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): April 25, 2013

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 April 25, 2013, Reinsurance Group of America, Incorporated (the “Company”) issued (1) a press release announcing its earnings for the three-month period ended March 31, 2013, 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 March 31, 2013, a copy of which is attached hereto as Exhibit 99.2. The press release also notes that a conference call will be held on April 26, 2013 to discuss the financial and operating results for the three-month period ended March 31, 2013.
 
Item 9.01 	Financial Statements and Exhibits	
 
(d)	Exhibits.	

Exhibit No.	  	Exhibit	
99.1	  	Press Release of Reinsurance Group of America, Incorporated dated April 25, 2013	
 	 	
99.2	  	Quarterly Financial Supplement for the quarter ended March 31, 2013	
The information contained in this Current Report on Form 8-K (this “Current Report”), including the accompanying Exhibit 99.1 and Exhibit 99.2, is being furnished pursuant to Item 2.02 of Form 8-K and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section. The information contained in this Current Report, including the accompanying Exhibit 99.1 and Exhibit 99.2, shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date hereof, except as shall be expressly set forth by specific reference in such a filing.
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: April 25, 2013	 	 	 	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 April 25, 2013	
 	 	
99.2	  	Quarterly Financial Supplement for the quarter ended March 31, 2013	

Exhibit 99.1

PRESS RELEASE
REINSURANCE GROUP OF AMERICA REPORTS FIRST-QUARTER RESULTS
 
 	•	 	Earnings per diluted share: net income $2.49, operating income* $1.65	
 
 	•	 	Consolidated net premiums increased six percent to $2.0 billion	
 
 	•	 	Board of directors increases stock repurchase authority from $200 million to $300 million	
 
 	•	 	Repurchased $100 million in shares, or approximately 1.7 million shares year-to-date	
ST. LOUIS, April 25, 2013 – Reinsurance Group of America, Incorporated (NYSE: RGA), a leading global provider of life reinsurance, reported first-quarter net income of $185.5 million, or $2.49 per diluted share, compared to $123.3 million, or $1.67 per diluted share in the prior-year quarter. Operating income* increased nine percent and totaled $122.8 million, or $1.65 per diluted share, up from last year’s $112.4 million, or $1.52 per diluted share.

 	  	Quarterly Results	 	
($ in thousands, except per share data)	  	2013	 	  	2012	 	
Net premiums	  	$	1,979,693	  	  	$	1,863,482	  	
Net income	  	 	185,535	  	  	 	123,318	  	
Net income per diluted share	  	 	2.49	  	  	 	1.67	  	
Operating income*	  	 	122,847	  	  	 	112,377	  	
Operating income per diluted share*	  	 	1.65	  	  	 	1.52	  	
Book value per share	  	 	94.34	  	  	 	80.44	  	
Book value per share (excl. Accumulated Other Comprehensive Income “AOCI”)*	  	 	67.37	  	  	 	58.57	  	
Total assets	  	 	40,197,101	  	  	 	32,286,082	  	
 
*	See ‘Use of Non-GAAP Financial Measures’ below	
Consolidated net premiums increased six percent to $1,979.7 million from $1,863.5 million in the prior-year quarter, including an adverse effect of $19.6 million from foreign currency fluctuations. Investment income increased 25 percent to $425.1 million from $340.9 million in the year-earlier quarter, primarily attributable to investment income associated with a large fixed deferred annuity coinsurance agreement that became effective April 1, 2012.
Excluding spread-based investment income and changes in value of associated derivatives, the average portfolio yield decreased to 4.83 percent from 5.05 percent in the first quarter of 2012, reflecting the ongoing low interest rate environment. Net foreign currency fluctuations adversely affected the current quarter’s operating income by approximately $1.8 million after taxes, or $0.02 per diluted share, primarily driven by the relatively weaker Japanese yen versus the U.S. dollar.
 
- more -

Add One
 
The company’s effective tax rate on operating income of 32.8 percent was below the expected ongoing rate of approximately 34.0 percent, reflecting benefits associated with the tax treatment of certain foreign transactions, changes in foreign jurisdiction tax rates and Congress’ retroactive extension of the active financing exception legislation.
A. Greig Woodring, president and chief executive officer, commented, “Overall, we are pleased with our first-quarter results. Strong results from our asset-intensive business helped offset slightly elevated claims experience in certain markets. Premium growth was in line with expectations. Annualized operating return on equity was 10 percent for the quarter, a reasonable result given the low interest rate environment and first-quarter claims seasonality. Additionally, we continue to work through a challenging environment in Australia. On a trailing 12-month basis, operating return on equity was 11 percent.
“Book value per share increased to $94.34. Excluding AOCI, book value per share was up $2.42 this quarter to $67.37. Net unrealized capital gains in the investment portfolio totaled $1.7 billion, or about $24.00 per share. We remain well capitalized and continue to consider appropriate uses of our deployable capital. During the first quarter, we repurchased approximately 815 thousand shares at a cost of roughly $47.6 million, primarily during March. In April, we repurchased an additional 892 thousand shares at a cost of $52.4 million. Along with the opportunity to repurchase shares at attractive prices, we continue to evaluate opportunities to deploy capital into our business as well, and expect the relatively active deal environment to continue for some time.”
SEGMENT RESULTS
U.S.
The U.S. Traditional sub-segment reported pre-tax income of $76.8 million for the quarter, up from $49.8 million last year. Pre-tax operating income increased 10 percent to $69.5 million from $62.9 million the year before. Individual mortality claims were generally in line with expectations this quarter. The individual health business contributed good premium and earnings growth, which offset slightly adverse results in group reinsurance. Net premiums increased to $1,046.0 million from $1,021.5 million last year.
The U.S. Asset-Intensive business reported pre-tax income of $89.5 million this quarter, up from $36.6 million last year, reflecting significant changes in the fair values of various free-standing and embedded derivatives and the addition of a large block of fixed deferred annuities, effective April 1, 2012. Pre-tax operating income, which excludes the impact of the derivatives, increased to $45.6 million from $24.5 million last year. Both quarters were better than expected, driven in part by strong equity markets, which bolstered the equity-indexed and variable annuity blocks. Fixed annuities also performed well this quarter, with the current quarter benefiting from the previously mentioned large block of fixed deferred annuities acquired last year.
The U.S. Financial Reinsurance business continued its trend of producing strong fee income and added pre-tax operating income of $8.0 million this quarter, up from $6.5 million last year.
 
- more -

Add Two
 
Canada
Canadian operations reported pre-tax income of $36.3 million compared with $55.1 million in last year’s first quarter. Pre-tax operating income decreased to $32.9 million from $46.7 million in the prior-year period, a difficult comparison given very favorable claims experience coupled with a $6.3 million pickup from a recaptured block of business in the first quarter of 2012. In the current period, claims experience was slightly worse than expected and a relatively weaker Canadian dollar versus the U.S. dollar adversely affected pre-tax operating income by $0.5 million. Net premiums increased 12 percent to $243.3 million from $218.2 million last year, including an adverse foreign currency effect of $1.6 million.
Asia Pacific
Asia Pacific reported pre-tax income of $14.5 million this quarter, down from $32.1 million last year. Pre-tax operating income totaled $19.4 million compared with a relatively strong $26.9 million in last year’s first quarter. The current period includes an adverse impact of $1.8 million from foreign currency fluctuations. Results in the segment’s Australian operations were slightly better than expected this quarter, but significantly below the prior-year level. Net favorable claims experience in the Asian markets, particularly in Japan, helped produce better-than-expected results overall. Net reported premiums increased 12 percent to $363.6 million from $325.4 million in the prior year, including an adverse foreign currency impact of $8.1 million. On a local currency basis, net premiums rose 14 percent for the quarter.
Europe & South Africa
Europe & South Africa reported pre-tax income of $17.4 million compared with $6.6 million in the year-ago quarter. Pre-tax operating income was $15.6 million versus $4.6 million in the first quarter of 2012. Although results were significantly stronger than last year’s first quarter, this segment did experience some adverse claims experience, primarily critical illness claims in the U.K., and to a lesser extent, adverse claims in South Africa. Those claims were offset in part by favorable claims experience in several other markets. Net foreign currency fluctuations decreased pre-tax operating income by $0.6 million. Net premiums totaled $323.9 million, up 11 percent from $292.8 million the year before, including an adverse effect of $9.9 million from foreign currency fluctuations.
Corporate and Other
The Corporate and Other segment reported pre-tax income of $36.2 million this quarter, and a pre-tax net loss of $5.7 million in the year-ago period. The current period result included a $46.5 million gain associated with the repurchase of $160.0 million of collateral finance facility securities. That gain is not included in the operating results. Pre-tax operating losses in this segment were $8.1 million in the current period and $6.8 million last year.
Stock Repurchase Authorization
The board of directors authorized an increase of $100 million to the share repurchase program announced on January 31, 2013. Effective April 18, 2013, the total amount of the company’s outstanding common stock authorized for repurchase is $300 million. To date, $100 million of shares under this authorization have been repurchased. The authorization does not have an expiration date.
 
- more -

Add Three
 
Repurchases would be made in accordance with applicable securities laws and would be made through market transactions, block trades, privately negotiated transactions or other means or a combination of these methods, with the timing and number of shares repurchased dependent on a variety of factors, including share price, corporate and regulatory requirements and market and business conditions. Repurchases may be commenced or suspended from time to time without prior notice.
Dividend Declaration
The board of directors declared a regular quarterly dividend of $0.24, payable May 31 to shareholders of record as of May 10.
Earnings Conference Call
A conference call to discuss first-quarter results will begin at 9 a.m. Eastern Time on Friday, April 26. Interested parties may access the call by dialing 877-591-4953 (domestic) or 719-325-4876 (international). The access code is 7145963. 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 May 4 at 888-203-1112 (domestic) or 719-457-0820 (international), access code 7145963.
The company has posted to its website a Quarterly Financial Supplement that includes financial information for all segments as well as information on its investment portfolio. Additionally, the company posts periodic reports, press releases and other useful information on its Investor Relations website.
Use of Non-GAAP Financial Measures
RGA uses a non-GAAP financial measure called operating income as a basis for analyzing financial results. This measure also serves as a basis for establishing target levels and awards under RGA’s
management incentive programs. Management believes that operating income, on a pre-tax and after-tax basis, better measures the ongoing profitability and underlying trends of the company’s continuing operations, primarily because that measure excludes substantially all of the effect of net investment related gains and losses, as well as changes in the fair value of certain embedded derivatives and related deferred acquisition costs. These items can be volatile, primarily due to the credit market and interest rate environment, and are not necessarily indicative of the performance of the company’s underlying businesses. Additionally, operating income excludes any net gain or loss from discontinued operations, the cumulative effect of any accounting changes, and other items that management believes are not indicative of the company’s ongoing operations. The definition of operating income can vary by company and is not considered a substitute for GAAP net income. 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.
 
- more -

Add Four
 
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 $2.9 trillion of life reinsurance in force, and assets of $40.2 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 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
 
- more -

Add Five
 
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 Annual Report on Form 10-K for the year ended December 31, 2012.
Investor Contact
John W. Hayden
Senior Vice President – Controller and Investor Relations
(636) 736-7000
- tables below -
 
- more -

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

(Unaudited)	  	Three Months Ended	 	
 	  	March 31,	 	
 	  	2013	 	 	2012	 	
GAAP net income	  	$	185,535	  	 	$	123,318	  	
Reconciliation to operating income:	  	 	 	 	 	 	 	 	
Capital (gains) losses, derivatives and other, included in investment related (gains) losses, net	  	 	31,434	  	 	 	60,304	  	
Capital (gains) losses on funds withheld:	  	 	 	 	 	 	 	 	
Included in investment income	  	 	(1,321	) 	 	 	676	  	
Included in policy acquisition costs and other insurance expenses	  	 	—  	  	 	 	136	  	
Embedded derivatives:	  	 	 	 	 	 	 	 	
Included in investment related (gains) losses, net	  	 	(92,022	) 	 	 	(89,016	) 	
Included in interest credited	  	 	(12,552	) 	 	 	25,505	  	
DAC offset, net	  	 	42,002	  	 	 	(8,546	) 	
Gain on repurchase of collateral finance facility securities	  	 	(30,229	) 	 	 	—  	  	
 	  	 	 	 	 	 	 	 	
Operating income	  	$	122,847	  	 	$	112,377	  	
 	  	 	 	 	 	 	 	 	
Reconciliation of Consolidated Pre-tax Net Income to Pre-tax Operating Income
(Dollars in thousands)

(Unaudited)	  	Three Months Ended	 	
 	  	March 31,	 	
 	  	2013	 	 	2012	 	
Income before income taxes	  	$	278,827	  	 	$	180,763	  	
Reconciliation to pre-tax operating income:	  	 	 	 	 	 	 	 	
Capital (gains) losses, derivatives and other, included in investment related (gains) losses, net	  	 	48,842	  	 	 	94,098	  	
Capital (gains) losses on funds withheld:	  	 	 	 	 	 	 	 	
Included in investment income	  	 	(2,031	) 	 	 	1,040	  	
Included in policy acquisition costs and other insurance expenses	  	 	—  	  	 	 	209	  	
Embedded derivatives:	  	 	 	 	 	 	 	 	
Included in investment related (gains) losses, net	  	 	(141,572	) 	 	 	(136,947	) 	
Included in interest credited	  	 	(19,311	) 	 	 	39,239	  	
DAC offset, net	  	 	64,618	  	 	 	(13,148	) 	
Gain on repurchase of collateral finance facility securities	  	 	(46,506	) 	 	 	—  	  	
 	  	 	 	 	 	 	 	 	
Pre-tax operating income	  	$	182,867	  	 	$	165,254	  	

- more -

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

(Unaudited)	  	Three Months Ended March 31, 2013	 	
 	  	Pre-tax net
income	 	  	Capital
(gains) losses,
derivatives
and other, net	 	 	Change in
value of
embedded
derivatives, net	 	 	Gain on
debt
repurchase	 	 	Pre-tax
operating
income	 	
U.S. Operations:	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Traditional	  	$	76,845	  	  	$	(7,241	) 	 	$	(56	) 	 	$	—  	  	 	$	69,548	  	
Asset Intensive	  	 	89,523	  	  	 	14,888	(1) 	 	 	(58,815	)(2) 	 	 	—  	  	 	 	45,596	  	
Financial Reinsurance	  	 	8,041	  	  	 	(34	) 	 	 	—  	  	 	 	—  	  	 	 	8,007	  	
 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total U.S.	  	 	174,409	  	  	 	7,613	  	 	 	(58,871	) 	 	 	—  	  	 	 	123,151	  	
Canada Operations	  	 	36,308	  	  	 	(3,431	) 	 	 	—  	  	 	 	—  	  	 	 	32,877	  	
Europe & South Africa	  	 	17,385	  	  	 	(1,810	) 	 	 	—  	  	 	 	—  	  	 	 	15,575	  	
Asia Pacific Operations	  	 	14,518	  	  	 	4,847	  	 	 	—  	  	 	 	—  	  	 	 	19,365	  	
Corporate and Other	  	 	36,207	  	  	 	2,198	  	 	 	—  	  	 	 	(46,506	) 	 	 	(8,101	) 	
 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Consolidated	  	$	278,827	  	  	$	9,417	  	 	$	(58,871	) 	 	$	(46,506	) 	 	$	182,867	  	

(1)	Asset Intensive is net of $(37,394) DAC offset.	
(2)	Asset Intensive is net of $102,012 DAC offset.	

(Unaudited)	  	Three Months Ended March 31, 2012	 	
 	  	Pre-tax net
income
(loss)	 	 	Capital
(gains) losses,
derivatives
and other, net	 	 	Change in
value of
embedded
derivatives, net	 	 	Pre-tax
operating
income
(loss)	 	
U.S. Operations:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Traditional	  	$	49,842	  	 	$	13,043	  	 	$	41	  	 	$	62,926	  	
Asset Intensive	  	 	36,590	  	 	 	15,946	(1) 	 	 	(28,055	)(2) 	 	 	24,481	  	
Financial Reinsurance	  	 	6,313	  	 	 	139	  	 	 	—  	  	 	 	6,452	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total U.S.	  	 	92,745	  	 	 	29,128	  	 	 	(28,014	) 	 	 	93,859	  	
Canada Operations	  	 	55,063	  	 	 	(8,404	) 	 	 	—  	  	 	 	46,659	  	
Europe & South Africa	  	 	6,606	  	 	 	(1,982	) 	 	 	—  	  	 	 	4,624	  	
Asia Pacific Operations	  	 	32,067	  	 	 	(5,158	) 	 	 	—  	  	 	 	26,909	  	
Corporate and Other	  	 	(5,718	) 	 	 	(1,079	) 	 	 	—  	  	 	 	(6,797	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Consolidated	  	$	180,763	  	 	$	12,505	  	 	$	(28,014	) 	 	$	165,254	  	

(1)	Asset Intensive is net of $(82,842) DAC offset.	
(2)	Asset Intensive is net of $69,694 DAC offset.	
 
- more -

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

(Unaudited)	  	Three Months Ended	 	
 	  	March 31,	 	
 	  	2013	 	  	2012	 	
Diluted earnings per share from operating income	  	$	1.65	  	  	$	1.52	  	
Earnings per share from net income:	  	 	 	 	  	 	 	 	
Basic earnings per share	  	$	2.51	  	  	$	1.68	  	
Diluted earnings per share	  	$	2.49	  	  	$	1.67	  	
Weighted average number of common and common equivalent shares outstanding	  	 	74,389	  	  	 	74,043	  	
 	 	
(Unaudited)	  	At or for the Three Months	 	
 	  	Ended March 31,	 	
 	  	2013	 	  	2012	 	
Treasury shares	  	 	5,837	  	  	 	5,426	  	
Common shares outstanding	  	 	73,301	  	  	 	73,712	  	
Book value per share outstanding	  	$	94.34	  	  	$	80.44	  	
Book value per share outstanding, before impact of AOCI	  	$	67.37	  	  	$	58.57	  	
 
- more -

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

(Unaudited)	  	Three Months Ended	 	
 	  	March 31,	 	
 	  	2013	 	 	2012	 	
Revenues:	  	 	 	 	 	 	 	 	
Net premiums	  	$	1,979,693	  	 	$	1,863,482	  	
Investment income, net of related expenses	  	 	425,131	  	 	 	340,940	  	
Investment related gains (losses), net:	  	 	 	 	 	 	 	 	
Other-than-temporary impairments on fixed maturity securities	  	 	(202	) 	 	 	(7,607	) 	
Other-than-temporary impairments on fixed maturity securities transferred to (from) accumulated other comprehensive income	  	 	—  	  	 	 	(7,221	) 	
Other investment related gains (losses), net	  	 	94,573	  	 	 	58,348	  	
 	  	 	 	 	 	 	 	 	
Total investment related gains (losses), net	  	 	94,371	  	 	 	43,520	  	
Other revenue	  	 	101,907	  	 	 	45,033	  	
 	  	 	 	 	 	 	 	 	
Total revenues	  	 	2,601,102	  	 	 	2,292,975	  	
 	  	 	 	 	 	 	 	 	
Benefits and expenses:	  	 	 	 	 	 	 	 	
Claims and other policy benefits	  	 	1,688,910	  	 	 	1,580,149	  	
Interest credited	  	 	125,483	  	 	 	88,042	  	
Policy acquisition costs and other insurance expenses	  	 	357,357	  	 	 	307,634	  	
Other operating expenses	  	 	119,501	  	 	 	110,098	  	
Interest expense	  	 	28,486	  	 	 	23,322	  	
Collateral finance facility expense	  	 	2,538	  	 	 	2,967	  	
 	  	 	 	 	 	 	 	 	
Total benefits and expenses	  	 	2,322,275	  	 	 	2,112,212	  	
 	  	 	 	 	 	 	 	 	
Income before income taxes	  	 	278,827	  	 	 	180,763	  	
Income tax expense	  	 	93,292	  	 	 	57,445	  	
 	  	 	 	 	 	 	 	 	
Net income	  	$	185,535	  	 	$	123,318	  	

 
# # #

Exhibit 99.2

Financial Supplement
First Quarter 2013
(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	
 	  	 	  	e-mail: jlay@rgare.com	
 	 	 	
 	  	 	  	John Hayden	
 	  	 	  	Sr. Vice President	
 	  	 	  	Controller & Investor Relations	
 	  	 	  	Phone: (636) 300-8828	
 	  	 	  	e-mail: jhayden@rgare.com	
Current Ratings

 	  	Standard & Poor’s	  	A.M. Best	  	Moody’s	
Financial Strength Ratings	  	 	  	 	  	 	
RGA Reinsurance Company	  	AA-	  	A+	  	A1	
RGA Life Reinsurance Company of Canada	  	AA-	  	A+	  	NR	
RGA International Reinsurance Company Limited	  	AA-	  	NR	  	NR	
RGA Global Reinsurance Company Limited	  	AA-	  	NR	  	NR	
RGA Reinsurance Company of Australia Limited	  	AA-	  	NR	  	NR	
Senior Debt Ratings	  	 	  	 	  	 	
Reinsurance Group of America, Incorporated	  	A-	  	a-	  	Baa1	
Our common stock is traded on the New York Stock Exchange under the symbol “RGA”.

 	 	 	 	 	

Reinsurance Group of America, Incorporated
Financial Supplement
1st Quarter 2013
Table of Contents

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

 	 	 	 	 	

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 substantially all of the effect of net investment related gains and losses, as well as changes in the fair value of certain embedded derivatives and related deferred acquisition costs. These items can be volatile, primarily due to the credit market and interest rate environment and are not necessarily indicative of the performance of the company’s underlying businesses. Additionally, operating income excludes any net gain or loss from discontinued operations, the cumulative effect of any accounting changes, and other items that management believes are not indicative of the company’s ongoing operations. The definition of operating income can vary by company and is not considered a substitute for GAAP net income. A reconciliation of income before income taxes of the operating segments to pre-tax operating income (loss) is presented herein.
RGA evaluates its stockholder equity position excluding the impact of Accumulated Other Comprehensive Income (“AOCI”) since the net unrealized gains or losses included in AOCI primarily relate to changes in interest rates, credit spreads on its investment securities and foreign currency fluctuations that are not permanent and can fluctuate significantly from period to period.
Additionally, RGA uses a non-GAAP financial measure called operating return on equity, which is calculated as operating income divided by average shareholders’ equity excluding AOCI.

 	 	 	 	 	Page 1	  	

Reinsurance Group of America, Incorporated
Financial Highlights

(USD thousands, except inforce & per share data)	  	Three Months Ended or As of	 	 	Current Qtr	 	
 	  	March 31,	 	 	Dec. 31,	 	 	Sept. 30,	 	 	June 30,	 	 	March 31,	 	 	vs. PY	 	
 	  	2013	 	 	2012	 	 	2012	 	 	2012	 	 	2012	 	 	Quarter	 	
Net premiums	  	$	1,979,693	  	 	$	2,179,707	  	 	$	1,912,746	  	 	$	1,950,661	  	 	$	1,863,482	  	 	$	116,211	  	
Net income	  	 	185,535	  	 	 	222,989	  	 	 	144,475	  	 	 	141,111	  	 	 	123,318	  	 	 	62,217	  	
Operating income	  	 	122,847	  	 	 	181,830	  	 	 	99,902	  	 	 	122,273	  	 	 	112,377	  	 	 	10,470	  	
Operating return on equity (ex AOCI)—annualized	  	 	10.1	% 	 	 	15.5	% 	 	 	8.9	% 	 	 	11.2	% 	 	 	10.6	% 	 	 	-0.5	% 	
Operating return on equity (ex AOCI)—trailing 12 months	  	 	11.4	% 	 	 	11.6	% 	 	 	10.5	% 	 	 	11.8	% 	 	 	12.0	% 	 	 	-0.6	% 	
Total assets	  	 	40,197,101	  	 	 	40,360,438	  	 	 	39,924,013	  	 	 	38,344,323	  	 	 	32,286,082	  	 	 	7,911,019	  	
Assumed Life Reinsurance in Force (in billions)	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
U.S.	  	$	1,395.6	  	 	$	1,395.6	  	 	$	1,403.3	  	 	$	1,405.8	  	 	$	1,406.1	  	 	$	(10.5	) 	
Canada	  	 	382.8	  	 	 	389.7	  	 	 	384.8	  	 	 	365.1	  	 	 	364.5	  	 	 	18.3	  	
Europe & South Africa	  	 	581.8	  	 	 	602.5	  	 	 	559.4	  	 	 	525.2	  	 	 	529.7	  	 	 	52.1	  	
Asia Pacific	  	 	512.6	  	 	 	539.8	  	 	 	533.5	  	 	 	486.2	  	 	 	470.7	  	 	 	41.9	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Life Reinsurance in Force	  	$	2,872.8	  	 	$	2,927.6	  	 	$	2,881.0	  	 	$	2,782.3	  	 	$	2,771.0	  	 	$	101.8	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Assumed New Business Production (in billions)	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
U.S.	  	$	25.7	  	 	$	19.2	  	 	$	23.1	  	 	$	24.2	  	 	$	84.9	  	 	$	(59.2	) 	
Canada	  	 	12.9	  	 	 	12.0	  	 	 	11.3	  	 	 	12.6	  	 	 	13.1	  	 	 	(0.2	) 	
Europe & South Africa	  	 	45.7	  	 	 	58.4	  	 	 	37.3	  	 	 	25.5	  	 	 	14.8	  	 	 	30.9	  	
Asia Pacific	  	 	11.6	  	 	 	12.8	  	 	 	47.2	  	 	 	24.5	  	 	 	5.7	  	 	 	5.9	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total New Business Production	  	$	95.9	  	 	$	102.4	  	 	$	118.9	  	 	$	86.8	  	 	$	118.5	  	 	$	(22.6	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Per Share and Shares Data	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic earnings per share	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	  	$	2.51	  	 	$	3.02	  	 	$	1.96	  	 	$	1.91	  	 	$	1.68	  	 	$	0.83	  	
Operating income	  	$	1.66	  	 	$	2.46	  	 	$	1.35	  	 	$	1.66	  	 	$	1.53	  	 	$	0.13	  	
Diluted earnings per share	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	  	$	2.49	  	 	$	3.00	  	 	$	1.95	  	 	$	1.91	  	 	$	1.67	  	 	$	0.82	  	
Operating income	  	$	1.65	  	 	$	2.44	  	 	$	1.35	  	 	$	1.65	  	 	$	1.52	  	 	$	0.13	  	
Wgt. average common shares outstanding (basic)	  	 	73,838	  	 	 	73,880	  	 	 	73,776	  	 	 	73,718	  	 	 	73,575	  	 	 	263	  	
Wgt. average common shares outstanding (diluted)	  	 	74,389	  	 	 	74,375	  	 	 	74,138	  	 	 	74,054	  	 	 	74,043	  	 	 	346	  	
Common shares issued	  	 	79,138	  	 	 	79,138	  	 	 	79,138	  	 	 	79,138	  	 	 	79,138	  	 	 	—   	  	
Treasury shares	  	 	5,837	  	 	 	5,211	  	 	 	5,286	  	 	 	5,416	  	 	 	5,426	  	 	 	411	  	
Common shares outstanding	  	 	73,301	  	 	 	73,927	  	 	 	73,852	  	 	 	73,722	  	 	 	73,712	  	 	 	(411	) 	
Book value per share	  	$	94.34	  	 	$	93.47	  	 	$	91.18	  	 	$	84.75	  	 	$	80.44	  	 	 	 	 	
Per share effect of accumulated other comprehensive income (AOCI)	  	$	26.97	  	 	$	28.52	  	 	$	29.13	  	 	$	24.41	  	 	$	21.87	  	 	 	 	 	
Book value per share, excluding AOCI	  	$	67.37	  	 	$	64.95	  	 	$	62.05	  	 	$	60.34	  	 	$	58.57	  	 	 	 	 	
Shareholder dividends paid	  	$	17,752.7	  	 	$	17,724.7	  	 	$	17,696.2	  	 	$	13,268.6	  	 	$	13,255.3	  	 	$	4,497.4	  	

 	 	 	 	 	Page 2	  	

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

 	  	Three Months Ended	 	 	Current Qtr	 	
 	  	March 31,	 	 	Dec. 31,	 	 	Sept. 30,	 	 	June 30,	 	 	March 31,	 	 	vs. PY	 	
(USD thousands)	  	2013	 	 	2012	 	 	2012	 	 	2012	 	 	2012	 	 	Quarter	 	
Revenues:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	  	$	1,979,693	  	 	$	2,179,707	  	 	$	1,912,746	  	 	$	1,950,661	  	 	$	1,863,482	  	 	$	116,211	  	
Investment income, net of related expenses	  	 	425,131	  	 	 	370,151	  	 	 	396,781	  	 	 	328,334	  	 	 	340,940	  	 	 	84,191	  	
Investment related gains (losses), net	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
OTTI on fixed maturity securities	  	 	(202	) 	 	 	(4,346	) 	 	 	(1,996	) 	 	 	(1,959	) 	 	 	(7,607	) 	 	 	7,405	  	
OTTI on fixed maturity securities transferred to/from AOCI	  	 	—   	  	 	 	—   	  	 	 	(559	) 	 	 	162	  	 	 	(7,221	) 	 	 	7,221	  	
Other investment related gains (losses), net	  	 	94,573	  	 	 	115,108	  	 	 	78,608	  	 	 	25,598	  	 	 	58,348	  	 	 	36,225	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total investment related gains (losses), net	  	 	94,371	  	 	 	110,762	  	 	 	76,053	  	 	 	23,801	  	 	 	43,520	  	 	 	50,851	  	
Other revenue	  	 	101,907	  	 	 	62,482	  	 	 	63,501	  	 	 	72,957	  	 	 	45,033	  	 	 	56,874	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	  	 	2,601,102	  	 	 	2,723,102	  	 	 	2,449,081	  	 	 	2,375,753	  	 	 	2,292,975	  	 	 	308,127	  	
Benefits and expenses:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	  	 	1,688,910	  	 	 	1,797,779	  	 	 	1,662,625	  	 	 	1,625,446	  	 	 	1,580,149	  	 	 	108,761	  	
Interest credited	  	 	125,483	  	 	 	94,835	  	 	 	130,341	  	 	 	66,697	  	 	 	88,042	  	 	 	37,441	  	
Policy acquisition costs and other insurance expenses	  	 	357,357	  	 	 	344,791	  	 	 	318,106	  	 	 	335,939	  	 	 	307,634	  	 	 	49,723	  	
Other operating expenses	  	 	119,501	  	 	 	132,334	  	 	 	103,786	  	 	 	105,541	  	 	 	110,098	  	 	 	9,403	  	
Interest expense	  	 	28,486	  	 	 	28,917	  	 	 	29,749	  	 	 	23,360	  	 	 	23,322	  	 	 	5,164	  	
Collateral finance facility expense	  	 	2,538	  	 	 	3,357	  	 	 	2,995	  	 	 	2,878	  	 	 	2,967	  	 	 	(429	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	  	 	2,322,275	  	 	 	2,402,013	  	 	 	2,247,602	  	 	 	2,159,861	  	 	 	2,112,212	  	 	 	210,063	  	
Income before income taxes	  	 	278,827	  	 	 	321,089	  	 	 	201,479	  	 	 	215,892	  	 	 	180,763	  	 	 	98,064	  	
Income tax expense	  	 	93,292	  	 	 	98,100	  	 	 	57,004	  	 	 	74,781	  	 	 	57,445	  	 	 	35,847	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	  	$	185,535	  	 	$	222,989	  	 	$	144,475	  	 	$	141,111	  	 	$	123,318	  	 	$	62,217	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Pre-tax Operating Income Reconciliation:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	  	 	278,827	  	 	 	321,089	  	 	 	201,479	  	 	 	215,892	  	 	 	180,763	  	 	 	98,064	  	
Investment and derivative losses (gains)—non-operating  (1)	  	 	48,842	  	 	 	(3,404	) 	 	 	(16,940	) 	 	 	(102,184	) 	 	 	94,098	  	 	 	(45,256	) 	
Change in value of modified coinsurance and funds withheld embedded derivatives  (1)	  	 	(90,258	) 	 	 	(74,054	) 	 	 	(54,836	) 	 	 	4,453	  	 	 	9,428	  	 	 	(99,686	) 	
GMXB embedded derivatives (1)	  	 	(51,314	) 	 	 	(30,588	) 	 	 	(2,579	) 	 	 	74,929	  	 	 	(146,375	) 	 	 	95,061	  	
Funds withheld losses (gains)—investment income	  	 	(2,031	) 	 	 	(6,447	) 	 	 	(6,400	) 	 	 	(5,323	) 	 	 	1,040	  	 	 	(3,071	) 	
Funds withheld losses (gains)—policy acq. costs	  	 	—   	  	 	 	55	  	 	 	122	  	 	 	152	  	 	 	209	  	 	 	(209	) 	
EIA embedded derivatives—interest credited	  	 	(19,311	) 	 	 	7,711	  	 	 	(167	) 	 	 	(1,685	) 	 	 	39,239	  	 	 	(58,550	) 	
EIA embedded derivatives—policy acq. costs	  	 	—   	  	 	 	—   	  	 	 	—   	  	 	 	—   	  	 	 	—   	  	 	 	—   	  	
DAC offset, net	  	 	64,618	  	 	 	44,308	  	 	 	13,705	  	 	 	1,490	  	 	 	(13,148	) 	 	 	77,766	  	
Gain on repurchase of collateral finance facility securities	  	 	(46,506	) 	 	 	—   	  	 	 	—   	  	 	 	—   	  	 	 	—   	  	 	 	(46,506	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating Income Before Income Taxes	  	$	182,867	  	 	$	258,670	  	 	$	134,384	  	 	$	187,724	  	 	$	165,254	  	 	$	17,613	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
After-tax Operating Income Reconciliation:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net Income	  	 	185,535	  	 	 	222,989	  	 	 	144,475	  	 	 	141,111	  	 	 	123,318	  	 	 	62,217	  	
Investment and derivative losses (gains)—non-operating  (1)	  	 	31,434	  	 	 	(2,801	) 	 	 	(11,972	) 	 	 	(66,949	) 	 	 	60,304	  	 	 	(28,870	) 	
Change in value of modified coinsurance and funds withheld embedded derivatives  (1)	  	 	(58,668	) 	 	 	(48,135	) 	 	 	(35,644	) 	 	 	2,895	  	 	 	6,128	  	 	 	(64,796	) 	
GMXB embedded derivatives (1)	  	 	(33,354	) 	 	 	(19,882	) 	 	 	(1,676	) 	 	 	48,704	  	 	 	(95,144	) 	 	 	61,790	  	
Funds withheld losses (gains)—investment income	  	 	(1,321	) 	 	 	(4,190	) 	 	 	(4,160	) 	 	 	(3,460	) 	 	 	676	  	 	 	(1,997	) 	
Funds withheld losses (gains)—policy acq. costs	  	 	—   	  	 	 	36	  	 	 	79	  	 	 	99	  	 	 	136	  	 	 	(136	) 	
EIA embedded derivatives—interest credited	  	 	(12,552	) 	 	 	5,012	  	 	 	(108	) 	 	 	(1,095	) 	 	 	25,505	  	 	 	(38,057	) 	
EIA embedded derivatives—policy acq. costs	  	 	—   	  	 	 	—   	  	 	 	—   	  	 	 	—   	  	 	 	—   	  	 	 	—   	  	
DAC offset, net	  	 	42,002	  	 	 	28,801	  	 	 	8,908	  	 	 	968	  	 	 	(8,546	) 	 	 	50,548	  	
Gain on repurchase of collateral finance facility securities	  	 	(30,229	) 	 	 	—   	  	 	 	—   	  	 	 	—   	  	 	 	—   	  	 	 	(30,229	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating Income	  	$	122,847	  	 	$	181,830	  	 	$	99,902	  	 	$	122,273	  	 	$	112,377	  	 	$	10,470	  	

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

 	 	 	 	 	Page 3	  	

Reinsurance Group of America, Incorporated
Consolidated Operating Income Statement

 	  	Three Months Ended	 	 	Current Qtr	 	
 	  	March 31,	 	 	Dec. 31,	 	  	Sept. 30,	 	 	June 30,	 	 	March 31,	 	 	vs. PY	 	
(USD thousands, except per share data)	  	2013	 	 	2012	 	  	2012	 	 	2012	 	 	2012	 	 	Quarter	 	
Revenues:	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	  	$	1,979,693	  	 	$	2,179,707	  	  	$	1,912,746	  	 	$	1,950,661	  	 	$	1,863,482	  	 	$	116,211	  	
Investment income, net of related expenses	  	 	423,100	  	 	 	363,704	  	  	 	390,381	  	 	 	323,011	  	 	 	341,980	  	 	 	81,120	  	
Investment related gains, net	  	 	1,641	  	 	 	2,716	  	  	 	1,698	  	 	 	999	  	 	 	671	  	 	 	970	  	
Other revenue	  	 	55,401	  	 	 	62,482	  	  	 	63,501	  	 	 	72,957	  	 	 	45,033	  	 	 	10,368	  	
 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	  	 	2,459,835	  	 	 	2,608,609	  	  	 	2,368,326	  	 	 	2,347,628	  	 	 	2,251,166	  	 	 	208,669	  	
Benefits and expenses:	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	  	 	1,688,910	  	 	 	1,797,779	  	  	 	1,662,625	  	 	 	1,625,446	  	 	 	1,580,149	  	 	 	108,761	  	
Interest credited	  	 	144,794	  	 	 	87,124	  	  	 	130,508	  	 	 	68,382	  	 	 	48,803	  	 	 	95,991	  	
Policy acquisition costs and other insurance expenses	  	 	292,739	  	 	 	300,428	  	  	 	304,279	  	 	 	334,297	  	 	 	320,573	  	 	 	(27,834	) 	
Other operating expenses	  	 	119,501	  	 	 	132,334	  	  	 	103,786	  	 	 	105,541	  	 	 	110,098	  	 	 	9,403	  	
Interest expense	  	 	28,486	  	 	 	28,917	  	  	 	29,749	  	 	 	23,360	  	 	 	23,322	  	 	 	5,164	  	
Collateral finance facility expense	  	 	2,538	  	 	 	3,357	  	  	 	2,995	  	 	 	2,878	  	 	 	2,967	  	 	 	(429	) 	
 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	  	 	2,276,968	  	 	 	2,349,939	  	  	 	2,233,942	  	 	 	2,159,904	  	 	 	2,085,912	  	 	 	191,056	  	
Operating income before income taxes	  	 	182,867	  	 	 	258,670	  	  	 	134,384	  	 	 	187,724	  	 	 	165,254	  	 	 	17,613	  	
Operating income tax expense	  	 	60,020	  	 	 	76,840	  	  	 	34,482	  	 	 	65,451	  	 	 	52,877	  	 	 	7,143	  	
 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income	  	$	122,847	  	 	$	181,830	  	  	$	99,902	  	 	$	122,273	  	 	$	112,377	  	 	$	10,470	  	
 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Wgt. Average Common Shares Outstanding (Diluted)	  	 	74,389	  	 	 	74,375	  	  	 	74,138	  	 	 	74,054	  	 	 	74,043	  	 	 	346	  	
 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Diluted Earnings Per Share—Operating Income	  	$	1.65	  	 	$	2.44	  	  	$	1.35	  	 	$	1.65	  	 	$	1.52	  	 	$	0.13	  	
 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Foreign currency effect (1):	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	  	$	(19,599	) 	 	$	14,105	  	  	$	(25,972	) 	 	$	(45,800	) 	 	$	(4,924	) 	 	$	(14,675	) 	
Operating income before income taxes	  	$	(2,798	) 	 	$	1,799	  	  	$	(4,165	) 	 	$	(3,471	) 	 	$	(387	) 	 	$	(2,411	) 	
 
(1)	Compared to comparable prior year period	

 	 	 	 	 	Page 4	  	

Reinsurance Group of America, Incorporated
Consolidated Balance Sheets

 	  	March 31,	 	 	Dec. 31,	 	 	Sept. 30,	 	 	June 30,	 	 	March 31,	 	
(USD thousands)	  	2013	 	 	2012	 	 	2012	 	 	2012	 	 	2012	 	
Assets	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Fixed maturity securities, available-for-sale	  	$	22,401,659	  	 	$	22,291,614	  	 	$	21,658,414	  	 	$	17,244,192	  	 	$	16,794,057	  	
Mortgage loans on real estate	  	 	2,325,191	  	 	 	2,300,587	  	 	 	2,256,881	  	 	 	1,157,049	  	 	 	1,040,733	  	
Policy loans	  	 	1,245,812	  	 	 	1,278,175	  	 	 	1,243,498	  	 	 	1,250,238	  	 	 	1,260,070	  	
Funds withheld at interest	  	 	5,698,594	  	 	 	5,594,182	  	 	 	5,608,640	  	 	 	5,457,888	  	 	 	5,472,532	  	
Short-term investments	  	 	180,707	  	 	 	288,082	  	 	 	90,789	  	 	 	49,981	  	 	 	75,425	  	
Investment receivable	  	 	—   	  	 	 	—   	  	 	 	—   	  	 	 	5,406,898	  	 	 	—   	  	
Other invested assets	  	 	1,129,651	  	 	 	1,159,543	  	 	 	1,236,616	  	 	 	940,605	  	 	 	867,507	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total investments	  	 	32,981,614	  	 	 	32,912,183	  	 	 	32,094,838	  	 	 	31,506,851	  	 	 	25,510,324	  	
Cash and cash equivalents	  	 	1,001,841	  	 	 	1,259,892	  	 	 	1,603,730	  	 	 	957,341	  	 	 	873,933	  	
Accrued investment income	  	 	230,269	  	 	 	201,344	  	 	 	250,048	  	 	 	182,586	  	 	 	173,629	  	
Premiums receivable and other reinsurance balances	  	 	1,259,281	  	 	 	1,356,087	  	 	 	1,179,687	  	 	 	1,104,176	  	 	 	1,131,334	  	
Reinsurance ceded receivables	  	 	602,373	  	 	 	620,901	  	 	 	623,954	  	 	 	626,734	  	 	 	597,508	  	
Deferred policy acquisition costs	  	 	3,545,063	  	 	 	3,619,274	  	 	 	3,630,877	  	 	 	3,605,008	  	 	 	3,629,424	  	
Other assets	  	 	576,660	  	 	 	390,757	  	 	 	540,879	  	 	 	361,627	  	 	 	369,930	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total assets	  	$	40,197,101	  	 	$	40,360,438	  	 	$	39,924,013	  	 	$	38,344,323	  	 	$	32,286,082	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Liabilities and Stockholders’ Equity	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Future policy benefits	  	$	11,355,882	  	 	$	11,372,856	  	 	$	11,093,483	  	 	$	10,725,096	  	 	$	10,413,361	  	
Interest-sensitive contract liabilities	  	 	13,141,402	  	 	 	13,353,502	  	 	 	13,254,859	  	 	 	13,352,601	  	 	 	8,252,995	  	
Other policy claims and benefits	  	 	3,243,948	  	 	 	3,160,250	  	 	 	3,132,526	  	 	 	3,026,467	  	 	 	2,984,681	  	
Other reinsurance balances	  	 	250,606	  	 	 	233,630	  	 	 	218,057	  	 	 	249,336	  	 	 	132,389	  	
Deferred income taxes	  	 	2,105,391	  	 	 	2,120,501	  	 	 	1,806,186	  	 	 	1,785,614	  	 	 	1,728,765	  	
Other liabilities	  	 	877,405	  	 	 	742,249	  	 	 	1,217,788	  	 	 	890,687	  	 	 	777,678	  	
Short-term debt	  	 	—   	  	 	 	—   	  	 	 	—   	  	 	 	—   	  	 	 	—   	  	
Long-term debt	  	 	1,815,392	  	 	 	1,815,253	  	 	 	1,815,111	  	 	 	1,414,969	  	 	 	1,414,829	  	
Collateral finance facility	  	 	491,987	  	 	 	652,010	  	 	 	651,968	  	 	 	651,936	  	 	 	652,029	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total liabilities	  	 	33,282,013	  	 	 	33,450,251	  	 	 	33,189,978	  	 	 	32,096,706	  	 	 	26,356,727	  	
Stockholders’ Equity:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Common stock, at par value	  	 	791	  	 	 	791	  	 	 	791	  	 	 	791	  	 	 	791	  	
Additional paid-in-capital	  	 	1,765,255	  	 	 	1,755,421	  	 	 	1,743,822	  	 	 	1,740,415	  	 	 	1,736,184	  	
Retained earnings	  	 	3,521,492	  	 	 	3,357,255	  	 	 	3,154,317	  	 	 	3,033,505	  	 	 	2,906,310	  	
Treasury stock	  	 	(349,190	) 	 	 	(312,182	) 	 	 	(316,542	) 	 	 	(326,292	) 	 	 	(325,732	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Accumulated other comprehensive income (AOCI):	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Accumulated currency translation adjustment, net of income taxes	  	 	253,370	  	 	 	267,475	  	 	 	273,258	  	 	 	237,010	  	 	 	253,875	  	
Unrealized appreciation of securities, net of income taxes	  	 	1,758,775	  	 	 	1,877,657	  	 	 	1,907,512	  	 	 	1,591,647	  	 	 	1,388,597	  	
Pension and postretirement benefits, net of income taxes	  	 	(35,405	) 	 	 	(36,230	) 	 	 	(29,123	) 	 	 	(29,459	) 	 	 	(30,670	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total stockholders’ equity	  	 	6,915,088	  	 	 	6,910,187	  	 	 	6,734,035	  	 	 	6,247,617	  	 	 	5,929,355	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total liabilities and stockholders’ equity	  	$	40,197,101	  	 	$	40,360,438	  	 	$	39,924,013	  	 	$	38,344,323	  	 	$	32,286,082	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total stockholders’ equity, excluding AOCI	  	$	4,938,348	  	 	$	4,801,285	  	 	$	4,582,388	  	 	$	4,448,419	  	 	$	4,317,553	  	

 	 	 	 	 	Page 5	  	

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

 	  	Three Months Ended	 	 	Current Qtr	 	
 	  	March 31,	 	 	Dec. 31,	 	 	Sept. 30,	 	 	June 30,	 	 	March 31,	 	 	vs. PY	 	
(USD thousands)	  	2013	 	 	2012	 	 	2012	 	 	2012	 	 	2012	 	 	Quarter	 	
Revenues:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	  	$	1,046,049	  	 	$	1,159,106	  	 	$	1,045,767	  	 	$	1,082,400	  	 	$	1,021,507	  	 	$	24,542	  	
Investment income, net of related expenses	  	 	132,289	  	 	 	133,988	  	 	 	135,532	  	 	 	133,652	  	 	 	132,417	  	 	 	(128	) 	
Other revenue	  	 	529	  	 	 	2,448	  	 	 	764	  	 	 	401	  	 	 	1,003	  	 	 	(474	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	  	 	1,178,867	  	 	 	1,295,542	  	 	 	1,182,063	  	 	 	1,216,453	  	 	 	1,154,927	  	 	 	23,940	  	
Benefits and expenses:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	  	 	929,680	  	 	 	973,185	  	 	 	917,264	  	 	 	934,807	  	 	 	907,461	  	 	 	22,219	  	
Interest credited	  	 	16,150	  	 	 	11,421	  	 	 	14,637	  	 	 	14,555	  	 	 	15,054	  	 	 	1,096	  	
Policy acquisition costs and other insurance expenses	  	 	139,968	  	 	 	145,437	  	 	 	156,995	  	 	 	150,958	  	 	 	145,485	  	 	 	(5,517	) 	
Other operating expenses	  	 	23,521	  	 	 	25,890	  	 	 	20,684	  	 	 	20,586	  	 	 	24,001	  	 	 	(480	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	  	 	1,109,319	  	 	 	1,155,933	  	 	 	1,109,580	  	 	 	1,120,906	  	 	 	1,092,001	  	 	 	17,318	  	
Operating income before income taxes	  	 	69,548	  	 	 	139,609	  	 	 	72,483	  	 	 	95,547	  	 	 	62,926	  	 	 	6,622	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating to U.S. GAAP Reconciliation:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	  	 	69,548	  	 	 	139,609	  	 	 	72,483	  	 	 	95,547	  	 	 	62,926	  	 	 	6,622	  	
Investment and derivative (losses) gains—non-operating	  	 	7,297	  	 	 	11,752	  	 	 	(1,927	) 	 	 	789	  	 	 	(13,084	) 	 	 	20,381	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	  	$	76,845	  	 	$	151,361	  	 	$	70,556	  	 	$	96,336	  	 	$	49,842	  	 	$	27,003	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Loss and Expense Ratios:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	  	 	88.9	% 	 	 	84.0	% 	 	 	87.7	% 	 	 	86.4	% 	 	 	88.8	% 	 	 	0.1	% 	
Policy acquisition costs and other insurance expenses	  	 	13.4	% 	 	 	12.5	% 	 	 	15.0	% 	 	 	13.9	% 	 	 	14.2	% 	 	 	-0.8	% 	
Other operating expenses	  	 	2.2	% 	 	 	2.2	% 	 	 	2.0	% 	 	 	1.9	% 	 	 	2.3	% 	 	 	-0.1	% 	

 	 	 	 	 	Page 6	  	

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

 	  	Three Months Ended	 	 	Current Qtr	 	
 	  	March 31,	 	 	Dec. 31,	 	 	Sept. 30,	 	 	June 30,	 	 	March 31,	 	 	vs. PY	 	
(USD thousands)	  	2013	 	 	2012	 	 	2012	 	 	2012	 	 	2012	 	 	Quarter	 	
Revenues:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	  	$	3,838	  	 	$	3,521	  	 	$	3,623	  	 	$	3,355	  	 	$	3,596	  	 	$	242	  	
Investment income, net of related expenses	  	 	178,719	  	 	 	127,812	  	 	 	154,789	  	 	 	90,527	  	 	 	111,501	  	 	 	67,218	  	
Investment related gains (losses), net	  	 	—   	  	 	 	—   	  	 	 	—   	  	 	 	(18	) 	 	 	(30	) 	 	 	30	  	
Other revenue	  	 	28,881	  	 	 	30,893	  	 	 	31,976	  	 	 	29,254	  	 	 	19,893	  	 	 	8,988	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	  	 	211,438	  	 	 	162,226	  	 	 	190,388	  	 	 	123,118	  	 	 	134,960	  	 	 	76,478	  	
Benefits and expenses:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	  	 	3,588	  	 	 	2,892	  	 	 	2,828	  	 	 	5,102	  	 	 	1,902	  	 	 	1,686	  	
Interest credited	  	 	128,096	  	 	 	74,992	  	 	 	115,645	  	 	 	53,611	  	 	 	33,511	  	 	 	94,585	  	
Policy acquisition costs and other insurance expenses	  	 	30,045	  	 	 	39,527	  	 	 	42,200	  	 	 	44,955	  	 	 	72,004	  	 	 	(41,959	) 	
Other operating expenses	  	 	4,113	  	 	 	3,977	  	 	 	2,596	  	 	 	2,807	  	 	 	3,062	  	 	 	1,051	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	  	 	165,842	  	 	 	121,388	  	 	 	163,269	  	 	 	106,475	  	 	 	110,479	  	 	 	55,363	  	
Operating income before income taxes	  	 	45,596	  	 	 	40,838	  	 	 	27,119	  	 	 	16,643	  	 	 	24,481	  	 	 	21,115	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating to U.S. GAAP Reconciliation:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	  	 	45,596	  	 	 	40,838	  	 	 	27,119	  	 	 	16,643	  	 	 	24,481	  	 	 	21,115	  	
Investment and derivative gains (losses)—non-operating  (1)	  	 	(52,932	) 	 	 	(13,667	) 	 	 	2,039	  	 	 	92,008	  	 	 	(96,355	) 	 	 	43,423	  	
Change in value of modified coinsurance and
funds withheld embedded derivatives  (1)	  	 	90,202	  	 	 	76,778	  	 	 	54,257	  	 	 	(4,593	) 	 	 	(9,387	) 	 	 	99,589	  	
GMXB embedded derivatives (1)	  	 	51,314	  	 	 	30,588	  	 	 	2,579	  	 	 	(74,929	) 	 	 	146,375	  	 	 	(95,061	) 	
Funds withheld gains (losses)—investment income	  	 	650	  	 	 	3,944	  	 	 	5,652	  	 	 	5,430	  	 	 	(2,224	) 	 	 	2,874	  	
Funds withheld gains (losses)—policy acq. costs	  	 	—   	  	 	 	(55	) 	 	 	(122	) 	 	 	(152	) 	 	 	(209	) 	 	 	209	  	
EIA embedded derivatives—interest credited	  	 	19,311	  	 	 	(7,711	) 	 	 	167	  	 	 	1,685	  	 	 	(39,239	) 	 	 	58,550	  	
EIA embedded derivatives—policy acq. costs	  	 	—   	  	 	 	—   	  	 	 	—   	  	 	 	—   	  	 	 	—   	  	 	 	—   	  	
DAC offset, net	  	 	(64,618	) 	 	 	(44,308	) 	 	 	(13,705	) 	 	 	(1,490	) 	 	 	13,148	  	 	 	(77,766	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	  	$	89,523	  	 	$	86,407	  	 	$	77,986	  	 	$	34,602	  	 	$	36,590	  	 	$	52,933	  	

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

 	 	 	 	 	Page 7	  	

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

 	  	Three Months Ended	 	
 	  	March 31,	 	 	Dec. 31,	 	 	Sept. 30,	 	 	June 30,	 	 	March 31,	 	
(USD millions)	  	2013	 	 	2012	 	 	2012	 	 	2012	 	 	2012	 	
Annuity account values:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Fixed annuities (deferred)	  	$	5,357	  	 	$	5,690	  	 	$	5,815	  	 	$	5,942	  	 	$	897	  	
Net interest spread (fixed annuities):	  	 	2.2	% 	 	 	2.2	% 	 	 	1.1	% 	 	 	1.0	% 	 	 	2.4	% 	
Equity-indexed annuities	  	$	4,809	  	 	$	4,833	  	 	$	4,882	  	 	$	4,867	  	 	$	4,895	  	
Variable annuities:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
No riders	  	$	960	  	 	$	948	  	 	$	957	  	 	$	944	  	 	$	1,040	  	
GMDB only	  	 	80	  	 	 	79	  	 	 	80	  	 	 	79	  	 	 	82	  	
GMIB only	  	 	6	  	 	 	6	  	 	 	6	  	 	 	6	  	 	 	6	  	
GMAB only	  	 	54	  	 	 	54	  	 	 	55	  	 	 	54	  	 	 	57	  	
GMWB only	  	 	1,707	  	 	 	1,662	  	 	 	1,667	  	 	 	1,620	  	 	 	1,704	  	
GMDB / WB	  	 	465	  	 	 	455	  	 	 	461	  	 	 	451	  	 	 	460	  	
Other	  	 	32	  	 	 	31	  	 	 	31	  	 	 	30	  	 	 	32	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total VA account values	  	$	3,304	  	 	$	3,235	  	 	$	3,257	  	 	$	3,184	  	 	$	3,381	  	
 	 	 	 	 	 	
Fair value of liabilities associated with living benefit riders	  	$	121	  	 	$	172	  	 	$	203	  	 	$	205	  	 	$	130	  	
Interest-sensitive contract liabilities associated with:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Guaranteed investment contracts	  	$	200	  	 	$	200	  	 	$	200	  	 	$	200	  	 	$	198	  	
Bank-owned life insurance (BOLI)	  	$	525	  	 	$	522	  	 	$	519	  	 	$	515	  	 	$	512	  	
Other asset-intensive business	  	$	75	  	 	$	75	  	 	$	76	  	 	$	77	  	 	$	78	  	

 	 	 	 	 	 	 	
 	 	 	 	 	Page 8	  	

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

 	  	Three Months Ended	 	 	Current Qtr	 	
 	  	March 31,	 	  	Dec. 31,	 	  	Sept. 30,	 	 	June 30,	 	  	March 31,	 	 	vs. PY	 	
(USD thousands)	  	2013	 	  	2012	 	  	2012	 	 	2012	 	  	2012	 	 	Quarter	 	
Revenues:	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	
Investment income, net of related expenses	  	$	597	  	  	$	361	  	  	$	364	  	 	$	179	  	  	$	164	  	 	$	433	  	
Other revenue	  	 	12,797	  	  	 	13,796	  	  	 	11,565	  	 	 	11,734	  	  	 	8,910	  	 	 	3,887	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	
Total revenues	  	 	13,394	  	  	 	14,157	  	  	 	11,929	  	 	 	11,913	  	  	 	9,074	  	 	 	4,320	  	
Benefits and expenses:	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	
Policy acquisition costs and other insurance expenses	  	 	3,440	  	  	 	1,081	  	  	 	2,012	  	 	 	704	  	  	 	770	  	 	 	2,670	  	
Other operating expenses	  	 	1,947	  	  	 	4,555	  	  	 	1,635	  	 	 	1,593	  	  	 	1,852	  	 	 	95	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	
Total benefits and expenses	  	 	5,387	  	  	 	5,636	  	  	 	3,647	  	 	 	2,297	  	  	 	2,622	  	 	 	2,765	  	
Operating income before income taxes	  	 	8,007	  	  	 	8,521	  	  	 	8,282	  	 	 	9,616	  	  	 	6,452	  	 	 	1,555	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	
Operating to U.S. GAAP Reconciliation:	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	
Operating income before income taxes	  	 	8,007	  	  	 	8,521	  	  	 	8,282	  	 	 	9,616	  	  	 	6,452	  	 	 	1,555	  	
Investment and derivative gains (losses)—non-operating	  	 	34	  	  	 	112	  	  	 	(146	) 	 	 	32	  	  	 	(139	) 	 	 	173	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	
Income before income taxes	  	$	8,041	  	  	$	8,633	  	  	$	8,136	  	 	$	9,648	  	  	$	6,313	  	 	$	1,728	  	

 	 	 	 	 	 	 	
 	 	 	 	 	Page 9	  	

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

 	  	Three Months Ended	 	 	Current Qtr	 	
 	  	March 31,	 	 	Dec. 31,	 	 	Sept. 30,	 	 	June 30,	 	 	March 31,	 	 	vs. PY	 	
(USD thousands)	  	2013	 	 	2012	 	 	2012	 	 	2012	 	 	2012	 	 	Quarter	 	
Revenues:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	  	$	243,271	  	 	$	248,443	  	 	$	227,944	  	 	$	221,167	  	 	$	218,210	  	 	$	25,061	  	
Investment income, net of related expenses	  	 	49,174	  	 	 	45,928	  	 	 	46,016	  	 	 	46,349	  	 	 	47,716	  	 	 	1,458	  	
Investment related gains (losses), net	  	 	1,005	  	 	 	1,041	  	 	 	1,003	  	 	 	995	  	 	 	1,323	  	 	 	(318	) 	
Other revenue	  	 	208	  	 	 	41	  	 	 	3,288	  	 	 	3,205	  	 	 	(30	) 	 	 	238	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	  	 	293,658	  	 	 	295,453	  	 	 	278,251	  	 	 	271,716	  	 	 	267,219	  	 	 	26,439	  	
Benefits and expenses:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	  	 	189,698	  	 	 	169,959	  	 	 	191,275	  	 	 	184,857	  	 	 	160,625	  	 	 	29,073	  	
Interest credited	  	 	12	  	 	 	6	  	 	 	22	  	 	 	—   	  	 	 	—   	  	 	 	12	  	
Policy acquisition costs and other insurance expenses	  	 	60,832	  	 	 	58,786	  	 	 	49,790	  	 	 	47,476	  	 	 	50,285	  	 	 	10,547	  	
Other operating expenses	  	 	10,239	  	 	 	12,664	  	 	 	9,022	  	 	 	8,876	  	 	 	9,650	  	 	 	589	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	  	 	260,781	  	 	 	241,415	  	 	 	250,109	  	 	 	241,209	  	 	 	220,560	  	 	 	40,221	  	
Operating income before income taxes	  	 	32,877	  	 	 	54,038	  	 	 	28,142	  	 	 	30,507	  	 	 	46,659	  	 	 	(13,782	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating to U.S. GAAP Reconciliation:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	  	 	32,877	  	 	 	54,038	  	 	 	28,142	  	 	 	30,507	  	 	 	46,659	  	 	 	(13,782	) 	
Investment and derivative gains (losses)—non-operating	  	 	2,050	  	 	 	2,817	  	 	 	8,630	  	 	 	4,630	  	 	 	7,220	  	 	 	(5,170	) 	
Funds withheld gains (losses)—investment income	  	 	1,381	  	 	 	2,503	  	 	 	748	  	 	 	(107	) 	 	 	1,184	  	 	 	197	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	  	$	36,308	  	 	$	59,358	  	 	$	37,520	  	 	$	35,030	  	 	$	55,063	  	 	$	(18,755	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Loss and Expense Ratios:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Loss ratios (creditor business)	  	 	32.7	% 	 	 	6.1	% 	 	 	40.4	% 	 	 	38.0	% 	 	 	34.1	% 	 	 	-1.4	% 	
Loss ratios (excluding creditor business)	  	 	93.2	% 	 	 	87.5	% 	 	 	96.8	% 	 	 	95.5	% 	 	 	83.8	% 	 	 	9.4	% 	
Claims and other policy benefits / (net premiums + investment income)	  	 	64.9	% 	 	 	57.7	% 	 	 	69.8	% 	 	 	69.1	% 	 	 	60.4	% 	 	 	4.5	% 	
Policy acquisition costs and other insurance expenses (creditor business)	  	 	61.0	% 	 	 	60.0	% 	 	 	58.2	% 	 	 	58.5	% 	 	 	57.1	% 	 	 	3.9	% 	
Policy acquisition costs and other insurance expenses (excluding creditor business)	  	 	12.9	% 	 	 	12.5	% 	 	 	11.1	% 	 	 	11.8	% 	 	 	14.2	% 	 	 	-1.3	% 	
Other operating expenses	  	 	4.2	% 	 	 	5.1	% 	 	 	4.0	% 	 	 	4.0	% 	 	 	4.4	% 	 	 	-0.2	% 	
Foreign currency effect (1):	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	  	$	(1,562	) 	 	$	7,617	  	 	$	(3,413	) 	 	$	(9,838	) 	 	$	(3,328	) 	 	$	1,766	  	
Operating income before income taxes	  	$	(521	) 	 	$	1,785	  	 	$	919	  	 	$	(2,905	) 	 	$	(554	) 	 	$	33	  	
Creditor reinsurance net premiums	  	$	61,114	  	 	$	58,340	  	 	$	52,038	  	 	$	45,883	  	 	$	44,810	  	 	$	16,304	  	
Note: The loss ratios on creditor reinsurance business are normally lower than traditional reinsurance, while allowances are normally higher as a percentage of premiums.
(1)	Compared to comparable prior year period	

 	 	 	 	 	Page 10	  	

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

 	  	Three Months Ended	 	 	Current Qtr	 	
 	  	March 31,	 	 	Dec. 31,	 	 	Sept. 30,	 	 	June 30,	 	 	March 31,	 	 	vs. PY	 	
(USD thousands)	  	2013	 	 	2012	 	 	2012	 	 	2012	 	 	2012	 	 	Quarter	 	
Revenues:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	  	$	323,908	  	 	$	402,515	  	 	$	303,101	  	 	$	310,075	  	 	$	292,771	  	 	$	31,137	  	
Investment income, net of related expenses	  	 	12,224	  	 	 	11,560	  	 	 	11,437	  	 	 	11,248	  	 	 	11,331	  	 	 	893	  	
Other revenue	  	 	1,287	  	 	 	1,386	  	 	 	1,576	  	 	 	1,464	  	 	 	2,253	  	 	 	(966	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	  	 	337,419	  	 	 	415,461	  	 	 	316,114	  	 	 	322,787	  	 	 	306,355	  	 	 	31,064	  	
Benefits and expenses:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	  	 	283,915	  	 	 	357,190	  	 	 	251,553	  	 	 	263,992	  	 	 	261,484	  	 	 	22,431	  	
Policy acquisition costs and other insurance expenses	  	 	11,734	  	 	 	7,937	  	 	 	14,697	  	 	 	13,550	  	 	 	15,052	  	 	 	(3,318	) 	
Other operating expenses	  	 	26,195	  	 	 	36,075	  	 	 	24,809	  	 	 	26,810	  	 	 	25,195	  	 	 	1,000	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	  	 	321,844	  	 	 	401,202	  	 	 	291,059	  	 	 	304,352	  	 	 	301,731	  	 	 	20,113	  	
Operating income before income taxes	  	 	15,575	  	 	 	14,259	  	 	 	25,055	  	 	 	18,435	  	 	 	4,624	  	 	 	10,951	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating to U.S. GAAP Reconciliation:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	  	 	15,575	  	 	 	14,259	  	 	 	25,055	  	 	 	18,435	  	 	 	4,624	  	 	 	10,951	  	
Investment and derivative gains (losses)—non-operating	  	 	1,810	  	 	 	1,325	  	 	 	7,111	  	 	 	1,156	  	 	 	1,982	  	 	 	(172	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	  	$	17,385	  	 	$	15,584	  	 	$	32,166	  	 	$	19,591	  	 	$	6,606	  	 	$	10,779	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Loss and Expense Ratios:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	  	 	87.7	% 	 	 	88.7	% 	 	 	83.0	% 	 	 	85.1	% 	 	 	89.3	% 	 	 	-1.6	% 	
Policy acquisition costs and other insurance expenses	  	 	3.6	% 	 	 	2.0	% 	 	 	4.8	% 	 	 	4.4	% 	 	 	5.1	% 	 	 	-1.5	% 	
Other operating expenses	  	 	8.1	% 	 	 	9.0	% 	 	 	8.2	% 	 	 	8.6	% 	 	 	8.6	% 	 	 	-0.5	% 	
Foreign currency effect (1):	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	  	$	(9,915	) 	 	$	(129	) 	 	$	(17,157	) 	 	$	(22,973	) 	 	$	(11,362	) 	 	$	1,447	  	
Operating income before income taxes	  	$	(642	) 	 	$	(305	) 	 	$	(2,989	) 	 	$	(1,013	) 	 	$	(1,417	) 	 	$	775	  	
Critical illness net premiums	  	$	63,639	  	 	$	66,211	  	 	$	58,793	  	 	$	62,001	  	 	$	61,548	  	 	$	2,091	  	
 
(1)	Compared to comparable prior year period	

 	 	 	 	 	Page 11	  	

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

 	  	Three Months Ended	 	 	Current Qtr	 	
 	  	March 31,	 	 	Dec. 31,	 	 	Sept. 30,	 	 	June 30,	 	 	March 31,	 	 	vs. PY	 	
(USD thousands)	  	2013	 	 	2012	 	 	2012	 	 	2012	 	 	2012	 	 	Quarter	 	
Revenues:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	  	$	363,604	  	 	$	362,620	  	 	$	330,415	  	 	$	331,945	  	 	$	325,350	  	 	$	38,254	  	
Investment income, net of related expenses	  	 	22,081	  	 	 	20,782	  	 	 	19,316	  	 	 	20,711	  	 	 	22,578	  	 	 	(497	) 	
Investment related gains (losses), net	  	 	382	  	 	 	1,460	  	 	 	468	  	 	 	(164	) 	 	 	(809	) 	 	 	1,191	  	
Other revenue	  	 	7,749	  	 	 	11,269	  	 	 	10,052	  	 	 	24,109	  	 	 	7,408	  	 	 	341	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	  	 	393,816	  	 	 	396,131	  	 	 	360,251	  	 	 	376,601	  	 	 	354,527	  	 	 	39,289	  	
Benefits and expenses:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	  	 	281,945	  	 	 	294,564	  	 	 	299,782	  	 	 	236,733	  	 	 	248,620	  	 	 	33,325	  	
Interest Credited	  	 	311	  	 	 	653	  	 	 	204	  	 	 	216	  	 	 	238	  	 	 	73	  	
Policy acquisition costs and other insurance expenses	  	 	62,063	  	 	 	58,419	  	 	 	52,779	  	 	 	89,996	  	 	 	50,847	  	 	 	11,216	  	
Other operating expenses	  	 	30,132	  	 	 	34,040	  	 	 	28,234	  	 	 	26,929	  	 	 	27,913	  	 	 	2,219	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	  	 	374,451	  	 	 	387,676	  	 	 	380,999	  	 	 	353,874	  	 	 	327,618	  	 	 	46,833	  	
Operating income (loss) before income taxes	  	 	19,365	  	 	 	8,455	  	 	 	(20,748	) 	 	 	22,727	  	 	 	26,909	  	 	 	(7,544	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating to U.S. GAAP Reconciliation:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	  	 	19,365	  	 	 	8,455	  	 	 	(20,748	) 	 	 	22,727	  	 	 	26,909	  	 	 	(7,544	) 	
Investment and derivative gains (losses)—non-operating	  	 	(4,847	) 	 	 	(2,520	) 	 	 	4,265	  	 	 	1,132	  	 	 	5,158	  	 	 	(10,005	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income (loss) before income taxes	  	$	14,518	  	 	$	5,935	  	 	$	(16,483	) 	 	$	23,859	  	 	$	32,067	  	 	$	(17,549	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Loss and Expense Ratios:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	  	 	77.5	% 	 	 	81.2	% 	 	 	90.7	% 	 	 	71.3	% 	 	 	76.4	% 	 	 	1.1	% 	
Policy acquisition costs and other insurance expenses	  	 	17.1	% 	 	 	16.1	% 	 	 	16.0	% 	 	 	27.1	% 	 	 	15.6	% 	 	 	1.5	% 	
Other operating expenses	  	 	8.3	% 	 	 	9.4	% 	 	 	8.5	% 	 	 	8.1	% 	 	 	8.6	% 	 	 	-0.3	% 	
Foreign currency effect (1):	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	  	$	(8,122	) 	 	$	6,609	  	 	$	(5,401	) 	 	$	(12,998	) 	 	$	9,756	  	 	$	(17,878	) 	
Operating income before income taxes	  	$	(1,775	) 	 	$	(508	) 	 	$	(1,280	) 	 	$	(614	) 	 	$	1,529	  	 	$	(3,304	) 	
Critical illness net premiums	  	$	54,508	  	 	$	68,963	  	 	$	68,356	  	 	$	46,700	  	 	$	40,333	  	 	$	14,175	  	
 
(1)	Compared to comparable prior year period	

 	 	 	 	 	Page 12	  	

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

 	  	Three Months Ended	 	 	Current Qtr	 	
 	  	March 31,	 	 	Dec. 31,	 	 	Sept. 30,	 	 	June 30,	 	 	March 31,	 	 	vs. PY	 	
(USD thousands)	  	2013	 	 	2012	 	 	2012	 	 	2012	 	 	2012	 	 	Quarter	 	
Revenues:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	  	$	(977	) 	 	$	3,502	  	 	$	1,896	  	 	$	1,719	  	 	$	2,048	  	 	$	(3,025	) 	
Investment income, net of related expenses	  	 	28,016	  	 	 	23,273	  	 	 	22,927	  	 	 	20,345	  	 	 	16,273	  	 	 	11,743	  	
Investment related gains (losses), net	  	 	254	  	 	 	215	  	 	 	227	  	 	 	186	  	 	 	187	  	 	 	67	  	
Other revenue	  	 	3,950	  	 	 	2,649	  	 	 	4,280	  	 	 	2,790	  	 	 	5,596	  	 	 	(1,646	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	  	 	31,243	  	 	 	29,639	  	 	 	29,330	  	 	 	25,040	  	 	 	24,104	  	 	 	7,139	  	
Benefits and expenses:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	  	 	84	  	 	 	(11	) 	 	 	(77	) 	 	 	(45	) 	 	 	57	  	 	 	27	  	
Interest credited	  	 	225	  	 	 	52	  	 	 	—   	  	 	 	—   	  	 	 	—   	  	 	 	225	  	
Policy acquisition costs and other insurance expenses	  	 	(15,343	) 	 	 	(10,759	) 	 	 	(14,194	) 	 	 	(13,342	) 	 	 	(13,870	) 	 	 	(1,473	) 	
Other operating expenses	  	 	23,354	  	 	 	15,133	  	 	 	16,806	  	 	 	17,940	  	 	 	18,425	  	 	 	4,929	  	
Interest expense	  	 	28,486	  	 	 	28,917	  	 	 	29,749	  	 	 	23,360	  	 	 	23,322	  	 	 	5,164	  	
Collateral finance facility expense	  	 	2,538	  	 	 	3,357	  	 	 	2,995	  	 	 	2,878	  	 	 	2,967	  	 	 	(429	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	  	 	39,344	  	 	 	36,689	  	 	 	35,279	  	 	 	30,791	  	 	 	30,901	  	 	 	8,443	  	
Operating income (loss) before income taxes	  	 	(8,101	) 	 	 	(7,050	) 	 	 	(5,949	) 	 	 	(5,751	) 	 	 	(6,797	) 	 	 	(1,304	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating to U.S. GAAP Reconciliation:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income (loss) before income taxes	  	 	(8,101	) 	 	 	(7,050	) 	 	 	(5,949	) 	 	 	(5,751	) 	 	 	(6,797	) 	 	 	(1,304	) 	
Investment and derivative gains (losses)—non-operating	  	 	(2,198	) 	 	 	861	  	 	 	(2,453	) 	 	 	2,577	  	 	 	1,079	  	 	 	(3,277	) 	
Gain on repurchase of collateral finance facility securities	  	 	46,506	  	 	 	—   	  	 	 	—   	  	 	 	—   	  	 	 	—   	  	 	 	46,506	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income (loss) before income taxes	  	$	36,207	  	 	$	(6,189	) 	 	$	(8,402	) 	 	$	(3,174	) 	 	$	(5,718	) 	 	$	41,925	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Foreign currency effect (1):	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	  	$	—   	  	 	$	8	  	 	$	(1	) 	 	$	9	  	 	$	10	  	 	$	(10	) 	
Operating income before income taxes	  	$	140	  	 	$	827	  	 	$	(815	) 	 	$	1,061	  	 	$	55	  	 	$	85	  	
 
(1)	Compared to comparable prior year period	

 	 	 	 	 	Page 13	  	

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

 	  	Three Months Ended	 	 	Current Qtr	 	
 	  	March 31,	 	 	Dec. 31,	 	 	Sept. 30,	 	 	June 30,	 	 	March 31,	 	 	vs. PY	 	
(USD thousands)	  	2013	 	 	2012	 	 	2012	 	 	2012	 	 	2012	 	 	Quarter	 	
U.S. Traditional	  	$	69,548	  	 	$	139,609	  	 	$	72,483	  	 	$	95,547	  	 	$	62,926	  	 	$	6,622	  	
U.S. Asset Intensive	  	 	45,596	  	 	 	40,838	  	 	 	27,119	  	 	 	16,643	  	 	 	24,481	  	 	 	21,115	  	
U.S. Financial Reinsurance	  	 	8,007	  	 	 	8,521	  	 	 	8,282	  	 	 	9,616	  	 	 	6,452	  	 	 	1,555	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total U.S. Segment	  	 	123,151	  	 	 	188,968	  	 	 	107,884	  	 	 	121,806	  	 	 	93,859	  	 	 	29,292	  	
Canadian Segment	  	 	32,877	  	 	 	54,038	  	 	 	28,142	  	 	 	30,507	  	 	 	46,659	  	 	 	(13,782	) 	
Europe & South Africa Segment	  	 	15,575	  	 	 	14,259	  	 	 	25,055	  	 	 	18,435	  	 	 	4,624	  	 	 	10,951	  	
Asia Pacific Segment	  	 	19,365	  	 	 	8,455	  	 	 	(20,748	) 	 	 	22,727	  	 	 	26,909	  	 	 	(7,544	) 	
Corporate and Other	  	 	(8,101	) 	 	 	(7,050	) 	 	 	(5,949	) 	 	 	(5,751	) 	 	 	(6,797	) 	 	 	(1,304	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Consolidated	  	$	182,867	  	 	$	258,670	  	 	$	134,384	  	 	$	187,724	  	 	$	165,254	  	 	$	17,613	  	

 	 	 	 	 	 	 	
 	 	 	 	 	Page 14	  	

Reinsurance Group of America, Incorporated
Investments
(USD thousands)
Cash and Invested Assets

 	  	March 31,	 	  	Dec. 31,	 	  	Sept. 30,	 	  	June 30,	 	  	March 31,	 	
 	  	2013	 	  	2012	 	  	2012	 	  	2012	 	  	2012	 	
Fixed maturity securities, available-for-sale	  	$	22,401,659	  	  	$	22,291,614	  	  	$	21,658,414	  	  	$	17,244,192	  	  	$	16,794,057	  	
Mortgage loans on real estate	  	 	2,325,191	  	  	 	2,300,587	  	  	 	2,256,881	  	  	 	1,157,049	  	  	 	1,040,733	  	
Policy loans	  	 	1,245,812	  	  	 	1,278,175	  	  	 	1,243,498	  	  	 	1,250,238	  	  	 	1,260,070	  	
Funds withheld at interest	  	 	5,698,594	  	  	 	5,594,182	  	  	 	5,608,640	  	  	 	5,457,888	  	  	 	5,472,532	  	
Short-term investments	  	 	180,707	  	  	 	288,082	  	  	 	90,789	  	  	 	49,981	  	  	 	75,425	  	
Investment Receivable	  	 	—   	  	  	 	—   	  	  	 	—   	  	  	 	5,406,898	  	  	 	—   	  	
Other invested assets	  	 	1,129,651	  	  	 	1,159,543	  	  	 	1,236,616	  	  	 	940,605	  	  	 	867,507	  	
Cash and cash equivalents	  	 	1,001,841	  	  	 	1,259,892	  	  	 	1,603,730	  	  	 	957,341	  	  	 	873,933	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total cash and invested assets	  	$	33,983,455	  	  	$	34,172,075	  	  	$	33,698,568	  	  	$	32,464,192	  	  	$	26,384,257	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Investment Income and Yield Summary

 	  	Three Months Ended	 	 	Current Qtr	 	
 	  	March 31,	 	 	Dec. 31,	 	 	Sept. 30,	 	 	June 30,	 	 	March 31,	 	 	vs. PY	 	
 	  	2013	 	 	2012	 	 	2012	 	 	2012	 	 	2012	 	 	Quarter	 	
Average invested assets at amortized cost  (1)	  	$	17,992,152	  	 	$	17,510,541	  	 	$	17,030,794	  	 	$	16,539,380	  	 	$	16,342,741	  	 	$	1,649,411	  	
Net investment income (1)	  	$	213,322	  	 	$	207,567	  	 	$	208,346	  	 	$	205,471	  	 	$	202,603	  	 	$	10,719	  	
Annualized investment yield (ratio of net investment income to average invested assets)  (1)	  	 	4.83	% 	 	 	4.83	% 	 	 	4.98	% 	 	 	5.06	% 	 	 	5.05	% 	 	 	-0.22	% 	
 
(1)	Excludes funds withheld and other spread related business (e.g. coinsurance of annuities).	

 	 	 	 	 	Page 15	  	

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

March 31, 2013	 	 	 	 	
 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	 	Other-than-	 	
 	  	 	 	  	 	 	  	 	 	  	Estimated	 	  	 	 	 	temporary	 	
 	  	Amortized	 	  	Unrealized	 	  	Unrealized	 	  	Fair	 	  	% of	 	 	Impairment	 	
 	  	Cost	 	  	Gains	 	  	Losses	 	  	Value	 	  	Total	 	 	in AOCI	 	
Available-for-sale:	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Corporate securities	  	$	11,464,082	  	  	$	1,022,512	  	  	$	45,093	  	  	$	12,441,501	  	  	 	55.5	% 	 	$	—  	  	
Canadian and Canadian provincial governments	  	 	2,681,603	  	  	 	1,261,728	  	  	 	1,133	  	  	 	3,942,198	  	  	 	17.6	% 	 	 	—  	  	
Residential mortgage-backed securities	  	 	1,005,232	  	  	 	75,579	  	  	 	4,041	  	  	 	1,076,770	  	  	 	4.8	% 	 	 	(241	) 	
Asset-backed securities	  	 	752,280	  	  	 	23,333	  	  	 	19,069	  	  	 	756,544	  	  	 	3.4	% 	 	 	(2,259	) 	
Commercial mortgage-backed securities	  	 	1,596,659	  	  	 	143,381	  	  	 	41,896	  	  	 	1,698,144	  	  	 	7.6	% 	 	 	(5,431	) 	
U.S. government and agencies	  	 	299,395	  	  	 	31,938	  	  	 	132	  	  	 	331,201	  	  	 	1.5	% 	 	 	—  	  	
State and political subdivisions	  	 	281,215	  	  	 	37,628	  	  	 	5,746	  	  	 	313,097	  	  	 	1.4	% 	 	 	—  	  	
Other foreign government, supranational, and foreign government-sponsored enterprises	  	 	1,758,483	  	  	 	87,306	  	  	 	3,585	  	  	 	1,842,204	  	  	 	8.2	% 	 	 	—  	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Total fixed maturity securities	  	$	19,838,949	  	  	$	2,683,405	  	  	$	120,695	  	  	$	22,401,659	  	  	 	100.0	% 	 	$	(7,931	) 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Non-redeemable preferred stock	  	 	76,179	  	  	 	7,940	  	  	 	8	  	  	 	84,111	  	  	 	38.1	% 	 	 	 	 	
Other equity securities	  	 	138,088	  	  	 	295	  	  	 	1,829	  	  	 	136,554	  	  	 	61.9	% 	 	 	 	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Total equity securities	  	$	214,267	  	  	$	8,235	  	  	$	1,837	  	  	$	220,665	  	  	 	100.0	% 	 	 	 	 	

December 31, 2012	 	 	 	 	
 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	 	Other-than-	 	
 	  	 	 	  	 	 	  	 	 	  	Estimated	 	  	 	 	 	temporary	 	
 	  	Amortized	 	  	Unrealized	 	  	Unrealized	 	  	Fair	 	  	% of	 	 	Impairment	 	
 	  	Cost	 	  	Gains	 	  	Losses	 	  	Value	 	  	Total	 	 	in AOCI	 	
Available-for-sale:	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Corporate securities	  	$	11,333,431	  	  	$	1,085,973	  	  	$	39,333	  	  	$	12,380,071	  	  	 	55.5	% 	 	$	—  	  	
Canadian and Canadian provincial governments	  	 	2,676,777	  	  	 	1,372,731	  	  	 	174	  	  	 	4,049,334	  	  	 	18.2	% 	 	 	—  	  	
Residential mortgage-backed securities	  	 	969,267	  	  	 	76,520	  	  	 	3,723	  	  	 	1,042,064	  	  	 	4.7	% 	 	 	(241	) 	
Asset-backed securities	  	 	700,455	  	  	 	19,898	  	  	 	28,798	  	  	 	691,555	  	  	 	3.1	% 	 	 	(2,259	) 	
Commercial mortgage-backed securities	  	 	1,608,376	  	  	 	142,369	  	  	 	51,842	  	  	 	1,698,903	  	  	 	7.6	% 	 	 	(6,125	) 	
U.S. government and agencies	  	 	231,256	  	  	 	33,958	  	  	 	24	  	  	 	265,190	  	  	 	1.2	% 	 	 	—  	  	
State and political subdivisions	  	 	270,086	  	  	 	38,058	  	  	 	5,646	  	  	 	302,498	  	  	 	1.4	% 	 	 	—  	  	
Other foreign government, supranational, and foreign government-sponsored enterprises	  	 	1,769,784	  	  	 	94,929	  	  	 	2,714	  	  	 	1,861,999	  	  	 	8.3	% 	 	 	—  	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Total fixed maturity securities	  	$	19,559,432	  	  	$	2,864,436	  	  	$	132,254	  	  	$	22,291,614	  	  	 	100.0	% 	 	$	(8,625	) 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Non-redeemable preferred stock	  	 	68,469	  	  	 	6,542	  	  	 	170	  	  	 	74,841	  	  	 	33.6	% 	 	 	 	 	
Other equity securities	  	 	148,577	  	  	 	416	  	  	 	1,134	  	  	 	147,859	  	  	 	66.4	% 	 	 	 	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Total equity securities	  	$	217,046	  	  	$	6,958	  	  	$	1,304	  	  	$	222,700	  	  	 	100.0	% 	 	 	 	 	

 	 	 	 	 	 	 	
 	 	 	 	 	Page 16	  	

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

 	  	March 31, 2013	  	December 31, 2012	
 	  	Amortized Cost	 	  	Estimated Fair
Value	 	  	% of Total	 	 	Average Credit
Ratings (1)	  	Amortized Cost	 	  	Estimated Fair
Value	 	  	% of Total	 	 	Average Credit
Ratings (1)	
Financial Institutions	  	 	 	 	  	 	 	 	  	 	 	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	
Banking	  	$	2,144,219	  	  	$	2,288,188	  	  	 	18.1	% 	 	A	  	$	2,114,425	  	  	$	2,260,382	  	  	 	17.9	% 	 	A	
Brokerage	  	 	130,795	  	  	 	144,069	  	  	 	1.1	% 	 	A-	  	 	120,139	  	  	 	131,664	  	  	 	1.0	% 	 	A-	
Finance Comp.	  	 	186,778	  	  	 	200,299	  	  	 	1.6	% 	 	A	  	 	181,430	  	  	 	193,892	  	  	 	1.5	% 	 	A	
Insurance	  	 	645,962	  	  	 	711,948	  	  	 	5.6	% 	 	A-	  	 	592,109	  	  	 	654,647	  	  	 	5.2	% 	 	A-	
REITs	  	 	486,105	  	  	 	526,504	  	  	 	4.2	% 	 	BBB+	  	 	485,469	  	  	 	523,370	  	  	 	4.2	% 	 	BBB	
Other Finance	  	 	307,597	  	  	 	322,315	  	  	 	2.5	% 	 	BBB+	  	 	342,929	  	  	 	358,897	  	  	 	2.9	% 	 	BBB+	
 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	
Total Financial Institutions	  	 	3,901,456	  	  	 	4,193,323	  	  	 	33.1	% 	 	 	  	 	3,836,501	  	  	 	4,122,852	  	  	 	32.7	% 	 	 	
Industrials	  	 	 	 	  	 	 	 	  	 	 	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	
Basic	  	 	818,089	  	  	 	870,860	  	  	 	6.9	% 	 	BBB	  	 	803,353	  	  	 	861,547	  	  	 	6.8	% 	 	BBB	
Capital Goods	  	 	627,224	  	  	 	680,465	  	  	 	5.4	% 	 	BBB	  	 	637,479	  	  	 	692,218	  	  	 	5.5	% 	 	BBB	
Communications	  	 	1,089,019	  	  	 	1,195,777	  	  	 	9.5	% 	 	BBB+	  	 	1,044,374	  	  	 	1,169,000	  	  	 	9.3	% 	 	BBB+	
Consumer Cyclical	  	 	742,197	  	  	 	794,649	  	  	 	6.3	% 	 	BBB+	  	 	727,324	  	  	 	786,726	  	  	 	6.2	% 	 	BBB+	
Consumer Noncyclical	  	 	1,043,968	  	  	 	1,146,692	  	  	 	9.1	% 	 	BBB+	  	 	969,589	  	  	 	1,084,295	  	  	 	8.6	% 	 	BBB+	
Energy	  	 	708,830	  	  	 	778,488	  	  	 	6.1	% 	 	BBB+	  	 	728,354	  	  	 	807,087	  	  	 	6.4	% 	 	BBB+	
Technology	  	 	464,941	  	  	 	486,573	  	  	 	3.8	% 	 	BBB	  	 	475,697	  	  	 	502,123	  	  	 	4.0	% 	 	BBB	
Transportation	  	 	362,825	  	  	 	398,470	  	  	 	3.1	% 	 	BBB+	  	 	378,808	  	  	 	415,283	  	  	 	3.3	% 	 	BBB+	
Other Industrial	  	 	120,053	  	  	 	128,054	  	  	 	1.0	% 	 	BBB	  	 	116,989	  	  	 	125,567	  	  	 	1.0	% 	 	BBB	
 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	
Total Industrials	  	 	5,977,146	  	  	 	6,480,028	  	  	 	51.2	% 	 	 	  	 	5,881,967	  	  	 	6,443,846	  	  	 	51.1	% 	 	 	
Utilities	  	 	 	 	  	 	 	 	  	 	 	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	
Electric	  	 	1,050,949	  	  	 	1,158,508	  	  	 	9.1	% 	 	BBB+	  	 	1,081,451	  	  	 	1,196,527	  	  	 	9.5	% 	 	BBB+	
Natural Gas	  	 	652,497	  	  	 	722,356	  	  	 	5.7	% 	 	BBB	  	 	656,357	  	  	 	733,422	  	  	 	5.8	% 	 	BBB	
Other Utility	  	 	66,438	  	  	 	77,296	  	  	 	0.6	% 	 	A-	  	 	61,850	  	  	 	72,662	  	  	 	0.6	% 	 	A-	
 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	
Total Utilities	  	 	1,769,884	  	  	 	1,958,160	  	  	 	15.4	% 	 	 	  	 	1,799,658	  	  	 	2,002,611	  	  	 	15.9	% 	 	 	
Other Sectors	  	 	29,863	  	  	 	30,655	  	  	 	0.3	% 	 	AA	  	 	32,351	  	  	 	33,462	  	  	 	0.3	% 	 	AA	
 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	
Total	  	$	11,678,349	  	  	$	12,662,166	  	  	 	100.0	% 	 	BBB+	  	$	11,550,477	  	  	$	12,602,771	  	  	 	100.0	% 	 	BBB+	

(1)	The Average Credit Rating designations are based on the weighted average ratings from nationally recognized rating organizations, primarily those assigned by S&P. In instances where a S&P rating is not available, the Company will reference the rating provided by Moody’s, and in the absence of both the Company will assign equivalent ratings based on information from the NAIC.	

 	 	 	 	 	Page 17	  	

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

 	 	 	 	March 31, 2013	 	 	December 31, 2012	 	 	September 30, 2012	 	 	June 30, 2012	 	 	March 31, 2012	 	
NAIC
Designation	 	Rating Agency
Designation (1)	 	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	 	$	1,784,693	  	 	$	1,891,675	  	 	 	8.4	% 	 	$	1,857,190	  	 	$	1,980,164	  	 	 	8.9	% 	 	$	2,222,818	  	 	$	2,364,081	  	 	 	10.9	% 	 	$	1,979,353	  	 	$	2,092,043	  	 	 	12.1	% 	 	$	2,090,606	  	 	$	2,196,118	  	 	 	13.1	% 	
1	 	AA	 	 	5,408,086	  	 	 	6,565,513	  	 	 	29.3	% 	 	 	5,286,082	  	 	 	6,541,670	  	 	 	29.4	% 	 	 	5,265,613	  	 	 	6,572,815	  	 	 	30.4	% 	 	 	4,578,944	  	 	 	5,708,472	  	 	 	33.1	% 	 	 	4,727,343	  	 	 	5,764,579	  	 	 	34.3	% 	
1	 	A	 	 	5,140,174	  	 	 	5,962,302	  	 	 	26.6	% 	 	 	4,915,882	  	 	 	5,778,737	  	 	 	25.9	% 	 	 	4,666,113	  	 	 	5,525,476	  	 	 	25.5	% 	 	 	3,919,020	  	 	 	4,705,816	  	 	 	27.3	% 	 	 	3,646,110	  	 	 	4,263,802	  	 	 	25.4	% 	
2	 	BBB	 	 	6,058,221	  	 	 	6,524,007	  	 	 	29.1	% 	 	 	6,186,536	  	 	 	6,692,929	  	 	 	30.0	% 	 	 	5,716,281	  	 	 	6,185,558	  	 	 	28.6	% 	 	 	3,667,640	  	 	 	3,974,486	  	 	 	23.1	% 	 	 	3,539,967	  	 	 	3,814,367	  	 	 	22.7	% 	
3	 	BB	 	 	731,136	  	 	 	757,948	  	 	 	3.4	% 	 	 	694,349	  	 	 	712,712	  	 	 	3.2	% 	 	 	583,622	  	 	 	608,439	  	 	 	2.8	% 	 	 	421,128	  	 	 	428,875	  	 	 	2.5	% 	 	 	428,543	  	 	 	430,002	  	 	 	2.6	% 	
4	 	B	 	 	497,504	  	 	 	507,879	  	 	 	2.3	% 	 	 	444,996	  	 	 	444,035	  	 	 	2.0	% 	 	 	322,040	  	 	 	306,871	  	 	 	1.4	% 	 	 	269,970	  	 	 	248,850	  	 	 	1.4	% 	 	 	240,603	  	 	 	220,924	  	 	 	1.3	% 	
5	 	CCC	 	 	98,290	  	 	 	79,039	  	 	 	0.4	% 	 	 	118,738	  	 	 	95,906	  	 	 	0.4	% 	 	 	92,149	  	 	 	68,193	  	 	 	0.3	% 	 	 	89,665	  	 	 	64,812	  	 	 	0.4	% 	 	 	106,637	  	 	 	80,660	  	 	 	0.5	% 	
6	 	In or near default	 	 	120,845	  	 	 	113,296	  	 	 	0.5	% 	 	 	55,659	  	 	 	45,461	  	 	 	0.2	% 	 	 	36,647	  	 	 	26,981	  	 	 	0.1	% 	 	 	31,445	  	 	 	20,838	  	 	 	0.1	% 	 	 	35,050	  	 	 	23,605	  	 	 	0.1	% 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	    Total	 	$	19,838,949	  	 	$	22,401,659	  	 	 	100.0	% 	 	$	19,559,432	  	 	$	22,291,614	  	 	 	100.0	% 	 	$	18,905,283	  	 	$	21,658,414	  	 	 	100.0	% 	 	$	14,957,165	  	 	$	17,244,192	  	 	 	100.0	% 	 	$	14,814,859	  	 	$	16,794,057	  	 	 	100.0	% 	

(1)	The Rating Agency Designation includes all “+” or “-” at that rating level (e. g. ‘BBB’ includes ‘BBB+’, ‘BBB’, and ‘BBB-’).	
Structured Fixed Maturity Securities

 	  	March 31, 2013	 	  	December 31, 2012	 	  	September 30, 2012	 	  	June 30, 2012	 	  	March 31, 2012	 	
 	  	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	  	$	520,081	  	  	$	575,274	  	  	$	497,918	  	  	$	555,535	  	  	$	511,887	  	  	$	571,894	  	  	$	511,985	  	  	$	571,821	  	  	$	523,206	  	  	$	576,045	  	
Non-agency	  	 	485,151	  	  	 	501,496	  	  	 	471,349	  	  	 	486,529	  	  	 	468,768	  	  	 	483,914	  	  	 	495,808	  	  	 	506,741	  	  	 	551,867	  	  	 	562,183	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total residential mortgage-backed securities	  	 	1,005,232	  	  	 	1,076,770	  	  	 	969,267	  	  	 	1,042,064	  	  	 	980,655	  	  	 	1,055,808	  	  	 	1,007,793	  	  	 	1,078,562	  	  	 	1,075,073	  	  	 	1,138,228	  	
Commercial mortgage-backed securities	  	 	1,596,659	  	  	 	1,698,144	  	  	 	1,608,376	  	  	 	1,698,903	  	  	 	1,663,493	  	  	 	1,740,391	  	  	 	1,308,668	  	  	 	1,348,047	  	  	 	1,302,734	  	  	 	1,342,421	  	
Asset-backed securities	  	 	752,280	  	  	 	756,544	  	  	 	700,455	  	  	 	691,555	  	  	 	588,851	  	  	 	572,700	  	  	 	469,616	  	  	 	441,051	  	  	 	448,688	  	  	 	414,527	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total	  	$	3,354,171	  	  	$	3,531,458	  	  	$	3,278,098	  	  	$	3,432,522	  	  	$	3,232,999	  	  	$	3,368,899	  	  	$	2,786,077	  	  	$	2,867,660	  	  	$	2,826,495	  	  	$	2,895,176	  	

 	 	 	 	 	 	 	
 	 	 	 	 	Page 18	  	

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

 	  	March 31, 2013	 	
 	  	AAA	 	  	AA	 	  	A	 	
Underwriting Year	  	Amortized Cost	 	  	Estimated Fair
Value	 	  	Amortized Cost	 	  	Estimated Fair
Value	 	  	Amortized Cost	 	  	Estimated Fair
Value	 	
2006 & Prior	  	$	308,039	  	  	$	337,453	  	  	$	179,472	  	  	$	196,947	  	  	$	181,203	  	  	$	194,364	  	
2007	  	 	170,423	  	  	 	187,147	  	  	 	32,850	  	  	 	37,343	  	  	 	68,910	  	  	 	76,582	  	
2008	  	 	—  	  	  	 	—  	  	  	 	53,671	  	  	 	66,143	  	  	 	18,677	  	  	 	21,049	  	
2009	  	 	1,653	  	  	 	1,806	  	  	 	12,346	  	  	 	13,672	  	  	 	3,476	  	  	 	5,680	  	
2010	  	 	27,988	  	  	 	29,651	  	  	 	47,138	  	  	 	52,872	  	  	 	19,321	  	  	 	21,007	  	
2011	  	 	15,746	  	  	 	16,262	  	  	 	18,157	  	  	 	20,876	  	  	 	40,504	  	  	 	43,494	  	
2012	  	 	28,334	  	  	 	28,686	  	  	 	35,130	  	  	 	36,159	  	  	 	58,334	  	  	 	60,064	  	
2013	  	 	32,060	  	  	 	32,029	  	  	 	4,118	  	  	 	4,115	  	  	 	—  	  	  	 	—  	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total	  	$	584,243	  	  	$	633,034	  	  	$	382,882	  	  	$	428,127	  	  	$	390,425	  	  	$	422,240	  	

 	  	BBB	 	  	Below Investment Grade	 	  	Total	 	
Underwriting Year	  	Amortized Cost	 	  	Estimated Fair
Value	 	  	Amortized Cost	 	  	Estimated Fair
Value	 	  	Amortized Cost	 	  	Estimated Fair
Value	 	
2006 & Prior	  	$	193,417	  	  	$	199,964	  	  	$	102,560	  	  	$	99,160	  	  	$	964,691	  	  	$	1,027,888	  	
2007	  	 	93,610	  	  	 	109,051	  	  	 	115,537	  	  	 	101,711	  	  	 	481,330	  	  	 	511,834	  	
2008	  	 	—  	  	  	 	—  	  	  	 	22,642	  	  	 	18,935	  	  	 	94,990	  	  	 	106,127	  	
2009	  	 	3,941	  	  	 	5,516	  	  	 	—  	  	  	 	—  	  	  	 	21,416	  	  	 	26,674	  	
2010	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	94,447	  	  	 	103,530	  	
2011	  	 	33,198	  	  	 	34,035	  	  	 	—  	  	  	 	—  	  	  	 	107,605	  	  	 	114,667	  	
2012	  	 	43,354	  	  	 	43,993	  	  	 	—  	  	  	 	—  	  	  	 	165,152	  	  	 	168,902	  	
2013	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	36,178	  	  	 	36,144	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total	  	$	367,520	  	  	$	392,559	  	  	$	240,739	  	  	$	219,806	  	  	$	1,965,809	  	  	$	2,095,766	  	

NOTE: Totals include directly held investments with amortized cost of $1,596.7 million and fair value of $1,698.1 million as well as investments in funds withheld with amortized cost of $369.1 million and fair value of $397.7 million.	   	
 	 	
 	  	December 31, 2012	 	
 	  	AAA	 	  	AA	 	  	A	 	
Underwriting Year	  	Amortized Cost	 	  	Estimated Fair
Value	 	  	Amortized Cost	 	  	Estimated Fair
Value	 	  	Amortized Cost	 	  	Estimated Fair
Value	 	
2006 & Prior	  	$	313,032	  	  	$	346,462	  	  	$	189,203	  	  	$	208,051	  	  	$	185,038	  	  	$	196,800	  	
2007	  	 	182,456	  	  	 	201,131	  	  	 	32,810	  	  	 	37,542	  	  	 	69,266	  	  	 	77,657	  	
2008	  	 	7,674	  	  	 	7,672	  	  	 	53,510	  	  	 	67,624	  	  	 	14,387	  	  	 	17,098	  	
2009	  	 	1,655	  	  	 	1,820	  	  	 	17,399	  	  	 	19,483	  	  	 	3,463	  	  	 	5,599	  	
2010	  	 	27,984	  	  	 	29,956	  	  	 	47,085	  	  	 	53,027	  	  	 	13,273	  	  	 	14,405	  	
2011	  	 	15,748	  	  	 	16,411	  	  	 	16,069	  	  	 	18,184	  	  	 	40,546	  	  	 	42,726	  	
2012	  	 	28,324	  	  	 	29,080	  	  	 	36,340	  	  	 	36,925	  	  	 	58,376	  	  	 	59,595	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total	  	$	576,873	  	  	$	632,532	  	  	$	392,416	  	  	$	440,836	  	  	$	384,349	  	  	$	413,880	  	

 	  	BBB	 	  	Below Investment Grade	 	  	Total	 	
Underwriting Year	  	Amortized Cost	 	  	Estimated Fair
Value	 	  	Amortized Cost	 	  	Estimated Fair
Value	 	  	Amortized Cost	 	  	Estimated Fair
Value	 	
2006 & Prior	  	$	194,452	  	  	$	198,490	  	  	$	109,969	  	  	$	103,365	  	  	$	991,694	  	  	$	1,053,168	  	
2007	  	 	93,414	  	  	 	108,902	  	  	 	115,028	  	  	 	91,505	  	  	 	492,974	  	  	 	516,737	  	
2008	  	 	—  	  	  	 	—  	  	  	 	22,416	  	  	 	17,386	  	  	 	97,987	  	  	 	109,780	  	
2009	  	 	3,880	  	  	 	5,547	  	  	 	—  	  	  	 	—  	  	  	 	26,397	  	  	 	32,449	  	
2010	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	88,342	  	  	 	97,388	  	
2011	  	 	33,242	  	  	 	33,757	  	  	 	—  	  	  	 	—  	  	  	 	105,605	  	  	 	111,078	  	
2012	  	 	43,346	  	  	 	43,811	  	  	 	—  	  	  	 	—  	  	  	 	166,386	  	  	 	169,411	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total	  	$	368,334	  	  	$	390,507	  	  	$	247,413	  	  	$	212,256	  	  	$	1,969,385	  	  	$	2,090,011	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
NOTE: Totals include directly held investments with amortized cost of $1,608.4 million and fair value of $1,698.9 million as well as investments in funds withheld with amortized cost of $361.0 million and fair value of $391.1 million.

 	 	 	 	 	Page 19	  	

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

 	  	March 31, 2013	 	 	December 31, 2012	 	 	September 30, 2012	 	 	June 30, 2012	 	 	March 31, 2012	 	
 	  	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%	  	$	64,399	  	  	 	52.6	% 	 	$	53,648	  	  	 	40.2	% 	 	$	55,097	  	  	 	35.9	% 	 	$	75,539	  	  	 	38.5	% 	 	$	88,526	  	  	 	41.3	% 	
20% or more for less than six months	  	 	—  	  	  	 	0.0	% 	 	 	734	  	  	 	0.5	% 	 	 	509	  	  	 	0.3	% 	 	 	5,924	  	  	 	3.0	% 	 	 	9,803	  	  	 	4.6	% 	
20% or more for six months or greater	  	 	56,296	  	  	 	45.9	% 	 	 	77,872	  	  	 	58.3	% 	 	 	97,260	  	  	 	63.3	% 	 	 	112,362	  	  	 	57.2	% 	 	 	111,830	  	  	 	52.2	% 	
 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	
Total	  	$	120,695	  	  	 	98.5	% 	 	$	132,254	  	  	 	99.0	% 	 	$	152,866	  	  	 	99.5	% 	 	$	193,825	  	  	 	98.7	% 	 	$	210,159	  	  	 	98.1	% 	

Equity Securities	  	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	
 	 	 	 	 	 	
 	  	March 31, 2013	 	 	December 31, 2012	 	 	September 30, 2012	 	 	June 30, 2012	 	 	March 31, 2012	 	
 	  	Gross
Unrealized
Losses	 	  	% of Total	 	 	Gross
Unrealized
Losses	 	  	% of Total	 	 	Gross
Unrealized
Losses	 	  	% of Total	 	 	Gross
Unrealized
Losses	 	  	% of Total	 	 	Gross
Unrealized
Losses	 	  	% of Total	 	
Less than 20%	  	$	1,836	  	  	 	1.5	% 	 	$	1,303	  	  	 	1.0	% 	 	$	833	  	  	 	0.5	% 	 	$	1,659	  	  	 	0.9	% 	 	$	3,511	  	  	 	1.6	% 	
20% or more for less than six months	  	 	—  	  	  	 	0.0	% 	 	 	—  	  	  	 	0.0	% 	 	 	—  	  	  	 	0.0	% 	 	 	815	  	  	 	0.4	% 	 	 	183	  	  	 	0.1	% 	
20% or more for six months or greater	  	 	1	  	  	 	0.0	% 	 	 	1	  	  	 	0.0	% 	 	 	1	  	  	 	0.0	% 	 	 	—  	  	  	 	0.0	% 	 	 	499	  	  	 	0.2	% 	
 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	
Total	  	$	1,837	  	  	 	1.5	% 	 	$	1,304	  	  	 	1.0	% 	 	$	834	  	  	 	0.5	% 	 	$	2,474	  	  	 	1.3	% 	 	$	4,193	  	  	 	1.9	% 	

 	 	 	 	 	 	 	
 	 	 	 	 	Page 20	  	

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

 	  	As of March 31, 2013	 	
 	  	Less than 12 months	 	  	Equal to or greater than
12 months	 	  	Total	 	
 	  	Estimated
Fair Value	 	  	Gross
Unrealized
Losses	 	  	Estimated
Fair Value	 	  	Gross
Unrealized
Losses	 	  	Estimated
Fair Value	 	  	Gross
Unrealized
Losses	 	
Investment grade securities:	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Corporate securities	  	$	1,187,238	  	  	$	25,066	  	  	$	89,284	  	  	$	11,614	  	  	$	1,276,522	  	  	$	36,680	  	
Canadian and Canadian provincial governments	  	 	59,042	  	  	 	1,133	  	  	 	—  	  	  	 	—  	  	  	 	59,042	  	  	 	1,133	  	
Residential mortgage-backed securities	  	 	54,738	  	  	 	469	  	  	 	17,664	  	  	 	2,920	  	  	 	72,402	  	  	 	3,389	  	
Asset-backed securities	  	 	91,530	  	  	 	672	  	  	 	86,661	  	  	 	7,216	  	  	 	178,191	  	  	 	7,888	  	
Commercial mortgage-backed securities	  	 	79,509	  	  	 	471	  	  	 	21,920	  	  	 	6,521	  	  	 	101,429	  	  	 	6,992	  	
U.S. government and agencies	  	 	56,975	  	  	 	132	  	  	 	—  	  	  	 	—  	  	  	 	56,975	  	  	 	132	  	
State and political subdivisions	  	 	30,734	  	  	 	266	  	  	 	11,463	  	  	 	5,480	  	  	 	42,197	  	  	 	5,746	  	
Other foreign government, supranational, and foreign government-sponsored enterprises	  	 	335,216	  	  	 	2,809	  	  	 	7,375	  	  	 	744	  	  	 	342,591	  	  	 	3,553	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Investment grade securities	  	 	1,894,982	  	  	 	31,018	  	  	 	234,367	  	  	 	34,495	  	  	 	2,129,349	  	  	 	65,513	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Non-investment grade securities:	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Corporate securities	  	 	155,261	  	  	 	2,961	  	  	 	30,763	  	  	 	5,452	  	  	 	186,024	  	  	 	8,413	  	
Residential mortgage-backed securities	  	 	18,215	  	  	 	298	  	  	 	4,681	  	  	 	354	  	  	 	22,896	  	  	 	652	  	
Asset-backed securities	  	 	10,138	  	  	 	171	  	  	 	29,370	  	  	 	11,010	  	  	 	39,508	  	  	 	11,181	  	
Commercial mortgage-backed securities	  	 	—  	  	  	 	—  	  	  	 	66,674	  	  	 	34,904	  	  	 	66,674	  	  	 	34,904	  	
State and political subdivisions	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	
Other foreign government, supranational, and foreign government-sponsored enterprises	  	 	1,034	  	  	 	32	  	  	 	—  	  	  	 	—  	  	  	 	1,034	  	  	 	32	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Non-investment grade securities	  	 	184,648	  	  	 	3,462	  	  	 	131,488	  	  	 	51,720	  	  	 	316,136	  	  	 	55,182	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total fixed maturity securities	  	$	2,079,630	  	  	$	34,480	  	  	$	365,855	  	  	$	86,215	  	  	$	2,445,485	  	  	$	120,695	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Non-redeemable preferred stock	  	 	7,885	  	  	 	7	  	  	 	1	  	  	 	1	  	  	 	7,886	  	  	 	8	  	
Other equity securities	  	 	110,187	  	  	 	1,829	  	  	 	—  	  	  	 	—  	  	  	 	110,187	  	  	 	1,829	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total Equity securities	  	$	118,072	  	  	$	1,836	  	  	$	1	  	  	$	1	  	  	$	118,073	  	  	$	1,837	  	

 	  	As of December 31, 2012	 	
 	  	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	  	$	786,203	  	  	$	13,276	  	  	$	108,187	  	  	$	17,386	  	  	$	894,390	  	  	$	30,662	  	
Canadian and Canadian provincial governments	  	 	12,349	  	  	 	174	  	  	 	—  	  	  	 	—  	  	  	 	12,349	  	  	 	174	  	
Residential mortgage-backed securities	  	 	22,288	  	  	 	97	  	  	 	19,394	  	  	 	3,199	  	  	 	41,682	  	  	 	3,296	  	
Asset-backed securities	  	 	59,119	  	  	 	449	  	  	 	96,179	  	  	 	9,508	  	  	 	155,298	  	  	 	9,957	  	
Commercial mortgage-backed securities	  	 	89,507	  	  	 	797	  	  	 	29,181	  	  	 	7,974	  	  	 	118,688	  	  	 	8,771	  	
U.S. government and agencies	  	 	7,272	  	  	 	24	  	  	 	—  	  	  	 	—  	  	  	 	7,272	  	  	 	24	  	
State and political subdivisions	  	 	20,602	  	  	 	1,514	  	  	 	11,736	  	  	 	4,132	  	  	 	32,338	  	  	 	5,646	  	
Other foreign government, supranational, and foreign government-sponsored enterprises	  	 	244,817	  	  	 	1,953	  	  	 	7,435	  	  	 	761	  	  	 	252,252	  	  	 	2,714	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Investment grade securities	  	 	1,242,157	  	  	 	18,284	  	  	 	272,112	  	  	 	42,960	  	  	 	1,514,269	  	  	 	61,244	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Non-investment grade securities:	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Corporate securities	  	 	181,168	  	  	 	3,170	  	  	 	39,123	  	  	 	5,501	  	  	 	220,291	  	  	 	8,671	  	
Residential mortgage-backed securities	  	 	15,199	  	  	 	80	  	  	 	2,633	  	  	 	347	  	  	 	17,832	  	  	 	427	  	
Asset-backed securities	  	 	3,421	  	  	 	26	  	  	 	31,938	  	  	 	18,815	  	  	 	35,359	  	  	 	18,841	  	
Commercial mortgage-backed securities	  	 	3,317	  	  	 	764	  	  	 	68,405	  	  	 	42,307	  	  	 	71,722	  	  	 	43,071	  	
State and political subdivisions	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Non-investment grade securities	  	 	203,105	  	  	 	4,040	  	  	 	142,099	  	  	 	66,970	  	  	 	345,204	  	  	 	71,010	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total fixed maturity securities	  	$	1,445,262	  	  	$	22,324	  	  	$	414,211	  	  	$	109,930	  	  	$	1,859,473	  	  	$	132,254	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Non-redeemable preferred stock	  	 	5,577	  	  	 	52	  	  	 	5,679	  	  	 	118	  	  	 	11,256	  	  	 	170	  	
Other equity securities	  	 	85,374	  	  	 	1,134	  	  	 	—  	  	  	 	—  	  	  	 	85,374	  	  	 	1,134	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total Equity securities	  	$	90,951	  	  	$	1,186	  	  	$	5,679	  	  	$	118	  	  	$	96,630	  	  	$	1,304	  	

 	 	 	 	 	 	 	
 	 	 	 	 	Page 21	  	

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

 	  	Three Months Ended	 	 	Current Qtr	 	
 	  	March 31,	 	 	Dec. 31,	 	 	Sept. 30,	 	 	June 30,	 	 	March 31,	 	 	vs. PY	 	
 	  	2013	 	 	2012	 	 	2012	 	 	2012	 	 	2012	 	 	Quarter	 	
Fixed Maturity and Equity Securities:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Other-than-temporary impairment losses on fixed maturities	  	$	(202	) 	 	$	(4,346	) 	 	$	(1,996	) 	 	$	(1,959	) 	 	$	(7,607	) 	 	$	7,405	  	
Portion of loss recognized in accumulated other comprehensive income (before taxes)	  	 	—  	  	 	 	—  	  	 	 	(559	) 	 	 	162	  	 	 	(7,221	) 	 	 	7,221	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net other-than-temporary impairment losses on fixed maturities recognized in earnings	  	 	(202	) 	 	 	(4,346	) 	 	 	(2,555	) 	 	 	(1,797	) 	 	 	(14,828	) 	 	 	14,626	  	
Impairment losses on equity securities	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	(2,186	) 	 	 	(839	) 	 	 	839	  	
Gain on investment activity	  	 	21,680	  	 	 	43,190	  	 	 	53,173	  	 	 	26,593	  	 	 	22,312	  	 	 	(632	) 	
Loss on investment activity	  	 	(11,212	) 	 	 	(4,384	) 	 	 	(6,668	) 	 	 	(8,918	) 	 	 	(7,504	) 	 	 	(3,708	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net gain/(loss) on fixed maturity and equity securities	  	 	10,266	  	 	 	34,460	  	 	 	43,950	  	 	 	13,692	  	 	 	(859	) 	 	 	11,125	  	
Other impairment losses and change in mortgage loan provision	  	 	(1,626	) 	 	 	(2,220	) 	 	 	(10,301	) 	 	 	1,762	  	 	 	(5,843	) 	 	 	4,217	  	
Other non-derivative gain/(loss), net	  	 	4,589	  	 	 	4,868	  	 	 	5,563	  	 	 	5,628	  	 	 	6,641	  	 	 	(2,052	) 	
Free-standing Derivatives:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Credit Default Swaps	  	 	3,904	  	 	 	3,523	  	 	 	7,819	  	 	 	(4,794	) 	 	 	11,813	  	 	 	(7,909	) 	
Interest Rate Swaps—non-hedged	  	 	(22,265	) 	 	 	(9,866	) 	 	 	(1,437	) 	 	 	73,342	  	 	 	(47,352	) 	 	 	25,087	  	
Interest Rate Swaps—hedged	  	 	(17	) 	 	 	(40	) 	 	 	(4	) 	 	 	29	  	 	 	(26	) 	 	 	9	  	
Futures	  	 	(6,881	) 	 	 	(9,932	) 	 	 	(3,977	) 	 	 	11,073	  	 	 	(17,408	) 	 	 	10,527	  	
CPI Swaps	  	 	(871	) 	 	 	1,543	  	 	 	422	  	 	 	(1,431	) 	 	 	(802	) 	 	 	(69	) 	
Equity options	  	 	(30,623	) 	 	 	(11,146	) 	 	 	(23,916	) 	 	 	3,367	  	 	 	(37,983	) 	 	 	7,360	  	
Currency Forwards	  	 	(5,659	) 	 	 	(5,070	) 	 	 	519	  	 	 	515	  	 	 	(1,608	) 	 	 	(4,051	) 	
Interest Rate Options	  	 	1,982	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	1,982	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total free-standing derivatives	  	 	(60,430	) 	 	 	(30,988	) 	 	 	(20,574	) 	 	 	82,101	  	 	 	(93,366	) 	 	 	32,936	  	
Embedded Derivatives:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Modified coinsurance and funds withheld treaties	  	 	90,258	  	 	 	74,054	  	 	 	54,836	  	 	 	(4,453	) 	 	 	(9,428	) 	 	 	99,686	  	
GMXB	  	 	51,314	  	 	 	30,588	  	 	 	2,579	  	 	 	(74,929	) 	 	 	146,375	  	 	 	(95,061	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total embedded derivatives	  	 	141,572	  	 	 	104,642	  	 	 	57,415	  	 	 	(79,382	) 	 	 	136,947	  	 	 	4,625	  	
Net gain/(loss) on total derivatives	  	 	81,142	  	 	 	73,654	  	 	 	36,841	  	 	 	2,719	  	 	 	43,581	  	 	 	37,561	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total investment related gains / (losses), net	  	$	94,371	  	 	$	110,762	  	 	$	76,053	  	 	$	23,801	  	 	$	43,520	  	 	$	50,851	  	

 	 	 	 	 	 	 	
 	 	 	 	 	Page 22