UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): July 25, 2011
REINSURANCE GROUP OF AMERICA, INCORPORATED
(Exact Name of Registrant as Specified in its Charter)
 	 	 	 	 	
Missouri	 	1-11848	 	43-1627032	
(State or Other Jurisdiction of	 	(Commission	 	(IRS Employer	
Incorporation)	 	File Number)	 	Identification Number)	
 	 	 	 	 	
1370 Timberlake Manor Parkway, Chesterfield, Missouri 63017
(Address of Principal Executive Office)
Registrant’s telephone number, including area code: (636) 736-7000
     Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions ( see  General Instruction A.2. below):
 	 	 	
o	 	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)	

o	 	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)	

o	 	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))	

o	 	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))	

 

 
Item 2.02 Results of Operations and Financial Condition
On July 25, 2011, Reinsurance Group of America, Incorporated (the “Company”) issued (1) a press release announcing its earnings for the three-month period ended June 30, 2011, 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 June 30, 2011, a copy of which is attached hereto as Exhibit 99.2. The press release also notes that a conference call will be held on July 26, 2011 to discuss the financial and operating results for the three-month period ended June 30, 2011. 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 July 25, 2011	
 	 	 	
99.2	 	Quarterly Financial Supplement for the quarter ended June 30, 2011	
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: July 25, 2011 	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 July 25, 2011	
 	 	 	
99.2	 	Quarterly Financial Supplement for the quarter ended June 30, 2011	

Exhibit 99.1

PRESS RELEASE
REINSURANCE GROUP OF AMERICA REPORTS SECOND-QUARTER RESULTS;
INCREASES QUARTERLY DIVIDEND 50 PERCENT
 	•	 	Earnings per diluted share rose to $1.78 (net income) and $1.72 (operating income*)	
 	 	 	 	
 	•	 	Premiums up 13 percent to $1.8 billion	
 	 	 	 	
 	•	 	Operating return on equity* 13 percent for trailing 12 months	
 	 	 	 	
 	•	 	50 percent increase in dividend	
ST. LOUIS, July 25, 2011 — Reinsurance Group of America, Incorporated (NYSE:RGA), a leading global provider of life reinsurance, reported second-quarter net income of $132.9 million, or $1.78 per diluted share, compared to $127.0 million, or $1.70 per diluted share in the prior-year quarter. Operating income* totaled $128.0 million, or $1.72 per diluted share, compared to $121.9 million, or $1.63 per diluted share in the year-ago quarter.
For the first half of 2011, net income increased to $293.7 million, or $3.96 per diluted share, from $249.5 million, or $3.34 per diluted share, in the year-ago period. Operating income* totaled $246.8 million, or $3.33 per diluted share, compared with $214.9 million, or $2.88 per diluted share, in the prior-year period.
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Quarterly Results	 	 	Year-to-Date Results	 	
($ in thousands, except per share data)	 	2011	 	 	2010	 	 	2011	 	 	2010	 	
Net premiums	 	$	1,788,676	 	 	$	1,582,017	 	 	$	3,524,806	 	 	$	3,210,481	 	
Net income	 	 	132,888	 	 	 	127,019	 	 	 	293,704	 	 	 	249,458	 	
Net income per diluted share	 	 	1.78	 	 	 	1.70	 	 	 	3.96	 	 	 	3.34	 	
Operating income*	 	 	128,001	 	 	 	121,899	 	 	 	246,828	 	 	 	214,907	 	
Operating income per diluted share*	 	 	1.72	 	 	 	1.63	 	 	 	3.33	 	 	 	2.88	 	
Book value per share	 	 	71.88	 	 	 	60.73	 	 	 	 	 	 	 	 	 	
Book value per share (excl. Accumulated Other Comprehensive Income “AOCI”)*	 	 	57.51	 	 	 	52.14	 	 	 	 	 	 	 	 	 	
Total assets	 	 	30,659,277	 	 	 	27,220,606	 	 	 	 	 	 	 	 	 	

*	 	See ‘Use of Non-GAAP Financial Measures’ below	
For the quarter, consolidated net premiums increased 13 percent to $1,788.7 million from $1,582.0 million in the prior-year period. Net of the effects of changes in foreign currency exchange rates, net premiums increased 8 percent. Investment income rose 16 percent to $337.4 million from $291.7 million in the year-earlier quarter, including $19.9 million associated with an increase in the fair value of option contracts supporting equity-indexed annuities. The increase associated with these options contracts was largely offset by an increase in interest credited expense. Investment income was up 9 percent net of the effect of these option contracts. Average invested assets, excluding funds withheld, increased approximately $2.0 billion to $17.4 billion and average yields decreased 16 basis points to 5.35 percent quarter over quarter. The average investment yield in the first quarter of 2011 was also 5.35 percent. Net foreign currency fluctuations contributed $3.8 million, after taxes, to operating income, or $0.05 per diluted share.
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A. Greig Woodring, president and chief executive officer, commented, “Consolidated results were generally in line with our expectations, with strong contributions from our Canadian operations and some unfavorable claims experience in our international operations. Consolidated premium growth of 8 percent on an original currency basis was slightly below our expectations for the quarter. Capital, liquidity and investment positions remain strong and appropriately positioned. In May, we issued $400 million of senior notes and expect to use $200 million to fund the payment of senior notes that mature in December. We are committed to managing an efficient capital base. As with the past several quarters, investment impairments were not significant.
“Mortality experience can be volatile over short-term, quarterly periods due to normal statistical fluctuations, but evens out over longer-term horizons. Results this quarter reinforce the diversification benefits achieved through our geographic expansion. We generated an annualized operating return on equity of 12 percent this quarter, and 13 percent over the last 12 months. We continue to invest actively in business opportunities and are well-positioned to serve our clients in all major life reinsurance markets across the globe.
“We are also pleased to announce that the board of directors raised the quarterly dividend 50 percent to $0.18 per share from $0.12 per share.”
SEGMENT RESULTS
U.S.
The U.S. Traditional sub-segment reported pre-tax net income of $93.5 million for the quarter, compared with $98.8 million last year. Pre-tax operating income decreased to $93.3 million from $96.1 million in 2010. Income was adversely affected by higher-than-expected group disability claims, which are prone to quarterly volatility. We believe the current quarter experience reflects normal volatility. Segment-wide claims experience was in line with expectations with our large U.S. individual mortality block performing well. Net premiums were up 4 percent to $973.8 million from $933.2 million in the prior-year quarter.
The U.S. Asset Intensive business reported pre-tax income of $15.6 million compared with $17.6 million a year ago, including changes in the fair values of various free-standing and embedded derivatives. On an operating income basis, excluding the impact of those derivatives, pre-tax operating income increased to $20.0 million from $15.8 million a year ago, attributable primarily to improved spread-related performance associated with equity-indexed annuities.
The U.S. Financial Reinsurance business performed well this quarter and contributed $7.0 million of pre-tax income contrasted with $4.4 million last year, primarily due to increased fees from new business written in the second half of 2010 and first quarter of 2011.
Canada
Canadian operations reported pre-tax net income of $44.0 million compared with $33.7 million in the second quarter of 2010. Pre-tax operating income increased 27 percent to $41.9 million from $32.9 million in the prior-year period, reflecting better-than-expected mortality experience.
In addition, a stronger Canadian dollar relative to the second quarter of 2010 benefited pre-tax operating income by approximately $3.0 million. Premiums increased 18 percent to $209.7 million from $177.1 million last year. On a Canadian dollar basis, net premiums were up 11 percent.
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Asia Pacific
Asia Pacific reported pre-tax net income of $7.9 million compared with $23.8 million in the second quarter of 2010. Pre-tax operating income decreased to $8.2 million from $21.7 million a year ago. Adverse mortality experience in Australia, and to a lesser extent in Japan, hampered results. Foreign currency fluctuations added $0.6 million to the current period pre-tax operating result. Premiums increased 23 percent to $316.4 million from $256.9 million in the prior year. On a local currency basis, premiums were up 8 percent.
Europe & South Africa
Europe & South Africa pre-tax net income decreased to $16.2 million from $22.3 million in the year-ago quarter. Pre-tax operating income decreased to $15.5 million from $21.0 million last year primarily due to adverse mortality experience in the UK compared to favorable UK mortality experience a year ago. Adverse results in the UK were mostly offset by favorable results in other European markets and South Africa. Foreign currency fluctuations increased pre-tax operating income by $1.7 million. Net premiums totaled $283.0 million, up 35 percent from $209.9 million in the prior-year quarter. On a local currency basis, net premiums were up 23 percent this quarter.
Corporate and Other
Corporate and Other reported pre-tax net income of $16.1 million and pre-tax operating income of $7.4 million for the quarter. In the year-ago quarter, this segment reported a pre-tax net loss of $2.5 million and a pre-tax operating loss of $1.5 million. Current quarter results reflect higher investment income and investment related gains.
Dividend Declaration
The board of directors increased the quarterly dividend 50 percent, to $0.18 from $0.12, payable August 23 to shareholders of record as of August 4.
Earnings Conference Call
A conference call to discuss second-quarter results will begin at 9 a.m. Eastern Time on Tuesday, July 26. Interested parties may access the call by dialing 877-741-4253 (domestic) or 719-325-4784 (international). The access code is 8927514. 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 will also be available through August 3 at 888-203-1112 (domestic) or 719-457-0820 (international), access code 8927514.
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.
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Use of Non-GAAP Financial Measures
RGA uses a non-GAAP financial measure called operating income as a basis for analyzing financial results. This measure also serves as a basis for establishing target levels and awards under RGA’s management incentive programs. Management believes that operating income, on a pre-tax and after-tax basis, better measures the ongoing profitability and underlying trends of the company’s continuing operations, primarily because that measure excludes the effect of net investment related gains and losses, as well as changes in the fair value of certain embedded derivatives and related deferred acquisition costs. These items can be volatile, primarily due to the credit market and interest rate environment, and are not necessarily indicative of the performance of the company’s underlying businesses. Additionally, operating income excludes any net gain or loss from discontinued operations and the cumulative effect of any accounting changes, which management believes are not indicative of the company’s ongoing operations. The definition of operating income can vary by company and is not considered a substitute for GAAP net income. Reconciliations to GAAP net income are provided in the following tables. Additional financial information can be found in the Quarterly Financial Supplement on RGA’s Investor Relations website at  www.rgare.com  in the “Quarterly Results” tab and in the “Featured Report” section.
Book value per share outstanding before impact of AOCI is a non-GAAP financial measure that management believes is important in evaluating the balance sheet in order to ignore the effects of unrealized amounts primarily associated with mark-to-market adjustments on investments and foreign currency translation.
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 subsidiary companies or offices in Australia, Barbados, Bermuda, Canada, China, France, Germany, Hong Kong, India, Ireland, Italy, Japan, Mexico, the Netherlands, Poland, South Africa, South Korea, Spain, Taiwan, the United Kingdom and the United States. Worldwide, the company has approximately $2.7 trillion of life reinsurance in force, and assets of $30.7 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.
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Numerous important factors could cause actual results and events to differ materially from those expressed or implied by forward-looking statements including, without limitation, (1) adverse capital and credit market conditions and their impact on our liquidity, access to capital, and cost of capital, (2) the impairment of other financial institutions and its effect on our business, (3) requirements to post collateral or make payments due to declines in market value of assets subject to our collateral arrangements, (4) the fact that the determination of allowances and impairments taken on our investments is highly subjective, (5) adverse changes in mortality, morbidity, lapsation, or claims experience, (6) changes in our financial strength and credit ratings and the effect of such changes on our future results of operations and financial condition, (7) inadequate risk analysis and underwriting, (8) general economic conditions or a prolonged economic downturn affecting the demand for insurance and reinsurance in our current and planned markets, (9) the availability and cost of collateral necessary for regulatory reserves and capital, (10) market or economic conditions that adversely affect the value of our investment securities or result in the impairment of all or a portion of the value of certain of our investment securities, (11) market or economic conditions that adversely affect our ability to make timely sales of investment securities, (12) risks inherent in our risk management and investment strategy, including changes in investment portfolio yields due to interest rate or credit quality changes, (13) fluctuations in U.S. or foreign currency exchange rates, interest rates, or securities and real estate markets, (14) adverse litigation or arbitration results, (15) the adequacy of reserves, resources, and accurate information relating to settlements, awards, and terminated and discontinued lines of business, (16) the stability of and actions by governments and economies in the markets in which we operate, including the failure or the perceived risk of failure to raise the statutory debt limit of the United States, (17) competitive factors and competitors’ responses to our initiatives, (18) the success of our clients, (19) successful execution of our entry into new markets, (20) successful development and introduction of new products and distribution opportunities, (21) our ability to successfully integrate and operate reinsurance business that we acquire, (22) action by regulators who have authority over our reinsurance operations in the jurisdictions in which we operate, (23) our dependence on third parties, including those insurance companies and reinsurers to which we cede some reinsurance, third-party investment managers, and others, (24) the threat of natural disasters, catastrophes, terrorist attacks, epidemics, or pandemics anywhere in the world where we or our clients do business, (25) changes in laws, regulations, and accounting standards applicable to us, our subsidiaries, or our business, (26) the effect of our status as an insurance holding company and regulatory restrictions on our ability to pay principal and interest on our debt obligations, and (27) other risks and uncertainties described in this document and in our other filings with the Securities and Exchange Commission.
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 2010 Form 10-K.
Investor Contact
John W. Hayden
Senior Vice President — Controller and 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)
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	 	Six Months Ended	 	
 	 	June 30,	 	 	June 30,	 	
(Unaudited)	 	2011	 	 	2010	 	 	2011	 	 	2010	 	
GAAP net income	 	$	132,888	 	 	$	127,019	 	 	$	293,704	 	 	$	249,458	 	
Reconciliation to operating income:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Capital (gains) losses, derivatives and other, included in investment related (gains) losses, net	 	 	(26,361	)	 	 	(85,039	)	 	 	(26,170	)	 	 	(85,086	)	
Capital (gains) losses on funds withheld:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Included in investment income	 	 	(4,671	)	 	 	(3,752	)	 	 	3,156	 	 	 	(3,699	)	
Included in policy acquisition costs and other insurance expenses	 	 	1,165	 	 	 	505	 	 	 	(86	)	 	 	452	 	
Embedded derivatives:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Included in investment related (gains) losses, net	 	 	9,968	 	 	 	70,474	 	 	 	(70,105	)	 	 	(13,900	)	
Included in interest credited	 	 	13,657	 	 	 	9,743	 	 	 	(3,731	)	 	 	(4,831	)	
Included in policy acquisition costs and other insurance expenses	 	 	(1,348	)	 	 	(977	)	 	 	566	 	 	 	1,136	 	
DAC offset, net	 	 	2,703	 	 	 	3,926	 	 	 	49,871	 	 	 	71,377	 	
Gain on repurchase of collateral finance facility securities	 	 	—	 	 	 	—	 	 	 	(3,231	)	 	 	—	 	
Loss on retirement of Preferred Income Equity Redeemable Securities (“PIERS”)	 	 	—	 	 	 	—	 	 	 	2,854	 	 	 	—	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income	 	$	128,001	 	 	$	121,899	 	 	$	246,828	 	 	$	214,907	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Reconciliation of Consolidated Pre-tax Net Income to Pre-tax Operating Income
(Dollars in thousands)
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	 	Six Months Ended	 	
 	 	June 30,	 	 	June 30,	 	
(Unaudited)	 	2011	 	 	2010	 	 	2011	 	 	2010	 	
Income before income taxes	 	$	200,406	 	 	$	198,072	 	 	$	442,255	 	 	$	391,387	 	
Reconciliation to pre-tax operating income:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Capital (gains) losses, derivatives and other, included in investment related (gains) losses, net	 	 	(40,152	)	 	 	(130,697	)	 	 	(39,053	)	 	 	(130,326	)	
Capital (gains) losses on funds withheld:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Included in investment income	 	 	(7,185	)	 	 	(5,772	)	 	 	4,856	 	 	 	(5,690	)	
Included in policy acquisition costs and other insurance expenses	 	 	1,793	 	 	 	777	 	 	 	(132	)	 	 	696	 	
Embedded derivatives:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Included in investment related (gains) losses, net	 	 	15,335	 	 	 	108,422	 	 	 	(107,854	)	 	 	(21,384	)	
Included in interest credited	 	 	21,011	 	 	 	14,990	 	 	 	(5,740	)	 	 	(7,432	)	
Included in policy acquisition costs and other insurance expenses	 	 	(2,073	)	 	 	(1,503	)	 	 	871	 	 	 	1,747	 	
DAC offset, net	 	 	4,158	 	 	 	6,041	 	 	 	76,725	 	 	 	109,810	 	
Gain on repurchase of collateral finance facility securities	 	 	—	 	 	 	—	 	 	 	(4,971	)	 	 	—	 	
Loss on retirement of PIERS	 	 	—	 	 	 	—	 	 	 	4,391	 	 	 	—	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Pre-tax operating income	 	$	193,293	 	 	$	190,330	 	 	$	371,348	 	 	$	338,808	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
Reconciliation of Pre-tax Net Income to Pre-tax Operating Income
(Dollars in thousands)
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended June 30, 2011	 	
 	 	 	 	 	 	Capital	 	 	Change in	 	 	 	 	
 	 	 	 	 	 	(gains) losses,	 	 	value of	 	 	Pre-tax	 	
 	 	Pre-tax net	 	 	derivatives	 	 	embedded	 	 	operating	 	
(Unaudited)	 	income	 	 	and other, net	 	 	derivatives, net	 	 	income	 	
U.S. Operations:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Traditional	 	$	93,546	 	 	$	(205	)	 	$	—	 	 	$	93,341	 	
Asset Intensive	 	 	15,628	 	 	 	(8,377	)(1)	 	 	12,735	(2)	 	 	19,986	 	
Financial Reinsurance	 	 	6,997	 	 	 	(7	)	 	 	—	 	 	 	6,990	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Total U.S.	 	 	116,171	 	 	 	(8,589	)	 	 	12,735	 	 	 	120,317	 	
Canada Operations	 	 	43,992	 	 	 	(2,135	)	 	 	—	 	 	 	41,857	 	
Europe & South Africa	 	 	16,241	 	 	 	(756	)	 	 	—	 	 	 	15,485	 	
Asia Pacific Operations	 	 	7,914	 	 	 	298	 	 	 	—	 	 	 	8,212	 	
Corporate and Other	 	 	16,088	 	 	 	(8,666	)	 	 	—	 	 	 	7,422	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Consolidated	 	$	200,406	 	 	$	(19,848	)	 	$	12,735	 	 	$	193,293	 	

 	 	 	
(1)	 	Asset Intensive is net of $25,696 DAC offset.	
 	 	 	
(2)	 	Asset Intensive is net of $(21,538) DAC offset.	

 	 	Three Months Ended June 30, 2010	 	
 	 	 	 	 	 	Capital	 	 	Change in	 	 	Pre-tax	 	
 	 	Pre-tax net	 	 	(gains) losses,	 	 	value of	 	 	operating	 	
 	 	income	 	 	derivatives	 	 	embedded	 	 	income	 	
(Unaudited)	 	(loss)	 	 	and other, net	 	 	derivatives, net	 	 	(loss)	 	
U.S. Operations:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Traditional	 	$	98,814	 	 	$	(2,721	)	 	$	—	 	 	$	96,093	 	
Asset Intensive	 	 	17,561	 	 	 	(17,441	)(1)	 	 	15,650	(2)	 	 	15,770	 	
Financial Reinsurance	 	 	4,400	 	 	 	10	 	 	 	—	 	 	 	4,410	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Total U.S.	 	 	120,775	 	 	 	(20,152	)	 	 	15,650	 	 	 	116,273	 	
Canada Operations	 	 	33,748	 	 	 	(815	)	 	 	—	 	 	 	32,933	 	
Europe & South Africa	 	 	22,326	 	 	 	(1,347	)	 	 	—	 	 	 	20,979	 	
Asia Pacific Operations	 	 	23,761	 	 	 	(2,077	)	 	 	—	 	 	 	21,684	 	
Corporate and Other	 	 	(2,538	)	 	 	999	 	 	 	—	 	 	 	(1,539	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Consolidated	 	$	198,072	 	 	$	(23,392	)	 	$	15,650	 	 	$	190,330	 	

 	 	 	
(1)	 	Asset Intensive is net of $112,300 DAC offset.	
 	 	 	
(2)	 	Asset Intensive is net of $(106,259) DAC offset.	
- more -

 
Add Seven
REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
Reconciliation of Pre-tax Net Income to Pre-tax Operating Income
(Dollars in thousands)
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Six Months Ended June 30, 2011	 	
 	 	 	 	 	 	Capital	 	 	Change in	 	 	Net (gain) loss	 	 	 	 	
 	 	 	 	 	 	(gains) losses,	 	 	value of	 	 	on repurchase	 	 	Pre-tax	 	
 	 	Pre-tax net	 	 	derivatives	 	 	embedded	 	 	and retirement	 	 	operating	 	
(Unaudited)	 	income	 	 	and other, net	 	 	derivatives, net	 	 	of securities	 	 	income	 	
U.S. Operations:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Traditional	 	$	171,945	 	 	$	(9,080	)	 	$	—	 	 	$	—	 	 	$	162,865	 	
Asset Intensive	 	 	82,006	 	 	 	(2,241	)(1)	 	 	(39,010	)(2)	 	 	—	 	 	 	40,755	 	
Financial Reinsurance	 	 	13,117	 	 	 	28	 	 	 	—	 	 	 	—	 	 	 	13,145	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total U.S.	 	 	267,068	 	 	 	(11,293	)	 	 	(39,010	)	 	 	—	 	 	 	216,765	 	
Canada Operations	 	 	74,663	 	 	 	(6,524	)	 	 	—	 	 	 	—	 	 	 	68,139	 	
Europe & South Africa	 	 	42,560	 	 	 	(1,049	)	 	 	—	 	 	 	—	 	 	 	41,511	 	
Asia Pacific Operations	 	 	33,242	 	 	 	628	 	 	 	—	 	 	 	—	 	 	 	33,870	 	
Corporate and Other	 	 	24,722	 	 	 	(13,079	)	 	 	—	 	 	 	(580	)	 	 	11,063	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Consolidated	 	$	442,255	 	 	$	(31,317	)	 	$	(39,010	)	 	$	(580	)	 	$	371,348	 	

 	 	 	
(1)	 	Asset Intensive is net of $3,012 DAC offset.	
 	 	 	
(2)	 	Asset Intensive is net of $73,713 DAC offset.	

 	 	Six Months Ended June 30, 2010	 	
 	 	 	 	 	 	Capital	 	 	Change in	 	 	 	 	
 	 	 	 	 	 	(gains) losses,	 	 	value of	 	 	Pre-tax	 	
 	 	Pre-tax net	 	 	derivatives	 	 	embedded	 	 	operating	 	
(Unaudited)	 	income	 	 	and other, net	 	 	derivatives, net	 	 	income	 	
U.S. Operations:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Traditional	 	$	162,639	 	 	$	(5,569	)	 	$	—	 	 	$	157,070	 	
Asset Intensive	 	 	82,123	 	 	 	(28,249	)(1)	 	 	(21,558	)(2)	 	 	32,316	 	
Financial Reinsurance	 	 	7,585	 	 	 	19	 	 	 	—	 	 	 	7,604	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Total U.S.	 	 	252,347	 	 	 	(33,799	)	 	 	(21,558	)	 	 	196,990	 	
Canada Operations	 	 	52,721	 	 	 	(3,770	)	 	 	—	 	 	 	48,951	 	
Europe & South Africa	 	 	32,983	 	 	 	(1,806	)	 	 	—	 	 	 	31,177	 	
Asia Pacific Operations	 	 	50,206	 	 	 	(1,957	)	 	 	—	 	 	 	48,249	 	
Corporate and Other	 	 	3,130	 	 	 	10,311	 	 	 	—	 	 	 	13,441	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Consolidated	 	$	391,387	 	 	$	(31,021	)	 	$	(21,558	)	 	$	338,808	 	

 	 	 	
(1)	 	Asset Intensive is net of $104,299 DAC offset.	
 	 	 	
(2)	 	Asset Intensive is net of $5,511 DAC offset.	
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Add Eight
REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
Per Share and Shares Data
(In thousands, except per share data)
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	 	Six Months Ended	 	
 	 	June 30,	 	 	June 30,	 	
(Unaudited)	 	2011	 	 	2010	 	 	2011	 	 	2010	 	
Diluted earnings per share from operating income	 	$	1.72	 	 	$	1.63	 	 	$	3.33	 	 	$	2.88	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Earnings per share from net income:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic earnings per share	 	$	1.80	 	 	$	1.74	 	 	$	3.99	 	 	$	3.41	 	
Diluted earnings per share	 	$	1.78	 	 	$	1.70	 	 	$	3.96	 	 	$	3.34	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Weighted average number of common and common equivalent shares outstanding	 	 	74,530	 	 	 	74,721	 	 	 	74,184	 	 	 	74,650	 	

 	 	At or For the Six Months	 	
 	 	Ended June 30,	 	
(Unaudited)	 	2011	 	 	2010	 	
Treasury shares	 	 	5,062	 	 	 	210	 	
Common shares outstanding	 	 	74,076	 	 	 	73,154	 	
Book value per share outstanding	 	$	71.88	 	 	$	60.73	 	
Book value per share outstanding, before impact of AOCI	 	$	57.51	 	 	$	52.14	 	
- more -

 
Add Nine
REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
Condensed Consolidated Statements of Income
(Dollars in thousands)
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	 	Six Months Ended	 	
 	 	June 30,	 	 	June 30,	 	
(Unaudited)	 	2011	 	 	2010	 	 	2011	 	 	2010	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	1,788,676	 	 	$	1,582,017	 	 	$	3,524,806	 	 	$	3,210,481	 	
Investment income, net of related expenses	 	 	337,436	 	 	 	291,671	 	 	 	708,476	 	 	 	595,929	 	
Investment related gains (losses), net:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Other-than-temporary impairments on fixed maturity securities	 	 	(5,582	)	 	 	(3,489	)	 	 	(7,138	)	 	 	(10,919	)	
Other-than-temporary impairments on fixed maturity securities transferred to (from) accumulated other comprehensive income	 	 	292	 	 	 	(139	)	 	 	292	 	 	 	2,205	 	
Other investment related gains (losses), net	 	 	32,678	 	 	 	26,620	 	 	 	157,854	 	 	 	162,891	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Total investment related gains (losses), net	 	 	27,388	 	 	 	22,992	 	 	 	151,008	 	 	 	154,177	 	
Other revenue	 	 	50,477	 	 	 	35,197	 	 	 	102,122	 	 	 	71,475	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	 	 	2,203,977	 	 	 	1,931,877	 	 	 	4,486,412	 	 	 	4,032,062	 	

Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	 	1,520,013	 	 	 	1,307,239	 	 	 	2,989,462	 	 	 	2,682,419	 	
Interest credited	 	 	96,196	 	 	 	79,169	 	 	 	202,259	 	 	 	136,103	 	
Policy acquisition costs and other insurance expenses	 	 	261,282	 	 	 	237,149	 	 	 	592,435	 	 	 	603,451	 	
Other operating expenses	 	 	97,161	 	 	 	83,147	 	 	 	203,311	 	 	 	174,346	 	
Interest expense	 	 	25,818	 	 	 	25,141	 	 	 	50,387	 	 	 	40,590	 	
Collateral finance facility expense	 	 	3,101	 	 	 	1,960	 	 	 	6,303	 	 	 	3,766	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	 	 	2,003,571	 	 	 	1,733,805	 	 	 	4,044,157	 	 	 	3,640,675	 	

Income before income taxes	 	 	200,406	 	 	 	198,072	 	 	 	442,255	 	 	 	391,387	 	
Income tax expense	 	 	67,518	 	 	 	71,053	 	 	 	148,551	 	 	 	141,929	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	 	$	132,888	 	 	$	127,019	 	 	$	293,704	 	 	$	249,458	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
# # #

Exhibit 99.2

Reinsurance Group of America, Incorporated ®
Financial Supplement
Second Quarter 2011
(Unaudited)

 

Reinsurance Group of America, Incorporated ®
 	 	 	 	 	 	 	 	 	
World Headquarters	 	Internet address	 	 	 	 	 	Contacts:	
1370 Timberlake Manor Parkway	 	www.rgare.com	 	 	 	 	 	Jack B. Lay	
Chesterfield, Missouri 63017	 	 	 	 	 	 	 	Senior Executive Vice President	
U.S.A.	 	 	 	 	 	 	 	and Chief Financial Officer	
 	 	 	 	 	 	 	 	Phone: (636) 736-7000	
 	 	Current Ratings	 	e-mail: jlay@rgare.com	
 	 	 	 	 	 	 	 	 	
 	 	Standard & Poor's	 	A.M. Best	 	Moody's	 	John Hayden	
Financial Strength Ratings	 	 	 	 	 	 	 	Sr. Vice President	
RGA Reinsurance Company	 	AA-	 	A+	 	A1	 	Controller & Investor Relations	
RGA Life Reinsurance Company of Canada	 	AA-	 	A+	 	NR	 	Phone: (636) 300-8828	
RGA International Reinsurance Company Limited	 	AA-	 	NR	 	NR	 	e-mail: jhayden@rgare.com	
RGA Global Reinsurance Company Limited	 	AA-	 	NR	 	NR	 	 	
Senior Debt Ratings	 	 	 	 	 	 	 	 	
Reinsurance Group of America, Incorporated	 	A-	 	a-	 	Baa1	 	 	
Our common stock is traded on the New York Stock Exchange under the symbol “RGA”.

 
Reinsurance Group of America, Incorporated
Financial Supplement
2nd Quarter 2011
Table of Contents
 	 	 	 	 	
 	 	Page	 	
Non-GAAP Disclosure	 	 	1	 	
Consolidated	 	 	 	 	
Financial Highlights	 	 	2	 	
Consolidated Income Statement (incl. Operating Income Reconciliation)	 	 	3	 	
Consolidated Operating Income Statement	 	 	4	 	
Consolidated Balance Sheets	 	 	5	 	
Segment Pre-tax Operating Income Summaries and Reconciliations to U.S. GAAP	 	 	 	 	
U.S. Operations	 	 	6	 	
Canada Operations	 	 	10	 	
Europe & South Africa Operations	 	 	11	 	
Asia Pacific Operations	 	 	12	 	
Corporate and Other	 	 	13	 	
Summary of Pre-tax Segment Operating Income	 	 	14	 	
Investments	 	 	 	 	
Cash and Invested Assets, Yield Summary	 	 	15	 	
Amortized cost, Gross Unrealized Gains and Losses, Estimated Fair Values of Fixed Maturity and Equity Securities	 	 	16	 	
Corporate Securities by Sector (Fixed Maturities and Equities)	 	 	17	 	
Quality of Fixed Maturity Securities and Structured Fixed Maturity Securities	 	 	18	 	
Subprime Mortgage Exposure (Including Funds Withheld Portfolios)	 	 	19	 	
CMBS Exposure (Including Funds Withheld Portfolios)	 	 	20	 	
Gross Unrealized Losses Aging	 	 	21	 	
Fixed Maturity and Equity Securities Below Amortized Cost	 	 	22	 	
Consolidated Gross Gains and Losses	 	 	23	 	

 
Reinsurance Group of America, Incorporated
Financial Supplement
This Financial Supplement is for information purposes only and includes unaudited figures. This report should be read in conjunction with documents filed by Reinsurance Group of America, Incorporated with the SEC.
Non-GAAP Disclosures
RGA uses a non-GAAP financial measure called operating income as a basis for analyzing financial results. This measure also serves as a basis for establishing target levels and awards under RGA’s management incentive programs. Management believes that operating income, on a pre-tax and after-tax basis, better measures the ongoing profitability and underlying trends of the company’s continuing operations, primarily because that measure excludes the effect of net investment related gains and losses, as well as changes in the fair value of certain embedded derivatives and related deferred acquisition costs. These items can be volatile, primarily due to the credit market and interest rate environment and are not necessarily indicative of the performance of the company’s underlying businesses. Additionally, operating income excludes any net gain or loss from discontinued operations and the cumulative effect of any accounting changes, which management believes are not indicative of the company’s ongoing operations. The definition of operating income can vary by company and is not considered a substitute for GAAP net income. A reconciliation of income before income taxes of the operating segments to pre-tax operating income (loss) is presented herein.
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 shareholder’s equity excluding AOCI.

Page 1

 
     
Reinsurance Group of America, Incorporated
Financial Highlights
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended or As of	 	 	Current Qtr	 	 	Year-to-Date	 	
 	 	June 30,	 	 	March 31,	 	 	Dec. 31,	 	 	Sept. 30,	 	 	June 30,	 	 	vs. PY	 	 	June 30,	 	 	June 30,	 	 	 	 	
(USD thousands, except inforce & per share data)	 	2011	 	 	2011	 	 	2010	 	 	2010	 	 	2010	 	 	Quarter	 	 	2011	 	 	2010	 	 	Change	 	
Net premiums	 	$	1,788,676	 	 	$	1,736,130	 	 	$	1,801,899	 	 	$	1,647,300	 	 	$	1,582,017	 	 	$	206,659	 	 	$	3,524,806	 	 	$	3,210,481	 	 	$	314,325	 	
Net income	 	 	132,888	 	 	 	160,816	 	 	 	196,712	 	 	 	128,232	 	 	 	127,019	 	 	 	5,869	 	 	 	293,704	 	 	 	249,458	 	 	 	44,246	 	
Operating income	 	 	128,001	 	 	 	118,827	 	 	 	161,419	 	 	 	127,703	 	 	 	121,899	 	 	 	6,102	 	 	 	246,828	 	 	 	214,907	 	 	 	31,921	 	
Operating return on equity (ex AOCI) — annualized	 	 	12.2	%	 	 	11.5	%	 	 	16.0	%	 	 	13.2	%	 	 	13.0	%	 	 	-0.8	%	 	 	 	 	 	 	 	 	 	 	 	 	
Operating return on equity (ex AOCI) — trailing 12 months	 	 	13.2	%	 	 	13.4	%	 	 	13.2	%	 	 	12.7	%	 	 	12.7	%	 	 	0.5	%	 	 	 	 	 	 	 	 	 	 	 	 	
Total assets	 	 	30,659,277	 	 	 	29,510,019	 	 	 	29,081,908	 	 	 	28,934,028	 	 	 	27,220,606	 	 	 	3,438,671	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Assumed Life Reinsurance in Force (in billions)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
U.S.	 	$	1,343.2	 	 	$	1,343.2	 	 	$	1,340.5	 	 	$	1,339.7	 	 	$	1,334.9	 	 	$	8.3	 	 	 	 	 	 	 	 	 	 	 	 	 	
Canada	 	 	350.3	 	 	 	339.2	 	 	 	324.1	 	 	 	307.0	 	 	 	289.7	 	 	 	60.6	 	 	 	 	 	 	 	 	 	 	 	 	 	
Europe & South Africa	 	 	529.7	 	 	 	497.8	 	 	 	467.6	 	 	 	446.5	 	 	 	401.8	 	 	 	127.9	 	 	 	 	 	 	 	 	 	 	 	 	 	
Asia Pacific	 	 	435.6	 	 	 	407.7	 	 	 	408.1	 	 	 	385.8	 	 	 	340.9	 	 	 	94.7	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Life Reinsurance in Force	 	$	2,658.8	 	 	$	2,587.9	 	 	$	2,540.3	 	 	$	2,479.0	 	 	$	2,367.3	 	 	$	291.5	 	 	 	 	 	 	 	 	 	 	 	 	 	

Assumed New Business Production (in billions)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
U.S.	 	$	24.3	 	 	$	31.3	 	 	$	26.2	 	 	$	30.3	 	 	$	45.1	 	 	$	(20.8	)	 	$	55.6	 	 	$	85.7	 	 	$	(30.1	)	
Canada	 	 	13.4	 	 	 	12.4	 	 	 	12.2	 	 	 	12.2	 	 	 	12.8	 	 	 	0.6	 	 	 	25.8	 	 	 	26.7	 	 	 	(0.9	)	
Europe & South Africa	 	 	47.6	 	 	 	37.1	 	 	 	28.5	 	 	 	30.0	 	 	 	23.4	 	 	 	24.2	 	 	 	84.7	 	 	 	45.1	 	 	 	39.6	 	
Asia Pacific	 	 	9.7	 	 	 	7.4	 	 	 	13.1	 	 	 	4.8	 	 	 	10.1	 	 	 	(0.4	)	 	 	17.1	 	 	 	12.8	 	 	 	4.3	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total New Business Production	 	$	95.0	 	 	$	88.2	 	 	$	80.0	 	 	$	77.3	 	 	$	91.4	 	 	$	3.6	 	 	$	183.2	 	 	$	170.3	 	 	$	12.9	 	

Per Share and Shares Data	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic earnings per share	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	 	$	1.80	 	 	$	2.20	 	 	$	2.68	 	 	$	1.75	 	 	$	1.74	 	 	$	0.06	 	 	$	3.99	 	 	$	3.42	 	 	$	0.57	 	
Operating income	 	$	1.73	 	 	$	1.62	 	 	$	2.20	 	 	$	1.75	 	 	$	1.67	 	 	$	0.06	 	 	$	3.35	 	 	$	2.94	 	 	$	0.41	 	
Diluted earnings per share	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	 	$	1.78	 	 	$	2.18	 	 	$	2.62	 	 	$	1.72	 	 	$	1.70	 	 	$	0.08	 	 	$	3.96	 	 	$	3.34	 	 	$	0.62	 	
Operating income	 	$	1.72	 	 	$	1.61	 	 	$	2.15	 	 	$	1.72	 	 	$	1.63	 	 	$	0.09	 	 	$	3.33	 	 	$	2.88	 	 	$	0.45	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Wgt. average common shares outstanding (basic)	 	 	73,971	 	 	 	73,213	 	 	 	73,277	 	 	 	73,162	 	 	 	73,141	 	 	 	830	 	 	 	73,593	 	 	 	73,094	 	 	 	499	 	
Wgt. average common shares outstanding (diluted)	 	 	74,530	 	 	 	73,836	 	 	 	75,052	 	 	 	74,420	 	 	 	74,721	 	 	 	(191	)	 	 	74,184	 	 	 	74,650	 	 	 	(466	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Common shares issued	 	 	79,138	 	 	 	79,138	 	 	 	73,364	 	 	 	73,364	 	 	 	73,364	 	 	 	5,774	 	 	 	79,138	 	 	 	73,364	 	 	 	5,774	 	
Treasury shares	 	 	5,062	 	 	 	5,341	 	 	 	1	 	 	 	192	 	 	 	210	 	 	 	4,852	 	 	 	5,062	 	 	 	210	 	 	 	4,852	 	
Common shares outstanding	 	 	74,076	 	 	 	73,797	 	 	 	73,363	 	 	 	73,172	 	 	 	73,154	 	 	 	922	 	 	 	74,076	 	 	 	73,154	 	 	 	922	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Book value per share	 	$	71.88	 	 	$	68.06	 	 	$	68.71	 	 	$	68.30	 	 	$	60.73	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Per share effect of accumulated other comprehensive income (AOCI)	 	$	14.37	 	 	$	12.18	 	 	$	12.37	 	 	$	14.48	 	 	$	8.59	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Book value per share, excluding AOCI	 	$	57.51	 	 	$	55.88	 	 	$	56.34	 	 	$	53.82	 	 	$	52.14	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Shareholder dividends paid	 	$	8,870.7	 	 	$	8,832.2	 	 	$	8,830.3	 	 	$	8,778.5	 	 	$	8,777.3	 	 	$	93.4	 	 	$	17,702.8	 	 	$	17,555.8	 	 	$	147.0	 	

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Reinsurance Group of America, Incorporated
Consolidated GAAP Income Statement (incl. Operating Income Reconciliations)
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	 	Current Qtr	 	 	Year-to-Date	 	
 	 	June 30,	 	 	March 31,	 	 	Dec. 31,	 	 	Sept. 30,	 	 	June 30,	 	 	vs. PY	 	 	June 30,	 	 	June 30,	 	 	 	 	 	 	
(USD thousands)	 	2011	 	 	2011	 	 	2010	 	 	2010	 	 	2010	 	 	Quarter	 	 	2011	 	 	2010	 	 	Change	 	 	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	1,788,676	 	 	$	1,736,130	 	 	$	1,801,899	 	 	$	1,647,300	 	 	$	1,582,017	 	 	$	206,659	 	 	$	3,524,806	 	 	$	3,210,481	 	 	$	314,325	 	 	 	
Investment income, net of related expenses	 	 	337,436	 	 	 	371,040	 	 	 	355,227	 	 	 	287,504	 	 	 	291,671	 	 	 	45,765	 	 	 	708,476	 	 	 	595,929	 	 	 	112,547	 	 	 	
Investment related gains (losses), net	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
OTTI on fixed maturity securities	 	 	(5,582	)	 	 	(1,556	)	 	 	(16,097	)	 	 	(4,904	)	 	 	(3,489	)	 	 	(2,093	)	 	 	(7,138	)	 	 	(10,919	)	 	 	3,781	 	 	 	
OTTI on fixed maturity securities transferred to/from AOCI	 	 	292	 	 	 	—	 	 	 	(186	)	 	 	26	 	 	 	(139	)	 	 	431	 	 	 	292	 	 	 	2,205	 	 	 	(1,913	)	 	 	
Other investment related gains (losses), net	 	 	32,678	 	 	 	125,176	 	 	 	90,916	 	 	 	(11,902	)	 	 	26,620	 	 	 	6,058	 	 	 	157,854	 	 	 	162,891	 	 	 	(5,037	)	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total investment related gains (losses), net	 	 	27,388	 	 	 	123,620	 	 	 	74,633	 	 	 	(16,780	)	 	 	22,992	 	 	 	4,396	 	 	 	151,008	 	 	 	154,177	 	 	 	(3,169	)	 	 	
Other revenue	 	 	50,477	 	 	 	51,645	 	 	 	42,370	 	 	 	37,515	 	 	 	35,197	 	 	 	15,280	 	 	 	102,122	 	 	 	71,475	 	 	 	30,647	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	 	 	2,203,977	 	 	 	2,282,435	 	 	 	2,274,129	 	 	 	1,955,539	 	 	 	1,931,877	 	 	 	272,100	 	 	 	4,486,412	 	 	 	4,032,062	 	 	 	454,350	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	 	1,520,013	 	 	 	1,469,449	 	 	 	1,470,845	 	 	 	1,393,891	 	 	 	1,307,239	 	 	 	212,774	 	 	 	2,989,462	 	 	 	2,682,419	 	 	 	307,043	 	 	 	
Interest credited	 	 	96,196	 	 	 	106,063	 	 	 	79,103	 	 	 	94,776	 	 	 	79,169	 	 	 	17,027	 	 	 	202,259	 	 	 	136,103	 	 	 	66,156	 	 	 	
Policy acquisition costs and other insurance expenses	 	 	261,282	 	 	 	331,153	 	 	 	319,444	 	 	 	157,058	 	 	 	237,149	 	 	 	24,133	 	 	 	592,435	 	 	 	603,451	 	 	 	(11,016	)	 	 	
Other operating expenses	 	 	97,161	 	 	 	106,150	 	 	 	102,216	 	 	 	85,409	 	 	 	83,147	 	 	 	14,014	 	 	 	203,311	 	 	 	174,346	 	 	 	28,965	 	 	 	
Interest expense	 	 	25,818	 	 	 	24,569	 	 	 	25,215	 	 	 	25,191	 	 	 	25,141	 	 	 	677	 	 	 	50,387	 	 	 	40,590	 	 	 	9,797	 	 	 	
Collateral finance facility expense	 	 	3,101	 	 	 	3,202	 	 	 	2,049	 	 	 	2,041	 	 	 	1,960	 	 	 	1,141	 	 	 	6,303	 	 	 	3,766	 	 	 	2,537	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	 	 	2,003,571	 	 	 	2,040,586	 	 	 	1,998,872	 	 	 	1,758,366	 	 	 	1,733,805	 	 	 	269,766	 	 	 	4,044,157	 	 	 	3,640,675	 	 	 	403,482	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	 	200,406	 	 	 	241,849	 	 	 	275,257	 	 	 	197,173	 	 	 	198,072	 	 	 	2,334	 	 	 	442,255	 	 	 	391,387	 	 	 	50,868	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income tax expense	 	 	67,518	 	 	 	81,033	 	 	 	78,545	 	 	 	68,941	 	 	 	71,053	 	 	 	(3,535	)	 	 	148,551	 	 	 	141,929	 	 	 	6,622	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	 	$	132,888	 	 	$	160,816	 	 	$	196,712	 	 	$	128,232	 	 	$	127,019	 	 	$	5,869	 	 	$	293,704	 	 	$	249,458	 	 	$	44,246	 	 	 	

Pre-tax Operating Income Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes — continuing operations	 	 	200,406	 	 	 	241,849	 	 	 	275,257	 	 	 	197,173	 	 	 	198,072	 	 	 	2,334	 	 	 	442,255	 	 	 	391,387	 	 	 	50,868	 	 	 	
Investment and derivative losses (gains) — non-operating  (1)	 	 	(40,152	)	 	 	1,099	 	 	 	91,401	 	 	 	(37,747	)	 	 	(130,697	)	 	 	90,545	 	 	 	(39,053	)	 	 	(130,326	)	 	 	91,273	 	 	 	
Change in value of modified coinsurance and funds withheld embedded derivatives  (1)	 	 	(10,525	)	 	 	(90,535	)	 	 	(43,780	)	 	 	38,653	 	 	 	(32,512	)	 	 	21,987	 	 	 	(101,060	)	 	 	(155,147	)	 	 	54,087	 	 	 	
GMXB embedded derivatives  (1)	 	 	25,860	 	 	 	(32,654	)	 	 	(121,209	)	 	 	16,232	 	 	 	140,934	 	 	 	(115,074	)	 	 	(6,794	)	 	 	133,763	 	 	 	(140,557	)	 	 	
Funds withheld losses (gains) — investment income	 	 	(7,185	)	 	 	12,041	 	 	 	(8,240	)	 	 	(6,494	)	 	 	(5,772	)	 	 	(1,413	)	 	 	4,856	 	 	 	(5,690	)	 	 	10,546	 	 	 	
Funds withheld losses (gains) — policy acq. costs	 	 	1,793	 	 	 	(1,925	)	 	 	793	 	 	 	954	 	 	 	777	 	 	 	1,016	 	 	 	(132	)	 	 	696	 	 	 	(828	)	 	 	
EIA embedded derivatives — interest credited	 	 	21,011	 	 	 	(26,751	)	 	 	(25,741	)	 	 	43,070	 	 	 	14,990	 	 	 	6,021	 	 	 	(5,740	)	 	 	(7,432	)	 	 	1,692	 	 	 	
EIA embedded derivatives — policy acq. costs	 	 	(2,073	)	 	 	2,944	 	 	 	3,008	 	 	 	(4,189	)	 	 	(1,503	)	 	 	(570	)	 	 	871	 	 	 	1,747	 	 	 	(876	)	 	 	
DAC offset, net	 	 	4,158	 	 	 	72,567	 	 	 	49,618	 	 	 	(50,519	)	 	 	6,041	 	 	 	(1,883	)	 	 	76,725	 	 	 	109,810	 	 	 	(33,085	)	 	 	
Gain on repurchase of collateral finance facility securities	 	 	—	 	 	 	(4,971	)	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	(4,971	)	 	 	—	 	 	 	(4,971	)	 	 	
Loss on retirement of Preferred Income Equity Redeemable Securities (“PIERS”)	 	 	—	 	 	 	4,391	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	4,391	 	 	 	—	 	 	 	4,391	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating Income Before Income Taxes	 	$	193,293	 	 	$	178,055	 	 	$	221,107	 	 	$	197,133	 	 	$	190,330	 	 	$	2,963	 	 	$	371,348	 	 	$	338,808	 	 	$	32,540	 	 	 	

After-tax Operating Income Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income — continuing operations	 	 	132,888	 	 	 	160,816	 	 	 	196,712	 	 	 	128,232	 	 	 	127,019	 	 	 	5,869	 	 	 	293,704	 	 	 	249,458	 	 	 	44,246	 	 	 	
Investment and derivative losses (gains) — non-operating  (1)	 	 	(26,361	)	 	 	191	 	 	 	59,317	 	 	 	(25,041	)	 	 	(85,039	)	 	 	58,678	 	 	 	(26,170	)	 	 	(85,086	)	 	 	58,916	 	 	 	
Change in value of modified coinsurance and funds withheld embedded derivatives  (1)	 	 	(6,841	)	 	 	(58,848	)	 	 	(28,457	)	 	 	25,125	 	 	 	(21,133	)	 	 	14,292	 	 	 	(65,689	)	 	 	(100,846	)	 	 	35,157	 	 	 	
GMXB embedded derivatives  (1)	 	 	16,809	 	 	 	(21,225	)	 	 	(78,786	)	 	 	10,551	 	 	 	91,607	 	 	 	(74,798	)	 	 	(4,416	)	 	 	86,946	 	 	 	(91,362	)	 	 	
Funds withheld losses (gains) — investment income	 	 	(4,671	)	 	 	7,827	 	 	 	(5,356	)	 	 	(4,221	)	 	 	(3,752	)	 	 	(919	)	 	 	3,156	 	 	 	(3,699	)	 	 	6,855	 	 	 	
Funds withheld losses (gains) — policy acq. costs	 	 	1,165	 	 	 	(1,251	)	 	 	515	 	 	 	621	 	 	 	505	 	 	 	660	 	 	 	(86	)	 	 	452	 	 	 	(538	)	 	 	
EIA embedded derivatives — interest credited	 	 	13,657	 	 	 	(17,388	)	 	 	(16,732	)	 	 	27,996	 	 	 	9,743	 	 	 	3,914	 	 	 	(3,731	)	 	 	(4,831	)	 	 	1,100	 	 	 	
EIA embedded derivatives — policy acq. costs	 	 	(1,348	)	 	 	1,914	 	 	 	1,955	 	 	 	(2,723	)	 	 	(977	)	 	 	(371	)	 	 	566	 	 	 	1,136	 	 	 	(570	)	 	 	
DAC offset, net	 	 	2,703	 	 	 	47,168	 	 	 	32,251	 	 	 	(32,837	)	 	 	3,926	 	 	 	(1,223	)	 	 	49,871	 	 	 	71,377	 	 	 	(21,506	)	 	 	
Gain on repurchase of collateral finance facility securities	 	 	—	 	 	 	(3,231	)	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	(3,231	)	 	 	—	 	 	 	(3,231	)	 	 	
Loss on retirement of PIERS	 	 	—	 	 	 	2,854	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	2,854	 	 	 	—	 	 	 	2,854	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating Income	 	$	128,001	 	 	$	118,827	 	 	$	161,419	 	 	$	127,703	 	 	$	121,899	 	 	$	6,102	 	 	$	246,828	 	 	$	214,907	 	 	$	31,921	 	 	 	

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

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Reinsurance Group of America, Incorporated
Consolidated Operating Income Statement
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	 	Current Qtr	 	 	Year-to-Date	 	
 	 	June 30,	 	 	March 31,	 	 	Dec. 31,	 	 	Sept. 30,	 	 	June 30,	 	 	vs. PY	 	 	June 30,	 	 	June 30,	 	 	 	 	
(USD thousands, except per share data)	 	2011	 	 	2011	 	 	2010	 	 	2010	 	 	2010	 	 	Quarter	 	 	2011	 	 	2010	 	 	Change	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	1,788,676	 	 	$	1,736,130	 	 	$	1,801,899	 	 	$	1,647,300	 	 	$	1,582,017	 	 	$	206,659	 	 	$	3,524,806	 	 	$	3,210,481	 	 	$	314,325	 	
Investment income, net of related expenses	 	 	330,251	 	 	 	383,081	 	 	 	346,987	 	 	 	281,010	 	 	 	285,899	 	 	 	44,352	 	 	 	713,332	 	 	 	590,239	 	 	 	123,093	 	
Investment related gains (losses), net	 	 	2,571	 	 	 	1,530	 	 	 	1,045	 	 	 	358	 	 	 	717	 	 	 	1,854	 	 	 	4,101	 	 	 	2,467	 	 	 	1,634	 	
Other revenue	 	 	50,477	 	 	 	46,674	 	 	 	42,370	 	 	 	37,515	 	 	 	35,197	 	 	 	15,280	 	 	 	97,151	 	 	 	71,475	 	 	 	25,676	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	 	 	2,171,975	 	 	 	2,167,415	 	 	 	2,192,301	 	 	 	1,966,183	 	 	 	1,903,830	 	 	 	268,145	 	 	 	4,339,390	 	 	 	3,874,662	 	 	 	464,728	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	 	1,520,013	 	 	 	1,469,449	 	 	 	1,470,845	 	 	 	1,393,891	 	 	 	1,307,239	 	 	 	212,774	 	 	 	2,989,462	 	 	 	2,682,419	 	 	 	307,043	 	
Interest credited	 	 	75,185	 	 	 	132,814	 	 	 	104,844	 	 	 	51,706	 	 	 	64,179	 	 	 	11,006	 	 	 	207,999	 	 	 	143,535	 	 	 	64,464	 	
Policy acquisition costs and other insurance expenses	 	 	257,404	 	 	 	257,567	 	 	 	266,025	 	 	 	210,812	 	 	 	231,834	 	 	 	25,570	 	 	 	514,971	 	 	 	491,198	 	 	 	23,773	 	
Other operating expenses	 	 	97,161	 	 	 	101,759	 	 	 	102,216	 	 	 	85,409	 	 	 	83,147	 	 	 	14,014	 	 	 	198,920	 	 	 	174,346	 	 	 	24,574	 	
Interest expense	 	 	25,818	 	 	 	24,569	 	 	 	25,215	 	 	 	25,191	 	 	 	25,141	 	 	 	677	 	 	 	50,387	 	 	 	40,590	 	 	 	9,797	 	
Collateral finance facility expense	 	 	3,101	 	 	 	3,202	 	 	 	2,049	 	 	 	2,041	 	 	 	1,960	 	 	 	1,141	 	 	 	6,303	 	 	 	3,766	 	 	 	2,537	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	 	 	1,978,682	 	 	 	1,989,360	 	 	 	1,971,194	 	 	 	1,769,050	 	 	 	1,713,500	 	 	 	265,182	 	 	 	3,968,042	 	 	 	3,535,854	 	 	 	432,188	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	 	193,293	 	 	 	178,055	 	 	 	221,107	 	 	 	197,133	 	 	 	190,330	 	 	 	2,963	 	 	 	371,348	 	 	 	338,808	 	 	 	32,540	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income tax expense	 	 	65,292	 	 	 	59,228	 	 	 	59,688	 	 	 	69,430	 	 	 	68,431	 	 	 	(3,139	)	 	 	124,520	 	 	 	123,901	 	 	 	619	 	

Operating income	 	$	128,001	 	 	$	118,827	 	 	$	161,419	 	 	$	127,703	 	 	$	121,899	 	 	$	6,102	 	 	$	246,828	 	 	$	214,907	 	 	$	31,921	 	

Wgt. Average Common Shares Outstanding (Diluted)	 	 	74,530	 	 	 	73,836	 	 	 	75,052	 	 	 	74,420	 	 	 	74,721	 	 	 	(191	)	 	 	74,184	 	 	 	74,650	 	 	 	(466	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Diluted Earnings Per Share — Operating Income	 	$	1.72	 	 	$	1.61	 	 	$	2.15	 	 	$	1.72	 	 	$	1.63	 	 	$	0.09	 	 	$	3.33	 	 	$	2.88	 	 	$	0.45	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Foreign currency effect*:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	77,277	 	 	$	42,487	 	 	$	23,933	 	 	$	15,448	 	 	$	40,445	 	 	$	36,832	 	 	$	119,764	 	 	$	144,419	 	 	$	(24,655	)	
Operating income before income taxes	 	$	5,713	 	 	$	4,634	 	 	$	1,580	 	 	$	1,998	 	 	$	5,185	 	 	$	528	 	 	$	10,347	 	 	$	14,682	 	 	$	(4,335	)	

 	 	 	
*	 	Compared to comparable prior year period	
Page 4

 
     
Reinsurance Group of America, Incorporated
Consolidated Balance Sheets
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	June 30,	 	 	March 31,	 	 	Dec. 31,	 	 	Sept. 30,	 	 	June 30,	 	
(USD thousands)	 	2011	 	 	2011	 	 	2010	 	 	2010	 	 	2010	 	
Assets	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Fixed maturity securities, available-for-sale	 	$	15,153,807	 	 	$	14,531,154	 	 	$	14,304,597	 	 	$	14,169,930	 	 	$	13,077,607	 	
Mortgage loans on real estate	 	 	908,048	 	 	 	906,869	 	 	 	885,811	 	 	 	863,873	 	 	 	838,827	 	
Policy loans	 	 	1,229,663	 	 	 	1,222,016	 	 	 	1,228,418	 	 	 	1,173,148	 	 	 	1,173,016	 	
Funds withheld at interest	 	 	5,671,844	 	 	 	5,595,146	 	 	 	5,421,952	 	 	 	5,276,511	 	 	 	5,257,929	 	
Short-term investments	 	 	125,618	 	 	 	74,902	 	 	 	118,387	 	 	 	84,091	 	 	 	63,962	 	
Other invested assets	 	 	799,341	 	 	 	756,377	 	 	 	707,403	 	 	 	738,830	 	 	 	637,827	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total investments	 	 	23,888,321	 	 	 	23,086,464	 	 	 	22,666,568	 	 	 	22,306,383	 	 	 	21,049,168	 	
Cash and cash equivalents	 	 	710,973	 	 	 	467,672	 	 	 	463,661	 	 	 	634,075	 	 	 	557,756	 	
Accrued investment income	 	 	160,436	 	 	 	155,182	 	 	 	127,874	 	 	 	177,250	 	 	 	144,658	 	
Premiums receivable and other reinsurance balances	 	 	1,045,131	 	 	 	986,658	 	 	 	1,037,679	 	 	 	987,342	 	 	 	898,522	 	
Reinsurance ceded receivables	 	 	781,006	 	 	 	807,929	 	 	 	769,699	 	 	 	790,889	 	 	 	721,830	 	
Deferred policy acquisition costs	 	 	3,733,686	 	 	 	3,679,075	 	 	 	3,726,443	 	 	 	3,741,534	 	 	 	3,597,865	 	
Other assets	 	 	339,724	 	 	 	327,039	 	 	 	289,984	 	 	 	296,555	 	 	 	250,807	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total assets	 	$	30,659,277	 	 	$	29,510,019	 	 	$	29,081,908	 	 	$	28,934,028	 	 	$	27,220,606	 	

Liabilities and Stockholders’ Equity	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Future policy benefits	 	 	9,642,814	 	 	$	9,438,432	 	 	$	9,274,789	 	 	$	8,906,977	 	 	$	8,518,817	 	
Interest-sensitive contract liabilities	 	 	8,100,608	 	 	 	7,747,203	 	 	 	7,774,481	 	 	 	7,884,874	 	 	 	7,781,407	 	
Other policy claims and benefits	 	 	2,774,031	 	 	 	2,728,122	 	 	 	2,597,941	 	 	 	2,590,014	 	 	 	2,387,579	 	
Other reinsurance balances	 	 	159,340	 	 	 	184,958	 	 	 	133,590	 	 	 	134,066	 	 	 	143,723	 	
Deferred income taxes	 	 	1,421,480	 	 	 	1,415,333	 	 	 	1,396,747	 	 	 	1,064,726	 	 	 	977,873	 	
Other liabilities	 	 	784,291	 	 	 	701,799	 	 	 	637,923	 	 	 	1,129,848	 	 	 	742,940	 	
Short-term debt	 	 	199,993	 	 	 	255,989	 	 	 	199,985	 	 	 	—	 	 	 	—	 	
Long-term debt	 	 	1,414,406	 	 	 	1,016,510	 	 	 	1,016,425	 	 	 	1,216,320	 	 	 	1,216,230	 	
Collateral finance facility	 	 	837,789	 	 	 	839,354	 	 	 	850,039	 	 	 	850,026	 	 	 	850,030	 	
Company-obligated mandatorily redeemable preferred securities of subsidiary trust holding solely junior subordinated debentures of the Company	 	 	—	 	 	 	159,455	 	 	 	159,421	 	 	 	159,368	 	 	 	159,316	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total liabilities	 	 	25,334,752	 	 	 	24,487,155	 	 	 	24,041,341	 	 	 	23,936,219	 	 	 	22,777,915	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Stockholders’ Equity:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Common stock, at par value	 	 	791	 	 	 	791	 	 	 	734	 	 	 	734	 	 	 	734	 	
Warrants	 	 	—	 	 	 	—	 	 	 	66,912	 	 	 	66,912	 	 	 	66,912	 	
Additional paid-in-capital	 	 	1,713,893	 	 	 	1,708,096	 	 	 	1,478,398	 	 	 	1,477,011	 	 	 	1,473,305	 	
Retained earnings	 	 	2,856,009	 	 	 	2,738,868	 	 	 	2,587,403	 	 	 	2,402,167	 	 	 	2,282,968	 	
Treasury stock	 	 	(310,856	)	 	 	(323,689	)	 	 	(295	)	 	 	(8,774	)	 	 	(9,570	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Accumulated other comprehensive income (AOCI):	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Accumulated currency translation adjustment, net of income taxes	 	 	311,653	 	 	 	297,513	 	 	 	270,526	 	 	 	242,686	 	 	 	173,985	 	
Unrealized appreciation of securities, net of income taxes	 	 	767,023	 	 	 	615,631	 	 	 	651,449	 	 	 	832,756	 	 	 	470,365	 	
Pension and postretirement benefits, net of income taxes	 	 	(13,988	)	 	 	(14,346	)	 	 	(14,560	)	 	 	(15,683	)	 	 	(16,008	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total stockholders’ equity	 	 	5,324,525	 	 	 	5,022,864	 	 	 	5,040,567	 	 	 	4,997,809	 	 	 	4,442,691	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total liabilities and stockholders’ equity	 	$	30,659,277	 	 	$	29,510,019	 	 	$	29,081,908	 	 	$	28,934,028	 	 	$	27,220,606	 	

Total stockholders’ equity, excluding AOCI	 	$	4,259,837	 	 	$	4,124,066	 	 	$	4,133,152	 	 	$	3,938,050	 	 	$	3,814,349	 	

Page 5

 
     
Reinsurance Group of America, Incorporated
U.S. Traditional Sub-segment Pre-tax Operating Income
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	 	Current Qtr	 	 	Year-to-Date	 	
 	 	June 30,	 	 	March 31,	 	 	Dec. 31,	 	 	Sept. 30,	 	 	June 30,	 	 	vs. PY	 	 	June 30,	 	 	June 30,	 	 	 	 	
(USD thousands)	 	2011	 	 	2011	 	 	2010	 	 	2010	 	 	2010	 	 	Quarter	 	 	2011	 	 	2010	 	 	Change	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	973,837	 	 	$	935,053	 	 	$	1,009,758	 	 	$	930,070	 	 	$	933,162	 	 	$	40,675	 	 	$	1,908,890	 	 	$	1,836,123	 	 	$	72,767	 	
Investment income, net of related expenses	 	 	124,564	 	 	 	119,781	 	 	 	117,272	 	 	 	124,596	 	 	 	120,782	 	 	 	3,782	 	 	 	244,345	 	 	 	234,243	 	 	 	10,102	 	
Other revenue	 	 	738	 	 	 	493	 	 	 	504	 	 	 	428	 	 	 	190	 	 	 	548	 	 	 	1,231	 	 	 	788	 	 	 	443	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	 	 	1,099,139	 	 	 	1,055,327	 	 	 	1,127,534	 	 	 	1,055,094	 	 	 	1,054,134	 	 	 	45,005	 	 	 	2,154,466	 	 	 	2,071,154	 	 	 	83,312	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	 	839,173	 	 	 	822,407	 	 	 	842,335	 	 	 	793,270	 	 	 	788,956	 	 	 	50,217	 	 	 	1,661,580	 	 	 	1,578,731	 	 	 	82,849	 	
Interest credited	 	 	14,967	 	 	 	14,584	 	 	 	14,826	 	 	 	16,698	 	 	 	16,312	 	 	 	(1,345	)	 	 	29,551	 	 	 	32,948	 	 	 	(3,397	)	
Policy acquisition costs and other insurance expenses	 	 	132,172	 	 	 	127,462	 	 	 	142,057	 	 	 	125,526	 	 	 	134,470	 	 	 	(2,298	)	 	 	259,634	 	 	 	263,243	 	 	 	(3,609	)	
Other operating expenses	 	 	19,486	 	 	 	21,350	 	 	 	21,221	 	 	 	18,534	 	 	 	18,303	 	 	 	1,183	 	 	 	40,836	 	 	 	39,162	 	 	 	1,674	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	 	 	1,005,798	 	 	 	985,803	 	 	 	1,020,439	 	 	 	954,028	 	 	 	958,041	 	 	 	47,757	 	 	 	1,991,601	 	 	 	1,914,084	 	 	 	77,517	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	 	93,341	 	 	 	69,524	 	 	 	107,095	 	 	 	101,066	 	 	 	96,093	 	 	 	(2,752	)	 	 	162,865	 	 	 	157,070	 	 	 	5,795	 	

Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	 	93,341	 	 	 	69,524	 	 	 	107,095	 	 	 	101,066	 	 	 	96,093	 	 	 	(2,752	)	 	 	162,865	 	 	 	157,070	 	 	 	5,795	 	
Investment and derivative (losses) gains — non-operating	 	 	205	 	 	 	8,875	 	 	 	6,246	 	 	 	13,009	 	 	 	2,721	 	 	 	(2,516	)	 	 	9,080	 	 	 	5,569	 	 	 	3,511	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	$	93,546	 	 	$	78,399	 	 	$	113,341	 	 	$	114,075	 	 	$	98,814	 	 	$	(5,268	)	 	$	171,945	 	 	$	162,639	 	 	$	9,306	 	

Loss and Expense Ratios:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	 	86.2	%	 	 	88.0	%	 	 	83.4	%	 	 	85.3	%	 	 	84.5	%	 	 	1.7	%	 	 	87.0	%	 	 	86.0	%	 	 	1.0	%	
Policy acquisition costs and other insurance expenses	 	 	13.6	%	 	 	13.6	%	 	 	14.1	%	 	 	13.5	%	 	 	14.4	%	 	 	-0.8	%	 	 	13.6	%	 	 	14.3	%	 	 	-0.7	%	
Other operating expenses	 	 	2.0	%	 	 	2.3	%	 	 	2.1	%	 	 	2.0	%	 	 	2.0	%	 	 	0.0	%	 	 	2.1	%	 	 	2.1	%	 	 	0.0	%	

Page 6

 
     
Reinsurance Group of America, Incorporated
U.S. Asset Intensive Sub-segment Pre-tax Operating Income
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	 	Current Qtr	 	 	Year-to-Date	 	
 	 	June 30,	 	 	March 31,	 	 	Dec. 31,	 	 	Sept. 30,	 	 	June 30,	 	 	vs. PY	 	 	June 30,	 	 	June 30,	 	 	 	 	
(USD thousands except account values)	 	2011	 	 	2011	 	 	2010	 	 	2010	 	 	2010	 	 	Quarter	 	 	2011	 	 	2010	 	 	Change	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	3,459	 	 	$	3,325	 	 	$	3,401	 	 	$	2,724	 	 	$	3,128	 	 	$	331	 	 	$	6,784	 	 	$	15,005	 	 	$	(8,221	)	
Investment income, net of related expenses	 	 	97,944	 	 	 	159,414	 	 	 	129,985	 	 	 	60,853	 	 	 	77,189	 	 	 	20,755	 	 	 	257,358	 	 	 	173,638	 	 	 	83,720	 	
Investment related gains (losses), net	 	 	(20	)	 	 	(16	)	 	 	(18	)	 	 	(18	)	 	 	(18	)	 	 	(2	)	 	 	(36	)	 	 	(36	)	 	 	—	 	
Other revenue	 	 	23,536	 	 	 	24,001	 	 	 	24,156	 	 	 	19,605	 	 	 	21,944	 	 	 	1,592	 	 	 	47,537	 	 	 	42,837	 	 	 	4,700	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	 	 	124,919	 	 	 	186,724	 	 	 	157,524	 	 	 	83,164	 	 	 	102,243	 	 	 	22,676	 	 	 	311,643	 	 	 	231,444	 	 	 	80,199	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	 	4,264	 	 	 	2,816	 	 	 	3,131	 	 	 	(318	)	 	 	2,850	 	 	 	1,414	 	 	 	7,080	 	 	 	12,460	 	 	 	(5,380	)	
Interest credited	 	 	59,603	 	 	 	118,230	 	 	 	90,017	 	 	 	35,008	 	 	 	47,868	 	 	 	11,735	 	 	 	177,833	 	 	 	110,574	 	 	 	67,259	 	
Policy acquisition costs and other insurance expenses	 	 	39,323	 	 	 	42,755	 	 	 	41,614	 	 	 	32,072	 	 	 	33,341	 	 	 	5,982	 	 	 	82,078	 	 	 	70,491	 	 	 	11,587	 	
Other operating expenses	 	 	1,743	 	 	 	2,154	 	 	 	2,781	 	 	 	2,413	 	 	 	2,414	 	 	 	(671	)	 	 	3,897	 	 	 	5,603	 	 	 	(1,706	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	 	 	104,933	 	 	 	165,955	 	 	 	137,543	 	 	 	69,175	 	 	 	86,473	 	 	 	18,460	 	 	 	270,888	 	 	 	199,128	 	 	 	71,760	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income (loss) before income taxes	 	 	19,986	 	 	 	20,769	 	 	 	19,981	 	 	 	13,989	 	 	 	15,770	 	 	 	4,216	 	 	 	40,755	 	 	 	32,316	 	 	 	8,439	 	

Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	 	19,986	 	 	 	20,769	 	 	 	19,981	 	 	 	13,989	 	 	 	15,770	 	 	 	4,216	 	 	 	40,755	 	 	 	32,316	 	 	 	8,439	 	
Investment and derivative (losses) gains — non-operating  (1)	 	 	28,681	 	 	 	(18,704	)	 	 	(109,171	)	 	 	17,112	 	 	 	124,746	 	 	 	(96,065	)	 	 	9,977	 	 	 	127,554	 	 	 	(117,577	)	
Change in value of modified coinsurance and funds withheld embedded derivatives  (1)	 	 	10,525	 	 	 	90,535	 	 	 	43,780	 	 	 	(38,653	)	 	 	32,512	 	 	 	(21,987	)	 	 	101,060	 	 	 	155,147	 	 	 	(54,087	)	
GMXB embedded derivatives (1)	 	 	(25,860	)	 	 	32,654	 	 	 	121,209	 	 	 	(16,232	)	 	 	(140,934	)	 	 	115,074	 	 	 	6,794	 	 	 	(133,763	)	 	 	140,557	 	
Funds withheld losses (gains) — investment income	 	 	7,185	 	 	 	(12,041	)	 	 	8,240	 	 	 	6,494	 	 	 	5,772	 	 	 	1,413	 	 	 	(4,856	)	 	 	5,690	 	 	 	(10,546	)	
Funds withheld losses (gains) — policy acq. costs	 	 	(1,793	)	 	 	1,925	 	 	 	(793	)	 	 	(954	)	 	 	(777	)	 	 	(1,016	)	 	 	132	 	 	 	(696	)	 	 	828	 	
EIA embedded derivatives — interest credited	 	 	(21,011	)	 	 	26,751	 	 	 	25,741	 	 	 	(43,070	)	 	 	(14,990	)	 	 	(6,021	)	 	 	5,740	 	 	 	7,432	 	 	 	(1,692	)	
EIA embedded derivatives — policy acq. costs	 	 	2,073	 	 	 	(2,944	)	 	 	(3,008	)	 	 	4,189	 	 	 	1,503	 	 	 	570	 	 	 	(871	)	 	 	(1,747	)	 	 	876	 	
DAC offset, net	 	 	(4,158	)	 	 	(72,567	)	 	 	(49,618	)	 	 	50,519	 	 	 	(6,041	)	 	 	1,883	 	 	 	(76,725	)	 	 	(109,810	)	 	 	33,085	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	$	15,628	 	 	$	66,378	 	 	$	56,361	 	 	$	(6,606	)	 	$	17,561	 	 	$	(1,933	)	 	$	82,006	 	 	$	82,123	 	 	$	(117	)	

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

Page 7

 
     
Reinsurance Group of America, Incorporated
U.S. Asset Intensive Sub-segment
(Cont’d)
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	
 	 	June 30,	 	 	March 31,	 	 	Dec. 31,	 	 	Sept. 30,	 	 	June 30,	 	
(USD millions)	 	2011	 	 	2011	 	 	2010	 	 	2010	 	 	2010	 	
Annuity account values:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Fixed annuities (deferred)	 	$	835	 	 	$	804	 	 	$	822	 	 	$	837	 	 	$	847	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net interest spread (fixed annuities):	 	 	2.2	%	 	 	2.7	%	 	 	2.4	%	 	 	1.5	%	 	 	2.3	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Equity-indexed annuities	 	$	4,324	 	 	$	4,258	 	 	$	4,239	 	 	$	4,210	 	 	$	4,145	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Variable annuities:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
No riders	 	$	1,114	 	 	$	1,172	 	 	$	1,156	 	 	$	1,243	 	 	$	1,190	 	
GMDB only	 	 	89	 	 	 	91	 	 	 	90	 	 	 	87	 	 	 	79	 	
GMIB only	 	 	6	 	 	 	6	 	 	 	6	 	 	 	6	 	 	 	6	 	
GMAB only	 	 	63	 	 	 	64	 	 	 	64	 	 	 	62	 	 	 	58	 	
GMWB only	 	 	1,751	 	 	 	1,773	 	 	 	1,735	 	 	 	1,653	 	 	 	1,517	 	
GMDB / WB	 	 	493	 	 	 	500	 	 	 	492	 	 	 	472	 	 	 	431	 	
Other	 	 	35	 	 	 	36	 	 	 	36	 	 	 	34	 	 	 	32	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total VA account values	 	$	3,551	 	 	$	3,642	 	 	$	3,579	 	 	$	3,557	 	 	$	3,313	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Fair value of liabilities associated with living benefit riders	 	$	46	 	 	$	20	 	 	$	53	 	 	$	174	 	 	$	158	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest-sensitive contract liabilities associated with:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Guaranteed investment contracts	 	$	199	 	 	$	199	 	 	$	199	 	 	$	199	 	 	$	199	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Bank-owned life insurance (BOLI)	 	$	502	 	 	$	498	 	 	$	494	 	 	$	491	 	 	$	487	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Other asset-intensive business	 	$	85	 	 	$	87	 	 	$	90	 	 	$	96	 	 	$	98	 	

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Reinsurance Group of America, Incorporated
U.S. Financial Reinsurance Sub-segment Pre-tax Operating Income
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	 	Current Qtr	 	 	Year-to-Date	 	
 	 	June 30,	 	 	March 31,	 	 	Dec. 31,	 	 	Sept. 30,	 	 	June 30,	 	 	vs. PY	 	 	June 30,	 	 	June 30,	 	 	 	 	
(USD thousands)	 	2011	 	 	2011	 	 	2010	 	 	2010	 	 	2010	 	 	Quarter	 	 	2011	 	 	2010	 	 	Change	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Investment income, net of related expenses	 	$	62	 	 	$	(197	)	 	$	63	 	 	$	154	 	 	$	107	 	 	$	(45	)	 	$	(135	)	 	$	56	 	 	$	(191	)	
Other revenue	 	 	9,194	 	 	 	9,002	 	 	 	7,029	 	 	 	5,608	 	 	 	5,820	 	 	 	3,374	 	 	 	18,196	 	 	 	10,870	 	 	 	7,326	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	 	 	9,256	 	 	 	8,805	 	 	 	7,092	 	 	 	5,762	 	 	 	5,927	 	 	 	3,329	 	 	 	18,061	 	 	 	10,926	 	 	 	7,135	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Policy acquisition costs and other insurance expenses	 	 	797	 	 	 	853	 	 	 	447	 	 	 	461	 	 	 	580	 	 	 	217	 	 	 	1,650	 	 	 	1,106	 	 	 	544	 	
Other operating expenses	 	 	1,469	 	 	 	1,797	 	 	 	1,067	 	 	 	940	 	 	 	937	 	 	 	532	 	 	 	3,266	 	 	 	2,216	 	 	 	1,050	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	 	 	2,266	 	 	 	2,650	 	 	 	1,514	 	 	 	1,401	 	 	 	1,517	 	 	 	749	 	 	 	4,916	 	 	 	3,322	 	 	 	1,594	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	 	6,990	 	 	 	6,155	 	 	 	5,578	 	 	 	4,361	 	 	 	4,410	 	 	 	2,580	 	 	 	13,145	 	 	 	7,604	 	 	 	5,541	 	

Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	 	6,990	 	 	 	6,155	 	 	 	5,578	 	 	 	4,361	 	 	 	4,410	 	 	 	2,580	 	 	 	13,145	 	 	 	7,604	 	 	 	5,541	 	
Investment and derivative (losses) gains — non-operating	 	 	7	 	 	 	(35	)	 	 	(23	)	 	 	(44	)	 	 	(10	)	 	 	17	 	 	 	(28	)	 	 	(19	)	 	 	(9	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	$	6,997	 	 	$	6,120	 	 	$	5,555	 	 	$	4,317	 	 	$	4,400	 	 	$	2,597	 	 	$	13,117	 	 	$	7,585	 	 	$	5,532	 	

Page 9

 
Reinsurance Group of America, Incorporated
Canadian Segment Pre-tax Operating Income
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	 	Current Qtr	 	 	Year-to-Date	 	
 	 	June 30,	 	 	March 31,	 	 	Dec. 31,	 	 	Sept. 30,	 	 	June 30,	 	 	vs. PY	 	 	June 30,	 	 	June 30,	 	 	 	 	
(USD thousands)	 	2011	 	 	2011	 	 	2010	 	 	2010	 	 	2010	 	 	Quarter	 	 	2011	 	 	2010	 	 	Change	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	209,717	 	 	$	215,028	 	 	$	205,925	 	 	$	205,552	 	 	$	177,079	 	 	$	32,638	 	 	$	424,745	 	 	$	385,729	 	 	$	39,016	 	
Investment income, net of related expenses	 	 	45,052	 	 	 	44,901	 	 	 	41,534	 	 	 	41,170	 	 	 	42,206	 	 	 	2,846	 	 	 	89,953	 	 	 	82,434	 	 	 	7,519	 	
Investment related gains (losses), net	 	 	1,183	 	 	 	1,169	 	 	 	1,187	 	 	 	938	 	 	 	915	 	 	 	268	 	 	 	2,352	 	 	 	1,810	 	 	 	542	 	
Other revenue	 	 	4,980	 	 	 	22	 	 	 	59	 	 	 	803	 	 	 	241	 	 	 	4,739	 	 	 	5,002	 	 	 	284	 	 	 	4,718	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	 	 	260,932	 	 	 	261,120	 	 	 	248,705	 	 	 	248,463	 	 	 	220,441	 	 	 	40,491	 	 	 	522,052	 	 	 	470,257	 	 	 	51,795	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	 	165,860	 	 	 	179,055	 	 	 	152,038	 	 	 	186,554	 	 	 	145,250	 	 	 	20,610	 	 	 	344,915	 	 	 	317,766	 	 	 	27,149	 	
Interest credited	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	
Policy acquisition costs and other insurance expenses	 	 	44,422	 	 	 	47,089	 	 	 	50,966	 	 	 	26,901	 	 	 	35,264	 	 	 	9,158	 	 	 	91,511	 	 	 	89,705	 	 	 	1,806	 	
Other operating expenses	 	 	8,793	 	 	 	8,694	 	 	 	9,058	 	 	 	6,971	 	 	 	6,994	 	 	 	1,799	 	 	 	17,487	 	 	 	13,835	 	 	 	3,652	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	 	 	219,075	 	 	 	234,838	 	 	 	212,062	 	 	 	220,426	 	 	 	187,508	 	 	 	31,567	 	 	 	453,913	 	 	 	421,306	 	 	 	32,607	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	 	41,857	 	 	 	26,282	 	 	 	36,643	 	 	 	28,037	 	 	 	32,933	 	 	 	8,924	 	 	 	68,139	 	 	 	48,951	 	 	 	19,188	 	

Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	 	41,857	 	 	 	26,282	 	 	 	36,643	 	 	 	28,037	 	 	 	32,933	 	 	 	8,924	 	 	 	68,139	 	 	 	48,951	 	 	 	19,188	 	
Investment and derivative (losses) gains — non-operating	 	 	2,135	 	 	 	4,389	 	 	 	(454	)	 	 	5,431	 	 	 	815	 	 	 	1,320	 	 	 	6,524	 	 	 	3,770	 	 	 	2,754	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	$	43,992	 	 	$	30,671	 	 	$	36,189	 	 	$	33,468	 	 	$	33,748	 	 	$	10,244	 	 	$	74,663	 	 	$	52,721	 	 	$	21,942	 	

Loss and Expense Ratios:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Loss ratios (creditor business)	 	 	39.7	%	 	 	37.7	%	 	 	39.1	%	 	 	32.5	%	 	 	40.6	%	 	 	-0.9	%	 	 	38.6	%	 	 	41.0	%	 	 	-2.4	%	
Loss ratios (excluding creditor business)	 	 	88.8	%	 	 	97.6	%	 	 	84.3	%	 	 	96.3	%	 	 	91.9	%	 	 	-3.1	%	 	 	93.2	%	 	 	99.0	%	 	 	-5.8	%	
Claims and other policy benefits / (net premiums + investment income)	 	 	65.1	%	 	 	68.9	%	 	 	61.4	%	 	 	75.6	%	 	 	66.2	%	 	 	-1.1	%	 	 	67.0	%	 	 	67.9	%	 	 	-0.9	%	
Policy acquisition costs and other insurance expenses (creditor business)	 	 	57.3	%	 	 	55.3	%	 	 	56.4	%	 	 	55.6	%	 	 	56.8	%	 	 	0.5	%	 	 	56.2	%	 	 	52.7	%	 	 	3.5	%	
Policy acquisition costs and other insurance expenses (excluding creditor business)	 	 	12.2	%	 	 	11.3	%	 	 	15.3	%	 	 	9.1	%	 	 	11.1	%	 	 	1.1	%	 	 	11.8	%	 	 	11.4	%	 	 	0.4	%	
Other operating expenses	 	 	4.2	%	 	 	4.0	%	 	 	4.4	%	 	 	3.4	%	 	 	3.9	%	 	 	0.3	%	 	 	4.1	%	 	 	3.6	%	 	 	0.5	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Foreign currency effect*:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	12,409	 	 	$	11,248	 	 	$	8,357	 	 	$	10,236	 	 	$	20,670	 	 	$	(8,261	)	 	$	23,657	 	 	$	54,227	 	 	$	(30,570	)	
Operating income before income taxes	 	$	3,021	 	 	$	453	 	 	$	1,858	 	 	$	292	 	 	$	4,079	 	 	$	(1,058	)	 	$	3,474	 	 	$	5,452	 	 	$	(1,978	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Creditor reinsurance net premiums	 	$	41,613	 	 	$	51,584	 	 	$	47,467	 	 	$	17,707	 	 	$	34,079	 	 	$	7,534	 	 	$	93,197	 	 	$	110,791	 	 	$	(17,594	)	
 
Note: The loss ratios on creditor reinsurance business are normally lower than traditional reinsurance, while allowances are normally higher as a percentage of premiums.

*	 	Compared to comparable prior year period	

Page 10

 
Reinsurance Group of America, Incorporated
Europe & South Africa Segment Pre-tax Operating Income
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	 	Current Qtr	 	 	Year-to-Date	 	
 	 	June 30,	 	 	March 31,	 	 	Dec. 31,	 	 	Sept. 30,	 	 	June 30,	 	 	vs. PY	 	 	June 30,	 	 	June 30,	 	 	 	 	
(USD thousands)	 	2011	 	 	2011	 	 	2010	 	 	2010	 	 	2010	 	 	Quarter	 	 	2011	 	 	2010	 	 	Change	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	283,019	 	 	$	269,120	 	 	$	257,980	 	 	$	232,962	 	 	$	209,919	 	 	$	73,100	 	 	$	552,139	 	 	$	427,571	 	 	$	124,568	 	
Investment income, net of related expenses	 	 	10,174	 	 	 	9,854	 	 	 	9,737	 	 	 	8,579	 	 	 	8,369	 	 	 	1,805	 	 	 	20,028	 	 	 	16,201	 	 	 	3,827	 	
Other revenue	 	 	1,745	 	 	 	1,055	 	 	 	296	 	 	 	857	 	 	 	108	 	 	 	1,637	 	 	 	2,800	 	 	 	946	 	 	 	1,854	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	 	 	294,938	 	 	 	280,029	 	 	 	268,013	 	 	 	242,398	 	 	 	218,396	 	 	 	76,542	 	 	 	574,967	 	 	 	444,718	 	 	 	130,249	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	 	242,973	 	 	 	216,932	 	 	 	195,172	 	 	 	193,377	 	 	 	165,827	 	 	 	77,146	 	 	 	459,905	 	 	 	345,843	 	 	 	114,062	 	
Policy acquisition costs and other insurance expenses	 	 	9,953	 	 	 	12,059	 	 	 	8,153	 	 	 	12,137	 	 	 	10,273	 	 	 	(320	)	 	 	22,012	 	 	 	23,671	 	 	 	(1,659	)	
Other operating expenses	 	 	26,527	 	 	 	25,012	 	 	 	28,301	 	 	 	21,198	 	 	 	21,317	 	 	 	5,210	 	 	 	51,539	 	 	 	44,027	 	 	 	7,512	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	 	 	279,453	 	 	 	254,003	 	 	 	231,626	 	 	 	226,712	 	 	 	197,417	 	 	 	82,036	 	 	 	533,456	 	 	 	413,541	 	 	 	119,915	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	 	15,485	 	 	 	26,026	 	 	 	36,387	 	 	 	15,686	 	 	 	20,979	 	 	 	(5,494	)	 	 	41,511	 	 	 	31,177	 	 	 	10,334	 	

Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	 	15,485	 	 	 	26,026	 	 	 	36,387	 	 	 	15,686	 	 	 	20,979	 	 	 	(5,494	)	 	 	41,511	 	 	 	31,177	 	 	 	10,334	 	
Investment and derivative (losses) gains — non-operating	 	 	756	 	 	 	293	 	 	 	(1,030	)	 	 	1,808	 	 	 	1,347	 	 	 	(591	)	 	 	1,049	 	 	 	1,806	 	 	 	(757	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	$	16,241	 	 	$	26,319	 	 	$	35,357	 	 	$	17,494	 	 	$	22,326	 	 	$	(6,085	)	 	$	42,560	 	 	$	32,983	 	 	$	9,577	 	

Loss and Expense Ratios:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	 	85.9	%	 	 	80.6	%	 	 	75.7	%	 	 	83.0	%	 	 	79.0	%	 	 	6.9	%	 	 	83.3	%	 	 	80.9	%	 	 	2.4	%	
Policy acquisition costs and other insurance expenses	 	 	3.5	%	 	 	4.5	%	 	 	3.2	%	 	 	5.2	%	 	 	4.9	%	 	 	-1.4	%	 	 	4.0	%	 	 	5.5	%	 	 	-1.5	%	
Other operating expenses	 	 	9.4	%	 	 	9.3	%	 	 	11.0	%	 	 	9.1	%	 	 	10.2	%	 	 	-0.8	%	 	 	9.3	%	 	 	10.3	%	 	 	-1.0	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Foreign currency effect*:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	24,686	 	 	$	6,466	 	 	$	(5,502	)	 	$	(12,500	)	 	$	(6,154	)	 	$	30,840	 	 	$	31,152	 	 	$	13,955	 	 	$	17,197	 	
Operating income before income taxes	 	$	1,712	 	 	$	233	 	 	$	(704	)	 	$	(1,184	)	 	$	(1,158	)	 	$	2,870	 	 	$	1,945	 	 	$	(824	)	 	$	2,769	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Critical illness net premiums	 	$	63,320	 	 	$	60,261	 	 	$	58,102	 	 	$	57,340	 	 	$	52,759	 	 	$	10,561	 	 	$	123,581	 	 	$	108,633	 	 	$	14,948	 	

*	 	Compared to comparable prior year period	

Page 11

 
Reinsurance Group of America, Incorporated
Asia Pacific Segment Pre-tax Operating Income
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	 	Current Qtr	 	 	Year-to-Date	 	
 	 	June 30,	 	 	March 31,	 	 	Dec. 31,	 	 	Sept. 30,	 	 	June 30,	 	 	vs. PY	 	 	June 30,	 	 	June 30,	 	 	 	 	
(USD thousands)	 	2011	 	 	2011	 	 	2010	 	 	2010	 	 	2010	 	 	Quarter	 	 	2011	 	 	2010	 	 	Change	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	316,356	 	 	$	311,517	 	 	$	322,544	 	 	$	273,825	 	 	$	256,878	 	 	$	59,478	 	 	$	627,873	 	 	$	542,696	 	 	$	85,177	 	
Investment income, net of related expenses	 	 	21,402	 	 	 	19,634	 	 	 	18,997	 	 	 	17,042	 	 	 	17,249	 	 	 	4,153	 	 	 	41,036	 	 	 	34,513	 	 	 	6,523	 	
Investment related gains (losses), net	 	 	1,377	 	 	 	(108	)	 	 	365	 	 	 	232	 	 	 	(151	)	 	 	1,528	 	 	 	1,269	 	 	 	556	 	 	 	713	 	
Other revenue	 	 	7,283	 	 	 	8,492	 	 	 	6,642	 	 	 	7,462	 	 	 	6,128	 	 	 	1,155	 	 	 	15,775	 	 	 	12,315	 	 	 	3,460	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	 	 	346,418	 	 	 	339,535	 	 	 	348,548	 	 	 	298,561	 	 	 	280,104	 	 	 	66,314	 	 	 	685,953	 	 	 	590,080	 	 	 	95,873	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	 	267,362	 	 	 	247,930	 	 	 	277,926	 	 	 	220,867	 	 	 	204,494	 	 	 	62,868	 	 	 	515,292	 	 	 	427,590	 	 	 	87,702	 	
Interest Credited	 	 	615	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	615	 	 	 	615	 	 	 	—	 	 	 	615	 	
Policy acquisition costs and other insurance expenses	 	 	44,140	 	 	 	40,820	 	 	 	36,336	 	 	 	27,373	 	 	 	31,661	 	 	 	12,479	 	 	 	84,960	 	 	 	69,591	 	 	 	15,369	 	
Other operating expenses	 	 	26,089	 	 	 	25,127	 	 	 	26,164	 	 	 	22,932	 	 	 	22,265	 	 	 	3,824	 	 	 	51,216	 	 	 	44,650	 	 	 	6,566	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	 	 	338,206	 	 	 	313,877	 	 	 	340,426	 	 	 	271,172	 	 	 	258,420	 	 	 	79,786	 	 	 	652,083	 	 	 	541,831	 	 	 	110,252	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	 	8,212	 	 	 	25,658	 	 	 	8,122	 	 	 	27,389	 	 	 	21,684	 	 	 	(13,472	)	 	 	33,870	 	 	 	48,249	 	 	 	(14,379	)	

Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	 	8,212	 	 	 	25,658	 	 	 	8,122	 	 	 	27,389	 	 	 	21,684	 	 	 	(13,472	)	 	 	33,870	 	 	 	48,249	 	 	 	(14,379	)	
Investment and derivative (losses) gains — non-operating	 	 	(298	)	 	 	(330	)	 	 	1,949	 	 	 	1,094	 	 	 	2,077	 	 	 	(2,375	)	 	 	(628	)	 	 	1,957	 	 	 	(2,585	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	$	7,914	 	 	$	25,328	 	 	$	10,071	 	 	$	28,483	 	 	$	23,761	 	 	$	(15,847	)	 	$	33,242	 	 	$	50,206	 	 	$	(16,964	)	

Loss and Expense Ratios:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	 	84.5	%	 	 	79.6	%	 	 	86.2	%	 	 	80.7	%	 	 	79.6	%	 	 	4.9	%	 	 	82.1	%	 	 	78.8	%	 	 	3.3	%	
Policy acquisition costs and other insurance expenses	 	 	14.0	%	 	 	13.1	%	 	 	11.3	%	 	 	10.0	%	 	 	12.3	%	 	 	1.7	%	 	 	13.5	%	 	 	12.8	%	 	 	0.7	%	
Other operating expenses	 	 	8.2	%	 	 	8.1	%	 	 	8.1	%	 	 	8.4	%	 	 	8.7	%	 	 	-0.5	%	 	 	8.2	%	 	 	8.2	%	 	 	0.0	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Foreign currency effect*:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	40,222	 	 	$	24,825	 	 	$	21,020	 	 	$	17,726	 	 	$	25,935	 	 	$	14,287	 	 	$	65,047	 	 	$	76,242	 	 	$	(11,195	)	
Operating income before income taxes	 	$	557	 	 	$	1,555	 	 	$	487	 	 	$	978	 	 	$	2,276	 	 	$	(1,719	)	 	$	2,112	 	 	$	5,853	 	 	$	(3,741	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Critical illness net premiums	 	$	41,003	 	 	$	45,622	 	 	$	52,386	 	 	$	45,954	 	 	$	48,508	 	 	$	(7,505	)	 	$	86,625	 	 	$	87,906	 	 	$	(1,281	)	

*	 	Compared to comparable prior year period	

Page 12

 
Reinsurance Group of America, Incorporated
Corporate and Other Segment Pre-tax Operating Income
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	 	Current Qtr	 	 	Year-to-Date	 	
 	 	June 30,	 	 	March 31,	 	 	Dec. 31,	 	 	Sept. 30,	 	 	June 30,	 	 	vs. PY	 	 	June 30,	 	 	June 30,	 	 	 	 	
(USD thousands)	 	2011	 	 	2011	 	 	2010	 	 	2010	 	 	2010	 	 	Quarter	 	 	2011	 	 	2010	 	 	Change	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	2,288	 	 	$	2,087	 	 	$	2,291	 	 	$	2,167	 	 	$	1,851	 	 	$	437	 	 	$	4,375	 	 	$	3,357	 	 	$	1,018	 	
Investment income, net of related expenses	 	 	31,053	 	 	 	29,694	 	 	 	29,399	 	 	 	28,616	 	 	 	19,997	 	 	 	11,056	 	 	 	60,747	 	 	 	49,154	 	 	 	11,593	 	
Investment related gains (losses), net	 	 	31	 	 	 	485	 	 	 	(489	)	 	 	(794	)	 	 	(29	)	 	 	60	 	 	 	516	 	 	 	137	 	 	 	379	 	
Other revenue	 	 	3,001	 	 	 	3,609	 	 	 	3,684	 	 	 	2,752	 	 	 	766	 	 	 	2,235	 	 	 	6,610	 	 	 	3,435	 	 	 	3,175	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	 	 	36,373	 	 	 	35,875	 	 	 	34,885	 	 	 	32,741	 	 	 	22,585	 	 	 	13,788	 	 	 	72,248	 	 	 	56,083	 	 	 	16,165	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	 	381	 	 	 	309	 	 	 	243	 	 	 	141	 	 	 	(138	)	 	 	519	 	 	 	690	 	 	 	29	 	 	 	661	 	
Interest credited	 	 	—	 	 	 	—	 	 	 	1	 	 	 	—	 	 	 	(1	)	 	 	1	 	 	 	—	 	 	 	13	 	 	 	(13	)	
Policy acquisition costs and other insurance expenses	 	 	(13,403	)	 	 	(13,471	)	 	 	(13,548	)	 	 	(13,658	)	 	 	(13,755	)	 	 	352	 	 	 	(26,874	)	 	 	(26,609	)	 	 	(265	)	
Other operating expenses	 	 	13,054	 	 	 	17,625	 	 	 	13,624	 	 	 	12,421	 	 	 	10,917	 	 	 	2,137	 	 	 	30,679	 	 	 	24,853	 	 	 	5,826	 	
Interest expense	 	 	25,818	 	 	 	24,569	 	 	 	25,215	 	 	 	25,191	 	 	 	25,141	 	 	 	677	 	 	 	50,387	 	 	 	40,590	 	 	 	9,797	 	
Collateral finance facility expense	 	 	3,101	 	 	 	3,202	 	 	 	2,049	 	 	 	2,041	 	 	 	1,960	 	 	 	1,141	 	 	 	6,303	 	 	 	3,766	 	 	 	2,537	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	 	 	28,951	 	 	 	32,234	 	 	 	27,584	 	 	 	26,136	 	 	 	24,124	 	 	 	4,827	 	 	 	61,185	 	 	 	42,642	 	 	 	18,543	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income (loss) before income taxes	 	 	7,422	 	 	 	3,641	 	 	 	7,301	 	 	 	6,605	 	 	 	(1,539	)	 	 	8,961	 	 	 	11,063	 	 	 	13,441	 	 	 	(2,378	)	

Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	 	7,422	 	 	 	3,641	 	 	 	7,301	 	 	 	6,605	 	 	 	(1,539	)	 	 	8,961	 	 	 	11,063	 	 	 	13,441	 	 	 	(2,378	)	
Investment and derivative (losses) gains — non-operating	 	 	8,666	 	 	 	4,413	 	 	 	11,082	 	 	 	(663	)	 	 	(999	)	 	 	9,665	 	 	 	13,079	 	 	 	(10,311	)	 	 	23,390	 	
Gain on repurchase of collateral finance facility securities	 	 	—	 	 	 	4,971	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	4,971	 	 	 	—	 	 	 	4,971	 	
Loss on retirement of PIERS	 	 	—	 	 	 	(4,391	)	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	(4,391	)	 	 	—	 	 	 	(4,391	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	$	16,088	 	 	$	8,634	 	 	$	18,383	 	 	$	5,942	 	 	$	(2,538	)	 	$	18,626	 	 	$	24,722	 	 	$	3,130	 	 	$	21,592	 	

Foreign currency effect*:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	(40	)	 	$	(52	)	 	$	58	 	 	$	(14	)	 	$	(6	)	 	$	(34	)	 	$	(92	)	 	$	(5	)	 	$	(87	)	
Operating income before income taxes	 	$	423	 	 	$	2,393	 	 	$	(61	)	 	$	1,912	 	 	$	(12	)	 	$	435	 	 	$	2,816	 	 	$	4,201	 	 	$	(1,385	)	

*	 	Compared to comparable prior year period	

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Reinsurance Group of America, Incorporated
Summary of Pre-tax Segment Operating Income
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	 	Current Qtr	 	 	Year-to-Date	 	
 	 	June 30,	 	 	March 31,	 	 	Dec. 31,	 	 	Sept. 30,	 	 	June 30,	 	 	vs. PY	 	 	June 30,	 	 	June 30,	 	 	 	 	
(USD thousands)	 	2011	 	 	2011	 	 	2010	 	 	2010	 	 	2010	 	 	Quarter	 	 	2011	 	 	2010	 	 	Change	 	
U.S. Traditional	 	$	93,341	 	 	$	69,524	 	 	$	107,095	 	 	$	101,066	 	 	$	96,093	 	 	$	(2,752	)	 	$	162,865	 	 	$	157,070	 	 	$	5,795	 	
U.S. Asset Intensive	 	 	19,986	 	 	 	20,769	 	 	 	19,981	 	 	 	13,989	 	 	 	15,770	 	 	 	4,216	 	 	 	40,755	 	 	 	32,316	 	 	 	8,439	 	
U.S. Financial Reinsurance	 	 	6,990	 	 	 	6,155	 	 	 	5,578	 	 	 	4,361	 	 	 	4,410	 	 	 	2,580	 	 	 	13,145	 	 	 	7,604	 	 	 	5,541	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total U.S. Segment	 	 	120,317	 	 	 	96,448	 	 	 	132,654	 	 	 	119,416	 	 	 	116,273	 	 	 	4,044	 	 	 	216,765	 	 	 	196,990	 	 	 	19,775	 	
Canadian Segment	 	 	41,857	 	 	 	26,282	 	 	 	36,643	 	 	 	28,037	 	 	 	32,933	 	 	 	8,924	 	 	 	68,139	 	 	 	48,951	 	 	 	19,188	 	
Europe & South Africa Segment	 	 	15,485	 	 	 	26,026	 	 	 	36,387	 	 	 	15,686	 	 	 	20,979	 	 	 	(5,494	)	 	 	41,511	 	 	 	31,177	 	 	 	10,334	 	
Asia Pacific Segment	 	 	8,212	 	 	 	25,658	 	 	 	8,122	 	 	 	27,389	 	 	 	21,684	 	 	 	(13,472	)	 	 	33,870	 	 	 	48,249	 	 	 	(14,379	)	
Corporate and Other	 	 	7,422	 	 	 	3,641	 	 	 	7,301	 	 	 	6,605	 	 	 	(1,539	)	 	 	8,961	 	 	 	11,063	 	 	 	13,441	 	 	 	(2,378	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Consolidated	 	$	193,293	 	 	$	178,055	 	 	$	221,107	 	 	$	197,133	 	 	$	190,330	 	 	$	2,963	 	 	$	371,348	 	 	$	338,808	 	 	$	32,540	 	

Page 14

 
     
Reinsurance Group of America, Incorporated
Investments
(USD thousands)
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Cash and Invested Assets	 	
 	 	June 30,	 	 	March 31,	 	 	Dec. 31,	 	 	Sept. 30,	 	 	June 30,	 	
 	 	2011	 	 	2011	 	 	2010	 	 	2010	 	 	2010	 	
Fixed maturity securities, available-for-sale	 	$	15,153,807	 	 	$	14,531,154	 	 	$	14,304,597	 	 	$	14,169,930	 	 	$	13,077,607	 	
Mortgage loans on real estate	 	 	908,048	 	 	 	906,869	 	 	 	885,811	 	 	 	863,873	 	 	 	838,827	 	
Policy loans	 	 	1,229,663	 	 	 	1,222,016	 	 	 	1,228,418	 	 	 	1,173,148	 	 	 	1,173,016	 	
Funds withheld at interest	 	 	5,671,844	 	 	 	5,595,146	 	 	 	5,421,952	 	 	 	5,276,511	 	 	 	5,257,929	 	
Short-term investments	 	 	125,618	 	 	 	74,902	 	 	 	118,387	 	 	 	84,091	 	 	 	63,962	 	
Other invested assets	 	 	799,341	 	 	 	756,377	 	 	 	707,403	 	 	 	738,830	 	 	 	637,827	 	
Cash and cash equivalents	 	 	710,973	 	 	 	467,672	 	 	 	463,661	 	 	 	634,075	 	 	 	557,756	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total cash and invested assets	 	$	24,599,294	 	 	$	23,554,136	 	 	$	23,130,229	 	 	$	22,940,458	 	 	$	21,606,924	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Investment Income and Yield Summary
(Excludes Funds Withheld Portfolios)
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	 	Current Qtr	 	 	Year-to-Date	 	
 	 	June 30,	 	 	March 31,	 	 	Dec. 31,	 	 	Sept. 30,	 	 	June 30,	 	 	vs. PY	 	 	June 30,	 	 	June 30,	 	 	 	 	
 	 	2011	 	 	2011	 	 	2010	 	 	2010	 	 	2010	 	 	Quarter	 	 	2011	 	 	2010	 	 	Change	 	
Average invested assets at amortized cost	 	$	17,446,168	 	 	$	16,762,725	 	 	$	16,257,365	 	 	$	15,763,396	 	 	$	15,432,369	 	 	$	2,013,799	 	 	$	16,992,394	 	 	$	15,141,511	 	 	$	1,850,883	 	
Net investment income	 	$	228,728	 	 	$	219,908	 	 	$	216,176	 	 	$	218,546	 	 	$	208,303	 	 	$	20,425	 	 	$	448,636	 	 	$	423,598	 	 	$	25,038	 	
Annualized investment yield (ratio of net investment income to average invested assets)	 	 	5.35	%	 	 	5.35	%	 	 	5.43	%	 	 	5.66	%	 	 	5.51	%	 	 	-0.16	%	 	 	5.35	%	 	 	5.67	%	 	 	-0.32	%	

Page 15

 
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)
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	June 30, 2011	 	 	Other-than-	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	Estimated	 	 	 	 	 	 	temporary	 	
 	 	Amortized	 	 	Unrealized	 	 	Unrealized	 	 	Fair	 	 	% of	 	 	Impairment	 	
 	 	Cost	 	 	Gains	 	 	Losses	 	 	Value	 	 	Total	 	 	in AOCI	 	
Available-for-sale:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Corporate securities	 	$	7,307,996	 	 	$	470,307	 	 	$	81,235	 	 	$	7,697,068	 	 	 	50.8	%	 	$	—	 	
Canadian and Canadian provincial governments	 	 	2,533,410	 	 	 	677,586	 	 	 	2,840	 	 	 	3,208,156	 	 	 	21.2	%	 	 	—	 	
Residential mortgage-backed securities	 	 	1,320,758	 	 	 	59,345	 	 	 	14,319	 	 	 	1,365,784	 	 	 	9.0	%	 	 	(258	)	
Asset-backed securities	 	 	415,637	 	 	 	12,925	 	 	 	51,642	 	 	 	376,920	 	 	 	2.5	%	 	 	(6,258	)	
Commercial mortgage-backed securities	 	 	1,333,832	 	 	 	92,380	 	 	 	67,107	 	 	 	1,359,105	 	 	 	9.0	%	 	 	(8,375	)	
U.S. government and agencies	 	 	191,048	 	 	 	10,832	 	 	 	602	 	 	 	201,278	 	 	 	1.3	%	 	 	—	 	
State and political subdivisions	 	 	192,368	 	 	 	11,057	 	 	 	5,061	 	 	 	198,364	 	 	 	1.3	%	 	 	—	 	
Other foreign government securities	 	 	746,298	 	 	 	8,557	 	 	 	7,723	 	 	 	747,132	 	 	 	4.9	%	 	 	—	 	
 	 	 	
Total fixed maturity securities	 	$	14,041,347	 	 	$	1,342,989	 	 	$	230,529	 	 	$	15,153,807	 	 	 	100.0	%	 	$	(14,891	)	

Non-redeemable preferred stock	 	 	104,444	 	 	 	5,337	 	 	 	2,263	 	 	 	107,518	 	 	 	75.6	%	 	 	 	 	
Other equity securities	 	 	34,237	 	 	 	1,498	 	 	 	1,027	 	 	 	34,708	 	 	 	24.4	%	 	 	 	 	
 	 	 	 	 	 	 	
Total equity securities	 	$	138,681	 	 	$	6,835	 	 	$	3,290	 	 	$	142,226	 	 	 	100.0	%	 	 	 	 	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	December 31, 2010	 	 	Other-than-	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	Estimated	 	 	 	 	 	 	temporary	 	
 	 	Amortized	 	 	Unrealized	 	 	Unrealized	 	 	Fair	 	 	% of	 	 	Impairment	 	
 	 	Cost	 	 	Gains	 	 	Losses	 	 	Value	 	 	Total	 	 	in AOCI	 	
Available-for-sale:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Corporate securities	 	$	6,826,937	 	 	$	436,384	 	 	$	107,816	 	 	$	7,155,505	 	 	 	50.0	%	 	$	—	 	
Canadian and Canadian provincial governments	 	 	2,354,418	 	 	 	672,951	 	 	 	3,886	 	 	 	3,023,483	 	 	 	21.1	%	 	 	—	 	
Residential mortgage-backed securities	 	 	1,443,892	 	 	 	55,765	 	 	 	26,580	 	 	 	1,473,077	 	 	 	10.3	%	 	 	(1,650	)	
Asset-backed securities	 	 	440,752	 	 	 	12,001	 	 	 	61,544	 	 	 	391,209	 	 	 	2.7	%	 	 	(4,963	)	
Commercial mortgage-backed securities	 	 	1,353,279	 	 	 	81,839	 	 	 	97,265	 	 	 	1,337,853	 	 	 	9.4	%	 	 	(10,010	)	
U.S. government and agencies	 	 	199,129	 	 	 	7,795	 	 	 	708	 	 	 	206,216	 	 	 	1.4	%	 	 	—	 	
State and political subdivisions	 	 	170,479	 	 	 	2,098	 	 	 	8,117	 	 	 	164,460	 	 	 	1.2	%	 	 	—	 	
Other foreign government securities	 	 	556,136	 	 	 	4,304	 	 	 	7,646	 	 	 	552,794	 	 	 	3.9	%	 	 	—	 	
 	 	 	
Total fixed maturity securities	 	$	13,345,022	 	 	$	1,273,137	 	 	$	313,562	 	 	$	14,304,597	 	 	 	100.0	%	 	$	(16,623	)	

Non-redeemable preferred stock	 	 	100,718	 	 	 	4,130	 	 	 	5,298	 	 	 	99,550	 	 	 	71.0	%	 	 	 	 	
Other equity securities	 	 	34,832	 	 	 	6,100	 	 	 	271	 	 	 	40,661	 	 	 	29.0	%	 	 	 	 	
 	 	 	 	 	 	 	
Total equity securities	 	$	135,550	 	 	$	10,230	 	 	$	5,569	 	 	$	140,211	 	 	 	100.0	%	 	 	 	 	

Page 16

 
Reinsurance Group of America, Incorporated
Investments
(USD thousands)
Corporate Securities by Sector (Fixed Maturities and Equities)
(Excludes Funds Withheld Portfolios)
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	June 30, 2011	 	December 31, 2010	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	Average Credit	 	 	 	 	 	 	 	 	 	 	 	 	 	Average Credit	
 	 	Amortized Cost	 	 	Estimated Fair Value	 	 	% of Total	 	 	Ratings	 	Amortized Cost	 	 	Estimated Fair Value	 	 	% of Total	 	 	Ratings	
Financial Institutions	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Banking	 	$	1,783,446	 	 	$	1,810,319	 	 	 	23.1	%	 	A+	 	$	1,739,077	 	 	$	1,740,978	 	 	 	23.9	%	 	A+	
Brokerage	 	 	94,559	 	 	 	101,269	 	 	 	1.3	%	 	A-	 	 	98,351	 	 	 	103,902	 	 	 	1.4	%	 	A-	
Finance Comp.	 	 	183,694	 	 	 	192,155	 	 	 	2.5	%	 	A	 	 	216,212	 	 	 	224,729	 	 	 	3.1	%	 	A	
Insurance	 	 	378,637	 	 	 	403,280	 	 	 	5.1	%	 	A-	 	 	403,557	 	 	 	422,996	 	 	 	5.8	%	 	A-	
REITs	 	 	266,211	 	 	 	278,593	 	 	 	3.6	%	 	BBB+	 	 	178,106	 	 	 	187,587	 	 	 	2.6	%	 	BBB+	
Other Finance	 	 	236,605	 	 	 	240,814	 	 	 	3.1	%	 	A-	 	 	253,794	 	 	 	259,092	 	 	 	3.5	%	 	A-	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Financial Institutions	 	 	2,943,152	 	 	 	3,026,430	 	 	 	38.7	%	 	 	 	 	2,889,097	 	 	 	2,939,284	 	 	 	40.3	%	 	 	
Industrials	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic	 	 	365,759	 	 	 	394,170	 	 	 	5.0	%	 	BBB	 	 	349,522	 	 	 	376,723	 	 	 	5.2	%	 	BBB	
Capital Goods	 	 	374,789	 	 	 	402,343	 	 	 	5.1	%	 	BBB+	 	 	349,526	 	 	 	372,557	 	 	 	5.1	%	 	BBB+	
Communications	 	 	642,904	 	 	 	695,688	 	 	 	8.9	%	 	BBB+	 	 	586,179	 	 	 	634,557	 	 	 	8.7	%	 	BBB+	
Consumer Cyclical	 	 	418,049	 	 	 	439,177	 	 	 	5.6	%	 	BBB+	 	 	309,255	 	 	 	324,648	 	 	 	4.4	%	 	BBB+	
Consumer Noncyclical	 	 	650,346	 	 	 	700,800	 	 	 	8.9	%	 	A-	 	 	646,383	 	 	 	693,785	 	 	 	9.5	%	 	A-	
Energy	 	 	393,397	 	 	 	425,668	 	 	 	5.4	%	 	BBB+	 	 	383,293	 	 	 	414,592	 	 	 	5.7	%	 	BBB+	
Technology	 	 	245,743	 	 	 	257,024	 	 	 	3.3	%	 	BBB+	 	 	228,702	 	 	 	238,975	 	 	 	3.3	%	 	BBB+	
Transportation	 	 	243,378	 	 	 	255,427	 	 	 	3.3	%	 	BBB+	 	 	242,719	 	 	 	255,910	 	 	 	3.5	%	 	BBB+	
Other Industrial	 	 	50,841	 	 	 	52,522	 	 	 	0.7	%	 	BBB	 	 	50,679	 	 	 	53,767	 	 	 	0.7	%	 	BBB	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Industrials	 	 	3,385,206	 	 	 	3,622,819	 	 	 	46.2	%	 	 	 	 	3,146,258	 	 	 	3,365,514	 	 	 	46.1	%	 	 	
Utilities	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Electric	 	 	673,002	 	 	 	708,329	 	 	 	9.0	%	 	BBB+	 	 	612,790	 	 	 	642,177	 	 	 	8.8	%	 	BBB+	
Natural Gas	 	 	397,363	 	 	 	430,271	 	 	 	5.5	%	 	BBB+	 	 	276,402	 	 	 	303,679	 	 	 	4.2	%	 	BBB+	
Other Utility	 	 	38,464	 	 	 	41,814	 	 	 	0.5	%	 	A	 	 	23,002	 	 	 	29,700	 	 	 	0.4	%	 	A-	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Utilities	 	 	1,108,829	 	 	 	1,180,414	 	 	 	15.0	%	 	 	 	 	912,194	 	 	 	975,556	 	 	 	13.4	%	 	 	
Other Sectors	 	 	9,490	 	 	 	9,631	 	 	 	0.1	%	 	AA	 	 	14,938	 	 	 	15,362	 	 	 	0.2	%	 	AA+	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	 	$	7,446,677	 	 	$	7,839,294	 	 	 	100.0	%	 	A-	 	$	6,962,487	 	 	$	7,295,716	 	 	 	100.0	%	 	A-	

Page 17

 
     
Reinsurance Group of America, Incorporated
Investments
(USD thousands)
Ratings of Fixed Maturity Securities
(Excludes Funds Withheld Portfolios)
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	June 30, 2011	 	 	March 31, 2011	 	 	December 31, 2010	 	 	September 30, 2010	 	 	June 30, 2010	 	
NAIC Designation	 	 	Rating Agency
Designation	 	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	 	$	3,261,242	 	 	$	3,360,370	 	 	 	22.2	%	 	$	3,397,610	 	 	$	3,470,262	 	 	 	23.9	%	 	$	3,516,872	 	 	$	3,592,987	 	 	 	25.1	%	 	$	3,492,193	 	 	$	3,633,780	 	 	 	25.6	%	 	$	3,534,911	 	 	$	3,642,644	 	 	 	27.9	%	
1	 	 	AA	 	 	3,593,909	 	 	 	4,103,688	 	 	 	27.0	%	 	 	3,369,423	 	 	 	3,765,275	 	 	 	25.9	%	 	 	3,284,387	 	 	 	3,758,523	 	 	 	26.3	%	 	 	3,155,855	 	 	 	3,675,615	 	 	 	25.9	%	 	 	2,860,403	 	 	 	3,177,314	 	 	 	24.3	%	
1	 	 	A	 	 	3,250,321	 	 	 	3,587,885	 	 	 	23.7	%	 	 	3,206,317	 	 	 	3,480,683	 	 	 	24.0	%	 	 	2,896,256	 	 	 	3,205,431	 	 	 	22.4	%	 	 	2,714,384	 	 	 	3,138,268	 	 	 	22.2	%	 	 	2,512,744	 	 	 	2,773,399	 	 	 	21.2	%	
2	 	 	BBB	 	 	3,129,518	 	 	 	3,330,600	 	 	 	22.0	%	 	 	2,863,853	 	 	 	3,041,200	 	 	 	20.9	%	 	 	2,860,603	 	 	 	3,035,593	 	 	 	21.2	%	 	 	2,778,394	 	 	 	3,030,667	 	 	 	21.4	%	 	 	2,639,071	 	 	 	2,783,867	 	 	 	21.3	%	
3	 	 	BB	 	 	464,363	 	 	 	466,393	 	 	 	3.1	%	 	 	492,097	 	 	 	497,056	 	 	 	3.4	%	 	 	460,675	 	 	 	450,368	 	 	 	3.2	%	 	 	471,013	 	 	 	440,012	 	 	 	3.1	%	 	 	479,755	 	 	 	424,060	 	 	 	3.2	%	
4	 	 	B	 	 	248,242	 	 	 	229,591	 	 	 	1.5	%	 	 	218,541	 	 	 	203,594	 	 	 	1.4	%	 	 	239,604	 	 	 	191,287	 	 	 	1.3	%	 	 	237,136	 	 	 	185,668	 	 	 	1.3	%	 	 	255,530	 	 	 	192,244	 	 	 	1.5	%	
5	 	 	CCC and lower	 	 	65,181	 	 	 	49,540	 	 	 	0.3	%	 	 	67,395	 	 	 	50,231	 	 	 	0.3	%	 	 	63,859	 	 	 	47,493	 	 	 	0.3	%	 	 	63,033	 	 	 	44,683	 	 	 	0.3	%	 	 	80,415	 	 	 	65,496	 	 	 	0.5	%	
6	 	 	In or near default	 	 	28,571	 	 	 	25,740	 	 	 	0.2	%	 	 	21,747	 	 	 	22,853	 	 	 	0.2	%	 	 	22,766	 	 	 	22,915	 	 	 	0.2	%	 	 	21,108	 	 	 	21,237	 	 	 	0.2	%	 	 	18,809	 	 	 	18,583	 	 	 	0.1	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Total	 	$	14,041,347	 	 	$	15,153,807	 	 	 	 	 	 	$	13,636,983	 	 	$	14,531,154	 	 	 	 	 	 	$	13,345,022	 	 	$	14,304,597	 	 	 	 	 	 	$	12,933,116	 	 	$	14,169,930	 	 	 	 	 	 	$	12,381,638	 	 	$	13,077,607	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Structured Fixed Maturity Securities
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	June 30, 2011	 	 	March 31, 2011	 	 	December 31, 2010	 	 	September 30, 2010	 	 	June 30, 2010	 	
 	 	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	 	$	637,806	 	 	$	674,599	 	 	$	662,505	 	 	$	690,577	 	 	$	636,931	 	 	$	668,405	 	 	$	682,621	 	 	$	728,354	 	 	$	726,078	 	 	$	770,690	 	
Non-agency	 	 	682,952	 	 	 	691,185	 	 	 	712,661	 	 	 	725,551	 	 	 	806,961	 	 	 	804,672	 	 	 	837,648	 	 	 	832,934	 	 	 	828,507	 	 	 	802,670	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total residential mortgage-backed securities	 	 	1,320,758	 	 	 	1,365,784	 	 	 	1,375,166	 	 	 	1,416,128	 	 	 	1,443,892	 	 	 	1,473,077	 	 	 	1,520,269	 	 	 	1,561,288	 	 	 	1,554,585	 	 	 	1,573,360	 	
Commercial mortgage-backed securities	 	 	1,333,832	 	 	 	1,359,105	 	 	 	1,344,194	 	 	 	1,365,715	 	 	 	1,353,279	 	 	 	1,337,853	 	 	 	1,257,835	 	 	 	1,235,849	 	 	 	1,229,237	 	 	 	1,166,937	 	
Asset-backed securities	 	 	415,637	 	 	 	376,920	 	 	 	420,028	 	 	 	377,573	 	 	 	440,752	 	 	 	391,209	 	 	 	457,047	 	 	 	414,515	 	 	 	496,652	 	 	 	449,623	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	 	$	3,070,227	 	 	$	3,101,809	 	 	$	3,139,388	 	 	$	3,159,416	 	 	$	3,237,923	 	 	$	3,202,139	 	 	$	3,235,151	 	 	$	3,211,652	 	 	$	3,280,474	 	 	$	3,189,920	 	

Page 18

 
Investments
(USD thousands)
Subprime Mortgage Exposure
(Includes Funds Withheld Portfolios)
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	June 30, 2011	 	
 	 	AAA	 	 	AA	 	 	A	 	
 	 	 	 	 	 	Estimated Fair	 	 	 	 	 	 	Estimated Fair	 	 	 	 	 	 	Estimated Fair	 	
Underwriting Year	 	Amortized Cost	 	 	Value	 	 	Amortized Cost	 	 	Value	 	 	Amortized Cost	 	 	Value	 	
2005 & Prior	 	$	7,286	 	 	$	6,597	 	 	$	23,530	 	 	$	22,165	 	 	$	9,867	 	 	$	9,123	 	
2006	 	 	—	 	 	 	—	 	 	 	2,295	 	 	 	2,211	 	 	 	—	 	 	 	—	 	
2007	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	
2008 - 2011	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	 	$	7,286	 	 	$	6,597	 	 	$	25,825	 	 	$	24,376	 	 	$	9,867	 	 	$	9,123	 	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	BBB	 	 	Below Investment Grade	 	 	Total	 	
 	 	 	 	 	 	Estimated Fair	 	 	 	 	 	 	Estimated Fair	 	 	 	 	 	 	Estimated Fair	 	
Underwriting Year	 	Amortized Cost	 	 	Value	 	 	Amortized Cost	 	 	Value	 	 	Amortized Cost	 	 	Value	 	
2005 & Prior	 	$	15,769	 	 	$	13,853	 	 	$	85,314	 	 	$	52,531	 	 	$	141,766	 	 	$	104,269	 	
2006	 	 	—	 	 	 	—	 	 	 	2,136	 	 	 	3,195	 	 	 	4,431	 	 	 	5,406	 	
2007	 	 	—	 	 	 	—	 	 	 	4,691	 	 	 	3,058	 	 	 	4,691	 	 	 	3,058	 	
2008 - 2011	 	 	6,942	 	 	 	6,942	 	 	 	—	 	 	 	—	 	 	 	6,942	 	 	 	6,942	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	 	$	22,711	 	 	$	20,795	 	 	$	92,141	 	 	$	58,784	 	 	$	157,830	 	 	$	119,675	 	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	December 31, 2010	 	
 	 	AAA	 	 	AA	 	 	A	 	
 	 	 	 	 	 	Estimated Fair	 	 	 	 	 	 	Estimated Fair	 	 	 	 	 	 	Estimated Fair	 	
Underwriting Year	 	Amortized Cost	 	 	Value	 	 	Amortized Cost	 	 	Value	 	 	Amortized Cost	 	 	Value	 	
2005 & Prior	 	$	13,343	 	 	$	12,079	 	 	$	29,809	 	 	$	27,746	 	 	$	10,504	 	 	$	9,573	 	
2006	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	
2007	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	
2008 — 2010	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	 	$	13,343	 	 	$	12,079	 	 	$	29,809	 	 	$	27,746	 	 	$	10,504	 	 	$	9,573	 	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	BBB	 	 	Below Investment Grade	 	 	Total	 	
 	 	 	 	 	 	Estimated Fair	 	 	 	 	 	 	Estimated Fair	 	 	 	 	 	 	Estimated Fair	 	
Underwriting Year	 	Amortized Cost	 	 	Value	 	 	Amortized Cost	 	 	Value	 	 	Amortized Cost	 	 	Value	 	
2005 & Prior	 	$	22,608	 	 	$	19,213	 	 	$	71,582	 	 	$	41,308	 	 	$	147,846	 	 	$	109,919	 	
2006	 	 	—	 	 	 	—	 	 	 	2,152	 	 	 	2,508	 	 	 	2,152	 	 	 	2,508	 	
2007	 	 	—	 	 	 	—	 	 	 	5,279	 	 	 	3,329	 	 	 	5,279	 	 	 	3,329	 	
2008 - 2010	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	 	$	22,608	 	 	$	19,213	 	 	$	79,013	 	 	$	47,145	 	 	$	155,277	 	 	$	115,756	 	

Page 19

 
Reinsurance Group of America, Incorporated
Investments
(USD thousands)
CMBS Exposure
(Includes Funds Withheld Portfolios)
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	June 30, 2011	 	
 	 	AAA	 	 	AA	 	 	A	 	
 	 	 	 	 	 	Estimated Fair	 	 	 	 	 	 	Estimated Fair	 	 	 	 	 	 	Estimated Fair	 	
Underwriting Year	 	Amortized Cost	 	 	Value	 	 	Amortized Cost	 	 	Value	 	 	Amortized Cost	 	 	Value	 	
2005 & Prior	 	$	261,578	 	 	$	281,404	 	 	$	48,917	 	 	$	52,177	 	 	$	59,298	 	 	$	62,983	 	
2006	 	 	302,883	 	 	 	321,585	 	 	 	46,533	 	 	 	50,996	 	 	 	55,485	 	 	 	57,272	 	
2007	 	 	221,105	 	 	 	236,901	 	 	 	27,042	 	 	 	22,430	 	 	 	128,898	 	 	 	132,294	 	
2008	 	 	29,708	 	 	 	33,278	 	 	 	37,262	 	 	 	40,801	 	 	 	7,495	 	 	 	8,172	 	
2009	 	 	7,994	 	 	 	7,965	 	 	 	4,369	 	 	 	4,967	 	 	 	6,941	 	 	 	10,263	 	
2010	 	 	84,071	 	 	 	83,867	 	 	 	—	 	 	 	—	 	 	 	19,395	 	 	 	19,895	 	
2011	 	 	24,771	 	 	 	24,274	 	 	 	—	 	 	 	—	 	 	 	5,200	 	 	 	5,304	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	 	$	932,110	 	 	$	989,274	 	 	$	164,123	 	 	$	171,371	 	 	$	282,712	 	 	$	296,183	 	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	BBB	 	 	Below Investment Grade	 	 	Total	 	
 	 	 	 	 	 	Estimated Fair	 	 	 	 	 	 	Estimated Fair	 	 	 	 	 	 	Estimated Fair	 	
Underwriting Year	 	Amortized Cost	 	 	Value	 	 	Amortized Cost	 	 	Value	 	 	Amortized Cost	 	 	Value	 	
2005 & Prior	 	$	31,869	 	 	$	32,523	 	 	$	52,189	 	 	$	42,408	 	 	$	453,851	 	 	$	471,495	 	
2006	 	 	27,650	 	 	 	26,920	 	 	 	55,305	 	 	 	49,596	 	 	 	487,856	 	 	 	506,369	 	
2007	 	 	102,175	 	 	 	110,038	 	 	 	123,087	 	 	 	99,055	 	 	 	602,307	 	 	 	600,718	 	
2008	 	 	—	 	 	 	—	 	 	 	24,503	 	 	 	20,308	 	 	 	98,968	 	 	 	102,559	 	
2009	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	19,304	 	 	 	23,195	 	
2010	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	103,466	 	 	 	103,762	 	
2011	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	29,971	 	 	 	29,578	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	 	$	161,694	 	 	$	169,481	 	 	$	255,084	 	 	$	211,367	 	 	$	1,795,723	 	 	$	1,837,676	 	

 	 	 	
NOTE:	 	Totals include directly held investments with amortized cost of $1,333.8 million and fair value of $1,359.1 million as well as investments in funds withheld with amortized cost of $461.9 million and fair value of $478.6 million.	

 	 	December 31, 2010	 	
 	 	AAA	 	 	AA	 	 	A	 	
 	 	 	 	 	 	Estimated Fair	 	 	 	 	 	 	Estimated Fair	 	 	 	 	 	 	Estimated Fair	 	
Underwriting Year	 	Amortized Cost	 	 	Value	 	 	Amortized Cost	 	 	Value	 	 	Amortized Cost	 	 	Value	 	
2005 & Prior	 	$	261,763	 	 	$	282,522	 	 	$	81,795	 	 	$	85,675	 	 	$	63,234	 	 	$	63,491	 	
2006	 	 	314,043	 	 	 	328,422	 	 	 	46,372	 	 	 	50,217	 	 	 	48,851	 	 	 	49,949	 	
2007	 	 	255,589	 	 	 	270,731	 	 	 	29,493	 	 	 	23,512	 	 	 	92,910	 	 	 	96,790	 	
2008	 	 	29,547	 	 	 	33,115	 	 	 	37,291	 	 	 	39,657	 	 	 	7,495	 	 	 	7,886	 	
2009	 	 	8,020	 	 	 	7,877	 	 	 	3,088	 	 	 	3,505	 	 	 	6,834	 	 	 	9,675	 	
2010	 	 	69,580	 	 	 	68,879	 	 	 	5,193	 	 	 	4,800	 	 	 	10,970	 	 	 	10,928	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	 	$	938,542	 	 	$	991,546	 	 	$	203,232	 	 	$	207,366	 	 	$	230,294	 	 	$	238,719	 	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	BBB	 	 	Below Investment Grade	 	 	Total	 	
 	 	 	 	 	 	Estimated Fair	 	 	 	 	 	 	Estimated Fair	 	 	 	 	 	 	Estimated Fair	 	
Underwriting Year	 	Amortized Cost	 	 	Value	 	 	Amortized Cost	 	 	Value	 	 	Amortized Cost	 	 	Value	 	
2005 & Prior	 	$	67,341	 	 	$	66,392	 	 	$	56,882	 	 	$	44,770	 	 	$	531,015	 	 	$	542,850	 	
2006	 	 	32,651	 	 	 	31,646	 	 	 	56,636	 	 	 	39,127	 	 	 	498,553	 	 	 	499,361	 	
2007	 	 	99,796	 	 	 	105,962	 	 	 	125,123	 	 	 	77,459	 	 	 	602,911	 	 	 	574,454	 	
2008	 	 	—	 	 	 	—	 	 	 	24,085	 	 	 	15,234	 	 	 	98,418	 	 	 	95,892	 	
2009	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	17,942	 	 	 	21,057	 	
2010	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	85,743	 	 	 	84,607	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	 	$	199,788	 	 	$	204,000	 	 	$	262,726	 	 	$	176,590	 	 	$	1,834,582	 	 	$	1,818,221	 	

 	 	 	
NOTE:	 	Totals include directly held investments with amortized cost of $1,353.3 million and fair value of $1,337.9 million as well as investments in funds withheld with amortized cost of $481.3 million and fair value of $480.4 million.	

Page 20

 
     
Reinsurance Group of America, Incorporated
Investments
(USD thousands)
Gross Unrealized Losses Aging
Fixed Maturity Securities
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	June 30, 2011	 	 	March 31, 2011	 	 	December 31, 2010	 	 	September 30, 2010	 	 	June 30, 2010	 	
 	 	Gross Unrealized	 	 	 	 	 	 	Gross Unrealized	 	 	 	 	 	 	Gross Unrealized	 	 	 	 	 	 	Gross Unrealized	 	 	 	 	 	 	Gross Unrealized	 	 	 	 	
 	 	Losses	 	 	% of Total	 	 	Losses	 	 	% of Total	 	 	Losses	 	 	% of Total	 	 	Losses	 	 	% of Total	 	 	Losses	 	 	% of Total	 	
Less than 20%	 	$	120,770	 	 	 	51.7	%	 	$	142,936	 	 	 	53.4	%	 	$	143,451	 	 	 	44.9	%	 	$	86,770	 	 	 	29.1	%	 	$	132,900	 	 	 	34.4	%	
20% or more for less than six months	 	 	7,742	 	 	 	3.3	%	 	 	7,229	 	 	 	2.7	%	 	 	17,293	 	 	 	5.4	%	 	 	45,706	 	 	 	15.3	%	 	 	54,620	 	 	 	14.1	%	
20% or more for six months or greater	 	 	102,017	 	 	 	43.6	%	 	 	110,349	 	 	 	41.2	%	 	 	152,818	 	 	 	47.9	%	 	 	160,785	 	 	 	53.9	%	 	 	188,398	 	 	 	48.7	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	 	$	230,529	 	 	 	98.6	%	 	$	260,514	 	 	 	97.3	%	 	$	313,562	 	 	 	98.2	%	 	$	293,261	 	 	 	98.3	%	 	$	375,918	 	 	 	97.2	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Equity Securities
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	June 30, 2011	 	 	March 31, 2011	 	 	December 31, 2010	 	 	September 30, 2010	 	 	June 30, 2010	 	
 	 	Gross Unrealized	 	 	 	 	 	 	Gross Unrealized	 	 	 	 	 	 	Gross Unrealized	 	 	 	 	 	 	Gross Unrealized	 	 	 	 	 	 	Gross Unrealized	 	 	 	 	
 	 	Losses	 	 	% of Total	 	 	Losses	 	 	% of Total	 	 	Losses	 	 	% of Total	 	 	Losses	 	 	% of Total	 	 	Losses	 	 	% of Total	 	
Less than 20%	 	$	3,019	 	 	 	1.3	%	 	$	5,196	 	 	 	1.9	%	 	$	2,953	 	 	 	0.9	%	 	$	2,921	 	 	 	1.0	%	 	$	4,888	 	 	 	1.3	%	
20% or more for less than six months	 	 	223	 	 	 	0.1	%	 	 	691	 	 	 	0.3	%	 	 	821	 	 	 	0.3	%	 	 	265	 	 	 	0.1	%	 	 	1,808	 	 	 	0.5	%	
20% or more for six months or greater	 	 	48	 	 	 	0.0	%	 	 	1,304	 	 	 	0.5	%	 	 	1,795	 	 	 	0.6	%	 	 	1,857	 	 	 	0.6	%	 	 	4,039	 	 	 	1.0	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	 	$	3,290	 	 	 	1.4	%	 	$	7,191	 	 	 	2.7	%	 	$	5,569	 	 	 	1.8	%	 	$	5,043	 	 	 	1.7	%	 	$	10,735	 	 	 	2.8	%	

Page 21

 
Reinsurance Group of America, Incorporated
Investments
(USD thousands)
Fixed Maturities and Equity Securities Below Amortized Cost
(Excludes Funds Withheld Portfolios)
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	As of June 30, 2011	 	
 	 	Less than 12 months	 	 	Equal to or greater than 12 months	 	 	Total	 	
 	 	Estimated Fair	 	 	Gross Unrealized	 	 	Estimated Fair	 	 	Gross Unrealized	 	 	Estimated Fair	 	 	Gross Unrealized	 	
 	 	Value	 	 	Losses	 	 	Value	 	 	Losses	 	 	Value	 	 	Losses	 	
Investment grade securities:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Corporate securities	 	$	1,051,097	 	 	$	22,729	 	 	$	322,201	 	 	$	50,525	 	 	$	1,373,298	 	 	$	73,254	 	
Canadian and Canadian provincial governments	 	 	132,591	 	 	 	2,840	 	 	 	—	 	 	 	—	 	 	 	132,591	 	 	 	2,840	 	
Residential mortgage-backed securities	 	 	122,968	 	 	 	1,979	 	 	 	56,186	 	 	 	10,083	 	 	 	179,154	 	 	 	12,062	 	
Asset-backed securities	 	 	40,152	 	 	 	874	 	 	 	100,050	 	 	 	29,877	 	 	 	140,202	 	 	 	30,751	 	
Commercial mortgage-backed securities	 	 	154,382	 	 	 	8,007	 	 	 	68,039	 	 	 	21,881	 	 	 	222,421	 	 	 	29,888	 	
U.S. government and agencies	 	 	14,288	 	 	 	602	 	 	 	—	 	 	 	—	 	 	 	14,288	 	 	 	602	 	
State and political subdivisions	 	 	19,834	 	 	 	985	 	 	 	32,473	 	 	 	4,076	 	 	 	52,307	 	 	 	5,061	 	
Other foreign government securities	 	 	161,417	 	 	 	3,945	 	 	 	39,267	 	 	 	3,778	 	 	 	200,684	 	 	 	7,723	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Investment grade securities	 	$	1,696,729	 	 	$	41,961	 	 	$	618,216	 	 	$	120,220	 	 	$	2,314,945	 	 	$	162,181	 	

Non-investment grade securities:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Corporate securities	 	 	120,371	 	 	 	2,918	 	 	 	65,818	 	 	 	5,063	 	 	 	186,189	 	 	 	7,981	 	
Residential mortgage-backed securities	 	 	5,075	 	 	 	931	 	 	 	11,169	 	 	 	1,326	 	 	 	16,244	 	 	 	2,257	 	
Asset-backed securities	 	 	2,852	 	 	 	424	 	 	 	26,391	 	 	 	20,467	 	 	 	29,243	 	 	 	20,891	 	
Commercial mortgage-backed securities	 	 	22,876	 	 	 	1,492	 	 	 	80,145	 	 	 	35,727	 	 	 	103,021	 	 	 	37,219	 	
State and political subdivisions	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	
Other foreign government securities	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Non-investment grade securities	 	$	151,174	 	 	$	5,765	 	 	$	183,523	 	 	$	62,583	 	 	$	334,697	 	 	$	68,348	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total fixed maturity securities	 	$	1,847,903	 	 	$	47,726	 	 	$	801,739	 	 	$	182,803	 	 	$	2,649,642	 	 	$	230,529	 	

Non-redeemable preferred stock	 	 	2,291	 	 	 	4	 	 	 	21,100	 	 	 	2,259	 	 	 	23,391	 	 	 	2,263	 	
Other equity securities	 	 	3,551	 	 	 	391	 	 	 	5,887	 	 	 	636	 	 	 	9,438	 	 	 	1,027	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Equity securities	 	$	5,842	 	 	$	395	 	 	$	26,987	 	 	$	2,895	 	 	$	32,829	 	 	$	3,290	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total number of securities in an unrealized loss position	 	 	550	 	 	 	 	 	 	 	411	 	 	 	 	 	 	 	961	 	 	 	 	 	

 	 	As of December 31, 2010	 	
 	 	Less than 12 months	 	 	Equal to or greater than 12 months	 	 	Total	 	
 	 	Estimated Fair	 	 	Gross Unrealized	 	 	Estimated Fair	 	 	Gross Unrealized	 	 	Estimated Fair	 	 	Gross Unrealized	 	
 	 	Value	 	 	Losses	 	 	Value	 	 	Losses	 	 	Value	 	 	Losses	 	
Investment grade securities:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Corporate securities	 	$	1,170,016	 	 	$	34,097	 	 	$	368,128	 	 	$	61,945	 	 	$	1,538,144	 	 	$	96,042	 	
Canadian and Canadian provincial governments	 	 	118,585	 	 	 	3,886	 	 	 	—	 	 	 	—	 	 	 	118,585	 	 	 	3,886	 	
Residential mortgage-backed securities	 	 	195,406	 	 	 	4,986	 	 	 	105,601	 	 	 	13,607	 	 	 	301,007	 	 	 	18,593	 	
Asset-backed securities	 	 	23,065	 	 	 	570	 	 	 	131,172	 	 	 	38,451	 	 	 	154,237	 	 	 	39,021	 	
Commercial mortgage-backed securities	 	 	132,526	 	 	 	4,143	 	 	 	109,158	 	 	 	29,059	 	 	 	241,684	 	 	 	33,202	 	
U.S. government and agencies	 	 	11,839	 	 	 	708	 	 	 	—	 	 	 	—	 	 	 	11,839	 	 	 	708	 	
State and political subdivisions	 	 	68,229	 	 	 	2,890	 	 	 	31,426	 	 	 	5,227	 	 	 	99,655	 	 	 	8,117	 	
Other foreign government securities	 	 	322,363	 	 	 	3,142	 	 	 	43,796	 	 	 	4,504	 	 	 	366,159	 	 	 	7,646	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Investment grade securities	 	 	2,042,029	 	 	 	54,422	 	 	 	789,281	 	 	 	152,793	 	 	 	2,831,310	 	 	 	207,215	 	

Non-investment grade securities:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Corporate securities	 	 	58,420	 	 	 	1,832	 	 	 	91,205	 	 	 	9,942	 	 	 	149,625	 	 	 	11,774	 	
Residential mortgage-backed securities	 	 	1,162	 	 	 	605	 	 	 	38,206	 	 	 	7,382	 	 	 	39,368	 	 	 	7,987	 	
Asset-backed securities	 	 	—	 	 	 	—	 	 	 	23,356	 	 	 	22,523	 	 	 	23,356	 	 	 	22,523	 	
Commercial mortgage-backed securities	 	 	—	 	 	 	—	 	 	 	89,170	 	 	 	64,063	 	 	 	89,170	 	 	 	64,063	 	
State and political subdivisions	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Non-investment grade securities	 	 	59,582	 	 	 	2,437	 	 	 	241,937	 	 	 	103,910	 	 	 	301,519	 	 	 	106,347	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total fixed maturity securities	 	$	2,101,611	 	 	$	56,859	 	 	$	1,031,218	 	 	$	256,703	 	 	$	3,132,829	 	 	$	313,562	 	

Non-redeemable preferred stock	 	 	15,987	 	 	 	834	 	 	 	28,549	 	 	 	4,464	 	 	 	44,536	 	 	 	5,298	 	
Other equity securities	 	 	6,877	 	 	 	271	 	 	 	318	 	 	 	—	 	 	 	7,195	 	 	 	271	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Equity securities	 	$	22,864	 	 	$	1,105	 	 	$	28,867	 	 	$	4,464	 	 	$	51,731	 	 	$	5,569	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total number of securities in an unrealized loss position	 	 	520	 	 	 	 	 	 	 	508	 	 	 	 	 	 	 	1,028	 	 	 	 	 	

Page 22

 
     
Reinsurance Group of America, Incorporated
Investments
(USD thousands)
Consolidated Investment Related Gains and Losses
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	 	Current Qtr	 	 	Year-to-Date	 	
 	 	June 30,	 	 	March 31,	 	 	Dec. 31,	 	 	Sept. 30,	 	 	June 30,	 	 	vs. PY	 	 	June 30,	 	 	June 30,	 	 	 	 	
 	 	2011	 	 	2011	 	 	2010	 	 	2010	 	 	2010	 	 	Quarter	 	 	2011	 	 	2010	 	 	Change	 	
Fixed Maturity and Equity Securities:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Other-than-temporary impairment losses on fixed maturities	 	$	(5,582	)	 	$	(1,556	)	 	$	(16,097	)	 	$	(4,904	)	 	$	(3,489	)	 	$	(2,093	)	 	$	(7,138	)	 	$	(10,919	)	 	$	3,781	 	
Portion of loss recognized in accumulated other comprehensive income (before taxes)	 	 	292	 	 	 	—	 	 	 	(186	)	 	 	26	 	 	 	(139	)	 	 	431	 	 	 	292	 	 	 	2,205	 	 	 	(1,913	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net other-than-temporary impairment losses on fixed maturities recognized in earnings	 	 	(5,290	)	 	 	(1,556	)	 	 	(16,283	)	 	 	(4,878	)	 	 	(3,628	)	 	 	(1,662	)	 	 	(6,846	)	 	 	(8,714	)	 	 	1,868	 	
Impairment losses on equity securities	 	 	(3,680	)	 	 	—	 	 	 	—	 	 	 	—	 	 	 	(10	)	 	 	(3,670	)	 	 	(3,680	)	 	 	(32	)	 	 	(3,648	)	
Gain on investment activity	 	 	28,208	 	 	 	29,376	 	 	 	26,124	 	 	 	39,371	 	 	 	19,363	 	 	 	8,845	 	 	 	57,584	 	 	 	35,462	 	 	 	22,122	 	
Loss on investment activity	 	 	(6,653	)	 	 	(6,914	)	 	 	(6,763	)	 	 	(7,773	)	 	 	(5,662	)	 	 	(991	)	 	 	(13,567	)	 	 	(14,194	)	 	 	627	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net gain/(loss) on fixed maturity and equity securities	 	 	12,585	 	 	 	20,906	 	 	 	3,078	 	 	 	26,720	 	 	 	10,063	 	 	 	2,522	 	 	 	33,491	 	 	 	12,522	 	 	 	20,969	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Other impairment losses and change in mortgage loan provision	 	 	(3,186	)	 	 	576	 	 	 	1,506	 	 	 	(5,087	)	 	 	(1,165	)	 	 	(2,021	)	 	 	(2,610	)	 	 	(2,395	)	 	 	(215	)	
Other non-derivative gain/(loss), net	 	 	4,645	 	 	 	4,696	 	 	 	4,751	 	 	 	4,644	 	 	 	4,789	 	 	 	(144	)	 	 	9,341	 	 	 	4,341	 	 	 	5,000	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Free-standing Derivatives:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Credit Default Swaps	 	 	988	 	 	 	892	 	 	 	4,340	 	 	 	3,730	 	 	 	(4,060	)	 	 	5,048	 	 	 	1,880	 	 	 	(3,284	)	 	 	5,164	 	
Interest Rate Swaps — non-hedged	 	 	25,343	 	 	 	(10,730	)	 	 	(79,546	)	 	 	49,825	 	 	 	87,114	 	 	 	(61,771	)	 	 	14,613	 	 	 	98,455	 	 	 	(83,842	)	
Interest Rate Swaps — hedged	 	 	205	 	 	 	126	 	 	 	19	 	 	 	239	 	 	 	168	 	 	 	37	 	 	 	331	 	 	 	300	 	 	 	31	 	
Futures	 	 	(2,873	)	 	 	(11,423	)	 	 	(23,766	)	 	 	(42,270	)	 	 	32,822	 	 	 	(35,695	)	 	 	(14,296	)	 	 	21,077	 	 	 	(35,373	)	
CPI Swaps	 	 	503	 	 	 	811	 	 	 	438	 	 	 	(508	)	 	 	109	 	 	 	394	 	 	 	1,314	 	 	 	1,032	 	 	 	282	 	
Equity options	 	 	3,919	 	 	 	(4,568	)	 	 	(2,402	)	 	 	(731	)	 	 	127	 	 	 	3,792	 	 	 	(649	)	 	 	127	 	 	 	(776	)	
Currency Forwards	 	 	595	 	 	 	(855	)	 	 	1,226	 	 	 	1,543	 	 	 	1,447	 	 	 	(852	)	 	 	(260	)	 	 	618	 	 	 	(878	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total free-standing derivatives	 	 	28,680	 	 	 	(25,747	)	 	 	(99,691	)	 	 	11,828	 	 	 	117,727	 	 	 	(89,047	)	 	 	2,933	 	 	 	118,325	 	 	 	(115,392	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Embedded Derivatives:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Modified coinsurance and funds withheld treaties	 	 	10,525	 	 	 	90,535	 	 	 	43,780	 	 	 	(38,653	)	 	 	32,512	 	 	 	(21,987	)	 	 	101,060	 	 	 	155,147	 	 	 	(54,087	)	
GMXB	 	 	(25,861	)	 	 	32,654	 	 	 	121,209	 	 	 	(16,232	)	 	 	(140,934	)	 	 	115,073	 	 	 	6,793	 	 	 	(133,763	)	 	 	140,556	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total embedded derivatives	 	 	(15,336	)	 	 	123,189	 	 	 	164,989	 	 	 	(54,885	)	 	 	(108,422	)	 	 	93,086	 	 	 	107,853	 	 	 	21,384	 	 	 	86,469	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net gain/(loss) on total derivatives	 	 	13,344	 	 	 	97,442	 	 	 	65,298	 	 	 	(43,057	)	 	 	9,305	 	 	 	4,039	 	 	 	110,786	 	 	 	139,709	 	 	 	(28,923	)	

Total investment related gains / (losses), net	 	$	27,388	 	 	$	123,620	 	 	$	74,633	 	 	$	(16,780	)	 	$	22,992	 	 	$	4,396	 	 	$	151,008	 	 	$	154,177	 	 	$	(3,169	)	

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