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): July 26, 2012

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

 
 	 	 	 	 	
Missouri	 	1-11848	 	43-1627032	
(State or Other Jurisdiction
of Incorporation)	 	(Commission

File Number)	 	(IRS Employer

Identification Number)	
1370 Timberlake Manor Parkway, Chesterfield, Missouri 63017
(Address of Principal Executive Office)
Registrant’s telephone number, including area code: (636) 736-7000

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

 

Item 2.02   Results of Operations and Financial Condition
On July 26, 2012, Reinsurance Group of America, Incorporated (the “Company”) issued (1) a press release announcing its earnings for the three-month period ended June 30, 2012, and providing certain additional information, a copy of which is furnished with this report as Exhibit 99.1, and (2) a Quarterly Financial Supplement for the quarter ended June 30, 2012, a copy of which is attached hereto as Exhibit 99.2. The press release also notes that a conference call will be held on July 27, 2012 to discuss the financial and operating results for the three-month period ended June 30, 2012. The press release and Quarterly Financial Supplement are furnished and are not filed pursuant to Instruction B.2 of Form 8-K.
Item 9.01   Financial Statements and Exhibits
(d) Exhibits.

Exhibit
No.	  	Exhibit	
 	 	
99.1	  	Press Release of Reinsurance Group of America, Incorporated dated July 26, 2012	
 	 	
99.2	  	Quarterly Financial Supplement for the quarter ended June 30, 2012	

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

 	 	 	 	REINSURANCE GROUP OF AMERICA, INCORPORATED	
 	 	 	 	
Date: July 26, 2012	 	 	 	By:	 	/s/ Jack B. Lay	
 	 	 	 	 	 	Jack B. Lay	
 	 	 	 	 	 	Senior Executive Vice President
and Chief Financial Officer	

EXHIBIT INDEX

Exhibit Number	  	Description	
 	 	
99.1	  	Press Release dated July 26, 2012	
 	 	
99.2	  	Quarterly Financial Supplement for the quarter ended June 30, 2012	

Exhibit 99.1

PRESS RELEASE
REINSURANCE GROUP OF AMERICA REPORTS SECOND-QUARTER RESULTS
 
 	•	 	Earnings per diluted share: net income $1.91, operating income* $1.65	
 	•	 	Net premiums up nine percent to nearly $2.0 billion	
 	•	 	Large U.S. deferred annuity reinsurance transaction executed during the quarter	
 	•	 	Trailing 12 months’ operating return on equity* 12 percent	
 	•	 	33 percent increase in dividend	
ST. LOUIS, July 26, 2012 – Reinsurance Group of America, Incorporated (NYSE: RGA), a leading global provider of life reinsurance, reported second-quarter net income of $141.1 million, or $1.91 per diluted share, compared to $123.9 million, or $1.66 per diluted share in the prior-year quarter. Operating income* of $122.3 million, or $1.65 per diluted share, increased three percent over last year’s $119.1 million, or $1.60 per diluted share. Figures for 2011 have been adjusted for the retrospective adoption of new accounting guidance for deferred acquisition costs.

 	  	Quarterly Results	 	  	Year-to-Date Results	 	
($ in thousands, except per share data)	  	2012	 	  	2011	 	  	2012	 	  	2011	 	
Net premiums	  	$	1,950,661	  	  	$	1,788,676	  	  	$	3,814,143	  	  	$	3,524,806	  	
Net income	  	 	141,111	  	  	 	123,944	  	  	 	264,429	  	  	 	272,864	  	
Net income per diluted share	  	 	1.91	  	  	 	1.66	  	  	 	3.57	  	  	 	3.68	  	
Operating income*	  	 	122,273	  	  	 	119,056	  	  	 	234,650	  	  	 	225,987	  	
Operating income per diluted share*	  	 	1.65	  	  	 	1.60	  	  	 	3.17	  	  	 	3.05	  	
Book value per share	  	 	84.75	  	  	 	67.81	  	  	 	 	 	  	 	 	 	
Book value per share (excl. Accumulated Other Comprehensive Income “AOCI”)*	  	 	60.34	  	  	 	53.72	  	  	 	 	 	  	 	 	 	
Total assets	  	 	38,344,323	  	  	 	30,212,717	  	  	 	 	 	  	 	 	 	
 
*	See ‘Use of Non-GAAP Financial Measures’ below	
Consolidated net premiums increased nine percent to $1,950.7 million from $1,788.7 million in the prior-year quarter, including an adverse effect of $45.8 million from changes in foreign currency exchange rates. Investment income decreased three percent to $328.3 million from $337.4 million in the year-earlier quarter, primarily attributable to a $45.1 million decline in fair value of option contracts, which are included in funds withheld at interest and support the crediting rates for equity-indexed annuities. Partially offsetting the effect of those option contracts was an increase in investment income associated with a large fixed deferred annuity coinsurance agreement, effective April 1, 2012. Excluding the effect of both of those items, investment income was flat compared with the second quarter of 2011, with declining new money yields offsetting a growing invested asset base. Excluding funds withheld assets and the investment receivable associated with the newly executed annuity transaction, the average book value of invested assets was up approximately $1.1 billion to $18.6 billion, and the average portfolio yield decreased to 5.05 percent from 5.35 percent in the second quarter of 2011. The average yield was also 5.05 percent in the first quarter of 2012. Net foreign currency fluctuations adversely affected operating income by $2.3 million after taxes, or $0.03 per diluted share.
 
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A. Greig Woodring, president and chief executive officer, commented, “We had a stable quarter in terms of operating results, with operating income rising to $122 million, or $1.65 per diluted share from $1.60 per diluted share in the second quarter of 2011. The current-period result includes headwinds associated with foreign currency fluctuations and a slightly higher effective tax rate, each of which adversely affected operating income per share by approximately $0.03.
“This quarter’s results reflect mixed claims experience across the globe. We reported slightly elevated claim levels in several markets, including the U.S., Australia and the U.K. The weak equity markets adversely affected our U.S. Asset-Intensive sub-segment. Overall net premium growth was solid, at nine percent on a reported basis and 12 percent on an original currency basis. Our book value per share increased to $84.75, including AOCI, and to $60.34, excluding AOCI.
“We are pleased with the addition of a large fixed deferred annuity reinsurance block in our U.S. Asset-Intensive sub-segment. We deployed approximately $350 million of capital to support this transaction, which increased our invested asset base by roughly $5.4 billion. This business provides balance to our annuity reinsurance portfolio, which includes equity-indexed and variable annuity products.
“Our annualized operating return on equity was 11 percent for the quarter and 12 percent over the last 12 months. Our balance sheet remains strong, including the invested asset portfolio. Our net unrealized investment gains totaled approximately $1.6 billion as of June 30, 2012. We continue to evaluate new global opportunities to provide financial and reinsurance solutions to our clients.”
SEGMENT RESULTS
U.S.
The U.S. Traditional sub-segment pre-tax net income increased to $96.3 million from $91.2 million in last year’s second quarter. Pre-tax operating income was up five percent to $95.5 million from $91.0 million the year before; however, both periods reflected somewhat higher-than-expected claims. In the current period, individual mortality claims were slightly above expectations, but were partially offset by better-than-expected results in our group and individual health lines. Net premiums rose 11 percent, to $1,082.4 million from $973.8 million a year ago, benefiting in part from a new in force transaction effective in the first quarter.
The U.S. Asset-Intensive business reported pre-tax income of $34.6 million, up from $16.0 million a year ago, including changes in the fair values of various free-standing and embedded derivatives. Pre-tax operating income, which excludes the impact of those derivatives, decreased to $16.6 million from $20.4 million last year. The current-period result reflects somewhat weak performance in the underlying business, in part due to equity market performance, and was below the ongoing expected run rate. The company entered into a binding letter of intent to reinsure a large block of fixed deferred annuities, effective April 1, 2012, and the results of that business are included in the second-quarter results. Initial returns on that transaction are anticipated to be below the long-term expectation of 13 percent as management expects to reposition a portion of the transferred invested asset portfolio.
 
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The U.S. Financial Reinsurance business added pre-tax operating income of $9.6 million this quarter, up 37 percent from $7.0 million last year. This business continues to contribute strong fee income to the bottom line.
Canada
Canadian operations reported pre-tax net income of $35.0 million compared with $44.1 million in the second quarter of 2011. Pre-tax operating income was $30.5 million this quarter, compared with $42.0 million in the prior-year period, a difficult comparison considering the current quarter’s claims experience was in line with expectations and the prior-year experience was quite favorable. A weaker Canadian dollar adversely affected pre-tax operating income by approximately $2.9 million compared to the prior-year period. Reported net premiums were up five percent to $221.2 million from $209.7 million last year, including an adverse foreign currency effect of $9.8 million. On a Canadian dollar basis, net premiums were up 10 percent.
Asia Pacific
Asia Pacific reported pre-tax net income of $23.9 million compared with $4.3 million in the second quarter of 2011, when negative claims experience in Australia and Japan adversely affected results. Pre-tax operating income was $22.7 million, up from $4.6 million last year. Claims were slightly elevated in Australia, but were offset in part by favorable results in other Asian markets and strong fee income on financial reinsurance transactions. Net premiums were up five percent to $331.9 million from $316.4 million in the prior year. Foreign currency fluctuations adversely affected premiums and pre-tax operating income by approximately $13.0 million and $0.6 million, respectively, this period. Original currency premiums rose nine percent over the second quarter of 2011.
Europe & South Africa
Europe & South Africa reported pre-tax net income of $19.6 million, up from $12.5 million in the year-ago quarter. Pre-tax operating income was $18.4 million, a 36 percent increase over $11.8 million last year. A slightly elevated claims level in the U.K. was offset by better-than-expected experience in several other markets. Foreign currency fluctuations adversely affected pre-tax operating income by approximately $1.0 million. Net premiums totaled $310.1 million, up 10 percent from $283.0 million the year before, including an adverse currency effect of $23.0 million. On a local currency basis, net premiums increased 18 percent.
Corporate and Other
The Corporate and Other segment reported a pre-tax net loss of $3.2 million in the second quarter, contrasted with pre-tax net income of $12.0 million in the year-ago period. Pre-tax operating losses were $5.8 million in the current period compared with pre-tax operating income of $3.3 million last year. Investment income was approximately $7.4 million lower in the current quarter compared with last year. That decrease was driven by higher levels of investment income attributed to the operating segments as a result of their increasing business levels.
Dividend Declaration
The board of directors increased the quarterly dividend 33 percent, to $0.24 from $0.18, payable August 31 to shareholders of record as of August 10.
 
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Earnings Conference Call
A conference call to discuss second-quarter results will begin at 9 a.m. Eastern Time on Friday, July 27. Interested parties may access the call by dialing 877-719-9789 (domestic) or 719-325-4796 (international). The access code is 4555619. 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 August 4 at 888-203-1112 (domestic) or 719-457-0820 (international), access code 4555619.
The company has posted to its website a Quarterly Financial Supplement that includes financial information for all segments as well as information on its investment portfolio. Additionally, the company posts periodic reports, press releases and other useful information on its investor relations website.
Use of Non-GAAP Financial Measures
RGA uses a non-GAAP financial measure called operating income as a basis for analyzing financial results. This measure also serves as a basis for establishing target levels and awards under RGA’s management incentive programs. Management believes that operating income, on a pre-tax and after-tax basis, better measures the ongoing profitability and underlying trends of the company’s continuing operations, primarily because that measure excludes the effect of net investment related gains and losses, as well as changes in the fair value of certain embedded derivatives and related deferred acquisition costs. These items can be volatile, primarily due to the credit market and interest rate environment, and are not necessarily indicative of the performance of the company’s underlying businesses. Additionally, operating income excludes any net gain or loss from discontinued operations and the cumulative effect of any accounting changes, which management believes are not indicative of the company’s ongoing operations. The definition of operating income can vary by company and is not considered a substitute for GAAP net income. Reconciliations to GAAP net income are provided in the following tables. Additional financial information can be found in the Quarterly Financial Supplement on RGA’s Investor Relations website at  www.rgare.com  in the “Quarterly Results” tab and in the “Featured Report” section.
Book value per share outstanding before impact of AOCI is a non-GAAP financial measure that management believes is important in evaluating the balance sheet in order to ignore the effects of unrealized amounts primarily associated with mark-to-market adjustments on investments and foreign currency translation.
Operating return on equity is a non-GAAP financial measure calculated as operating income divided by average shareholders’ equity excluding AOCI.
About RGA
Reinsurance Group of America, Incorporated is among the largest global providers of life reinsurance, with operations in Australia, Barbados, Bermuda, Canada, China, France, Germany, Hong Kong, India, Ireland, Italy, Japan, Malaysia, Mexico, the Netherlands, New Zealand, Poland, Singapore, South Africa, South Korea, Spain, Taiwan, the United Arab Emirates, the United Kingdom and the United States. Worldwide, the company has approximately $2.8 trillion of life reinsurance in force, and assets of $38.3 billion.
 
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Cautionary Statement Regarding Forward-looking Statements
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, among others, statements relating to projections of the earnings, revenues, income or loss, future financial performance and growth potential of Reinsurance Group of America, Incorporated and its subsidiaries (which we refer to in the following paragraphs as “we,” “us” or “our”). The words “intend,” “expect,” “project,” “estimate,” “predict,” “anticipate,” “should,” “believe,” and other similar expressions also are intended to identify forward-looking statements. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Future events and actual results, performance and achievements could differ materially from those set forth in, contemplated by or underlying the forward-looking statements.
Numerous important factors could cause actual results and events to differ materially from those expressed or implied by forward-looking statements including, without limitation, (1) adverse capital and credit market conditions and their impact on our liquidity, access to capital, and cost of capital, (2) the impairment of other financial institutions and its effect on our business, (3) requirements to post collateral or make payments due to declines in market value of assets subject to our collateral arrangements, (4) the fact that the determination of allowances and impairments taken on our investments is highly subjective, (5) adverse changes in mortality, morbidity, lapsation, or claims experience, (6) changes in our financial strength and credit ratings and the effect of such changes on our future results of operations and financial condition, (7) inadequate risk analysis and underwriting, (8) general economic conditions or a prolonged economic downturn affecting the demand for insurance and reinsurance in our current and planned markets, (9) the availability and cost of collateral necessary for regulatory reserves and capital, (10) market or economic conditions that adversely affect the value of our investment securities or result in the impairment of all or a portion of the value of certain of our investment securities, (11) market or economic conditions that adversely affect our ability to make timely sales of investment securities, (12) risks inherent in our risk management and investment strategy, including changes in investment portfolio yields due to interest rate or credit quality changes, (13) fluctuations in U.S. or foreign currency exchange rates, interest rates, or securities and real estate markets, (14) adverse litigation or arbitration results, (15) the adequacy of reserves, resources, and accurate information relating to settlements, awards, and terminated and discontinued lines of business, (16) the stability of and actions by governments and economies in the markets in which we operate, including ongoing uncertainties regarding the amount of United States sovereign debt and the credit ratings thereof, (17) competitive factors and competitors’ responses to our initiatives, (18) the success of our clients, (19) successful execution of our entry into new markets, (20) successful development and introduction of new products and distribution opportunities, (21) our ability to successfully integrate and operate reinsurance business that we acquire, (22) action by regulators who have authority over our reinsurance operations in the jurisdictions in which we operate, (23) our dependence on third parties, including those insurance companies and reinsurers to which we cede some reinsurance, third-party investment managers, and others, (24) the threat of natural disasters, catastrophes, terrorist attacks, epidemics, or pandemics anywhere in the world where we or our clients do business, (25) changes in laws, regulations, and accounting standards applicable to us, our subsidiaries, or our business, (26) the effect of our status as an insurance holding company and regulatory restrictions on our ability to pay principal and interest on our debt obligations, and (27) other risks and uncertainties described in this document and in our other filings with the Securities and Exchange Commission.
 
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Forward-looking statements should be evaluated together with the many risks and uncertainties that affect our business, including those mentioned in this document and described in the periodic reports we file with the Securities and Exchange Commission. These forward-looking statements speak only as of the date on which they are made. We do not undertake any obligations to update these forward-looking statements, even though our situation may change in the future. We qualify all of our forward-looking statements by these cautionary statements. For a discussion of the risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements, you are advised to review the risk factors in our 2011 Form 10-K.
Investor Contact
John W. Hayden
Senior Vice President – Controller and Investor Relations
(636) 736-7000
- tables below -

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

 	  	Three Months Ended
June 30,	 	 	Six Months Ended
June 30,	 	
(Unaudited)	  	2012	 	 	2011	 	 	2012	 	 	2011	 	
GAAP net income	  	$	141,111	  	 	$	123,944	  	 	$	264,429	  	 	$	272,864	  	
Reconciliation to operating income:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Capital (gains) losses, derivatives and other, included in investment related (gains) losses, net	  	 	(66,949	) 	 	 	(26,362	) 	 	 	(6,645	) 	 	 	(26,171	) 	
Capital (gains) losses on funds withheld:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Included in investment income	  	 	(3,460	) 	 	 	(4,671	) 	 	 	(2,784	) 	 	 	3,156	  	
Included in policy acquisition costs and other insurance expenses	  	 	99	  	 	 	1,165	  	 	 	235	  	 	 	(86	) 	
Embedded derivatives:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Included in investment related (gains) losses, net	  	 	51,599	  	 	 	9,968	  	 	 	(37,417	) 	 	 	(70,105	) 	
Included in interest credited	  	 	(1,095	) 	 	 	13,657	  	 	 	24,410	  	 	 	(3,731	) 	
Included in policy acquisition costs and other insurance expenses	  	 	—  	  	 	 	(1,348	) 	 	 	—  	  	 	 	566	  	
DAC offset, net	  	 	968	  	 	 	2,703	  	 	 	(7,578	) 	 	 	49,871	  	
Gain on repurchase of collateral finance facility securities	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	(3,231	) 	
Loss on retirement of Preferred Income Equity Redeemable Securities (“PIERS”)	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	2,854	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income	  	$	122,273	  	 	$	119,056	  	 	$	234,650	  	 	$	225,987	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Reconciliation of Consolidated Pre-tax Net Income to Pre-tax Operating Income
(Dollars in thousands)

 	  	Three Months Ended
June 30,	 	 	Six Months Ended
June 30,	 	
(Unaudited)	  	2012	 	 	2011	 	 	2012	 	 	2011	 	
Income before income taxes	  	$	215,892	  	 	$	187,169	  	 	$	396,655	  	 	$	413,924	  	
Reconciliation to pre-tax operating income:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Capital (gains) losses, derivatives and other, included in investment related (gains) losses, net	  	 	(102,184	) 	 	 	(40,152	) 	 	 	(8,086	) 	 	 	(39,053	) 	
Capital (gains) losses on funds withheld:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Included in investment income	  	 	(5,323	) 	 	 	(7,185	) 	 	 	(4,283	) 	 	 	4,856	  	
Included in policy acquisition costs and other insurance expenses	  	 	152	  	 	 	1,793	  	 	 	361	  	 	 	(132	) 	
Embedded derivatives:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Included in investment related (gains) losses, net	  	 	79,382	  	 	 	15,335	  	 	 	(57,565	) 	 	 	(107,854	) 	
Included in interest credited	  	 	(1,685	) 	 	 	21,011	  	 	 	37,554	  	 	 	(5,740	) 	
Included in policy acquisition costs and other insurance expenses	  	 	—  	  	 	 	(2,073	) 	 	 	—  	  	 	 	871	  	
DAC offset, net	  	 	1,490	  	 	 	4,158	  	 	 	(11,658	) 	 	 	76,725	  	
Gain on repurchase of collateral finance facility securities	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	(4,971	) 	
Loss on retirement of PIERS	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	4,391	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Pre-tax operating income	  	$	187,724	  	 	$	180,056	  	 	$	352,978	  	 	$	343,017	  	

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

 	  	Three Months Ended June 30, 2012	 	
(Unaudited)	  	Pre-tax net
income
(loss)	 	 	Capital
(gains) losses,
derivatives
and other, net	 	 	Change in
value of
embedded
derivatives, net	 	 	Pre-tax
operating
income
(loss)	 	
U.S. Operations:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Traditional	  	$	96,336	  	 	$	(649	) 	 	$	(140	) 	 	$	95,547	  	
Asset Intensive	  	 	34,602	  	 	 	(48,776	)(1) 	 	 	30,817	(2) 	 	 	16,643	  	
Financial Reinsurance	  	 	9,648	  	 	 	(32	) 	 	 	—  	  	 	 	9,616	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total U.S.	  	 	140,586	  	 	 	(49,457	) 	 	 	30,677	  	 	 	121,806	  	
Canada Operations	  	 	35,030	  	 	 	(4,523	) 	 	 	—  	  	 	 	30,507	  	
Europe & South Africa	  	 	19,591	  	 	 	(1,156	) 	 	 	—  	  	 	 	18,435	  	
Asia Pacific Operations	  	 	23,859	  	 	 	(1,132	) 	 	 	—  	  	 	 	22,727	  	
Corporate and Other	  	 	(3,174	) 	 	 	(2,577	) 	 	 	—  	  	 	 	(5,751	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Consolidated	  	$	215,892	  	 	$	(58,845	) 	 	$	30,677	  	 	$	187,724	  	

(1)	Asset Intensive is net of $48,510 DAC offset.	
(2)	Asset Intensive is net of $(47,020) DAC offset.	

 	  	Three Months Ended June 30, 2011	 	
(Unaudited)	  	Pre-tax net
income	 	  	Capital
(gains) losses,
derivatives
and other, net	 	 	Change in
value of
embedded
derivatives, net	 	 	Pre-tax
operating
income	 	
U.S. Operations:	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	
Traditional	  	$	91,240	  	  	$	(205	) 	 	$	—  	  	 	$	91,035	  	
Asset Intensive	  	 	16,040	  	  	 	(8,377	)(1) 	 	 	12,735	(2) 	 	 	20,398	  	
Financial Reinsurance	  	 	6,997	  	  	 	(7	) 	 	 	—  	  	 	 	6,990	  	
 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	
Total U.S.	  	 	114,277	  	  	 	(8,589	) 	 	 	12,735	  	 	 	118,423	  	
Canada Operations	  	 	44,089	  	  	 	(2,135	) 	 	 	—  	  	 	 	41,954	  	
Europe & South Africa	  	 	12,525	  	  	 	(756	) 	 	 	—  	  	 	 	11,769	  	
Asia Pacific Operations	  	 	4,326	  	  	 	298	  	 	 	—  	  	 	 	4,624	  	
Corporate and Other	  	 	11,952	  	  	 	(8,666	) 	 	 	—  	  	 	 	3,286	  	
 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	
Consolidated	  	$	187,169	  	  	$	(19,848	) 	 	$	12,735	  	 	$	180,056	  	

(1)	Asset Intensive is net of $25,696 DAC offset.	
(2)	Asset Intensive is net of $(21,538) DAC offset.	

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

 	  	Six Months Ended June 30, 2012	 	
(Unaudited)	  	Pre-tax net
income
(loss)	 	 	Capital
(gains) losses,
derivatives
and other, net	 	 	Change in
value of
embedded
derivatives, net	 	 	Pre-tax
operating
income
(loss)	 	
U.S. Operations:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Traditional	  	$	146,178	  	 	$	12,394	  	 	$	(99	) 	 	$	158,473	  	
Asset Intensive	  	 	71,192	  	 	 	(32,830	)(1) 	 	 	2,762	(2) 	 	 	41,124	  	
Financial Reinsurance	  	 	15,961	  	 	 	107	  	 	 	—  	  	 	 	16,068	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total U.S.	  	 	233,331	  	 	 	(20,329	) 	 	 	2,663	  	 	 	215,665	  	
Canada Operations	  	 	90,093	  	 	 	(12,927	) 	 	 	—  	  	 	 	77,166	  	
Europe & South Africa	  	 	26,197	  	 	 	(3,138	) 	 	 	—  	  	 	 	23,059	  	
Asia Pacific Operations	  	 	55,926	  	 	 	(6,290	) 	 	 	—  	  	 	 	49,636	  	
Corporate and Other	  	 	(8,892	) 	 	 	(3,656	) 	 	 	—  	  	 	 	(12,548	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Consolidated	  	$	396,655	  	 	$	(46,340	) 	 	$	2,663	  	 	$	352,978	  	

(1)	Asset Intensive is net of $(34,332) DAC offset.	
(2)	Asset Intensive is net of $22,674 DAC offset.	

 	  	Six Months Ended June 30, 2011	 	
(Unaudited)	  	Pre-tax net
income	 	  	Capital
(gains) losses,
derivatives
and other, net	 	 	Change in
value of
embedded
derivatives, net	 	 	Net (gain) loss
on repurchase
and retirement
of securities	 	 	Pre-tax
operating
income	 	
U.S. Operations:	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Traditional	  	$	166,152	  	  	$	(9,080	) 	 	$	—  	  	 	$	—  	  	 	$	157,072	  	
Asset Intensive	  	 	82,577	  	  	 	(2,241	)(1) 	 	 	(39,010	)(2) 	 	 	—  	  	 	 	41,326	  	
Financial Reinsurance	  	 	13,117	  	  	 	28	  	 	 	—  	  	 	 	—  	  	 	 	13,145	  	
 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total U.S.	  	 	261,846	  	  	 	(11,293	) 	 	 	(39,010	) 	 	 	 	 	 	 	211,543	  	
Canada Operations	  	 	74,001	  	  	 	(6,524	) 	 	 	—  	  	 	 	—  	  	 	 	67,477	  	
Europe & South Africa	  	 	35,060	  	  	 	(1,049	) 	 	 	—  	  	 	 	—  	  	 	 	34,011	  	
Asia Pacific Operations	  	 	26,302	  	  	 	628	  	 	 	—  	  	 	 	—  	  	 	 	26,930	  	
Corporate and Other	  	 	16,715	  	  	 	(13,079	) 	 	 	—  	  	 	 	(580	) 	 	 	3,056	  	
 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Consolidated	  	$	413,924	  	  	$	(31,317	) 	 	$	(39,010	) 	 	$	(580	) 	 	$	343,017	  	

(1)	Asset Intensive is net of $3,012 DAC offset.	
(2)	Asset Intensive is net of $73,713 DAC offset.	
 
- more -

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

  	  	Three Months Ended
June 30,	 	  	Six Months Ended
June 30,	 	
(Unaudited)	  	2012	 	  	2011	 	  	2012	 	  	2011	 	
Diluted earnings per share from operating income	  	$	1.65	  	  	$	1.60	  	  	$	3.17	  	  	$	3.05	  	
 	 	 	 	 	
Earnings per share from net income:	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Basic earnings per share	  	$	1.91	  	  	$	1.68	  	  	$	3.59	  	  	$	3.71	  	
Diluted earnings per share	  	$	1.91	  	  	$	1.66	  	  	$	3.57	  	  	$	3.68	  	
 	 	 	 	 	
Weighted average number of common and common equivalent shares outstanding	  	 	74,054	  	  	 	74,530	  	  	 	74,048	  	  	 	74,184	  	

  	  	At or For the Six Months
Ended June 30,	 	
(Unaudited)	  	2012	 	  	2011	 	
Treasury shares	  	 	5,415	  	  	 	5,062	  	
Common shares outstanding	  	 	73,722	  	  	 	74,076	  	
Book value per share outstanding	  	$	84.75	  	  	$	67.81	  	
Book value per share outstanding, before impact of AOCI	  	$	60.34	  	  	$	53.72	  	
 
- more -

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

 	  	Three Months Ended
June  30,	 	 	Six Months Ended
June  30,	 	
(Unaudited)	  	2012	 	 	2011	 	 	2012	 	 	2011	 	
Revenues:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	  	$	1,950,661	  	 	$	1,788,676	  	 	$	3,814,143	  	 	$	3,524,806	  	
Investment income, net of related expenses	  	 	328,334	  	 	 	337,436	  	 	 	669,274	  	 	 	708,476	  	
Investment related gains (losses), net:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Other-than-temporary impairments on fixed maturity securities	  	 	(1,959	) 	 	 	(5,582	) 	 	 	(9,566	) 	 	 	(7,138	) 	
Other-than-temporary impairments on fixed maturity securities transferred to (from) accumulated other comprehensive income	  	 	162	  	 	 	292	  	 	 	(7,059	) 	 	 	292	  	
Other investment related gains (losses), net	  	 	25,598	  	 	 	32,678	  	 	 	83,946	  	 	 	157,854	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total investment related gains (losses), net	  	 	23,801	  	 	 	27,388	  	 	 	67,321	  	 	 	151,008	  	
Other revenue	  	 	72,957	  	 	 	50,477	  	 	 	117,990	  	 	 	102,122	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	  	 	2,375,753	  	 	 	2,203,977	  	 	 	4,668,728	  	 	 	4,486,412	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	  	 	1,625,446	  	 	 	1,520,013	  	 	 	3,205,595	  	 	 	2,989,462	  	
Interest credited	  	 	66,697	  	 	 	96,196	  	 	 	154,739	  	 	 	202,259	  	
Policy acquisition costs and other insurance expenses	  	 	335,939	  	 	 	274,519	  	 	 	643,573	  	 	 	620,766	  	
Other operating expenses	  	 	105,541	  	 	 	97,161	  	 	 	215,639	  	 	 	203,311	  	
Interest expense	  	 	23,360	  	 	 	25,818	  	 	 	46,682	  	 	 	50,387	  	
Collateral finance facility expense	  	 	2,878	  	 	 	3,101	  	 	 	5,845	  	 	 	6,303	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	  	 	2,159,861	  	 	 	2,016,808	  	 	 	4,272,073	  	 	 	4,072,488	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	  	 	215,892	  	 	 	187,169	  	 	 	396,655	  	 	 	413,924	  	
Income tax expense	  	 	74,781	  	 	 	63,225	  	 	 	132,226	  	 	 	141,060	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	  	$	141,111	  	 	$	123,944	  	 	$	264,429	  	 	$	272,864	  	

# # #

Exhibit 99.2

Financial Supplement
Second Quarter 2012
(Unaudited)

 	 	 	

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

 	  	 	  	 	

Reinsurance Group of America, Incorporated
Financial Supplement
2nd Quarter 2012
Table of Contents

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

 	  	 	  	 	

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
Financial Highlights (1)

 	 	Three Months Ended or As of	 	 	Current Qtr	 	 	Year-to-Date	 	
(USD thousands, except inforce & per share data)	 	June 30,
2012	 	 	March 31,
2012	 	 	Dec. 31,
2011	 	 	Sept. 30,
2011	 	 	June 30,
2011	 	 	vs. PY
Quarter	 	 	June 30,
2012	 	 	June 30,
2011	 	 	Change	 	
Net premiums	 	$	1,950,661	  	 	$	1,863,482	  	 	$	2,034,716	  	 	$	1,776,165	  	 	$	1,788,676	  	 	$	161,985	  	 	$	3,814,143	  	 	$	3,524,806	  	 	$	289,337	  	
Net income	 	 	141,111	  	 	 	123,318	  	 	 	138,579	  	 	 	134,602	  	 	 	123,944	  	 	 	17,167	  	 	 	264,429	  	 	 	272,864	  	 	 	(8,435	) 	
Operating income	 	 	122,273	  	 	 	112,377	  	 	 	120,772	  	 	 	138,837	  	 	 	119,056	  	 	 	3,217	  	 	 	234,650	  	 	 	225,987	  	 	 	8,663	  	
Operating return on equity (ex AOCI)—annualized	 	 	11.2	% 	 	 	10.6	% 	 	 	11.7	% 	 	 	13.8	% 	 	 	12.2	% 	 	 	-1.0	% 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating return on equity (ex AOCI)—trailing 12 months	 	 	11.8	% 	 	 	12.0	% 	 	 	12.2	% 	 	 	13.2	% 	 	 	13.0	% 	 	 	-1.2	% 	 	 	 	 	 	 	 	 	 	 	 	 	
Total assets	 	 	38,344,323	  	 	 	32,286,082	  	 	 	31,633,973	  	 	 	30,736,591	  	 	 	30,212,717	  	 	 	8,131,606	  	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	
Assumed Life Reinsurance in Force (in billions)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
U.S.	 	$	1,405.8	  	 	$	1,406.1	  	 	$	1,348.5	  	 	$	1,347.9	  	 	$	1,343.2	  	 	$	62.6	  	 	 	 	 	 	 	 	 	 	 	 	 	
Canada	 	 	365.1	  	 	 	364.5	  	 	 	344.9	  	 	 	329.5	  	 	 	350.3	  	 	 	14.8	  	 	 	 	 	 	 	 	 	 	 	 	 	
Europe & South Africa	 	 	525.2	  	 	 	529.7	  	 	 	513.4	  	 	 	515.0	  	 	 	529.7	  	 	 	(4.5	) 	 	 	 	 	 	 	 	 	 	 	 	 	
Asia Pacific	 	 	486.2	  	 	 	470.7	  	 	 	457.6	  	 	 	422.8	  	 	 	435.6	  	 	 	50.6	  	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Life Reinsurance in Force	 	$	2,782.3	  	 	$	2,771.0	  	 	$	2,664.4	  	 	$	2,615.2	  	 	$	2,658.8	  	 	$	123.5	  	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Assumed New Business Production (in billions)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
U.S.	 	$	24.2	  	 	$	84.9	  	 	$	24.8	  	 	$	30.1	  	 	$	24.3	  	 	$	(0.1	) 	 	$	109.1	  	 	$	55.6	  	 	$	53.5	  	
Canada	 	 	12.6	  	 	 	13.1	  	 	 	11.3	  	 	 	14.0	  	 	 	13.4	  	 	 	(0.8	) 	 	 	25.7	  	 	 	25.8	  	 	 	(0.1	) 	
Europe & South Africa	 	 	25.5	  	 	 	14.8	  	 	 	24.9	  	 	 	38.7	  	 	 	47.6	  	 	 	(22.1	) 	 	 	40.3	  	 	 	84.7	  	 	 	(44.4	) 	
Asia Pacific	 	 	24.5	  	 	 	5.7	  	 	 	74.0	  	 	 	27.9	  	 	 	9.7	  	 	 	14.8	  	 	 	30.2	  	 	 	17.1	  	 	 	13.1	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total New Business Production	 	$	86.8	  	 	$	118.5	  	 	$	135.0	  	 	$	110.7	  	 	$	95.0	  	 	$	(8.2	) 	 	$	205.3	  	 	$	183.2	  	 	$	22.1	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Per Share and Shares Data	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic earnings per share	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	 	$	1.91	  	 	$	1.68	  	 	$	1.89	  	 	$	1.82	  	 	$	1.68	  	 	$	0.23	  	 	$	3.59	  	 	$	3.71	  	 	$	(0.12	) 	
Operating income	 	$	1.66	  	 	$	1.53	  	 	$	1.65	  	 	$	1.88	  	 	$	1.61	  	 	$	0.05	  	 	$	3.19	  	 	$	3.07	  	 	$	0.12	  	
Diluted earnings per share	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	 	$	1.91	  	 	$	1.67	  	 	$	1.88	  	 	$	1.81	  	 	$	1.66	  	 	$	0.25	  	 	$	3.57	  	 	$	3.68	  	 	$	(0.11	) 	
Operating income	 	$	1.65	  	 	$	1.52	  	 	$	1.64	  	 	$	1.87	  	 	$	1.60	  	 	$	0.05	  	 	$	3.17	  	 	$	3.05	  	 	$	0.12	  	
 	 	 	 	 	 	 	 	 	 	
Wgt. average common shares outstanding (basic)	 	 	73,718	  	 	 	73,575	  	 	 	73,304	  	 	 	73,856	  	 	 	73,971	  	 	 	(253	) 	 	 	73,646	  	 	 	73,593	  	 	 	53	  	
Wgt. average common shares outstanding (diluted)	 	 	74,054	  	 	 	74,043	  	 	 	73,812	  	 	 	74,254	  	 	 	74,530	  	 	 	(476	) 	 	 	74,048	  	 	 	74,184	  	 	 	(136	) 	
 	 	 	 	 	 	 	 	 	 	
Common shares issued	 	 	79,138	  	 	 	79,138	  	 	 	79,138	  	 	 	79,138	  	 	 	79,138	  	 	 	—  	  	 	 	79,138	  	 	 	79,138	  	 	 	—  	  	
Treasury shares	 	 	5,415	  	 	 	5,426	  	 	 	5,770	  	 	 	5,871	  	 	 	5,062	  	 	 	353	  	 	 	5,415	  	 	 	5,062	  	 	 	353	  	
Common shares outstanding	 	 	73,723	  	 	 	73,712	  	 	 	73,368	  	 	 	73,267	  	 	 	74,076	  	 	 	(353	) 	 	 	73,723	  	 	 	74,076	  	 	 	(353	) 	
 	 	 	 	 	 	 	 	 	 	
Book value per share	 	$	84.75	  	 	$	80.44	  	 	$	79.31	  	 	$	73.15	  	 	$	67.81	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Per share effect of accumulated other comprehensive income (AOCI)	 	$	24.41	  	 	$	21.87	  	 	$	22.06	  	 	$	17.68	  	 	$	14.09	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Book value per share, excluding AOCI	 	$	60.34	  	 	$	58.57	  	 	$	57.25	  	 	$	55.47	  	 	$	53.72	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	
Shareholder dividends paid	 	$	13,268.6	  	 	$	13,255.3	  	 	$	13,189.3	  	 	$	13,336.6	  	 	$	8,870.7	  	 	$	4,397.9	  	 	$	26,523.9	  	 	$	17,702.8	  	 	$	8,821.1	  	
 
(1)	Certain amounts in the prior periods have been revised in connection with the retrospective adoption of ASU 2010-26 in the first quarter of 2012.	

 	  	 	  	Page 2	

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

 	 	Three Months Ended	 	 	Current Qtr	 	 	Year-to-Date	 	
 	 	June 30,	 	 	March 31,	 	 	Dec. 31,	 	 	Sept. 30,	 	 	June 30,	 	 	vs. PY	 	 	June 30,	 	 	June 30,	 	 	 	 	
(USD thousands)	 	2012	 	 	2012	 	 	2011	 	 	2011	 	 	2011	 	 	Quarter	 	 	2012	 	 	2011	 	 	Change	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	1,950,661	  	 	$	1,863,482	  	 	$	2,034,716	  	 	$	1,776,165	  	 	$	1,788,676	  	 	$	161,985	  	 	$	3,814,143	  	 	$	3,524,806	  	 	$	289,337	  	
Investment income, net of related expenses	 	 	328,334	  	 	 	340,940	  	 	 	304,511	  	 	 	268,210	  	 	 	337,436	  	 	 	(9,102	) 	 	 	669,274	  	 	 	708,476	  	 	 	(39,202	) 	
Investment related gains (losses), net	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
OTTI on fixed maturity securities	 	 	(1,959	) 	 	 	(7,607	) 	 	 	(11,824	) 	 	 	(11,911	) 	 	 	(5,582	) 	 	 	3,623	  	 	 	(9,566	) 	 	 	(7,138	) 	 	 	(2,428	) 	
OTTI on fixed maturity securities transferred to/from AOCI	 	 	162	  	 	 	(7,221	) 	 	 	543	  	 	 	3,089	  	 	 	292	  	 	 	(130	) 	 	 	(7,059	) 	 	 	292	  	 	 	(7,351	) 	
Other investment related gains (losses), net	 	 	25,598	  	 	 	58,348	  	 	 	(36,183	) 	 	 	(130,778	) 	 	 	32,678	  	 	 	(7,080	) 	 	 	83,946	  	 	 	157,854	  	 	 	(73,908	) 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total investment related gains (losses), net	 	 	23,801	  	 	 	43,520	  	 	 	(47,464	) 	 	 	(139,600	) 	 	 	27,388	  	 	 	(3,587	) 	 	 	67,321	  	 	 	151,008	  	 	 	(83,687	) 	
Other revenue	 	 	72,957	  	 	 	45,033	  	 	 	56,456	  	 	 	90,132	  	 	 	50,477	  	 	 	22,480	  	 	 	117,990	  	 	 	102,122	  	 	 	15,868	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	 	 	2,375,753	  	 	 	2,292,975	  	 	 	2,348,219	  	 	 	1,994,907	  	 	 	2,203,977	  	 	 	171,776	  	 	 	4,668,728	  	 	 	4,486,412	  	 	 	182,316	  	
 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	 	1,625,446	  	 	 	1,580,149	  	 	 	1,720,956	  	 	 	1,514,765	  	 	 	1,520,013	  	 	 	105,433	  	 	 	3,205,595	  	 	 	2,989,462	  	 	 	216,133	  	
Interest credited	 	 	66,697	  	 	 	88,042	  	 	 	78,884	  	 	 	35,251	  	 	 	96,196	  	 	 	(29,499	) 	 	 	154,739	  	 	 	202,259	  	 	 	(47,520	) 	
Policy acquisition costs and other insurance expenses	 	 	335,939	  	 	 	307,634	  	 	 	204,883	  	 	 	164,372	  	 	 	274,519	  	 	 	61,420	  	 	 	643,573	  	 	 	620,766	  	 	 	22,807	  	
Other operating expenses	 	 	105,541	  	 	 	110,098	  	 	 	122,000	  	 	 	94,029	  	 	 	97,161	  	 	 	8,380	  	 	 	215,639	  	 	 	203,311	  	 	 	12,328	  	
Interest expense	 	 	23,360	  	 	 	23,322	  	 	 	25,226	  	 	 	27,025	  	 	 	25,818	  	 	 	(2,458	) 	 	 	46,682	  	 	 	50,387	  	 	 	(3,705	) 	
Collateral finance facility expense	 	 	2,878	  	 	 	2,967	  	 	 	3,019	  	 	 	3,069	  	 	 	3,101	  	 	 	(223	) 	 	 	5,845	  	 	 	6,303	  	 	 	(458	) 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	 	 	2,159,861	  	 	 	2,112,212	  	 	 	2,154,968	  	 	 	1,838,511	  	 	 	2,016,808	  	 	 	143,053	  	 	 	4,272,073	  	 	 	4,072,488	  	 	 	199,585	  	
 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	 	215,892	  	 	 	180,763	  	 	 	193,251	  	 	 	156,396	  	 	 	187,169	  	 	 	28,723	  	 	 	396,655	  	 	 	413,924	  	 	 	(17,269	) 	
 	 	 	 	 	 	 	 	 	 	
Income tax expense	 	 	74,781	  	 	 	57,445	  	 	 	54,672	  	 	 	21,794	  	 	 	63,225	  	 	 	11,556	  	 	 	132,226	  	 	 	141,060	  	 	 	(8,834	) 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	 	$	141,111	  	 	$	123,318	  	 	$	138,579	  	 	$	134,602	  	 	$	123,944	  	 	$	17,167	  	 	$	264,429	  	 	$	272,864	  	 	$	(8,435	) 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Pre-tax Operating Income Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	 	215,892	  	 	 	180,763	  	 	 	193,251	  	 	 	156,396	  	 	 	187,169	  	 	 	28,723	  	 	 	396,655	  	 	 	413,924	  	 	 	(17,269	) 	
Investment and derivative losses (gains) — non-operating (2)	 	 	(102,184	) 	 	 	94,098	  	 	 	(5,360	) 	 	 	(221,194	) 	 	 	(40,152	) 	 	 	(62,032	) 	 	 	(8,086	) 	 	 	(39,053	) 	 	 	30,967	  	
Change in value of modified coinsurance and funds withheld embedded derivatives  (2)	 	 	4,453	  	 	 	9,428	  	 	 	85,722	  	 	 	102,574	  	 	 	(10,525	) 	 	 	14,978	  	 	 	13,881	  	 	 	(101,060	) 	 	 	114,941	  	
GMXB embedded derivatives  (2)	 	 	74,929	  	 	 	(146,375	) 	 	 	(29,261	) 	 	 	260,239	  	 	 	25,860	  	 	 	49,069	  	 	 	(71,446	) 	 	 	(6,794	) 	 	 	(64,652	) 	
Funds withheld losses (gains) — investment income	 	 	(5,323	) 	 	 	1,040	  	 	 	(194	) 	 	 	(9,806	) 	 	 	(7,185	) 	 	 	1,862	  	 	 	(4,283	) 	 	 	4,856	  	 	 	(9,139	) 	
Funds withheld losses (gains) — policy acq. costs	 	 	152	  	 	 	209	  	 	 	47	  	 	 	1,034	  	 	 	1,793	  	 	 	(1,641	) 	 	 	361	  	 	 	(132	) 	 	 	493	  	
EIA embedded derivatives — interest credited	 	 	(1,685	) 	 	 	39,239	  	 	 	9,490	  	 	 	37,539	  	 	 	21,011	  	 	 	(22,696	) 	 	 	37,554	  	 	 	(5,740	) 	 	 	43,294	  	
EIA embedded derivatives — policy acq. costs	 	 	—  	  	 	 	—  	  	 	 	6,908	  	 	 	(3,664	) 	 	 	(2,073	) 	 	 	2,073	  	 	 	—  	  	 	 	871	  	 	 	(871	) 	
DAC offset, net	 	 	1,490	  	 	 	(13,148	) 	 	 	(82,837	) 	 	 	(107,709	) 	 	 	4,158	  	 	 	(2,668	) 	 	 	(11,658	) 	 	 	76,725	  	 	 	(88,383	) 	
Gain on repurchase of collateral finance facility securities	 	 	—  	  	 	 	—  	  	 	 	(9,725	) 	 	 	(50,869	) 	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	(4,971	) 	 	 	4,971	  	
Loss on retirement of Preferred Income Equity Redeemable Securities (“PIERS”)	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	4,391	  	 	 	(4,391	) 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating Income Before Income Taxes	 	$	187,724	  	 	$	165,254	  	 	$	168,041	  	 	$	164,540	  	 	$	180,056	  	 	$	7,668	  	 	$	352,978	  	 	$	343,017	  	 	$	9,961	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
After-tax Operating Income Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net Income	 	 	141,111	  	 	 	123,318	  	 	 	138,579	  	 	 	134,602	  	 	 	123,944	  	 	 	17,167	  	 	 	264,429	  	 	 	272,864	  	 	 	(8,435	) 	
Investment and derivative losses (gains) — non-operating (2)	 	 	(66,949	) 	 	 	60,304	  	 	 	(4,906	) 	 	 	(144,834	) 	 	 	(26,362	) 	 	 	(40,587	) 	 	 	(6,645	) 	 	 	(26,171	) 	 	 	19,526	  	
Change in value of modified coinsurance and funds withheld embedded derivatives  (2)	 	 	2,895	  	 	 	6,128	  	 	 	55,719	  	 	 	66,673	  	 	 	(6,841	) 	 	 	9,736	  	 	 	9,023	  	 	 	(65,689	) 	 	 	74,712	  	
GMXB embedded derivatives  (2)	 	 	48,704	  	 	 	(95,144	) 	 	 	(19,019	) 	 	 	169,155	  	 	 	16,809	  	 	 	31,895	  	 	 	(46,440	) 	 	 	(4,416	) 	 	 	(42,024	) 	
Funds withheld losses (gains) — investment income	 	 	(3,460	) 	 	 	676	  	 	 	(126	) 	 	 	(6,374	) 	 	 	(4,671	) 	 	 	1,211	  	 	 	(2,784	) 	 	 	3,156	  	 	 	(5,940	) 	
Funds withheld losses (gains) — policy acq. costs	 	 	99	  	 	 	136	  	 	 	31	  	 	 	672	  	 	 	1,165	  	 	 	(1,066	) 	 	 	235	  	 	 	(86	) 	 	 	321	  	
EIA embedded derivatives — interest credited	 	 	(1,095	) 	 	 	25,505	  	 	 	6,169	  	 	 	24,400	  	 	 	13,657	  	 	 	(14,752	) 	 	 	24,410	  	 	 	(3,731	) 	 	 	28,141	  	
EIA embedded derivatives — policy acq. costs	 	 	—  	  	 	 	—  	  	 	 	4,490	  	 	 	(2,381	) 	 	 	(1,348	) 	 	 	1,348	  	 	 	—  	  	 	 	566	  	 	 	(566	) 	
DAC offset, net	 	 	968	  	 	 	(8,546	) 	 	 	(53,844	) 	 	 	(70,011	) 	 	 	2,703	  	 	 	(1,735	) 	 	 	(7,578	) 	 	 	49,871	  	 	 	(57,449	) 	
Gain on repurchase of collateral finance facility securities	 	 	—  	  	 	 	—  	  	 	 	(6,321	) 	 	 	(33,065	) 	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	(3,231	) 	 	 	3,231	  	
Loss on retirement of PIERS	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	2,854	  	 	 	(2,854	) 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating Income	 	$	122,273	  	 	$	112,377	  	 	$	120,772	  	 	$	138,837	  	 	$	119,056	  	 	$	3,217	  	 	$	234,650	  	 	$	225,987	  	 	$	8,663	  	

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

 	  	 	  	Page 3	

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

 	  	Three Months Ended	 	  	Current Qtr	 	 	Year-to-Date	 	
(USD thousands, except per share data)	  	June 30,
2012	 	 	March 31,
2012	 	 	Dec. 31,
2011	 	 	Sept. 30,
2011	 	 	June 30,
2011	 	  	vs. PY
Quarter	 	 	June 30,
2012	 	 	June 30,
2011	 	  	Change	 	
Revenues:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	
Net premiums	  	$	1,950,661	  	 	$	1,863,482	  	 	$	2,034,716	  	 	$	1,776,165	  	 	$	1,788,676	  	  	$	161,985	  	 	$	3,814,143	  	 	$	3,524,806	  	  	$	289,337	  	
Investment income, net of related expenses	  	 	323,011	  	 	 	341,980	  	 	 	304,317	  	 	 	258,404	  	 	 	330,251	  	  	 	(7,240	) 	 	 	664,991	  	 	 	713,332	  	  	 	(48,341	) 	
Investment related gains (losses), net	  	 	999	  	 	 	671	  	 	 	3,637	  	 	 	2,019	  	 	 	2,571	  	  	 	(1,572	) 	 	 	1,670	  	 	 	4,101	  	  	 	(2,431	) 	
Other revenue	  	 	72,957	  	 	 	45,033	  	 	 	46,731	  	 	 	39,263	  	 	 	50,477	  	  	 	22,480	  	 	 	117,990	  	 	 	97,151	  	  	 	20,839	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	
Total revenues	  	 	2,347,628	  	 	 	2,251,166	  	 	 	2,389,401	  	 	 	2,075,851	  	 	 	2,171,975	  	  	 	175,653	  	 	 	4,598,794	  	 	 	4,339,390	  	  	 	259,404	  	
Benefits and expenses:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	
Claims and other policy benefits	  	 	1,625,446	  	 	 	1,580,149	  	 	 	1,720,956	  	 	 	1,514,765	  	 	 	1,520,013	  	  	 	105,433	  	 	 	3,205,595	  	 	 	2,989,462	  	  	 	216,133	  	
Interest credited	  	 	68,382	  	 	 	48,803	  	 	 	69,394	  	 	 	(2,288	) 	 	 	75,185	  	  	 	(6,803	) 	 	 	117,185	  	 	 	207,999	  	  	 	(90,814	) 	
Policy acquisition costs and other insurance expenses	  	 	334,297	  	 	 	320,573	  	 	 	280,765	  	 	 	274,711	  	 	 	270,641	  	  	 	63,656	  	 	 	654,870	  	 	 	543,302	  	  	 	111,568	  	
Other operating expenses	  	 	105,541	  	 	 	110,098	  	 	 	122,000	  	 	 	94,029	  	 	 	97,161	  	  	 	8,380	  	 	 	215,639	  	 	 	198,920	  	  	 	16,719	  	
Interest expense	  	 	23,360	  	 	 	23,322	  	 	 	25,226	  	 	 	27,025	  	 	 	25,818	  	  	 	(2,458	) 	 	 	46,682	  	 	 	50,387	  	  	 	(3,705	) 	
Collateral finance facility expense	  	 	2,878	  	 	 	2,967	  	 	 	3,019	  	 	 	3,069	  	 	 	3,101	  	  	 	(223	) 	 	 	5,845	  	 	 	6,303	  	  	 	(458	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	
Total benefits and expenses	  	 	2,159,904	  	 	 	2,085,912	  	 	 	2,221,360	  	 	 	1,911,311	  	 	 	1,991,919	  	  	 	167,985	  	 	 	4,245,816	  	 	 	3,996,373	  	  	 	249,443	  	
Operating income before income taxes	  	 	187,724	  	 	 	165,254	  	 	 	168,041	  	 	 	164,540	  	 	 	180,056	  	  	 	7,668	  	 	 	352,978	  	 	 	343,017	  	  	 	9,961	  	
Operating income tax expense	  	 	65,451	  	 	 	52,877	  	 	 	47,269	  	 	 	25,703	  	 	 	61,000	  	  	 	4,451	  	 	 	118,328	  	 	 	117,030	  	  	 	1,298	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	
Operating income	  	$	122,273	  	 	$	112,377	  	 	$	120,772	  	 	$	138,837	  	 	$	119,056	  	  	$	3,217	  	 	$	234,650	  	 	$	225,987	  	  	$	8,663	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	
Wgt. Average Common Shares Outstanding (Diluted)	  	 	74,054	  	 	 	74,043	  	 	 	73,812	  	 	 	74,254	  	 	 	74,530	  	  	 	(476	) 	 	 	74,048	  	 	 	74,184	  	  	 	(136	) 	
Diluted Earnings Per Share - Operating Income	  	$	1.65	  	 	$	1.52	  	 	$	1.64	  	 	$	1.87	  	 	$	1.60	  	  	$	0.05	  	 	$	3.17	  	 	$	3.05	  	  	$	0.12	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	
Foreign currency effect (2):	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	
Net premiums	  	$	(45,800	) 	 	$	(4,924	) 	 	$	(5,509	) 	 	$	53,399	  	 	$	77,277	  	  	$	(123,077	) 	 	$	(50,724	) 	 	$	119,764	  	  	$	(170,488	) 	
Operating income before income taxes	  	$	(3,471	) 	 	$	(387	) 	 	$	(2,407	) 	 	$	6,846	  	 	$	5,713	  	  	$	(9,184	) 	 	$	(3,858	) 	 	$	10,347	  	  	$	(14,205	) 	
 
(1)	Certain amounts in the prior periods have been revised in connection with the retrospective adoption of ASU 2010-26 in the first quarter of 2012.	
(2)	Compared to comparable prior year period	

 	  	 	  	Page 4	

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

(USD thousands)	 	June 30,
2012	 	 	March 31,
2012	 	 	Dec. 31,
2011	 	 	Sept. 30,
2011	 	 	June 30,
2011	 	
Assets	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Fixed maturity securities, available-for-sale	 	$	17,244,192	  	 	$	16,794,057	  	 	$	16,200,950	  	 	$	15,557,032	  	 	$	15,153,807	  	
Mortgage loans on real estate	 	 	1,157,049	  	 	 	1,040,733	  	 	 	991,731	  	 	 	934,694	  	 	 	908,048	  	
Policy loans	 	 	1,250,238	  	 	 	1,260,070	  	 	 	1,260,400	  	 	 	1,228,890	  	 	 	1,229,663	  	
Funds withheld at interest	 	 	5,457,888	  	 	 	5,472,532	  	 	 	5,410,424	  	 	 	5,445,886	  	 	 	5,671,844	  	
Short-term investments	 	 	49,981	  	 	 	75,425	  	 	 	88,566	  	 	 	81,747	  	 	 	125,618	  	
Investment Receivable	 	 	5,406,898	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	
Other invested assets	 	 	940,605	  	 	 	867,507	  	 	 	1,012,541	  	 	 	1,020,043	  	 	 	799,341	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total investments	 	 	31,506,851	  	 	 	25,510,324	  	 	 	24,964,612	  	 	 	24,268,292	  	 	 	23,888,321	  	
Cash and cash equivalents	 	 	957,341	  	 	 	873,933	  	 	 	962,870	  	 	 	802,651	  	 	 	710,973	  	
Accrued investment income	 	 	182,586	  	 	 	173,629	  	 	 	144,334	  	 	 	190,298	  	 	 	160,436	  	
Premiums receivable and other reinsurance balances	 	 	1,104,176	  	 	 	1,131,334	  	 	 	1,059,572	  	 	 	1,060,631	  	 	 	1,045,131	  	
Reinsurance ceded receivables	 	 	626,734	  	 	 	597,508	  	 	 	626,194	  	 	 	727,290	  	 	 	781,006	  	
Deferred policy acquisition costs	 	 	3,605,008	  	 	 	3,629,424	  	 	 	3,543,925	  	 	 	3,340,394	  	 	 	3,287,126	  	
Other assets	 	 	361,627	  	 	 	369,930	  	 	 	332,466	  	 	 	347,035	  	 	 	339,724	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total assets	 	$	38,344,323	  	 	$	32,286,082	  	 	$	31,633,973	  	 	$	30,736,591	  	 	$	30,212,717	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Liabilities and Stockholders’ Equity	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Future policy benefits	 	 	10,725,096	  	 	$	10,413,361	  	 	$	9,903,886	  	 	$	9,445,222	  	 	$	9,642,814	  	
Interest-sensitive contract liabilities	 	 	13,352,601	  	 	 	8,252,995	  	 	 	8,394,468	  	 	 	8,378,159	  	 	 	8,100,608	  	
Other policy claims and benefits	 	 	3,026,467	  	 	 	2,984,681	  	 	 	2,841,373	  	 	 	2,826,297	  	 	 	2,774,031	  	
Other reinsurance balances	 	 	249,336	  	 	 	132,389	  	 	 	118,219	  	 	 	136,298	  	 	 	159,340	  	
Deferred income taxes	 	 	1,785,614	  	 	 	1,728,765	  	 	 	1,679,834	  	 	 	1,518,990	  	 	 	1,276,153	  	
Other liabilities	 	 	890,687	  	 	 	777,678	  	 	 	810,775	  	 	 	776,239	  	 	 	784,291	  	
Short-term debt	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	199,997	  	 	 	199,993	  	
Long-term debt	 	 	1,414,969	  	 	 	1,414,829	  	 	 	1,414,688	  	 	 	1,414,546	  	 	 	1,414,406	  	
Collateral finance facility	 	 	651,936	  	 	 	652,029	  	 	 	652,032	  	 	 	681,004	  	 	 	837,789	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total liabilities	 	 	32,096,706	  	 	 	26,356,727	  	 	 	25,815,275	  	 	 	25,376,752	  	 	 	25,189,425	  	
 	 	 	 	 	 	
Stockholders’ Equity:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Common stock, at par value	 	 	791	  	 	 	791	  	 	 	791	  	 	 	791	  	 	 	791	  	
Additional paid-in-capital	 	 	1,740,415	  	 	 	1,736,184	  	 	 	1,727,774	  	 	 	1,719,683	  	 	 	1,713,893	  	
Retained earnings	 	 	3,033,505	  	 	 	2,906,310	  	 	 	2,818,429	  	 	 	2,695,680	  	 	 	2,575,240	  	
Treasury stock	 	 	(326,292	) 	 	 	(325,732	) 	 	 	(346,449	) 	 	 	(352,106	) 	 	 	(310,856	) 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Accumulated other comprehensive income (AOCI):	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Accumulated currency translation adjustment, net of income taxes	 	 	237,010	  	 	 	253,875	  	 	 	229,795	  	 	 	189,347	  	 	 	291,189	  	
Unrealized appreciation of securities, net of income taxes	 	 	1,591,647	  	 	 	1,388,597	  	 	 	1,419,318	  	 	 	1,119,724	  	 	 	767,023	  	
Pension and postretirement benefits, net of income taxes	 	 	(29,459	) 	 	 	(30,670	) 	 	 	(30,960	) 	 	 	(13,280	) 	 	 	(13,988	) 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total stockholders’ equity	 	 	6,247,617	  	 	 	5,929,355	  	 	 	5,818,698	  	 	 	5,359,839	  	 	 	5,023,292	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total liabilities and stockholders’ equity	 	$	38,344,323	  	 	$	32,286,082	  	 	$	31,633,973	  	 	$	30,736,591	  	 	$	30,212,717	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total stockholders’ equity, excluding AOCI	 	$	4,448,419	  	 	$	4,317,553	  	 	$	4,200,545	  	 	$	4,064,048	  	 	$	3,979,068	  	
 
(1)	Certain amounts in the prior periods have been revised in connection with the retrospective adoption of ASU 2010-26 in the first quarter of 2012.	

 	  	 	  	Page 5	

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

 	  	Three Months Ended	 	 	Current Qtr	 	 	Year-to-Date	 	
(USD thousands)	  	June 30,
2012	 	 	March 31,
2012	 	 	Dec. 31,
2011	 	 	Sept. 30,
2011	 	 	June 30,
2011	 	 	vs. PY
Quarter	 	 	June 30,
2012	 	 	June 30,
2011	 	 	Change	 	
Revenues:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	  	$	1,082,400	  	 	$	1,021,507	  	 	$	1,099,409	  	 	$	971,190	  	 	$	973,837	  	 	$	108,563	  	 	$	2,103,907	  	 	$	1,908,890	  	 	$	195,017	  	
Investment income, net of related expenses	  	 	133,652	  	 	 	132,417	  	 	 	125,528	  	 	 	123,686	  	 	 	125,688	  	 	 	7,964	  	 	 	266,069	  	 	 	246,436	  	 	 	19,633	  	
Other revenue	  	 	401	  	 	 	1,003	  	 	 	1,571	  	 	 	599	  	 	 	738	  	 	 	(337	) 	 	 	1,404	  	 	 	1,231	  	 	 	173	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	  	 	1,216,453	  	 	 	1,154,927	  	 	 	1,226,508	  	 	 	1,095,475	  	 	 	1,100,263	  	 	 	116,190	  	 	 	2,371,380	  	 	 	2,156,557	  	 	 	214,823	  	
 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	  	 	934,807	  	 	 	907,461	  	 	 	952,609	  	 	 	844,090	  	 	 	839,173	  	 	 	95,634	  	 	 	1,842,268	  	 	 	1,661,580	  	 	 	180,688	  	
Interest credited	  	 	14,555	  	 	 	15,054	  	 	 	15,174	  	 	 	15,166	  	 	 	14,967	  	 	 	(412	) 	 	 	29,609	  	 	 	29,551	  	 	 	58	  	
Policy acquisition costs and other insurance expenses	  	 	150,958	  	 	 	145,485	  	 	 	152,246	  	 	 	135,747	  	 	 	135,602	  	 	 	15,356	  	 	 	296,443	  	 	 	267,518	  	 	 	28,925	  	
Other operating expenses	  	 	20,586	  	 	 	24,001	  	 	 	23,971	  	 	 	20,299	  	 	 	19,486	  	 	 	1,100	  	 	 	44,587	  	 	 	40,836	  	 	 	3,751	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	  	 	1,120,906	  	 	 	1,092,001	  	 	 	1,144,000	  	 	 	1,015,302	  	 	 	1,009,228	  	 	 	111,678	  	 	 	2,212,907	  	 	 	1,999,485	  	 	 	213,422	  	
 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	  	 	95,547	  	 	 	62,926	  	 	 	82,508	  	 	 	80,173	  	 	 	91,035	  	 	 	4,512	  	 	 	158,473	  	 	 	157,072	  	 	 	1,401	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating to U.S. GAAP Reconciliation:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	  	 	95,547	  	 	 	62,926	  	 	 	82,508	  	 	 	80,173	  	 	 	91,035	  	 	 	4,512	  	 	 	158,473	  	 	 	157,072	  	 	 	1,401	  	
Investment and derivative (losses) gains - non-operating	  	 	789	  	 	 	(13,084	) 	 	 	30,075	  	 	 	5,056	  	 	 	205	  	 	 	584	  	 	 	(12,295	) 	 	 	9,080	  	 	 	(21,375	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	  	$	96,336	  	 	$	49,842	  	 	$	112,583	  	 	$	85,229	  	 	$	91,240	  	 	$	5,096	  	 	$	146,178	  	 	$	166,152	  	 	$	(19,974	) 	

Loss and Expense Ratios:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	  	 	86.4	% 	 	 	88.8	% 	 	 	86.6	% 	 	 	86.9	% 	 	 	86.2	% 	 	 	0.2	% 	 	 	87.6	% 	 	 	87.0	% 	 	 	0.6	% 	
Policy acquisition costs and other insurance expenses	  	 	13.9	% 	 	 	14.2	% 	 	 	13.8	% 	 	 	14.0	% 	 	 	13.9	% 	 	 	0.0	% 	 	 	14.1	% 	 	 	14.0	% 	 	 	0.1	% 	
Other operating expenses	  	 	1.9	% 	 	 	2.3	% 	 	 	2.2	% 	 	 	2.1	% 	 	 	2.0	% 	 	 	-0.1	% 	 	 	2.1	% 	 	 	2.1	% 	 	 	0.0	% 	
 
(1)	Certain amounts in the prior periods have been revised in connection with the retrospective adoption of ASU 2010-26 in the first quarter of 2012.	

 	  	 	  	Page 6	

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

 	 	Three Months Ended	 	 	Current Qtr	 	 	Year-to-Date	 	
 	 	June 30,	 	 	March 31,	 	 	Dec. 31,	 	 	Sept. 30,	 	 	June 30,	 	 	vs. PY	 	 	June 30,	 	 	June 30,	 	 	 	 	
(USD thousands except account values)	 	2012	 	 	2012	 	 	2011	 	 	2011	 	 	2011	 	 	Quarter	 	 	2012	 	 	2011	 	 	Change	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	3,355	  	 	$	3,596	  	 	$	3,619	  	 	$	2,786	  	 	$	3,459	  	 	$	(104	) 	 	$	6,951	  	 	$	6,784	  	 	$	167	  	
Investment income, net of related expenses	 	 	90,527	  	 	 	111,501	  	 	 	79,604	  	 	 	20,361	  	 	 	98,080	  	 	 	(7,553	) 	 	 	202,028	  	 	 	257,613	  	 	 	(55,585	) 	
Investment related gains (losses), net	 	 	(18	) 	 	 	(30	) 	 	 	(82	) 	 	 	(14	) 	 	 	(20	) 	 	 	2	  	 	 	(48	) 	 	 	(36	) 	 	 	(12	) 	
Other revenue	 	 	29,254	  	 	 	19,893	  	 	 	20,154	  	 	 	19,827	  	 	 	23,536	  	 	 	5,718	  	 	 	49,147	  	 	 	47,537	  	 	 	1,610	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	 	 	123,118	  	 	 	134,960	  	 	 	103,295	  	 	 	42,960	  	 	 	125,055	  	 	 	(1,937	) 	 	 	258,078	  	 	 	311,898	  	 	 	(53,820	) 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	 	5,102	  	 	 	1,902	  	 	 	2,766	  	 	 	4,431	  	 	 	4,264	  	 	 	838	  	 	 	7,004	  	 	 	7,080	  	 	 	(76	) 	
Interest credited	 	 	53,611	  	 	 	33,511	  	 	 	53,965	  	 	 	(17,733	) 	 	 	59,603	  	 	 	(5,992	) 	 	 	87,122	  	 	 	177,833	  	 	 	(90,711	) 	
Policy acquisition costs and other insurance expenses	 	 	44,955	  	 	 	72,004	  	 	 	16,858	  	 	 	52,854	  	 	 	39,047	  	 	 	5,908	  	 	 	116,959	  	 	 	81,762	  	 	 	35,197	  	
Other operating expenses	 	 	2,807	  	 	 	3,062	  	 	 	2,434	  	 	 	1,886	  	 	 	1,743	  	 	 	1,064	  	 	 	5,869	  	 	 	3,897	  	 	 	1,972	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	 	 	106,475	  	 	 	110,479	  	 	 	76,023	  	 	 	41,438	  	 	 	104,657	  	 	 	1,818	  	 	 	216,954	  	 	 	270,572	  	 	 	(53,618	) 	
Operating income (loss) before income taxes	 	 	16,643	  	 	 	24,481	  	 	 	27,272	  	 	 	1,522	  	 	 	20,398	  	 	 	(3,755	) 	 	 	41,124	  	 	 	41,326	  	 	 	(202	) 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	 	16,643	  	 	 	24,481	  	 	 	27,272	  	 	 	1,522	  	 	 	20,398	  	 	 	(3,755	) 	 	 	41,124	  	 	 	41,326	  	 	 	(202	) 	
Investment and derivative gains (losses) - non-operating  (2)	 	 	92,008	  	 	 	(96,355	) 	 	 	(23,077	) 	 	 	219,530	  	 	 	28,681	  	 	 	63,327	  	 	 	(4,347	) 	 	 	9,977	  	 	 	(14,324	) 	
Change in value of modified coinsurance and funds withheld embedded derivatives  (2)	 	 	(4,593	) 	 	 	(9,387	) 	 	 	(86,759	) 	 	 	(103,949	) 	 	 	10,525	  	 	 	(15,118	) 	 	 	(13,980	) 	 	 	101,060	  	 	 	(115,040	) 	
GMXB embedded derivatives  (2)	 	 	(74,929	) 	 	 	146,375	  	 	 	29,261	  	 	 	(260,239	) 	 	 	(25,860	) 	 	 	(49,069	) 	 	 	71,446	  	 	 	6,794	  	 	 	64,652	  	
Funds withheld gains (losses) - investment income	 	 	5,430	  	 	 	(2,224	) 	 	 	194	  	 	 	9,806	  	 	 	7,185	  	 	 	(1,755	) 	 	 	3,206	  	 	 	(4,856	) 	 	 	8,062	  	
Funds withheld gains (losses) - policy acq. costs	 	 	(152	) 	 	 	(209	) 	 	 	(47	) 	 	 	(1,034	) 	 	 	(1,793	) 	 	 	1,641	  	 	 	(361	) 	 	 	132	  	 	 	(493	) 	
EIA embedded derivatives - interest credited	 	 	1,685	  	 	 	(39,239	) 	 	 	(9,490	) 	 	 	(37,539	) 	 	 	(21,011	) 	 	 	22,696	  	 	 	(37,554	) 	 	 	5,740	  	 	 	(43,294	) 	
EIA embedded derivatives - policy acq. costs	 	 	—  	  	 	 	—  	  	 	 	(6,908	) 	 	 	3,664	  	 	 	2,073	  	 	 	(2,073	) 	 	 	—  	  	 	 	(871	) 	 	 	871	  	
DAC offset, net	 	 	(1,490	) 	 	 	13,148	  	 	 	82,837	  	 	 	107,709	  	 	 	(4,158	) 	 	 	2,668	  	 	 	11,658	  	 	 	(76,725	) 	 	 	88,383	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income (loss) before income taxes	 	$	34,602	  	 	$	36,590	  	 	$	13,283	  	 	$	(60,530	) 	 	$	16,040	  	 	$	18,562	  	 	$	71,192	  	 	$	82,577	  	 	$	(11,385	) 	

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

 	  	 	  	Page 7	

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

 	  	Three Months Ended	 	
 	  	June 30,	 	 	March 31,	 	 	Dec. 31,	 	 	Sept. 30,	 	 	June 30,	 	
(USD millions)	  	2012	 	 	2012	 	 	2011	 	 	2011	 	 	2011	 	
Annuity account values:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	
Fixed annuities (deferred)	  	$	5,942	  	 	$	897	  	 	$	879	  	 	$	856	  	 	$	835	  	
 	 	 	 	 	 	
Net interest spread (fixed annuities):	  	 	1.8	% 	 	 	2.4	% 	 	 	2.8	% 	 	 	2.7	% 	 	 	2.2	% 	
 	 	 	 	 	 	
Equity-indexed annuities	  	$	4,867	  	 	$	4,895	  	 	$	4,881	  	 	$	4,327	  	 	$	4,324	  	
 	 	 	 	 	 	
Variable annuities:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
No riders	  	$	944	  	 	$	1,040	  	 	$	986	  	 	$	979	  	 	$	1,114	  	
GMDB only	  	 	79	  	 	 	82	  	 	 	85	  	 	 	76	  	 	 	89	  	
GMIB only	  	 	6	  	 	 	6	  	 	 	6	  	 	 	5	  	 	 	6	  	
GMAB only	  	 	54	  	 	 	57	  	 	 	55	  	 	 	54	  	 	 	63	  	
GMWB only	  	 	1,620	  	 	 	1,704	  	 	 	1,538	  	 	 	1,524	  	 	 	1,751	  	
GMDB / WB	  	 	451	  	 	 	460	  	 	 	498	  	 	 	428	  	 	 	493	  	
Other	  	 	30	  	 	 	32	  	 	 	31	  	 	 	30	  	 	 	35	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total VA account values	  	$	3,184	  	 	$	3,381	  	 	$	3,199	  	 	$	3,096	  	 	$	3,551	  	
 	 	 	 	 	 	
Fair value of liabilities associated with living benefit riders	  	$	205	  	 	$	130	  	 	$	277	  	 	$	306	  	 	$	46	  	
 	 	 	 	 	 	
Interest-sensitive contract liabilities associated with:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	
Guaranteed investment contracts	  	$	200	  	 	$	198	  	 	$	198	  	 	$	199	  	 	$	199	  	
 	 	 	 	 	 	
Bank-owned life insurance (BOLI)	  	$	515	  	 	$	512	  	 	$	508	  	 	$	505	  	 	$	502	  	
 	 	 	 	 	 	
Other asset-intensive business	  	$	77	  	 	$	78	  	 	$	78	  	 	$	79	  	 	$	85	  	

 	  	 	  	Page 8	

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

 	 	Three Months Ended	 	 	Current Qtr	 	 	Year-to-Date	 	
 	 	June 30,	 	 	March 31,	 	 	Dec. 31,	 	 	Sept. 30,	 	 	June 30,	 	 	vs. PY	 	 	June 30,	 	 	June 30,	 	 	 	 	
(USD thousands)	 	2012	 	 	2012	 	 	2011	 	 	2011	 	 	2011	 	 	Quarter	 	 	2012	 	 	2011	 	 	Change	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Investment income, net of related expenses	 	$	179	  	 	$	164	  	 	$	131	  	 	$	168	  	 	$	62	  	 	$	117	  	 	$	343	  	 	$	(135	) 	 	$	478	  	
Other revenue	 	 	11,734	  	 	 	8,910	  	 	 	9,558	  	 	 	8,619	  	 	 	9,194	  	 	 	2,540	  	 	 	20,644	  	 	 	18,196	  	 	 	2,448	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	 	 	11,913	  	 	 	9,074	  	 	 	9,689	  	 	 	8,787	  	 	 	9,256	  	 	 	2,657	  	 	 	20,987	  	 	 	18,061	  	 	 	2,926	  	
 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Policy acquisition costs and other insurance expenses	 	 	704	  	 	 	770	  	 	 	743	  	 	 	798	  	 	 	797	  	 	 	(93	) 	 	 	1,474	  	 	 	1,650	  	 	 	(176	) 	
Other operating expenses	 	 	1,593	  	 	 	1,852	  	 	 	2,025	  	 	 	1,584	  	 	 	1,469	  	 	 	124	  	 	 	3,445	  	 	 	3,266	  	 	 	179	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	 	 	2,297	  	 	 	2,622	  	 	 	2,768	  	 	 	2,382	  	 	 	2,266	  	 	 	31	  	 	 	4,919	  	 	 	4,916	  	 	 	3	  	
 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	 	9,616	  	 	 	6,452	  	 	 	6,921	  	 	 	6,405	  	 	 	6,990	  	 	 	2,626	  	 	 	16,068	  	 	 	13,145	  	 	 	2,923	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	 	9,616	  	 	 	6,452	  	 	 	6,921	  	 	 	6,405	  	 	 	6,990	  	 	 	2,626	  	 	 	16,068	  	 	 	13,145	  	 	 	2,923	  	
Investment and derivative gains (losses) — non-operating	 	 	32	  	 	 	(139	) 	 	 	(87	) 	 	 	(13	) 	 	 	7	  	 	 	25	  	 	 	(107	) 	 	 	(28	) 	 	 	(79	) 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	$	9,648	  	 	$	6,313	  	 	$	6,834	  	 	$	6,392	  	 	$	6,997	  	 	$	2,651	  	 	$	15,961	  	 	$	13,117	  	 	$	2,844	  	

 	 	 	 	 	
 	  	 	  	Page 9	

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

 	  	Three Months Ended	 	 	Current Qtr	 	 	Year-to-Date	 	
(USD thousands)	  	June 30,
2012	 	 	March 31,
2012	 	 	Dec. 31,
2011	 	 	Sept. 30,
2011	 	 	June 30,
2011	 	 	vs. PY
Quarter	 	 	June 30,
2012	 	 	June 30,
2011	 	 	Change	 	
Revenues:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	  	$	221,167	  	 	$	218,210	  	 	$	224,763	  	 	$	185,790	  	 	$	209,717	  	 	$	11,450	  	 	$	439,377	  	 	$	424,745	  	 	$	14,632	  	
Investment income, net of related expenses	  	 	46,349	  	 	 	47,716	  	 	 	42,604	  	 	 	53,698	  	 	 	46,083	  	 	 	266	  	 	 	94,065	  	 	 	92,002	  	 	 	2,063	  	
Investment related gains (losses), net	  	 	995	  	 	 	1,323	  	 	 	1,579	  	 	 	1,267	  	 	 	1,183	  	 	 	(188	) 	 	 	2,318	  	 	 	2,352	  	 	 	(34	) 	
Other revenue	  	 	3,205	  	 	 	(30	) 	 	 	(9	) 	 	 	440	  	 	 	4,980	  	 	 	(1,775	) 	 	 	3,175	  	 	 	5,002	  	 	 	(1,827	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	  	 	271,716	  	 	 	267,219	  	 	 	268,937	  	 	 	241,195	  	 	 	261,963	  	 	 	9,753	  	 	 	538,935	  	 	 	524,101	  	 	 	14,834	  	
 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	  	 	184,857	  	 	 	160,625	  	 	 	165,456	  	 	 	162,734	  	 	 	165,860	  	 	 	18,997	  	 	 	345,482	  	 	 	344,915	  	 	 	567	  	
Interest credited	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	
Policy acquisition costs and other insurance expenses	  	 	47,476	  	 	 	50,285	  	 	 	52,140	  	 	 	34,350	  	 	 	45,356	  	 	 	2,120	  	 	 	97,761	  	 	 	94,222	  	 	 	3,539	  	
Other operating expenses	  	 	8,876	  	 	 	9,650	  	 	 	10,645	  	 	 	9,129	  	 	 	8,793	  	 	 	83	  	 	 	18,526	  	 	 	17,487	  	 	 	1,039	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	  	 	241,209	  	 	 	220,560	  	 	 	228,241	  	 	 	206,213	  	 	 	220,009	  	 	 	21,200	  	 	 	461,769	  	 	 	456,624	  	 	 	5,145	  	
 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	  	 	30,507	  	 	 	46,659	  	 	 	40,696	  	 	 	34,982	  	 	 	41,954	  	 	 	(11,447	) 	 	 	77,166	  	 	 	67,477	  	 	 	9,689	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating to U.S. GAAP Reconciliation:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	  	 	30,507	  	 	 	46,659	  	 	 	40,696	  	 	 	34,982	  	 	 	41,954	  	 	 	(11,447	) 	 	 	77,166	  	 	 	67,477	  	 	 	9,689	  	
Investment and derivative gains (losses) — non-operating	  	 	4,630	  	 	 	7,220	  	 	 	6,545	  	 	 	8,729	  	 	 	2,135	  	 	 	2,495	  	 	 	11,850	  	 	 	6,524	  	 	 	5,326	  	
Funds withheld gains (losses) — investment income	  	 	(107	) 	 	 	1,184	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	(107	) 	 	 	1,077	  	 	 	—  	  	 	 	1,077	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	  	$	35,030	  	 	$	55,063	  	 	$	47,241	  	 	$	43,711	  	 	$	44,089	  	 	$	(9,059	) 	 	$	90,093	  	 	$	74,001	  	 	$	16,092	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Loss and Expense Ratios:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Loss ratios (creditor business)	  	 	38.0	% 	 	 	34.1	% 	 	 	36.3	% 	 	 	38.4	% 	 	 	39.7	% 	 	 	-1.7	% 	 	 	36.1	% 	 	 	38.6	% 	 	 	-2.5	% 	
Loss ratios (excluding creditor business)	  	 	95.5	% 	 	 	83.8	% 	 	 	85.5	% 	 	 	96.9	% 	 	 	88.8	% 	 	 	6.7	% 	 	 	89.7	% 	 	 	93.2	% 	 	 	-3.5	% 	
Claims and other policy benefits / (net premiums + investment income)	  	 	69.1	% 	 	 	60.4	% 	 	 	61.9	% 	 	 	68.0	% 	 	 	64.8	% 	 	 	4.3	% 	 	 	64.8	% 	 	 	66.7	% 	 	 	-1.9	% 	
Policy acquisition costs and other insurance expenses (creditor business)	  	 	58.5	% 	 	 	57.1	% 	 	 	59.2	% 	 	 	52.8	% 	 	 	57.3	% 	 	 	1.2	% 	 	 	57.8	% 	 	 	56.2	% 	 	 	1.6	% 	
Policy acquisition costs and other insurance expenses (excluding creditor business)	  	 	11.8	% 	 	 	14.2	% 	 	 	10.9	% 	 	 	10.9	% 	 	 	12.2	% 	 	 	-0.4	% 	 	 	13.0	% 	 	 	11.8	% 	 	 	1.2	% 	
Other operating expenses	  	 	4.0	% 	 	 	4.4	% 	 	 	4.7	% 	 	 	4.9	% 	 	 	4.2	% 	 	 	-0.2	% 	 	 	4.2	% 	 	 	4.1	% 	 	 	0.1	% 	
 	 	 	 	 	 	 	 	 	 	
Foreign currency effect  (2) :	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	  	$	(9,838	) 	 	$	(3,328	) 	 	$	(2,669	) 	 	$	10,269	  	 	$	12,409	  	 	$	(22,247	) 	 	$	(13,166	) 	 	$	23,657	  	 	$	(36,823	) 	
Operating income before income taxes	  	$	(2,905	) 	 	$	(554	) 	 	$	(641	) 	 	$	2,571	  	 	$	3,021	  	 	$	(5,926	) 	 	$	(3,459	) 	 	$	3,474	  	 	$	(6,933	) 	
 	 	 	 	 	 	 	 	 	 	
Creditor reinsurance net premiums	  	$	45,883	  	 	$	44,810	  	 	$	54,227	  	 	$	29,895	  	 	$	41,613	  	 	$	4,270	  	 	$	90,693	  	 	$	93,197	  	 	$	(2,504	) 	
 
Note:	The loss ratios on creditor reinsurance business are normally lower than traditional reinsurance, while allowances are normally higher as a percentage of premiums.	
(1)	Certain amounts in the prior periods have been revised in connection with the retrospective adoption of ASU 2010-26 in the first quarter of 2012.	
(2)	Compared to comparable prior year period	

 	  	 	  	Page 10	

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

 	  	Three Months Ended	 	 	Current Qtr	 	 	Year-to-Date	 	
 	  	June 30,	 	 	March 31,	 	 	Dec. 31,	 	 	Sept. 30,	 	 	June 30,	 	 	vs. PY	 	 	June 30,	 	 	June 30,	 	 	 	 	
(USD thousands)	  	2012	 	 	2012	 	 	2011	 	 	2011	 	 	2011	 	 	Quarter	 	 	2012	 	 	2011	 	 	Change	 	
Revenues:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	  	$	310,075	  	 	$	292,771	  	 	$	356,284	  	 	$	286,054	  	 	$	283,019	  	 	$	27,056	  	 	$	602,846	  	 	$	552,139	  	 	$	50,707	  	
Investment income, net of related expenses	  	 	11,248	  	 	 	11,331	  	 	 	11,709	  	 	 	11,242	  	 	 	10,865	  	 	 	383	  	 	 	22,579	  	 	 	21,400	  	 	 	1,179	  	
Other revenue	  	 	1,464	  	 	 	2,253	  	 	 	1,035	  	 	 	1,196	  	 	 	1,745	  	 	 	(281	) 	 	 	3,717	  	 	 	2,800	  	 	 	917	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	  	 	322,787	  	 	 	306,355	  	 	 	369,028	  	 	 	298,492	  	 	 	295,629	  	 	 	27,158	  	 	 	629,142	  	 	 	576,339	  	 	 	52,803	  	
 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	  	 	263,992	  	 	 	261,484	  	 	 	293,126	  	 	 	248,890	  	 	 	242,973	  	 	 	21,019	  	 	 	525,476	  	 	 	459,905	  	 	 	65,571	  	
Policy acquisition costs and other insurance expenses	  	 	13,550	  	 	 	15,052	  	 	 	13,329	  	 	 	15,004	  	 	 	14,360	  	 	 	(810	) 	 	 	28,602	  	 	 	30,884	  	 	 	(2,282	) 	
Other operating expenses	  	 	26,810	  	 	 	25,195	  	 	 	29,511	  	 	 	24,569	  	 	 	26,527	  	 	 	283	  	 	 	52,005	  	 	 	51,539	  	 	 	466	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	  	 	304,352	  	 	 	301,731	  	 	 	335,966	  	 	 	288,463	  	 	 	283,860	  	 	 	20,492	  	 	 	606,083	  	 	 	542,328	  	 	 	63,755	  	
 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	  	 	18,435	  	 	 	4,624	  	 	 	33,062	  	 	 	10,029	  	 	 	11,769	  	 	 	6,666	  	 	 	23,059	  	 	 	34,011	  	 	 	(10,952	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating to U.S. GAAP Reconciliation:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	  	 	18,435	  	 	 	4,624	  	 	 	33,062	  	 	 	10,029	  	 	 	11,769	  	 	 	6,666	  	 	 	23,059	  	 	 	34,011	  	 	 	(10,952	) 	
Investment and derivative gains (losses) — non-operating	  	 	1,156	  	 	 	1,982	  	 	 	2,951	  	 	 	2,000	  	 	 	756	  	 	 	400	  	 	 	3,138	  	 	 	1,049	  	 	 	2,089	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	  	$	19,591	  	 	$	6,606	  	 	$	36,013	  	 	$	12,029	  	 	$	12,525	  	 	$	7,066	  	 	$	26,197	  	 	$	35,060	  	 	$	(8,863	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Loss and Expense Ratios:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	  	 	85.1	% 	 	 	89.3	% 	 	 	82.3	% 	 	 	87.0	% 	 	 	85.9	% 	 	 	-0.8	% 	 	 	87.2	% 	 	 	83.3	% 	 	 	3.9	% 	
Policy acquisition costs and other insurance expenses	  	 	4.4	% 	 	 	5.1	% 	 	 	3.7	% 	 	 	5.2	% 	 	 	5.1	% 	 	 	-0.7	% 	 	 	4.7	% 	 	 	5.6	% 	 	 	-0.9	% 	
Other operating expenses	  	 	8.6	% 	 	 	8.6	% 	 	 	8.3	% 	 	 	8.6	% 	 	 	9.4	% 	 	 	-0.8	% 	 	 	8.6	% 	 	 	9.3	% 	 	 	-0.7	% 	
 	 	 	 	 	 	 	 	 	 	
Foreign currency effect  (2) :	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	  	$	(22,973	) 	 	$	(11,362	) 	 	$	(9,136	) 	 	$	9,234	  	 	$	24,686	  	 	$	(47,659	) 	 	$	(34,335	) 	 	$	31,152	  	 	$	(65,487	) 	
Operating income before income taxes	  	$	(1,013	) 	 	$	(1,417	) 	 	$	(1,605	) 	 	$	669	  	 	$	1,712	  	 	$	(2,725	) 	 	$	(2,430	) 	 	$	1,945	  	 	$	(4,375	) 	
 	 	 	 	 	 	 	 	 	 	
Critical illness net premiums	  	$	62,001	  	 	$	61,548	  	 	$	61,564	  	 	$	59,679	  	 	$	63,320	  	 	$	(1,319	) 	 	$	123,549	  	 	$	123,581	  	 	$	(32	) 	
 
(1)	Certain amounts in the prior periods have been revised in connection with the retrospective adoption of ASU 2010-26 in the first quarter of 2012.	
(2)	Compared to comparable prior year period	

 	  	 	  	Page 11	

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

 	 	Three Months Ended	 	 	Current Qtr	 	 	Year-to-Date	 	
 	 	June 30,	 	 	March 31,	 	 	Dec. 31,	 	 	Sept. 30,	 	 	June 30,	 	 	vs. PY	 	 	June 30,	 	 	June 30,	 	 	 	 	
(USD thousands)	 	2012	 	 	2012	 	 	2011	 	 	2011	 	 	2011	 	 	Quarter	 	 	2012	 	 	2011	 	 	Change	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	331,945	  	 	$	325,350	  	 	$	348,358	  	 	$	328,259	  	 	$	316,356	  	 	$	15,589	  	 	$	657,295	  	 	$	627,873	  	 	$	29,422	  	
Investment income, net of related expenses	 	 	20,711	  	 	 	22,578	  	 	 	21,666	  	 	 	21,472	  	 	 	21,756	  	 	 	(1,045	) 	 	 	43,289	  	 	 	41,699	  	 	 	1,590	  	
Investment related gains (losses), net	 	 	(164	) 	 	 	(809	) 	 	 	1,237	  	 	 	1,452	  	 	 	1,377	  	 	 	(1,541	) 	 	 	(973	) 	 	 	1,269	  	 	 	(2,242	) 	
Other revenue	 	 	24,109	  	 	 	7,408	  	 	 	9,741	  	 	 	8,557	  	 	 	7,283	  	 	 	16,826	  	 	 	31,517	  	 	 	15,775	  	 	 	15,742	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	 	 	376,601	  	 	 	354,527	  	 	 	381,002	  	 	 	359,740	  	 	 	346,772	  	 	 	29,829	  	 	 	731,128	  	 	 	686,616	  	 	 	44,512	  	
 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	 	236,733	  	 	 	248,620	  	 	 	306,802	  	 	 	254,739	  	 	 	267,362	  	 	 	(30,629	) 	 	 	485,353	  	 	 	515,292	  	 	 	(29,939	) 	
Interest Credited	 	 	216	  	 	 	238	  	 	 	254	  	 	 	280	  	 	 	615	  	 	 	(399	) 	 	 	454	  	 	 	615	  	 	 	(161	) 	
Policy acquisition costs and other insurance expenses	 	 	89,996	  	 	 	50,847	  	 	 	58,713	  	 	 	49,854	  	 	 	48,082	  	 	 	41,914	  	 	 	140,843	  	 	 	92,563	  	 	 	48,280	  	
Other operating expenses	 	 	26,929	  	 	 	27,913	  	 	 	30,254	  	 	 	27,598	  	 	 	26,089	  	 	 	840	  	 	 	54,842	  	 	 	51,216	  	 	 	3,626	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	 	 	353,874	  	 	 	327,618	  	 	 	396,023	  	 	 	332,471	  	 	 	342,148	  	 	 	11,726	  	 	 	681,492	  	 	 	659,686	  	 	 	21,806	  	
 	 	 	 	 	 	 	 	 	 	
Operating income (loss) before income taxes	 	 	22,727	  	 	 	26,909	  	 	 	(15,021	) 	 	 	27,269	  	 	 	4,624	  	 	 	18,103	  	 	 	49,636	  	 	 	26,930	  	 	 	22,706	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	 	22,727	  	 	 	26,909	  	 	 	(15,021	) 	 	 	27,269	  	 	 	4,624	  	 	 	18,103	  	 	 	49,636	  	 	 	26,930	  	 	 	22,706	  	
Investment and derivative gains (losses) - non-operating	 	 	1,132	  	 	 	5,158	  	 	 	5,309	  	 	 	(1,625	) 	 	 	(298	) 	 	 	1,430	  	 	 	6,290	  	 	 	(628	) 	 	 	6,918	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income (loss) before income taxes	 	$	23,859	  	 	$	32,067	  	 	$	(9,712	) 	 	$	25,644	  	 	$	4,326	  	 	$	19,533	  	 	$	55,926	  	 	$	26,302	  	 	$	29,624	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Loss and Expense Ratios:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	 	71.3	% 	 	 	76.4	% 	 	 	88.1	% 	 	 	77.6	% 	 	 	84.5	% 	 	 	-13.2	% 	 	 	73.8	% 	 	 	82.1	% 	 	 	-8.3	% 	
Policy acquisition costs and other insurance expenses	 	 	27.1	% 	 	 	15.6	% 	 	 	16.9	% 	 	 	15.2	% 	 	 	15.2	% 	 	 	11.9	% 	 	 	21.4	% 	 	 	14.7	% 	 	 	6.7	% 	
Other operating expenses	 	 	8.1	% 	 	 	8.6	% 	 	 	8.7	% 	 	 	8.4	% 	 	 	8.2	% 	 	 	-0.1	% 	 	 	8.3	% 	 	 	8.2	% 	 	 	0.1	% 	
 	 	 	 	 	 	 	 	 	 	
Foreign currency effect  (2) :	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	(12,998	) 	 	$	9,756	  	 	$	6,296	  	 	$	33,908	  	 	$	40,222	  	 	$	(53,220	) 	 	$	(3,242	) 	 	$	65,047	  	 	$	(68,289	) 	
Operating income before income taxes	 	$	(614	) 	 	$	1,529	  	 	$	325	  	 	$	3,379	  	 	$	557	  	 	$	(1,171	) 	 	$	915	  	 	$	2,112	  	 	$	(1,197	) 	
 	 	 	 	 	 	 	 	 	 	
Critical illness net premiums	 	$	46,700	  	 	$	40,333	  	 	$	40,566	  	 	$	30,135	  	 	$	41,003	  	 	$	5,697	  	 	$	87,033	  	 	$	86,625	  	 	$	408	  	
 
(1)	Certain amounts in the prior periods have been revised in connection with the retrospective adoption of ASU 2010-26 in the first quarter of 2012.	
(2)	Compared to comparable prior year period	

 	  	 	  	Page 12	

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

 	  	Three Months Ended	 	 	Current Qtr
vs. PY
Quarter	 	 	Year-to-Date	 	 	
 	  	June 30,	 	 	March 31,	 	 	Dec. 31,	 	 	Sept. 30,	 	 	June 30,	 	 	 	 	 	June 30,	 	 	June 30,	 	 	 	 	 	 	 	 	
(USD thousands)	  	2012	 	 	2012	 	 	2011	 	 	2011	 	 	2011	 	 	 	 	 	2012	 	 	2011	 	 	Change	 	 	 	 	 	 	 	
Revenues:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	  	$	1,719	  	 	$	2,048	  	 	$	2,283	  	 	$	2,086	  	 	$	2,288	  	 	$	(569	) 	 	$	3,767	  	 	$	4,375	  	 	$	(608	) 	 	 	 	 	 	 	
Investment income, net of related expenses	  	 	20,345	  	 	 	16,273	  	 	 	23,075	  	 	 	27,777	  	 	 	27,717	  	 	 	(7,372	) 	 	 	36,618	  	 	 	54,317	  	 	 	(17,699	) 	 	 	 	 	 	 	
Investment related gains (losses), net	  	 	186	  	 	 	187	  	 	 	903	  	 	 	(686	) 	 	 	31	  	 	 	155	  	 	 	373	  	 	 	516	  	 	 	(143	) 	 	 	 	 	 	 	
Other revenue	  	 	2,790	  	 	 	5,596	  	 	 	4,681	  	 	 	25	  	 	 	3,001	  	 	 	(211	) 	 	 	8,386	  	 	 	6,610	  	 	 	1,776	  	 	 	 	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	  	 	25,040	  	 	 	24,104	  	 	 	30,942	  	 	 	29,202	  	 	 	33,037	  	 	 	(7,997	) 	 	 	49,144	  	 	 	65,818	  	 	 	(16,674	) 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	  	 	(45	) 	 	 	57	  	 	 	197	  	 	 	(119	) 	 	 	381	  	 	 	(426	) 	 	 	12	  	 	 	690	  	 	 	(678	) 	 	 	 	 	 	 	
Interest credited	  	 	—  	  	 	 	—  	  	 	 	1	  	 	 	(1	) 	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	 	 	 	 	
Policy acquisition costs and other insurance expenses	  	 	(13,342	) 	 	 	(13,870	) 	 	 	(13,264	) 	 	 	(13,896	) 	 	 	(12,603	) 	 	 	(739	) 	 	 	(27,212	) 	 	 	(25,297	) 	 	 	(1,915	) 	 	 	 	 	 	 	
Other operating expenses	  	 	17,940	  	 	 	18,425	  	 	 	23,160	  	 	 	8,964	  	 	 	13,054	  	 	 	4,886	  	 	 	36,365	  	 	 	30,679	  	 	 	5,686	  	 	 	 	 	 	 	
Interest expense	  	 	23,360	  	 	 	23,322	  	 	 	25,226	  	 	 	27,025	  	 	 	25,818	  	 	 	(2,458	) 	 	 	46,682	  	 	 	50,387	  	 	 	(3,705	) 	 	 	 	 	 	 	
Collateral finance facility expense	  	 	2,878	  	 	 	2,967	  	 	 	3,019	  	 	 	3,069	  	 	 	3,101	  	 	 	(223	) 	 	 	5,845	  	 	 	6,303	  	 	 	(458	) 	 	 	 	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	  	 	30,791	  	 	 	30,901	  	 	 	38,339	  	 	 	25,042	  	 	 	29,751	  	 	 	1,040	  	 	 	61,692	  	 	 	62,762	  	 	 	(1,070	) 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income (loss) before income taxes	  	 	(5,751	) 	 	 	(6,797	) 	 	 	(7,397	) 	 	 	4,160	  	 	 	3,286	  	 	 	(9,037	) 	 	 	(12,548	) 	 	 	3,056	  	 	 	(15,604	) 	 	 	 	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating to U.S. GAAP Reconciliation:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income (loss) before income taxes	  	 	(5,751	) 	 	 	(6,797	) 	 	 	(7,397	) 	 	 	4,160	  	 	 	3,286	  	 	 	(9,037	) 	 	 	(12,548	) 	 	 	3,056	  	 	 	(15,604	) 	 	 	 	 	 	 	
Investment and derivative gains (losses) - non-operating	  	 	2,577	  	 	 	1,079	  	 	 	(15,319	) 	 	 	(11,108	) 	 	 	8,666	  	 	 	(6,089	) 	 	 	3,656	  	 	 	13,079	  	 	 	(9,423	) 	 	 	 	 	 	 	
Gain on repurchase of collateral finance facility securities	  	 	—  	  	 	 	—  	  	 	 	9,725	  	 	 	50,869	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	4,971	  	 	 	(4,971	) 	 	 	 	 	 	 	
Loss on retirement of PIERS	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	(4,391	) 	 	 	4,391	  	 	 	 	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income (loss) before income taxes	  	$	(3,174	) 	 	$	(5,718	) 	 	$	(12,991	) 	 	$	43,921	  	 	$	11,952	  	 	$	(15,126	) 	 	$	(8,892	) 	 	$	16,715	  	 	$	(25,607	) 	 	 	 	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Foreign currency effect  (2) :	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	  	$	9	  	 	$	10	  	 	$	—  	  	 	$	(12	) 	 	$	(40	) 	 	$	49	  	 	$	19	  	 	$	(92	) 	 	$	111	  	 	 	 	 	 	 	
Operating income before income taxes	  	$	1,061	  	 	$	55	  	 	$	(486	) 	 	$	227	  	 	$	423	  	 	$	638	  	 	$	1,116	  	 	$	2,816	  	 	$	(1,700	) 	 	 	 	 	 	 	
 
(1)	Certain amounts in the prior periods have been revised in connection with the retrospective adoption of ASU 2010-26 in the first quarter of 2012.	
(2)	Compared to comparable prior year period	

 	  	 	  	Page 13	

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

 	  	Three Months Ended	 	  	Current Qtr
vs. PY
Quarter	 	 	Year-to-Date	 	 	
(USD thousands)	  	June 30,
2012	 	 	March 31,
2012	 	 	Dec. 31,
2011	 	 	Sept. 30,
2011	 	  	June 30,
2011	 	  	 	 	 	June 30,
2012	 	 	June 30,
2011	 	  	Change	 	 	 	 	
U.S. Traditional	  	$	95,547	  	 	$	62,926	  	 	$	82,508	  	 	$	80,173	  	  	$	91,035	  	  	$	4,512	  	 	$	158,473	  	 	$	157,072	  	  	$	1,401	  	 	 	 	
U.S. Asset Intensive	  	 	16,643	  	 	 	24,481	  	 	 	27,272	  	 	 	1,522	  	  	 	20,398	  	  	 	(3,755	) 	 	 	41,124	  	 	 	41,326	  	  	 	(202	) 	 	 	 	
U.S. Financial Reinsurance	  	 	9,616	  	 	 	6,452	  	 	 	6,921	  	 	 	6,405	  	  	 	6,990	  	  	 	2,626	  	 	 	16,068	  	 	 	13,145	  	  	 	2,923	  	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	
Total U.S. Segment	  	 	121,806	  	 	 	93,859	  	 	 	116,701	  	 	 	88,100	  	  	 	118,423	  	  	 	3,383	  	 	 	215,665	  	 	 	211,543	  	  	 	4,122	  	 	 	 	
Canadian Segment	  	 	30,507	  	 	 	46,659	  	 	 	40,696	  	 	 	34,982	  	  	 	41,954	  	  	 	(11,447	) 	 	 	77,166	  	 	 	67,477	  	  	 	9,689	  	 	 	 	
Europe & South Africa Segment	  	 	18,435	  	 	 	4,624	  	 	 	33,062	  	 	 	10,029	  	  	 	11,769	  	  	 	6,666	  	 	 	23,059	  	 	 	34,011	  	  	 	(10,952	) 	 	 	 	
Asia Pacific Segment	  	 	22,727	  	 	 	26,909	  	 	 	(15,021	) 	 	 	27,269	  	  	 	4,624	  	  	 	18,103	  	 	 	49,636	  	 	 	26,930	  	  	 	22,706	  	 	 	 	
Corporate and Other	  	 	(5,751	) 	 	 	(6,797	) 	 	 	(7,397	) 	 	 	4,160	  	  	 	3,286	  	  	 	(9,037	) 	 	 	(12,548	) 	 	 	3,056	  	  	 	(15,604	) 	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	
Consolidated	  	$	187,724	  	 	$	165,254	  	 	$	168,041	  	 	$	164,540	  	  	$	180,056	  	  	$	7,668	  	 	$	352,978	  	 	$	343,017	  	  	$	9,961	  	 	 	 	

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

 	  	 	  	Page 14	

Reinsurance Group of America, Incorporated
Investments
(USD thousands)
Cash and Invested Assets

 	  	June 30,
2012	 	  	March 31,
2012	 	  	Dec. 31,
2011	 	  	Sept. 30,
2011	 	  	June 30,
2011	 	
Fixed maturity securities, available-for-sale	  	$	17,244,192	  	  	$	16,794,057	  	  	$	16,200,950	  	  	$	15,557,032	  	  	$	15,153,807	  	
Mortgage loans on real estate	  	 	1,157,049	  	  	 	1,040,733	  	  	 	991,731	  	  	 	934,694	  	  	 	908,048	  	
Policy loans	  	 	1,250,238	  	  	 	1,260,070	  	  	 	1,260,400	  	  	 	1,228,890	  	  	 	1,229,663	  	
Funds withheld at interest	  	 	5,457,888	  	  	 	5,472,532	  	  	 	5,410,424	  	  	 	5,445,886	  	  	 	5,671,844	  	
Short-term investments	  	 	49,981	  	  	 	75,425	  	  	 	88,566	  	  	 	81,747	  	  	 	125,618	  	
Investment Receivable	  	 	5,406,898	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	
Other invested assets	  	 	940,605	  	  	 	867,507	  	  	 	1,012,541	  	  	 	1,020,043	  	  	 	799,341	  	
Cash and cash equivalents	  	 	957,341	  	  	 	873,933	  	  	 	962,870	  	  	 	802,651	  	  	 	710,973	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total cash and invested assets	  	$	32,464,192	  	  	$	26,384,257	  	  	$	25,927,482	  	  	$	25,070,943	  	  	$	24,599,294	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Investment Income and Yield Summary
(Excludes Funds Withheld and Investment Receivable associated with a large fixed annuity annuity transaction executed during 2Q12)

 	 	Three Months Ended	 	 	Current Qtr
vs. PY
Quarter	 	 	Year-to-Date	 	 	
 	 	June 30,
2012	 	 	March 31,
2012	 	 	Dec. 31,
2011	 	 	Sept. 30,
2011	 	 	June 30,
2011	 	 	 	 	 	June 30,
2012	 	 	June 30,
2011	 	 	Change	 	 	 	 	
Average invested assets at amortized cost	 	$	18,584,971	  	 	$	18,347,561	  	 	$	17,765,960	  	 	$	17,683,301	  	 	$	17,446,168	  	 	$	1,138,803	  	 	 	18,351,827	  	 	$	16,992,394	  	 	$	1,359,433	  	 	 	 	
Net investment income	 	$	230,383	  	 	$	227,370	  	 	$	226,077	  	 	$	229,373	  	 	$	228,728	  	 	$	1,655	  	 	$	457,753	  	 	$	448,636	  	 	$	9,117	  	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Annualized investment yield (ratio of net investment income to average invested assets)	 	 	5.05	% 	 	 	5.05	% 	 	 	5.19	% 	 	 	5.29	% 	 	 	5.35	% 	 	 	-0.30	% 	 	 	5.05	% 	 	 	5.35	% 	 	 	-0.30	% 	 	 	 	

 	  	 	  	Page 15	

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

 	  	June 30, 2012	 	 	 	 	
 	  	Amortized
Cost	 	  	Unrealized
Gains	 	  	Unrealized
Losses	 	  	Estimated
Fair Value	 	  	% of
Total	 	 	Other-than-
temporary
Impairment
in AOCI	 	
Available-for-sale:	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Corporate securities	  	 	7,675,473	  	  	 	792,051	  	  	 	65,615	  	  	$	8,401,909	  	  	 	48.7	% 	 	$	—  	  	
Canadian and Canadian provincial governments	  	 	2,579,161	  	  	 	1,350,301	  	  	 	88	  	  	 	3,929,374	  	  	 	22.8	% 	 	 	—  	  	
Residential mortgage-backed securities	  	 	1,007,793	  	  	 	78,727	  	  	 	7,958	  	  	 	1,078,562	  	  	 	6.3	% 	 	 	(520	) 	
Asset-backed securities	  	 	469,616	  	  	 	12,746	  	  	 	41,311	  	  	 	441,051	  	  	 	2.6	% 	 	 	(3,521	) 	
Commercial mortgage-backed securities	  	 	1,308,668	  	  	 	107,284	  	  	 	67,905	  	  	 	1,348,047	  	  	 	7.8	% 	 	 	(6,119	) 	
U.S. government and agencies	  	 	218,164	  	  	 	31,761	  	  	 	11	  	  	 	249,914	  	  	 	1.4	% 	 	 	—  	  	
State and political subdivisions	  	 	204,108	  	  	 	34,066	  	  	 	8,398	  	  	 	229,776	  	  	 	1.3	% 	 	 	—  	  	
Other foreign government, supranational, and foreign government-sponsored enterprises	  	 	1,494,182	  	  	 	73,916	  	  	 	2,539	  	  	 	1,565,559	  	  	 	9.1	% 	 	 	—  	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Total fixed maturity securities	  	$	14,957,165	  	  	$	2,480,852	  	  	$	193,825	  	  	$	17,244,192	  	  	 	100.0	% 	 	$	(10,160	) 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Non-redeemable preferred stock	  	 	73,265	  	  	 	5,170	  	  	 	2,465	  	  	 	75,970	  	  	 	95.9	% 	 	 	 	 	
Other equity securities	  	 	2,235	  	  	 	1,001	  	  	 	9	  	  	 	3,227	  	  	 	4.1	% 	 	 	 	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Total equity securities	  	$	75,500	  	  	$	6,171	  	  	$	2,474	  	  	$	79,197	  	  	 	100.0	% 	 	 	 	 	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	  	December 31, 2011	 	 	 	 	
 	  	Amortized
Cost	 	  	Unrealized
Gains	 	  	Unrealized
Losses	 	  	Estimated Fair
Value	 	  	% of
Total	 	 	Other-than-
temporary
Impairment
in AOCI	 	
Available-for-sale:	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Corporate securities	  	$	6,931,958	  	  	$	654,519	  	  	$	125,371	  	  	$	7,461,106	  	  	 	46.0	% 	 	$	—  	  	
Canadian and Canadian provincial governments	  	 	2,507,802	  	  	 	1,362,160	  	  	 	29	  	  	 	3,869,933	  	  	 	23.9	% 	 	 	—  	  	
Residential mortgage-backed securities	  	 	1,167,265	  	  	 	76,393	  	  	 	16,424	  	  	 	1,227,234	  	  	 	7.6	% 	 	 	(1,042	) 	
Asset-backed securities	  	 	443,974	  	  	 	11,692	  	  	 	53,675	  	  	 	401,991	  	  	 	2.5	% 	 	 	(5,256	) 	
Commercial mortgage-backed securities	  	 	1,233,958	  	  	 	87,750	  	  	 	79,489	  	  	 	1,242,219	  	  	 	7.7	% 	 	 	(12,225	) 	
U.S. government and agencies	  	 	341,087	  	  	 	32,976	  	  	 	61	  	  	 	374,002	  	  	 	2.3	% 	 	 	—  	  	
State and political subdivisions	  	 	184,308	  	  	 	24,419	  	  	 	3,341	  	  	 	205,386	  	  	 	1.3	% 	 	 	—  	  	
Other foreign government, supranational, and foreign government-sponsored enterprises	  	 	1,372,528	  	  	 	50,127	  	  	 	3,576	  	  	 	1,419,079	  	  	 	8.7	% 	 	 	—  	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Total fixed maturity securities	  	$	14,182,880	  	  	$	2,300,036	  	  	$	281,966	  	  	$	16,200,950	  	  	 	100.0	% 	 	$	(18,523	) 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Non-redeemable preferred stock	  	 	82,488	  	  	 	4,677	  	  	 	8,982	  	  	 	78,183	  	  	 	68.6	% 	 	 	 	 	
Other equity securities	  	 	35,352	  	  	 	1,903	  	  	 	1,538	  	  	 	35,717	  	  	 	31.4	% 	 	 	 	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Total equity securities	  	$	117,840	  	  	$	6,580	  	  	$	10,520	  	  	$	113,900	  	  	 	100.0	% 	 	 	 	 	

 	 	 	 	 	
 	  	 	  	Page 16	

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

 	 	June 30, 2012	 	December 31, 2011	
 	 	Amortized Cost	 	 	Estimated Fair
Value	 	 	% of Total	 	 	Average Credit
Ratings	 	Amortized Cost	 	 	Estimated Fair
Value	 	 	% of Total	 	 	Average Credit
Ratings	
Financial Institutions	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Banking	 	$	1,526,715	  	 	$	1,582,592	  	 	 	18.7	% 	 	A	 	$	1,477,638	  	 	$	1,454,124	  	 	 	19.2	% 	 	A	
Brokerage	 	 	82,216	  	 	 	89,779	  	 	 	1.1	% 	 	A	 	 	59,288	  	 	 	63,101	  	 	 	0.8	% 	 	A	
Finance Comp.	 	 	156,176	  	 	 	164,071	  	 	 	1.9	% 	 	A	 	 	158,271	  	 	 	161,992	  	 	 	2.1	% 	 	A	
Insurance	 	 	475,248	  	 	 	514,206	  	 	 	6.1	% 	 	A-	 	 	391,092	  	 	 	413,339	  	 	 	5.5	% 	 	A-	
REITs	 	 	335,479	  	 	 	362,035	  	 	 	4.3	% 	 	BBB+	 	 	300,401	  	 	 	316,192	  	 	 	4.2	% 	 	BBB+	
Other Finance	 	 	116,344	  	 	 	126,134	  	 	 	1.5	% 	 	BBB+	 	 	130,984	  	 	 	135,812	  	 	 	1.8	% 	 	A-	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Financial Institutions	 	 	2,692,178	  	 	 	2,838,817	  	 	 	33.6	% 	 	 	 	 	2,517,674	  	 	 	2,544,560	  	 	 	33.6	% 	 	 	
Industrials	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic	 	 	419,307	  	 	 	461,046	  	 	 	5.4	% 	 	BBB	 	 	367,323	  	 	 	402,225	  	 	 	5.3	% 	 	BBB+	
Capital Goods	 	 	402,121	  	 	 	445,909	  	 	 	5.2	% 	 	BBB+	 	 	360,309	  	 	 	396,150	  	 	 	5.2	% 	 	BBB+	
Communications	 	 	771,551	  	 	 	856,653	  	 	 	10.1	% 	 	BBB+	 	 	674,182	  	 	 	745,064	  	 	 	9.8	% 	 	BBB+	
Consumer Cyclical	 	 	512,466	  	 	 	561,217	  	 	 	6.6	% 	 	BBB+	 	 	407,873	  	 	 	438,034	  	 	 	5.8	% 	 	BBB+	
Consumer Noncyclical	 	 	730,100	  	 	 	832,355	  	 	 	9.8	% 	 	A-	 	 	691,245	  	 	 	784,819	  	 	 	10.4	% 	 	A-	
Energy	 	 	417,304	  	 	 	466,154	  	 	 	5.5	% 	 	BBB+	 	 	405,317	  	 	 	454,727	  	 	 	6.0	% 	 	BBB+	
Technology	 	 	278,112	  	 	 	304,137	  	 	 	3.6	% 	 	BBB+	 	 	245,954	  	 	 	269,301	  	 	 	3.6	% 	 	BBB+	
Transportation	 	 	235,493	  	 	 	256,641	  	 	 	3.0	% 	 	BBB+	 	 	219,605	  	 	 	234,822	  	 	 	3.1	% 	 	BBB+	
Other Industrial	 	 	69,934	  	 	 	76,507	  	 	 	0.9	% 	 	BBB+	 	 	41,266	  	 	 	46,053	  	 	 	0.6	% 	 	BBB	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Industrials	 	 	3,836,388	  	 	 	4,260,619	  	 	 	50.1	% 	 	 	 	 	3,413,074	  	 	 	3,771,195	  	 	 	49.8	% 	 	 	
Utilities	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Electric	 	 	698,874	  	 	 	789,593	  	 	 	9.3	% 	 	BBB+	 	 	673,725	  	 	 	756,033	  	 	 	10.0	% 	 	BBB+	
Natural Gas	 	 	458,277	  	 	 	516,616	  	 	 	6.1	% 	 	BBB+	 	 	398,648	  	 	 	447,617	  	 	 	5.9	% 	 	BBB	
Other Utility	 	 	56,548	  	 	 	66,330	  	 	 	0.8	% 	 	A-	 	 	43,377	  	 	 	51,921	  	 	 	0.7	% 	 	A-	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Utilities	 	 	1,213,699	  	 	 	1,372,539	  	 	 	16.2	% 	 	 	 	 	1,115,750	  	 	 	1,255,571	  	 	 	16.6	% 	 	 	
Other Sectors	 	 	8,708	  	 	 	9,131	  	 	 	0.1	% 	 	AA-	 	 	3,300	  	 	 	3,680	  	 	 	0.0	% 	 	AA-	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	 	$	7,750,973	  	 	$	8,481,106	  	 	 	100.0	% 	 	BBB+	 	$	7,049,798	  	 	$	7,575,006	  	 	 	100.0	% 	 	BBB+	

 	 	 	 	 	
 	  	 	  	Page 17	

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

 	  	 	 	 	June 30, 2012	 	 	March 31, 2012	 	 	December 31, 2011	 	 	September 30, 2011	 	 	June 30, 2011	 	
NAIC Designation	  	Rating Agency
Designation	 	 	Amortized
Cost	 	 	Estimated
Fair Value	 	 	% of Total	 	 	Amortized
Cost	 	 	Estimated
Fair Value	 	 	% of Total	 	 	Amortized
Cost	 	 	Estimated
Fair Value	 	 	% of Total	 	 	Amortized
Cost	 	 	Estimated
Fair Value	 	 	% of Total	 	 	Amortized
Cost	 	 	Estimated
Fair Value	 	 	% of Total	 	
1	  	 	AAA	  	 	$	1,979,353	  	 	$	2,092,043	  	 	 	12.1	% 	 	$	2,090,606	  	 	$	2,196,118	  	 	 	13.1	% 	 	$	2,205,406	  	 	$	2,304,991	  	 	 	14.2	% 	 	$	2,375,876	  	 	$	2,459,503	  	 	 	15.8	% 	 	$	3,261,242	  	 	$	3,360,370	  	 	 	22.2	% 	
1	  	 	AA	  	 	 	4,578,944	  	 	 	5,708,472	  	 	 	33.1	% 	 	 	4,727,343	  	 	 	5,764,579	  	 	 	34.3	% 	 	 	4,675,653	  	 	 	5,815,846	  	 	 	35.9	% 	 	 	4,351,791	  	 	 	5,254,456	  	 	 	33.8	% 	 	 	3,593,909	  	 	 	4,103,688	  	 	 	27.0	% 	
1	  	 	A	  	 	 	3,919,020	  	 	 	4,705,816	  	 	 	27.3	% 	 	 	3,646,110	  	 	 	4,263,802	  	 	 	25.4	% 	 	 	3,206,553	  	 	 	3,822,796	  	 	 	23.6	% 	 	 	3,231,583	  	 	 	3,736,883	  	 	 	24.0	% 	 	 	3,250,321	  	 	 	3,587,885	  	 	 	23.7	% 	
2	  	 	BBB	  	 	 	3,667,640	  	 	 	3,974,486	  	 	 	23.1	% 	 	 	3,539,967	  	 	 	3,814,367	  	 	 	22.7	% 	 	 	3,283,937	  	 	 	3,522,411	  	 	 	21.8	% 	 	 	3,187,296	  	 	 	3,402,993	  	 	 	21.9	% 	 	 	3,129,518	  	 	 	3,330,600	  	 	 	22.0	% 	
3	  	 	BB	  	 	 	421,128	  	 	 	428,875	  	 	 	2.5	% 	 	 	428,543	  	 	 	430,002	  	 	 	2.6	% 	 	 	446,610	  	 	 	436,001	  	 	 	2.7	% 	 	 	444,042	  	 	 	423,559	  	 	 	2.7	% 	 	 	464,363	  	 	 	466,393	  	 	 	3.1	% 	
4	  	 	B	  	 	 	269,970	  	 	 	248,850	  	 	 	1.4	% 	 	 	240,603	  	 	 	220,924	  	 	 	1.3	% 	 	 	244,645	  	 	 	210,222	  	 	 	1.3	% 	 	 	229,658	  	 	 	196,617	  	 	 	1.3	% 	 	 	248,242	  	 	 	229,591	  	 	 	1.5	% 	
5	  	 	CCC and lower	  	 	 	89,665	  	 	 	64,812	  	 	 	0.4	% 	 	 	106,637	  	 	 	80,660	  	 	 	0.5	% 	 	 	95,128	  	 	 	71,410	  	 	 	0.4	% 	 	 	78,310	  	 	 	60,014	  	 	 	0.4	% 	 	 	65,181	  	 	 	49,540	  	 	 	0.3	% 	
6	  	 	In or near default	  	 	 	31,445	  	 	 	20,838	  	 	 	0.1	% 	 	 	35,050	  	 	 	23,605	  	 	 	0.1	% 	 	 	24,948	  	 	 	17,273	  	 	 	0.1	% 	 	 	28,343	  	 	 	23,007	  	 	 	0.1	% 	 	 	28,571	  	 	 	25,740	  	 	 	0.2	% 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	  	 	Total	  	 	$	14,957,165	  	 	$	17,244,192	  	 	 	100.0	% 	 	$	14,814,859	  	 	$	16,794,057	  	 	 	100.0	% 	 	$	14,182,880	  	 	$	16,200,950	  	 	 	100.0	% 	 	$	13,926,899	  	 	$	15,557,032	  	 	 	100.0	% 	 	$	14,041,347	  	 	$	15,153,807	  	 	 	100.0	% 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Structured Fixed Maturity Securities

 	 	June 30, 2012	 	 	March 31, 2012	 	 	December 31, 2011	 	 	September 30, 2011	 	 	June 30, 2011	 	
 	 	Amortized Cost	 	 	Estimated
Fair Value	 	 	Amortized
Cost	 	 	Estimated
Fair Value	 	 	Amortized
Cost	 	 	Estimated
Fair Value	 	 	Amortized
Cost	 	 	Estimated
Fair Value	 	 	Amortized
Cost	 	 	Estimated
Fair Value	 	
Residential mortgage-backed securities:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Agency	 	$	511,985	  	 	$	571,821	  	 	$	523,206	  	 	$	576,045	  	 	$	561,156	  	 	$	619,010	  	 	$	596,072	  	 	$	660,833	  	 	$	637,806	  	 	$	674,599	  	
Non-agency	 	 	495,808	  	 	 	506,741	  	 	 	551,867	  	 	 	562,183	  	 	 	606,109	  	 	 	608,224	  	 	 	642,791	  	 	 	646,941	  	 	 	682,952	  	 	 	691,185	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total residential mortgage-backed securities	 	 	1,007,793	  	 	 	1,078,562	  	 	 	1,075,073	  	 	 	1,138,228	  	 	 	1,167,265	  	 	 	1,227,234	  	 	 	1,238,863	  	 	 	1,307,774	  	 	 	1,320,758	  	 	 	1,365,784	  	
Commercial mortgage-backed securities	 	 	1,308,668	  	 	 	1,348,047	  	 	 	1,302,734	  	 	 	1,342,421	  	 	 	1,233,958	  	 	 	1,242,219	  	 	 	1,330,302	  	 	 	1,326,994	  	 	 	1,333,832	  	 	 	1,359,105	  	
Asset-backed securities	 	 	469,616	  	 	 	441,051	  	 	 	448,688	  	 	 	414,527	  	 	 	443,974	  	 	 	401,991	  	 	 	412,468	  	 	 	372,957	  	 	 	415,637	  	 	 	376,920	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	 	$	2,786,077	  	 	$	2,867,660	  	 	$	2,826,495	  	 	$	2,895,176	  	 	$	2,845,197	  	 	$	2,871,444	  	 	$	2,981,633	  	 	$	3,007,725	  	 	$	3,070,227	  	 	$	3,101,809	  	

 	 	 	 	 	
 	  	 	  	Page 18	

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

 	  	June 30, 2012	 	
 	  	AAA	 	  	AA	 	  	A	 	
Underwriting Year	  	Amortized Cost	 	  	Estimated Fair
Value	 	  	Amortized Cost	 	  	Estimated Fair
Value	 	  	Amortized Cost	 	  	Estimated Fair
Value	 	
2005 & Prior	  	$	70,446	  	  	$	76,457	  	  	$	153,178	  	  	$	162,467	  	  	$	84,719	  	  	$	83,838	  	
2006	  	 	240,958	  	  	 	264,432	  	  	 	61,474	  	  	 	67,147	  	  	 	63,307	  	  	 	66,402	  	
2007	  	 	166,347	  	  	 	181,013	  	  	 	13,093	  	  	 	15,362	  	  	 	105,024	  	  	 	114,127	  	
2008	  	 	8,757	  	  	 	8,750	  	  	 	43,657	  	  	 	56,075	  	  	 	23,613	  	  	 	27,928	  	
2009	  	 	1,636	  	  	 	1,721	  	  	 	17,268	  	  	 	19,393	  	  	 	3,436	  	  	 	5,192	  	
2010	  	 	27,960	  	  	 	29,298	  	  	 	46,949	  	  	 	52,726	  	  	 	13,248	  	  	 	14,154	  	
2011	  	 	21,139	  	  	 	21,244	  	  	 	16,050	  	  	 	18,173	  	  	 	7,475	  	  	 	7,938	  	
2012	  	 	5,132	  	  	 	5,179	  	  	 	17,298	  	  	 	17,466	  	  	 	1,499	  	  	 	1,501	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total	  	$	542,375	  	  	$	588,094	  	  	$	368,967	  	  	$	408,809	  	  	$	302,321	  	  	$	321,080	  	

 	  	BBB	 	  	Below Investment Grade	 	  	Total	 	
Underwriting Year	  	Amortized Cost	 	  	Estimated Fair
Value	 	  	Amortized Cost	 	  	Estimated Fair
Value	 	  	Amortized Cost	 	  	Estimated Fair
Value	 	
2005 & Prior	  	$	56,847	  	  	$	55,405	  	  	$	28,855	  	  	$	21,646	  	  	$	394,045	  	  	$	399,813	  	
2006	  	 	44,298	  	  	 	39,512	  	  	 	47,361	  	  	 	41,039	  	  	 	457,398	  	  	 	478,532	  	
2007	  	 	103,035	  	  	 	112,915	  	  	 	114,312	  	  	 	81,467	  	  	 	501,811	  	  	 	504,884	  	
2008	  	 	—  	  	  	 	—  	  	  	 	22,011	  	  	 	15,389	  	  	 	98,038	  	  	 	108,142	  	
2009	  	 	3,767	  	  	 	4,759	  	  	 	—  	  	  	 	—  	  	  	 	26,107	  	  	 	31,065	  	
2010	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	88,157	  	  	 	96,178	  	
2011	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	44,664	  	  	 	47,355	  	
2012	  	 	—  	  	  	 	—  	  	  	 	7,117	  	  	 	7,286	  	  	 	31,046	  	  	 	31,432	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total	  	$	207,947	  	  	$	212,591	  	  	$	219,656	  	  	$	166,827	  	  	$	1,641,266	  	  	$	1,697,401	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
NOTE: Totals include directly held investments with amortized cost of $1,308.7 million and fair value of $1,348.0 million as well as investments in funds withheld with amortized cost of $332.6 million and fair value of $349.4 million.

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

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

 	  	 	  	Page 19	

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

 	  	June 30, 2012	 	 	March 31, 2012	 	 	December 31, 2011	 	 	September 30, 2011	 	 	June 30, 2011	 	
 	  	Gross Unrealized
Losses	 	  	% of Total	 	 	Gross Unrealized
Losses	 	  	% of Total	 	 	Gross Unrealized
Losses	 	  	% of Total	 	 	Gross Unrealized
Losses	 	  	% of Total	 	 	Gross Unrealized
Losses	 	  	% of Total	 	
Less than 20%	  	$	75,539	  	  	 	38.5	% 	 	$	88,526	  	  	 	41.3	% 	 	$	126,250	  	  	 	43.1	% 	 	$	139,671	  	  	 	46.1	% 	 	$	120,770	  	  	 	51.7	% 	
 	 	 	 	 	 	 	 	 	 	 	
20% or more for less than six months	  	 	5,924	  	  	 	3.0	% 	 	 	9,803	  	  	 	4.6	% 	 	 	46,386	  	  	 	15.9	% 	 	 	49,034	  	  	 	16.2	% 	 	 	7,742	  	  	 	3.3	% 	
 	 	 	 	 	 	 	 	 	 	 	
20% or more for six months or greater	  	 	112,362	  	  	 	57.2	% 	 	 	111,830	  	  	 	52.2	% 	 	 	109,330	  	  	 	37.4	% 	 	 	105,170	  	  	 	34.7	% 	 	 	102,017	  	  	 	43.6	% 	
 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	
Total	  	$	193,825	  	  	 	98.7	% 	 	$	210,159	  	  	 	98.1	% 	 	$	281,966	  	  	 	96.4	% 	 	$	293,875	  	  	 	97.0	% 	 	$	230,529	  	  	 	98.6	% 	
 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	
Equity Securities

 	  	June 30, 2012	 	 	March 31, 2012	 	 	December 31, 2011	 	 	September 30, 2011	 	 	June 30, 2011	 	
 	  	Gross Unrealized
Losses	 	  	% of Total	 	 	Gross Unrealized
Losses	 	  	% of Total	 	 	Gross Unrealized
Losses	 	  	% of Total	 	 	Gross Unrealized
Losses	 	  	% of Total	 	 	Gross Unrealized
Losses	 	  	% of Total	 	
Less than 20%	  	$	1,659	  	  	 	0.9	% 	 	$	3,511	  	  	 	1.6	% 	 	$	4,905	  	  	 	1.7	% 	 	$	4,774	  	  	 	1.6	% 	 	$	3,019	  	  	 	1.3	% 	
 	 	 	 	 	 	 	 	 	 	 	
20% or more for less than six months	  	 	815	  	  	 	0.4	% 	 	 	183	  	  	 	0.1	% 	 	 	5,117	  	  	 	1.7	% 	 	 	4,142	  	  	 	1.4	% 	 	 	223	  	  	 	0.1	% 	
 	 	 	 	 	 	 	 	 	 	 	
20% or more for six months or greater	  	 	—  	  	  	 	0.0	% 	 	 	499	  	  	 	0.2	% 	 	 	498	  	  	 	0.2	% 	 	 	49	  	  	 	0.0	% 	 	 	48	  	  	 	0.0	% 	
 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	
Total	  	$	2,474	  	  	 	1.3	% 	 	$	4,193	  	  	 	1.9	% 	 	$	10,520	  	  	 	3.6	% 	 	$	8,965	  	  	 	3.0	% 	 	$	3,290	  	  	 	1.4	% 	

 	 	 	 	 	
 	  	 	  	Page 20	

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

 	  	As of June 30, 2012	 	
 	  	Less than 12 months	 	  	Equal to or greater than 12 months	 	  	Total	 	
 	  	Estimated Fair
Value	 	  	Gross Unrealized
Losses	 	  	Estimated Fair
Value	 	  	Gross Unrealized
Losses	 	  	Estimated Fair
Value	 	  	Gross Unrealized
Losses	 	
Investment grade securities:	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Corporate securities	  	$	397,287	  	  	$	12,765	  	  	$	299,074	  	  	$	41,570	  	  	$	696,361	  	  	$	54,335	  	
Canadian and Canadian provincial governments	  	 	10,573	  	  	 	88	  	  	 	—  	  	  	 	—  	  	  	 	10,573	  	  	 	88	  	
Residential mortgage-backed securities	  	 	36,106	  	  	 	425	  	  	 	54,545	  	  	 	6,573	  	  	 	90,651	  	  	 	6,998	  	
Asset-backed securities	  	 	59,722	  	  	 	938	  	  	 	101,011	  	  	 	24,734	  	  	 	160,733	  	  	 	25,672	  	
Commercial mortgage-backed securities	  	 	129,450	  	  	 	2,590	  	  	 	73,130	  	  	 	12,757	  	  	 	202,580	  	  	 	15,347	  	
U.S. government and agencies	  	 	4,004	  	  	 	11	  	  	 	—  	  	  	 	—  	  	  	 	4,004	  	  	 	11	  	
State and political subdivisions	  	 	24,191	  	  	 	2,532	  	  	 	18,688	  	  	 	5,866	  	  	 	42,879	  	  	 	8,398	  	
Other foreign government, supranational, and foreign government-sponsored enterprises	  	 	79,976	  	  	 	465	  	  	 	33,620	  	  	 	1,449	  	  	 	113,596	  	  	 	1,914	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Investment grade securities	  	$	741,309	  	  	$	19,814	  	  	$	580,068	  	  	$	92,949	  	  	$	1,321,377	  	  	$	112,763	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Non-investment grade securities:	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Corporate securities	  	 	135,253	  	  	 	4,001	  	  	 	49,063	  	  	 	7,279	  	  	 	184,316	  	  	 	11,280	  	
Residential mortgage-backed securities	  	 	2,025	  	  	 	178	  	  	 	9,858	  	  	 	782	  	  	 	11,883	  	  	 	960	  	
Asset-backed securities	  	 	7	  	  	 	18	  	  	 	19,374	  	  	 	15,621	  	  	 	19,381	  	  	 	15,639	  	
Commercial mortgage-backed securities	  	 	12,483	  	  	 	1,218	  	  	 	73,062	  	  	 	51,340	  	  	 	85,545	  	  	 	52,558	  	
State and political subdivisions	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	
Other foreign government, supranational, and foreign government-sponsored enterprises	  	 	11,779	  	  	 	625	  	  	 	—  	  	  	 	—  	  	  	 	11,779	  	  	 	625	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Non-investment grade securities	  	$	161,547	  	  	$	6,040	  	  	$	151,357	  	  	$	75,022	  	  	$	312,904	  	  	$	81,062	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total fixed maturity securities	  	$	902,856	  	  	$	25,854	  	  	$	731,425	  	  	$	167,971	  	  	$	1,634,281	  	  	$	193,825	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Non-redeemable preferred stock	  	 	1,743	  	  	 	245	  	  	 	17,280	  	  	 	2,220	  	  	 	19,023	  	  	 	2,465	  	
Other equity securities	  	 	—  	  	  	 	—  	  	  	 	309	  	  	 	9	  	  	 	309	  	  	 	9	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total Equity securities	  	$	1,743	  	  	$	245	  	  	$	17,589	  	  	$	2,229	  	  	$	19,332	  	  	$	2,474	  	

 	  	As of December 31, 2011	 	
 	  	Less than 12 months	 	  	Equal to or greater than 12 months	 	  	Total	 	
 	  	Estimated Fair
Value	 	  	Gross Unrealized
Losses	 	  	Estimated Fair
Value	 	  	Gross Unrealized
Losses	 	  	Estimated Fair
Value	 	  	Gross Unrealized
Losses	 	
Investment grade securities:	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Corporate securities	  	$	790,758	  	  	$	40,180	  	  	$	286,244	  	  	$	63,117	  	  	$	1,077,002	  	  	$	103,297	  	
Canadian and Canadian provincial governments	  	 	3,094	  	  	 	29	  	  	 	—  	  	  	 	—  	  	  	 	3,094	  	  	 	29	  	
Residential mortgage-backed securities	  	 	128,622	  	  	 	3,549	  	  	 	58,388	  	  	 	10,382	  	  	 	187,010	  	  	 	13,931	  	
Asset-backed securities	  	 	101,263	  	  	 	3,592	  	  	 	93,910	  	  	 	29,036	  	  	 	195,173	  	  	 	32,628	  	
Commercial mortgage-backed securities	  	 	109,455	  	  	 	3,538	  	  	 	58,979	  	  	 	22,001	  	  	 	168,434	  	  	 	25,539	  	
U.S. government and agencies	  	 	1,764	  	  	 	61	  	  	 	—  	  	  	 	—  	  	  	 	1,764	  	  	 	61	  	
State and political subdivisions	  	 	21,045	  	  	 	1,845	  	  	 	12,273	  	  	 	1,268	  	  	 	33,318	  	  	 	3,113	  	
Other foreign government, supranational, and foreign government-sponsored enterprises	  	 	148,416	  	  	 	1,085	  	  	 	16,588	  	  	 	2,491	  	  	 	165,004	  	  	 	3,576	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Investment grade securities	  	 	1,304,417	  	  	 	53,879	  	  	 	526,382	  	  	 	128,295	  	  	 	1,830,799	  	  	 	182,174	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Non-investment grade securities:	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Corporate securities	  	 	212,795	  	  	 	10,852	  	  	 	47,310	  	  	 	11,222	  	  	 	260,105	  	  	 	22,074	  	
Residential mortgage-backed securities	  	 	23,199	  	  	 	712	  	  	 	10,459	  	  	 	1,781	  	  	 	33,658	  	  	 	2,493	  	
Asset-backed securities	  	 	2,363	  	  	 	940	  	  	 	21,275	  	  	 	20,107	  	  	 	23,638	  	  	 	21,047	  	
Commercial mortgage-backed securities	  	 	34,918	  	  	 	7,220	  	  	 	62,357	  	  	 	46,730	  	  	 	97,275	  	  	 	53,950	  	
State and political subdivisions	  	 	4,000	  	  	 	228	  	  	 	—  	  	  	 	—  	  	  	 	4,000	  	  	 	228	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Non-investment grade securities	  	 	277,275	  	  	 	19,952	  	  	 	141,401	  	  	 	79,840	  	  	 	418,676	  	  	 	99,792	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total fixed maturity securities	  	$	1,581,692	  	  	$	73,831	  	  	$	667,783	  	  	$	208,135	  	  	$	2,249,475	  	  	$	281,966	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Non-redeemable preferred stock	  	 	19,516	  	  	 	4,478	  	  	 	15,694	  	  	 	4,504	  	  	 	35,210	  	  	 	8,982	  	
Other equity securities	  	 	1,662	  	  	 	602	  	  	 	5,905	  	  	 	936	  	  	 	7,567	  	  	 	1,538	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total Equity securities	  	$	21,178	  	  	$	5,080	  	  	$	21,599	  	  	$	5,440	  	  	$	42,777	  	  	$	10,520	  	

 	 	 	 	 	
 	  	 	  	Page 21	

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

 	 	Three Months Ended	 	 	Current Qtr	 	 	Year-to-Date	 	
 	 	June 30,	 	 	March 31,	 	 	Dec. 31,	 	 	Sept. 30,	 	 	June 30,	 	 	vs. PY	 	 	June 30,	 	 	June 30,	 	 	 	 	
 	 	2012	 	 	2012	 	 	2011	 	 	2011	 	 	2011	 	 	Quarter	 	 	2012	 	 	2011	 	 	Change	 	
Fixed Maturity and Equity Securities:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Other-than-temporary impairment losses on fixed maturities	 	$	(1,959	) 	 	$	(7,607	) 	 	$	(11,824	) 	 	$	(11,911	) 	 	$	(5,582	) 	 	$	3,623	  	 	$	(9,566	) 	 	$	(7,138	) 	 	$	(2,428	) 	
Portion of loss recognized in accumulated other comprehensive income (before taxes)	 	 	162	  	 	 	(7,221	) 	 	 	543	  	 	 	3,089	  	 	 	292	  	 	 	(130	) 	 	 	(7,059	) 	 	 	292	  	 	 	(7,351	) 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net other-than-temporary impairment losses on fixed maturities recognized in earnings	 	 	(1,797	) 	 	 	(14,828	) 	 	 	(11,281	) 	 	 	(8,822	) 	 	 	(5,290	) 	 	 	3,493	  	 	 	(16,625	) 	 	 	(6,846	) 	 	 	(9,779	) 	
Impairment losses on equity securities	 	 	(2,186	) 	 	 	(839	) 	 	 	(436	) 	 	 	—  	  	 	 	(3,680	) 	 	 	1,494	  	 	 	(3,025	) 	 	 	(3,680	) 	 	 	655	  	
Gain on investment activity	 	 	26,593	  	 	 	22,312	  	 	 	39,622	  	 	 	34,840	  	 	 	28,207	  	 	 	(1,614	) 	 	 	48,905	  	 	 	57,584	  	 	 	(8,679	) 	
Loss on investment activity	 	 	(8,918	) 	 	 	(7,504	) 	 	 	(6,247	) 	 	 	(7,182	) 	 	 	(6,653	) 	 	 	(2,265	) 	 	 	(16,422	) 	 	 	(13,567	) 	 	 	(2,855	) 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net gain/(loss) on fixed maturity and equity securities	 	 	13,692	  	 	 	(859	) 	 	 	21,658	  	 	 	18,836	  	 	 	12,584	  	 	 	1,108	  	 	 	12,833	  	 	 	33,491	  	 	 	(20,658	) 	
 	 	 	 	 	 	 	 	 	 	
Other impairment losses and change in mortgage loan provision	 	 	1,762	  	 	 	(5,843	) 	 	 	(5,258	) 	 	 	(2,370	) 	 	 	(3,186	) 	 	 	4,948	  	 	 	(4,081	) 	 	 	(2,610	) 	 	 	(1,471	) 	
Other non-derivative gain/(loss), net	 	 	5,628	  	 	 	6,641	  	 	 	7,318	  	 	 	5,698	  	 	 	4,645	  	 	 	983	  	 	 	12,269	  	 	 	9,341	  	 	 	2,928	  	
 	 	 	 	 	 	 	 	 	 	
Free-standing Derivatives:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Credit Default Swaps	 	 	(4,794	) 	 	 	11,813	  	 	 	8,075	  	 	 	(10,018	) 	 	 	988	  	 	 	(5,782	) 	 	 	7,019	  	 	 	1,880	  	 	 	5,139	  	
Interest Rate Swaps—non-hedged	 	 	73,342	  	 	 	(47,352	) 	 	 	20,818	  	 	 	142,907	  	 	 	25,343	  	 	 	47,999	  	 	 	25,990	  	 	 	14,613	  	 	 	11,377	  	
Interest Rate Swaps—hedged	 	 	29	  	 	 	(26	) 	 	 	28	  	 	 	258	  	 	 	205	  	 	 	(176	) 	 	 	3	  	 	 	331	  	 	 	(328	) 	
Futures	 	 	11,073	  	 	 	(17,408	) 	 	 	(22,866	) 	 	 	36,217	  	 	 	(2,873	) 	 	 	13,946	  	 	 	(6,335	) 	 	 	(14,296	) 	 	 	7,961	  	
CPI Swaps	 	 	(1,431	) 	 	 	(802	) 	 	 	726	  	 	 	(219	) 	 	 	503	  	 	 	(1,934	) 	 	 	(2,233	) 	 	 	1,314	  	 	 	(3,547	) 	
Equity options	 	 	3,367	  	 	 	(37,983	) 	 	 	(22,063	) 	 	 	30,530	  	 	 	3,919	  	 	 	(552	) 	 	 	(34,616	) 	 	 	(649	) 	 	 	(33,967	) 	
Currency Forwards	 	 	515	  	 	 	(1,608	) 	 	 	561	  	 	 	1,374	  	 	 	595	  	 	 	(80	) 	 	 	(1,093	) 	 	 	(260	) 	 	 	(833	) 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total free-standing derivatives	 	 	82,101	  	 	 	(93,366	) 	 	 	(14,721	) 	 	 	201,049	  	 	 	28,680	  	 	 	53,421	  	 	 	(11,265	) 	 	 	2,933	  	 	 	(14,198	) 	
 	 	 	 	 	 	 	 	 	 	
Embedded Derivatives:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Modified coinsurance and funds withheld treaties	 	 	(4,453	) 	 	 	(9,428	) 	 	 	(85,722	) 	 	 	(102,574	) 	 	 	10,525	  	 	 	(14,978	) 	 	 	(13,881	) 	 	 	101,060	  	 	 	(114,941	) 	
GMXB	 	 	(74,929	) 	 	 	146,375	  	 	 	29,261	  	 	 	(260,239	) 	 	 	(25,860	) 	 	 	(49,069	) 	 	 	71,446	  	 	 	6,793	  	 	 	64,653	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total embedded derivatives	 	 	(79,382	) 	 	 	136,947	  	 	 	(56,461	) 	 	 	(362,813	) 	 	 	(15,335	) 	 	 	(64,047	) 	 	 	57,565	  	 	 	107,853	  	 	 	(50,288	) 	
 	 	 	 	 	 	 	 	 	 	
Net gain/(loss) on total derivatives	 	 	2,719	  	 	 	43,581	  	 	 	(71,182	) 	 	 	(161,764	) 	 	 	13,345	  	 	 	(10,626	) 	 	 	46,300	  	 	 	110,786	  	 	 	(64,486	) 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total investment related gains / (losses), net	 	$	23,801	  	 	$	43,520	  	 	$	(47,464	) 	 	$	(139,600	) 	 	$	27,388	  	 	$	(3,587	) 	 	$	67,321	  	 	$	151,008	  	 	$	(83,687	) 	

 	 	 	 	 	
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