UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): January 26, 2012

REINSURANCE GROUP OF AMERICA, INCORPORATED
(Exact Name of Registrant as Specified in its Charter)

 
 	 	 	 	 	
Missouri	  	1-11848	  	43-1627032	
(State or Other Jurisdiction
of Incorporation)	  	(Commission
File Number)	  	(IRS Employer
Identification Number)	
1370 Timberlake Manor Parkway, Chesterfield, Missouri 63017
(Address of Principal Executive Office)
Registrant’s telephone number, including area code: (636) 736-7000

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions ( see  General Instruction A.2. below):
 
¨	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)	
 
¨	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)	
 
¨	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))	
 
¨	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))	

 

Item 2.02 Results of Operations and Financial Condition.
On January 30, 2012, Reinsurance Group of America, Incorporated (the “Company”) issued (1) a press release (the “Press Release”) announcing its earnings for the three-month period ended December 31, 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 December 31, 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 January 31, 2012 to discuss the financial and operating results for the three-month period ended December 31, 2011. The Press Release and Quarterly Financial Supplement are furnished and are not filed pursuant to Instruction B.2 of Form 8-K.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
The Press Release also announced that on January 26, 2012 Stanley B. Tulin, retired Vice Chairman and Chief Financial Officer of AXA Financial, Inc., was elected to the Board of Directors and appointed to the Audit Committee and the Compensation Committee. The Company is not aware of any transactions, proposed transactions, or series of either to which the Company or any of its subsidiaries was or is to be a participant since January 1, 2010, in which the amount involved exceeds $120,000 and in which Mr. Tulin had, or will have, a direct or indirect material interest.
Pursuant to the mandatory retirement provisions of the Company’s Corporate Governance Guidelines, Stuart I. Greenbaum’s retirement from the Board of Directors, effective December 31, 2011, was accepted on January 26, 2012.
Item 9.01 Financial Statements and Exhibits
 
(d)	Exhibits.	

Exhibit No.	 	Exhibit	
 	 	
99.1	 	Press Release of Reinsurance Group of America, Incorporated dated January 30, 2012	
 	 	
99.2	 	Quarterly Financial Supplement for the quarter ended December 31, 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: January 30, 2012	 	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 January 30, 2012	
 	 	
99.2	  	Quarterly Financial Supplement for the quarter ended December 31, 2011	

Exhibit 99.1

PRESS RELEASE
REINSURANCE GROUP OF AMERICA REPORTS FOURTH-QUARTER RESULTS
 
 	•	 	Fourth-quarter earnings per diluted share: net income $2.15, operating income* $1.91	
 
 	•	 	Net premiums up 13 percent to $2.0 billion for the quarter	
 
 	•	 	Full-year operating return on equity* 13 percent	
 
 	•	 	Five-year average operating return on equity* 13 percent	
ST. LOUIS, January 30, 2012 – Reinsurance Group of America, Incorporated (NYSE:RGA), a leading global provider of life reinsurance, reported fourth-quarter net income of $158.5 million, or $2.15 per diluted share, compared to $196.7 million, or $2.62 per diluted share in the prior-year quarter. Operating income* totaled $140.7 million, or $1.91 per diluted share, compared to $161.4 million, or $2.15 per diluted share in the year-ago quarter.

 	  	Quarterly Results	 	  	Year-to-Date Results	 	
($ in thousands, except per share data)	  	2011	 	  	2010	 	  	2011	 	  	2010	 	
Net premiums	  	$	2,034,716	  	  	$	1,801,899	  	  	$	7,335,687	  	  	$	6,659,680	  	
Net income	  	 	158,531	  	  	 	196,712	  	  	 	599,620	  	  	 	574,402	  	
Net income per diluted share	  	 	2.15	  	  	 	2.62	  	  	 	8.09	  	  	 	7.69	  	
Operating income*	  	 	140,726	  	  	 	161,419	  	  	 	539,172	  	  	 	504,029	  	
Operating income per diluted share*	  	 	1.91	  	  	 	2.15	  	  	 	7.28	  	  	 	6.75	  	
Book value per share	  	 	83.65	  	  	 	68.71	  	  	 	 	 	  	 	 	 	
Book value per share (excl. Accumulated Other Comprehensive Income “AOCI”)*	  	 	61.53	  	  	 	56.34	  	  	 	 	 	  	 	 	 	
Total assets	  	 	32,104,032	  	  	 	29,081,908	  	  	 	 	 	  	 	 	 	
 
*	See ‘Use of Non-GAAP Financial Measures’ below	
Net income for the year increased to $599.6 million, or $8.09 per diluted share, from $574.4 million, or $7.69 per diluted share, in 2010. Operating income* totaled $539.2 million, or $7.28 per diluted share, compared with $504.0 million, or $6.75 per diluted share, the year before. Both measures benefited from lower effective tax rates. Net foreign currency fluctuations increased 2011 operating income per diluted share by $0.13, including $0.05 in the Canadian segment. Net premiums increased $676.0 million, or 10 percent, including the effects of currency fluctuations and 8 percent without them.
For the quarter, consolidated net premiums increased 13 percent to $2,034.7 million from $1,801.9 million in the prior-year period. In aggregate, changes in foreign currency exchange rates did not materially affect net premiums. Investment income decreased 14 percent to $304.5 million from $355.2 million in the year-earlier quarter, including a $51.0 million decline in fair value of option contracts, which are included in funds withheld at interest and support equity-indexed annuities. Excluding the effects of these option contracts, investment income was flat. Excluding funds withheld assets, average book value of invested assets increased approximately $1.5 billion to $17.8 billion, and average yields decreased 24 basis points to 5.19 percent quarter over quarter. Net foreign currency fluctuations lowered after-tax operating income $1.6 million, or $0.02 per diluted share.
 
- more -

Add One
 
During the fourth quarter, the company recognized additional income tax benefits associated with unfavorable claims experience on certain treaties, deferred tax refinements, and other items. For the entire year, the company’s effective tax rate of approximately 28 percent was lower than its expected rate of approximately 33 percent. The primary reason for the lower effective rate in 2011 relates to third-quarter adjustments of deferred tax liabilities associated with previously enacted reductions in federal and provincial statutory tax rates in Canada.
A. Greig Woodring, president and chief executive officer, commented, “Global claims experience was somewhat higher than our expectations for the quarter, reflecting higher-than-expected disability claims in Australia and U.S. group reinsurance, offset in part by strong results in most of our other markets. Our asset intensive business also performed well. Overall net premium growth was better-than-expected, and our book value per share continues to climb with consistent earnings contributions.
“Our annualized operating return on equity was 13 percent for the quarter and year, and operating income per diluted share was up 8 percent year over year. Our operating return on equity has averaged 13 percent over the past five years, despite the global market and economic disruptions. RGA’s balance sheet and capitalization remain strong, as does our positioning and outlook for future global growth. We continue to be highly focused on meeting our clients’ needs in all markets.”
SEGMENT RESULTS
U.S.
The U.S. Traditional sub-segment reported pre-tax net income of $116.1 million for the quarter, up slightly from $113.3 million last year. Pre-tax operating income decreased to $86.0 million from $107.1 million in the fourth quarter of 2010, when that business reported better-than-expected claims experience. Mortality claims were in line with expectations this quarter; however, the segment’s group disability reinsurance business reported approximately $10.8 million in adverse underwriting experience. Net premiums rose 9 percent to $1,099.4 million from $1,009.8 million a year ago. For the full year, net premiums increased more than 5 percent and totaled $3,979.5 million.
The U.S. Asset Intensive business reported pre-tax income of $13.2 million, down from $56.4 million a year ago, attributable primarily to changes in the fair values of various free-standing and embedded derivatives. Pre-tax operating income, which excludes the impact of those derivatives, increased to $27.2 million from $20.0 million a year ago, when strong equity market performance and a $3.8 million recapture fee contributed to better-than-expected results. The current period pre-tax operating income includes a $14.0 million increase associated with the recapture of a retroceded annuity treaty. Full-year pre-tax operating income totaled $68.9 million and $66.3 million in 2011 and 2010, respectively.
The U.S. Financial Reinsurance business continued to perform well this quarter and added $6.8 million of pre-tax income compared with $5.6 million last year, primarily due to higher fee income from new business. For the year, pre-tax income rose 51 percent to $26.3 million.
 
- more -

Add Two
 
Canada
Canadian operations reported pre-tax net income of $47.5 million compared with $36.2 million in the fourth quarter of 2010. Pre-tax operating income increased 12 percent to $41.0 million from $36.6 million in the prior-year period, reflecting better-than-expected mortality experience. A relatively weaker Canadian dollar relative to the fourth quarter of 2010 adversely affected pre-tax operating income by approximately $0.6 million. Fourth-quarter net premiums increased 9 percent to $224.8 million from $205.9 million last year, including an adverse foreign currency effect of $2.7 million. On a Canadian dollar basis, net premiums increased 10 percent. For the year, net premiums rose 5 percent over 2010, which benefited from a single premium of $43.3 million. Excluding that advance premium, net premiums rose 11 percent year over year, including a favorable foreign currency effect of $31.3 million.
Asia Pacific
Asia Pacific reported pre-tax net income of $4.1 million compared with $10.1 million in the fourth quarter of 2010. The segment reported a pre-tax operating loss of $1.2 million compared to pre-tax operating income of $8.1 million a year ago. Similar to the fourth quarter of 2010, disability experience in Australia was unfavorable. Liabilities in Australia were strengthened by approximately $24.0 million, of which approximately $16.1 million was associated with lower-than-anticipated termination rates on disability claims. Foreign currency fluctuations added $0.3 million to the current period pre-tax operating income. Net premiums increased 8 percent to $348.4 million from $322.5 million in the prior year. On a local currency basis, net premiums rose 6 percent. For the year, net premiums were up 15 percent on a U.S. dollar basis and 5 percent on an original currency basis.
Europe & South Africa
Europe & South Africa pre-tax net income rose sharply to $41.6 million from $35.4 million in the year-ago quarter. Pre-tax operating income increased 6 percent to $38.7 million from $36.4 million last year, when claims experience was particularly favorable. Better-than-expected results were spread across most locations, including the UK and South Africa. Foreign currency fluctuations adversely affected pre-tax operating income by $1.6 million. Net premiums totaled $356.3 million, up 38 percent from $258.0 million in the prior-year quarter. On a local currency basis, net premiums were up 42 percent. The current-quarter net premiums include approximately $64.7 million associated with a single premium in-force transaction in Italy. For the year, net premiums were up 30 percent on a U.S. dollar basis and 27 percent on an original currency basis.
Corporate and Other
The Corporate and Other segment reported a pre-tax net loss of $8.8 million in the fourth quarter versus pre-tax net income of $18.4 million in the year-ago period. The current quarter result includes $14.4 million in net investment related losses compared to $10.6 million in net investment related gains in the prior-year period. Fourth-quarter pre-tax operating income was approximately $10.5 million lower than last year, primarily due to higher other operating expenses.
 
- more -

Add Three
 
2012 Guidance
Management projects 2012 operating income per diluted share to be within a range of $6.70 to $7.30. This guidance assumes an expected level of death claims, which are prone to normal short-term statistical fluctuations that can significantly affect results on quarterly and annual bases. Additionally, the guidance reflects adverse effects of approximately $0.55 and $0.15 per diluted share related to the adoption of new deferred acquisition cost accounting guidance and lower anticipated investment yields in 2012, respectively. Finally, the guidance assumes that Congress will pass an extension of the active financing exception legislation this year. If that legislation is not extended for any reason, the company estimates its tax provision would increase by approximately $15 million for the year, reducing earnings by approximately $0.20 per diluted share. On a U.S. dollar basis, the company expects consolidated net premiums to increase by approximately 7 to 9 percent.
Board of Directors
The company announced that Stanley B. Tulin, retired vice chairman and chief financial officer of AXA Financial, Inc., was elected to the board of directors effective January 26, 2012. Tulin will serve as a member of the Audit and Compensation Committees. The company also announced that Stuart Greenbaum retired from the board of directors.
Dividend Declaration
The board of directors declared a regular quarterly dividend of $0.18, payable March 2 to shareholders of record as of February 10.
Earnings Conference Call
A conference call to discuss fourth-quarter results will begin at 9 a.m. Eastern Time on Tuesday, January 31. Interested parties may access the call by dialing 877-419-6590 (domestic) or 719-325-4778 (international). The access code is 8994796. 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 February 8 at 888-203-1112 (domestic) or 719-457-0820 (international), access code 8994796.
The company has posted to its website a Quarterly Financial Supplement that includes financial information for all segments as well as information on its investment portfolio. Additionally, the company posts periodic reports, press releases and other useful information on its investor relations website.
Use of Non-GAAP Financial Measures
RGA uses a non-GAAP financial measure called operating income as a basis for analyzing financial results. This measure also serves as a basis for establishing target levels and awards under RGA’s management incentive programs. Management believes that operating income, on a pre-tax and after-tax basis, better measures the ongoing profitability and underlying trends of the company’s continuing operations, primarily because that measure excludes the effect of net investment related gains and
 
- more -

Add Four
 
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 operations in Australia, Barbados, Bermuda, Canada, China, France, Germany, Hong Kong, India, Ireland, Italy, Japan, Malaysia, Mexico, the Netherlands, New Zealand, Poland, Singapore, South Africa, South Korea, Spain, Taiwan, the United Arab Emirates, the United Kingdom and the United States. Worldwide, the company has approximately $2.7 trillion of life reinsurance in force, and assets of $32.1 billion.
Cautionary Statement Regarding Forward-looking Statements
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, among others, statements relating to projections of the earnings, revenues, income or loss, future financial performance and growth potential of Reinsurance Group of America, Incorporated and its subsidiaries (which we refer to in the following paragraphs as “we,” “us” or “our”). The words “intend,” “expect,” “project,” “estimate,” “predict,” “anticipate,” “should,” “believe,” and other similar expressions also are intended to identify forward-looking statements. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Future events and actual results, performance and achievements could differ materially from those set forth in, contemplated by or underlying the forward-looking statements.
Numerous important factors could cause actual results and events to differ materially from those expressed or implied by forward-looking statements including, without limitation, (1) adverse capital and credit market conditions and their impact on 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
 
- more -

Add Five
 
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 ongoing uncertainties regarding the amount of United States sovereign debt and the credit ratings thereof, (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
 
- tables below -

Add Six
 
REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
Reconciliation of Consolidated Net Income to Operating Income
(Dollars in thousands)

 	  	Three Months Ended	 	 	Twelve Months Ended	 	
 	  	December 31,	 	 	December 31,	 	
(Unaudited)	  	2011	 	 	2010	 	 	2011	 	 	2010	 	
GAAP net income	  	$	158,531	  	 	$	196,712	  	 	$	599,620	  	 	$	574,402	  	
Reconciliation to operating income:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Capital (gains) losses, derivatives and other, included in investment related (gains) losses, net	  	 	(4,904	) 	 	 	59,317	  	 	 	(175,910	) 	 	 	(50,810	) 	
Capital (gains) losses on funds withheld:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Included in investment income	  	 	(126	) 	 	 	(5,356	) 	 	 	(3,344	) 	 	 	(13,276	) 	
Included in policy acquisition costs and other insurance expenses	  	 	31	  	 	 	515	  	 	 	617	  	 	 	1,588	  	
Embedded derivatives:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Included in investment related (gains) losses, net	  	 	36,700	  	 	 	(107,243	) 	 	 	202,423	  	 	 	(85,467	) 	
Included in interest credited	  	 	6,169	  	 	 	(16,732	) 	 	 	26,838	  	 	 	6,433	  	
Included in policy acquisition costs and other insurance expenses	  	 	4,490	  	 	 	1,955	  	 	 	2,675	  	 	 	368	  	
DAC offset, net	  	 	(53,844	) 	 	 	32,251	  	 	 	(73,984	) 	 	 	70,791	  	
Gain on repurchase of collateral finance facility securities	  	 	(6,321	) 	 	 	—  	  	 	 	(42,617	) 	 	 	—  	  	
Loss on retirement of Preferred Income Equity Redeemable Securities (“PIERS”)	  	 	—  	  	 	 	—  	  	 	 	2,854	  	 	 	—  	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income	  	$	140,726	  	 	$	161,419	  	 	$	539,172	  	 	$	504,029	  	

Reconciliation of Consolidated Pre-tax Net Income to Pre-tax Operating Income
(Dollars in thousands)
 	 	
 	  	Three Months Ended	 	 	Twelve Months Ended	 	
 	  	December 31,	 	 	December 31,	 	
(Unaudited)	  	2011	 	 	2010	 	 	2011	 	 	2010	 	
Income before income taxes	  	$	220,585	  	 	$	275,257	  	 	$	834,380	  	 	$	863,817	  	
Reconciliation to pre-tax operating income:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Capital (gains) losses, derivatives and other, included in investment related (gains) losses, net	  	 	(5,360	) 	 	 	91,401	  	 	 	(265,607	) 	 	 	(76,672	) 	
Capital (gains) losses on funds withheld:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Included in investment income	  	 	(194	) 	 	 	(8,240	) 	 	 	(5,144	) 	 	 	(20,424	) 	
Included in policy acquisition costs and other insurance expenses	  	 	47	  	 	 	793	  	 	 	949	  	 	 	2,443	  	
Embedded derivatives:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Included in investment related (gains) losses, net	  	 	56,461	  	 	 	(164,989	) 	 	 	311,420	  	 	 	(131,488	) 	
Included in interest credited	  	 	9,490	  	 	 	(25,741	) 	 	 	41,289	  	 	 	9,897	  	
Included in policy acquisition costs and other insurance expenses	  	 	6,908	  	 	 	3,008	  	 	 	4,115	  	 	 	566	  	
DAC offset, net	  	 	(82,837	) 	 	 	49,618	  	 	 	(113,821	) 	 	 	108,909	  	
Gain on repurchase of collateral finance facility securities	  	 	(9,725	) 	 	 	—  	  	 	 	(65,565	) 	 	 	—  	  	
Loss on retirement of PIERS	  	 	—  	  	 	 	—  	  	 	 	4,391	  	 	 	—  	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Pre-tax operating income	  	$	195,375	  	 	$	221,107	  	 	$	746,407	  	 	$	757,048	  	

- more -

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

 	  	Three Months Ended December 31, 2011	 	
(Unaudited)	  	Pre-tax net
income
(loss)	 	 	Capital
(gains) losses,
derivatives
and other, net	 	 	Change in
value of
embedded
derivatives, net	 	 	Net (gain) loss
on repurchase
and retirement
of securities	 	 	Pre-tax
operating
income
(loss)	 	
U.S. Operations:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Traditional	  	$	116,096	  	 	$	(29,038	) 	 	$	(1,037	) 	 	$	—  	  	 	$	86,021	  	
Asset Intensive	  	 	13,187	  	 	 	(14,585	)(1) 	 	 	28,574	(2) 	 	 	—  	  	 	 	27,176	  	
Financial Reinsurance	  	 	6,834	  	 	 	87	  	 	 	—  	  	 	 	—  	  	 	 	6,921	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total U.S.	  	 	136,117	  	 	 	(43,536	) 	 	 	27,537	  	 	 	—  	  	 	 	120,118	  	
Canada Operations	  	 	47,544	  	 	 	(6,545	) 	 	 	—  	  	 	 	—  	  	 	 	40,999	  	
Europe & South Africa	  	 	41,602	  	 	 	(2,951	) 	 	 	—  	  	 	 	—  	  	 	 	38,651	  	
Asia Pacific Operations	  	 	4,128	  	 	 	(5,309	) 	 	 	—  	  	 	 	—  	  	 	 	(1,181	) 	
Corporate and Other	  	 	(8,806	) 	 	 	15,319	  	 	 	—  	  	 	 	(9,725	) 	 	 	(3,212	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Consolidated	  	$	220,585	  	 	$	(43,022	) 	 	$	27,537	  	 	$	(9,725	) 	 	$	195,375	  	

(1)	Asset Intensive is net of $(37,515) DAC offset.	
(2)	Asset Intensive is net of $(45,322) DAC offset.	

 	  	Three Months Ended December 31, 2010	 	
(Unaudited)	  	Pre-tax net
income	 	  	Capital
(gains) losses,
derivatives
and other, net	 	 	Change in
value of
embedded
derivatives, net	 	 	Pre-tax
operating
income	 	
U.S. Operations:	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	
Traditional	  	$	113,341	  	  	$	(6,246	) 	 	$	—  	  	 	$	107,095	  	
Asset Intensive	  	 	56,361	  	  	 	13,303	(1) 	 	 	(49,683	)(2) 	 	 	19,981	  	
Financial Reinsurance	  	 	5,555	  	  	 	23	  	 	 	—  	  	 	 	5,578	  	
 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	
Total U.S.	  	 	175,257	  	  	 	7,080	  	 	 	(49,683	) 	 	 	132,654	  	
Canada Operations	  	 	36,189	  	  	 	454	  	 	 	—  	  	 	 	36,643	  	
Europe & South Africa	  	 	35,357	  	  	 	1,030	  	 	 	—  	  	 	 	36,387	  	
Asia Pacific Operations	  	 	10,071	  	  	 	(1,949	) 	 	 	—  	  	 	 	8,122	  	
Corporate and Other	  	 	18,383	  	  	 	(11,082	) 	 	 	—  	  	 	 	7,301	  	
 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	
Consolidated	  	$	275,257	  	  	$	(4,467	) 	 	$	(49,683	) 	 	$	221,107	  	

(1)	Asset Intensive is net of $(88,421) DAC offset.	
(2)	Asset Intensive is net of $138,039 DAC offset.	
 
- more -

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

 	  	Twelve Months Ended December 31, 2011	 	
(Unaudited)	  	Pre-tax net
income	 	  	Capital
(gains) losses,
derivatives
and other, net	 	 	Change in
value of
embedded
derivatives, net	 	 	Net (gain) loss
on repurchase
and retirement
of securities	 	 	Pre-tax
operating
income	 	
U.S. Operations:	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Traditional	  	$	376,208	  	  	$	(41,799	) 	 	$	(2,412	) 	 	$	—  	  	 	$	331,997	  	
Asset Intensive	  	 	34,158	  	  	 	(42,327	)(1) 	 	 	77,117	(2) 	 	 	—  	  	 	 	68,948	  	
Financial Reinsurance	  	 	26,343	  	  	 	128	  	 	 	—  	  	 	 	—  	  	 	 	26,471	  	
 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total U.S.	  	 	436,709	  	  	 	(83,998	) 	 	 	74,705	  	 	 	—  	  	 	 	427,416	  	
Canada Operations	  	 	166,613	  	  	 	(21,798	) 	 	 	—  	  	 	 	—  	  	 	 	144,815	  	
Europe & South Africa	  	 	100,043	  	  	 	(6,000	) 	 	 	—  	  	 	 	—  	  	 	 	94,043	  	
Asia Pacific Operations	  	 	67,120	  	  	 	(3,056	) 	 	 	—  	  	 	 	—  	  	 	 	64,064	  	
Corporate and Other	  	 	63,895	  	  	 	13,348	  	 	 	—  	  	 	 	(61,174	) 	 	 	16,069	  	
 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Consolidated	  	$	834,380	  	  	$	(101,504	) 	 	$	74,705	  	 	$	(61,174	) 	 	$	746,407	  	

(1)	Asset Intensive is net of $168,298 DAC offset.	
(2)	Asset Intensive is net of $(282,119) DAC offset.	

 	  	Twelve Months Ended December 31, 2010	 	
(Unaudited)	  	Pre-tax net
income	 	  	Capital
(gains) losses,
derivatives
and other, net	 	 	Change in
value of
embedded
derivatives, net	 	 	Pre-tax
operating
income	 	
U.S. Operations:	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	
Traditional	  	$	390,055	  	  	$	(24,824	) 	 	$	—  	  	 	$	365,231	  	
Asset Intensive	  	 	131,878	  	  	 	(34,881	)(1) 	 	 	(30,711	)(2) 	 	 	66,286	  	
Financial Reinsurance	  	 	17,457	  	  	 	86	  	 	 	—  	  	 	 	17,543	  	
 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	
Total U.S.	  	 	539,390	  	  	 	(59,619	) 	 	 	(30,711	) 	 	 	449,060	  	
Canada Operations	  	 	122,378	  	  	 	(8,747	) 	 	 	—  	  	 	 	113,631	  	
Europe & South Africa	  	 	85,834	  	  	 	(2,584	) 	 	 	—  	  	 	 	83,250	  	
Asia Pacific Operations	  	 	88,760	  	  	 	(5,000	) 	 	 	—  	  	 	 	83,760	  	
Corporate and Other	  	 	27,455	  	  	 	(108	) 	 	 	—  	  	 	 	27,347	  	
 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	
Consolidated	  	$	863,817	  	  	$	(76,058	) 	 	$	(30,711	) 	 	$	757,048	  	

(1)	Asset Intensive is net of $18,595 DAC offset.	
(2)	Asset Intensive is net of $90,314 DAC offset.	
 
- more -

Add Nine
REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
Per Share and Shares Data
(In thousands, except per share data)

 	  	Three Months Ended
December 31,	 	  	Twelve Months Ended
December 31,	 	
(Unaudited)	  	2011	 	  	2010	 	  	2011	 	  	2010	 	
Diluted earnings per share from operating income	  	$	1.91	  	  	$	2.15	  	  	$	7.28	  	  	$	6.75	  	
 	 	 	 	 	
Earnings per share from net income:	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Basic earnings per share	  	$	2.16	  	  	$	2.68	  	  	$	8.15	  	  	$	7.85	  	
Diluted earnings per share	  	$	2.15	  	  	$	2.62	  	  	$	8.09	  	  	$	7.69	  	
 	 	 	 	 	
Weighted average number of common and common equivalent shares outstanding	  	 	73,812	  	  	 	75,052	  	  	 	74,108	  	  	 	74,694	  	

 	  	At December 31,	 	
(Unaudited)	  	2011	 	  	2010	 	
Treasury shares	  	 	5,770	  	  	 	—  	  	
Common shares outstanding	  	 	73,368	  	  	 	73,363	  	
Book value per share outstanding	  	$	83.65	  	  	$	68.71	  	
Book value per share outstanding, before impact of AOCI	  	$	61.53	  	  	$	56.34	  	
 
- more -

Add Ten
REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
Condensed Consolidated Statements of Income
(Dollars in thousands)

 	  	Three Months Ended
December 31,	 	 	Twelve Months Ended
December 31,	 	
(Unaudited)	  	2011	 	 	2010	 	 	2011	 	 	2010	 	
Revenues:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	  	$	2,034,716	  	 	$	1,801,899	  	 	$	7,335,687	  	 	$	6,659,680	  	
Investment income, net of related expenses	  	 	304,511	  	 	 	355,227	  	 	 	1,281,197	  	 	 	1,238,660	  	
Investment related gains (losses), net:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Other-than-temporary impairments on fixed maturity securities	  	 	(11,824	) 	 	 	(16,097	) 	 	 	(30,873	) 	 	 	(31,920	) 	
Other-than-temporary impairments on fixed maturity securities transferred to (from) accumulated other comprehensive income	  	 	543	  	 	 	(186	) 	 	 	3,924	  	 	 	2,045	  	
Other investment related gains (losses), net	  	 	(36,183	) 	 	 	90,916	  	 	 	(9,107	) 	 	 	241,905	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total investment related gains (losses), net	  	 	(47,464	) 	 	 	74,633	  	 	 	(36,056	) 	 	 	212,030	  	
Other revenue	  	 	56,456	  	 	 	42,370	  	 	 	248,710	  	 	 	151,360	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	  	 	2,348,219	  	 	 	2,274,129	  	 	 	8,829,538	  	 	 	8,261,730	  	

Benefits and expenses:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	  	 	1,720,573	  	 	 	1,470,845	  	 	 	6,224,800	  	 	 	5,547,155	  	
Interest credited	  	 	78,884	  	 	 	79,103	  	 	 	316,394	  	 	 	309,982	  	
Policy acquisition costs and other insurance expenses	  	 	177,932	  	 	 	319,444	  	 	 	919,595	  	 	 	1,079,953	  	
Other operating expenses	  	 	122,000	  	 	 	102,216	  	 	 	419,340	  	 	 	361,971	  	
Interest expense	  	 	25,226	  	 	 	25,215	  	 	 	102,638	  	 	 	90,996	  	
Collateral finance facility expense	  	 	3,019	  	 	 	2,049	  	 	 	12,391	  	 	 	7,856	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	  	 	2,127,634	  	 	 	1,998,872	  	 	 	7,995,158	  	 	 	7,397,913	  	

Income before income taxes	  	 	220,585	  	 	 	275,257	  	 	 	834,380	  	 	 	863,817	  	
Income tax expense	  	 	62,054	  	 	 	78,545	  	 	 	234,760	  	 	 	289,415	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	  	$	158,531	  	 	$	196,712	  	 	$	599,620	  	 	$	574,402	  	

# # #

Exhibit 99.2

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

 
 	 	 	 	 	 	 	 	 	 	 	
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
Sr. Vice President
Controller & Investor Relations
Phone: (636) 300-8828
e-mail: jhayden@rgare.com	
Financial Strength Ratings	  	 	 	 	 	 	 	 	 	 	
RGA Reinsurance Company	  	 	 	AA-	 	A+	 	A1	 	 	
RGA Life Reinsurance Company of Canada	  	 	 	AA-	 	A+	 	NR	 	 	
RGA International Reinsurance Company Limited	  	 	 	AA-	 	NR	 	NR	 	 	
RGA Global Reinsurance Company Limited	  	 	 	AA-	 	NR	 	NR	 	 	
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”.

 	  	Quarterly Financial Supplement	  	 	

Reinsurance Group of America, Incorporated
Financial Supplement
4th Quarter 2011
Table of Contents

  	  	Page	 	
Non-GAAP Disclosure	  	 	1	  	
 	 	
2012 Management Guidance	  	 	2	  	
 	 	
Consolidated	  	 	 	 	
 	 	
Financial Highlights	  	 	3	  	
 	 	
Consolidated Income Statement (incl. Operating Income Reconciliation)	  	 	4	  	
 	 	
Consolidated Operating Income Statement	  	 	5	  	
 	 	
Consolidated Balance Sheets	  	 	6	  	
 	 	
Segment Pre-tax Operating Income Summaries and Reconciliations to U.S. GAAP	  	 	 	 	
 	 	
U.S. Operations	  	 	7	  	
 	 	
Canada Operations	  	 	11	  	
 	 	
Europe & South Africa Operations	  	 	12	  	
 	 	
Asia Pacific Operations	  	 	13	  	
 	 	
Corporate and Other	  	 	14	  	
 	 	
Summary of Pre-tax Segment Operating Income	  	 	15	  	
 	 	
Investments	  	 	 	 	
 	 	
Cash and Invested Assets, Yield Summary	  	 	16	  	
 	 	
Amortized cost, Gross Unrealized Gains and Losses, Estimated Fair Values of Fixed Maturity and Equity Securities	  	 	17	  	
 	 	
Corporate Securities by Sector (Fixed Maturities and Equities)	  	 	18	  	
 	 	
Quality of Fixed Maturity Securities and Structured Fixed Maturity Securities	  	 	19	  	
 	 	
Subprime Mortgage Exposure (Including Funds Withheld Portfolios)	  	 	20	  	
 	 	
CMBS Exposure (Including Funds Withheld Portfolios)	  	 	21	  	
 	 	
Gross Unrealized Losses Aging	  	 	22	  	
 	 	
Fixed Maturity and Equity Securities Below Amortized Cost	  	 	23	  	
 	 	
Consolidated Gross Gains and Losses	  	 	24	  	

 	  	Quarterly Financial Supplement	  	 	

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.

 	  	Quarterly Financial Supplement	  	Page 1	

Reinsurance Group of America, Incorporated
2012 Management Guidance
2012 Full-year Consolidated Operating Earnings per Diluted Share Guidance
Management projects 2012 operating income per diluted share to be within a range of $6.70 to $7.30. This guidance assumes an expected level of death claims, which are prone to normal short-term statistical fluctuations that can significantly affect results on quarterly and annual bases. Additionally, the guidance reflects adverse effects of approximately $0.55 and $0.15 per diluted share related to the adoption of new deferred acquisition cost accounting guidance and lower anticipated investment yields in 2012, respectively. Finally, the guidance assumes that Congress will pass an extension of the active financing exception legislation this year. If that legislation is not extended for any reason, the company estimates its tax provision would increase by approximately $15 million for the year, reducing earnings by approximately $0.20 per diluted share.
2012 Full-year Premium Growth Guidance

Segment	  	Original Currency
Basis	
U.S.	  	5% - 7%	
Canada	  	7% - 9%	
Asia Pacific	  	6% - 8%	
Europe & South Africa	  	4% - 6%	
 	 	
Consolidated ($USD basis)	  	7% - 9%	

2012 Full-year Projected Premium for Select Foreign Currencies

Foreign Currency	  	Millions	
Australian Dollar	  	735 - 773	
Canadian Dollar	  	892 - 938	
Euro Dollar	  	125 - 131	
British Pound Sterling	  	515 - 541	
Japanese Yen	  	11,028 - 11,594	
Korean Won	  	191,816 - 201,652	
New Zealand Dollar	  	86 - 90	
Taiwanese Dollar	  	2,341 - 2,461	
South African Rand	  	776 - 816	

 	  	Quarterly Financial Supplement	  	Page 2	

Reinsurance Group of America, Incorporated
Financial Highlights

 	 	Three Months Ended or As of	 	 	Current Qtr
vs. PY
Quarter	 	 	  	 	Year-to-Date	 	 	
(USD thousands, except inforce & per share data)	 	Dec. 31,
2011	 	 	Sept. 30,
2011	 	 	June 30,
2011	 	 	March 31,
2011	 	 	Dec. 31,
2010	 	 	 	 	 	 	 	Dec. 31,
2011	 	 	Dec. 31,
2010	 	 	Change	 	 	 	 	 	
Net premiums	 	$	2,034,716	  	 	$	1,776,165	  	 	$	1,788,676	  	 	$	1,736,130	  	 	$	1,801,899	  	 	$	232,817	  	 	 	 	$	7,335,687	  	 	$	6,659,680	  	 	$	676,007	  	 	 	 	 	
Net income	 	 	158,531	  	 	 	147,385	  	 	 	132,888	  	 	 	160,816	  	 	 	196,712	  	 	 	(38,181	) 	 	 	 	 	599,620	  	 	 	574,402	  	 	 	25,218	  	 	 	 	 	
Operating income	 	 	140,726	  	 	 	151,618	  	 	 	128,001	  	 	 	118,827	  	 	 	161,419	  	 	 	(20,693	) 	 	 	 	 	539,172	  	 	 	504,029	  	 	 	35,143	  	 	 	 	 	
Operating return on equity (ex AOCI) - annualized	 	 	12.7	% 	 	 	14.1	% 	 	 	12.2	% 	 	 	11.5	% 	 	 	16.0	% 	 	 	-3.3	% 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating return on equity (ex AOCI) - trailing 12 months	 	 	12.6	% 	 	 	13.5	% 	 	 	13.2	% 	 	 	13.4	% 	 	 	13.2	% 	 	 	-0.6	% 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total assets	 	 	32,104,032	  	 	 	31,183,454	  	 	 	30,659,277	  	 	 	29,510,019	  	 	 	29,081,908	  	 	 	3,022,124	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Assumed Life Reinsurance in Force (in billions)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
U.S.	 	$	1,348.5	  	 	$	1,347.9	  	 	$	1,343.2	  	 	$	1,343.2	  	 	$	1,340.5	  	 	$	8.0	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Canada	 	 	344.9	  	 	 	329.5	  	 	 	350.3	  	 	 	339.2	  	 	 	324.1	  	 	 	20.8	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Europe & South Africa	 	 	513.4	  	 	 	515.0	  	 	 	529.7	  	 	 	497.8	  	 	 	467.6	  	 	 	45.8	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Asia Pacific	 	 	457.6	  	 	 	422.8	  	 	 	435.6	  	 	 	407.7	  	 	 	408.1	  	 	 	49.5	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Life Reinsurance in Force	 	$	2,664.4	  	 	$	2,615.2	  	 	$	2,658.8	  	 	$	2,587.9	  	 	$	2,540.3	  	 	$	124.1	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

Assumed New Business Production (in billions)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
U.S.	 	$	24.8	  	 	$	30.1	  	 	$	24.3	  	 	$	31.3	  	 	$	26.2	  	 	$	(1.4	) 	 	 	 	$	110.5	  	 	$	142.2	  	 	$	(31.7	) 	 	 	 	 	
Canada	 	 	11.3	  	 	 	14.0	  	 	 	13.4	  	 	 	12.4	  	 	 	12.2	  	 	 	(0.9	) 	 	 	 	 	51.1	  	 	 	51.1	  	 	 	—  	  	 	 	 	 	
Europe & South Africa	 	 	24.9	  	 	 	38.7	  	 	 	47.6	  	 	 	37.1	  	 	 	28.5	  	 	 	(3.6	) 	 	 	 	 	148.3	  	 	 	103.6	  	 	 	44.7	  	 	 	 	 	
Asia Pacific	 	 	74.0	  	 	 	27.9	  	 	 	9.7	  	 	 	7.4	  	 	 	13.1	  	 	 	60.9	  	 	 	 	 	119.0	  	 	 	30.7	  	 	 	88.3	  	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total New Business Production	 	$	135.0	  	 	$	110.7	  	 	$	95.0	  	 	$	88.2	  	 	$	80.0	  	 	$	55.0	  	 	 	 	$	428.9	  	 	$	327.6	  	 	$	101.3	  	 	 	 	 	

Per Share and Shares Data	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic earnings per share	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	 	$	2.16	  	 	$	2.00	  	 	$	1.80	  	 	$	2.20	  	 	$	2.68	  	 	$	(0.52	) 	 	 	 	$	8.15	  	 	$	7.85	  	 	$	0.30	  	 	 	 	 	
Operating income	 	$	1.92	  	 	$	2.05	  	 	$	1.73	  	 	$	1.62	  	 	$	2.20	  	 	$	(0.28	) 	 	 	 	$	7.33	  	 	$	6.89	  	 	$	0.44	  	 	 	 	 	
Diluted earnings per share	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	 	$	2.15	  	 	$	1.98	  	 	$	1.78	  	 	$	2.18	  	 	$	2.62	  	 	$	(0.47	) 	 	 	 	$	8.09	  	 	$	7.69	  	 	$	0.40	  	 	 	 	 	
Operating income	 	$	1.91	  	 	$	2.04	  	 	$	1.72	  	 	$	1.61	  	 	$	2.15	  	 	$	(0.24	) 	 	 	 	$	7.28	  	 	$	6.75	  	 	$	0.53	  	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Wgt. average common shares outstanding (basic)	 	 	73,304	  	 	 	73,856	  	 	 	73,971	  	 	 	73,213	  	 	 	73,277	  	 	 	27	  	 	 	 	 	73,586	  	 	 	73,157	  	 	 	429	  	 	 	 	 	
Wgt. average common shares outstanding (diluted)	 	 	73,812	  	 	 	74,254	  	 	 	74,530	  	 	 	73,836	  	 	 	75,052	  	 	 	(1,240	) 	 	 	 	 	74,108	  	 	 	74,694	  	 	 	(586	) 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Common shares issued	 	 	79,138	  	 	 	79,138	  	 	 	79,138	  	 	 	79,138	  	 	 	73,364	  	 	 	5,774	  	 	 	 	 	79,138	  	 	 	73,364	  	 	 	5,774	  	 	 	 	 	
Treasury shares	 	 	5,770	  	 	 	5,871	  	 	 	5,062	  	 	 	5,341	  	 	 	1	  	 	 	5,769	  	 	 	 	 	5,770	  	 	 	1	  	 	 	5,769	  	 	 	 	 	
Common shares outstanding	 	 	73,368	  	 	 	73,267	  	 	 	74,076	  	 	 	73,797	  	 	 	73,363	  	 	 	5	  	 	 	 	 	73,368	  	 	 	73,363	  	 	 	5	  	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Book value per share	 	$	83.65	  	 	$	77.29	  	 	$	71.88	  	 	$	68.06	  	 	$	68.71	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Per share effect of accumulated other comprehensive income (AOCI)	 	$	22.12	  	 	$	17.81	  	 	$	14.37	  	 	$	12.18	  	 	$	12.37	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Book value per share, excluding AOCI	 	$	61.53	  	 	$	59.48	  	 	$	57.51	  	 	$	55.88	  	 	$	56.34	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Shareholder dividends paid	 	$	13,189.3	  	 	$	13,336.6	  	 	$	8,870.7	  	 	$	8,832.2	  	 	$	8,830.3	  	 	$	4,359.0	  	 	 	 	$	44,228.8	  	 	$	35,170.0	  	 	$	9,058.8	  	 	 	 	 	

 	  	Quarterly Financial Supplement	  	Page 3	

Reinsurance Group of America, Incorporated
Consolidated GAAP Income Statement (incl. Operating Income Reconciliations)

 	 	Three Months Ended	 	 	Current Qtr
vs. PY
Quarter	 	 	  	 	Year-to-Date	 	 	
(USD thousands)	 	Dec. 31,
2011	 	 	Sept. 30,
2011	 	 	June 30,
2011	 	 	March 31,
2011	 	 	Dec. 31,
2010	 	 	 	 	 	 	 	Dec. 31,
2011	 	 	Dec. 31,
2010	 	 	Change	 	 	 	 	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	2,034,716	  	 	$	1,776,165	  	 	$	1,788,676	  	 	$	1,736,130	  	 	$	1,801,899	  	 	$	232,817	  	 	 	 	$	7,335,687	  	 	$	6,659,680	  	 	$	676,007	  	 	 	 	 	
Investment income, net of related expenses	 	 	304,511	  	 	 	268,210	  	 	 	337,436	  	 	 	371,040	  	 	 	355,227	  	 	 	(50,716	) 	 	 	 	 	1,281,197	  	 	 	1,238,660	  	 	 	42,537	  	 	 	 	 	
Investment related gains (losses), net	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
OTTI on fixed maturity securities	 	 	(11,824	) 	 	 	(11,911	) 	 	 	(5,582	) 	 	 	(1,556	) 	 	 	(16,097	) 	 	 	4,273	  	 	 	 	 	(30,873	) 	 	 	(31,920	) 	 	 	1,047	  	 	 	 	 	
OTTI on fixed maturity securities transferred to/from AOCI	 	 	543	  	 	 	3,089	  	 	 	292	  	 	 	—  	  	 	 	(186	) 	 	 	729	  	 	 	 	 	3,924	  	 	 	2,045	  	 	 	1,879	  	 	 	 	 	
Other investment related gains (losses), net	 	 	(36,183	) 	 	 	(130,778	) 	 	 	32,678	  	 	 	125,176	  	 	 	90,916	  	 	 	(127,099	) 	 	 	 	 	(9,107	) 	 	 	241,905	  	 	 	(251,012	) 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total investment related gains (losses), net	 	 	(47,464	) 	 	 	(139,600	) 	 	 	27,388	  	 	 	123,620	  	 	 	74,633	  	 	 	(122,097	) 	 	 	 	 	(36,056	) 	 	 	212,030	  	 	 	(248,086	) 	 	 	 	 	
Other revenue	 	 	56,456	  	 	 	90,132	  	 	 	50,477	  	 	 	51,645	  	 	 	42,370	  	 	 	14,086	  	 	 	 	 	248,710	  	 	 	151,360	  	 	 	97,350	  	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	 	 	2,348,219	  	 	 	1,994,907	  	 	 	2,203,977	  	 	 	2,282,435	  	 	 	2,274,129	  	 	 	74,090	  	 	 	 	 	8,829,538	  	 	 	8,261,730	  	 	 	567,808	  	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	 	1,720,573	  	 	 	1,514,765	  	 	 	1,520,013	  	 	 	1,469,449	  	 	 	1,470,845	  	 	 	249,728	  	 	 	 	 	6,224,800	  	 	 	5,547,155	  	 	 	677,645	  	 	 	 	 	
Interest credited	 	 	78,884	  	 	 	35,251	  	 	 	96,196	  	 	 	106,063	  	 	 	79,103	  	 	 	(219	) 	 	 	 	 	316,394	  	 	 	309,982	  	 	 	6,412	  	 	 	 	 	
Policy acquisition costs and other insurance expenses	 	 	177,932	  	 	 	149,228	  	 	 	261,282	  	 	 	331,153	  	 	 	319,444	  	 	 	(141,512	) 	 	 	 	 	919,595	  	 	 	1,079,953	  	 	 	(160,358	) 	 	 	 	 	
Other operating expenses	 	 	122,000	  	 	 	94,029	  	 	 	97,161	  	 	 	106,150	  	 	 	102,216	  	 	 	19,784	  	 	 	 	 	419,340	  	 	 	361,971	  	 	 	57,369	  	 	 	 	 	
Interest expense	 	 	25,226	  	 	 	27,025	  	 	 	25,818	  	 	 	24,569	  	 	 	25,215	  	 	 	11	  	 	 	 	 	102,638	  	 	 	90,996	  	 	 	11,642	  	 	 	 	 	
Collateral finance facility expense	 	 	3,019	  	 	 	3,069	  	 	 	3,101	  	 	 	3,202	  	 	 	2,049	  	 	 	970	  	 	 	 	 	12,391	  	 	 	7,856	  	 	 	4,535	  	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	 	 	2,127,634	  	 	 	1,823,367	  	 	 	2,003,571	  	 	 	2,040,586	  	 	 	1,998,872	  	 	 	128,762	  	 	 	 	 	7,995,158	  	 	 	7,397,913	  	 	 	597,245	  	 	 	 	 	
Income before income taxes	 	 	220,585	  	 	 	171,540	  	 	 	200,406	  	 	 	241,849	  	 	 	275,257	  	 	 	(54,672	) 	 	 	 	 	834,380	  	 	 	863,817	  	 	 	(29,437	) 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income tax expense	 	 	62,054	  	 	 	24,155	  	 	 	67,518	  	 	 	81,033	  	 	 	78,545	  	 	 	(16,491	) 	 	 	 	 	234,760	  	 	 	289,415	  	 	 	(54,655	) 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	 	$	158,531	  	 	$	147,385	  	 	$	132,888	  	 	$	160,816	  	 	$	196,712	  	 	$	(38,181	) 	 	 	 	$	599,620	  	 	$	574,402	  	 	$	25,218	  	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Pre-tax Operating Income Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	 	220,585	  	 	 	171,540	  	 	 	200,406	  	 	 	241,849	  	 	 	275,257	  	 	 	(54,672	) 	 	 	 	 	834,380	  	 	 	863,817	  	 	 	(29,437	) 	 	 	 	 	
Investment and derivative losses (gains) - non-operating  (1)	 	 	(5,360	) 	 	 	(221,194	) 	 	 	(40,152	) 	 	 	1,099	  	 	 	91,401	  	 	 	(96,761	) 	 	 	 	 	(265,607	) 	 	 	(76,672	) 	 	 	(188,935	) 	 	 	 	 	
Change in value of modified coinsurance andfunds withheld embedded derivatives (1)	 	 	85,722	  	 	 	102,574	  	 	 	(10,525	) 	 	 	(90,535	) 	 	 	(43,780	) 	 	 	129,502	  	 	 	 	 	87,236	  	 	 	(160,274	) 	 	 	247,510	  	 	 	 	 	
GMXB embedded derivatives  (1)	 	 	(29,261	) 	 	 	260,239	  	 	 	25,860	  	 	 	(32,654	) 	 	 	(121,209	) 	 	 	91,948	  	 	 	 	 	224,184	  	 	 	28,786	  	 	 	195,398	  	 	 	 	 	
Funds withheld losses (gains) - investment income	 	 	(194	) 	 	 	(9,806	) 	 	 	(7,185	) 	 	 	12,041	  	 	 	(8,240	) 	 	 	8,046	  	 	 	 	 	(5,144	) 	 	 	(20,424	) 	 	 	15,280	  	 	 	 	 	
Funds withheld losses (gains) - policy acq. costs	 	 	47	  	 	 	1,034	  	 	 	1,793	  	 	 	(1,925	) 	 	 	793	  	 	 	(746	) 	 	 	 	 	949	  	 	 	2,443	  	 	 	(1,494	) 	 	 	 	 	
EIA embedded derivatives - interest credited	 	 	9,490	  	 	 	37,539	  	 	 	21,011	  	 	 	(26,751	) 	 	 	(25,741	) 	 	 	35,231	  	 	 	 	 	41,289	  	 	 	9,897	  	 	 	31,392	  	 	 	 	 	
EIA embedded derivatives - policy acq. costs	 	 	6,908	  	 	 	(3,664	) 	 	 	(2,073	) 	 	 	2,944	  	 	 	3,008	  	 	 	3,900	  	 	 	 	 	4,115	  	 	 	566	  	 	 	3,549	  	 	 	 	 	
DAC offset, net	 	 	(82,837	) 	 	 	(107,709	) 	 	 	4,158	  	 	 	72,567	  	 	 	49,618	  	 	 	(132,455	) 	 	 	 	 	(113,821	) 	 	 	108,909	  	 	 	(222,730	) 	 	 	 	 	
Gain on repurchase of collateral finance facility securities	 	 	(9,725	) 	 	 	(50,869	) 	 	 	—  	  	 	 	(4,971	) 	 	 	—  	  	 	 	(9,725	) 	 	 	 	 	(65,565	) 	 	 	—  	  	 	 	(65,565	) 	 	 	 	 	
Loss on retirement of Preferred Income Equity Redeemable Securities (“PIERS”)	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	4,391	  	 	 	—  	  	 	 	—  	  	 	 	 	 	4,391	  	 	 	—  	  	 	 	4,391	  	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating Income Before Income Taxes	 	$	195,375	  	 	$	179,684	  	 	$	193,293	  	 	$	178,055	  	 	$	221,107	  	 	$	(25,732	) 	 	 	 	$	746,407	  	 	$	757,048	  	 	$	(10,641	) 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
After-tax Operating Income Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net Income	 	 	158,531	  	 	 	147,385	  	 	 	132,888	  	 	 	160,816	  	 	 	196,712	  	 	 	(38,181	) 	 	 	 	 	599,620	  	 	 	574,402	  	 	 	25,218	  	 	 	 	 	
Investment and derivative losses (gains) - non-operating  (1)	 	 	(4,904	) 	 	 	(144,836	) 	 	 	(26,361	) 	 	 	191	  	 	 	59,317	  	 	 	(64,221	) 	 	 	 	 	(175,910	) 	 	 	(50,810	) 	 	 	(125,100	) 	 	 	 	 	
Change in value of modified coinsurance andfunds withheld embedded derivatives (1)	 	 	55,719	  	 	 	66,673	  	 	 	(6,841	) 	 	 	(58,848	) 	 	 	(28,457	) 	 	 	84,176	  	 	 	 	 	56,703	  	 	 	(104,178	) 	 	 	160,881	  	 	 	 	 	
GMXB embedded derivatives  (1)	 	 	(19,019	) 	 	 	169,155	  	 	 	16,809	  	 	 	(21,225	) 	 	 	(78,786	) 	 	 	59,767	  	 	 	 	 	145,720	  	 	 	18,711	  	 	 	127,009	  	 	 	 	 	
Funds withheld losses (gains) - investment income	 	 	(126	) 	 	 	(6,374	) 	 	 	(4,671	) 	 	 	7,827	  	 	 	(5,356	) 	 	 	5,230	  	 	 	 	 	(3,344	) 	 	 	(13,276	) 	 	 	9,932	  	 	 	 	 	
Funds withheld losses (gains) - policy acq. costs	 	 	31	  	 	 	672	  	 	 	1,165	  	 	 	(1,251	) 	 	 	515	  	 	 	(484	) 	 	 	 	 	617	  	 	 	1,588	  	 	 	(971	) 	 	 	 	 	
EIA embedded derivatives - interest credited	 	 	6,169	  	 	 	24,400	  	 	 	13,657	  	 	 	(17,388	) 	 	 	(16,732	) 	 	 	22,901	  	 	 	 	 	26,838	  	 	 	6,433	  	 	 	20,405	  	 	 	 	 	
EIA embedded derivatives - policy acq. costs	 	 	4,490	  	 	 	(2,381	) 	 	 	(1,348	) 	 	 	1,914	  	 	 	1,955	  	 	 	2,535	  	 	 	 	 	2,675	  	 	 	368	  	 	 	2,307	  	 	 	 	 	
DAC offset, net	 	 	(53,844	) 	 	 	(70,011	) 	 	 	2,703	  	 	 	47,168	  	 	 	32,251	  	 	 	(86,095	) 	 	 	 	 	(73,984	) 	 	 	70,791	  	 	 	(144,775	) 	 	 	 	 	
Gain on repurchase of collateral finance facility securities	 	 	(6,321	) 	 	 	(33,065	) 	 	 	—  	  	 	 	(3,231	) 	 	 	—  	  	 	 	(6,321	) 	 	 	 	 	(42,617	) 	 	 	—  	  	 	 	(42,617	) 	 	 	 	 	
Loss on retirement of PIERS	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	2,854	  	 	 	—  	  	 	 	—  	  	 	 	 	 	2,854	  	 	 	—  	  	 	 	2,854	  	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating Income	 	$	140,726	  	 	$	151,618	  	 	$	128,001	  	 	$	118,827	  	 	$	161,419	  	 	$	(20,693	) 	 	 	 	$	539,172	  	 	$	504,029	  	 	$	35,143	  	 	 	 	 	

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

 	  	Quarterly Financial Supplement	  	Page 4	

Reinsurance Group of America, Incorporated
Consolidated Operating Income Statement

 	  	Three Months Ended	 	  	Current Qtr	 	 	Year-to-Date	 	
(USD thousands, except per share data)	  	Dec. 31,
2011	 	 	Sept. 30,
2011	 	 	June 30,
2011	 	  	March 31,
2011	 	  	Dec. 31,
2010	 	  	vs. PY
Quarter	 	 	Dec. 31,
2011	 	  	Dec. 31,
2010	 	  	Change	 	
Revenues:	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
Net premiums	  	$	2,034,716	  	 	$	1,776,165	  	 	$	1,788,676	  	  	$	1,736,130	  	  	$	1,801,899	  	  	$	232,817	  	 	$	7,335,687	  	  	$	6,659,680	  	  	$	676,007	  	
Investment income, net of related expenses	  	 	304,317	  	 	 	258,404	  	 	 	330,251	  	  	 	383,081	  	  	 	346,987	  	  	 	(42,670	) 	 	 	1,276,053	  	  	 	1,218,236	  	  	 	57,817	  	
Investment related gains (losses), net	  	 	3,637	  	 	 	2,019	  	 	 	2,571	  	  	 	1,530	  	  	 	1,045	  	  	 	2,592	  	 	 	9,757	  	  	 	3,870	  	  	 	5,887	  	
Other revenue	  	 	46,731	  	 	 	39,263	  	 	 	50,477	  	  	 	46,674	  	  	 	42,370	  	  	 	4,361	  	 	 	183,145	  	  	 	151,360	  	  	 	31,785	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
Total revenues	  	 	2,389,401	  	 	 	2,075,851	  	 	 	2,171,975	  	  	 	2,167,415	  	  	 	2,192,301	  	  	 	197,100	  	 	 	8,804,642	  	  	 	8,033,146	  	  	 	771,496	  	
 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
Claims and other policy benefits	  	 	1,720,573	  	 	 	1,514,765	  	 	 	1,520,013	  	  	 	1,469,449	  	  	 	1,470,845	  	  	 	249,728	  	 	 	6,224,800	  	  	 	5,547,155	  	  	 	677,645	  	
Interest credited	  	 	69,394	  	 	 	(2,288	) 	 	 	75,185	  	  	 	132,814	  	  	 	104,844	  	  	 	(35,450	) 	 	 	275,105	  	  	 	300,085	  	  	 	(24,980	) 	
Policy acquisition costs and other insurance expenses	  	 	253,814	  	 	 	259,567	  	 	 	257,404	  	  	 	257,567	  	  	 	266,025	  	  	 	(12,211	) 	 	 	1,028,352	  	  	 	968,035	  	  	 	60,317	  	
Other operating expenses	  	 	122,000	  	 	 	94,029	  	 	 	97,161	  	  	 	101,759	  	  	 	102,216	  	  	 	19,784	  	 	 	414,949	  	  	 	361,971	  	  	 	52,978	  	
Interest expense	  	 	25,226	  	 	 	27,025	  	 	 	25,818	  	  	 	24,569	  	  	 	25,215	  	  	 	11	  	 	 	102,638	  	  	 	90,996	  	  	 	11,642	  	
Collateral finance facility expense	  	 	3,019	  	 	 	3,069	  	 	 	3,101	  	  	 	3,202	  	  	 	2,049	  	  	 	970	  	 	 	12,391	  	  	 	7,856	  	  	 	4,535	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
Total benefits and expenses	  	 	2,194,026	  	 	 	1,896,167	  	 	 	1,978,682	  	  	 	1,989,360	  	  	 	1,971,194	  	  	 	222,832	  	 	 	8,058,235	  	  	 	7,276,098	  	  	 	782,137	  	
 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	  	 	195,375	  	 	 	179,684	  	 	 	193,293	  	  	 	178,055	  	  	 	221,107	  	  	 	(25,732	) 	 	 	746,407	  	  	 	757,048	  	  	 	(10,641	) 	
 	 	 	 	 	 	 	 	 	 	
Operating income tax expense	  	 	54,649	  	 	 	28,066	  	 	 	65,292	  	  	 	59,228	  	  	 	59,688	  	  	 	(5,039	) 	 	 	207,235	  	  	 	253,019	  	  	 	(45,784	) 	
 	 	 	 	 	 	 	 	 	 	
Operating income	  	$	140,726	  	 	$	151,618	  	 	$	128,001	  	  	$	118,827	  	  	$	161,419	  	  	$	(20,693	) 	 	$	539,172	  	  	$	504,029	  	  	$	35,143	  	

Wgt. Average Common Shares Outstanding (Diluted)	  	 	73,812	  	 	 	74,254	  	 	 	74,530	  	  	 	73,836	  	  	 	75,052	  	  	 	(1,240	) 	 	 	74,108	  	  	 	74,694	  	  	 	(586	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
Diluted Earnings Per Share - Operating Income	  	$	1.91	  	 	$	2.04	  	 	$	1.72	  	  	$	1.61	  	  	$	2.15	  	  	$	(0.24	) 	 	$	7.28	  	  	$	6.75	  	  	$	0.53	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
Foreign currency effect*:	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
Net premiums	  	$	(5,509	) 	 	$	53,399	  	 	$	77,277	  	  	$	42,487	  	  	$	23,933	  	  	$	(29,442	) 	 	$	167,654	  	  	$	183,800	  	  	$	(16,146	) 	
Operating income before income taxes	  	$	(2,407	) 	 	$	6,846	  	 	$	5,713	  	  	$	4,634	  	  	$	1,580	  	  	$	(3,987	) 	 	$	14,786	  	  	$	18,260	  	  	$	(3,474	) 	
 
*	Compared to comparable prior year period	

 	  	Quarterly Financial Supplement	  	Page 5	

Reinsurance Group of America, Incorporated
Consolidated Balance Sheets

(USD thousands)	  	Dec. 31,
2011	 	 	Sept. 30,
2011	 	 	June 30,
2011	 	 	March 31,
2011	 	 	Dec. 31,
2010	 	
Assets	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Fixed maturity securities, available-for-sale	  	$	16,200,950	  	 	$	15,557,032	  	 	$	15,153,807	  	 	$	14,531,154	  	 	$	14,304,597	  	
Mortgage loans on real estate	  	 	991,731	  	 	 	934,694	  	 	 	908,048	  	 	 	906,869	  	 	 	885,811	  	
Policy loans	  	 	1,260,400	  	 	 	1,228,890	  	 	 	1,229,663	  	 	 	1,222,016	  	 	 	1,228,418	  	
Funds withheld at interest	  	 	5,410,424	  	 	 	5,445,886	  	 	 	5,671,844	  	 	 	5,595,146	  	 	 	5,421,952	  	
Short-term investments	  	 	88,566	  	 	 	81,747	  	 	 	125,618	  	 	 	74,902	  	 	 	118,387	  	
Other invested assets	  	 	1,012,541	  	 	 	1,020,043	  	 	 	799,341	  	 	 	756,377	  	 	 	707,403	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total investments	  	 	24,964,612	  	 	 	24,268,292	  	 	 	23,888,321	  	 	 	23,086,464	  	 	 	22,666,568	  	
Cash and cash equivalents	  	 	962,870	  	 	 	802,651	  	 	 	710,973	  	 	 	467,672	  	 	 	463,661	  	
Accrued investment income	  	 	144,334	  	 	 	190,298	  	 	 	160,436	  	 	 	155,182	  	 	 	127,874	  	
Premiums receivable and other reinsurance balances	  	 	1,059,572	  	 	 	1,060,631	  	 	 	1,045,131	  	 	 	986,658	  	 	 	1,037,679	  	
Reinsurance ceded receivables	  	 	626,194	  	 	 	727,290	  	 	 	781,006	  	 	 	807,929	  	 	 	769,699	  	
Deferred policy acquisition costs	  	 	4,013,984	  	 	 	3,787,257	  	 	 	3,733,686	  	 	 	3,679,075	  	 	 	3,726,443	  	
Other assets	  	 	332,466	  	 	 	347,035	  	 	 	339,724	  	 	 	327,039	  	 	 	289,984	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total assets	  	$	32,104,032	  	 	$	31,183,454	  	 	$	30,659,277	  	 	$	29,510,019	  	 	$	29,081,908	  	

Liabilities and Stockholders’ Equity	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Future policy benefits	  	 	9,903,503	  	 	$	9,445,222	  	 	$	9,642,814	  	 	$	9,438,432	  	 	$	9,274,789	  	
Interest-sensitive contract liabilities	  	 	8,394,468	  	 	 	8,378,159	  	 	 	8,100,608	  	 	 	7,747,203	  	 	 	7,774,481	  	
Other policy claims and benefits	  	 	2,841,373	  	 	 	2,826,297	  	 	 	2,774,031	  	 	 	2,728,122	  	 	 	2,597,941	  	
Other reinsurance balances	  	 	118,219	  	 	 	136,298	  	 	 	159,340	  	 	 	184,958	  	 	 	133,590	  	
Deferred income taxes	  	 	1,831,869	  	 	 	1,662,806	  	 	 	1,421,480	  	 	 	1,415,333	  	 	 	1,396,747	  	
Other liabilities	  	 	810,775	  	 	 	776,239	  	 	 	784,291	  	 	 	701,799	  	 	 	637,923	  	
Short-term debt	  	 	—  	  	 	 	199,997	  	 	 	199,993	  	 	 	255,989	  	 	 	199,985	  	
Long-term debt	  	 	1,414,688	  	 	 	1,414,546	  	 	 	1,414,406	  	 	 	1,016,510	  	 	 	1,016,425	  	
Collateral finance facility	  	 	652,032	  	 	 	681,004	  	 	 	837,789	  	 	 	839,354	  	 	 	850,039	  	
Company-obligated mandatorily redeemable preferred securities of subsidiary trust holding solely junior subordinated debentures of the Company	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	159,455	  	 	 	159,421	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total liabilities	  	 	25,966,927	  	 	 	25,520,568	  	 	 	25,334,752	  	 	 	24,487,155	  	 	 	24,041,341	  	
 	 	 	 	 	 	
Stockholders’ Equity:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Common stock, at par value	  	 	791	  	 	 	791	  	 	 	791	  	 	 	791	  	 	 	734	  	
Warrants	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	66,912	  	
Additional paid-in-capital	  	 	1,727,774	  	 	 	1,719,683	  	 	 	1,713,893	  	 	 	1,708,096	  	 	 	1,478,398	  	
Retained earnings	  	 	3,131,934	  	 	 	2,989,231	  	 	 	2,856,009	  	 	 	2,738,868	  	 	 	2,587,403	  	
Treasury stock	  	 	(346,449	) 	 	 	(352,106	) 	 	 	(310,856	) 	 	 	(323,689	) 	 	 	(295	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Accumulated other comprehensive income (AOCI):	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Accumulated currency translation adjustment, net of income taxes	  	 	234,697	  	 	 	198,843	  	 	 	311,653	  	 	 	297,513	  	 	 	270,526	  	
Unrealized appreciation of securities, net of income taxes	  	 	1,419,318	  	 	 	1,119,724	  	 	 	767,023	  	 	 	615,631	  	 	 	651,449	  	
Pension and postretirement benefits, net of income taxes	  	 	(30,960	) 	 	 	(13,280	) 	 	 	(13,988	) 	 	 	(14,346	) 	 	 	(14,560	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total stockholders’ equity	  	 	6,137,105	  	 	 	5,662,886	  	 	 	5,324,525	  	 	 	5,022,864	  	 	 	5,040,567	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total liabilities and stockholders’ equity	  	$	32,104,032	  	 	$	31,183,454	  	 	$	30,659,277	  	 	$	29,510,019	  	 	$	29,081,908	  	

Total stockholders’ equity, excluding AOCI	  	$	4,514,050	  	 	$	4,357,599	  	 	$	4,259,837	  	 	$	4,124,066	  	 	$	4,133,152	  	

 	  	Quarterly Financial Supplement	  	Page 6	

Reinsurance Group of America, Incorporated
U.S. Traditional Sub-segment Pre-tax Operating Income

 	  	Three Months Ended	 	 	Current Qtr	 	 	Year-to-Date	 	
(USD thousands)	  	Dec. 31,
2011	 	 	Sept. 30,
2011	 	 	June 30,
2011	 	 	March 31,
2011	 	 	Dec. 31,
2010	 	 	vs. PY
Quarter	 	 	Dec. 31,
2011	 	 	Dec. 31,
2010	 	 	Change	 	
 	 	 	 	 	 	 	 	 	 	
Revenues:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	  	$	1,099,409	  	 	$	971,190	  	 	$	973,837	  	 	$	935,053	  	 	$	1,009,758	  	 	$	89,651	  	 	$	3,979,489	  	 	$	3,775,951	  	 	$	203,538	  	
Investment income, net of related expenses	  	 	124,432	  	 	 	122,687	  	 	 	124,564	  	 	 	119,781	  	 	 	117,272	  	 	 	7,160	  	 	 	491,464	  	 	 	476,111	  	 	 	15,353	  	
Other revenue	  	 	1,571	  	 	 	599	  	 	 	738	  	 	 	493	  	 	 	504	  	 	 	1,067	  	 	 	3,401	  	 	 	1,720	  	 	 	1,681	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	  	 	1,225,412	  	 	 	1,094,476	  	 	 	1,099,139	  	 	 	1,055,327	  	 	 	1,127,534	  	 	 	97,878	  	 	 	4,474,354	  	 	 	4,253,782	  	 	 	220,572	  	
 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	  	 	952,226	  	 	 	844,090	  	 	 	839,173	  	 	 	822,407	  	 	 	842,335	  	 	 	109,891	  	 	 	3,457,896	  	 	 	3,214,336	  	 	 	243,560	  	
Interest credited	  	 	15,174	  	 	 	15,166	  	 	 	14,967	  	 	 	14,584	  	 	 	14,826	  	 	 	348	  	 	 	59,891	  	 	 	64,472	  	 	 	(4,581	) 	
Policy acquisition costs and other insurance expenses	  	 	148,020	  	 	 	131,810	  	 	 	132,172	  	 	 	127,462	  	 	 	142,057	  	 	 	5,963	  	 	 	539,464	  	 	 	530,826	  	 	 	8,638	  	
Other operating expenses	  	 	23,971	  	 	 	20,299	  	 	 	19,486	  	 	 	21,350	  	 	 	21,221	  	 	 	2,750	  	 	 	85,106	  	 	 	78,917	  	 	 	6,189	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	  	 	1,139,391	  	 	 	1,011,365	  	 	 	1,005,798	  	 	 	985,803	  	 	 	1,020,439	  	 	 	118,952	  	 	 	4,142,357	  	 	 	3,888,551	  	 	 	253,806	  	
Operating income before income taxes	  	 	86,021	  	 	 	83,111	  	 	 	93,341	  	 	 	69,524	  	 	 	107,095	  	 	 	(21,074	) 	 	 	331,997	  	 	 	365,231	  	 	 	(33,234	) 	

Operating to U.S. GAAP Reconciliation:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	  	 	86,021	  	 	 	83,111	  	 	 	93,341	  	 	 	69,524	  	 	 	107,095	  	 	 	(21,074	) 	 	 	331,997	  	 	 	365,231	  	 	 	(33,234	) 	
Investment and derivative (losses) gains - non-operating	  	 	30,075	  	 	 	5,056	  	 	 	205	  	 	 	8,875	  	 	 	6,246	  	 	 	23,829	  	 	 	44,211	  	 	 	24,824	  	 	 	19,387	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	  	$	116,096	  	 	$	88,167	  	 	$	93,546	  	 	$	78,399	  	 	$	113,341	  	 	$	2,755	  	 	$	376,208	  	 	$	390,055	  	 	$	(13,847	) 	

Loss and Expense Ratios:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	  	 	86.6	% 	 	 	86.9	% 	 	 	86.2	% 	 	 	88.0	% 	 	 	83.4	% 	 	 	3.2	% 	 	 	86.9	% 	 	 	85.1	% 	 	 	1.8	% 	
Policy acquisition costs and other insurance expenses	  	 	13.5	% 	 	 	13.6	% 	 	 	13.6	% 	 	 	13.6	% 	 	 	14.1	% 	 	 	-0.6	% 	 	 	13.6	% 	 	 	14.1	% 	 	 	-0.5	% 	
Other operating expenses	  	 	2.2	% 	 	 	2.1	% 	 	 	2.0	% 	 	 	2.3	% 	 	 	2.1	% 	 	 	0.1	% 	 	 	2.1	% 	 	 	2.1	% 	 	 	0.0	% 	

 	  	Quarterly Financial Supplement	  	Page 7	

Reinsurance Group of America, Incorporated
U.S. Asset Intensive Sub-segment Pre-tax Operating Income

 	 	Three Months Ended	 	 	Current Qtr
vs. PY
Quarter	 	 	  	 	Year-to-Date	 	 	
(USD thousands except account values)	 	Dec. 31,
2011	 	 	Sept. 30,
2011	 	 	June 30,
2011	 	 	March 31,
2011	 	 	Dec. 31,
2010	 	 	 	 	 	  	 	Dec. 31,
2011	 	 	Dec. 31,
2010	 	 	Change	 	 	 	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	3,619	  	 	$	2,786	  	 	$	3,459	  	 	$	3,325	  	 	$	3,401	  	 	$	218	  	 	 	 	$	13,189	  	 	$	21,130	  	 	$	(7,941	) 	 	 	 	
Investment income, net of related expenses	 	 	79,479	  	 	 	20,238	  	 	 	97,944	  	 	 	159,414	  	 	 	129,985	  	 	 	(50,506	) 	 	 	 	 	357,075	  	 	 	364,476	  	 	 	(7,401	) 	 	 	 	
Investment related gains (losses), net	 	 	(82	) 	 	 	(14	) 	 	 	(20	) 	 	 	(16	) 	 	 	(18	) 	 	 	(64	) 	 	 	 	 	(132	) 	 	 	(72	) 	 	 	(60	) 	 	 	 	
Other revenue	 	 	20,154	  	 	 	19,827	  	 	 	23,536	  	 	 	24,001	  	 	 	24,156	  	 	 	(4,002	) 	 	 	 	 	87,518	  	 	 	86,598	  	 	 	920	  	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	 	 	103,170	  	 	 	42,837	  	 	 	124,919	  	 	 	186,724	  	 	 	157,524	  	 	 	(54,354	) 	 	 	 	 	457,650	  	 	 	472,132	  	 	 	(14,482	) 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	 	2,766	  	 	 	4,431	  	 	 	4,264	  	 	 	2,816	  	 	 	3,131	  	 	 	(365	) 	 	 	 	 	14,277	  	 	 	15,273	  	 	 	(996	) 	 	 	 	
Interest credited	 	 	53,965	  	 	 	(17,733	) 	 	 	59,603	  	 	 	118,230	  	 	 	90,017	  	 	 	(36,052	) 	 	 	 	 	214,065	  	 	 	235,599	  	 	 	(21,534	) 	 	 	 	
Policy acquisition costs and other insurance expenses	 	 	16,829	  	 	 	53,236	  	 	 	39,323	  	 	 	42,755	  	 	 	41,614	  	 	 	(24,785	) 	 	 	 	 	152,143	  	 	 	144,177	  	 	 	7,966	  	 	 	 	
Other operating expenses	 	 	2,434	  	 	 	1,886	  	 	 	1,743	  	 	 	2,154	  	 	 	2,781	  	 	 	(347	) 	 	 	 	 	8,217	  	 	 	10,797	  	 	 	(2,580	) 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	 	 	75,994	  	 	 	41,820	  	 	 	104,933	  	 	 	165,955	  	 	 	137,543	  	 	 	(61,549	) 	 	 	 	 	388,702	  	 	 	405,846	  	 	 	(17,144	) 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income (loss) before income taxes	 	 	27,176	  	 	 	1,017	  	 	 	19,986	  	 	 	20,769	  	 	 	19,981	  	 	 	7,195	  	 	 	 	 	68,948	  	 	 	66,286	  	 	 	2,662	  	 	 	 	

Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	 	27,176	  	 	 	1,017	  	 	 	19,986	  	 	 	20,769	  	 	 	19,981	  	 	 	7,195	  	 	 	 	 	68,948	  	 	 	66,286	  	 	 	2,662	  	 	 	 	
Investment and derivative (losses) gains - non-operating (1)	 	 	(23,077	) 	 	 	219,530	  	 	 	28,681	  	 	 	(18,704	) 	 	 	(109,171	) 	 	 	86,094	  	 	 	 	 	206,430	  	 	 	35,495	  	 	 	170,935	  	 	 	 	
Change in value of modified coinsurance and funds withheld embedded derivatives  (1)	 	 	(86,759	) 	 	 	(103,949	) 	 	 	10,525	  	 	 	90,535	  	 	 	43,780	  	 	 	(130,539	) 	 	 	 	 	(89,648	) 	 	 	160,274	  	 	 	(249,922	) 	 	 	 	
GMXB embedded derivatives  (1)	 	 	29,261	  	 	 	(260,239	) 	 	 	(25,860	) 	 	 	32,654	  	 	 	121,209	  	 	 	(91,948	) 	 	 	 	 	(224,184	) 	 	 	(28,786	) 	 	 	(195,398	) 	 	 	 	
Funds withheld losses (gains) - investment income	 	 	194	  	 	 	9,806	  	 	 	7,185	  	 	 	(12,041	) 	 	 	8,240	  	 	 	(8,046	) 	 	 	 	 	5,144	  	 	 	20,424	  	 	 	(15,280	) 	 	 	 	
Funds withheld losses (gains) - policy acq. costs	 	 	(47	) 	 	 	(1,034	) 	 	 	(1,793	) 	 	 	1,925	  	 	 	(793	) 	 	 	746	  	 	 	 	 	(949	) 	 	 	(2,443	) 	 	 	1,494	  	 	 	 	
EIA embedded derivatives - interest credited	 	 	(9,490	) 	 	 	(37,539	) 	 	 	(21,011	) 	 	 	26,751	  	 	 	25,741	  	 	 	(35,231	) 	 	 	 	 	(41,289	) 	 	 	(9,897	) 	 	 	(31,392	) 	 	 	 	
EIA embedded derivatives - policy acq. costs	 	 	(6,908	) 	 	 	3,664	  	 	 	2,073	  	 	 	(2,944	) 	 	 	(3,008	) 	 	 	(3,900	) 	 	 	 	 	(4,115	) 	 	 	(566	) 	 	 	(3,549	) 	 	 	 	
DAC offset, net	 	 	82,837	  	 	 	107,709	  	 	 	(4,158	) 	 	 	(72,567	) 	 	 	(49,618	) 	 	 	132,455	  	 	 	 	 	113,821	  	 	 	(108,909	) 	 	 	222,730	  	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	$	13,187	  	 	$	(61,035	) 	 	$	15,628	  	 	$	66,378	  	 	$	56,361	  	 	$	(43,174	) 	 	 	 	$	34,158	  	 	$	131,878	  	 	$	(97,720	) 	 	 	 	

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

 	  	Quarterly Financial Supplement	  	Page 8	

Reinsurance Group of America, Incorporated
U.S. Asset Intensive Sub-segment
(Cont’d)

 	  	Three Months Ended	 	
(USD millions)	  	Dec. 31,
2011	 	 	Sept. 30,
2011	 	 	June 30,
2011	 	 	March 31,
2011	 	 	Dec. 31,
2010	 	
Annuity account values:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	
Fixed annuities (deferred)	  	$	879	  	 	$	856	  	 	$	835	  	 	$	804	  	 	$	822	  	
 	 	 	 	 	 	
Net interest spread (fixed annuities):	  	 	2.8	% 	 	 	2.7	% 	 	 	2.2	% 	 	 	2.7	% 	 	 	2.4	% 	
 	 	 	 	 	 	
Equity-indexed annuities	  	$	4,881	  	 	$	4,327	  	 	$	4,324	  	 	$	4,258	  	 	$	4,239	  	
 	 	 	 	 	 	
Variable annuities:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
No riders	  	$	986	  	 	$	979	  	 	$	1,114	  	 	$	1,172	  	 	$	1,156	  	
GMDB only	  	 	85	  	 	 	76	  	 	 	89	  	 	 	91	  	 	 	90	  	
GMIB only	  	 	6	  	 	 	5	  	 	 	6	  	 	 	6	  	 	 	6	  	
GMAB only	  	 	55	  	 	 	54	  	 	 	63	  	 	 	64	  	 	 	64	  	
GMWB only	  	 	1,538	  	 	 	1,524	  	 	 	1,751	  	 	 	1,773	  	 	 	1,735	  	
GMDB / WB	  	 	498	  	 	 	428	  	 	 	493	  	 	 	500	  	 	 	492	  	
Other	  	 	31	  	 	 	30	  	 	 	35	  	 	 	36	  	 	 	36	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total VA account values	  	$	3,199	  	 	$	3,096	  	 	$	3,551	  	 	$	3,642	  	 	$	3,579	  	
 	 	 	 	 	 	
Fair value of liabilities associated with living benefit riders	  	$	277	  	 	$	306	  	 	$	46	  	 	$	20	  	 	$	53	  	
 	 	 	 	 	 	
Interest-sensitive contract liabilities associated with:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	
Guaranteed investment contracts	  	$	198	  	 	$	199	  	 	$	199	  	 	$	199	  	 	$	199	  	
 	 	 	 	 	 	
Bank-owned life insurance (BOLI)	  	$	508	  	 	$	505	  	 	$	502	  	 	$	498	  	 	$	494	  	
 	 	 	 	 	 	
Other asset-intensive business	  	$	78	  	 	$	79	  	 	$	85	  	 	$	87	  	 	$	90	  	

 	  	Quarterly Financial Supplement	  	Page 9	

Reinsurance Group of America, Incorporated
U.S. Financial Reinsurance Sub-segment Pre-tax Operating Income

 	 	Three Months Ended	 	 	Current Qtr
vs. PY
Quarter	 	 	  	 	Year-to-Date	 	 	
(USD thousands)	 	Dec. 31,
2011	 	 	Sept. 30,
2011	 	 	June 30,
2011	 	 	March 31,
2011	 	 	Dec. 31,
2010	 	 	 	 	 	 	 	Dec. 31,
2011	 	 	Dec. 31,
2010	 	 	Change	 	 	 	 	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Investment income, net of related expenses	 	$	131	  	 	$	168	  	 	$	62	  	 	$	(197	) 	 	$	63	  	 	$	68	  	 	 	 	$	164	  	 	$	273	  	 	$	(109	) 	 	 	 	 	
Other revenue	 	 	9,558	  	 	 	8,619	  	 	 	9,194	  	 	 	9,002	  	 	 	7,029	  	 	 	2,529	  	 	 	 	 	36,373	  	 	 	23,507	  	 	 	12,866	  	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	 	 	9,689	  	 	 	8,787	  	 	 	9,256	  	 	 	8,805	  	 	 	7,092	  	 	 	2,597	  	 	 	 	 	36,537	  	 	 	23,780	  	 	 	12,757	  	 	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Policy acquisition costs and other insurance expenses	 	 	743	  	 	 	798	  	 	 	797	  	 	 	853	  	 	 	447	  	 	 	296	  	 	 	 	 	3,191	  	 	 	2,014	  	 	 	1,177	  	 	 	 	 	
Other operating expenses	 	 	2,025	  	 	 	1,584	  	 	 	1,469	  	 	 	1,797	  	 	 	1,067	  	 	 	958	  	 	 	 	 	6,875	  	 	 	4,223	  	 	 	2,652	  	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	 	 	2,768	  	 	 	2,382	  	 	 	2,266	  	 	 	2,650	  	 	 	1,514	  	 	 	1,254	  	 	 	 	 	10,066	  	 	 	6,237	  	 	 	3,829	  	 	 	 	 	
Operating income before income taxes	 	 	6,921	  	 	 	6,405	  	 	 	6,990	  	 	 	6,155	  	 	 	5,578	  	 	 	1,343	  	 	 	 	 	26,471	  	 	 	17,543	  	 	 	8,928	  	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	 	6,921	  	 	 	6,405	  	 	 	6,990	  	 	 	6,155	  	 	 	5,578	  	 	 	1,343	  	 	 	 	 	26,471	  	 	 	17,543	  	 	 	8,928	  	 	 	 	 	
Investment and derivative (losses) gains - non-operating	 	 	(87	) 	 	 	(13	) 	 	 	7	  	 	 	(35	) 	 	 	(23	) 	 	 	(64	) 	 	 	 	 	(128	) 	 	 	(86	) 	 	 	(42	) 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	$	6,834	  	 	$	6,392	  	 	$	6,997	  	 	$	6,120	  	 	$	5,555	  	 	$	1,279	  	 	 	 	$	26,343	  	 	$	17,457	  	 	$	8,886	  	 	 	 	 	

 	 	 	 	 	
 	  	Quarterly Financial Supplement	  	Page 10	

Reinsurance Group of America, Incorporated
Canadian Segment Pre-tax Operating Income

 	 	Three Months Ended	 	 	Current Qtr
vs. PY
Quarter	 	 	  	    	Year-to-Date	 	 	
(USD thousands)	 	Dec. 31,
2011	 	 	Sept. 30,
2011	 	 	June 30,
2011	 	 	March 31,
2011	 	 	Dec. 31,
2010	 	 	 	 	 	  	    	Dec. 31,
2011	 	 	Dec. 31,
2010	 	 	Change	 	 	 	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	    	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	224,763	  	 	$	185,790	  	 	$	209,717	  	 	$	215,028	  	 	$	205,925	  	 	$	18,838	  	 	 	    	$	835,298	  	 	$	797,206	  	 	$	38,092	  	 	 	 	
Investment income, net of related expenses	 	 	41,537	  	 	 	52,611	  	 	 	45,052	  	 	 	44,901	  	 	 	41,534	  	 	 	3	  	 	 	    	 	184,101	  	 	 	165,138	  	 	 	18,963	  	 	 	 	
Investment related gains (losses), net	 	 	1,579	  	 	 	1,267	  	 	 	1,183	  	 	 	1,169	  	 	 	1,187	  	 	 	392	  	 	 	    	 	5,198	  	 	 	3,935	  	 	 	1,263	  	 	 	 	
Other revenue	 	 	(9	) 	 	 	440	  	 	 	4,980	  	 	 	22	  	 	 	59	  	 	 	(68	) 	 	 	    	 	5,433	  	 	 	1,146	  	 	 	4,287	  	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	    	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	 	 	267,870	  	 	 	240,108	  	 	 	260,932	  	 	 	261,120	  	 	 	248,705	  	 	 	19,165	  	 	 	    	 	1,030,030	  	 	 	967,425	  	 	 	62,605	  	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	    	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	 	165,456	  	 	 	162,734	  	 	 	165,860	  	 	 	179,055	  	 	 	152,038	  	 	 	13,418	  	 	 	    	 	673,105	  	 	 	656,358	  	 	 	16,747	  	 	 	 	
Interest credited	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	    	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	 	
Policy acquisition costs and other insurance expenses	 	 	50,770	  	 	 	32,568	  	 	 	44,422	  	 	 	47,089	  	 	 	50,966	  	 	 	(196	) 	 	 	    	 	174,849	  	 	 	167,572	  	 	 	7,277	  	 	 	 	
Other operating expenses	 	 	10,645	  	 	 	9,129	  	 	 	8,793	  	 	 	8,694	  	 	 	9,058	  	 	 	1,587	  	 	 	    	 	37,261	  	 	 	29,864	  	 	 	7,397	  	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	    	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	 	 	226,871	  	 	 	204,431	  	 	 	219,075	  	 	 	234,838	  	 	 	212,062	  	 	 	14,809	  	 	 	    	 	885,215	  	 	 	853,794	  	 	 	31,421	  	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	 	40,999	  	 	 	35,677	  	 	 	41,857	  	 	 	26,282	  	 	 	36,643	  	 	 	4,356	  	 	 	    	 	144,815	  	 	 	113,631	  	 	 	31,184	  	 	 	 	

Operating to U.S. GAAP Reconciliation:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	    	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	 	40,999	  	 	 	35,677	  	 	 	41,857	  	 	 	26,282	  	 	 	36,643	  	 	 	4,356	  	 	 	    	 	144,815	  	 	 	113,631	  	 	 	31,184	  	 	 	 	
Investment and derivative (losses) gains - non-operating	 	 	6,545	  	 	 	8,729	  	 	 	2,135	  	 	 	4,389	  	 	 	(454	) 	 	 	6,999	  	 	 	    	 	21,798	  	 	 	8,747	  	 	 	13,051	  	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	    	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	$	47,544	  	 	$	44,406	  	 	$	43,992	  	 	$	30,671	  	 	$	36,189	  	 	$	11,355	  	 	 	    	$	166,613	  	 	$	122,378	  	 	$	44,235	  	 	 	 	

Loss and Expense Ratios:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	    	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Loss ratios (creditor business)	 	 	36.3	% 	 	 	38.4	% 	 	 	39.7	% 	 	 	37.7	% 	 	 	39.1	% 	 	 	-2.8	% 	 	 	    	 	37.9	% 	 	 	39.6	% 	 	 	-1.7	% 	 	 	 	
Loss ratios (excluding creditor business)	 	 	85.5	% 	 	 	96.9	% 	 	 	88.8	% 	 	 	97.6	% 	 	 	84.3	% 	 	 	1.2	% 	 	 	    	 	92.1	% 	 	 	94.4	% 	 	 	-2.3	% 	 	 	 	
Claims and other policy benefits / (net premiums + investment income)	 	 	62.1	% 	 	 	68.3	% 	 	 	65.1	% 	 	 	68.9	% 	 	 	61.4	% 	 	 	0.7	% 	 	 	    	 	66.0	% 	 	 	68.2	% 	 	 	-2.2	% 	 	 	 	
Policy acquisition costs and other insurance expenses (creditor business)	 	 	59.2	% 	 	 	52.8	% 	 	 	57.3	% 	 	 	55.3	% 	 	 	56.4	% 	 	 	2.8	% 	 	 	    	 	56.6	% 	 	 	54.0	% 	 	 	2.6	% 	 	 	 	
Policy acquisition costs and other insurance expenses (excluding creditor business)	 	 	10.9	% 	 	 	10.9	% 	 	 	12.2	% 	 	 	11.3	% 	 	 	15.3	% 	 	 	(4.4	%) 	 	 	    	 	11.3	% 	 	 	11.7	% 	 	 	-0.4	% 	 	 	 	
Other operating expenses	 	 	4.7	% 	 	 	4.9	% 	 	 	4.2	% 	 	 	4.0	% 	 	 	4.4	% 	 	 	0.3	% 	 	 	    	 	4.5	% 	 	 	3.7	% 	 	 	0.8	% 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Foreign currency effect*:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	    	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	(2,669	) 	 	$	10,269	  	 	$	12,409	  	 	$	11,248	  	 	$	8,357	  	 	$	(11,026	) 	 	 	    	$	31,257	  	 	$	72,820	  	 	$	(41,563	) 	 	 	 	
Operating income before income taxes	 	$	(641	) 	 	$	2,571	  	 	$	3,021	  	 	$	453	  	 	$	1,858	  	 	$	(2,499	) 	 	 	    	$	5,404	  	 	$	7,602	  	 	$	(2,198	) 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Creditor reinsurance net premiums	 	$	54,227	  	 	$	29,895	  	 	$	41,613	  	 	$	51,584	  	 	$	47,467	  	 	$	6,760	  	 	 	    	$	177,319	  	 	$	175,965	  	 	$	1,354	  	 	 	 	
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	

 	  	Quarterly Financial Supplement	  	Page 11	

Reinsurance Group of America, Incorporated
Europe & South Africa Segment Pre-tax Operating Income

 	  	Three Months Ended	 	 	Current Qtr	 	 	  	  	Year-to-Date	 	
(USD thousands)	  	Dec. 31,
2011	 	 	Sept. 30,
2011	 	 	June 30,
2011	 	 	March
31, 2011	 	 	Dec. 31,
2010	 	 	vs. PY
Quarter	 	 	  	  	Dec. 31,
2011	 	 	Dec. 31,
2010	 	 	Change	 	
Revenues:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	  	$	356,284	  	 	$	286,054	  	 	$	283,019	  	 	$	269,120	  	 	$	257,980	  	 	$	98,304	  	 	 	  	$	1,194,477	  	 	$	918,513	  	 	$	275,964	  	
Investment income, net of related expenses	  	 	10,977	  	 	 	10,552	  	 	 	10,174	  	 	 	9,854	  	 	 	9,737	  	 	 	1,240	  	 	 	  	 	41,557	  	 	 	34,517	  	 	 	7,040	  	
Other revenue	  	 	1,035	  	 	 	1,196	  	 	 	1,745	  	 	 	1,055	  	 	 	296	  	 	 	739	  	 	 	  	 	5,031	  	 	 	2,099	  	 	 	2,932	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	  	 	368,296	  	 	 	297,802	  	 	 	294,938	  	 	 	280,029	  	 	 	268,013	  	 	 	100,283	  	 	 	  	 	1,241,065	  	 	 	955,129	  	 	 	285,936	  	
 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	  	 	293,126	  	 	 	248,890	  	 	 	242,973	  	 	 	216,932	  	 	 	195,172	  	 	 	97,954	  	 	 	  	 	1,001,921	  	 	 	734,392	  	 	 	267,529	  	
Policy acquisition costs and other insurance expenses	  	 	7,008	  	 	 	10,462	  	 	 	9,953	  	 	 	12,059	  	 	 	8,153	  	 	 	(1,145	) 	 	 	  	 	39,482	  	 	 	43,961	  	 	 	(4,479	) 	
Other operating expenses	  	 	29,511	  	 	 	24,569	  	 	 	26,527	  	 	 	25,012	  	 	 	28,301	  	 	 	1,210	  	 	 	  	 	105,619	  	 	 	93,526	  	 	 	12,093	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	  	 	329,645	  	 	 	283,921	  	 	 	279,453	  	 	 	254,003	  	 	 	231,626	  	 	 	98,019	  	 	 	  	 	1,147,022	  	 	 	871,879	  	 	 	275,143	  	
Operating income before income taxes	  	 	38,651	  	 	 	13,881	  	 	 	15,485	  	 	 	26,026	  	 	 	36,387	  	 	 	2,264	  	 	 	  	 	94,043	  	 	 	83,250	  	 	 	10,793	  	

Operating to U.S. GAAP Reconciliation:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	  	 	38,651	  	 	 	13,881	  	 	 	15,485	  	 	 	26,026	  	 	 	36,387	  	 	 	2,264	  	 	 	  	 	94,043	  	 	 	83,250	  	 	 	10,793	  	
Investment and derivative (losses) gains - non-operating	  	 	2,951	  	 	 	2,000	  	 	 	756	  	 	 	293	  	 	 	(1,030	) 	 	 	3,981	  	 	 	  	 	6,000	  	 	 	2,584	  	 	 	3,416	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	  	$	41,602	  	 	$	15,881	  	 	$	16,241	  	 	$	26,319	  	 	$	35,357	  	 	$	6,245	  	 	 	  	$	100,043	  	 	$	85,834	  	 	$	14,209	  	

Loss and Expense Ratios:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	  	 	82.3	% 	 	 	87.0	% 	 	 	85.9	% 	 	 	80.6	% 	 	 	75.7	% 	 	 	6.6	% 	 	 	  	 	83.9	% 	 	 	80.0	% 	 	 	3.9	% 	
Policy acquisition costs and other insurance expenses	  	 	2.0	% 	 	 	3.7	% 	 	 	3.5	% 	 	 	4.5	% 	 	 	3.2	% 	 	 	-1.2	% 	 	 	  	 	3.3	% 	 	 	4.8	% 	 	 	-1.5	% 	
Other operating expenses	  	 	8.3	% 	 	 	8.6	% 	 	 	9.4	% 	 	 	9.3	% 	 	 	11.0	% 	 	 	-2.7	% 	 	 	  	 	8.8	% 	 	 	10.2	% 	 	 	-1.4	% 	
 	 	 	 	 	 	 	 	 	 	 	
Foreign currency effecteffect*::	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	  	$	(9,136	) 	 	$	9,234	  	 	$	24,686	  	 	$	6,466	  	 	$	(5,502	) 	 	$	(3,634	) 	 	 	  	$	31,250	  	 	$	(4,047	) 	 	$	35,297	  	
Operating income before income taxes	  	$	(1,605	) 	 	$	669	  	 	$	1,712	  	 	$	233	  	 	$	(704	) 	 	$	(901	) 	 	 	  	$	1,009	  	 	$	(2,712	) 	 	$	3,721	  	
 	 	 	 	 	 	 	 	 	 	 	
Critical illness net premiums	  	$	61,564	  	 	$	59,679	  	 	$	63,320	  	 	$	60,261	  	 	$	58,102	  	 	$	3,462	  	 	 	  	$	244,824	  	 	$	224,075	  	 	$	20,749	  	
 
*	Compared to comparable prior year period	

 	  	Quarterly Financial Supplement	  	Page 12	

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

 	 	Three Months Ended	 	 	Current Qtr	 	 	  	 	 	 	Year-to-Date	 	
(USD thousands)	 	Dec. 31,
2011	 	 	Sept. 30,
2011	 	 	June 30,
2011	 	 	March
31, 2011	 	 	Dec. 31,
2010	 	 	vs. PY
Quarter	 	 	  	 	 	 	Dec. 31,
2011	 	 	Dec. 31,
2010	 	 	Change	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	348,358	  	 	$	328,259	  	 	$	316,356	  	 	$	311,517	  	 	$	322,544	  	 	$	25,814	  	 	 	 	 	 	$	1,304,490	  	 	$	1,139,065	  	 	$	165,425	  	
Investment income, net of related expenses	 	 	21,346	  	 	 	21,133	  	 	 	21,402	  	 	 	19,634	  	 	 	18,997	  	 	 	2,349	  	 	 	 	 	 	 	83,515	  	 	 	70,552	  	 	 	12,963	  	
Investment related gains (losses), net	 	 	1,237	  	 	 	1,452	  	 	 	1,377	  	 	 	(108	) 	 	 	365	  	 	 	872	  	 	 	 	 	 	 	3,958	  	 	 	1,153	  	 	 	2,805	  	
Other revenue	 	 	9,741	  	 	 	8,557	  	 	 	7,283	  	 	 	8,492	  	 	 	6,642	  	 	 	3,099	  	 	 	 	 	 	 	34,073	  	 	 	26,419	  	 	 	7,654	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	 	 	380,682	  	 	 	359,401	  	 	 	346,418	  	 	 	339,535	  	 	 	348,548	  	 	 	32,134	  	 	 	 	 	 	 	1,426,036	  	 	 	1,237,189	  	 	 	188,847	  	
 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	 	306,802	  	 	 	254,739	  	 	 	267,362	  	 	 	247,930	  	 	 	277,926	  	 	 	28,876	  	 	 	 	 	 	 	1,076,833	  	 	 	926,383	  	 	 	150,450	  	
Interest Credited	 	 	254	  	 	 	280	  	 	 	615	  	 	 	—  	  	 	 	—  	  	 	 	254	  	 	 	 	 	 	 	1,149	  	 	 	—  	  	 	 	1,149	  	
Policy acquisition costs and other insurance expenses	 	 	44,553	  	 	 	45,409	  	 	 	44,140	  	 	 	40,820	  	 	 	36,336	  	 	 	8,217	  	 	 	 	 	 	 	174,922	  	 	 	133,300	  	 	 	41,622	  	
Other operating expenses	 	 	30,254	  	 	 	27,598	  	 	 	26,089	  	 	 	25,127	  	 	 	26,164	  	 	 	4,090	  	 	 	 	 	 	 	109,068	  	 	 	93,746	  	 	 	15,322	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	 	 	381,863	  	 	 	328,026	  	 	 	338,206	  	 	 	313,877	  	 	 	340,426	  	 	 	41,437	  	 	 	 	 	 	 	1,361,972	  	 	 	1,153,429	  	 	 	208,543	  	
 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	 	(1,181	) 	 	 	31,375	  	 	 	8,212	  	 	 	25,658	  	 	 	8,122	  	 	 	(9,303	) 	 	 	 	 	 	 	64,064	  	 	 	83,760	  	 	 	(19,696	) 	

Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	 	(1,181	) 	 	 	31,375	  	 	 	8,212	  	 	 	25,658	  	 	 	8,122	  	 	 	(9,303	) 	 	 	 	 	 	 	64,064	  	 	 	83,760	  	 	 	(19,696	) 	
Investment and derivative (losses) gains - non-operating	 	 	5,309	  	 	 	(1,625	) 	 	 	(298	) 	 	 	(330	) 	 	 	1,949	  	 	 	3,360	  	 	 	 	 	 	 	3,056	  	 	 	5,000	  	 	 	(1,944	) 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	$	4,128	  	 	$	29,750	  	 	$	7,914	  	 	$	25,328	  	 	$	10,071	  	 	$	(5,943	) 	 	 	 	 	 	$	67,120	  	 	$	88,760	  	 	$	(21,640	) 	

Loss and Expense Ratios:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	 	88.1	% 	 	 	77.6	% 	 	 	84.5	% 	 	 	79.6	% 	 	 	86.2	% 	 	 	1.9	% 	 	 	 	 	 	 	82.5	% 	 	 	81.3	% 	 	 	1.2	% 	
Policy acquisition costs and other insurance expenses	 	 	12.8	% 	 	 	13.8	% 	 	 	14.0	% 	 	 	13.1	% 	 	 	11.3	% 	 	 	1.5	% 	 	 	 	 	 	 	13.4	% 	 	 	11.7	% 	 	 	1.7	% 	
Other operating expenses	 	 	8.7	% 	 	 	8.4	% 	 	 	8.2	% 	 	 	8.1	% 	 	 	8.1	% 	 	 	0.6	% 	 	 	 	 	 	 	8.4	% 	 	 	8.2	% 	 	 	0.2	% 	
 	 	 	 	 	 	 	 	 	 	 	 	
Foreign currency effect*:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	6,296	  	 	$	33,908	  	 	$	40,222	  	 	$	24,825	  	 	$	21,020	  	 	$	(14,724	) 	 	 	 	 	 	$	105,251	  	 	$	114,988	  	 	$	(9,737	) 	
Operating income before income taxes	 	$	325	  	 	$	3,379	  	 	$	557	  	 	$	1,555	  	 	$	487	  	 	$	(162	) 	 	 	 	 	 	$	5,816	  	 	$	7,318	  	 	$	(1,502	) 	
 	 	 	 	 	 	 	 	 	 	 	 	
Critical illness net premiums	 	$	40,566	  	 	$	30,135	  	 	$	41,003	  	 	$	45,622	  	 	$	52,386	  	 	$	(11,820	) 	 	 	 	 	 	$	157,326	  	 	$	186,246	  	 	$	(28,920	) 	
 
*	Compared to comparable prior year period	

 	  	Quarterly Financial Supplement	  	Page 13	

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

 	 	Three Months Ended	 	 	Current Qtr	 	 	  	 	Year-to-Date	 	
(USD thousands)	 	Dec. 31,
2011	 	 	Sept. 30,
2011	 	 	June 30,
2011	 	 	March
31, 2011	 	 	Dec. 31,
2010	 	 	vs. PY
Quarter	 	 	  	 	Dec. 31,
2011	 	 	Dec. 31,
2010	 	 	Change	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	2,283	  	 	$	2,086	  	 	$	2,288	  	 	$	2,087	  	 	$	2,291	  	 	$	(8	) 	 	 	 	$	8,744	  	 	$	7,815	  	 	$	929	  	
Investment income, net of related expenses	 	 	26,415	  	 	 	31,015	  	 	 	31,053	  	 	 	29,694	  	 	 	29,399	  	 	 	(2,984	) 	 	 	 	 	118,177	  	 	 	107,169	  	 	 	11,008	  	
Investment related gains (losses), net	 	 	903	  	 	 	(686	) 	 	 	31	  	 	 	485	  	 	 	(489	) 	 	 	1,392	  	 	 	 	 	733	  	 	 	(1,146	) 	 	 	1,879	  	
Other revenue	 	 	4,681	  	 	 	25	  	 	 	3,001	  	 	 	3,609	  	 	 	3,684	  	 	 	997	  	 	 	 	 	11,316	  	 	 	9,871	  	 	 	1,445	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	 	 	34,282	  	 	 	32,440	  	 	 	36,373	  	 	 	35,875	  	 	 	34,885	  	 	 	(603	) 	 	 	 	 	138,970	  	 	 	123,709	  	 	 	15,261	  	
 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	 	197	  	 	 	(119	) 	 	 	381	  	 	 	309	  	 	 	243	  	 	 	(46	) 	 	 	 	 	768	  	 	 	413	  	 	 	355	  	
Interest credited	 	 	1	  	 	 	(1	) 	 	 	—  	  	 	 	—  	  	 	 	1	  	 	 	—  	  	 	 	 	 	—  	  	 	 	14	  	 	 	(14	) 	
Policy acquisition costs and other insurance expenses	 	 	(14,109	) 	 	 	(14,716	) 	 	 	(13,403	) 	 	 	(13,471	) 	 	 	(13,548	) 	 	 	(561	) 	 	 	 	 	(55,699	) 	 	 	(53,815	) 	 	 	(1,884	) 	
Other operating expenses	 	 	23,160	  	 	 	8,964	  	 	 	13,054	  	 	 	17,625	  	 	 	13,624	  	 	 	9,536	  	 	 	 	 	62,803	  	 	 	50,898	  	 	 	11,905	  	
Interest expense	 	 	25,226	  	 	 	27,025	  	 	 	25,818	  	 	 	24,569	  	 	 	25,215	  	 	 	11	  	 	 	 	 	102,638	  	 	 	90,996	  	 	 	11,642	  	
Collateral finance facility expense	 	 	3,019	  	 	 	3,069	  	 	 	3,101	  	 	 	3,202	  	 	 	2,049	  	 	 	970	  	 	 	 	 	12,391	  	 	 	7,856	  	 	 	4,535	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	 	 	37,494	  	 	 	24,222	  	 	 	28,951	  	 	 	32,234	  	 	 	27,584	  	 	 	9,910	  	 	 	 	 	122,901	  	 	 	96,362	  	 	 	26,539	  	
 	 	 	 	 	 	 	 	 	 	 	
Operating income (loss) before income taxes	 	 	(3,212	) 	 	 	8,218	  	 	 	7,422	  	 	 	3,641	  	 	 	7,301	  	 	 	(10,513	) 	 	 	 	 	16,069	  	 	 	27,347	  	 	 	(11,278	) 	

Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	 	(3,212	) 	 	 	8,218	  	 	 	7,422	  	 	 	3,641	  	 	 	7,301	  	 	 	(10,513	) 	 	 	 	 	16,069	  	 	 	27,347	  	 	 	(11,278	) 	
Investment and derivative (losses) gains - non-operating	 	 	(15,319	) 	 	 	(11,108	) 	 	 	8,666	  	 	 	4,413	  	 	 	11,082	  	 	 	(26,401	) 	 	 	 	 	(13,348	) 	 	 	108	  	 	 	(13,456	) 	
Gain on repurchase of collateral finance facility securities	 	 	9,725	  	 	 	50,869	  	 	 	—  	  	 	 	4,971	  	 	 	—  	  	 	 	9,725	  	 	 	 	 	65,565	  	 	 	—  	  	 	 	65,565	  	
Loss on retirement of PIERS	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	(4,391	) 	 	 	—  	  	 	 	—  	  	 	 	 	 	(4,391	) 	 	 	—  	  	 	 	(4,391	) 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	$	(8,806	) 	 	$	47,979	  	 	$	16,088	  	 	$	8,634	  	 	$	18,383	  	 	$	(27,189	) 	 	 	 	$	63,895	  	 	$	27,455	  	 	$	36,440	  	

Foreign currency effect*:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	—  	  	 	$	(12	) 	 	$	(40	) 	 	$	(52	) 	 	$	58	  	 	$	(58	) 	 	 	 	$	(104	) 	 	$	39	  	 	$	(143	) 	
Operating income before income taxes	 	$	(486	) 	 	$	227	  	 	$	423	  	 	$	2,393	  	 	$	(61	) 	 	$	(425	) 	 	 	 	$	2,557	  	 	$	6,052	  	 	$	(3,495	) 	
 
*	Compared to comparable prior year period	

 	  	Quarterly Financial Supplement	  	Page 14	

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

 	  	Three Months Ended	 	  	Current Qtr
vs. PY
Quarter	 	 	  	  	Year-to-Date	 	 	
(USD thousands)	  	Dec. 31,
2011	 	 	Sept. 30,
2011	 	  	June 30,
2011	 	  	March 31,
2011	 	  	Dec. 31,
2010	 	  	 	 	 	  	  	Dec. 31,
2011	 	  	Dec. 31,
2010	 	  	Change	 	 	 	 	
U.S. Traditional	  	$	86,021	  	 	$	83,111	  	  	$	93,341	  	  	$	69,524	  	  	$	107,095	  	  	$	(21,074	) 	 	 	  	$	331,997	  	  	$	365,231	  	  	$	(33,234	) 	 	 	 	
U.S. Asset Intensive	  	 	27,176	  	 	 	1,017	  	  	 	19,986	  	  	 	20,769	  	  	 	19,981	  	  	 	7,195	  	 	 	  	 	68,948	  	  	 	66,286	  	  	 	2,662	  	 	 	 	
U.S.FinancialReinsurance	  	 	6,921	  	 	 	6,405	  	  	 	6,990	  	  	 	6,155	  	  	 	5,578	  	  	 	1,343	  	 	 	  	 	26,471	  	  	 	17,543	  	  	 	8,928	  	 	 	 	
 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	
Total U.S. Segment	  	 	120,118	  	 	 	90,533	  	  	 	120,317	  	  	 	96,448	  	  	 	132,654	  	  	 	(12,536	) 	 	 	  	 	427,416	  	  	 	449,060	  	  	 	(21,644	) 	 	 	 	
Canadian Segment	  	 	40,999	  	 	 	35,677	  	  	 	41,857	  	  	 	26,282	  	  	 	36,643	  	  	 	4,356	  	 	 	  	 	144,815	  	  	 	113,631	  	  	 	31,184	  	 	 	 	
Europe & South Africa Segment	  	 	38,651	  	 	 	13,881	  	  	 	15,485	  	  	 	26,026	  	  	 	36,387	  	  	 	2,264	  	 	 	  	 	94,043	  	  	 	83,250	  	  	 	10,793	  	 	 	 	
Asia Pacific Segment	  	 	(1,181	) 	 	 	31,375	  	  	 	8,212	  	  	 	25,658	  	  	 	8,122	  	  	 	(9,303	) 	 	 	  	 	64,064	  	  	 	83,760	  	  	 	(19,696	) 	 	 	 	
Corporate and Other	  	 	(3,212	) 	 	 	8,218	  	  	 	7,422	  	  	 	3,641	  	  	 	7,301	  	  	 	(10,513	) 	 	 	  	 	16,069	  	  	 	27,347	  	  	 	(11,278	) 	 	 	 	
 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	
Consolidated	  	$	195,375	  	 	$	179,684	  	  	$	193,293	  	  	$	178,055	  	  	$	221,107	  	  	$	(25,732	) 	 	 	  	$	746,407	  	  	$	757,048	  	  	$	(10,641	) 	 	 	 	

 	 	 	 	 	
 	  	Quarterly Financial Supplement	  	Page 15	

Reinsurance Group of America, Incorporated
Investments

  	  	(USD thousands)	 	  	 	 	  	 	 	  	 	 	
 	
Cash and Invested Assets	 	
 	  	Dec. 31,
2011	 	  	Sept. 30,
2011	 	  	June 30,
2011	 	  	March 31,
2011	 	  	Dec. 31,
2010	 	
Fixed maturity securities, available-for-sale	  	$	16,200,950	  	  	$	15,557,032	  	  	$	15,153,807	  	  	$	14,531,154	  	  	$	14,304,597	  	
Mortgage loans on real estate	  	 	991,731	  	  	 	934,694	  	  	 	908,048	  	  	 	906,869	  	  	 	885,811	  	
Policy loans	  	 	1,260,400	  	  	 	1,228,890	  	  	 	1,229,663	  	  	 	1,222,016	  	  	 	1,228,418	  	
Funds withheld at interest	  	 	5,410,424	  	  	 	5,445,886	  	  	 	5,671,844	  	  	 	5,595,146	  	  	 	5,421,952	  	
Short-term investments	  	 	88,566	  	  	 	81,747	  	  	 	125,618	  	  	 	74,902	  	  	 	118,387	  	
Other invested assets	  	 	1,012,541	  	  	 	1,020,043	  	  	 	799,341	  	  	 	756,377	  	  	 	707,403	  	
Cash and cash equivalents	  	 	962,870	  	  	 	802,651	  	  	 	710,973	  	  	 	467,672	  	  	 	463,661	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total cash and invested assets	  	$	25,927,482	  	  	$	25,070,943	  	  	$	24,599,294	  	  	$	23,554,136	  	  	$	23,130,229	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Investment Income and Yield Summary
(Excludes Funds Withheld Portfolios)

 	 	Three Months Ended	 	 	Current Qtr
vs. PY
Quarter	 	 	 	 	Year-to-Date	 	 	
 	 	Dec. 31,
2011	 	 	Sept. 30,
2011	 	 	June 30,
2011	 	 	March 31,
2011	 	 	Dec. 31,
2010	 	 	 	 	 	 	 	Dec. 31,
2011	 	 	Dec. 31,
2010	 	 	Change	 	 	 	 	
Average invested assets at amortized cost	 	$	17,765,960	  	 	$	17,683,301	  	 	$	17,446,168	  	 	$	16,762,725	  	 	$	16,257,365	  	 	$	1,508,595	  	 	 	 	$	17,075,561	  	 	$	15,283,113	  	 	$	1,792,448	  	 	 	 	
Net investment income	 	$	226,077	  	 	$	229,373	  	 	$	228,728	  	 	$	219,908	  	 	$	216,176	  	 	$	9,901	  	 	 	 	$	904,086	  	 	$	858,320	  	 	$	45,766	  	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Annualized investment yield(ratio of net investment income to average invested assets)	 	 	5.19	% 	 	 	5.29	% 	 	 	5.35	% 	 	 	5.35	% 	 	 	5.43	% 	 	 	-0.24	% 	 	 	 	 	5.29	% 	 	 	5.62	% 	 	 	-0.33	% 	 	 	 	

 	  	Quarterly Financial Supplement	  	Page 16	

Reinsurance Group of America, Incorporated
Investments
(USD thousands)
Amortized cost, gross unrealized gains and losses, and estimated fair values of fixed maturity and equity securities
(Excludes Funds Withheld Portfolios)

December 31, 2011	 	 	 	 	
 	  	Amortized
Cost	 	  	Unrealized
Gains	 	  	Unrealized
Losses	 	  	Estimated
Fair
Value	 	  	% of
Total	 	 	Other-than-
temporary
Impairment
in AOCI	 	
Available-for-sale:	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Corporate securities	  	$	6,931,958	  	  	$	654,519	  	  	$	125,371	  	  	$	7,461,106	  	  	 	46.0	% 	 	$	—  	  	
Canadian and Canadian provincial governments	  	 	2,507,802	  	  	 	1,362,160	  	  	 	29	  	  	 	3,869,933	  	  	 	23.9	% 	 	 	—  	  	
Residential mortgage-backed securities	  	 	1,167,265	  	  	 	76,393	  	  	 	16,424	  	  	 	1,227,234	  	  	 	7.6	% 	 	 	(1,042	) 	
Asset-backed securities	  	 	443,974	  	  	 	11,692	  	  	 	53,675	  	  	 	401,991	  	  	 	2.5	% 	 	 	(5,256	) 	
Commercial mortgage-backed securities	  	 	1,233,958	  	  	 	87,750	  	  	 	79,489	  	  	 	1,242,219	  	  	 	7.7	% 	 	 	(12,225	) 	
U.S. government and agencies	  	 	341,087	  	  	 	32,976	  	  	 	61	  	  	 	374,002	  	  	 	2.3	% 	 	 	—  	  	
State and political subdivisions	  	 	184,308	  	  	 	24,419	  	  	 	3,341	  	  	 	205,386	  	  	 	1.3	% 	 	 	—  	  	
Other foreign government, supranational, and foreign government-sponsored enterprises	  	 	1,372,528	  	  	 	50,127	  	  	 	3,576	  	  	 	1,419,079	  	  	 	8.7	% 	 	 	—  	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Total fixed maturity securities	  	$	14,182,880	  	  	$	2,300,036	  	  	$	281,966	  	  	$	16,200,950	  	  	 	100.0	% 	 	$	(18,523	) 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Non-redeemable preferred stock	  	 	82,488	  	  	 	4,677	  	  	 	8,982	  	  	 	78,183	  	  	 	68.6	% 	 	 	 	 	
Other equity securities	  	 	35,352	  	  	 	1,903	  	  	 	1,538	  	  	 	35,717	  	  	 	31.4	% 	 	 	 	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Total equity securities	  	$	117,840	  	  	$	6,580	  	  	$	10,520	  	  	$	113,900	  	  	 	100.0	% 	 	 	 	 	

December 31, 2010	 	 	 	 	
 	  	Amortized
Cost	 	  	Unrealized
Gains	 	  	Unrealized
Losses	 	  	Estimated
Fair
Value	 	  	% of
Total	 	 	Other-than-
temporary
Impairment
in AOCI	 	
Available-for-sale:	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Corporate securities	  	$	6,384,262	  	  	$	426,933	  	  	$	100,751	  	  	$	6,710,444	  	  	 	46.9	% 	 	$	—  	  	
Canadian and Canadian provincial governments	  	 	2,386,428	  	  	 	675,132	  	  	 	3,993	  	  	 	3,057,567	  	  	 	21.4	% 	 	 	—  	  	
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, supranational, and foreign government-sponsored enterprises	  	 	966,801	  	  	 	11,574	  	  	 	14,604	  	  	 	963,771	  	  	 	6.7	% 	 	 	—  	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
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	% 	 	 	 	 	

 	 	 	 	 	
 	  	Quarterly Financial Supplement	  	Page 17	

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

 	  	December 31, 2011	  	December 31, 2010	
 	  	Amortized Cost	 	  	Estimated Fair
Value	 	  	% of Total	 	 	Average Credit
Ratings	  	Amortized Cost	 	  	Estimated Fair
Value	 	  	% of Total	 	 	Average Credit
Ratings	
Financial Institutions	  	 	 	 	  	 	 	 	  	 	 	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	
Banking	  	$	1,477,638	  	  	$	1,454,124	  	  	 	19.2	% 	 	A	  	$	1,441,053	  	  	$	1,445,457	  	  	 	21.1	% 	 	A	
Brokerage	  	 	59,288	  	  	 	63,101	  	  	 	0.8	% 	 	A	  	 	98,351	  	  	 	103,902	  	  	 	1.5	% 	 	A-	
Finance Comp.	  	 	158,271	  	  	 	161,992	  	  	 	2.1	% 	 	A	  	 	186,214	  	  	 	195,869	  	  	 	2.9	% 	 	A-	
Insurance	  	 	391,092	  	  	 	413,339	  	  	 	5.5	% 	 	A-	  	 	403,557	  	  	 	422,996	  	  	 	6.2	% 	 	A-	
REITs	  	 	300,401	  	  	 	316,192	  	  	 	4.2	% 	 	BBB+	  	 	178,106	  	  	 	187,587	  	  	 	2.7	% 	 	BBB+	
Other Finance	  	 	130,984	  	  	 	135,812	  	  	 	1.8	% 	 	A-	  	 	246,366	  	  	 	251,609	  	  	 	3.7	% 	 	A-	
 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	
Total Financial Institutions	  	 	2,517,674	  	  	 	2,544,560	  	  	 	33.6	% 	 	 	  	 	2,553,647	  	  	 	2,607,420	  	  	 	38.1	% 	 	 	
Industrials	  	 	 	 	  	 	 	 	  	 	 	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	
Basic	  	 	367,323	  	  	 	402,225	  	  	 	5.3	% 	 	BBB+	  	 	349,522	  	  	 	376,723	  	  	 	5.5	% 	 	BBB	
Capital Goods	  	 	360,309	  	  	 	396,150	  	  	 	5.2	% 	 	BBB+	  	 	349,526	  	  	 	372,557	  	  	 	5.4	% 	 	BBB+	
Communications	  	 	674,182	  	  	 	745,064	  	  	 	9.8	% 	 	BBB+	  	 	583,173	  	  	 	631,659	  	  	 	9.2	% 	 	BBB+	
Consumer Cyclical	  	 	407,873	  	  	 	438,034	  	  	 	5.8	% 	 	BBB+	  	 	309,255	  	  	 	324,648	  	  	 	4.7	% 	 	BBB+	
Consumer Noncyclical	  	 	691,245	  	  	 	784,819	  	  	 	10.4	% 	 	A-	  	 	646,383	  	  	 	693,785	  	  	 	10.1	% 	 	A-	
Energy	  	 	405,317	  	  	 	454,727	  	  	 	6.0	% 	 	BBB+	  	 	360,875	  	  	 	390,743	  	  	 	5.7	% 	 	BBB+	
Technology	  	 	245,954	  	  	 	269,301	  	  	 	3.6	% 	 	BBB+	  	 	228,702	  	  	 	238,975	  	  	 	3.5	% 	 	BBB+	
Transportation	  	 	219,605	  	  	 	234,822	  	  	 	3.1	% 	 	BBB+	  	 	213,873	  	  	 	225,189	  	  	 	3.3	% 	 	BBB	
Other Industrial	  	 	41,266	  	  	 	46,053	  	  	 	0.6	% 	 	BBB	  	 	48,711	  	  	 	51,386	  	  	 	0.8	% 	 	BBB	
 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	
Total Industrials	  	 	3,413,074	  	  	 	3,771,195	  	  	 	49.8	% 	 	 	  	 	3,090,020	  	  	 	3,305,665	  	  	 	48.2	% 	 	 	
Utilities	  	 	 	 	  	 	 	 	  	 	 	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	
Electric	  	 	673,725	  	  	 	756,033	  	  	 	10.0	% 	 	BBB+	  	 	592,022	  	  	 	620,470	  	  	 	9.1	% 	 	BBB+	
Natural Gas	  	 	398,648	  	  	 	447,617	  	  	 	5.9	% 	 	BBB	  	 	256,815	  	  	 	282,673	  	  	 	4.1	% 	 	BBB+	
Other Utility	  	 	43,377	  	  	 	51,921	  	  	 	0.7	% 	 	A-	  	 	23,002	  	  	 	29,700	  	  	 	0.4	% 	 	A-	
 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	
Total Utilities	  	 	1,115,750	  	  	 	1,255,571	  	  	 	16.6	% 	 	 	  	 	871,839	  	  	 	932,843	  	  	 	13.6	% 	 	 	
Other Sectors	  	 	3,300	  	  	 	3,680	  	  	 	0.0	% 	 	AA-	  	 	4,306	  	  	 	4,727	  	  	 	0.1	% 	 	AA-	
 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	
Total	  	$	7,049,798	  	  	$	7,575,006	  	  	 	100.0	% 	 	BBB+	  	$	6,519,812	  	  	$	6,850,655	  	  	 	100.0	% 	 	A-	

 	 	 	 	 	
 	  	Quarterly Financial Supplement	  	Page 18	

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

 	  	 	 	December 31, 2011	 	 	September 30, 2011	 	 	June 30, 2011	 	 	March 31, 2011	 	 	December 31, 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	 	$	2,205,406	  	 	$	2,304,991	  	 	 	14.2	% 	 	$	2,375,876	  	 	$	2,459,503	  	 	 	15.8	% 	 	$	3,261,242	  	 	$	3,360,370	  	 	 	22.2	% 	 	$	3,397,610	  	 	$	3,470,262	  	 	 	23.9	% 	 	$	3,516,872	  	 	$	3,592,987	  	 	 	25.1	% 	
1	  	AA	 	 	4,675,653	  	 	 	5,815,846	  	 	 	35.9	% 	 	 	4,351,791	  	 	 	5,254,456	  	 	 	33.8	% 	 	 	3,593,909	  	 	 	4,103,688	  	 	 	27.0	% 	 	 	3,369,423	  	 	 	3,765,275	  	 	 	25.9	% 	 	 	3,284,387	  	 	 	3,758,523	  	 	 	26.3	% 	
1	  	A	 	 	3,206,553	  	 	 	3,822,796	  	 	 	23.6	% 	 	 	3,231,583	  	 	 	3,736,883	  	 	 	24.0	% 	 	 	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	  	BBB	 	 	3,283,937	  	 	 	3,522,411	  	 	 	21.8	% 	 	 	3,187,296	  	 	 	3,402,993	  	 	 	21.9	% 	 	 	3,129,518	  	 	 	3,330,600	  	 	 	22.0	% 	 	 	2,863,853	  	 	 	3,041,200	  	 	 	20.9	% 	 	 	2,860,603	  	 	 	3,035,593	  	 	 	21.2	% 	
3	  	BB	 	 	446,610	  	 	 	436,001	  	 	 	2.7	% 	 	 	444,042	  	 	 	423,559	  	 	 	2.7	% 	 	 	464,363	  	 	 	466,393	  	 	 	3.1	% 	 	 	492,097	  	 	 	497,056	  	 	 	3.4	% 	 	 	460,675	  	 	 	450,368	  	 	 	3.2	% 	
4	  	B	 	 	244,645	  	 	 	210,222	  	 	 	1.3	% 	 	 	229,658	  	 	 	196,617	  	 	 	1.3	% 	 	 	248,242	  	 	 	229,591	  	 	 	1.5	% 	 	 	218,541	  	 	 	203,594	  	 	 	1.4	% 	 	 	239,604	  	 	 	191,287	  	 	 	1.3	% 	
5	  	CCC and lower	 	 	95,128	  	 	 	71,410	  	 	 	0.4	% 	 	 	78,310	  	 	 	60,014	  	 	 	0.4	% 	 	 	65,181	  	 	 	49,540	  	 	 	0.3	% 	 	 	67,395	  	 	 	50,231	  	 	 	0.3	% 	 	 	63,859	  	 	 	47,493	  	 	 	0.3	% 	
6	  	In or near default	 	 	24,948	  	 	 	17,273	  	 	 	0.1	% 	 	 	28,343	  	 	 	23,007	  	 	 	0.1	% 	 	 	28,571	  	 	 	25,740	  	 	 	0.2	% 	 	 	21,747	  	 	 	22,853	  	 	 	0.2	% 	 	 	22,766	  	 	 	22,915	  	 	 	0.2	% 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	  	Total	 	$	14,182,880	  	 	$	16,200,950	  	 	 	100.0	% 	 	$	13,926,899	  	 	$	15,557,032	  	 	 	100.0	% 	 	$	14,041,347	  	 	$	15,153,807	  	 	 	100.0	% 	 	$	13,636,983	  	 	$	14,531,154	  	 	 	100.0	% 	 	$	13,345,022	  	 	$	14,304,597	  	 	 	100.0	% 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Structured Fixed Maturity Securities

 	 	December 31, 2011	 	 	September 30, 2011	 	 	June 30, 2011	 	 	March 31, 2011	 	 	December 31, 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	 	$	561,156	  	 	$	619,010	  	 	$	596,072	  	 	$	660,833	  	 	$	637,806	  	 	$	674,599	  	 	$	662,505	  	 	$	690,577	  	 	$	636,931	  	 	$	668,405	  	
Non-agency	 	 	606,109	  	 	 	608,224	  	 	 	642,791	  	 	 	646,941	  	 	 	682,952	  	 	 	691,185	  	 	 	712,661	  	 	 	725,551	  	 	 	806,961	  	 	 	804,672	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total residential mortgage-backed securities	 	 	1,167,265	  	 	 	1,227,234	  	 	 	1,238,863	  	 	 	1,307,774	  	 	 	1,320,758	  	 	 	1,365,784	  	 	 	1,375,166	  	 	 	1,416,128	  	 	 	1,443,892	  	 	 	1,473,077	  	
Commercial mortgage-backed securities	 	 	1,233,958	  	 	 	1,242,219	  	 	 	1,330,302	  	 	 	1,326,994	  	 	 	1,333,832	  	 	 	1,359,105	  	 	 	1,344,194	  	 	 	1,365,715	  	 	 	1,353,279	  	 	 	1,337,853	  	
Asset-backed securities	 	 	443,974	  	 	 	401,991	  	 	 	412,468	  	 	 	372,957	  	 	 	415,637	  	 	 	376,920	  	 	 	420,028	  	 	 	377,573	  	 	 	440,752	  	 	 	391,209	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	 	$	2,845,197	  	 	$	2,871,444	  	 	$	2,981,633	  	 	$	3,007,725	  	 	$	3,070,227	  	 	$	3,101,809	  	 	$	3,139,388	  	 	$	3,159,416	  	 	$	3,237,923	  	 	$	3,202,139	  	

 	 	 	 	 	
 	  	Quarterly Financial Supplement	  	Page 19	

Investments
(USD thousands)
Subprime Mortgage Exposure
(Includes Funds Withheld Portfolios)

 	    	December 31, 2011	 	
 	    	AAA	 	    	AA	 	    	A	 	
Underwriting Year	    	Amortized Cost	 	    	Estimated Fair
Value	 	    	Amortized Cost	 	    	Estimated Fair
Value	 	    	Amortized Cost	 	    	Estimated
Fair Value	 	
2005 & Prior	    	$	6,179	  	    	$	5,587	  	    	$	22,819	  	    	$	21,477	  	    	$	8,631	  	    	$	8,425	  	
2006	    	 	—  	  	    	 	—  	  	    	 	2,151	  	    	 	2,000	  	    	 	—  	  	    	 	—  	  	
2007	    	 	—  	  	    	 	—  	  	    	 	—  	  	    	 	—  	  	    	 	—  	  	    	 	—  	  	
2008 - 2011	    	 	—  	  	    	 	—  	  	    	 	—  	  	    	 	—  	  	    	 	—  	  	    	 	—  	  	
 	    	 	 	 	    	 	 	 	    	 	 	 	    	 	 	 	    	 	 	 	    	 	 	 	
Total	    	$	6,179	  	    	$	5,587	  	    	$	24,970	  	    	$	23,477	  	    	$	8,631	  	    	$	8,425	  	

 	    	BBB	 	    	Below Investment Grade	 	    	Total	 	
Underwriting Year	    	Amortized Cost	 	    	Estimated Fair
Value	 	    	Amortized Cost	 	    	Estimated Fair
Value	 	    	Amortized Cost	 	    	Estimated
Fair Value	 	
2005 & Prior	    	$	14,528	  	    	$	12,996	  	    	$	69,056	  	    	$	39,864	  	    	$	121,213	  	    	$	88,349	  	
2006	    	 	—  	  	    	 	—  	  	    	 	2,045	  	    	 	2,980	  	    	 	4,196	  	    	 	4,980	  	
2007	    	 	—  	  	    	 	—  	  	    	 	4,498	  	    	 	2,566	  	    	 	4,498	  	    	 	2,566	  	
2008 - 2011	    	 	6,812	  	    	 	6,757	  	    	 	—  	  	    	 	—  	  	    	 	6,812	  	    	 	6,757	  	
 	    	 	 	 	    	 	 	 	    	 	 	 	    	 	 	 	    	 	 	 	    	 	 	 	
Total	    	$	21,340	  	    	$	19,753	  	    	$	75,599	  	    	$	45,410	  	    	$	136,719	  	    	$	102,652	  	

 	    	December 31, 2010	 	
 	    	AAA	 	    	AA	 	    	A	 	
Underwriting Year	    	Amortized Cost	 	    	Estimated Fair
Value	 	    	Amortized Cost	 	    	Estimated Fair
Value	 	    	Amortized Cost	 	    	Estimated
Fair 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	 	
Underwriting Year	    	Amortized Cost	 	    	Estimated Fair
Value	 	    	Amortized Cost	 	    	Estimated Fair
Value	 	    	Amortized Cost	 	    	Estimated
Fair 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	  	

 	 	 	 	 	
 	  	Quarterly Financial Supplement	  	Page 20	

Reinsurance Group of America, Incorporated
Investments
(USD thousands)
CMBS Exposure
(Includes Funds Withheld Portfolios)

 	    	December 31, 2011	 	
 	    	AAA	 	    	AA	 	    	A	 	
Underwriting Year	    	Amortized
Cost	 	    	Estimated
Fair Value	 	    	Amortized
Cost	 	    	Estimated
Fair Value	 	    	Amortized
Cost	 	    	Estimated
Fair Value	 	
2005 & Prior	    	$	92,275	  	    	$	98,213	  	    	$	130,890	  	    	$	143,609	  	    	$	32,504	  	    	$	31,187	  	
2006	    	 	260,765	  	    	 	277,959	  	    	 	52,883	  	    	 	59,727	  	    	 	52,805	  	    	 	55,074	  	
2007	    	 	201,228	  	    	 	214,510	  	    	 	23,565	  	    	 	18,700	  	    	 	116,898	  	    	 	122,945	  	
2008	    	 	8,975	  	    	 	9,053	  	    	 	48,818	  	    	 	59,536	  	    	 	17,012	  	    	 	19,237	  	
2009	    	 	1,664	  	    	 	1,709	  	    	 	12,367	  	    	 	13,684	  	    	 	7,060	  	    	 	9,515	  	
2010	    	 	27,946	  	    	 	28,872	  	    	 	49,323	  	    	 	53,480	  	    	 	19,434	  	    	 	20,727	  	
2011	    	 	20,047	  	    	 	20,002	  	    	 	11,146	  	    	 	12,079	  	    	 	7,563	  	    	 	7,594	  	
 	    	 	 	 	    	 	 	 	    	 	 	 	    	 	 	 	    	 	 	 	    	 	 	 	
Total	    	$	612,900	  	    	$	650,318	  	    	$	328,992	  	    	$	360,815	  	    	$	253,276	  	    	$	266,279	  	

 	    	BBB	 	    	Below Investment Grade	 	    	Total	 	
Underwriting Year	    	Amortized
Cost	 	    	Estimated
Fair Value	 	    	Amortized
Cost	 	    	Estimated
Fair Value	 	    	Amortized
Cost	 	    	Estimated
Fair Value	 	
2005 & Prior	    	$	24,750	  	    	$	24,295	  	    	$	52,475	  	    	$	40,753	  	    	$	332,894	  	    	$	338,057	  	
2006	    	 	27,995	  	    	 	26,563	  	    	 	53,205	  	    	 	43,559	  	    	 	447,653	  	    	 	462,882	  	
2007	    	 	102,604	  	    	 	108,047	  	    	 	113,946	  	    	 	77,718	  	    	 	558,241	  	    	 	541,920	  	
2008	    	 	—  	  	    	 	—  	  	    	 	24,916	  	    	 	17,554	  	    	 	99,721	  	    	 	105,380	  	
2009	    	 	—  	  	    	 	—  	  	    	 	—  	  	    	 	—  	  	    	 	21,091	  	    	 	24,908	  	
2010	    	 	—  	  	    	 	—  	  	    	 	—  	  	    	 	—  	  	    	 	96,703	  	    	 	103,079	  	
2011	    	 	—  	  	    	 	—  	  	    	 	—  	  	    	 	—  	  	    	 	38,756	  	    	 	39,675	  	
 	    	 	 	 	    	 	 	 	    	 	 	 	    	 	 	 	    	 	 	 	    	 	 	 	
Total	    	$	155,349	  	    	$	158,905	  	    	$	244,542	  	    	$	179,584	  	    	$	1,595,059	  	    	$	1,615,901	  	

NOTE: Totals include directly held investments with amortized cost of $1,234.0 million and fair value of $1,242.2 million as well as investments in funds withheld with amortized cost of $361.1 million and fair value of $373.7 million.	   	
 	 	
 	    	December 31, 2010	 	
 	    	AAA	 	    	AA	 	    	A	 	
Underwriting Year	    	Amortized
Cost	 	    	Estimated
Fair Value	 	    	Amortized
Cost	 	    	Estimated
Fair Value	 	    	Amortized
Cost	 	    	Estimated
Fair 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	 	
Underwriting Year	    	Amortized
Cost	 	    	Estimated
Fair Value	 	    	Amortized
Cost	 	    	Estimated
Fair Value	 	    	Amortized
Cost	 	    	Estimated
Fair 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.

 	  	Quarterly Financial Supplement	  	Page 21	

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

 	 	December 31, 2011	 	 	September 30, 2011	 	 	June 30, 2011	 	 	March 31, 2011	 	 	December 31, 2010	 	
 	 	Gross Unrealized
Losses	 	 	% of Total	 	 	Gross Unrealized
Losses	 	 	% of Total	 	 	Gross Unrealized
Losses	 	 	% of Total	 	 	Gross Unrealized
Losses	 	 	% of Total	 	 	Gross Unrealized
Losses	 	 	% of Total	 	
Less than 20%	 	$	126,250	  	 	 	43.1	% 	 	$	139,671	  	 	 	46.1	% 	 	$	120,770	  	 	 	51.7	% 	 	$	142,936	  	 	 	53.4	% 	 	$	143,451	  	 	 	44.9	% 	
20% or more for less than six months	 	 	46,386	  	 	 	15.9	% 	 	 	49,034	  	 	 	16.2	% 	 	 	7,742	  	 	 	3.3	% 	 	 	7,229	  	 	 	2.7	% 	 	 	17,293	  	 	 	5.4	% 	
20% or more for six months or greater	 	 	109,330	  	 	 	37.4	% 	 	 	105,170	  	 	 	34.7	% 	 	 	102,017	  	 	 	43.6	% 	 	 	110,349	  	 	 	41.2	% 	 	 	152,818	  	 	 	47.9	% 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	 	$	281,966	  	 	 	96.4	% 	 	$	293,875	  	 	 	97.0	% 	 	$	230,529	  	 	 	98.6	% 	 	$	260,514	  	 	 	97.3	% 	 	$	313,562	  	 	 	98.2	% 	

Equity Securities	  	
 	 	 	 	 	 	
 	 	December 31, 2011	 	 	September 30, 2011	 	 	June 30, 2011	 	 	March 31, 2011	 	 	December 31, 2010	 	
 	 	Gross Unrealized
Losses	 	 	% of Total	 	 	Gross Unrealized
Losses	 	 	% of Total	 	 	Gross Unrealized
Losses	 	 	% of Total	 	 	Gross Unrealized
Losses	 	 	% of Total	 	 	Gross Unrealized
Losses	 	 	% of Total	 	
Less than 20%	 	$	4,905	  	 	 	1.7	% 	 	$	4,774	  	 	 	1.6	% 	 	$	3,019	  	 	 	1.3	% 	 	$	5,196	  	 	 	1.9	% 	 	$	2,953	  	 	 	0.9	% 	
20% or more for less than six months	 	 	5,117	  	 	 	1.7	% 	 	 	4,142	  	 	 	1.4	% 	 	 	223	  	 	 	0.1	% 	 	 	691	  	 	 	0.3	% 	 	 	821	  	 	 	0.3	% 	
20% or more for six months or greater	 	 	498	  	 	 	0.2	% 	 	 	49	  	 	 	0.0	% 	 	 	48	  	 	 	0.0	% 	 	 	1,304	  	 	 	0.5	% 	 	 	1,795	  	 	 	0.6	% 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	 	$	10,520	  	 	 	3.6	% 	 	$	8,965	  	 	 	3.0	% 	 	$	3,290	  	 	 	1.4	% 	 	$	7,191	  	 	 	2.7	% 	 	$	5,569	  	 	 	1.8	% 	

 	 	 	 	 	
 	  	Quarterly Financial Supplement	  	Page 22	

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

 	 	As of December 31, 2011	 	
 	 	Less than 12 months	 	 	Equal to or greater than 12 months	 	 	Total	 	
 	 	Estimated Fair
Value	 	 	Gross Unrealized
Losses	 	 	Estimated Fair
Value	 	 	Gross Unrealized
Losses	 	 	Estimated Fair
Value	 	 	Gross Unrealized
Losses	 	
Investment grade securities	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Corporate securities	 	$	790,758	  	 	$	40,180	  	 	$	286,244	  	 	$	63,117	  	 	$	1,077,002	  	 	$	103,297	  	
Canadian and Canadian provincial governments	 	 	3,094	  	 	 	29	  	 	 	—  	  	 	 	—  	  	 	 	3,094	  	 	 	29	  	
Residential mortgage-backed securities	 	 	128,622	  	 	 	3,549	  	 	 	58,388	  	 	 	10,382	  	 	 	187,010	  	 	 	13,931	  	
Asset-backed securities	 	 	101,263	  	 	 	3,592	  	 	 	93,910	  	 	 	29,036	  	 	 	195,173	  	 	 	32,628	  	
Commercial mortgage-backed securities	 	 	109,455	  	 	 	3,538	  	 	 	58,979	  	 	 	22,001	  	 	 	168,434	  	 	 	25,539	  	
U.S. government and agencies	 	 	1,764	  	 	 	61	  	 	 	—  	  	 	 	—  	  	 	 	1,764	  	 	 	61	  	
State and political subdivisions	 	 	21,045	  	 	 	1,845	  	 	 	12,273	  	 	 	1,268	  	 	 	33,318	  	 	 	3,113	  	
Other foreign government, supranational, and foreign government-sponsored enterprises	 	 	148,416	  	 	 	1,085	  	 	 	16,588	  	 	 	2,491	  	 	 	165,004	  	 	 	3,576	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Investment grade securities	 	$	1,304,417	  	 	$	53,879	  	 	$	526,382	  	 	$	128,295	  	 	$	1,830,799	  	 	$	182,174	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Non-investment grade securities	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Corporate securities	 	 	212,795	  	 	 	10,852	  	 	 	47,310	  	 	 	11,222	  	 	 	260,105	  	 	 	22,074	  	
Residential mortgage-backed securities	 	 	23,199	  	 	 	712	  	 	 	10,459	  	 	 	1,781	  	 	 	33,658	  	 	 	2,493	  	
Asset-backed securities	 	 	2,363	  	 	 	940	  	 	 	21,275	  	 	 	20,107	  	 	 	23,638	  	 	 	21,047	  	
Commercial mortgage-backed securities	 	 	34,918	  	 	 	7,220	  	 	 	62,357	  	 	 	46,730	  	 	 	97,275	  	 	 	53,950	  	
State and political subdivisions	 	 	4,000	  	 	 	228	  	 	 	—  	  	 	 	—  	  	 	 	4,000	  	 	 	228	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Non-investment grade securities	 	$	277,275	  	 	$	19,952	  	 	$	141,401	  	 	$	79,840	  	 	$	418,676	  	 	$	99,792	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total fixed maturity securities	 	$	1,581,692	  	 	$	73,831	  	 	$	667,783	  	 	$	208,135	  	 	$	2,249,475	  	 	$	281,966	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Non-redeemable preferred stock	 	 	19,516	  	 	 	4,478	  	 	 	15,694	  	 	 	4,504	  	 	 	35,210	  	 	 	8,982	  	
Other equity securities	 	 	1,662	  	 	 	602	  	 	 	5,905	  	 	 	936	  	 	 	7,567	  	 	 	1,538	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Equity securities	 	$	21,178	  	 	$	5,080	  	 	$	21,599	  	 	$	5,440	  	 	$	42,777	  	 	$	10,520	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total number of securities in an unrealized loss position	 	 	575	  	 	 	 	 	 	 	340	  	 	 	 	 	 	 	915	  	 	 	 	 	
 	 	
 	 	As of December 31, 2010	 	
 	 	Less than 12 months	 	 	Equal to or greater than 12 months	 	 	Total	 	
 	 	Estimated Fair
Value	 	 	Gross Unrealized
Losses	 	 	Estimated Fair
Value	 	 	Gross Unrealized
Losses	 	 	Estimated Fair
Value	 	 	Gross Unrealized
Losses	 	
Investment grade securities	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Corporate securities	 	$	1,020,784	  	 	$	30,438	  	 	$	329,109	  	 	$	58,539	  	 	$	1,349,893	  	 	$	88,977	  	
Canadian and Canadian provincial governments	 	 	127,908	  	 	 	3,993	  	 	 	—  	  	 	 	—  	  	 	 	127,908	  	 	 	3,993	  	
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, supranational, and foreign government-sponsored enterprises	 	 	462,272	  	 	 	6,694	  	 	 	82,815	  	 	 	7,910	  	 	 	545,087	  	 	 	14,604	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
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	  	 	 	 	 	

 	  	Quarterly Financial Supplement	  	Page 23	

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

 	 	Three Months Ended	 	 	Current Qtr	 	 	  	 	Year-to-Date	 	
 	 	Dec. 31,
2011	 	 	Sept. 30,
2011	 	 	June 30,
2011	 	 	March
31, 2011	 	 	Dec. 31,
2010	 	 	vs. PY
Quarter	 	 	  	 	Dec. 31,
2011	 	 	Dec. 31,
2010	 	 	Change	 	
Fixed Maturity and Equity Securities:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Other-than-temporary impairment losses on fixed maturities	 	$	(11,824	) 	 	$	(11,911	) 	 	$	(5,582	) 	 	$	(1,556	) 	 	$	(16,097	) 	 	$	4,273	  	 	 	 	$	(30,873	) 	 	$	(31,920	) 	 	$	1,047	  	
Portion of loss recognized in accumulated other comprehensive income (before taxes)	 	 	543	  	 	 	3,089	  	 	 	292	  	 	 	—  	  	 	 	(186	) 	 	 	729	  	 	 	 	 	3,924	  	 	 	2,045	  	 	 	1,879	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net other-than-temporary impairment losses on fixed maturities recognized in earnings	 	 	(11,281	) 	 	 	(8,822	) 	 	 	(5,290	) 	 	 	(1,556	) 	 	 	(16,283	) 	 	 	5,002	  	 	 	 	 	(26,949	) 	 	 	(29,875	) 	 	 	2,926	  	
Impairment losses on equity securities	 	 	(436	) 	 	 	—  	  	 	 	(3,680	) 	 	 	—  	  	 	 	—  	  	 	 	(436	) 	 	 	 	 	(4,116	) 	 	 	(32	) 	 	 	(4,084	) 	
Gain on investment activity	 	 	39,622	  	 	 	34,840	  	 	 	28,207	  	 	 	29,376	  	 	 	26,124	  	 	 	13,498	  	 	 	 	 	132,045	  	 	 	100,957	  	 	 	31,088	  	
Loss on investment activity	 	 	(6,247	) 	 	 	(7,182	) 	 	 	(6,653	) 	 	 	(6,914	) 	 	 	(6,763	) 	 	 	516	  	 	 	 	 	(26,996	) 	 	 	(28,730	) 	 	 	1,734	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net gain/(loss) on fixed maturity and equity securities	 	 	21,658	  	 	 	18,836	  	 	 	12,584	  	 	 	20,906	  	 	 	3,078	  	 	 	18,580	  	 	 	 	 	73,984	  	 	 	42,320	  	 	 	31,664	  	
 	 	 	 	 	 	 	 	 	 	 	
Other impairment losses and change in mortgage loan provision	 	 	(5,258	) 	 	 	(2,370	) 	 	 	(3,186	) 	 	 	576	  	 	 	1,506	  	 	 	(6,764	) 	 	 	 	 	(10,238	) 	 	 	(5,976	) 	 	 	(4,262	) 	
Other non-derivative gain/(loss), net	 	 	7,318	  	 	 	5,698	  	 	 	4,645	  	 	 	4,696	  	 	 	4,751	  	 	 	2,567	  	 	 	 	 	22,357	  	 	 	13,736	  	 	 	8,621	  	
 	 	 	 	 	 	 	 	 	 	 	
Free-standing Derivatives:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Credit Default Swaps	 	 	8,075	  	 	 	(10,018	) 	 	 	988	  	 	 	892	  	 	 	4,340	  	 	 	3,735	  	 	 	 	 	(63	) 	 	 	4,786	  	 	 	(4,849	) 	
Interest Rate Swaps - non-hedged	 	 	20,818	  	 	 	142,907	  	 	 	25,343	  	 	 	(10,730	) 	 	 	(79,546	) 	 	 	100,364	  	 	 	 	 	178,338	  	 	 	68,734	  	 	 	109,604	  	
Interest Rate Swaps - hedged	 	 	28	  	 	 	258	  	 	 	205	  	 	 	126	  	 	 	19	  	 	 	9	  	 	 	 	 	617	  	 	 	558	  	 	 	59	  	
Futures	 	 	(22,866	) 	 	 	36,217	  	 	 	(2,873	) 	 	 	(11,423	) 	 	 	(23,766	) 	 	 	900	  	 	 	 	 	(945	) 	 	 	(44,959	) 	 	 	44,014	  	
CPI Swaps	 	 	726	  	 	 	(219	) 	 	 	503	  	 	 	811	  	 	 	438	  	 	 	288	  	 	 	 	 	1,821	  	 	 	962	  	 	 	859	  	
Equity options	 	 	(22,063	) 	 	 	30,530	  	 	 	3,919	  	 	 	(4,568	) 	 	 	(2,402	) 	 	 	(19,661	) 	 	 	 	 	7,818	  	 	 	(3,006	) 	 	 	10,824	  	
Currency Forwards	 	 	561	  	 	 	1,374	  	 	 	595	  	 	 	(855	) 	 	 	1,226	  	 	 	(665	) 	 	 	 	 	1,675	  	 	 	3,387	  	 	 	(1,712	) 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total free-standing derivatives	 	 	(14,721	) 	 	 	201,049	  	 	 	28,680	  	 	 	(25,747	) 	 	 	(99,691	) 	 	 	84,970	  	 	 	 	 	189,261	  	 	 	30,462	  	 	 	158,799	  	
 	 	 	 	 	 	 	 	 	 	 	
Embedded Derivatives:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Modified coinsurance and funds withheld treaties	 	 	(85,722	) 	 	 	(102,574	) 	 	 	10,525	  	 	 	90,535	  	 	 	43,780	  	 	 	(129,502	) 	 	 	 	 	(87,236	) 	 	 	160,274	  	 	 	(247,510	) 	
GMXB	 	 	29,261	  	 	 	(260,239	) 	 	 	(25,860	) 	 	 	32,654	  	 	 	121,209	  	 	 	(91,948	) 	 	 	 	 	(224,184	) 	 	 	(28,786	) 	 	 	(195,398	) 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total embedded derivatives	 	 	(56,461	) 	 	 	(362,813	) 	 	 	(15,335	) 	 	 	123,189	  	 	 	164,989	  	 	 	(221,450	) 	 	 	 	 	(311,420	) 	 	 	131,488	  	 	 	(442,908	) 	
 	 	 	 	 	 	 	 	 	 	 	
Net gain/(loss) on total derivatives	 	 	(71,182	) 	 	 	(161,764	) 	 	 	13,345	  	 	 	97,442	  	 	 	65,298	  	 	 	(136,480	) 	 	 	 	 	(122,159	) 	 	 	161,950	  	 	 	(284,109	) 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total investment related gains / (losses), net	 	$	(47,464	) 	 	$	(139,600	) 	 	$	27,388	  	 	$	123,620	  	 	$	74,633	  	 	$	(122,097	) 	 	 	 	$	(36,056	) 	 	$	212,030	  	 	$	(248,086	) 	

 	 	 	 	 	
 	  	Quarterly Financial Supplement	  	Page 24