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): October 28, 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 October 28, 2013, Reinsurance Group of America, Incorporated (the “Company”) issued (1) a press release announcing its earnings for the three-month period ended September 30, 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 September 30, 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 October 29, 2013 to discuss the financial and operating results for the three-month period ended September 30, 2013.
Item 9.01 Financial Statements and Exhibits
(d)  Exhibits.

Exhibit No.	  	Exhibit	
 	 	
99.1	  	Press Release of Reinsurance Group of America, Incorporated dated October 28, 2013	
 	 	
99.2	  	Quarterly Financial Supplement for the quarter ended September 30, 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: October 28, 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 October 28, 2013	
 	 	
99.2	  	Quarterly Financial Supplement for the quarter ended September 30, 2013	

Exhibit 99.1

PRESS RELEASE
REINSURANCE GROUP OF AMERICA REPORTS THIRD-QUARTER RESULTS
 
 	•	 	Earnings per diluted share: net income $1.93, operating income* $2.14	
 
 	•	 	Reported net premiums up six percent; up nine percent in original currencies	
 
 	•	 	Annualized third-quarter operating return on equity* 13 percent	
 
 	•	 	471 thousand shares repurchased in third quarter; 4.2 million shares year-to-date	
ST. LOUIS, October 28, 2013 – Reinsurance Group of America, Incorporated (NYSE: RGA), a leading global provider of life reinsurance, reported third-quarter net income of $138.0 million, or $1.93 per diluted share, compared with $144.5 million, or $1.95 per diluted share in the prior-year quarter. Operating income* of $152.9 million, or $2.14 per diluted share, increased from last year’s $99.9 million, or $1.35 per diluted share, with all operating segments posting significant gains over year-ago levels.

 	  	Quarterly Results	 	  	Year-to-Date Results	 	
($ in thousands, except per share data)	  	2013	 	  	2012	 	  	2013	 	  	2012	 	
Net premiums	  	$	2,026,180	  	  	$	1,912,746	  	  	$	6,041,029	  	  	$	5,726,889	  	
Net income	  	 	137,955	  	  	 	144,475	  	  	 	273,878	  	  	 	408,904	  	
Net income per diluted share	  	 	1.93	  	  	 	1.95	  	  	 	3.76	  	  	 	5.52	  	
Operating income*	  	 	152,887	  	  	 	99,902	  	  	 	203,937	  	  	 	334,552	  	
Operating income per diluted share*	  	 	2.14	  	  	 	1.35	  	  	 	2.80	  	  	 	4.52	  	
Book value per share	  	 	83.58	  	  	 	91.18	  	  	 	 	 	  	 	 	 	
Book value per share (excl. Accumulated Other Comprehensive Income “AOCI”)*	  	 	67.98	  	  	 	62.05	  	  	 	 	 	  	 	 	 	
Total assets	  	 	39,526,555	  	  	 	39,924,013	  	  	 	 	 	  	 	 	 	
 
*	See ‘Use of Non-GAAP Financial Measures’ below	
Consolidated net premiums increased six percent to $2,026.2 million from $1,912.7 million in the prior-year quarter, including an adverse effect of $51.7 million from foreign currency fluctuations. Investment income decreased seven percent to $369.4 million from $396.8 million in the year-earlier quarter, primarily attributable to a decrease in fair value of options contracts that are included in funds withheld at interest on the consolidated balance sheet and support the crediting rates for equity-indexed annuities. Excluding spread-based investment income and changes in value of associated derivatives, investment income rose 2.4 percent. The average portfolio yield decreased 23 basis points to 4.75 percent compared with the third quarter of 2012, reflecting the downward trend in interest rates over that period. The portfolio yield was down two basis points relative to the second quarter of this year, reflecting the stabilization in
 
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interest rates in the shorter term. A generally stronger U.S. dollar quarter-over-quarter comparison reduced the current quarter’s operating income by approximately $3.2 million after taxes, or $0.05 per diluted share.
During the third quarter, the company recognized income tax benefits associated with an adjustment to the prior-year tax accrual, changes in foreign jurisdiction tax rates, income in jurisdictions with lower tax rates than the U.S. statutory rate, and other items. As a result, this quarter’s effective tax rate of 32.3 percent is below the expected rate of approximately 33 percent to 34 percent.
A. Greig Woodring, president and chief executive officer, commented, “We are pleased to report strong results this quarter, as we achieved an annualized operating return on equity of 13 percent. Operating earnings per share of $2.14 were considerably better than last year’s $1.35, as the year-ago period included elevated claims in several markets and a claim liability increase in Australia. Overall mortality and morbidity results this quarter were in line with expectations and stable across all operating segments, with favorable mortality experienced in several markets. We also had another strong quarter in our asset intensive and financial reinsurance businesses. Our efforts to return excess capital to shareholders increased operating earnings per share as well.
“Consolidated premiums grew six percent in reported U.S. dollars and nine percent with currencies held constant. Our ending book value per share for the quarter was $83.58 including AOCI, and $67.98 excluding AOCI.
“In September we issued $400 million of senior notes and expect to use the proceeds for general corporate purposes. We continued to repurchase shares in the third quarter, bringing our year-to-date total to approximately 4.2 million shares at a cost of $261.3 million. We have approximately $138.7 million remaining under our current $400 million authorization. We will continue to evaluate opportunistic share repurchases along with block acquisition opportunities, both of which are core components of our capital management strategy. Our excess capital position is approximately $600 million, reflecting the recent debt issuance and capital management activity.”
SEGMENT RESULTS
U.S.
The U.S. Traditional sub-segment reported pre-tax net income of $84.8 million for the quarter, up from $70.6 million last year. Pre-tax operating income increased to $90.1 million from $72.5 million in the prior-year period, when claims experience was less favorable. Claims experience in the current quarter was in line with expectations. Traditional net premiums rose six percent to $1,112.5 million from $1,045.8 million a year ago, reflecting stable growth in individual mortality and stronger growth in group reinsurance and individual health products.
The U.S. Asset Intensive business reported pre-tax income of $9.8 million compared with $78.0 million a year ago, which included a significant increase in the fair values of various embedded derivatives. Pre-tax operating income, which excludes the impact of those derivatives, increased to $38.0 million from $27.1 million last year. Current-quarter operating results benefited from favorable interest rate spreads, which improved the performance in the equity-indexed and fixed annuity businesses.
 
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The U.S. Financial Reinsurance business reported another quarter of strong fee income and added pre-tax operating income of $11.5 million, up 39 percent from $8.3 million last year.
Canada
Canadian operations reported pre-tax net income of $41.9 million, up slightly from $37.5 million in the third quarter of 2012. Pre-tax operating income rose to $36.0 million this quarter from $28.1 million in the prior-year period. The increase was driven by favorable claims experience compared to the third quarter of 2012. Additionally, a relatively weaker Canadian dollar adversely affected pre-tax operating income by approximately $1.8 million compared to the prior-year period. Reported net premiums were up four percent to $236.1 million from $227.9 million last year, including an adverse foreign currency effect of $10.3 million. On a Canadian dollar basis, net premiums were up eight percent.
Asia Pacific
The Asia Pacific segment reported a pre-tax net income of $17.1 million compared with a pre-tax loss of $16.5 million in the third quarter of 2012. Pre-tax operating income totaled $12.6 million versus a pre-tax operating loss of $20.7 million last year. Current-quarter performance reflects break-even results in Australia and a generally strong performance in all other markets. We continue to manage the difficult business environment in Australia with no new significant developments during the quarter. The prior-period results reflected adverse claims experience and a $27.9 million increase in claims liabilities, both in Australia. Asia Pacific net premiums increased four percent to $343.1 million from $330.4 million in the prior year. Foreign currency fluctuations adversely affected premiums by approximately $33.0 million this period. Original currency premiums rose 14 percent over the third quarter of 2012. Foreign currency fluctuations adversely affected pre-tax operating income by approximately $2.2 million.
Europe & South Africa
Europe & South Africa operations reported pre-tax net income of $41.6 million versus $32.2 million in the year-ago quarter. Pre-tax operating income rose to $40.2 million this quarter from a strong $25.1 million last year, primarily due to higher fee income in Continental Europe and favorable mortality and morbidity claims experience in the U.K. The operations in South Africa also performed well this quarter. Foreign currency fluctuations adversely affected pre-tax operating income by approximately $0.4 million. Net premiums totaled $329.7 million, a nine percent increase from $303.1 million the year before, including an adverse currency effect of $8.3 million. On a local currency basis, net premiums increased 12 percent.
Corporate and Other
The Corporate and Other segment reported a pre-tax net loss of $4.7 million in the third quarter, compared with a pre-tax net loss of $8.4 million in the year-ago period. Pre-tax operating losses were $2.7 million in the current period and $5.9 million last year. Current-period overhead expenses were slightly below last year’s third quarter, and the income from internal capital charges allocated to the operating segments was slightly higher.
 
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Dividend Declaration
The board of directors declared a regular quarterly dividend of $0.30, payable November 29 to shareholders of record as of November 8.
Earnings Conference Call
A conference call to discuss third-quarter results will begin at 9 a.m. Eastern Time on Tuesday, October 29. Interested parties may access the call by dialing 877-795-3647 (domestic) or 719-325-4749 (international). The access code is 6674136. 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 November 6 at 888-203-1112 (domestic) or 719-457-0820 (international), access code 6674136.
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.
Operating return on equity is a non-GAAP financial measure calculated as operating income divided by average shareholders’ equity excluding AOCI.
 
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About RGA
Reinsurance Group of America, Incorporated is among the largest global providers of life reinsurance, with operations in Australia, Barbados, Bermuda, Canada, China, France, Germany, Hong Kong, India, Ireland, Italy, Japan, Malaysia, Mexico, the Netherlands, New Zealand, Poland, Singapore, South Africa, South Korea, Spain, Taiwan, Turkey, the United Arab Emirates, the United Kingdom and the United States. Worldwide, the company has approximately $2.9 trillion of life reinsurance in force, and assets of $39.5 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 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,
 
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(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
Jeff Hopson
Senior Vice President – Investor Relations
(636) 736-7000
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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
Reconciliation of Consolidated Net Income to Operating Income
(Dollars in thousands)

 	  	Three Months Ended
September 30,	 	 	Nine Months Ended
September 30,	 	
(Unaudited)	  	2013	 	 	2012	 	 	2013	 	 	2012	 	
GAAP net income	  	$	137,955	  	 	$	144,475	  	 	$	273,878	  	 	$	408,904	  	
Reconciliation to operating income (loss):	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Capital (gains) losses, derivatives and other, included in investment related (gains) losses, net	  	 	19,174	  	 	 	(11,972	) 	 	 	74,334	  	 	 	(18,617	) 	
Capital (gains) losses on funds withheld:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Included in investment income	  	 	2,252	  	 	 	(4,160	) 	 	 	(6,694	) 	 	 	(6,944	) 	
Included in policy acquisition costs and other insurance expenses	  	 	—  	  	 	 	79	  	 	 	—  	  	 	 	314	  	
Embedded derivatives:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Included in investment related (gains) losses, net	  	 	30,960	  	 	 	(37,320	) 	 	 	(115,353	) 	 	 	(74,737	) 	
Included in interest credited	  	 	(19,690	) 	 	 	(108	) 	 	 	(53,147	) 	 	 	24,302	  	
DAC offset, net	  	 	(17,764	) 	 	 	8,908	  	 	 	61,148	  	 	 	1,330	  	
Gain on repurchase of collateral finance facility securities	  	 	—  	  	 	 	—  	  	 	 	(30,229	) 	 	 	—  	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income	  	$	152,887	  	 	$	99,902	  	 	$	203,937	  	 	$	334,552	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Reconciliation of Consolidated Pre-tax Net Income to Pre-tax Operating Income
(Dollars in thousands)

 	  	Three Months Ended
September 30,	 	 	Nine Months Ended
September 30,	 	
(Unaudited)	  	2013	 	 	2012	 	 	2013	 	 	2012	 	
Income before income taxes	  	$	201,695	  	 	$	201,479	  	 	$	405,764	  	 	$	598,134	  	
Reconciliation to pre-tax operating income (loss):	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Capital (gains) losses, derivatives and other, included in investment related (gains) losses, net	  	 	30,513	  	 	 	(16,940	) 	 	 	116,412	  	 	 	(25,026	) 	
Capital (gains) losses on funds withheld:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Included in investment income	  	 	3,465	  	 	 	(6,400	) 	 	 	(10,299	) 	 	 	(10,683	) 	
Included in policy acquisition costs and other insurance expenses	  	 	—  	  	 	 	122	  	 	 	—  	  	 	 	483	  	
Embedded derivatives:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Included in investment related (gains) losses, net	  	 	47,631	  	 	 	(57,415	) 	 	 	(177,466	) 	 	 	(114,980	) 	
Included in interest credited	  	 	(30,292	) 	 	 	(167	) 	 	 	(81,764	) 	 	 	37,387	  	
DAC offset, net	  	 	(27,330	) 	 	 	13,705	  	 	 	94,074	  	 	 	2,047	  	
Gain on repurchase of collateral finance facility securities	  	 	—  	  	 	 	—  	  	 	 	(46,506	) 	 	 	—  	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Pre-tax operating income	  	$	225,682	  	 	$	134,384	  	 	$	300,215	  	 	$	487,362	  	

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

 	  	Three Months Ended September 30, 2013	 	
(Unaudited)	  	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	  	$	84,816	  	 	$	6,505	  	 	$	(1,243	) 	 	$	90,078	  	
Asset Intensive	  	 	9,849	  	 	 	31,916	 (1) 	 	 	(3,719	) (2) 	 	 	38,046	  	
Financial Reinsurance	  	 	11,202	  	 	 	321	  	 	 	—  	  	 	 	11,523	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total U.S.	  	 	105,867	  	 	 	38,742	  	 	 	(4,962	) 	 	 	139,647	  	
Canada Operations	  	 	41,869	  	 	 	(5,896	) 	 	 	—  	  	 	 	35,973	  	
Europe & South Africa	  	 	41,553	  	 	 	(1,350	) 	 	 	—  	  	 	 	40,203	  	
Asia Pacific Operations	  	 	17,112	  	 	 	(4,507	) 	 	 	—  	  	 	 	12,605	  	
Corporate and Other	  	 	(4,706	) 	 	 	1,960	  	 	 	—  	  	 	 	(2,746	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Consolidated	  	$	201,695	  	 	$	28,949	  	 	$	(4,962	) 	 	$	225,682	  	

(1)	Asset Intensive is net of $(5,029) DAC offset.	
(2)	Asset Intensive is net of $(22,301) DAC offset.	

 	  	Three Months Ended September 30, 2012	 	
(Unaudited)	  	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	  	$	70,556	  	 	$	2,506	  	 	$	(579	) 	 	$	72,483	  	
Asset Intensive	  	 	77,986	  	 	 	(32,792	) (1) 	 	 	(18,075	) (2) 	 	 	27,119	  	
Financial Reinsurance	  	 	8,136	  	 	 	146	  	 	 	—  	  	 	 	8,282	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total U.S.	  	 	156,678	  	 	 	(30,140	) 	 	 	(18,654	) 	 	 	107,884	  	
Canada Operations	  	 	37,520	  	 	 	(9,378	) 	 	 	—  	  	 	 	28,142	  	
Europe & South Africa	  	 	32,166	  	 	 	(7,111	) 	 	 	—  	  	 	 	25,055	  	
Asia Pacific Operations	  	 	(16,483	) 	 	 	(4,265	) 	 	 	—  	  	 	 	(20,748	) 	
Corporate and Other	  	 	(8,402	) 	 	 	2,453	  	 	 	—  	  	 	 	(5,949	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Consolidated	  	$	201,479	  	 	$	(48,441	) 	 	$	(18,654	) 	 	$	134,384	  	

(1)	Asset Intensive is net of $(25,223) DAC offset.	
(2)	Asset Intensive is net of $38,928 DAC offset.	
 
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Add Eight
 
REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
Reconciliation of Pre-tax Net Income to Pre-tax Operating Income
(Dollars in thousands)

 	  	Nine Months Ended September 30, 2013	 	
(Unaudited)	  	Pre-tax net
income
(loss)	 	 	Capital
(gains) losses,
derivatives
and other, net	 	 	Change in
value of
embedded
derivatives, net	 	 	Gain on debt
repurchase	 	 	Pre-tax
operating
income
(loss)	 	
U.S. Operations:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Traditional	  	$	251,108	  	 	$	(3,045	) 	 	$	(2,690	) 	 	$	—  	  	 	$	245,373	  	
Asset Intensive	  	 	168,581	  	 	 	95,303	 (1) 	 	 	(140,012	) (2) 	 	 	—  	  	 	 	123,872	  	
Financial Reinsurance	  	 	31,030	  	 	 	387	  	 	 	—  	  	 	 	—  	  	 	 	31,417	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total U.S.	  	 	450,719	  	 	 	92,645	  	 	 	(142,702	) 	 	 	—  	  	 	 	400,662	  	
Canada Operations	  	 	113,836	  	 	 	(13,297	) 	 	 	—  	  	 	 	—  	  	 	 	100,539	  	
Europe & South Africa	  	 	74,756	  	 	 	(3,630	) 	 	 	—  	  	 	 	—  	  	 	 	71,126	  	
Asia Pacific Operations	  	 	(258,818	) 	 	 	5,066	  	 	 	—  	  	 	 	—  	  	 	 	(253,752	) 	
Corporate and Other	  	 	25,271	  	 	 	2,875	  	 	 	—  	  	 	 	(46,506	) 	 	 	(18,360	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Consolidated	  	$	405,764	  	 	$	83,659	  	 	$	(142,702	) 	 	$	(46,506	) 	 	$	300,215	  	

(1)	Asset Intensive is net of $(22,454) DAC offset.	
(2)	Asset Intensive is net of $116,528 DAC offset.	

 	  	Nine Months Ended September 30, 2012	 	
(Unaudited)	  	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	  	$	216,734	  	 	$	14,900	  	 	$	(678	) 	 	$	230,956	  	
Asset Intensive	  	 	149,178	  	 	 	(65,622	) (1) 	 	 	(15,313	) (2) 	 	 	68,243	  	
Financial Reinsurance	  	 	24,097	  	 	 	253	  	 	 	—  	  	 	 	24,350	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total U.S.	  	 	390,009	  	 	 	(50,469	) 	 	 	(15,991	) 	 	 	323,549	  	
Canada Operations	  	 	127,613	  	 	 	(22,305	) 	 	 	—  	  	 	 	105,308	  	
Europe & South Africa	  	 	58,363	  	 	 	(10,249	) 	 	 	—  	  	 	 	48,114	  	
Asia Pacific Operations	  	 	39,443	  	 	 	(10,555	) 	 	 	—  	  	 	 	28,888	  	
Corporate and Other	  	 	(17,294	) 	 	 	(1,203	) 	 	 	—  	  	 	 	(18,497	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Consolidated	  	$	598,134	  	 	$	(94,781	) 	 	$	(15,991	) 	 	$	487,362	  	

(1)	Asset Intensive is net of $(59,555) DAC offset.	
(2)	Asset Intensive is net of $61,602 DAC offset.	
 
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Add Nine
 
REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
Per Share and Shares Data
(In thousands, except per share data)

 	  	Three Months Ended
September 30,	 	  	Nine Months Ended
September 30,	 	
(Unaudited)	  	2013	 	  	2012	 	  	2013	 	  	2012	 	
Diluted earnings per share from operating income	  	$	2.14	  	  	$	1.35	  	  	$	2.80	  	  	$	4.52	  	
Earnings per share from net income:	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Basic earnings per share	  	$	1.95	  	  	$	1.96	  	  	$	3.79	  	  	$	5.55	  	
Diluted earnings per share	  	$	1.93	  	  	$	1.95	  	  	$	3.76	  	  	$	5.52	  	
Weighted average number of common and common equivalent shares outstanding	  	 	71,391	  	  	 	74,138	  	  	 	72,840	  	  	 	74,078	  	

 	  	At or For the Nine Months
Ended September 30,	 	
(Unaudited)	  	2013	 	  	2012	 	
Treasury shares	  	 	8,595	  	  	 	5,286	  	
Common shares outstanding	  	 	70,543	  	  	 	73,852	  	
Book value per share outstanding	  	$	83.58	  	  	$	91.18	  	
Book value per share outstanding, before impact of AOCI	  	$	67.98	  	  	$	62.05	  	
 
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Add Ten
 
REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
Condensed Consolidated Statements of Income
(Dollars in thousands)

 	  	Three Months Ended
September 30,	 	 	Nine Months Ended
September 30,	 	
(Unaudited)	  	2013	 	 	2012	 	 	2013	 	 	2012	 	
Revenues:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	  	$	2,026,180	  	 	$	1,912,746	  	 	$	6,041,029	  	 	$	5,726,889	  	
Investment income, net of related expenses	  	 	369,366	  	 	 	396,781	  	 	 	1,238,731	  	 	 	1,066,055	  	
Investment related gains (losses), net:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Other-than-temporary impairments on fixed maturity securities	  	 	(391	) 	 	 	(1,996	) 	 	 	(10,396	) 	 	 	(11,562	) 	
Other-than-temporary impairments on fixed maturity securities transferred to (from) accumulated other comprehensive income	  	 	59	  	 	 	(559	) 	 	 	(247	) 	 	 	(7,618	) 	
Other investment related gains (losses), net	  	 	(76,133	) 	 	 	78,608	  	 	 	76,792	  	 	 	162,554	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total investment related gains (losses), net	  	 	(76,465	) 	 	 	76,053	  	 	 	66,149	  	 	 	143,374	  	
Other revenue	  	 	70,734	  	 	 	63,501	  	 	 	235,650	  	 	 	181,491	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	  	 	2,389,815	  	 	 	2,449,081	  	 	 	7,581,559	  	 	 	7,117,809	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	  	 	1,714,899	  	 	 	1,662,625	  	 	 	5,434,383	  	 	 	4,868,220	  	
Interest credited	  	 	59,939	  	 	 	130,341	  	 	 	303,767	  	 	 	285,080	  	
Policy acquisition costs and other insurance expenses	  	 	268,081	  	 	 	318,106	  	 	 	995,943	  	 	 	961,679	  	
Other operating expenses	  	 	111,672	  	 	 	103,786	  	 	 	344,581	  	 	 	319,425	  	
Interest expense	  	 	30,831	  	 	 	29,749	  	 	 	89,235	  	 	 	76,431	  	
Collateral finance facility expense	  	 	2,698	  	 	 	2,995	  	 	 	7,886	  	 	 	8,840	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	  	 	2,188,120	  	 	 	2,247,602	  	 	 	7,175,795	  	 	 	6,519,675	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	  	 	201,695	  	 	 	201,479	  	 	 	405,764	  	 	 	598,134	  	
Income tax expense	  	 	63,740	  	 	 	57,004	  	 	 	131,886	  	 	 	189,230	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	  	$	137,955	  	 	$	144,475	  	 	$	273,878	  	 	$	408,904	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
# # #
 
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Exhibit 99.2

Financial Supplement
Third 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
 
Jeff Hopson
Sr. Vice President
Investor Relations
Phone: (636) 300-6106
e-mail: jhopson@rgare.com	  	 	

Current Ratings	
 	 	 	 	
 	  	Standard & Poor’s	  	A.M. Best	  	Moody’s	
Financial Strength Ratings	  	 	  	 	  	 	
RGA Reinsurance Company	  	AA-	  	A+	  	A1	
RGA Life Reinsurance Company of Canada	  	AA-	  	A+	  	NR	
RGA International Reinsurance Company Limited	  	AA-	  	NR	  	NR	
RGA Global Reinsurance Company Limited	  	AA-	  	NR	  	NR	
RGA Reinsurance Company of Australia Limited	  	AA-	  	NR	  	NR	
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
3rd 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	 	 	  	 	 	 	Year-to-Date	 	 	
 	 	Sept. 30,	 	 	June 30,	 	 	March 31,	 	 	Dec. 31,	 	 	Sept. 30,	 	 	vs. PY	 	 	  	 	 	 	Sept. 30,	 	 	Sept. 30,	 	 	 	 	 	 	
 	 	2013	 	 	2013	 	 	2013	 	 	2012	 	 	2012	 	 	Quarter	 	 	  	 	 	 	2013	 	 	2012	 	 	Change	 	 	 	
Net premiums	 	$	2,026,180	  	 	$	2,035,156	  	 	$	1,979,693	  	 	$	2,179,707	  	 	$	1,912,746	  	 	$	113,434	  	 	 	 	 	 	$	6,041,029	  	 	$	5,726,889	  	 	$	314,140	  	 	 	
Net income (loss)	 	 	137,955	  	 	 	(49,612	) 	 	 	185,535	  	 	 	222,989	  	 	 	144,475	  	 	 	(6,520	) 	 	 	 	 	 	 	273,878	  	 	 	408,904	  	 	 	(135,026	) 	 	 	
Operating income (loss)	 	 	152,887	  	 	 	(71,797	) 	 	 	122,847	  	 	 	181,830	  	 	 	99,902	  	 	 	52,985	  	 	 	 	 	 	 	203,937	  	 	 	334,552	  	 	 	(130,615	) 	 	 	
Operating return on equity (ex AOCI) - annualized	 	 	12.9	% 	 	 	-6.0	% 	 	 	10.1	% 	 	 	15.5	% 	 	 	8.9	% 	 	 	4.0	% 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating return on equity (ex AOCI) - trailing 12 months	 	 	8.1	% 	 	 	7.1	% 	 	 	11.4	% 	 	 	11.6	% 	 	 	10.5	% 	 	 	-2.4	% 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total assets	 	 	39,526,555	  	 	 	38,790,621	  	 	 	40,197,101	  	 	 	40,360,438	  	 	 	39,924,013	  	 	 	(397,458	) 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Assumed Life Reinsurance in Force (in billions)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
U.S.	 	$	1,392.1	  	 	$	1,392.3	  	 	$	1,395.6	  	 	$	1,395.6	  	 	$	1,403.3	  	 	$	(11.2	) 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Canada	 	 	391.1	  	 	 	376.4	  	 	 	382.8	  	 	 	389.7	  	 	 	384.8	  	 	 	6.3	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Europe & South Africa	 	 	626.5	  	 	 	584.9	  	 	 	581.8	  	 	 	602.5	  	 	 	559.4	  	 	 	67.1	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Asia Pacific	 	 	494.1	  	 	 	470.2	  	 	 	512.6	  	 	 	539.8	  	 	 	533.5	  	 	 	(39.4	) 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Life Reinsurance in Force	 	$	2,903.8	  	 	$	2,823.8	  	 	$	2,872.8	  	 	$	2,927.6	  	 	$	2,881.0	  	 	$	22.8	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Assumed New Business Production (in billions)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
U.S.	 	$	22.0	  	 	$	21.8	  	 	$	25.7	  	 	$	19.2	  	 	$	23.1	  	 	$	(1.1	) 	 	 	 	 	 	$	69.5	  	 	$	132.2	  	 	$	(62.7	) 	 	 	
Canada	 	 	11.6	  	 	 	11.1	  	 	 	12.9	  	 	 	12.0	  	 	 	11.3	  	 	 	0.3	  	 	 	 	 	 	 	35.6	  	 	 	37.0	  	 	 	(1.4	) 	 	 	
Europe & South Africa	 	 	27.0	  	 	 	28.4	  	 	 	45.7	  	 	 	58.4	  	 	 	37.3	  	 	 	(10.3	) 	 	 	 	 	 	 	101.1	  	 	 	77.6	  	 	 	23.5	  	 	 	
Asia Pacific	 	 	31.0	  	 	 	42.7	  	 	 	11.6	  	 	 	12.8	  	 	 	47.2	  	 	 	(16.2	) 	 	 	 	 	 	 	85.3	  	 	 	77.4	  	 	 	7.9	  	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total New Business Production	 	$	91.6	  	 	$	104.0	  	 	$	95.9	  	 	$	102.4	  	 	$	118.9	  	 	$	(27.3	) 	 	 	 	 	 	$	291.5	  	 	$	324.2	  	 	$	(32.7	) 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Per Share and Shares Data	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic earnings per share	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income (loss)	 	$	1.95	  	 	$	(0.69	) 	 	$	2.51	  	 	$	3.02	  	 	$	1.96	  	 	$	(0.01	) 	 	 	 	 	 	$	3.79	  	 	$	5.55	  	 	$	(1.76	) 	 	 	
Operating income (loss)	 	$	2.16	  	 	$	(0.99	) 	 	$	1.66	  	 	$	2.46	  	 	$	1.35	  	 	$	0.81	  	 	 	 	 	 	$	2.82	  	 	$	4.54	  	 	$	(1.72	) 	 	 	
Diluted earnings per share  (1)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income (loss)	 	$	1.93	  	 	$	(0.69	) 	 	$	2.49	  	 	$	3.00	  	 	$	1.95	  	 	$	(0.02	) 	 	 	 	 	 	$	3.76	  	 	$	5.52	  	 	$	(1.76	) 	 	 	
Operating income (loss)	 	$	2.14	  	 	$	(0.99	) 	 	$	1.65	  	 	$	2.44	  	 	$	1.35	  	 	$	0.79	  	 	 	 	 	 	$	2.80	  	 	$	4.52	  	 	$	(1.72	) 	 	 	
Wgt. average common shares outstanding (basic)	 	 	70,865	  	 	 	72,350	  	 	 	73,838	  	 	 	73,880	  	 	 	73,776	  	 	 	(2,911	) 	 	 	 	 	 	 	72,342	  	 	 	73,690	  	 	 	(1,348	) 	 	 	
Wgt. average common shares outstanding (diluted)	 	 	71,391	  	 	 	72,769	  	 	 	74,389	  	 	 	74,375	  	 	 	74,138	  	 	 	(2,747	) 	 	 	 	 	 	 	72,840	  	 	 	74,078	  	 	 	(1,238	) 	 	 	
Common shares issued	 	 	79,138	  	 	 	79,138	  	 	 	79,138	  	 	 	79,138	  	 	 	79,138	  	 	 	—  	  	 	 	 	 	 	 	79,138	  	 	 	79,138	  	 	 	—  	  	 	 	
Treasury shares	 	 	8,595	  	 	 	8,170	  	 	 	5,837	  	 	 	5,211	  	 	 	5,286	  	 	 	3,309	  	 	 	 	 	 	 	8,595	  	 	 	5,286	  	 	 	3,309	  	 	 	
Common shares outstanding	 	 	70,543	  	 	 	70,968	  	 	 	73,301	  	 	 	73,927	  	 	 	73,852	  	 	 	(3,309	) 	 	 	 	 	 	 	70,543	  	 	 	73,852	  	 	 	(3,309	) 	 	 	
Book value per share	 	$	83.58	  	 	$	82.97	  	 	$	94.34	  	 	$	93.47	  	 	$	91.18	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Per share effect of accumulated other comprehensive income (AOCI)	 	$	15.60	  	 	$	16.66	  	 	$	26.97	  	 	$	28.52	  	 	$	29.13	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Book value per share, excluding AOCI	 	$	67.98	  	 	$	66.31	  	 	$	67.37	  	 	$	64.95	  	 	$	62.05	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Shareholder dividends paid	 	$	21,296.2	  	 	$	17,415.9	  	 	$	17,752.7	  	 	$	17,724.7	  	 	$	17,696.2	  	 	$	3,600.0	  	 	 	 	 	 	$	56,464.8	  	 	$	44,220.1	  	 	$	12,244.7	  	 	 	
 
(1)	As a result of anti-dilutive impact, in periods of a loss, weighted average common shares outstanding (basic) are used in the calculation of diluted earnings per share	

 
Page 2

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

 	 	Three Months Ended	 	 	Current Qtr	 	 	  	 	 	 	Year-to-Date	 	
 	 	Sept. 30,	 	 	June 30,	 	 	March 31,	 	 	Dec. 31,	 	 	Sept. 30,	 	 	vs. PY	 	 	  	 	 	 	Sept. 30,	 	 	Sept. 30,	 	 	 	 	
(USD thousands)	 	2013	 	 	2013	 	 	2013	 	 	2012	 	 	2012	 	 	Quarter	 	 	  	 	 	 	2013	 	 	2012	 	 	Change	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	2,026,180	  	 	$	2,035,156	  	 	$	1,979,693	  	 	$	2,179,707	  	 	$	1,912,746	  	 	$	113,434	  	 	 	 	 	 	$	6,041,029	  	 	$	5,726,889	  	 	$	314,140	  	
Investment income, net of related expenses	 	 	369,366	  	 	 	444,234	  	 	 	425,131	  	 	 	370,151	  	 	 	396,781	  	 	 	(27,415	) 	 	 	 	 	 	 	1,238,731	  	 	 	1,066,055	  	 	 	172,676	  	
Investment related gains (losses), net	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
OTTI on fixed maturity securities	 	 	(391	) 	 	 	(9,803	) 	 	 	(202	) 	 	 	(4,346	) 	 	 	(1,996	) 	 	 	1,605	  	 	 	 	 	 	 	(10,396	) 	 	 	(11,562	) 	 	 	1,166	  	
OTTI on fixed maturity securities transferred to/from AOCI	 	 	59	  	 	 	(306	) 	 	 	—  	  	 	 	—  	  	 	 	(559	) 	 	 	618	  	 	 	 	 	 	 	(247	) 	 	 	(7,618	) 	 	 	7,371	  	
Other investment related gains (losses), net	 	 	(76,133	) 	 	 	58,352	  	 	 	94,573	  	 	 	115,108	  	 	 	78,608	  	 	 	(154,741	) 	 	 	 	 	 	 	76,792	  	 	 	162,554	  	 	 	(85,762	) 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total investment related gains (losses), net	 	 	(76,465	) 	 	 	48,243	  	 	 	94,371	  	 	 	110,762	  	 	 	76,053	  	 	 	(152,518	) 	 	 	 	 	 	 	66,149	  	 	 	143,374	  	 	 	(77,225	) 	
Other revenue	 	 	70,734	  	 	 	63,009	  	 	 	101,907	  	 	 	62,482	  	 	 	63,501	  	 	 	7,233	  	 	 	 	 	 	 	235,650	  	 	 	181,491	  	 	 	54,159	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	 	 	2,389,815	  	 	 	2,590,642	  	 	 	2,601,102	  	 	 	2,723,102	  	 	 	2,449,081	  	 	 	(59,266	) 	 	 	 	 	 	 	7,581,559	  	 	 	7,117,809	  	 	 	463,750	  	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	 	1,714,899	  	 	 	2,030,574	  	 	 	1,688,910	  	 	 	1,797,779	  	 	 	1,662,625	  	 	 	52,274	  	 	 	 	 	 	 	5,434,383	  	 	 	4,868,220	  	 	 	566,163	  	
Interest credited	 	 	59,939	  	 	 	118,345	  	 	 	125,483	  	 	 	94,835	  	 	 	130,341	  	 	 	(70,402	) 	 	 	 	 	 	 	303,767	  	 	 	285,080	  	 	 	18,687	  	
Policy acquisition costs and other insurance expenses	 	 	268,081	  	 	 	370,505	  	 	 	357,357	  	 	 	344,791	  	 	 	318,106	  	 	 	(50,025	) 	 	 	 	 	 	 	995,943	  	 	 	961,679	  	 	 	34,264	  	
Other operating expenses	 	 	111,672	  	 	 	113,408	  	 	 	119,501	  	 	 	132,334	  	 	 	103,786	  	 	 	7,886	  	 	 	 	 	 	 	344,581	  	 	 	319,425	  	 	 	25,156	  	
Interest expense	 	 	30,831	  	 	 	29,918	  	 	 	28,486	  	 	 	28,917	  	 	 	29,749	  	 	 	1,082	  	 	 	 	 	 	 	89,235	  	 	 	76,431	  	 	 	12,804	  	
Collateral finance facility expense	 	 	2,698	  	 	 	2,650	  	 	 	2,538	  	 	 	3,357	  	 	 	2,995	  	 	 	(297	) 	 	 	 	 	 	 	7,886	  	 	 	8,840	  	 	 	(954	) 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	 	 	2,188,120	  	 	 	2,665,400	  	 	 	2,322,275	  	 	 	2,402,013	  	 	 	2,247,602	  	 	 	(59,482	) 	 	 	 	 	 	 	7,175,795	  	 	 	6,519,675	  	 	 	656,120	  	
Income (loss) before income taxes	 	 	201,695	  	 	 	(74,758	) 	 	 	278,827	  	 	 	321,089	  	 	 	201,479	  	 	 	216	  	 	 	 	 	 	 	405,764	  	 	 	598,134	  	 	 	(192,370	) 	
Income tax expense (benefit)	 	 	63,740	  	 	 	(25,146	) 	 	 	93,292	  	 	 	98,100	  	 	 	57,004	  	 	 	6,736	  	 	 	 	 	 	 	131,886	  	 	 	189,230	  	 	 	(57,344	) 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income (loss)	 	$	137,955	  	 	$	(49,612	) 	 	$	185,535	  	 	$	222,989	  	 	$	144,475	  	 	$	(6,520	) 	 	 	 	 	 	$	273,878	  	 	$	408,904	  	 	$	(135,026	) 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Pre-tax Operating Income (Loss) Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income (loss) before income taxes	 	 	201,695	  	 	 	(74,758	) 	 	 	278,827	  	 	 	321,089	  	 	 	201,479	  	 	 	216	  	 	 	 	 	 	 	405,764	  	 	 	598,134	  	 	 	(192,370	) 	
Investment and derivative losses (gains) - non-operating (1)	 	 	30,513	  	 	 	37,057	  	 	 	48,842	  	 	 	(3,404	) 	 	 	(16,940	) 	 	 	47,453	  	 	 	 	 	 	 	116,412	  	 	 	(25,026	) 	 	 	141,438	  	
Change in value of modified coinsurance and funds withheld embedded derivatives (1)	 	 	67,460	  	 	 	(47,716	) 	 	 	(90,258	) 	 	 	(74,054	) 	 	 	(54,836	) 	 	 	122,296	  	 	 	 	 	 	 	(70,514	) 	 	 	(40,955	) 	 	 	(29,559	) 	
GMXB embedded derivatives (1)	 	 	(19,829	) 	 	 	(35,809	) 	 	 	(51,314	) 	 	 	(30,588	) 	 	 	(2,579	) 	 	 	(17,250	) 	 	 	 	 	 	 	(106,952	) 	 	 	(74,025	) 	 	 	(32,927	) 	
Funds withheld losses (gains) - investment income	 	 	3,465	  	 	 	(11,733	) 	 	 	(2,031	) 	 	 	(6,447	) 	 	 	(6,400	) 	 	 	9,865	  	 	 	 	 	 	 	(10,299	) 	 	 	(10,683	) 	 	 	384	  	
Funds withheld losses (gains) - policy acq. costs	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	55	  	 	 	122	  	 	 	(122	) 	 	 	 	 	 	 	—  	  	 	 	483	  	 	 	(483	) 	
EIA embedded derivatives - interest credited	 	 	(30,292	) 	 	 	(32,161	) 	 	 	(19,311	) 	 	 	7,711	  	 	 	(167	) 	 	 	(30,125	) 	 	 	 	 	 	 	(81,764	) 	 	 	37,387	  	 	 	(119,151	) 	
DAC offset, net	 	 	(27,330	) 	 	 	56,786	  	 	 	64,618	  	 	 	44,308	  	 	 	13,705	  	 	 	(41,035	) 	 	 	 	 	 	 	94,074	  	 	 	2,047	  	 	 	92,027	  	
Gain on repurchase of collateral finance facility securities	 	 	—  	  	 	 	—  	  	 	 	(46,506	) 	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	 	 	 	 	(46,506	) 	 	 	—  	  	 	 	(46,506	) 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating Income (loss) Before Income Taxes	 	$	225,682	  	 	$	(108,334	) 	 	$	182,867	  	 	$	258,670	  	 	$	134,384	  	 	$	91,298	  	 	 	 	 	 	$	300,215	  	 	$	487,362	  	 	$	(187,147	) 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
After-tax Operating Income (Loss) Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net Income (loss)	 	 	137,955	  	 	 	(49,612	) 	 	 	185,535	  	 	 	222,989	  	 	 	144,475	  	 	 	(6,520	) 	 	 	 	 	 	 	273,878	  	 	 	408,904	  	 	 	(135,026	) 	
Investment and derivative losses (gains) - non-operating (1)	 	 	19,174	  	 	 	23,726	  	 	 	31,434	  	 	 	(2,801	) 	 	 	(11,972	) 	 	 	31,146	  	 	 	 	 	 	 	74,334	  	 	 	(18,617	) 	 	 	92,951	  	
Change in value of modified coinsurance and funds withheld embedded derivatives (1)	 	 	43,849	  	 	 	(31,015	) 	 	 	(58,668	) 	 	 	(48,135	) 	 	 	(35,644	) 	 	 	79,493	  	 	 	 	 	 	 	(45,834	) 	 	 	(26,621	) 	 	 	(19,213	) 	
GMXB embedded derivatives (1)	 	 	(12,889	) 	 	 	(23,276	) 	 	 	(33,354	) 	 	 	(19,882	) 	 	 	(1,676	) 	 	 	(11,213	) 	 	 	 	 	 	 	(69,519	) 	 	 	(48,116	) 	 	 	(21,403	) 	
Funds withheld losses (gains) - investment income	 	 	2,252	  	 	 	(7,625	) 	 	 	(1,321	) 	 	 	(4,190	) 	 	 	(4,160	) 	 	 	6,412	  	 	 	 	 	 	 	(6,694	) 	 	 	(6,944	) 	 	 	250	  	
Funds withheld losses (gains) - policy acq. costs	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	36	  	 	 	79	  	 	 	(79	) 	 	 	 	 	 	 	—  	  	 	 	314	  	 	 	(314	) 	
EIA embedded derivatives - interest credited	 	 	(19,690	) 	 	 	(20,905	) 	 	 	(12,552	) 	 	 	5,012	  	 	 	(108	) 	 	 	(19,582	) 	 	 	 	 	 	 	(53,147	) 	 	 	24,302	  	 	 	(77,449	) 	
DAC offset, net	 	 	(17,764	) 	 	 	36,910	  	 	 	42,002	  	 	 	28,801	  	 	 	8,908	  	 	 	(26,672	) 	 	 	 	 	 	 	61,148	  	 	 	1,330	  	 	 	59,818	  	
Gain on repurchase of collateral finance facility securities	 	 	—  	  	 	 	—  	  	 	 	(30,229	) 	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	 	 	 	 	(30,229	) 	 	 	—  	  	 	 	(30,229	) 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating Income (loss)	 	$	152,887	  	 	$	(71,797	) 	 	$	122,847	  	 	$	181,830	  	 	$	99,902	  	 	$	52,985	  	 	 	 	 	 	$	203,937	  	 	$	334,552	  	 	$	(130,615	) 	

(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	 	 	  	 	 	 	Year-to-Date	 	 	
(USD thousands, except per share data)	 	Sept. 30,	 	 	June 30,	 	 	March 31,	 	 	Dec. 31,	 	 	Sept. 30,	 	 	vs. PY	 	 	  	 	 	 	Sept. 30,	 	 	Sept. 30,	 	 	 	 	 	
 	 	2013	 	 	2013	 	 	2013	 	 	2012	 	 	2012	 	 	Quarter	 	 	  	 	 	 	2013	 	 	2012	 	 	Change	 	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	2,026,180	  	 	$	2,035,156	  	 	$	1,979,693	  	 	$	2,179,707	  	 	$	1,912,746	  	 	$	113,434	  	 	 	 	 	 	$	6,041,029	  	 	$	5,726,889	  	 	$	314,140	  	 	
Investment income, net of related expenses	 	 	372,831	  	 	 	432,501	  	 	 	423,100	  	 	 	363,704	  	 	 	390,381	  	 	 	(17,550	) 	 	 	 	 	 	 	1,228,432	  	 	 	1,055,372	  	 	 	173,060	  	 	
Investment related gains (losses), net	 	 	1,679	  	 	 	1,775	  	 	 	1,641	  	 	 	2,716	  	 	 	1,698	  	 	 	(19	) 	 	 	 	 	 	 	5,095	  	 	 	3,368	  	 	 	1,727	  	 	
Other revenue	 	 	70,734	  	 	 	63,009	  	 	 	55,401	  	 	 	62,482	  	 	 	63,501	  	 	 	7,233	  	 	 	 	 	 	 	189,144	  	 	 	181,491	  	 	 	7,653	  	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	 	 	2,471,424	  	 	 	2,532,441	  	 	 	2,459,835	  	 	 	2,608,609	  	 	 	2,368,326	  	 	 	103,098	  	 	 	 	 	 	 	7,463,700	  	 	 	6,967,120	  	 	 	496,580	  	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	 	1,714,899	  	 	 	2,030,574	  	 	 	1,688,910	  	 	 	1,797,779	  	 	 	1,662,625	  	 	 	52,274	  	 	 	 	 	 	 	5,434,383	  	 	 	4,868,220	  	 	 	566,163	  	 	
Interest credited	 	 	90,231	  	 	 	150,506	  	 	 	144,794	  	 	 	87,124	  	 	 	130,508	  	 	 	(40,277	) 	 	 	 	 	 	 	385,531	  	 	 	247,693	  	 	 	137,838	  	 	
Policy acquisition costs and other insurance expenses	 	 	295,411	  	 	 	313,719	  	 	 	292,739	  	 	 	300,428	  	 	 	304,279	  	 	 	(8,868	) 	 	 	 	 	 	 	901,869	  	 	 	959,149	  	 	 	(57,280	) 	 	
Other operating expenses	 	 	111,672	  	 	 	113,408	  	 	 	119,501	  	 	 	132,334	  	 	 	103,786	  	 	 	7,886	  	 	 	 	 	 	 	344,581	  	 	 	319,425	  	 	 	25,156	  	 	
Interest expense	 	 	30,831	  	 	 	29,918	  	 	 	28,486	  	 	 	28,917	  	 	 	29,749	  	 	 	1,082	  	 	 	 	 	 	 	89,235	  	 	 	76,431	  	 	 	12,804	  	 	
Collateral finance facility expense	 	 	2,698	  	 	 	2,650	  	 	 	2,538	  	 	 	3,357	  	 	 	2,995	  	 	 	(297	) 	 	 	 	 	 	 	7,886	  	 	 	8,840	  	 	 	(954	) 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	 	 	2,245,742	  	 	 	2,640,775	  	 	 	2,276,968	  	 	 	2,349,939	  	 	 	2,233,942	  	 	 	11,800	  	 	 	 	 	 	 	7,163,485	  	 	 	6,479,758	  	 	 	683,727	  	 	
Operating income (loss) before income taxes	 	 	225,682	  	 	 	(108,334	) 	 	 	182,867	  	 	 	258,670	  	 	 	134,384	  	 	 	91,298	  	 	 	 	 	 	 	300,215	  	 	 	487,362	  	 	 	(187,147	) 	 	
Operating income tax expense (benefit)	 	 	72,795	  	 	 	(36,537	) 	 	 	60,020	  	 	 	76,840	  	 	 	34,482	  	 	 	38,313	  	 	 	 	 	 	 	96,278	  	 	 	152,810	  	 	 	(56,532	) 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income (loss)	 	$	152,887	  	 	$	(71,797	) 	 	$	122,847	  	 	$	181,830	  	 	$	99,902	  	 	$	52,985	  	 	 	 	 	 	$	203,937	  	 	$	334,552	  	 	$	 (130,615	) 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Wgt. Average Common Shares Outstanding (Diluted) (1)	 	 	71,391	  	 	 	72,769	  	 	 	74,389	  	 	 	74,375	  	 	 	74,138	  	 	 	(2,747	) 	 	 	 	 	 	 	72,840	  	 	 	74,078	  	 	 	(1,238	) 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Diluted Earnings Per Share - Operating Income (1)	 	$	2.14	  	 	$	(0.99	) 	 	$	1.65	  	 	$	2.44	  	 	$	1.35	  	 	$	0.79	  	 	 	 	 	 	$	2.80	  	 	$	4.52	  	 	$	(1.72	) 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Foreign currency effect  (2) :	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	(51,698	) 	 	$	(21,173	) 	 	$	(19,599	) 	 	$	14,105	  	 	$	(25,972	) 	 	$	(25,726	) 	 	 	 	 	 	$	(92,470	) 	 	$	(76,696	) 	 	$	(15,774	) 	 	
Operating income before income taxes	 	$	(4,920	) 	 	$	13,624	  	 	$	(2,798	) 	 	$	1,799	  	 	$	(4,165	) 	 	$	(755	) 	 	 	 	 	 	$	5,906	  	 	$	(8,023	) 	 	$	13,929	  	 	
 
(1)	As a result of anti-dilutive impact, in periods of a loss, weighted average common shares outstanding (basic) are used in the calculation of diluted earnings per share	
(2)	Compared to comparable prior year period	

 
Page 4

Reinsurance Group of America, Incorporated
Consolidated Balance Sheets

(USD thousands)	  	Sept. 30,	 	 	June 30,	 	 	March 31,	 	 	Dec. 31,	 	 	Sept. 30,	 	 	
 	  	2013	 	 	2013	 	 	2013	 	 	2012	 	 	2012	 	 	
Assets	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Fixed maturity securities, available-for-sale	  	$	21,289,108	  	 	$	21,284,216	  	 	$	22,401,659	  	 	$	22,291,614	  	 	$	21,658,414	  	 	
Mortgage loans on real estate	  	 	2,488,582	  	 	 	2,377,246	  	 	 	2,325,191	  	 	 	2,300,587	  	 	 	2,256,881	  	 	
Policy loans	  	 	1,244,878	  	 	 	1,245,252	  	 	 	1,245,812	  	 	 	1,278,175	  	 	 	1,243,498	  	 	
Funds withheld at interest	  	 	5,739,872	  	 	 	5,777,395	  	 	 	5,698,594	  	 	 	5,594,182	  	 	 	5,608,640	  	 	
Short-term investments	  	 	44,192	  	 	 	38,601	  	 	 	180,707	  	 	 	288,082	  	 	 	90,789	  	 	
Other invested assets	  	 	1,116,391	  	 	 	1,035,809	  	 	 	1,129,651	  	 	 	1,159,543	  	 	 	1,236,616	  	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total investments	  	 	31,923,023	  	 	 	31,758,519	  	 	 	32,981,614	  	 	 	32,912,183	  	 	 	32,094,838	  	 	
Cash and cash equivalents	  	 	1,423,235	  	 	 	973,619	  	 	 	1,001,841	  	 	 	1,259,892	  	 	 	1,603,730	  	 	
Accrued investment income	  	 	262,330	  	 	 	233,153	  	 	 	230,269	  	 	 	201,344	  	 	 	250,048	  	 	
Premiums receivable and other reinsurance balances	  	 	1,252,610	  	 	 	1,314,004	  	 	 	1,259,281	  	 	 	1,356,087	  	 	 	1,179,687	  	 	
Reinsurance ceded receivables	  	 	592,948	  	 	 	585,555	  	 	 	602,373	  	 	 	620,901	  	 	 	623,954	  	 	
Deferred policy acquisition costs	  	 	3,533,932	  	 	 	3,453,513	  	 	 	3,545,063	  	 	 	3,619,274	  	 	 	3,630,877	  	 	
Other assets	  	 	538,477	  	 	 	472,258	  	 	 	576,660	  	 	 	390,757	  	 	 	540,879	  	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total assets	  	$	39,526,555	  	 	$	38,790,621	  	 	$	40,197,101	  	 	$	40,360,438	  	 	$	39,924,013	  	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Liabilities and Stockholders’ Equity	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Future policy benefits	  	$	11,873,306	  	 	$	11,491,692	  	 	$	11,355,882	  	 	$	11,372,856	  	 	$	11,093,483	  	 	
Interest-sensitive contract liabilities	  	 	12,868,425	  	 	 	12,991,981	  	 	 	13,141,402	  	 	 	13,353,502	  	 	 	13,254,859	  	 	
Other policy claims and benefits	  	 	3,440,371	  	 	 	3,316,727	  	 	 	3,243,948	  	 	 	3,160,250	  	 	 	3,132,526	  	 	
Other reinsurance balances	  	 	264,023	  	 	 	254,815	  	 	 	250,606	  	 	 	233,630	  	 	 	218,057	  	 	
Deferred income taxes	  	 	1,975,819	  	 	 	1,839,909	  	 	 	2,105,391	  	 	 	2,120,501	  	 	 	1,806,186	  	 	
Other liabilities	  	 	510,079	  	 	 	584,488	  	 	 	877,405	  	 	 	742,249	  	 	 	1,217,788	  	 	
Short-term debt	  	 	—  	  	 	 	120,000	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	
Long-term debt	  	 	2,214,170	  	 	 	1,815,533	  	 	 	1,815,392	  	 	 	1,815,253	  	 	 	1,815,111	  	 	
Collateral finance facility	  	 	484,712	  	 	 	487,556	  	 	 	491,987	  	 	 	652,010	  	 	 	651,968	  	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total liabilities	  	 	33,630,905	  	 	 	32,902,701	  	 	 	33,282,013	  	 	 	33,450,251	  	 	 	33,189,978	  	 	
Stockholders’ Equity:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Common stock, at par value	  	 	791	  	 	 	791	  	 	 	791	  	 	 	791	  	 	 	791	  	 	
Additional paid-in-capital	  	 	1,778,307	  	 	 	1,772,811	  	 	 	1,765,255	  	 	 	1,755,421	  	 	 	1,743,822	  	 	
Retained earnings	  	 	3,544,632	  	 	 	3,428,646	  	 	 	3,521,492	  	 	 	3,357,255	  	 	 	3,154,317	  	 	
Treasury stock	  	 	(528,081	) 	 	 	(496,462	) 	 	 	(349,190	) 	 	 	(312,182	) 	 	 	(316,542	) 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Accumulated other comprehensive income (AOCI):	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Accumulated currency translation adjustment, net of income taxes	  	 	191,677	  	 	 	164,538	  	 	 	253,370	  	 	 	267,477	  	 	 	273,258	  	 	
Unrealized appreciation of securities, net of income taxes	  	 	942,337	  	 	 	1,052,126	  	 	 	1,758,775	  	 	 	1,877,655	  	 	 	1,907,512	  	 	
Pension and postretirement benefits, net of income taxes	  	 	(34,013	) 	 	 	(34,530	) 	 	 	(35,405	) 	 	 	(36,230	) 	 	 	(29,123	) 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total stockholders’ equity	  	 	5,895,650	  	 	 	5,887,920	  	 	 	6,915,088	  	 	 	6,910,187	  	 	 	6,734,035	  	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total liabilities and stockholders’ equity	  	$	39,526,555	  	 	$	38,790,621	  	 	$	40,197,101	  	 	$	40,360,438	  	 	$	39,924,013	  	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total stockholders’ equity, excluding AOCI	  	$	4,795,649	  	 	$	4,705,786	  	 	$	4,938,348	  	 	$	4,801,285	  	 	$	4,582,388	  	 	

 
Page 5

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

 	 	Three Months Ended	 	 	Current Qtr	 	 	  	 	 	 	Year-to-Date	 	
 	 	Sept. 30,	 	 	June 30,	 	 	March 31,	 	 	Dec. 31,	 	 	Sept. 30,	 	 	vs. PY	 	 	  	 	 	 	Sept. 30,	 	 	Sept. 30,	 	 	 	 	
(USD thousands)	 	2013	 	 	2013	 	 	2013	 	 	2012	 	 	2012	 	 	Quarter	 	 	  	 	 	 	2013	 	 	2012	 	 	Change	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	1,112,526	  	 	$	1,124,292	  	 	$	1,046,049	  	 	$	1,159,106	  	 	$	1,045,767	  	 	$	66,759	  	 	 	 	 	 	$	3,282,867	  	 	$	3,149,674	  	 	$	133,193	  	
Investment income, net of related expenses	 	 	138,146	  	 	 	133,259	  	 	 	132,289	  	 	 	133,988	  	 	 	135,532	  	 	 	2,614	  	 	 	 	 	 	 	403,694	  	 	 	401,601	  	 	 	2,093	  	
Other revenue	 	 	651	  	 	 	1,144	  	 	 	529	  	 	 	2,448	  	 	 	764	  	 	 	(113	) 	 	 	 	 	 	 	2,324	  	 	 	2,168	  	 	 	156	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	 	 	1,251,323	  	 	 	1,258,695	  	 	 	1,178,867	  	 	 	1,295,542	  	 	 	1,182,063	  	 	 	69,260	  	 	 	 	 	 	 	3,688,885	  	 	 	3,553,443	  	 	 	135,442	  	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	 	961,746	  	 	 	972,739	  	 	 	929,680	  	 	 	973,185	  	 	 	917,264	  	 	 	44,482	  	 	 	 	 	 	 	2,864,165	  	 	 	2,759,532	  	 	 	104,633	  	
Interest credited	 	 	13,659	  	 	 	13,590	  	 	 	16,150	  	 	 	11,421	  	 	 	14,637	  	 	 	(978	) 	 	 	 	 	 	 	43,399	  	 	 	44,246	  	 	 	(847	) 	
Policy acquisition costs and other insurance expenses	 	 	162,443	  	 	 	164,393	  	 	 	139,968	  	 	 	145,437	  	 	 	156,995	  	 	 	5,448	  	 	 	 	 	 	 	466,804	  	 	 	453,438	  	 	 	13,366	  	
Other operating expenses	 	 	23,397	  	 	 	22,226	  	 	 	23,521	  	 	 	25,890	  	 	 	20,684	  	 	 	2,713	  	 	 	 	 	 	 	69,144	  	 	 	65,271	  	 	 	3,873	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	 	 	1,161,245	  	 	 	1,172,948	  	 	 	1,109,319	  	 	 	1,155,933	  	 	 	1,109,580	  	 	 	51,665	  	 	 	 	 	 	 	3,443,512	  	 	 	3,322,487	  	 	 	121,025	  	
Operating income before income taxes	 	 	90,078	  	 	 	85,747	  	 	 	69,548	  	 	 	139,609	  	 	 	72,483	  	 	 	17,595	  	 	 	 	 	 	 	245,373	  	 	 	230,956	  	 	 	14,417	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	 	90,078	  	 	 	85,747	  	 	 	69,548	  	 	 	139,609	  	 	 	72,483	  	 	 	17,595	  	 	 	 	 	 	 	245,373	  	 	 	230,956	  	 	 	14,417	  	
Investment and derivative (losses) gains - non-operating	 	 	(5,262	) 	 	 	3,700	  	 	 	7,297	  	 	 	11,752	  	 	 	(1,927	) 	 	 	(3,335	) 	 	 	 	 	 	 	5,735	  	 	 	(14,222	) 	 	 	19,957	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	$	84,816	  	 	$	89,447	  	 	$	76,845	  	 	$	151,361	  	 	$	70,556	  	 	$	14,260	  	 	 	 	 	 	$	251,108	  	 	$	216,734	  	 	$	34,374	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Loss and Expense Ratios:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	 	86.4	% 	 	 	86.5	% 	 	 	88.9	% 	 	 	84.0	% 	 	 	87.7	% 	 	 	-1.3	% 	 	 	 	 	 	 	87.2	% 	 	 	87.6	% 	 	 	-0.4	% 	
Policy acquisition costs and other insurance expenses	 	 	14.6	% 	 	 	14.6	% 	 	 	13.4	% 	 	 	12.5	% 	 	 	15.0	% 	 	 	-0.4	% 	 	 	 	 	 	 	14.2	% 	 	 	14.4	% 	 	 	-0.2	% 	
Other operating expenses	 	 	2.1	% 	 	 	2.0	% 	 	 	2.2	% 	 	 	2.2	% 	 	 	2.0	% 	 	 	0.1	% 	 	 	 	 	 	 	2.1	% 	 	 	2.1	% 	 	 	0.0	% 	

 
Page 6

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

 	 	Three Months Ended	 	 	Current Qtr	 	 	  	 	 	 	Year-to-Date	 	
 	 	Sept. 30,	 	 	June 30,	 	 	March 31,	 	 	Dec. 31,	 	 	Sept. 30,	 	 	vs. PY	 	 	  	 	 	 	Sept. 30,	 	 	Sept. 30,	 	 	 	 	
(USD thousands)	 	2013	 	 	2013	 	 	2013	 	 	2012	 	 	2012	 	 	Quarter	 	 	  	 	 	 	2013	 	 	2012	 	 	Change	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	3,800	  	 	$	11,129	  	 	$	3,838	  	 	$	3,521	  	 	$	3,623	  	 	$	177	  	 	 	 	 	 	$	18,767	  	 	$	10,574	  	 	$	8,193	  	
Investment income, net of related expenses	 	 	128,563	  	 	 	190,296	  	 	 	178,719	  	 	 	127,812	  	 	 	154,789	  	 	 	(26,226	) 	 	 	 	 	 	 	497,578	  	 	 	356,817	  	 	 	140,761	  	
Investment related gains (losses), net	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	 	 	 	 	—  	  	 	 	(48	) 	 	 	48	  	
Other revenue	 	 	28,519	  	 	 	29,937	  	 	 	28,881	  	 	 	30,893	  	 	 	31,976	  	 	 	(3,457	) 	 	 	 	 	 	 	87,337	  	 	 	81,123	  	 	 	6,214	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	 	 	160,882	  	 	 	231,362	  	 	 	211,438	  	 	 	162,226	  	 	 	190,388	  	 	 	(29,506	) 	 	 	 	 	 	 	603,682	  	 	 	448,466	  	 	 	155,216	  	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	 	8,899	  	 	 	11,083	  	 	 	3,588	  	 	 	2,892	  	 	 	2,828	  	 	 	6,071	  	 	 	 	 	 	 	23,570	  	 	 	9,832	  	 	 	13,738	  	
Interest credited	 	 	76,097	  	 	 	136,424	  	 	 	128,096	  	 	 	74,992	  	 	 	115,645	  	 	 	(39,548	) 	 	 	 	 	 	 	340,617	  	 	 	202,767	  	 	 	137,850	  	
Policy acquisition costs and other insurance expenses	 	 	33,642	  	 	 	40,747	  	 	 	30,045	  	 	 	39,527	  	 	 	42,200	  	 	 	(8,558	) 	 	 	 	 	 	 	104,434	  	 	 	159,159	  	 	 	(54,725	) 	
Other operating expenses	 	 	4,198	  	 	 	2,878	  	 	 	4,113	  	 	 	3,977	  	 	 	2,596	  	 	 	1,602	  	 	 	 	 	 	 	11,189	  	 	 	8,465	  	 	 	2,724	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	 	 	122,836	  	 	 	191,132	  	 	 	165,842	  	 	 	121,388	  	 	 	163,269	  	 	 	(40,433	) 	 	 	 	 	 	 	479,810	  	 	 	380,223	  	 	 	99,587	  	
Operating income before income taxes	 	 	38,046	  	 	 	40,230	  	 	 	45,596	  	 	 	40,838	  	 	 	27,119	  	 	 	10,927	  	 	 	 	 	 	 	123,872	  	 	 	68,243	  	 	 	55,629	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	 	38,046	  	 	 	40,230	  	 	 	45,596	  	 	 	40,838	  	 	 	27,119	  	 	 	10,927	  	 	 	 	 	 	 	123,872	  	 	 	68,243	  	 	 	55,629	  	
Investment and derivative gains (losses) - non-operating (1)	 	 	(33,190	) 	 	 	(39,071	) 	 	 	(52,932	) 	 	 	(13,667	) 	 	 	2,039	  	 	 	(35,229	) 	 	 	 	 	 	 	(125,193	) 	 	 	(2,308	) 	 	 	(122,885	) 	
Change in value of modified coinsurance and funds withheld embedded derivatives (1)	 	 	(68,703	) 	 	 	46,325	  	 	 	90,202	  	 	 	76,778	  	 	 	54,257	  	 	 	(122,960	) 	 	 	 	 	 	 	67,824	  	 	 	40,277	  	 	 	27,547	  	
GMXB embedded derivatives (1)	 	 	19,829	  	 	 	35,809	  	 	 	51,314	  	 	 	30,588	  	 	 	2,579	  	 	 	17,250	  	 	 	 	 	 	 	106,952	  	 	 	74,025	  	 	 	32,927	  	
Funds withheld gains (losses) - investment income	 	 	(3,755	) 	 	 	10,541	  	 	 	650	  	 	 	3,944	  	 	 	5,652	  	 	 	(9,407	) 	 	 	 	 	 	 	7,436	  	 	 	8,858	  	 	 	(1,422	) 	
Funds withheld gains (losses) - policy acq. costs	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	(55	) 	 	 	(122	) 	 	 	122	  	 	 	 	 	 	 	—  	  	 	 	(483	) 	 	 	483	  	
EIA embedded derivatives - interest credited	 	 	30,292	  	 	 	32,161	  	 	 	19,311	  	 	 	(7,711	) 	 	 	167	  	 	 	30,125	  	 	 	 	 	 	 	81,764	  	 	 	(37,387	) 	 	 	119,151	  	
DAC offset, net	 	 	27,330	  	 	 	(56,786	) 	 	 	(64,618	) 	 	 	(44,308	) 	 	 	(13,705	) 	 	 	41,035	  	 	 	 	 	 	 	(94,074	) 	 	 	(2,047	) 	 	 	(92,027	) 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	$	9,849	  	 	$	69,209	  	 	$	89,523	  	 	$	86,407	  	 	$	77,986	  	 	$	(68,137	) 	 	 	 	 	 	$	168,581	  	 	$	149,178	  	 	$	19,403	  	

(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	 	
 	  	Sept. 30,	 	 	June 30,	 	 	March 31,	 	 	Dec. 31,	 	 	Sept. 30,	 	
(USD millions)	  	2013	 	 	2013	 	 	2013	 	 	2012	 	 	2012	 	
Annuity account values:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Fixed annuities (deferred)	  	$	5,180	  	 	$	5,264	  	 	$	5,357	  	 	$	5,690	  	 	$	5,815	  	
Net interest spread (fixed annuities):	  	 	2.5	% 	 	 	2.3	% 	 	 	2.2	% 	 	 	2.2	% 	 	 	1.1	% 	
Equity-indexed annuities	  	$	4,724	  	 	$	4,795	  	 	$	4,809	  	 	$	4,833	  	 	$	4,882	  	
Variable annuities:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
No riders	  	$	950	  	 	$	946	  	 	$	960	  	 	$	948	  	 	$	957	  	
GMDB only	  	 	83	  	 	 	56	  	 	 	80	  	 	 	79	  	 	 	80	  	
GMIB only	  	 	6	  	 	 	6	  	 	 	6	  	 	 	6	  	 	 	6	  	
GMAB only	  	 	52	  	 	 	52	  	 	 	54	  	 	 	54	  	 	 	55	  	
GMWB only	  	 	1,704	  	 	 	1,660	  	 	 	1,707	  	 	 	1,662	  	 	 	1,667	  	
GMDB / WB	  	 	459	  	 	 	450	  	 	 	465	  	 	 	455	  	 	 	461	  	
Other	  	 	31	  	 	 	30	  	 	 	32	  	 	 	31	  	 	 	31	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total VA account values	  	$	3,285	  	 	$	3,200	  	 	$	3,304	  	 	$	3,235	  	 	$	3,257	  	
Fair value of liabilities associated with living benefit riders	  	$	65	  	 	$	85	  	 	$	121	  	 	$	172	  	 	$	203	  	
Interest-sensitive contract liabilities associated with:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Guaranteed investment contracts	  	$	236	  	 	$	200	  	 	$	200	  	 	$	200	  	 	$	200	  	
Bank-owned life insurance (BOLI)	  	$	531	  	 	$	529	  	 	$	525	  	 	$	522	  	 	$	519	  	
Other asset-intensive business	  	$	73	  	 	$	73	  	 	$	75	  	 	$	75	  	 	$	76	  	

 
Page 8

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

 	 	Three Months Ended	 	 	Current Qtr	 	 	  	 	 	 	Year-to-Date	 	
 	 	Sept. 30,	 	 	June 30,	 	 	March 31,	 	 	Dec. 31,	 	 	Sept. 30,	 	 	vs. PY	 	 	  	 	 	 	Sept. 30,	 	 	Sept. 30,	 	 	 	 	
(USD thousands)	 	2013	 	 	2013	 	 	2013	 	 	2012	 	 	2012	 	 	Quarter	 	 	  	 	 	 	2013	 	 	2012	 	 	Change	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Investment income, net of related expenses	 	$	1,160	  	 	$	819	  	 	$	597	  	 	$	361	  	 	$	364	  	 	$	796	  	 	 	 	 	 	$	2,576	  	 	$	707	  	 	$	1,869	  	
Other revenue	 	 	15,599	  	 	 	16,306	  	 	 	12,797	  	 	 	13,796	  	 	 	11,565	  	 	 	4,034	  	 	 	 	 	 	 	44,702	  	 	 	32,209	  	 	 	12,493	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	 	 	16,759	  	 	 	17,125	  	 	 	13,394	  	 	 	14,157	  	 	 	11,929	  	 	 	4,830	  	 	 	 	 	 	 	47,278	  	 	 	32,916	  	 	 	14,362	  	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Policy acquisition costs and other insurance expenses	 	 	3,228	  	 	 	3,602	  	 	 	3,440	  	 	 	1,081	  	 	 	2,012	  	 	 	1,216	  	 	 	 	 	 	 	10,270	  	 	 	3,486	  	 	 	6,784	  	
Other operating expenses	 	 	2,008	  	 	 	1,636	  	 	 	1,947	  	 	 	4,555	  	 	 	1,635	  	 	 	373	  	 	 	 	 	 	 	5,591	  	 	 	5,080	  	 	 	511	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	 	 	5,236	  	 	 	5,238	  	 	 	5,387	  	 	 	5,636	  	 	 	3,647	  	 	 	1,589	  	 	 	 	 	 	 	15,861	  	 	 	8,566	  	 	 	7,295	  	
Operating income before income taxes	 	 	11,523	  	 	 	11,887	  	 	 	8,007	  	 	 	8,521	  	 	 	8,282	  	 	 	3,241	  	 	 	 	 	 	 	31,417	  	 	 	24,350	  	 	 	7,067	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	 	11,523	  	 	 	11,887	  	 	 	8,007	  	 	 	8,521	  	 	 	8,282	  	 	 	3,241	  	 	 	 	 	 	 	31,417	  	 	 	24,350	  	 	 	7,067	  	
Investment and derivative gains (losses) - non-operating	 	 	(321	) 	 	 	(100	) 	 	 	34	  	 	 	112	  	 	 	(146	) 	 	 	(175	) 	 	 	 	 	 	 	(387	) 	 	 	(253	) 	 	 	(134	) 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	$	11,202	  	 	$	11,787	  	 	$	8,041	  	 	$	8,633	  	 	$	8,136	  	 	$	3,066	  	 	 	 	 	 	$	31,030	  	 	$	24,097	  	 	$	6,933	  	

 
Page 9

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

 	 	Three Months Ended	 	 	Current Qtr	 	 	  	 	 	 	Year-to-Date	 	
 	 	Sept. 30,	 	 	June 30,	 	 	March 31,	 	 	Dec. 31,	 	 	Sept. 30,	 	 	vs. PY	 	 	  	 	 	 	Sept. 30,	 	 	Sept. 30,	 	 	 	 	
(USD thousands)	 	2013	 	 	2013	 	 	2013	 	 	2012	 	 	2012	 	 	Quarter	 	 	  	 	 	 	2013	 	 	2012	 	 	Change	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	236,067	  	 	$	239,633	  	 	$	243,271	  	 	$	248,443	  	 	$	227,944	  	 	$	8,123	  	 	 	 	 	 	$	718,971	  	 	$	667,321	  	 	$	51,650	  	
Investment income, net of related expenses	 	 	49,871	  	 	 	50,450	  	 	 	49,174	  	 	 	45,928	  	 	 	46,016	  	 	 	3,855	  	 	 	 	 	 	 	149,495	  	 	 	140,081	  	 	 	9,414	  	
Investment related gains (losses), net	 	 	866	  	 	 	970	  	 	 	1,005	  	 	 	1,041	  	 	 	1,003	  	 	 	(137	) 	 	 	 	 	 	 	2,841	  	 	 	3,321	  	 	 	(480	) 	
Other revenue	 	 	(196	) 	 	 	302	  	 	 	208	  	 	 	41	  	 	 	3,288	  	 	 	(3,484	) 	 	 	 	 	 	 	314	  	 	 	6,463	  	 	 	(6,149	) 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	 	 	286,608	  	 	 	291,355	  	 	 	293,658	  	 	 	295,453	  	 	 	278,251	  	 	 	8,357	  	 	 	 	 	 	 	871,621	  	 	 	817,186	  	 	 	54,435	  	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	 	185,011	  	 	 	196,584	  	 	 	189,698	  	 	 	169,959	  	 	 	191,275	  	 	 	(6,264	) 	 	 	 	 	 	 	571,293	  	 	 	536,757	  	 	 	34,536	  	
Interest credited	 	 	19	  	 	 	6	  	 	 	12	  	 	 	6	  	 	 	22	  	 	 	(3	) 	 	 	 	 	 	 	37	  	 	 	22	  	 	 	15	  	
Policy acquisition costs and other insurance expenses	 	 	55,553	  	 	 	52,134	  	 	 	60,832	  	 	 	58,786	  	 	 	49,790	  	 	 	5,763	  	 	 	 	 	 	 	168,519	  	 	 	147,551	  	 	 	20,968	  	
Other operating expenses	 	 	10,052	  	 	 	10,942	  	 	 	10,239	  	 	 	12,664	  	 	 	9,022	  	 	 	1,030	  	 	 	 	 	 	 	31,233	  	 	 	27,548	  	 	 	3,685	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	 	 	250,635	  	 	 	259,666	  	 	 	260,781	  	 	 	241,415	  	 	 	250,109	  	 	 	526	  	 	 	 	 	 	 	771,082	  	 	 	711,878	  	 	 	59,204	  	
Operating income before income taxes	 	 	35,973	  	 	 	31,689	  	 	 	32,877	  	 	 	54,038	  	 	 	28,142	  	 	 	7,831	  	 	 	 	 	 	 	100,539	  	 	 	105,308	  	 	 	(4,769	) 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	 	35,973	  	 	 	31,689	  	 	 	32,877	  	 	 	54,038	  	 	 	28,142	  	 	 	7,831	  	 	 	 	 	 	 	100,539	  	 	 	105,308	  	 	 	(4,769	) 	
Investment and derivative gains (losses) - non-operating	 	 	5,606	  	 	 	2,778	  	 	 	2,050	  	 	 	2,817	  	 	 	8,630	  	 	 	(3,024	) 	 	 	 	 	 	 	10,434	  	 	 	20,480	  	 	 	(10,046	) 	
Funds withheld gains (losses) - investment income	 	 	290	  	 	 	1,192	  	 	 	1,381	  	 	 	2,503	  	 	 	748	  	 	 	(458	) 	 	 	 	 	 	 	2,863	  	 	 	1,825	  	 	 	1,038	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	$	41,869	  	 	$	35,659	  	 	$	36,308	  	 	$	59,358	  	 	$	37,520	  	 	$	4,349	  	 	 	 	 	 	$	113,836	  	 	$	127,613	  	 	$	(13,777	) 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Loss and Expense Ratios:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Loss ratios (creditor business)	 	 	30.5	% 	 	 	33.0	% 	 	 	32.7	% 	 	 	6.1	% 	 	 	40.4	% 	 	 	-9.9	% 	 	 	 	 	 	 	32.1	% 	 	 	37.7	% 	 	 	-5.6	% 	
Loss ratios (excluding creditor business)	 	 	92.3	% 	 	 	94.5	% 	 	 	93.2	% 	 	 	87.5	% 	 	 	96.8	% 	 	 	-4.5	% 	 	 	 	 	 	 	93.3	% 	 	 	92.1	% 	 	 	1.2	% 	
Claims and other policy benefits / (net premiums + investment income)	 	 	64.7	% 	 	 	67.8	% 	 	 	64.9	% 	 	 	57.7	% 	 	 	69.8	% 	 	 	-5.1	% 	 	 	 	 	 	 	65.8	% 	 	 	66.5	% 	 	 	-0.7	% 	
Policy acquisition costs and other insurance expenses (creditor business)	 	 	61.3	% 	 	 	59.0	% 	 	 	61.0	% 	 	 	60.0	% 	 	 	58.2	% 	 	 	3.1	% 	 	 	 	 	 	 	60.6	% 	 	 	58.0	% 	 	 	2.6	% 	
Policy acquisition costs and other insurance expenses (excluding creditor business)	 	 	12.5	% 	 	 	12.3	% 	 	 	12.9	% 	 	 	12.5	% 	 	 	11.1	% 	 	 	1.4	% 	 	 	 	 	 	 	12.6	% 	 	 	12.4	% 	 	 	0.2	% 	
Other operating expenses	 	 	4.3	% 	 	 	4.6	% 	 	 	4.2	% 	 	 	5.1	% 	 	 	4.0	% 	 	 	0.3	% 	 	 	 	 	 	 	4.3	% 	 	 	4.1	% 	 	 	0.2	% 	
Foreign currency effect  (1) :	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	(10,348	) 	 	$	(3,144	) 	 	$	(1,562	) 	 	$	7,617	  	 	$	(3,413	) 	 	$	(6,935	) 	 	 	 	 	 	$	(15,054	) 	 	$	(16,579	) 	 	$	1,525	  	
Operating income before income taxes	 	$	(1,819	) 	 	$	(434	) 	 	$	(521	) 	 	$	1,785	  	 	$	919	  	 	$	(2,738	) 	 	 	 	 	 	$	(2,774	) 	 	$	(2,540	) 	 	$	(234	) 	
Creditor reinsurance net premiums	 	$	53,021	  	 	$	48,618	  	 	$	61,114	  	 	$	58,340	  	 	$	52,038	  	 	$	983	  	 	 	 	 	 	$	162,753	  	 	$	142,731	  	 	$	20,022	  	
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	 	 	  	 	 	 	Year-to-Date	 	
 	 	Sept. 30,	 	 	June 30,	 	 	March 31,	 	 	Dec. 31,	 	 	Sept. 30,	 	 	vs. PY	 	 	  	 	 	 	Sept. 30,	 	 	Sept. 30,	 	 	 	 	
(USD thousands)	 	2013	 	 	2013	 	 	2013	 	 	2012	 	 	2012	 	 	Quarter	 	 	  	 	 	 	2013	 	 	2012	 	 	Change	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	329,705	  	 	$	319,375	  	 	$	323,908	  	 	$	402,515	  	 	$	303,101	  	 	$	26,604	  	 	 	 	 	 	$	972,988	  	 	$	905,947	  	 	$	67,041	  	
Investment income, net of related expenses	 	 	13,708	  	 	 	14,457	  	 	 	12,224	  	 	 	11,560	  	 	 	11,437	  	 	 	2,271	  	 	 	 	 	 	 	40,389	  	 	 	34,016	  	 	 	6,373	  	
Other revenue	 	 	14,033	  	 	 	4,608	  	 	 	1,287	  	 	 	1,386	  	 	 	1,576	  	 	 	12,457	  	 	 	 	 	 	 	19,928	  	 	 	5,293	  	 	 	14,635	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	 	 	357,446	  	 	 	338,440	  	 	 	337,419	  	 	 	415,461	  	 	 	316,114	  	 	 	41,332	  	 	 	 	 	 	 	1,033,305	  	 	 	945,256	  	 	 	88,049	  	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	 	276,309	  	 	 	283,230	  	 	 	283,915	  	 	 	357,190	  	 	 	251,553	  	 	 	24,756	  	 	 	 	 	 	 	843,454	  	 	 	777,029	  	 	 	66,425	  	
Policy acquisition costs and other insurance expenses	 	 	13,596	  	 	 	11,753	  	 	 	11,734	  	 	 	7,937	  	 	 	14,697	  	 	 	(1,101	) 	 	 	 	 	 	 	37,083	  	 	 	43,299	  	 	 	(6,216	) 	
Other operating expenses	 	 	27,338	  	 	 	28,109	  	 	 	26,195	  	 	 	36,075	  	 	 	24,809	  	 	 	2,529	  	 	 	 	 	 	 	81,642	  	 	 	76,814	  	 	 	4,828	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	 	 	317,243	  	 	 	323,092	  	 	 	321,844	  	 	 	401,202	  	 	 	291,059	  	 	 	26,184	  	 	 	 	 	 	 	962,179	  	 	 	897,142	  	 	 	65,037	  	
Operating income before income taxes	 	 	40,203	  	 	 	15,348	  	 	 	15,575	  	 	 	14,259	  	 	 	25,055	  	 	 	15,148	  	 	 	 	 	 	 	71,126	  	 	 	48,114	  	 	 	23,012	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	 	40,203	  	 	 	15,348	  	 	 	15,575	  	 	 	14,259	  	 	 	25,055	  	 	 	15,148	  	 	 	 	 	 	 	71,126	  	 	 	48,114	  	 	 	23,012	  	
Investment and derivative gains (losses) - non-operating	 	 	1,350	  	 	 	470	  	 	 	1,810	  	 	 	1,325	  	 	 	7,111	  	 	 	(5,761	) 	 	 	 	 	 	 	3,630	  	 	 	10,249	  	 	 	(6,619	) 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	$	41,553	  	 	$	15,818	  	 	$	17,385	  	 	$	15,584	  	 	$	32,166	  	 	$	9,387	  	 	 	 	 	 	$	74,756	  	 	$	58,363	  	 	$	16,393	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Loss and Expense Ratios:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	 	83.8	% 	 	 	88.7	% 	 	 	87.7	% 	 	 	88.7	% 	 	 	83.0	% 	 	 	0.8	% 	 	 	 	 	 	 	86.7	% 	 	 	85.8	% 	 	 	0.9	% 	
Policy acquisition costs and other insurance expenses	 	 	4.1	% 	 	 	3.7	% 	 	 	3.6	% 	 	 	2.0	% 	 	 	4.8	% 	 	 	-0.7	% 	 	 	 	 	 	 	3.8	% 	 	 	4.8	% 	 	 	-1.0	% 	
Other operating expenses	 	 	8.3	% 	 	 	8.8	% 	 	 	8.1	% 	 	 	9.0	% 	 	 	8.2	% 	 	 	0.1	% 	 	 	 	 	 	 	8.4	% 	 	 	8.5	% 	 	 	-0.1	% 	
Foreign currency effect  (1) :	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	(8,301	) 	 	$	(9,962	) 	 	$	(9,915	) 	 	$	(129	) 	 	$	(17,157	) 	 	$	8,856	  	 	 	 	 	 	$	(28,178	) 	 	$	(51,492	) 	 	$	23,314	  	
Operating income before income taxes	 	$	(423	) 	 	$	(959	) 	 	$	(642	) 	 	$	(305	) 	 	$	(2,989	) 	 	$	2,566	  	 	 	 	 	 	$	(2,024	) 	 	$	(5,419	) 	 	$	3,395	  	
Critical illness net premiums	 	$	62,518	  	 	$	63,918	  	 	$	63,639	  	 	$	66,211	  	 	$	58,793	  	 	$	3,725	  	 	 	 	 	 	$	190,075	  	 	$	182,342	  	 	$	7,733	  	
 
(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	 	 	  	 	 	 	Year-to-Date	 	
 	 	Sept. 30,	 	 	June 30,	 	 	March 31,	 	 	Dec. 31,	 	 	Sept. 30,	 	 	vs. PY	 	 	  	 	 	 	Sept. 30,	 	 	Sept. 30,	 	 	 	 	
(USD thousands)	 	2013	 	 	2013	 	 	2013	 	 	2012	 	 	2012	 	 	Quarter	 	 	  	 	 	 	2013	 	 	2012	 	 	Change	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	343,078	  	 	$	340,466	  	 	$	363,604	  	 	$	362,620	  	 	$	330,415	  	 	$	12,663	  	 	 	 	 	 	$	1,047,148	  	 	$	987,710	  	 	$	59,438	  	
Investment income, net of related expenses	 	 	22,359	  	 	 	21,402	  	 	 	22,081	  	 	 	20,782	  	 	 	19,316	  	 	 	3,043	  	 	 	 	 	 	 	65,842	  	 	 	62,605	  	 	 	3,237	  	
Investment related gains (losses), net	 	 	576	  	 	 	570	  	 	 	382	  	 	 	1,460	  	 	 	468	  	 	 	108	  	 	 	 	 	 	 	1,528	  	 	 	(505	) 	 	 	2,033	  	
Other revenue	 	 	6,409	  	 	 	10,461	  	 	 	7,749	  	 	 	11,269	  	 	 	10,052	  	 	 	(3,643	) 	 	 	 	 	 	 	24,619	  	 	 	41,569	  	 	 	(16,950	) 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	 	 	372,422	  	 	 	372,899	  	 	 	393,816	  	 	 	396,131	  	 	 	360,251	  	 	 	12,171	  	 	 	 	 	 	 	1,139,137	  	 	 	1,091,379	  	 	 	47,758	  	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	 	282,904	  	 	 	567,050	  	 	 	281,945	  	 	 	294,564	  	 	 	299,782	  	 	 	(16,878	) 	 	 	 	 	 	 	1,131,899	  	 	 	785,135	  	 	 	346,764	  	
Interest Credited	 	 	270	  	 	 	274	  	 	 	311	  	 	 	653	  	 	 	204	  	 	 	66	  	 	 	 	 	 	 	855	  	 	 	658	  	 	 	197	  	
Policy acquisition costs and other insurance expenses	 	 	47,303	  	 	 	60,163	  	 	 	62,063	  	 	 	58,419	  	 	 	52,779	  	 	 	(5,476	) 	 	 	 	 	 	 	169,529	  	 	 	193,622	  	 	 	(24,093	) 	
Other operating expenses	 	 	29,340	  	 	 	31,134	  	 	 	30,132	  	 	 	34,040	  	 	 	28,234	  	 	 	1,106	  	 	 	 	 	 	 	90,606	  	 	 	83,076	  	 	 	7,530	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	 	 	359,817	  	 	 	658,621	  	 	 	374,451	  	 	 	387,676	  	 	 	380,999	  	 	 	(21,182	) 	 	 	 	 	 	 	1,392,889	  	 	 	1,062,491	  	 	 	330,398	  	
Operating income (loss) before income taxes	 	 	12,605	  	 	 	(285,722	) 	 	 	19,365	  	 	 	8,455	  	 	 	(20,748	) 	 	 	33,353	  	 	 	 	 	 	 	(253,752	) 	 	 	28,888	  	 	 	(282,640	) 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	 	12,605	  	 	 	(285,722	) 	 	 	19,365	  	 	 	8,455	  	 	 	(20,748	) 	 	 	33,353	  	 	 	 	 	 	 	(253,752	) 	 	 	28,888	  	 	 	(282,640	) 	
Investment and derivative gains (losses) - non-operating	 	 	4,507	  	 	 	(4,726	) 	 	 	(4,847	) 	 	 	(2,520	) 	 	 	4,265	  	 	 	242	  	 	 	 	 	 	 	(5,066	) 	 	 	10,555	  	 	 	(15,621	) 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income (loss) before income taxes	 	$	17,112	  	 	$	(290,448	) 	 	$	14,518	  	 	$	5,935	  	 	$	(16,483	) 	 	$	33,595	  	 	 	 	 	 	$	(258,818	) 	 	$	39,443	  	 	$	(298,261	) 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Loss and Expense Ratios:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	 	82.5	% 	 	 	166.6	% 	 	 	77.5	% 	 	 	81.2	% 	 	 	90.7	% 	 	 	-8.2	% 	 	 	 	 	 	 	108.1	% 	 	 	79.5	% 	 	 	28.6	% 	
Policy acquisition costs and other insurance expenses	 	 	13.8	% 	 	 	17.7	% 	 	 	17.1	% 	 	 	16.1	% 	 	 	16.0	% 	 	 	-2.2	% 	 	 	 	 	 	 	16.2	% 	 	 	19.6	% 	 	 	-3.4	% 	
Other operating expenses	 	 	8.6	% 	 	 	9.1	% 	 	 	8.3	% 	 	 	9.4	% 	 	 	8.5	% 	 	 	0.1	% 	 	 	 	 	 	 	8.7	% 	 	 	8.4	% 	 	 	0.3	% 	
Foreign currency effect  (1) :	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	(33,049	) 	 	$	(8,067	) 	 	$	(8,122	) 	 	$	6,609	  	 	$	(5,401	) 	 	$	(27,648	) 	 	 	 	 	 	$	(49,238	) 	 	$	(8,643	) 	 	$	(40,595	) 	
Operating income before income taxes	 	$	(2,187	) 	 	$	15,112	  	 	$	(1,775	) 	 	$	(508	) 	 	$	(1,280	) 	 	$	(907	) 	 	 	 	 	 	$	11,150	  	 	$	(365	) 	 	$	11,515	  	
Critical illness net premiums	 	$	74,109	  	 	$	51,249	  	 	$	54,508	  	 	$	68,963	  	 	$	68,356	  	 	$	5,753	  	 	 	 	 	 	$	179,866	  	 	$	155,389	  	 	$	24,477	  	
 
(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	 	 	  	 	 	 	Year-to-Date	 	
 	 	Sept. 30,	 	 	June 30,	 	 	March 31,	 	 	Dec. 31,	 	 	Sept. 30,	 	 	vs. PY	 	 	  	 	 	 	Sept. 30,	 	 	Sept. 30,	 	 	 	 	
(USD thousands)	 	2013	 	 	2013	 	 	2013	 	 	2012	 	 	2012	 	 	Quarter	 	 	  	 	 	 	2013	 	 	2012	 	 	Change	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	1,004	  	 	$	261	  	 	$	(977	) 	 	$	3,502	  	 	$	1,896	  	 	$	(892	) 	 	 	 	 	 	$	288	  	 	$	5,663	  	 	$	(5,375	) 	
Investment income, net of related expenses	 	 	19,024	  	 	 	21,818	  	 	 	28,016	  	 	 	23,273	  	 	 	22,927	  	 	 	(3,903	) 	 	 	 	 	 	 	68,858	  	 	 	59,545	  	 	 	9,313	  	
Investment related gains (losses), net	 	 	237	  	 	 	235	  	 	 	254	  	 	 	215	  	 	 	227	  	 	 	10	  	 	 	 	 	 	 	726	  	 	 	600	  	 	 	126	  	
Other revenue	 	 	5,719	  	 	 	251	  	 	 	3,950	  	 	 	2,649	  	 	 	4,280	  	 	 	1,439	  	 	 	 	 	 	 	9,920	  	 	 	12,666	  	 	 	(2,746	) 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	 	 	25,984	  	 	 	22,565	  	 	 	31,243	  	 	 	29,639	  	 	 	29,330	  	 	 	(3,346	) 	 	 	 	 	 	 	79,792	  	 	 	78,474	  	 	 	1,318	  	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	 	30	  	 	 	(112	) 	 	 	84	  	 	 	(11	) 	 	 	(77	) 	 	 	107	  	 	 	 	 	 	 	2	  	 	 	(65	) 	 	 	67	  	
Interest credited	 	 	186	  	 	 	212	  	 	 	225	  	 	 	52	  	 	 	—  	  	 	 	186	  	 	 	 	 	 	 	623	  	 	 	—  	  	 	 	623	  	
Policy acquisition costs and other insurance expenses	 	 	(20,354	) 	 	 	(19,073	) 	 	 	(15,343	) 	 	 	(10,759	) 	 	 	(14,194	) 	 	 	(6,160	) 	 	 	 	 	 	 	(54,770	) 	 	 	(41,406	) 	 	 	(13,364	) 	
Other operating expenses	 	 	15,339	  	 	 	16,483	  	 	 	23,354	  	 	 	15,133	  	 	 	16,806	  	 	 	(1,467	) 	 	 	 	 	 	 	55,176	  	 	 	53,171	  	 	 	2,005	  	
Interest expense	 	 	30,831	  	 	 	29,918	  	 	 	28,486	  	 	 	28,917	  	 	 	29,749	  	 	 	1,082	  	 	 	 	 	 	 	89,235	  	 	 	76,431	  	 	 	12,804	  	
Collateral finance facility expense	 	 	2,698	  	 	 	2,650	  	 	 	2,538	  	 	 	3,357	  	 	 	2,995	  	 	 	(297	) 	 	 	 	 	 	 	7,886	  	 	 	8,840	  	 	 	(954	) 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	 	 	28,730	  	 	 	30,078	  	 	 	39,344	  	 	 	36,689	  	 	 	35,279	  	 	 	(6,549	) 	 	 	 	 	 	 	98,152	  	 	 	96,971	  	 	 	1,181	  	
Operating income (loss) before income taxes	 	 	(2,746	) 	 	 	(7,513	) 	 	 	(8,101	) 	 	 	(7,050	) 	 	 	(5,949	) 	 	 	3,203	  	 	 	 	 	 	 	(18,360	) 	 	 	(18,497	) 	 	 	137	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income (loss) before income taxes	 	 	(2,746	) 	 	 	(7,513	) 	 	 	(8,101	) 	 	 	(7,050	) 	 	 	(5,949	) 	 	 	3,203	  	 	 	 	 	 	 	(18,360	) 	 	 	(18,497	) 	 	 	137	  	
Investment and derivative gains (losses) - non-operating	 	 	(1,960	) 	 	 	1,283	  	 	 	(2,198	) 	 	 	861	  	 	 	(2,453	) 	 	 	493	  	 	 	 	 	 	 	(2,875	) 	 	 	1,203	  	 	 	(4,078	) 	
Gain on repurchase of collateral finance facility securities	 	 	—  	  	 	 	—  	  	 	 	46,506	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	 	 	 	 	46,506	  	 	 	—  	  	 	 	46,506	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income (loss) before income taxes	 	$	(4,706	) 	 	$	(6,230	) 	 	$	36,207	  	 	$	(6,189	) 	 	$	(8,402	) 	 	$	3,696	  	 	 	 	 	 	$	25,271	  	 	$	(17,294	) 	 	$	42,565	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Foreign currency effect  (1) :	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	—	  	 	$	—	  	 	$	—	  	 	$	8	  	 	$	(1	) 	 	$	1	  	 	 	 	 	 	$	—	  	 	$	18	  	 	$	(18	) 	
Operating income before income taxes	 	$	(491	) 	 	$	(95	) 	 	$	140	  	 	$	827	  	 	$	(815	) 	 	$	324	  	 	 	 	 	 	$	(446	) 	 	$	301	  	 	$	(747	) 	
 
(1)	Compared to comparable prior year period	

 
Page 13

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

 	 	Three Months Ended	 	 	Current Qtr	 	 	  	 	 	 	Year-to-Date	 	
 	 	Sept. 30,	 	 	June 30,	 	 	March 31,	 	 	Dec. 31,	 	 	Sept. 30,	 	 	vs. PY	 	 	  	 	 	 	Sept. 30,	 	 	Sept. 30,	 	 	 	 	
(USD thousands)	 	2013	 	 	2013	 	 	2013	 	 	2012	 	 	2012	 	 	Quarter	 	 	  	 	 	 	2013	 	 	2012	 	 	Change	 	
U.S. Traditional	 	$	90,078	  	 	$	85,747	  	 	$	69,548	  	 	$	139,609	  	 	$	72,483	  	 	$	17,595	  	 	 	 	 	 	$	245,373	  	 	$	230,956	  	 	$	14,417	  	
U.S. Asset Intensive	 	 	38,046	  	 	 	40,230	  	 	 	45,596	  	 	 	40,838	  	 	 	27,119	  	 	 	10,927	  	 	 	 	 	 	 	123,872	  	 	 	68,243	  	 	 	55,629	  	
U.S. Financial Reinsurance	 	 	11,523	  	 	 	11,887	  	 	 	8,007	  	 	 	8,521	  	 	 	8,282	  	 	 	3,241	  	 	 	 	 	 	 	31,417	  	 	 	24,350	  	 	 	7,067	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total U.S. Segment	 	 	139,647	  	 	 	137,864	  	 	 	123,151	  	 	 	188,968	  	 	 	107,884	  	 	 	31,763	  	 	 	 	 	 	 	400,662	  	 	 	323,549	  	 	 	77,113	  	
Canadian Segment	 	 	35,973	  	 	 	31,689	  	 	 	32,877	  	 	 	54,038	  	 	 	28,142	  	 	 	7,831	  	 	 	 	 	 	 	100,539	  	 	 	105,308	  	 	 	(4,769	) 	
Europe & South Africa Segment	 	 	40,203	  	 	 	15,348	  	 	 	15,575	  	 	 	14,259	  	 	 	25,055	  	 	 	15,148	  	 	 	 	 	 	 	71,126	  	 	 	48,114	  	 	 	23,012	  	
Asia Pacific Segment	 	 	12,605	  	 	 	(285,722	) 	 	 	19,365	  	 	 	8,455	  	 	 	(20,748	) 	 	 	33,353	  	 	 	 	 	 	 	(253,752	) 	 	 	28,888	  	 	 	(282,640	) 	
Corporate and Other	 	 	(2,746	) 	 	 	(7,513	) 	 	 	(8,101	) 	 	 	(7,050	) 	 	 	(5,949	) 	 	 	3,203	  	 	 	 	 	 	 	(18,360	) 	 	 	(18,497	) 	 	 	137	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Consolidated	 	$	225,682	  	 	$	(108,334	) 	 	$	182,867	  	 	$	258,670	  	 	$	134,384	  	 	$	91,298	  	 	 	 	 	 	$	300,215	  	 	$	487,362	  	 	$	(187,147	) 	

 
Page 14

Reinsurance Group of America, Incorporated
Investments
(USD thousands)

Cash and Invested Assets	 	
 	  	Sept. 30,	 	  	June 30,	 	  	March 31,	 	  	Dec. 31,	 	  	Sept. 30,	 	
 	  	2013	 	  	2013	 	  	2013	 	  	2012	 	  	2012	 	
Fixed maturity securities, available-for-sale	  	$	21,289,108	  	  	$	21,284,216	  	  	$	22,401,659	  	  	$	22,291,614	  	  	$	21,658,414	  	
Mortgage loans on real estate	  	 	2,488,582	  	  	 	2,377,246	  	  	 	2,325,191	  	  	 	2,300,587	  	  	 	2,256,881	  	
Policy loans	  	 	1,244,878	  	  	 	1,245,252	  	  	 	1,245,812	  	  	 	1,278,175	  	  	 	1,243,498	  	
Funds withheld at interest	  	 	5,739,872	  	  	 	5,777,395	  	  	 	5,698,594	  	  	 	5,594,182	  	  	 	5,608,640	  	
Short-term investments	  	 	44,192	  	  	 	38,601	  	  	 	180,707	  	  	 	288,082	  	  	 	90,789	  	
Other invested assets	  	 	1,116,391	  	  	 	1,035,809	  	  	 	1,129,651	  	  	 	1,159,543	  	  	 	1,236,616	  	
Cash and cash equivalents	  	 	1,423,235	  	  	 	973,619	  	  	 	1,001,841	  	  	 	1,259,892	  	  	 	1,603,730	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total cash and invested assets	  	$	33,346,258	  	  	$	32,732,138	  	  	$	33,983,455	  	  	$	34,172,075	  	  	$	33,698,568	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Investment Income and Yield Summary

 	 	Three Months Ended	 	 	Current Qtr	 	 	  	 	 	 	Year-to-Date	 	
 	 	Sept. 30,	 	 	June 30,	 	 	March 31,	 	 	Dec. 31,	 	 	Sept. 30,	 	 	vs. PY	 	 	  	 	 	 	Sept. 30,	 	 	Sept. 30,	 	 	 	 	
 	 	2013	 	 	2013	 	 	2013	 	 	2012	 	 	2012	 	 	Quarter	 	 	  	 	 	 	2013	 	 	2012	 	 	Change	 	
Average invested assets at amortized cost  (1)	 	$	18,263,880	  	 	$	18,112,841	  	 	$	17,992,152	  	 	$	17,510,541	  	 	$	17,030,794	  	 	$	1,233,086	  	 	 	 	 	 	$	17,910,062	  	 	$	16,432,165	  	 	$	1,477,897	  	
Net investment income (1)	 	$	213,318	  	 	$	212,047	  	 	$	213,322	  	 	$	207,567	  	 	$	208,346	  	 	$	4,972	  	 	 	 	 	 	$	638,687	  	 	$	616,420	  	 	$	22,267	  	
Annualized investment yield (ratio of net investment income to average invested assets)  (1)	 	 	4.75	% 	 	 	4.77	% 	 	 	4.83	% 	 	 	4.83	% 	 	 	4.98	% 	 	 	-0.23	% 	 	 	 	 	 	 	4.78	% 	 	 	5.03	% 	 	 	-0.25	% 	
 
(1)	Excludes funds withheld and spread related businesses (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)

September 30, 2013	 	 	 	 	
 	  	Amortized
Cost	 	  	Unrealized
Gains	 	  	Unrealized
Losses	 	  	Estimated Fair
Value	 	  	% of
Total	 	 	Other-than-
temporary
Impairment
in AOCI	 	
Available-for-sale:	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Corporate securities	  	$	11,505,673	  	  	$	637,691	  	  	$	208,802	  	  	$	11,934,562	  	  	 	56.1	% 	 	$	—  	  	
Canadian and Canadian provincial governments	  	 	2,719,147	  	  	 	785,840	  	  	 	13,831	  	  	 	3,491,156	  	  	 	16.4	% 	 	 	—  	  	
Residential mortgage-backed securities	  	 	922,581	  	  	 	44,948	  	  	 	15,691	  	  	 	951,838	  	  	 	4.5	% 	 	 	(300	) 	
Asset-backed securities	  	 	883,495	  	  	 	19,264	  	  	 	17,481	  	  	 	885,278	  	  	 	4.1	% 	 	 	(2,259	) 	
Commercial mortgage-backed securities	  	 	1,371,473	  	  	 	102,207	  	  	 	20,566	  	  	 	1,453,114	  	  	 	6.8	% 	 	 	(1,609	) 	
U.S. government and agencies	  	 	413,254	  	  	 	20,412	  	  	 	2,819	  	  	 	430,847	  	  	 	2.0	% 	 	 	—  	  	
State and political subdivisions	  	 	288,757	  	  	 	22,626	  	  	 	13,654	  	  	 	297,729	  	  	 	1.4	% 	 	 	—  	  	
Other foreign government, supranational, and foreign government-sponsored enterprises	  	 	1,812,970	  	  	 	50,246	  	  	 	18,632	  	  	 	1,844,584	  	  	 	8.7	% 	 	 	—  	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Total fixed maturity securities	  	$	19,917,350	  	  	$	1,683,234	  	  	$	311,476	  	  	$	21,289,108	  	  	 	100.0	% 	 	$	(4,168	) 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Non-redeemable preferred stock	  	 	80,985	  	  	 	5,187	  	  	 	3,333	  	  	 	82,839	  	  	 	56.4	% 	 	 	 	 	
Other equity securities	  	 	68,123	  	  	 	—  	  	  	 	4,052	  	  	 	64,071	  	  	 	43.6	% 	 	 	 	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Total equity securities	  	$	149,108	  	  	$	5,187	  	  	$	7,385	  	  	$	146,910	  	  	 	100.0	% 	 	 	 	 	

December 31, 2012	 	 	 	 	
 	  	Amortized
Cost	 	  	Unrealized
Gains	 	  	Unrealized
Losses	 	  	Estimated Fair
Value	 	  	% of
Total	 	 	Other-than-
temporary
Impairment
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)

 	 	September 30, 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	 	$	2,212,730	  	 	$	2,285,114	  	 	 	18.9	% 	 	A	 	$	2,114,425	  	 	$	2,260,382	  	 	 	17.9	% 	 	A	
Brokerage	 	 	143,301	  	 	 	149,639	  	 	 	1.2	% 	 	A-	 	 	120,139	  	 	 	131,664	  	 	 	1.0	% 	 	A-	
Finance Comp.	 	 	143,566	  	 	 	149,567	  	 	 	1.2	% 	 	A	 	 	181,430	  	 	 	193,892	  	 	 	1.5	% 	 	A	
Insurance	 	 	655,273	  	 	 	687,103	  	 	 	5.7	% 	 	A-	 	 	592,109	  	 	 	654,647	  	 	 	5.2	% 	 	A-	
REITs	 	 	459,085	  	 	 	476,296	  	 	 	3.9	% 	 	BBB+	 	 	485,469	  	 	 	523,370	  	 	 	4.2	% 	 	BBB	
Other Finance	 	 	249,636	  	 	 	257,389	  	 	 	2.1	% 	 	BBB+	 	 	342,929	  	 	 	358,897	  	 	 	2.9	% 	 	BBB+	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Financial Institutions	 	$	3,863,591	  	 	$	4,005,108	  	 	 	33.0	% 	 	 	 	$	3,836,501	  	 	$	4,122,852	  	 	 	32.7	% 	 	 	
Industrials	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic	 	 	826,348	  	 	 	832,010	  	 	 	6.9	% 	 	BBB	 	 	803,353	  	 	 	861,547	  	 	 	6.8	% 	 	BBB	
Capital Goods	 	 	590,926	  	 	 	615,835	  	 	 	5.1	% 	 	BBB	 	 	637,479	  	 	 	692,218	  	 	 	5.5	% 	 	BBB	
Communications	 	 	1,168,651	  	 	 	1,207,964	  	 	 	10.0	% 	 	BBB+	 	 	1,044,374	  	 	 	1,169,000	  	 	 	9.3	% 	 	BBB+	
Consumer Cyclical	 	 	698,435	  	 	 	719,337	  	 	 	6.0	% 	 	BBB	 	 	727,324	  	 	 	786,726	  	 	 	6.2	% 	 	BBB+	
Consumer Noncyclical	 	 	1,056,543	  	 	 	1,107,888	  	 	 	9.2	% 	 	BBB+	 	 	969,589	  	 	 	1,084,295	  	 	 	8.6	% 	 	BBB+	
Energy	 	 	650,934	  	 	 	683,656	  	 	 	5.7	% 	 	BBB+	 	 	728,354	  	 	 	807,087	  	 	 	6.4	% 	 	BBB+	
Technology	 	 	440,186	  	 	 	443,963	  	 	 	3.7	% 	 	BBB	 	 	475,697	  	 	 	502,123	  	 	 	4.0	% 	 	BBB	
Transportation	 	 	375,151	  	 	 	390,488	  	 	 	3.2	% 	 	A-	 	 	378,808	  	 	 	415,283	  	 	 	3.3	% 	 	BBB+	
Other Industrial	 	 	119,109	  	 	 	124,655	  	 	 	1.0	% 	 	BBB+	 	 	116,989	  	 	 	125,567	  	 	 	1.0	% 	 	BBB	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Industrials	 	$	5,926,283	  	 	$	6,125,796	  	 	 	50.8	% 	 	 	 	$	5,881,967	  	 	$	6,443,846	  	 	 	51.1	% 	 	 	
Utilities	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Electric	 	 	1,103,394	  	 	 	1,153,785	  	 	 	9.6	% 	 	BBB+	 	 	1,081,451	  	 	 	1,196,527	  	 	 	9.5	% 	 	BBB+	
Natural Gas	 	 	671,512	  	 	 	701,053	  	 	 	5.8	% 	 	BBB	 	 	656,357	  	 	 	733,422	  	 	 	5.8	% 	 	BBB	
Other Utility	 	 	68,004	  	 	 	74,024	  	 	 	0.6	% 	 	BBB+	 	 	61,850	  	 	 	72,662	  	 	 	0.6	% 	 	A-	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Utilities	 	$	1,842,910	  	 	$	1,928,862	  	 	 	16.0	% 	 	 	 	$	1,799,658	  	 	$	2,002,611	  	 	 	15.9	% 	 	 	
Other Sectors	 	 	21,997	  	 	 	21,706	  	 	 	0.2	% 	 	AA	 	 	32,351	  	 	 	33,462	  	 	 	0.3	% 	 	AA	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	 	$	11,654,781	  	 	$	12,081,472	  	 	 	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)

 	 	 	 	September 30, 2013	 	 	June 30, 2013	 	 	March 31, 2013	 	 	December 31, 2012	 	 	September 30, 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	 	$	1,693,789	  	 	$	1,746,576	  	 	 	8.2	% 	 	$	1,739,749	  	 	$	1,802,645	  	 	 	8.5	% 	 	$	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	 	AA	 	 	5,756,355	  	 	 	6,438,199	  	 	 	30.2	% 	 	 	5,457,184	  	 	 	6,223,632	  	 	 	29.2	% 	 	 	5,408,086	  	 	 	6,565,513	  	 	 	29.3	% 	 	 	5,286,082	  	 	 	6,541,670	  	 	 	29.4	% 	 	 	5,265,613	  	 	 	6,572,815	  	 	 	30.4	% 	
1	 	A	 	 	5,010,236	  	 	 	5,458,720	  	 	 	25.7	% 	 	 	5,110,947	  	 	 	5,617,495	  	 	 	26.4	% 	 	 	5,140,174	  	 	 	5,962,302	  	 	 	26.6	% 	 	 	4,915,882	  	 	 	5,778,737	  	 	 	25.9	% 	 	 	4,666,113	  	 	 	5,525,476	  	 	 	25.5	% 	
2	 	BBB	 	 	6,117,081	  	 	 	6,298,628	  	 	 	29.6	% 	 	 	5,997,232	  	 	 	6,189,030	  	 	 	29.1	% 	 	 	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	 	BB	 	 	652,300	  	 	 	655,000	  	 	 	3.1	% 	 	 	723,316	  	 	 	728,014	  	 	 	3.4	% 	 	 	731,136	  	 	 	757,948	  	 	 	3.4	% 	 	 	694,349	  	 	 	712,712	  	 	 	3.2	% 	 	 	583,622	  	 	 	608,439	  	 	 	2.8	% 	
4	 	B	 	 	499,580	  	 	 	512,325	  	 	 	2.4	% 	 	 	519,789	  	 	 	530,990	  	 	 	2.5	% 	 	 	497,504	  	 	 	507,879	  	 	 	2.3	% 	 	 	444,996	  	 	 	444,035	  	 	 	2.0	% 	 	 	322,040	  	 	 	306,871	  	 	 	1.4	% 	
5	 	CCC and lower	 	 	87,364	  	 	 	86,644	  	 	 	0.4	% 	 	 	90,970	  	 	 	84,157	  	 	 	0.4	% 	 	 	98,290	  	 	 	79,039	  	 	 	0.4	% 	 	 	118,738	  	 	 	95,906	  	 	 	0.4	% 	 	 	92,149	  	 	 	68,193	  	 	 	0.3	% 	
6	 	In or near default	 	 	100,645	  	 	 	93,016	  	 	 	0.4	% 	 	 	118,134	  	 	 	108,253	  	 	 	0.5	% 	 	 	120,845	  	 	 	113,296	  	 	 	0.5	% 	 	 	55,659	  	 	 	45,461	  	 	 	0.2	% 	 	 	36,647	  	 	 	26,981	  	 	 	0.1	% 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Total	 	$	19,917,350	  	 	$	21,289,108	  	 	 	100.0	% 	 	$	19,757,321	  	 	$	21,284,216	  	 	 	100.0	% 	 	$	19,838,949	  	 	$	22,401,659	  	 	 	100.0	% 	 	$	19,559,432	  	 	$	22,291,614	  	 	 	100.0	% 	 	$	18,905,283	  	 	$	21,658,414	  	 	 	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

 	 	September 30, 2013	 	 	June 30, 2013	 	 	March 31, 2013	 	 	December 31, 2012	 	 	September 30, 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	 	$	517,517	  	 	$	541,870	  	 	$	546,603	  	 	$	579,317	  	 	$	520,081	  	 	$	575,274	  	 	$	497,918	  	 	$	555,535	  	 	$	511,887	  	 	$	571,894	  	
Non-agency	 	 	405,064	  	 	 	409,968	  	 	 	468,552	  	 	 	475,651	  	 	 	485,151	  	 	 	501,496	  	 	 	471,349	  	 	 	486,529	  	 	 	468,768	  	 	 	483,914	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total residential mortgage-backed securities	 	 	922,581	  	 	 	951,838	  	 	 	1,015,155	  	 	 	1,054,968	  	 	 	1,005,232	  	 	 	1,076,770	  	 	 	969,267	  	 	 	1,042,064	  	 	 	980,655	  	 	 	1,055,808	  	
Commercial mortgage-backed securities	 	 	1,371,473	  	 	 	1,453,114	  	 	 	1,564,924	  	 	 	1,638,632	  	 	 	1,596,659	  	 	 	1,698,144	  	 	 	1,608,376	  	 	 	1,698,903	  	 	 	1,663,493	  	 	 	1,740,391	  	
Asset-backed securities	 	 	883,495	  	 	 	885,278	  	 	 	789,849	  	 	 	790,310	  	 	 	752,280	  	 	 	756,544	  	 	 	700,455	  	 	 	691,555	  	 	 	588,851	  	 	 	572,700	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	 	$	3,177,549	  	 	$	3,290,230	  	 	$	3,369,928	  	 	$	3,483,910	  	 	$	3,354,171	  	 	$	3,531,458	  	 	$	3,278,098	  	 	$	3,432,522	  	 	$	3,232,999	  	 	$	3,368,899	  	

 
Page 18

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

 	  	September 30, 2013	 	
 	  	AAA	 	  	AA	 	  	A	 	
Underwriting Year	  	Amortized
Cost	 	  	Estimated
Fair Value	 	  	Amortized
Cost	 	  	Estimated
Fair Value	 	  	Amortized
Cost	 	  	Estimated
Fair Value	 	
2006 & Prior	  	$	264,408	  	  	$	283,885	  	  	$	173,645	  	  	$	184,540	  	  	$	139,814	  	  	$	148,634	  	
2007	  	 	152,169	  	  	 	164,172	  	  	 	35,966	  	  	 	39,206	  	  	 	56,634	  	  	 	62,428	  	
2008	  	 	—  	  	  	 	—  	  	  	 	53,930	  	  	 	62,831	  	  	 	18,097	  	  	 	19,583	  	
2009	  	 	1,657	  	  	 	1,717	  	  	 	7,164	  	  	 	7,798	  	  	 	—  	  	  	 	—  	  	
2010	  	 	28,002	  	  	 	29,332	  	  	 	45,744	  	  	 	48,286	  	  	 	19,215	  	  	 	19,961	  	
2011	  	 	15,744	  	  	 	16,049	  	  	 	20,869	  	  	 	22,445	  	  	 	35,345	  	  	 	35,715	  	
2012	  	 	39,141	  	  	 	37,763	  	  	 	50,331	  	  	 	49,327	  	  	 	27,942	  	  	 	27,076	  	
2013	  	 	47,199	  	  	 	45,114	  	  	 	68,250	  	  	 	68,130	  	  	 	2,494	  	  	 	2,209	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total	  	$	548,320	  	  	$	578,032	  	  	$	455,899	  	  	$	482,563	  	  	$	299,541	  	  	$	315,606	  	

 	  	BBB	 	  	Below Investment Grade	 	  	Total	 	
Underwriting Year	  	Amortized
Cost	 	  	Estimated
Fair Value	 	  	Amortized
Cost	 	  	Estimated
Fair Value	 	  	Amortized
Cost	 	  	Estimated
Fair Value	 	
2006 & Prior	  	$	127,685	  	  	$	131,482	  	  	$	79,225	  	  	$	83,315	  	  	$	784,777	  	  	$	831,856	  	
2007	  	 	94,022	  	  	 	106,116	  	  	 	63,878	  	  	 	62,536	  	  	 	402,669	  	  	 	434,458	  	
2008	  	 	—  	  	  	 	—  	  	  	 	3,116	  	  	 	5,013	  	  	 	75,143	  	  	 	87,427	  	
2009	  	 	7,565	  	  	 	10,904	  	  	 	—  	  	  	 	—  	  	  	 	16,386	  	  	 	20,419	  	
2010	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	92,961	  	  	 	97,579	  	
2011	  	 	33,097	  	  	 	31,437	  	  	 	—  	  	  	 	—  	  	  	 	105,055	  	  	 	105,646	  	
2012	  	 	43,416	  	  	 	40,504	  	  	 	—  	  	  	 	—  	  	  	 	160,830	  	  	 	154,670	  	
2013	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	117,943	  	  	 	115,453	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total	  	$	305,785	  	  	$	320,443	  	  	$	146,219	  	  	$	150,864	  	  	$	1,755,764	  	  	$	1,847,508	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
NOTE: Totals include directly held investments with amortized cost of $1,371.5 million and fair value of $1,453.1 million as well as investments in funds withheld with amortized cost of $384.3 million and fair value of $394.4 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

 	 	September 30, 2013	 	 	June 30, 2013	 	 	March 31, 2013	 	 	December 31, 2012	 	 	September 30, 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%	 	$	279,211	  	 	 	87.6	% 	 	$	261,628	  	 	 	84.2	% 	 	$	64,399	  	 	 	52.6	% 	 	$	53,648	  	 	 	40.2	% 	 	$	55,097	  	 	 	35.9	% 	
20% or more for less than six months	 	 	6,325	  	 	 	2.0	% 	 	 	5,629	  	 	 	1.8	% 	 	 	—  	  	 	 	0.0	% 	 	 	734	  	 	 	0.5	% 	 	 	509	  	 	 	0.3	% 	
20% or more for six months or greater	 	 	25,940	  	 	 	8.1	% 	 	 	37,338	  	 	 	12.0	% 	 	 	56,296	  	 	 	45.9	% 	 	 	77,872	  	 	 	58.3	% 	 	 	97,260	  	 	 	63.3	% 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	 	$	311,476	  	 	 	97.7	% 	 	$	304,595	  	 	 	98.0	% 	 	$	120,695	  	 	 	98.5	% 	 	$	132,254	  	 	 	99.0	% 	 	$	152,866	  	 	 	99.5	% 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Equity Securities

 	 	September 30, 2013	 	 	June 30, 2013	 	 	March 31, 2013	 	 	December 31, 2012	 	 	September 30, 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%	 	$	7,383	  	 	 	2.3	% 	 	$	6,137	  	 	 	2.0	% 	 	$	1,836	  	 	 	1.5	% 	 	$	1,303	  	 	 	1.0	% 	 	$	833	  	 	 	0.5	% 	
20% or more for less than six months	 	 	—  	  	 	 	0.0	% 	 	 	—  	  	 	 	0.0	% 	 	 	—  	  	 	 	0.0	% 	 	 	—  	  	 	 	0.0	% 	 	 	—  	  	 	 	0.0	% 	
20% or more for six months or greater	 	 	2	  	 	 	0.0	% 	 	 	2	  	 	 	0.0	% 	 	 	1	  	 	 	0.0	% 	 	 	1	  	 	 	0.0	% 	 	 	1	  	 	 	0.0	% 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	 	$	7,385	  	 	 	2.3	% 	 	$	6,139	  	 	 	2.0	% 	 	$	1,837	  	 	 	1.5	% 	 	$	1,304	  	 	 	1.0	% 	 	$	834	  	 	 	0.5	% 	

 
Page 20

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

 	 	As of September 30, 2013	 	
 	 	Less than 12 months	 	 	Equal to or greater than 12 months	 	 	Total	 	
 	 	Estimated Fair
Value	 	 	Gross Unrealized
Losses	 	 	Estimated Fair
Value	 	 	Gross Unrealized
Losses	 	 	Estimated Fair
Value	 	 	Gross Unrealized
Losses	 	
Investment grade securities:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Corporate securities	 	$	3,158,429	  	 	$	168,659	  	 	$	130,027	  	 	$	20,031	  	 	$	3,288,456	  	 	$	188,690	  	
Canadian and Canadian provincial governments	 	 	140,648	  	 	 	12,530	  	 	 	6,898	  	 	 	1,301	  	 	 	147,546	  	 	 	13,831	  	
Residential mortgage-backed securities	 	 	207,602	  	 	 	11,909	  	 	 	18,997	  	 	 	2,257	  	 	 	226,599	  	 	 	14,166	  	
Asset-backed securities	 	 	270,863	  	 	 	4,602	  	 	 	53,786	  	 	 	5,571	  	 	 	324,649	  	 	 	10,173	  	
Commercial mortgage-backed securities	 	 	188,153	  	 	 	6,565	  	 	 	22,435	  	 	 	5,968	  	 	 	210,588	  	 	 	12,533	  	
U.S. government and agencies	 	 	72,032	  	 	 	2,658	  	 	 	3,958	  	 	 	161	  	 	 	75,990	  	 	 	2,819	  	
State and political subdivisions	 	 	95,935	  	 	 	8,776	  	 	 	14,981	  	 	 	4,878	  	 	 	110,916	  	 	 	13,654	  	
Other foreign government, supranational, and foreign government-sponsored enterprises	 	 	644,427	  	 	 	17,479	  	 	 	10,589	  	 	 	1,153	  	 	 	655,016	  	 	 	18,632	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Investment grade securities	 	 	4,778,089	  	 	 	233,178	  	 	 	261,671	  	 	 	41,320	  	 	 	5,039,760	  	 	 	274,498	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Non-investment grade securities:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Corporate securities	 	 	311,613	  	 	 	12,155	  	 	 	42,024	  	 	 	7,957	  	 	 	353,637	  	 	 	20,112	  	
Residential mortgage-backed securities	 	 	53,633	  	 	 	1,068	  	 	 	2,254	  	 	 	457	  	 	 	55,887	  	 	 	1,525	  	
Asset-backed securities	 	 	29,043	  	 	 	467	  	 	 	30,901	  	 	 	6,841	  	 	 	59,944	  	 	 	7,308	  	
Commercial mortgage-backed securities	 	 	971	  	 	 	25	  	 	 	10,905	  	 	 	8,008	  	 	 	11,876	  	 	 	8,033	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Non-investment grade securities	 	 	395,260	  	 	 	13,715	  	 	 	86,084	  	 	 	23,263	  	 	 	481,344	  	 	 	36,978	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total fixed maturity securities	 	$	5,173,349	  	 	$	246,893	  	 	$	347,755	  	 	$	64,583	  	 	$	5,521,104	  	 	$	311,476	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Non-redeemable preferred stock	 	 	42,338	  	 	 	3,331	  	 	 	1	  	 	 	2	  	 	 	42,339	  	 	 	3,333	  	
Other equity securities	 	 	47,151	  	 	 	2,619	  	 	 	17,028	  	 	 	1,433	  	 	 	64,179	  	 	 	4,052	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Equity securities	 	$	89,489	  	 	$	5,950	  	 	$	17,029	  	 	$	1,435	  	 	$	106,518	  	 	$	7,385	  	

 	 	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	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
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	 	 	  	 	 	 	Year-to-Date	 	
 	 	Sept. 30,	 	 	June 30,	 	 	March 31,	 	 	Dec. 31,	 	 	Sept. 30,	 	 	vs. PY	 	 	  	 	 	 	Sept. 30,	 	 	Sept. 30,	 	 	 	 	
 	 	2013	 	 	2013	 	 	2013	 	 	2012	 	 	2012	 	 	Quarter	 	 	  	 	 	 	2013	 	 	2012	 	 	Change	 	
Fixed Maturity and Equity Securities:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Other-than-temporary impairment losses on fixed maturities	 	$	(391	) 	 	$	(9,803	) 	 	$	(202	) 	 	$	(4,346	) 	 	$	(1,996	) 	 	$	1,605	  	 	 	 	 	 	$	(10,396	) 	 	$	(11,562	) 	 	$	1,166	  	
Portion of loss recognized in accumulated other comprehensive income (before taxes)	 	 	59	  	 	 	(306	) 	 	 	—  	  	 	 	—  	  	 	 	(559	) 	 	 	618	  	 	 	 	 	 	 	(247	) 	 	 	(7,618	) 	 	 	7,371	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net other-than-temporary impairment losses on fixed maturities recognized in earnings	 	 	(332	) 	 	 	(10,109	) 	 	 	(202	) 	 	 	(4,346	) 	 	 	(2,555	) 	 	 	2,223	  	 	 	 	 	 	 	(10,643	) 	 	 	(19,180	) 	 	 	8,537	  	
Impairment losses on equity securities	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	 	 	 	 	—  	  	 	 	(3,025	) 	 	 	3,025	  	
Gain on investment activity	 	 	21,560	  	 	 	26,845	  	 	 	21,680	  	 	 	43,190	  	 	 	53,173	  	 	 	(31,613	) 	 	 	 	 	 	 	70,085	  	 	 	102,078	  	 	 	(31,993	) 	
Loss on investment activity	 	 	(30,434	) 	 	 	(6,760	) 	 	 	(11,212	) 	 	 	(4,384	) 	 	 	(6,668	) 	 	 	(23,766	) 	 	 	 	 	 	 	(48,406	) 	 	 	(23,090	) 	 	 	(25,316	) 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net gain/(loss) on fixed maturity and equity securities	 	 	(9,206	) 	 	 	9,976	  	 	 	10,266	  	 	 	34,460	  	 	 	43,950	  	 	 	(53,156	) 	 	 	 	 	 	 	11,036	  	 	 	56,783	  	 	 	(45,747	) 	
Other impairment losses and change in mortgage loan provision	 	 	233	  	 	 	125	  	 	 	(1,626	) 	 	 	(2,220	) 	 	 	(10,301	) 	 	 	10,534	  	 	 	 	 	 	 	(1,268	) 	 	 	(14,382	) 	 	 	13,114	  	
Other non-derivative gain/(loss), net	 	 	4,594	  	 	 	6,962	  	 	 	4,589	  	 	 	4,868	  	 	 	5,563	  	 	 	(969	) 	 	 	 	 	 	 	16,145	  	 	 	17,832	  	 	 	(1,687	) 	
Free-standing Derivatives:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Credit Default Swaps	 	 	10,805	  	 	 	2,428	  	 	 	3,904	  	 	 	3,523	  	 	 	7,819	  	 	 	2,986	  	 	 	 	 	 	 	17,137	  	 	 	14,838	  	 	 	2,299	  	
Interest Rate Swaps - non-hedged	 	 	(8,221	) 	 	 	(38,414	) 	 	 	(22,265	) 	 	 	(9,866	) 	 	 	(1,437	) 	 	 	(6,784	) 	 	 	 	 	 	 	(68,900	) 	 	 	24,553	  	 	 	(93,453	) 	
Interest Rate Swaps - hedged	 	 	(3	) 	 	 	31	  	 	 	(17	) 	 	 	(40	) 	 	 	(4	) 	 	 	1	  	 	 	 	 	 	 	11	  	 	 	(1	) 	 	 	12	  	
Futures	 	 	(1,139	) 	 	 	714	  	 	 	(6,881	) 	 	 	(9,932	) 	 	 	(3,977	) 	 	 	2,838	  	 	 	 	 	 	 	(7,306	) 	 	 	(10,312	) 	 	 	3,006	  	
CPI Swaps	 	 	(39	) 	 	 	(1,117	) 	 	 	(871	) 	 	 	1,543	  	 	 	422	  	 	 	(461	) 	 	 	 	 	 	 	(2,027	) 	 	 	(1,811	) 	 	 	(216	) 	
Equity options	 	 	(24,112	) 	 	 	(5,049	) 	 	 	(30,623	) 	 	 	(11,146	) 	 	 	(23,916	) 	 	 	(196	) 	 	 	 	 	 	 	(59,784	) 	 	 	(58,532	) 	 	 	(1,252	) 	
Currency Forwards	 	 	629	  	 	 	(2,958	) 	 	 	(5,659	) 	 	 	(5,070	) 	 	 	519	  	 	 	110	  	 	 	 	 	 	 	(7,988	) 	 	 	(574	) 	 	 	(7,414	) 	
Interest Rate Options	 	 	(2,375	) 	 	 	(7,980	) 	 	 	1,982	  	 	 	—  	  	 	 	—  	  	 	 	(2,375	) 	 	 	 	 	 	 	(8,373	) 	 	 	—  	  	 	 	(8,373	) 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total free-standing derivatives	 	 	(24,455	) 	 	 	(52,345	) 	 	 	(60,430	) 	 	 	(30,988	) 	 	 	(20,574	) 	 	 	(3,881	) 	 	 	 	 	 	 	(137,230	) 	 	 	(31,839	) 	 	 	(105,391	) 	
Embedded Derivatives:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Modified coinsurance and funds withheld treaties	 	 	(67,460	) 	 	 	47,716	  	 	 	90,258	  	 	 	74,054	  	 	 	54,836	  	 	 	(122,296	) 	 	 	 	 	 	 	70,514	  	 	 	40,955	  	 	 	29,559	  	
GMXB	 	 	19,829	  	 	 	35,809	  	 	 	51,314	  	 	 	30,588	  	 	 	2,579	  	 	 	17,250	  	 	 	 	 	 	 	106,952	  	 	 	74,025	  	 	 	32,927	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total embedded derivatives	 	 	(47,631	) 	 	 	83,525	  	 	 	141,572	  	 	 	104,642	  	 	 	57,415	  	 	 	(105,046	) 	 	 	 	 	 	 	177,466	  	 	 	114,980	  	 	 	62,486	  	
Net gain/(loss) on total derivatives	 	 	(72,086	) 	 	 	31,180	  	 	 	81,142	  	 	 	73,654	  	 	 	36,841	  	 	 	(108,927	) 	 	 	 	 	 	 	40,236	  	 	 	83,141	  	 	 	(42,905	) 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total investment related gains / (losses), net	 	$	(76,465	) 	 	$	48,243	  	 	$	94,371	  	 	$	110,762	  	 	$	76,053	  	 	$	(152,518	) 	 	 	 	 	 	$	66,149	  	 	$	143,374	  	 	$	(77,225	) 	

 
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