UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
 CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): April 27, 2017
 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)	
16600 Swingley Ridge Road, 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))	

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter):

r	Emerging growth company	
r	If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 	

 	
 	 	
Item 2.02	Results of Operations and Financial Condition.	
On April 27, 2017, Reinsurance Group of America, Incorporated issued (1) a press release (the "Press Release") announcing its earnings for the three-month period ended March 31, 2017, and providing certain additional information, a copy of which is furnished with this report as Exhibit 99.1, and (2) a quarterly financial supplement (the "Quarterly Financial Supplement") for the quarter ended March 31, 2017, a copy of which is attached hereto as Exhibit 99.2. The Press Release also notes that a conference call will be held on April 28, 2017 to discuss the financial and operating results for the three-month period ended March 31, 2017. The information set forth in this Current Report on Form 8-K, including the Press Release and Quarterly Financial Supplement, is being furnished and shall not be deemed to be "filed", as described in 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 April 27, 2017	
 	 	
99.2	  	Quarterly Financial Supplement for the quarter ended March 31, 2017	

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

 	 	 	 	 	 	 	
 	 	 	 	 	 	 	
 	 	 	REINSURANCE GROUP OF AMERICA, INCORPORATED	
 	 	 	 	
Date: April 27, 2017	 	 	By:	 	  /s/ Todd C. Larson	
 	 	 	 	 	Todd C. Larson	
 	 	 	 	 	Senior Executive Vice President and Chief Financial Officer	

EXHIBIT INDEX

 	 	 	
Exhibit Number	  	Description	
 	 	
99.1	  	Press Release dated April 27, 2017	
 	 	
99.2	  	Quarterly Financial Supplement for the quarter ended March 31, 2017	

Exhibit 99.1

 PRESS RELEASE

REINSURANCE GROUP OF AMERICA REPORTS FIRST-QUARTER RESULTS

•	Earnings per diluted share: $2.22 from net income, $1.86 from adjusted operating income*	
 	 	
•	ROE 10 percent and adjusted operating ROE* 11 percent for the trailing twelve months	
 	 	
•	Reported net premiums increased 10 percent in the first quarter	

ST. LOUIS, April 27, 2017 - Reinsurance Group of America, Incorporated (NYSE: RGA), a leading global provider of life reinsurance, reported first-quarter net income of $145.5 million, or $2.22 per diluted share, compared with $76.5 million, or $1.17 per diluted share, in the prior-year quarter. Adjusted operating income* totaled $122.1 million, or $1.86 per diluted share, compared with $120.8 million, or $1.85 per diluted share, the year before. Net foreign currency fluctuations had an adverse effect of $0.03 per diluted share on net income, and $0.02 per diluted share on adjusted operating income.

 	 	 	 	 	 	 	 	 	
 	 	Quarterly Results	
($ in thousands, except per share data)	 	2017	 	2016	
Net premiums	 	$	2,365,696	
 	 	$	2,157,005	
 	
Net income	 	145,512	
 	 	76,472	
 	
Net income per diluted share	 	2.22	
 	 	1.17	
 	
Adjusted operating income*	 	122,065	
 	 	120,750	
 	
Adjusted operating income per diluted share*	 	1.86	
 	 	1.85	
 	
Book value per share	 	115.24	
 	 	104.88	
 	
Book value per share, excluding accumulated other comprehensive income (AOCI)*	 	94.72	
 	 	84.11	
 	
Total assets	 	53,805,820	
 	 	52,186,624	

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

Beginning with the announcement of first-quarter results, the Company is modifying the labeling of its non-GAAP measure “operating income” to “adjusted operating income.” The definition and calculation of these measures are identical. Only the name of the measure is changing. The Company believes this change provides further clarity that “operating income” is a non-GAAP measure. This modification does not affect previously reported results.

Consolidated net premiums totaled $2.4 billion, up 10 percent from last year’s first quarter. Current-period premiums reflected net adverse foreign currency effects of approximately $5.2 million. Excluding spread-based businesses and the value of associated derivatives, investment income rose 11 percent over year-ago levels, attributable to an increase in average invested assets of approximately 13 percent. The rise in investment income was offset, in part, by the impact of lower yields on new money and reinvested assets. The average investment yield, excluding spread businesses, was down 5 basis points to 4.41 percent from the first quarter of 2016, reflecting the impact of lower yields on new money and reinvested

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assets. The average investment yield was 28 basis points lower than the fourth-quarter yield due primarily to a lower level of variable investment income.

The effective tax rate was approximately 30 percent on both pre-tax GAAP income and adjusted operating income this quarter, below an expected range of 34 to 35 percent. The lower-than-expected income tax rate was primarily due to generating a greater-than-expected portion of earnings in jurisdictions that have lower income tax rates than the U.S. statutory rate.

Anna Manning, president and chief executive officer, commented, “Our EPS and adjusted operating EPS improved versus a year ago, but reflected some increased volatility in our segment results, with the U.S. and Canadian Traditional segments experiencing high seasonal individual mortality claims, and our Asia Pacific and EMEA segments performing very well. The broad diversification of earnings that has come with the successful development of our global operating model over time continues to benefit us, even as individual segments or business lines experience periods of natural volatility.

“Premium growth was strong again, up 10 percent on a reported basis and in constant currencies. This reflects solid to strong organic growth across most regions, Asia and EMEA in particular.

“The elevated mortality claims in both the U.S. and Canada were due to a higher number of large claims. We consider this to be random volatility and not attributable to any systemic issue. As we have emphasized in the past, we generally expect short-term claims volatility to moderate over time, and we have not changed our expectations.

“We did not close any significant in-force or other transactions during the quarter, but we remain optimistic about the environment and our pipeline. We ended the quarter with an excess capital position of approximately $1.2 billion. We remain well positioned to continue pursuing a balanced approach to capital management by deploying capital into in-force and other attractive transactions, share repurchases and shareholder dividend increases. Book value per share at March 31 was $115.24 including AOCI, and $94.72 excluding AOCI.

“Looking forward, we remain optimistic about our ability to serve clients, execute on our strategies and deliver attractive financial returns.”

SEGMENT RESULTS

U.S. and Latin America

Traditional

The U.S. and Latin America Traditional segment reported pre-tax net income of $30.0 million, compared with $51.1 million in the first quarter of 2016. Pre-tax adjusted operating income totaled $28.0 million for the quarter, compared with $53.2 million in last year’s first quarter. Results for the current quarter reflected poor claims experience due to an elevated number of large claims, while the prior-year results were generally in line with expectations.

Traditional net premiums increased 6 percent from last year’s first quarter to $1,304.3 million.

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Financial Solutions

The Asset-Intensive business reported pre-tax net income of $85.8 million compared with pre-tax net losses of $30.8 million last year. First-quarter pre-tax adjusted operating income totaled $51.6 million compared with $45.3 million last year, reflecting favorable interest rate spreads and a positive influence from higher equity markets.

The Financial Reinsurance business reported pre-tax net income and pre-tax adjusted operating income of $17.8 million for the first quarter compared with $15.9 million the year before.

Canada

Traditional

The Canada Traditional segment reported pre-tax net income of $19.3 million, compared with $20.1 million the year before. Pre-tax adjusted operating income totaled $16.8 million, compared with $19.4 million in the first quarter of 2016. Both periods experienced modestly worse-than-expected mortality experience, with current-quarter results attributable primarily to large claims. Foreign currency exchange rates had a favorable effect of $1.2 million on pre-tax net income and $1.1 million on pre-tax adjusted operating income for the quarter.

Reported net premiums totaled $215.8 million for the quarter, relatively level with $215.5 million in the year-ago period. Net foreign currency fluctuations had a favorable effect of $7.6 million on net premiums for the quarter.

Financial Solutions

The Canada Financial Solutions business segment, which consists of longevity and fee-based transactions, reported first-quarter pre-tax net income and pre-tax adjusted operating income of $3.6 million, compared with $0.6 million a year ago, reflecting favorable longevity experience. The effect of net foreign currency fluctuations was immaterial to pre-tax net income and pre-tax adjusted operating income in the quarter.

Europe, Middle East and Africa (EMEA)

Traditional

The EMEA Traditional segment reported pre-tax net income and pre-tax adjusted operating income of $14.0 million, compared with pre-tax net losses and pre-tax adjusted operating losses of $1.1 million in last year’s first quarter. The current-period results reflected solid overall experience across the region. Last year’s first quarter experienced unfavorable mortality. Net foreign currency fluctuations adversely affected pre-tax net income and pre-tax adjusted operating income by $0.7 million.

Reported net premiums increased 10 percent from the prior-year period to $304.7 million, primarily due to the impact of new treaties. Foreign currency exchange rates adversely affected net premiums by $17.9 million.

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Financial Solutions

The EMEA Financial Solutions business segment includes longevity, asset-intensive and fee-based transactions. Pre-tax net income totaled $31.9 million, compared with $25.4 million in the year-ago period. Pre-tax adjusted operating income increased to $27.5 million, compared with $25.6 million the year before. Both periods reflected favorable longevity experience. Net foreign currency fluctuations adversely affected pre-tax net income by $4.7 million and pre-tax adjusted operating income by $4.0 million.

Asia Pacific

Traditional

The Asia Pacific Traditional segment reported pre-tax net income of $41.7 million, compared with $41.2 million in the prior-year period. Pre-tax adjusted operating income totaled $41.7 million, compared with $41.1 million a year ago. Underwriting experience was favorable across Asia, with profitable results in Australia. The year-ago period reflected particularly strong results in Australia and solid results across the rest of Asia. Net foreign currency fluctuations had a favorable effect of $0.9 million on pre-tax net income and pre-tax adjusted operating income.

Reported net premiums rose to $483.3 million from $374.1 million in the prior-year period, with strong growth from new treaties across most of the region. Foreign currency exchange rates had a favorable effect of $11.8 million on net premiums.

Financial Solutions

The Asia Pacific Financial Solutions business segment includes asset-intensive and fee-based transactions. Pre-tax net income totaled $5.9 million, compared with $8.6 million in the prior year period. Pre-tax adjusted operating losses totaled $0.5 million, compared with a pre-tax adjusted operating income of $7.4 million in the prior-year quarter. A previously disclosed treaty in runoff continues to negatively impact results, but the experience this quarter reflected an improvement compared with the recent trend. The effect of net foreign currency fluctuations was immaterial to pre-tax net income and pre-tax adjusted operating income in the quarter.

Corporate and Other

The Corporate and Other segment’s pre-tax net losses totaled $42.1 million, compared with pre-tax net losses of $23.3 million the year before. Pre-tax adjusted operating losses were $26.6 million, versus the year-ago pre-tax adjusted operating loss of $30.3 million. Current-period results were generally in line with the expected run rate when adjusted for seasonal variation.

Dividend Declaration

The board of directors declared a regular quarterly dividend of $0.41, payable May 30 to shareholders of record as of May 9.

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Earnings Conference Call

A conference call to discuss first-quarter results will begin at 11 a.m. Eastern Time on Friday, April 28. Interested parties may access the call by dialing 877-719-9789 (domestic) or 719-325-4904 (international). The access code is 323559. 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 also will be available through Saturday, May 6 at 888-203-1112 (domestic) or 719-457-0820 (international), access code 323559.

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 adjusted operating income as a basis for analyzing financial results. As discussed above, beginning with the announcement of first-quarter results, the Company is modifying the labeling of its non-GAAP measure “operating income” to “adjusted operating income.” This measure also serves as a basis for establishing target levels and awards under RGA’s management incentive programs. Management believes that adjusted 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, adjusted 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 adjusted 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 “Earnings” section.

Book value per share excluding the 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.

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

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About RGA
Reinsurance Group of America, Incorporated is among the largest global providers of life reinsurance, with operations in Australia, Barbados, Bermuda, Brazil, Canada, China, France, Germany, Hong Kong, India, Ireland, Italy, Japan, Malaysia, Mexico, the Netherlands, New Zealand, Poland, Singapore, South Africa, South Korea, Spain, Taiwan, the United Arab Emirates, the United Kingdom and the United States. Worldwide, RGA has assumed approximately $3.1 trillion of life reinsurance in force, and total assets of $53.8 billion.

Cautionary Note 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, ratios, future financial performance and growth potential of Reinsurance Group of America, Incorporated and its subsidiaries (which we refer to in the previous 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 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 acquired blocks of business
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and entities, (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 Securities and Exchange Commission.
Forward-looking statements should be evaluated together with the many risks and uncertainties that affect our business, including those mentioned in this document and described in the periodic reports we file
with the Securities and Exchange Commission. These forward-looking statements speak only as of the date on which they are made. We do not undertake any obligations to update these forward-looking statements, even though our situation may change in the future. We qualify all of our forward-looking statements by these cautionary statements. For a discussion of the risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements, you are advised to see Item 1A - “Risk Factors” in the 2016 Annual Report.
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 Adjusted Operating Income
(Dollars in thousands)

 	 	 	 	 	 	 	 	
(Unaudited)	Three Months Ended 
 March 31,	
 	2017	 	2016	
Net income	$	145,512	
 	 	$	76,472	
 	
Reconciliation to adjusted operating income:	 	 	 	
Capital (gains) losses, derivatives and other, included in investment related gains/losses, net	20,253	
 	 	(21,727	)	
Capital (gains) losses on funds withheld, included in investment income, net of related expenses	(425	)	 	(3,239	)	
Embedded derivatives:	 	 	 	
Included in investment related gains/losses, net	(59,192	)	 	100,873	
 	
Included in interest credited	(18,173	)	 	18,947	
 	
DAC offset, net	34,021	
 	 	(50,036	)	
Investment income on unit-linked variable annuities	(2,673	)	 	(265	)	
Interest credited on unit-linked variable annuities	2,673	
 	 	265	
 	
Non-investment derivatives	69	
 	 	(540	)	
Adjusted operating income	$	122,065	
 	 	$	120,750	

Reconciliation of Consolidated Income before Income Taxes to Pre-tax Adjusted Operating Income
(Dollars in thousands)

 	 	 	 	 	 	 	 	
(Unaudited)	Three Months Ended 
 March 31,	
 	2017	 	2016	
Income before income taxes	$	207,844	
 	 	$	107,580	
 	
Reconciliation to pre-tax adjusted operating income:	 	 	 	
Capital (gains) losses, derivatives and other, included in investment related gains/losses, net	33,272	
 	 	(31,968	)	
Capital (gains) losses on funds withheld, included in investment income, net of related expenses	(654	)	 	(4,983	)	
Embedded derivatives:	 	 	 	
Included in investment related gains/losses, net	(91,065	)	 	155,189	
 	
Included in interest credited	(27,958	)	 	29,149	
 	
DAC offset, net	52,340	
 	 	(76,978	)	
Investment income on unit-linked variable annuities	(4,113	)	 	(408	)	
Interest credited on unit-linked variable annuities	4,113	
 	 	408	
 	
Non-investment derivatives	106	
 	 	(831	)	
Pre-tax adjusted operating income	$	173,885	
 	 	$	177,158	

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

(Unaudited)	Three Months Ended March 31, 2017	
 	Pre-tax net income (loss)	 	Capital
(gains) losses,
derivatives
and other, net	 	Change in
value of
embedded
derivatives, net	 	Pre-tax adjusted operating
income (loss)	
U.S. and Latin America:	 	 	 	 	 	 	 	
Traditional	$	29,960	
 	 	$	—	
 	 	$	(1,964	)	 	$	27,996	
 	
Financial Solutions:	 	 	 	 	 	 	 	
Asset Intensive	85,770	
 	 	59,470	
 	(1) 	(93,603	)	(2) 	51,637	
 	
Financial Reinsurance	17,816	
 	 	—	
 	 	—	
 	 	17,816	
 	
Total U.S. and Latin America	133,546	
 	 	59,470	
 	 	(95,567	)	 	97,449	
 	
Canada Traditional	19,328	
 	 	(2,562	)	 	—	
 	 	16,766	
 	
Canada Financial Solutions	3,592	
 	 	—	
 	 	—	
 	 	3,592	
 	
Total Canada	22,920	
 	 	(2,562	)	 	—	
 	 	20,358	
 	
EMEA Traditional	13,976	
 	 	(7	)	 	—	
 	 	13,969	
 	
EMEA Financial Solutions	31,918	
 	 	(4,443	)	 	—	
 	 	27,475	
 	
Total EMEA	45,894	
 	 	(4,450	)	 	—	
 	 	41,444	
 	
Asia Pacific Traditional	41,688	
 	 	—	
 	 	—	
 	 	41,688	
 	
Asia Pacific Financial Solutions	5,872	
 	 	(6,324	)	 	—	
 	 	(452	)	
Total Asia Pacific	47,560	
 	 	(6,324	)	 	—	
 	 	41,236	
 	
Corporate and Other	(42,076	)	 	15,474	
 	 	—	
 	 	(26,602	)	
Consolidated	$	207,844	
 	 	$	61,608	
 	 	$	(95,567	)	 	$	173,885	

(1)	Asset Intensive is net of $28,884 DAC offset.	
 	 	
(2)	Asset Intensive is net of $23,456 DAC offset.	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(Unaudited)	Three Months Ended March 31, 2016	
 	Pre-tax net income (loss)	 	Capital
(gains) losses,
derivatives
and other, net	 	Change in
value of
embedded
derivatives, net	 	Pre-tax adjusted
operating
income (loss)	
U.S. and Latin America:	 	 	 	 	 	 	 	
Traditional	$	51,098	
 	 	$	65	
 	 	$	2,035	
 	 	$	53,198	
 	
Financial Solutions:	 	 	 	 	 	 	 	
Asset Intensive	(30,830	)	 	(16,082	)	(1) 	92,180	
 	(2) 	45,268	
 	
Financial Reinsurance	15,934	
 	 	—	
 	 	—	
 	 	15,934	
 	
Total U.S. and Latin America	36,202	
 	 	(16,017	)	 	94,215	
 	 	114,400	
 	
Canada Traditional	20,095	
 	 	(731	)	 	—	
 	 	19,364	
 	
Canada Financial Solutions	592	
 	 	—	
 	 	—	
 	 	592	
 	
Total Canada	20,687	
 	 	(731	)	 	—	
 	 	19,956	
 	
EMEA Traditional	(1,116	)	 	(5	)	 	—	
 	 	(1,121	)	
EMEA Financial Solutions	25,424	
 	 	187	
 	 	—	
 	 	25,611	
 	
Total EMEA	24,308	
 	 	182	
 	 	—	
 	 	24,490	
 	
Asia Pacific Traditional	41,160	
 	 	(16	)	 	—	
 	 	41,144	
 	
Asia Pacific Financial Solutions	8,553	
 	 	(1,111	)	 	—	
 	 	7,442	
 	
Total Asia Pacific	49,713	
 	 	(1,127	)	 	—	
 	 	48,586	
 	
Corporate and Other	(23,330	)	 	(6,944	)	 	—	
 	 	(30,274	)	
Consolidated	$	107,580	
 	 	$	(24,637	)	 	$	94,215	
 	 	$	177,158	

(1)	Asset Intensive is net of $13,145 DAC offset.	
 	 	
(2)	Asset Intensive is net of $(90,123) DAC offset.	

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

 	 	 	 	 	 	 	 	
(Unaudited)	Three Months Ended 
 March 31,	
 	2017	 	2016	
Earnings per share from net income:	 	 	 	
Basic earnings per share	$	2.26	
 	 	$	1.18	
 	
Diluted earnings per share	$	2.22	
 	 	$	1.17	

Diluted earnings per share from adjusted operating income	$	1.86	
 	 	$	1.85	
 	
Weighted average number of common and common equivalent shares outstanding	65,671	
 	 	65,217	

 	
 	 	 	 	 	 	 	 	
(Unaudited)	At December 31,	
 	2017	 	2016	
Treasury shares	14,749	
 	 	15,073	
 	
Common shares outstanding	64,389	
 	 	64,065	
 	
Book value per share outstanding	$	115.24	
 	 	$	104.88	
 	
Book value per share outstanding, before impact of AOCI	$	94.72	
 	 	$	84.11	

- more -

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

 	 	 	 	 	 	 	 	
(Unaudited)	Three Months Ended 
 March 31,	
 	2017	 	2016	
Revenues:	 	 	 	
Net premiums	$	2,365,696	
 	 	$	2,157,005	
 	
Investment income, net of related expenses	514,364	
 	 	417,266	
 	
Investment related gains (losses), net:	 	 	 	
Other-than-temporary impairments on fixed maturity securities	(17,189	)	 	(33,817	)	
Other investment related gains (losses), net	77,712	
 	 	(87,069	)	
Total investment related gains (losses), net	60,523	
 	 	(120,886	)	
Other revenue	68,157	
 	 	59,183	
 	
Total revenues	3,008,740	
 	 	2,512,568	
 	
Benefits and expenses:	 	 	 	
Claims and other policy benefits	2,106,145	
 	 	1,886,764	
 	
Interest credited	107,684	
 	 	87,905	
 	
Policy acquisition costs and other insurance expenses	379,389	
 	 	233,763	
 	
Other operating expenses	158,506	
 	 	157,424	
 	
Interest expense	42,402	
 	 	32,807	
 	
Collateral finance and securitization expense	6,770	
 	 	6,325	
 	
Total benefits and expenses	2,800,896	
 	 	2,404,988	
 	
Income before income taxes	207,844	
 	 	107,580	
 	
Provision for income taxes	62,332	
 	 	31,108	
 	
Net income	$	145,512	
 	 	$	76,472	
 	
# # #

Exhibit 99.2

Financial Supplement
First Quarter 2017
(Unaudited)

World Headquarters	  	Internet Address	 	Contacts	
16600 Swingley Ridge Road	  	www.rgare.com	 	Todd C. Larson	
Chesterfield, Missouri 63017 U.S.A.	  	 	 	Senior Executive Vice President	
 	 	 	 	and Chief Financial Officer	
 	 	 	 	Phone: (636) 736-7000	
 	 	 	 	e-mail: tlarson@rgare.com	
 	 	 	 	 	
 	 	 	 	Jeff Hopson	
 	 	 	 	Senior Vice President, Investor Relations	
 	 	 	 	Phone: (636) 736-2068	
 	 	 	 	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 dac	 	AA-	 	NR	 	NR	
RGA Global Reinsurance Company, Ltd.	 	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
1st Quarter 2017
Table of Contents

 	Page	
Non-GAAP Disclosures	1	
 	 	
Consolidated	 	
 	 	
Financial Highlights	2	
 	 	
Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations)	3	
 	 	
Consolidated Adjusted Operating Income Statements	4	
 	 	
Consolidated Balance Sheets	5	
 	 	
Segment Summaries of GAAP Income Statements and Adjusted Operating Income Statements	 	
 	 	
U.S. and Latin America Operations	6	
 	 	
Canada Traditional	13	
 	 	
Canada Financial Solutions	15	
 	 	
Europe, Middle East and Africa Traditional	17	
 	 	
Europe, Middle East and Africa Financial Solutions	19	
 	 	
Asia Pacific Traditional	21	
 	 	
Asia Pacific Financial Solutions	23	
 	 	
Corporate and Other	25	
 	 	
Summary of Segment GAAP Income Statements	27	
 	 	
Summary of Segment Adjusted Operating Income Statements	28	
 	 	
Investments	 	
 	 	
Cash and Invested Assets, Investment Income and Yield Summary	29	
 	 	
Amortized Cost, Gross Unrealized Gains and Losses, and Estimated Fair Values of Fixed Maturity and Equity Securities	30	
 	 	
Corporate Fixed Maturities Securities by Sector	31	
 	 	
Ratings of Fixed Maturities Securities and Structured Fixed Maturities Securities	32	
 	 	
Gross Unrealized Losses Aging	33	
 	 	
Fixed Maturities and Equity Securities Below Amortized Cost	34	
 	 	
Consolidated Investment Related Gains and Losses	35	
 	 	
Appendix	 	
 	 	
Reconciliations of GAAP Income Statements to Adjusted Operating Income Statements	37	

Reinsurance Group of America, Incorporated
Quarterly Financial Supplement
Non-GAAP Disclosures
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
Beginning with the announcement of first quarter results, the Company is modifying the labeling of its non-GAAP measure, "operating income" to "adjusted operating income."
The definition and calculation of these measures are identical. Only the name of the measure is changing. The Company believes this change provides further clarity that
"operating income" is a non-GAAP measure. This modification does not affect previously reported results.

RGA uses a non-GAAP financial measure called adjusted 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 adjusted 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, adjusted 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 adjusted 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 adjusted operating income before income taxes is presented in the appendix.
RGA evaluates its shareholders' 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.
RGA uses a non-GAAP financial measure called adjusted operating return on equity, which is calculated as adjusted operating income divided by average shareholders’ equity excluding AOCI.

Additionally, RGA uses a non-GAAP financial measure called book value per share excluding the impact of AOCI 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.

                                        

 	 	Page 1

Reinsurance Group of America, Incorporated
Financial Highlights	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	Current Qtr vs. PY Quarter	
(USD thousands, except in force & per share data)	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	 	 	
 	 	2017	 	2016	 	2016	 	2016	 	2016	 	 	
Net premiums	 	$	2,365,696	
 	 	$	2,493,163	
 	 	$	2,251,758	
 	 	$	2,346,945	
 	 	$	2,157,005	
 	 	$	208,691	
 	
Net income	 	145,512	
 	 	190,149	
 	 	198,719	
 	 	236,103	
 	 	76,472	
 	 	69,040	
 	
Adjusted operating income	 	122,065	
 	 	171,259	
 	 	159,361	
 	 	181,228	
 	 	120,750	
 	 	1,315	
 	
Return on equity - annualized	 	8.0	%	 	10.1	%	 	10.2	%	 	13.2	%	 	4.8	%	 	3.2	 %	
Return on equity - trailing 12 months	 	10.5	%	 	9.9	%	 	9.7	%	 	8.4	%	 	6.9	%	 	3.6	 %	
Adjusted operating return on equity (ex AOCI):	 	 	 	 	 	 	 	 	 	 	 	 	
  Annualized	 	8.1	%	 	11.7	%	 	11.2	%	 	13.2	%	 	8.9	%	 	(0.8	)%	
  Trailing 12 months	 	11.0	%	 	11.2	%	 	11.8	%	 	11.4	%	 	10.6	%	 	0.4	 %	
Total assets	 	$	53,805,820	
 	 	$	53,097,879	
 	 	$	54,832,498	
 	 	$	53,876,703	
 	 	$	52,186,624	
 	 	$	1,619,196	
 	
Assumed Life Reinsurance In Force (in billions)	 	 	 	 	 	 	 	 	 	 	 	 	
U.S. and Latin America Traditional	 	$	1,610.0	
 	 	$	1,609.3	
 	 	$	1,603.8	
 	 	$	1,612.9	
 	 	$	1,609.3	
 	 	$	0.7	
 	
U.S. and Latin America Financial Solutions	 	2.1	
 	 	2.1	
 	 	2.1	
 	 	2.1	
 	 	2.1	
 	 	—	
 	
Canada Traditional	 	363.6	
 	 	355.7	
 	 	358.7	
 	 	361.8	
 	 	349.0	
 	 	14.6	
 	
Europe, Middle East and Africa Traditional	 	642.6	
 	 	603.0	
 	 	612.8	
 	 	608.3	
 	 	624.2	
 	 	18.4	
 	
Asia Pacific Traditional	 	518.1	
 	 	492.2	
 	 	505.1	
 	 	504.8	
 	 	483.5	
 	 	34.6	
 	
Asia Pacific Financial Solutions	 	0.4	
 	 	0.2	
 	 	0.3	
 	 	0.4	
 	 	0.3	
 	 	0.1	
 	
Total assumed life reinsurance in force	 	$	3,136.8	
 	 	$	3,062.5	
 	 	$	3,082.8	
 	 	$	3,090.3	
 	 	$	3,068.4	
 	 	$	68.4	
 	
Assumed New Business Production (in billions)	 	 	 	 	 	 	 	 	 	 	 	 	
U.S. and Latin America Traditional	 	$	26.8	
 	 	$	33.4	
 	 	$	19.7	
 	 	$	32.0	
 	 	$	41.3	
 	 	$	(14.5	)	
Canada Traditional	 	10.3	
 	 	9.1	
 	 	9.4	
 	 	8.2	
 	 	8.2	
 	 	2.1	
 	
Europe, Middle East and Africa Traditional	 	42.1	
 	 	44.3	
 	 	31.7	
 	 	49.1	
 	 	44.7	
 	 	(2.6	)	
Asia Pacific Traditional	 	12.4	
 	 	21.6	
 	 	20.5	
 	 	18.0	
 	 	13.6	
 	 	(1.2	)	
Total assumed new business production	 	$	91.6	
 	 	$	108.4	
 	 	$	81.3	
 	 	$	107.3	
 	 	$	107.8	
 	 	$	(16.2	)	
Per Share and Shares Data	 	 	 	 	 	 	 	 	 	 	 	 	
Basic earnings per share	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	 	$	2.26	
 	 	$	2.96	
 	 	$	3.10	
 	 	$	3.68	
 	 	$	1.18	
 	 	$	1.08	
 	
Adjusted operating income	 	$	1.90	
 	 	$	2.67	
 	 	$	2.48	
 	 	$	2.83	
 	 	$	1.87	
 	 	$	0.03	
 	
Diluted earnings per share	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	 	$	2.22	
 	 	$	2.92	
 	 	$	3.07	
 	 	$	3.64	
 	 	$	1.17	
 	 	$	1.05	
 	
Adjusted operating income	 	$	1.86	
 	 	$	2.63	
 	 	$	2.46	
 	 	$	2.80	
 	 	$	1.85	
 	 	$	0.01	

Wgt. average common shares outstanding	 	 	 	 	 	 	 	 	 	 	 	 	
Basic	 	64,353	
 	 	64,251	
 	 	64,146	
 	 	64,126	
 	 	64,568	
 	 	(215	)	
Diluted	 	65,671	
 	 	65,124	
 	 	64,815	
 	 	64,796	
 	 	65,217	
 	 	454	

Common shares issued	 	79,138	
 	 	79,138	
 	 	79,138	
 	 	79,138	
 	 	79,138	
 	 	—	
 	
Treasury shares	 	14,749	
 	 	14,835	
 	 	14,932	
 	 	15,068	
 	 	15,073	
 	 	(324	)	
Common shares outstanding	 	64,389	
 	 	64,303	
 	 	64,206	
 	 	64,070	
 	 	64,065	
 	 	324	

Book value per share	 	$	115.24	
 	 	$	110.31	
 	 	$	124.50	
 	 	$	118.32	
 	 	$	104.88	
 	 	$	10.36	

Per share effect of AOCI	 	$	20.52	
 	 	$	17.72	
 	 	$	34.46	
 	 	$	30.99	
 	 	$	20.77	
 	 	$	(0.25	)	
Book value per share, excluding AOCI	 	$	94.72	
 	 	$	92.59	
 	 	$	90.04	
 	 	$	87.33	
 	 	$	84.11	
 	 	$	10.61	

Shareholder dividends paid	 	$	26,380.9	
 	 	$	26,337.3	
 	 	$	26,288.3	
 	 	$	23,727.2	
 	 	$	24,018.6	
 	 	$	2,362.3	

 	

 	
 	 	 	
 	 	Page 2

Reinsurance Group of America, Incorporated
Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	Current Qtr	
(USD thousands)	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	 	vs. PY	
Revenues:	 	2017	 	2016	 	2016	 	2016	 	2016	 	Quarter	
Net premiums	 	$	2,365,696	
 	 	$	2,493,163	
 	 	$	2,251,758	
 	 	$	2,346,945	
 	 	$	2,157,005	
 	 	$	208,691	
 	
Investment income, net of related expenses	 	514,364	
 	 	497,227	
 	 	489,727	
 	 	507,666	
 	 	417,266	
 	 	97,098	
 	
Investment related gains (losses), net	 	 	 	 	 	 	 	 	 	 	 	 	
OTTI on fixed maturity securities	 	(17,189	)	 	(4,142	)	 	—	
 	 	(846	)	 	(33,817	)	 	16,628	
 	
OTTI on fixed maturity securities transferred to OCI	 	—	
 	 	74	
 	 	—	
 	 	—	
 	 	—	
 	 	—	
 	
Other investment related gains (losses), net	 	77,712	
 	 	14,261	
 	 	86,624	
 	 	119,110	
 	 	(87,069	)	 	164,781	
 	
Total investment related gains (losses), net	 	60,523	
 	 	10,193	
 	 	86,624	
 	 	118,264	
 	 	(120,886	)	 	181,409	
 	
Other revenue	 	68,157	
 	 	68,715	
 	 	72,468	
 	 	66,193	
 	 	59,183	
 	 	8,974	
 	
Total revenues	 	3,008,740	
 	 	3,069,298	
 	 	2,900,577	
 	 	3,039,068	
 	 	2,512,568	
 	 	496,172	
 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	

Claims and other policy benefits	 	2,106,145	
 	 	2,116,045	
 	 	1,993,064	
 	 	1,997,502	
 	 	1,886,764	
 	 	219,381	
 	
Interest credited	 	107,684	
 	 	64,089	
 	 	116,848	
 	 	95,849	
 	 	87,905	
 	 	19,779	
 	
Policy acquisition costs and other insurance expenses	 	379,389	
 	 	370,134	
 	 	300,962	
 	 	405,681	
 	 	233,763	
 	 	145,626	
 	
Other operating expenses	 	158,506	
 	 	175,634	
 	 	152,556	
 	 	159,895	
 	 	157,424	
 	 	1,082	
 	
Interest expense	 	42,402	
 	 	41,422	
 	 	43,063	
 	 	20,331	
 	 	32,807	
 	 	9,595	
 	
Collateral finance and securitization expense	 	6,770	
 	 	6,431	
 	 	6,484	
 	 	6,587	
 	 	6,325	
 	 	445	
 	
Total benefits and expenses	 	2,800,896	
 	 	2,773,755	
 	 	2,612,977	
 	 	2,685,845	
 	 	2,404,988	
 	 	395,908	
 	
Income before income taxes	 	207,844	
 	 	295,543	
 	 	287,600	
 	 	353,223	
 	 	107,580	
 	 	100,264	
 	
Provision for income taxes	 	62,332	
 	 	105,394	
 	 	88,881	
 	 	117,120	
 	 	31,108	
 	 	31,224	
 	
Net income	 	$	145,512	
 	 	$	190,149	
 	 	$	198,719	
 	 	$	236,103	
 	 	$	76,472	
 	 	$	69,040	
 	
Pre-tax Adjusted Operating Income Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	$	207,844	
 	 	$	295,543	
 	 	$	287,600	
 	 	$	353,223	
 	 	$	107,580	
 	 	$	100,264	
 	
Investment and derivative losses (gains)  (1)	 	33,272	
 	 	103,944	
 	 	(26,958	)	 	(67,100	)	 	(31,968	)	 	65,240	
 	
Change in value of modified coinsurance and	 	 	 	 	 	 	 	 	 	 	 	 	
funds withheld embedded derivatives (1)	 	(68,702	)	 	(20,374	)	 	(49,078	)	 	(76,966	)	 	92,249	
 	 	(160,951	)	
GMXB embedded derivatives  (1)	 	(22,363	)	 	(90,923	)	 	(7,988	)	 	28,137	
 	 	62,940	
 	 	(85,303	)	
Funds withheld losses (gains)—investment income	 	(654	)	 	(8,238	)	 	(3,322	)	 	(11,657	)	 	(4,983	)	 	4,329	
 	
EIA embedded derivatives—interest credited	 	(27,958	)	 	(39,964	)	 	42	
 	 	(17,364	)	 	29,149	
 	 	(57,107	)	
DAC offset, net	 	52,340	
 	 	27,625	
 	 	31,876	
 	 	64,841	
 	 	(76,978	)	 	129,318	
 	
Investment income on unit-linked variable annuities	 	(4,113	)	 	(4,217	)	 	(5,540	)	 	(2,966	)	 	(408	)	 	(3,705	)	
Interest credited on unit-linked variable annuities	 	4,113	
 	 	4,217	
 	 	5,540	
 	 	2,966	
 	 	408	
 	 	3,705	
 	
Non-investment derivatives	 	106	
 	 	289	
 	 	(1,705	)	 	110	
 	 	(831	)	 	937	
 	
Adjusted operating income before income taxes	 	$	173,885	
 	 	$	267,902	
 	 	$	230,467	
 	 	$	273,224	
 	 	$	177,158	
 	 	$	(3,273	)	
After-tax Adjusted Operating Income Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	
Net Income	 	$	145,512	
 	 	$	190,149	
 	 	$	198,719	
 	 	$	236,103	
 	 	$	76,472	
 	 	$	69,040	
 	
Investment and derivative losses (gains)  (1)	 	20,253	
 	 	66,640	
 	 	(19,745	)	 	(46,490	)	 	(21,727	)	 	41,980	
 	
Change in value of modified coinsurance and	 	 	 	 	 	 	 	 	 	 	 	 	
funds withheld embedded derivatives (1)	 	(44,656	)	 	(13,243	)	 	(31,901	)	 	(50,028	)	 	59,962	
 	 	(104,618	)	
GMXB embedded derivatives  (1)	 	(14,536	)	 	(59,100	)	 	(5,192	)	 	18,289	
 	 	40,911	
 	 	(55,447	)	
Funds withheld losses (gains)—investment income	 	(425	)	 	(5,355	)	 	(2,159	)	 	(7,577	)	 	(3,239	)	 	2,814	
 	
EIA embedded derivatives—interest credited	 	(18,173	)	 	(25,977	)	 	28	
 	 	(11,287	)	 	18,947	
 	 	(37,120	)	
DAC offset, net	 	34,021	
 	 	17,957	
 	 	20,719	
 	 	42,147	
 	 	(50,036	)	 	84,057	
 	
Investment income on unit-linked variable annuities	 	(2,673	)	 	(2,741	)	 	(3,601	)	 	(1,928	)	 	(265	)	 	(2,408	)	
Interest credited on unit-linked variable annuities	 	2,673	
 	 	2,741	
 	 	3,601	
 	 	1,928	
 	 	265	
 	 	2,408	
 	
Non-investment derivatives	 	69	
 	 	188	
 	 	(1,108	)	 	71	
 	 	(540	)	 	609	
 	
Adjusted operating income	 	$	122,065	
 	 	$	171,259	
 	 	$	159,361	
 	 	$	181,228	
 	 	$	120,750	
 	 	$	1,315	
 	
(1) Included in “Investment related gains (losses), net” on Consolidated GAAP Income Statement.	

 	
 	 	 	
 	 	Page 3

Reinsurance Group of America, Incorporated
Consolidated Adjusted Operating Income Statements
(USD thousands, except per share data)

 	 	Three Months Ended	 	Current Qtr
vs. PY
Quarter	
 	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	 	 	
 	 	2017	 	2016	 	2016	 	2016	 	2016	 	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	2,365,696	
 	 	$	2,493,163	
 	 	$	2,251,758	
 	 	$	2,346,945	
 	 	$	2,157,005	
 	 	$	208,691	
 	
Investment income, net of related expenses	 	509,597	
 	 	484,772	
 	 	480,865	
 	 	493,043	
 	 	411,875	
 	 	97,722	
 	
Investment related gains (losses), net	 	2,730	
 	 	2,840	
 	 	2,600	
 	 	2,335	
 	 	2,335	
 	 	395	
 	
Other revenue	 	68,263	
 	 	69,004	
 	 	70,763	
 	 	66,303	
 	 	58,352	
 	 	9,911	
 	
Total revenues	 	2,946,286	
 	 	3,049,779	
 	 	2,805,986	
 	 	2,908,626	
 	 	2,629,567	
 	 	316,719	

Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	2,106,145	
 	 	2,116,045	
 	 	1,993,064	
 	 	1,997,502	
 	 	1,886,764	
 	 	219,381	
 	
Interest credited	 	131,529	
 	 	99,836	
 	 	111,266	
 	 	110,247	
 	 	58,348	
 	 	73,181	
 	
Policy acquisition costs and other insurance expenses	 	327,049	
 	 	342,509	
 	 	269,086	
 	 	340,840	
 	 	310,741	
 	 	16,308	
 	
Other operating expenses	 	158,506	
 	 	175,634	
 	 	152,556	
 	 	159,895	
 	 	157,424	
 	 	1,082	
 	
Interest expense	 	42,402	
 	 	41,422	
 	 	43,063	
 	 	20,331	
 	 	32,807	
 	 	9,595	
 	
Collateral finance and securitization expense	 	6,770	
 	 	6,431	
 	 	6,484	
 	 	6,587	
 	 	6,325	
 	 	445	
 	
Total benefits and expenses	 	2,772,401	
 	 	2,781,877	
 	 	2,575,519	
 	 	2,635,402	
 	 	2,452,409	
 	 	319,992	

Adjusted operating income before income taxes	 	173,885	
 	 	267,902	
 	 	230,467	
 	 	273,224	
 	 	177,158	
 	 	(3,273	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Provision for adjusted operating income taxes	 	51,820	
 	 	96,643	
 	 	71,106	
 	 	91,996	
 	 	56,408	
 	 	(4,588	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted operating income	 	$	122,065	
 	 	$	171,259	
 	 	$	159,361	
 	 	$	181,228	
 	 	$	120,750	
 	 	$	1,315	

Wgt. average common shares outstanding (diluted)	 	65,671	
 	 	65,124	
 	 	64,815	
 	 	64,796	
 	 	65,217	
 	 	454	

Diluted earnings per share—adjusted operating income	 	$	1.86	
 	 	$	2.63	
 	 	$	2.46	
 	 	$	2.80	
 	 	$	1.85	
 	 	$	0.01	

Foreign currency effect (1):	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	(5,173	)	 	$	(35,247	)	 	$	(21,049	)	 	$	(45,665	)	 	$	(70,207	)	 	$	65,034	
 	
Adjusted operating income before income taxes	 	$	(2,266	)	 	$	(7,911	)	 	$	(3,236	)	 	$	(4,247	)	 	$	(9,762	)	 	$	7,496	

(1) Compared to comparable prior year period.	

                                        

 	 	Page 4

 
Reinsurance Group of America, Incorporated
Consolidated Balance Sheets
(USD thousands)	

 	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	
 	 	2017	 	2016	 	2016	 	2016	 	2016	
Assets	 	 	 	 	 	 	 	 	 	 	
Fixed maturity securities, available-for-sale	 	$	32,694,793	
 	 	$	32,093,625	
 	 	$	33,536,419	
 	 	$	33,160,976	
 	 	$	31,148,714	
 	
Mortgage loans on real estate	 	3,871,309	
 	 	3,775,522	
 	 	3,607,700	
 	 	3,377,039	
 	 	3,292,496	
 	
Policy loans	 	1,402,940	
 	 	1,427,602	
 	 	1,414,963	
 	 	1,445,410	
 	 	1,451,857	
 	
Funds withheld at interest	 	5,943,450	
 	 	5,875,919	
 	 	5,922,656	
 	 	5,899,289	
 	 	5,797,183	
 	
Short-term investments	 	54,288	
 	 	76,710	
 	 	126,702	
 	 	195,979	
 	 	431,535	
 	
Other invested assets	 	1,429,175	
 	 	1,591,940	
 	 	1,777,065	
 	 	1,682,143	
 	 	1,368,544	
 	
Total investments	 	45,395,955	
 	 	44,841,318	
 	 	46,385,505	
 	 	45,760,836	
 	 	43,490,329	
 	
Cash and cash equivalents	 	1,178,114	
 	 	1,200,718	
 	 	1,379,693	
 	 	1,034,329	
 	 	1,502,082	
 	
Accrued investment income	 	360,225	
 	 	347,173	
 	 	391,837	
 	 	368,926	
 	 	364,432	
 	
Premiums receivable and other reinsurance balances	 	2,008,409	
 	 	1,930,755	
 	 	1,834,362	
 	 	1,917,844	
 	 	1,886,293	
 	
Reinsurance ceded receivables	 	760,715	
 	 	683,972	
 	 	694,906	
 	 	681,425	
 	 	688,491	
 	
Deferred policy acquisition costs	 	3,300,548	
 	 	3,338,605	
 	 	3,406,093	
 	 	3,401,935	
 	 	3,490,509	
 	
Other assets	 	801,854	
 	 	755,338	
 	 	740,102	
 	 	711,408	
 	 	764,488	
 	
Total assets	 	$	53,805,820	
 	 	$	53,097,879	
 	 	$	54,832,498	
 	 	$	53,876,703	
 	 	$	52,186,624	

Liabilities and Stockholders’ Equity	 	 	 	 	 	 	 	 	 	 	
Future policy benefits	 	$	19,832,483	
 	 	$	19,581,573	
 	 	$	19,634,157	
 	 	$	19,605,021	
 	 	$	19,811,921	
 	
Interest-sensitive contract liabilities	 	14,039,919	
 	 	14,029,354	
 	 	14,217,831	
 	 	14,024,012	
 	 	14,087,081	
 	
Other policy claims and benefits	 	4,649,192	
 	 	4,263,026	
 	 	4,304,491	
 	 	4,305,219	
 	 	4,384,072	
 	
Other reinsurance balances	 	390,019	
 	 	388,989	
 	 	353,426	
 	 	344,527	
 	 	397,375	
 	
Deferred income taxes	 	2,863,744	
 	 	2,770,640	
 	 	3,071,995	
 	 	2,901,264	
 	 	2,483,584	
 	
Other liabilities	 	996,288	
 	 	1,041,880	
 	 	1,321,017	
 	 	1,157,252	
 	 	1,106,531	
 	
Long-term debt	 	2,788,619	
 	 	3,088,635	
 	 	3,088,710	
 	 	3,088,280	
 	 	2,297,709	
 	
Collateral finance and securitization notes	 	825,526	
 	 	840,700	
 	 	847,389	
 	 	870,482	
 	 	899,482	
 	
Total liabilities	 	46,385,790	
 	 	46,004,797	
 	 	46,839,016	
 	 	46,296,057	
 	 	45,467,755	

Stockholders’ Equity:	 	 	 	 	 	 	 	 	 	 	
Common stock, at par value	 	791	
 	 	791	
 	 	791	
 	 	791	
 	 	791	
 	
Additional paid-in-capital	 	1,858,226	
 	 	1,848,611	
 	 	1,842,390	
 	 	1,834,995	
 	 	1,827,646	
 	
Retained earnings	 	5,329,464	
 	 	5,199,130	
 	 	5,039,470	
 	 	4,870,711	
 	 	4,668,588	
 	
Treasury stock	 	(1,089,606	)	 	(1,094,779	)	 	(1,101,495	)	 	(1,111,225	)	 	(1,108,539	)	
Accumulated other comprehensive income (AOCI):	 	 	 	 	 	 	 	 	 	 	
Accumulated currency translation adjustment, net of income taxes	 	(194,754	)	 	(172,541	)	 	(121,709	)	 	(93,476	)	 	(103,418	)	
Unrealized appreciation of securities, net of income taxes	 	1,558,148	
 	 	1,355,033	
 	 	2,381,473	
 	 	2,126,815	
 	 	1,482,922	
 	
Pension and postretirement benefits, net of income taxes	 	(42,239	)	 	(43,163	)	 	(47,438	)	 	(47,965	)	 	(49,121	)	
Total stockholders’ equity	 	7,420,030	
 	 	7,093,082	
 	 	7,993,482	
 	 	7,580,646	
 	 	6,718,869	
 	
Total liabilities and stockholders’ equity	 	$	53,805,820	
 	 	$	53,097,879	
 	 	$	54,832,498	
 	 	$	53,876,703	
 	 	$	52,186,624	

Total stockholders’ equity, excluding AOCI	 	$	6,098,875	
 	 	$	5,953,753	
 	 	$	5,781,156	
 	 	$	5,595,272	
 	 	$	5,388,486	

 	

 	
 	 	 	
 	 	Page 5

 
Reinsurance Group of America, Incorporated
U.S. and Latin America Traditional
GAAP Income Statements
(USD thousands)	

 	 	Three Months Ended	 	Current	
 	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	 	vs. PY	
 	 	2017	 	2016	 	2016	 	2016	 	2016	 	Quarter	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	1,304,345	
 	 	$	1,430,291	
 	 	$	1,277,491	
 	 	$	1,307,395	
 	 	$	1,234,394	
 	 	$	69,951	
 	
Investment income, net of related expenses	 	178,995	
 	 	184,674	
 	 	167,898	
 	 	182,238	
 	 	165,023	
 	 	13,972	
 	
Investment related gains (losses), net	 	1,965	
 	 	2,147	
 	 	(3,394	)	 	(882	)	 	(2,100	)	 	4,065	
 	
Other revenue	 	3,198	
 	 	8,119	
 	 	2,922	
 	 	5,252	
 	 	3,500	
 	 	(302	)	
Total revenues	 	1,488,503	
 	 	1,625,231	
 	 	1,444,917	
 	 	1,494,003	
 	 	1,400,817	
 	 	87,686	

Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	1,225,640	
 	 	1,232,207	
 	 	1,131,507	
 	 	1,149,665	
 	 	1,119,442	
 	 	106,198	
 	
Interest credited	 	20,289	
 	 	22,156	
 	 	20,628	
 	 	20,845	
 	 	21,400	
 	 	(1,111	)	
Policy acquisition costs and other insurance expenses	 	180,810	
 	 	205,358	
 	 	184,766	
 	 	182,285	
 	 	177,078	
 	 	3,732	
 	
Other operating expenses	 	31,804	
 	 	34,018	
 	 	30,935	
 	 	29,778	
 	 	31,799	
 	 	5	
 	
Total benefits and expenses	 	1,458,543	
 	 	1,493,739	
 	 	1,367,836	
 	 	1,382,573	
 	 	1,349,719	
 	 	108,824	

Income before income taxes	 	$	29,960	
 	 	$	131,492	
 	 	$	77,081	
 	 	$	111,430	
 	 	$	51,098	
 	 	$	(21,138	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Loss and expense ratios:	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	94.0	%	 	86.2	%	 	88.6	%	 	87.9	%	 	90.7	%	 	3.3	 %	
Policy acquisition costs and other insurance expenses	 	13.9	%	 	14.4	%	 	14.5	%	 	13.9	%	 	14.3	%	 	(0.4	)%	
Other operating expenses	 	2.4	%	 	2.4	%	 	2.4	%	 	2.3	%	 	2.6	%	 	(0.2	)%	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Foreign currency effect on (1):	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	(959	)	 	$	(1,372	)	 	$	(1,135	)	 	$	(2,243	)	 	$	(867	)	 	$	(92	)	
Income before income taxes	 	$	(160	)	 	$	159	
 	 	$	(41	)	 	$	(189	)	 	$	(21	)	 	$	(139	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.	
(1) Compared to comparable prior year period.	 	 	 	 	 	 	 	 	 	 	 	 	

 	
 	 	 	
 	 	Page 6

Reinsurance Group of America, Incorporated
U.S. and Latin America Traditional
Adjusted Operating Income Statements
(USD thousands)	

 	 	Three Months Ended	 	Current	
 	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	 	Qtr vs. PY	
 	 	2017	 	2016	 	2016	 	2016	 	2016	 	Quarter	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	1,304,345	
 	 	$	1,430,291	
 	 	$	1,277,491	
 	 	$	1,307,395	
 	 	$	1,234,394	
 	 	$	69,951	
 	
Investment income, net of related expenses	 	178,995	
 	 	184,674	
 	 	167,898	
 	 	182,238	
 	 	165,023	
 	 	13,972	
 	
Investment related gains (losses), net	 	1	
 	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	1	
 	
Other revenue	 	3,198	
 	 	8,119	
 	 	2,922	
 	 	5,252	
 	 	3,500	
 	 	(302	)	
Total revenues	 	1,486,539	
 	 	1,623,084	
 	 	1,448,311	
 	 	1,494,885	
 	 	1,402,917	
 	 	83,622	

Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	1,225,640	
 	 	1,232,207	
 	 	1,131,507	
 	 	1,149,665	
 	 	1,119,442	
 	 	106,198	
 	
Interest credited	 	20,289	
 	 	22,156	
 	 	20,628	
 	 	20,845	
 	 	21,400	
 	 	(1,111	)	
Policy acquisition costs and other insurance expenses	 	180,810	
 	 	205,358	
 	 	184,766	
 	 	182,285	
 	 	177,078	
 	 	3,732	
 	
Other operating expenses	 	31,804	
 	 	34,018	
 	 	30,935	
 	 	29,778	
 	 	31,799	
 	 	5	
 	
Total benefits and expenses	 	1,458,543	
 	 	1,493,739	
 	 	1,367,836	
 	 	1,382,573	
 	 	1,349,719	
 	 	108,824	

Adjusted operating income before income taxes	 	$	27,996	
 	 	$	129,345	
 	 	$	80,475	
 	 	$	112,312	
 	 	$	53,198	
 	 	$	(25,202	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Loss and expense ratios:	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	94.0	%	 	86.2	%	 	88.6	%	 	87.9	%	 	90.7	%	 	3.3	 %	
Policy acquisition costs and other insurance expenses	 	13.9	%	 	14.4	%	 	14.5	%	 	13.9	%	 	14.3	%	 	(0.4	)%	
Other operating expenses	 	2.4	%	 	2.4	%	 	2.4	%	 	2.3	%	 	2.6	%	 	(0.2	)%	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Foreign currency effect on (1):	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	(959	)	 	$	(1,372	)	 	$	(1,135	)	 	$	(2,243	)	 	$	(867	)	 	$	(92	)	
Income before income taxes	 	$	(160	)	 	$	159	
 	 	$	(41	)	 	$	(189	)	 	$	(21	)	 	$	(139	)	
 	
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.	
(1) Compared to comparable prior year period.	 	 	 	 	 	 	 	 	 	 	 	 	

 	
 	 	 	
 	 	Page 7

Reinsurance Group of America, Incorporated
U.S. and Latin America Financial Solutions - Asset Intensive
GAAP Income Statements
(USD thousands)	

 	 	Three Months Ended	 	Current	
 	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	 	vs. PY	
 	 	2017	 	2016	 	2016	 	2016	 	2016	 	Quarter	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	4,635	
 	 	$	7,099	
 	 	$	5,369	
 	 	$	5,662	
 	 	$	6,219	
 	 	$	(1,584	)	
Investment income, net of related expenses	 	187,153	
 	 	161,395	
 	 	167,683	
 	 	177,681	
 	 	117,215	
 	 	69,938	
 	
Investment related gains (losses), net	 	57,771	
 	 	5,708	
 	 	59,661	
 	 	76,830	
 	 	(128,551	)	 	186,322	
 	
Other revenue	 	23,214	
 	 	22,808	
 	 	23,417	
 	 	24,555	
 	 	22,834	
 	 	380	
 	
Total revenues	 	272,773	
 	 	197,010	
 	 	256,130	
 	 	284,728	
 	 	17,717	
 	 	255,056	

Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	17,536	
 	 	23,593	
 	 	18,927	
 	 	19,507	
 	 	19,833	
 	 	(2,297	)	
Interest credited	 	79,157	
 	 	33,511	
 	 	86,742	
 	 	68,436	
 	 	62,558	
 	 	16,599	
 	
Policy acquisition costs and other insurance expenses	 	83,653	
 	 	60,306	
 	 	56,497	
 	 	97,078	
 	 	(39,656	)	 	123,309	
 	
Other operating expenses	 	6,657	
 	 	7,339	
 	 	5,232	
 	 	5,728	
 	 	5,812	
 	 	845	
 	
Total benefits and expenses	 	187,003	
 	 	124,749	
 	 	167,398	
 	 	190,749	
 	 	48,547	
 	 	138,456	

Income (loss) before income taxes	 	$	85,770	
 	 	$	72,261	
 	 	$	88,732	
 	 	$	93,979	
 	 	$	(30,830	)	 	$	116,600	

 	 	

 	 	

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.	

 	 	 	 	 	 	 	 	 	 	 	 	 	

 	 	 	 	 	 	 	 	 	 	 	 	 	

 	
 	 	 	
 	 	Page 8

Reinsurance Group of America, Incorporated
U.S. and Latin America Financial Solutions - Asset Intensive
Adjusted Operating Income Statements
(USD thousands)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	Current Qtr	
 	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	 	vs. PY	
 	 	2017	 	2016	 	2016	 	2016	 	2016	 	Quarter	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	4,635	
 	 	$	7,099	
 	 	$	5,369	
 	 	$	5,662	
 	 	$	6,219	
 	 	$	(1,584	)	
Investment income, net of related expenses	 	186,409	
 	 	153,879	
 	 	165,388	
 	 	167,377	
 	 	112,591	
 	 	73,818	
 	
Investment related gains (losses), net	 	—	
 	 	—	
 	 	(1	)	 	1	
 	 	—	
 	 	—	
 	
Other revenue	 	23,214	
 	 	22,808	
 	 	23,417	
 	 	24,555	
 	 	22,834	
 	 	380	
 	
Total revenues	 	214,258	
 	 	183,786	
 	 	194,173	
 	 	197,595	
 	 	141,644	
 	 	72,614	

Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	17,536	
 	 	23,593	
 	 	18,927	
 	 	19,507	
 	 	19,833	
 	 	(2,297	)	
Interest credited	 	107,115	
 	 	73,475	
 	 	86,700	
 	 	85,800	
 	 	33,409	
 	 	73,706	
 	
Policy acquisition costs and other insurance expenses	 	31,313	
 	 	32,681	
 	 	24,621	
 	 	32,237	
 	 	37,322	
 	 	(6,009	)	
Other operating expenses	 	6,657	
 	 	7,339	
 	 	5,232	
 	 	5,728	
 	 	5,812	
 	 	845	
 	
Total benefits and expenses	 	162,621	
 	 	137,088	
 	 	135,480	
 	 	143,272	
 	 	96,376	
 	 	66,245	

Adjusted operating income before income taxes	 	$	51,637	
 	 	$	46,698	
 	 	$	58,693	
 	 	$	54,323	
 	 	$	45,268	
 	 	$	6,369	

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.	

 	
 	 	 	
 	 	Page 9

Reinsurance Group of America, Incorporated
U.S. and Latin America Financial Solutions - Asset Intensive (Continued)
(USD millions)	

 	 	Three Months Ended	
 	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	
 	 	2017	 	2016	 	2016	 	2016	 	2016	
Annuity account values:	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	
Fixed annuities (deferred)	 	$	5,072	
 	 	$	5,091	
 	 	$	5,130	
 	 	$	5,189	
 	 	$	5,210	

Net interest spread (fixed annuities)	 	2.2	%	 	2.4	%	 	2.6	%	 	2.5	%	 	2.1	%	
 	 	 	 	 	 	 	 	 	 	 	
Equity-indexed annuities	 	$	4,238	
 	 	$	4,291	
 	 	$	4,374	
 	 	$	4,402	
 	 	$	4,448	

Variable annuities account values	 	 	 	 	 	 	 	 	 	 	
No riders	 	$	727	
 	 	$	731	
 	 	$	739	
 	 	$	732	
 	 	$	753	
 	
GMDB only	 	58	
 	 	58	
 	 	58	
 	 	58	
 	 	60	
 	
GMIB only	 	5	
 	 	5	
 	 	5	
 	 	5	
 	 	5	
 	
GMAB only	 	29	
 	 	28	
 	 	29	
 	 	29	
 	 	31	
 	
GMWB only	 	1,354	
 	 	1,334	
 	 	1,370	
 	 	1,367	
 	 	1,386	
 	
GMDB / WB	 	339	
 	 	335	
 	 	342	
 	 	341	
 	 	349	
 	
Other	 	20	
 	 	19	
 	 	20	
 	 	20	
 	 	21	
 	
Total variable annuities account values	 	$	2,532	
 	 	$	2,510	
 	 	$	2,563	
 	 	$	2,552	
 	 	$	2,605	

Fair value of liabilities associated with living benefit riders	 	$	162	
 	 	$	185	
 	 	$	276	
 	 	$	284	
 	 	$	255	

Interest-sensitive contract liabilities associated with:	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	
Guaranteed investment contracts	 	$	675	
 	 	$	554	
 	 	$	456	
 	 	$	354	
 	 	$	368	

Bank-owned life insurance (BOLI)	 	$	575	
 	 	$	571	
 	 	$	568	
 	 	$	565	
 	 	$	562	

Other asset-intensive business	 	$	64	
 	 	$	65	
 	 	$	65	
 	 	$	66	
 	 	$	66	

Future policy benefits associated with:	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	
Payout annuities	 	$	1,950	
 	 	$	1,964	
 	 	$	1,974	
 	 	$	1,978	
 	 	$	1,949	

                                        

 	 	Page 10

Reinsurance Group of America, Incorporated
U.S. and Latin America Financial Solutions - Financial Reinsurance
GAAP Income Statements
(USD thousands)	

 	 	Three Months Ended	 	Current	 	
 	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	 	vs. PY	 	
 	 	2017	 	2016	 	2016	 	2016	 	2016	 	Quarter	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	
Investment income, net of related expenses	 	$	1,664	
 	 	$	1,092	
 	 	$	1,038	
 	 	$	2,386	
 	 	$	2,607	
 	 	$	(943	)	 	
Other revenue	 	24,409	
 	 	22,227	
 	 	18,967	
 	 	17,963	
 	 	18,581	
 	 	5,828	
 	 	
Total revenues	 	26,073	
 	 	23,319	
 	 	20,005	
 	 	20,349	
 	 	21,188	
 	 	4,885	

 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	
 	 	
Policy acquisition costs and other insurance expenses	 	5,941	
 	 	5,505	
 	 	3,492	
 	 	3,085	
 	 	2,568	
 	 	3,373	
 	 	
Other operating expenses	 	2,316	
 	 	3,367	
 	 	2,531	
 	 	2,389	
 	 	2,686	
 	 	(370	)	 	
Total benefits and expenses	 	8,257	
 	 	8,872	
 	 	6,023	
 	 	5,474	
 	 	5,254	
 	 	3,003	

 	 	

 	 	

Income before income taxes	 	$	17,816	
 	 	$	14,447	
 	 	$	13,982	
 	 	$	14,875	
 	 	$	15,934	
 	 	$	1,882	

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.	 	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	

                                        

 	 	Page 11

Reinsurance Group of America, Incorporated
U.S. and Latin America Financial Solutions - Financial Reinsurance
Adjusted Operating Income Statements
(USD thousands)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	Current Qtr	 	
 	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	 	vs. PY	 	
 	 	2017	 	2016	 	2016	 	2016	 	2016	 	Quarter	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	
Investment income, net of related expenses	 	$	1,664	
 	 	$	1,092	
 	 	$	1,038	
 	 	$	2,386	
 	 	$	2,607	
 	 	$	(943	)	 	
Other revenue	 	24,409	
 	 	22,227	
 	 	18,967	
 	 	17,963	
 	 	18,581	
 	 	5,828	
 	 	
Total revenues	 	26,073	
 	 	23,319	
 	 	20,005	
 	 	20,349	
 	 	21,188	
 	 	4,885	

Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	
Policy acquisition costs and other insurance expenses	 	5,941	
 	 	5,505	
 	 	3,492	
 	 	3,085	
 	 	2,568	
 	 	3,373	
 	 	
Other operating expenses	 	2,316	
 	 	3,367	
 	 	2,531	
 	 	2,389	
 	 	2,686	
 	 	(370	)	 	
Total benefits and expenses	 	8,257	
 	 	8,872	
 	 	6,023	
 	 	5,474	
 	 	5,254	
 	 	3,003	

Adjusted operating income before income taxes	 	$	17,816	
 	 	$	14,447	
 	 	$	13,982	
 	 	$	14,875	
 	 	$	15,934	
 	 	$	1,882	

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.	 	

                                        

 	 	Page 12

Reinsurance Group of America, Incorporated
Canada Traditional
GAAP Income Statements
(USD thousands)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	Current	
 	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	 	vs. PY	
 	 	2017	 	2016	 	2016	 	2016	 	2016	 	Quarter	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	215,762	
 	 	$	241,918	
 	 	$	231,154	
 	 	$	240,107	
 	 	$	215,463	
 	 	$	299	
 	
Investment income, net of related expenses	 	44,506	
 	 	44,806	
 	 	45,239	
 	 	46,859	
 	 	42,023	
 	 	2,483	
 	
Investment related gains (losses), net	 	3,843	
 	 	2,771	
 	 	3,832	
 	 	2,285	
 	 	1,640	
 	 	2,203	
 	
Other revenue	 	164	
 	 	638	
 	 	734	
 	 	(339	)	 	(1,126	)	 	1,290	
 	
Total revenues	 	264,275	
 	 	290,133	
 	 	280,959	
 	 	288,912	
 	 	258,000	
 	 	6,275	

Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	191,052	
 	 	182,912	
 	 	175,618	
 	 	176,478	
 	 	172,401	
 	 	18,651	
 	
Interest credited	 	4	
 	 	2	
 	 	8	
 	 	7	
 	 	2	
 	 	2	
 	
Policy acquisition costs and other insurance expenses	 	45,682	
 	 	60,074	
 	 	61,019	
 	 	60,021	
 	 	57,138	
 	 	(11,456	)	
Other operating expenses	 	8,209	
 	 	10,119	
 	 	10,039	
 	 	9,097	
 	 	8,364	
 	 	(155	)	
Total benefits and expenses	 	244,947	
 	 	253,107	
 	 	246,684	
 	 	245,603	
 	 	237,905	
 	 	7,042	

Income before income taxes	 	$	19,328	
 	 	$	37,026	
 	 	$	34,275	
 	 	$	43,309	
 	 	$	20,095	
 	 	$	(767	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Loss and expense ratios:	 	 	 	 	 	 	 	 	 	 	 	 	
Loss ratios (creditor business)	 	27.1	%	 	22.5	%	 	27.0	%	 	32.2	%	 	25.8	%	 	1.3	 %	
Loss ratios (excluding creditor business)	 	100.7	%	 	92.2	%	 	93.1	%	 	87.4	%	 	98.5	%	 	2.2	 %	
Claims and other policy benefits / (net premiums + investment income)	 	73.4	%	 	63.8	%	 	63.5	%	 	61.5	%	 	67.0	%	 	6.4	 %	
Policy acquisition costs and other insurance expenses (creditor business)	 	66.0	%	 	67.5	%	 	65.7	%	 	64.3	%	 	66.9	%	 	(0.9	)%	
Policy acquisition costs and other insurance expenses (excluding creditor business)	 	12.3	%	 	11.5	%	 	12.6	%	 	11.8	%	 	12.7	%	 	(0.4	)%	
Other operating expenses	 	3.8	%	 	4.2	%	 	4.3	%	 	3.8	%	 	3.9	%	 	(0.1	)%	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Foreign currency effect on (1):	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	7,551	
 	 	$	(108	)	 	$	724	
 	 	$	(11,615	)	 	$	(22,010	)	 	$	29,561	
 	
Income before income taxes	 	$	1,187	
 	 	$	(483	)	 	$	104	
 	 	$	(2,247	)	 	$	(3,129	)	 	$	4,316	

Creditor reinsurance net premiums	 	$	35,564	
 	 	$	57,471	
 	 	$	59,983	
 	 	$	60,275	
 	 	$	54,854	
 	 	$	(19,290	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.	
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 13

Reinsurance Group of America, Incorporated
Canada Traditional
Adjusted Operating Income Statements
(USD thousands)	

 	 	Three Months Ended	 	Current	
 	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	 	vs. PY	
 	 	2017	 	2016	 	2016	 	2016	 	2016	 	Quarter	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	215,762	
 	 	$	241,918	
 	 	$	231,154	
 	 	$	240,107	
 	 	$	215,463	
 	 	$	299	
 	
Investment income, net of related expenses	 	44,596	
 	 	44,084	
 	 	44,212	
 	 	45,506	
 	 	41,664	
 	 	2,932	
 	
Investment related gains, net	 	1,191	
 	 	1,221	
 	 	1,208	
 	 	1,236	
 	 	1,268	
 	 	(77	)	
Other revenue	 	164	
 	 	638	
 	 	734	
 	 	(339	)	 	(1,126	)	 	1,290	
 	
Total revenues	 	261,713	
 	 	287,861	
 	 	277,308	
 	 	286,510	
 	 	257,269	
 	 	4,444	

Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	191,052	
 	 	182,912	
 	 	175,618	
 	 	176,478	
 	 	172,401	
 	 	18,651	
 	
Interest credited	 	4	
 	 	2	
 	 	8	
 	 	7	
 	 	2	
 	 	2	
 	
Policy acquisition costs and other insurance expenses	 	45,682	
 	 	60,074	
 	 	61,019	
 	 	60,021	
 	 	57,138	
 	 	(11,456	)	
Other operating expenses	 	8,209	
 	 	10,119	
 	 	10,039	
 	 	9,097	
 	 	8,364	
 	 	(155	)	
Total benefits and expenses	 	244,947	
 	 	253,107	
 	 	246,684	
 	 	245,603	
 	 	237,905	
 	 	7,042	

Adjusted operating income before income taxes	 	$	16,766	
 	 	$	34,754	
 	 	$	30,624	
 	 	$	40,907	
 	 	$	19,364	
 	 	$	(2,598	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Loss and expense ratios:	 	 	 	 	 	 	 	 	 	 	 	 	
Loss ratios (creditor business)	 	27.1	%	 	22.5	%	 	27.0	%	 	32.2	%	 	25.8	%	 	1.3	 %	
Loss ratios (excluding creditor business)	 	100.7	%	 	92.2	%	 	93.1	%	 	87.4	%	 	98.5	%	 	2.2	 %	
Claims and other policy benefits / (net premiums + investment income)	 	73.4	%	 	64.0	%	 	63.8	%	 	61.8	%	 	67.0	%	 	6.4	 %	
Policy acquisition costs and other insurance expenses (creditor business)	 	66.0	%	 	67.5	%	 	65.7	%	 	64.3	%	 	66.9	%	 	(0.9	)%	
Policy acquisition costs and other insurance expenses (excluding creditor business)	 	12.3	%	 	11.5	%	 	12.6	%	 	11.8	%	 	12.7	%	 	(0.4	)%	
Other operating expenses	 	3.8	%	 	4.2	%	 	4.3	%	 	3.8	%	 	3.9	%	 	(0.1	)%	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Foreign currency effect on (1):	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	7,551	
 	 	$	(108	)	 	$	724	
 	 	$	(11,615	)	 	$	(22,010	)	 	$	29,561	
 	
Adjusted operating income before income taxes	 	$	1,130	
 	 	$	(505	)	 	$	104	
 	 	$	(2,130	)	 	$	(3,701	)	 	$	4,831	

Creditor reinsurance net premiums	 	$	35,564	
 	 	$	57,471	
 	 	$	59,983	
 	 	$	60,275	
 	 	$	54,854	
 	 	$	(19,290	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.	
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 14

Reinsurance Group of America, Incorporated
Canada Financial Solutions (1)
GAAP Income Statements
(USD thousands)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	Current	
 	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	 	vs. PY	
 	 	2017	 	2016	 	2016	 	2016	 	2016	 	Quarter	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	9,410	
 	 	$	9,612	
 	 	$	9,946	
 	 	$	10,192	
 	 	$	8,951	
 	 	$	459	
 	
Investment income, net of related expenses	 	1,044	
 	 	1,043	
 	 	1,037	
 	 	228	
 	 	384	
 	 	660	
 	
Other revenue	 	1,353	
 	 	1,386	
 	 	1,376	
 	 	1,434	
 	 	1,349	
 	 	4	
 	
Total revenues	 	11,807	
 	 	12,041	
 	 	12,359	
 	 	11,854	
 	 	10,684	
 	 	1,123	

Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	7,619	
 	 	7,270	
 	 	10,567	
 	 	8,834	
 	 	9,604	
 	 	(1,985	)	
Policy acquisition costs and other insurance expenses	 	144	
 	 	229	
 	 	285	
 	 	513	
 	 	204	
 	 	(60	)	
Other operating expenses	 	452	
 	 	477	
 	 	347	
 	 	379	
 	 	284	
 	 	168	
 	
Total benefits and expenses	 	8,215	
 	 	7,976	
 	 	11,199	
 	 	9,726	
 	 	10,092	
 	 	(1,877	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	$	3,592	
 	 	$	4,065	
 	 	$	1,160	
 	 	$	2,128	
 	 	$	592	
 	 	$	3,000	

Foreign currency effect on (2):	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	436	
 	 	$	(3	)	 	$	33	
 	 	$	(491	)	 	$	(915	)	 	$	1,351	
 	
Income before income taxes	 	$	244	
 	 	$	13	
 	 	$	(9	)	 	$	(106	)	 	$	(575	)	 	$	819	

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.	
(1) Canada Financial Solutions operations includes longevity and financial reinsurance transactions.	 	 	 	 	
(2) Compared to comparable prior year period.	 	 	 	 	

                                        

 	 	Page 15

Reinsurance Group of America, Incorporated
Canada Financial Solutions (1)
 Adjusted Operating Income Statements
(USD thousands)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	Current	
 	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	 	vs. PY	
 	 	2017	 	2016	 	2016	 	2016	 	2016	 	Quarter	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	9,410	
 	 	$	9,612	
 	 	$	9,946	
 	 	$	10,192	
 	 	$	8,951	
 	 	$	459	
 	
Investment income, net of related expenses	 	1,044	
 	 	1,043	
 	 	1,037	
 	 	228	
 	 	384	
 	 	660	
 	
Other revenue	 	1,353	
 	 	1,386	
 	 	1,376	
 	 	1,434	
 	 	1,349	
 	 	4	
 	
Total revenues	 	11,807	
 	 	12,041	
 	 	12,359	
 	 	11,854	
 	 	10,684	
 	 	1,123	

Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	7,619	
 	 	7,270	
 	 	10,567	
 	 	8,834	
 	 	9,604	
 	 	(1,985	)	
Policy acquisition costs and other insurance expenses	 	144	
 	 	229	
 	 	285	
 	 	513	
 	 	204	
 	 	(60	)	
Other operating expenses	 	452	
 	 	477	
 	 	347	
 	 	379	
 	 	284	
 	 	168	
 	
Total benefits and expenses	 	8,215	
 	 	7,976	
 	 	11,199	
 	 	9,726	
 	 	10,092	
 	 	(1,877	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted operating income before income taxes	 	$	3,592	
 	 	$	4,065	
 	 	$	1,160	
 	 	$	2,128	
 	 	$	592	
 	 	$	3,000	

Foreign currency effect on (2):	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	436	
 	 	$	(3	)	 	$	33	
 	 	$	(491	)	 	$	(915	)	 	$	1,351	
 	
Adjusted operating income before income taxes	 	$	244	
 	 	$	13	
 	 	$	(9	)	 	$	(106	)	 	$	(575	)	 	$	819	

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.	
(1) Canada Financial Solutions operations includes longevity and financial reinsurance transactions.	 	 	
(2) Compared to comparable prior year period.	 	

                                        

 	 	Page 16

Reinsurance Group of America, Incorporated
Europe, Middle East and Africa Traditional
GAAP Income Statements
(USD thousands)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	Current	
 	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	 	vs. PY	
 	 	2017	 	2016	 	2016	 	2016	 	2016	 	Quarter	
Revenues:	 	 	 	 	 	 	 	 	 	
 	 	 	
Net premiums	 	$	304,672	
 	 	$	301,252	
 	 	$	275,514	
 	 	$	286,861	
 	 	$	276,435	
 	 	$	28,237	
 	
Investment income, net of related expenses	 	12,720	
 	 	11,745	
 	 	13,067	
 	 	13,321	
 	 	12,168	
 	 	552	
 	
Investment related gains (losses), net	 	7	
 	 	—	
 	 	—	
 	 	—	
 	 	5	
 	 	2	
 	
Other revenue	 	687	
 	 	1,806	
 	 	489	
 	 	1,460	
 	 	1,026	
 	 	(339	)	
Total revenues	 	318,086	
 	 	314,803	
 	 	289,070	
 	 	301,642	
 	 	289,634	
 	 	28,452	

Benefits and expenses:	 	 	 	 	 	 	 	 	 	
 	 	 	
Claims and other policy benefits	 	266,401	
 	 	253,663	
 	 	241,763	
 	 	252,336	
 	 	251,243	
 	 	15,158	
 	
Interest credited	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	—	
 	
Policy acquisition costs and other insurance expenses	 	15,163	
 	 	17,383	
 	 	14,133	
 	 	17,550	
 	 	14,782	
 	 	381	
 	
Other operating expenses	 	22,546	
 	 	27,931	
 	 	24,659	
 	 	24,922	
 	 	24,725	
 	 	(2,179	)	
Total benefits and expenses	 	304,110	
 	 	298,977	
 	 	280,555	
 	 	294,808	
 	 	290,750	
 	 	13,360	

Income (loss) before income taxes	 	$	13,976	
 	 	$	15,826	
 	 	$	8,515	
 	 	$	6,834	
 	 	$	(1,116	)	 	$	15,092	

 	 	 	
Loss and expense ratios:	 	

 	

 	 	 	
Claims and other policy benefits	 	87.4	%	 	84.2	%	 	87.7	%	 	88.0	%	 	90.9	%	 	(3.5	)%	
Policy acquisition costs and other insurance expenses	 	5.0	%	 	5.8	%	 	5.1	%	 	6.1	%	 	5.3	%	 	(0.3	)%	
Other operating expenses	 	7.4	%	 	9.3	%	 	9.0	%	 	8.7	%	 	8.9	%	 	(1.5	)%	

 	 	 	 	 	 	 	 	 	 	
 	 	 	
Foreign currency effect on (1):	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	(17,859	)	 	$	(37,351	)	 	$	(32,564	)	 	$	(20,223	)	 	$	(23,009	)	 	$	5,150	
 	
Income (loss) before income taxes	 	$	(721	)	 	$	(1,021	)	 	$	157	
 	 	$	45	
 	 	$	(184	)	 	$	(537	)	

Critical illness net premiums	 	$	45,976	
 	 	$	46,455	
 	 	$	49,531	
 	 	$	53,805	
 	 	$	53,643	
 	 	$	(7,667	)	

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.	
(1) Compared to comparable prior year period.	 	 	 	 	 	 	 	 	 	 	 	 	

                                        

 	 	Page 17

Reinsurance Group of America, Incorporated
Europe, Middle East and Africa Traditional
Adjusted Operating Income Statements
(USD thousands)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	Current	
 	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	 	vs. PY	
 	 	2017	 	2016	 	2016	 	2016	 	2016	 	Quarter	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	304,672	
 	 	$	301,252	
 	 	$	275,514	
 	 	$	286,861	
 	 	$	276,435	
 	 	$	28,237	
 	
Investment income, net of related expenses	 	12,720	
 	 	11,745	
 	 	13,067	
 	 	13,321	
 	 	12,168	
 	 	552	
 	
Investment related gains (losses), net	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	—	
 	
Other revenue	 	687	
 	 	1,806	
 	 	489	
 	 	1,460	
 	 	1,026	
 	 	(339	)	
Total revenues	 	318,079	
 	 	314,803	
 	 	289,070	
 	 	301,642	
 	 	289,629	
 	 	28,450	

Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	266,401	
 	 	253,663	
 	 	241,763	
 	 	252,336	
 	 	251,243	
 	 	15,158	
 	
Interest credited	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	—	
 	
Policy acquisition costs and other insurance expenses	 	15,163	
 	 	17,383	
 	 	14,133	
 	 	17,550	
 	 	14,782	
 	 	381	
 	
Other operating expenses	 	22,546	
 	 	27,931	
 	 	24,659	
 	 	24,922	
 	 	24,725	
 	 	(2,179	)	
Total benefits and expenses	 	304,110	
 	 	298,977	
 	 	280,555	
 	 	294,808	
 	 	290,750	
 	 	13,360	

Adjusted operating income (loss) before income taxes	 	$	13,969	
 	 	$	15,826	
 	 	$	8,515	
 	 	$	6,834	
 	 	$	(1,121	)	 	$	15,090	

Loss and expense ratios:	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	87.4	%	 	84.2	%	 	87.7	%	 	88.0	%	 	90.9	%	 	(3.5	)%	
Policy acquisition costs and other insurance expenses	 	5.0	%	 	5.8	%	 	5.1	%	 	6.1	%	 	5.3	%	 	(0.3	)%	
Other operating expenses	 	7.4	%	 	9.3	%	 	9.0	%	 	8.7	%	 	8.9	%	 	(1.5	)%	

Foreign currency effect on (1):	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	(17,859	)	 	$	(37,351	)	 	$	(32,564	)	 	$	(20,223	)	 	$	(23,009	)	 	$	5,150	
 	
Adjusted operating income (loss) before income taxes	 	$	(721	)	 	$	(1,021	)	 	$	157	
 	 	$	46	
 	 	$	(194	)	 	$	(527	)	

 	
 	
Critical illness net premiums	 	$	45,976	
 	 	$	46,455	
 	 	$	49,531	
 	 	$	53,805	
 	 	$	53,643	
 	 	$	(7,667	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.	
(1) Compared to comparable prior year period.	 	 	 	 	 	 	 	 	 	 	 	 	

                                        

 	 	Page 18

Reinsurance Group of America, Incorporated
Europe, Middle East and Africa Financial Solutions (1)
GAAP Income Statements
(USD thousands)

 	 	Three Months Ended	 	Current	
 	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	 	vs. PY	
 	 	2017	 	2016	 	2016	 	2016	 	2016	 	Quarter	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	41,995	
 	 	$	54,163	
 	 	$	47,018	
 	 	$	43,484	
 	 	$	35,606	
 	 	$	6,389	
 	
Investment income, net of related expenses	 	29,681	
 	 	29,994	
 	 	33,187	
 	 	33,417	
 	 	28,684	
 	 	997	
 	
Investment related gains (losses), net	 	4,575	
 	 	4,914	
 	 	8,159	
 	 	1,468	
 	 	(1,004	)	 	5,579	
 	
Other revenue	 	3,738	
 	 	2,962	
 	 	11,388	
 	 	2,608	
 	 	4,470	
 	 	(732	)	
Total revenues	 	79,989	
 	 	92,033	
 	 	99,752	
 	 	80,977	
 	 	67,756	
 	 	12,233	

Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	
 	
Claims and other policy benefits	 	35,936	
 	 	38,631	
 	 	45,805	
 	 	44,004	
 	 	36,443	
 	 	(507	)	
Interest credited	 	4,113	
 	 	4,217	
 	 	5,540	
 	 	2,966	
 	 	408	
 	 	3,705	
 	
Policy acquisition costs and other insurance expenses	 	289	
 	 	(220	)	 	(304	)	 	723	
 	 	(193	)	 	482	
 	
Other operating expenses	 	7,733	
 	 	8,077	
 	 	4,925	
 	 	5,815	
 	 	5,674	
 	 	2,059	
 	
Total benefits and expenses	 	48,071	
 	 	50,705	
 	
 	55,966	
 	 	53,508	
 	 	42,332	
 	 	5,739	

Income before income taxes	 	$	31,918	
 	 	$	41,328	
 	 	$	43,786	
 	 	$	27,469	
 	 	$	25,424	
 	 	$	6,494	

 	
Foreign currency effect on (2):	 	 	 	 	 	 	 	 	 	 	 	
 	
Net premiums	 	$	(6,169	)	 	$	(9,059	)	 	$	(8,262	)	 	$	(3,127	)	 	$	(2,022	)	 	$	(4,147	)	
Income before income taxes	 	$	(4,730	)	 	$	(9,274	)	 	$	(6,193	)	 	$	(1,991	)	 	$	(1,924	)	 	$	(2,806	)	

 	 	

 	 	
 	
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.	
(1) Europe, Middle East and Africa Financial Solutions operations includes asset intensive, financial reinsurance, capital motivated and longevity closed block business.	
(2) Compared to comparable prior year period.	

                                        

 	 	Page 19

Reinsurance Group of America, Incorporated
Europe, Middle East and Africa Financial Solutions (1) 
Adjusted Operating Income Statements
(USD thousands)

 	 	Three Months Ended	 	Current	
 	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	 	vs. PY	
 	 	2016	 	2016	 	2016	 	2016	 	2016	 	Quarter	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	41,995	
 	 	$	54,163	
 	 	$	47,018	
 	 	$	43,484	
 	 	$	35,606	
 	 	$	6,389	
 	
Investment income, net of related expenses	 	25,568	
 	 	25,777	
 	 	27,647	
 	 	30,451	
 	 	28,276	
 	 	(2,708	)	
Other revenue	 	3,870	
 	 	3,276	
 	 	9,706	
 	 	2,735	
 	 	3,653	
 	 	217	
 	
Total revenues	 	71,433	
 	 	83,216	
 	 	84,371	
 	 	76,670	
 	 	67,535	
 	 	3,898	

Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	35,936	
 	 	38,631	
 	 	45,805	
 	 	44,004	
 	 	36,443	
 	 	(507	)	
Policy acquisition costs and other insurance expenses	 	289	
 	 	(220	)	 	(304	)	 	723	
 	 	(193	)	 	482	
 	
Other operating expenses	 	7,733	
 	 	8,077	
 	 	4,925	
 	 	5,815	
 	 	5,674	
 	 	2,059	
 	
Total benefits and expenses	 	43,958	
 	 	46,488	
 	 	50,426	
 	 	50,542	
 	 	41,924	
 	 	2,034	

Adjusted operating income before income taxes	 	$	27,475	
 	 	$	36,728	
 	 	$	33,945	
 	 	$	26,128	
 	 	$	25,611	
 	 	$	1,864	

Foreign currency effect on (2):	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	(6,169	)	 	$	(9,059	)	 	$	(8,262	)	 	$	(3,127	)	 	$	(2,022	)	 	$	(4,147	)	
Adjusted operating income before income taxes	 	$	(4,006	)	 	$	(8,168	)	 	$	(4,742	)	 	$	(1,819	)	 	$	(1,978	)	 	$	(2,028	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.	
(1) Europe, Middle East and Africa Financial Solutions operations includes asset intensive, financial reinsurance, capital motivated and longevity closed block business.	
(2) Compared to comparable prior year period.	

                                        

 	 	Page 20

Reinsurance Group of America, Incorporated
Asia Pacific Traditional
GAAP Income Statements
(USD thousands)	

 	 	Three Months Ended	 	Current	
 	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	 	vs. PY	
 	 	2017	 	2016	 	2016	 	2016	 	2016	 	Quarter	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	483,307	
 	 	$	448,283	
 	 	$	404,451	
 	 	$	454,629	
 	 	$	374,142	
 	 	$	109,165	
 	
Investment income, net of related expenses	 	21,902	
 	 	21,448	
 	 	21,273	
 	 	20,461	
 	 	19,867	
 	 	2,035	
 	
Investment related gains (losses), net	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	14	
 	 	(14	)	
Other revenue	 	21	
 	 	2,002	
 	 	1,923	
 	 	2,481	
 	 	176	
 	 	(155	)	
Total revenues	 	505,230	
 	 	471,733	
 	 	427,647	
 	 	477,571	
 	 	394,199	
 	 	111,031	

Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	355,439	
 	 	368,091	
 	 	365,115	
 	 	338,447	
 	 	274,298	
 	 	81,141	
 	
Policy acquisition costs and other insurance expenses	 	72,857	
 	 	46,604	
 	 	4,157	
 	 	67,908	
 	 	44,367	
 	 	28,490	
 	
Other operating expenses	 	35,246	
 	 	38,574	
 	 	38,553	
 	 	36,734	
 	 	34,374	
 	 	872	
 	
Total benefits and expenses	 	463,542	
 	 	453,269	
 	 	407,825	
 	 	443,089	
 	 	353,039	
 	 	110,503	

Income before income taxes	 	$	41,688	
 	 	$	18,464	
 	 	$	19,822	
 	 	$	34,482	
 	 	$	41,160	
 	 	$	528	

Loss and Expense Ratios:	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	73.5	%	 	82.1	%	 	90.3	%	 	74.4	%	 	73.3	%	 	0.2	 %	
Policy acquisition costs and other insurance expenses	 	15.1	%	 	10.4	%	 	1.0	%	 	14.9	%	 	11.9	%	 	3.2	 %	
Other operating expenses	 	7.3	%	 	8.6	%	 	9.5	%	 	8.1	%	 	9.2	%	 	(1.9	)%	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Foreign currency effect on (1):	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	11,810	
 	 	$	12,575	
 	 	$	20,095	
 	 	$	(7,741	)	 	$	(21,627	)	 	$	33,437	
 	
Income before income taxes	 	$	851	
 	 	$	1,143	
 	 	$	331	
 	 	$	506	
 	 	$	(2,735	)	 	$	3,586	

Critical illness net premiums	 	$	141,883	
 	 	$	85,931	
 	 	$	100,641	
 	 	$	113,297	
 	 	$	98,389	
 	 	$	43,494	

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.	
(1) Compared to comparable prior year period.	 	 	 	 	 	 	 	 	 	 	 	 	

                                        

 	 	Page 21

Reinsurance Group of America, Incorporated
Asia Pacific Traditional
Adjusted Operating Income Statements
(USD thousands)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	Current	
 	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	 	vs. PY	
 	 	2017	 	2016	 	2016	 	2016	 	2016	 	Quarter	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	483,307	
 	 	$	448,283	
 	 	$	404,451	
 	 	$	454,629	
 	 	$	374,142	
 	 	$	109,165	
 	
Investment income, net of related expenses	 	21,902	
 	 	21,448	
 	 	21,273	
 	 	20,461	
 	 	19,867	
 	 	2,035	
 	
Investment related losses, net	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	(2	)	 	2	
 	
Other revenue	 	21	
 	 	2,002	
 	 	1,923	
 	 	2,481	
 	 	176	
 	 	(155	)	
Total revenues	 	505,230	
 	 	471,733	
 	 	427,647	
 	 	477,571	
 	 	394,183	
 	 	111,047	

Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	355,439	
 	 	368,091	
 	 	365,115	
 	 	338,447	
 	 	274,298	
 	 	81,141	
 	
Policy acquisition costs and other insurance expenses	 	72,857	
 	 	46,604	
 	 	4,157	
 	 	67,908	
 	 	44,367	
 	 	28,490	
 	
Other operating expenses	 	35,246	
 	 	38,574	
 	 	38,553	
 	 	36,734	
 	 	34,374	
 	 	872	
 	
Total benefits and expenses	 	463,542	
 	 	453,269	
 	 	407,825	
 	 	443,089	
 	 	353,039	
 	 	110,503	

Adjusted operating income before income taxes	 	$	41,688	
 	 	$	18,464	
 	 	$	19,822	
 	 	$	34,482	
 	 	$	41,144	
 	 	$	544	

Loss and Expense Ratios:	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	73.5	%	 	82.1	%	 	90.3	%	 	74.4	%	 	73.3	%	 	0.2	 %	
Policy acquisition costs and other insurance expenses	 	15.1	%	 	10.4	%	 	1.0	%	 	14.9	%	 	11.9	%	 	3.2	 %	
Other operating expenses	 	7.3	%	 	8.6	%	 	9.5	%	 	8.1	%	 	9.2	%	 	(1.9	)%	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Foreign currency effect on (1):	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	11,810	
 	 	$	12,575	
 	 	$	20,095	
 	 	$	(7,741	)	 	$	(21,627	)	 	$	33,437	
 	
Adjusted operating income before income taxes	 	$	851	
 	 	$	1,144	
 	 	$	331	
 	 	$	506	
 	 	$	(2,748	)	 	$	3,599	

Critical illness net premiums	 	$	141,883	
 	 	$	85,931	
 	 	$	100,641	
 	 	$	113,297	
 	 	$	98,389	
 	 	$	43,494	

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.	
(1) Compared to comparable prior year period.	 	 	 	 	 	 	 	 	 	 	 	 	

                                        

 	 	Page 22

Reinsurance Group of America, Incorporated
Asia Pacific Financial Solutions (1)
GAAP Income Statements
(USD thousands)	

 	 	Three Months Ended	 	Current	
 	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	 	vs. PY	
 	 	2017	 	2016	 	2016	 	2016	 	2016	 	Quarter	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	1,526	
 	 	$	492	
 	 	$	743	
 	 	$	(1,493	)	 	$	5,686	
 	 	$	(4,160	)	
Investment income, net of related expenses	 	5,536	
 	 	5,562	
 	 	5,827	
 	 	5,885	
 	 	6,374	
 	 	(838	)	
Investment related gains (losses), net	 	7,185	
 	 	(4,886	)	 	6,108	
 	 	6,527	
 	 	1,687	
 	 	5,498	
 	
Other revenue	 	6,205	
 	 	6,061	
 	 	6,359	
 	 	6,126	
 	 	6,324	
 	 	(119	)	
Total revenues	 	20,452	
 	 	7,229	
 	 	19,037	
 	 	17,045	
 	 	20,071	
 	 	381	

Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	6,495	
 	 	9,693	
 	 	3,777	
 	 	8,237	
 	 	3,473	
 	 	3,022	
 	
Interest credited	 	2,997	
 	 	3,322	
 	 	3,308	
 	 	3,136	
 	 	3,030	
 	 	(33	)	
Policy acquisition costs and other insurance expenses	 	1,917	
 	 	1,635	
 	 	1,482	
 	 	1,667	
 	 	1,287	
 	 	630	
 	
Other operating expenses	 	3,171	
 	 	4,545	
 	 	2,921	
 	 	4,078	
 	 	3,728	
 	 	(557	)	
Total benefits and expenses	 	14,580	
 	 	19,195	
 	 	11,488	
 	 	17,118	
 	 	11,518	
 	 	3,062	

Income (loss) before income taxes	 	$	5,872	
 	 	$	(11,966	)	 	$	7,549	
 	 	$	(73	)	 	$	8,553	
 	 	$	(2,681	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Foreign currency effect on (2):	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	17	
 	 	$	71	
 	 	$	60	
 	 	$	(225	)	 	$	243	
 	 	$	(226	)	
Income (loss) before income taxes	 	$	77	
 	 	$	(464	)	 	$	917	
 	 	$	233	
 	 	$	778	
 	 	$	(701	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.	
(1) Asia Pacific Financial Solutions operations includes asset intensive, financial reinsurance, and disabled life closed block business.	
(2) Compared to comparable prior year period.	 	 	 	 	 	 	 	 	 	 	 	 	

                                        

 	 	Page 23

Reinsurance Group of America, Incorporated
Asia Pacific Financial Solutions (1)
Adjusted Operating Income Statements
(USD thousands)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	Current	
 	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	 	vs. PY	
 	 	2017	 	2016	 	2016	 	2016	 	2016	 	Quarter	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	1,526	
 	 	$	492	
 	 	$	743	
 	 	$	(1,493	)	 	$	5,686	
 	 	$	(4,160	)	
Investment income, net of related expenses	 	5,536	
 	 	5,562	
 	 	5,827	
 	 	5,885	
 	 	6,374	
 	 	(838	)	
Investment related gains, net	 	861	
 	 	960	
 	 	825	
 	 	602	
 	 	576	
 	 	285	
 	
Other revenue	 	6,205	
 	 	6,061	
 	 	6,359	
 	 	6,126	
 	 	6,324	
 	 	(119	)	
Total revenues	 	14,128	
 	 	13,075	
 	 	13,754	
 	 	11,120	
 	 	18,960	
 	 	(4,832	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	6,495	
 	 	9,693	
 	 	3,777	
 	 	8,237	
 	 	3,473	
 	 	3,022	
 	
Interest credited	 	2,997	
 	 	3,322	
 	 	3,308	
 	 	3,136	
 	 	3,030	
 	 	(33	)	
Policy acquisition costs and other insurance expenses	 	1,917	
 	 	1,635	
 	 	1,482	
 	 	1,667	
 	 	1,287	
 	 	630	
 	
Other operating expenses	 	3,171	
 	 	4,545	
 	 	2,921	
 	 	4,078	
 	 	3,728	
 	 	(557	)	
Total benefits and expenses	 	14,580	
 	 	19,195	
 	 	11,488	
 	 	17,118	
 	 	11,518	
 	 	3,062	

Adjusted operating income (loss) before income taxes	 	$	(452	)	 	$	(6,120	)	 	$	2,266	
 	 	$	(5,998	)	 	$	7,442	
 	 	$	(7,894	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Foreign currency effect on (2):	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	17	
 	 	$	71	
 	 	$	60	
 	 	$	(225	)	 	$	243	
 	 	$	(226	)	
Adjusted operating income (loss) before income taxes	 	$	(102	)	 	$	100	
 	 	$	451	
 	 	$	(113	)	 	$	323	
 	 	$	(425	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.	
(1) Asia Pacific Financial Solutions operations includes asset intensive, financial reinsurance, and disabled life closed block business.	
(2) Compared to comparable prior year period.	 	 	 	 	 	 	 	 	 	 	 	 	

                                        

 	 	Page 24

Reinsurance Group of America, Incorporated
Corporate and Other
GAAP Income Statements
(USD thousands)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	Current	
 	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	 	vs. PY	
 	 	2017	 	2016	 	2016	 	2016	 	2016	 	Quarter	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	44	
 	 	$	53	
 	 	$	72	
 	 	$	108	
 	 	$	109	
 	 	$	(65	)	
Investment income, net of related expenses	 	31,163	
 	 	35,468	
 	 	33,478	
 	 	25,190	
 	 	22,921	
 	 	8,242	
 	
Investment related gains (losses), net	 	(14,823	)	 	(461	)	 	12,258	
 	 	32,036	
 	 	7,423	
 	 	(22,246	)	
Other revenue	 	5,168	
 	 	706	
 	 	4,893	
 	 	4,653	
 	 	2,049	
 	 	3,119	
 	
Total revenues	 	21,552	
 	 	35,766	
 	 	50,701	
 	 	61,987	
 	 	32,502	
 	 	(10,950	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	27	
 	 	(15	)	 	(15	)	 	(6	)	 	27	
 	 	—	
 	
Interest credited	 	1,124	
 	 	881	
 	 	622	
 	 	459	
 	 	507	
 	 	617	
 	
Policy acquisition costs and other insurance expenses	 	(27,067	)	 	(26,740	)	 	(24,565	)	 	(25,149	)	 	(23,812	)	 	(3,255	)	
Other operating expenses	 	40,372	
 	 	41,187	
 	 	32,414	
 	 	40,975	
 	 	39,978	
 	 	394	
 	
Interest expense	 	42,402	
 	 	41,422	
 	 	43,063	
 	 	20,331	
 	 	32,807	
 	 	9,595	
 	
Collateral finance and securitization expense	 	6,770	
 	 	6,431	
 	 	6,484	
 	 	6,587	
 	 	6,325	
 	 	445	
 	
Total benefits and expenses	 	63,628	
 	 	63,166	
 	 	58,003	
 	 	43,197	
 	 	55,832	
 	 	7,796	

Income (loss) before income taxes	 	$	(42,076	)	 	$	(27,400	)	 	$	(7,302	)	 	$	18,790	
 	 	$	(23,330	)	 	$	(18,746	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Foreign currency effect (1):	 	 	 	 	 	 	 	 	 	 	 	 	
Income (loss) before income taxes	 	$	448	
 	 	$	401	
 	 	$	294	
 	 	$	(1,941	)	 	$	(1,409	)	 	$	1,857	

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.	
(1) Compared to comparable prior year period.	 	 	 	 	 	 	 	 	 	 	 	 	

                                        

 	 	Page 25

Reinsurance Group of America, Incorporated
Corporate and Other
Adjusted Operating Income Statements
(USD thousands)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	Current	
 	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	 	vs. PY	
 	 	2017	 	2016	 	2016	 	2016	 	2016	 	Quarter	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	44	
 	 	$	53	
 	 	$	72	
 	 	$	108	
 	 	$	109	
 	 	$	(65	)	
Investment income, net of related expenses	 	31,163	
 	 	35,468	
 	 	33,478	
 	 	25,190	
 	 	22,921	
 	 	8,242	
 	
Investment related gains, net	 	677	
 	 	659	
 	 	568	
 	 	496	
 	 	493	
 	 	184	
 	
Other revenue	 	5,142	
 	 	681	
 	 	4,870	
 	 	4,636	
 	 	2,035	
 	 	3,107	
 	
Total revenues	 	37,026	
 	 	36,861	
 	 	38,988	
 	 	30,430	
 	 	25,558	
 	 	11,468	

Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	27	
 	 	(15	)	 	(15	)	 	(6	)	 	27	
 	 	—	
 	
Interest credited	 	1,124	
 	 	881	
 	 	622	
 	 	459	
 	 	507	
 	 	617	
 	
Policy acquisition costs and other insurance expenses	 	(27,067	)	 	(26,740	)	 	(24,565	)	 	(25,149	)	 	(23,812	)	 	(3,255	)	
Other operating expenses	 	40,372	
 	 	41,187	
 	 	32,414	
 	 	40,975	
 	 	39,978	
 	 	394	
 	
Interest expense	 	42,402	
 	 	41,422	
 	 	43,063	
 	 	20,331	
 	 	32,807	
 	 	9,595	
 	
Collateral finance and securitization expense	 	6,770	
 	 	6,431	
 	 	6,484	
 	 	6,587	
 	 	6,325	
 	 	445	
 	
Total benefits and expenses	 	63,628	
 	 	63,166	
 	 	58,003	
 	 	43,197	
 	 	55,832	
 	 	7,796	

Adjusted operating income (loss) before income taxes	 	$	(26,602	)	 	$	(26,305	)	 	$	(19,015	)	 	$	(12,767	)	 	$	(30,274	)	 	$	3,672	

Foreign currency effect (1):	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted operating income (loss) before income taxes	 	$	498	
 	 	$	367	
 	 	$	513	
 	 	$	(442	)	 	$	(868	)	 	$	1,366	

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.	
(1) Compared to comparable prior year period.	 	 	 	 	 	 	 	 	 	 	 	 	

                                        

 	 	Page 26

Reinsurance Group of America, Incorporated
Summary of Segment GAAP Income Statements
(USD thousands)	

 	 	Three Months Ended	 	Current Qtr
vs. PY
Quarter	
 	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	 	 	
 	 	2017	 	2016	 	2016	 	2016	 	2016	 	 	
U.S. and Latin America:	 	 	 	 	 	 	 	 	 	 	 	 	
Traditional	 	$	29,960	
 	 	$	131,492	
 	 	$	77,081	
 	 	$	111,430	
 	 	$	51,098	
 	 	$	(21,138	)	
Financial Solutions:	 	 	 	 	 	 	 	 	 	 	 	 	
Asset Intensive	 	85,770	
 	 	72,261	
 	 	88,732	
 	 	93,979	
 	 	(30,830	)	 	116,600	
 	
Financial Reinsurance	 	17,816	
 	 	14,447	
 	 	13,982	
 	 	14,875	
 	 	15,934	
 	 	1,882	
 	
Total U.S. and Latin America	 	133,546	
 	 	218,200	
 	 	179,795	
 	 	220,284	
 	 	36,202	
 	 	97,344	
 	
Canada:	 	 	 	 	 	 	 	 	 	 	 	 	
Canada Traditional	 	19,328	
 	 	37,026	
 	 	34,275	
 	 	43,309	
 	 	20,095	
 	 	(767	)	
Canada Financial Solutions	 	3,592	
 	 	4,065	
 	 	1,160	
 	 	2,128	
 	 	592	
 	 	3,000	
 	
Total Canada	 	22,920	
 	 	41,091	
 	 	35,435	
 	 	45,437	
 	 	20,687	
 	 	2,233	
 	
Europe, Middle East and Africa:	 	 	 	 	 	 	 	 	 	 	 	 	
Europe, Middle East and Africa Traditional	 	13,976	
 	 	15,826	
 	 	8,515	
 	 	6,834	
 	 	(1,116	)	 	15,092	
 	
Europe, Middle East and Africa Financial Solutions	 	31,918	
 	 	41,328	
 	 	43,786	
 	 	27,469	
 	 	25,424	
 	 	6,494	
 	
Total Europe, Middle East and Africa	 	45,894	
 	 	57,154	
 	 	52,301	
 	 	34,303	
 	 	24,308	
 	 	21,586	
 	
Asia Pacific:	 	 	 	 	 	 	 	 	 	 	 	 	
Asia Pacific Traditional	 	41,688	
 	 	18,464	
 	 	19,822	
 	 	34,482	
 	 	41,160	
 	 	528	
 	
Asia Pacific Financial Solutions	 	5,872	
 	 	(11,966	)	 	7,549	
 	 	(73	)	 	8,553	
 	 	(2,681	)	
Total Asia Pacific	 	47,560	
 	 	6,498	
 	 	27,371	
 	 	34,409	
 	 	49,713	
 	 	(2,153	)	
Corporate and Other	 	(42,076	)	 	(27,400	)	 	(7,302	)	 	18,790	
 	 	(23,330	)	 	(18,746	)	
Consolidated income before income taxes	 	$	207,844	
 	 	$	295,543	
 	 	$	287,600	
 	 	$	353,223	
 	 	$	107,580	
 	 	$	100,264	

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.	

                                        

 	 	Page 27

 
Reinsurance Group of America, Incorporated
Summary of Segment Adjusted Operating Income Statements
(USD thousands)	

 	 	Three Months Ended	 	Current Qtr
vs. PY
Quarter	
 	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	 	 	
 	 	2017	 	2016	 	2016	 	2016	 	2016	 	 	
U.S. and Latin America:	 	 	 	 	 	 	 	 	 	 	 	 	
Traditional	 	$	27,996	
 	 	$	129,345	
 	 	$	80,475	
 	 	$	112,312	
 	 	$	53,198	
 	 	$	(25,202	)	
Financial Solutions:	 	 	 	 	 	 	 	 	 	 	 	
 	
Asset Intensive	 	51,637	
 	 	46,698	
 	 	58,693	
 	 	54,323	
 	 	45,268	
 	 	6,369	
 	
Financial Reinsurance	 	17,816	
 	 	14,447	
 	 	13,982	
 	 	14,875	
 	 	15,934	
 	 	1,882	
 	
Total U.S. and Latin America	 	97,449	
 	 	190,490	
 	 	153,150	
 	 	181,510	
 	 	114,400	
 	 	(16,951	)	
Canada:	 	 	 	 	 	 	 	 	 	 	 	 	
Canada Traditional	 	16,766	
 	 	34,754	
 	 	30,624	
 	 	40,907	
 	 	19,364	
 	 	(2,598	)	
Canada Financial Solutions	 	3,592	
 	 	4,065	
 	 	1,160	
 	 	2,128	
 	 	592	
 	 	3,000	
 	
Total Canada	 	20,358	
 	 	38,819	
 	 	31,784	
 	 	43,035	
 	 	19,956	
 	 	402	
 	
Europe, Middle East and Africa:	 	 	 	 	 	 	 	 	 	 	 	 	
Europe, Middle East and Africa Traditional	 	13,969	
 	 	15,826	
 	 	8,515	
 	 	6,834	
 	 	(1,121	)	 	15,090	
 	
Europe, Middle East and Africa Financial Solutions	 	27,475	
 	 	36,728	
 	 	33,945	
 	 	26,128	
 	 	25,611	
 	 	1,864	
 	
Total Europe, Middle East and Africa	 	41,444	
 	 	52,554	
 	 	42,460	
 	 	32,962	
 	 	24,490	
 	 	16,954	
 	
Asia Pacific:	 	 	 	 	 	 	 	 	 	 	 	 	
Asia Pacific Traditional	 	41,688	
 	 	18,464	
 	 	19,822	
 	 	34,482	
 	 	41,144	
 	 	544	
 	
Asia Pacific Financial Solutions	 	(452	)	 	(6,120	)	 	2,266	
 	 	(5,998	)	 	7,442	
 	 	(7,894	)	
Total Asia Pacific	 	41,236	
 	 	12,344	
 	 	22,088	
 	 	28,484	
 	 	48,586	
 	 	(7,350	)	
Corporate and Other	 	(26,602	)	 	(26,305	)	 	(19,015	)	 	(12,767	)	 	(30,274	)	 	3,672	
 	
Consolidated adjusted operating income before income taxes	 	$	173,885	
 	 	$	267,902	
 	 	$	230,467	
 	 	$	273,224	
 	 	$	177,158	
 	 	$	(3,273	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.	

                                        

 	 	Page 28

 
Reinsurance Group of America, Incorporated
Investments
(USD thousands)

Cash and Invested Assets	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	
 	 	2017	 	2016	 	2016	 	2016	 	2016	
Fixed maturity securities, available-for-sale	 	$	32,694,793	
 	 	$	32,093,625	
 	 	$	33,536,419	
 	 	$	33,160,976	
 	 	$	31,148,714	
 	
Mortgage loans on real estate	 	3,871,309	
 	 	3,775,522	
 	 	3,607,700	
 	 	3,377,039	
 	 	3,292,496	
 	
Policy loans	 	1,402,940	
 	 	1,427,602	
 	 	1,414,963	
 	 	1,445,410	
 	 	1,451,857	
 	
Funds withheld at interest	 	5,943,450	
 	 	5,875,919	
 	 	5,922,656	
 	 	5,899,289	
 	 	5,797,183	
 	
Short-term investments	 	54,288	
 	 	76,710	
 	 	126,702	
 	 	195,979	
 	 	431,535	
 	
Other invested assets	 	1,429,175	
 	 	1,591,940	
 	 	1,777,065	
 	 	1,682,143	
 	 	1,368,544	
 	
Cash and cash equivalents	 	1,178,114	
 	 	1,200,718	
 	 	1,379,693	
 	 	1,034,329	
 	 	1,502,082	
 	
Total cash and invested assets	 	$	46,574,069	
 	 	$	46,042,036	
 	 	$	47,765,198	
 	 	$	46,795,165	
 	 	$	44,992,411	

 
Investment Income and Yield Summary	

 	 	Three Months Ended	 	Current Qtr
vs. PY
Quarter	
 	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	 	 	
 	 	2017	 	2016	 	2016	 	2016	 	2016	 	 	
Average invested assets at amortized cost  (1)	 	$	25,212,377	
 	 	$	24,621,939	
 	 	$	24,128,430	
 	 	$	23,216,459	
 	 	$	22,379,003	
 	 	$	2,833,374	
 	
Net investment income (1)	 	$	273,208	
 	 	$	283,484	
 	 	$	263,111	
 	 	$	268,747	
 	 	$	245,299	
 	 	$	27,909	
 	
Annualized investment yield (ratio of net investment income to average invested assets at amortized cost)  (1)	 	4.41	%	 	4.69	%	 	4.43	%	 	4.71	%	 	4.46	%	 	-0.05	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	
(1) Excludes spread-related business (e.g. coinsurance of annuities).	

                                        

 	 	Page 29

Reinsurance Group of America, Incorporated
Investments
(USD thousands)

Amortized Cost, Gross Unrealized Gains and Losses, and Estimated Fair Values of Fixed Maturity and Equity Securities
(Excludes Funds Withheld Portfolios)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
March 31, 2017	
 	 	Amortized
Cost	 	Unrealized
Gains	 	Unrealized
Losses	 	Estimated Fair
Value	 	% of
Total	 	Other-than-
temporary
Impairment
in AOCI	
Available-for-sale:	 	 	 	 	 	 	 	 	 	 	 	 	
Corporate securities	 	$	19,281,539	
 	 	$	1,037,337	
 	 	$	157,423	
 	 	$	20,161,453	
 	 	61.8	%	 	$	—	
 	
Canadian and Canadian provincial governments	 	2,601,403	
 	 	1,122,418	
 	 	3,457	
 	 	3,720,364	
 	 	11.4	%	 	—	
 	
Residential mortgage-backed securities	 	1,281,171	
 	 	34,382	
 	 	11,676	
 	 	1,303,877	
 	 	4.0	%	 	—	
 	
Asset-backed securities	 	1,379,251	
 	 	14,480	
 	 	13,141	
 	 	1,380,590	
 	 	4.2	%	 	275	
 	
Commercial mortgage-backed securities	 	1,272,020	
 	 	24,353	
 	 	7,035	
 	 	1,289,338	
 	 	3.9	%	 	—	
 	
U.S. government and agencies	 	1,522,651	
 	 	15,135	
 	 	55,334	
 	 	1,482,452	
 	 	4.5	%	 	—	
 	
State and political subdivisions	 	566,553	
 	 	40,471	
 	 	11,567	
 	 	595,457	
 	 	1.8	%	 	—	
 	
Other foreign government, supranational, and foreign	 	 	 	 	 	 	 	 	 	 	 	 	
 government-sponsored enterprises	 	2,635,979	
 	 	136,850	
 	 	11,567	
 	 	2,761,262	
 	 	8.4	%	 	—	
 	
Total fixed maturity securities	 	$	30,540,567	
 	 	$	2,425,426	
 	 	$	271,200	
 	 	$	32,694,793	
 	 	100.0	%	 	$	275	

Non-redeemable preferred stock	 	$	33,656	
 	 	$	360	
 	 	$	2,801	
 	 	$	31,215	
 	 	28.0	%	 	 	
Other equity securities	 	83,473	
 	 	532	
 	 	3,604	
 	 	80,401	
 	 	72.0	%	 	 	
Total equity securities	 	$	117,129	
 	 	$	892	
 	 	$	6,405	
 	 	$	111,616	
 	 	100.0	%	 	 	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
December 31, 2016	
 	 	Amortized
Cost	 	Unrealized
Gains	 	Unrealized
Losses	 	Estimated Fair
Value	 	% of
Total	 	Other-than-
temporary
Impairment
in AOCI	
Available-for-sale:	 	 	 	 	 	 	 	 	 	 	 	 	
Corporate securities	 	$	18,924,711	
 	 	$	911,618	
 	 	$	217,245	
 	 	$	19,619,084	
 	 	61.1	%	 	$	—	
 	
Canadian and Canadian provincial governments	 	2,561,605	
 	 	1,085,982	
 	 	3,541	
 	 	3,644,046	
 	 	11.4	%	 	—	
 	
Residential mortgage-backed securities	 	1,258,039	
 	 	33,917	
 	 	13,380	
 	 	1,278,576	
 	 	4.0	%	 	(375	)	
Asset-backed securities	 	1,443,822	
 	 	9,350	
 	 	23,828	
 	 	1,429,344	
 	 	4.5	%	 	275	
 	
Commercial mortgage-backed securities	 	1,342,440	
 	 	28,973	
 	 	7,759	
 	 	1,363,654	
 	 	4.2	%	 	—	
 	
U.S. government and agencies	 	1,518,702	
 	 	12,644	
 	 	63,044	
 	 	1,468,302	
 	 	4.6	%	 	—	
 	
State and political subdivisions	 	566,761	
 	 	37,499	
 	 	12,464	
 	 	591,796	
 	 	1.8	%	 	—	
 	
Other foreign government, supranational, and foreign	 	 	 	 	 	 	 	 	 	 	 	 	
 government-sponsored enterprises	 	2,595,707	
 	 	123,054	
 	 	19,938	
 	 	2,698,823	
 	 	8.4	%	 	—	
 	
Total fixed maturity securities	 	$	30,211,787	
 	 	$	2,243,037	
 	 	$	361,199	
 	 	$	32,093,625	
 	 	100.0	%	 	$	(100	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Non-redeemable preferred stock	 	$	55,812	
 	 	$	1,648	
 	 	$	6,337	
 	 	$	51,123	
 	 	18.6	%	 	 	
Other equity securities	 	229,767	
 	 	1,792	
 	 	7,321	
 	 	224,238	
 	 	81.4	%	 	 	
Total equity securities	 	$	285,579	
 	 	$	3,440	
 	 	$	13,658	
 	 	$	275,361	
 	 	100.0	%	 	 	

 	
 	 	 	
 	 	Page 30

Reinsurance Group of America, Incorporated
Investments
(USD thousands)

Corporate Fixed Maturities Securities by Sector
(Excludes Funds Withheld Portfolios)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	March 31, 2017	 	December 31, 2016	
 	 	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	 	$	4,146,996	
 	 	$	4,274,384	
 	 	21.2	%	 	A-	 	$	4,167,029	
 	 	$	4,255,932	
 	 	21.9	%	 	A-	
Brokerage/asset managers/exchanges	 	432,080	
 	 	450,148	
 	 	2.2	%	 	A	 	403,014	
 	 	413,699	
 	 	2.1	%	 	A	
Finance companies	 	160,909	
 	 	167,680	
 	 	0.8	%	 	BBB+	 	120,782	
 	 	127,327	
 	 	0.6	%	 	A-	
Insurance	 	1,381,539	
 	 	1,444,176	
 	 	7.2	%	 	A-	 	1,314,077	
 	 	1,353,008	
 	 	6.9	%	 	A-	
REITs	 	615,058	
 	 	636,862	
 	 	3.2	%	 	BBB+	 	582,157	
 	 	598,366	
 	 	3.0	%	 	BBB+	
Other finance	 	126,139	
 	 	130,615	
 	 	0.6	%	 	A-	 	138,140	
 	 	140,636	
 	 	0.7	%	 	A-	
Total financial institutions	 	$	6,862,721	
 	 	$	7,103,865	
 	 	35.2	%	 	 	 	$	6,725,199	
 	 	$	6,888,968	
 	 	35.2	%	 	 	
Industrials	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic	 	$	939,177	
 	 	$	997,950	
 	 	4.9	%	 	BBB	 	$	887,179	
 	 	$	923,839	
 	 	4.7	%	 	BBB	
Capital goods	 	1,045,597	
 	 	1,072,524	
 	 	5.3	%	 	BBB+	 	998,749	
 	 	1,027,098	
 	 	5.2	%	 	BBB+	
Communications	 	1,864,457	
 	 	1,957,809	
 	 	9.7	%	 	BBB	 	1,841,904	
 	 	1,928,261	
 	 	9.8	%	 	BBB	
Consumer cyclical	 	1,106,118	
 	 	1,146,543	
 	 	5.7	%	 	BBB+	 	1,081,091	
 	 	1,116,933	
 	 	5.7	%	 	BBB+	
Consumer noncyclical	 	1,929,744	
 	 	2,040,521	
 	 	10.2	%	 	A-	 	1,957,052	
 	 	2,050,927	
 	 	10.5	%	 	A-	
Energy	 	1,860,402	
 	 	1,951,883	
 	 	9.7	%	 	BBB+	 	1,867,072	
 	 	1,941,301	
 	 	9.9	%	 	BBB+	
Technology	 	670,830	
 	 	691,287	
 	 	3.4	%	 	A	 	644,474	
 	 	660,200	
 	 	3.4	%	 	A	
Transportation	 	852,657	
 	 	893,003	
 	 	4.4	%	 	A-	 	854,681	
 	 	887,911	
 	 	4.5	%	 	A-	
Other industrial	 	129,566	
 	 	137,665	
 	 	0.7	%	 	A	 	96,611	
 	 	103,143	
 	 	0.5	%	 	A-	
Total industrials	 	$	10,398,548	
 	 	$	10,889,185	
 	 	54.0	%	 	 	 	$	10,228,813	
 	 	$	10,639,613	
 	 	54.2	%	 	 	
Utilities	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Electric	 	$	1,468,750	
 	 	$	1,559,029	
 	 	7.8	%	 	A-	 	$	1,432,641	
 	 	$	1,498,919	
 	 	7.6	%	 	A-	
Natural gas	 	320,726	
 	 	344,463	
 	 	1.7	%	 	A-	 	316,447	
 	 	338,253	
 	 	1.7	%	 	A-	
Other utility	 	230,794	
 	 	264,911	
 	 	1.3	%	 	A-	 	221,611	
 	 	253,331	
 	 	1.3	%	 	A-	
Total utilities	 	$	2,020,270	
 	 	$	2,168,403	
 	 	10.8	%	 	 	 	$	1,970,699	
 	 	$	2,090,503	
 	 	10.6	%	 	 	
Total	 	$	19,281,539	
 	 	$	20,161,453	
 	 	100.0	%	 	BBB+	 	$	18,924,711	
 	 	$	19,619,084	
 	 	100.0	%	 	BBB+	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(1) The Average Credit Rating designations are based on the weighted average ratings from nationally recognized statistical rating organizations (NRSRO), 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 National	
Association of Insurance Commissioners (NAIC).	

                                        

 	 	Page 31

Reinsurance Group of America, Incorporated
Investments
(USD thousands)

Ratings of Fixed Maturity Securities
(Excludes Funds Withheld Portfolios)

 	 	 	 	March 31, 2017	 	December 31, 2016	 	September 30, 2016	 	June 30, 2016	 	December 31, 2016	
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	 	$	19,816,139	
 	 	$	21,521,758	
 	 	65.8	%	 	$	19,813,653	
 	 	$	21,369,081	
 	 	66.5	%	 	$	19,794,556	
 	 	$	22,594,066	
 	 	67.3	%	 	$	19,755,011	
 	 	$	22,392,311	
 	 	67.5	%	 	$	18,511,837	
 	 	$	20,516,462	
 	 	65.9	%	
2	 	BBB	 	9,159,294	
 	 	9,571,666	
 	 	29.3	%	 	8,834,469	
 	 	9,162,483	
 	 	28.5	%	 	8,660,225	
 	 	9,296,652	
 	 	27.7	%	 	8,679,819	
 	 	9,130,971	
 	 	27.5	%	 	8,813,991	
 	 	9,005,192	
 	 	28.9	%	
3	 	BB	 	1,079,371	
 	 	1,109,172	
 	 	3.4	%	 	944,839	
 	 	955,735	
 	 	3.0	%	 	1,010,694	
 	 	1,027,001	
 	 	3.1	%	 	1,012,092	
 	 	1,018,629	
 	 	3.1	%	 	1,096,165	
 	 	1,057,763	
 	 	3.4	%	
4	 	B	 	383,254	
 	 	377,469	
 	 	1.2	%	 	414,087	
 	 	411,138	
 	 	1.3	%	 	451,456	
 	 	441,887	
 	 	1.3	%	 	456,457	
 	 	431,649	
 	 	1.3	%	 	402,872	
 	 	372,795	
 	 	1.2	%	
5	 	CCC	 	91,245	
 	 	105,749	
 	 	0.3	%	 	187,744	
 	 	177,481	
 	 	0.6	%	 	157,857	
 	 	151,182	
 	 	0.5	%	 	143,675	
 	 	135,927	
 	 	0.4	%	 	178,537	
 	 	165,491	
 	 	0.5	%	
6	 	In or near default	 	11,264	
 	 	8,979	
 	 	—	%	 	16,995	
 	 	17,707	
 	 	0.1	%	 	23,108	
 	 	25,631	
 	 	0.1	%	 	29,830	
 	 	51,489	
 	 	0.2	%	 	31,872	
 	 	31,011	
 	 	0.1	%	
 	 	Total	 	$	30,540,567	
 	 	$	32,694,793	
 	
 	100.0	%	
 	$	30,211,787	
 	
 	$	32,093,625	
 	
 	100.0	%	
 	$	30,097,896	
 	
 	$	33,536,419	
 	
 	100.0	%	
 	$	30,076,884	
 	
 	$	33,160,976	
 	
 	100.0	%	
 	$	29,035,274	
 	
 	$	31,148,714	
 	
 	100.0	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(1) Structured securities held by the Company’s insurance subsidiaries that maintain the NAIC statutory basis of accounting that meet the definition of SSAP No. 43R utilize the NAIC rating methodology.	
            All other securities will continue to utilize the 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	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	March 31, 2017	 	December 31, 2016	 	September 30, 2016	 	June 30, 2016	 	March 31, 2016	
 	 	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	 	$	584,067	
 	 	$	608,066	
 	 	$	579,686	
 	 	$	602,549	
 	 	$	590,881	
 	 	$	642,041	
 	 	$	601,728	
 	 	$	659,526	
 	 	$	593,662	
 	 	$	642,617	
 	
Non-agency	 	697,104	
 	 	695,811	
 	 	678,353	
 	 	676,027	
 	 	656,796	
 	 	669,651	
 	 	623,990	
 	 	633,252	
 	 	737,232	
 	 	738,280	
 	
Total residential mortgage-backed securities	 	1,281,171	
 	 	1,303,877	
 	 	1,258,039	
 	 	1,278,576	
 	 	1,247,677	
 	 	1,311,692	
 	 	1,225,718	
 	 	1,292,778	
 	 	1,330,894	
 	 	1,380,897	
 	
Commercial mortgage-backed securities	 	1,272,020	
 	 	1,289,338	
 	 	1,342,440	
 	 	1,363,654	
 	 	1,402,249	
 	 	1,475,033	
 	 	1,441,091	
 	 	1,507,693	
 	 	1,466,500	
 	 	1,508,183	
 	
Asset-backed securities	 	1,379,251	
 	 	1,380,590	
 	 	1,443,822	
 	 	1,429,344	
 	 	1,388,263	
 	 	1,382,574	
 	 	1,377,736	
 	 	1,356,677	
 	 	1,319,616	
 	 	1,289,381	
 	
Total	 	$	3,932,442	
 	 	$	3,973,805	
 	 	$	4,044,301	
 	 	$	4,071,574	
 	 	$	4,038,189	
 	 	$	4,169,299	
 	 	$	4,044,545	
 	 	$	4,157,148	
 	 	$	4,117,010	
 	 	$	4,178,461	

                                        

 	 	Page 32

 
Reinsurance Group of America, Incorporated
Investments
(USD thousands)

Gross Unrealized Losses Aging

Fixed Maturity Securities	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	March 31, 2017	 	December 31, 2016	 	September 30, 2016	 	June 30, 2016	 	March 31, 2016	
 	 	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%	 	$	245,923	
 	 	88.6	%	 	$	328,691	
 	 	87.7	%	 	$	85,446	
 	 	62.2	%	 	$	148,844	
 	 	74.9	%	 	$	272,450	
 	 	70.5	%	
20% or more for less than six months	 	4,113	
 	 	1.5	%	 	18,733	
 	 	5.0	%	 	12,551	
 	 	9.1	%	 	7,248	
 	 	3.7	%	 	68,067	
 	 	17.6	%	
20% or more for six months or greater	 	21,164	
 	 	7.6	%	 	13,775	
 	 	3.7	%	 	32,286	
 	 	23.5	%	 	34,078	
 	 	17.2	%	 	36,949	
 	 	9.6	%	
Total	 	$	271,200	
 	
 	97.7	%	
 	$	361,199	
 	
 	96.4	%	
 	$	130,283	
 	
 	94.8	%	
 	$	190,170	
 	
 	95.8	%	
 	$	377,466	
 	
 	97.7	%	

Equity Securities	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	March 31, 2017	 	December 31, 2016	 	September 30, 2016	 	June 30, 2016	 	March 31, 2016	
 	 	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%	 	$	5,717	
 	 	2.1	%	 	$	9,140	
 	 	2.4	%	 	$	2,588	
 	 	1.9	%	 	$	1,794	
 	 	0.9	%	 	$	2,678	
 	 	0.7	%	
20% or more for less than six months	 	—	
 	 	0.0	%	 	705	
 	 	0.2	%	 	—	
 	 	0.0	%	 	1,685	
 	 	0.8	%	 	1,672	
 	 	0.4	%	
20% or more for six months or greater	 	688	
 	 	0.2	%	 	3,813	
 	 	1.0	%	 	4,472	
 	 	3.3	%	 	4,903	
 	 	2.5	%	 	4,714	
 	 	1.2	%	
Total	 	$	6,405	
 	
 	2.3	%	
 	$	13,658	
 	
 	3.6	%	
 	$	7,060	
 	
 	5.2	%	
 	$	8,382	
 	
 	4.2	%	
 	$	9,064	
 	
 	2.3	%	

                                        

 	 	Page 33

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

 	 	As of March 31, 2017	
 	 	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	 	$	3,658,776	
 	 	$	89,271	
 	 	$	412,413	
 	 	$	33,285	
 	 	$	4,071,189	
 	 	$	122,556	
 	
Canadian and Canadian provincial governments	 	137,014	
 	 	3,457	
 	 	—	
 	 	—	
 	 	137,014	
 	 	3,457	
 	
Residential mortgage-backed securities	 	467,812	
 	 	9,394	
 	 	101,886	
 	 	2,277	
 	 	569,698	
 	 	11,671	
 	
Asset-backed securities	 	381,219	
 	 	4,213	
 	 	270,456	
 	 	8,248	
 	 	651,675	
 	 	12,461	
 	
Commercial mortgage-backed securities	 	370,152	
 	 	6,816	
 	 	7,398	
 	 	111	
 	 	377,550	
 	 	6,927	
 	
U.S. government and agencies	 	1,122,884	
 	 	55,334	
 	 	—	
 	 	—	
 	 	1,122,884	
 	 	55,334	
 	
State and political subdivisions	 	155,720	
 	 	7,963	
 	 	13,086	
 	 	3,604	
 	 	168,806	
 	 	11,567	
 	
Other foreign government, supranational, and
foreign government-sponsored enterprises	 	432,726	
 	 	9,041	
 	 	40,431	
 	 	1,985	
 	 	473,157	
 	 	11,026	
 	
Total investment grade securities	 	$	6,726,303	
 	 	$	185,489	
 	 	$	845,670	
 	 	$	49,510	
 	 	$	7,571,973	
 	 	$	234,999	

Below investment grade securities:	 	 	 	 	 	 	 	 	 	 	 	 	
Corporate securities	 	$	195,427	
 	 	$	3,023	
 	 	$	110,909	
 	 	$	31,844	
 	 	$	306,336	
 	 	$	34,867	
 	
Residential mortgage-backed securities	 	—	
 	 	—	
 	 	122	
 	 	5	
 	 	122	
 	 	5	
 	
Asset-backed securities	 	—	
 	 	—	
 	 	11,463	
 	 	680	
 	 	11,463	
 	 	680	
 	
Commercial mortgage-backed securities	 	1,891	
 	 	108	
 	 	—	
 	 	—	
 	 	1,891	
 	 	108	
 	
Other foreign government, supranational, and
foreign government-sponsored enterprises	 	9,704	
 	 	84	
 	 	14,163	
 	 	457	
 	 	23,867	
 	 	541	
 	
Total below investment grade securities	 	$	207,022	
 	 	$	3,215	
 	 	$	136,657	
 	 	$	32,986	
 	 	$	343,679	
 	 	$	36,201	
 	
Total fixed maturity securities	 	$	6,933,325	
 	 	$	188,704	
 	 	$	982,327	
 	 	$	82,496	
 	 	$	7,915,652	
 	 	$	271,200	

Equity securities:	 	 	 	 	 	 	 	 	 	 	 	 	
Non-redeemable preferred stock	 	$	—	
 	 	$	—	
 	 	$	24,289	
 	 	$	2,801	
 	 	$	24,289	
 	 	$	2,801	
 	
Other equity securities	 	70,591	
 	 	3,604	
 	 	—	
 	 	—	
 	 	70,591	
 	 	3,604	
 	
Total equity securities	 	$	70,591	
 	 	$	3,604	
 	 	$	24,289	
 	 	$	2,801	
 	 	$	94,880	
 	 	$	6,405	

 	 	 	 	 	 	 	 	 	 	 	 	 	

 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	As of December 31, 2016	
 	 	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	 	$	4,661,706	
 	 	$	124,444	
 	 	$	549,273	
 	 	$	43,282	
 	 	$	5,210,979	
 	 	$	167,726	
 	
Canadian and Canadian provincial governments	 	101,578	
 	 	3,541	
 	 	—	
 	 	—	
 	 	101,578	
 	 	3,541	
 	
Residential mortgage-backed securities	 	490,473	
 	 	9,733	
 	 	112,216	
 	 	3,635	
 	 	602,689	
 	 	13,368	
 	
Asset-backed securities	 	563,259	
 	 	12,010	
 	 	257,166	
 	 	9,653	
 	 	820,425	
 	 	21,663	
 	
Commercial mortgage-backed securities	 	368,465	
 	 	6,858	
 	 	10,853	
 	 	166	
 	 	379,318	
 	 	7,024	
 	
U.S. government and agencies	 	1,056,101	
 	 	63,044	
 	 	—	
 	 	—	
 	 	1,056,101	
 	 	63,044	
 	
State and political subdivisions	 	187,194	
 	 	9,396	
 	 	13,635	
 	 	3,068	
 	 	200,829	
 	 	12,464	
 	
Other foreign government, supranational, and foreign government-sponsored enterprises	 	524,236	
 	 	13,372	
 	 	51,097	
 	 	2,981	
 	 	575,333	
 	 	16,353	
 	
Total investment grade securities	 	$	7,953,012	
 	 	$	242,398	
 	 	$	994,240	
 	 	$	62,785	
 	 	$	8,947,252	
 	 	$	305,183	

Below investment grade securities:	 	 	 	 	 	 	 	 	 	 	 	 	
Corporate securities	 	$	330,757	
 	 	$	7,914	
 	 	$	163,152	
 	 	$	41,605	
 	 	$	493,909	
 	 	$	49,519	
 	
Residential mortgage-backed securities	 	—	
 	 	—	
 	 	412	
 	 	12	
 	 	412	
 	 	12	
 	
Asset-backed securities	 	5,904	
 	 	700	
 	 	12,581	
 	 	1,465	
 	 	18,485	
 	 	2,165	
 	
Commercial mortgage-backed securities	 	5,815	
 	 	735	
 	 	—	
 	 	—	
 	 	5,815	
 	 	735	
 	
Other foreign government, supranational, and
foreign government-sponsored enterprises	 	32,355	
 	 	1,258	
 	 	39,763	
 	 	2,327	
 	 	72,118	
 	 	3,585	
 	
Total below investment grade securities	 	$	374,831	
 	 	$	10,607	
 	 	$	215,908	
 	 	$	45,409	
 	 	$	590,739	
 	 	$	56,016	
 	
Total fixed maturity securities	 	$	8,327,843	
 	 	$	253,005	
 	 	$	1,210,148	
 	 	$	108,194	
 	 	$	9,537,991	
 	 	$	361,199	

Equity securities:	 	 	 	 	 	 	 	 	 	 	 	 	
Non-redeemable preferred stock	 	$	10,831	
 	 	$	831	
 	 	$	21,879	
 	 	$	5,506	
 	 	$	32,710	
 	 	$	6,337	
 	
Other equity securities	 	202,068	
 	 	7,020	
 	 	6,751	
 	 	301	
 	 	208,819	
 	 	7,321	
 	
Total equity securities	 	$	212,899	
 	 	$	7,851	
 	 	$	28,630	
 	 	$	5,807	
 	 	$	241,529	
 	 	$	13,658	

                                        

 	 	Page 34

Reinsurance Group of America, Incorporated
Investments
(USD thousands)

Consolidated Investment Related Gains and Losses	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	Current Qtr
vs. PY
Quarter	
 	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	 	 	
 	 	2017	 	2016	 	2016	 	2016	 	2016	 	 	
Fixed maturity and equity securities avail. for sale:	 	 	 	 	 	 	 	 	 	 	 	 	
Other-than-temporary impairment losses on fixed maturities	 	$	(17,189	)	 	$	(4,142	)	 	$	—	
 	 	$	(846	)	 	$	(33,817	)	 	$	16,628	
 	
Portion of loss recognized in other comprehensive	 	 	 	 	 	 	 	 	 	 	 	 	
income (before taxes)	 	—	
 	 	74	
 	 	—	
 	 	—	
 	 	—	
 	 	—	
 	
Net other-than-temporary impairment losses on fixed	 	 	 	 	 	 	 	 	 	 	 	 	
maturities recognized in earnings	 	(17,189	)	 	(4,068	)	 	—	
 	 	(846	)	 	(33,817	)	 	16,628	
 	
Gain on investment activity	 	17,893	
 	 	27,217	
 	 	46,346	
 	 	53,615	
 	 	27,192	
 	 	(9,299	)	
Loss on investment activity	 	(12,563	)	 	(6,568	)	 	(9,054	)	 	(22,556	)	 	(11,787	)	 	(776	)	
Net gains (losses) on fixed maturity & equity securities	 	

 	

 	 	

 	

 	
   available for sale	 	(11,859	)	 	16,581	
 	 	37,292	
 	 	30,213	
 	 	(18,412	)	 	6,553	

Other impairment losses and change in mortgage loan provision	 	(99	)	 	(8,895	)	 	(262	)	 	211	
 	 	(2,060	)	 	1,961	
 	
Other non-derivative gaines (losses), net	 	4,712	
 	 	4,987	
 	 	4,754	
 	 	5,123	
 	 	4,057	
 	 	655	

Free-standing derivatives:	 	 	 	 	 	 	 	 	 	 	 	 	
Credit default swaps	 	7,358	
 	 	4,564	
 	 	6,672	
 	 	3,518	
 	 	3,346	
 	 	4,012	
 	
Interest rate swaps - non-hedged	 	(2,612	)	 	(100,500	)	 	4,122	
 	 	41,500	
 	 	62,527	
 	 	(65,139	)	
Interest rate swaps - hedged	 	(8	)	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	(8	)	
Foreign currency swaps - hedged (1)	 	1,031	
 	 	5,766	
 	 	1,606	
 	 	(2,395	)	 	(4,562	)	 	5,593	
 	
Futures	 	(12,775	)	 	(9,957	)	 	(11,677	)	 	(7,557	)	 	(11,051	)	 	(1,724	)	
CPI swaps	 	(5	)	 	223	
 	 	76	
 	 	(520	)	 	(180	)	 	175	
 	
Equity options	 	(17,189	)	 	(8,694	)	 	(13,648	)	 	(3,225	)	 	(2,703	)	 	(14,486	)	
Currency forwards	 	904	
 	 	(4,954	)	 	507	
 	 	3,577	
 	 	2,500	
 	 	(1,596	)	
Bond forwards	 	—	
 	 	(225	)	 	116	
 	 	(1,010	)	 	841	
 	 	(841	)	
Total free-standing derivatives	 	(23,296	)	 	(113,777	)	 	(12,226	)	 	33,888	
 	 	50,718	
 	 	(74,014	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Embedded derivatives:	 	 	 	 	 	 	 	 	 	 	 	 	
Modified coinsurance and funds withheld treaties	 	68,702	
 	 	20,374	
 	 	49,078	
 	 	76,966	
 	 	(92,249	)	 	160,951	
 	
GMXB	 	22,363	
 	 	90,923	
 	 	7,988	
 	 	(28,137	)	 	(62,940	)	 	85,303	
 	
Total embedded derivatives	 	91,065	
 	 	111,297	
 	 	57,066	
 	 	48,829	
 	 	(155,189	)	 	246,254	

Net gain (loss) on total derivatives	 	67,769	
 	 	(2,480	)	 	44,840	
 	 	82,717	
 	 	(104,471	)	 	172,240	

Total investment related gains (losses), net	 	$	60,523	
 	 	$	10,193	
 	 	$	86,624	
 	 	$	118,264	
 	 	$	(120,886	)	 	$	181,409	

(1) The Company recognizes gains and losses on derivatives and the related hedged items in fair value hedges within net gains (losses) on total derivatives.	

 	
 	 	 	
 	 	Page 35

Appendix	

 	 	 	 	 	
Reconciliations of GAAP Income Statements to Adjusted Operating Income Statements	

 	 	 	 	 	

 	 	 	 	 	

                                        

 	 	Page 36

Reinsurance Group of America, Incorporated
Reconciliation of GAAP Income Statements to Adjusted Operating Income Statements
(USD thousands)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	Current Qtr	
 	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	 	vs. PY	
 	 	2017	 	2016	 	2016	 	2016	 	2016	 	Quarter	
U.S. & Latin America Traditional	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	$	29,960	
 	 	$	131,492	
 	 	$	77,081	
 	 	$	111,430	
 	 	$	51,098	
 	 	$	(21,138	)	
Investment and derivative gains (losses) (1)	 	—	
 	 	(336	)	 	(69	)	 	1	
 	 	65	
 	 	(65	)	
Change in value of modified coinsurance and	 	 	 	 	 	 	 	 	 	 	 	 	
funds withheld embedded derivatives (1)	 	(1,964	)	 	(1,811	)	 	3,463	
 	 	881	
 	 	2,035	
 	 	(3,999	)	
Adjusted operating income before income taxes	 	$	27,996	
 	 	$	129,345	
 	 	$	80,475	
 	 	$	112,312	
 	 	$	53,198	
 	 	$	(25,202	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
U.S. & Latin America Asset Intensive	 	 	 	 	 	 	 	 	 	 	
Income (loss) before income taxes	 	$	85,770	
 	 	$	72,261	
 	 	$	88,732	
 	 	$	93,979	
 	 	$	(30,830	)	 	$	116,600	
 	
Investment and derivative gains (losses) (1)	 	31,330	
 	 	103,778	
 	 	867	
 	 	(27,119	)	 	(24,603	)	 	55,933	
 	
Change in value of modified coinsurance and	 	 	 	 	 	 	 	 	 	 	 	 	
funds withheld embedded derivatives (1)	 	(66,738	)	 	(18,563	)	 	(52,541	)	 	(77,847	)	 	90,214	
 	 	(156,952	)	
GMXB embedded derivatives (1)	 	(22,363	)	 	(90,923	)	 	(7,988	)	 	28,137	
 	 	62,940	
 	 	(85,303	)	
Funds withheld gains (losses) - investment income	 	(744	)	 	(7,516	)	 	(2,295	)	 	(10,304	)	 	(4,624	)	 	3,880	
 	
EIA embedded derivatives - interest credited	 	(27,958	)	 	(39,964	)	 	42	
 	 	(17,364	)	 	29,149	
 	 	(57,107	)	
DAC offset, net	 	52,340	
 	 	27,625	
 	 	31,876	
 	 	64,841	
 	 	(76,978	)	 	129,318	
 	
Adjusted operating income before income taxes	 	$	51,637	
 	 	$	46,698	
 	 	$	58,693	
 	 	$	54,323	
 	 	$	45,268	
 	 	$	6,369	

U.S. & Latin America Financial Reinsurance	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	$	17,816	
 	 	$	14,447	
 	 	$	13,982	
 	 	$	14,875	
 	 	$	15,934	
 	 	$	1,882	
 	
Adjusted operating income before income taxes	 	$	17,816	
 	 	$	14,447	
 	 	$	13,982	
 	 	$	14,875	
 	 	$	15,934	
 	 	$	1,882	

Total U.S. & Latin America	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	$	133,546	
 	 	$	218,200	
 	 	$	179,795	
 	 	$	220,284	
 	 	$	36,202	
 	 	$	97,344	
 	
Investment and derivative gains (losses) (1)	 	31,330	
 	 	103,442	
 	 	798	
 	 	(27,118	)	 	(24,538	)	 	55,868	
 	
Change in value of modified coinsurance and	 	 	 	 	 	 	 	 	 	 	 	 	
funds withheld embedded derivatives (1)	 	(68,702	)	 	(20,374	)	 	(49,078	)	 	(76,966	)	 	92,249	
 	 	(160,951	)	
GMXB embedded derivatives (1)	 	(22,363	)	 	(90,923	)	 	(7,988	)	 	28,137	
 	 	62,940	
 	 	(85,303	)	
Funds withheld gains (losses) - investment income	 	(744	)	 	(7,516	)	 	(2,295	)	 	(10,304	)	 	(4,624	)	 	3,880	
 	
EIA embedded derivatives - interest credited	 	(27,958	)	 	(39,964	)	 	42	
 	 	(17,364	)	 	29,149	
 	 	(57,107	)	
DAC offset, net	 	52,340	
 	 	27,625	
 	 	31,876	
 	 	64,841	
 	 	(76,978	)	 	129,318	
 	
Adjusted operating income before income taxes	 	$	97,449	
 	 	$	190,490	
 	 	$	153,150	
 	 	$	181,510	
 	 	$	114,400	
 	 	$	(16,951	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
(1) Included in "Investment related gains (losses), net" on Consolidated GAAP Income Statement.	

 	 	 	 	 	

 	
 	 	 	
 	 	Page 37

Reinsurance Group of America, Incorporated
Reconciliation of GAAP Income Statements to Adjusted Operating Income Statements
(USD thousands)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	Current Qtr	
 	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	 	vs. PY	
 	 	2017	 	2016	 	2016	 	2016	 	2016	 	Quarter	
Canada Traditional	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	$	19,328	
 	 	$	37,026	
 	 	$	34,275	
 	 	$	43,309	
 	 	$	20,095	
 	 	$	(767	)	
Investment and derivative gains (losses) (1)	 	(2,652	)	 	(1,550	)	 	(2,624	)	 	(1,049	)	 	(372	)	 	(2,280	)	
Funds withheld gains (losses) - investment income	 	90	
 	 	(722	)	 	(1,027	)	 	(1,353	)	 	(359	)	 	449	
 	
Adjusted operating income before income taxes	 	$	16,766	
 	 	$	34,754	
 	 	$	30,624	
 	 	$	40,907	
 	 	$	19,364	
 	 	$	(2,598	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Canada Financial Solutions	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	$	3,592	
 	 	$	4,065	
 	 	$	1,160	
 	 	$	2,128	
 	 	$	592	
 	 	$	3,000	
 	
Adjusted operating income before income taxes	 	$	3,592	
 	 	$	4,065	
 	 	$	1,160	
 	 	$	2,128	
 	 	$	592	
 	 	$	3,000	

Europe, Middle East and Africa Traditional	 	 	 	 	 	 	 	 	 	 	
Income (loss) before income taxes	 	$	13,976	
 	 	$	15,826	
 	 	$	8,515	
 	 	$	6,834	
 	 	$	(1,116	)	 	$	15,092	
 	
Investment and derivative gains (losses) (1)	 	(7	)	 	—	
 	 	—	
 	 	—	
 	 	(5	)	 	(2	)	
Adjusted operating income (loss) before income taxes	 	$	13,969	
 	 	$	15,826	
 	 	$	8,515	
 	 	$	6,834	
 	 	$	(1,121	)	 	$	15,090	

Europe, Middle East and Africa Financial Solutions	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	$	31,918	
 	 	$	41,328	
 	 	$	43,786	
 	 	$	27,469	
 	 	$	25,424	
 	 	$	6,494	
 	
Investment and derivative gains (losses) (1)	 	(4,575	)	 	(4,914	)	 	(8,159	)	 	(1,468	)	 	1,004	
 	 	(5,579	)	
Investment income on unit-linked variable annuities	 	(4,113	)	 	(4,217	)	 	(5,540	)	 	(2,966	)	 	(408	)	 	(3,705	)	
Interest credited on unit-linked variable annuities	 	4,113	
 	 	4,217	
 	 	5,540	
 	 	2,966	
 	 	408	
 	 	3,705	
 	
Non-investment derivatives	 	132	
 	 	314	
 	 	(1,682	)	 	127	
 	 	(817	)	 	949	
 	
Adjusted operating income before income taxes	 	$	27,475	
 	 	$	36,728	
 	 	$	33,945	
 	 	$	26,128	
 	 	$	25,611	
 	 	$	1,864	

Asia Pacific Traditional	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	$	41,688	
 	 	$	18,464	
 	 	$	19,822	
 	 	$	34,482	
 	 	$	41,160	
 	 	$	528	
 	
Investment and derivative gains (losses) (1)	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	(16	)	 	16	
 	
Adjusted operating income before income taxes	 	$	41,688	
 	 	$	18,464	
 	 	$	19,822	
 	 	$	34,482	
 	 	$	41,144	
 	 	$	544	

Asia Pacific Financial Solutions	 	 	 	 	 	 	 	 	 	 	
Income (loss) before income taxes	 	$	5,872	
 	 	$	(11,966	)	 	$	7,549	
 	 	$	(73	)	 	$	8,553	
 	 	$	(2,681	)	
Investment and derivative gains (losses) (1)	 	(6,324	)	 	5,846	
 	 	(5,283	)	 	(5,925	)	 	(1,111	)	 	(5,213	)	
Adjusted operating income (loss) before income taxes	 	$	(452	)	 	$	(6,120	)	 	$	2,266	
 	 	$	(5,998	)	 	$	7,442	
 	 	$	(7,894	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
(1) Included in "Investment related gains (losses), net" on Consolidated GAAP Income Statement.	

 	 	 	 	 	 	 	 	 	 	 	 	 	

 	
 	 	 	
 	 	Page 38

Reinsurance Group of America, Incorporated
Reconciliation of GAAP Income Statements to Adjusted Operating Income Statements
(USD thousands)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	Current Qtr	
 	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	 	vs. PY	
 	 	2017	 	2016	 	2016	 	2016	 	2016	 	Quarter	
Corporate and Other Segment	 	 	 	 	 	 	 	 	 	 	
Income (loss) before income taxes	 	$	(42,076	)	 	$	(27,400	)	 	$	(7,302	)	 	$	18,790	
 	 	$	(23,330	)	 	$	(18,746	)	
Investment and derivative gains (losses) (1)	 	15,500	
 	 	1,120	
 	 	(11,690	)	 	(31,540	)	 	(6,930	)	 	22,430	
 	
Non-investment derivatives	 	(26	)	 	(25	)	 	(23	)	 	(17	)	 	(14	)	 	(12	)	
Adjusted operating income (loss) before income taxes	 	$	(26,602	)	 	$	(26,305	)	 	$	(19,015	)	 	$	(12,767	)	 	$	(30,274	)	 	$	3,672	

Consolidated	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	$	207,844	
 	 	$	295,543	
 	 	$	287,600	
 	 	$	353,223	
 	 	$	107,580	
 	 	$	100,264	
 	
Investment and derivative gains (losses) (1)	 	33,272	
 	 	103,944	
 	 	(26,958	)	 	(67,100	)	 	(31,968	)	 	65,240	
 	
Change in value of modified coinsurance and	 	 	 	 	 	 	 	 	 	 	 	 	
funds withheld embedded derivatives (1)	 	(68,702	)	 	(20,374	)	 	(49,078	)	 	(76,966	)	 	92,249	
 	 	(160,951	)	
GMXB embedded derivatives (1)	 	(22,363	)	 	(90,923	)	 	(7,988	)	 	28,137	
 	 	62,940	
 	 	(85,303	)	
Funds withheld gains (losses) - investment income	 	(654	)	 	(8,238	)	 	(3,322	)	 	(11,657	)	 	(4,983	)	 	4,329	
 	
EIA embedded derivatives - interest credited	 	(27,958	)	 	(39,964	)	 	42	
 	 	(17,364	)	 	29,149	
 	 	(57,107	)	
DAC offset, net	 	52,340	
 	 	27,625	
 	 	31,876	
 	 	64,841	
 	 	(76,978	)	 	129,318	
 	
Investment income on unit-linked variable annuities	 	(4,113	)	 	(4,217	)	 	(5,540	)	 	(2,966	)	 	(408	)	 	(3,705	)	
Interest credited on unit-linked variable annuities	 	4,113	
 	 	4,217	
 	 	5,540	
 	 	2,966	
 	 	408	
 	 	3,705	
 	
Non-investment derivatives	 	106	
 	 	289	
 	 	(1,705	)	 	110	
 	 	(831	)	 	937	
 	
Adjusted operating income before income taxes	 	$	173,885	
 	 	$	267,902	
 	 	$	230,467	
 	 	$	273,224	
 	 	$	177,158	
 	 	$	(3,273	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
(1) Included in "Investment related gains (losses), net" on Consolidated GAAP Income Statement.	

                                        

 	 	Page 39