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): January 31, 2011
REINSURANCE GROUP OF AMERICA, INCORPORATED
(Exact Name of Registrant as Specified in its Charter)
 	 	 	 	 	
Missouri	 	1-11848	 	43-1627032	
(State or Other Jurisdiction of	 	(Commission	 	(IRS Employer	
Incorporation)	 	File Number)	 	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):
o	 	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)	
 	 	 	
o	 	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)	
 	 	 	
o	 	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))	
 	 	 	
o	 	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 January 31, 2011, Reinsurance Group of America, Incorporated (the “Company”) issued (1) a press release announcing its earnings for the three-month period ended December 31, 2010, 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 December 31, 2010, a copy of which is attached hereto as Exhibit 99.2. The press release also notes that a conference call will be held on February 1, 2011 to discuss the financial and operating results for the three-month period ended December 31, 2010. 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 January 31, 2011	
 	 	 	
99.2	 	Quarterly Financial Supplement for the quarter ended December 31, 2010	
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: January 31, 2011 	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 January 31, 2011	
 	 	 	
99.2	 	Quarterly Financial Supplement for the quarter ended December 31, 2010	

Exhibit 99.1

PRESS RELEASE
REINSURANCE GROUP OF AMERICA REPORTS FOURTH-QUARTER RESULTS
 	•	 	Fourth-quarter earnings per diluted share: net income $2.62; operating income* $2.15	
 	 	 	 	
 	•	 	Premiums up 13 percent to $1.8 billion for the quarter	
 	 	 	 	
 	•	 	Full-year operating return on equity* 13 percent	
 	 	 	 	
 	•	 	Five-year average operating return on equity* 13 percent	
ST. LOUIS, January 31, 2011 — Reinsurance Group of America, Incorporated (NYSE:RGA), a leading global provider of life reinsurance, reported fourth-quarter net income of $196.7 million, or $2.62 per diluted share, compared to $112.4 million, or $1.52 per diluted share in the prior-year quarter. Operating income* totaled $161.4 million, or $2.15 per diluted share, compared to $125.8 million, or $1.70 per diluted share in the year-ago quarter. Operating income per diluted share increased 26 percent over the year-ago quarter.
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Quarterly Results	 	Full-Year Results	
($ in thousands, except per share data)	 	2010	 	2009	 	2010	 	2009	
Net premiums	 	$	1,801,899	 	 	$	1,598,754	 	 	$	6,659,680	 	 	$	5,725,161	 	
Net income	 	 	196,712	 	 	 	112,409	 	 	 	574,402	 	 	 	407,086	 	
Net income per diluted share	 	 	2.62	 	 	 	1.52	 	 	 	7.69	 	 	 	5.55	 	
Operating income*	 	 	161,419	 	 	 	125,833	 	 	 	504,029	 	 	 	438,321	 	
Operating income per diluted share*	 	 	2.15	 	 	 	1.70	 	 	 	6.75	 	 	 	5.98	 	
Book value per share	 	 	68.71	 	 	 	52.99	 	 	 	 	 	 	 	 	 	
Book value per share (excl. Accumulated Other Comprehensive Income “AOCI”)*	 	 	56.34	 	 	 	48.89	 	 	 	 	 	 	 	 	 	
Total assets	 	 	29,081,908	 	 	 	25,249,501	 	 	 	 	 	 	 	 	 	

*	 	See ‘Use of Non-GAAP Financial Measures’ below	
Net income for the year increased 41 percent to $574.4 million, or $7.69 per diluted share, from $407.1 million, or $5.55 per diluted share, in 2009. Operating income* rose 15 percent and totaled $504.0 million, or $6.75 per diluted share, compared with $438.3 million, or $5.98 per diluted share, the year before. Foreign currency fluctuations benefited year-to-date operating income per diluted share by $0.16. In particular, Canadian dollar appreciation versus the U.S. dollar increased consolidated after-tax operating income by $7.6 million, or $0.10 per diluted share, for the year. Net premiums increased $934.5 million, or 16 percent, and net investment income rose $116.2 million, or 10 percent, compared to 2009. Net premiums for the group reinsurance business acquired at the beginning of 2010 totaled $301.4 million.
For the quarter, consolidated net premiums were up 13 percent, to $1,801.9 million, including $73.8 million from the group reinsurance business. Holding foreign exchange rates constant, premiums rose 11 percent. Investment income increased 13 percent to $355.2 million from $315.2 million in the year-earlier quarter, with average investment yields of 5.43 percent and 5.85 percent, respectively. Excluding the change in fair value of option contracts supporting equity-indexed annuities, investment income increased $23.1 million, or 8 percent, to 310.1 million, primarily due

 
to a larger relative asset base. Net foreign currency fluctuations contributed less than $1.0 million, after taxes, to fourth-quarter operating income.
In mid-December, as part of overall tax legislation, Congress passed an extension of the active financing exception legislation. As a result, the company recorded a cumulative reduction to the income tax provision of $14.9 million, or $0.20 per diluted share lowering the effective tax rate for the fourth quarter.
A. Greig Woodring, president and chief executive officer, commented, “We are pleased with our results for the fourth quarter and 2010 overall. For 2010, we posted double digit growth in net premiums and operating income per share. Claims experience was in line with expectations on a consolidated basis. Book value per share increased 30 percent for the year, reflecting strong net income and improved market conditions. Investment impairments were significantly reduced from 2009 levels.
“Our annualized operating return on equity was 16 percent for the quarter and 13 percent for the year, the fifth consecutive year in which we have reported a return of at least 13 percent. RGA is well capitalized and we continually evaluate business opportunities and capital management strategies while aiming to provide optimal long-term value to our shareholders. We are well-positioned in all major life reinsurance markets and continue to strive to meet our clients’ needs across the globe.”
SEGMENT RESULTS
U.S.
The U.S. Traditional sub-segment reported pre-tax net income of $113.3 million for the quarter compared with $74.3 million in the prior year. Pre-tax operating income increased to $107.1 million from $82.1 million the year before, when higher-than-expected claims hampered results. Current-quarter mortality experience was better-than-expected. Net premiums exceeded $1.0 billion, including $70.4 million from the U.S. group reinsurance business, and increased 10 percent compared with the prior-year quarter. For 2010, net premiums increased 14 percent to $3,776.0 million, including $286.6 million from the U.S. group reinsurance business.
The U.S. Asset Intensive business reported pre-tax income of $56.4 million compared with $6.3 million a year ago. The increase was primarily due to market-driven changes in the fair values of various free-standing and embedded derivatives. Excluding the impact of those derivatives, pre-tax operating income increased to $20.0 million from $13.9 million a year ago. Strong equity market performance and a $3.8 million recapture fee contributed to the improvements.
Canada
Canadian operations reported pre-tax net income of $36.2 million, compared with $45.8 million in the fourth quarter of 2009. Pre-tax operating income was very strong and totaled $36.6 million, an increase of 19 percent over last year’s $30.7 million, reflecting favorable mortality experience. Foreign currency fluctuations benefited pre-tax operating income by approximately $1.9 million. On a Canadian dollar basis, net premiums increased 17 percent. On a U.S. dollar basis, net premiums were up 22 percent, to $205.9 million from $168.5 million last year. For the year, net premiums were up 18 percent on a Canadian dollar basis.

 
Asia Pacific
Asia Pacific reported pre-tax net income of $10.1 million compared with $23.5 million in the fourth quarter of 2009. Pre-tax operating income decreased to $8.1 million from $24.8 million a year ago, primarily attributable to higher-than-expected group disability claims in Australia. Net premiums increased to $322.5 million from $283.4 million in the prior year, with strong production in Australia and Japan, and also benefited by approximately $21.0 million due to foreign currency fluctuations. For the year, net premiums were up 14 percent on a U.S. dollar basis and 3 percent on an original currency basis.
Europe & South Africa
Europe & South Africa’s fourth-quarter pre-tax net income increased to $35.4 million from $24.5 million in the year-ago quarter. Pre-tax operating income increased to $36.4 million from $23.9 million last year due to favorable claims experience across all markets in this segment. Net premiums were up to $258.0 million from $224.5 million in the prior-year quarter, primarily due to strong production in the UK and several other European markets. Foreign currency exchange rates had adverse effects totaling $5.5 million and $0.7 million on net premiums and pre-tax operating income, respectively. For the year, net premiums were up 17 percent on a U.S. dollar basis and 18 percent on an original currency basis.
Corporate and Other
Corporate and Other reported pre-tax net income of $18.4 million and pre-tax operating income of $7.3 million for the quarter. Results from this segment include investment income and realized gains and losses associated with unallocated assets, debt servicing costs and other corporate-related activities.
2011 Guidance
Management projects 2011 operating income per diluted share to be within a range of $6.70 to $7.30. This guidance assumes an expected level of death claims, which are prone to normal short-term statistical fluctuations that can significantly affect results on quarterly and annual bases. Additionally, the guidance reflects approximately $0.20 per diluted share negative impact due to lower anticipated investment yields in 2011. On a U.S. dollar basis, the company expects consolidated net premiums to increase by approximately 8 percent to 10 percent.
Dividend Declaration
The company’s board of directors declared a regular quarterly dividend of $0.12, payable February 28 to shareholders of record as of February 9.
Earnings Conference Call
A conference call to discuss fourth-quarter results will begin at 9 a.m. Eastern Time on Tuesday, February 1. Interested parties may access the call by dialing 877-627-6581 (domestic) or 719-325-4836 (international). The access code is 4247736. 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 February 8 at 888-203-1112 (domestic) or 719-457-0820 (international), access code 4247736.

 
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 subsidiary companies or offices in Australia, Barbados, Bermuda, Canada, China, France, Germany, Hong Kong, India, Ireland, Italy, Japan, Mexico, the Netherlands, Poland, South Africa, South Korea, Spain, Taiwan, the United Kingdom and the United States. Worldwide, the company has approximately $2.5 trillion of life reinsurance in force, and assets of $29.1 billion.
Cautionary Statement Regarding Forward-looking Statements
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, among others, statements relating to projections of the earnings, revenues, income or loss, future financial performance and growth potential of Reinsurance Group of America, Incorporated and its subsidiaries (which we refer to in the following paragraphs as “we,” “us” or “our”). The words “intend,” “expect,” “project,” “estimate,” “predict,” “anticipate,” “should,” “believe,” and other similar expressions also are intended to identify forward-looking statements. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Future events and actual results,

 
performance and achievements could differ materially from those set forth in, contemplated by or underlying the forward-looking statements.
Numerous important factors could cause actual results and events to differ materially from those expressed or implied by forward-looking statements including, without limitation, (1) adverse capital and credit market conditions and their impact on our liquidity, access to capital, and cost of capital, (2) the impairment of other financial institutions and its effect on our business, (3) requirements to post collateral or make payments due to declines in market value of assets subject to our collateral arrangements, (4) the fact that the determination of allowances and impairments taken on our investments is highly subjective, (5) adverse changes in mortality, morbidity, lapsation, or claims experience, (6) changes in our financial strength and credit ratings and the effect of such changes on our future results of operations and financial condition, (7) inadequate risk analysis and underwriting, (8) general economic conditions or a prolonged economic downturn affecting the demand for insurance and reinsurance in our current and planned markets, (9) the availability and cost of collateral necessary for regulatory reserves and capital, (10) market or economic conditions that adversely affect the value of our investment securities or result in the impairment of all or a portion of the value of certain of our investment securities, (11) market or economic conditions that adversely affect our ability to make timely sales of investment securities, (12) risks inherent in our risk management and investment strategy, including changes in investment portfolio yields due to interest rate or credit quality changes, (13) fluctuations in U.S. or foreign currency exchange rates, interest rates, or securities and real estate markets, (14) adverse litigation or arbitration results, (15) the adequacy of reserves, resources, and accurate information relating to settlements, awards, and terminated and discontinued lines of business, (16) the stability of and actions by governments and economies in the markets in which we operate, (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) regulatory action that may be taken by state Departments of Insurance with respect to us, (23) our dependence on third parties, including those insurance companies and reinsurers to which we cede some reinsurance, third-party investment managers, and others, (24) the threat of natural disasters, catastrophes, terrorist attacks, epidemics, or pandemics anywhere in the world where we or our clients do business, (25) changes in laws, regulations, and accounting standards applicable to us, our subsidiaries, or our business, (26) the effect of our status as an insurance holding company and regulatory restrictions on our ability to pay principal and interest on our debt obligations, and (27) other risks and uncertainties described in this document and in our other filings with the Securities and Exchange Commission.
Forward-looking statements should be evaluated together with the many risks and uncertainties that affect our business, including those mentioned in this document and described in the periodic reports we file with the Securities and Exchange Commission. These forward-looking statements speak only as of the date on which they are made. We do not undertake any obligations to update these forward-looking statements, even though our situation may change in the future. We qualify all of our forward-looking statements by these cautionary statements. For a discussion of the risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements, you are advised to review the risk factors in our 2009 Form 10-K.

 
REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
Reconciliation of Consolidated Net Income to Operating Income
(Dollars in thousands)
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	 	Twelve Months Ended	 	
 	 	December 31,	 	 	December 31,	 	
(Unaudited)	 	2010	 	 	2009	 	 	2010	 	 	2009	 	
GAAP net income	 	$	196,712	 	 	$	112,409	 	 	$	574,402	 	 	$	407,086	 	
Reconciliation to operating income:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Capital (gains) losses, derivatives and other, included in investment related (gains) losses, net	 	 	59,317	 	 	 	41,347	 	 	 	(50,810	)	 	 	194,725	 	
Capital (gains) losses on funds withheld:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Included in investment income	 	 	(5,356	)	 	 	—	 	 	 	(13,276	)	 	 	—	 	
Included in policy acquisition costs and other insurance expenses	 	 	515	 	 	 	—	 	 	 	1,588	 	 	 	—	 	
Embedded derivatives:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Included in investment related (gains) losses, net	 	 	(107,243	)	 	 	(31,946	)	 	 	(85,467	)	 	 	(215,209	)	
Included in interest credited	 	 	(16,732	)	 	 	8,166	 	 	 	6,433	 	 	 	(8,828	)	
Included in policy acquisition costs and other insurance expenses	 	 	1,955	 	 	 	(521	)	 	 	368	 	 	 	1,587	 	
DAC offset, net	 	 	32,251	 	 	 	(3,622	)	 	 	70,791	 	 	 	84,229	 	
Gain on debt repurchase	 	 	—	 	 	 	—	 	 	 	—	 	 	 	(25,269	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income	 	$	161,419	 	 	$	125,833	 	 	$	504,029	 	 	$	438,321	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Reconciliation of Consolidated Pre-tax Net Income to Pre-tax Operating Income
(Dollars in thousands)
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	 	Twelve Months Ended	 	
 	 	December 31,	 	 	December 31,	 	
(Unaudited)	 	2010	 	 	2009	 	 	2010	 	 	2009	 	
Income before income taxes	 	$	275,257	 	 	$	160,165	 	 	$	863,817	 	 	$	592,345	 	
Reconciliation to pre-tax operating income:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Capital (gains) losses, derivatives and other, included in investment related (gains) losses, net	 	 	91,401	 	 	 	65,676	 	 	 	(76,672	)	 	 	303,398	 	
Capital (gains) losses on funds withheld:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Included in investment income	 	 	(8,240	)	 	 	—	 	 	 	(20,424	)	 	 	—	 	
Included in policy acquisition costs and other insurance expenses	 	 	793	 	 	 	—	 	 	 	2,443	 	 	 	—	 	
Embedded derivatives:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Included in investment related (gains) losses, net	 	 	(164,989	)	 	 	(49,148	)	 	 	(131,488	)	 	 	(331,091	)	
Included in interest credited	 	 	(25,741	)	 	 	12,563	 	 	 	9,897	 	 	 	(13,581	)	
Included in policy acquisition costs and other insurance expenses	 	 	3,008	 	 	 	(801	)	 	 	566	 	 	 	2,442	 	
DAC offset, net	 	 	49,618	 	 	 	(5,572	)	 	 	108,909	 	 	 	129,583	 	
Gain on debt repurchase	 	 	—	 	 	 	—	 	 	 	—	 	 	 	(38,875	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Pre-tax operating income	 	$	221,107	 	 	$	182,883	 	 	$	757,048	 	 	$	644,221	 	

 
REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
Reconciliation of Pre-tax Net Income to Pre-tax Operating Income
(Dollars in thousands)
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended December 31, 2010	 	
 	 	 	 	 	 	Capital	 	 	Change in	 	 	 	 	
 	 	 	 	 	 	(gains) losses,	 	 	value of	 	 	Pre-tax	 	
 	 	Pre-tax net	 	 	derivatives	 	 	embedded	 	 	operating	 	
(Unaudited)	 	income	 	 	and other, net	 	 	derivatives, net	 	 	income	 	
U.S. Operations:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Traditional	 	$	113,341	 	 	$	(6,246	)	 	$	—	 	 	$	107,095	 	
Asset Intensive	 	 	56,361	 	 	 	13,303	(1)	 	 	(49,683	)(2)	 	 	19,981	 	
Financial Reinsurance	 	 	5,555	 	 	 	23	 	 	 	—	 	 	 	5,578	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Total U.S.	 	 	175,257	 	 	 	7,080	 	 	 	(49,683	)	 	 	132,654	 	
Canada Operations	 	 	36,189	 	 	 	454	 	 	 	—	 	 	 	36,643	 	
Europe & South Africa	 	 	35,357	 	 	 	1,030	 	 	 	—	 	 	 	36,387	 	
Asia Pacific Operations	 	 	10,071	 	 	 	(1,949	)	 	 	—	 	 	 	8,122	 	
Corporate and Other	 	 	18,383	 	 	 	(11,082	)	 	 	—	 	 	 	7,301	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Consolidated	 	$	275,257	 	 	$	(4,467	)	 	$	(49,683	)	 	$	221,107	 	

 	 	 	
(1)	 	Asset Intensive is net of $(88,421) DAC offset.	
 	 	 	
(2)	 	Asset Intensive is net of $138,039 DAC offset.	

 	 	Three Months Ended December 31, 2009	 	
 	 	 	 	 	 	Capital	 	 	Change in	 	 	 	 	
 	 	Pre-tax net	 	 	(gains) losses,	 	 	value of	 	 	Pre-tax	 	
 	 	income	 	 	derivatives	 	 	embedded	 	 	operating	 	
(Unaudited)	 	(loss)	 	 	and other, net	 	 	derivatives, net	 	 	income	 	
U.S. Operations:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Traditional	 	$	74,303	 	 	$	7,842	 	 	$	—	 	 	$	82,145	 	
Asset Intensive	 	 	6,288	 	 	 	12,308	(1)	 	 	(4,727	)(2)	 	 	13,869	 	
Financial Reinsurance	 	 	4,646	 	 	 	(26	)	 	 	—	 	 	 	4,620	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Total U.S.	 	 	85,237	 	 	 	20,124	 	 	 	(4,727	)	 	 	100,634	 	
Canada Operations	 	 	45,788	 	 	 	(15,053	)	 	 	—	 	 	 	30,735	 	
Europe & South Africa	 	 	24,462	 	 	 	(576	)	 	 	—	 	 	 	23,886	 	
Asia Pacific Operations	 	 	23,528	 	 	 	1,269	 	 	 	—	 	 	 	24,797	 	
Corporate and Other	 	 	(18,850	)	 	 	21,681	 	 	 	—	 	 	 	2,831	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Consolidated	 	$	160,165	 	 	$	27,445	 	 	$	(4,727	)	 	$	182,883	 	

 	 	 	
(1)	 	Asset Intensive is net of $(38,231) DAC offset.	
 	 	 	
(2)	 	Asset Intensive is net of $32,659 DAC offset.	

 
REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
Reconciliation of Pre-tax Net Income to Pre-tax Operating Income
(Dollars in thousands)
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Twelve Months Ended December 31, 2010	 	
 	 	 	 	 	 	Capital	 	 	Change in	 	 	 	 	
 	 	 	 	 	 	(gains) losses,	 	 	value of	 	 	Pre-tax	 	
 	 	Pre-tax net	 	 	derivatives	 	 	embedded	 	 	operating	 	
(Unaudited)	 	income	 	 	and other, net	 	 	derivatives, net	 	 	income	 	
U.S. Operations:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Traditional	 	$	390,055	 	 	$	(24,824	)	 	$	—	 	 	$	365,231	 	
Asset Intensive	 	 	131,878	 	 	 	(34,881	)(1)	 	 	(30,711	)(2)	 	 	66,286	 	
Financial Reinsurance	 	 	17,457	 	 	 	86	 	 	 	—	 	 	 	17,543	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Total U.S.	 	 	539,390	 	 	 	(59,619	)	 	 	(30,711	)	 	 	449,060	 	
Canada Operations	 	 	122,378	 	 	 	(8,747	)	 	 	—	 	 	 	113,631	 	
Europe & South Africa	 	 	85,834	 	 	 	(2,584	)	 	 	—	 	 	 	83,250	 	
Asia Pacific Operations	 	 	88,760	 	 	 	(5,000	)	 	 	—	 	 	 	83,760	 	
Corporate and Other	 	 	27,455	 	 	 	(108	)	 	 	—	 	 	 	27,347	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Consolidated	 	$	863,817	 	 	$	(76,058	)	 	$	(30,711	)	 	$	757,048	 	

 	 	 	
(1)	 	Asset Intensive is net of $18,595 DAC offset.	
 	 	 	
(2)	 	Asset Intensive is net of $90,314 DAC offset.	

 	 	Twelve Months Ended December 31, 2009	 	
 	 	 	 	 	 	Capital	 	 	Change in	 	 	 	 	 	 	 	
 	 	 	 	 	 	(gains) losses,	 	 	value of	 	 	Gain on	 	 	Pre-tax	 	
 	 	Pre-tax net	 	 	derivatives	 	 	embedded	 	 	debt	 	 	operating	 	
(Unaudited)	 	income	 	 	and other, net	 	 	derivatives, net	 	 	repurchase	 	 	income	 	
U.S. Operations:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Traditional	 	$	255,723	 	 	$	83,884	 	 	$	—	 	 	$	—	 	 	$	339,607	 	
Asset Intensive	 	 	37,085	 	 	 	(12,674	)(1)	 	 	21,432	(2)	 	 	—	 	 	 	45,843	 	
Financial Reinsurance	 	 	15,910	 	 	 	(98	)	 	 	—	 	 	 	—	 	 	 	15,812	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total U.S.	 	 	308,718	 	 	 	71,112	 	 	 	21,432	 	 	 	—	 	 	 	401,262	 	
Canada Operations	 	 	106,335	 	 	 	(18,458	)	 	 	—	 	 	 	—	 	 	 	87,877	 	
Europe & South Africa	 	 	52,341	 	 	 	(1,252	)	 	 	—	 	 	 	—	 	 	 	51,089	 	
Asia Pacific Operations	 	 	83,546	 	 	 	1,027	 	 	 	—	 	 	 	—	 	 	 	84,573	 	
Corporate and Other	 	 	41,405	 	 	 	16,890	 	 	 	—	 	 	 	(38,875	)	 	 	19,420	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Consolidated	 	$	592,345	 	 	$	69,319	 	 	$	21,432	 	 	$	(38,875	)	 	$	644,221	 	

 	 	 	
(1)	 	Asset Intensive is net of $(234,079) DAC offset.	
 	 	 	
(2)	 	Asset Intensive is net of $363,662 DAC offset.	

 
REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
Per Share and Shares Data
(In thousands, except per share data)
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	Twelve Months Ended	
 	 	December 31,	 	December 31,	
(Unaudited)	 	2010	 	2009	 	2010	 	2009	
Diluted earnings per share from operating income	 	$	2.15	 	 	$	1.70	 	 	$	6.75	 	 	$	5.98	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Earnings per share from net income:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic earnings per share	 	$	2.68	 	 	$	1.54	 	 	$	7.85	 	 	$	5.59	 	
Diluted earnings per share	 	$	2.62	 	 	$	1.52	 	 	$	7.69	 	 	$	5.55	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Weighted average number of common and common equivalent shares outstanding	 	 	75,052	 	 	 	74,195	 	 	 	74,694	 	 	 	73,327	 	

 	 	At or for the Twelve Months	
 	 	Ended December 31,	
(Unaudited)	 	2010	 	2009	
Treasury shares	 	 	—	 	 	 	374	 	
Common shares outstanding	 	 	73,363	 	 	 	72,990	 	
Book value per share outstanding	 	$	68.71	 	 	$	52.99	 	
Book value per share outstanding, before impact of AOCI	 	$	56.34	 	 	$	48.89	 	

 
REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
Condensed Consolidated Statements of Income
(Dollars in thousands)
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	 	Twelve Months Ended	 	
 	 	December 31,	 	 	December 31,	 	
(Unaudited)	 	2010	 	 	2009	 	 	2010	 	 	2009	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	1,801,899	 	 	$	1,598,754	 	 	$	6,659,680	 	 	$	5,725,161	 	
Investment income, net of related expenses	 	 	355,227	 	 	 	315,159	 	 	 	1,238,660	 	 	 	1,122,462	 	
Investment related gains (losses), net:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Other-than-temporary impairments on fixed maturity securities	 	 	(16,097	)	 	 	(40,552	)	 	 	(31,920	)	 	 	(128,834	)	
Other-than-temporary impairments on fixed maturity securities transferred to (from) accumulated other comprehensive income	 	 	(186	)	 	 	3,910	 	 	 	2,045	 	 	 	16,045	 	
Other investment related gains (losses), net	 	 	90,916	 	 	 	22,505	 	 	 	241,905	 	 	 	146,937	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Total investment related gains (losses), net	 	 	74,633	 	 	 	(14,137	)	 	 	212,030	 	 	 	34,148	 	
Other revenue	 	 	42,370	 	 	 	44,059	 	 	 	151,360	 	 	 	185,051	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	 	 	2,274,129	 	 	 	1,943,835	 	 	 	8,261,730	 	 	 	7,066,822	 	

Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	 	1,470,845	 	 	 	1,370,175	 	 	 	5,547,155	 	 	 	4,819,426	 	
Interest credited	 	 	79,103	 	 	 	128,779	 	 	 	309,982	 	 	 	323,738	 	
Policy acquisition costs and other insurance expenses	 	 	319,444	 	 	 	179,333	 	 	 	1,079,953	 	 	 	958,326	 	
Other operating expenses	 	 	102,216	 	 	 	80,532	 	 	 	361,971	 	 	 	294,779	 	
Interest expense	 	 	25,215	 	 	 	22,985	 	 	 	90,996	 	 	 	69,940	 	
Collateral finance facility expense	 	 	2,049	 	 	 	1,866	 	 	 	7,856	 	 	 	8,268	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	 	 	1,998,872	 	 	 	1,783,670	 	 	 	7,397,913	 	 	 	6,474,477	 	

Income before income taxes	 	 	275,257	 	 	 	160,165	 	 	 	863,817	 	 	 	592,345	 	
Income tax expense	 	 	78,545	 	 	 	47,756	 	 	 	289,415	 	 	 	185,259	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	 	$	196,712	 	 	$	112,409	 	 	$	574,402	 	 	$	407,086	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Investor Contact
Jack B. Lay
Senior Executive Vice President and Chief Financial Officer
(636) 736-7000

Exhibit 99.2

Financial Supplement
Fourth Quarter 2010
(Unaudited)

 

World Headquarters	 	Internet address	 	Contacts:	
1370 Timberlake Manor Parkway	 	www.rgare.com	 	Jack B. Lay	
Chesterfield, Missouri 63017	 	 	 	Senior Executive Vice President	
U.S.A.	 	 	 	and Chief Financial Officer	
 	 	 	 	Phone: (636) 736-7000	
 	 	 	 	e-mail: jlay@rgare.com	
 	 	 	 	 	
 	 	 	 	John Hayden	
 	 	 	 	Sr. Vice President	
 	 	 	 	Controller & Investor Relations	
 	 	 	 	Phone: (636) 736-7243	
 	 	 	 	e-mail: jhayden@rgare.com	

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

 
Reinsurance Group of America, Incorporated
Financial Supplement
4th Quarter 2010
Table of Contents
 	 	 	 	 	
 	 	Page	 	
Non-GAAP Disclosure	 	 	1	 	
2011 Management Guidance	 	 	2	 	
Consolidated	 	 	 	 	
Financial Highlights	 	 	3	 	
Consolidated Income Statement (incl. Operating Income Reconciliation)	 	 	4	 	
Consolidated Operating Income Statement	 	 	5	 	
Consolidated Balance Sheets	 	 	6	 	
Segment Pre-tax Operating Income Summaries and Reconciliations to U.S. GAAP	 	 	 	 	
U.S. Operations	 	 	7	 	
Canada Operations	 	 	11	 	
Europe & South Africa Operations	 	 	12	 	
Asia Pacific Operations	 	 	13	 	
Corporate and Other	 	 	14	 	
Summary of Pre-tax Segment Operating Income	 	 	15	 	
Investments	 	 	 	 	
Cash and Invested Assets, Yield Summary	 	 	16	 	
Amortized cost, Gross Unrealized Gains and Losses, Estimated Fair Values of Fixed Maturity and Equity Securities	 	 	17	 	
Corporate Securities by Sector (Fixed Maturities and Equities)	 	 	18	 	
Quality of Fixed Maturity Securities and Structured Fixed Maturity Securities	 	 	19	 	
Subprime Mortgage Exposure (Including Funds Withheld Portfolios)	 	 	20	 	
CMBS Exposure (Including Funds Withheld Portfolios)	 	 	21	 	
Gross Unrealized Losses Aging	 	 	22	 	
Fixed Maturity and Equity Securities Below Amortized Cost	 	 	23	 	
Consolidated Gross Gains and Losses	 	 	24	 	

 
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.

Page 1

 
Reinsurance Group of America, Incorporated
2011 Management Guidance
2011 Full-year Consolidated Operating Earnings per Diluted Share Guidance
Management projects 2011 operating income per diluted share to be within a range of $6.70 to $7.30. This guidance assumes an expected level of death claims, which are prone to normal short-term statistical fluctuations that can significantly affect results on quarterly and annual bases. Additionally, the guidance reflects approximately $0.20 per diluted share negative impact due to lower anticipated investment yields in 2011.
2011 Full-year Premium Growth Guidance
 	 	 	 	 	
Segment	 	Original Currency
Basis	 	
 	
U.S.	 	 	5% - 7%	 	
Canada	 	 	5% - 7%	 	
Asia Pacific	 	 	10% - 15%	 	
Europe & South Africa	 	 	10% - 15%	 	
Consolidated ($USD basis)	 	 	8% - 10%	 	
 	 	 	 	 	
2011 Full-year Projected Foreign Currency Premium	

Foreign Currency	 	Millions	 	
 	
Australian Dollar	 	 	645 - 678	 	
Canadian Dollar	 	 	839 - 882	 	
Euro Dollar	 	 	105 - 111	 	
British Pound Sterling	 	 	454 - 477	 	
Japanese Yen	 	 	17,718 - 18,626	 	
Korean Won	 	 	201,358 - 211,684	 	
New Zealand Dollar	 	 	77 - 81	 	
Taiwanese Dollar	 	 	2,102 - 2,209	 	
South African Rand	 	 	494 - 520	 	

Page 2

 
     
Reinsurance Group of America, Incorporated
Financial Highlights
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended or As of	 	 	Current Qtr	 	 	Year-to-Date	 	
 	 	Dec. 31,	 	 	Sept. 30,	 	 	June 30,	 	 	March 31,	 	 	Dec. 31,	 	 	vs. PY	 	 	Dec. 31,	 	 	Dec. 31,	 	 	 	 	
(USD thousands, except inforce & per share data)	 	2010	 	 	2010	 	 	2010	 	 	2010	 	 	2009	 	 	Quarter	 	 	2010	 	 	2009	 	 	Change	 	
Net premiums	 	$	1,801,899	 	 	$	1,647,300	 	 	$	1,582,017	 	 	$	1,628,464	 	 	$	1,598,754	 	 	$	203,145	 	 	$	6,659,680	 	 	$	5,725,161	 	 	$	934,519	 	
Net income — continuing operations	 	 	196,712	 	 	 	128,232	 	 	 	127,019	 	 	 	122,439	 	 	 	112,409	 	 	 	84,303	 	 	 	574,402	 	 	 	407,086	 	 	 	167,316	 	
Operating income	 	 	161,419	 	 	 	127,703	 	 	 	121,899	 	 	 	93,008	 	 	 	125,833	 	 	 	35,586	 	 	 	504,029	 	 	 	438,321	 	 	 	65,708	 	
Operating return on equity (ex AOCI) — annualized	 	 	16.0	%	 	 	13.2	%	 	 	13.0	%	 	 	10.2	%	 	 	14.3	%	 	 	1.7	%	 	 	 	 	 	 	 	 	 	 	 	 	
Operating return on equity (ex AOCI) — trailing 12 months	 	 	13.2	%	 	 	12.7	%	 	 	12.7	%	 	 	13.5	%	 	 	13.1	%	 	 	0.1	%	 	 	 	 	 	 	 	 	 	 	 	 	
Total assets	 	 	29,081,908	 	 	 	28,934,028	 	 	 	27,220,606	 	 	 	26,722,458	 	 	 	25,249,501	 	 	 	3,832,407	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Assumed Life Reinsurance in Force (in billions)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
U.S.	 	$	1,340.5	 	 	$	1,339.7	 	 	$	1,334.9	 	 	$	1,318.0	 	 	$	1,290.5	 	 	$	50.0	 	 	 	 	 	 	 	 	 	 	 	 	 	
Canada	 	 	324.1	 	 	 	307.0	 	 	 	289.7	 	 	 	293.9	 	 	 	276.8	 	 	 	47.3	 	 	 	 	 	 	 	 	 	 	 	 	 	
Europe & South Africa	 	 	467.6	 	 	 	446.5	 	 	 	401.8	 	 	 	395.6	 	 	 	408.9	 	 	 	58.7	 	 	 	 	 	 	 	 	 	 	 	 	 	
Asia Pacific	 	 	408.1	 	 	 	385.8	 	 	 	340.9	 	 	 	355.6	 	 	 	348.9	 	 	 	59.2	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Life Reinsurance in Force	 	$	2,540.3	 	 	$	2,479.0	 	 	$	2,367.3	 	 	$	2,363.1	 	 	$	2,325.1	 	 	$	215.2	 	 	 	 	 	 	 	 	 	 	 	 	 	

Assumed New Business Production (in billions)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
U.S.	 	$	26.2	 	 	$	30.3	 	 	$	45.1	 	 	$	40.6	(1)	 	$	42.5	 	 	$	(16.3	)	 	$	142.2	 	 	$	135.0	 	 	$	7.2	 	
Canada	 	 	12.2	 	 	 	12.2	 	 	 	12.8	 	 	 	13.9	 	 	 	13.9	 	 	 	(1.7	)	 	 	51.1	 	 	 	43.9	 	 	 	7.2	 	
Europe & South Africa	 	 	28.5	 	 	 	30.0	 	 	 	23.4	 	 	 	21.7	 	 	 	42.5	 	 	 	(14.0	)	 	 	103.6	 	 	 	121.1	 	 	 	(17.5	)	
Asia Pacific	 	 	13.1	 	 	 	4.8	 	 	 	10.1	 	 	 	2.7	 	 	 	5.3	 	 	 	7.8	 	 	 	30.7	 	 	 	21.0	 	 	 	9.7	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total New Business Production	 	$	80.0	 	 	$	77.3	 	 	$	91.4	 	 	$	78.9	 	 	$	104.2	 	 	$	(24.2	)	 	$	327.6	 	 	$	321.0	 	 	$	6.6	 	

Per Share and Shares Data	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic earnings per share from continuing operations	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	 	$	2.68	 	 	$	1.75	 	 	$	1.74	 	 	$	1.68	 	 	$	1.54	 	 	$	1.14	 	 	$	7.85	 	 	$	5.59	 	 	$	2.26	 	
Operating income	 	$	2.20	 	 	$	1.75	 	 	$	1.67	 	 	$	1.27	 	 	$	1.73	 	 	$	0.47	 	 	$	6.89	 	 	$	6.02	 	 	$	0.87	 	
Diluted earnings per share from continuing operations	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	 	$	2.62	 	 	$	1.72	 	 	$	1.70	 	 	$	1.64	 	 	$	1.52	 	 	$	1.10	 	 	$	7.69	 	 	$	5.55	 	 	$	2.14	 	
Operating income	 	$	2.15	 	 	$	1.72	 	 	$	1.63	 	 	$	1.25	 	 	$	1.70	 	 	$	0.45	 	 	$	6.75	 	 	$	5.98	 	 	$	0.77	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Wgt. average common shares outstanding (basic)	 	 	73,277	 	 	 	73,162	 	 	 	73,141	 	 	 	73,046	 	 	 	72,895	 	 	 	382	 	 	 	73,157	 	 	 	72,790	 	 	 	367	 	
Wgt. average common shares outstanding (diluted)	 	 	75,052	 	 	 	74,420	 	 	 	74,721	 	 	 	74,578	 	 	 	74,195	 	 	 	857	 	 	 	74,694	 	 	 	73,327	 	 	 	1,367	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Common shares issued	 	 	73,364	 	 	 	73,364	 	 	 	73,364	 	 	 	73,364	 	 	 	73,364	 	 	 	—	 	 	 	73,364	 	 	 	73,364	 	 	 	—	 	
Treasury shares	 	 	1	 	 	 	192	 	 	 	210	 	 	 	261	 	 	 	374	 	 	 	(373	)	 	 	1	 	 	 	374	 	 	 	(373	)	
Common shares outstanding	 	 	73,363	 	 	 	73,172	 	 	 	73,154	 	 	 	73,103	 	 	 	72,990	 	 	 	373	 	 	 	73,363	 	 	 	72,990	 	 	 	373	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Book value per share	 	$	68.71	 	 	$	68.30	 	 	$	60.73	 	 	$	56.98	 	 	$	52.99	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Per share effect of accumulated other comprehensive income (AOCI)	 	$	12.37	 	 	$	14.48	 	 	$	8.59	 	 	$	6.49	 	 	$	4.10	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Book value per share, excluding AOCI	 	$	56.34	 	 	$	53.82	 	 	$	52.14	 	 	$	50.49	 	 	$	48.89	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

(1)	 	Excludes Impact of Reliastar Acquisition	

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Reinsurance Group of America, Incorporated
Consolidated GAAP Income Statement (incl. Operating Income Reconciliation)
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	 	Current Qtr	 	 	Year-to-Date	 	
 	 	Dec. 31,	 	 	Sept. 30,	 	 	June 30,	 	 	March 31,	 	 	Dec. 31,	 	 	vs. PY	 	 	Dec. 31,	 	 	Dec. 31,	 	 	 	 	
(USD thousands)	 	2010	 	 	2010	 	 	2010	 	 	2010	 	 	2009	 	 	Quarter	 	 	2010	 	 	2009	 	 	Change	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	1,801,899	 	 	$	1,647,300	 	 	$	1,582,017	 	 	$	1,628,464	 	 	$	1,598,754	 	 	$	203,145	 	 	$	6,659,680	 	 	$	5,725,161	 	 	$	934,519	 	
Investment income, net of related expenses	 	 	355,227	 	 	 	287,504	 	 	 	291,671	 	 	 	304,258	 	 	 	315,159	 	 	 	40,068	 	 	 	1,238,660	 	 	 	1,122,462	 	 	 	116,198	 	
Investment related gains (losses), net	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
OTTI on fixed maturity securities	 	 	(16,097	)	 	 	(4,904	)	 	 	(3,489	)	 	 	(7,430	)	 	 	(40,552	)	 	 	24,455	 	 	 	(31,920	)	 	 	(128,834	)	 	 	96,914	 	
OTTI on fixed maturity securities transferred to/from AOCI	 	 	(186	)	 	 	26	 	 	 	(139	)	 	 	2,344	 	 	 	3,910	 	 	 	(4,096	)	 	 	2,045	 	 	 	16,045	 	 	 	(14,000	)	
Other investment related gains (losses), net	 	 	90,916	 	 	 	(11,902	)	 	 	26,620	 	 	 	136,271	 	 	 	22,505	 	 	 	68,411	 	 	 	241,905	 	 	 	146,937	 	 	 	94,968	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total investment related gains (losses), net	 	 	74,633	 	 	 	(16,780	)	 	 	22,992	 	 	 	131,185	 	 	 	(14,137	)	 	 	88,770	 	 	 	212,030	 	 	 	34,148	 	 	 	177,882	 	
Other revenue	 	 	42,370	 	 	 	37,515	 	 	 	35,197	 	 	 	36,278	 	 	 	44,059	 	 	 	(1,689	)	 	 	151,360	 	 	 	185,051	 	 	 	(33,691	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	 	 	2,274,129	 	 	 	1,955,539	 	 	 	1,931,877	 	 	 	2,100,185	 	 	 	1,943,835	 	 	 	330,294	 	 	 	8,261,730	 	 	 	7,066,822	 	 	 	1,194,908	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	 	1,470,845	 	 	 	1,393,891	 	 	 	1,307,239	 	 	 	1,375,180	 	 	 	1,370,175	 	 	 	100,670	 	 	 	5,547,155	 	 	 	4,819,426	 	 	 	727,729	 	
Interest credited	 	 	79,103	 	 	 	94,776	 	 	 	79,169	 	 	 	56,934	 	 	 	128,779	 	 	 	(49,676	)	 	 	309,982	 	 	 	323,738	 	 	 	(13,756	)	
Policy acquisition costs and other insurance expenses	 	 	319,444	 	 	 	157,058	 	 	 	237,149	 	 	 	366,302	 	 	 	179,333	 	 	 	140,111	 	 	 	1,079,953	 	 	 	958,326	 	 	 	121,627	 	
Other operating expenses	 	 	102,216	 	 	 	85,409	 	 	 	83,147	 	 	 	91,199	 	 	 	80,532	 	 	 	21,684	 	 	 	361,971	 	 	 	294,779	 	 	 	67,192	 	
Interest expense	 	 	25,215	 	 	 	25,191	 	 	 	25,141	 	 	 	15,449	 	 	 	22,985	 	 	 	2,230	 	 	 	90,996	 	 	 	69,940	 	 	 	21,056	 	
Collateral finance facility expense	 	 	2,049	 	 	 	2,041	 	 	 	1,960	 	 	 	1,806	 	 	 	1,866	 	 	 	183	 	 	 	7,856	 	 	 	8,268	 	 	 	(412	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	 	 	1,998,872	 	 	 	1,758,366	 	 	 	1,733,805	 	 	 	1,906,870	 	 	 	1,783,670	 	 	 	215,202	 	 	 	7,397,913	 	 	 	6,474,477	 	 	 	923,436	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes — continuing operations	 	 	275,257	 	 	 	197,173	 	 	 	198,072	 	 	 	193,315	 	 	 	160,165	 	 	 	115,092	 	 	 	863,817	 	 	 	592,345	 	 	 	271,472	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income tax expense	 	 	78,545	 	 	 	68,941	 	 	 	71,053	 	 	 	70,876	 	 	 	47,756	 	 	 	30,789	 	 	 	289,415	 	 	 	185,259	 	 	 	104,156	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income — continuing operations	 	 	196,712	 	 	 	128,232	 	 	 	127,019	 	 	 	122,439	 	 	 	112,409	 	 	 	84,303	 	 	 	574,402	 	 	 	407,086	 	 	 	167,316	 	
Loss from discontinued operations	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	 	$	196,712	 	 	$	128,232	 	 	$	127,019	 	 	$	122,439	 	 	$	112,409	 	 	$	84,303	 	 	$	574,402	 	 	$	407,086	 	 	$	167,316	 	

Pre-tax Operating Income Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes — continuing operations	 	 	275,257	 	 	 	197,173	 	 	 	198,072	 	 	 	193,315	 	 	 	160,165	 	 	 	115,092	 	 	 	863,817	 	 	 	592,345	 	 	 	271,472	 	
Investment and derivative losses (gains) — non-operating (1)	 	 	91,401	 	 	 	(37,747	)	 	 	(130,697	)	 	 	371	 	 	 	65,676	 	 	 	25,725	 	 	 	(76,672	)	 	 	303,398	 	 	 	(380,070	)	
Change in value of modified coinsurance and funds withheld embedded derivatives  (1)	 	 	(43,780	)	 	 	38,653	 	 	 	(32,512	)	 	 	(122,635	)	 	 	(3,028	)	 	 	(40,752	)	 	 	(160,274	)	 	 	(78,394	)	 	 	(81,880	)	
GMXB embedded derivatives  (1)	 	 	(121,209	)	 	 	16,232	 	 	 	140,934	 	 	 	(7,171	)	 	 	(46,120	)	 	 	(75,089	)	 	 	28,786	 	 	 	(252,697	)	 	 	281,483	 	
Funds withheld losses (gains) — investment income	 	 	(8,240	)	 	 	(6,494	)	 	 	(5,772	)	 	 	82	 	 	 	—	 	 	 	(8,240	)	 	 	(20,424	)	 	 	—	 	 	 	(20,424	)	
Funds withheld losses (gains) — policy acq. costs	 	 	793	 	 	 	954	 	 	 	777	 	 	 	(81	)	 	 	—	 	 	 	793	 	 	 	2,443	 	 	 	—	 	 	 	2,443	 	
EIA embedded derivatives — interest credited	 	 	(25,741	)	 	 	43,070	 	 	 	14,990	 	 	 	(22,422	)	 	 	12,563	 	 	 	(38,304	)	 	 	9,897	 	 	 	(13,581	)	 	 	23,478	 	
EIA embedded derivatives — policy acq. costs	 	 	3,008	 	 	 	(4,189	)	 	 	(1,503	)	 	 	3,250	 	 	 	(801	)	 	 	3,809	 	 	 	566	 	 	 	2,442	 	 	 	(1,876	)	
DAC offset, net	 	 	49,618	 	 	 	(50,519	)	 	 	6,041	 	 	 	103,769	 	 	 	(5,572	)	 	 	55,190	 	 	 	108,909	 	 	 	129,583	 	 	 	(20,674	)	
Gain on debt repurchase	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	(38,875	)	 	 	38,875	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating Income Before Income Taxes	 	$	221,107	 	 	$	197,133	 	 	$	190,330	 	 	$	148,478	 	 	$	182,883	 	 	$	38,224	 	 	$	757,048	 	 	$	644,221	 	 	$	112,827	 	

After-tax Operating Income Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income — continuing operations	 	 	196,712	 	 	 	128,232	 	 	 	127,019	 	 	 	122,439	 	 	 	112,409	 	 	 	84,303	 	 	 	574,402	 	 	 	407,086	 	 	 	167,316	 	
Investment and derivative losses (gains) — non-operating (1)	 	 	59,317	 	 	 	(25,041	)	 	 	(85,039	)	 	 	(47	)	 	 	41,347	 	 	 	17,970	 	 	 	(50,810	)	 	 	194,725	 	 	 	(245,535	)	
Change in value of modified coinsurance and funds withheld embedded derivatives  (1)	 	 	(28,457	)	 	 	25,125	 	 	 	(21,133	)	 	 	(79,713	)	 	 	(1,968	)	 	 	(26,489	)	 	 	(104,178	)	 	 	(50,956	)	 	 	(53,222	)	
GMXB embedded derivatives  (1)	 	 	(78,786	)	 	 	10,551	 	 	 	91,607	 	 	 	(4,661	)	 	 	(29,978	)	 	 	(48,808	)	 	 	18,711	 	 	 	(164,253	)	 	 	182,964	 	
Funds withheld losses (gains) — investment income	 	 	(5,356	)	 	 	(4,221	)	 	 	(3,752	)	 	 	53	 	 	 	—	 	 	 	(5,356	)	 	 	(13,276	)	 	 	—	 	 	 	(13,276	)	
Funds withheld losses (gains) — policy acq. costs	 	 	515	 	 	 	621	 	 	 	505	 	 	 	(53	)	 	 	—	 	 	 	515	 	 	 	1,588	 	 	 	—	 	 	 	1,588	 	
EIA embedded derivatives — interest credited	 	 	(16,732	)	 	 	27,996	 	 	 	9,743	 	 	 	(14,574	)	 	 	8,166	 	 	 	(24,898	)	 	 	6,433	 	 	 	(8,828	)	 	 	15,261	 	
EIA embedded derivatives — policy acq. costs	 	 	1,955	 	 	 	(2,723	)	 	 	(977	)	 	 	2,113	 	 	 	(521	)	 	 	2,476	 	 	 	368	 	 	 	1,587	 	 	 	(1,219	)	
DAC offset, net	 	 	32,251	 	 	 	(32,837	)	 	 	3,926	 	 	 	67,451	 	 	 	(3,622	)	 	 	35,873	 	 	 	70,791	 	 	 	84,229	 	 	 	(13,438	)	
Gain on debt repurchase	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	(25,269	)	 	 	25,269	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating Income	 	$	161,419	 	 	$	127,703	 	 	$	121,899	 	 	$	93,008	 	 	$	125,833	 	 	$	35,586	 	 	$	504,029	 	 	$	438,321	 	 	$	65,708	 	

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

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Reinsurance Group of America, Incorporated
Consolidated Operating Income Statement
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	 	Current Qtr	 	 	Year-to-Date	 	
 	 	Dec. 31,	 	 	Sept. 30,	 	 	June 30,	 	 	March 31,	 	 	Dec. 31,	 	 	vs. PY	 	 	Dec. 31,	 	 	Dec. 31,	 	 	 	 	
(USD thousands, except per share data)	 	2010	 	 	2010	 	 	2010	 	 	2010	 	 	2009	 	 	Quarter	 	 	2010	 	 	2009	 	 	Change	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	1,801,899	 	 	$	1,647,300	 	 	$	1,582,017	 	 	$	1,628,464	 	 	$	1,598,754	 	 	$	203,145	 	 	$	6,659,680	 	 	$	5,725,161	 	 	$	934,519	 	
Investment income, net of related expenses	 	 	346,987	 	 	 	281,010	 	 	 	285,899	 	 	 	304,340	 	 	 	315,159	 	 	 	31,828	 	 	 	1,218,236	 	 	 	1,122,462	 	 	 	95,774	 	
Investment related gains (losses), net	 	 	1,045	 	 	 	358	 	 	 	717	 	 	 	1,750	 	 	 	2,391	 	 	 	(1,346	)	 	 	3,870	 	 	 	6,455	 	 	 	(2,585	)	
Other revenue	 	 	42,370	 	 	 	37,515	 	 	 	35,197	 	 	 	36,278	 	 	 	44,059	 	 	 	(1,689	)	 	 	151,360	 	 	 	146,176	 	 	 	5,184	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	 	 	2,192,301	 	 	 	1,966,183	 	 	 	1,903,830	 	 	 	1,970,832	 	 	 	1,960,363	 	 	 	231,938	 	 	 	8,033,146	 	 	 	7,000,254	 	 	 	1,032,892	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	 	1,470,845	 	 	 	1,393,891	 	 	 	1,307,239	 	 	 	1,375,180	 	 	 	1,370,175	 	 	 	100,670	 	 	 	5,547,155	 	 	 	4,819,426	 	 	 	727,729	 	
Interest credited	 	 	104,844	 	 	 	51,706	 	 	 	64,179	 	 	 	79,356	 	 	 	116,216	 	 	 	(11,372	)	 	 	300,085	 	 	 	337,319	 	 	 	(37,234	)	
Policy acquisition costs and other insurance expenses	 	 	266,025	 	 	 	210,812	 	 	 	231,834	 	 	 	259,364	 	 	 	185,706	 	 	 	80,319	 	 	 	968,035	 	 	 	826,301	 	 	 	141,734	 	
Other operating expenses	 	 	102,216	 	 	 	85,409	 	 	 	83,147	 	 	 	91,199	 	 	 	80,532	 	 	 	21,684	 	 	 	361,971	 	 	 	294,779	 	 	 	67,192	 	
Interest expense	 	 	25,215	 	 	 	25,191	 	 	 	25,141	 	 	 	15,449	 	 	 	22,985	 	 	 	2,230	 	 	 	90,996	 	 	 	69,940	 	 	 	21,056	 	
Collateral finance facility expense	 	 	2,049	 	 	 	2,041	 	 	 	1,960	 	 	 	1,806	 	 	 	1,866	 	 	 	183	 	 	 	7,856	 	 	 	8,268	 	 	 	(412	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	 	 	1,971,194	 	 	 	1,769,050	 	 	 	1,713,500	 	 	 	1,822,354	 	 	 	1,777,480	 	 	 	193,714	 	 	 	7,276,098	 	 	 	6,356,033	 	 	 	920,065	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	 	221,107	 	 	 	197,133	 	 	 	190,330	 	 	 	148,478	 	 	 	182,883	 	 	 	38,224	 	 	 	757,048	 	 	 	644,221	 	 	 	112,827	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income tax expense	 	 	59,688	 	 	 	69,430	 	 	 	68,431	 	 	 	55,470	 	 	 	57,050	 	 	 	2,638	 	 	 	253,019	 	 	 	205,900	 	 	 	47,119	 	

Operating income	 	$	161,419	 	 	$	127,703	 	 	$	121,899	 	 	$	93,008	 	 	$	125,833	 	 	$	35,586	 	 	$	504,029	 	 	$	438,321	 	 	$	65,708	 	

Wgt. Average Common Shares Outstanding (Diluted)	 	 	75,052	 	 	 	74,420	 	 	 	74,721	 	 	 	74,578	 	 	 	74,195	 	 	 	857	 	 	 	74,694	 	 	 	73,327	 	 	 	1,367	 	

Diluted Earnings Per Share — Operating Income	 	$	2.15	 	 	$	1.72	 	 	$	1.63	 	 	$	1.25	 	 	$	1.70	 	 	$	0.45	 	 	$	6.75	 	 	$	5.98	 	 	$	0.77	 	

Foreign currency effect on*:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	23,933	 	 	$	15,448	 	 	$	40,445	 	 	$	103,974	 	 	$	81,807	 	 	$	(57,874	)	 	$	183,800	 	 	$	(207,609	)	 	$	391,409	 	
Operating income before income taxes	 	$	1,580	 	 	$	1,998	 	 	$	5,185	 	 	$	9,497	 	 	$	13,321	 	 	$	(11,741	)	 	$	18,260	 	 	$	(8,902	)	 	$	27,162	 	

*	 	Represents effect as compared to comparable prior year period	

Page 5

 
Reinsurance Group of America, Incorporated
Consolidated Balance Sheets
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Dec. 31,	 	 	Sept. 30,	 	 	June 30,	 	 	March 31,	 	 	Dec. 31,	 	
(USD thousands)	 	2010	 	 	2010	 	 	2010	 	 	2010	 	 	2009	 	
Assets	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Fixed maturity securities, available for sale	 	$	14,304,597	 	 	$	14,169,930	 	 	$	13,077,607	 	 	$	12,775,342	 	 	$	11,763,358	 	
Mortgage loans on real estate	 	 	885,811	 	 	 	863,873	 	 	 	838,827	 	 	 	797,272	 	 	 	791,668	 	
Policy loans	 	 	1,228,418	 	 	 	1,173,148	 	 	 	1,173,016	 	 	 	1,162,723	 	 	 	1,136,564	 	
Funds withheld at interest	 	 	5,421,952	 	 	 	5,276,511	 	 	 	5,257,929	 	 	 	5,180,300	 	 	 	4,895,356	 	
Short-term investments	 	 	118,387	 	 	 	84,091	 	 	 	63,962	 	 	 	79,160	 	 	 	121,060	 	
Other invested assets	 	 	707,403	 	 	 	738,830	 	 	 	637,827	 	 	 	564,753	 	 	 	516,086	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total investments	 	 	22,666,568	 	 	 	22,306,383	 	 	 	21,049,168	 	 	 	20,559,550	 	 	 	19,224,092	 	
Cash and cash equivalents	 	 	463,661	 	 	 	634,075	 	 	 	557,756	 	 	 	525,360	 	 	 	512,027	 	
Accrued investment income	 	 	127,874	 	 	 	177,250	 	 	 	144,658	 	 	 	140,921	 	 	 	107,447	 	
Premiums receivable and other reinsurance balances	 	 	1,037,679	 	 	 	987,342	 	 	 	898,522	 	 	 	880,372	 	 	 	850,096	 	
Reinsurance ceded receivables	 	 	769,699	 	 	 	790,889	 	 	 	721,830	 	 	 	731,479	 	 	 	716,480	 	
Deferred policy acquisition costs	 	 	3,726,443	 	 	 	3,741,534	 	 	 	3,597,865	 	 	 	3,624,846	 	 	 	3,698,972	 	
Other assets	 	 	289,984	 	 	 	296,555	 	 	 	250,807	 	 	 	259,930	 	 	 	140,387	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total assets	 	$	29,081,908	 	 	$	28,934,028	 	 	$	27,220,606	 	 	$	26,722,458	 	 	$	25,249,501	 	

Liabilities and Stockholders’ Equity	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Future policy benefits	 	$	9,274,789	 	 	$	8,906,977	 	 	$	8,518,817	 	 	$	8,540,298	 	 	$	7,748,480	 	
Interest-sensitive contract liabilities	 	 	7,774,481	 	 	 	7,884,874	 	 	 	7,781,407	 	 	 	7,550,168	 	 	 	7,666,002	 	
Other policy claims and benefits	 	 	2,597,941	 	 	 	2,590,014	 	 	 	2,387,579	 	 	 	2,429,147	 	 	 	2,229,083	 	
Other reinsurance balances	 	 	133,590	 	 	 	134,066	 	 	 	143,723	 	 	 	211,532	 	 	 	106,706	 	
Deferred income taxes	 	 	1,396,747	 	 	 	1,064,726	 	 	 	977,873	 	 	 	818,331	 	 	 	613,222	 	
Other liabilities	 	 	637,923	 	 	 	1,129,848	 	 	 	742,940	 	 	 	782,117	 	 	 	792,775	 	
Short-term debt	 	 	199,985	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	
Long-term debt	 	 	1,016,425	 	 	 	1,216,320	 	 	 	1,216,230	 	 	 	1,216,140	 	 	 	1,216,052	 	
Collateral finance facility	 	 	850,039	 	 	 	850,026	 	 	 	850,030	 	 	 	850,025	 	 	 	850,037	 	
Company-obligated mandatorily redeemable preferred securities of subsidiary trust holding solely junior subordinated debentures of the Company	 	 	159,421	 	 	 	159,368	 	 	 	159,316	 	 	 	159,266	 	 	 	159,217	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total liabilities	 	 	24,041,341	 	 	 	23,936,219	 	 	 	22,777,915	 	 	 	22,557,024	 	 	 	21,381,574	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Stockholders’ Equity:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Common stock, at par value	 	 	734	 	 	 	734	 	 	 	734	 	 	 	734	 	 	 	734	 	
Warrants	 	 	66,912	 	 	 	66,912	 	 	 	66,912	 	 	 	66,912	 	 	 	66,912	 	
Additional paid-in-capital	 	 	1,478,398	 	 	 	1,477,011	 	 	 	1,473,305	 	 	 	1,469,807	 	 	 	1,463,101	 	
Retained earnings	 	 	2,587,403	 	 	 	2,402,167	 	 	 	2,282,968	 	 	 	2,165,410	 	 	 	2,055,549	 	
Treasury stock	 	 	(295	)	 	 	(8,774	)	 	 	(9,570	)	 	 	(11,817	)	 	 	(17,578	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Accumulated other comprehensive income (AOCI):	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Accumulated currency translation adjustment, net of income taxes	 	 	270,526	 	 	 	242,686	 	 	 	173,985	 	 	 	237,549	 	 	 	210,878	 	
Unrealized appreciation (depreciation) of securities, net of income taxes	 	 	651,449	 	 	 	832,756	 	 	 	470,365	 	 	 	252,905	 	 	 	104,457	 	
Pension and postretirement benefits, net of income taxes	 	 	(14,560	)	 	 	(15,683	)	 	 	(16,008	)	 	 	(16,066	)	 	 	(16,126	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total stockholders’ equity	 	 	5,040,567	 	 	 	4,997,809	 	 	 	4,442,691	 	 	 	4,165,434	 	 	 	3,867,927	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total liabilities and stockholders’ equity	 	$	29,081,908	 	 	$	28,934,028	 	 	$	27,220,606	 	 	$	26,722,458	 	 	$	25,249,501	 	

Total stockholders’ equity, excluding AOCI	 	$	4,133,152	 	 	$	3,938,050	 	 	$	3,814,349	 	 	$	3,691,046	 	 	$	3,568,718	 	

Page 6

 
Reinsurance Group of America, Incorporated
U.S. Traditional Sub-segment Operating Income
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	 	Current Qtr	 	 	Year-to-Date	 	
 	 	Dec. 31,	 	 	Sept. 30,	 	 	June 30,	 	 	March 31,	 	 	Dec. 31,	 	 	vs. PY	 	 	Dec. 31,	 	 	Dec. 31,	 	 	 	 	
(USD thousands)	 	2010	 	 	2010	 	 	2010	 	 	2010	 	 	2009	 	 	Quarter	 	 	2010	 	 	2009	 	 	Change	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	1,009,758	 	 	$	930,070	 	 	$	933,162	 	 	$	902,961	 	 	$	918,529	 	 	$	91,229	 	 	$	3,775,951	 	 	$	3,313,864	 	 	$	462,087	 	
Investment income, net of related expenses	 	 	117,272	 	 	 	124,596	 	 	 	120,782	 	 	 	113,461	 	 	 	114,276	 	 	 	2,996	 	 	 	476,111	 	 	 	428,541	 	 	 	47,570	 	
Other revenue	 	 	504	 	 	 	428	 	 	 	190	 	 	 	598	 	 	 	1,121	 	 	 	(617	)	 	 	1,720	 	 	 	3,197	 	 	 	(1,477	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	 	 	1,127,534	 	 	 	1,055,094	 	 	 	1,054,134	 	 	 	1,017,020	 	 	 	1,033,926	 	 	 	93,608	 	 	 	4,253,782	 	 	 	3,745,602	 	 	 	508,180	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	 	842,335	 	 	 	793,270	 	 	 	788,956	 	 	 	789,775	 	 	 	786,949	 	 	 	55,386	 	 	 	3,214,336	 	 	 	2,837,808	 	 	 	376,528	 	
Interest credited	 	 	14,826	 	 	 	16,698	 	 	 	16,312	 	 	 	16,636	 	 	 	16,261	 	 	 	(1,435	)	 	 	64,472	 	 	 	63,178	 	 	 	1,294	 	
Policy acquisition costs and other insurance expenses	 	 	142,057	 	 	 	125,526	 	 	 	134,470	 	 	 	128,773	 	 	 	134,815	 	 	 	7,242	 	 	 	530,826	 	 	 	450,358	 	 	 	80,468	 	
Other operating expenses	 	 	21,221	 	 	 	18,534	 	 	 	18,303	 	 	 	20,859	 	 	 	13,756	 	 	 	7,465	 	 	 	78,917	 	 	 	54,651	 	 	 	24,266	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	 	 	1,020,439	 	 	 	954,028	 	 	 	958,041	 	 	 	956,043	 	 	 	951,781	 	 	 	68,658	 	 	 	3,888,551	 	 	 	3,405,995	 	 	 	482,556	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	 	107,095	 	 	 	101,066	 	 	 	96,093	 	 	 	60,977	 	 	 	82,145	 	 	 	24,950	 	 	 	365,231	 	 	 	339,607	 	 	 	25,624	 	

Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	 	107,095	 	 	 	101,066	 	 	 	96,093	 	 	 	60,977	 	 	 	82,145	 	 	 	24,950	 	 	 	365,231	 	 	 	339,607	 	 	 	25,624	 	
Investment and Derivative (losses) gains — non-operating	 	 	6,246	 	 	 	13,009	 	 	 	2,721	 	 	 	2,848	 	 	 	(7,842	)	 	 	14,088	 	 	 	24,824	 	 	 	(83,884	)	 	 	108,708	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	$	113,341	 	 	$	114,075	 	 	$	98,814	 	 	$	63,825	 	 	$	74,303	 	 	$	39,038	 	 	$	390,055	 	 	$	255,723	 	 	$	134,332	 	

Loss and Expense Ratios:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	 	83.4	%	 	 	85.3	%	 	 	84.5	%	 	 	87.5	%	 	 	85.7	%	 	 	-2.3	%	 	 	85.1	%	 	 	85.6	%	 	 	-0.5	%	
Policy acquisition costs and other insurance expenses	 	 	14.1	%	 	 	13.5	%	 	 	14.4	%	 	 	14.3	%	 	 	14.7	%	 	 	-0.6	%	 	 	14.1	%	 	 	13.6	%	 	 	0.5	%	
Other operating expenses	 	 	2.1	%	 	 	2.0	%	 	 	2.0	%	 	 	2.3	%	 	 	1.5	%	 	 	0.6	%	 	 	2.1	%	 	 	1.6	%	 	 	0.5	%	

Page 7

 
Reinsurance Group of America, Incorporated
U.S. Asset Intensive Sub-segment Operating Income
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	 	Current Qtr	 	 	Year-to-Date	 	
 	 	Dec. 31,	 	 	Sept. 30,	 	 	June 30,	 	 	March 31,	 	 	Dec. 31,	 	 	vs. PY	 	 	Dec. 31,	 	 	Dec. 31,	 	 	 	 	
(USD thousands except account values)	 	2010	 	 	2010	 	 	2010	 	 	2010	 	 	2009	 	 	Quarter	 	 	2010	 	 	2009	 	 	Change	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	3,401	 	 	$	2,724	 	 	$	3,128	 	 	$	11,877	 	 	$	1,767	 	 	$	1,634	 	 	$	21,130	 	 	$	6,859	 	 	$	14,271	 	
Investment income, net of related expenses	 	 	129,985	 	 	 	60,853	 	 	 	77,189	 	 	 	96,449	 	 	 	109,871	 	 	 	20,114	 	 	 	364,476	 	 	 	386,642	 	 	 	(22,166	)	
Investment related gains (losses), net	 	 	(18	)	 	 	(18	)	 	 	(18	)	 	 	(18	)	 	 	(18	)	 	 	—	 	 	 	(72	)	 	 	(45	)	 	 	(27	)	
Other revenue	 	 	24,156	 	 	 	19,605	 	 	 	21,944	 	 	 	20,893	 	 	 	19,029	 	 	 	5,127	 	 	 	86,598	 	 	 	70,566	 	 	 	16,032	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	 	 	157,524	 	 	 	83,164	 	 	 	102,243	 	 	 	129,201	 	 	 	130,649	 	 	 	26,875	 	 	 	472,132	 	 	 	464,022	 	 	 	8,110	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	 	3,131	 	 	 	(318	)	 	 	2,850	 	 	 	9,610	 	 	 	5,166	 	 	 	(2,035	)	 	 	15,273	 	 	 	6,971	 	 	 	8,302	 	
Interest credited	 	 	90,017	 	 	 	35,008	 	 	 	47,868	 	 	 	62,706	 	 	 	99,834	 	 	 	(9,817	)	 	 	235,599	 	 	 	273,945	 	 	 	(38,346	)	
Policy acquisition costs and other insurance expenses	 	 	41,614	 	 	 	32,072	 	 	 	33,341	 	 	 	37,150	 	 	 	9,304	 	 	 	32,310	 	 	 	144,177	 	 	 	127,087	 	 	 	17,090	 	
Other operating expenses	 	 	2,781	 	 	 	2,413	 	 	 	2,414	 	 	 	3,189	 	 	 	2,476	 	 	 	305	 	 	 	10,797	 	 	 	10,176	 	 	 	621	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	 	 	137,543	 	 	 	69,175	 	 	 	86,473	 	 	 	112,655	 	 	 	116,780	 	 	 	20,763	 	 	 	405,846	 	 	 	418,179	 	 	 	(12,333	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income (loss) before income taxes	 	 	19,981	 	 	 	13,989	 	 	 	15,770	 	 	 	16,546	 	 	 	13,869	 	 	 	6,112	 	 	 	66,286	 	 	 	45,843	 	 	 	20,443	 	

Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	 	19,981	 	 	 	13,989	 	 	 	15,770	 	 	 	16,546	 	 	 	13,869	 	 	 	6,112	 	 	 	66,286	 	 	 	45,843	 	 	 	20,443	 	
Investment and derivative (losses) gains — non-operating  (1)	 	 	(109,171	)	 	 	17,112	 	 	 	124,746	 	 	 	2,808	 	 	 	(50,539	)	 	 	(58,632	)	 	 	35,495	 	 	 	(221,405	)	 	 	256,900	 	
Change in value of modified coinsurance and funds withheld embedded derivatives  (1)	 	 	43,780	 	 	 	(38,653	)	 	 	32,512	 	 	 	122,635	 	 	 	3,028	 	 	 	40,752	 	 	 	160,274	 	 	 	78,394	 	 	 	81,880	 	
GMXB embedded derivatives (1)	 	 	121,209	 	 	 	(16,232	)	 	 	(140,934	)	 	 	7,171	 	 	 	46,120	 	 	 	75,089	 	 	 	(28,786	)	 	 	252,697	 	 	 	(281,483	)	
Funds withheld losses (gains) — investment income	 	 	8,240	 	 	 	6,494	 	 	 	5,772	 	 	 	(82	)	 	 	—	 	 	 	8,240	 	 	 	20,424	 	 	 	—	 	 	 	20,424	 	
Funds withheld losses (gains) — policy acq. costs	 	 	(793	)	 	 	(954	)	 	 	(777	)	 	 	81	 	 	 	—	 	 	 	(793	)	 	 	(2,443	)	 	 	—	 	 	 	(2,443	)	
EIA embedded derivatives — interest credited	 	 	25,741	 	 	 	(43,070	)	 	 	(14,990	)	 	 	22,422	 	 	 	(12,563	)	 	 	38,304	 	 	 	(9,897	)	 	 	13,581	 	 	 	(23,478	)	
EIA embedded derivatives — policy acq. costs	 	 	(3,008	)	 	 	4,189	 	 	 	1,503	 	 	 	(3,250	)	 	 	801	 	 	 	(3,809	)	 	 	(566	)	 	 	(2,442	)	 	 	1,876	 	
DAC offset, net	 	 	(49,618	)	 	 	50,519	 	 	 	(6,041	)	 	 	(103,769	)	 	 	5,572	 	 	 	(55,190	)	 	 	(108,909	)	 	 	(129,583	)	 	 	20,674	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	$	56,361	 	 	$	(6,606	)	 	$	17,561	 	 	$	64,562	 	 	$	6,288	 	 	$	50,073	 	 	$	131,878	 	 	$	37,085	 	 	$	94,793	 	

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

Page 8

 
Reinsurance Group of America, Incorporated
U.S. Asset Intensive Sub-segment
(Cont’d)
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	
 	 	Dec. 31,	 	 	Sept. 30,	 	 	June 30,	 	 	March 31,	 	 	Dec. 31,	 	
(USD millions)	 	2010	 	 	2010	 	 	2010	 	 	2010	 	 	2009	 	
Annuity account values:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Fixed annuities (deferred)	 	$	822	 	 	$	837	 	 	$	847	 	 	$	861	 	 	$	876	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net interest spread (fixed annuities):	 	 	2.4	%	 	 	1.5	%	 	 	2.3	%	 	 	2.4	%	 	 	2.4	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Equity-indexed annuities	 	$	4,239	 	 	$	4,210	 	 	$	4,145	 	 	$	4,052	 	 	$	4,031	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Variable annuities:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
No riders	 	$	1,156	 	 	$	1,243	 	 	$	1,190	 	 	$	1,251	 	 	$	1,231	 	
GMDB only	 	 	90	 	 	 	87	 	 	 	79	 	 	 	82	 	 	 	79	 	
GMIB only	 	 	6	 	 	 	6	 	 	 	6	 	 	 	6	 	 	 	6	 	
GMAB only	 	 	64	 	 	 	62	 	 	 	58	 	 	 	63	 	 	 	62	 	
GMWB only	 	 	1,735	 	 	 	1,653	 	 	 	1,517	 	 	 	1,622	 	 	 	1,563	 	
GMDB / WB	 	 	492	 	 	 	472	 	 	 	431	 	 	 	455	 	 	 	437	 	
Other	 	 	36	 	 	 	34	 	 	 	32	 	 	 	35	 	 	 	34	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total VA account values	 	$	3,579	 	 	$	3,557	 	 	$	3,313	 	 	$	3,514	 	 	$	3,412	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Fair value of liabilities associated with living benefit riders	 	$	53	 	 	$	174	 	 	$	158	 	 	$	17	 	 	$	24	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Other asset-intensive business:	 	$	783	 	 	$	786	 	 	$	784	 	 	$	783	 	 	$	679	 	

Page 9

 
     
Reinsurance Group of America, Incorporated
U.S. Financial Reinsurance Sub-segment Operating Income
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	 	Current Qtr	 	 	Year-to-Date	 	
 	 	Dec. 31,	 	 	Sept. 30,	 	 	June 30,	 	 	March 31,	 	 	Dec. 31,	 	 	vs. PY	 	 	Dec. 31,	 	 	Dec. 31,	 	 	 	 	
(USD thousands)	 	2010	 	 	2010	 	 	2010	 	 	2010	 	 	2009	 	 	Quarter	 	 	2010	 	 	2009	 	 	Change	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Investment income, net of related expenses	 	$	63	 	 	$	154	 	 	$	107	 	 	$	(51	)	 	$	(66	)	 	$	129	 	 	$	273	 	 	$	(286	)	 	$	559	 	
Other revenue	 	 	7,029	 	 	 	5,608	 	 	 	5,820	 	 	 	5,050	 	 	 	5,736	 	 	 	1,293	 	 	 	23,507	 	 	 	20,296	 	 	 	3,211	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	 	 	7,092	 	 	 	5,762	 	 	 	5,927	 	 	 	4,999	 	 	 	5,670	 	 	 	1,422	 	 	 	23,780	 	 	 	20,010	 	 	 	3,770	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Policy acquisition costs and other insurance expenses	 	 	447	 	 	 	461	 	 	 	580	 	 	 	526	 	 	 	299	 	 	 	148	 	 	 	2,014	 	 	 	1,188	 	 	 	826	 	
Other operating expenses	 	 	1,067	 	 	 	940	 	 	 	937	 	 	 	1,279	 	 	 	751	 	 	 	316	 	 	 	4,223	 	 	 	3,010	 	 	 	1,213	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	 	 	1,514	 	 	 	1,401	 	 	 	1,517	 	 	 	1,805	 	 	 	1,050	 	 	 	464	 	 	 	6,237	 	 	 	4,198	 	 	 	2,039	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	 	5,578	 	 	 	4,361	 	 	 	4,410	 	 	 	3,194	 	 	 	4,620	 	 	 	958	 	 	 	17,543	 	 	 	15,812	 	 	 	1,731	 	

Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	 	5,578	 	 	 	4,361	 	 	 	4,410	 	 	 	3,194	 	 	 	4,620	 	 	 	958	 	 	 	17,543	 	 	 	15,812	 	 	 	1,731	 	
Investment and Derivative (losses) gains — non-operating	 	 	(23	)	 	 	(44	)	 	 	(10	)	 	 	(9	)	 	 	26	 	 	 	(49	)	 	 	(86	)	 	 	98	 	 	 	(184	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	$	5,555	 	 	$	4,317	 	 	$	4,400	 	 	$	3,185	 	 	$	4,646	 	 	$	909	 	 	$	17,457	 	 	$	15,910	 	 	$	1,547	 	

Page 10

 
     
Reinsurance Group of America, Incorporated
Canadian Segment Operating Income
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	 	Current Qtr	 	 	Year-to-Date	 	
 	 	Dec. 31,	 	 	Sept. 30,	 	 	June 30,	 	 	March 31,	 	 	Dec. 31,	 	 	vs. PY	 	 	Dec. 31,	 	 	Dec. 31,	 	 	 	 	
(USD thousands)	 	2010	 	 	2010	 	 	2010	 	 	2010	 	 	2009	 	 	Quarter	 	 	2010	 	 	2009	 	 	Change	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	205,925	 	 	$	205,552	 	 	$	177,079	 	 	$	208,650	 	 	$	168,483	 	 	$	37,442	 	 	$	797,206	 	 	$	614,831	 	 	$	182,375	 	
Investment income, net of related expenses	 	 	41,534	 	 	 	41,170	 	 	 	42,206	 	 	 	40,228	 	 	 	40,863	 	 	 	671	 	 	 	165,138	 	 	 	137,750	 	 	 	27,388	 	
Investment related gains (losses), net	 	 	1,187	 	 	 	938	 	 	 	915	 	 	 	895	 	 	 	919	 	 	 	268	 	 	 	3,935	 	 	 	5,062	 	 	 	(1,127	)	
Other revenue	 	 	59	 	 	 	803	 	 	 	241	 	 	 	43	 	 	 	124	 	 	 	(65	)	 	 	1,146	 	 	 	1,134	 	 	 	12	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	 	 	248,705	 	 	 	248,463	 	 	 	220,441	 	 	 	249,816	 	 	 	210,389	 	 	 	38,316	 	 	 	967,425	 	 	 	758,777	 	 	 	208,648	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	 	152,038	 	 	 	186,554	 	 	 	145,250	 	 	 	172,516	 	 	 	133,757	 	 	 	18,281	 	 	 	656,358	 	 	 	501,061	 	 	 	155,297	 	
Interest credited	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	75	 	 	 	(75	)	
Policy acquisition costs and other insurance expenses	 	 	50,966	 	 	 	26,901	 	 	 	35,264	 	 	 	54,441	 	 	 	39,312	 	 	 	11,654	 	 	 	167,572	 	 	 	146,990	 	 	 	20,582	 	
Other operating expenses	 	 	9,058	 	 	 	6,971	 	 	 	6,994	 	 	 	6,841	 	 	 	6,585	 	 	 	2,473	 	 	 	29,864	 	 	 	22,774	 	 	 	7,090	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	 	 	212,062	 	 	 	220,426	 	 	 	187,508	 	 	 	233,798	 	 	 	179,654	 	 	 	32,408	 	 	 	853,794	 	 	 	670,900	 	 	 	182,894	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	 	36,643	 	 	 	28,037	 	 	 	32,933	 	 	 	16,018	 	 	 	30,735	 	 	 	5,908	 	 	 	113,631	 	 	 	87,877	 	 	 	25,754	 	

Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	 	36,643	 	 	 	28,037	 	 	 	32,933	 	 	 	16,018	 	 	 	30,735	 	 	 	5,908	 	 	 	113,631	 	 	 	87,877	 	 	 	25,754	 	
Investment and Derivative (losses) gains — non-operating	 	 	(454	)	 	 	5,431	 	 	 	815	 	 	 	2,955	 	 	 	15,053	 	 	 	(15,507	)	 	 	8,747	 	 	 	18,458	 	 	 	(9,711	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	$	36,189	 	 	$	33,468	 	 	$	33,748	 	 	$	18,973	 	 	$	45,788	 	 	$	(9,599	)	 	$	122,378	 	 	$	106,335	 	 	$	16,043	 	

Loss and Expense Ratios:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Loss ratios (creditor business)	 	 	39.1	%	 	 	32.5	%	 	 	40.6	%	 	 	41.2	%	 	 	19.7	%	 	 	19.4	%	 	 	39.6	%	 	 	35.7	%	 	 	3.9	%	
Loss ratios (excluding creditor business)	 	 	84.3	%	 	 	96.3	%	 	 	91.9	%	 	 	106.8	%	 	 	98.6	%	 	 	-14.3	%	 	 	94.4	%	 	 	97.8	%	 	 	-3.4	%	
Claims and other policy benefits / (net premiums + investment income)	 	 	61.4	%	 	 	75.6	%	 	 	66.2	%	 	 	69.3	%	 	 	63.9	%	 	 	-2.5	%	 	 	68.2	%	 	 	66.6	%	 	 	1.6	%	
Policy acquisition costs and other insurance expenses	 	 	24.7	%	 	 	13.1	%	 	 	19.9	%	 	 	26.1	%	 	 	23.3	%	 	 	1.4	%	 	 	21.0	%	 	 	23.9	%	 	 	-2.9	%	
Other operating expenses	 	 	4.4	%	 	 	3.4	%	 	 	3.9	%	 	 	3.3	%	 	 	3.9	%	 	 	0.5	%	 	 	3.7	%	 	 	3.7	%	 	 	0.0	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Foreign currency effect on*:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	8,357	 	 	$	10,236	 	 	$	20,670	 	 	$	33,557	 	 	$	21,267	 	 	$	(12,910	)	 	$	72,820	 	 	$	(42,186	)	 	$	115,006	 	
Operating income before income taxes	 	$	1,858	 	 	$	292	 	 	$	4,079	 	 	$	1,373	 	 	$	5,038	 	 	$	(3,180	)	 	$	7,602	 	 	$	(5,184	)	 	$	12,786	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Creditor reinsurance net premiums	 	$	47,467	 	 	$	17,707	 	 	$	34,079	 	 	$	76,712	 	 	$	40,977	 	 	$	6,490	 	 	$	175,965	 	 	$	161,673	 	 	$	14,292	 	
Note: The loss ratios on creditor reinsurance business are normally lower than traditional reinsurance, while allowances are normally higher as a percentage of premiums.

*	 	Represents effect as compared to comparable prior year period	

Page 11

 
     
Reinsurance Group of America, Incorporated
Europe & South Africa Segment Operating Income
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	 	Current Qtr	 	 	Year-to-Date	 	
 	 	Dec. 31,	 	 	Sept. 30,	 	 	June 30,	 	 	March 31,	 	 	Dec. 31,	 	 	vs. PY	 	 	Dec. 31,	 	 	Dec. 31,	 	 	 	 	
(USD thousands)	 	2010	 	 	2010	 	 	2010	 	 	2010	 	 	2009	 	 	Quarter	 	 	2010	 	 	2009	 	 	Change	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	257,980	 	 	$	232,962	 	 	$	209,919	 	 	$	217,652	 	 	$	224,510	 	 	$	33,470	 	 	$	918,513	 	 	$	781,952	 	 	$	136,561	 	
Investment income, net of related expenses	 	 	9,737	 	 	 	8,579	 	 	 	8,369	 	 	 	7,832	 	 	 	8,869	 	 	 	868	 	 	 	34,517	 	 	 	32,240	 	 	 	2,277	 	
Other revenue	 	 	296	 	 	 	857	 	 	 	108	 	 	 	838	 	 	 	10,536	 	 	 	(10,240	)	 	 	2,099	 	 	 	11,436	 	 	 	(9,337	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	 	 	268,013	 	 	 	242,398	 	 	 	218,396	 	 	 	226,322	 	 	 	243,915	 	 	 	24,098	 	 	 	955,129	 	 	 	825,628	 	 	 	129,501	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	 	195,172	 	 	 	193,377	 	 	 	165,827	 	 	 	180,016	 	 	 	201,131	 	 	 	(5,959	)	 	 	734,392	 	 	 	656,485	 	 	 	77,907	 	
Policy acquisition costs and other insurance expenses	 	 	8,153	 	 	 	12,137	 	 	 	10,273	 	 	 	13,398	 	 	 	(4,710	)	 	 	12,863	 	 	 	43,961	 	 	 	37,753	 	 	 	6,208	 	
Other operating expenses	 	 	28,301	 	 	 	21,198	 	 	 	21,317	 	 	 	22,710	 	 	 	23,608	 	 	 	4,693	 	 	 	93,526	 	 	 	80,301	 	 	 	13,225	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	 	 	231,626	 	 	 	226,712	 	 	 	197,417	 	 	 	216,124	 	 	 	220,029	 	 	 	11,597	 	 	 	871,879	 	 	 	774,539	 	 	 	97,340	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	 	36,387	 	 	 	15,686	 	 	 	20,979	 	 	 	10,198	 	 	 	23,886	 	 	 	12,501	 	 	 	83,250	 	 	 	51,089	 	 	 	32,161	 	

Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	 	36,387	 	 	 	15,686	 	 	 	20,979	 	 	 	10,198	 	 	 	23,886	 	 	 	12,501	 	 	 	83,250	 	 	 	51,089	 	 	 	32,161	 	
Investment and Derivative (losses) gains — non-operating	 	 	(1,030	)	 	 	1,808	 	 	 	1,347	 	 	 	459	 	 	 	576	 	 	 	(1,606	)	 	 	2,584	 	 	 	1,252	 	 	 	1,332	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	$	35,357	 	 	$	17,494	 	 	$	22,326	 	 	$	10,657	 	 	$	24,462	 	 	$	10,895	 	 	$	85,834	 	 	$	52,341	 	 	$	33,493	 	

Loss and Expense Ratios:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	 	75.7	%	 	 	83.0	%	 	 	79.0	%	 	 	82.7	%	 	 	89.6	%	 	 	-13.9	%	 	 	80.0	%	 	 	84.0	%	 	 	-4.0	%	
Policy acquisition costs and other insurance expenses	 	 	3.2	%	 	 	5.2	%	 	 	4.9	%	 	 	6.2	%	 	 	-2.1	%	 	 	5.3	%	 	 	4.8	%	 	 	4.8	%	 	 	0.0	%	
Other operating expenses	 	 	11.0	%	 	 	9.1	%	 	 	10.2	%	 	 	10.4	%	 	 	10.5	%	 	 	0.5	%	 	 	10.2	%	 	 	10.3	%	 	 	-0.1	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Foreign currency effect on*:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	(5,502	)	 	$	(12,500	)	 	$	(6,154	)	 	$	20,109	 	 	$	15,308	 	 	$	(20,810	)	 	$	(4,047	)	 	$	(107,490	)	 	$	103,443	 	
Operating income before income taxes	 	$	(704	)	 	$	(1,184	)	 	$	(1,158	)	 	$	334	 	 	$	4,672	 	 	$	(5,376	)	 	$	(2,712	)	 	$	(1,680	)	 	$	(1,032	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Critical illness net premiums	 	$	58,102	 	 	$	57,340	 	 	$	52,759	 	 	$	55,874	 	 	$	58,898	 	 	$	(796	)	 	$	224,075	 	 	$	212,124	 	 	$	11,951	 	

*	 	Represents effect as compared to comparable prior year period	

Page 12

 
     
Reinsurance Group of America, Incorporated
Asia Pacific Segment Operating Income
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	 	Current Qtr	 	 	Year-to-Date	 	
 	 	Dec. 31,	 	 	Sept. 30,	 	 	June 30,	 	 	March 31,	 	 	Dec. 31,	 	 	vs. PY	 	 	Dec. 31,	 	 	Dec. 31,	 	 	 	 	
(USD thousands)	 	2010	 	 	2010	 	 	2010	 	 	2010	 	 	2009	 	 	Quarter	 	 	2010	 	 	2009	 	 	Change	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	322,544	 	 	$	273,825	 	 	$	256,878	 	 	$	285,818	 	 	$	283,419	 	 	$	39,125	 	 	$	1,139,065	 	 	$	998,927	 	 	$	140,138	 	
Investment income, net of related expenses	 	 	18,997	 	 	 	17,042	 	 	 	17,249	 	 	 	17,264	 	 	 	18,107	 	 	 	890	 	 	 	70,552	 	 	 	61,335	 	 	 	9,217	 	
Investment related gains (losses), net	 	 	365	 	 	 	232	 	 	 	(151	)	 	 	707	 	 	 	824	 	 	 	(459	)	 	 	1,153	 	 	 	824	 	 	 	329	 	
Other revenue	 	 	6,642	 	 	 	7,462	 	 	 	6,128	 	 	 	6,187	 	 	 	5,887	 	 	 	755	 	 	 	26,419	 	 	 	25,029	 	 	 	1,390	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	 	 	348,548	 	 	 	298,561	 	 	 	280,104	 	 	 	309,976	 	 	 	308,237	 	 	 	40,311	 	 	 	1,237,189	 	 	 	1,086,115	 	 	 	151,074	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	 	277,926	 	 	 	220,867	 	 	 	204,494	 	 	 	223,096	 	 	 	243,012	 	 	 	34,914	 	 	 	926,383	 	 	 	817,052	 	 	 	109,331	 	
Policy acquisition costs and other insurance expenses	 	 	36,336	 	 	 	27,373	 	 	 	31,661	 	 	 	37,930	 	 	 	17,617	 	 	 	18,719	 	 	 	133,300	 	 	 	106,405	 	 	 	26,895	 	
Other operating expenses	 	 	26,164	 	 	 	22,932	 	 	 	22,265	 	 	 	22,385	 	 	 	22,811	 	 	 	3,353	 	 	 	93,746	 	 	 	78,085	 	 	 	15,661	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	 	 	340,426	 	 	 	271,172	 	 	 	258,420	 	 	 	283,411	 	 	 	283,440	 	 	 	56,986	 	 	 	1,153,429	 	 	 	1,001,542	 	 	 	151,887	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	 	8,122	 	 	 	27,389	 	 	 	21,684	 	 	 	26,565	 	 	 	24,797	 	 	 	(16,675	)	 	 	83,760	 	 	 	84,573	 	 	 	(813	)	

Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	 	8,122	 	 	 	27,389	 	 	 	21,684	 	 	 	26,565	 	 	 	24,797	 	 	 	(16,675	)	 	 	83,760	 	 	 	84,573	 	 	 	(813	)	
Investment and Derivative (losses) gains — non-operating	 	 	1,949	 	 	 	1,094	 	 	 	2,077	 	 	 	(120	)	 	 	(1,269	)	 	 	3,218	 	 	 	5,000	 	 	 	(1,027	)	 	 	6,027	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	$	10,071	 	 	$	28,483	 	 	$	23,761	 	 	$	26,445	 	 	$	23,528	 	 	$	(13,457	)	 	$	88,760	 	 	$	83,546	 	 	$	5,214	 	

Loss and Expense Ratios:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	 	86.2	%	 	 	80.7	%	 	 	79.6	%	 	 	78.1	%	 	 	85.7	%	 	 	0.5	%	 	 	81.3	%	 	 	81.8	%	 	 	-0.5	%	
Policy acquisition costs and other insurance expenses	 	 	11.3	%	 	 	10.0	%	 	 	12.3	%	 	 	13.3	%	 	 	6.2	%	 	 	5.1	%	 	 	11.7	%	 	 	10.7	%	 	 	1.0	%	
Other operating expenses	 	 	8.1	%	 	 	8.4	%	 	 	8.7	%	 	 	7.8	%	 	 	8.0	%	 	 	0.1	%	 	 	8.2	%	 	 	7.8	%	 	 	0.4	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Foreign currency effect on*:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	21,020	 	 	$	17,726	 	 	$	25,935	 	 	$	50,307	 	 	$	45,215	 	 	$	(24,195	)	 	$	114,988	 	 	$	(58,036	)	 	$	173,024	 	
Operating income before income taxes	 	$	487	 	 	$	978	 	 	$	2,276	 	 	$	3,577	 	 	$	2,864	 	 	$	(2,377	)	 	$	7,318	 	 	$	624	 	 	$	6,694	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Critical illness net premiums	 	$	52,386	 	 	$	45,954	 	 	$	48,508	 	 	$	39,398	 	 	$	52,311	 	 	$	75	 	 	$	186,246	 	 	$	181,159	 	 	$	5,087	 	

*	 	Represents effect as compared to comparable prior year period	

Page 13

 
     
Reinsurance Group of America, Incorporated
Corporate and Other Segment Operating Income
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	 	Current Qtr	 	 	Year-to-Date	 	
 	 	Dec. 31,	 	 	Sept. 30,	 	 	June 30,	 	 	March 31,	 	 	Dec. 31,	 	 	vs. PY	 	 	Dec. 31,	 	 	Dec. 31,	 	 	 	 	
(USD thousands)	 	2010	 	 	2010	 	 	2010	 	 	2010	 	 	2009	 	 	Quarter	 	 	2010	 	 	2009	 	 	Change	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	2,291	 	 	$	2,167	 	 	$	1,851	 	 	$	1,506	 	 	$	2,046	 	 	$	245	 	 	$	7,815	 	 	$	8,728	 	 	$	(913	)	
Investment income, net of related expenses	 	 	29,399	 	 	 	28,616	 	 	 	19,997	 	 	 	29,157	 	 	 	23,239	 	 	 	6,160	 	 	 	107,169	 	 	 	76,240	 	 	 	30,929	 	
Investment related gains (losses), net	 	 	(489	)	 	 	(794	)	 	 	(29	)	 	 	166	 	 	 	666	 	 	 	(1,155	)	 	 	(1,146	)	 	 	614	 	 	 	(1,760	)	
Other revenue	 	 	3,684	 	 	 	2,752	 	 	 	766	 	 	 	2,669	 	 	 	1,626	 	 	 	2,058	 	 	 	9,871	 	 	 	14,518	 	 	 	(4,647	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	 	 	34,885	 	 	 	32,741	 	 	 	22,585	 	 	 	33,498	 	 	 	27,577	 	 	 	7,308	 	 	 	123,709	 	 	 	100,100	 	 	 	23,609	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	 	243	 	 	 	141	 	 	 	(138	)	 	 	167	 	 	 	160	 	 	 	83	 	 	 	413	 	 	 	49	 	 	 	364	 	
Interest credited	 	 	1	 	 	 	—	 	 	 	(1	)	 	 	14	 	 	 	121	 	 	 	(120	)	 	 	14	 	 	 	121	 	 	 	(107	)	
Policy acquisition costs and other insurance expenses	 	 	(13,548	)	 	 	(13,658	)	 	 	(13,755	)	 	 	(12,854	)	 	 	(10,931	)	 	 	(2,617	)	 	 	(53,815	)	 	 	(43,480	)	 	 	(10,335	)	
Other operating expenses	 	 	13,624	 	 	 	12,421	 	 	 	10,917	 	 	 	13,936	 	 	 	10,545	 	 	 	3,079	 	 	 	50,898	 	 	 	45,782	 	 	 	5,116	 	
Interest expense	 	 	25,215	 	 	 	25,191	 	 	 	25,141	 	 	 	15,449	 	 	 	22,985	 	 	 	2,230	 	 	 	90,996	 	 	 	69,940	 	 	 	21,056	 	
Collateral finance facility expense	 	 	2,049	 	 	 	2,041	 	 	 	1,960	 	 	 	1,806	 	 	 	1,866	 	 	 	183	 	 	 	7,856	 	 	 	8,268	 	 	 	(412	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	 	 	27,584	 	 	 	26,136	 	 	 	24,124	 	 	 	18,518	 	 	 	24,746	 	 	 	2,838	 	 	 	96,362	 	 	 	80,680	 	 	 	15,682	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income (loss) before income taxes	 	 	7,301	 	 	 	6,605	 	 	 	(1,539	)	 	 	14,980	 	 	 	2,831	 	 	 	4,470	 	 	 	27,347	 	 	 	19,420	 	 	 	7,927	 	

Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	 	7,301	 	 	 	6,605	 	 	 	(1,539	)	 	 	14,980	 	 	 	2,831	 	 	 	4,470	 	 	 	27,347	 	 	 	19,420	 	 	 	7,927	 	
Investment and Derivative (losses) gains — non-operating	 	 	11,082	 	 	 	(663	)	 	 	(999	)	 	 	(9,312	)	 	 	(21,681	)	 	 	32,763	 	 	 	108	 	 	 	(16,890	)	 	 	16,998	 	
Gain on debt repurchase	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	38,875	 	 	 	(38,875	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	$	18,383	 	 	$	5,942	 	 	$	(2,538	)	 	$	5,668	 	 	$	(18,850	)	 	$	37,233	 	 	$	27,455	 	 	$	41,405	 	 	$	(13,950	)	

Foreign currency effect on*:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	58	 	 	$	(14	)	 	$	(6	)	 	$	1	 	 	$	16	 	 	$	42	 	 	$	39	 	 	$	102	 	 	$	(63	)	
Operating income before income taxes	 	$	(61	)	 	$	1,912	 	 	$	(12	)	 	$	4,213	 	 	$	747	 	 	$	(808	)	 	$	6,052	 	 	$	(2,662	)	 	$	8,714	 	

*	 	Represents effect as compared to comparable prior year period	

Page 14

 
Reinsurance Group of America, Incorporated
Summary of Pre-tax Segment Operating Income
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	 	Current Qtr	 	 	Year-to-Date	 	
 	 	Dec. 31,	 	 	Sept. 30,	 	 	June 30,	 	 	March 31,	 	 	Dec. 31,	 	 	vs. PY	 	 	Dec. 31,	 	 	Dec. 31,	 	 	 	 	
(USD thousands)	 	2010	 	 	2010	 	 	2010	 	 	2010	 	 	2009	 	 	Quarter	 	 	2010	 	 	2009	 	 	Change	 	
U.S. Traditional	 	$	107,095	 	 	$	101,066	 	 	$	96,093	 	 	$	60,977	 	 	$	82,145	 	 	$	24,950	 	 	$	365,231	 	 	$	339,607	 	 	$	25,624	 	
U.S. Asset Intensive	 	 	19,981	 	 	 	13,989	 	 	 	15,770	 	 	 	16,546	 	 	 	13,869	 	 	 	6,112	 	 	 	66,286	 	 	 	45,843	 	 	 	20,443	 	
U.S. Financial Reinsurance	 	 	5,578	 	 	 	4,361	 	 	 	4,410	 	 	 	3,194	 	 	 	4,620	 	 	 	958	 	 	 	17,543	 	 	 	15,812	 	 	 	1,731	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total U.S. Segment	 	 	132,654	 	 	 	119,416	 	 	 	116,273	 	 	 	80,717	 	 	 	100,634	 	 	 	32,020	 	 	 	449,060	 	 	 	401,262	 	 	 	47,798	 	
Canadian Segment	 	 	36,643	 	 	 	28,037	 	 	 	32,933	 	 	 	16,018	 	 	 	30,735	 	 	 	5,908	 	 	 	113,631	 	 	 	87,877	 	 	 	25,754	 	
Europe & South Africa Segment	 	 	36,387	 	 	 	15,686	 	 	 	20,979	 	 	 	10,198	 	 	 	23,886	 	 	 	12,501	 	 	 	83,250	 	 	 	51,089	 	 	 	32,161	 	
Asia Pacific Segment	 	 	8,122	 	 	 	27,389	 	 	 	21,684	 	 	 	26,565	 	 	 	24,797	 	 	 	(16,675	)	 	 	83,760	 	 	 	84,573	 	 	 	(813	)	
Corporate and Other	 	 	7,301	 	 	 	6,605	 	 	 	(1,539	)	 	 	14,980	 	 	 	2,831	 	 	 	4,470	 	 	 	27,347	 	 	 	19,420	 	 	 	7,927	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Consolidated	 	$	221,107	 	 	$	197,133	 	 	$	190,330	 	 	$	148,478	 	 	$	182,883	 	 	$	38,224	 	 	$	757,048	 	 	$	644,221	 	 	$	112,827	 	

Page 15

 
Reinsurance Group of America, Incorporated
Investments
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Cash and Invested Assets	
 	 	Dec. 31,	 	 	Sept. 30,	 	 	June 30,	 	 	March 31,	 	 	Dec. 31,	 	 	 	 	 	
(USD thousands)	 	2010	 	 	2010	 	 	2010	 	 	2010	 	 	2009	 	 	 	 	 	
Fixed maturity securities, available-for-sale	 	$	14,304,597	 	 	$	14,169,930	 	 	$	13,077,607	 	 	$	12,775,342	 	 	$	11,763,358	 	 	 	 	 	
Mortgage loans on real estate	 	 	885,811	 	 	 	863,873	 	 	 	838,827	 	 	 	797,272	 	 	 	791,668	 	 	 	 	 	
Policy loans	 	 	1,228,418	 	 	 	1,173,148	 	 	 	1,173,016	 	 	 	1,162,723	 	 	 	1,136,564	 	 	 	 	 	
Funds withheld at interest	 	 	5,421,952	 	 	 	5,276,511	 	 	 	5,257,929	 	 	 	5,180,300	 	 	 	4,895,356	 	 	 	 	 	
Short-term investments	 	 	118,387	 	 	 	84,091	 	 	 	63,962	 	 	 	79,160	 	 	 	121,060	 	 	 	 	 	
Other invested assets	 	 	707,403	 	 	 	738,830	 	 	 	637,827	 	 	 	564,753	 	 	 	516,086	 	 	 	 	 	
Cash and cash equivalents	 	 	463,661	 	 	 	634,075	 	 	 	557,756	 	 	 	525,360	 	 	 	512,027	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total cash and invested assets	 	$	23,130,229	 	 	$	22,940,458	 	 	$	21,606,924	 	 	$	21,084,910	 	 	$	19,736,119	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Investment Income and Yield Summary
(Excludes Funds Withheld)
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	 	Current Qtr	 	 	Year-to-Date	 	
 	 	Dec. 31,	 	 	Sept. 30,	 	 	June 30,	 	 	March 31,	 	 	Dec. 31,	 	 	vs. PY	 	 	Dec. 31,	 	 	Dec. 31,	 	 	 	 	
(USD thousands)	 	2010	 	 	2010	 	 	2010	 	 	2010	 	 	2009	 	 	Quarter	 	 	2010	 	 	2009	 	 	Change	 	
Average invested assets at amortized cost	 	$	16,257,365	 	 	$	15,763,396	 	 	$	15,432,369	 	 	$	15,062,452	 	 	$	14,180,733	 	 	$	2,076,632	 	 	$	15,283,113	 	 	$	13,013,390	 	 	$	2,269,723	 	
Net investment income	 	$	216,176	 	 	$	218,546	 	 	$	208,303	 	 	$	215,295	 	 	$	203,150	 	 	$	13,026	 	 	$	858,320	 	 	$	747,730	 	 	$	110,590	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Annualized investment yield (ratio of net investment income to average invested assets)	 	 	5.43	%	 	 	5.66	%	 	 	5.51	%	 	 	5.84	%	 	 	5.85	%	 	 	-0.42	%	 	 	5.62	%	 	 	5.75	%	 	 	-0.13	%	

Page 16

 
Reinsurance Group of America, Incorporated
Investments
Amortized cost, gross unrealized gains and losses, and estimated fair values of fixed maturity and equity securities
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	December 31, 2010	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Other-than	 	
 	 	 	 	 	 	 	 	 	Estimated	 	 	 	 	 	 	temporary	 	
 	 	Amortized	 	 	Unrealized	 	 	Unrealized	 	 	Fair	 	 	% of	 	 	impairment	 	
(USD thousands)	 	Cost	 	 	Gains	 	 	Losses	 	 	Value	 	 	Total	 	 	in AOCI	 	
Available-for-sale:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Corporate securities	 	$	6,826,937	 	 	$	436,384	 	 	$	107,816	 	 	$	7,155,505	 	 	 	50.0	%	 	$	—	 	
Canadian and Canadian provincial governments	 	 	2,354,418	 	 	 	672,951	 	 	 	3,886	 	 	 	3,023,483	 	 	 	21.1	%	 	 	—	 	
Residential mortgage-backed securities	 	 	1,443,892	 	 	 	55,765	 	 	 	26,580	 	 	 	1,473,077	 	 	 	10.3	%	 	 	(1,650	)	
Asset-backed securities	 	 	440,752	 	 	 	12,001	 	 	 	61,544	 	 	 	391,209	 	 	 	2.7	%	 	 	(4,963	)	
Commercial mortgage-backed securities	 	 	1,353,279	 	 	 	81,839	 	 	 	97,265	 	 	 	1,337,853	 	 	 	9.4	%	 	 	(10,010	)	
U.S. government and agencies	 	 	199,129	 	 	 	7,795	 	 	 	708	 	 	 	206,216	 	 	 	1.4	%	 	 	—	 	
State and political subdivisions	 	 	170,479	 	 	 	2,098	 	 	 	8,117	 	 	 	164,460	 	 	 	1.2	%	 	 	—	 	
Other foreign government securities	 	 	556,136	 	 	 	4,304	 	 	 	7,646	 	 	 	552,794	 	 	 	3.9	%	 	 	—	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total fixed maturity securities	 	$	13,345,022	 	 	$	1,273,137	 	 	$	313,562	 	 	$	14,304,597	 	 	 	100.0	%	 	$	(16,623	)	

Non-redeemable preferred stock	 	 	100,718	 	 	 	4,130	 	 	 	5,298	 	 	 	99,550	 	 	 	71.0	%	 	 	 	 	
Other equity securities	 	 	34,832	 	 	 	6,100	 	 	 	271	 	 	 	40,661	 	 	 	29.0	%	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total equity securities	 	$	135,550	 	 	$	10,230	 	 	$	5,569	 	 	$	140,211	 	 	 	100.0	%	 	 	 	 	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	December 31, 2009	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Other-than	 	
 	 	 	 	 	 	 	 	 	Estimated	 	 	 	 	 	 	temporary	 	
 	 	Amortized	 	 	Unrealized	 	 	Unrealized	 	 	Fair	 	 	% of	 	 	impairment	 	
(USD thousands)	 	Cost	 	 	Gains	 	 	Losses	 	 	Value	 	 	Total	 	 	in AOCI	 	
Available-for-sale:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Corporate securities	 	$	5,317,603	 	 	$	257,975	 	 	$	180,782	 	 	$	5,394,796	 	 	 	45.9	%	 	$	—	 	
Canadian and Canadian provincial governments	 	 	1,984,475	 	 	 	394,498	 	 	 	25,746	 	 	 	2,353,227	 	 	 	20.0	%	 	 	—	 	
Residential mortgage-backed securities	 	 	1,494,021	 	 	 	32,538	 	 	 	70,015	 	 	 	1,456,544	 	 	 	12.4	%	 	 	(7,018	)	
Asset-backed securities	 	 	522,760	 	 	 	9,307	 	 	 	80,131	 	 	 	451,936	 	 	 	3.8	%	 	 	(2,194	)	
Commercial mortgage-backed securities	 	 	1,177,621	 	 	 	20,670	 	 	 	169,427	 	 	 	1,028,864	 	 	 	8.7	%	 	 	(13,690	)	
U.S. government and agencies	 	 	540,001	 	 	 	1,085	 	 	 	15,027	 	 	 	526,059	 	 	 	4.5	%	 	 	—	 	
State and political subdivisions	 	 	107,233	 	 	 	273	 	 	 	17,744	 	 	 	89,762	 	 	 	0.8	%	 	 	—	 	
Other foreign government securities	 	 	473,243	 	 	 	2,198	 	 	 	13,271	 	 	 	462,170	 	 	 	3.9	%	 	 	—	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total fixed maturity securities	 	$	11,616,957	 	 	$	718,544	 	 	$	572,143	 	 	$	11,763,358	 	 	 	100.0	%	 	$	(22,902	)	

Non-redeemable preferred stock	 	 	123,648	 	 	 	1,878	 	 	 	12,328	 	 	 	113,198	 	 	 	66.0	%	 	 	 	 	
Other equity securities	 	 	58,008	 	 	 	760	 	 	 	409	 	 	 	58,359	 	 	 	34.0	%	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total equity securities	 	$	181,656	 	 	$	2,638	 	 	$	12,737	 	 	$	171,557	 	 	 	100.0	%	 	 	 	 	

Page 17

 
Reinsurance Group of America, Incorporated
Investments
Corporate Securities by Sector (Fixed Maturities and Equities)
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	December 31, 2010	 	December 31, 2009	
 	 	 	 	 	 	Estimated Fair	 	 	 	 	 	 	Average Credit	 	 	 	 	 	Estimated Fair	 	 	 	 	 	 	Average Credit	
(USD thousands)	 	Amortized Cost	 	 	Value	 	 	% of Total	 	 	Ratings	 	Amortized Cost	 	 	Value	 	 	% of Total	 	 	Ratings	
Financial Institutions	 	 	 	 	 	 	 	 	 	 	 	 	 	    	 	 	 	 	 	 	 	 	 	 	 	 	 	    	
Banking	 	$	1,739,077	 	 	$	1,740,978	 	 	 	23.9	%	 	   A+	 	$	1,372,940	 	 	$	1,334,155	 	 	 	24.0	%	 	   A+	
Brokerage	 	 	98,351	 	 	 	103,902	 	 	 	1.4	%	 	   A-	 	 	87,168	 	 	 	87,747	 	 	 	1.6	%	 	   A-	
Finance Comp	 	 	216,212	 	 	 	224,729	 	 	 	3.1	%	 	   A	 	 	239,659	 	 	 	237,719	 	 	 	4.3	%	 	   A+	
Insurance	 	 	403,557	 	 	 	422,996	 	 	 	5.8	%	 	   A-	 	 	374,486	 	 	 	366,893	 	 	 	6.6	%	 	   A-	
REITs	 	 	178,106	 	 	 	187,587	 	 	 	2.6	%	 	   BBB+	 	 	138,727	 	 	 	139,455	 	 	 	2.5	%	 	   BBB	
Other Finance	 	 	253,794	 	 	 	259,092	 	 	 	3.5	%	 	   A-	 	 	204,309	 	 	 	180,684	 	 	 	3.2	%	 	   A-	
 	 	 	 	 	 	 	 	 	 	 	    	 	 	 	 	 	 	 	 	 	 	    	
Total Financial Institutions	 	 	2,889,097	 	 	 	2,939,284	 	 	 	40.3	%	 	    	 	 	2,417,289	 	 	 	2,346,653	 	 	 	42.2	%	 	    	
Industrials	 	 	 	 	 	 	 	 	 	 	 	 	 	    	 	 	 	 	 	 	 	 	 	 	 	 	 	    	
Basic	 	 	349,522	 	 	 	376,723	 	 	 	5.2	%	 	   BBB	 	 	244,242	 	 	 	261,135	 	 	 	4.7	%	 	   BBB	
Capital Goods	 	 	349,526	 	 	 	372,557	 	 	 	5.1	%	 	   BBB+	 	 	235,090	 	 	 	247,594	 	 	 	4.5	%	 	   BBB+	
Communications	 	 	586,179	 	 	 	634,557	 	 	 	8.7	%	 	   BBB+	 	 	444,939	 	 	 	485,405	 	 	 	8.7	%	 	   BBB+	
Consumer Cyclical	 	 	309,255	 	 	 	324,648	 	 	 	4.4	%	 	   BBB+	 	 	242,206	 	 	 	247,077	 	 	 	4.4	%	 	   BBB	
Consumer Noncyclical	 	 	646,383	 	 	 	693,785	 	 	 	9.5	%	 	   A-	 	 	396,739	 	 	 	419,161	 	 	 	7.5	%	 	   BBB+	
Energy	 	 	383,293	 	 	 	414,592	 	 	 	5.7	%	 	   BBB+	 	 	330,748	 	 	 	356,716	 	 	 	6.4	%	 	   BBB+	
Technology	 	 	228,702	 	 	 	238,975	 	 	 	3.3	%	 	   BBB+	 	 	114,795	 	 	 	119,548	 	 	 	2.1	%	 	   BBB+	
Transportation	 	 	242,719	 	 	 	255,910	 	 	 	3.5	%	 	   BBB+	 	 	205,776	 	 	 	209,048	 	 	 	3.8	%	 	   BBB	
Other Industrial	 	 	50,679	 	 	 	53,767	 	 	 	0.7	%	 	   BBB	 	 	62,175	 	 	 	39,414	 	 	 	0.7	%	 	   BBB-	
 	 	 	 	 	 	 	 	 	 	 	    	 	 	 	 	 	 	 	 	 	 	    	
Total Industrials	 	 	3,146,258	 	 	 	3,365,514	 	 	 	46.1	%	 	    	 	 	2,276,710	 	 	 	2,385,098	 	 	 	42.8	%	 	    	
Utilities	 	 	 	 	 	 	 	 	 	 	 	 	 	    	 	 	 	 	 	 	 	 	 	 	 	 	 	    	
Electric	 	 	612,790	 	 	 	642,177	 	 	 	8.8	%	 	   BBB+	 	 	512,898	 	 	 	525,379	 	 	 	9.4	%	 	   BBB+	
Natural Gas	 	 	276,402	 	 	 	303,679	 	 	 	4.2	%	 	   BBB+	 	 	246,329	 	 	 	262,064	 	 	 	4.7	%	 	   BBB+	
Other Utility	 	 	23,002	 	 	 	29,700	 	 	 	0.4	%	 	   A-	 	 	26,830	 	 	 	27,940	 	 	 	0.5	%	 	   A-	
 	 	 	 	 	 	 	 	 	 	 	    	 	 	 	 	 	 	 	 	 	 	    	
Total Utilities	 	 	912,194	 	 	 	975,556	 	 	 	13.4	%	 	    	 	 	786,057	 	 	 	815,383	 	 	 	14.6	%	 	    	
Other Sectors	 	 	14,938	 	 	 	15,362	 	 	 	0.2	%	 	   AA+	 	 	19,203	 	 	 	19,219	 	 	 	0.4	%	 	   AA	
 	 	 	 	 	 	 	 	 	 	 	 	    	 	 	 	 	 	 	 	 	 	 	    	
Total	 	$	6,962,487	 	 	$	7,295,716	 	 	 	100.0	%	 	   A-	 	$	5,499,259	 	 	$	5,566,353	 	 	 	100.0	%	 	   A-	

Page 18

 
     
Reinsurance Group of America, Incorporated
Investments
Ratings of Fixed Maturity Securities
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	December 31, 2010	 	 	September 30, 2010	 	 	June 30, 2010	 	 	March 31, 2010	 	 	December 31, 2009	 	
(USD thousands)	 	Rating Agency	 	Amortized	 	 	Estimated Fair	 	 	 	 	 	 	Amortized	 	 	Estimated Fair	 	 	 	 	 	 	Amortized	 	 	Estimated Fair	 	 	 	 	 	 	Amortized	 	 	Estimated Fair	 	 	 	 	 	 	Amortized	 	 	Estimated Fair	 	 	 	 	
NAIC Designation	 	Designation	 	Cost	 	 	Value	 	 	% of Total	 	 	Cost	 	 	Value	 	 	% of Total	 	 	Cost	 	 	Value	 	 	% of Total	 	 	Cost	 	 	Value	 	 	% of Total	 	 	Cost	 	 	Value	 	 	% of Total	 	
1	 	AAA	 	$	3,516,872	 	 	$	3,592,987	 	 	 	25.1	%	 	$	3,492,193	 	 	$	3,633,780	 	 	 	25.6	%	 	$	3,534,911	 	 	$	3,642,644	 	 	 	27.9	%	 	$	3,669,930	 	 	$	3,668,484	 	 	 	28.7	%	 	$	3,726,020	 	 	$	3,664,665	 	 	 	31.2	%	
1	 	AA	 	 	3,284,387	 	 	 	3,758,523	 	 	 	26.3	%	 	 	3,155,855	 	 	 	3,675,615	 	 	 	25.9	%	 	 	2,860,403	 	 	 	3,177,314	 	 	 	24.3	%	 	 	2,905,244	 	 	 	3,122,295	 	 	 	24.5	%	 	 	2,527,944	 	 	 	2,684,878	 	 	 	22.8	%	
1	 	A	 	 	2,896,256	 	 	 	3,205,431	 	 	 	22.4	%	 	 	2,714,384	 	 	 	3,138,268	 	 	 	22.2	%	 	 	2,512,744	 	 	 	2,773,399	 	 	 	21.2	%	 	 	2,436,385	 	 	 	2,630,133	 	 	 	20.6	%	 	 	2,203,848	 	 	 	2,367,377	 	 	 	20.1	%	
2	 	BBB	 	 	2,860,603	 	 	 	3,035,593	 	 	 	21.2	%	 	 	2,778,394	 	 	 	3,030,667	 	 	 	21.4	%	 	 	2,639,071	 	 	 	2,783,867	 	 	 	21.3	%	 	 	2,561,843	 	 	 	2,658,713	 	 	 	20.8	%	 	 	2,401,885	 	 	 	2,433,144	 	 	 	20.7	%	
3	 	BB	 	 	460,675	 	 	 	450,368	 	 	 	3.2	%	 	 	471,013	 	 	 	440,012	 	 	 	3.1	%	 	 	479,755	 	 	 	424,060	 	 	 	3.2	%	 	 	472,151	 	 	 	417,253	 	 	 	3.3	%	 	 	455,539	 	 	 	381,242	 	 	 	3.3	%	
4	 	B	 	 	239,604	 	 	 	191,287	 	 	 	1.3	%	 	 	237,136	 	 	 	185,668	 	 	 	1.3	%	 	 	255,530	 	 	 	192,244	 	 	 	1.5	%	 	 	253,930	 	 	 	185,177	 	 	 	1.4	%	 	 	210,252	 	 	 	145,206	 	 	 	1.2	%	
5	 	CCC and lower	 	 	63,859	 	 	 	47,493	 	 	 	0.3	%	 	 	63,033	 	 	 	44,683	 	 	 	0.3	%	 	 	80,415	 	 	 	65,496	 	 	 	0.5	%	 	 	94,537	 	 	 	77,652	 	 	 	0.6	%	 	 	75,486	 	 	 	70,165	 	 	 	0.6	%	
6	 	In or near default	 	 	22,766	 	 	 	22,915	 	 	 	0.2	%	 	 	21,108	 	 	 	21,237	 	 	 	0.2	%	 	 	18,809	 	 	 	18,583	 	 	 	0.1	%	 	 	13,205	 	 	 	15,635	 	 	 	0.1	%	 	 	15,983	 	 	 	16,681	 	 	 	0.1	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Total	 	$	13,345,022	 	 	$	14,304,597	 	 	 	 	 	 	$	12,933,116	 	 	$	14,169,930	 	 	 	 	 	 	$	12,381,638	 	 	$	13,077,607	 	 	 	 	 	 	$	12,407,225	 	 	$	12,775,342	 	 	 	 	 	 	$	11,616,957	 	 	$	11,763,358	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Structured Fixed Maturity Securities
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	December 31, 2010	 	 	September 30, 2010	 	 	June 30, 2010	 	 	March 31, 2010	 	 	December 31, 2009	 	
 	 	Amortized	 	 	Estimated Fair	 	 	Amortized	 	 	Estimated Fair	 	 	Amortized	 	 	Estimated Fair	 	 	Amortized	 	 	Estimated Fair	 	 	Amortized	 	 	Estimated Fair	 	
(USD thousands)	 	Cost	 	 	Value	 	 	Cost	 	 	Value	 	 	Cost	 	 	Value	 	 	Cost	 	 	Value	 	 	Cost	 	 	Value	 	
Residential mortgage-backed securities:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Agency	 	$	636,931	 	 	$	668,405	 	 	$	682,621	 	 	$	728,354	 	 	$	726,078	 	 	$	770,690	 	 	$	744,920	 	 	$	776,013	 	 	$	771,787	 	 	$	797,354	 	
Non-agency	 	 	806,961	 	 	 	804,672	 	 	 	837,648	 	 	 	832,934	 	 	 	828,507	 	 	 	802,670	 	 	 	859,102	 	 	 	800,152	 	 	 	722,234	 	 	 	659,190	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total residential mortgage-backed securities	 	 	1,443,892	 	 	 	1,473,077	 	 	 	1,520,269	 	 	 	1,561,288	 	 	 	1,554,585	 	 	 	1,573,360	 	 	 	1,604,022	 	 	 	1,576,165	 	 	 	1,494,021	 	 	 	1,456,544	 	
Commercial mortgage-backed securities	 	 	1,353,279	 	 	 	1,337,853	 	 	 	1,257,835	 	 	 	1,235,849	 	 	 	1,229,237	 	 	 	1,166,937	 	 	 	1,222,346	 	 	 	1,124,736	 	 	 	1,177,621	 	 	 	1,028,864	 	
Asset-backed securities	 	 	440,752	 	 	 	391,209	 	 	 	457,047	 	 	 	414,515	 	 	 	496,652	 	 	 	449,623	 	 	 	516,924	 	 	 	458,664	 	 	 	522,760	 	 	 	451,936	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	 	$	3,237,923	 	 	$	3,202,139	 	 	$	3,235,151	 	 	$	3,211,652	 	 	$	3,280,474	 	 	$	3,189,920	 	 	$	3,343,292	 	 	$	3,159,565	 	 	$	3,194,402	 	 	$	2,937,344	 	

Page 19

 
Investments
Subprime Mortgage Exposure
(Includes Funds Withheld Portfolios)
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	December 31, 2010	 	
 	 	AAA	 	 	AA	 	 	A	 	
(USD thousands)	 	 	 	 	 	Estimated Fair	 	 	 	 	 	 	Estimated Fair	 	 	 	 	 	 	Estimated Fair	 	
Underwriting Year	 	Amortized Cost	 	 	Value	 	 	Amortized Cost	 	 	Value	 	 	Amortized Cost	 	 	Value	 	
2005 & Prior	 	$	13,343	 	 	$	12,079	 	 	$	29,809	 	 	$	27,746	 	 	$	10,504	 	 	$	9,573	 	
2006	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	
2007	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	
2008 - 2010	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	 	$	13,343	 	 	$	12,079	 	 	$	29,809	 	 	$	27,746	 	 	$	10,504	 	 	$	9,573	 	

 	 	BBB	 	 	Below Investment Grade	 	 	Total	 	
 	 	 	 	 	 	Estimated Fair	 	 	 	 	 	 	Estimated Fair	 	 	 	 	 	 	Estimated Fair	 	
Underwriting Year	 	Amortized Cost	 	 	Value	 	 	Amortized Cost	 	 	Value	 	 	Amortized Cost	 	 	Value	 	
2005 & Prior	 	$	22,608	 	 	$	19,213	 	 	$	71,582	 	 	$	41,308	 	 	$	147,846	 	 	$	109,919	 	
2006	 	 	—	 	 	 	—	 	 	 	2,152	 	 	 	2,508	 	 	 	2,152	 	 	 	2,508	 	
2007	 	 	—	 	 	 	—	 	 	 	5,279	 	 	 	3,329	 	 	 	5,279	 	 	 	3,329	 	
2008 - 2010	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	 	$	22,608	 	 	$	19,213	 	 	$	79,013	 	 	$	47,145	 	 	$	155,277	 	 	$	115,756	 	

 	 	December 31, 2009	 	
 	 	AAA	 	 	AA	 	 	A	 	
(USD thousands)	 	 	 	 	 	Estimated Fair	 	 	 	 	 	 	Estimated Fair	 	 	 	 	 	 	Estimated Fair	 	
Underwriting Year	 	Amortized Cost	 	 	Value	 	 	Amortized Cost	 	 	Value	 	 	Amortized Cost	 	 	Value	 	
2005 & Prior	 	$	22,816	 	 	$	18,780	 	 	$	39,873	 	 	$	33,014	 	 	$	17,017	 	 	$	9,779	 	
2006	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	
2007	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	
2008 - 2009	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	 	$	22,816	 	 	$	18,780	 	 	$	39,873	 	 	$	33,014	 	 	$	17,017	 	 	$	9,779	 	

 	 	BBB	 	 	Below Investment Grade	 	 	Total	 	
 	 	 	 	 	 	Estimated Fair	 	 	 	 	 	 	Estimated Fair	 	 	 	 	 	 	Estimated Fair	 	
Underwriting Year	 	Amortized Cost	 	 	Value	 	 	Amortized Cost	 	 	Value	 	 	Amortized Cost	 	 	Value	 	
2005 & Prior	 	$	24,394	 	 	$	12,593	 	 	$	39,203	 	 	$	18,686	 	 	$	143,303	 	 	$	92,852	 	
2006	 	 	4,985	 	 	 	1,507	 	 	 	4,566	 	 	 	2,563	 	 	 	9,551	 	 	 	4,070	 	
2007	 	 	—	 	 	 	—	 	 	 	11,709	 	 	 	7,372	 	 	 	11,709	 	 	 	7,372	 	
2008 - 2009	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	 	$	29,379	 	 	$	14,100	 	 	$	55,478	 	 	$	28,621	 	 	$	164,563	 	 	$	104,294	 	

Page 20

 
Reinsurance Group of America, Incorporated
Investments
CMBS Exposure
(Includes Funds Withheld Portfolios)
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	December 31, 2010	 	
 	 	AAA	 	 	AA	 	 	A	 	
(USD thousands)	 	 	 	 	 	Estimated Fair	 	 	 	 	 	 	Estimated Fair	 	 	 	 	 	 	Estimated Fair	 	
Underwriting Year	 	Amortized Cost	 	 	Value	 	 	Amortized Cost	 	 	Value	 	 	Amortized Cost	 	 	Value	 	
2005 & Prior	 	$	261,763	 	 	$	282,522	 	 	$	81,795	 	 	$	85,675	 	 	$	63,234	 	 	$	63,491	 	
2006	 	 	314,043	 	 	 	328,422	 	 	 	46,372	 	 	 	50,217	 	 	 	48,851	 	 	 	49,949	 	
2007	 	 	255,589	 	 	 	270,731	 	 	 	29,493	 	 	 	23,512	 	 	 	92,910	 	 	 	96,790	 	
2008	 	 	29,547	 	 	 	33,115	 	 	 	37,291	 	 	 	39,657	 	 	 	7,495	 	 	 	7,886	 	
2009	 	 	8,020	 	 	 	7,877	 	 	 	3,088	 	 	 	3,505	 	 	 	6,834	 	 	 	9,675	 	
2010	 	 	69,580	 	 	 	68,879	 	 	 	5,193	 	 	 	4,800	 	 	 	10,970	 	 	 	10,928	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	 	$	938,542	 	 	$	991,546	 	 	$	203,232	 	 	$	207,366	 	 	$	230,294	 	 	$	238,719	 	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	BBB	 	 	Below Investment Grade	 	 	Total	 	
 	 	 	 	 	 	Estimated Fair	 	 	 	 	 	 	Estimated Fair	 	 	 	 	 	 	Estimated Fair	 	
Underwriting Year	 	Amortized Cost	 	 	Value	 	 	Amortized Cost	 	 	Value	 	 	Amortized Cost	 	 	Value	 	
2005 & Prior	 	$	67,341	 	 	$	66,392	 	 	$	56,882	 	 	$	44,770	 	 	$	531,015	 	 	$	542,850	 	
2006	 	 	32,651	 	 	 	31,646	 	 	 	56,636	 	 	 	39,127	 	 	 	498,553	 	 	 	499,361	 	
2007	 	 	99,796	 	 	 	105,962	 	 	 	125,123	 	 	 	77,459	 	 	 	602,911	 	 	 	574,454	 	
2008	 	 	—	 	 	 	—	 	 	 	24,085	 	 	 	15,234	 	 	 	98,418	 	 	 	95,892	 	
2009	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	17,942	 	 	 	21,057	 	
2010	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	85,743	 	 	 	84,607	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	 	$	199,788	 	 	$	204,000	 	 	$	262,726	 	 	$	176,590	 	 	$	1,834,582	 	 	$	1,818,221	 	

NOTE: Totals include directly held investments with amortized cost of $1,353.3 million and fair value of $1,337.9 million as well as investments in funds withheld with amortized cost of $481.3 million and fair value of $480.4 million.
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	December 31, 2009	 	
 	 	AAA	 	 	AA	 	 	A	 	
(USD thousands)	 	 	 	 	 	Estimated Fair	 	 	 	 	 	 	Estimated Fair	 	 	 	 	 	 	Estimated Fair	 	
Underwriting Year	 	Amortized Cost	 	 	Value	 	 	Amortized Cost	 	 	Value	 	 	Amortized Cost	 	 	Value	 	
2005 & Prior	 	$	398,619	 	 	$	403,551	 	 	$	57,602	 	 	$	51,754	 	 	$	75,449	 	 	$	55,124	 	
2006	 	 	292,369	 	 	 	280,475	 	 	 	41,649	 	 	 	34,854	 	 	 	41,128	 	 	 	34,859	 	
2007	 	 	223,827	 	 	 	216,853	 	 	 	6,922	 	 	 	2,267	 	 	 	64,860	 	 	 	56,996	 	
2008	 	 	19,050	 	 	 	19,790	 	 	 	29,211	 	 	 	26,617	 	 	 	—	 	 	 	—	 	
2009	 	 	16,638	 	 	 	16,422	 	 	 	1,485	 	 	 	1,532	 	 	 	—	 	 	 	—	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	 	$	950,503	 	 	$	937,091	 	 	$	136,869	 	 	$	117,024	 	 	$	181,437	 	 	$	146,979	 	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	BBB	 	 	Below Investment Grade	 	 	Total	 	
 	 	 	 	 	 	Estimated Fair	 	 	 	 	 	 	Estimated Fair	 	 	 	 	 	 	Estimated Fair	 	
Underwriting Year	 	Amortized Cost	 	 	Value	 	 	Amortized Cost	 	 	Value	 	 	Amortized Cost	 	 	Value	 	
2005 & Prior	 	$	47,616	 	 	$	33,986	 	 	$	28,298	 	 	$	19,457	 	 	$	607,584	 	 	$	563,872	 	
2006	 	 	26,257	 	 	 	19,091	 	 	 	47,951	 	 	 	22,392	 	 	 	449,354	 	 	 	391,671	 	
2007	 	 	82,460	 	 	 	68,428	 	 	 	128,193	 	 	 	62,440	 	 	 	506,262	 	 	 	406,984	 	
2008	 	 	—	 	 	 	—	 	 	 	25,384	 	 	 	12,204	 	 	 	73,645	 	 	 	58,611	 	
2009	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	18,123	 	 	 	17,954	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	 	$	156,333	 	 	$	121,505	 	 	$	229,826	 	 	$	116,493	 	 	$	1,654,968	 	 	$	1,439,092	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
NOTE: Totals include directly held investments with amortized cost of $1,177.6 million and fair value of $1,028.9 million as well as investments in funds withheld with amortized cost of $477.4 million and fair value of $410.2 million.

Page 21

 
Reinsurance Group of America, Incorporated
Investments
Gross Unrealized Losses Aging
Fixed Maturity Securities
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	December 31, 2010	 	 	September 30, 2010	 	 	June 30, 2010	 	 	March 31, 2010	 	 	December 31, 2009	 	
 	 	Gross Unrealized	 	 	 	 	 	 	Gross Unrealized	 	 	 	 	 	 	Gross Unrealized	 	 	 	 	 	 	Gross Unrealized	 	 	 	 	 	 	Gross Unrealized	 	 	 	 	
(USD thousands)	 	Losses	 	 	% of Total	 	 	Losses	 	 	% of Total	 	 	Losses	 	 	% of Total	 	 	Losses	 	 	% of Total	 	 	Losses	 	 	% of Total	 	
Less than 20%	 	$	143,451	 	 	 	44.9	%	 	$	86,770	 	 	 	29.1	%	 	$	132,900	 	 	 	34.4	%	 	$	198,928	 	 	 	42.3	%	 	$	248,145	 	 	 	42.4	%	
20% or more for less than six months	 	 	17,293	 	 	 	5.4	%	 	 	45,706	 	 	 	15.3	%	 	 	54,620	 	 	 	14.1	%	 	 	59,530	 	 	 	12.6	%	 	 	67,435	 	 	 	11.5	%	
20% or more for six months or greater	 	 	152,818	 	 	 	47.9	%	 	 	160,785	 	 	 	53.9	%	 	 	188,398	 	 	 	48.7	%	 	 	204,321	 	 	 	43.4	%	 	 	256,563	 	 	 	43.9	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	 	$	313,562	 	 	 	98.2	%	 	$	293,261	 	 	 	98.3	%	 	$	375,918	 	 	 	97.2	%	 	$	462,779	 	 	 	98.3	%	 	$	572,143	 	 	 	97.8	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Equity Securities
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	December 31, 2010	 	 	September 30, 2010	 	 	June 30, 2010	 	 	March 31, 2010	 	 	December 31, 2009	 	
 	 	Gross Unrealized	 	 	 	 	 	 	Gross Unrealized	 	 	 	 	 	 	Gross Unrealized	 	 	 	 	 	 	Gross Unrealized	 	 	 	 	 	 	Gross Unrealized	 	 	 	 	
(USD thousands)	 	Losses	 	 	% of Total	 	 	Losses	 	 	% of Total	 	 	Losses	 	 	% of Total	 	 	Losses	 	 	% of Total	 	 	Losses	 	 	% of Total	 	
Less than 20%	 	$	2,953	 	 	 	0.9	%	 	$	2,921	 	 	 	1.0	%	 	$	4,888	 	 	 	1.3	%	 	$	4,696	 	 	 	1.0	%	 	$	5,930	 	 	 	1.0	%	
20% or more for less than six months	 	 	821	 	 	 	0.3	%	 	 	265	 	 	 	0.1	%	 	 	1,808	 	 	 	0.5	%	 	 	1,883	 	 	 	0.4	%	 	 	1,887	 	 	 	0.3	%	
20% or more for six months or greater	 	 	1,795	 	 	 	0.6	%	 	 	1,857	 	 	 	0.6	%	 	 	4,039	 	 	 	1.0	%	 	 	1,346	 	 	 	0.3	%	 	 	4,920	 	 	 	0.9	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	 	$	5,569	 	 	 	1.8	%	 	$	5,043	 	 	 	1.7	%	 	$	10,735	 	 	 	2.8	%	 	$	7,925	 	 	 	1.7	%	 	$	12,737	 	 	 	2.2	%	

Page 22

 
Reinsurance Group of America, Incorporated
Investments
Fixed Maturities and Equity Securities Below Amortized Cost
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	As of December 31, 2010	
 	 	Less than 12 months	 	 	Equal to or greater than 12 months	 	 	Total	 	
 	 	Estimated Fair	 	 	Gross Unrealized	 	 	Estimated Fair	 	 	Gross Unrealized	 	 	Estimated Fair	 	 	Gross Unrealized	 	
(USD thousands)	 	Value	 	 	Losses	 	 	Value	 	 	Losses	 	 	Value	 	 	Losses	 	
Investment grade securities:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Corporate securities	 	$	1,170,016	 	 	$	34,097	 	 	$	368,128	 	 	$	61,945	 	 	$	1,538,144	 	 	$	96,042	 	
Canadian and Canadian provincial governments	 	 	118,585	 	 	 	3,886	 	 	 	—	 	 	 	—	 	 	 	118,585	 	 	 	3,886	 	
Residential mortgage-backed securities	 	 	195,406	 	 	 	4,986	 	 	 	105,601	 	 	 	13,607	 	 	 	301,007	 	 	 	18,593	 	
Asset-backed securities	 	 	23,065	 	 	 	570	 	 	 	131,172	 	 	 	38,451	 	 	 	154,237	 	 	 	39,021	 	
Commercial mortgage-backed securities	 	 	132,526	 	 	 	4,143	 	 	 	109,158	 	 	 	29,059	 	 	 	241,684	 	 	 	33,202	 	
U.S. government and agencies	 	 	11,839	 	 	 	708	 	 	 	—	 	 	 	—	 	 	 	11,839	 	 	 	708	 	
State and political subdivisions	 	 	68,229	 	 	 	2,890	 	 	 	31,426	 	 	 	5,227	 	 	 	99,655	 	 	 	8,117	 	
Other foreign government securities	 	 	322,363	 	 	 	3,142	 	 	 	43,796	 	 	 	4,504	 	 	 	366,159	 	 	 	7,646	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Investment grade securities	 	 	2,042,029	 	 	 	54,422	 	 	 	789,281	 	 	 	152,793	 	 	 	2,831,310	 	 	 	207,215	 	

Non-investment grade securities:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Corporate securities	 	 	58,420	 	 	 	1,832	 	 	 	91,205	 	 	 	9,942	 	 	 	149,625	 	 	 	11,774	 	
Asset-backed securities	 	 	—	 	 	 	—	 	 	 	23,356	 	 	 	22,523	 	 	 	23,356	 	 	 	22,523	 	
Residential mortgage-backed securities	 	 	1,162	 	 	 	605	 	 	 	38,206	 	 	 	7,382	 	 	 	39,368	 	 	 	7,987	 	
Commercial mortgage-backed securities	 	 	—	 	 	 	—	 	 	 	89,170	 	 	 	64,063	 	 	 	89,170	 	 	 	64,063	 	
State and political subdivisions	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Non-investment grade securities	 	 	59,582	 	 	 	2,437	 	 	 	241,937	 	 	 	103,910	 	 	 	301,519	 	 	 	106,347	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total fixed maturity securities	 	$	2,101,611	 	 	$	56,859	 	 	$	1,031,218	 	 	$	256,703	 	 	$	3,132,829	 	 	$	313,562	 	

Non-redeemable preferred stock	 	 	15,987	 	 	 	834	 	 	 	28,549	 	 	 	4,464	 	 	 	44,536	 	 	 	5,298	 	
Other equity securities	 	 	6,877	 	 	 	271	 	 	 	318	 	 	 	—	 	 	 	7,195	 	 	 	271	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Equity securities	 	$	22,864	 	 	$	1,105	 	 	$	28,867	 	 	$	4,464	 	 	$	51,731	 	 	$	5,569	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total number of securities in an unrealized loss position	 	 	520	 	 	 	 	 	 	 	508	 	 	 	 	 	 	 	1,028	 	 	 	 	 	

 	 	As of December 31, 2009	
 	 	Less than 12 months	 	 	Equal to or greater than 12 months	 	 	Total	 	
 	 	Estimated Fair	 	 	Gross Unrealized	 	 	Estimated Fair	 	 	Gross Unrealized	 	 	Estimated Fair	 	 	Gross Unrealized	 	
(USD thousands)	 	Value	 	 	Losses	 	 	Value	 	 	Losses	 	 	Value	 	 	Losses	 	
Investment grade securities:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Corporate securities	 	$	735,455	 	 	$	32,887	 	 	$	862,208	 	 	$	114,404	 	 	$	1,597,663	 	 	$	147,291	 	
Canadian and Canadian provincial governments	 	 	494,718	 	 	 	15,374	 	 	 	135,315	 	 	 	10,372	 	 	 	630,033	 	 	 	25,746	 	
Residential mortgage-backed securities	 	 	402,642	 	 	 	23,671	 	 	 	197,320	 	 	 	20,185	 	 	 	599,962	 	 	 	43,856	 	
Asset-backed securities	 	 	48,651	 	 	 	1,927	 	 	 	166,603	 	 	 	57,262	 	 	 	215,254	 	 	 	59,189	 	
Commercial mortgage-backed securities	 	 	177,360	 	 	 	10,312	 	 	 	425,793	 	 	 	79,297	 	 	 	603,153	 	 	 	89,609	 	
U.S. government and agencies	 	 	496,514	 	 	 	15,027	 	 	 	—	 	 	 	—	 	 	 	496,514	 	 	 	15,027	 	
State and political subdivisions	 	 	34,612	 	 	 	3,397	 	 	 	40,945	 	 	 	11,437	 	 	 	75,557	 	 	 	14,834	 	
Other foreign government securities	 	 	240,216	 	 	 	8,370	 	 	 	30,321	 	 	 	4,901	 	 	 	270,537	 	 	 	13,271	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Investment grade securities	 	 	2,630,168	 	 	 	110,965	 	 	 	1,858,505	 	 	 	297,858	 	 	 	4,488,673	 	 	 	408,823	 	

Non-investment grade securities:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Corporate securities	 	 	37,232	 	 	 	11,310	 	 	 	172,146	 	 	 	22,181	 	 	 	209,378	 	 	 	33,491	 	
Asset-backed securities	 	 	6,738	 	 	 	3,256	 	 	 	24,408	 	 	 	17,686	 	 	 	31,146	 	 	 	20,942	 	
Residential mortgage-backed securities	 	 	10,657	 	 	 	1,909	 	 	 	66,756	 	 	 	24,250	 	 	 	77,413	 	 	 	26,159	 	
Commercial mortgage-backed securities	 	 	—	 	 	 	—	 	 	 	57,179	 	 	 	79,818	 	 	 	57,179	 	 	 	79,818	 	
State and political subdivisions	 	 	—	 	 	 	—	 	 	 	5,170	 	 	 	2,910	 	 	 	5,170	 	 	 	2,910	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Non-investment grade securities	 	 	54,627	 	 	 	16,475	 	 	 	325,659	 	 	 	146,845	 	 	 	380,286	 	 	 	163,320	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total fixed maturity securities	 	$	2,684,795	 	 	$	127,440	 	 	$	2,184,164	 	 	$	444,703	 	 	$	4,868,959	 	 	$	572,143	 	

Non-redeemable preferred stock	 	 	8,320	 	 	 	1,263	 	 	 	68,037	 	 	 	11,065	 	 	 	76,357	 	 	 	12,328	 	
Other equity securities	 	 	5	 	 	 	15	 	 	 	7,950	 	 	 	394	 	 	 	7,955	 	 	 	409	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Equity securities	 	$	8,325	 	 	$	1,278	 	 	$	75,987	 	 	$	11,459	 	 	$	84,312	 	 	$	12,737	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total number of securities in an unrealized loss position	 	 	582	 	 	 	 	 	 	 	734	 	 	 	 	 	 	 	1,316	 	 	 	 	 	

Page 23

 
Reinsurance Group of America, Incorporated
Investments
Consolidated Investment Related Gains and Losses
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	 	Current Qtr	 	 	Year-to-Date	 	
 	 	Dec. 31,	 	 	Sept. 30,	 	 	June 30,	 	 	March 31,	 	 	Dec. 31,	 	 	vs. PY	 	 	Dec. 31,	 	 	Dec. 31,	 	 	 	 	
(USD thousands)	 	2010	 	 	2010	 	 	2010	 	 	2010	 	 	2009	 	 	Quarter	 	 	2010	 	 	2009	 	 	Change	 	
Fixed Maturity and Equity Securities:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Other-than-temporary impairment losses on fixed maturities	 	$	(16,097	)	 	$	(4,904	)	 	$	(3,489	)	 	$	(7,430	)	 	$	(40,552	)	 	$	24,455	 	 	$	(31,920	)	 	$	(128,834	)	 	$	96,914	 	
Portion of loss recognized in other accumulated comprehensive income (before taxes)	 	 	(186	)	 	 	26	 	 	 	(139	)	 	 	2,344	 	 	 	3,910	 	 	 	(4,096	)	 	 	2,045	 	 	 	16,045	 	 	 	(14,000	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net other-than-temporary impairment losses on fixed maturities recognized in earnings	 	 	(16,283	)	 	 	(4,878	)	 	 	(3,628	)	 	 	(5,086	)	 	 	(36,642	)	 	 	20,359	 	 	 	(29,875	)	 	 	(112,789	)	 	 	82,914	 	
Impairment losses on equity securities	 	 	—	 	 	 	—	 	 	 	(10	)	 	 	(22	)	 	 	(5,628	)	 	 	5,628	 	 	 	(32	)	 	 	(11,059	)	 	 	11,027	 	
Gain on investment activity	 	 	26,124	 	 	 	39,371	 	 	 	19,363	 	 	 	16,099	 	 	 	44,538	 	 	 	(18,414	)	 	 	100,957	 	 	 	113,872	 	 	 	(12,915	)	
Loss on investment activity	 	 	(6,763	)	 	 	(7,773	)	 	 	(5,662	)	 	 	(8,532	)	 	 	(10,728	)	 	 	3,965	 	 	 	(28,730	)	 	 	(72,987	)	 	 	44,257	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net gain/(loss) on fixed maturity and equity securities	 	 	3,078	 	 	 	26,720	 	 	 	10,063	 	 	 	2,459	 	 	 	(8,460	)	 	 	11,538	 	 	 	42,320	 	 	 	(82,963	)	 	 	125,283	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Other impairment losses	 	 	1,506	 	 	 	(5,087	)	 	 	(1,165	)	 	 	(1,230	)	 	 	(715	)	 	 	2,221	 	 	 	(5,976	)	 	 	(8,471	)	 	 	2,495	 	
Other non-derivative gain/(loss), net	 	 	4,751	 	 	 	4,644	 	 	 	4,789	 	 	 	(448	)	 	 	1,344	 	 	 	3,407	 	 	 	13,736	 	 	 	11,741	 	 	 	1,995	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Free-standing Derivatives:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Credit Default Swaps	 	 	4,340	 	 	 	3,730	 	 	 	(4,060	)	 	 	776	 	 	 	3,358	 	 	 	982	 	 	 	4,786	 	 	 	13,654	 	 	 	(8,868	)	
Interest Rate Swaps — non-hedged	 	 	(79,546	)	 	 	49,825	 	 	 	87,114	 	 	 	11,341	 	 	 	(49,213	)	 	 	(30,333	)	 	 	68,734	 	 	 	(160,715	)	 	 	229,449	 	
Interest Rate Swaps — hedged	 	 	19	 	 	 	239	 	 	 	168	 	 	 	132	 	 	 	55	 	 	 	(36	)	 	 	558	 	 	 	216	 	 	 	342	 	
Futures	 	 	(23,766	)	 	 	(42,270	)	 	 	32,822	 	 	 	(11,745	)	 	 	(9,942	)	 	 	(13,824	)	 	 	(44,959	)	 	 	(72,641	)	 	 	27,682	 	
CPI Swaps	 	 	438	 	 	 	(508	)	 	 	109	 	 	 	923	 	 	 	1,318	 	 	 	(880	)	 	 	962	 	 	 	2,234	 	 	 	(1,272	)	
Equity options	 	 	(2,402	)	 	 	(731	)	 	 	127	 	 	 	—	 	 	 	—	 	 	 	(2,402	)	 	 	(3,006	)	 	 	—	 	 	 	(3,006	)	
Currency Forwards	 	 	1,226	 	 	 	1,543	 	 	 	1,447	 	 	 	(829	)	 	 	(1,030	)	 	 	2,256	 	 	 	3,387	 	 	 	2	 	 	 	3,385	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total free-standing derivatives	 	 	(99,691	)	 	 	11,828	 	 	 	117,727	 	 	 	598	 	 	 	(55,454	)	 	 	(44,237	)	 	 	30,462	 	 	 	(217,250	)	 	 	247,712	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Embedded Derivatives:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Modified coinsurance and funds withheld treaties	 	 	43,780	 	 	 	(38,653	)	 	 	32,512	 	 	 	122,635	 	 	 	3,028	 	 	 	40,752	 	 	 	160,274	 	 	 	78,394	 	 	 	81,880	 	
GMXB	 	 	121,209	 	 	 	(16,232	)	 	 	(140,934	)	 	 	7,171	 	 	 	46,120	 	 	 	75,089	 	 	 	(28,786	)	 	 	252,697	 	 	 	(281,483	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total embedded derivatives	 	 	164,989	 	 	 	(54,885	)	 	 	(108,422	)	 	 	129,806	 	 	 	49,148	 	 	 	115,841	 	 	 	131,488	 	 	 	331,091	 	 	 	(199,603	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net gain/(loss) on total derivatives	 	 	65,298	 	 	 	(43,057	)	 	 	9,305	 	 	 	130,404	 	 	 	(6,306	)	 	 	71,604	 	 	 	161,950	 	 	 	113,841	 	 	 	48,109	 	

Total investment related gains (losses), net	 	$	74,633	 	 	$	(16,780	)	 	$	22,992	 	 	$	131,185	 	 	$	(14,137	)	 	$	88,770	 	 	$	212,030	 	 	$	34,148	 	 	$	177,882	 	

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