	
 	 	118,789	
 	 	139,395	
 	
Other invested assets	 	1,198,319	
 	 	1,165,021	
 	 	1,128,375	
 	 	1,234,779	
 	 	1,324,960	
 	
Total investments	 	36,696,068	
 	 	35,520,954	
 	 	35,401,323	
 	 	33,148,106	
 	 	32,441,107	
 	
Cash and cash equivalents	 	1,645,669	
 	 	1,118,745	
 	 	1,378,117	
 	 	1,127,132	
 	 	923,647	
 	
Accrued investment income	 	261,096	
 	 	305,880	
 	 	279,368	
 	 	233,816	
 	 	267,908	
 	
Premiums receivable and other reinsurance balances	 	1,527,729	
 	 	1,491,993	
 	 	1,559,526	
 	 	1,454,959	
 	 	1,439,528	
 	
Reinsurance ceded receivables	 	578,206	
 	 	596,704	
 	 	614,203	
 	 	594,794	
 	 	594,515	
 	
Deferred policy acquisition costs	 	3,342,575	
 	 	3,297,616	
 	 	3,368,343	
 	 	3,450,523	
 	 	3,517,796	
 	
Other assets	 	628,268	
 	 	578,471	
 	 	570,171	
 	 	532,251	
 	 	489,972	
 	
Total assets	 	$	44,679,611	
 	 	$	42,910,363	
 	 	$	43,171,051	
 	 	$	40,541,581	
 	 	$	39,674,473	

Liabilities and Stockholders’ Equity	 	 	 	 	 	 	 	 	 	 	
Future policy benefits	 	$	14,476,637	
 	 	$	13,541,687	
 	 	$	13,785,532	
 	 	$	11,887,951	
 	 	$	11,866,776	
 	
Interest-sensitive contract liabilities	 	12,591,497	
 	 	12,638,117	
 	 	12,686,025	
 	 	12,809,003	
 	 	12,947,557	
 	
Other policy claims and benefits	 	3,824,069	
 	 	3,861,060	
 	 	3,996,737	
 	 	3,899,004	
 	 	3,571,761	
 	
Other reinsurance balances	 	306,915	
 	 	276,314	
 	 	258,023	
 	 	283,249	
 	 	275,138	
 	
Deferred income taxes	 	2,365,817	
 	 	2,149,076	
 	 	2,232,821	
 	 	2,023,588	
 	 	1,837,577	
 	
Other liabilities	 	994,230	
 	 	967,303	
 	 	716,157	
 	 	638,967	
 	 	541,035	
 	
Short-term debt	 	—	
 	 	—	
 	 	110,000	
 	 	50,000	
 	 	—	
 	
Long-term debt	 	2,314,293	
 	 	2,314,693	
 	 	2,214,705	
 	 	2,214,526	
 	 	2,214,350	
 	
Collateral finance and securitization notes	 	782,701	
 	 	482,115	
 	 	482,092	
 	 	484,747	
 	 	484,752	
 	
Total liabilities	 	37,656,159	
 	 	36,230,365	
 	 	36,482,092	
 	 	34,291,035	
 	 	33,738,946	

Stockholders’ Equity:	 	 	 	 	 	 	 	 	 	 	
Common stock, at par value	 	791	
 	 	791	
 	 	791	
 	 	791	
 	 	791	
 	
Additional paid-in-capital	 	1,798,279	
 	 	1,784,818	
 	 	1,783,856	
 	 	1,782,838	
 	 	1,777,906	
 	
Retained earnings	 	4,239,647	
 	 	4,074,047	
 	 	3,941,777	
 	 	3,772,776	
 	 	3,659,938	
 	
Treasury stock	 	(672,394	)	 	(679,265	)	 	(666,125	)	 	(585,358	)	 	(508,715	)	
Accumulated other comprehensive income (AOCI):	 	 	 	 	 	 	 	 	 	 	
Accumulated currency translation adjustment, net of income taxes	 	81,847	
 	 	131,936	
 	 	207,043	
 	 	164,400	
 	 	207,083	
 	
Unrealized appreciation of securities, net of income taxes	 	1,624,773	
 	 	1,387,957	
 	 	1,442,324	
 	 	1,136,079	
 	 	820,245	
 	
Pension and postretirement benefits, net of income taxes	 	(49,491	)	 	(20,286	)	 	(20,707	)	 	(20,980	)	 	(21,721	)	
Total stockholders’ equity	 	7,023,452	
 	 	6,679,998	
 	 	6,688,959	
 	 	6,250,546	
 	 	5,935,527	
 	
Total liabilities and stockholders’ equity	 	$	44,679,611	
 	 	$	42,910,363	
 	 	$	43,171,051	
 	 	$	40,541,581	
 	 	$	39,674,473	

Total stockholders’ equity, excluding AOCI	 	$	5,366,323	
 	 	$	5,180,391	
 	 	$	5,060,299	
 	 	$	4,971,047	
 	 	$	4,929,920	

 	 	 	 	 	 	 	 	 	 	 	

                                        

 	 	Page 7

 
Reinsurance Group of America, Incorporated
U.S. and Latin America Traditional Segment Pre-tax Operating Income (1)	 	

 	 	 	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,	 	 	 	 	 	 	
 	(USD thousands)	 	2014	 	2014	 	2014	 	2014	 	2013	 	 	 	 	 	2014	 	2013	 	Change	 	 	 	 	 	 	
 	Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	Net premiums	 	$	1,221,862	
 	 	$	1,171,916	
 	 	$	1,189,822	
 	 	$	1,141,905	
 	 	$	1,246,137	
 	 	$	(24,275	)	 	 	 	$	4,725,505	
 	 	$	4,563,490	
 	 	$	162,015	
 	 	 	 	 	 	 	
 	Investment income, net of related expenses	 	142,753	
 	 	139,272	
 	 	137,404	
 	 	133,376	
 	 	139,281	
 	 	3,472	
 	 	 	 	552,805	
 	 	543,824	
 	 	8,981	
 	 	 	 	 	 	 	
 	Other revenue	 	1,323	
 	 	783	
 	 	767	
 	 	642	
 	 	840	
 	 	483	
 	 	 	 	3,515	
 	 	3,706	
 	 	(191	)	 	 	 	 	 	 	
 	Total revenues	 	1,365,938	
 	 	1,311,971	
 	 	1,327,993	
 	 	1,275,923	
 	 	1,386,258	
 	 	(20,320	)	 	 	 	5,281,825	
 	 	5,111,020	
 	 	170,805	

 	Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	
 	Claims and other policy benefits	 	1,021,046	
 	 	1,030,525	
 	 	1,045,030	
 	 	1,033,707	
 	 	1,071,733	
 	 	(50,687	)	 	 	 	4,130,308	
 	 	3,963,168	
 	 	167,140	
 	 	 	 	 	 	 	
 	Interest credited	 	13,101	
 	 	12,993	
 	 	12,818	
 	 	12,272	
 	 	9,886	
 	 	3,215	
 	 	 	 	51,184	
 	 	53,285	
 	 	(2,101	)	 	 	 	 	 	 	
 	Policy acquisition costs and other insurance expenses	 	168,395	
 	 	161,120	
 	 	156,270	
 	 	156,000	
 	 	156,447	
 	 	11,948	
 	 	 	 	641,785	
 	 	625,971	
 	 	15,814	
 	 	 	 	 	 	 	
 	Other operating expenses	 	29,276	
 	 	28,408	
 	 	24,921	
 	 	25,741	
 	 	24,550	
 	 	4,726	
 	 	 	 	108,346	
 	 	95,931	
 	 	12,415	
 	 	 	 	 	 	 	
 	Total benefits and expenses	 	1,231,818	
 	 	1,233,046	
 	 	1,239,039	
 	 	1,227,720	
 	 	1,262,616	
 	 	(30,798	)	 	 	 	4,931,623	
 	 	4,738,355	
 	 	193,268	

 	Operating income before income taxes	 	134,120	
 	 	78,925	
 	 	88,954	
 	 	48,203	
 	 	123,642	
 	 	10,478	
 	 	 	 	350,202	
 	 	372,665	
 	 	(22,463	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	
 	Operating income before income taxes	 	134,120	
 	 	78,925	
 	 	88,954	
 	 	48,203	
 	 	123,642	
 	 	10,478	
 	 	 	 	350,202	
 	 	372,665	
 	 	(22,463	)	 	 	 	 	 	 	
 	Investment and derivative (losses) gains - non-operating	 	(5,268	)	 	(1,092	)	 	5,034	
 	 	2,769	
 	 	(850	)	 	(4,418	)	 	 	 	1,443	
 	 	4,921	
 	 	(3,478	)	 	 	 	 	 	 	
 	Income before income taxes	 	$	128,852	
 	 	$	77,833	
 	 	$	93,988	
 	 	$	50,972	
 	 	$	122,792	
 	 	$	6,060	
 	 	 	 	$	351,645	
 	 	$	377,586	
 	 	$	(25,941	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	Loss and Expense Ratios:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	Claims and other policy benefits	 	83.6	%	 	87.9	%	 	87.8	%	 	90.5	%	 	86.0	%	 	(2.4	)%	 	 	 	87.4	%	 	86.8	%	 	0.6	 %	 	 	 	 	 	 	
 	Policy acquisition costs and other insurance expenses	 	13.8	%	 	13.7	%	 	13.1	%	 	13.7	%	 	12.6	%	 	1.2	 %	 	 	 	13.6	%	 	13.7	%	 	(0.1	)%	 	 	 	 	 	 	
 	Other operating expenses	 	2.4	%	 	2.4	%	 	2.1	%	 	2.3	%	 	2.0	%	 	0.4	 %	 	 	 	2.3	%	 	2.1	%	 	0.2	 %	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	(1) Effective January 1, 2014, the company realigned certain operations and management responsibilities to better fit within its geographic-based segments. Mexico and Latin America operations were moved from Europe & South Africa to the U.S. segment, which has been renamed U.S. and Latin America. India operations have been moved from Europe & South Africa to the Asia Pacific segment. Europe & South Africa has been renamed Europe, Middle East and Africa. December 2013 figures have been adjusted to conform to the new reporting alignment.

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

                                        

 	 	Page 8

Reinsurance Group of America, Incorporated
U.S. and Latin America Non-Traditional Segment—Asset Intensive Reinsurance Pre-tax Operating Income	 	

 	 	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,	 	 	 	 	 	 	
(USD thousands)	 	2014	 	2014	 	2014	 	2014	 	2013	 	 	 	 	 	2014	 	2013	 	Change	 	 	 	 	 	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	4,747	
 	 	$	5,168	
 	 	$	4,984	
 	 	$	5,180	
 	 	$	3,754	
 	 	$	993	
 	 	 	 	$	20,079	
 	 	$	22,521	
 	 	$	(2,442	)	 	 	 	 	 	 	
Investment income, net of related expenses	 	155,557	
 	 	170,608	
 	 	143,927	
 	 	158,619	
 	 	209,847	
 	 	(54,290	)	 	 	 	628,711	
 	 	707,425	
 	 	(78,714	)	 	 	 	 	 	 	
Investment related gains (losses), net	 	1	
 	 	(2	)	 	1	
 	 	—	
 	 	—	
 	 	1	
 	 	 	 	—	
 	 	—	
 	 	—	
 	 	 	 	 	 	 	
Other revenue	 	28,436	
 	 	28,944	
 	 	29,376	
 	 	28,276	
 	 	26,761	
 	 	1,675	
 	 	 	 	115,032	
 	 	114,098	
 	 	934	
 	 	 	 	 	 	 	
Total revenues	 	188,741	
 	 	204,718	
 	 	178,288	
 	 	192,075	
 	 	240,362	
 	 	(51,621	)	 	 	 	763,822	
 	 	844,044	
 	 	(80,222	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	5,289	
 	 	5,586	
 	 	4,713	
 	 	4,260	
 	 	4,674	
 	 	615	
 	 	 	 	19,848	
 	 	28,244	
 	 	(8,396	)	 	 	 	 	 	 	
Interest credited	 	86,294	
 	 	104,985	
 	 	90,037	
 	 	101,644	
 	 	153,501	
 	 	(67,207	)	 	 	 	382,960	
 	 	494,118	
 	 	(111,158	)	 	 	 	 	 	 	
Policy acquisition costs and other insurance expenses	 	36,380	
 	 	31,960	
 	 	35,698	
 	 	41,072	
 	 	36,819	
 	 	(439	)	 	 	 	145,110	
 	 	141,253	
 	 	3,857	
 	 	 	 	 	 	 	
Other operating expenses	 	4,764	
 	 	4,211	
 	 	3,813	
 	 	4,094	
 	 	3,102	
 	 	1,662	
 	 	 	 	16,882	
 	 	14,291	
 	 	2,591	
 	 	 	 	 	 	 	
Total benefits and expenses	 	132,727	
 	 	146,742	
 	 	134,261	
 	 	151,070	
 	 	198,096	
 	 	(65,369	)	 	 	 	564,800	
 	 	677,906	
 	 	(113,106	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	56,014	
 	 	57,976	
 	 	44,027	
 	 	41,005	
 	 	42,266	
 	 	13,748	
 	 	 	 	199,022	
 	 	166,138	
 	 	32,884	

Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	56,014	
 	 	57,976	
 	 	44,027	
 	 	41,005	
 	 	42,266	
 	 	13,748	
 	 	 	 	199,022	
 	 	166,138	
 	 	32,884	
 	 	 	 	 	 	 	
Investment and derivative gains (losses) - non-operating  (1)	 	28,086	
 	 	18,001	
 	 	12,412	
 	 	21,300	
 	 	(40,727	)	 	68,813	
 	 	 	 	79,799	
 	 	(165,920	)	 	245,719	
 	 	 	 	 	 	 	
Change in value of modified coinsurance and funds withheld embedded derivatives  (1)	 	(13,490	)	 	56,490	
 	 	79,768	
 	 	78,696	
 	 	462	
 	 	(13,952	)	 	 	 	201,464	
 	 	68,286	
 	 	133,178	
 	 	 	 	 	 	 	
GMXB embedded derivatives  (1)	 	(52,901	)	 	(47,479	)	 	(5,183	)	 	(23,661	)	 	35,098	
 	 	(87,999	)	 	 	 	(129,224	)	 	142,050	
 	 	(271,274	)	 	 	 	 	 	 	
Funds withheld gains (losses) - investment income	 	1,154	
 	 	4,914	
 	 	5,232	
 	 	(217	)	 	1,797	
 	 	(643	)	 	 	 	11,083	
 	 	9,233	
 	 	1,850	
 	 	 	 	 	 	 	
EIA embedded derivatives - interest credited	 	362	
 	 	415	
 	 	(6,916	)	 	6,560	
 	 	(2,795	)	 	3,157	
 	 	 	 	421	
 	 	78,969	
 	 	(78,548	)	 	 	 	 	 	 	
DAC offset, net	 	15,253	
 	 	(26,521	)	 	(47,543	)	 	(53,068	)	 	(4,334	)	 	19,587	
 	 	 	 	(111,879	)	 	(98,408	)	 	(13,471	)	 	 	 	 	 	 	
Income before income taxes	 	$	34,478	
 	 	$	63,796	
 	 	$	81,797	
 	 	$	70,615	
 	 	$	31,767	
 	 	$	2,711	
 	 	 	 	$	250,686	
 	 	$	200,348	
 	 	$	50,338	

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

 

                                        

 	 	Page 9

Reinsurance Group of America, Incorporated
U.S. and Latin America Non-Traditional Segment—Asset Intensive Reinsurance Pre-tax Operating Income
(Cont’d)

 	 	 	
 	 	Three Months Ended	
 	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	 	Dec. 31,	
(USD millions)	 	2014	 	2014	 	2014	 	2014	 	2013	
Annuity account values:	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	
Fixed annuities (deferred)	 	$	4,859	
 	 	$	4,919	
 	 	$	5,030	
 	 	$	5,156	
 	 	$	5,079	

Net interest spread (fixed annuities):	 	3.5	%	 	3.2	%	 	2.3	%	 	2.5	%	 	2.3	%	
 	 	 	 	 	 	 	 	 	 	 	
Equity-indexed annuities	 	$	4,695	
 	 	$	4,716	
 	 	$	4,725	
 	 	$	4,741	
 	 	$	4,768	

Variable annuities:	 	 	 	 	 	 	 	 	 	 	
No riders	 	$	881	
 	 	$	899	
 	 	$	941	
 	 	$	943	
 	 	$	961	
 	
GMDB only	 	75	
 	 	79	
 	 	84	
 	 	85	
 	 	86	
 	
GMIB only	 	5	
 	 	6	
 	 	6	
 	 	6	
 	 	6	
 	
GMAB only	 	44	
 	 	46	
 	 	50	
 	 	51	
 	 	52	
 	
GMWB only	 	1,636	
 	 	1,676	
 	 	1,741	
 	 	1,733	
 	 	1,752	
 	
GMDB / WB	 	427	
 	 	427	
 	 	462	
 	 	459	
 	 	467	
 	
Other	 	27	
 	 	28	
 	 	30	
 	 	30	
 	 	31	
 	
Total VA account values	 	$	3,095	
 	 	$	3,161	
 	 	$	3,314	
 	 	$	3,307	
 	 	$	3,355	

Fair value of liabilities associated with living benefit riders	 	$	159	
 	 	$	106	
 	 	$	59	
 	 	$	54	
 	 	$	30	

Interest-sensitive contract liabilities associated with:	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	
Guaranteed investment contracts	 	$	336	
 	 	$	336	
 	 	$	301	
 	 	$	301	
 	 	$	297	

Bank-owned life insurance (BOLI)	 	$	548	
 	 	$	544	
 	 	$	541	
 	 	$	538	
 	 	$	534	

Other asset-intensive business	 	$	69	
 	 	$	69	
 	 	$	71	
 	 	$	71	
 	 	$	72	

                                        

 	 	Page 10

 
Reinsurance Group of America, Incorporated
U.S. and Latin America Non-Traditional Segment—Financial Reinsurance Pre-tax Operating Income	 	

 	 	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,	 	 	 	 	 	 	
(USD thousands)	 	2014	 	2014	 	2014	 	2014	 	2013	 	 	 	 	 	2014	 	2013	 	Change	 	 	 	 	 	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Investment income, net of related expenses	 	$	1,155	
 	 	$	1,003	
 	 	$	1,086	
 	 	$	1,247	
 	 	$	2,048	
 	 	$	(893	)	 	 	 	$	4,491	
 	 	$	4,624	
 	 	$	(133	)	 	 	 	 	 	 	
Other revenue	 	18,363	
 	 	23,581	
 	 	21,777	
 	 	19,098	
 	 	16,191	
 	 	2,172	
 	 	 	 	82,819	
 	 	60,893	
 	 	21,926	
 	 	 	 	 	 	 	
Total revenues	 	19,518	
 	 	24,584	
 	 	22,863	
 	 	20,345	
 	 	18,239	
 	 	1,279	
 	 	 	 	87,310	
 	 	65,517	
 	 	21,793	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Policy acquisition costs and other insurance expenses	 	4,112	
 	 	8,458	
 	 	6,944	
 	 	5,742	
 	 	2,501	
 	 	1,611	
 	 	 	 	25,256	
 	 	12,771	
 	 	12,485	
 	 	 	 	 	 	 	
Other operating expenses	 	2,876	
 	 	2,322	
 	 	2,310	
 	 	2,177	
 	 	1,462	
 	 	1,414	
 	 	 	 	9,685	
 	 	7,053	
 	 	2,632	
 	 	 	 	 	 	 	
Total benefits and expenses	 	6,988	
 	 	10,780	
 	 	9,254	
 	 	7,919	
 	 	3,963	
 	 	3,025	
 	 	 	 	34,941	
 	 	19,824	
 	 	15,117	

 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	12,530	
 	 	13,804	
 	 	13,609	
 	 	12,426	
 	 	14,276	
 	 	(1,746	)	 	 	 	52,369	
 	 	45,693	
 	 	6,676	

 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	12,530	
 	 	13,804	
 	 	13,609	
 	 	12,426	
 	 	14,276	
 	 	(1,746	)	 	 	 	52,369	
 	 	45,693	
 	 	6,676	
 	 	 	 	 	 	 	
Investment and derivative gains (losses) - non-operating	 	(162	)	 	(100	)	 	68	
 	 	83	
 	 	(5	)	 	(157	)	 	 	 	(111	)	 	(392	)	 	281	
 	 	 	 	 	 	 	
Income before income taxes	 	$	12,368	
 	 	$	13,704	
 	 	$	13,677	
 	 	$	12,509	
 	 	$	14,271	
 	 	$	(1,903	)	 	 	 	$	52,258	
 	 	$	45,301	
 	 	$	6,957	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

                                        

 	 	Page 11

Reinsurance Group of America, Incorporated
Canadian Segment Pre-tax Operating Income	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	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,	 	 	 	 	 	 	
(USD thousands)	 	2014	 	2014	 	2014	 	2014	 	2013	 	 	 	 	 	2014	 	2013	 	Change	 	 	 	 	 	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	245,024	
 	 	$	245,136	
 	 	$	253,577	
 	 	$	230,844	
 	 	$	243,340	
 	 	$	1,684	
 	 	 	 	$	974,581	
 	 	$	962,311	
 	 	$	12,270	
 	 	 	 	 	 	 	
Investment income, net of related expenses	 	48,058	
 	 	49,660	
 	 	49,358	
 	 	46,997	
 	 	51,750	
 	 	(3,692	)	 	 	 	194,073	
 	 	201,245	
 	 	(7,172	)	 	 	 	 	 	 	
Investment related gains (losses), net	 	937	
 	 	907	
 	 	621	
 	 	1,006	
 	 	1,149	
 	 	(212	)	 	 	 	3,471	
 	 	3,990	
 	 	(519	)	 	 	 	 	 	 	
Other revenue	 	2,001	
 	 	2,329	
 	 	1,263	
 	 	961	
 	 	531	
 	 	1,470	
 	 	 	 	6,554	
 	 	845	
 	 	5,709	
 	 	 	 	 	 	 	
Total revenues	 	296,020	
 	 	298,032	
 	 	304,819	
 	 	279,808	
 	 	296,770	
 	 	(750	)	 	 	 	1,178,679	
 	 	1,168,391	
 	 	10,288	

Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	205,071	
 	 	201,433	
 	 	203,293	
 	 	194,756	
 	 	187,226	
 	 	17,845	
 	 	 	 	804,553	
 	 	758,519	
 	 	46,034	
 	 	 	 	 	 	 	
Interest credited	 	14	
 	 	10	
 	 	9	
 	 	—	
 	 	9	
 	 	5	
 	 	 	 	33	
 	 	46	
 	 	(13	)	 	 	 	 	 	 	
Policy acquisition costs and other insurance expenses	 	60,830	
 	 	60,409	
 	 	60,837	
 	 	53,104	
 	 	53,119	
 	 	7,711	
 	 	 	 	235,180	
 	 	221,638	
 	 	13,542	
 	 	 	 	 	 	 	
Other operating expenses	 	10,176	
 	 	10,444	
 	 	9,954	
 	 	9,825	
 	 	9,263	
 	 	913	
 	 	 	 	40,399	
 	 	40,496	
 	 	(97	)	 	 	 	 	 	 	
Total benefits and expenses	 	276,091	
 	 	272,296	
 	 	274,093	
 	 	257,685	
 	 	249,617	
 	 	26,474	
 	 	 	 	1,080,165	
 	 	1,020,699	
 	 	59,466	

Operating income before income taxes	 	19,929	
 	 	25,736	
 	 	30,726	
 	 	22,123	
 	 	47,153	
 	 	(27,224	)	 	 	 	98,514	
 	 	147,692	
 	 	(49,178	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	19,929	
 	
 	25,736	
 	
 	30,726	
 	
 	22,123	
 	
 	47,153	
 	 	(27,224	)	 	 	 	98,514	
 	 	147,692	
 	 	(49,178	)	 	 	 	 	 	 	
Investment and derivative gains (losses) - non-operating	 	1,426	
 	 	(1,279	)	 	3,572	
 	 	(2,665	)	 	2,586	
 	 	(1,160	)	 	 	 	1,054	
 	 	13,020	
 	 	(11,966	)	 	 	 	 	 	 	
Funds withheld gains (losses) - investment income	 	217	
 	 	587	
 	 	722	
 	 	606	
 	 	743	
 	 	(526	)	 	 	 	2,132	
 	 	3,606	
 	 	(1,474	)	 	 	 	 	 	 	
Income before income taxes	 	$	21,572	
 	 	$	25,044	
 	 	$	35,020	
 	 	$	20,064	
 	 	$	50,482	
 	 	$	(28,910	)	 	 	 	$	101,700	
 	 	$	164,318	
 	 	$	(62,618	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Loss and Expense Ratios:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Loss ratios (creditor business)	 	31.3	%	 	28.0	%	 	27.5	%	 	31.5	%	 	18.3	%	 	13.0	 %	 	 	 	29.5	%	 	29.2	%	 	0.3	 %	 	 	 	 	 	 	
Loss ratios (excluding creditor business)	 	100.5	%	 	98.7	%	 	96.5	%	 	98.0	%	 	89.4	%	 	11.1	 %	 	 	 	98.4	%	 	92.3	%	 	6.1	 %	 	 	 	 	 	 	
Claims and other policy benefits / (net premiums + investment income)	 	70.0	%	 	68.3	%	 	67.1	%	 	70.1	%	 	63.4	%	 	6.6	 %	 	 	 	68.8	%	 	65.2	%	 	3.6	 %	 	 	 	 	 	 	
Policy acquisition costs and other insurance expenses (creditor business)	 	65.8	%	 	65.2	%	 	66.6	%	 	58.1	%	 	70.7	%	 	(4.9	)%	 	 	 	64.2	%	 	62.7	%	 	1.5	 %	 	 	 	 	 	 	
Policy acquisition costs and other insurance expenses (excluding creditor business)	 	11.7	%	 	12.3	%	 	10.8	%	 	13.9	%	 	11.5	%	 	0.2	 %	 	 	 	12.1	%	 	12.3	%	 	(0.2	)%	 	 	 	 	 	 	
Other operating expenses	 	4.2	%	 	4.3	%	 	3.9	%	 	4.3	%	 	3.8	%	 	0.4	 %	 	 	 	4.1	%	 	4.2	%	 	(0.1	)%	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Foreign currency effect   (1) :	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	(20,210	)	 	$	(11,946	)	 	$	(16,444	)	 	$	(21,718	)	 	$	(14,338	)	 	$	(5,872	)	 	 	 	$	(70,318	)	 	$	(29,392	)	 	$	(40,926	)	 	 	 	 	 	 	
Operating income before income taxes	 	$	(1,896	)	 	$	(1,605	)	 	$	(1,943	)	 	$	(2,333	)	 	$	(3,315	)	 	$	1,419	
 	 	 	 	$	(7,777	)	 	$	(6,089	)	 	$	(1,688	)	 	 	 	 	 	 	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Creditor reinsurance net premiums	 	$	59,451	
 	 	$	57,412	
 	 	$	60,013	
 	 	$	47,344	
 	 	$	42,558	
 	 	$	16,893	
 	 	 	 	$	224,220	
 	 	$	205,311	
 	 	$	18,909	

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 12

Reinsurance Group of America, Incorporated
Europe, Middle East and Africa Segment Pre-tax Operating Income (1)	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	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,	 	 	 	 	 	 	
(USD thousands)	 	2014	 	2014	 	2014	 	2014	 	2013	 	 	 	 	 	2014	 	2013	 	Change	 	 	 	 	 	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	345,885	
 	 	$	346,457	
 	 	$	340,884	
 	 	$	340,743	
 	 	$	332,495	
 	 	$	13,390	
 	 	 	 	$	1,373,969	
 	 	$	1,220,743	
 	 	$	153,226	
 	 	 	 	 	 	 	
Investment income, net of related expenses	 	43,898	
 	 	29,191	
 	 	20,671	
 	 	13,369	
 	 	14,122	
 	 	29,776	
 	 	 	 	107,129	
 	 	52,034	
 	 	55,095	
 	 	 	 	 	 	 	
Investment related gains (losses), net	 	3,678	
 	 	2,550	
 	 	5,183	
 	 	2,593	
 	 	5,495	
 	 	(1,817	)	 	 	 	14,004	
 	 	5,495	
 	 	8,509	
 	 	 	 	 	 	 	
Other revenue	 	8,143	
 	 	13,518	
 	 	7,939	
 	 	7,923	
 	 	5,347	
 	 	2,796	
 	 	 	 	37,523	
 	 	23,259	
 	 	14,264	
 	 	 	 	 	 	 	
Total revenues	 	401,604	
 	 	391,716	
 	 	374,677	
 	 	364,628	
 	 	357,459	
 	 	44,145	
 	 	 	 	1,532,625	
 	 	1,301,531	
 	 	231,094	

Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	313,991	
 	 	297,992	
 	 	282,546	
 	 	307,341	
 	 	293,181	
 	 	20,810	
 	 	 	 	1,201,870	
 	 	1,066,847	
 	 	135,023	
 	 	 	 	 	 	 	
Interest credited	 	4,076	
 	 	2,959	
 	 	5,750	
 	 	2,786	
 	 	6,114	
 	 	(2,038	)	 	 	 	15,571	
 	 	6,114	
 	 	9,457	
 	 	 	 	 	 	 	
Policy acquisition costs and other insurance expenses	 	13,392	
 	 	16,467	
 	 	11,492	
 	 	13,265	
 	 	17,883	
 	 	(4,491	)	 	 	 	54,616	
 	 	52,234	
 	 	2,382	
 	 	 	 	 	 	 	
Other operating expenses	 	36,362	
 	 	30,318	
 	 	30,208	
 	 	27,260	
 	 	28,250	
 	 	8,112	
 	 	 	 	124,148	
 	 	105,264	
 	 	18,884	
 	 	 	 	 	 	 	
Total benefits and expenses	 	367,821	
 	 	347,736	
 	 	329,996	
 	 	350,652	
 	 	345,428	
 	 	22,393	
 	 	 	 	1,396,205	
 	 	1,230,459	
 	 	165,746	

Operating income before income taxes	 	33,783	
 	 	43,980	
 	 	44,681	
 	 	13,976	
 	 	12,031	
 	 	21,752	
 	 	 	 	136,420	
 	 	71,072	
 	 	65,348	

Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	33,783	
 	 	43,980	
 	 	44,681	
 	 	13,976	
 	 	12,031	
 	 	21,752	
 	 	 	 	136,420	
 	 	71,072	
 	 	65,348	
 	 	 	 	 	 	 	
Investment and derivative gains (losses) - non-operating	 	5,644	
 	 	1,196	
 	 	16,641	
 	 	1,229	
 	 	(54	)	 	5,698	
 	 	 	 	24,710	
 	 	3,481	
 	 	21,229	
 	 	 	 	 	 	 	
Non-investment derivatives	 	512	
 	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	512	
 	 	 	 	512	
 	 	—	
 	 	512	
 	 	 	 	 	 	 	
Income before income taxes	 	$	39,939	
 	 	$	45,176	
 	 	$	61,322	
 	
 	$	15,205	
 	 	$	11,977	
 	 	$	27,962	
 	 	 	 	$	161,642	
 	 	$	74,553	
 	
 	$	87,089	

Loss and Expense Ratios:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	90.8	%	 	86.0	%	 	82.9	%	 	90.2	%	 	88.2	%	 	2.6	 %	 	 	 	87.5	%	 	87.4	%	 	0.1	 %	 	 	 	 	 	 	
Policy acquisition costs and other insurance expenses	 	3.9	%	 	4.8	%	 	3.4	%	 	3.9	%	 	5.4	%	 	(1.5	)%	 	 	 	4.0	%	 	4.3	%	 	(0.3	)%	 	 	 	 	 	 	
Other operating expenses	 	10.5	%	 	8.8	%	 	8.9	%	 	8.0	%	 	8.5	%	 	2.0	 %	 	 	 	9.0	%	 	8.6	%	 	0.4	 %	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Foreign currency effect   (2) :	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	(15,090	)	 	$	14,441	
 	 	$	21,204	
 	 	$	8,690	
 	 	$	148	
 	 	$	(15,238	)	 	 	 	$	29,245	
 	 	$	(24,695	)	 	$	53,940	
 	 	 	 	 	 	 	
Operating income before income taxes	 	$	(2,415	)	 	$	2,086	
 	 	$	3,710	
 	 	$	394	
 	 	$	(164	)	 	$	(2,251	)	 	 	 	$	3,775	
 	 	$	(1,559	)	 	$	5,334	

 	

 	 	 	 	 	 	 	
Critical illness net premiums	 	$	62,511	
 	 	$	63,303	
 	 	$	66,257	
 	 	$	65,678	
 	 	$	65,082	
 	 	$	(2,571	)	 	 	 	$	257,749	
 	 	$	254,432	
 	 	$	3,317	

(1) Effective January 1, 2014, the company realigned certain operations and management responsibilities to better fit within its geographic-based segments. Mexico and Latin America operations were moved from Europe & South Africa to the U.S. segment, which has been renamed U.S. and Latin America. India operations have been moved from Europe & South Africa to the Asia Pacific segment. Europe & South Africa has been renamed Europe, Middle East and Africa. December 2013 figures have been adjusted to conform to the new reporting alignment.	 	 	 	 	 	 	
(2) Compared to comparable prior year period	 	 	 	 	 	 	

 	
 	 	 	
 	 	Page 13

Reinsurance Group of America, Incorporated
Asia Pacific Segment Pre-tax Operating Income (1)	 	

 	 	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,	 	 	 	 	 	 	
(USD thousands)	 	2014	 	2014	 	2014	 	2014	 	2013	 	 	 	 	 	2014	 	2013	 	Change	 	 	 	 	 	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	400,081	
 	 	$	399,422	
 	 	$	393,687	
 	 	$	381,750	
 	 	$	387,803	
 	 	$	12,278	
 	 	 	 	$	1,574,940	
 	 	$	1,485,205	
 	 	$	89,735	
 	 	 	 	 	 	 	
Investment income, net of related expenses	 	25,049	
 	 	26,445	
 	 	26,325	
 	 	24,642	
 	 	26,860	
 	 	(1,811	)	 	 	 	102,461	
 	 	94,330	
 	 	8,131	
 	 	 	 	 	 	 	
Investment related gains (losses), net	 	664	
 	 	646	
 	 	684	
 	 	861	
 	 	1,287	
 	 	(623	)	 	 	 	2,855	
 	 	2,815	
 	 	40	
 	 	 	 	 	 	 	
Other revenue	 	8,902	
 	 	8,950	
 	 	56,874	
 	 	6,123	
 	 	10,472	
 	 	(1,570	)	 	 	 	80,849	
 	 	36,565	
 	 	44,284	
 	 	 	 	 	 	 	
Total revenues	 	434,696	
 	 	435,463	
 	 	477,570	
 	 	413,376	
 	 	426,422	
 	 	8,274	
 	 	 	 	1,761,105	
 	 	1,618,915	
 	 	142,190	
 	 	 	 	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	320,643	
 	 	319,507	
 	 	306,320	
 	 	303,596	
 	 	313,132	
 	 	7,511	
 	 	 	 	1,250,066	
 	 	1,487,549	
 	 	(237,483	)	 	 	 	 	 	 	
Interest Credited	 	195	
 	 	221	
 	 	234	
 	 	246	
 	 	263	
 	 	(68	)	 	 	 	896	
 	 	1,118	
 	 	(222	)	 	 	 	 	 	 	
Policy acquisition costs and other insurance expenses	 	47,058	
 	 	51,852	
 	 	107,909	
 	 	54,289	
 	 	53,267	
 	 	(6,209	)	 	 	 	261,108	
 	 	222,808	
 	 	38,300	
 	 	 	 	 	 	 	
Other operating expenses	 	41,547	
 	 	36,439	
 	 	33,780	
 	 	30,587	
 	 	32,819	
 	 	8,728	
 	 	 	 	142,353	
 	 	125,816	
 	 	16,537	
 	 	 	 	 	 	 	
Total benefits and expenses	 	409,443	
 	 	408,019	
 	 	448,243	
 	 	388,718	
 	 	399,481	
 	 	9,962	
 	 	 	 	1,654,423	
 	 	1,837,291	
 	 	(182,868	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income (loss) before income taxes	 	25,253	
 	 	27,444	
 	 	29,327	
 	 	24,658	
 	 	26,941	
 	 	(1,688	)	 	 	 	106,682	
 	 	(218,376	)	 	325,058	

Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income (loss) before income taxes	 	25,253	
 	 	27,444	
 	 	29,327	
 	 	24,658	
 	 	26,941	
 	 	(1,688	)	 	 	 	106,682	
 	 	(218,376	)	 	325,058	
 	 	 	 	 	 	 	
Investment and derivative gains (losses) - non-operating	 	(4,610	)	 	(7,031	)	 	5,601	
 	 	1,653	
 	 	(3,282	)	 	(1,328	)	 	 	 	(4,387	)	 	(8,289	)	 	3,902	
 	 	 	 	 	 	 	
Income (loss) before income taxes	 	$	20,643	
 	 	$	20,413	
 	 	$	34,928	
 	 	$	26,311	
 	 	$	23,659	
 	 	$	(3,016	)	 	 	 	$	102,295	
 	 	$	(226,665	)	 	$	328,960	

Loss and Expense Ratios:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	80.1	%	 	80.0	%	 	77.8	%	 	79.5	%	 	80.7	%	 	(0.6	)%	 	 	 	79.4	%	 	100.2	%	 	(20.8	)%	 	 	 	 	 	 	
Policy acquisition costs and other insurance expenses	 	11.8	%	 	13.0	%	 	27.4	%	 	14.2	%	 	13.7	%	 	(1.9	)%	 	 	 	16.6	%	 	15.0	%	 	1.6	 %	 	 	 	 	 	 	
Other operating expenses	 	10.4	%	 	9.1	%	 	8.6	%	 	8.0	%	 	8.5	%	 	1.9	 %	 	 	 	9.0	%	 	8.5	%	 	0.5	 %	 	 	 	 	 	 	

Foreign currency effect   (2) :	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	
Net premiums	 	$	(25,793	)	 	$	3,411	
 	 	$	(9,724	)	 	$	(37,197	)	 	$	(35,258	)	 	$	9,465	
 	 	 	 	$	(69,303	)	 	$	(88,452	)	 	$	19,149	
 	 	 	 	 	 	 	
Operating income (loss) before income taxes	 	$	(3,769	)	 	$	(1,094	)	 	$	(1,313	)	 	$	(2,960	)	 	$	(5,298	)	 	$	1,529	
 	 	 	 	$	(9,136	)	 	$	5,207	
 	 	$	(14,343	)	 	 	 	 	 	 	

 	 	 	 	 	 	 	
Critical illness net premiums	 	$	76,231	
 	 	$	67,105	
 	 	$	71,928	
 	 	$	60,398	
 	 	$	66,980	
 	 	$	9,251	
 	 	 	 	$	275,662	
 	 	$	247,561	
 	 	$	28,101	

(1) Effective January 1, 2014, the company realigned certain operations and management responsibilities to better fit within its geographic-based segments. Mexico and Latin America operations were moved from Europe & South Africa to the U.S. segment, which has been renamed U.S. and Latin America. India operations have been moved from Europe & South Africa to the Asia Pacific segment. Europe & South Africa has been renamed Europe, Middle East and Africa. December 2013 figures have been adjusted to conform to the new reporting alignment.	 	 	 	 	 	 	
(2) Compared to comparable prior year period	 	 	 	 	 	 	

                                        

 	 	Page 14

 
Reinsurance Group of America, Incorporated
Corporate and Other Segment Pre-tax Operating Income	 	

 	 	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,	 	 	 	 	 	 	
(USD thousands)	 	2014	 	2014	 	2014	 	2014	 	2013	 	 	 	 	 	2014	 	2013	 	Change	 	 	 	 	 	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	173	
 	 	$	186	
 	 	$	206	
 	 	$	215	
 	 	$	(531	)	 	$	704	
 	 	 	 	$	780	
 	 	$	(243	)	 	$	1,023	
 	 	 	 	 	 	 	
Investment income, net of related expenses	 	33,762	
 	 	25,426	
 	 	25,882	
 	 	25,736	
 	 	14,686	
 	 	19,076	
 	 	 	 	110,806	
 	 	83,544	
 	 	27,262	
 	 	 	 	 	 	 	
Investment related gains (losses), net	 	468	
 	 	471	
 	 	250	
 	 	225	
 	 	239	
 	 	229	
 	 	 	 	1,414	
 	 	965	
 	 	449	
 	 	 	 	 	 	 	
Other revenue	 	(379	)	 	802	
 	 	2,730	
 	 	4,567	
 	 	4,679	
 	 	(5,058	)	 	 	 	7,720	
 	 	14,599	
 	 	(6,879	)	 	 	 	 	 	 	
Total revenues	 	34,024	
 	 	26,885	
 	 	29,068	
 	 	30,743	
 	 	19,073	
 	 	14,951	
 	 	 	 	120,720	
 	 	98,865	
 	 	21,855	

Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	2	
 	 	(6	)	 	(17	)	 	17	
 	 	3	
 	 	(1	)	 	 	 	(4	)	 	5	
 	 	(9	)	 	 	 	 	 	 	
Interest credited	 	205	
 	 	199	
 	 	198	
 	 	206	
 	 	179	
 	 	26	
 	 	 	 	808	
 	 	802	
 	 	6	
 	 	 	 	 	 	 	
Policy acquisition costs and other insurance expenses	 	(24,139	)	 	(20,376	)	 	(17,319	)	 	(21,667	)	 	(19,533	)	 	(4,606	)	 	 	 	(83,501	)	 	(74,303	)	 	(9,198	)	 	 	 	 	 	 	
Other operating expenses	 	41,279	
 	 	21,595	
 	 	22,476	
 	 	11,252	
 	 	22,690	
 	 	18,589	
 	 	 	 	96,602	
 	 	77,866	
 	 	18,736	
 	 	 	 	 	 	 	
Interest expense	 	(9,660	)	 	36,065	
 	 	35,211	
 	 	35,084	
 	 	35,072	
 	 	(44,732	)	 	 	 	96,700	
 	 	124,307	
 	 	(27,607	)	 	 	 	 	 	 	
Collateral finance and securitization expense	 	3,710	
 	 	2,571	
 	 	2,591	
 	 	2,569	
 	 	2,563	
 	 	1,147	
 	 	 	 	11,441	
 	 	10,449	
 	 	992	
 	 	 	 	 	 	 	
Total benefits and expenses	 	11,397	
 	 	40,048	
 	 	43,140	
 	 	27,461	
 	 	40,974	
 	 	(29,577	)	 	 	 	122,046	
 	 	139,126	
 	 	(17,080	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income (loss) before income taxes	 	22,627	
 	 	(13,163	)	 	(14,072	)	 	3,282	
 	 	(21,901	)	 	44,528	
 	 	 	 	(1,326	)	 	(40,261	)	
 	38,935	

Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income (loss) before income taxes	 	22,627	
 	 	(13,163	)	 	(14,072	)	 	3,282	
 	 	(21,901	)	 	44,528	
 	 	 	 	(1,326	)	 	(40,261	)	 	38,935	
 	 	 	 	 	 	 	
Investment and derivative gains (losses) - non-operating	 	(3,696	)	 	(960	)	 	(6,125	)	 	482	
 	 	(3,557	)	 	(139	)	 	 	 	(10,299	)	 	(6,432	)	 	(3,867	)	 	 	 	 	 	 	
Non-investment derivatives	 	(40	)	 	(28	)	 	—	
 	 	—	
 	 	—	
 	 	(40	)	 	 	 	(68	)	 	—	
 	 	(68	)	 	 	 	 	 	 	
Gain on repurchase of collateral finance facility securities	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	 	 	—	
 	 	46,506	
 	 	(46,506	)	 	 	 	 	 	 	
Income (loss) before income taxes	 	$	18,891	
 	 	$	(14,151	)	 	$	(20,197	)	 	$	3,764	
 	 	$	(25,458	)	 	$	44,349	
 	 	 	 	$	(11,693	)	 	$	(187	)	 	$	(11,506	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Foreign currency effect   (1) :	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	$	(1,196	)	 	$	(1,403	)	 	$	(1,263	)	 	$	(1,706	)	 	$	98	
 	 	$	(1,294	)	 	 	 	$	(5,568	)	 	$	(348	)	 	$	(5,220	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(1) Compared to comparable prior year period	 	 	 	 	 	 	

 

 	
 	 	 	
 	 	Page 15

 
Reinsurance Group of America, Incorporated
Summary of Pre-tax Segment Operating Income (1)	 	

 	 	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,	 	 	 	 	 	 	
(USD thousands)	 	2014	 	2014	 	2014	 	2014	 	2013	 	 	 	 	 	2014	 	2013	 	Change	 	 	 	 	 	 	
U.S. and Latin America:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Traditional	 	$	134,120	
 	 	$	78,925	
 	 	$	88,954	
 	 	$	48,203	
 	 	$	123,642	
 	 	$	10,478	
 	 	 	 	$	350,202	
 	 	$	372,665	
 	 	$	(22,463	)	 	 	 	 	 	 	
Non-Traditional:	 	 	 	 	 	 	 	 	 	 	 	

Asset Intensive	 	56,014	
 	 	57,976	
 	 	44,027	
 	 	41,005	
 	 	42,266	
 	 	13,748	
 	 	 	 	199,022	
 	 	166,138	
 	 	32,884	
 	 	 	 	 	 	 	
Financial Reinsurance	 	12,530	
 	 	13,804	
 	 	13,609	
 	 	12,426	
 	 	14,276	
 	 	(1,746	)	 	 	 	52,369	
 	 	45,693	
 	 	6,676	
 	 	 	 	 	 	 	
Total U.S. and Latin America Segment	 	202,664	
 	 	150,705	
 	 	146,590	
 	 	101,634	
 	 	180,184	
 	 	22,480	
 	 	 	 	601,593	
 	 	584,496	
 	 	17,097	
 	 	 	 	 	 	 	
Canadian Segment	 	19,929	
 	 	25,736	
 	 	30,726	
 	 	22,123	
 	 	47,153	
 	 	(27,224	)	 	 	 	98,514	
 	 	147,692	
 	 	(49,178	)	 	 	 	 	 	 	
Europe, Middle East and Africa	 	33,783	
 	 	43,980	
 	 	44,681	
 	 	13,976	
 	 	12,031	
 	 	21,752	
 	 	 	 	136,420	
 	 	71,072	
 	 	65,348	
 	 	 	 	 	 	 	
Asia Pacific Segment	 	25,253	
 	 	27,444	
 	 	29,327	
 	 	24,658	
 	 	26,941	
 	 	(1,688	)	 	 	 	106,682	
 	 	(218,376	)	 	325,058	
 	 	 	 	 	 	 	
Corporate and Other	 	22,627	
 	 	(13,163	)	 	(14,072	)	 	3,282	
 	 	(21,901	)	 	44,528	
 	 	 	 	(1,326	)	 	(40,261	)	 	38,935	
 	 	 	 	 	 	 	
Consolidated	 	$	304,256	
 	 	$	234,702	
 	 	$	237,252	
 	 	$	165,673	
 	 	$	244,408	
 	 	$	59,848	
 	 	 	 	$	941,883	
 	 	$	544,623	
 	 	$	397,260	

(1) Effective January 1, 2014, the company realigned certain operations and management responsibilities to better fit within its geographic-based segments. Mexico and Latin America operations were moved from Europe & South Africa to the U.S. segment, which has been renamed U.S. and Latin America. India operations have been moved from Europe & South Africa to the Asia Pacific segment. Europe & South Africa has been renamed Europe, Middle East and Africa. December 2013 figures have been restated to conform to the new reporting alignment.

 

                                        

 	 	Page 16

 
Reinsurance Group of America, Incorporated
Investments
(USD thousands)

Cash and Invested Assets	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	 	Dec. 31,	
 	 	2014	 	2014	 	2014	 	2014	 	2013	
Fixed maturity securities, available-for-sale	 	$	25,480,972	
 	 	$	24,475,451	
 	 	$	24,480,396	
 	 	$	22,157,182	
 	 	$	21,474,136	
 	
Mortgage loans on real estate	 	2,712,238	
 	 	2,617,091	
 	 	2,555,800	
 	 	2,526,228	
 	 	2,486,680	
 	
Policy loans	 	1,284,284	
 	 	1,249,948	
 	 	1,250,635	
 	 	1,296,897	
 	 	1,244,469	
 	
Funds withheld at interest	 	5,922,561	
 	 	5,969,006	
 	 	5,940,521	
 	 	5,814,231	
 	 	5,771,467	
 	
Short-term investments	 	97,694	
 	 	44,437	
 	 	45,596	
 	 	118,789	
 	 	139,395	
 	
Other invested assets	 	1,198,319	
 	 	1,165,021	
 	 	1,128,375	
 	 	1,234,779	
 	 	1,324,960	
 	
Cash and cash equivalents	 	1,645,669	
 	 	1,118,745	
 	 	1,378,117	
 	 	1,127,132	
 	 	923,647	
 	
Total cash and invested assets	 	$	38,341,737	
 	 	$	36,639,699	
 	 	$	36,779,440	
 	 	$	34,275,238	
 	 	$	33,364,754	

 
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,	 	 	 	 	 	 	
 	 	2014	 	2014	 	2014	 	2014	 	2013	 	 	 	 	 	2014	 	2013	 	Change	 	 	 	 	 	 	
Average invested assets at amortized cost  (1)	 	$	20,672,245	
 	 	$	20,424,141	
 	 	$	20,121,261	
 	 	$	19,726,037	
 	 	$	18,954,561	
 	 	$	1,717,684	
 	 	 	 	$	19,876,715	
 	 	$	18,124,333	
 	 	$	1,752,382	
 	 	 	 	 	 	 	
Net investment income  (1)	 	$	250,757	
 	 	$	240,877	
 	 	$	236,604	
 	 	$	229,644	
 	 	$	217,928	
 	 	$	32,829	
 	 	 	 	$	957,882	
 	 	$	856,615	
 	 	$	101,267	
 	 	 	 	 	 	 	
Annualized investment yield (ratio of net investment income to average invested assets)  (1)	 	4.94	%	 	4.80	%	 	4.79	%	 	4.74	%	 	4.68	%	 	0.26	%	 	 	 	4.82	%	 	4.73	%	 	0.09	%	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(1) Excludes spread-related business (e.g. coinsurance of annuities)	 	 	 	 	 	 	

                                        

 	 	Page 17

Reinsurance Group of America, Incorporated
Investments
(USD thousands)

Amortized cost, gross unrealized gains and losses, and estimated fair values of fixed maturity and equity securities
(Excludes Funds Withheld Portfolios)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
December 31, 2014	
 	 	Amortized
Cost	 	Unrealized
Gains	 	Unrealized
Losses	 	Estimated Fair
Value	 	% of
Total	 	Other-than-
temporary
Impairment
in AOCI	
Available-for-sale:	 	 	 	 	 	 	 	 	 	 	 	 	
Corporate securities	 	$	14,010,604	
 	 	$	965,523	
 	 	$	90,544	
 	 	$	14,885,583	
 	 	58.4	%	 	$	—	
 	
Canadian and Canadian provincial governments	 	2,668,852	
 	 	1,196,420	
 	 	7	
 	 	3,865,265	
 	 	15.2	%	 	—	
 	
Residential mortgage-backed securities	 	991,867	
 	 	52,640	
 	 	6,611	
 	 	1,037,896	
 	 	4.1	%	 	(300	)	
Asset-backed securities	 	1,059,660	
 	 	20,301	
 	 	10,375	
 	 	1,069,586	
 	 	4.2	%	 	354	
 	
Commercial mortgage-backed securities	 	1,453,657	
 	 	87,593	
 	 	8,659	
 	 	1,532,591	
 	 	6.0	%	 	(1,609	)	
U.S. government and agencies	 	501,352	
 	 	25,014	
 	 	515	
 	 	525,851	
 	 	2.0	%	 	—	
 	
State and political subdivisions	 	378,457	
 	 	51,117	
 	 	3,498	
 	 	426,076	
 	 	1.7	%	 	—	
 	
Other foreign government, supranational, and foreign	 	 	 	 	 	 	 	 	 	 	 	 	
 government-sponsored enterprises	 	2,041,148	
 	 	110,065	
 	 	13,089	
 	 	2,138,124	
 	 	8.4	%	 	—	
 	
Total fixed maturity securities	 	$	23,105,597	
 	 	$	2,508,673	
 	 	$	133,298	
 	 	$	25,480,972	
 	 	100.0	%	 	$	(1,555	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Non-redeemable preferred stock	 	93,540	
 	 	7,350	
 	 	1,527	
 	 	99,363	
 	 	78.3	%	 	 	
Other equity securities	 	26,994	
 	 	597	
 	 	94	
 	 	27,497	
 	 	21.7	%	 	 	
Total equity securities	 	$	120,534	
 	 	$	7,947	
 	 	$	1,621	
 	 	$	126,860	
 	 	100.0	%	 	 	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
December 31, 2013	
 	 	Amortized
Cost	 	Unrealized
Gains	 	Unrealized
Losses	 	Estimated Fair
Value	 	% of
Total	 	Other-than-
temporary
Impairment
in AOCI	
Available-for-sale:	 	 	 	 	 	 	 	 	 	 	 	 	
Corporate securities	 	$	11,697,394	
 	 	$	616,147	
 	 	$	202,786	
 	 	$	12,110,755	
 	 	56.4	%	 	$	—	
 	
Canadian and Canadian provincial governments	 	2,728,111	
 	 	669,762	
 	 	16,848	
 	 	3,381,025	
 	 	15.7	%	 	—	
 	
Residential mortgage-backed securities	 	970,434	
 	 	38,126	
 	 	18,917	
 	 	989,643	
 	 	4.6	%	 	(300	)	
Asset-backed securities	 	891,751	
 	 	18,893	
 	 	15,812	
 	 	894,832	
 	 	4.2	%	 	(2,259	)	
Commercial mortgage-backed securities	 	1,314,782	
 	 	91,651	
 	 	17,487	
 	 	1,388,946	
 	 	6.5	%	 	(1,609	)	
U.S. government and agencies	 	489,631	
 	 	16,468	
 	 	4,748	
 	 	501,351	
 	 	2.3	%	 	—	
 	
State and political subdivisions	 	313,252	
 	 	21,907	
 	 	14,339	
 	 	320,820	
 	 	1.5	%	 	—	
 	
Other foreign government, supranational, and foreign	 	 	 	 	 	 	 	 	 	 	 	 	
 government-sponsored enterprises	 	1,865,379	
 	 	45,347	
 	 	23,962	
 	 	1,886,764	
 	 	8.8	%	 	—	
 	
Total fixed maturity securities	 	$	20,270,734	
 	 	$	1,518,301	
 	 	$	314,899	
 	 	$	21,474,136	
 	 	100.0	%	 	$	(4,168	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Non-redeemable preferred stock	 	81,993	
 	 	5,342	
 	 	5,481	
 	 	81,854	
 	 	20.2	%	 	 	
Other equity securities	 	327,479	
 	 	618	
 	 	4,220	
 	 	323,877	
 	 	79.8	%	 	 	
Total equity securities	 	$	409,472	
 	 	$	5,960	
 	 	$	9,701	
 	 	$	405,731	
 	 	100.0	%	 	 	

 	
 	 	 	
 	 	Page 18

Reinsurance Group of America, Incorporated
Investments
(USD thousands)

Corporate Securities by Sector (Fixed Maturities and Equities)
(Excludes Funds Withheld Portfolios)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	December 31, 2014	 	December 31, 2013	
 	 	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	 	$	3,114,935	
 	 	$	3,262,121	
 	 	21.9	%	 	A-	 	$	2,328,148	
 	 	$	2,408,741	
 	 	19.2	%	 	A-	
Brokerage/Asset Managers/Exchanges	 	252,260	
 	 	272,847	
 	 	1.8	%	 	A	 	206,986	
 	 	218,477	
 	 	1.7	%	 	A-	
Finance Comp.	 	189,159	
 	 	202,297	
 	 	1.3	%	 	A+	 	151,129	
 	 	158,859	
 	 	1.3	%	 	A	
Insurance	 	708,611	
 	 	775,497	
 	 	5.2	%	 	A-	 	665,252	
 	 	693,516	
 	 	5.5	%	 	A-	
REITs	 	532,862	
 	 	564,722	
 	 	3.8	%	 	BBB+	 	476,830	
 	 	491,058	
 	 	3.9	%	 	BBB+	
Other Finance	 	89,972	
 	 	94,504	
 	 	0.6	%	 	A-	 	406,613	
 	 	407,106	
 	 	3.3	%	 	BBB-	
Total Financial Institutions	 	$	4,887,799	
 	 	$	5,171,988	
 	 	34.6	%	 	 	 	$	4,234,958	
 	 	$	4,377,757	
 	 	34.9	%	 	 	
Industrials	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic	 	893,754	
 	 	921,843	
 	 	6.1	%	 	BBB	 	847,764	
 	 	858,886	
 	 	6.9	%	 	BBB	
Capital Goods	 	657,388	
 	 	694,700	
 	 	4.6	%	 	BBB	 	574,108	
 	 	596,150	
 	 	4.8	%	 	BBB	
Communications	 	1,448,054	
 	 	1,572,181	
 	 	10.5	%	 	BBB+	 	1,234,343	
 	 	1,278,710	
 	 	10.2	%	 	BBB+	
Consumer Cyclical	 	665,734	
 	 	709,166	
 	 	4.7	%	 	BBB+	 	631,196	
 	 	649,019	
 	 	5.2	%	 	BBB	
Consumer Noncyclical	 	1,299,879	
 	 	1,397,510	
 	 	9.3	%	 	BBB+	 	1,062,238	
 	 	1,107,972	
 	 	8.9	%	 	BBB+	
Energy	 	1,661,526	
 	 	1,713,066	
 	 	11.4	%	 	BBB	 	1,326,476	
 	 	1,380,762	
 	 	11.0	%	 	BBB	
Technology	 	465,256	
 	 	485,833	
 	 	3.2	%	 	BBB+	 	455,081	
 	 	456,505	
 	 	3.6	%	 	BBB+	
Transportation	 	453,106	
 	 	486,736	
 	 	3.2	%	 	A-	 	365,233	
 	 	380,249	
 	 	3.0	%	 	A-	
Other Industrial	 	108,371	
 	 	118,279	
 	 	0.8	%	 	A-	 	114,520	
 	 	119,353	
 	 	1.0	%	 	A-	
Total Industrials	 	$	7,653,068	
 	 	$	8,099,314	
 	 	53.8	%	 	 	 	$	6,610,959	
 	 	$	6,827,606	
 	 	54.6	%	 	 	
Utilities	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Electric	 	1,201,052	
 	 	1,317,907	
 	 	8.8	%	 	BBB+	 	1,077,167	
 	 	1,121,373	
 	 	9.0	%	 	BBB+	
Natural Gas	 	234,761	
 	 	251,110	
 	 	1.7	%	 	A-	 	109,789	
 	 	111,515	
 	 	0.9	%	 	A-	
Other Utility	 	154,458	
 	 	172,124	
 	 	1.1	%	 	A-	 	62,768	
 	 	67,471	
 	 	0.5	%	 	BBB+	
Total Utilities	 	$	1,590,271	
 	 	$	1,741,141	
 	 	11.6	%	 	 	 	$	1,249,724	
 	 	$	1,300,359	
 	 	10.4	%	 	 	
Other Sectors	 	—	
 	 	—	
 	 	0.0	%	 	-	 	11,225	
 	 	10,764	
 	 	0.1	%	 	AA	
Total	 	$	14,131,138	
 	 	$	15,012,443	
 	 	100.0	%	 	BBB+	 	$	12,106,866	
 	 	$	12,516,486	
 	 	100.0	%	 	BBB+	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(1) The Average Credit Rating designations are based on the weighted average ratings from nationally recognized rating organizations, primarily those assigned by S&P. In instances where a S&P rating is not available, the Company will reference the rating provided by Moody’s, and in the absence of both the Company will assign equivalent ratings based on information from the NAIC.	

                                        

 	 	Page 19

Reinsurance Group of America, Incorporated
Investments
(USD thousands)

Ratings of Fixed Maturity Securities
(Excludes Funds Withheld Portfolios)

 	 	 	 	December 31, 2014	 	September 30, 2014	 	June 30, 2014	 	March 31, 2014	 	December 31, 2013	
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	 	$	14,855,946	
 	 	$	16,866,777	
 	 	66.1	%	 	$	14,590,478	
 	 	$	16,236,196	
 	 	66.3	%	 	$	14,646,888	
 	 	$	16,304,796	
 	 	66.6	%	 	$	13,519,276	
 	 	$	14,859,087	
 	 	67.0	%	 	$	12,868,061	
 	 	$	13,867,584	
 	 	64.6	%	
2	 	BBB	 	6,880,383	
 	 	7,258,299	
 	 	28.5	%	 	6,530,399	
 	 	6,895,202	
 	 	28.2	%	 	6,527,092	
 	 	6,942,290	
 	 	28.3	%	 	5,882,308	
 	 	6,177,731	
 	 	27.9	%	 	6,072,604	
 	 	6,255,451	
 	 	29.1	%	
3	 	BB	 	750,152	
 	 	760,531	
 	 	3.0	%	 	729,311	
 	 	751,110	
 	 	3.1	%	 	669,569	
 	 	706,926	
 	 	2.9	%	 	637,814	
 	 	666,571	
 	 	3.0	%	 	725,733	
 	 	740,465	
 	 	3.4	%	
4	 	B	 	387,456	
 	 	372,375	
 	 	1.5	%	 	425,094	
 	 	421,100	
 	 	1.7	%	 	362,960	
 	 	364,395	
 	 	1.5	%	 	379,529	
 	 	379,688	
 	 	1.7	%	 	387,687	
 	 	400,775	
 	 	1.9	%	
5	 	CCC	 	212,905	
 	 	208,346	
 	 	0.8	%	 	152,363	
 	 	150,845	
 	 	0.6	%	 	143,292	
 	 	142,805	
 	 	0.6	%	 	60,003	
 	 	60,427	
 	 	0.3	%	 	106,619	
 	 	106,873	
 	 	0.5	%	
6	 	In or near default	 	18,755	
 	 	14,644	
 	 	0.1	%	 	25,296	
 	 	20,998	
 	 	0.1	%	 	23,545	
 	 	19,184	
 	 	0.1	%	 	18,594	
 	 	13,678	
 	 	0.1	%	 	110,030	
 	 	102,988	
 	 	0.5	%	
 	 	Total	 	$	23,105,597	
 	 	$	25,480,972	
 	
 	100.0	%	
 	$	22,452,941	
 	
 	$	24,475,451	
 	
 	100.0	%	
 	$	22,373,346	
 	
 	$	24,480,396	
 	
 	100.0	%	
 	$	20,497,524	
 	
 	$	22,157,182	
 	
 	100.0	%	
 	$	20,270,734	
 	
 	$	21,474,136	
 	
 	100.0	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(1) Effective January 1, 2014, structured securities held by the Company’s insurance subsidiaries that maintain the National Association of Insurance Commissioners (NAIC) statutory basis of accounting that meet the definition of SSAP No. 43R began utilizing the NAIC rating methodology. All other securities will continue to utilize the Nationally Recognized Statistical Rating Organizations (NRSRO) ratings, as available, or equivalent rating 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, 2014	 	September 30, 2014	 	June 30, 2014	 	March 31, 2014	 	December 31, 2013	
 	 	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	
Residential mortgage-backed securities:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Agency	 	$	639,936	
 	 	$	677,352	
 	 	$	597,413	
 	 	$	625,070	
 	 	$	564,397	
 	 	$	594,042	
 	 	$	569,064	
 	 	$	591,515	
 	 	$	567,113	
 	 	$	580,855	
 	
Non-agency	 	351,931	
 	 	360,544	
 	 	367,023	
 	 	375,647	
 	 	382,034	
 	 	392,097	
 	 	400,880	
 	 	410,356	
 	 	403,321	
 	 	408,788	
 	
Total residential mortgage-backed securities	 	991,867	
 	 	1,037,896	
 	 	964,436	
 	 	1,000,717	
 	 	946,431	
 	 	986,139	
 	 	969,944	
 	 	1,001,871	
 	 	970,434	
 	 	989,643	
 	
Commercial mortgage-backed securities	 	1,453,657	
 	 	1,532,591	
 	 	1,404,648	
 	 	1,481,822	
 	 	1,380,622	
 	 	1,474,620	
 	 	1,367,205	
 	 	1,450,503	
 	 	1,314,782	
 	 	1,388,946	
 	
Asset-backed securities	 	1,059,660	
 	 	1,069,586	
 	 	993,028	
 	 	1,006,048	
 	 	993,116	
 	 	1,008,375	
 	 	933,130	
 	 	944,579	
 	 	891,751	
 	 	894,832	
 	
Total	 	$	3,505,184	
 	 	$	3,640,073	
 	 	$	3,362,112	
 	 	$	3,488,587	
 	 	$	3,320,169	
 	 	$	3,469,134	
 	 	$	3,270,279	
 	 	$	3,396,953	
 	 	$	3,176,967	
 	 	$	3,273,421	

                                        

 	 	Page 20

 
Reinsurance Group of America, Incorporated
Investments
(USD thousands)

Gross Unrealized Losses Aging

Fixed Maturity Securities	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	December 31, 2014	 	September 30, 2014	 	June 30, 2014	 	March 31, 2014	 	December 31, 2013	
 	 	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%	 	$	110,346	
 	 	81.8	%	 	$	107,731	
 	 	89.1	%	 	$	96,330	
 	 	85.8	%	 	$	157,050	
 	 	87.6	%	 	$	287,032	
 	 	88.4	%	
20% or more for less than six months	 	13,698	
 	 	10.1	%	 	683	
 	 	0.6	%	 	2,479	
 	 	2.2	%	 	163	
 	 	0.1	%	 	6,444	
 	 	2.0	%	
20% or more for six months or greater	 	9,254	
 	 	6.9	%	 	9,510	
 	 	7.9	%	 	10,936	
 	 	9.7	%	 	17,771	
 	 	9.9	%	 	21,423	
 	 	6.6	%	
Total	 	$	133,298	
 	
 	98.8	%	
 	$	117,924	
 	
 	97.6	%	
 	$	109,745	
 	
 	97.7	%	
 	$	174,984	
 	
 	97.6	%	
 	$	314,899	
 	
 	97.0	%	

Equity Securities	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	December 31, 2014	 	September 30, 2014	 	June 30, 2014	 	March 31, 2014	 	December 31, 2013	
 	 	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%	 	$	1,619	
 	 	1.2	%	 	$	2,926	
 	 	2.4	%	 	$	2,555	
 	 	2.3	%	 	$	4,321	
 	 	2.4	%	 	$	9,699	
 	 	3.0	%	
20% or more for less than six months	 	—	
 	 	0.0	%	 	—	
 	 	0.0	%	 	—	
 	 	0.0	%	 	—	
 	 	0.0	%	 	—	
 	 	0.0	%	
20% or more for six months or greater	 	2	
 	 	0.0	%	 	2	
 	 	0.0	%	 	2	
 	 	0.0	%	 	2	
 	 	0.0	%	 	2	
 	 	0.0	%	
Total	 	$	1,621	
 	
 	1.2	%	
 	$	2,928	
 	
 	2.4	%	
 	$	2,557	
 	
 	2.3	%	
 	$	4,323	
 	
 	2.4	%	
 	$	9,701	
 	
 	3.0	%	

                                        

 	 	Page 21

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

 	 	As of December 31, 2014	
 	 	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 securities	 	$	1,225,767	
 	 	$	27,784	
 	 	$	614,294	
 	 	$	30,040	
 	 	$	1,840,061	
 	 	$	57,824	
 	
Canadian and Canadian provincial governments	 	—	
 	 	—	
 	 	1,235	
 	 	7	
 	 	1,235	
 	 	7	
 	
Residential mortgage-backed securities	 	78,864	
 	 	846	
 	 	135,414	
 	 	5,247	
 	 	214,278	
 	 	6,093	
 	
Asset-backed securities	 	332,785	
 	 	4,021	
 	 	109,411	
 	 	4,289	
 	 	442,196	
 	 	8,310	
 	
Commercial mortgage-backed securities	 	78,632	
 	 	564	
 	 	28,375	
 	 	2,461	
 	 	107,007	
 	 	3,025	
 	
U.S. government and agencies	 	81,317	
 	 	89	
 	 	32,959	
 	 	426	
 	 	114,276	
 	 	515	
 	
State and political subdivisions	 	13,780	
 	 	17	
 	 	18,998	
 	 	3,438	
 	 	32,778	
 	 	3,455	
 	
Other foreign government, supranational, and foreign	 	 	 	 	 	 	 	 	 	 	 	 	
government-sponsored enterprises	 	156,725	
 	 	7,007	
 	 	76,111	
 	 	2,946	
 	 	232,836	
 	 	9,953	
 	
Investment grade securities	 	1,967,870	
 	 	40,328	
 	 	1,016,797	
 	 	48,854	
 	 	2,984,667	
 	 	89,182	

Non-investment grade securities:	 	 	 	 	 	 	 	 	 	 	 	 	
Corporate securities	 	415,886	
 	 	29,316	
 	 	32,567	
 	 	3,404	
 	 	448,453	
 	 	32,720	
 	
Residential mortgage-backed securities	 	22,836	
 	 	293	
 	 	6,284	
 	 	225	
 	 	29,120	
 	 	518	
 	
Asset-backed securities	 	12,448	
 	 	274	
 	 	7,108	
 	 	1,791	
 	 	19,556	
 	 	2,065	
 	
Commercial mortgage-backed securities	 	3,288	
 	 	249	
 	 	5,580	
 	 	5,385	
 	 	8,868	
 	 	5,634	
 	
State and political subdivisions	 	964	
 	 	43	
 	 	—	
 	 	—	
 	 	964	
 	 	43	
 	
Other foreign government, supranational, and
foreign government-sponsored enterprises	 	13,986	
 	 	3,136	
 	 	—	
 	 	—	
 	 	13,986	
 	 	3,136	
 	
Non-investment grade securities	 	469,408	
 	 	33,311	
 	 	51,539	
 	 	10,805	
 	 	520,947	
 	 	44,116	
 	
Total fixed maturity securities	 	$	2,437,278	
 	 	$	73,639	
 	 	$	1,068,336	
 	 	$	59,659	
 	 	$	3,505,614	
 	 	$	133,298	

Non-redeemable preferred stock	 	11,619	
 	 	235	
 	 	19,100	
 	 	1,292	
 	 	30,719	
 	 	1,527	
 	
Other equity securities	 	—	
 	 	—	
 	 	3,545	
 	 	94	
 	 	3,545	
 	 	94	
 	
Total Equity securities	 	$	11,619	
 	 	$	235	
 	 	$	22,645	
 	 	$	1,386	
 	 	$	34,264	
 	 	$	1,621	

 	 	 	 	 	 	 	 	 	 	 	 	 	

 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	As of December 31, 2013	
 	 	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 securities	 	$	3,141,179	
 	 	$	148,895	
 	 	$	301,303	
 	 	$	40,548	
 	 	$	3,442,482	
 	 	$	189,443	
 	
Canadian and Canadian provincial governments	 	188,491	
 	 	14,419	
 	 	12,029	
 	 	2,429	
 	 	200,520	
 	 	16,848	
 	
Residential mortgage-backed securities	 	283,967	
 	 	15,900	
 	 	23,068	
 	 	1,688	
 	 	307,035	
 	 	17,588	
 	
Asset-backed securities	 	255,656	
 	 	4,916	
 	 	56,668	
 	 	4,983	
 	 	312,324	
 	 	9,899	
 	
Commercial mortgage-backed securities	 	219,110	
 	 	3,725	
 	 	20,068	
 	 	5,745	
 	 	239,178	
 	 	9,470	
 	
U.S. government and agencies	 	133,697	
 	 	4,469	
 	 	4,406	
 	 	279	
 	 	138,103	
 	 	4,748	
 	
State and political subdivisions	 	120,193	
 	 	9,723	
 	 	15,202	
 	 	4,616	
 	 	135,395	
 	 	14,339	
 	
Other foreign government, supranational, and foreign government-sponsored enterprises	 	665,313	
 	 	21,075	
 	 	36,212	
 	 	2,847	
 	 	701,525	
 	 	23,922	
 	
Investment grade securities	 	5,007,606	
 	 	223,122	
 	 	468,956	
 	 	63,135	
 	 	5,476,562	
 	 	286,257	

Non-investment grade securities:	 	 	 	 	 	 	 	 	 	 	 	 	
Corporate securities	 	283,603	
 	 	9,451	
 	 	38,256	
 	 	3,892	
 	 	321,859	
 	 	13,343	
 	
Residential mortgage-backed securities	 	62,146	
 	 	1,075	
 	 	3,945	
 	 	254	
 	 	66,091	
 	 	1,329	
 	
Asset-backed securities	 	28,670	
 	 	415	
 	 	32,392	
 	 	5,498	
 	 	61,062	
 	 	5,913	
 	
Commercial mortgage-backed securities	 	15,762	
 	 	81	
 	 	10,980	
 	 	7,936	
 	 	26,742	
 	 	8,017	
 	
Other foreign government, supranational, and
foreign government-sponsored enterprises	 	9,403	
 	 	40	
 	 	—	
 	 	—	
 	 	9,403	
 	 	40	
 	
Non-investment grade securities	 	399,584	
 	 	11,062	
 	 	85,573	
 	 	17,580	
 	 	485,157	
 	 	28,642	
 	
Total fixed maturity securities	 	$	5,407,190	
 	 	$	234,184	
 	 	$	554,529	
 	 	$	80,715	
 	 	$	5,961,719	
 	 	$	314,899	

Non-redeemable preferred stock	 	51,386	
 	 	5,479	
 	 	1	
 	 	2	
 	 	51,387	
 	 	5,481	
 	
Other equity securities	 	218,834	
 	 	1,748	
 	 	32,550	
 	 	2,472	
 	 	251,384	
 	 	4,220	
 	
Total Equity securities	 	$	270,220	
 	 	$	7,227	
 	 	$	32,551	
 	 	$	2,474	
 	 	$	302,771	
 	 	$	9,701	

                                        

 	 	Page 22

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,	 	 	 	 	 	 	
 	 	2014	 	2014	 	2014	 	2014	 	2013	 	 	 	 	 	2014	 	2013	 	Change	 	 	 	 	 	 	
Fixed Maturity and Equity Securities:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Other-than-temporary impairment losses on fixed maturities	 	$	(6,347	)	 	$	(246	)	 	$	(870	)	 	$	(303	)	 	$	(2,258	)	 	$	(4,089	)	 	 	 	$	(7,766	)	 	$	(12,654	)	 	$	4,888	
 	 	 	 	 	 	 	
Portion of loss recognized in accumulated other
comprehensive income (before taxes)	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	 	 	—	
 	 	(247	)	 	247	
 	 	 	 	 	 	 	
Net other-than-temporary impairment losses on fixed
maturities recognized in earnings	 	(6,347	)	 	(246	)	 	(870	)	 	(303	)	 	(2,258	)	 	(4,089	)	 	 	 	(7,766	)	 	(12,901	)	 	5,135	
 	 	 	 	 	 	 	
Gain on investment activity	 	13,662	
 	 	8,819	
 	 	34,887	
 	 	8,067	
 	 	12,659	
 	 	1,003	
 	 	 	 	65,435	
 	 	82,744	
 	 	(17,309	)	 	 	 	 	 	 	
Loss on investment activity	 	(11,480	)	 	(6,355	)	 	(6,877	)	 	(6,583	)	 	(12,169	)	 	689	
 	 	 	 	(31,295	)	 	(60,575	)	 	29,280	
 	 	 	 	 	 	 	
Net gain/(loss) on fixed maturity and equity securities	 	(4,165	)	 	2,218	
 	 	27,140	
 	 	1,181	
 	 	(1,768	)	 	(2,397	)	 	 	 	26,374	
 	 	9,268	
 	 	17,106	

Other impairment losses and change in mortgage loan provision	 	371	
 	 	(2,041	)	 	(5,309	)	 	1,664	
 	 	(5,665	)	 	6,036	
 	 	 	 	(5,315	)	 	(6,933	)	 	1,618	
 	 	 	 	 	 	 	
Other non-derivative gain/(loss), net	 	2,759	
 	 	2,298	
 	 	9,197	
 	 	8,368	
 	 	10,536	
 	 	(7,777	)	 	 	 	22,622	
 	 	26,681	
 	 	(4,059	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Free-standing Derivatives:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Credit Default Swaps	 	2,658	
 	 	(1,389	)	 	4,783	
 	 	(2,114	)	 	7,051	
 	 	(4,393	)	 	 	 	3,938	
 	 	24,188	
 	 	(20,250	)	 	 	 	 	 	 	
Interest Rate Swaps - non-hedged	 	33,812	
 	 	9,114	
 	 	22,244	
 	 	29,659	
 	 	(15,498	)	 	49,310	
 	 	 	 	94,829	
 	 	(84,398	)	 	179,227	
 	 	 	 	 	 	 	
Interest Rate Swaps - hedged	 	10	
 	 	8	
 	 	7	
 	 	(6	)	 	(5	)	 	15	
 	 	 	 	19	
 	 	6	
 	 	13	
 	 	 	 	 	 	 	
Futures	 	(6,728	)	 	6,446	
 	 	(7,684	)	 	(1,584	)	 	(3,851	)	 	(2,877	)	 	 	 	(9,550	)	 	(11,157	)	 	1,607	
 	 	 	 	 	 	 	
CPI Swaps	 	(536	)	 	(274	)	 	115	
 	 	352	
 	 	85	
 	 	(621	)	 	 	 	(343	)	 	(1,942	)	 	1,599	
 	 	 	 	 	 	 	
Equity options	 	(5,724	)	 	1,017	
 	 	(8,800	)	 	(8,965	)	 	(19,447	)	 	13,723	
 	 	 	 	(22,472	)	 	(79,231	)	 	56,759	
 	 	 	 	 	 	 	
Currency Forwards	 	(5,746	)	 	(5,277	)	 	1,178	
 	 	1,154	
 	 	(5,213	)	 	(533	)	 	 	 	(8,691	)	 	(13,201	)	 	4,510	
 	 	 	 	 	 	 	
Interest Rate Options	 	11,490	
 	 	865	
 	 	2,004	
 	 	1,282	
 	 	(3,145	)	 	14,635	
 	 	 	 	15,641	
 	 	(11,518	)	 	27,159	
 	 	 	 	 	 	 	
Total free-standing derivatives	 	29,236	
 	 	10,510	
 	 	13,847	
 	 	19,778	
 	 	(40,023	)	 	69,259	
 	 	 	 	73,371	
 	 	(177,253	)	 	250,624	

Embedded Derivatives:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Modified coinsurance and funds withheld treaties	 	(14,523	)	 	56,812	
 	 	78,835	
 	 	77,241	
 	 	(337	)	 	(14,186	)	 	 	 	198,365	
 	 	70,177	
 	 	128,188	
 	 	 	 	 	 	 	
GMXB	 	(52,901	)	 	(47,479	)	 	(5,183	)	 	(23,661	)	 	35,098	
 	 	(87,999	)	 	 	 	(129,224	)	 	142,050	
 	 	(271,274	)	 	 	 	 	 	 	
Total embedded derivatives	 	(67,424	)	 	9,333	
 	 	73,652	
 	 	53,580	
 	 	34,761	
 	 	(102,185	)	 	 	 	69,141	
 	 	212,227	
 	 	(143,086	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net gain/(loss) on total derivatives	 	(38,188	)	 	19,843	
 	 	87,499	
 	 	73,358	
 	 	(5,262	)	 	(32,926	)	 	 	 	142,512	
 	 	34,974	
 	 	107,538	

Total investment related gains / (losses), net	 	$	(39,223	)	 	$	22,318	
 	 	$	118,527	
 	 	$	84,571	
 	 	$	(2,159	)	 	$	(37,064	)	 	 	 	$	186,193	
 	 	$	63,990	
 	 	$	122,203	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

                                        

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