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 30, 2012

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

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

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

 

Item 2.02	Results of Operations and Financial Condition	
On April 30, 2012, Reinsurance Group of America, Incorporated (the “Company”) issued (1) a press release announcing its earnings for the three-month period ended March 31, 2012, and providing certain additional information, a copy of which is furnished with this report as Exhibit 99.1, and (2) a Quarterly Financial Supplement for the quarter ended March 31, 2012, a copy of which is attached hereto as Exhibit 99.2. The press release also notes that a conference call will be held on May 1, 2012 to discuss the financial and operating results for the three-month period ended March 31, 2012. The press release and Quarterly Financial Supplement are furnished and are not filed pursuant to Instruction B.2 of Form 8-K.
 
Item 9.01	Financial Statements and Exhibits	
 
(d)	Exhibits.	

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

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 30, 2012	 	 	 	By:	 	/s/ Jack B. Lay	
 	 	 	 	 	 	Jack B. Lay	
 	 	 	 	 	 	Senior Executive Vice President and Chief Financial Officer	

EXHIBIT INDEX

Exhibit
Number	  	Description	
 	 	
99.1	  	Press Release dated April 30, 2012	
 	 	
99.2	  	Quarterly Financial Supplement for the quarter ended March 31, 2012	

Exhibit 99.1

PRESS RELEASE
REINSURANCE GROUP OF AMERICA REPORTS FIRST-QUARTER RESULTS
 
 	•	 	Earnings per diluted share: net income $1.67, operating income* $1.52	
 
 	•	 	Net premiums up 7 percent to $1.9 billion	
 
 	•	 	Trailing 12 months’ operating return on equity* 12 percent	
ST. LOUIS, April 30, 2012 – Reinsurance Group of America, Incorporated (NYSE:RGA), a leading global provider of life reinsurance, reported first-quarter net income of $123.3 million, or $1.67 per diluted share, compared to $148.9 million, or $2.02 per diluted share in the prior-year quarter. Operating income* increased five percent to $112.4 million, or $1.52 per diluted share, from $106.9 million, or $1.45 per diluted share, in the year-ago quarter. Amounts for 2011 have been adjusted for the retrospective adoption of new accounting guidance for deferred acquisition costs.

 	  	Quarterly Results	 	
($ in thousands, except per share data)	  	2012	 	  	2011	 	
Net premiums	  	$	1,863,482	  	  	$	1,736,130	  	
Net income	  	 	123,318	  	  	 	148,920	  	
Net income per diluted share	  	 	1.67	  	  	 	2.02	  	
Operating income*	  	 	112,377	  	  	 	106,931	  	
Operating income per diluted share*	  	 	1.52	  	  	 	1.45	  	
Book value per share	  	 	80.44	  	  	 	64.14	  	
Book value per share (excl. Accumulated Other Comprehensive Income “AOCI”)*	  	 	58.57	  	  	 	52.20	  	
Total assets	  	 	32,286,082	  	  	 	29,079,805	  	
 
*	See ‘Use of Non-GAAP Financial Measures’ below	
Consolidated net premiums increased seven percent to $1,863.5 million from $1,736.1 million in the prior-year quarter, including an adverse effect of $4.9 million from changes in foreign currency exchange rates. Investment income decreased eight percent to $340.9 million from $371.0 million in the year-earlier quarter, attributable to a $49.1 million decline in fair value of option contracts, which are included in funds withheld at interest and support the crediting rates for equity-indexed annuities. Excluding the effect of those option contracts, investment income increased six percent. Excluding funds withheld assets, the average book value of invested assets was up approximately $1.6 billion to $18.3 billion, and the average portfolio yield decreased to 5.05 percent from 5.35 percent in the first quarter of 2011, and from 5.19 percent in the fourth quarter of 2011. The investment portfolio yield continues to be adversely affected by the lower interest rate environment. Net foreign currency fluctuations did not materially affect bottom-line results.
The company’s effective tax rate of 32 percent was lower than the first quarter of 2011 due to benefits associated with the tax treatment of certain foreign transactions. Those benefits were offset, in part, by a $1.3 million increase to the total tax provision associated with the expiration of the active financing exception (AFE).
- more -

Add One
 
However, if Congress passes the tax extender package, which includes an extension of the AFE, during 2012, the additional tax burden will be reversed.
A. Greig Woodring, president and chief executive officer, commented, “Overall, we are pleased with our first-quarter results. Global claims experience was slightly adverse with strong results in Canada offset by higher-than-expected claims in the U.S. and UK. We are particularly pleased with the results in Canada, as well as our Asia Pacific and Asset Intensive businesses. In addition, overall net premium growth was good and our book value per share, excluding AOCI, is $58.57, including a reduction of $4.28 per share, as of January 1, 2012, associated with the retrospective adoption of new accounting guidance for deferred acquisition costs. Net of that change in reporting, our book value per share, excluding AOCI, was up $1.32.
“Our annualized operating return on equity was 11 percent for the quarter, and operating income per diluted share was up five percent over the first quarter of 2011. RGA’s balance sheet and capitalization remain strong, despite a $318.4 million reduction to equity, as of January 1, 2012, from the accounting changes on certain deferred acquisition costs. We continue to see opportunities arising from various global regulatory and accounting changes and are well positioned to provide solutions to help our clients overcome these challenges. We are looking forward to the remainder of 2012 and achieving continued growth in the value of the RGA franchise.”
SEGMENT RESULTS
U.S.
The U.S. Traditional sub-segment reported pre-tax net income of $49.8 million for the quarter, down from $74.9 million last year, primarily because of investment-related losses in the current period. Pre-tax operating income decreased to $62.9 million from $66.0 million the year before, reflecting somewhat higher-than-expected claims. Individual mortality claims were slightly above expectations this quarter and group disability reinsurance results were in line with expectations. Net premiums rose 9 percent to $1,021.5 million from $935.1 million a year ago, benefiting, in part, from a new in force transaction. The Society of Actuaries (SOA) released its 2011 North American reinsurance market survey this quarter and RGA again ranked first in U.S. recurring new business with a 22.4 percent market share.
The U.S. Asset-Intensive business reported pre-tax income of $36.6 million, down from $66.5 million a year ago, reflecting significant changes in the fair values of various free-standing and embedded derivatives. Pre-tax operating income, which excludes the impact of those derivatives, increased 17 percent to $24.5 million from $20.9 million a year ago. Both periods benefited from relatively strong equity market environments.
The U.S. Financial Reinsurance business added $6.3 million of pre-tax income versus $6.1 million last year, continuing the trend of strong fee income from continuing business. Pre-tax operating earnings were $6.5 million and $6.2 million for the first quarters of 2012 and 2011, respectively.
Canada
Canadian operations reported pre-tax net income of $55.1 million compared with $29.9 million in the first quarter of 2011. Pre-tax operating income increased significantly to $46.7 million from
 
- more -

Add Two
 
$25.5 million in the prior-year period, reflecting very favorable mortality experience. A slightly stronger U.S. dollar versus the Canadian dollar adversely affected pre-tax operating income by approximately $0.6 million compared to the prior-year period. Reported net premiums increased slightly to $218.2 million from $215.0 million last year, including an adverse foreign currency effect of $3.3 million. On a Canadian dollar basis, net premiums were up three percent. According to the SOA survey referenced above, RGA retained its leading position in Canada for recurring new business with a market share of 32.6 percent.
Asia Pacific
Asia Pacific reported pre-tax net income of $32.1 million, up 46 percent from $22.0 million in the first quarter of 2011. Pre-tax operating income rose to $26.9 million from $22.3 million. Favorable mortality experience contributed to the stronger results, and disability claims developed at expected levels. Foreign currency fluctuations increased current-period pre-tax operating income by $1.5 million. Net premiums were up 4 percent to $325.4 million from $311.5 million in the prior year, primarily due to favorable foreign currency movements, as original currency premiums rose one percent.
Europe & South Africa
Europe & South Africa reported pre-tax net income of $6.6 million, down from $22.5 million in the year-ago quarter. Pre-tax operating income was $4.6 million compared with $22.2 million last year. Higher-than-expected critical illness claims in the UK were primarily responsible for the lower results in the current quarter. Critical illness reinsurance provides a lump sum benefit in the event of the diagnosis of a pre-defined critical illness. Claims associated with critical illness business can be volatile over short-term periods. Adverse mortality experience in the UK contributed to the weak results to a lesser degree. Foreign currency fluctuations adversely affected pre-tax operating income by $1.4 million. Net premiums totaled $292.8 million, up 9 percent from $269.1 million the year before, including an adverse currency effect of $11.4 million. On a local currency basis, net premiums were up 13 percent.
Corporate and Other
The Corporate and Other segment reported a pre-tax net loss of $5.7 million in the first quarter contrasted with pre-tax net income of $4.8 million in the year-ago period. Investment income was approximately $10.3 million lower in the current quarter compared with last year, due, in part, to the lower interest rate environment. Pre-tax operating losses were $6.8 million in the current period and $0.2 million a year ago.
Dividend Declaration
The board of directors declared a regular quarterly dividend of $0.18, payable June 1 to shareholders of record as of May 11.
Earnings Conference Call
A conference call to discuss first-quarter results will begin at 9 a.m. Eastern Time on Tuesday, May 1. Interested parties may access the call by dialing 877-718-5111 (domestic) or 719-325-4933 (international).
 
- more -

Add Three
 
The access code is 7394354. A live audio webcast of the conference call will be available on the company’s investor relations website at www.rgare.com . A replay of the conference call will be available at the same address for 90 days following the conference call. A telephonic replay will also be available through May 9 at 888-203-1112 (domestic) or 719-457-0820 (international), access code 7394354.
The company has posted to its website a Quarterly Financial Supplement that includes financial information for all segments as well as information on its investment portfolio. Additionally, the company posts periodic reports, press releases and other useful information on its investor relations website.
Use of Non-GAAP Financial Measures
RGA uses a non-GAAP financial measure called operating income as a basis for analyzing financial results. This measure also serves as a basis for establishing target levels and awards under RGA’s management incentive programs. Management believes that operating income, on a pre-tax and after-tax basis, better measures the ongoing profitability and underlying trends of the company’s continuing operations, primarily because that measure excludes the effect of net investment related gains and losses, as well as changes in the fair value of certain embedded derivatives and related deferred acquisition costs. These items can be volatile, primarily due to the credit market and interest rate environment, and are not necessarily indicative of the performance of the company’s underlying businesses. Additionally, operating income excludes any net gain or loss from discontinued operations and the cumulative effect of any accounting changes, which management believes are not indicative of the company’s ongoing operations. The definition of operating income can vary by company and is not considered a substitute for GAAP net income. Reconciliations to GAAP net income are provided in the following tables. Additional financial information can be found in the Quarterly Financial Supplement on RGA’s Investor Relations website at  www.rgare.com  in the “Quarterly Results” tab and in the “Featured Report” section.
Book value per share outstanding before impact of AOCI is a non-GAAP financial measure that management believes is important in evaluating the balance sheet in order to ignore the effects of unrealized amounts primarily associated with mark-to-market adjustments on investments and foreign currency translation.
Operating return on equity is a non-GAAP financial measure calculated as operating income divided by average shareholders’ equity excluding AOCI.
About RGA
Reinsurance Group of America, Incorporated is among the largest global providers of life reinsurance, with operations in Australia, Barbados, Bermuda, Canada, China, France, Germany, Hong Kong, India, Ireland, Italy, Japan, Malaysia, Mexico, the Netherlands, New Zealand, Poland, Singapore, South Africa, South Korea, Spain, Taiwan, the United Arab Emirates, the United Kingdom and the United States. Worldwide, the company has approximately $2.8 trillion of life reinsurance in force, and assets of $32.3 billion.
 
- more -

Add Four
 
Cautionary Statement Regarding Forward-looking Statements
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, among others, statements relating to projections of the earnings, revenues, income or loss, future financial performance and growth potential of Reinsurance Group of America, Incorporated and its subsidiaries (which we refer to in the following paragraphs as “we,” “us” or “our”). The words “intend,” “expect,” “project,” “estimate,” “predict,” “anticipate,” “should,” “believe,” and other similar expressions also are intended to identify forward-looking statements. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Future events and actual results, performance and achievements could differ materially from those set forth in, contemplated by or underlying the forward-looking statements.
Numerous important factors could cause actual results and events to differ materially from those expressed or implied by forward-looking statements including, without limitation, (1) adverse capital and credit market conditions and their impact on our liquidity, access to capital, and cost of capital, (2) the impairment of other financial institutions and its effect on our business, (3) requirements to post collateral or make payments due to declines in market value of assets subject to our collateral arrangements, (4) the fact that the determination of allowances and impairments taken on our investments is highly subjective, (5) adverse changes in mortality, morbidity, lapsation, or claims experience, (6) changes in our financial strength and credit ratings and the effect of such changes on our future results of operations and financial condition, (7) inadequate risk analysis and underwriting, (8) general economic conditions or a prolonged economic downturn affecting the demand for insurance and reinsurance in our current and planned markets, (9) the availability and cost of collateral necessary for regulatory reserves and capital, (10) market or economic conditions that adversely affect the value of our investment securities or result in the impairment of all or a portion of the value of certain of our investment securities, (11) market or economic conditions that adversely affect our ability to make timely sales of investment securities, (12) risks inherent in our risk management and investment strategy, including changes in investment portfolio yields due to interest rate or credit quality changes, (13) fluctuations in U.S. or foreign currency exchange rates, interest rates, or securities and real estate markets, (14) adverse litigation or arbitration results, (15) the adequacy of reserves, resources, and accurate information relating to settlements, awards, and terminated and discontinued lines of business, (16) the stability of and actions by governments and economies in the markets in which we operate, including ongoing uncertainties regarding the amount of United States sovereign debt and the credit ratings thereof, (17) competitive factors and competitors’ responses to our initiatives, (18) the success of our clients, (19) successful execution of our entry into new markets, (20) successful development and introduction of new products and distribution opportunities, (21) our ability to successfully integrate and operate reinsurance business that we acquire, (22) action by regulators who have authority over our reinsurance operations in the jurisdictions in which we operate, (23) our dependence on third parties, including those insurance companies and reinsurers to which we cede some reinsurance, third-party investment managers, and others, (24) the threat of natural disasters, catastrophes, terrorist attacks, epidemics, or pandemics anywhere in the world where we or our clients do business, (25) changes in laws, regulations, and accounting standards applicable to us, our subsidiaries, or our business, (26) the effect of our status as an insurance holding company and regulatory restrictions on our ability to pay principal and interest on our debt obligations, and (27) other risks and uncertainties described in this document and in our other filings with the Securities and Exchange Commission.
 
- more -

Add Five
 
Forward-looking statements should be evaluated together with the many risks and uncertainties that affect our business, including those mentioned in this document and described in the periodic reports we file with the Securities and Exchange Commission. These forward-looking statements speak only as of the date on which they are made. We do not undertake any obligations to update these forward-looking statements, even though our situation may change in the future. We qualify all of our forward-looking statements by these cautionary statements. For a discussion of the risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements, you are advised to review the risk factors in our 2011 Form 10-K.
Investor Contact
John W. Hayden
Senior Vice President – Controller and Investor Relations
(636) 736-7000
- tables below -
 
- more -

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

(Unaudited)	  	Three Months Ended
March 31,	 	
 	  	2012	 	 	2011	 	
GAAP net income	  	$	123,318	  	 	$	148,920	  	
Reconciliation to operating income:	  	 	 	 	 	 	 	 	
Capital (gains) losses, derivatives and other, included in investment related (gains) losses, net	  	 	60,304	  	 	 	191	  	
Capital (gains) losses on funds withheld:	  	 	 	 	 	 	 	 	
Included in investment income	  	 	676	  	 	 	7,827	  	
Included in policy acquisition costs and other insurance expenses	  	 	136	  	 	 	(1,251	) 	
Embedded derivatives:	  	 	 	 	 	 	 	 	
Included in investment related (gains) losses, net	  	 	(89,016	) 	 	 	(80,073	) 	
Included in interest credited	  	 	25,505	  	 	 	(17,388	) 	
Included in policy acquisition costs and other insurance expenses	  	 	—  	  	 	 	1,914	  	
DAC offset, net	  	 	(8,546	) 	 	 	47,168	  	
Gain on repurchase of collateral finance facility securities	  	 	—  	  	 	 	(3,231	) 	
Loss on retirement of Preferred Income Equity Redeemable Securities (“PIERS”)	  	 	—  	  	 	 	2,854	  	
 	  	 	 	 	 	 	 	 	
Operating income	  	$	112,377	  	 	$	106,931	  	
 	  	 	 	 	 	 	 	 	
Reconciliation of Consolidated Pre-tax Net Income to Pre-tax Operating Income
(Dollars in thousands)

(Unaudited)	  	Three Months Ended
March 31,	 	
 	  	2012	 	 	2011	 	
Income before income taxes	  	$	180,763	  	 	$	226,755	  	
Reconciliation to pre-tax operating income:	  	 	 	 	 	 	 	 	
Capital (gains) losses, derivatives and other, included in investment related (gains) losses, net	  	 	94,098	  	 	 	1,099	  	
Capital (gains) losses on funds withheld:	  	 	 	 	 	 	 	 	
Included in investment income	  	 	1,040	  	 	 	12,041	  	
Included in policy acquisition costs and other insurance expenses	  	 	209	  	 	 	(1,925	) 	
Embedded derivatives:	  	 	 	 	 	 	 	 	
Included in investment related (gains) losses, net	  	 	(136,947	) 	 	 	(123,189	) 	
Included in interest credited	  	 	39,239	  	 	 	(26,751	) 	
Included in policy acquisition costs and other insurance expenses	  	 	—  	  	 	 	2,944	  	
DAC offset, net	  	 	(13,148	) 	 	 	72,567	  	
Gain on repurchase of collateral finance facility securities	  	 	—  	  	 	 	(4,971	) 	
Loss on retirement of PIERS	  	 	—  	  	 	 	4,391	  	
 	  	 	 	 	 	 	 	 	
Pre-tax operating income	  	$	165,254	  	 	$	162,961	  	

- more -

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

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

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

 	  	Three Months Ended March 31, 2011	 	
(Unaudited)	  	 	 	  	 	 	 	 	 	 	Net (gain)	 	 	 	 	
 	  	Pre-tax net
income	 	  	Capital
(gains)  losses,
derivatives
and other, net	 	 	Change in
value of
embedded
derivatives, net	 	 	loss on
repurchase
and
retirement
of securities	 	 	Pre-tax
operating
income
(loss)	 	
 	 	 	 	 	 	
U.S. Operations:	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Traditional	  	$	74,912	  	  	$	(8,875	) 	 	$	—  	  	 	$	—  	  	 	$	66,037	  	
Asset Intensive	  	 	66,537	  	  	 	6,136	(1) 	 	 	(51,745	)(2) 	 	 	—  	  	 	 	20,928	  	
Financial Reinsurance	  	 	6,120	  	  	 	35	  	 	 	—  	  	 	 	—  	  	 	 	6,155	  	
 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total U.S.	  	 	147,569	  	  	 	(2,704	) 	 	 	(51,745	) 	 	 	—  	  	 	 	93,120	  	
Canada Operations	  	 	29,912	  	  	 	(4,389	) 	 	 	—  	  	 	 	—  	  	 	 	25,523	  	
Europe & South Africa	  	 	22,535	  	  	 	(293	) 	 	 	—  	  	 	 	—  	  	 	 	22,242	  	
Asia Pacific Operations	  	 	21,976	  	  	 	330	  	 	 	—  	  	 	 	—  	  	 	 	22,306	  	
Corporate and Other	  	 	4,763	  	  	 	(4,413	) 	 	 	—  	  	 	 	(580	) 	 	 	(230	) 	
 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Consolidated	  	$	226,755	  	  	$	(11,469	) 	 	$	(51,745	) 	 	 	(580	) 	 	$	162,961	  	

(1)	Asset Intensive is net of $(22,684) DAC offset.	
(2)	Asset Intensive is net of $95,251 DAC offset.	
 
- more -

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

(Unaudited)	  	Three Months Ended	 	
 	  	March 31,	 	
 	  	2012	 	  	2011	 	
Diluted earnings per share from operating income	  	$	1.52	  	  	$	1.45	  	
 	 	 	
Earnings per share from net income:	  	 	 	 	  	 	 	 	
Basic earnings per share	  	$	1.68	  	  	$	2.03	  	
Diluted earnings per share	  	$	1.67	  	  	$	2.02	  	
 	 	 	
Weighted average number of common and common equivalent shares outstanding	  	 	74,043	  	  	 	73,836	  	
 	 	
(Unaudited)	  	At or for the Three Months	 	
 	  	Ended March 31,	 	
 	  	2012	 	  	2011	 	
Treasury shares	  	 	5,426	  	  	 	5,341	  	
Common shares outstanding	  	 	73,712	  	  	 	73,797	  	
Book value per share outstanding	  	$	80.44	  	  	$	64.14	  	
Book value per share outstanding, before impact of AOCI	  	$	58.57	  	  	$	52.20	  	
 
- more -

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

(Unaudited)	  	Three Months Ended	 	
 	  	March 31,	 	
 	  	2012	 	 	2011	 	
Revenues:	  	 	 	 	 	 	 	 	
Net premiums	  	$	1,863,482	  	 	$	1,736,130	  	
Investment income, net of related expenses	  	 	340,940	  	 	 	371,040	  	
Investment related gains (losses), net:	  	 	 	 	 	 	 	 	
Other-than-temporary impairments on fixed maturity securities	  	 	(7,607	) 	 	 	(1,556	) 	
Other-than-temporary impairments on fixed maturity securities transferred to (from) accumulated other comprehensive income	  	 	(7,221	) 	 	 	—  	  	
Other investment related gains (losses), net	  	 	58,348	  	 	 	125,176	  	
 	  	 	 	 	 	 	 	 	
Total investment related gains (losses), net	  	 	43,520	  	 	 	123,620	  	
Other revenue	  	 	45,033	  	 	 	51,645	  	
 	  	 	 	 	 	 	 	 	
Total revenues	  	 	2,292,975	  	 	 	2,282,435	  	

Benefits and expenses:	  	 	 	 	 	 	 	 	
Claims and other policy benefits	  	 	1,580,149	  	 	 	1,469,449	  	
Interest credited	  	 	88,042	  	 	 	106,063	  	
Policy acquisition costs and other insurance expenses	  	 	307,634	  	 	 	346,247	  	
Other operating expenses	  	 	110,098	  	 	 	106,150	  	
Interest expense	  	 	23,322	  	 	 	24,569	  	
Collateral finance facility expense	  	 	2,967	  	 	 	3,202	  	
 	  	 	 	 	 	 	 	 	
Total benefits and expenses	  	 	2,112,212	  	 	 	2,055,680	  	

Income before income taxes	  	 	180,763	  	 	 	226,755	  	
Income tax expense	  	 	57,445	  	 	 	77,835	  	
 	  	 	 	 	 	 	 	 	
Net income	  	$	123,318	  	 	$	148,920	  	
 	  	 	 	 	 	 	 	 	
# # #

Exhibit 99.2

 	
Financial Supplement
First Quarter 2012
(Unaudited)

 
 	 	 	 	 	 	 	 	 	
World Headquarters	 	Internet address	 	 	 	 	  	Contacts:	
 	 	 	 	 	
1370 Timberlake Manor Parkway	 	www.rgare.com	 	 	 	 	  	Jack B. Lay	
Chesterfield, Missouri 63017	 	 	 	 	 	 	  	Senior Executive Vice President	
U.S.A.	 	 	 	 	 	 	  	and Chief Financial Officer	
 	 	 	 	 	 	 	  	Phone: (636) 736-7000	
Current Ratings	  	e-mail: jlay@rgare.com	
 	 	 	 	 	
 	 	Standard & Poor’s	 	A.M. Best	 	Moody’s	  	John Hayden
Sr. Vice President
Controller & Investor Relations
Phone: (636) 300-8828
e-mail: jhayden@rgare.com	
Financial Strength Ratings	 	 	 	 	 	 	  	 	
RGA Reinsurance Company	 	AA-	 	A+	 	A1	  	 	
RGA Life Reinsurance Company of Canada	 	AA-	 	A+	 	NR	  	 	
RGA International Reinsurance Company Limited	 	AA-	 	NR	 	NR	  	 	
RGA Global Reinsurance Company Limited	 	AA-	 	NR	 	NR	  	 	
RGA Reinsurance Company of Australia Limited	 	AA-	 	NR	 	NR	  	 	
Senior Debt Ratings	 	 	 	 	 	 	  	 	
Reinsurance Group of America, Incorporated	 	A-	 	a-	 	Baa1	  	 	
Our common stock is traded on the New York Stock Exchange under the symbol “RGA”.
    Quarterly Financial Supplement

Reinsurance Group of America, Incorporated
Financial Supplement
1st Quarter 2012
Table of Contents

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

    Quarterly Financial Supplement

Reinsurance Group of America, Incorporated
Financial Supplement
This Financial Supplement is for information purposes only and includes unaudited figures. This report should be read in conjunction with documents filed by Reinsurance Group of America, Incorporated with the SEC.
Non-GAAP Disclosures
RGA uses a non-GAAP financial measure called operating income as a basis for analyzing financial results. This measure also serves as a basis for establishing target levels and awards under RGA’s management incentive programs. Management believes that operating income, on a pre-tax and after-tax basis, better measures the ongoing profitability and underlying trends of the company’s continuing operations, primarily because that measure excludes the effect of net investment related gains and losses, as well as changes in the fair value of certain embedded derivatives and related deferred acquisition costs. These items can be volatile, primarily due to the credit market and interest rate environment and are not necessarily indicative of the performance of the company’s underlying businesses. Additionally, operating income excludes any net gain or loss from discontinued operations and the cumulative effect of any accounting changes, which management believes are not indicative of the company’s ongoing operations. The definition of operating income can vary by company and is not considered a substitute for GAAP net income. A reconciliation of income before income taxes of the operating segments to pre-tax operating income (loss) is presented herein.
RGA evaluates its stockholder equity position excluding the impact of Accumulated Other Comprehensive Income (“AOCI”) since the net unrealized gains or losses included in AOCI primarily relate to changes in interest rates, credit spreads on its investment securities and foreign currency fluctuations that are not permanent and can fluctuate significantly from period to period.
Additionally, RGA uses a non-GAAP financial measure called operating return on equity, which is calculated as operating income divided by average shareholder’s equity excluding AOCI.

 	 	    Quarterly Financial Supplement	 	Page 1	

Reinsurance Group of America, Incorporated
Financial Highlights (1)

(USD thousands, except inforce & per share data)	 	Three Months Ended or As of	 	 	Current Qtr	 	
 	 	March 31,
2012	 	 	Dec. 31,
2011	 	 	Sept. 30,
2011	 	 	June 30,
2011	 	 	March 31,
2011	 	 	vs. PY
Quarter	 	
 	 	 	 	 	 	 	
Net premiums	 	$	1,863,482	  	 	$	2,034,716	  	 	$	1,776,165	  	 	$	1,788,676	  	 	$	1,736,130	  	 	$	127,352	  	
Net income	 	 	123,318	  	 	 	138,579	  	 	 	134,602	  	 	 	123,944	  	 	 	148,920	  	 	 	(25,602	) 	
Operating income	 	 	112,377	  	 	 	120,772	  	 	 	138,837	  	 	 	119,056	  	 	 	106,931	  	 	 	5,446	  	
Operating return on equity (ex AOCI) - annualized	 	 	10.6	% 	 	 	11.7	% 	 	 	13.8	% 	 	 	12.2	% 	 	 	11.1	% 	 	 	-0.5	% 	
Operating return on equity (ex AOCI) - trailing 12 months	 	 	12.0	% 	 	 	12.2	% 	 	 	13.2	% 	 	 	13.0	% 	 	 	13.2	% 	 	 	-1.2	% 	
Total assets	 	 	32,286,082	  	 	 	31,633,973	  	 	 	30,736,591	  	 	 	30,212,717	  	 	 	29,079,805	  	 	 	3,206,277	  	
 	 	 	 	 	 	 	
Assumed Life Reinsurance in Force (in billions)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
U.S.	 	$	1,406.1	  	 	$	1,348.5	  	 	$	1,347.9	  	 	$	1,343.2	  	 	$	1,343.2	  	 	$	62.9	  	
Canada	 	 	364.5	  	 	 	344.9	  	 	 	329.5	  	 	 	350.3	  	 	 	339.2	  	 	 	25.3	  	
Europe & South Africa	 	 	529.7	  	 	 	513.4	  	 	 	515.0	  	 	 	529.7	  	 	 	497.8	  	 	 	31.9	  	
Asia Pacific	 	 	470.7	  	 	 	457.6	  	 	 	422.8	  	 	 	435.6	  	 	 	407.7	  	 	 	63.0	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Life Reinsurance in Force	 	$	2,771.0	  	 	$	2,664.4	  	 	$	2,615.2	  	 	$	2,658.8	  	 	$	2,587.9	  	 	$	183.1	  	

Assumed New Business Production (in billions)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
U.S.	 	$	84.9	  	 	$	24.8	  	 	$	30.1	  	 	$	24.3	  	 	$	31.3	  	 	$	53.6	  	
Canada	 	 	13.1	  	 	 	11.3	  	 	 	14.0	  	 	 	13.4	  	 	 	12.4	  	 	 	0.7	  	
Europe & South Africa	 	 	14.8	  	 	 	24.9	  	 	 	38.7	  	 	 	47.6	  	 	 	37.1	  	 	 	(22.3	) 	
Asia Pacific	 	 	5.7	  	 	 	74.0	  	 	 	27.9	  	 	 	9.7	  	 	 	7.4	  	 	 	(1.7	) 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total New Business Production	 	$	118.5	  	 	$	135.0	  	 	$	110.7	  	 	$	95.0	  	 	$	88.2	  	 	$	30.3	  	

Per Share and Shares Data	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic earnings per share	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	 	$	1.68	  	 	$	1.89	  	 	$	1.82	  	 	$	1.68	  	 	$	2.03	  	 	$	(0.35	) 	
Operating income	 	$	1.53	  	 	$	1.65	  	 	$	1.88	  	 	$	1.61	  	 	$	1.46	  	 	$	0.07	  	
Diluted earnings per share	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	 	$	1.67	  	 	$	1.88	  	 	$	1.81	  	 	$	1.66	  	 	$	2.02	  	 	$	(0.35	) 	
Operating income	 	$	1.52	  	 	$	1.64	  	 	$	1.87	  	 	$	1.60	  	 	$	1.45	  	 	$	0.07	  	
 	 	 	 	 	 	 	
Wgt. average common shares outstanding (basic)	 	 	73,575	  	 	 	73,304	  	 	 	73,856	  	 	 	73,971	  	 	 	73,213	  	 	 	362	  	
Wgt. average common shares outstanding (diluted)	 	 	74,043	  	 	 	73,812	  	 	 	74,254	  	 	 	74,530	  	 	 	73,836	  	 	 	207	  	
 	 	 	 	 	 	 	
Common shares issued	 	 	79,138	  	 	 	79,138	  	 	 	79,138	  	 	 	79,138	  	 	 	79,138	  	 	 	—  	  	
Treasury shares	 	 	5,426	  	 	 	5,770	  	 	 	5,871	  	 	 	5,062	  	 	 	5,341	  	 	 	85	  	
Common shares outstanding	 	 	73,712	  	 	 	73,368	  	 	 	73,267	  	 	 	74,076	  	 	 	73,797	  	 	 	(85	) 	
 	 	 	 	 	 	 	
Book value per share	 	$	80.44	  	 	$	79.31	  	 	$	73.15	  	 	$	67.81	  	 	$	64.14	  	 	 	 	 	
Per share effect of accumulated other comprehensive income (AOCI)	 	$	21.87	  	 	$	22.06	  	 	$	17.68	  	 	$	14.09	  	 	$	11.94	  	 	 	 	 	
Book value per share, excluding AOCI	 	$	58.57	  	 	$	57.25	  	 	$	55.47	  	 	$	53.72	  	 	$	52.20	  	 	 	 	 	
 	 	 	 	 	 	 	
Shareholder dividends paid	 	$	13,255.3	  	 	$	13,189.3	  	 	$	13,336.6	  	 	$	8,870.7	  	 	$	8,832.2	  	 	$	4,423.1	  	
 
(1)	Certain amounts in the prior periods have been revised in connection with the retrospective adoption of ASU 2010-26 in the first quarter of 2012.	

 	 	    Quarterly Financial Supplement	 	Page 2	

Reinsurance Group of America, Incorporated
Consolidated GAAP Income Statement (incl. Operating Income Reconciliations) (1)

 	 	Three Months Ended	 	 	Current Qtr	 	
(USD thousands)	 	March 31,
2012	 	 	Dec. 31,
2011	 	 	Sept. 30,
2011	 	 	June 30,
2011	 	 	March 31,
2011	 	 	vs. PY
Quarter	 	
 	 	 	 	 	 	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	1,863,482	  	 	$	2,034,716	  	 	$	1,776,165	  	 	$	1,788,676	  	 	$	1,736,130	  	 	$	127,352	  	
Investment income, net of related expenses	 	 	340,940	  	 	 	304,511	  	 	 	268,210	  	 	 	337,436	  	 	 	371,040	  	 	 	(30,100	) 	
Investment related gains (losses), net	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
OTTI on fixed maturity securities	 	 	(7,607	) 	 	 	(11,824	) 	 	 	(11,911	) 	 	 	(5,582	) 	 	 	(1,556	) 	 	 	(6,051	) 	
OTTI on fixed maturity securities transferred to/from AOCI	 	 	(7,221	) 	 	 	543	  	 	 	3,089	  	 	 	292	  	 	 	—  	  	 	 	(7,221	) 	
Other investment related gains (losses), net	 	 	58,348	  	 	 	(36,183	) 	 	 	(130,778	) 	 	 	32,678	  	 	 	125,176	  	 	 	(66,828	) 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total investment related gains (losses), net	 	 	43,520	  	 	 	(47,464	) 	 	 	(139,600	) 	 	 	27,388	  	 	 	123,620	  	 	 	(80,100	) 	
Other revenue	 	 	45,033	  	 	 	56,456	  	 	 	90,132	  	 	 	50,477	  	 	 	51,645	  	 	 	(6,612	) 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	 	 	2,292,975	  	 	 	2,348,219	  	 	 	1,994,907	  	 	 	2,203,977	  	 	 	2,282,435	  	 	 	10,540	  	
 	 	 	 	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	 	1,580,149	  	 	 	1,720,956	  	 	 	1,514,765	  	 	 	1,520,013	  	 	 	1,469,449	  	 	 	110,700	  	
Interest credited	 	 	88,042	  	 	 	78,884	  	 	 	35,251	  	 	 	96,196	  	 	 	106,063	  	 	 	(18,021	) 	
Policy acquisition costs and other insurance expenses	 	 	307,634	  	 	 	204,883	  	 	 	164,372	  	 	 	274,519	  	 	 	346,247	  	 	 	(38,613	) 	
Other operating expenses	 	 	110,098	  	 	 	122,000	  	 	 	94,029	  	 	 	97,161	  	 	 	106,150	  	 	 	3,948	  	
Interest expense	 	 	23,322	  	 	 	25,226	  	 	 	27,025	  	 	 	25,818	  	 	 	24,569	  	 	 	(1,247	) 	
Collateral finance facility expense	 	 	2,967	  	 	 	3,019	  	 	 	3,069	  	 	 	3,101	  	 	 	3,202	  	 	 	(235	) 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	 	 	2,112,212	  	 	 	2,154,968	  	 	 	1,838,511	  	 	 	2,016,808	  	 	 	2,055,680	  	 	 	56,532	  	
 	 	 	 	 	 	 	
Income before income taxes	 	 	180,763	  	 	 	193,251	  	 	 	156,396	  	 	 	187,169	  	 	 	226,755	  	 	 	(45,992	) 	
 	 	 	 	 	 	 	
Income tax expense	 	 	57,445	  	 	 	54,672	  	 	 	21,794	  	 	 	63,225	  	 	 	77,835	  	 	 	(20,390	) 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	 	$	123,318	  	 	$	138,579	  	 	$	134,602	  	 	$	123,944	  	 	$	148,920	  	 	$	(25,602	) 	

Pre-tax Operating Income Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	 	180,763	  	 	 	193,251	  	 	 	156,396	  	 	 	187,169	  	 	 	226,755	  	 	 	(45,992	) 	
Investment and derivative losses (gains) - non-operating  (2)	 	 	94,098	  	 	 	(5,360	) 	 	 	(221,194	) 	 	 	(40,152	) 	 	 	1,099	  	 	 	92,999	  	
Change in value of modified coinsurance and funds withheld embedded derivatives  (2)	 	 	9,428	  	 	 	85,722	  	 	 	102,574	  	 	 	(10,525	) 	 	 	(90,535	) 	 	 	99,963	  	
GMXB embedded derivatives (2)	 	 	(146,375	) 	 	 	(29,261	) 	 	 	260,239	  	 	 	25,860	  	 	 	(32,654	) 	 	 	(113,721	) 	
Funds withheld losses (gains) - investment income	 	 	1,040	  	 	 	(194	) 	 	 	(9,806	) 	 	 	(7,185	) 	 	 	12,041	  	 	 	(11,001	) 	
Funds withheld losses (gains) - policy acq. costs	 	 	209	  	 	 	47	  	 	 	1,034	  	 	 	1,793	  	 	 	(1,925	) 	 	 	2,134	  	
EIA embedded derivatives - interest credited	 	 	39,239	  	 	 	9,490	  	 	 	37,539	  	 	 	21,011	  	 	 	(26,751	) 	 	 	65,990	  	
EIA embedded derivatives - policy acq. costs	 	 	—  	  	 	 	6,908	  	 	 	(3,664	) 	 	 	(2,073	) 	 	 	2,944	  	 	 	(2,944	) 	
DAC offset, net	 	 	(13,148	) 	 	 	(82,837	) 	 	 	(107,709	) 	 	 	4,158	  	 	 	72,567	  	 	 	(85,715	) 	
Gain on repurchase of collateral finance facility securities	 	 	—  	  	 	 	(9,725	) 	 	 	(50,869	) 	 	 	—  	  	 	 	(4,971	) 	 	 	4,971	  	
Loss on retirement of Preferred Income Equity Redeemable Securities (“PIERS”)	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	4,391	  	 	 	(4,391	) 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating Income Before Income Taxes	 	$	165,254	  	 	$	168,041	  	 	$	164,540	  	 	$	180,056	  	 	$	162,961	  	 	$	2,293	  	

After-tax Operating Income Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net Income	 	 	123,318	  	 	 	138,579	  	 	 	134,602	  	 	 	123,944	  	 	 	148,920	  	 	 	(25,602	) 	
Investment and derivative losses (gains) - non-operating  (2)	 	 	60,304	  	 	 	(4,906	) 	 	 	(144,834	) 	 	 	(26,362	) 	 	 	191	  	 	 	60,113	  	
Change in value of modified coinsurance and funds withheld embedded derivatives  (2)	 	 	6,128	  	 	 	55,719	  	 	 	66,673	  	 	 	(6,841	) 	 	 	(58,848	) 	 	 	64,976	  	
GMXB embedded derivatives (2)	 	 	(95,144	) 	 	 	(19,019	) 	 	 	169,155	  	 	 	16,809	  	 	 	(21,225	) 	 	 	(73,919	) 	
Funds withheld losses (gains) - investment income	 	 	676	  	 	 	(126	) 	 	 	(6,374	) 	 	 	(4,671	) 	 	 	7,827	  	 	 	(7,151	) 	
Funds withheld losses (gains) - policy acq. costs	 	 	136	  	 	 	31	  	 	 	672	  	 	 	1,165	  	 	 	(1,251	) 	 	 	1,387	  	
EIA embedded derivatives - interest credited	 	 	25,505	  	 	 	6,169	  	 	 	24,400	  	 	 	13,657	  	 	 	(17,388	) 	 	 	42,893	  	
EIA embedded derivatives - policy acq. costs	 	 	—  	  	 	 	4,490	  	 	 	(2,381	) 	 	 	(1,348	) 	 	 	1,914	  	 	 	(1,914	) 	
DAC offset, net	 	 	(8,546	) 	 	 	(53,844	) 	 	 	(70,011	) 	 	 	2,703	  	 	 	47,168	  	 	 	(55,714	) 	
Gain on repurchase of collateral finance facility securities	 	 	—  	  	 	 	(6,321	) 	 	 	(33,065	) 	 	 	—  	  	 	 	(3,231	) 	 	 	3,231	  	
Loss on retirement of PIERS	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	2,854	  	 	 	(2,854	) 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating Income	 	$	112,377	  	 	$	120,772	  	 	$	138,837	  	 	$	119,056	  	 	$	106,931	  	 	$	5,446	  	

(1)	Certain amounts in the prior periods have been revised in connection with the retrospective adoption of ASU 2010-26 in the first quarter of 2012.	
(2)	Included in “Investment related gains (losses), net” on Consolidated GAAP Income Statement	

 	 	    Quarterly Financial Supplement	 	Page 3	

Reinsurance Group of America, Incorporated
Consolidated Operating Income Statement (1)

 	 	Three Months Ended	 	 	Current Qtr	 	
(USD thousands, except per share data)	 	March 31,
2012	 	 	Dec. 31,
2011	 	 	Sept. 30,
2011	 	 	June 30,
2011	 	 	March 31,
2011	 	 	vs. PY
Quarter	 	
 	 	 	 	 	 	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	1,863,482	  	 	$	2,034,716	  	 	$	1,776,165	  	 	$	1,788,676	  	 	$	1,736,130	  	 	$	127,352	  	
Investment income, net of related expenses	 	 	341,980	  	 	 	304,317	  	 	 	258,404	  	 	 	330,251	  	 	 	383,081	  	 	 	(41,101	) 	
Investment related gains (losses), net	 	 	671	  	 	 	3,637	  	 	 	2,019	  	 	 	2,571	  	 	 	1,530	  	 	 	(859	) 	
Other revenue	 	 	45,033	  	 	 	46,731	  	 	 	39,263	  	 	 	50,477	  	 	 	46,674	  	 	 	(1,641	) 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	 	 	2,251,166	  	 	 	2,389,401	  	 	 	2,075,851	  	 	 	2,171,975	  	 	 	2,167,415	  	 	 	83,751	  	
 	 	 	 	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	 	1,580,149	  	 	 	1,720,956	  	 	 	1,514,765	  	 	 	1,520,013	  	 	 	1,469,449	  	 	 	110,700	  	
Interest credited	 	 	48,803	  	 	 	69,394	  	 	 	(2,288	) 	 	 	75,185	  	 	 	132,814	  	 	 	(84,011	) 	
Policy acquisition costs and other insurance expenses	 	 	320,573	  	 	 	280,765	  	 	 	274,711	  	 	 	270,641	  	 	 	272,661	  	 	 	47,912	  	
Other operating expenses	 	 	110,098	  	 	 	122,000	  	 	 	94,029	  	 	 	97,161	  	 	 	101,759	  	 	 	8,339	  	
Interest expense	 	 	23,322	  	 	 	25,226	  	 	 	27,025	  	 	 	25,818	  	 	 	24,569	  	 	 	(1,247	) 	
Collateral finance facility expense	 	 	2,967	  	 	 	3,019	  	 	 	3,069	  	 	 	3,101	  	 	 	3,202	  	 	 	(235	) 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	 	 	2,085,912	  	 	 	2,221,360	  	 	 	1,911,311	  	 	 	1,991,919	  	 	 	2,004,454	  	 	 	81,458	  	
 	 	 	 	 	 	 	
Operating income before income taxes	 	 	165,254	  	 	 	168,041	  	 	 	164,540	  	 	 	180,056	  	 	 	162,961	  	 	 	2,293	  	
 	 	 	 	 	 	 	
Operating income tax expense	 	 	52,877	  	 	 	47,269	  	 	 	25,703	  	 	 	61,000	  	 	 	56,030	  	 	 	(3,153	) 	

Operating income	 	$	112,377	  	 	$	120,772	  	 	$	138,837	  	 	$	119,056	  	 	$	106,931	  	 	$	5,446	  	

Wgt. Average Common Shares Outstanding (Diluted)	 	 	74,043	  	 	 	73,812	  	 	 	74,254	  	 	 	74,530	  	 	 	73,836	  	 	 	207	  	
 	 	 	 	 	 	 	
Diluted Earnings Per Share - Operating Income	 	$	1.52	  	 	$	1.64	  	 	$	1.87	  	 	$	1.60	  	 	$	1.45	  	 	$	0.07	  	
 	 	 	 	 	 	 	
Foreign currency effect (2):	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	(4,924	) 	 	$	(5,509	) 	 	$	53,399	  	 	$	77,277	  	 	$	42,487	  	 	$	(47,411	) 	
Operating income before income taxes	 	$	(387	) 	 	$	(2,407	) 	 	$	6,846	  	 	$	5,713	  	 	$	4,634	  	 	$	(5,021	) 	
 
(1)	Certain amounts in the prior periods have been revised in connection with the retrospective adoption of ASU 2010-26 in the first quarter of 2012.	
(2)	Compared to comparable prior year period	

 	 	    Quarterly Financial Supplement	 	Page 4	

Reinsurance Group of America, Incorporated
Consolidated Balance Sheets (1)

(USD thousands)	 	March 31,
2012	 	 	Dec. 31,
2011	 	 	Sept. 30,
2011	 	 	June 30,
2011	 	 	March 31,
2011	 	
Assets	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Fixed maturity securities, available-for-sale	 	$	16,794,057	  	 	$	16,200,950	  	 	$	15,557,032	  	 	$	15,153,807	  	 	$	14,531,154	  	
Mortgage loans on real estate	 	 	1,040,733	  	 	 	991,731	  	 	 	934,694	  	 	 	908,048	  	 	 	906,869	  	
Policy loans	 	 	1,260,070	  	 	 	1,260,400	  	 	 	1,228,890	  	 	 	1,229,663	  	 	 	1,222,016	  	
Funds withheld at interest	 	 	5,472,532	  	 	 	5,410,424	  	 	 	5,445,886	  	 	 	5,671,844	  	 	 	5,595,146	  	
Short-term investments	 	 	75,425	  	 	 	88,566	  	 	 	81,747	  	 	 	125,618	  	 	 	74,902	  	
Other invested assets	 	 	867,507	  	 	 	1,012,541	  	 	 	1,020,043	  	 	 	799,341	  	 	 	756,377	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total investments	 	 	25,510,324	  	 	 	24,964,612	  	 	 	24,268,292	  	 	 	23,888,321	  	 	 	23,086,464	  	
Cash and cash equivalents	 	 	873,933	  	 	 	962,870	  	 	 	802,651	  	 	 	710,973	  	 	 	467,672	  	
Accrued investment income	 	 	173,629	  	 	 	144,334	  	 	 	190,298	  	 	 	160,436	  	 	 	155,182	  	
Premiums receivable and other reinsurance balances	 	 	1,131,334	  	 	 	1,059,572	  	 	 	1,060,631	  	 	 	1,045,131	  	 	 	986,658	  	
Reinsurance ceded receivables	 	 	597,508	  	 	 	626,194	  	 	 	727,290	  	 	 	781,006	  	 	 	807,929	  	
Deferred policy acquisition costs	 	 	3,629,424	  	 	 	3,543,925	  	 	 	3,340,394	  	 	 	3,287,126	  	 	 	3,248,861	  	
Other assets	 	 	369,930	  	 	 	332,466	  	 	 	347,035	  	 	 	339,724	  	 	 	327,039	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total assets	 	$	32,286,082	  	 	$	31,633,973	  	 	$	30,736,591	  	 	$	30,212,717	  	 	$	29,079,805	  	

Liabilities and Stockholders’ Equity	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Future policy benefits	 	 	10,413,361	  	 	$	9,903,886	  	 	$	9,445,222	  	 	$	9,642,814	  	 	$	9,438,432	  	
Interest-sensitive contract liabilities	 	 	8,252,995	  	 	 	8,394,468	  	 	 	8,378,159	  	 	 	8,100,608	  	 	 	7,747,203	  	
Other policy claims and benefits	 	 	2,984,681	  	 	 	2,841,373	  	 	 	2,826,297	  	 	 	2,774,031	  	 	 	2,728,122	  	
Other reinsurance balances	 	 	132,389	  	 	 	118,219	  	 	 	136,298	  	 	 	159,340	  	 	 	184,958	  	
Deferred income taxes	 	 	1,728,765	  	 	 	1,679,834	  	 	 	1,518,990	  	 	 	1,276,153	  	 	 	1,274,754	  	
Other liabilities	 	 	777,678	  	 	 	810,775	  	 	 	776,239	  	 	 	784,291	  	 	 	701,799	  	
Short-term debt	 	 	—  	  	 	 	—  	  	 	 	199,997	  	 	 	199,993	  	 	 	255,989	  	
Long-term debt	 	 	1,414,829	  	 	 	1,414,688	  	 	 	1,414,546	  	 	 	1,414,406	  	 	 	1,016,510	  	
Collateral finance facility	 	 	652,029	  	 	 	652,032	  	 	 	681,004	  	 	 	837,789	  	 	 	839,354	  	
Company-obligated mandatorily redeemable preferred securities of subsidiary trust holding solely junior subordinated debentures of the Company	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	159,455	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total liabilities	 	 	26,356,727	  	 	 	25,815,275	  	 	 	25,376,752	  	 	 	25,189,425	  	 	 	24,346,576	  	
 	 	 	 	 	 	
Stockholders’ Equity:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Common stock, at par value	 	 	791	  	 	 	791	  	 	 	791	  	 	 	791	  	 	 	791	  	
Additional paid-in-capital	 	 	1,736,184	  	 	 	1,727,774	  	 	 	1,719,683	  	 	 	1,713,893	  	 	 	1,708,096	  	
Retained earnings	 	 	2,906,310	  	 	 	2,818,429	  	 	 	2,695,680	  	 	 	2,575,240	  	 	 	2,467,044	  	
Treasury stock	 	 	(325,732	) 	 	 	(346,449	) 	 	 	(352,106	) 	 	 	(310,856	) 	 	 	(323,689	) 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Accumulated other comprehensive income (AOCI):	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Accumulated currency translation adjustment, net of income taxes	 	 	253,875	  	 	 	229,795	  	 	 	189,347	  	 	 	291,189	  	 	 	279,702	  	
Unrealized appreciation of securities, net of income taxes	 	 	1,388,597	  	 	 	1,419,318	  	 	 	1,119,724	  	 	 	767,023	  	 	 	615,631	  	
Pension and postretirement benefits, net of income taxes	 	 	(30,670	) 	 	 	(30,960	) 	 	 	(13,280	) 	 	 	(13,988	) 	 	 	(14,346	) 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total stockholders’ equity	 	 	5,929,355	  	 	 	5,818,698	  	 	 	5,359,839	  	 	 	5,023,292	  	 	 	4,733,229	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total liabilities and stockholders’ equity	 	$	32,286,082	  	 	$	31,633,973	  	 	$	30,736,591	  	 	$	30,212,717	  	 	$	29,079,805	  	

Total stockholders’ equity, excluding AOCI	 	$	4,317,553	  	 	$	4,200,545	  	 	$	4,064,048	  	 	$	3,979,068	  	 	$	3,852,242	  	
 
(1)	Certain amounts in the prior periods have been revised in connection with the retrospective adoption of ASU 2010-26 in the first quarter of 2012.	

 	 	    Quarterly Financial Supplement	 	Page 5	

Reinsurance Group of America, Incorporated
U.S. Traditional Sub-segment Pre-tax Operating Income (1)

 	 	Three Months Ended	 	 	Current Qtr	 	
(USD thousands)	 	March 31,
2012	 	 	Dec. 31,
2011	 	 	Sept. 30,
2011	 	 	June 30,
2011	 	 	March 31,
2011	 	 	vs. PY
Quarter	 	
 	 	 	 	 	 	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	1,021,507	  	 	$	1,099,409	  	 	$	971,190	  	 	$	973,837	  	 	$	935,053	  	 	$	86,454	  	
Investment income, net of related expenses	 	 	132,417	  	 	 	125,528	  	 	 	123,686	  	 	 	125,688	  	 	 	120,748	  	 	 	11,669	  	
Other revenue	 	 	1,003	  	 	 	1,571	  	 	 	599	  	 	 	738	  	 	 	493	  	 	 	510	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	 	 	1,154,927	  	 	 	1,226,508	  	 	 	1,095,475	  	 	 	1,100,263	  	 	 	1,056,294	  	 	 	98,633	  	
 	 	 	 	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	 	907,461	  	 	 	952,609	  	 	 	844,090	  	 	 	839,173	  	 	 	822,407	  	 	 	85,054	  	
Interest credited	 	 	15,054	  	 	 	15,174	  	 	 	15,166	  	 	 	14,967	  	 	 	14,584	  	 	 	470	  	
Policy acquisition costs and other insurance expenses	 	 	145,485	  	 	 	152,246	  	 	 	135,747	  	 	 	135,602	  	 	 	131,916	  	 	 	13,569	  	
Other operating expenses	 	 	24,001	  	 	 	23,971	  	 	 	20,299	  	 	 	19,486	  	 	 	21,350	  	 	 	2,651	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	 	 	1,092,001	  	 	 	1,144,000	  	 	 	1,015,302	  	 	 	1,009,228	  	 	 	990,257	  	 	 	101,744	  	
 	 	 	 	 	 	 	
Operating income before income taxes	 	 	62,926	  	 	 	82,508	  	 	 	80,173	  	 	 	91,035	  	 	 	66,037	  	 	 	(3,111	) 	

Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	 	62,926	  	 	 	82,508	  	 	 	80,173	  	 	 	91,035	  	 	 	66,037	  	 	 	(3,111	) 	
Investment and derivative (losses) gains - non-operating	 	 	(13,084	) 	 	 	30,075	  	 	 	5,056	  	 	 	205	  	 	 	8,875	  	 	 	(21,959	) 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	$	49,842	  	 	$	112,583	  	 	$	85,229	  	 	$	91,240	  	 	$	74,912	  	 	$	(25,070	) 	

Loss and Expense Ratios:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	 	88.8	% 	 	 	86.6	% 	 	 	86.9	% 	 	 	86.2	% 	 	 	88.0	% 	 	 	0.8	% 	
Policy acquisition costs and other insurance expenses	 	 	14.2	% 	 	 	13.8	% 	 	 	14.0	% 	 	 	13.9	% 	 	 	14.1	% 	 	 	0.1	% 	
Other operating expenses	 	 	2.3	% 	 	 	2.2	% 	 	 	2.1	% 	 	 	2.0	% 	 	 	2.3	% 	 	 	0.0	% 	
 
(1)	Certain amounts in the prior periods have been revised in connection with the retrospective adoption of ASU 2010-26 in the first quarter of 2012.	

 	 	    Quarterly Financial Supplement	 	Page 6	

Reinsurance Group of America, Incorporated
U.S. Asset Intensive Sub-segment Pre-tax Operating Income (1)

 	 	Three Months Ended	 	 	Current Qtr	 	
(USD thousands except account values)	 	March 31,
2012	 	 	Dec. 31,
2011	 	 	Sept. 30,
2011	 	 	June 30,
2011	 	 	March 31,
2011	 	 	vs. PY
Quarter	 	
 	 	 	 	 	 	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	3,596	  	 	$	3,619	  	 	$	2,786	  	 	$	3,459	  	 	$	3,325	  	 	$	271	  	
Investment income, net of related expenses	 	 	111,501	  	 	 	79,604	  	 	 	20,361	  	 	 	98,080	  	 	 	159,533	  	 	 	(48,032	) 	
Investment related gains (losses), net	 	 	(30	) 	 	 	(82	) 	 	 	(14	) 	 	 	(20	) 	 	 	(16	) 	 	 	(14	) 	
Other revenue	 	 	19,893	  	 	 	20,154	  	 	 	19,827	  	 	 	23,536	  	 	 	24,001	  	 	 	(4,108	) 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	 	 	134,960	  	 	 	103,295	  	 	 	42,960	  	 	 	125,055	  	 	 	186,843	  	 	 	(51,883	) 	
 	 	 	 	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	 	1,902	  	 	 	2,766	  	 	 	4,431	  	 	 	4,264	  	 	 	2,816	  	 	 	(914	) 	
Interest credited	 	 	33,511	  	 	 	53,965	  	 	 	(17,733	) 	 	 	59,603	  	 	 	118,230	  	 	 	(84,719	) 	
Policy acquisition costs and other insurance expenses	 	 	72,004	  	 	 	16,858	  	 	 	52,854	  	 	 	39,047	  	 	 	42,715	  	 	 	29,289	  	
Other operating expenses	 	 	3,062	  	 	 	2,434	  	 	 	1,886	  	 	 	1,743	  	 	 	2,154	  	 	 	908	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	 	 	110,479	  	 	 	76,023	  	 	 	41,438	  	 	 	104,657	  	 	 	165,915	  	 	 	(55,436	) 	
 	 	 	 	 	 	 	
Operating income (loss) before income taxes	 	 	24,481	  	 	 	27,272	  	 	 	1,522	  	 	 	20,398	  	 	 	20,928	  	 	 	3,553	  	

Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	 	24,481	  	 	 	27,272	  	 	 	1,522	  	 	 	20,398	  	 	 	20,928	  	 	 	3,553	  	
Investment and derivative (losses) gains - non-operating (2)	 	 	(96,355	) 	 	 	(23,077	) 	 	 	219,530	  	 	 	28,681	  	 	 	(18,704	) 	 	 	(77,651	) 	
Change in value of modified coinsurance and funds withheld embedded derivatives  (2)	 	 	(9,387	) 	 	 	(86,759	) 	 	 	(103,949	) 	 	 	10,525	  	 	 	90,535	  	 	 	(99,922	) 	
GMXB embedded derivatives (2)	 	 	146,375	  	 	 	29,261	  	 	 	(260,239	) 	 	 	(25,860	) 	 	 	32,654	  	 	 	113,721	  	
Funds withheld losses (gains) - investment income	 	 	(2,224	) 	 	 	194	  	 	 	9,806	  	 	 	7,185	  	 	 	(12,041	) 	 	 	9,817	  	
Funds withheld losses (gains) - policy acq. costs	 	 	(209	) 	 	 	(47	) 	 	 	(1,034	) 	 	 	(1,793	) 	 	 	1,925	  	 	 	(2,134	) 	
EIA embedded derivatives - interest credited	 	 	(39,239	) 	 	 	(9,490	) 	 	 	(37,539	) 	 	 	(21,011	) 	 	 	26,751	  	 	 	(65,990	) 	
EIA embedded derivatives - policy acq. costs	 	 	—  	  	 	 	(6,908	) 	 	 	3,664	  	 	 	2,073	  	 	 	(2,944	) 	 	 	2,944	  	
DAC offset, net	 	 	13,148	  	 	 	82,837	  	 	 	107,709	  	 	 	(4,158	) 	 	 	(72,567	) 	 	 	85,715	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income (loss) before income taxes	 	$	36,590	  	 	$	13,283	  	 	$	(60,530	) 	 	$	16,040	  	 	$	66,537	  	 	$	(29,947	) 	

(1)	Certain amounts in the prior periods have been revised in connection with the retrospective adoption of ASU 2010-26 in the first quarter of 2012.	
(2)	Included in “Investment related gains (losses), net” on Consolidated GAAP Income Statement	

 	 	    Quarterly Financial Supplement	 	Page 7	

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

 	  	Three Months Ended	 	
(USD millions)	  	March 31,
2012	 	 	Dec. 31,
2011	 	 	Sept. 30,
2011	 	 	June 30,
2011	 	 	March 31,
2011	 	
 	 	 	 	 	 	
Annuity account values:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	
Fixed annuities (deferred)	  	$	897	  	 	$	879	  	 	$	856	  	 	$	835	  	 	$	804	  	
 	 	 	 	 	 	
Net interest spread (fixed annuities):	  	 	2.4	% 	 	 	2.8	% 	 	 	2.7	% 	 	 	2.2	% 	 	 	2.7	% 	
 	 	 	 	 	 	
Equity-indexed annuities	  	$	4,895	  	 	$	4,881	  	 	$	4,327	  	 	$	4,324	  	 	$	4,258	  	
 	 	 	 	 	 	
Variable annuities:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
No riders	  	$	1,040	  	 	$	986	  	 	$	979	  	 	$	1,114	  	 	$	1,172	  	
GMDB only	  	 	82	  	 	 	85	  	 	 	76	  	 	 	89	  	 	 	91	  	
GMIB only	  	 	6	  	 	 	6	  	 	 	5	  	 	 	6	  	 	 	6	  	
GMAB only	  	 	57	  	 	 	55	  	 	 	54	  	 	 	63	  	 	 	64	  	
GMWB only	  	 	1,704	  	 	 	1,538	  	 	 	1,524	  	 	 	1,751	  	 	 	1,773	  	
GMDB / WB	  	 	460	  	 	 	498	  	 	 	428	  	 	 	493	  	 	 	500	  	
Other	  	 	32	  	 	 	31	  	 	 	30	  	 	 	35	  	 	 	36	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total VA account values	  	$	3,381	  	 	$	3,199	  	 	$	3,096	  	 	$	3,551	  	 	$	3,642	  	
 	 	 	 	 	 	
Fair value of liabilities associated with living benefit riders	  	$	130	  	 	$	277	  	 	$	306	  	 	$	46	  	 	$	20	  	
 	 	 	 	 	 	
Interest-sensitive contract liabilities associated with:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	
Guaranteed investment contracts	  	$	198	  	 	$	198	  	 	$	199	  	 	$	199	  	 	$	199	  	
 	 	 	 	 	 	
Bank-owned life insurance (BOLI)	  	$	512	  	 	$	508	  	 	$	505	  	 	$	502	  	 	$	498	  	
 	 	 	 	 	 	
Other asset-intensive business	  	$	78	  	 	$	78	  	 	$	79	  	 	$	85	  	 	$	87	  	

 	 	    Quarterly Financial Supplement	 	Page 8	

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

 	 	Three Months Ended	 	 	Current Qtr	 	
(USD thousands)	 	March 31,
2012	 	 	Dec. 31,
2011	 	 	Sept. 30,
2011	 	 	June 30,
2011	 	 	March 31,
2011	 	 	vs. PY
Quarter	 	
 	 	 	 	 	 	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Investment income, net of related expenses	 	$	164	  	 	$	131	  	 	$	168	  	 	$	62	  	 	$	(197	) 	 	$	361	  	
Other revenue	 	 	8,910	  	 	 	9,558	  	 	 	8,619	  	 	 	9,194	  	 	 	9,002	  	 	 	(92	) 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	 	 	9,074	  	 	 	9,689	  	 	 	8,787	  	 	 	9,256	  	 	 	8,805	  	 	 	269	  	
 	 	 	 	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Policy acquisition costs and other insurance expenses	 	 	770	  	 	 	743	  	 	 	798	  	 	 	797	  	 	 	853	  	 	 	(83	) 	
Other operating expenses	 	 	1,852	  	 	 	2,025	  	 	 	1,584	  	 	 	1,469	  	 	 	1,797	  	 	 	55	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	 	 	2,622	  	 	 	2,768	  	 	 	2,382	  	 	 	2,266	  	 	 	2,650	  	 	 	(28	) 	
 	 	 	 	 	 	 	
Operating income before income taxes	 	 	6,452	  	 	 	6,921	  	 	 	6,405	  	 	 	6,990	  	 	 	6,155	  	 	 	297	  	

Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	 	6,452	  	 	 	6,921	  	 	 	6,405	  	 	 	6,990	  	 	 	6,155	  	 	 	297	  	
Investment and derivative (losses) gains - non-operating	 	 	(139	) 	 	 	(87	) 	 	 	(13	) 	 	 	7	  	 	 	(35	) 	 	 	(104	) 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	$	6,313	  	 	$	6,834	  	 	$	6,392	  	 	$	6,997	  	 	$	6,120	  	 	$	193	  	

 	 	 	 	 	
 	 	    Quarterly Financial Supplement	 	Page 9	

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

 	 	Three Months Ended	 	 	Current Qtr	 	
(USD thousands)	 	March 31,
2012	 	 	Dec. 31,
2011	 	 	Sept. 30,
2011	 	 	June 30,
2011	 	 	March 31,
2011	 	 	vs. PY
Quarter	 	
 	 	 	 	 	 	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	218,210	  	 	$	224,763	  	 	$	185,790	  	 	$	209,717	  	 	$	215,028	  	 	$	3,182	  	
Investment income, net of related expenses	 	 	47,716	  	 	 	42,604	  	 	 	53,698	  	 	 	46,083	  	 	 	45,919	  	 	 	1,797	  	
Investment related gains (losses), net	 	 	1,323	  	 	 	1,579	  	 	 	1,267	  	 	 	1,183	  	 	 	1,169	  	 	 	154	  	
Other revenue	 	 	(30	) 	 	 	(9	) 	 	 	440	  	 	 	4,980	  	 	 	22	  	 	 	(52	) 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	 	 	267,219	  	 	 	268,937	  	 	 	241,195	  	 	 	261,963	  	 	 	262,138	  	 	 	5,081	  	
 	 	 	 	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	 	160,625	  	 	 	165,456	  	 	 	162,734	  	 	 	165,860	  	 	 	179,055	  	 	 	(18,430	) 	
Interest credited	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	
Policy acquisition costs and other insurance expenses	 	 	50,285	  	 	 	52,140	  	 	 	34,350	  	 	 	45,356	  	 	 	48,866	  	 	 	1,419	  	
Other operating expenses	 	 	9,650	  	 	 	10,645	  	 	 	9,129	  	 	 	8,793	  	 	 	8,694	  	 	 	956	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	 	 	220,560	  	 	 	228,241	  	 	 	206,213	  	 	 	220,009	  	 	 	236,615	  	 	 	(16,055	) 	
 	 	 	 	 	 	 	
Operating income before income taxes	 	 	46,659	  	 	 	40,696	  	 	 	34,982	  	 	 	41,954	  	 	 	25,523	  	 	 	21,136	  	

Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	 	46,659	  	 	 	40,696	  	 	 	34,982	  	 	 	41,954	  	 	 	25,523	  	 	 	21,136	  	
Investment and derivative (losses) gains - non-operating	 	 	7,220	  	 	 	6,545	  	 	 	8,729	  	 	 	2,135	  	 	 	4,389	  	 	 	2,831	  	
Funds withheld losses (gains) - investment income	 	 	1,184	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	1,184	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	$	55,063	  	 	$	47,241	  	 	$	43,711	  	 	$	44,089	  	 	$	29,912	  	 	$	25,151	  	

Loss and Expense Ratios:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Loss ratios (creditor business)	 	 	34.1	% 	 	 	36.3	% 	 	 	38.4	% 	 	 	39.7	% 	 	 	37.7	% 	 	 	-3.6	% 	
Loss ratios (excluding creditor business)	 	 	83.8	% 	 	 	85.5	% 	 	 	96.9	% 	 	 	88.8	% 	 	 	97.6	% 	 	 	-13.8	% 	
Claims and other policy benefits / (net premiums + investment income)	 	 	60.4	% 	 	 	61.9	% 	 	 	68.0	% 	 	 	64.8	% 	 	 	68.6	% 	 	 	-8.2	% 	
Policy acquisition costs and other insurance expenses (creditor business)	 	 	57.1	% 	 	 	59.2	% 	 	 	52.8	% 	 	 	57.3	% 	 	 	55.3	% 	 	 	1.8	% 	
Policy acquisition costs and other insurance expenses (excluding creditor business)	 	 	14.2	% 	 	 	10.9	% 	 	 	10.9	% 	 	 	12.2	% 	 	 	11.3	% 	 	 	2.9	% 	
Other operating expenses	 	 	4.4	% 	 	 	4.7	% 	 	 	4.9	% 	 	 	4.2	% 	 	 	4.0	% 	 	 	0.4	% 	
 	 	 	 	 	 	 	
Foreign currency effect (2):	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	(3,328	) 	 	$	(2,669	) 	 	$	10,269	  	 	$	12,409	  	 	$	11,248	  	 	$	(14,576	) 	
Operating income before income taxes	 	$	(554	) 	 	$	(641	) 	 	$	2,571	  	 	$	3,021	  	 	$	453	  	 	$	(1,007	) 	
 	 	 	 	 	 	 	
Creditor reinsurance net premiums	 	$	44,810	  	 	$	54,227	  	 	$	29,895	  	 	$	41,613	  	 	$	51,584	  	 	$	(6,774	) 	
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)	Certain amounts in the prior periods have been revised in connection with the retrospective adoption of ASU 2010-26 in the first quarter of 2012.	
(2)	Compared to comparable prior year period	

 	 	    Quarterly Financial Supplement	 	Page 10	

Reinsurance Group of America, Incorporated
Europe & South Africa Segment Pre-tax Operating Income (1)

 	 	Three Months Ended	 	 	Current Qtr	 	
(USD thousands)	 	March 31,
2012	 	 	Dec. 31,
2011	 	 	Sept. 30,
2011	 	 	June 30,
2011	 	 	March 31,
2011	 	 	vs. PY
Quarter	 	
 	 	 	 	 	 	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	292,771	  	 	$	356,284	  	 	$	286,054	  	 	$	283,019	  	 	$	269,120	  	 	$	23,651	  	
Investment income, net of related expenses	 	 	11,331	  	 	 	11,709	  	 	 	11,242	  	 	 	10,865	  	 	 	10,535	  	 	 	796	  	
Other revenue	 	 	2,253	  	 	 	1,035	  	 	 	1,196	  	 	 	1,745	  	 	 	1,055	  	 	 	1,198	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	 	 	306,355	  	 	 	369,028	  	 	 	298,492	  	 	 	295,629	  	 	 	280,710	  	 	 	25,645	  	
 	 	 	 	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	 	261,484	  	 	 	293,126	  	 	 	248,890	  	 	 	242,973	  	 	 	216,932	  	 	 	44,552	  	
Policy acquisition costs and other insurance expenses	 	 	15,052	  	 	 	13,329	  	 	 	15,004	  	 	 	14,360	  	 	 	16,524	  	 	 	(1,472	) 	
Other operating expenses	 	 	25,195	  	 	 	29,511	  	 	 	24,569	  	 	 	26,527	  	 	 	25,012	  	 	 	183	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	 	 	301,731	  	 	 	335,966	  	 	 	288,463	  	 	 	283,860	  	 	 	258,468	  	 	 	43,263	  	
 	 	 	 	 	 	 	
Operating income before income taxes	 	 	4,624	  	 	 	33,062	  	 	 	10,029	  	 	 	11,769	  	 	 	22,242	  	 	 	(17,618	) 	

Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	 	4,624	  	 	 	33,062	  	 	 	10,029	  	 	 	11,769	  	 	 	22,242	  	 	 	(17,618	) 	
Investment and derivative (losses) gains - non-operating	 	 	1,982	  	 	 	2,951	  	 	 	2,000	  	 	 	756	  	 	 	293	  	 	 	1,689	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	$	6,606	  	 	$	36,013	  	 	$	12,029	  	 	$	12,525	  	 	$	22,535	  	 	$	(15,929	) 	

Loss and Expense Ratios:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	 	89.3	% 	 	 	82.3	% 	 	 	87.0	% 	 	 	85.9	% 	 	 	80.6	% 	 	 	8.7	% 	
Policy acquisition costs and other insurance expenses	 	 	5.1	% 	 	 	3.7	% 	 	 	5.2	% 	 	 	5.1	% 	 	 	6.1	% 	 	 	-1.0	% 	
Other operating expenses	 	 	8.6	% 	 	 	8.3	% 	 	 	8.6	% 	 	 	9.4	% 	 	 	9.3	% 	 	 	-0.7	% 	
 	 	 	 	 	 	 	
Foreign currency effect (2):	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	(11,362	) 	 	$	(9,136	) 	 	$	9,234	  	 	$	24,686	  	 	$	6,466	  	 	$	(17,828	) 	
Operating income before income taxes	 	$	(1,417	) 	 	$	(1,605	) 	 	$	669	  	 	$	1,712	  	 	$	233	  	 	$	(1,650	) 	
 	 	 	 	 	 	 	
Critical illness net premiums	 	$	61,548	  	 	$	61,564	  	 	$	59,679	  	 	$	63,320	  	 	$	60,261	  	 	$	1,287	  	
 
(1)	Certain amounts in the prior periods have been revised in connection with the retrospective adoption of ASU 2010-26 in the first quarter of 2012.	
(2)	Compared to comparable prior year period	

 	 	    Quarterly Financial Supplement	 	Page 11	

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

 	  	Three Months Ended	 	 	Current Qtr	 	
(USD thousands)	  	March 31,
2012	 	 	Dec. 31,
2011	 	 	Sept. 30,
2011	 	 	June 30,
2011	 	 	March 31,
2011	 	 	vs. PY
Quarter	 	
 	 	 	 	 	 	 	
Revenues:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	  	$	325,350	  	 	$	348,358	  	 	$	328,259	  	 	$	316,356	  	 	$	311,517	  	 	$	13,833	  	
Investment income, net of related expenses	  	 	22,578	  	 	 	21,666	  	 	 	21,472	  	 	 	21,756	  	 	 	19,943	  	 	 	2,635	  	
Investment related gains (losses), net	  	 	(809	) 	 	 	1,237	  	 	 	1,452	  	 	 	1,377	  	 	 	(108	) 	 	 	(701	) 	
Other revenue	  	 	7,408	  	 	 	9,741	  	 	 	8,557	  	 	 	7,283	  	 	 	8,492	  	 	 	(1,084	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	  	 	354,527	  	 	 	381,002	  	 	 	359,740	  	 	 	346,772	  	 	 	339,844	  	 	 	14,683	  	
 	 	 	 	 	 	 	
Benefits and expenses:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	  	 	248,620	  	 	 	306,802	  	 	 	254,739	  	 	 	267,362	  	 	 	247,930	  	 	 	690	  	
Interest Credited	  	 	238	  	 	 	254	  	 	 	280	  	 	 	615	  	 	 	—  	  	 	 	238	  	
Policy acquisition costs and other insurance expenses	  	 	50,847	  	 	 	58,713	  	 	 	49,854	  	 	 	48,082	  	 	 	44,481	  	 	 	6,366	  	
Other operating expenses	  	 	27,913	  	 	 	30,254	  	 	 	27,598	  	 	 	26,089	  	 	 	25,127	  	 	 	2,786	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	  	 	327,618	  	 	 	396,023	  	 	 	332,471	  	 	 	342,148	  	 	 	317,538	  	 	 	10,080	  	
 	 	 	 	 	 	 	
Operating income (loss) before income taxes	  	 	26,909	  	 	 	(15,021	) 	 	 	27,269	  	 	 	4,624	  	 	 	22,306	  	 	 	4,603	  	

Operating to U.S. GAAP Reconciliation:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	  	 	26,909	  	 	 	(15,021	) 	 	 	27,269	  	 	 	4,624	  	 	 	22,306	  	 	 	4,603	  	
Investment and derivative (losses) gains - non-operating	  	 	5,158	  	 	 	5,309	  	 	 	(1,625	) 	 	 	(298	) 	 	 	(330	) 	 	 	5,488	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income (loss) before income taxes	  	$	32,067	  	 	$	(9,712	) 	 	$	25,644	  	 	$	4,326	  	 	$	21,976	  	 	$	10,091	  	

Loss and Expense Ratios:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	  	 	76.4	% 	 	 	88.1	% 	 	 	77.6	% 	 	 	84.5	% 	 	 	79.6	% 	 	 	-3.2	% 	
Policy acquisition costs and other insurance expenses	  	 	15.6	% 	 	 	16.9	% 	 	 	15.2	% 	 	 	15.2	% 	 	 	14.3	% 	 	 	1.3	% 	
Other operating expenses	  	 	8.6	% 	 	 	8.7	% 	 	 	8.4	% 	 	 	8.2	% 	 	 	8.1	% 	 	 	0.5	% 	
 	 	 	 	 	 	 	
Foreign currency effect (2):	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	  	$	9,756	  	 	$	6,296	  	 	$	33,908	  	 	$	40,222	  	 	$	24,825	  	 	$	(15,069	) 	
Operating income before income taxes	  	$	1,529	  	 	$	325	  	 	$	3,379	  	 	$	557	  	 	$	1,555	  	 	$	(26	) 	
 	 	 	 	 	 	 	
Critical illness net premiums	  	$	40,333	  	 	$	40,566	  	 	$	30,135	  	 	$	41,003	  	 	$	45,622	  	 	$	(5,289	) 	
 
(1)	Certain amounts in the prior periods have been revised in connection with the retrospective adoption of ASU 2010-26 in the first quarter of 2012.	
(2)	Compared to comparable prior year period	

 	 	    Quarterly Financial Supplement	 	Page 12	

Reinsurance Group of America, Incorporated
Corporate and Other Segment Pre-tax Operating Income (1)

 	  	Three Months Ended	 	 	Current Qtr	 	
(USD thousands)	  	March 31,
2012	 	 	Dec. 31,
2011	 	 	Sept. 30,
2011	 	 	June 30,
2011	 	 	March 31,
2011	 	 	vs. PY
Quarter	 	
 	 	 	 	 	 	 	
Revenues:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	  	$	2,048	  	 	$	2,283	  	 	$	2,086	  	 	$	2,288	  	 	$	2,087	  	 	$	(39	) 	
Investment income, net of related expenses	  	 	16,273	  	 	 	23,075	  	 	 	27,777	  	 	 	27,717	  	 	 	26,600	  	 	 	(10,327	) 	
Investment related gains (losses), net	  	 	187	  	 	 	903	  	 	 	(686	) 	 	 	31	  	 	 	485	  	 	 	(298	) 	
Other revenue	  	 	5,596	  	 	 	4,681	  	 	 	25	  	 	 	3,001	  	 	 	3,609	  	 	 	1,987	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	  	 	24,104	  	 	 	30,942	  	 	 	29,202	  	 	 	33,037	  	 	 	32,781	  	 	 	(8,677	) 	
 	 	 	 	 	 	 	
Benefits and expenses:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	  	 	57	  	 	 	197	  	 	 	(119	) 	 	 	381	  	 	 	309	  	 	 	(252	) 	
Interest credited	  	 	—  	  	 	 	1	  	 	 	(1	) 	 	 	—  	  	 	 	—  	  	 	 	—  	  	
Policy acquisition costs and other insurance expenses	  	 	(13,870	) 	 	 	(13,264	) 	 	 	(13,896	) 	 	 	(12,603	) 	 	 	(12,694	) 	 	 	(1,176	) 	
Other operating expenses	  	 	18,425	  	 	 	23,160	  	 	 	8,964	  	 	 	13,054	  	 	 	17,625	  	 	 	800	  	
Interest expense	  	 	23,322	  	 	 	25,226	  	 	 	27,025	  	 	 	25,818	  	 	 	24,569	  	 	 	(1,247	) 	
Collateral finance facility expense	  	 	2,967	  	 	 	3,019	  	 	 	3,069	  	 	 	3,101	  	 	 	3,202	  	 	 	(235	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	  	 	30,901	  	 	 	38,339	  	 	 	25,042	  	 	 	29,751	  	 	 	33,011	  	 	 	(2,110	) 	
 	 	 	 	 	 	 	
Operating income (loss) before income taxes	  	 	(6,797	) 	 	 	(7,397	) 	 	 	4,160	  	 	 	3,286	  	 	 	(230	) 	 	 	(6,567	) 	

Operating to U.S. GAAP Reconciliation:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	  	 	(6,797	) 	 	 	(7,397	) 	 	 	4,160	  	 	 	3,286	  	 	 	(230	) 	 	 	(6,567	) 	
Investment and derivative (losses) gains - non-operating	  	 	1,079	  	 	 	(15,319	) 	 	 	(11,108	) 	 	 	8,666	  	 	 	4,413	  	 	 	(3,334	) 	
Gain on repurchase of collateral finance facility securities	  	 	—  	  	 	 	9,725	  	 	 	50,869	  	 	 	—  	  	 	 	4,971	  	 	 	(4,971	) 	
Loss on retirement of PIERS	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	(4,391	) 	 	 	4,391	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income (loss) before income taxes	  	$	(5,718	) 	 	$	(12,991	) 	 	$	43,921	  	 	$	11,952	  	 	$	4,763	  	 	$	(10,481	) 	

Foreign currency effect (2):	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	  	$	10	  	 	$	—  	  	 	$	(12	) 	 	$	(40	) 	 	$	(52	) 	 	$	62	  	
Operating income before income taxes	  	$	55	  	 	$	(486	) 	 	$	227	  	 	$	423	  	 	$	2,393	  	 	$	(2,338	) 	
 
(1)	Certain amounts in the prior periods have been revised in connection with the retrospective adoption of ASU 2010-26 in the first quarter of 2012.	
(2)	Compared to comparable prior year period	

 	 	    Quarterly Financial Supplement	 	Page 13	

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

 	  	Three Months Ended	 	 	Current Qtr	 	
(USD thousands)	  	March 31,
2012	 	 	Dec. 31,
2011	 	 	Sept. 30,
2011	 	  	June 30,
2011	 	  	March 31,
2011	 	 	vs. PY
Quarter	 	
 	 	 	 	 	 	 	
U.S. Traditional	  	$	62,926	  	 	$	82,508	  	 	$	80,173	  	  	$	91,035	  	  	$	66,037	  	 	$	 (3,111	) 	
U.S. Asset Intensive	  	 	24,481	  	 	 	27,272	  	 	 	1,522	  	  	 	20,398	  	  	 	20,928	  	 	 	3,553	  	
U.S. Financial Reinsurance	  	 	6,452	  	 	 	6,921	  	 	 	6,405	  	  	 	6,990	  	  	 	6,155	  	 	 	297	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Total U.S. Segment	  	 	93,859	  	 	 	116,701	  	 	 	88,100	  	  	 	118,423	  	  	 	93,120	  	 	 	739	  	
Canadian Segment	  	 	46,659	  	 	 	40,696	  	 	 	34,982	  	  	 	41,954	  	  	 	25,523	  	 	 	21,136	  	
Europe & South Africa Segment	  	 	4,624	  	 	 	33,062	  	 	 	10,029	  	  	 	11,769	  	  	 	22,242	  	 	 	(17,618	) 	
Asia Pacific Segment	  	 	26,909	  	 	 	(15,021	) 	 	 	27,269	  	  	 	4,624	  	  	 	22,306	  	 	 	4,603	  	
Corporate and Other	  	 	(6,797	) 	 	 	(7,397	) 	 	 	4,160	  	  	 	3,286	  	  	 	(230	) 	 	 	(6,567	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Consolidated	  	$	165,254	  	 	$	168,041	  	 	$	164,540	  	  	$	180,056	  	  	$	162,961	  	 	$	2,293	  	

(1)	Certain amounts in the prior periods have been revised in connection with the retrospective adoption of ASU 2010-26 in the first quarter of 2012.	

 	 	    Quarterly Financial Supplement	 	Page 14	

Reinsurance Group of America, Incorporated
Investments
(USD thousands)

Cash and Invested Assets	 	
 	  	March 31,	 	  	Dec. 31,	 	  	Sept. 30,	 	  	June 30,	 	  	March 31,	 	
 	  	2012	 	  	2011	 	  	2011	 	  	2011	 	  	2011	 	
 	 	 	 	 	 	
Fixed maturity securities, available-for-sale	  	$	16,794,057	  	  	$	16,200,950	  	  	$	15,557,032	  	  	$	15,153,807	  	  	$	14,531,154	  	
Mortgage loans on real estate	  	 	1,040,733	  	  	 	991,731	  	  	 	934,694	  	  	 	908,048	  	  	 	906,869	  	
Policy loans	  	 	1,260,070	  	  	 	1,260,400	  	  	 	1,228,890	  	  	 	1,229,663	  	  	 	1,222,016	  	
Funds withheld at interest	  	 	5,472,532	  	  	 	5,410,424	  	  	 	5,445,886	  	  	 	5,671,844	  	  	 	5,595,146	  	
Short-term investments	  	 	75,425	  	  	 	88,566	  	  	 	81,747	  	  	 	125,618	  	  	 	74,902	  	
Other invested assets	  	 	867,507	  	  	 	1,012,541	  	  	 	1,020,043	  	  	 	799,341	  	  	 	756,377	  	
Cash and cash equivalents	  	 	873,933	  	  	 	962,870	  	  	 	802,651	  	  	 	710,973	  	  	 	467,672	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total cash and invested assets	  	$	26,384,257	  	  	$	25,927,482	  	  	$	25,070,943	  	  	$	24,599,294	  	  	$	23,554,136	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Investment Income and Yield Summary
(Excludes Funds Withheld Portfolios)

 	 	Three Months Ended	 	 	Current Qtr	 	
 	 	March 31,	 	 	Dec. 31,	 	 	Sept. 30,	 	 	June 30,	 	 	March 31,	 	 	vs. PY	 	
 	 	2012	 	 	2011	 	 	2011	 	 	2011	 	 	2011	 	 	Quarter	 	
 	 	 	 	 	 	 	
Average invested assets at amortized cost	 	$	18,347,561	  	 	$	17,765,960	  	 	$	17,683,301	  	 	$	17,446,168	  	 	$	16,762,725	  	 	$	1,584,836	  	
Net investment income	 	$	227,370	  	 	$	226,077	  	 	$	229,373	  	 	$	228,728	  	 	$	219,908	  	 	$	7,463	  	
 	 	 	 	 	 	 	
Annualized investment yield (ratio of net investment income to average invested assets)	 	 	5.05	% 	 	 	5.19	% 	 	 	5.29	% 	 	 	5.35	% 	 	 	5.35	% 	 	 	-0.30	% 	

 	 	    Quarterly Financial Supplement	 	Page 15	

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

March 31, 2012	 	 	 	 	
 	 	Amortized
Cost	 	 	Unrealized
Gains	 	 	Unrealized
Losses	 	 	Estimated
Fair
Value	 	 	% of
Total	 	 	Other-than-
temporary
Impairment
in  AOCI	 	
Available-for-sale:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Corporate securities	 	$	7,518,983	  	 	$	671,100	  	 	$	78,629	  	 	$	8,111,454	  	 	 	48.3	% 	 	$	—  	  	
Canadian and Canadian provincial governments	 	 	2,610,735	  	 	 	1,229,402	  	 	 	797	  	 	 	3,839,340	  	 	 	22.9	% 	 	 	—  	  	
Residential mortgage-backed securities	 	 	1,075,073	  	 	 	72,598	  	 	 	9,443	  	 	 	1,138,228	  	 	 	6.8	% 	 	 	(710	) 	
Asset-backed securities	 	 	448,688	  	 	 	11,390	  	 	 	45,551	  	 	 	414,527	  	 	 	2.5	% 	 	 	(4,512	) 	
Commercial mortgage-backed securities	 	 	1,302,734	  	 	 	104,586	  	 	 	64,899	  	 	 	1,342,421	  	 	 	8.0	% 	 	 	(6,118	) 	
U.S. government and agencies	 	 	257,928	  	 	 	22,500	  	 	 	1,335	  	 	 	279,093	  	 	 	1.6	% 	 	 	—  	  	
State and political subdivisions	 	 	191,113	  	 	 	27,873	  	 	 	4,982	  	 	 	214,004	  	 	 	1.3	% 	 	 	—  	  	
Other foreign government, supranational, and foreign government-sponsored enterprises	 	 	1,409,605	  	 	 	49,908	  	 	 	4,523	  	 	 	1,454,990	  	 	 	8.6	% 	 	 	—  	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total fixed maturity securities	 	$	14,814,859	  	 	$	2,189,357	  	 	$	210,159	  	 	$	16,794,057	  	 	 	100.0	% 	 	$	(11,340	) 	

Non-redeemable preferred stock	 	 	77,766	  	 	 	4,963	  	 	 	2,706	  	 	 	80,023	  	 	 	81.6	% 	 	 	 	 	
Other equity securities	 	 	16,046	  	 	 	3,446	  	 	 	1,487	  	 	 	18,005	  	 	 	18.4	% 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total equity securities	 	$	93,812	  	 	$	8,409	  	 	$	4,193	  	 	$	98,028	  	 	 	100.0	% 	 	 	 	 	

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

Non-redeemable preferred stock	 	 	82,488	  	 	 	4,677	  	 	 	8,982	  	 	 	78,183	  	 	 	68.6	% 	 	 	 	 	
Other equity securities	 	 	35,352	  	 	 	1,903	  	 	 	1,538	  	 	 	35,717	  	 	 	31.4	% 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total equity securities	 	$	117,840	  	 	$	6,580	  	 	$	10,520	  	 	$	113,900	  	 	 	100.0	% 	 	 	 	 	

 	 	 	 	 	
 	 	    Quarterly Financial Supplement	 	Page 16	

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

 	 	March 31, 2012	 	 	 	December 31, 2011	
 	 	Amortized
Cost	 	 	Estimated Fair
Value	 	 	% of
Total	 	 	Average Credit
Ratings	 	 	 	Amortized
Cost	 	 	Estimated Fair
Value	 	 	% of
Total	 	 	Average Credit
Ratings	
 	 	 	 	 	 	 	 	 	 	
Financial Institutions	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Banking	 	$	1,569,223	  	 	$	1,611,640	  	 	 	19.6	% 	 	A	 	 	 	$	1,477,638	  	 	$	1,454,124	  	 	 	19.2	% 	 	A	
Brokerage	 	 	72,828	  	 	 	78,900	  	 	 	1.0	% 	 	A	 	 	 	 	59,288	  	 	 	63,101	  	 	 	0.8	% 	 	A	
Finance Comp.	 	 	147,647	  	 	 	153,363	  	 	 	1.9	% 	 	A	 	 	 	 	158,271	  	 	 	161,992	  	 	 	2.1	% 	 	A	
Insurance	 	 	407,193	  	 	 	440,113	  	 	 	5.4	% 	 	A-	 	 	 	 	391,092	  	 	 	413,339	  	 	 	5.5	% 	 	A-	
REITs	 	 	338,809	  	 	 	358,749	  	 	 	4.4	% 	 	BBB+	 	 	 	 	300,401	  	 	 	316,192	  	 	 	4.2	% 	 	BBB+	
Other Finance	 	 	125,466	  	 	 	129,576	  	 	 	1.6	% 	 	A-	 	 	 	 	130,984	  	 	 	135,812	  	 	 	1.8	% 	 	A-	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Financial Institutions	 	 	2,661,166	  	 	 	2,772,341	  	 	 	33.9	% 	 	 	 	 	 	 	2,517,674	  	 	 	2,544,560	  	 	 	33.6	% 	 	 	
Industrials	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic	 	 	425,014	  	 	 	461,980	  	 	 	5.6	% 	 	BBB	 	 	 	 	367,323	  	 	 	402,225	  	 	 	5.3	% 	 	BBB+	
Capital Goods	 	 	400,181	  	 	 	434,770	  	 	 	5.3	% 	 	BBB+	 	 	 	 	360,309	  	 	 	396,150	  	 	 	5.2	% 	 	BBB+	
Communications	 	 	722,080	  	 	 	797,566	  	 	 	9.7	% 	 	BBB+	 	 	 	 	674,182	  	 	 	745,064	  	 	 	9.8	% 	 	BBB+	
Consumer Cyclical	 	 	519,532	  	 	 	559,491	  	 	 	6.8	% 	 	BBB+	 	 	 	 	407,873	  	 	 	438,034	  	 	 	5.8	% 	 	BBB+	
Consumer Noncyclical	 	 	719,513	  	 	 	805,573	  	 	 	9.8	% 	 	A-	 	 	 	 	691,245	  	 	 	784,819	  	 	 	10.4	% 	 	A-	
Energy	 	 	400,261	  	 	 	441,750	  	 	 	5.4	% 	 	BBB+	 	 	 	 	405,317	  	 	 	454,727	  	 	 	6.0	% 	 	BBB+	
Technology	 	 	283,306	  	 	 	304,977	  	 	 	3.7	% 	 	BBB+	 	 	 	 	245,954	  	 	 	269,301	  	 	 	3.6	% 	 	BBB+	
Transportation	 	 	235,940	  	 	 	252,700	  	 	 	3.1	% 	 	BBB+	 	 	 	 	219,605	  	 	 	234,822	  	 	 	3.1	% 	 	BBB+	
Other Industrial	 	 	57,025	  	 	 	61,918	  	 	 	0.7	% 	 	BBB	 	 	 	 	41,266	  	 	 	46,053	  	 	 	0.6	% 	 	BBB	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Industrials	 	 	3,762,852	  	 	 	4,120,725	  	 	 	50.1	% 	 	 	 	 	 	 	3,413,074	  	 	 	3,771,195	  	 	 	49.8	% 	 	 	
Utilities	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Electric	 	 	691,933	  	 	 	763,844	  	 	 	9.3	% 	 	BBB+	 	 	 	 	673,725	  	 	 	756,033	  	 	 	10.0	% 	 	BBB+	
Natural Gas	 	 	435,266	  	 	 	483,337	  	 	 	5.9	% 	 	BBB	 	 	 	 	398,648	  	 	 	447,617	  	 	 	5.9	% 	 	BBB	
Other Utility	 	 	52,759	  	 	 	60,112	  	 	 	0.7	% 	 	A-	 	 	 	 	43,377	  	 	 	51,921	  	 	 	0.7	% 	 	A-	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Utilities	 	 	1,179,958	  	 	 	1,307,293	  	 	 	15.9	% 	 	 	 	 	 	 	1,115,750	  	 	 	1,255,571	  	 	 	16.6	% 	 	 	
Other Sectors	 	 	8,819	  	 	 	9,123	  	 	 	0.1	% 	 	AA-	 	 	 	 	3,300	  	 	 	3,680	  	 	 	0.0	% 	 	AA-	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	 	$	7,612,795	  	 	$	8,209,482	  	 	 	100.0	% 	 	A-	 	 	 	$	7,049,798	  	 	$	7,575,006	  	 	 	100.0	% 	 	BBB+	

 	 	 	 	 	
 	 	    Quarterly Financial Supplement	 	Page 17	

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

 	 	 	 	March 31, 2012	 	 	December 31, 2011	 	 	September 30, 2011	 	 	June 30, 2011	 	 	March 31, 2011	 	
NAIC
Designation	 	Rating
Agency
Designation	 	Amortized
Cost	 	 	Estimated
Fair Value	 	 	% of
Total	 	 	Amortized
Cost	 	 	Estimated
Fair Value	 	 	% of
Total	 	 	Amortized
Cost	 	 	Estimated
Fair Value	 	 	% of
Total	 	 	Amortized
Cost	 	 	Estimated
Fair Value	 	 	% of
Total	 	 	Amortized
Cost	 	 	Estimated
Fair Value	 	 	% of
Total	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
1	 	AAA	 	$	2,090,606	  	 	$	2,196,118	  	 	 	13.1	% 	 	$	2,205,406	  	 	$	2,304,991	  	 	 	14.2	% 	 	$	2,375,876	  	 	$	2,459,503	  	 	 	15.8	% 	 	$	3,261,242	  	 	$	3,360,370	  	 	 	22.2	% 	 	$	3,397,610	  	 	$	3,470,262	  	 	 	23.9	% 	
1	 	AA	 	 	4,727,343	  	 	 	5,764,579	  	 	 	34.3	% 	 	 	4,675,653	  	 	 	5,815,846	  	 	 	35.9	% 	 	 	4,351,791	  	 	 	5,254,456	  	 	 	33.8	% 	 	 	3,593,909	  	 	 	4,103,688	  	 	 	27.0	% 	 	 	3,369,423	  	 	 	3,765,275	  	 	 	25.9	% 	
1	 	A	 	 	3,646,110	  	 	 	4,263,802	  	 	 	25.4	% 	 	 	3,206,553	  	 	 	3,822,796	  	 	 	23.6	% 	 	 	3,231,583	  	 	 	3,736,883	  	 	 	24.0	% 	 	 	3,250,321	  	 	 	3,587,885	  	 	 	23.7	% 	 	 	3,206,317	  	 	 	3,480,683	  	 	 	24.0	% 	
2	 	BBB	 	 	3,539,967	  	 	 	3,814,367	  	 	 	22.7	% 	 	 	3,283,937	  	 	 	3,522,411	  	 	 	21.8	% 	 	 	3,187,296	  	 	 	3,402,993	  	 	 	21.9	% 	 	 	3,129,518	  	 	 	3,330,600	  	 	 	22.0	% 	 	 	2,863,853	  	 	 	3,041,200	  	 	 	20.9	% 	
3	 	BB	 	 	428,543	  	 	 	430,002	  	 	 	2.6	% 	 	 	446,610	  	 	 	436,001	  	 	 	2.7	% 	 	 	444,042	  	 	 	423,559	  	 	 	2.7	% 	 	 	464,363	  	 	 	466,393	  	 	 	3.1	% 	 	 	492,097	  	 	 	497,056	  	 	 	3.4	% 	
4	 	B	 	 	240,603	  	 	 	220,924	  	 	 	1.3	% 	 	 	244,645	  	 	 	210,222	  	 	 	1.3	% 	 	 	229,658	  	 	 	196,617	  	 	 	1.3	% 	 	 	248,242	  	 	 	229,591	  	 	 	1.5	% 	 	 	218,541	  	 	 	203,594	  	 	 	1.4	% 	
5	 	CCC and lower	 	 	106,637	  	 	 	80,660	  	 	 	0.5	% 	 	 	95,128	  	 	 	71,410	  	 	 	0.4	% 	 	 	78,310	  	 	 	60,014	  	 	 	0.4	% 	 	 	65,181	  	 	 	49,540	  	 	 	0.3	% 	 	 	67,395	  	 	 	50,231	  	 	 	0.3	% 	
6	 	In or near default	 	 	35,050	  	 	 	23,605	  	 	 	0.1	% 	 	 	24,948	  	 	 	17,273	  	 	 	0.1	% 	 	 	28,343	  	 	 	23,007	  	 	 	0.1	% 	 	 	28,571	  	 	 	25,740	  	 	 	0.2	% 	 	 	21,747	  	 	 	22,853	  	 	 	0.2	% 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Total	 	$	14,814,859	  	 	$	16,794,057	  	 	 	100.0	% 	 	$	14,182,880	  	 	$	16,200,950	  	 	 	100.0	% 	 	$	13,926,899	  	 	$	15,557,032	  	 	 	100.0	% 	 	$	14,041,347	  	 	$	15,153,807	  	 	 	100.0	% 	 	$	13,636,983	  	 	$	14,531,154	  	 	 	100.0	% 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Structured Fixed Maturity Securities

 	  	March 31, 2012	 	  	December 31, 2011	 	  	September 30, 2011	 	  	June 30, 2011	 	  	March 31, 2011	 	
 	  	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	  	$	523,206	  	  	$	576,045	  	  	$	561,156	  	  	$	619,010	  	  	$	596,072	  	  	$	660,833	  	  	$	637,806	  	  	$	674,599	  	  	$	662,505	  	  	$	690,577	  	
Non-agency	  	 	551,867	  	  	 	562,183	  	  	 	606,109	  	  	 	608,224	  	  	 	642,791	  	  	 	646,941	  	  	 	682,952	  	  	 	691,185	  	  	 	712,661	  	  	 	725,551	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total residential mortgage-backed securities	  	 	1,075,073	  	  	 	1,138,228	  	  	 	1,167,265	  	  	 	1,227,234	  	  	 	1,238,863	  	  	 	1,307,774	  	  	 	1,320,758	  	  	 	1,365,784	  	  	 	1,375,166	  	  	 	1,416,128	  	
Commercial mortgage-backed securities	  	 	1,302,734	  	  	 	1,342,421	  	  	 	1,233,958	  	  	 	1,242,219	  	  	 	1,330,302	  	  	 	1,326,994	  	  	 	1,333,832	  	  	 	1,359,105	  	  	 	1,344,194	  	  	 	1,365,715	  	
Asset-backed securities	  	 	448,688	  	  	 	414,527	  	  	 	443,974	  	  	 	401,991	  	  	 	412,468	  	  	 	372,957	  	  	 	415,637	  	  	 	376,920	  	  	 	420,028	  	  	 	377,573	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total	  	$	2,826,495	  	  	$	2,895,176	  	  	$	2,845,197	  	  	$	2,871,444	  	  	$	2,981,633	  	  	$	3,007,725	  	  	$	3,070,227	  	  	$	3,101,809	  	  	$	3,139,388	  	  	$	3,159,416	  	

 	 	 	 	 	
 	 	    Quarterly Financial Supplement	 	Page 18	

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

 	 	March 31, 2012	 	
 	 	AAA	 	 	AA	 	 	A	 	
Underwriting Year	 	Amortized
Cost	 	 	Estimated
Fair Value	 	 	Amortized
Cost	 	 	Estimated
Fair Value	 	 	Amortized
Cost	 	 	Estimated
Fair Value	 	
 	 	 	 	 	 	 	
2006 & Prior	 	$	350,725	  	 	$	382,818	  	 	$	189,200	  	 	$	208,138	  	 	$	128,348	  	 	$	131,331	  	
2007	 	 	176,584	  	 	 	191,124	  	 	 	13,319	  	 	 	15,423	  	 	 	116,968	  	 	 	125,339	  	
2008	 	 	8,911	  	 	 	8,991	  	 	 	42,040	  	 	 	49,885	  	 	 	23,730	  	 	 	27,675	  	
2009	 	 	1,651	  	 	 	1,737	  	 	 	17,063	  	 	 	18,748	  	 	 	7,132	  	 	 	9,930	  	
2010	 	 	27,953	  	 	 	29,530	  	 	 	49,342	  	 	 	52,710	  	 	 	19,408	  	 	 	20,391	  	
2011	 	 	21,148	  	 	 	21,196	  	 	 	16,064	  	 	 	17,643	  	 	 	7,532	  	 	 	7,892	  	
2012	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	 	$	586,972	  	 	$	635,396	  	 	$	327,028	  	 	$	362,547	  	 	$	303,118	  	 	$	322,558	  	

 	 	BBB	 	 	Below Investment Grade	 	 	Total	 	
Underwriting Year	 	Amortized
Cost	 	 	Estimated
Fair Value	 	 	Amortized
Cost	 	 	Estimated
Fair Value	 	 	Amortized
Cost	 	 	Estimated
Fair Value	 	
 	 	 	 	 	 	 	
2006 & Prior	 	$	69,742	  	 	$	67,364	  	 	$	113,153	  	 	$	91,196	  	 	$	851,168	  	 	$	880,847	  	
2007	 	 	102,847	  	 	 	112,334	  	 	 	114,238	  	 	 	82,700	  	 	 	523,956	  	 	 	526,920	  	
2008	 	 	—  	  	 	 	—  	  	 	 	23,002	  	 	 	17,674	  	 	 	97,683	  	 	 	104,225	  	
2009	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	25,846	  	 	 	30,415	  	
2010	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	96,703	  	 	 	102,631	  	
2011	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	44,744	  	 	 	46,731	  	
2012	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	 	$	172,589	  	 	$	179,698	  	 	$	250,393	  	 	$	191,570	  	 	$	1,640,100	  	 	$	1,691,769	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
NOTE: Totals include directly held investments with amortized cost of $1,302.7 million and fair value of $1,342.4 million as well as investments in funds withheld with amortized cost of $337.4 million and fair value of $349.3 million.

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

 	 	BBB	 	 	Below Investment Grade	 	 	Total	 	
Underwriting Year	 	Amortized
Cost	 	 	Estimated
Fair Value	 	 	Amortized
Cost	 	 	Estimated
Fair Value	 	 	Amortized
Cost	 	 	Estimated
Fair Value	 	
 	 	 	 	 	 	 	
2005 & Prior	 	$	24,750	  	 	$	24,295	  	 	$	52,475	  	 	$	40,753	  	 	$	332,894	  	 	$	338,057	  	
2006	 	 	27,995	  	 	 	26,563	  	 	 	53,205	  	 	 	43,559	  	 	 	447,653	  	 	 	462,882	  	
2007	 	 	102,604	  	 	 	108,047	  	 	 	113,946	  	 	 	77,718	  	 	 	558,241	  	 	 	541,920	  	
2008	 	 	—  	  	 	 	—  	  	 	 	24,916	  	 	 	17,554	  	 	 	99,721	  	 	 	105,380	  	
2009	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	21,091	  	 	 	24,908	  	
2010	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	96,703	  	 	 	103,079	  	
2011	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	38,756	  	 	 	39,675	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	 	$	155,349	  	 	$	158,905	  	 	$	244,542	  	 	$	179,584	  	 	$	1,595,059	  	 	$	1,615,901	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
NOTE: Totals include directly held investments with amortized cost of $1,234.0 million and fair value of $1,242.2 million as well as investments in funds withheld with amortized cost of $361.1 million and fair value of $373.7 million.

 	 	    Quarterly Financial Supplement	 	Page 19	

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

 	 	March 31, 2012	 	 	December 31, 2011	 	 	September 30, 2011	 	 	June 30, 2011	 	 	March 31, 2011	 	
 	 	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%	 	$	88,526	  	 	 	41.3	% 	 	$	126,250	  	 	 	43.1	% 	 	$	139,671	  	 	 	46.1	% 	 	$	120,770	  	 	 	51.7	% 	 	$	142,936	  	 	 	53.4	% 	
 	 	 	 	 	 	 	 	 	 	 	
20% or more for less than six months	 	 	9,803	  	 	 	4.6	% 	 	 	46,386	  	 	 	15.9	% 	 	 	49,034	  	 	 	16.2	% 	 	 	7,742	  	 	 	3.3	% 	 	 	7,229	  	 	 	2.7	% 	
 	 	 	 	 	 	 	 	 	 	 	
20% or more for six months or greater	 	 	111,830	  	 	 	52.2	% 	 	 	109,330	  	 	 	37.4	% 	 	 	105,170	  	 	 	34.7	% 	 	 	102,017	  	 	 	43.6	% 	 	 	110,349	  	 	 	41.2	% 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	 	$	210,159	  	 	 	98.1	% 	 	$	281,966	  	 	 	96.4	% 	 	$	293,875	  	 	 	97.0	% 	 	$	230,529	  	 	 	98.6	% 	 	$	260,514	  	 	 	97.3	% 	

Equity Securities
 	 	
 	 	March 31, 2012	 	 	December 31, 2011	 	 	September 30, 2011	 	 	June 30, 2011	 	 	March 31, 2011	 	
 	 	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%	 	$	3,511	  	 	 	1.6	% 	 	$	4,905	  	 	 	1.7	% 	 	$	4,774	  	 	 	1.6	% 	 	$	3,019	  	 	 	1.3	% 	 	$	5,196	  	 	 	1.9	% 	
 	 	 	 	 	 	 	 	 	 	 	
20% or more for less than six months	 	 	183	  	 	 	0.1	% 	 	 	5,117	  	 	 	1.7	% 	 	 	4,142	  	 	 	1.4	% 	 	 	223	  	 	 	0.1	% 	 	 	691	  	 	 	0.3	% 	
 	 	 	 	 	 	 	 	 	 	 	
20% or more for six months or greater	 	 	499	  	 	 	0.2	% 	 	 	498	  	 	 	0.2	% 	 	 	49	  	 	 	0.0	% 	 	 	48	  	 	 	0.0	% 	 	 	1,304	  	 	 	0.5	% 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	 	$	4,193	  	 	 	1.9	% 	 	$	10,520	  	 	 	3.6	% 	 	$	8,965	  	 	 	3.0	% 	 	$	3,290	  	 	 	1.4	% 	 	$	7,191	  	 	 	2.7	% 	

 	 	 	 	 	
 	 	    Quarterly Financial Supplement	 	Page 20	

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

 	 	As of March 31, 2012	 	
 	 	Less than 12 months	 	 	Equal to or greater than 12 months	 	 	Total	 	
 	 	Estimated
Fair Value	 	 	Gross
Unrealized
Losses	 	 	Estimated Fair
Value	 	 	Gross Unrealized
Losses	 	 	Estimated
Fair Value	 	 	Gross
Unrealized
Losses	 	
 	 	 	 	 	 	 	
Investment grade securities:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Corporate securities	 	$	862,016	  	 	$	21,354	  	 	$	257,018	  	 	$	39,896	  	 	$	1,119,034	  	 	$	61,250	  	
Canadian and Canadian provincial governments	 	 	28,422	  	 	 	797	  	 	 	—  	  	 	 	—  	  	 	 	28,422	  	 	 	797	  	
Residential mortgage-backed securities	 	 	73,291	  	 	 	1,148	  	 	 	49,221	  	 	 	6,875	  	 	 	122,512	  	 	 	8,023	  	
Asset-backed securities	 	 	90,691	  	 	 	2,241	  	 	 	96,052	  	 	 	24,491	  	 	 	186,743	  	 	 	26,732	  	
Commercial mortgage-backed securities	 	 	92,710	  	 	 	1,432	  	 	 	52,313	  	 	 	13,549	  	 	 	145,023	  	 	 	14,981	  	
U.S. government and agencies	 	 	87,486	  	 	 	1,335	  	 	 	—  	  	 	 	—  	  	 	 	87,486	  	 	 	1,335	  	
State and political subdivisions	 	 	27,839	  	 	 	3,462	  	 	 	12,020	  	 	 	1,520	  	 	 	39,859	  	 	 	4,982	  	
Other foreign government, supranational, and foreign government-sponsored enterprises	 	 	221,491	  	 	 	2,401	  	 	 	17,336	  	 	 	2,122	  	 	 	238,827	  	 	 	4,523	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Investment grade securities	 	$	1,483,946	  	 	$	34,170	  	 	$	483,960	  	 	$	88,453	  	 	$	1,967,906	  	 	$	122,623	  	

Non-investment grade securities:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Corporate securities	 	 	147,646	  	 	 	9,931	  	 	 	47,308	  	 	 	7,448	  	 	 	194,954	  	 	 	17,379	  	
Residential mortgage-backed securities	 	 	3,851	  	 	 	167	  	 	 	14,434	  	 	 	1,253	  	 	 	18,285	  	 	 	1,420	  	
Asset-backed securities	 	 	11	  	 	 	30	  	 	 	25,023	  	 	 	18,789	  	 	 	25,034	  	 	 	18,819	  	
Commercial mortgage-backed securities	 	 	32,637	  	 	 	1,201	  	 	 	61,562	  	 	 	48,717	  	 	 	94,199	  	 	 	49,918	  	
State and political subdivisions	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	
Other foreign government, supranational, and foreign government-sponsored enterprises	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Non-investment grade securities	 	$	184,145	  	 	$	11,329	  	 	$	148,327	  	 	$	76,207	  	 	$	332,472	  	 	$	87,536	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total fixed maturity securities	 	$	1,668,091	  	 	$	45,499	  	 	$	632,287	  	 	$	164,660	  	 	$	2,300,378	  	 	$	210,159	  	

Non-redeemable preferred stock	 	 	7,603	  	 	 	484	  	 	 	19,099	  	 	 	2,222	  	 	 	26,702	  	 	 	2,706	  	
Other equity securities	 	 	20	  	 	 	183	  	 	 	5,537	  	 	 	1,304	  	 	 	5,557	  	 	 	1,487	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Equity securities	 	$	7,623	  	 	$	667	  	 	$	24,636	  	 	$	3,526	  	 	$	32,259	  	 	$	4,193	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total number of securities in an unrealized loss position	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	851	  	 	 	 	 	
 	 	
 	 	As of December 31, 2011	 	
 	 	Less than 12 months	 	 	Equal to or greater than 12 months	 	 	Total	 	
 	 	Estimated
Fair Value	 	 	Gross
Unrealized
Losses	 	 	Estimated Fair
Value	 	 	Gross Unrealized
Losses	 	 	Estimated
Fair Value	 	 	Gross
Unrealized
Losses	 	
 	 	 	 	 	 	 	
Investment grade securities:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Corporate securities	 	$	790,758	  	 	$	40,180	  	 	$	286,244	  	 	$	63,117	  	 	$	1,077,002	  	 	$	103,297	  	
Canadian and Canadian provincial governments	 	 	3,094	  	 	 	29	  	 	 	—  	  	 	 	—  	  	 	 	3,094	  	 	 	29	  	
Residential mortgage-backed securities	 	 	128,622	  	 	 	3,549	  	 	 	58,388	  	 	 	10,382	  	 	 	187,010	  	 	 	13,931	  	
Asset-backed securities	 	 	101,263	  	 	 	3,592	  	 	 	93,910	  	 	 	29,036	  	 	 	195,173	  	 	 	32,628	  	
Commercial mortgage-backed securities	 	 	109,455	  	 	 	3,538	  	 	 	58,979	  	 	 	22,001	  	 	 	168,434	  	 	 	25,539	  	
U.S. government and agencies	 	 	1,764	  	 	 	61	  	 	 	—  	  	 	 	—  	  	 	 	1,764	  	 	 	61	  	
State and political subdivisions	 	 	21,045	  	 	 	1,845	  	 	 	12,273	  	 	 	1,268	  	 	 	33,318	  	 	 	3,113	  	
Other foreign government, supranational, and foreign government-sponsored enterprises	 	 	148,416	  	 	 	1,085	  	 	 	16,588	  	 	 	2,491	  	 	 	165,004	  	 	 	3,576	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Investment grade securities	 	 	1,304,417	  	 	 	53,879	  	 	 	526,382	  	 	 	128,295	  	 	 	1,830,799	  	 	 	182,174	  	

Non-investment grade securities:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Corporate securities	 	 	212,795	  	 	 	10,852	  	 	 	47,310	  	 	 	11,222	  	 	 	260,105	  	 	 	22,074	  	
Residential mortgage-backed securities	 	 	23,199	  	 	 	712	  	 	 	10,459	  	 	 	1,781	  	 	 	33,658	  	 	 	2,493	  	
Asset-backed securities	 	 	2,363	  	 	 	940	  	 	 	21,275	  	 	 	20,107	  	 	 	23,638	  	 	 	21,047	  	
Commercial mortgage-backed securities	 	 	34,918	  	 	 	7,220	  	 	 	62,357	  	 	 	46,730	  	 	 	97,275	  	 	 	53,950	  	
State and political subdivisions	 	 	4,000	  	 	 	228	  	 	 	—  	  	 	 	—  	  	 	 	4,000	  	 	 	228	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Non-investment grade securities	 	 	277,275	  	 	 	19,952	  	 	 	141,401	  	 	 	79,840	  	 	 	418,676	  	 	 	99,792	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total fixed maturity securities	 	$	1,581,692	  	 	$	73,831	  	 	$	667,783	  	 	$	208,135	  	 	$	2,249,475	  	 	$	281,966	  	

Non-redeemable preferred stock	 	 	19,516	  	 	 	4,478	  	 	 	15,694	  	 	 	4,504	  	 	 	35,210	  	 	 	8,982	  	
Other equity securities	 	 	1,662	  	 	 	602	  	 	 	5,905	  	 	 	936	  	 	 	7,567	  	 	 	1,538	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Equity securities	 	$	21,178	  	 	$	5,080	  	 	$	21,599	  	 	$	5,440	  	 	$	42,777	  	 	$	10,520	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total number of securities in an unrealized loss position	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	940	  	 	 	 	 	

 	 	    Quarterly Financial Supplement	 	Page 21	

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

 	  	Three Months Ended	 	 	Current Qtr
vs. PY
Quarter	 	
 	  	March 31,
2012	 	 	Dec. 31,
2011	 	 	Sept. 30,
2011	 	 	June 30,
2011	 	 	March 31,
2011	 	 	 	 	
 	 	 	 	 	 	 	
Fixed Maturity and Equity Securities:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Other-than-temporary impairment losses on fixed maturities	  	$	(7,607	) 	 	$	(11,824	) 	 	$	(11,911	) 	 	$	(5,582	) 	 	$	(1,556	) 	 	$	(6,051	) 	
Portion of loss recognized in accumulated other comprehensive income (before taxes)	  	 	(7,221	) 	 	 	543	  	 	 	3,089	  	 	 	292	  	 	 	—  	  	 	 	(7,221	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net other-than-temporary impairment losses on fixed maturities recognized in earnings	  	 	(14,828	) 	 	 	(11,281	) 	 	 	(8,822	) 	 	 	(5,290	) 	 	 	(1,556	) 	 	 	(13,272	) 	
Impairment losses on equity securities	  	 	(839	) 	 	 	(436	) 	 	 	—  	  	 	 	(3,680	) 	 	 	—  	  	 	 	(839	) 	
Gain on investment activity	  	 	22,312	  	 	 	39,622	  	 	 	34,840	  	 	 	28,207	  	 	 	29,376	  	 	 	(7,064	) 	
Loss on investment activity	  	 	(7,504	) 	 	 	(6,247	) 	 	 	(7,182	) 	 	 	(6,653	) 	 	 	(6,914	) 	 	 	(590	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net gain/(loss) on fixed maturity and equity securities	  	 	(859	) 	 	 	21,658	  	 	 	18,836	  	 	 	12,584	  	 	 	20,906	  	 	 	(21,765	) 	
 	 	 	 	 	 	 	
Other impairment losses and change in mortgage loan provision	  	 	(5,843	) 	 	 	(5,258	) 	 	 	(2,370	) 	 	 	(3,186	) 	 	 	576	  	 	 	(6,419	) 	
Other non-derivative gain/(loss), net	  	 	6,641	  	 	 	7,318	  	 	 	5,698	  	 	 	4,645	  	 	 	4,696	  	 	 	1,945	  	
 	 	 	 	 	 	 	
Free-standing Derivatives:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Credit Default Swaps	  	 	11,813	  	 	 	8,075	  	 	 	(10,018	) 	 	 	988	  	 	 	892	  	 	 	10,921	  	
Interest Rate Swaps - non-hedged	  	 	(47,352	) 	 	 	20,818	  	 	 	142,907	  	 	 	25,343	  	 	 	(10,730	) 	 	 	(36,622	) 	
Interest Rate Swaps - hedged	  	 	(26	) 	 	 	28	  	 	 	258	  	 	 	205	  	 	 	126	  	 	 	(152	) 	
Futures	  	 	(17,408	) 	 	 	(22,866	) 	 	 	36,217	  	 	 	(2,873	) 	 	 	(11,423	) 	 	 	(5,985	) 	
CPI Swaps	  	 	(802	) 	 	 	726	  	 	 	(219	) 	 	 	503	  	 	 	811	  	 	 	(1,613	) 	
Equity options	  	 	(37,983	) 	 	 	(22,063	) 	 	 	30,530	  	 	 	3,919	  	 	 	(4,568	) 	 	 	(33,415	) 	
Currency Forwards	  	 	(1,608	) 	 	 	561	  	 	 	1,374	  	 	 	595	  	 	 	(855	) 	 	 	(753	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total free-standing derivatives	  	 	(93,366	) 	 	 	(14,721	) 	 	 	201,049	  	 	 	28,680	  	 	 	(25,747	) 	 	 	(67,619	) 	
 	 	 	 	 	 	 	
Embedded Derivatives:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Modified coinsurance and funds withheld treaties	  	 	(9,428	) 	 	 	(85,722	) 	 	 	(102,574	) 	 	 	10,525	  	 	 	90,535	  	 	 	(99,963	) 	
GMXB	  	 	146,375	  	 	 	29,261	  	 	 	(260,239	) 	 	 	(25,860	) 	 	 	32,654	  	 	 	113,721	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total embedded derivatives	  	 	136,947	  	 	 	(56,461	) 	 	 	(362,813	) 	 	 	(15,335	) 	 	 	123,189	  	 	 	13,758	  	
 	 	 	 	 	 	 	
Net gain/(loss) on total derivatives	  	 	43,581	  	 	 	(71,182	) 	 	 	(161,764	) 	 	 	13,345	  	 	 	97,442	  	 	 	(53,861	) 	

Total investment related gains / (losses), net	  	$	43,520	  	 	$	(47,464	) 	 	$	(139,600	) 	 	$	27,388	  	 	$	123,620	  	 	$	(80,100	) 	

 	 	 	 	 	
 	 	    Quarterly Financial Supplement	 	Page 22