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 27, 2014
 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):

 	 	
r	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)	
r	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)	
r	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))	
r	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))	

 	
 	 	
Item 2.02	Results of Operations and Financial Condition.	
On October 27, 2014, Reinsurance Group of America, Incorporated (the “Company”) issued (1) a press release (the “Press Release”) announcing its earnings for the three-month period ended September 30, 2014, and providing certain additional information, a copy of which is furnished with this report as Exhibit 99.1, and (2) a Quarterly Financial Supplement for the quarter ended September 30, 2014, a copy of which is attached hereto as Exhibit 99.2. The Press Release also notes that a conference call will be held on October 28, 2014 to discuss the financial and operating results for the three-month period ended September 30, 2014. The Press Release and Quarterly Financial Supplement are furnished and are not filed pursuant to Instruction B.2 of Form 8-K.

 	
 	 	
Item 9.01	Financial Statements and Exhibits	
(d) Exhibits.

 	 	 	
 	 	 	
Exhibit No.	  	Exhibit	
99.1	  	Press Release of Reinsurance Group of America, Incorporated dated October 27, 2014	
 	 	
99.2	  	Quarterly Financial Supplement for the quarter ended September 30, 2014	

SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 	 	 	 	 	 	 	
 	 	 	 	 	 	 	
 	 	 	REINSURANCE GROUP OF AMERICA, INCORPORATED	
 	 	 	 	
Date: October 27, 2014	 	 	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 27, 2014	
 	 	
99.2	  	Quarterly Financial Supplement for the quarter ended September 30, 2014	

Exhibit 99.1

 PRESS RELEASE
REINSURANCE GROUP OF AMERICA REPORTS THIRD-QUARTER RESULTS

•	Earnings per diluted share: operating income* $2.31, net income $2.28	
 	 	
•	Net premiums rose seven percent quarter over quarter	
 	 	
•	Annualized third quarter and trailing 12 months' operating return on equity* 12 percent	
 	 	
•	EMEA and Asia Pacific operations post strong results; Global Financial Solutions (GFS) businesses continue to contribute meaningful earnings	
 	 	
•	Recently announced transactions consistent with our global acquisition and capital management strategies	

ST. LOUIS, October 27, 2014 - Reinsurance Group of America, Incorporated (NYSE: RGA), a leading global provider of life reinsurance, reported operating income* of $159.8 million, or $2.31 per diluted share, compared with $152.9 million, or $2.14 per diluted share, in the prior-year quarter. Net income totaled $158.0 million, or $2.28 per diluted share, compared with $138.0 million, or $1.93 per diluted share, in the prior-year quarter. The U.S. dollar was relatively stronger against most foreign currencies this quarter, resulting in a net adverse effect of $0.02 per share.

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Quarterly Results	 	Year-to-Date Results	
($ in thousands, except per share data)	 	2014	 	2013	 	2014	 	2013	
Net premiums	 	$	2,168,285	
 	 	$	2,026,180	
 	 	$	6,452,082	
 	 	$	6,041,029	
 	
Net income	 	157,996	
 	 	137,955	
 	 	492,956	
 	 	273,878	
 	
Net income per diluted share	 	2.28	
 	 	1.93	
 	 	7.03	
 	 	3.76	
 	
Operating income*	 	159,823	
 	 	152,887	
 	 	429,761	
 	 	203,937	
 	
Operating income per diluted share*	 	2.31	
 	 	2.14	
 	 	6.13	
 	 	2.80	
 	
Book value per share	 	97.28	
 	 	83.58	
 	 	 	 	 	
Book value per share (excl. Accumulated Other Comprehensive Income “AOCI”)*	 	75.44	
 	 	67.98	
 	 	 	 	 	
Total assets	 	42,910,363	
 	 	39,526,555	

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

Consolidated net premiums increased seven percent to $2.2 billion with foreign currency fluctuations in the aggregate not having a material effect. Investment income rose 21 percent to $447.1 million from $369.4 million in the year-earlier quarter, benefiting from a $35.9 million increase in the fair value of options contracts underlying equity-indexed annuities.

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Excluding spread-based businesses and the value of associated derivatives, investment income increased 13 percent over year-ago levels, including the effects of certain commercial mortgage loan prepayments
and a growing average invested asset base. The average investment yield was up five basis points to 4.80 percent over a year ago.

The effective tax rate on operating income was 31.9 percent this quarter, similar to last year’s third-quarter rate of 32.3 percent. During the current period, the company recognized income tax benefits associated with income in jurisdictions with lower tax rates than the U.S. statutory rate and other items. The estimated effective tax rate on operating income going forward is approximately 33 percent to 34 percent.

Greig Woodring, president and chief executive officer, commented, “We are pleased to report strong operating results this quarter, as our diversified source of earnings by geography and product line continues to serve us well. Operating income rose to $159.8 million, or $2.31 per diluted share, premiums grew seven percent over the prior-year period and our annualized operating return on equity exceeded 12 percent this quarter. The trends in the quarter and nine months were fairly consistent in that our international segments and the non-traditional business generated by Global Financial Solutions (GFS) produced very strong results, while the North American Traditional business has faced a period of higher claims. The nature of our business is such that we periodically experience volatility in claims in certain lines of business, but our global business model and diversified product base continue to deliver strong overall results. We are encouraged by the results overall and continue to be optimistic about future opportunities. We also are encouraged by the diversification benefits of our global business, which is paying off in terms of both top- and bottom-line results

“Regarding capital management, we have demonstrated a balanced approach toward deploying some excess capital into the business while also returning capital to shareholders. Our business generates sufficient capital to support our organic growth, with excess capital deployed into attractive block transactions and also returned to shareholders through share repurchases and dividends. In terms of block transactions, we announced a mortality transaction with Voya Financial during the quarter, and the acquisition of Aurora National Life Assurance Company last week. We repurchased approximately 263,000 shares for $20.9 million during the quarter, and have repurchased 2.5 million shares year to date, at an average price of $78.11 per share.  At September 30, we had repurchased $197.7 million in shares under our current $300 million stock repurchase authorization, leaving $102.3 million of remaining capacity. Our excess capital position exceeds $600 million. Ending book value per share this quarter was $97.28, including AOCI, and increased $1.90 during the third quarter to $75.44, excluding AOCI.”

SEGMENT RESULTS

U.S. and Latin America

Traditional

The U.S. and Latin America Traditional segment reported pre-tax operating income of $78.9 million, a decrease from $90.3 million in the third quarter last year, due to somewhat elevated claims experience versus a more normal period a year ago. In this quarter, individual mortality reported higher frequency and modestly higher large claims, and adverse experience in the group line as well. Traditional net

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premiums rose four percent to $1,171.9 million from $1,124.2 million a year ago, with growth in all
traditional product lines. Pre-tax net income totaled $77.8 million for the quarter, compared with $85.0 million in the third quarter of 2013.

Non-Traditional

The Asset Intensive business reported very strong results with pre-tax operating income totaling $58.0 million compared with $38.0 million last year. The better-than-expected results benefited from prepayment fees of $8.4 million associated with certain commercial mortgage loans, and from favorable net interest rate spread performance, as well as overall experience on fixed and equity-indexed annuities. Pre-tax net income increased to $63.8 million from $9.8 million a year ago, reflecting changes in the fair value of certain embedded derivatives and realized capital gains, net of DAC offsets, as well as favorable effects cited above.

The Financial Reinsurance business continued to benefit from a growing book of treaties and a resulting trend of strong fee generation, and contributed pre-tax operating income of $13.8 million, up from $11.5 million last year. Pre-tax net income totaled $13.7 million this quarter and $11.2 million in the prior-year period.

Canada

Canadian operations reported pre-tax operating income of $25.7 million this quarter, down from $36.0 million in the prior-year period, primarily attributable to adverse individual mortality claims experience, particularly with large claims exceeding $1 million. Additionally, a relatively weaker Canadian dollar adversely affected pre-tax operating income by approximately $1.6 million for the quarter. Reported net premiums increased four percent over the prior-year quarter and totaled $245.1 million. In Canadian dollars, premiums rose nine percent. Pre-tax net income totaled $25.0 million compared with $41.9 million in the third quarter of 2013.

Europe, Middle East and Africa (EMEA)

Pre-tax operating income in EMEA increased 15 percent to $44.0 million versus last year’s $38.3 million, with favorable claims experience in substantially all markets, particularly in the U.K. and South Africa. GFS transactions also contributed significantly to results in both third quarters. Additionally, net foreign currency fluctuations improved pre-tax operating income by approximately $2.1 million. Net reported premiums increased 14 percent and totaled $346.5 million, compared with $303.3 million last year. Original currency premiums increased nine percent over the prior-year level. Pre-tax net income totaled $45.2 million versus $40.0 million in the year-ago quarter.

Asia Pacific

Asia Pacific pre-tax operating income exceeded expectations, totaling $27.4 million, contrasted with $14.3 million in the prior-year quarter. Most regions posted strong operating performances, especially in Hong Kong & Southeast Asia and Japan. Results from operations in Australia were again modestly above breakeven this period. Premiums in Australia were slightly higher compared with the third quarter of 2013, reflecting the net effect of rate increases on certain treaties offset in part by the expiration of others. Segment-wide reported net premiums rose 12 percent to $399.4 million from $357.9 million in the prior-year period, with strong growth in most areas other than Australia.
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Local currency premiums increased 11 percent, mainly due to a continued re-acceleration in Japan
and South Korea. Foreign currency fluctuations adversely affected pre-tax operating income by approximately $1.1 million this quarter. Pre-tax net income totaled $20.4 million compared with $18.8 million in last year’s third quarter. RGA’s primary operating subsidiary, RGA Reinsurance Company, received a long-awaited approval to operate a branch office in Shanghai, China. The company is excited to offer its robust range of services and innovative solutions to the Chinese insurance market.

Corporate and Other

The Corporate and Other segment reported pre-tax operating losses of $13.2 million and $2.7 million for the third quarter of 2014 and 2013, respectively. Current-quarter expenses were higher, primarily due to interest expense associated with senior notes that were issued near the end of the third quarter of 2013 and higher incentive-based compensation expenses. This segment reported a pre-tax net loss of $14.2 million this quarter compared with $4.7 million in the prior-year period.

Dividend Declaration

The board of directors declared a regular quarterly dividend of $0.33, payable November 28 to shareholders of record as of November 7.

Earnings Conference Call

A conference call to discuss third-quarter results will begin at 9 a.m. Eastern Time on Tuesday, October 28. Interested parties may access the call by dialing 877-627-6581 (domestic) or 719-325-4807 (international). The access code is 7868913. 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 5 at 888-203-1112 (domestic) or 719-457-0820 (international), access code 7868913.

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

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

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

About RGA

Reinsurance Group of America, Incorporated is among the largest global providers of life reinsurance, with operations in Australia, Barbados, Bermuda, Canada, China, France, Germany, Hong Kong, India, Ireland, Italy, Japan, Malaysia, Mexico, the Netherlands, New Zealand, Poland, Singapore, South Africa, South Korea, Spain, Taiwan, Turkey, the United Arab Emirates, the United Kingdom and the United States. Worldwide, the company has approximately $2.9 trillion of life reinsurance in force, and assets of $42.9 billion.

Cautionary Statement Regarding Forward-looking Statements

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

Numerous important factors could cause actual results and events to differ materially from those expressed or implied by forward-looking statements including, without limitation, (1) adverse capital and credit market conditions and their impact on the Company’s liquidity, access to capital and cost
of capital, (2) the impairment of other financial institutions and its effect on the Company’s business,
(3) requirements to post collateral or make payments due to declines in market value of assets subject to the Company’s collateral arrangements, (4) the fact that the determination of allowances and impairments taken on the Company’s investments is highly subjective, (5) adverse changes in mortality, morbidity, lapsation or claims experience, (6) changes in the Company’s financial strength

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and credit ratings and the effect of such changes on the Company’s future results of operations and financial condition, (7) inadequate risk analysis and underwriting, (8) general economic conditions or a prolonged economic downturn affecting the demand for insurance and reinsurance in the Company’s current and planned markets, (9) the availability and cost of collateral necessary for regulatory reserves and capital, (10) market or economic conditions that adversely affect the value of the Company’s investment securities or result in the impairment of all or a portion of the value of certain of the Company’s investment securities, that in turn could affect regulatory capital, (11) market or economic conditions that adversely affect the Company’s ability to make timely sales of investment securities, (12) risks inherent in the Company’s risk management and investment strategy, including changes in investment portfolio yields due to interest rate or credit quality changes, (13) fluctuations in U.S. or foreign currency exchange rates, interest rates, or securities and real estate markets, (14) adverse litigation or arbitration results, (15) the adequacy of reserves, resources and accurate information relating to settlements, awards and terminated and discontinued lines of business, (16) the stability of and actions by governments and economies in the markets in which the Company operates, including ongoing uncertainties regarding the amount of United States sovereign debt and the credit ratings thereof, (17) competitive factors and competitors’ responses to the Company’s initiatives, (18) the success of the Company’s clients, (19) successful execution of the Company’s entry into new markets, (20) successful development and introduction of new products and distribution opportunities, (21) the Company’s ability to successfully integrate and operate reinsurance business that the Company acquires, (22) action by regulators who have authority over the Company’s reinsurance operations in the jurisdictions in which it operates, (23) the Company’s dependence on third parties, including those insurance companies and reinsurers to which the Company cedes some reinsurance, third-party investment managers and others, (24) the threat of natural disasters, catastrophes, terrorist attacks, epidemics or pandemics anywhere in the world where the Company or its clients do business, (25) interruption or failure of the Company’s telecommunication, information technology or other operational systems, or the Company’s failure to maintain adequate security to protect the confidentiality or privacy of personal or sensitive data stored on such systems, (26) changes in laws, regulations, and accounting standards applicable to the Company, its subsidiaries, or its business, (27) the effect of the Company’s status as an insurance holding company and regulatory restrictions on its ability to pay principal of and interest on its debt obligations, and (28) other risks and uncertainties described in this document and in the Company’s other filings with the SEC.

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

Investor Contact
Jeff Hopson
Senior Vice President - Investor Relations
(636) 736-7000

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

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(Unaudited)	Three Months Ended 
 September 30,	 	Nine Months Ended 
 September 30,	
 	2014	 	2013	 	2014	 	2013	
GAAP net income	$	157,996	
 	 	$	137,955	
 	 	$	492,956	
 	 	$	273,878	
 	
Reconciliation to operating income:	 	 	 	 	 	 	 	
Capital (gains) losses, derivatives and other, included in investment related (gains) losses, net	(5,517	)	 	19,174	
 	 	(49,344	)	 	74,334	
 	
Capital (gains) losses on funds withheld, included in investment income	(3,576	)	 	2,252	
 	 	(7,699	)	 	(6,694	)	
Embedded derivatives:	 	 	 	 	 	 	 	
Included in investment related (gains) losses, net	(6,067	)	 	30,960	
 	 	(88,767	)	 	(115,353	)	
Included in interest credited	(269	)	 	(19,690	)	 	(38	)	 	(53,147	)	
DAC offset, net	17,238	
 	 	(17,764	)	 	82,635	
 	 	61,148	
 	
Non-investment derivatives	18	
 	 	—	
 	 	18	
 	 	—	
 	
Gain on repurchase of collateral finance facility securities	—	
 	 	—	
 	 	—	
 	 	(30,229	)	
Operating income	$	159,823	
 	 	$	152,887	
 	 	$	429,761	
 	 	$	203,937	

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

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(Unaudited)	Three Months Ended 
 September 30,	 	Nine Months Ended 
 September 30,	
 	2014	 	2013	 	2014	 	2013	
Income before income taxes	$	231,815	
 	 	$	201,695	
 	 	$	731,790	
 	 	$	405,764	
 	
Reconciliation to pre-tax operating income:	 	 	 	 	 	 	 	
Capital (gains) losses, derivatives and other, included in investment related (gains) losses, net	(8,413	)	 	30,513	
 	 	(72,855	)	 	116,412	
 	
Capital (gains) losses on funds withheld, included in investment income	(5,501	)	 	3,465	
 	 	(11,844	)	 	(10,299	)	
Embedded derivatives:	 	 	 	 	 	 	 	
Included in investment related (gains) losses, net	(9,333	)	 	47,631	
 	 	(136,565	)	 	(177,466	)	
Included in interest credited	(415	)	 	(30,292	)	 	(59	)	 	(81,764	)	
DAC offset, net	26,521	
 	 	(27,330	)	 	127,132	
 	 	94,074	
 	
Non-investment derivatives	28	
 	 	—	
 	 	28	
 	 	—	
 	
Gain on repurchase of collateral finance facility securities	—	
 	 	—	
 	 	—	
 	 	(46,506	)	
Pre-tax operating income	$	234,702	
 	 	$	225,682	
 	 	$	637,627	
 	 	$	300,215	

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

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(Unaudited)	Three Months Ended September 30, 2014	
 	Pre-tax net income (loss)	 	Capital
(gains) losses,
derivatives
and other, net	 	Change in
value of
embedded
derivatives, net	 	Pre-tax
operating
income (loss)	
U.S. and Latin America Operations:	 	 	 	 	 	 	 	
Traditional	$	77,833	
 	 	$	1,414	
 	 	$	(322	)	 	$	78,925	
 	
Non-Traditional:	 	 	 	 	 	 	 	
Asset Intensive	63,796	
 	 	54,500	
 	(1) 	(60,320	)	(2) 	57,976	
 	
Financial Reinsurance	13,704	
 	 	100	
 	 	—	
 	 	13,804	
 	
Total U.S. and Latin America	155,333	
 	 	56,014	
 	 	(60,642	)	 	150,705	
 	
Canada Operations	25,044	
 	 	692	
 	 	—	
 	 	25,736	
 	
Europe, Middle East and Africa	45,176	
 	 	(1,196	)	 	—	
 	 	43,980	
 	
Asia Pacific Operations	20,413	
 	 	7,031	
 	 	—	
 	 	27,444	
 	
Corporate and Other	(14,151	)	 	988	
 	 	—	
 	 	(13,163	)	
Consolidated	$	231,815	
 	 	$	63,529	
 	 	$	(60,642	)	 	$	234,702	

(1)	Asset Intensive is net of $77,415 DAC offset.	
 	 	
(2)	Asset Intensive is net of $(50,894) DAC offset.	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(Unaudited)	Three Months Ended September 30, 2013	
 	Pre-tax net income (loss)	 	Capital
(gains) losses,
derivatives
and other, net	 	Change in
value of
embedded
derivatives, net	 	Pre-tax
operating
income (loss)	
U.S. and Latin America Operations:	 	 	 	 	 	 	 	
Traditional	$	85,038	
 	 	$	6,492	
 	 	$	(1,243	)	 	$	90,287	
 	
Non-Traditional:	 	 	 	 	 	 	 	
Asset Intensive	9,849	
 	 	31,916	
 	(1) 	(3,719	)	(2) 	38,046	
 	
Financial Reinsurance	11,202	
 	 	321	
 	 	—	
 	 	11,523	
 	
Total U.S. and Latin America	106,089	
 	 	38,729	
 	 	(4,962	)	 	139,856	
 	
Canada Operations	41,869	
 	 	(5,896	)	 	—	
 	 	35,973	
 	
Europe, Middle East and Africa	39,664	
 	 	(1,323	)	 	—	
 	 	38,341	
 	
Asia Pacific Operations	18,779	
 	 	(4,521	)	 	—	
 	 	14,258	
 	
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.	
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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
Reconciliation of Pre-tax Net Income to Pre-tax Operating Income
(Dollars in thousands)

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(Unaudited)	Nine Months Ended September 30, 2014	
 	Pre-tax net income (loss)	 	Capital
(gains) losses,
derivatives
and other, net	 	Change in
value of
embedded
derivatives, net	 	Pre-tax
operating
income (loss)	
U.S. and Latin America Operations:	 	 	 	 	 	 	 	
Traditional	$	222,793	
 	 	$	(8,777	)	 	$	2,066	
 	 	$	216,082	
 	
Non-Traditional:	 	 	 	 	 	 	 	
Asset Intensive	216,208	
 	 	12,448	
 	(1) 	(85,648	)	(2) 	143,008	
 	
Financial Reinsurance	39,890	
 	 	(51	)	 	—	
 	 	39,839	
 	
Total U.S. and Latin America	478,891	
 	 	3,620	
 	 	(83,582	)	 	398,929	
 	
Canada Operations	80,128	
 	 	(1,543	)	 	—	
 	 	78,585	
 	
Europe, Middle East and Africa	121,703	
 	 	(19,066	)	 	—	
 	 	102,637	
 	
Asia Pacific Operations	81,652	
 	 	(223	)	 	—	
 	 	81,429	
 	
Corporate and Other	(30,584	)	 	6,631	
 	 	—	
 	 	(23,953	)	
Consolidated	$	731,790	
 	 	$	(10,581	)	 	$	(83,582	)	 	$	637,627	

(1)	Asset Intensive is net of $74,090 DAC offset.	
 	 	
(2)	Asset Intensive is net of $53,042 DAC offset.	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(Unaudited)	Nine Months Ended September 30, 2013	
 	Pre-tax net
income (loss)	 	Capital (gains) losses, derivatives and other, net	 	Change in value of embedded derivatives, net	 	Gain on debt
repurchase	 	Pre-tax
operating
income
(loss)	
U.S. and Latin America Operations:	 	 	 	 	 	 	 	 	 	
Traditional	$	254,794	
 	 	$	(3,081	)	 	$	(2,690	)	 	$	—	
 	 	$	249,023	
 	
Non-Traditional:	 	 	 	 	 	 	 	 	 	
Asset Intensive	168,581	
 	 	95,303	
 	(1) 	(140,012	)	(2) 	—	
 	 	123,872	
 	
Financial Reinsurance	31,030	
 	 	387	
 	 	—	
 	 	—	
 	 	31,417	
 	
Total U.S. and Latin America	454,405	
 	 	92,609	
 	 	(142,702	)	 	—	
 	 	404,312	
 	
Canada Operations	113,836	
 	 	(13,297	)	 	—	
 	 	—	
 	 	100,539	
 	
Europe, Middle East and Africa	62,576	
 	 	(3,535	)	 	—	
 	 	—	
 	 	59,041	
 	
Asia Pacific Operations	(250,324	)	 	5,007	
 	 	—	
 	 	—	
 	 	(245,317	)	
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.	
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Add Nine
REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
Per Share and Shares Data
(In thousands, except per share data)

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(Unaudited)	Three Months Ended 
 September 30,	 	Nine Months Ended 
 September 30,	
 	2014	 	2013	 	2014	 	2013	
Diluted earnings per share from operating income	$	2.31	
 	 	$	2.14	
 	 	$	6.13	
 	 	$	2.80	
 	
Earnings per share from net income:	 	 	 	 	 	 	 	
Basic earnings per share	$	2.30	
 	 	$	1.95	
 	 	$	7.10	
 	 	$	3.79	
 	
Diluted earnings per share	$	2.28	
 	 	$	1.93	
 	 	$	7.03	
 	 	$	3.76	
 	
Weighted average number of common and common equivalent shares outstanding	69,335	
 	 	71,391	
 	 	70,101	
 	 	72,840	

 	
 	 	 	 	 	 	 	 	
(Unaudited)	At or for the Nine Months
Ended September 30,	
 	2014	 	2013	
Treasury shares	10,472	
 	 	8,595	
 	
Common shares outstanding	68,666	
 	 	70,543	
 	
Book value per share outstanding	$	97.28	
 	 	$	83.58	
 	
Book value per share outstanding, before impact of AOCI	$	75.44	
 	 	$	67.98	

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

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(Unaudited)	Three Months Ended 
 September 30,	 	Nine Months Ended 
 September 30,	
 	2014	 	2013	 	2014	 	2013	
Revenues:	 	 	 	 	 	 	 	
Net premiums	$	2,168,285	
 	 	$	2,026,180	
 	 	$	6,452,082	
 	 	$	6,041,029	
 	
Investment income, net of related expenses	447,106	
 	 	369,366	
 	 	1,262,088	
 	 	1,238,731	
 	
Investment related gains (losses), net:	 	 	 	 	 	 	 	
Other-than-temporary impairments on fixed maturity securities	(246	)	 	(391	)	 	(1,419	)	 	(10,396	)	
Other-than-temporary impairments on fixed maturity securities transferred to (from) accumulated other comprehensive income	—	
 	 	59	
 	 	—	
 	 	(247	)	
Other investment related gains (losses), net	22,564	
 	 	(76,133	)	 	226,835	
 	 	76,792	
 	
Total investment related gains (losses), net	22,318	
 	 	(76,465	)	 	225,416	
 	 	66,149	
 	
Other revenue	78,879	
 	 	70,734	
 	 	267,195	
 	 	235,650	
 	
Total revenues	2,716,588	
 	 	2,389,815	
 	 	8,206,781	
 	 	7,581,559	
 	
Benefits and expenses:	 	 	 	 	 	 	 	
Claims and other policy benefits	1,855,037	
 	 	1,714,899	
 	 	5,540,599	
 	 	5,434,383	
 	
Interest credited	120,952	
 	 	59,939	
 	 	347,508	
 	 	303,767	
 	
Policy acquisition costs and other insurance expenses	336,411	
 	 	268,081	
 	 	1,100,658	
 	 	995,943	
 	
Other operating expenses	133,737	
 	 	111,672	
 	 	372,135	
 	 	344,581	
 	
Interest expense	36,065	
 	 	30,831	
 	 	106,360	
 	 	89,235	
 	
Collateral finance facility expense	2,571	
 	 	2,698	
 	 	7,731	
 	 	7,886	
 	
Total benefits and expenses	2,484,773	
 	 	2,188,120	
 	 	7,474,991	
 	 	7,175,795	
 	
Income (loss) before income taxes	231,815	
 	 	201,695	
 	 	731,790	
 	 	405,764	
 	
Income tax expense	73,819	
 	 	63,740	
 	 	238,834	
 	 	131,886	
 	
Net income	$	157,996	
 	 	$	137,955	
 	 	$	492,956	
 	 	$	273,878	
 	
# # #

Exhibit 99.2

Financial Supplement
Third Quarter 2014
(Unaudited)

World Headquarters	  	Internet address	 	Contacts:	
1370 Timberlake Manor Parkway	  	www.rgare.com	 	Jack B. Lay	
Chesterfield, Missouri 63017 U.S.A.	  	 	 	Senior Executive Vice President	
 	 	 	 	and Chief Financial Officer	
 	 	 	 	Phone: (636) 736-7000	
 	 	 	 	e-mail: jlay@rgare.com	
 	 	 	 	 	
 	 	 	 	Jeff Hopson	
 	 	 	 	Sr. Vice President, Investor Relations	
 	 	 	 	Phone: (636) 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	
RGA Americas Reinsurance Company, Ltd.	 	AA-	 	A+	 	NR	
RGA Atlantic Reinsurance Company Ltd.	 	NR	 	A+	 	NR	
Senior Debt Ratings	 	 	 	 	 	 	
Reinsurance Group of America, Incorporated	 	A-	 	a-	 	Baa1	
Our common stock is traded on the New York Stock Exchange under the symbol “RGA”.

 

Reinsurance Group of America, Incorporated
Financial Supplement
3rd Quarter 2014
Table of Contents

 	 	
 	Page	
Non-GAAP Disclosure	1	
 	 	
2014 Notes	2	
 	 	
Consolidated	 	
 	 	
Financial Highlights	3	
 	 	
Consolidated Income Statement (incl. Operating Income Reconciliation)	4	
 	 	
Consolidated Operating Income Statement	5	
 	 	
Consolidated Balance Sheets	6	
 	 	
Segment Pre-tax Operating Income Summaries and Reconciliations to U.S. GAAP	 	
 	 	
U.S. and Latin America Operations	7	
 	 	
Canada Operations	11	
 	 	
Europe, Middle East & Africa Operations	12	
 	 	
Asia Pacific Operations	13	
 	 	
Corporate and Other	14	
 	 	
Summary of Pre-tax Segment Operating Income	15	
 	 	
Investments	 	
 	 	
Cash and Invested Assets, Yield Summary	16	
 	 	
Amortized Cost, Gross Unrealized Gains and Losses, Estimated Fair Values of Fixed Maturity and Equity Securities	17	
 	 	
Corporate Securities by Sector (Fixed Maturities and Equities)	18	
 	 	
Quality of Fixed Maturity Securities and Structured Fixed Maturity Securities	19	
 	 	
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 ("RGA") with the SEC.
Non-GAAP Disclosures
RGA uses a non-GAAP financial measure called operating income as a basis for analyzing financial results. This measure also serves as a basis for establishing target levels and awards under RGA’s management incentive programs. Management believes that operating income, on a pre-tax and after-tax basis, better measures the ongoing profitability and underlying trends of the company’s continuing operations, primarily because that measure excludes substantially all of the effect of net investment related gains and losses, as well as changes in the fair value of certain embedded derivatives and related deferred acquisition costs. These items can be volatile, primarily due to the credit market and interest rate environment and are not necessarily indicative of the performance of the company’s underlying businesses. Additionally, operating income excludes any net gain or loss from discontinued operations, the cumulative effect of any accounting changes, and other items that management believes are not indicative of the company’s ongoing operations. The definition of operating income can vary by company and is not considered a substitute for GAAP net income. A reconciliation of income before income taxes of the operating segments to pre-tax operating income (loss) is presented herein.
RGA evaluates its stockholder equity position excluding the impact of Accumulated Other Comprehensive Income (“AOCI”) since the net unrealized gains or losses included in AOCI primarily relate to changes in interest rates, credit spreads on its investment securities and foreign currency fluctuations that are not permanent and can fluctuate significantly from period to period.
Additionally, RGA uses a non-GAAP financial measure called operating return on equity, which is calculated as operating income divided by average shareholders’
equity excluding AOCI.

                                        

 	 	Page 1

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

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

 

                                        

 	 	Page 2

Reinsurance Group of America, Incorporated
Financial Highlights (1)	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	Current Qtr vs. PY Quarter	 	 	 	Year-to Date	 	
(USD thousands, except inforce & per share data)	 	Sept. 30,	 	June 30,	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	 	 	 	 	Sept. 30,	 	Sept. 30,	 	 	 	 	 	 	
 	 	2014	 	2014	 	2014	 	2013	 	2013	 	 	 	 	 	2014	 	2013	 	Change	 	 	 	 	 	 	
Net premiums	 	$	2,168,285	
 	 	$	2,183,160	
 	 	$	2,100,637	
 	 	$	2,212,998	
 	 	$	2,026,180	
 	 	$	142,105	
 	 	 	 	$	6,452,082	
 	 	$	6,041,029	
 	 	$	411,053	
 	 	 	 	 	 	 	
Net income	 	157,996	
 	 	198,296	
 	 	136,664	
 	 	144,959	
 	 	137,955	
 	 	20,041	
 	 	 	 	492,956	
 	 	273,878	
 	 	219,078	
 	 	 	 	 	 	 	
Operating income	 	159,823	
 	 	155,131	
 	 	114,807	
 	 	154,509	
 	 	152,887	
 	 	6,936	
 	 	 	 	429,761	
 	 	203,937	
 	 	225,824	
 	 	 	 	 	 	 	
Operating return on equity (ex AOCI) -	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
annualized	 	12.5	%	 	12.4	%	 	9.3	%	 	12.7	%	 	12.9	%	 	(0.4	)%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
trailing 12 months	 	11.7	%	 	11.8	%	 	7.2	%	 	7.4	%	 	8.1	%	 	3.6	 %	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total assets	 	42,910,363	
 	 	43,171,051	
 	 	40,541,581	
 	 	39,674,473	
 	 	39,526,555	
 	 	3,383,808	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Assumed Life Reinsurance in Force (in billions)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
U.S. and Latin America Traditional	 	$	1,387.2	
 	 	$	1,393.1	
 	 	$	1,393.2	
 	 	$	1,397.0	
 	 	$	1,400.4	
 	 	$	(13.2	)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
U.S. and Latin America Non-Traditional	 	2.2	
 	 	2.2	
 	 	2.2	
 	 	2.2	
 	 	2.2	
 	 	—	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Canada	 	383.9	
 	 	395.8	
 	 	376.7	
 	 	386.4	
 	 	391.1	
 	 	(7.2	)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Europe, Middle East and Africa	 	573.0	
 	 	626.1	
 	 	587.6	
 	 	556.7	
 	 	555.1	
 	 	17.9	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Asia Pacific	 	577.2	
 	 	617.2	
 	 	595.6	
 	 	547.6	
 	 	555.0	
 	 	22.2	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Life Reinsurance in Force	 	$	2,923.5	
 	 	$	3,034.4	
 	 	$	2,955.3	
 	 	$	2,889.9	
 	 	$	2,903.8	
 	 	$	19.7	

 	 	

 	
 	 	 	 	 	 	 	
Assumed New Business Production (in billions)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
U.S. and Latin America Traditional	 	$	16.6	
 	 	$	21.8	
 	 	$	20.4	
 	 	$	21.1	
 	 	$	22.3	
 	 	$	(5.7	)	 	 	 	$	58.8	
 	 	$	74.5	
 	 	$	(15.7	)	 	 	 	 	 	 	
U.S. and Latin America Non-Traditional	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	 	 	—	
 	 	—	
 	 	—	
 	 	 	 	 	 	 	
Canada	 	11.6	
 	 	10.4	
 	 	12.4	
 	 	10.4	
 	 	11.6	
 	 	—	
 	 	 	 	34.4	
 	 	35.6	
 	 	(1.2	)	 	 	 	 	 	 	
Europe, Middle East and Africa	 	22.5	
 	 	67.7	
 	 	46.5	
 	 	24.6	
 	 	21.4	
 	 	1.1	
 	 	 	 	136.7	
 	 	81.6	
 	 	55.1	
 	 	 	 	 	 	 	
Asia Pacific	 	21.1	
 	 	18.5	
 	 	19.6	
 	 	22.8	
 	 	36.3	
 	 	(15.2	)	 	 	 	59.2	
 	 	99.8	
 	 	(40.6	)	 	 	 	 	 	 	
Total New Business Production	 	$	71.8	
 	 	$	118.4	
 	 	$	98.9	
 	 	$	78.9	
 	 	$	91.6	
 	 	$	(19.8	)	 	 	 	$	289.1	
 	 	$	291.5	
 	 	$	(2.4	)	 	 	 	 	 	 	
Per Share and Shares Data	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic earnings per share	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	 	$	2.30	
 	 	$	2.87	
 	 	$	1.94	
 	 	$	2.05	
 	 	$	1.95	
 	 	$	0.35	
 	 	 	 	$	7.10	
 	 	$	3.79	
 	 	$	3.31	
 	 	 	 	 	 	 	
Operating income	 	$	2.33	
 	 	$	2.25	
 	 	$	1.63	
 	 	$	2.19	
 	 	$	2.16	
 	 	$	0.17	
 	 	 	 	$	6.19	
 	 	$	2.82	
 	 	$	3.37	
 	 	 	 	 	 	 	
Diluted earnings per share	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	 	$	2.28	
 	 	$	2.84	
 	 	$	1.92	
 	 	$	2.03	
 	 	$	1.93	
 	 	$	0.35	
 	 	 	 	$	7.03	
 	 	$	3.76	
 	 	$	3.27	
 	 	 	 	 	 	 	
Operating income	 	$	2.31	
 	 	$	2.23	
 	 	$	1.61	
 	 	$	2.17	
 	 	$	2.14	
 	 	$	0.17	
 	 	 	 	$	6.13	
 	 	$	2.80	
 	 	$	3.33	

Wgt. average common shares outstanding	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(basic)	 	68,642	
 	 	69,076	
 	 	70,574	
 	 	70,650	
 	 	70,865	
 	 	(2,223	)	 	 	 	69,426	
 	 	72,342	
 	 	(2,916	)	 	 	 	 	 	 	
(diluted)	 	69,335	
 	 	69,718	
 	 	71,264	
 	 	71,332	
 	 	71,391	
 	 	(2,056	)	 	 	 	70,101	
 	 	72,840	
 	 	(2,739	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Common shares issued	 	79,138	
 	 	79,138	
 	 	79,138	
 	 	79,138	
 	 	79,138	
 	 	—	
 	 	 	 	79,138	
 	 	79,138	
 	 	—	
 	 	 	 	 	 	 	
Treasury shares	 	10,472	
 	 	10,328	
 	 	9,624	
 	 	8,370	
 	 	8,595	
 	 	1,877	
 	 	 	 	10,472	
 	 	8,595	
 	 	1,877	
 	 	 	 	 	 	 	
Common shares outstanding	 	68,666	
 	 	68,810	
 	 	69,514	
 	 	70,768	
 	 	70,543	
 	 	(1,877	)	 	 	 	68,666	
 	 	70,543	
 	 	(1,877	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Book value per share	 	$	97.28	
 	 	$	97.21	
 	 	$	89.92	
 	 	$	83.87	
 	 	$	83.58	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Per share effect of accumulated other	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
comprehensive income (AOCI)	 	$	21.84	
 	 	$	23.67	
 	 	$	18.41	
 	 	$	14.21	
 	 	$	15.60	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Book value per share, excluding AOCI	 	$	75.44	
 	 	$	73.54	
 	 	$	71.51	
 	 	$	69.66	
 	 	$	67.98	

Shareholder dividends paid	 	$	22,632.1	
 	 	$	20,711.1	
 	 	$	21,243.6	
 	 	$	21,177.3	
 	 	$	21,296.2	
 	 	$	1,335.9	
 	 	 	 	$	64,586.8	
 	 	$	56,464.8	
 	 	$	8,122.0	
 	 	 	 	 	 	 	
(1) The company realigned certain operations and management responsibilities to better fit within its geographic-based segments. Mexico and Latin America operations were moved from Europe & South Africa to the U.S. segment, which has been renamed U.S. and Latin America. India operations have been moved from Europe & South Africa to the Asia Pacific segment. Europe & South Africa has been renamed Europe, Middle East and Africa. Prior-period figures have been adjusted to conform to the new reporting alignment.

                                        

 	 	Page 3

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)	 	2014	 	2014	 	2014	 	2013	 	2013	 	Quarter	 	 	 	2014	 	2013	 	Change	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	2,168,285	
 	 	$	2,183,160	
 	 	$	2,100,637	
 	 	$	2,212,998	
 	 	$	2,026,180	
 	 	$	142,105	
 	 	 	 	$	6,452,082	
 	 	$	6,041,029	
 	 	$	411,053	
 	
Investment income, net of related expenses	 	447,106	
 	 	410,607	
 	 	404,375	
 	 	461,134	
 	 	369,366	
 	 	77,740	
 	 	 	 	1,262,088	
 	 	1,238,731	
 	 	23,357	
 	
Investment related gains (losses), net	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
OTTI on fixed maturity securities	 	(246	)	 	(870	)	 	(303	)	 	(2,258	)	 	(391	)	 	145	
 	 	 	 	(1,419	)	 	(10,396	)	 	8,977	
 	
OTTI on fixed maturity securities transferred	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
to/from AOCI	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	59	
 	 	(59	)	 	 	 	—	
 	 	(247	)	 	247	
 	
Other investment related gains (losses), net	 	22,564	
 	 	119,397	
 	 	84,874	
 	 	99	
 	 	(76,133	)	 	98,697	
 	 	 	 	226,835	
 	 	76,792	
 	 	150,043	
 	
Total investment related gains (losses), net	 	22,318	
 	 	118,527	
 	 	84,571	
 	 	(2,159	)	 	(76,465	)	 	98,783	
 	 	 	 	225,416	
 	 	66,149	
 	 	159,267	
 	
Other revenue	 	78,879	
 	 	120,726	
 	 	67,590	
 	 	64,821	
 	 	70,734	
 	 	8,145	
 	 	 	 	267,195	
 	 	235,650	
 	 	31,545	
 	
Total revenues	 	2,716,588	
 	 	2,833,020	
 	 	2,657,173	
 	 	2,736,794	
 	 	2,389,815	
 	 	326,773	
 	 	 	 	8,206,781	
 	 	7,581,559	
 	 	625,222	
 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	

Claims and other policy benefits	 	1,855,037	
 	 	1,841,885	
 	 	1,843,677	
 	 	1,869,949	
 	 	1,714,899	
 	 	140,138	
 	 	 	 	5,540,599	
 	 	5,434,383	
 	 	106,216	
 	
Interest credited	 	120,952	
 	 	115,962	
 	 	110,594	
 	 	172,747	
 	 	59,939	
 	 	61,013	
 	 	 	 	347,508	
 	 	303,767	
 	 	43,741	
 	
Policy acquisition costs and other insurance expenses	 	336,411	
 	 	409,374	
 	 	354,873	
 	 	304,837	
 	 	268,081	
 	 	68,330	
 	 	 	 	1,100,658	
 	 	995,943	
 	 	104,715	
 	
Other operating expenses	 	133,737	
 	 	127,462	
 	 	110,936	
 	 	122,136	
 	 	111,672	
 	 	22,065	
 	 	 	 	372,135	
 	 	344,581	
 	 	27,554	
 	
Interest expense	 	36,065	
 	 	35,211	
 	 	35,084	
 	 	35,072	
 	 	30,831	
 	 	5,234	
 	 	 	 	106,360	
 	 	89,235	
 	 	17,125	
 	
Collateral finance facility expense	 	2,571	
 	 	2,591	
 	 	2,569	
 	 	2,563	
 	 	2,698	
 	 	(127	)	 	 	 	7,731	
 	 	7,886	
 	 	(155	)	
Total benefits and expenses	 	2,484,773	
 	 	2,532,485	
 	 	2,457,733	
 	 	2,507,304	
 	 	2,188,120	
 	 	296,653	
 	 	 	 	7,474,991	
 	 	7,175,795	
 	 	299,196	
 	
Income before income taxes	 	231,815	
 	 	300,535	
 	 	199,440	
 	 	229,490	
 	 	201,695	
 	 	30,120	
 	 	 	 	731,790	
 	 	405,764	
 	 	326,026	
 	
Income tax expense	 	73,819	
 	 	102,239	
 	 	62,776	
 	 	84,531	
 	 	63,740	
 	 	10,079	
 	 	 	 	238,834	
 	 	131,886	
 	 	106,948	
 	
Net income	 	$	157,996	
 	 	$	198,296	
 	 	$	136,664	
 	 	$	144,959	
 	 	$	137,955	
 	 	$	20,041	
 	 	 	 	$	492,956	
 	 	$	273,878	
 	 	$	219,078	
 	
Pre-tax Operating Income Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	231,815	
 	 	300,535	
 	 	199,440	
 	 	229,490	
 	 	201,695	
 	 	30,120	
 	 	 	 	731,790	
 	 	405,764	
 	 	326,026	
 	
Investment and derivative losses (gains)—	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
non-operating (1)	 	(8,413	)	 	(38,136	)	 	(26,306	)	 	45,090	
 	 	30,513	
 	 	(38,926	)	 	 	 	(72,855	)	 	116,412	
 	 	(189,267	)	
Change in value of modified coinsurance and	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
funds withheld embedded derivatives (1)	 	(56,812	)	 	(78,835	)	 	(77,241	)	 	337	
 	 	67,460	
 	 	(124,272	)	 	 	 	(212,888	)	 	(70,514	)	 	(142,374	)	
GMXB embedded derivatives  (1)	 	47,479	
 	 	5,183	
 	 	23,661	
 	 	(35,098	)	 	(19,829	)	 	67,308	
 	 	 	 	76,323	
 	 	(106,952	)	 	183,275	
 	
Funds withheld losses (gains)—investment income	 	(5,501	)	 	(5,954	)	 	(389	)	 	(2,540	)	 	3,465	
 	 	(8,966	)	 	 	 	(11,844	)	 	(10,299	)	 	(1,545	)	
EIA embedded derivatives—interest credited	 	(415	)	 	6,916	
 	 	(6,560	)	 	2,795	
 	 	(30,292	)	 	29,877	
 	 	 	 	(59	)	 	(81,764	)	 	81,705	
 	
DAC offset, net	 	26,521	
 	 	47,543	
 	 	53,068	
 	 	4,334	
 	 	(27,330	)	 	53,851	
 	 	 	 	127,132	
 	 	94,074	
 	 	33,058	
 	
Non-investment derivatives	 	28	
 	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	28	
 	 	 	 	28	
 	 	—	
 	 	28	
 	
Gain on repurchase of collateral finance facility securities	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	 	 	—	
 	 	(46,506	)	 	46,506	
 	
Operating Income Before Income Taxes	 	$	234,702	
 	 	$	237,252	
 	 	$	165,673	
 	 	$	244,408	
 	 	$	225,682	
 	 	$	9,020	
 	 	 	 	$	637,627	
 	 	$	300,215	
 	 	$	337,412	
 	
After-tax Operating Income Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net Income	 	157,996	
 	 	198,296	
 	 	136,664	
 	 	144,959	
 	 	137,955	
 	 	20,041	
 	 	 	 	492,956	
 	 	273,878	
 	 	219,078	
 	
Investment and derivative losses (gains)—	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

non-operating (1)	 	(5,517	)	 	(26,820	)	 	(17,007	)	 	29,161	
 	 	19,174	
 	 	(24,691	)	 	 	 	(49,344	)	 	74,334	
 	 	(123,678	)	
Change in value of modified coinsurance	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

 	

 	
and funds withheld embedded derivatives (1)	 	(36,928	)	 	(51,242	)	 	(50,207	)	 	219	
 	 	43,849	
 	 	(80,777	)	 	 	 	(138,377	)	 	(45,834	)	 	(92,543	)	
GMXB embedded derivatives (1)	 	30,861	
 	 	3,369	
 	 	15,380	
 	 	(22,814	)	 	(12,889	)	 	43,750	
 	 	 	 	49,610	
 	 	(69,519	)	 	119,129	
 	
Funds withheld losses (gains)—investment income	 	(3,576	)	 	(3,870	)	 	(253	)	 	(1,651	)	 	2,252	
 	 	(5,828	)	 	 	 	(7,699	)	 	(6,694	)	 	(1,005	)	
EIA embedded derivatives—interest credited	 	(269	)	 	4,495	
 	 	(4,264	)	 	1,817	
 	 	(19,690	)	 	19,421	
 	 	 	 	(38	)	 	(53,147	)	 	53,109	
 	
DAC offset, net	 	17,238	
 	 	30,903	
 	 	34,494	
 	 	2,818	
 	 	(17,764	)	 	35,002	
 	 	 	 	82,635	
 	 	61,148	
 	 	21,487	
 	
Non-investment derivatives	 	18	
 	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	18	
 	 	 	 	18	
 	 	—	
 	 	18	
 	
Gain on repurchase of collateral finance facility securities	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	 	 	—	
 	 	(30,229	)	 	30,229	
 	
Operating Income	 	$	159,823	
 	 	$	155,131	
 	 	$	114,807	
 	 	$	154,509	
 	 	$	152,887	
 	 	$	6,936	
 	 	 	 	$	429,761	
 	 	$	203,937	
 	 	$	225,824	

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

                                        

 	 	Page 4

Reinsurance Group of America, Incorporated
Consolidated Operating Income Statement	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	Current Qtr
vs. PY
Quarter	 	 	 	Year-to-Date	 	
 	 	Sept. 30,	 	June 30,	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	 	 	 	 	Sept. 30,	 	Sept. 30,	 	 	 	 	 	 	
(USD thousands, except per share data)	 	2014	 	2014	 	2014	 	2013	 	2013	 	 	 	 	 	2014	 	2013	 	Change	 	 	 	 	 	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	2,168,285	
 	 	$	2,183,160	
 	 	$	2,100,637	
 	 	$	2,212,998	
 	 	$	2,026,180	
 	 	$	142,105	
 	 	 	 	$	6,452,082	
 	 	$	6,041,029	
 	 	$	411,053	
 	 	 	 	 	 	 	
Investment income, net of related expenses	 	441,605	
 	 	404,653	
 	 	403,986	
 	 	458,594	
 	 	372,831	
 	 	68,774	
 	 	 	 	1,250,244	
 	 	1,228,432	
 	 	21,812	
 	 	 	 	 	 	 	
Investment related gains, net	 	4,572	
 	 	6,739	
 	 	4,685	
 	 	8,170	
 	 	1,679	
 	 	2,893	
 	 	 	 	15,996	
 	 	5,095	
 	 	10,901	
 	 	 	 	 	 	 	
Other revenue	 	78,907	
 	 	120,726	
 	 	67,590	
 	 	64,821	
 	 	70,734	
 	 	8,173	
 	 	 	 	267,223	
 	 	189,144	
 	 	78,079	
 	 	 	 	 	 	 	
Total revenues	 	2,693,369	
 	 	2,715,278	
 	 	2,576,898	
 	 	2,744,583	
 	 	2,471,424	
 	 	221,945	
 	 	 	 	7,985,545	
 	 	7,463,700	
 	 	521,845	

Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	1,855,037	
 	 	1,841,885	
 	 	1,843,677	
 	 	1,869,949	
 	 	1,714,899	
 	 	140,138	
 	 	 	 	5,540,599	
 	 	5,434,383	
 	 	106,216	
 	 	 	 	 	 	 	
Interest credited	 	121,367	
 	 	109,046	
 	 	117,154	
 	 	169,952	
 	 	90,231	
 	 	31,136	
 	 	 	 	347,567	
 	 	385,531	
 	 	(37,964	)	 	 	 	 	 	 	
Policy acquisition costs and other insurance expenses	 	309,890	
 	 	361,831	
 	 	301,805	
 	 	300,503	
 	 	295,411	
 	 	14,479	
 	 	 	 	973,526	
 	 	901,869	
 	 	71,657	
 	 	 	 	 	 	 	
Other operating expenses	 	133,737	
 	 	127,462	
 	 	110,936	
 	 	122,136	
 	 	111,672	
 	 	22,065	
 	 	 	 	372,135	
 	 	344,581	
 	 	27,554	
 	 	 	 	 	 	 	
Interest expense	 	36,065	
 	 	35,211	
 	 	35,084	
 	 	35,072	
 	 	30,831	
 	 	5,234	
 	 	 	 	106,360	
 	 	89,235	
 	 	17,125	
 	 	 	 	 	 	 	
Collateral finance facility expense	 	2,571	
 	 	2,591	
 	 	2,569	
 	 	2,563	
 	 	2,698	
 	 	(127	)	 	 	 	7,731	
 	 	7,886	
 	 	(155	)	 	 	 	 	 	 	
Total benefits and expenses	 	2,458,667	
 	 	2,478,026	
 	 	2,411,225	
 	 	2,500,175	
 	 	2,245,742	
 	 	212,925	
 	 	 	 	7,347,918	
 	 	7,163,485	
 	 	184,433	

Operating income before income taxes	 	234,702	
 	 	237,252	
 	 	165,673	
 	 	244,408	
 	 	225,682	
 	 	9,020	
 	 	 	 	637,627	
 	 	300,215	
 	 	337,412	

Operating income tax expense	 	74,879	
 	 	82,121	
 	 	50,866	
 	 	89,899	
 	 	72,795	
 	 	2,084	
 	 	 	 	207,866	
 	 	96,278	
 	 	111,588	

Operating income	 	$	159,823	
 	 	$	155,131	
 	 	$	114,807	
 	 	$	154,509	
 	 	$	152,887	
 	 	$	6,936	
 	 	 	 	$	429,761	
 	 	$	203,937	
 	 	$	225,824	

Wgt. Average Common Shares Outstanding (Diluted)	 	69,335	
 	 	69,718	
 	 	71,264	
 	 	71,332	
 	 	71,391	
 	 	(2,056)	
 	 	 	 	70,101	
 	 	72,840	
 	 	(2,739)	

Diluted Earnings Per Share—Operating Income	 	$	2.31	
 	 	$	2.23	
 	 	$	1.61	
 	 	$	2.17	
 	 	$	2.14	
 	 	$	0.17	
 	 	 	 	$	6.13	
 	 	$	2.80	
 	 	$	3.33	

Foreign currency effect   (1) :	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	5,906	
 	 	$	(4,964	)	 	$	(50,225	)	 	$	(49,448	)	 	$	(51,810	)	 	$	57,716	
 	 	 	 	$	(49,283	)	 	$	(93,091	)	 	$	43,808	
 	 	 	 	 	 	 	
Operating income before income taxes	 	$	(2,016	)	 	$	(809	)	 	$	(6,605	)	 	$	(8,679	)	 	$	(4,959	)	 	$	2,943	
 	 	 	 	$	(9,430	)	 	$	5,890	
 	 	(15,320	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(1) Compared to comparable prior year period	 	 	 	 	 	 	

                                        

 	 	Page 5

 
Reinsurance Group of America, Incorporated
Consolidated Balance Sheets	

 	 	Sept. 30,	 	June 30,	 	March 31,	 	Dec. 31,	 	Sept. 30,	
(USD thousands)	 	2014	 	2014	 	2014	 	2013	 	2013	
Assets	 	 	 	 	 	 	 	 	 	 	
Fixed maturity securities, available-for-sale	 	$	24,475,451	
 	 	$	24,480,396	
 	 	$	22,157,182	
 	 	$	21,474,136	
 	 	$	21,289,108	
 	
Mortgage loans on real estate	 	2,617,091	
 	 	2,555,800	
 	 	2,526,228	
 	 	2,486,680	
 	 	2,488,582	
 	
Policy loans	 	1,249,948	
 	 	1,250,635	
 	 	1,296,897	
 	 	1,244,469	
 	 	1,244,878	
 	
Funds withheld at interest	 	5,969,006	
 	 	5,940,521	
 	 	5,814,231	
 	 	5,771,467	
 	 	5,739,872	
 	
Short-term investments	 	44,437	
 	 	45,596	
 	 	118,789	
 	 	139,395	
 	 	44,192	
 	
Other invested assets	 	1,165,021	
 	 	1,128,375	
 	 	1,234,779	
 	 	1,324,960	
 	 	1,116,391	
 	
Total investments	 	35,520,954	
 	 	35,401,323	
 	 	33,148,106	
 	 	32,441,107	
 	 	31,923,023	
 	
Cash and cash equivalents	 	1,118,745	
 	 	1,378,117	
 	 	1,127,132	
 	 	923,647	
 	 	1,423,235	
 	
Accrued investment income	 	305,880	
 	 	279,368	
 	 	233,816	
 	 	267,908	
 	 	262,330	
 	
Premiums receivable and other reinsurance balances	 	1,491,993	
 	 	1,559,526	
 	 	1,454,959	
 	 	1,439,528	
 	 	1,252,610	
 	
Reinsurance ceded receivables	 	596,704	
 	 	614,203	
 	 	594,794	
 	 	594,515	
 	 	592,948	
 	
Deferred policy acquisition costs	 	3,297,616	
 	 	3,368,343	
 	 	3,450,523	
 	 	3,517,796	
 	 	3,533,932	
 	
Other assets	 	578,471	
 	 	570,171	
 	 	532,251	
 	 	489,972	
 	 	538,477	
 	
Total assets	 	$	42,910,363	
 	 	$	43,171,051	
 	 	$	40,541,581	
 	 	$	39,674,473	
 	 	$	39,526,555	

Liabilities and Stockholders’ Equity	 	 	 	 	 	 	 	 	 	 	
Future policy benefits	 	$	13,541,687	
 	 	$	13,785,532	
 	 	$	11,887,951	
 	 	$	11,866,776	
 	 	$	11,873,306	
 	
Interest-sensitive contract liabilities	 	12,638,117	
 	 	12,686,025	
 	 	12,809,003	
 	 	12,947,557	
 	 	12,868,425	
 	
Other policy claims and benefits	 	3,861,060	
 	 	3,996,737	
 	 	3,899,004	
 	 	3,571,761	
 	 	3,440,371	
 	
Other reinsurance balances	 	276,314	
 	 	258,023	
 	 	283,249	
 	 	275,138	
 	 	264,023	
 	
Deferred income taxes	 	2,149,076	
 	 	2,232,821	
 	 	2,023,588	
 	 	1,837,577	
 	 	1,975,819	
 	
Other liabilities	 	967,303	
 	 	716,157	
 	 	638,967	
 	 	541,035	
 	 	510,079	
 	
Short-term debt	 	—	
 	 	110,000	
 	 	50,000	
 	 	—	
 	 	—	
 	
Long-term debt	 	2,314,693	
 	 	2,214,705	
 	 	2,214,526	
 	 	2,214,350	
 	 	2,214,170	
 	
Collateral finance facility	 	482,115	
 	 	482,092	
 	 	484,747	
 	 	484,752	
 	 	484,712	
 	
Total liabilities	 	36,230,365	
 	 	36,482,092	
 	 	34,291,035	
 	 	33,738,946	
 	 	33,630,905	

Stockholders’ Equity:	 	 	 	 	 	 	 	 	 	 	
Common stock, at par value	 	791	
 	 	791	
 	 	791	
 	 	791	
 	 	791	
 	
Additional paid-in-capital	 	1,784,818	
 	 	1,783,856	
 	 	1,782,838	
 	 	1,777,906	
 	 	1,778,307	
 	
Retained earnings	 	4,074,047	
 	 	3,941,777	
 	 	3,772,776	
 	 	3,659,938	
 	 	3,544,632	
 	
Treasury stock	 	(679,265	)	 	(666,125	)	 	(585,358	)	 	(508,715	)	 	(528,081	)	
Accumulated other comprehensive income (AOCI):	 	 	 	 	 	 	 	 	 	 	
Accumulated currency translation adjustment, net of income taxes	 	131,936	
 	 	207,043	
 	 	164,400	
 	 	207,083	
 	 	191,677	
 	
Unrealized appreciation of securities, net of income taxes	 	1,387,957	
 	 	1,442,324	
 	 	1,136,079	
 	 	820,245	
 	 	942,337	
 	
Pension and postretirement benefits, net of income taxes	 	(20,286	)	 	(20,707	)	 	(20,980	)	 	(21,721	)	 	(34,013	)	
Total stockholders’ equity	 	6,679,998	
 	 	6,688,959	
 	 	6,250,546	
 	 	5,935,527	
 	 	5,895,650	
 	
Total liabilities and stockholders’ equity	 	$	42,910,363	
 	 	$	43,171,051	
 	 	$	40,541,581	
 	 	$	39,674,473	
 	 	$	39,526,555	

Total stockholders’ equity, excluding AOCI	 	$	5,180,391	
 	 	$	5,060,299	
 	 	$	4,971,047	
 	 	$	4,929,920	
 	 	$	4,795,649	

 	 	 	 	 	 	 	 	 	 	 	

                                        

 	 	Page 6

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

 	 	 	Three Months Ended	 	Current Qtr
vs. PY
Quarter	 	 	 	Year-to-date	 	
 	 	 	Sept. 30,	 	June 30,	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	 	 	 	 	Sept. 30,	 	Sept. 30,	 	 	 	 	 	 	
 	(USD thousands)	 	2014	 	2014	 	2014	 	2013	 	2013	 	 	 	 	 	2014	 	2013	 	Change	 	 	 	 	 	 	
 	Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	Net premiums	 	$	1,171,916	
 	 	$	1,189,822	
 	 	$	1,141,905	
 	 	$	1,246,137	
 	 	$	1,124,183	
 	 	$	47,733	
 	 	 	 	$	3,503,643	
 	 	$	3,317,353	
 	 	$	186,290	
 	 	 	 	 	 	 	
 	Investment income, net of related expenses	 	139,272	
 	 	137,404	
 	 	133,376	
 	 	139,281	
 	 	138,464	
 	 	808	
 	 	 	 	410,052	
 	 	404,543	
 	 	5,509	
 	 	 	 	 	 	 	
 	Other revenue	 	783	
 	 	767	
 	 	642	
 	 	840	
 	 	880	
 	 	(97	)	 	 	 	2,192	
 	 	2,866	
 	 	(674	)	 	 	 	 	 	 	
 	Total revenues	 	1,311,971	
 	 	1,327,993	
 	 	1,275,923	
 	 	1,386,258	
 	 	1,263,527	
 	 	48,444	
 	 	 	 	3,915,887	
 	 	3,724,762	
 	 	191,125	

 	Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	
 	Claims and other policy benefits	 	1,030,525	
 	 	1,045,030	
 	 	1,033,707	
 	 	1,071,733	
 	 	972,786	
 	 	57,739	
 	 	 	 	3,109,262	
 	 	2,891,435	
 	 	217,827	
 	 	 	 	 	 	 	
 	Interest credited	 	12,993	
 	 	12,818	
 	 	12,272	
 	 	9,886	
 	 	13,659	
 	 	(666	)	 	 	 	38,083	
 	 	43,399	
 	 	(5,316	)	 	 	 	 	 	 	
 	Policy acquisition costs and other insurance expenses	 	161,120	
 	 	156,270	
 	 	156,000	
 	 	156,447	
 	 	162,710	
 	 	(1,590	)	 	 	 	473,390	
 	 	469,524	
 	 	3,866	
 	 	 	 	 	 	 	
 	Other operating expenses	 	28,408	
 	 	24,921	
 	 	25,741	
 	 	24,550	
 	 	24,085	
 	 	4,323	
 	 	 	 	79,070	
 	 	71,381	
 	 	7,689	
 	 	 	 	 	 	 	
 	Total benefits and expenses	 	1,233,046	
 	 	1,239,039	
 	 	1,227,720	
 	 	1,262,616	
 	 	1,173,240	
 	 	59,806	
 	 	 	 	3,699,805	
 	 	3,475,739	
 	 	224,066	

 	Operating income before income taxes	 	78,925	
 	 	88,954	
 	 	48,203	
 	 	123,642	
 	 	90,287	
 	 	(11,362	)	 	 	 	216,082	
 	 	249,023	
 	 	(32,941	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	
 	Operating income before income taxes	 	78,925	
 	 	88,954	
 	 	48,203	
 	 	123,642	
 	 	90,287	
 	 	(11,362	)	 	 	 	216,082	
 	 	249,023	
 	 	(32,941	)	 	 	 	 	 	 	
 	Investment and derivative (losses) gains - non-operating	 	(1,092	)	 	5,034	
 	 	2,769	
 	 	(850	)	 	(5,249	)	 	4,157	
 	 	 	 	6,711	
 	 	5,771	
 	 	940	
 	 	 	 	 	 	 	
 	Income before income taxes	 	$	77,833	
 	 	$	93,988	
 	 	$	50,972	
 	 	$	122,792	
 	 	$	85,038	
 	 	$	(7,205	)	 	 	 	$	222,793	
 	 	$	254,794	
 	 	$	(32,001	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	Loss and Expense Ratios:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	Claims and other policy benefits	 	87.9	%	 	87.8	%	 	90.5	%	 	86.0	%	 	86.5	%	 	1.4	 %	 	 	 	88.7	%	 	87.2	%	 	1.5	 %	 	 	 	 	 	 	
 	Policy acquisition costs and other insurance expenses	 	13.7	%	 	13.1	%	 	13.7	%	 	12.6	%	 	14.5	%	 	(0.8	)%	 	 	 	13.5	%	 	14.2	%	 	(0.7	)%	 	 	 	 	 	 	
 	Other operating expenses	 	2.4	%	 	2.1	%	 	2.3	%	 	2.0	%	 	2.1	%	 	0.3	 %	 	 	 	2.3	%	 	2.2	%	 	0.1	 %	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	(1) The company realigned certain operations and management responsibilities to better fit within its geographic-based segments. Mexico and Latin America operations were moved from Europe & South Africa to the U.S. segment, which has been renamed U.S. and Latin America. India operations have been moved from Europe & South Africa to the Asia Pacific segment. Europe & South Africa has been renamed Europe, Middle East and Africa. Prior-period figures have been adjusted to conform to the new reporting alignment.

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

                                        

 	 	Page 7

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

 	 	Three Months Ended	 	Current Qtr
vs. PY
Quarter	 	 	 	Year-to-date	 	
 	 	Sept. 30,	 	June 30,	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	 	 	 	 	Sept. 30,	 	Sept. 30,	 	 	 	 	 	 	
(USD thousands)	 	2014	 	2014	 	2014	 	2013	 	2013	 	 	 	 	 	2014	 	2013	 	Change	 	 	 	 	 	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	5,168	
 	 	$	4,984	
 	 	$	5,180	
 	 	$	3,754	
 	 	$	3,800	
 	 	$	1,368	
 	 	 	 	$	15,332	
 	 	$	18,767	
 	 	$	(3,435	)	 	 	 	 	 	 	
Investment income, net of related expenses	 	170,608	
 	 	143,927	
 	 	158,619	
 	 	209,847	
 	 	128,563	
 	 	42,045	
 	 	 	 	473,154	
 	 	497,578	
 	 	(24,424	)	 	 	 	 	 	 	
Investment related gains (losses), net	 	(2	)	 	1	
 	 	—	
 	 	—	
 	 	—	
 	 	(2	)	 	 	 	(1	)	 	—	
 	 	(1	)	 	 	 	 	 	 	
Other revenue	 	28,944	
 	 	29,376	
 	 	28,276	
 	 	26,761	
 	 	28,519	
 	 	425	
 	 	 	 	86,596	
 	 	87,337	
 	 	(741	)	 	 	 	 	 	 	
Total revenues	 	204,718	
 	 	178,288	
 	 	192,075	
 	 	240,362	
 	 	160,882	
 	 	43,836	
 	 	 	 	575,081	
 	 	603,682	
 	 	(28,601	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	5,586	
 	 	4,713	
 	 	4,260	
 	 	4,674	
 	 	8,899	
 	 	(3,313	)	 	 	 	14,559	
 	 	23,570	
 	 	(9,011	)	 	 	 	 	 	 	
Interest credited	 	104,985	
 	 	90,037	
 	 	101,644	
 	 	153,501	
 	 	76,097	
 	 	28,888	
 	 	 	 	296,666	
 	 	340,617	
 	 	(43,951	)	 	 	 	 	 	 	
Policy acquisition costs and other insurance expenses	 	31,960	
 	 	35,698	
 	 	41,072	
 	 	36,819	
 	 	33,642	
 	 	(1,682	)	 	 	 	108,730	
 	 	104,434	
 	 	4,296	
 	 	 	 	 	 	 	
Other operating expenses	 	4,211	
 	 	3,813	
 	 	4,094	
 	 	3,102	
 	 	4,198	
 	 	13	
 	 	 	 	12,118	
 	 	11,189	
 	 	929	
 	 	 	 	 	 	 	
Total benefits and expenses	 	146,742	
 	 	134,261	
 	 	151,070	
 	 	198,096	
 	 	122,836	
 	 	23,906	
 	 	 	 	432,073	
 	 	479,810	
 	 	(47,737	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	57,976	
 	 	44,027	
 	 	41,005	
 	 	42,266	
 	 	38,046	
 	 	19,930	
 	 	 	 	143,008	
 	 	123,872	
 	 	19,136	

Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	57,976	
 	 	44,027	
 	 	41,005	
 	 	42,266	
 	 	38,046	
 	 	19,930	
 	 	 	 	143,008	
 	 	123,872	
 	 	19,136	
 	 	 	 	 	 	 	
Investment and derivative gains (losses) - non-operating  (1)	 	18,001	
 	 	12,412	
 	 	21,300	
 	 	(40,727	)	 	(33,190	)	 	51,191	
 	 	 	 	51,713	
 	 	(125,193	)	 	176,906	
 	 	 	 	 	 	 	
Change in value of modified coinsurance and funds withheld embedded derivatives (1)	 	56,490	
 	 	79,768	
 	 	78,696	
 	 	462	
 	 	(68,703	)	 	125,193	
 	 	 	 	214,954	
 	 	67,824	
 	 	147,130	
 	 	 	 	 	 	 	
GMXB embedded derivatives  (1)	 	(47,479	)	 	(5,183	)	 	(23,661	)	 	35,098	
 	 	19,829	
 	 	(67,308	)	 	 	 	(76,323	)	 	106,952	
 	 	(183,275	)	 	 	 	 	 	 	
Funds withheld gains (losses) - investment income	 	4,914	
 	 	5,232	
 	 	(217	)	 	1,797	
 	 	(3,755	)	 	8,669	
 	 	 	 	9,929	
 	 	7,436	
 	 	2,493	
 	 	 	 	 	 	 	
EIA embedded derivatives - interest credited	 	415	
 	 	(6,916	)	 	6,560	
 	 	(2,795	)	 	30,292	
 	 	(29,877	)	 	 	 	59	
 	 	81,764	
 	 	(81,705	)	 	 	 	 	 	 	
DAC offset, net	 	(26,521	)	 	(47,543	)	 	(53,068	)	 	(4,334	)	 	27,330	
 	 	(53,851	)	 	 	 	(127,132	)	 	(94,074	)	 	(33,058	)	 	 	 	 	 	 	
Income before income taxes	 	$	63,796	
 	 	$	81,797	
 	 	$	70,615	
 	 	$	31,767	
 	 	$	9,849	
 	 	$	53,947	
 	 	 	 	$	216,208	
 	 	$	168,581	
 	 	$	47,627	

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

 

                                        

 	 	Page 8

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

 	 	 	
 	 	Three Months Ended	
 	 	Sept. 30,	 	June 30,	 	March 31,	 	Dec. 31,	 	Sept. 30,	
(USD millions)	 	2014	 	2014	 	2014	 	2013	 	2013	
Annuity account values:	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	
Fixed annuities (deferred)	 	$	4,919	
 	 	$	5,030	
 	 	$	5,156	
 	 	$	5,079	
 	 	$	5,180	

Net interest spread (fixed annuities):	 	3.2	%	 	2.3	%	 	2.5	%	 	2.3	%	 	2.5	%	
 	 	 	 	 	 	 	 	 	 	 	
Equity-indexed annuities	 	$	4,716	
 	 	$	4,725	
 	 	$	4,741	
 	 	$	4,768	
 	 	$	4,724	

Variable annuities:	 	 	 	 	 	 	 	 	 	 	
No riders	 	$	899	
 	 	$	941	
 	 	$	943	
 	 	$	961	
 	 	$	950	
 	
GMDB only	 	79	
 	 	84	
 	 	85	
 	 	86	
 	 	83	
 	
GMIB only	 	6	
 	 	6	
 	 	6	
 	 	6	
 	 	6	
 	
GMAB only	 	46	
 	 	50	
 	 	51	
 	 	52	
 	 	52	
 	
GMWB only	 	1,676	
 	 	1,741	
 	 	1,733	
 	 	1,752	
 	 	1,704	
 	
GMDB / WB	 	427	
 	 	462	
 	 	459	
 	 	467	
 	 	459	
 	
Other	 	28	
 	 	30	
 	 	30	
 	 	31	
 	 	31	
 	
Total VA account values	 	$	3,161	
 	 	$	3,314	
 	 	$	3,307	
 	 	$	3,355	
 	 	$	3,285	

Fair value of liabilities associated with living benefit riders	 	$	106	
 	 	$	59	
 	 	$	54	
 	 	$	30	
 	 	$	65	

Interest-sensitive contract liabilities associated with:	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	
Guaranteed investment contracts	 	$	336	
 	 	$	301	
 	 	$	301	
 	 	$	297	
 	 	$	236	

Bank-owned life insurance (BOLI)	 	$	544	
 	 	$	541	
 	 	$	538	
 	 	$	534	
 	 	$	531	

Other asset-intensive business	 	$	69	
 	 	$	71	
 	 	$	71	
 	 	$	72	
 	 	$	73	

                                        

 	 	Page 9

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

 	 	Three Months Ended	 	Current Qtr
vs. PY
Quarter	 	 	 	Year-to-date	 	
 	 	Sept. 30,	 	June 30,	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	 	 	 	 	Sept. 30,	 	Sept. 30,	 	 	 	 	 	 	
(USD thousands)	 	2014	 	2014	 	2014	 	2013	 	2013	 	 	 	 	 	2014	 	2013	 	Change	 	 	 	 	 	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Investment income, net of related expenses	 	$	1,003	
 	 	$	1,086	
 	 	$	1,247	
 	 	$	2,048	
 	 	$	1,160	
 	 	$	(157	)	 	 	 	$	3,336	
 	 	$	2,576	
 	 	$	760	
 	 	 	 	 	 	 	
Other revenue	 	23,581	
 	 	21,777	
 	 	19,098	
 	 	16,191	
 	 	15,599	
 	 	7,982	
 	 	 	 	64,456	
 	 	44,702	
 	 	19,754	
 	 	 	 	 	 	 	
Total revenues	 	24,584	
 	 	22,863	
 	 	20,345	
 	 	18,239	
 	 	16,759	
 	 	7,825	
 	 	 	 	67,792	
 	 	47,278	
 	 	20,514	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Policy acquisition costs and other insurance expenses	 	8,458	
 	 	6,944	
 	 	5,742	
 	 	2,501	
 	 	3,228	
 	 	5,230	
 	 	 	 	21,144	
 	 	10,270	
 	 	10,874	
 	 	 	 	 	 	 	
Other operating expenses	 	2,322	
 	 	2,310	
 	 	2,177	
 	 	1,462	
 	 	2,008	
 	 	314	
 	 	 	 	6,809	
 	 	5,591	
 	 	1,218	
 	 	 	 	 	 	 	
Total benefits and expenses	 	10,780	
 	 	9,254	
 	 	7,919	
 	 	3,963	
 	 	5,236	
 	 	5,544	
 	 	 	 	27,953	
 	 	15,861	
 	 	12,092	

 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	13,804	
 	 	13,609	
 	 	12,426	
 	 	14,276	
 	 	11,523	
 	 	2,281	
 	 	 	 	39,839	
 	 	31,417	
 	 	8,422	

 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	13,804	
 	 	13,609	
 	 	12,426	
 	 	14,276	
 	 	11,523	
 	 	2,281	
 	 	 	 	39,839	
 	 	31,417	
 	 	8,422	
 	 	 	 	 	 	 	
Investment and derivative gains (losses) - non-operating	 	(100	)	 	68	
 	 	83	
 	 	(5	)	 	(321	)	 	221	
 	 	 	 	51	
 	 	(387	)	 	438	
 	 	 	 	 	 	 	
Income before income taxes	 	$	13,704	
 	 	$	13,677	
 	 	$	12,509	
 	 	$	14,271	
 	 	$	11,202	
 	 	$	2,502	
 	 	 	 	$	39,890	
 	 	$	31,030	
 	 	$	8,860	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

                                        

 	 	Page 10

Reinsurance Group of America, Incorporated
Canadian Segment Pre-tax Operating Income	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	Current Qtr
vs. PY
Quarter	 	 	 	Year-to-date	 	
 	 	Sept. 30,	 	June 30,	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	 	 	 	 	Sept. 30,	 	Sept. 30,	 	 	 	 	 	 	
(USD thousands)	 	2014	 	2014	 	2014	 	2013	 	2013	 	 	 	 	 	2014	 	2013	 	Change	 	 	 	 	 	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	245,136	
 	 	$	253,577	
 	 	$	230,844	
 	 	$	243,340	
 	 	$	236,067	
 	 	$	9,069	
 	 	 	 	$	729,557	
 	 	$	718,971	
 	 	$	10,586	
 	 	 	 	 	 	 	
Investment income, net of related expenses	 	49,660	
 	 	49,358	
 	 	46,997	
 	 	51,750	
 	 	49,871	
 	 	(211	)	 	 	 	146,015	
 	 	149,495	
 	 	(3,480	)	 	 	 	 	 	 	
Investment related gains (losses), net	 	907	
 	 	621	
 	 	1,006	
 	 	1,149	
 	 	866	
 	 	41	
 	 	 	 	2,534	
 	 	2,841	
 	 	(307	)	 	 	 	 	 	 	
Other revenue	 	2,329	
 	 	1,263	
 	 	961	
 	 	531	
 	 	(196	)	 	2,525	
 	 	 	 	4,553	
 	 	314	
 	 	4,239	
 	 	 	 	 	 	 	
Total revenues	 	298,032	
 	 	304,819	
 	 	279,808	
 	 	296,770	
 	 	286,608	
 	 	11,424	
 	 	 	 	882,659	
 	 	871,621	
 	 	11,038	

Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	201,433	
 	 	203,293	
 	 	194,756	
 	 	187,226	
 	 	185,011	
 	 	16,422	
 	 	 	 	599,482	
 	 	571,293	
 	 	28,189	
 	 	 	 	 	 	 	
Interest credited	 	10	
 	 	9	
 	 	—	
 	 	9	
 	 	19	
 	 	(9	)	 	 	 	19	
 	 	37	
 	 	(18	)	 	 	 	 	 	 	
Policy acquisition costs and other insurance expenses	 	60,409	
 	 	60,837	
 	 	53,104	
 	 	53,119	
 	 	55,553	
 	 	4,856	
 	 	 	 	174,350	
 	 	168,519	
 	 	5,831	
 	 	 	 	 	 	 	
Other operating expenses	 	10,444	
 	 	9,954	
 	 	9,825	
 	 	9,263	
 	 	10,052	
 	 	392	
 	 	 	 	30,223	
 	 	31,233	
 	 	(1,010	)	 	 	 	 	 	 	
Total benefits and expenses	 	272,296	
 	 	274,093	
 	 	257,685	
 	 	249,617	
 	 	250,635	
 	 	21,661	
 	 	 	 	804,074	
 	 	771,082	
 	 	32,992	

Operating income before income taxes	 	25,736	
 	 	30,726	
 	 	22,123	
 	 	47,153	
 	 	35,973	
 	 	(10,237	)	 	 	 	78,585	
 	 	100,539	
 	 	(21,954	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	25,736	
 	
 	30,726	
 	
 	22,123	
 	
 	47,153	
 	
 	35,973	
 	 	(10,237	)	 	 	 	78,585	
 	 	100,539	
 	 	(21,954	)	 	 	 	 	 	 	
Investment and derivative gains (losses) - non-operating	 	(1,279	)	 	3,572	
 	 	(2,665	)	 	2,586	
 	 	5,606	
 	 	(6,885	)	 	 	 	(372	)	 	10,434	
 	 	(10,806	)	 	 	 	 	 	 	
Funds withheld gains (losses) - investment income	 	587	
 	 	722	
 	 	606	
 	 	743	
 	 	290	
 	 	297	
 	 	 	 	1,915	
 	 	2,863	
 	 	(948	)	 	 	 	 	 	 	
Income before income taxes	 	$	25,044	
 	 	$	35,020	
 	 	$	20,064	
 	 	$	50,482	
 	 	$	41,869	
 	 	$	(16,825	)	 	 	 	$	80,128	
 	 	$	113,836	
 	 	$	(33,708	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Loss and Expense Ratios:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Loss ratios (creditor business)	 	28.0	%	 	27.5	%	 	31.5	%	 	18.3	%	 	30.5	%	 	(2.5	)%	 	 	 	28.8	%	 	32.1	%	 	(3.3	)%	 	 	 	 	 	 	
Loss ratios (excluding creditor business)	 	98.7	%	 	96.5	%	 	98.0	%	 	89.4	%	 	92.3	%	 	6.4	 %	 	 	 	97.7	%	 	93.3	%	 	4.4	 %	 	 	 	 	 	 	
Claims and other policy benefits / (net premiums + investment income)	 	68.3	%	 	67.1	%	 	70.1	%	 	63.4	%	 	64.7	%	 	3.6	 %	 	 	 	68.5	%	 	65.8	%	 	2.7	 %	 	 	 	 	 	 	
Policy acquisition costs and other insurance expenses (creditor business)	 	65.2	%	 	66.6	%	 	58.1	%	 	70.7	%	 	61.3	%	 	3.9	 %	 	 	 	63.7	%	 	60.6	%	 	3.1	 %	 	 	 	 	 	 	
Policy acquisition costs and other insurance expenses (excluding creditor business)	 	12.3	%	 	10.8	%	 	13.9	%	 	11.5	%	 	12.5	%	 	(0.2	)%	 	 	 	12.3	%	 	12.6	%	 	(0.3	)%	 	 	 	 	 	 	
Other operating expenses	 	4.3	%	 	3.9	%	 	4.3	%	 	3.8	%	 	4.3	%	 	0.0	 %	 	 	 	4.1	%	 	4.3	%	 	(0.2	)%	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Foreign currency effect   (1) :	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	(11,946	)	 	$	(16,444	)	 	$	(21,718	)	 	$	(14,338	)	 	$	(10,348	)	 	$	(1,598	)	 	 	 	$	(50,108	)	 	$	(15,054	)	 	$	(35,054	)	 	 	 	 	 	 	
Operating income before income taxes	 	$	(1,605	)	 	$	(1,943	)	 	$	(2,333	)	 	$	(3,315	)	 	$	(1,819	)	 	$	214	
 	 	 	 	$	(5,881	)	 	$	(2,774	)	 	$	(3,107	)	 	 	 	 	 	 	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Creditor reinsurance net premiums	 	$	57,412	
 	 	$	60,013	
 	 	$	47,344	
 	 	$	42,558	
 	 	$	53,021	
 	 	$	4,391	
 	 	 	 	$	164,769	
 	 	$	162,753	
 	 	$	2,016	

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 11

Reinsurance Group of America, Incorporated
Europe, Middle East and Africa Segment Pre-tax Operating Income (1)	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	Current Qtr
vs. PY
Quarter	 	 	 	Year-to-date	 	
 	 	Sept. 30,	 	June 30,	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	 	 	 	 	Sept. 30,	 	Sept. 30,	 	 	 	 	 	 	
(USD thousands)	 	2014	 	2014	 	2014	 	2013	 	2013	 	 	 	 	 	2014	 	2013	 	Change	 	 	 	 	 	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	346,457	
 	 	$	340,884	
 	 	$	340,743	
 	 	$	332,495	
 	 	$	303,259	
 	 	$	43,198	
 	 	 	 	$	1,028,084	
 	 	$	888,248	
 	 	$	139,836	
 	 	 	 	 	 	 	
Investment income, net of related expenses	 	29,191	
 	 	20,671	
 	 	13,369	
 	 	14,122	
 	 	12,860	
 	 	16,331	
 	 	 	 	63,231	
 	 	37,912	
 	 	25,319	
 	 	 	 	 	 	 	
Investment related gains, net	 	2,550	
 	 	5,183	
 	 	2,593	
 	 	5,495	
 	 	—	
 	 	2,550	
 	 	 	 	10,326	
 	 	—	
 	 	10,326	
 	 	 	 	 	 	 	
Other revenue	 	13,518	
 	 	7,939	
 	 	7,923	
 	 	5,347	
 	 	12,409	
 	 	1,109	
 	 	 	 	29,380	
 	 	17,912	
 	 	11,468	
 	 	 	 	 	 	 	
Total revenues	 	391,716	
 	 	374,677	
 	 	364,628	
 	 	357,459	
 	 	328,528	
 	 	63,188	
 	 	 	 	1,131,021	
 	 	944,072	
 	 	186,949	

Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	297,992	
 	 	282,546	
 	 	307,341	
 	 	293,181	
 	 	250,965	
 	 	47,027	
 	 	 	 	887,879	
 	 	773,666	
 	 	114,213	
 	 	 	 	 	 	 	
Interest credited	 	2,959	
 	 	5,750	
 	 	2,786	
 	 	6,114	
 	 	—	
 	 	2,959	
 	 	 	 	11,495	
 	 	—	
 	 	11,495	
 	 	 	 	 	 	 	
Policy acquisition costs and other insurance expenses	 	16,467	
 	 	11,492	
 	 	13,265	
 	 	17,883	
 	 	13,348	
 	 	3,119	
 	 	 	 	41,224	
 	 	34,351	
 	 	6,873	
 	 	 	 	 	 	 	
Other operating expenses	 	30,318	
 	 	30,208	
 	 	27,260	
 	 	28,250	
 	 	25,874	
 	 	4,444	
 	 	 	 	87,786	
 	 	77,014	
 	 	10,772	
 	 	 	 	 	 	 	
Total benefits and expenses	 	347,736	
 	 	329,996	
 	 	350,652	
 	 	345,428	
 	 	290,187	
 	 	57,549	
 	 	 	 	1,028,384	
 	 	885,031	
 	 	143,353	

Operating income before income taxes	 	43,980	
 	 	44,681	
 	 	13,976	
 	 	12,031	
 	 	38,341	
 	 	5,639	
 	 	 	 	102,637	
 	 	59,041	
 	 	43,596	

Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	43,980	
 	 	44,681	
 	 	13,976	
 	 	12,031	
 	 	38,341	
 	 	5,639	
 	 	 	 	102,637	
 	 	59,041	
 	 	43,596	
 	 	 	 	 	 	 	
Investment and derivative gains (losses) - non-operating	 	1,196	
 	 	16,641	
 	 	1,229	
 	 	(54	)	 	1,323	
 	 	(127	)	 	 	 	19,066	
 	 	3,535	
 	 	15,531	
 	 	 	 	 	 	 	
Income before income taxes	 	$	45,176	
 	 	$	61,322	
 	 	$	15,205	
 	 	$	11,977	
 	 	$	39,664	
 	 	$	5,512	
 	 	 	 	$	121,703	
 	 	$	62,576	
 	 	$	59,127	

Loss and Expense Ratios:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	86.0	%	 	82.9	%	 	90.2	%	 	88.2	%	 	82.8	%	 	3.2	%	 	 	 	86.4	%	 	87.1	%	 	(0.7	)%	 	 	 	 	 	 	
Policy acquisition costs and other insurance expenses	 	4.8	%	 	3.4	%	 	3.9	%	 	5.4	%	 	4.4	%	 	0.4	%	 	 	 	4.0	%	 	3.9	%	 	0.1	 %	 	 	 	 	 	 	
Other operating expenses	 	8.8	%	 	8.9	%	 	8.0	%	 	8.5	%	 	8.5	%	 	0.3	%	 	 	 	8.5	%	 	8.7	%	 	(0.2	)%	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Foreign currency effect   (2) :	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	14,441	
 	 	$	21,204	
 	 	$	8,690	
 	 	$	148	
 	 	$	(6,548	)	 	$	20,989	
 	 	 	 	$	44,335	
 	 	$	(24,843	)	 	$	69,178	
 	 	 	 	 	 	 	
Operating income before income taxes	 	$	2,086	
 	 	$	3,710	
 	 	$	394	
 	 	$	(164	)	 	$	(301	)	 	$	2,387	
 	 	 	 	$	6,190	
 	 	$	(1,395	)	 	$	7,585	

 	

 	 	 	 	 	 	 	
Critical illness net premiums	 	$	63,303	
 	 	$	66,257	
 	 	$	65,678	
 	 	$	65,082	
 	 	$	62,404	
 	 	$	899	
 	 	 	 	$	195,238	
 	 	$	189,349	
 	 	$	5,889	

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

 	
 	 	 	
 	 	Page 12

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

 	 	Three Months Ended	 	Current Qtr
vs. PY
Quarter	 	 	 	Year-to-date	 	
 	 	Sept. 30,	 	June 30,	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	 	 	 	 	Sept. 30,	 	Sept. 30,	 	 	 	 	 	 	
(USD thousands)	 	2014	 	2014	 	2014	 	2013	 	2013	 	 	 	 	 	2014	 	2013	 	Change	 	 	 	 	 	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	399,422	
 	 	$	393,687	
 	 	$	381,750	
 	 	$	387,803	
 	 	$	357,867	
 	 	$	41,555	
 	 	 	 	$	1,174,859	
 	 	$	1,097,402	
 	 	$	77,457	
 	 	 	 	 	 	 	
Investment income, net of related expenses	 	26,445	
 	 	26,325	
 	 	24,642	
 	 	26,860	
 	 	22,889	
 	 	3,556	
 	 	 	 	77,412	
 	 	67,470	
 	 	9,942	
 	 	 	 	 	 	 	
Investment related gains, net	 	646	
 	 	684	
 	 	861	
 	 	1,287	
 	 	576	
 	 	70	
 	 	 	 	2,191	
 	 	1,528	
 	 	663	
 	 	 	 	 	 	 	
Other revenue	 	8,950	
 	 	56,874	
 	 	6,123	
 	 	10,472	
 	 	7,804	
 	 	1,146	
 	 	 	 	71,947	
 	 	26,093	
 	 	45,854	
 	 	 	 	 	 	 	
Total revenues	 	435,463	
 	 	477,570	
 	 	413,376	
 	 	426,422	
 	 	389,136	
 	 	46,327	
 	 	 	 	1,326,409	
 	 	1,192,493	
 	 	133,916	
 	 	 	 	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	319,507	
 	 	306,320	
 	 	303,596	
 	 	313,132	
 	 	297,208	
 	 	22,299	
 	 	 	 	929,423	
 	 	1,174,417	
 	 	(244,994	)	 	 	 	 	 	 	
Interest Credited	 	221	
 	 	234	
 	 	246	
 	 	263	
 	 	270	
 	 	(49	)	 	 	 	701	
 	 	855	
 	 	(154	)	 	 	 	 	 	 	
Policy acquisition costs and other insurance expenses	 	51,852	
 	 	107,909	
 	 	54,289	
 	 	53,267	
 	 	47,284	
 	 	4,568	
 	 	 	 	214,050	
 	 	169,541	
 	 	44,509	
 	 	 	 	 	 	 	
Other operating expenses	 	36,439	
 	 	33,780	
 	 	30,587	
 	 	32,819	
 	 	30,116	
 	 	6,323	
 	 	 	 	100,806	
 	 	92,997	
 	 	7,809	
 	 	 	 	 	 	 	
Total benefits and expenses	 	408,019	
 	 	448,243	
 	 	388,718	
 	 	399,481	
 	 	374,878	
 	 	33,141	
 	 	 	 	1,244,980	
 	 	1,437,810	
 	 	(192,830	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income (loss) before income taxes	 	27,444	
 	 	29,327	
 	 	24,658	
 	 	26,941	
 	 	14,258	
 	 	13,186	
 	 	 	 	81,429	
 	 	(245,317	)	 	326,746	

Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income (loss) before income taxes	 	27,444	
 	 	29,327	
 	 	24,658	
 	 	26,941	
 	 	14,258	
 	 	13,186	
 	 	 	 	81,429	
 	 	(245,317	)	 	326,746	
 	 	 	 	 	 	 	
Investment and derivative gains (losses) - non-operating	 	(7,031	)	 	5,601	
 	 	1,653	
 	 	(3,282	)	 	4,521	
 	 	(11,552	)	 	 	 	223	
 	 	(5,007	)	 	5,230	
 	 	 	 	 	 	 	
Income (loss) before income taxes	 	$	20,413	
 	 	$	34,928	
 	 	$	26,311	
 	 	$	23,659	
 	 	$	18,779	
 	 	$	1,634	
 	 	 	 	$	81,652	
 	 	$	(250,324	)	 	$	331,976	

Loss and Expense Ratios:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	80.0	%	 	77.8	%	 	79.5	%	 	80.7	%	 	83.0	%	 	(3.0	)%	 	 	 	79.1	%	 	107.0	%	 	(27.9	)%	 	 	 	 	 	 	
Policy acquisition costs and other insurance expenses	 	13.0	%	 	27.4	%	 	14.2	%	 	13.7	%	 	13.2	%	 	(0.2	)%	 	 	 	18.2	%	 	15.4	%	 	2.8	 %	 	 	 	 	 	 	
Other operating expenses	 	9.1	%	 	8.6	%	 	8.0	%	 	8.5	%	 	8.4	%	 	0.7	 %	 	 	 	8.6	%	 	8.5	%	 	0.1	 %	 	 	 	 	 	 	

Foreign currency effect   (2) :	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	
Net premiums	 	$	3,411	
 	 	$	(9,724	)	 	$	(37,197	)	 	$	(35,258	)	 	$	(34,914	)	 	$	38,325	
 	 	 	 	$	(43,510	)	 	$	(53,194	)	 	$	9,684	
 	 	 	 	 	 	 	
Operating income before income taxes	 	$	(1,094	)	 	$	(1,313	)	 	$	(2,960	)	 	$	(5,298	)	 	$	(2,348	)	 	$	1,254	
 	 	 	 	$	(5,367	)	 	$	10,505	
 	 	$	(15,872	)	 	 	 	 	 	 	

 	 	 	 	 	 	 	
Critical illness net premiums	 	$	67,105	
 	 	$	71,928	
 	 	$	60,398	
 	 	$	66,980	
 	 	$	74,220	
 	 	$	(7,115	)	 	 	 	$	199,431	
 	 	$	180,581	
 	 	$	18,850	

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

                                        

 	 	Page 13

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

 	 	Three Months Ended	 	Current Qtr
vs. PY
Quarter	 	 	 	Year-to-date	 	
 	 	Sept. 30,	 	June 30,	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	 	 	 	 	Sept. 30,	 	Sept. 30,	 	 	 	 	 	 	
(USD thousands)	 	2014	 	2014	 	2014	 	2013	 	2013	 	 	 	 	 	2014	 	2013	 	Change	 	 	 	 	 	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	186	
 	 	$	206	
 	 	$	215	
 	 	$	(531	)	 	$	1,004	
 	 	$	(818	)	 	 	 	$	607	
 	 	$	288	
 	 	$	319	
 	 	 	 	 	 	 	
Investment income, net of related expenses	 	25,426	
 	 	25,882	
 	 	25,736	
 	 	14,686	
 	 	19,024	
 	 	6,402	
 	 	 	 	77,044	
 	 	68,858	
 	 	8,186	
 	 	 	 	 	 	 	
Investment related gains, net	 	471	
 	 	250	
 	 	225	
 	 	239	
 	 	237	
 	 	234	
 	 	 	 	946	
 	 	726	
 	 	220	
 	 	 	 	 	 	 	
Other revenue	 	802	
 	 	2,730	
 	 	4,567	
 	 	4,679	
 	 	5,719	
 	 	(4,917	)	 	 	 	8,099	
 	 	9,920	
 	 	(1,821	)	 	 	 	 	 	 	
Total revenues	 	26,885	
 	 	29,068	
 	 	30,743	
 	 	19,073	
 	 	25,984	
 	 	901	
 	 	 	 	86,696	
 	 	79,792	
 	 	6,904	

Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	(6	)	 	(17	)	 	17	
 	 	3	
 	 	30	
 	 	(36	)	 	 	 	(6	)	 	2	
 	 	(8	)	 	 	 	 	 	 	
Interest credited	 	199	
 	 	198	
 	 	206	
 	 	179	
 	 	186	
 	 	13	
 	 	 	 	603	
 	 	623	
 	 	(20	)	 	 	 	 	 	 	
Policy acquisition costs and other insurance expenses	 	(20,376	)	 	(17,319	)	 	(21,667	)	 	(19,533	)	 	(20,354	)	 	(22	)	 	 	 	(59,362	)	 	(54,770	)	 	(4,592	)	 	 	 	 	 	 	
Other operating expenses	 	21,595	
 	 	22,476	
 	 	11,252	
 	 	22,690	
 	 	15,339	
 	 	6,256	
 	 	 	 	55,323	
 	 	55,176	
 	 	147	
 	 	 	 	 	 	 	
Interest expense	 	36,065	
 	 	35,211	
 	 	35,084	
 	 	35,072	
 	 	30,831	
 	 	5,234	
 	 	 	 	106,360	
 	 	89,235	
 	 	17,125	
 	 	 	 	 	 	 	
Collateral finance facility expense	 	2,571	
 	 	2,591	
 	 	2,569	
 	 	2,563	
 	 	2,698	
 	 	(127	)	 	 	 	7,731	
 	 	7,886	
 	 	(155	)	 	 	 	 	 	 	
Total benefits and expenses	 	40,048	
 	 	43,140	
 	 	27,461	
 	 	40,974	
 	 	28,730	
 	 	11,318	
 	 	 	 	110,649	
 	 	98,152	
 	 	12,497	

Operating income (loss) before income taxes	 	(13,163	)	 	(14,072	)	 	3,282	
 	 	(21,901	)	 	(2,746	)	 	(10,417	)	 	 	 	(23,953	)	 	(18,360	)	
 	(5,593	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income (loss) before income taxes	 	(13,163	)	 	(14,072	)	 	3,282	
 	 	(21,901	)	 	(2,746	)	 	(10,417	)	 	 	 	(23,953	)	 	(18,360	)	 	(5,593	)	 	 	 	 	 	 	
Investment and derivative gains (losses) - non-operating	 	(960	)	 	(6,125	)	 	482	
 	 	(3,557	)	 	(1,960	)	 	1,000	
 	 	 	 	(6,603	)	 	(2,875	)	 	(3,728	)	 	 	 	 	 	 	
Non-investment derivatives	 	(28	)	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	(28	)	 	 	 	(28	)	 	—	
 	 	(28	)	 	 	 	 	 	 	
Gain on repurchase of collateral finance facility securities	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	 	 	—	
 	 	46,506	
 	 	(46,506	)	 	 	 	 	 	 	
Income (loss) before income taxes	 	$	(14,151	)	 	$	(20,197	)	 	$	3,764	
 	 	$	(25,458	)	 	$	(4,706	)	 	$	(9,445	)	 	 	 	$	(30,584	)	 	$	25,271	
 	 	$	(55,855	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Foreign currency effect   (1) :	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	$	(1,403	)	 	$	(1,263	)	 	$	(1,706	)	 	$	98	
 	 	$	(491	)	 	$	(912	)	 	 	 	$	(4,372	)	 	$	(446	)	 	$	(3,926	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(1) Compared to comparable prior year period	 	 	 	 	 	 	

 

 	
 	 	 	
 	 	Page 14

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

 	 	Three Months Ended	 	Current Qtr
vs. PY
Quarter	 	 	 	Year-to-date	 	
 	 	Sept. 30,	 	June 30,	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	 	 	 	 	Sept. 30,	 	Sept. 30,	 	 	 	 	 	 	
(USD thousands)	 	2014	 	2014	 	2014	 	2013	 	2013	 	 	 	 	 	2014	 	2013	 	Change	 	 	 	 	 	 	
U.S. and Latin America:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Traditional	 	$	78,925	
 	 	$	88,954	
 	 	$	48,203	
 	 	$	123,642	
 	 	$	90,287	
 	 	$	(11,362	)	 	 	 	$	216,082	
 	 	$	249,023	
 	 	$	(32,941	)	 	 	 	 	 	 	
Non-Traditional:	 	 	 	 	 	 	 	 	 	 	 	

Asset Intensive	 	57,976	
 	 	44,027	
 	 	41,005	
 	 	42,266	
 	 	38,046	
 	 	19,930	
 	 	 	 	143,008	
 	 	123,872	
 	 	19,136	
 	 	 	 	 	 	 	
Financial Reinsurance	 	13,804	
 	 	13,609	
 	 	12,426	
 	 	14,276	
 	 	11,523	
 	 	2,281	
 	 	 	 	39,839	
 	 	31,417	
 	 	8,422	
 	 	 	 	 	 	 	
Total U.S. and Latin America Segment	 	150,705	
 	 	146,590	
 	 	101,634	
 	 	180,184	
 	 	139,856	
 	 	10,849	
 	 	 	 	398,929	
 	 	404,312	
 	 	(5,383	)	 	 	 	 	 	 	
Canadian Segment	 	25,736	
 	 	30,726	
 	 	22,123	
 	 	47,153	
 	 	35,973	
 	 	(10,237	)	 	 	 	78,585	
 	 	100,539	
 	 	(21,954	)	 	 	 	 	 	 	
Europe, Middle East and Africa	 	43,980	
 	 	44,681	
 	 	13,976	
 	 	12,031	
 	 	38,341	
 	 	5,639	
 	 	 	 	102,637	
 	 	59,041	
 	 	43,596	
 	 	 	 	 	 	 	
Asia Pacific Segment	 	27,444	
 	 	29,327	
 	 	24,658	
 	 	26,941	
 	 	14,258	
 	 	13,186	
 	 	 	 	81,429	
 	 	(245,317	)	 	326,746	
 	 	 	 	 	 	 	
Corporate and Other	 	(13,163	)	 	(14,072	)	 	3,282	
 	 	(21,901	)	 	(2,746	)	 	(10,417	)	 	 	 	(23,953	)	 	(18,360	)	 	(5,593	)	 	 	 	 	 	 	
Consolidated	 	$	234,702	
 	 	$	237,252	
 	 	$	165,673	
 	 	$	244,408	
 	 	$	225,682	
 	 	$	9,020	
 	 	 	 	$	637,627	
 	 	$	300,215	
 	 	$	337,412	

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

 

                                        

 	 	Page 15

 
Reinsurance Group of America, Incorporated
Investments
(USD thousands)

Cash and Invested Assets	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Sept. 30,	 	June 30,	 	March 31,	 	Dec. 31,	 	Sept. 30,	
 	 	2014	 	2014	 	2014	 	2013	 	2013	
Fixed maturity securities, available-for-sale	 	$	24,475,451	
 	 	$	24,480,396	
 	 	$	22,157,182	
 	 	$	21,474,136	
 	 	$	21,289,108	
 	
Mortgage loans on real estate	 	2,617,091	
 	 	2,555,800	
 	 	2,526,228	
 	 	2,486,680	
 	 	2,488,582	
 	
Policy loans	 	1,249,948	
 	 	1,250,635	
 	 	1,296,897	
 	 	1,244,469	
 	 	1,244,878	
 	
Funds withheld at interest	 	5,969,006	
 	 	5,940,521	
 	 	5,814,231	
 	 	5,771,467	
 	 	5,739,872	
 	
Short-term investments	 	44,437	
 	 	45,596	
 	 	118,789	
 	 	139,395	
 	 	44,192	
 	
Other invested assets	 	1,165,021	
 	 	1,128,375	
 	 	1,234,779	
 	 	1,324,960	
 	 	1,116,391	
 	
Cash and cash equivalents	 	1,118,745	
 	 	1,378,117	
 	 	1,127,132	
 	 	923,647	
 	 	1,423,235	
 	
Total cash and invested assets	 	$	36,639,699	
 	 	$	36,779,440	
 	 	$	34,275,238	
 	 	$	33,364,754	
 	 	$	33,346,258	

 
Investment Income and Yield Summary	 	

 	 	Three Months Ended	 	Current Qtr
vs. PY
Quarter	 	 	 	Year-to-Date	 	
 	 	Sept. 30,	 	June 30,	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	 	 	 	 	Sept. 30,	 	Sept. 30,	 	 	 	 	 	 	
 	 	2014	 	2014	 	2014	 	2013	 	2013	 	 	 	 	 	2014	 	2013	 	Change	 	 	 	 	 	 	
Average invested assets at amortized cost  (1)	 	$	20,424,141	
 	 	$	20,121,261	
 	 	$	19,726,037	
 	 	$	18,954,561	
 	 	$	18,263,880	
 	 	$	2,160,261	
 	 	 	 	$	19,854,771	
 	 	$	17,910,062	
 	 	$	1,944,709	
 	 	 	 	 	 	 	
Net investment income  (1)	 	$	240,877	
 	 	$	236,604	
 	 	$	229,644	
 	 	$	217,928	
 	 	$	213,318	
 	 	$	27,559	
 	 	 	 	$	707,125	
 	 	$	638,687	
 	 	$	68,438	
 	 	 	 	 	 	 	
Annualized investment yield (ratio of net investment income to average invested assets)  (1)	 	4.80	%	 	4.79	%	 	4.74	%	 	4.68	%	 	4.75	%	 	0.05	%	 	 	 	4.78	%	 	4.78	%	 	0.00	%	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(1) Excludes spread-related business (e.g. coinsurance of annuities)	 	 	 	 	 	 	

                                        

 	 	Page 16

Reinsurance Group of America, Incorporated
Investments
(USD thousands)

Amortized cost, gross unrealized gains and losses, and estimated fair values of fixed maturity and equity securities
(Excludes Funds Withheld Portfolios)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
September 30, 2014	
 	 	Amortized
Cost	 	Unrealized
Gains	 	Unrealized
Losses	 	Estimated Fair
Value	 	% of
Total	 	Other-than-
temporary
Impairment
in AOCI	
Available-for-sale:	 	 	 	 	 	 	 	 	 	 	 	 	
Corporate securities	 	$	13,413,102	
 	 	$	849,695	
 	 	$	72,341	
 	 	$	14,190,456	
 	 	58.0	%	 	$	—	
 	
Canadian and Canadian provincial governments	 	2,726,064	
 	 	989,925	
 	 	1,651	
 	 	3,714,338	
 	 	15.2	%	 	—	
 	
Residential mortgage-backed securities	 	964,436	
 	 	46,453	
 	 	10,172	
 	 	1,000,717	
 	 	4.1	%	 	(300	)	
Asset-backed securities	 	993,028	
 	 	22,054	
 	 	9,034	
 	 	1,006,048	
 	 	4.1	%	 	354	
 	
Commercial mortgage-backed securities	 	1,404,648	
 	 	85,609	
 	 	8,435	
 	 	1,481,822	
 	 	6.0	%	 	(1,609	)	
U.S. government and agencies	 	462,675	
 	 	19,063	
 	 	1,752	
 	 	479,986	
 	 	1.9	%	 	—	
 	
State and political subdivisions	 	369,631	
 	 	45,211	
 	 	4,778	
 	 	410,064	
 	 	1.7	%	 	—	
 	
Other foreign government, supranational, and foreign	 	 	 	 	 	 	 	 	 	 	 	 	
 government-sponsored enterprises	 	2,119,357	
 	 	82,424	
 	 	9,761	
 	 	2,192,020	
 	 	9.0	%	 	—	
 	
Total fixed maturity securities	 	$	22,452,941	
 	 	$	2,140,434	
 	 	$	117,924	
 	 	$	24,475,451	
 	 	100.0	%	 	$	(1,555	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Non-redeemable preferred stock	 	82,236	
 	 	7,051	
 	 	1,698	
 	 	87,589	
 	 	54.1	%	 	 	
Other equity securities	 	74,725	
 	 	866	
 	 	1,230	
 	 	74,361	
 	 	45.9	%	 	 	
Total equity securities	 	$	156,961	
 	 	$	7,917	
 	 	$	2,928	
 	 	$	161,950	
 	 	100.0	%	 	 	

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

 	
 	 	 	
 	 	Page 17

Reinsurance Group of America, Incorporated
Investments
(USD thousands)

Corporate Securities by Sector (Fixed Maturities and Equities)
(Excludes Funds Withheld Portfolios)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	September 30, 2014	 	December 31, 2013	
 	 	Amortized
Cost	 	Estimated Fair
Value	 	% of
Total	 	Average
Credit
Ratings (1)	 	Amortized
Cost	 	Estimated Fair
Value	 	% of
Total	 	Average
Credit
Ratings (1)	
Financial Institutions	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Banking	 	$	2,952,859	
 	 	$	3,071,735	
 	 	21.4	%	 	A-	 	$	2,328,148	
 	 	$	2,408,741	
 	 	19.2	%	 	A-	
Brokerage/Asset Managers/Exchanges	 	219,714	
 	 	238,756	
 	 	1.7	%	 	A	 	206,986	
 	 	218,477	
 	 	1.7	%	 	A-	
Finance Comp.	 	183,697	
 	 	194,747	
 	 	1.4	%	 	A+	 	151,129	
 	 	158,859	
 	 	1.3	%	 	A	
Insurance	 	693,994	
 	 	753,985	
 	 	5.3	%	 	A-	 	665,252	
 	 	693,516	
 	 	5.5	%	 	A-	
REITs	 	543,374	
 	 	571,826	
 	 	4.0	%	 	BBB+	 	476,830	
 	 	491,058	
 	 	3.9	%	 	BBB+	
Other Finance	 	141,265	
 	 	145,006	
 	 	1.0	%	 	A-	 	406,613	
 	 	407,106	
 	 	3.3	%	 	BBB-	
Total Financial Institutions	 	$	4,734,903	
 	 	$	4,976,055	
 	 	34.8	%	 	 	 	$	4,234,958	
 	 	$	4,377,757	
 	 	34.9	%	 	 	
Industrials	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic	 	846,577	
 	 	879,723	
 	 	6.1	%	 	BBB	 	847,764	
 	 	858,886	
 	 	6.9	%	 	BBB	
Capital Goods	 	594,237	
 	 	628,806	
 	 	4.4	%	 	BBB	 	574,108	
 	 	596,150	
 	 	4.8	%	 	BBB	
Communications	 	1,446,646	
 	 	1,549,903	
 	 	10.8	%	 	BBB+	 	1,234,343	
 	 	1,278,710	
 	 	10.2	%	 	BBB+	
Consumer Cyclical	 	661,416	
 	 	695,899	
 	 	4.8	%	 	BBB+	 	631,196	
 	 	649,019	
 	 	5.2	%	 	BBB	
Consumer Noncyclical	 	1,260,102	
 	 	1,337,574	
 	 	9.3	%	 	BBB+	 	1,062,238	
 	 	1,107,972	
 	 	8.9	%	 	BBB+	
Energy	 	1,486,982	
 	 	1,576,520	
 	 	11.0	%	 	BBB	 	1,326,476	
 	 	1,380,762	
 	 	11.0	%	 	BBB	
Technology	 	475,979	
 	 	494,699	
 	 	3.4	%	 	BBB+	 	455,081	
 	 	456,505	
 	 	3.6	%	 	BBB+	
Transportation	 	443,648	
 	 	473,323	
 	 	3.3	%	 	A-	 	365,233	
 	 	380,249	
 	 	3.0	%	 	A-	
Other Industrial	 	100,429	
 	 	109,534	
 	 	0.7	%	 	BBB+	 	114,520	
 	 	119,353	
 	 	1.0	%	 	A-	
Total Industrials	 	$	7,316,016	
 	 	$	7,745,981	
 	 	53.8	%	 	 	 	$	6,610,959	
 	 	$	6,827,606	
 	 	54.6	%	 	 	
Utilities	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Electric	 	1,170,143	
 	 	1,261,720	
 	 	8.8	%	 	BBB+	 	1,077,167	
 	 	1,121,373	
 	 	9.0	%	 	BBB+	
Natural Gas	 	213,674	
 	 	222,679	
 	 	1.6	%	 	A-	 	109,789	
 	 	111,515	
 	 	0.9	%	 	A-	
Other Utility	 	135,327	
 	 	145,971	
 	 	1.0	%	 	A-	 	62,768	
 	 	67,471	
 	 	0.5	%	 	BBB+	
Total Utilities	 	$	1,519,144	
 	 	$	1,630,370	
 	 	11.4	%	 	 	 	$	1,249,724	
 	 	$	1,300,359	
 	 	10.4	%	 	 	
Other Sectors	 	—	
 	 	—	
 	 	0.0	%	 	
 	 	11,225	
 	 	10,764	
 	 	0.1	%	 	AA	
Total	 	$	13,570,063	
 	 	$	14,352,406	
 	 	100.0	%	 	BBB+	 	$	12,106,866	
 	 	$	12,516,486	
 	 	100.0	%	 	BBB+	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(1) The Average Credit Rating designations are based on the weighted average ratings from nationally recognized rating organizations, primarily those assigned by S&P. In instances where a S&P rating is not available, the Company will reference the rating provided by Moody’s, and in the absence of both the Company will assign equivalent ratings based on information from the NAIC.	

                                        

 	 	Page 18

Reinsurance Group of America, Incorporated
Investments
(USD thousands)

Ratings of Fixed Maturity Securities
(Excludes Funds Withheld Portfolios)

 	 	 	 	September 30, 2014	 	June 30, 2014	 	March 31, 2014	 	December 31, 2013	 	September 30, 2013	
NAIC
Designation (1)	 	Rating Agency
Designation   (2)	 	Amortized
Cost	 	Estimated
Fair Value	 	% of
Total	 	Amortized
Cost	 	Estimated
Fair Value	 	% of
Total	 	Amortized
Cost	 	Estimated
Fair Value	 	% of
Total	 	Amortized
Cost	 	Estimated
Fair Value	 	% of
Total	 	Amortized
Cost	 	Estimated
Fair Value	 	% of
Total	
1	 	AAA/AA/A	 	$	14,590,478	
 	 	$	16,236,196	
 	 	66.3	%	 	$	14,646,888	
 	 	$	16,304,796	
 	 	66.6	%	 	$	13,519,276	
 	 	$	14,859,087	
 	 	67.0	%	 	$	12,868,061	
 	 	$	13,867,584	
 	 	64.6	%	 	$	12,460,380	
 	 	$	13,643,495	
 	 	64.1	%	
2	 	BBB	 	6,530,399	
 	 	6,895,202	
 	 	28.2	%	 	6,527,092	
 	 	6,942,290	
 	 	28.3	%	 	5,882,308	
 	 	6,177,731	
 	 	27.9	%	 	6,072,604	
 	 	6,255,451	
 	 	29.1	%	 	6,117,081	
 	 	6,298,628	
 	 	29.6	%	
3	 	BB	 	729,311	
 	 	751,110	
 	 	3.1	%	 	669,569	
 	 	706,926	
 	 	2.9	%	 	637,814	
 	 	666,571	
 	 	3.0	%	 	725,733	
 	 	740,465	
 	 	3.4	%	 	652,300	
 	 	655,000	
 	 	3.1	%	
4	 	B	 	425,094	
 	 	421,100	
 	 	1.7	%	 	362,960	
 	 	364,395	
 	 	1.5	%	 	379,529	
 	 	379,688	
 	 	1.7	%	 	387,687	
 	 	400,775	
 	 	1.9	%	 	499,580	
 	 	512,325	
 	 	2.4	%	
5	 	CCC	 	152,363	
 	 	150,845	
 	 	0.6	%	 	143,292	
 	 	142,805	
 	 	0.6	%	 	60,003	
 	 	60,427	
 	 	0.3	%	 	106,619	
 	 	106,873	
 	 	0.5	%	 	87,364	
 	 	86,644	
 	 	0.4	%	
6	 	In or near default	 	25,296	
 	 	20,998	
 	 	0.1	%	 	23,545	
 	 	19,184	
 	 	0.1	%	 	18,594	
 	 	13,678	
 	 	0.1	%	 	110,030	
 	 	102,988	
 	 	0.5	%	 	100,645	
 	 	93,016	
 	 	0.4	%	
 	 	Total	 	$	22,452,941	
 	 	$	24,475,451	
 	
 	100.0	%	
 	$	22,373,346	
 	
 	$	24,480,396	
 	
 	100.0	%	
 	$	20,497,524	
 	
 	$	22,157,182	
 	
 	100.0	%	
 	$	20,270,734	
 	
 	$	21,474,136	
 	
 	100.0	%	
 	$	19,917,350	
 	
 	$	21,289,108	
 	
 	100.0	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(1) Effective January 1, 2014, structured securities held by the Company’s insurance subsidiaries that maintain the National Association of Insurance Commissioners (NAIC) statutory basis of accounting that meet the definition of SSAP No. 43R began utilizing the NAIC rating methodology. All other securities will continue to utilize the Nationally Recognized Statistical Rating Organizations (NRSRO) ratings, as available, or equivalent rating based on information from the NAIC.	
(2) The Rating Agency Designation includes all “+” or “-” at that rating level (e. g. ‘BBB’ includes ‘BBB+’, ‘BBB’, and ‘BBB-’).	

Structured Fixed Maturity Securities	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	September 30, 2014	 	June 30, 2014	 	March 31, 2014	 	December 31, 2013	 	September 30, 2013	
 	 	Amortized
Cost	 	Estimated
Fair Value	 	Amortized
Cost	 	Estimated
Fair Value	 	Amortized
Cost	 	Estimated
Fair Value	 	Amortized
Cost	 	Estimated
Fair Value	 	Amortized
Cost	 	Estimated
Fair Value	
Residential mortgage-backed securities:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Agency	 	$	597,413	
 	 	$	625,070	
 	 	$	564,397	
 	 	$	594,042	
 	 	$	569,064	
 	 	$	591,515	
 	 	$	567,113	
 	 	$	580,855	
 	 	$	517,517	
 	 	$	541,870	
 	
Non-agency	 	367,023	
 	 	375,647	
 	 	382,034	
 	 	392,097	
 	 	400,880	
 	 	410,356	
 	 	403,321	
 	 	408,788	
 	 	405,064	
 	 	409,968	
 	
Total residential mortgage-backed securities	 	964,436	
 	 	1,000,717	
 	 	946,431	
 	 	986,139	
 	 	969,944	
 	 	1,001,871	
 	 	970,434	
 	 	989,643	
 	 	922,581	
 	 	951,838	
 	
Commercial mortgage-backed securities	 	1,404,648	
 	 	1,481,822	
 	 	1,380,622	
 	 	1,474,620	
 	 	1,367,205	
 	 	1,450,503	
 	 	1,314,782	
 	 	1,388,946	
 	 	1,371,473	
 	 	1,453,114	
 	
Asset-backed securities	 	993,028	
 	 	1,006,048	
 	 	993,116	
 	 	1,008,375	
 	 	933,130	
 	 	944,579	
 	 	891,751	
 	 	894,832	
 	 	883,495	
 	 	885,278	
 	
Total	 	$	3,362,112	
 	 	$	3,488,587	
 	 	$	3,320,169	
 	 	$	3,469,134	
 	 	$	3,270,279	
 	 	$	3,396,953	
 	 	$	3,176,967	
 	 	$	3,273,421	
 	 	$	3,177,549	
 	 	$	3,290,230	

                                        

 	 	Page 19

 
Reinsurance Group of America, Incorporated
Investments
(USD thousands)

Gross Unrealized Losses Aging

Fixed Maturity Securities	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	September 30, 2014	 	June 30, 2014	 	March 31, 2014	 	December 31, 2013	 	September 30, 2013	
 	 	Gross
Unrealized
Losses	 	% of
Total	 	Gross
Unrealized
Losses	 	% of
Total	 	Gross
Unrealized
Losses	 	% of
Total	 	Gross
Unrealized
Losses	 	% of
Total	 	Gross
Unrealized
Losses	 	% of
Total	
Less than 20%	 	$	107,731	
 	 	89.1	%	 	$	96,330	
 	 	85.8	%	 	$	157,050	
 	 	87.6	%	 	$	287,032	
 	 	88.4	%	 	$	279,211	
 	 	87.6	%	
20% or more for less than six months	 	683	
 	 	0.6	%	 	2,479	
 	 	2.2	%	 	163	
 	 	0.1	%	 	6,444	
 	 	2.0	%	 	6,325	
 	 	2.0	%	
20% or more for six months or greater	 	9,510	
 	 	7.9	%	 	10,936	
 	 	9.7	%	 	17,771	
 	 	9.9	%	 	21,423	
 	 	6.6	%	 	25,940	
 	 	8.1	%	
Total	 	$	117,924	
 	
 	97.6	%	
 	$	109,745	
 	
 	97.7	%	
 	$	174,984	
 	
 	97.6	%	
 	$	314,899	
 	
 	97.0	%	
 	$	311,476	
 	
 	97.7	%	

Equity Securities	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	September 30, 2014	 	June 30, 2014	 	March 31, 2014	 	December 31, 2013	 	September 30, 2013	
 	 	Gross
Unrealized
Losses	 	% of
Total	 	Gross
Unrealized
Losses	 	% of
Total	 	Gross
Unrealized
Losses	 	% of
Total	 	Gross
Unrealized
Losses	 	% of
Total	 	Gross
Unrealized
Losses	 	% of
Total	
Less than 20%	 	$	2,926	
 	 	2.4	%	 	$	2,555	
 	 	2.3	%	 	$	4,321	
 	 	2.4	%	 	$	9,699	
 	 	3.0	%	 	$	7,383	
 	 	2.3	%	
20% or more for less than six months	 	—	
 	 	0.0	%	 	—	
 	 	0.0	%	 	—	
 	 	0.0	%	 	—	
 	 	0.0	%	 	—	
 	 	0.0	%	
20% or more for six months or greater	 	2	
 	 	0.0	%	 	2	
 	 	0.0	%	 	2	
 	 	0.0	%	 	2	
 	 	0.0	%	 	2	
 	 	0.0	%	
Total	 	$	2,928	
 	
 	2.4	%	
 	$	2,557	
 	
 	2.3	%	
 	$	4,323	
 	
 	2.4	%	
 	$	9,701	
 	
 	3.0	%	
 	$	7,385	
 	
 	2.3	%	

                                        

 	 	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, 2014	
 	 	Less than 12 months	 	Equal to or greater than 12 months	 	Total	
 	 	Estimated Fair
Value	 	Gross Unrealized
Losses	 	Estimated Fair
Value	 	Gross Unrealized
Losses	 	Estimated Fair
Value	 	Gross Unrealized
Losses	
Investment grade securities:	 	 	 	 	 	 	 	 	 	 	 	 	
Corporate securities	 	$	1,381,925	
 	 	$	20,285	
 	 	$	787,728	
 	 	$	41,002	
 	 	$	2,169,653	
 	 	$	61,287	
 	
Canadian and Canadian provincial governments	 	53,864	
 	 	427	
 	 	27,870	
 	 	1,224	
 	 	81,734	
 	 	1,651	
 	
Residential mortgage-backed securities	 	91,041	
 	 	1,139	
 	 	148,006	
 	 	8,672	
 	 	239,047	
 	 	9,811	
 	
Asset-backed securities	 	234,958	
 	 	2,074	
 	 	121,589	
 	 	4,656	
 	 	356,547	
 	 	6,730	
 	
Commercial mortgage-backed securities	 	103,327	
 	 	922	
 	 	40,865	
 	 	2,950	
 	 	144,192	
 	 	3,872	
 	
U.S. government and agencies	 	40,941	
 	 	70	
 	 	71,551	
 	 	1,682	
 	 	112,492	
 	 	1,752	
 	
State and political subdivisions	 	40,692	
 	 	124	
 	 	45,205	
 	 	4,654	
 	 	85,897	
 	 	4,778	
 	
Other foreign government, supranational, and foreign	 	 	 	 	 	 	 	 	 	 	 	 	
government-sponsored enterprises	 	147,718	
 	 	3,160	
 	 	156,858	
 	 	5,746	
 	 	304,576	
 	 	8,906	
 	
Investment grade securities	 	2,094,466	
 	 	28,201	
 	 	1,399,672	
 	 	70,586	
 	 	3,494,138	
 	 	98,787	

Non-investment grade securities:	 	 	 	 	 	 	 	 	 	 	 	 	
Corporate securities	 	428,285	
 	 	8,710	
 	 	31,577	
 	 	2,344	
 	 	459,862	
 	 	11,054	
 	
Residential mortgage-backed securities	 	19,548	
 	 	206	
 	 	3,477	
 	 	155	
 	 	23,025	
 	 	361	
 	
Asset-backed securities	 	9,642	
 	 	161	
 	 	9,514	
 	 	2,143	
 	 	19,156	
 	 	2,304	
 	
Commercial mortgage-backed securities	 	—	
 	 	—	
 	 	6,446	
 	 	4,563	
 	 	6,446	
 	 	4,563	
 	
Other foreign government, supranational, and
foreign government-sponsored enterprises	 	15,973	
 	 	855	
 	 	—	
 	 	—	
 	 	15,973	
 	 	855	
 	
Non-investment grade securities	 	473,448	
 	 	9,932	
 	 	51,014	
 	 	9,205	
 	 	524,462	
 	 	19,137	
 	
Total fixed maturity securities	 	$	2,567,914	
 	 	$	38,133	
 	 	$	1,450,686	
 	 	$	79,791	
 	 	$	4,018,600	
 	 	$	117,924	

Non-redeemable preferred stock	 	3,765	
 	 	287	
 	 	17,149	
 	 	1,411	
 	 	20,914	
 	 	1,698	
 	
Other equity securities	 	24,552	
 	 	90	
 	 	28,561	
 	 	1,140	
 	 	53,113	
 	 	1,230	
 	
Total Equity securities	 	$	28,317	
 	 	$	377	
 	 	$	45,710	
 	 	$	2,551	
 	 	$	74,027	
 	 	$	2,928	

 	 	 	 	 	 	 	 	 	 	 	 	 	

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

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

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

                                        

 	 	Page 21

Reinsurance Group of America, Incorporated
Investments
(USD thousands)

Consolidated Investment Related Gains and Losses	 	

 	 	Three Months Ended	 	Current Qtr
vs. PY
Quarter	 	 	 	Year-to-date	 	
 	 	Sept. 30,	 	June 30,	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	 	 	 	 	Sept. 30,	 	Sept. 30,	 	 	 	 	 	 	
 	 	2014	 	2014	 	2014	 	2013	 	2013	 	 	 	 	 	2014	 	2013	 	Change	 	 	 	 	 	 	
Fixed Maturity and Equity Securities:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Other-than-temporary impairment losses on fixed maturities	 	$	(246	)	 	$	(870	)	 	$	(303	)	 	$	(2,258	)	 	$	(391	)	 	$	145	
 	 	 	 	$	(1,419	)	 	$	(10,396	)	 	$	8,977	
 	 	 	 	 	 	 	
Portion of loss recognized in accumulated other
comprehensive income (before taxes)	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	59	
 	 	(59	)	 	 	 	—	
 	 	(247	)	 	247	
 	 	 	 	 	 	 	
Net other-than-temporary impairment losses on fixed
maturities recognized in earnings	 	(246	)	 	(870	)	 	(303	)	 	(2,258	)	 	(332	)	 	86	
 	 	 	 	(1,419	)	 	(10,643	)	 	9,224	
 	 	 	 	 	 	 	
Gain on investment activity	 	8,819	
 	 	34,887	
 	 	8,067	
 	 	12,659	
 	 	21,560	
 	 	(12,741	)	 	 	 	51,773	
 	 	70,085	
 	 	(18,312	)	 	 	 	 	 	 	
Loss on investment activity	 	(6,355	)	 	(6,877	)	 	(6,583	)	 	(12,169	)	 	(30,434	)	 	24,079	
 	 	 	 	(19,815	)	 	(48,406	)	 	28,591	
 	 	 	 	 	 	 	
Net gain/(loss) on fixed maturity and equity securities	 	2,218	
 	 	27,140	
 	 	1,181	
 	 	(1,768	)	 	(9,206	)	 	11,424	
 	 	 	 	30,539	
 	 	11,036	
 	 	19,503	

Other impairment losses and change in mortgage loan provision	 	(2,041	)	 	(5,309	)	 	1,664	
 	 	(5,665	)	 	233	
 	 	(2,274	)	 	 	 	(5,686	)	 	(1,268	)	 	(4,418	)	 	 	 	 	 	 	
Other non-derivative gain/(loss), net	 	2,298	
 	 	9,197	
 	 	8,368	
 	 	10,536	
 	 	4,594	
 	 	(2,296	)	 	 	 	19,863	
 	 	16,145	
 	 	3,718	

Free-standing Derivatives:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Credit Default Swaps	 	(1,389	)	 	4,783	
 	 	(2,114	)	 	7,051	
 	 	10,805	
 	 	(12,194	)	 	 	 	1,280	
 	 	17,137	
 	 	(15,857	)	 	 	 	 	 	 	
Interest Rate Swaps - non-hedged	 	9,114	
 	 	22,244	
 	 	29,659	
 	 	(15,498	)	 	(8,221	)	 	17,335	
 	 	 	 	61,017	
 	 	(68,900	)	 	129,917	
 	 	 	 	 	 	 	
Interest Rate Swaps - hedged	 	8	
 	 	7	
 	 	(6	)	 	(5	)	 	(3	)	 	11	
 	 	 	 	9	
 	 	11	
 	 	(2	)	 	 	 	 	 	 	
Futures	 	6,446	
 	 	(7,684	)	 	(1,584	)	 	(3,851	)	 	(1,139	)	 	7,585	
 	 	 	 	(2,822	)	 	(7,306	)	 	4,484	
 	 	 	 	 	 	 	
CPI Swaps	 	(274	)	 	115	
 	 	352	
 	 	85	
 	 	(39	)	 	(235	)	 	 	 	193	
 	 	(2,027	)	 	2,220	
 	 	 	 	 	 	 	
Equity options	 	1,017	
 	 	(8,800	)	 	(8,965	)	 	(19,447	)	 	(24,112	)	 	25,129	
 	 	 	 	(16,748	)	 	(59,784	)	 	43,036	
 	 	 	 	 	 	 	
Currency Forwards	 	(5,277	)	 	1,178	
 	 	1,154	
 	 	(5,213	)	 	629	
 	 	(5,906	)	 	 	 	(2,945	)	 	(7,988	)	 	5,043	
 	 	 	 	 	 	 	
Interest Rate Options	 	865	
 	 	2,004	
 	 	1,282	
 	 	(3,145	)	 	(2,375	)	 	3,240	
 	 	 	 	4,151	
 	 	(8,373	)	 	12,524	
 	 	 	 	 	 	 	
Total free-standing derivatives	 	10,510	
 	 	13,847	
 	 	19,778	
 	 	(40,023	)	 	(24,455	)	 	34,965	
 	 	 	 	44,135	
 	 	(137,230	)	 	181,365	

Embedded Derivatives:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Modified coinsurance and funds withheld treaties	 	56,812	
 	 	78,835	
 	 	77,241	
 	 	(337	)	 	(67,460	)	 	124,272	
 	 	 	 	212,888	
 	 	70,514	
 	 	142,374	
 	 	 	 	 	 	 	
GMXB	 	(47,479	)	 	(5,183	)	 	(23,661	)	 	35,098	
 	 	19,829	
 	 	(67,308	)	 	 	 	(76,323	)	 	106,952	
 	 	(183,275	)	 	 	 	 	 	 	
Total embedded derivatives	 	9,333	
 	 	73,652	
 	 	53,580	
 	 	34,761	
 	 	(47,631	)	 	56,964	
 	 	 	 	136,565	
 	 	177,466	
 	 	(40,901	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net gain/(loss) on total derivatives	 	19,843	
 	 	87,499	
 	 	73,358	
 	 	(5,262	)	 	(72,086	)	 	91,929	
 	 	 	 	180,700	
 	 	40,236	
 	 	140,464	

Total investment related gains / (losses), net	 	$	22,318	
 	 	$	118,527	
 	 	$	84,571	
 	 	$	(2,159	)	 	$	(76,465	)	 	$	98,783	
 	 	 	 	$	225,416	
 	 	$	66,149	
 	 	$	159,267	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

                                        

 	 	Page 22