UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): April 25, 2011
REINSURANCE GROUP OF AMERICA, INCORPORATED
(Exact Name of Registrant as Specified in its Charter)
 	 	 	 	 	
Missouri
(State or Other Jurisdiction of
Incorporation)	 	1-11848
(Commission
File Number)	 	43-1627032
(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):
o	 	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)	
 	 	 	
o	 	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)	
 	 	 	
o	 	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))	
 	 	 	
o	 	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))	

 

 
Item 2.02 Results of Operations and Financial Condition
On April 25, 2011, Reinsurance Group of America, Incorporated (the “Company”) issued (1) a press release announcing its earnings for the three-month period ended March 31, 2011, and providing certain additional information, a copy of which is furnished with this report as Exhibit 99.1, and (2) a Quarterly Financial Supplement for the quarter ended March 31, 2011, a copy of which is attached hereto as Exhibit 99.2. The press release also notes that a conference call will be held on April 26, 2011 to discuss the financial and operating results for the three-month period ended March 31, 2011. The press release and Quarterly Financial Supplement are furnished and are not filed pursuant to Instruction B.2 of Form 8-K.
Item 9.01 Financial Statements and Exhibits
(d)	 	Exhibits.	

Exhibit No.	 	Exhibit	
99.1	 	Press Release of Reinsurance Group of America, Incorporated dated April 25, 2011	
 	 	 	
99.2	 	Quarterly Financial Supplement for the quarter ended March 31, 2011	

 
SIGNATURE
     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 	 	 	 	 	
 	REINSURANCE GROUP OF AMERICA, INCORPORATED
 	 	
Date: April 25, 2011 	By:  	/s/ Jack B. Lay  	 	
 	 	Jack B. Lay 	 	
 	 	Senior Executive Vice President and Chief Financial Officer 	 	

 
EXHIBIT INDEX
 	 	 	
Exhibit Number	 	Description	
99.1	 	Press Release dated April 25, 2011	
99.2	 	Quarterly Financial Supplement for the quarter ended March 31, 2011	

Exhibit 99.1

PRESS RELEASE
REINSURANCE GROUP OF AMERICA REPORTS FIRST-QUARTER RESULTS
 	•	 	Earnings per diluted share rose to $2.18 (net income) and $1.61 (operating income*)	

 	•	 	Premiums up 7 percent to $1.7 billion	

 	•	 	$6.5 million estimated net claims for earthquakes in Japan and New Zealand	
ST. LOUIS, April 25, 2011 — Reinsurance Group of America, Incorporated (NYSE:RGA), a leading global provider of life reinsurance, reported first-quarter net income of $160.8 million, or $2.18 per diluted share, compared to $122.4 million, or $1.64 per diluted share in the prior-year quarter. Operating income* totaled $118.8 million, or $1.61 per diluted share, compared to $93.0 million, or $1.25 per diluted share in the year-ago quarter. Operating income per diluted share increased 29 percent over the year-ago quarter.
 	 	 	 	 	 	 	 	 	
 	 	Quarterly Results	
($ in thousands, except per share data)	 	2011	 	2010	
Net premiums	 	$	1,736,130	 	 	$	1,628,464	 	
Net income	 	 	160,816	 	 	 	122,439	 	
Net income per diluted share	 	 	2.18	 	 	 	1.64	 	
Operating income*	 	 	118,827	 	 	 	93,008	 	
Operating income per diluted share*	 	 	1.61	 	 	 	1.25	 	
Book value per share	 	 	68.06	 	 	 	56.98	 	
Book value per share (excl. Accumulated Other Comprehensive Income “AOCI”)*	 	 	55.88	 	 	 	50.49	 	
Total assets	 	 	29,510,019	 	 	 	26,722,458	 	

*	 	See ‘Use of Non-GAAP Financial Measures’ below	
Consolidated net premiums increased 7 percent to $1,736.1 million from $1,628.5 million in the prior-year period, including a 3 percent contribution from changes in foreign currency exchange rates. Investment income rose 22 percent to $371.0 million from $304.3 million in the year-earlier quarter, primarily due to a significant increase in the fair value of option contracts supporting equity-indexed annuities. Investment income was flat without these option contracts as average invested assets increased approximately $1.7 billion and average yields decreased from 5.84 percent to 5.35 percent quarter over quarter. The average investment yield in the fourth quarter of 2010 was 5.43 percent. Net foreign currency fluctuations contributed $3.0 million, after taxes, to operating income.
A. Greig Woodring, president and chief executive officer, commented, “RGA’s first quarter of 2011 was eventful on several fronts as it included capital refinement activity, natural disasters in the Asia Pacific region and RGA’s first investor day conference. As outlined at that conference, we executed several capital refinement strategies, including redeeming a convertible security and purchasing 5.5 million shares, which collectively lowered shareholders’ equity by approximately $178 million and our diluted share count by roughly 1.9 million shares. Our capital and liquidity positions remain strong, and our investment portfolio is appropriately positioned. Investment impairments were not material this quarter.
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“Overall, claims experience for the quarter was in line with our expectations, including somewhat elevated levels of claims in the U.S. related to first-quarter seasonality. Importantly, our international operations performed well, despite providing $6.5 million for estimated net claims related to the earthquakes in Japan and New Zealand.
“Despite the mortality seasonality and the anticipated losses from the Asia Pacific natural disasters, we generated an annualized operating return on equity of 11.5 percent this quarter. We continue to target an enterprise-wide return of 13 percent in the intermediate term. RGA is appropriately capitalized, and we continue to evaluate capital deployment opportunities. We purposefully lowered our excess capital position this quarter to a more efficient level and, at the same time, eliminated the source of significant future share dilution embedded in the convertible securities we redeemed in March. Should the need arise, we are confident in our ability to raise capital for any attractive large block transactions or acquisitions. We are well-positioned to serve our clients in all major life reinsurance markets across the globe.”
SEGMENT RESULTS
U.S.
The U.S. Traditional sub-segment reported pre-tax net income of $78.4 million for the quarter, up from $63.8 million last year. Pre-tax operating income increased to $69.5 million from $61.0 million the year before. Net premiums were up 4 percent to $935.1 million from $903.0 million in the prior-year quarter. RGA continues to be a dominant player in the U.S. market with the number one market share of recurring business. According to the recently released reinsurance market survey sponsored by the Society of Actuaries (SOA), RGA’s number one market position represented 26 percent of recurring production in the U.S. in 2010, up from 22 percent in 2009. Further, U.S. market share as measured by reinsurance in force increased to 18 percent.
The U.S. Asset Intensive business reported strong pre-tax income of $66.4 million compared with $64.6 million a year ago. Both periods benefited from market-driven changes in the fair values of various free-standing and embedded derivatives. Excluding the impact of those derivatives, pre-tax operating income increased to $20.8 million from $16.5 million a year ago. Strong equity market performance contributed to the better-than-expected results this quarter.
Canada
Canadian operations reported pre-tax net income of $30.7 million compared with $19.0 million in the first quarter of 2010. Pre-tax operating income increased to $26.3 million from $16.0 million in the prior-year period, reflecting improved mortality experience. Foreign currency fluctuations benefited pre-tax operating income by approximately $0.5 million. Premiums increased 3 percent to $215.0 million from $208.7 million last year. On a Canadian dollar basis, net premiums decreased 2 percent, primarily due to client reporting volatility associated with creditor reinsurance business. Excluding the creditor business, local currency premiums rose 17 percent. According to the SOA survey referenced above, RGA increased its leading recurring market share in Canada to 34 percent in 2010, and its in force market share totaled 25 percent.
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Asia Pacific
Asia Pacific reported pre-tax net income of $25.3 million compared with $26.4 million in the first quarter of 2010. Pre-tax operating income was slightly lower at $25.7 million versus $26.6 million a year ago, primarily attributable to the $6.5 million in estimated net losses from the Japan and New Zealand earthquakes. Foreign currency fluctuations added $1.6 million to the current period pre-tax operating result. Premiums increased 9 percent to $311.5 million from $285.8 million in the prior year. On a local currency basis, premiums were relatively flat.
Europe & South Africa
Europe & South Africa pre-tax net income increased to $26.3 million from $10.7 million in the year-ago quarter. Pre-tax operating income increased to $26.0 million from $10.2 million last year due to improved claims experience, primarily in South Africa and Continental Europe. Net premiums totaled $269.1 million, up 24 percent from $217.7 million in the prior-year quarter, primarily reflecting strong production in the UK and several other European markets. On a local currency basis, net premiums were up 21 percent this quarter. Foreign currency fluctuations did not materially affect pre-tax operating income.
Corporate and Other
Corporate and Other reported pre-tax net income of $8.6 million and pre-tax operating income of $3.6 million for the quarter. Results from this segment include investment income and realized gains and losses associated with unallocated assets, debt servicing costs and other corporate-related activities.
Dividend Declaration
The company’s board of directors declared a regular quarterly dividend of $0.12, payable May 25 to shareholders of record as of May 4.
Earnings Conference Call
A conference call to discuss first-quarter results will begin at 9 a.m. Eastern Time on Tuesday, April 26. Interested parties may access the call by dialing 877-604-9670 (domestic) or 719-325-4792 (international). The access code is 4306690. A live audio webcast of the conference call will be available on the company’s investor relations website at  www.rgare.com . A replay of the conference call will be available at the same address for 90 days following the conference call. A telephonic replay will also be available through May 4 at 888-203-1112 (domestic) or 719-457-0820 (international), access code 4306690.
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
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under RGA’s management incentive programs. Management believes that operating income, on a pre-tax and after-tax basis, better measures the ongoing profitability and underlying trends of the company’s continuing operations, primarily because that measure excludes the effect of net investment related gains and losses, as well as changes in the fair value of certain embedded derivatives and related deferred acquisition costs. These items can be volatile, primarily due to the credit market and interest rate environment, and are not necessarily indicative of the performance of the company’s underlying businesses. Additionally, operating income excludes any net gain or loss from discontinued operations and the cumulative effect of any accounting changes, which management believes are not indicative of the company’s ongoing operations. The definition of operating income can vary by company and is not considered a substitute for GAAP net income. Reconciliations to GAAP net income are provided in the following tables. Additional financial information can be found in the Quarterly Financial Supplement on RGA’s Investor Relations website at  www.rgare.com  in the “Quarterly Results” tab and in the “Featured Report” section.
Book value per share outstanding before impact of AOCI is a non-GAAP financial measure that management believes is important in evaluating the balance sheet in order to ignore the effects of unrealized amounts primarily associated with mark-to-market adjustments on investments and foreign currency translation.
Operating return on equity is a non-GAAP financial measure calculated as operating income divided by average shareholders’ equity excluding AOCI.
About RGA
Reinsurance Group of America, Incorporated is among the largest global providers of life reinsurance with subsidiary companies or offices in Australia, Barbados, Bermuda, Canada, China, France, Germany, Hong Kong, India, Ireland, Italy, Japan, Mexico, the Netherlands, Poland, South Africa, South Korea, Spain, Taiwan, the United Kingdom and the United States. Worldwide, the company has approximately $2.6 trillion of life reinsurance in force, and assets of $29.5 billion.
Cautionary Statement Regarding Forward-looking Statements
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, among others, statements relating to projections of the earnings, revenues, income or loss, future financial performance and growth potential of Reinsurance Group of America, Incorporated and its subsidiaries (which we refer to in the following paragraphs as “we,” “us” or “our”). The words “intend,” “expect,” “project,” “estimate,” “predict,” “anticipate,” “should,” “believe,” and other similar expressions also are intended to identify forward-looking statements. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Future events and actual results, performance and achievements could differ materially from those set forth in, contemplated by or underlying the forward-looking statements.
Numerous important factors could cause actual results and events to differ materially from those expressed or implied by forward-looking statements including, without limitation, (1) adverse capital and credit market conditions and their impact on our liquidity, access to capital, and cost of capital, (2) the impairment of other financial institutions and its effect on our business, (3) requirements to post collateral or make payments due to declines in market value of assets
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subject to our collateral arrangements, (4) the fact that the determination of allowances and impairments taken on our investments is highly subjective, (5) adverse changes in mortality, morbidity, lapsation, or claims experience, (6) changes in our financial strength and credit ratings and the effect of such changes on our future results of operations and financial condition, (7) inadequate risk analysis and underwriting, (8) general economic conditions or a prolonged economic downturn affecting the demand for insurance and reinsurance in our current and planned markets, (9) the availability and cost of collateral necessary for regulatory reserves and capital, (10) market or economic conditions that adversely affect the value of our investment securities or result in the impairment of all or a portion of the value of certain of our investment securities, (11) market or economic conditions that adversely affect our ability to make timely sales of investment securities, (12) risks inherent in our risk management and investment strategy, including changes in investment portfolio yields due to interest rate or credit quality changes, (13) fluctuations in U.S. or foreign currency exchange rates, interest rates, or securities and real estate markets, (14) adverse litigation or arbitration results, (15) the adequacy of reserves, resources, and accurate information relating to settlements, awards, and terminated and discontinued lines of business, (16) the stability of and actions by governments and economies in the markets in which we operate, (17) competitive factors and competitors’ responses to our initiatives, (18) the success of our clients, (19) successful execution of our entry into new markets, (20) successful development and introduction of new products and distribution opportunities, (21) our ability to successfully integrate and operate reinsurance business that we acquire, (22) 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.
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 2010 Form 10-K.
Investor Contact
John W. Hayden
Senior Vice President — Controller and Investor Relations
(636) 736-7000
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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
Reconciliation of Consolidated Net Income to Operating Income
(Dollars in thousands)
 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	
 	 	March 31,	 	
(Unaudited)	 	2011	 	 	2010	 	
GAAP net income	 	$	160,816	 	 	$	122,439	 	
Reconciliation to operating income:	 	 	 	 	 	 	 	 	
Capital (gains) losses, derivatives and other, included in investment related (gains) losses, net	 	 	191	 	 	 	(47	)	
Capital (gains) losses on funds withheld:	 	 	 	 	 	 	 	 	
Included in investment income	 	 	7,827	 	 	 	53	 	
Included in policy acquisition costs and other insurance expenses	 	 	(1,251	)	 	 	(53	)	
Embedded derivatives:	 	 	 	 	 	 	 	 	
Included in investment related (gains) losses, net	 	 	(80,073	)	 	 	(84,374	)	
Included in interest credited	 	 	(17,388	)	 	 	(14,574	)	
Included in policy acquisition costs and other insurance expenses	 	 	1,914	 	 	 	2,113	 	
DAC offset, net	 	 	47,168	 	 	 	67,451	 	
Gain on repurchase of collateral finance facility securities	 	 	(3,231	)	 	 	—	 	
Loss on retirement of Preferred Income Equity Redeemable Securities (“PIERS”)	 	 	2,854	 	 	 	—	 	
 	 	 	 	 	 	 	
Operating income	 	$	118,827	 	 	$	93,008	 	
 	 	 	 	 	 	 	
Reconciliation of Consolidated Pre-tax Net Income to Pre-tax Operating Income
(Dollars in thousands)
 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	
 	 	March 31,	 	
(Unaudited)	 	2011	 	 	2010	 	
Income before income taxes	 	$	241,849	 	 	$	193,315	 	
Reconciliation to pre-tax operating income:	 	 	 	 	 	 	 	 	
Capital (gains) losses, derivatives and other, included in investment related (gains) losses, net	 	 	1,099	 	 	 	371	 	
Capital (gains) losses on funds withheld:	 	 	 	 	 	 	 	 	
Included in investment income	 	 	12,041	 	 	 	82	 	
Included in policy acquisition costs and other insurance expenses	 	 	(1,925	)	 	 	(81	)	
Embedded derivatives:	 	 	 	 	 	 	 	 	
Included in investment related (gains) losses, net	 	 	(123,189	)	 	 	(129,806	)	
Included in interest credited	 	 	(26,751	)	 	 	(22,422	)	
Included in policy acquisition costs and other insurance expenses	 	 	2,944	 	 	 	3,250	 	
DAC offset, net	 	 	72,567	 	 	 	103,769	 	
Gain on repurchase of collateral finance facility securities	 	 	(4,971	)	 	 	—	 	
Loss on retirement of PIERS	 	 	4,391	 	 	 	—	 	
 	 	 	 	 	 	 	
Pre-tax operating income	 	$	178,055	 	 	$	148,478	 	
 	 	 	 	 	 	 	
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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 March 31, 2011	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	Net (gain)	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	loss on	 	 	 	 	
 	 	 	 	 	 	Capital	 	 	Change in	 	 	repurchase	 	 	 	 	
 	 	 	 	 	 	(gains) losses,	 	 	value of	 	 	and	 	 	Pre-tax	 	
 	 	Pre-tax net	 	 	derivatives	 	 	embedded	 	 	retirement	 	 	operating	 	
(Unaudited)	 	income	 	 	and other, net	 	 	derivatives, net	 	 	of securities	 	 	income	 	
U.S. Operations:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Traditional	 	$	78,399	 	 	$	(8,875	)	 	$	—	 	 	$	—	 	 	$	69,524	 	
Asset Intensive	 	 	66,378	 	 	 	6,136	(1)	 	 	(51,745	)(2)	 	 	—	 	 	 	20,769	 	
Financial Reinsurance	 	 	6,120	 	 	 	35	 	 	 	—	 	 	 	—	 	 	 	6,155	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total U.S.	 	 	150,897	 	 	 	(2,704	)	 	 	(51,745	)	 	 	—	 	 	 	96,448	 	
Canada Operations	 	 	30,671	 	 	 	(4,389	)	 	 	—	 	 	 	—	 	 	 	26,282	 	
Europe & South Africa	 	 	26,319	 	 	 	(293	)	 	 	—	 	 	 	—	 	 	 	26,026	 	
Asia Pacific Operations	 	 	25,328	 	 	 	330	 	 	 	—	 	 	 	—	 	 	 	25,658	 	
Corporate and Other	 	 	8,634	 	 	 	(4,413	)	 	 	—	 	 	 	(580	)	 	 	3,641	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Consolidated	 	$	241,849	 	 	$	(11,469	)	 	$	(51,745	)	 	 	(580	)	 	$	178,055	 	

(1)     Asset Intensive is net of $(22,684) DAC offset.
(2)     Asset Intensive is net of $95,251 DAC offset.	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	Three Months Ended March 31, 2010	 	
 	 	 	 	 	 	 	 	 	 	Capital	 	 	Change in	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	(gains) losses,	 	 	value of	 	 	Pre-tax	 	
 	 	 	 	 	 	Pre-tax net	 	 	derivatives	 	 	embedded	 	 	operating	 	
(Unaudited)	 	 	 	 	 	income	 	 	and other, net	 	 	derivatives, net	 	 	income	 	
U.S. Operations:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Traditional	 	 	 	 	 	$	63,825	 	 	$	(2,848	)	 	$	—	 	 	$	60,977	 	
Asset Intensive	 	 	 	 	 	 	64,562	 	 	 	(10,808	)(1)	 	 	(37,208	)(2)	 	 	16,546	 	
Financial Reinsurance	 	 	 	 	 	 	3,185	 	 	 	9	 	 	 	—	 	 	 	3,194	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total U.S.	 	 	 	 	 	 	131,572	 	 	 	(13,647	)	 	 	(37,208	)	 	 	80,717	 	
Canada Operations	 	 	 	 	 	 	18,973	 	 	 	(2,955	)	 	 	—	 	 	 	16,018	 	
Europe & South Africa	 	 	 	 	 	 	10,657	 	 	 	(459	)	 	 	—	 	 	 	10,198	 	
Asia Pacific Operations	 	 	 	 	 	 	26,445	 	 	 	120	 	 	 	—	 	 	 	26,565	 	
Corporate and Other	 	 	 	 	 	 	5,668	 	 	 	9,312	 	 	 	—	 	 	 	14,980	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Consolidated	 	 	 	 	 	$	193,315	 	 	$	(7,629	)	 	$	(37,208	)	 	$	148,478	 	

 	 	 	
(1)	 	Asset Intensive is net of $(8,001) DAC offset.	
 	 	 	
(2)	 	Asset Intensive is net of $111,770 DAC offset.	
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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
Per Share and Shares Data
(In thousands, except per share data)
 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	
 	 	March 31,	
(Unaudited)	 	2011	 	2010	
Diluted earnings per share from operating income	 	$	1.61	 	 	$	1.25	 	
 	 	 	 	 	 	 	 	 	
Earnings per share from net income:	 	 	 	 	 	 	 	 	
Basic earnings per share	 	$	2.20	 	 	$	1.68	 	
Diluted earnings per share	 	$	2.18	 	 	$	1.64	 	
 	 	 	 	 	 	 	 	 	
Weighted average number of common and common equivalent shares outstanding	 	 	73,836	 	 	 	74,578	 	

 	 	 	 	 	 	 	 	 	
 	 	At or for the Three Months	
 	 	Ended March 31,	
(Unaudited)	 	2011	 	2010	
Treasury shares	 	 	5,341	 	 	 	261	 	
Common shares outstanding	 	 	73,797	 	 	 	73,103	 	
Book value per share outstanding	 	$	68.06	 	 	$	56.98	 	
Book value per share outstanding, before impact of AOCI	 	$	55.88	 	 	$	50.49	 	
- more -

 
Add Eight
REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
Condensed Consolidated Statements of Income
(Dollars in thousands)
 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	
 	 	March 31,	 	
(Unaudited)	 	2011	 	 	2010	 	
Revenues:	 	 	 	 	 	 	 	 	
Net premiums	 	$	1,736,130	 	 	$	1,628,464	 	
Investment income, net of related expenses	 	 	371,040	 	 	 	304,258	 	
Investment related gains (losses), net:	 	 	 	 	 	 	 	 	
Other-than-temporary impairments on fixed maturity securities	 	 	(1,556	)	 	 	(7,430	)	
Other-than-temporary impairments on fixed maturity securities transferred to (from) accumulated other comprehensive income	 	 	—	 	 	 	2,344	 	
Other investment related gains (losses), net	 	 	125,176	 	 	 	136,271	 	
 	 	 	 	 	 	 	
Total investment related gains (losses), net	 	 	123,620	 	 	 	131,185	 	
Other revenue	 	 	51,645	 	 	 	36,278	 	
 	 	 	 	 	 	 	
Total revenues	 	 	2,282,435	 	 	 	2,100,185	 	

Benefits and expenses:	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	 	1,469,449	 	 	 	1,375,180	 	
Interest credited	 	 	106,063	 	 	 	56,934	 	
Policy acquisition costs and other insurance expenses	 	 	331,153	 	 	 	366,302	 	
Other operating expenses	 	 	106,150	 	 	 	91,199	 	
Interest expense	 	 	24,569	 	 	 	15,449	 	
Collateral finance facility expense	 	 	3,202	 	 	 	1,806	 	
 	 	 	 	 	 	 	
Total benefits and expenses	 	 	2,040,586	 	 	 	1,906,870	 	

Income before income taxes	 	 	241,849	 	 	 	193,315	 	
Income tax expense	 	 	81,033	 	 	 	70,876	 	
 	 	 	 	 	 	 	
Net income	 	$	160,816	 	 	$	122,439	 	
 	 	 	 	 	 	 	
# # #

Exhibit 99.2

Financial Supplement
First Quarter 2011
(Unaudited)

 

World Headquarters	 	Internet address	
1370 Timberlake Manor Parkway	 	www.rgare.com	
Chesterfield, Missouri 63017	 	 	
U.S.A.	 	 	
Current Ratings
 	 	 	 	 	 	 	
 	 	Standard & Poor’s	 	A.M. Best	 	Moody’s	
Financial Strength Ratings	 	 	 	 	 	 	
RGA Reinsurance Company	 	AA-	 	A+	 	A1	
RGA Life Reinsurance Company of Canada	 	AA-	 	A+	 	NR	
RGA International Reinsurance Company Limited	 	AA-	 	NR	 	NR	
RGA Global Reinsurance Company Limited	 	AA-	 	NR	 	NR	
Senior Debt Ratings	 	 	 	 	 	 	
Reinsurance Group of America, Incorporated	 	A-	 	a-	 	Baa1	
Our common stock is traded on the New York Stock Exchange under the symbol “RGA”.
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) 736-7243
e-mail: jhayden@rgare.com

 
Reinsurance Group of America, Incorporated
Financial Supplement
1st Quarter 2011
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	 	
 	 	 	 	 	
Subprime Mortgage Exposure (Including Funds Withheld Portfolios)	 	 	19	 	
 	 	 	 	 	
CMBS Exposure (Including Funds Withheld Portfolios)	 	 	20	 	
 	 	 	 	 	
Gross Unrealized Losses Aging	 	 	21	 	
 	 	 	 	 	
Fixed Maturity and Equity Securities Below Amortized Cost	 	 	22	 	
 	 	 	 	 	
Consolidated Gross Gains and Losses	 	 	23	 	

 
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
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended or As of	 	 	Current Qtr	 	
 	 	March 31,	 	 	Dec. 31,	 	 	Sept. 30,	 	 	June 30,	 	 	March 31,	 	 	vs. PY	 	
(USD thousands, except inforce & per share data)	 	2011	 	 	2010	 	 	2010	 	 	2010	 	 	2010	 	 	Quarter	 	
Net premiums	 	$	1,736,130	 	 	$	1,801,899	 	 	$	1,647,300	 	 	$	1,582,017	 	 	$	1,628,464	 	 	$	107,666	 	
Net income	 	 	160,816	 	 	 	196,712	 	 	 	128,232	 	 	 	127,019	 	 	 	122,439	 	 	 	38,377	 	
Operating income	 	 	118,827	 	 	 	161,419	 	 	 	127,703	 	 	 	121,899	 	 	 	93,008	 	 	 	25,819	 	
Operating return on equity (ex AOCI) — annualized	 	 	11.5	%	 	 	16.0	%	 	 	13.2	%	 	 	13.0	%	 	 	10.2	%	 	 	1.3	%	
Operating return on equity (ex AOCI) — trailing 12 months	 	 	13.4	%	 	 	13.2	%	 	 	12.7	%	 	 	12.7	%	 	 	13.5	%	 	 	-0.1	%	
Total assets	 	 	29,510,019	 	 	 	29,081,908	 	 	 	28,934,028	 	 	 	27,220,606	 	 	 	26,722,458	 	 	 	2,787,561	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Assumed Life Reinsurance in Force (in billions)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
U.S.	 	$	1,343.2	 	 	$	1,340.5	 	 	$	1,339.7	 	 	$	1,334.9	 	 	$	1,318.0	 	 	$	25.2	 	
Canada	 	 	339.2	 	 	 	324.1	 	 	 	307.0	 	 	 	289.7	 	 	 	293.9	 	 	 	45.3	 	
Europe & South Africa	 	 	497.8	 	 	 	467.6	 	 	 	446.5	 	 	 	401.8	 	 	 	395.6	 	 	 	102.2	 	
Asia Pacific	 	 	407.7	 	 	 	408.1	 	 	 	385.8	 	 	 	340.9	 	 	 	355.6	 	 	 	52.1	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Life Reinsurance in Force	 	$	2,587.9	 	 	$	2,540.3	 	 	$	2,479.0	 	 	$	2,367.3	 	 	$	2,363.1	 	 	$	224.8	 	

Assumed New Business Production (in billions)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
U.S.	 	$	31.3	 	 	$	26.2	 	 	$	30.3	 	 	$	45.1	 	 	$	40.6	(1)	 	$	(9.3	)	
Canada	 	 	12.4	 	 	 	12.2	 	 	 	12.2	 	 	 	12.8	 	 	 	13.9	 	 	 	(1.5	)	
Europe & South Africa	 	 	37.1	 	 	 	28.5	 	 	 	30.0	 	 	 	23.4	 	 	 	21.7	 	 	 	15.4	 	
Asia Pacific	 	 	7.4	 	 	 	13.1	 	 	 	4.8	 	 	 	10.1	 	 	 	2.7	 	 	 	4.7	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total New Business Production	 	$	88.2	 	 	$	80.0	 	 	$	77.3	 	 	$	91.4	 	 	$	78.9	 	 	$	9.3	 	

Per Share and Shares Data	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic earnings per share	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	 	$	2.20	 	 	$	2.68	 	 	$	1.75	 	 	$	1.74	 	 	$	1.68	 	 	$	0.52	 	
Operating income	 	$	1.62	 	 	$	2.20	 	 	$	1.75	 	 	$	1.67	 	 	$	1.27	 	 	$	0.35	 	
Diluted earnings per share	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	 	$	2.18	 	 	$	2.62	 	 	$	1.72	 	 	$	1.70	 	 	$	1.64	 	 	$	0.54	 	
Operating income	 	$	1.61	 	 	$	2.15	 	 	$	1.72	 	 	$	1.63	 	 	$	1.25	 	 	$	0.36	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Wgt. average common shares outstanding (basic)	 	 	73,213	 	 	 	73,277	 	 	 	73,162	 	 	 	73,141	 	 	 	73,046	 	 	 	167	 	
Wgt. average common shares outstanding (diluted)	 	 	73,836	 	 	 	75,052	 	 	 	74,420	 	 	 	74,721	 	 	 	74,578	 	 	 	(742	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Common shares issued	 	 	79,138	 	 	 	73,364	 	 	 	73,364	 	 	 	73,364	 	 	 	73,364	 	 	 	5,774	 	
Treasury shares	 	 	5,341	 	 	 	1	 	 	 	192	 	 	 	210	 	 	 	261	 	 	 	5,080	 	
Common shares outstanding	 	 	73,797	 	 	 	73,363	 	 	 	73,172	 	 	 	73,154	 	 	 	73,103	 	 	 	694	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Book value per share	 	$	68.06	 	 	$	68.71	 	 	$	68.30	 	 	$	60.73	 	 	$	56.98	 	 	 	 	 	
Per share effect of accumulated other comprehensive income (AOCI)	 	$	12.18	 	 	$	12.37	 	 	$	14.48	 	 	$	8.59	 	 	$	6.49	 	 	 	 	 	
Book value per share, excluding AOCI	 	$	55.88	 	 	$	56.34	 	 	$	53.82	 	 	$	52.14	 	 	$	50.49	 	 	 	 	 	

(1)	 	Excludes Impact of Reliastar Acquisition	

 	 	 	 	 	
 	 	 	 	Page 2	

 
Reinsurance Group of America, Incorporated
Consolidated GAAP Income Statement (incl. Operating Income Reconciliations)
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	 	Current Qtr	 	
 	 	March 31,	 	 	Dec. 31,	 	 	Sept. 30,	 	 	June 30,	 	 	March 31,	 	 	vs. PY	 	
(USD thousands)	 	2011	 	 	2010	 	 	2010	 	 	2010	 	 	2010	 	 	Quarter	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	1,736,130	 	 	$	1,801,899	 	 	$	1,647,300	 	 	$	1,582,017	 	 	$	1,628,464	 	 	$	107,666	 	
Investment income, net of related expenses	 	 	371,040	 	 	 	355,227	 	 	 	287,504	 	 	 	291,671	 	 	 	304,258	 	 	 	66,782	 	
Investment related gains (losses), net	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
OTTI on fixed maturity securities	 	 	(1,556	)	 	 	(16,097	)	 	 	(4,904	)	 	 	(3,489	)	 	 	(7,430	)	 	 	5,874	 	
OTTI on fixed maturity securities transferred to/from AOCI	 	 	—	 	 	 	(186	)	 	 	26	 	 	 	(139	)	 	 	2,344	 	 	 	(2,344	)	
Other investment related gains (losses), net	 	 	125,176	 	 	 	90,916	 	 	 	(11,902	)	 	 	26,620	 	 	 	136,271	 	 	 	(11,095	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total investment related gains (losses), net	 	 	123,620	 	 	 	74,633	 	 	 	(16,780	)	 	 	22,992	 	 	 	131,185	 	 	 	(7,565	)	
Other revenue	 	 	51,645	 	 	 	42,370	 	 	 	37,515	 	 	 	35,197	 	 	 	36,278	 	 	 	15,367	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	 	 	2,282,435	 	 	 	2,274,129	 	 	 	1,955,539	 	 	 	1,931,877	 	 	 	2,100,185	 	 	 	182,250	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	 	1,469,449	 	 	 	1,470,845	 	 	 	1,393,891	 	 	 	1,307,239	 	 	 	1,375,180	 	 	 	94,269	 	
Interest credited	 	 	106,063	 	 	 	79,103	 	 	 	94,776	 	 	 	79,169	 	 	 	56,934	 	 	 	49,129	 	
Policy acquisition costs and other insurance expenses	 	 	331,153	 	 	 	319,444	 	 	 	157,058	 	 	 	237,149	 	 	 	366,302	 	 	 	(35,149	)	
Other operating expenses	 	 	106,150	 	 	 	102,216	 	 	 	85,409	 	 	 	83,147	 	 	 	91,199	 	 	 	14,951	 	
Interest expense	 	 	24,569	 	 	 	25,215	 	 	 	25,191	 	 	 	25,141	 	 	 	15,449	 	 	 	9,120	 	
Collateral finance facility expense	 	 	3,202	 	 	 	2,049	 	 	 	2,041	 	 	 	1,960	 	 	 	1,806	 	 	 	1,396	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	 	 	2,040,586	 	 	 	1,998,872	 	 	 	1,758,366	 	 	 	1,733,805	 	 	 	1,906,870	 	 	 	133,716	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	 	241,849	 	 	 	275,257	 	 	 	197,173	 	 	 	198,072	 	 	 	193,315	 	 	 	48,534	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income tax expense	 	 	81,033	 	 	 	78,545	 	 	 	68,941	 	 	 	71,053	 	 	 	70,876	 	 	 	10,157	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	 	$	160,816	 	 	$	196,712	 	 	$	128,232	 	 	$	127,019	 	 	$	122,439	 	 	$	38,377	 	

Pre-tax Operating Income Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes — continuing operations	 	 	241,849	 	 	 	275,257	 	 	 	197,173	 	 	 	198,072	 	 	 	193,315	 	 	 	48,534	 	
Investment and derivative losses (gains) — non-operating (1)	 	 	1,099	 	 	 	91,401	 	 	 	(37,747	)	 	 	(130,697	)	 	 	371	 	 	 	728	 	
Change in value of modified coinsurance and funds withheld embedded derivatives  (1)	 	 	(90,535	)	 	 	(43,780	)	 	 	38,653	 	 	 	(32,512	)	 	 	(122,635	)	 	 	32,100	 	
GMXB embedded derivatives (1)	 	 	(32,654	)	 	 	(121,209	)	 	 	16,232	 	 	 	140,934	 	 	 	(7,171	)	 	 	(25,483	)	
Funds withheld losses (gains) — investment income	 	 	12,041	 	 	 	(8,240	)	 	 	(6,494	)	 	 	(5,772	)	 	 	82	 	 	 	11,959	 	
Funds withheld losses (gains) — policy acq. costs	 	 	(1,925	)	 	 	793	 	 	 	954	 	 	 	777	 	 	 	(81	)	 	 	(1,844	)	
EIA embedded derivatives — interest credited	 	 	(26,751	)	 	 	(25,741	)	 	 	43,070	 	 	 	14,990	 	 	 	(22,422	)	 	 	(4,329	)	
EIA embedded derivatives — policy acq. costs	 	 	2,944	 	 	 	3,008	 	 	 	(4,189	)	 	 	(1,503	)	 	 	3,250	 	 	 	(306	)	
DAC offset, net	 	 	72,567	 	 	 	49,618	 	 	 	(50,519	)	 	 	6,041	 	 	 	103,769	 	 	 	(31,202	)	
Gain on repurchase of collateral finance facility securities	 	 	(4,971	)	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	(4,971	)	
Loss on retirement of Preferred Income Equity Redeemable Securities (“PIERS”)	 	 	4,391	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	4,391	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating Income Before Income Taxes	 	$	178,055	 	 	$	221,107	 	 	$	197,133	 	 	$	190,330	 	 	$	148,478	 	 	$	29,577	 	

After-tax Operating Income Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income — continuing operations	 	 	160,816	 	 	 	196,712	 	 	 	128,232	 	 	 	127,019	 	 	 	122,439	 	 	 	38,377	 	
Investment and derivative losses (gains) — non-operating (1)	 	 	191	 	 	 	59,317	 	 	 	(25,041	)	 	 	(85,039	)	 	 	(47	)	 	 	238	 	
Change in value of modified coinsurance and funds withheld embedded derivatives  (1)	 	 	(58,848	)	 	 	(28,457	)	 	 	25,125	 	 	 	(21,133	)	 	 	(79,713	)	 	 	20,865	 	
GMXB embedded derivatives (1)	 	 	(21,225	)	 	 	(78,786	)	 	 	10,551	 	 	 	91,607	 	 	 	(4,661	)	 	 	(16,564	)	
Funds withheld losses (gains) — investment income	 	 	7,827	 	 	 	(5,356	)	 	 	(4,221	)	 	 	(3,752	)	 	 	53	 	 	 	7,774	 	
Funds withheld losses (gains) — policy acq. costs	 	 	(1,251	)	 	 	515	 	 	 	621	 	 	 	505	 	 	 	(53	)	 	 	(1,198	)	
EIA embedded derivatives — interest credited	 	 	(17,388	)	 	 	(16,732	)	 	 	27,996	 	 	 	9,743	 	 	 	(14,574	)	 	 	(2,814	)	
EIA embedded derivatives — policy acq. costs	 	 	1,914	 	 	 	1,955	 	 	 	(2,723	)	 	 	(977	)	 	 	2,113	 	 	 	(199	)	
DAC offset, net	 	 	47,168	 	 	 	32,251	 	 	 	(32,837	)	 	 	3,926	 	 	 	67,451	 	 	 	(20,283	)	
Gain on repurchase of collateral finance facility securities	 	 	(3,231	)	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	(3,231	)	
Loss on retirement of PIERS	 	 	2,854	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	2,854	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating Income	 	$	118,827	 	 	$	161,419	 	 	$	127,703	 	 	$	121,899	 	 	$	93,008	 	 	$	25,819	 	

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

 	 	 	 	 	
 	 	 	 	Page 3	

 
Reinsurance Group of America, Incorporated
Consolidated Operating Income Statement
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	 	Current Qtr	 	
 	 	March 31,	 	 	Dec. 31,	 	 	Sept. 30,	 	 	June 30,	 	 	March 31,	 	 	vs. PY	 	
(USD thousands, except per share data)	 	2011	 	 	2010	 	 	2010	 	 	2010	 	 	2010	 	 	Quarter	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	1,736,130	 	 	$	1,801,899	 	 	$	1,647,300	 	 	$	1,582,017	 	 	$	1,628,464	 	 	$	107,666	 	
Investment income, net of related expenses	 	 	383,081	 	 	 	346,987	 	 	 	281,010	 	 	 	285,899	 	 	 	304,340	 	 	 	78,741	 	
Investment related gains (losses), net	 	 	1,530	 	 	 	1,045	 	 	 	358	 	 	 	717	 	 	 	1,750	 	 	 	(220	)	
Other revenue	 	 	46,674	 	 	 	42,370	 	 	 	37,515	 	 	 	35,197	 	 	 	36,278	 	 	 	10,396	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	 	 	2,167,415	 	 	 	2,192,301	 	 	 	1,966,183	 	 	 	1,903,830	 	 	 	1,970,832	 	 	 	196,583	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	 	1,469,449	 	 	 	1,470,845	 	 	 	1,393,891	 	 	 	1,307,239	 	 	 	1,375,180	 	 	 	94,269	 	
Interest credited	 	 	132,814	 	 	 	104,844	 	 	 	51,706	 	 	 	64,179	 	 	 	79,356	 	 	 	53,458	 	
Policy acquisition costs and other insurance expenses	 	 	257,567	 	 	 	266,025	 	 	 	210,812	 	 	 	231,834	 	 	 	259,364	 	 	 	(1,797	)	
Other operating expenses	 	 	101,759	 	 	 	102,216	 	 	 	85,409	 	 	 	83,147	 	 	 	91,199	 	 	 	10,560	 	
Interest expense	 	 	24,569	 	 	 	25,215	 	 	 	25,191	 	 	 	25,141	 	 	 	15,449	 	 	 	9,120	 	
Collateral finance facility expense	 	 	3,202	 	 	 	2,049	 	 	 	2,041	 	 	 	1,960	 	 	 	1,806	 	 	 	1,396	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	 	 	1,989,360	 	 	 	1,971,194	 	 	 	1,769,050	 	 	 	1,713,500	 	 	 	1,822,354	 	 	 	167,006	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	 	178,055	 	 	 	221,107	 	 	 	197,133	 	 	 	190,330	 	 	 	148,478	 	 	 	29,577	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income tax expense	 	 	59,228	 	 	 	59,688	 	 	 	69,430	 	 	 	68,431	 	 	 	55,470	 	 	 	3,758	 	

Operating income	 	$	118,827	 	 	$	161,419	 	 	$	127,703	 	 	$	121,899	 	 	$	93,008	 	 	$	25,819	 	

Wgt. Average Common Shares Outstanding (Diluted)	 	 	73,836	 	 	 	75,052	 	 	 	74,420	 	 	 	74,721	 	 	 	74,578	 	 	 	(742	)	

Diluted Earnings Per Share — Operating Income	 	$	1.61	 	 	$	2.15	 	 	$	1.72	 	 	$	1.63	 	 	$	1.25	 	 	$	0.36	 	

Foreign currency effect*:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	42,487	 	 	$	23,933	 	 	$	15,448	 	 	$	40,445	 	 	$	103,974	 	 	$	(61,487	)	
Operating income before income taxes	 	$	4,634	 	 	$	1,580	 	 	$	1,998	 	 	$	5,185	 	 	$	9,497	 	 	$	(4,863	)	

*	 	Compared to comparable prior year period	

 	 	 	 	 	
 	 	 	 	Page 4	

 
Reinsurance Group of America, Incorporated
Consolidated Balance Sheets
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	March 31,	 	 	Dec. 31,	 	 	Sept. 30,	 	 	June 30,	 	 	March 31,	 	
(USD thousands)	 	2011	 	 	2010	 	 	2010	 	 	2010	 	 	2010	 	
Assets	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Fixed maturity securities, available-for-sale	 	$	14,531,154	 	 	$	14,304,597	 	 	$	14,169,930	 	 	$	13,077,607	 	 	$	12,775,342	 	
Mortgage loans on real estate	 	 	906,869	 	 	 	885,811	 	 	 	863,873	 	 	 	838,827	 	 	 	797,272	 	
Policy loans	 	 	1,222,016	 	 	 	1,228,418	 	 	 	1,173,148	 	 	 	1,173,016	 	 	 	1,162,723	 	
Funds withheld at interest	 	 	5,595,146	 	 	 	5,421,952	 	 	 	5,276,511	 	 	 	5,257,929	 	 	 	5,180,300	 	
Short-term investments	 	 	74,902	 	 	 	118,387	 	 	 	84,091	 	 	 	63,962	 	 	 	79,160	 	
Other invested assets	 	 	756,377	 	 	 	707,403	 	 	 	738,830	 	 	 	637,827	 	 	 	564,753	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total investments	 	 	23,086,464	 	 	 	22,666,568	 	 	 	22,306,383	 	 	 	21,049,168	 	 	 	20,559,550	 	
Cash and cash equivalents	 	 	467,672	 	 	 	463,661	 	 	 	634,075	 	 	 	557,756	 	 	 	525,360	 	
Accrued investment income	 	 	155,182	 	 	 	127,874	 	 	 	177,250	 	 	 	144,658	 	 	 	140,921	 	
Premiums receivable and other reinsurance balances	 	 	986,658	 	 	 	1,037,679	 	 	 	987,342	 	 	 	898,522	 	 	 	880,372	 	
Reinsurance ceded receivables	 	 	807,929	 	 	 	769,699	 	 	 	790,889	 	 	 	721,830	 	 	 	731,479	 	
Deferred policy acquisition costs	 	 	3,679,075	 	 	 	3,726,443	 	 	 	3,741,534	 	 	 	3,597,865	 	 	 	3,624,846	 	
Other assets	 	 	327,039	 	 	 	289,984	 	 	 	296,555	 	 	 	250,807	 	 	 	259,930	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total assets	 	$	29,510,019	 	 	$	29,081,908	 	 	$	28,934,028	 	 	$	27,220,606	 	 	$	26,722,458	 	

Liabilities and Stockholders’ Equity	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Future policy benefits	 	$	9,438,432	 	 	$	9,274,789	 	 	$	8,906,977	 	 	$	8,518,817	 	 	$	8,540,298	 	
Interest-sensitive contract liabilities	 	 	7,747,203	 	 	 	7,774,481	 	 	 	7,884,874	 	 	 	7,781,407	 	 	 	7,550,168	 	
Other policy claims and benefits	 	 	2,728,122	 	 	 	2,597,941	 	 	 	2,590,014	 	 	 	2,387,579	 	 	 	2,429,147	 	
Other reinsurance balances	 	 	184,958	 	 	 	133,590	 	 	 	134,066	 	 	 	143,723	 	 	 	211,532	 	
Deferred income taxes	 	 	1,415,333	 	 	 	1,396,747	 	 	 	1,064,726	 	 	 	977,873	 	 	 	818,331	 	
Other liabilities	 	 	701,799	 	 	 	637,923	 	 	 	1,129,848	 	 	 	742,940	 	 	 	782,117	 	
Short-term debt	 	 	255,989	 	 	 	199,985	 	 	 	—	 	 	 	—	 	 	 	—	 	
Long-term debt	 	 	1,016,510	 	 	 	1,016,425	 	 	 	1,216,320	 	 	 	1,216,230	 	 	 	1,216,140	 	
Collateral finance facility	 	 	839,354	 	 	 	850,039	 	 	 	850,026	 	 	 	850,030	 	 	 	850,025	 	
Company-obligated mandatorily redeemable preferred securities of subsidiary trust holding solely junior subordinated debentures of the Company	 	 	159,455	 	 	 	159,421	 	 	 	159,368	 	 	 	159,316	 	 	 	159,266	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total liabilities	 	 	24,487,155	 	 	 	24,041,341	 	 	 	23,936,219	 	 	 	22,777,915	 	 	 	22,557,024	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Stockholders’ Equity:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Common stock, at par value	 	 	791	 	 	 	734	 	 	 	734	 	 	 	734	 	 	 	734	 	
Warrants	 	 	—	 	 	 	66,912	 	 	 	66,912	 	 	 	66,912	 	 	 	66,912	 	
Additional paid-in-capital	 	 	1,708,096	 	 	 	1,478,398	 	 	 	1,477,011	 	 	 	1,473,305	 	 	 	1,469,807	 	
Retained earnings	 	 	2,738,868	 	 	 	2,587,403	 	 	 	2,402,167	 	 	 	2,282,968	 	 	 	2,165,410	 	
Treasury stock	 	 	(323,689	)	 	 	(295	)	 	 	(8,774	)	 	 	(9,570	)	 	 	(11,817	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Accumulated other comprehensive income (AOCI):	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Accumulated currency translation adjustment, net of income taxes	 	 	297,513	 	 	 	270,526	 	 	 	242,686	 	 	 	173,985	 	 	 	237,549	 	
Unrealized appreciation of securities, net of income taxes	 	 	615,631	 	 	 	651,449	 	 	 	832,756	 	 	 	470,365	 	 	 	252,905	 	
Pension and postretirement benefits, net of income taxes	 	 	(14,346	)	 	 	(14,560	)	 	 	(15,683	)	 	 	(16,008	)	 	 	(16,066	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total stockholders’ equity	 	 	5,022,864	 	 	 	5,040,567	 	 	 	4,997,809	 	 	 	4,442,691	 	 	 	4,165,434	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total liabilities and stockholders’ equity	 	$	29,510,019	 	 	$	29,081,908	 	 	$	28,934,028	 	 	$	27,220,606	 	 	$	26,722,458	 	

Total stockholders’ equity, excluding AOCI	 	$	4,124,066	 	 	$	4,133,152	 	 	$	3,938,050	 	 	$	3,814,349	 	 	$	3,691,046	 	

 	 	 	 	 	
 	 	 	 	Page 5	

 
Reinsurance Group of America, Incorporated
U.S. Traditional Sub-segment Pre-tax Operating Income
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	 	Current Qtr	 	
 	 	March 31,	 	 	Dec. 31,	 	 	Sept. 30,	 	 	June 30,	 	 	March 31,	 	 	vs. PY	 	
(USD thousands)	 	2011	 	 	2010	 	 	2010	 	 	2010	 	 	2010	 	 	Quarter	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	935,053	 	 	$	1,009,758	 	 	$	930,070	 	 	$	933,162	 	 	$	902,961	 	 	$	32,092	 	
Investment income, net of related expenses	 	 	119,781	 	 	 	117,272	 	 	 	124,596	 	 	 	120,782	 	 	 	113,461	 	 	 	6,320	 	
Other revenue	 	 	493	 	 	 	504	 	 	 	428	 	 	 	190	 	 	 	598	 	 	 	(105	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	 	 	1,055,327	 	 	 	1,127,534	 	 	 	1,055,094	 	 	 	1,054,134	 	 	 	1,017,020	 	 	 	38,307	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	 	822,407	 	 	 	842,335	 	 	 	793,270	 	 	 	788,956	 	 	 	789,775	 	 	 	32,632	 	
Interest credited	 	 	14,584	 	 	 	14,826	 	 	 	16,698	 	 	 	16,312	 	 	 	16,636	 	 	 	(2,052	)	
Policy acquisition costs and other insurance expenses	 	 	127,462	 	 	 	142,057	 	 	 	125,526	 	 	 	134,470	 	 	 	128,773	 	 	 	(1,311	)	
Other operating expenses	 	 	21,350	 	 	 	21,221	 	 	 	18,534	 	 	 	18,303	 	 	 	20,859	 	 	 	491	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	 	 	985,803	 	 	 	1,020,439	 	 	 	954,028	 	 	 	958,041	 	 	 	956,043	 	 	 	29,760	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	 	69,524	 	 	 	107,095	 	 	 	101,066	 	 	 	96,093	 	 	 	60,977	 	 	 	8,547	 	

Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	 	69,524	 	 	 	107,095	 	 	 	101,066	 	 	 	96,093	 	 	 	60,977	 	 	 	8,547	 	
Investment and derivative (losses) gains — non-operating	 	 	8,875	 	 	 	6,246	 	 	 	13,009	 	 	 	2,721	 	 	 	2,848	 	 	 	6,027	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	$	78,399	 	 	$	113,341	 	 	$	114,075	 	 	$	98,814	 	 	$	63,825	 	 	$	14,574	 	

Loss and Expense Ratios:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	 	88.0	%	 	 	83.4	%	 	 	85.3	%	 	 	84.5	%	 	 	87.5	%	 	 	0.5	%	
Policy acquisition costs and other insurance expenses	 	 	13.6	%	 	 	14.1	%	 	 	13.5	%	 	 	14.4	%	 	 	14.3	%	 	 	-0.7	%	
Other operating expenses	 	 	2.3	%	 	 	2.1	%	 	 	2.0	%	 	 	2.0	%	 	 	2.3	%	 	 	0.0	%	

 	 	 	 	 	
 	 	 	 	Page 6	

 
Reinsurance Group of America, Incorporated
U.S. Asset Intensive Sub-segment Pre-tax Operating Income
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	 	Current Qtr	 	
 	 	March 31,	 	 	Dec. 31,	 	 	Sept. 30,	 	 	June 30,	 	 	March 31,	 	 	vs. PY	 	
(USD thousands except account values)	 	2011	 	 	2010	 	 	2010	 	 	2010	 	 	2010	 	 	Quarter	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	3,325	 	 	$	3,401	 	 	$	2,724	 	 	$	3,128	 	 	$	11,877	 	 	$	(8,552	)	
Investment income, net of related expenses	 	 	159,414	 	 	 	129,985	 	 	 	60,853	 	 	 	77,189	 	 	 	96,449	 	 	 	62,965	 	
Investment related gains (losses), net	 	 	(16	)	 	 	(18	)	 	 	(18	)	 	 	(18	)	 	 	(18	)	 	 	2	 	
Other revenue	 	 	24,001	 	 	 	24,156	 	 	 	19,605	 	 	 	21,944	 	 	 	20,893	 	 	 	3,108	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	 	 	186,724	 	 	 	157,524	 	 	 	83,164	 	 	 	102,243	 	 	 	129,201	 	 	 	57,523	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	 	2,816	 	 	 	3,131	 	 	 	(318	)	 	 	2,850	 	 	 	9,610	 	 	 	(6,794	)	
Interest credited	 	 	118,230	 	 	 	90,017	 	 	 	35,008	 	 	 	47,868	 	 	 	62,706	 	 	 	55,524	 	
Policy acquisition costs and other insurance expenses	 	 	42,755	 	 	 	41,614	 	 	 	32,072	 	 	 	33,341	 	 	 	37,150	 	 	 	5,605	 	
Other operating expenses	 	 	2,154	 	 	 	2,781	 	 	 	2,413	 	 	 	2,414	 	 	 	3,189	 	 	 	(1,035	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	 	 	165,955	 	 	 	137,543	 	 	 	69,175	 	 	 	86,473	 	 	 	112,655	 	 	 	53,300	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income (loss) before income taxes	 	 	20,769	 	 	 	19,981	 	 	 	13,989	 	 	 	15,770	 	 	 	16,546	 	 	 	4,223	 	

Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	 	20,769	 	 	 	19,981	 	 	 	13,989	 	 	 	15,770	 	 	 	16,546	 	 	 	4,223	 	
Investment and derivative (losses) gains — non-operating  (1)	 	 	(18,704	)	 	 	(109,171	)	 	 	17,112	 	 	 	124,746	 	 	 	2,808	 	 	 	(21,512	)	
Change in value of modified coinsurance and funds withheld embedded derivatives  (1)	 	 	90,535	 	 	 	43,780	 	 	 	(38,653	)	 	 	32,512	 	 	 	122,635	 	 	 	(32,100	)	
GMXB embedded derivatives (1)	 	 	32,654	 	 	 	121,209	 	 	 	(16,232	)	 	 	(140,934	)	 	 	7,171	 	 	 	25,483	 	
Funds withheld losses (gains) — investment income	 	 	(12,041	)	 	 	8,240	 	 	 	6,494	 	 	 	5,772	 	 	 	(82	)	 	 	(11,959	)	
Funds withheld losses (gains) — policy acq. costs	 	 	1,925	 	 	 	(793	)	 	 	(954	)	 	 	(777	)	 	 	81	 	 	 	1,844	 	
EIA embedded derivatives — interest credited	 	 	26,751	 	 	 	25,741	 	 	 	(43,070	)	 	 	(14,990	)	 	 	22,422	 	 	 	4,329	 	
EIA embedded derivatives — policy acq. costs	 	 	(2,944	)	 	 	(3,008	)	 	 	4,189	 	 	 	1,503	 	 	 	(3,250	)	 	 	306	 	
DAC offset, net	 	 	(72,567	)	 	 	(49,618	)	 	 	50,519	 	 	 	(6,041	)	 	 	(103,769	)	 	 	31,202	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	$	66,378	 	 	$	56,361	 	 	$	(6,606	)	 	$	17,561	 	 	$	64,562	 	 	$	1,816	 	

 	 	 	
(1)	 	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	 	
 	 	March 31,	 	 	Dec. 31,	 	 	Sept. 30,	 	 	June 30,	 	 	March 31,	 	
(USD millions)	 	2011	 	 	2010	 	 	2010	 	 	2010	 	 	2010	 	
Annuity account values:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Fixed annuities (deferred)	 	$	804	 	 	$	822	 	 	$	837	 	 	$	847	 	 	$	861	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net interest spread (fixed annuities):	 	 	2.7	%	 	 	2.4	%	 	 	1.5	%	 	 	2.3	%	 	 	2.4	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Equity-indexed annuities	 	$	4,258	 	 	$	4,239	 	 	$	4,210	 	 	$	4,145	 	 	$	4,052	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Variable annuities:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
No riders	 	$	1,172	 	 	$	1,156	 	 	$	1,243	 	 	$	1,190	 	 	$	1,251	 	
GMDB only	 	 	91	 	 	 	90	 	 	 	87	 	 	 	79	 	 	 	82	 	
GMIB only	 	 	6	 	 	 	6	 	 	 	6	 	 	 	6	 	 	 	6	 	
GMAB only	 	 	64	 	 	 	64	 	 	 	62	 	 	 	58	 	 	 	63	 	
GMWB only	 	 	1,773	 	 	 	1,735	 	 	 	1,653	 	 	 	1,517	 	 	 	1,622	 	
GMDB / WB	 	 	500	 	 	 	492	 	 	 	472	 	 	 	431	 	 	 	455	 	
Other	 	 	36	 	 	 	36	 	 	 	34	 	 	 	32	 	 	 	35	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total VA account values	 	$	3,642	 	 	$	3,579	 	 	$	3,557	 	 	$	3,313	 	 	$	3,514	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Fair value of liabilities associated with living benefit riders	 	$	20	 	 	$	53	 	 	$	174	 	 	$	158	 	 	$	17	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest-sensitive contract liabilities associated with:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Guaranteed investment contracts	 	$	199	 	 	$	199	 	 	$	199	 	 	$	199	 	 	$	199	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Bank-owned life insurance (BOLI)	 	$	498	 	 	$	494	 	 	$	491	 	 	$	487	 	 	$	484	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Other asset-intensive business	 	$	87	 	 	$	90	 	 	$	96	 	 	$	98	 	 	$	100	 	

 	 	 	 	 	
 	 	 	 	Page 8	

 
Reinsurance Group of America, Incorporated
U.S. Financial Reinsurance Sub-segment Pre-tax Operating Income
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	 	Current Qtr	 	
 	 	March 31,	 	 	Dec. 31,	 	 	Sept. 30,	 	 	June 30,	 	 	March 31,	 	 	vs. PY	 	
(USD thousands)	 	2011	 	 	2010	 	 	2010	 	 	2010	 	 	2010	 	 	Quarter	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Investment income, net of related expenses	 	$	(197	)	 	$	63	 	 	$	154	 	 	$	107	 	 	$	(51	)	 	$	(146	)	
Other revenue	 	 	9,002	 	 	 	7,029	 	 	 	5,608	 	 	 	5,820	 	 	 	5,050	 	 	 	3,952	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	 	 	8,805	 	 	 	7,092	 	 	 	5,762	 	 	 	5,927	 	 	 	4,999	 	 	 	3,806	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Policy acquisition costs and other insurance expenses	 	 	853	 	 	 	447	 	 	 	461	 	 	 	580	 	 	 	526	 	 	 	327	 	
Other operating expenses	 	 	1,797	 	 	 	1,067	 	 	 	940	 	 	 	937	 	 	 	1,279	 	 	 	518	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	 	 	2,650	 	 	 	1,514	 	 	 	1,401	 	 	 	1,517	 	 	 	1,805	 	 	 	845	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	 	6,155	 	 	 	5,578	 	 	 	4,361	 	 	 	4,410	 	 	 	3,194	 	 	 	2,961	 	

Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	 	6,155	 	 	 	5,578	 	 	 	4,361	 	 	 	4,410	 	 	 	3,194	 	 	 	2,961	 	
Investment and derivative (losses) gains — non-operating	 	 	(35	)	 	 	(23	)	 	 	(44	)	 	 	(10	)	 	 	(9	)	 	 	(26	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	$	6,120	 	 	$	5,555	 	 	$	4,317	 	 	$	4,400	 	 	$	3,185	 	 	$	2,935	 	

 	 	 	 	 	
 	 	 	 	 	
 	 	 	 	Page 9	

 
Reinsurance Group of America, Incorporated
Canadian Segment Pre-tax Operating Income
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	 	Current Qtr	 	
 	 	March 31,	 	 	Dec. 31,	 	 	Sept. 30,	 	 	June 30,	 	 	March 31,	 	 	vs. PY	 	
(USD thousands)	 	2011	 	 	2010	 	 	2010	 	 	2010	 	 	2010	 	 	Quarter	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	215,028	 	 	$	205,925	 	 	$	205,552	 	 	$	177,079	 	 	$	208,650	 	 	$	6,378	 	
Investment income, net of related expenses	 	 	44,901	 	 	 	41,534	 	 	 	41,170	 	 	 	42,206	 	 	 	40,228	 	 	 	4,673	 	
Investment related gains (losses), net	 	 	1,169	 	 	 	1,187	 	 	 	938	 	 	 	915	 	 	 	895	 	 	 	274	 	
Other revenue	 	 	22	 	 	 	59	 	 	 	803	 	 	 	241	 	 	 	43	 	 	 	(21	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	 	 	261,120	 	 	 	248,705	 	 	 	248,463	 	 	 	220,441	 	 	 	249,816	 	 	 	11,304	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	 	179,055	 	 	 	152,038	 	 	 	186,554	 	 	 	145,250	 	 	 	172,516	 	 	 	6,539	 	
Interest credited	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	
Policy acquisition costs and other insurance expenses	 	 	47,089	 	 	 	50,966	 	 	 	26,901	 	 	 	35,264	 	 	 	54,441	 	 	 	(7,352	)	
Other operating expenses	 	 	8,694	 	 	 	9,058	 	 	 	6,971	 	 	 	6,994	 	 	 	6,841	 	 	 	1,853	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	 	 	234,838	 	 	 	212,062	 	 	 	220,426	 	 	 	187,508	 	 	 	233,798	 	 	 	1,040	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	 	26,282	 	 	 	36,643	 	 	 	28,037	 	 	 	32,933	 	 	 	16,018	 	 	 	10,264	 	

Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	 	26,282	 	 	 	36,643	 	 	 	28,037	 	 	 	32,933	 	 	 	16,018	 	 	 	10,264	 	
Investment and derivative (losses) gains — non-operating	 	 	4,389	 	 	 	(454	)	 	 	5,431	 	 	 	815	 	 	 	2,955	 	 	 	1,434	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	$	30,671	 	 	$	36,189	 	 	$	33,468	 	 	$	33,748	 	 	$	18,973	 	 	$	11,698	 	

Loss and Expense Ratios:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Loss ratios (creditor business)	 	 	37.7	%	 	 	39.1	%	 	 	32.5	%	 	 	40.6	%	 	 	41.2	%	 	 	-3.5	%	
Loss ratios (excluding creditor business)	 	 	97.6	%	 	 	84.3	%	 	 	96.3	%	 	 	91.9	%	 	 	106.8	%	 	 	-9.2	%	
Claims and other policy benefits / (net premiums + investment income)	 	 	68.9	%	 	 	61.4	%	 	 	75.6	%	 	 	66.2	%	 	 	69.3	%	 	 	-0.4	%	
Policy acquisition costs and other insurance expenses (creditor business)	 	 	55.3	%	 	 	56.4	%	 	 	55.6	%	 	 	56.8	%	 	 	50.8	%	 	 	4.5	%	
Policy acquisition costs and other insurance expenses (excluding creditor business)	 	 	11.3	%	 	 	15.3	%	 	 	9.1	%	 	 	11.1	%	 	 	11.7	%	 	 	-0.4	%	
Other operating expenses	 	 	4.0	%	 	 	4.4	%	 	 	3.4	%	 	 	3.9	%	 	 	3.3	%	 	 	0.7	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Foreign currency effect*:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	11,248	 	 	$	8,357	 	 	$	10,236	 	 	$	20,670	 	 	$	33,557	 	 	$	(22,309	)	
Operating income before income taxes	 	$	453	 	 	$	1,858	 	 	$	292	 	 	$	4,079	 	 	$	1,373	 	 	$	(920	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Creditor reinsurance net premiums	 	$	51,584	 	 	$	47,467	 	 	$	17,707	 	 	$	34,079	 	 	$	76,712	 	 	$	(25,128	)	
Note: The loss ratios on creditor reinsurance business are normally lower than traditional reinsurance, while allowances are normally higher as a percentage of premiums.

*	 	Compared to comparable prior year period	

 	 	 	 	 	
 	 	 	 	Page 10	

 
Reinsurance Group of America, Incorporated
Europe & South Africa Segment Pre-tax Operating Income
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	 	Current Qtr	 	
 	 	March 31,	 	 	Dec. 31,	 	 	Sept. 30,	 	 	June 30,	 	 	March 31,	 	 	vs. PY	 	
(USD thousands)	 	2011	 	 	2010	 	 	2010	 	 	2010	 	 	2010	 	 	Quarter	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	269,120	 	 	$	257,980	 	 	$	232,962	 	 	$	209,919	 	 	$	217,652	 	 	$	51,468	 	
Investment income, net of related expenses	 	 	9,854	 	 	 	9,737	 	 	 	8,579	 	 	 	8,369	 	 	 	7,832	 	 	 	2,022	 	
Other revenue	 	 	1,055	 	 	 	296	 	 	 	857	 	 	 	108	 	 	 	838	 	 	 	217	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	 	 	280,029	 	 	 	268,013	 	 	 	242,398	 	 	 	218,396	 	 	 	226,322	 	 	 	53,707	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	 	216,932	 	 	 	195,172	 	 	 	193,377	 	 	 	165,827	 	 	 	180,016	 	 	 	36,916	 	
Policy acquisition costs and other insurance expenses	 	 	12,059	 	 	 	8,153	 	 	 	12,137	 	 	 	10,273	 	 	 	13,398	 	 	 	(1,339	)	
Other operating expenses	 	 	25,012	 	 	 	28,301	 	 	 	21,198	 	 	 	21,317	 	 	 	22,710	 	 	 	2,302	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	 	 	254,003	 	 	 	231,626	 	 	 	226,712	 	 	 	197,417	 	 	 	216,124	 	 	 	37,879	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	 	26,026	 	 	 	36,387	 	 	 	15,686	 	 	 	20,979	 	 	 	10,198	 	 	 	15,828	 	

Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	 	26,026	 	 	 	36,387	 	 	 	15,686	 	 	 	20,979	 	 	 	10,198	 	 	 	15,828	 	
Investment and derivative (losses) gains — non-operating	 	 	293	 	 	 	(1,030	)	 	 	1,808	 	 	 	1,347	 	 	 	459	 	 	 	(166	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	$	26,319	 	 	$	35,357	 	 	$	17,494	 	 	$	22,326	 	 	$	10,657	 	 	$	15,662	 	

Loss and Expense Ratios:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	 	80.6	%	 	 	75.7	%	 	 	83.0	%	 	 	79.0	%	 	 	82.7	%	 	 	-2.1	%	
Policy acquisition costs and other insurance expenses	 	 	4.5	%	 	 	3.2	%	 	 	5.2	%	 	 	4.9	%	 	 	6.2	%	 	 	-1.7	%	
Other operating expenses	 	 	9.3	%	 	 	11.0	%	 	 	9.1	%	 	 	10.2	%	 	 	10.4	%	 	 	-1.1	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Foreign currency effect*:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	6,466	 	 	$	(5,502	)	 	$	(12,500	)	 	$	(6,154	)	 	$	20,109	 	 	$	(13,643	)	
Operating income before income taxes	 	$	233	 	 	$	(704	)	 	$	(1,184	)	 	$	(1,158	)	 	$	334	 	 	$	(101	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Critical illness net premiums	 	$	60,261	 	 	$	58,102	 	 	$	57,340	 	 	$	52,759	 	 	$	55,874	 	 	$	4,387	 	

*	 	Compared to comparable prior year period	

 	 	 	 	 	
 	 	 	 	Page 11	

 
Reinsurance Group of America, Incorporated
Asia Pacific Segment Pre-tax Operating Income
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	 	Current Qtr	 	
 	 	March 31,	 	 	Dec. 31,	 	 	Sept. 30,	 	 	June 30,	 	 	March 31,	 	 	vs. PY	 	
(USD thousands)	 	2011	 	 	2010	 	 	2010	 	 	2010	 	 	2010	 	 	Quarter	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	311,517	 	 	$	322,544	 	 	$	273,825	 	 	$	256,878	 	 	$	285,818	 	 	$	25,699	 	
Investment income, net of related expenses	 	 	19,634	 	 	 	18,997	 	 	 	17,042	 	 	 	17,249	 	 	 	17,264	 	 	 	2,370	 	
Investment related gains (losses), net	 	 	(108	)	 	 	365	 	 	 	232	 	 	 	(151	)	 	 	707	 	 	 	(815	)	
Other revenue	 	 	8,492	 	 	 	6,642	 	 	 	7,462	 	 	 	6,128	 	 	 	6,187	 	 	 	2,305	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	 	 	339,535	 	 	 	348,548	 	 	 	298,561	 	 	 	280,104	 	 	 	309,976	 	 	 	29,559	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	 	247,930	 	 	 	277,926	 	 	 	220,867	 	 	 	204,494	 	 	 	223,096	 	 	 	24,834	 	
Policy acquisition costs and other insurance expenses	 	 	40,820	 	 	 	36,336	 	 	 	27,373	 	 	 	31,661	 	 	 	37,930	 	 	 	2,890	 	
Other operating expenses	 	 	25,127	 	 	 	26,164	 	 	 	22,932	 	 	 	22,265	 	 	 	22,385	 	 	 	2,742	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	 	 	313,877	 	 	 	340,426	 	 	 	271,172	 	 	 	258,420	 	 	 	283,411	 	 	 	30,466	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	 	25,658	 	 	 	8,122	 	 	 	27,389	 	 	 	21,684	 	 	 	26,565	 	 	 	(907	)	

Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	 	25,658	 	 	 	8,122	 	 	 	27,389	 	 	 	21,684	 	 	 	26,565	 	 	 	(907	)	
Investment and derivative (losses) gains — non-operating	 	 	(330	)	 	 	1,949	 	 	 	1,094	 	 	 	2,077	 	 	 	(120	)	 	 	(210	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	$	25,328	 	 	$	10,071	 	 	$	28,483	 	 	$	23,761	 	 	$	26,445	 	 	$	(1,117	)	

Loss and Expense Ratios:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	 	79.6	%	 	 	86.2	%	 	 	80.7	%	 	 	79.6	%	 	 	78.1	%	 	 	1.5	%	
Policy acquisition costs and other insurance expenses	 	 	13.1	%	 	 	11.3	%	 	 	10.0	%	 	 	12.3	%	 	 	13.3	%	 	 	-0.2	%	
Other operating expenses	 	 	8.1	%	 	 	8.1	%	 	 	8.4	%	 	 	8.7	%	 	 	7.8	%	 	 	0.3	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Foreign currency effect*:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	24,825	 	 	$	21,020	 	 	$	17,726	 	 	$	25,935	 	 	$	50,307	 	 	$	(25,482	)	
Operating income before income taxes	 	$	1,555	 	 	$	487	 	 	$	978	 	 	$	2,276	 	 	$	3,577	 	 	$	(2,022	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Critical illness net premiums	 	$	45,622	 	 	$	52,386	 	 	$	45,954	 	 	$	48,508	 	 	$	39,398	 	 	$	6,224	 	

*	 	Compared to comparable prior year period	

 	 	 	 	 	
 	 	 	 	Page 12	

 
Reinsurance Group of America, Incorporated
Corporate and Other Segment Pre-tax Operating Income
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	 	Current Qtr	 	
 	 	March 31,	 	 	Dec. 31,	 	 	Sept. 30,	 	 	June 30,	 	 	March 31,	 	 	vs. PY	 	
(USD thousands)	 	2011	 	 	2010	 	 	2010	 	 	2010	 	 	2010	 	 	Quarter	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	2,087	 	 	$	2,291	 	 	$	2,167	 	 	$	1,851	 	 	$	1,506	 	 	$	581	 	
Investment income, net of related expenses	 	 	29,694	 	 	 	29,399	 	 	 	28,616	 	 	 	19,997	 	 	 	29,157	 	 	 	537	 	
Investment related gains (losses), net	 	 	485	 	 	 	(489	)	 	 	(794	)	 	 	(29	)	 	 	166	 	 	 	319	 	
Other revenue	 	 	3,609	 	 	 	3,684	 	 	 	2,752	 	 	 	766	 	 	 	2,669	 	 	 	940	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	 	 	35,875	 	 	 	34,885	 	 	 	32,741	 	 	 	22,585	 	 	 	33,498	 	 	 	2,377	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	 	309	 	 	 	243	 	 	 	141	 	 	 	(138	)	 	 	167	 	 	 	142	 	
Interest credited	 	 	—	 	 	 	1	 	 	 	—	 	 	 	(1	)	 	 	14	 	 	 	(14	)	
Policy acquisition costs and other insurance expenses	 	 	(13,471	)	 	 	(13,548	)	 	 	(13,658	)	 	 	(13,755	)	 	 	(12,854	)	 	 	(617	)	
Other operating expenses	 	 	17,625	 	 	 	13,624	 	 	 	12,421	 	 	 	10,917	 	 	 	13,936	 	 	 	3,689	 	
Interest expense	 	 	24,569	 	 	 	25,215	 	 	 	25,191	 	 	 	25,141	 	 	 	15,449	 	 	 	9,120	 	
Collateral finance facility expense	 	 	3,202	 	 	 	2,049	 	 	 	2,041	 	 	 	1,960	 	 	 	1,806	 	 	 	1,396	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	 	 	32,234	 	 	 	27,584	 	 	 	26,136	 	 	 	24,124	 	 	 	18,518	 	 	 	13,716	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income (loss) before income taxes	 	 	3,641	 	 	 	7,301	 	 	 	6,605	 	 	 	(1,539	)	 	 	14,980	 	 	 	(11,339	)	

Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	 	3,641	 	 	 	7,301	 	 	 	6,605	 	 	 	(1,539	)	 	 	14,980	 	 	 	(11,339	)	
Investment and derivative (losses) gains — non-operating	 	 	4,413	 	 	 	11,082	 	 	 	(663	)	 	 	(999	)	 	 	(9,312	)	 	 	13,725	 	
Gain on repurchase of collateral finance facility securities	 	 	4,971	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	4,971	 	
Loss on retirement of PIERS	 	 	(4,391	)	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	(4,391	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	$	8,634	 	 	$	18,383	 	 	$	5,942	 	 	$	(2,538	)	 	$	5,668	 	 	$	2,966	 	

Foreign currency effect*:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	(52	)	 	$	58	 	 	$	(14	)	 	$	(6	)	 	$	1	 	 	$	(53	)	
Operating income before income taxes	 	$	2,393	 	 	$	(61	)	 	$	1,912	 	 	$	(12	)	 	$	4,213	 	 	$	(1,820	)	

*	 	Compared to comparable prior year period	

 	 	 	 	 	
 	 	 	 	Page 13	

 
Reinsurance Group of America, Incorporated
Summary of Pre-tax Segment Operating Income
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	 	Current Qtr	 	
 	 	March 31,	 	 	Dec. 31,	 	 	Sept. 30,	 	 	June 30,	 	 	March 31,	 	 	vs. PY	 	
(USD thousands)	 	2011	 	 	2010	 	 	2010	 	 	2010	 	 	2010	 	 	Quarter	 	
U.S. Traditional	 	$	69,524	 	 	$	107,095	 	 	$	101,066	 	 	$	96,093	 	 	$	60,977	 	 	$	8,547	 	
U.S. Asset Intensive	 	 	20,769	 	 	 	19,981	 	 	 	13,989	 	 	 	15,770	 	 	 	16,546	 	 	 	4,223	 	
U.S. Financial Reinsurance	 	 	6,155	 	 	 	5,578	 	 	 	4,361	 	 	 	4,410	 	 	 	3,194	 	 	 	2,961	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total U.S. Segment	 	 	96,448	 	 	 	132,654	 	 	 	119,416	 	 	 	116,273	 	 	 	80,717	 	 	 	15,731	 	
Canadian Segment	 	 	26,282	 	 	 	36,643	 	 	 	28,037	 	 	 	32,933	 	 	 	16,018	 	 	 	10,264	 	
Europe & South Africa Segment	 	 	26,026	 	 	 	36,387	 	 	 	15,686	 	 	 	20,979	 	 	 	10,198	 	 	 	15,828	 	
Asia Pacific Segment	 	 	25,658	 	 	 	8,122	 	 	 	27,389	 	 	 	21,684	 	 	 	26,565	 	 	 	(907	)	
Corporate and Other	 	 	3,641	 	 	 	7,301	 	 	 	6,605	 	 	 	(1,539	)	 	 	14,980	 	 	 	(11,339	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Consolidated	 	$	178,055	 	 	$	221,107	 	 	$	197,133	 	 	$	190,330	 	 	$	148,478	 	 	$	29,577	 	

 	 	 	 	 	
 	 	 	 	 	
 	 	 	 	Page 14	

 
Reinsurance Group of America, Incorporated
Investments
(USD thousands)
Cash and Invested Assets
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	March 31,	 	 	Dec. 31,	 	 	Sept. 30,	 	 	June 30,	 	 	March 31,	 	
 	 	2011	 	 	2010	 	 	2010	 	 	2010	 	 	2010	 	
Fixed maturity securities, available-for-sale	 	$	14,531,154	 	 	$	14,304,597	 	 	$	14,169,930	 	 	$	13,077,607	 	 	$	12,775,342	 	
Mortgage loans on real estate	 	 	906,869	 	 	 	885,811	 	 	 	863,873	 	 	 	838,827	 	 	 	797,272	 	
Policy loans	 	 	1,222,016	 	 	 	1,228,418	 	 	 	1,173,148	 	 	 	1,173,016	 	 	 	1,162,723	 	
Funds withheld at interest	 	 	5,595,146	 	 	 	5,421,952	 	 	 	5,276,511	 	 	 	5,257,929	 	 	 	5,180,300	 	
Short-term investments	 	 	74,902	 	 	 	118,387	 	 	 	84,091	 	 	 	63,962	 	 	 	79,160	 	
Other invested assets	 	 	756,377	 	 	 	707,403	 	 	 	738,830	 	 	 	637,827	 	 	 	564,753	 	
Cash and cash equivalents	 	 	467,672	 	 	 	463,661	 	 	 	634,075	 	 	 	557,756	 	 	 	525,360	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total cash and invested assets	 	$	23,554,136	 	 	$	23,130,229	 	 	$	22,940,458	 	 	$	21,606,924	 	 	$	21,084,910	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Investment Income and Yield Summary
(Excludes Funds Withheld Portfolios)
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	Current Qtr	
 	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	 	vs. PY	
 	 	2011	 	2010	 	2010	 	2010	 	2010	 	Quarter	
Average invested assets at amortized cost	 	$	16,762,725	 	 	$	16,257,365	 	 	$	15,763,396	 	 	$	15,432,369	 	 	$	15,062,452	 	 	$	1,700,273	 	
Net investment income	 	$	219,908	 	 	$	216,176	 	 	$	218,546	 	 	$	208,303	 	 	$	215,295	 	 	$	4,613	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Annualized investment yield (ratio of net investment income to average invested assets)	 	 	5.35	%	 	 	5.43	%	 	 	5.66	%	 	 	5.51	%	 	 	5.84	%	 	 	-0.49	%	

 	 	 	 	 	
 	 	 	 	Page 15	

 
Reinsurance Group of America, Incorporated
Investments
(USD thousands)
Amortized cost, gross unrealized gains and losses, and estimated fair values of fixed maturity and equity securities
(Excludes Funds Withheld Portfolios)
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
March 31, 2011	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Other-than-	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	Estimated	 	 	 	 	 	temporary	
 	 	Amortized	 	Unrealized	 	Unrealized	 	Fair	 	% of	 	Impairment	
 	 	Cost	 	Gains	 	Losses	 	Value	 	Total	 	in AOCI	
Available-for-sale:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Corporate securities	 	$	7,153,455	 	 	$	411,578	 	 	$	97,569	 	 	$	7,467,464	 	 	 	51.4	%	 	$	—	 	
Canadian and Canadian provincial governments	 	 	2,458,873	 	 	 	569,900	 	 	 	10,372	 	 	 	3,018,401	 	 	 	20.8	%	 	 	—	 	
Residential mortgage-backed securities	 	 	1,375,166	 	 	 	56,086	 	 	 	15,124	 	 	 	1,416,128	 	 	 	9.7	%	 	 	(1,650	)	
Asset-backed securities	 	 	420,028	 	 	 	12,524	 	 	 	54,979	 	 	 	377,573	 	 	 	2.6	%	 	 	(4,813	)	
Commercial mortgage-backed securities	 	 	1,344,194	 	 	 	89,256	 	 	 	67,735	 	 	 	1,365,715	 	 	 	9.4	%	 	 	(9,547	)	
U.S. government and agencies	 	 	189,421	 	 	 	6,243	 	 	 	1,028	 	 	 	194,636	 	 	 	1.3	%	 	 	—	 	
State and political subdivisions	 	 	192,241	 	 	 	4,012	 	 	 	6,852	 	 	 	189,401	 	 	 	1.3	%	 	 	—	 	
Other foreign government securities	 	 	503,605	 	 	 	5,086	 	 	 	6,855	 	 	 	501,836	 	 	 	3.5	%	 	 	—	 	
 	 	           	
Total fixed maturity securities	 	$	13,636,983	 	 	$	1,154,685	 	 	$	260,514	 	 	$	14,531,154	 	 	 	100.0	%	 	$	(16,010	)	

Non-redeemable preferred stock	 	 	103,374	 	 	 	5,240	 	 	 	6,229	 	 	 	102,385	 	 	 	70.8	%	 	 	 	 	
Other equity securities	 	 	38,442	 	 	 	4,776	 	 	 	962	 	 	 	42,256	 	 	 	29.2	%	 	 	 	 	
 	 	         	 	 	 	 	
Total equity securities	 	$	141,816	 	 	$	10,016	 	 	$	7,191	 	 	$	144,641	 	 	 	100.0	%	 	 	 	 	

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

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

 	 	 	 	 	
 	 	 	 	 	
 	 	 	 	Page 16	

 
Reinsurance Group of America, Incorporated
Investments
(USD thousands)
Corporate Securities by Sector (Fixed Maturities and Equities)
(Excludes Funds Withheld Portfolios)
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	March 31, 2011	 	December 31, 2010	
 	 	 	 	 	 	Estimated Fair	 	 	 	 	 	 	Average Credit	 	 	 	 	 	Estimated Fair	 	 	 	 	 	 	Average Credit	
 	 	Amortized Cost	 	 	Value	 	 	% of Total	 	 	Ratings	 	Amortized Cost	 	 	Value	 	 	% of Total	 	 	Ratings	
Financial Institutions	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Banking	 	$	1,879,387	 	 	$	1,892,673	 	 	 	24.9	%	 	    A+	 	$	1,739,077	 	 	$	1,740,978	 	 	 	23.9	%	 	    A+	
Brokerage	 	 	103,624	 	 	 	110,923	 	 	 	1.5	%	 	    A-	 	 	98,351	 	 	 	103,902	 	 	 	1.4	%	 	    A-	
Finance Comp.	 	 	192,150	 	 	 	201,815	 	 	 	2.6	%	 	    A	 	 	216,212	 	 	 	224,729	 	 	 	3.1	%	 	    A	
Insurance	 	 	378,757	 	 	 	397,484	 	 	 	5.2	%	 	    A-	 	 	403,557	 	 	 	422,996	 	 	 	5.8	%	 	    A-	
REITs	 	 	210,015	 	 	 	219,259	 	 	 	2.9	%	 	    BBB+	 	 	178,106	 	 	 	187,587	 	 	 	2.6	%	 	    BBB+	
Other Finance	 	 	224,447	 	 	 	225,670	 	 	 	3.0	%	 	    A-	 	 	253,794	 	 	 	259,092	 	 	 	3.5	%	 	    A-	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Financial Institutions	 	 	2,988,380	 	 	 	3,047,824	 	 	 	40.1	%	 	     	 	 	2,889,097	 	 	 	2,939,284	 	 	 	40.3	%	 	     	
Industrials	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic	 	 	342,751	 	 	 	369,077	 	 	 	4.8	%	 	    BBB	 	 	349,522	 	 	 	376,723	 	 	 	5.2	%	 	    BBB	
Capital Goods	 	 	373,483	 	 	 	394,105	 	 	 	5.2	%	 	    BBB+	 	 	349,526	 	 	 	372,557	 	 	 	5.1	%	 	    BBB+	
Communications	 	 	593,602	 	 	 	639,836	 	 	 	8.4	%	 	    BBB+	 	 	586,179	 	 	 	634,557	 	 	 	8.7	%	 	    BBB+	
Consumer Cyclical	 	 	403,513	 	 	 	420,199	 	 	 	5.5	%	 	    BBB+	 	 	309,255	 	 	 	324,648	 	 	 	4.4	%	 	    BBB+	
Consumer Noncyclical	 	 	642,062	 	 	 	682,016	 	 	 	9.0	%	 	    BBB+	 	 	646,383	 	 	 	693,785	 	 	 	9.5	%	 	    A-	
Energy	 	 	427,336	 	 	 	456,884	 	 	 	6.0	%	 	    BBB+	 	 	383,293	 	 	 	414,592	 	 	 	5.7	%	 	    BBB+	
Technology	 	 	246,026	 	 	 	253,767	 	 	 	3.3	%	 	    BBB+	 	 	228,702	 	 	 	238,975	 	 	 	3.3	%	 	    BBB+	
Transportation	 	 	216,835	 	 	 	227,713	 	 	 	3.0	%	 	    BBB+	 	 	242,719	 	 	 	255,910	 	 	 	3.5	%	 	    BBB+	
Other Industrial	 	 	54,568	 	 	 	56,984	 	 	 	0.7	%	 	    BBB-	 	 	50,679	 	 	 	53,767	 	 	 	0.7	%	 	    BBB	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Industrials	 	 	3,300,176	 	 	 	3,500,581	 	 	 	45.9	%	 	     	 	 	3,146,258	 	 	 	3,365,514	 	 	 	46.1	%	 	     	
Utilities	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Electric	 	 	639,466	 	 	 	663,562	 	 	 	8.7	%	 	    BBB+	 	 	612,790	 	 	 	642,177	 	 	 	8.8	%	 	    BBB+	
Natural Gas	 	 	322,123	 	 	 	349,544	 	 	 	4.6	%	 	    BBB+	 	 	276,402	 	 	 	303,679	 	 	 	4.2	%	 	    BBB+	
Other Utility	 	 	29,992	 	 	 	35,417	 	 	 	0.5	%	 	    A-	 	 	23,002	 	 	 	29,700	 	 	 	0.4	%	 	    A-	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Utilities	 	 	991,581	 	 	 	1,048,523	 	 	 	13.8	%	 	     	 	 	912,194	 	 	 	975,556	 	 	 	13.4	%	 	     	
Other Sectors	 	 	15,134	 	 	 	15,177	 	 	 	0.2	%	 	    AA+	 	 	14,938	 	 	 	15,362	 	 	 	0.2	%	 	    AA+	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	 	$	7,295,271	 	 	$	7,612,105	 	 	 	100.0	%	 	    A-	 	$	6,962,487	 	 	$	7,295,716	 	 	 	100.0	%	 	    A-	

 	 	 	 	 	
 	 	 	 	 	
 	 	 	 	Page 17	

 
     
Reinsurance Group of America, Incorporated
Investments
(USD thousands)
Ratings of Fixed Maturity Securities
(Excludes Funds Withheld Portfolios)
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	March 31, 2011	 	 	December 31, 2010	 	 	September 30, 2010	 	 	June 30, 2010	 	 	March 31, 2010	 	
 	 	Rating Agency	 	 	 	 	 	Estimated Fair	 	 	 	 	 	 	Amortized	 	 	Estimated Fair	 	 	 	 	 	 	Amortized	 	 	Estimated Fair	 	 	 	 	 	 	Amortized	 	 	Estimated	 	 	% of	 	 	Amortized	 	 	Estimated	 	 	% of	 	
NAIC Designation	 	Designation	 	Amortized Cost	 	 	Value	 	 	% of Total	 	 	Cost	 	 	Value	 	 	% of Total	 	 	Cost	 	 	Value	 	 	% of Total	 	 	Cost	 	 	Fair Value	 	 	Total	 	 	Cost	 	 	Fair Value	 	 	Total	 	
1	 	AAA	 	$	3,397,610	 	 	$	3,470,262	 	 	 	23.9	%	 	$	3,516,872	 	 	$	3,592,987	 	 	 	25.1	%	 	$	3,492,193	 	 	$	3,633,780	 	 	 	25.6	%	 	$	3,534,911	 	 	$	3,642,644	 	 	 	27.9	%	 	$	3,669,930	 	 	$	3,668,484	 	 	 	28.7	%	
1	 	AA	 	 	3,369,423	 	 	 	3,765,275	 	 	 	25.9	%	 	 	3,284,387	 	 	 	3,758,523	 	 	 	26.3	%	 	 	3,155,855	 	 	 	3,675,615	 	 	 	25.9	%	 	 	2,860,403	 	 	 	3,177,314	 	 	 	24.3	%	 	 	2,905,244	 	 	 	3,122,295	 	 	 	24.5	%	
1	 	A	 	 	3,206,317	 	 	 	3,480,683	 	 	 	24.0	%	 	 	2,896,256	 	 	 	3,205,431	 	 	 	22.4	%	 	 	2,714,384	 	 	 	3,138,268	 	 	 	22.2	%	 	 	2,512,744	 	 	 	2,773,399	 	 	 	21.2	%	 	 	2,436,385	 	 	 	2,630,133	 	 	 	20.6	%	
2	 	BBB	 	 	2,863,853	 	 	 	3,041,200	 	 	 	20.9	%	 	 	2,860,603	 	 	 	3,035,593	 	 	 	21.2	%	 	 	2,778,394	 	 	 	3,030,667	 	 	 	21.4	%	 	 	2,639,071	 	 	 	2,783,867	 	 	 	21.3	%	 	 	2,561,843	 	 	 	2,658,713	 	 	 	20.8	%	
3	 	BB	 	 	492,097	 	 	 	497,056	 	 	 	3.4	%	 	 	460,675	 	 	 	450,368	 	 	 	3.2	%	 	 	471,013	 	 	 	440,012	 	 	 	3.1	%	 	 	479,755	 	 	 	424,060	 	 	 	3.2	%	 	 	472,151	 	 	 	417,253	 	 	 	3.3	%	
4	 	B	 	 	218,541	 	 	 	203,594	 	 	 	1.4	%	 	 	239,604	 	 	 	191,287	 	 	 	1.3	%	 	 	237,136	 	 	 	185,668	 	 	 	1.3	%	 	 	255,530	 	 	 	192,244	 	 	 	1.5	%	 	 	253,930	 	 	 	185,177	 	 	 	1.4	%	
5	 	CCC and lower	 	 	67,395	 	 	 	50,231	 	 	 	0.3	%	 	 	63,859	 	 	 	47,493	 	 	 	0.3	%	 	 	63,033	 	 	 	44,683	 	 	 	0.3	%	 	 	80,415	 	 	 	65,496	 	 	 	0.5	%	 	 	94,537	 	 	 	77,652	 	 	 	0.6	%	
6	 	In or near default	 	 	21,747	 	 	 	22,853	 	 	 	0.2	%	 	 	22,766	 	 	 	22,915	 	 	 	0.2	%	 	 	21,108	 	 	 	21,237	 	 	 	0.2	%	 	 	18,809	 	 	 	18,583	 	 	 	0.1	%	 	 	13,205	 	 	 	15,635	 	 	 	0.1	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Total	 	$	13,636,983	 	 	$	14,531,154	 	 	 	 	 	 	$	13,345,022	 	 	$	14,304,597	 	 	 	 	 	 	$	12,933,116	 	 	$	14,169,930	 	 	 	 	 	 	$	12,381,638	 	 	$	13,077,607	 	 	 	 	 	 	$	12,407,225	 	 	$	12,775,342	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Structured Fixed Maturity Securities
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	March 31, 2011	 	 	December 31, 2010	 	 	September 30, 2010	 	 	June 30, 2010	 	 	March 31, 2010	 	
 	 	 	 	 	 	Estimated Fair	 	 	Amortized	 	 	Estimated	 	 	Amortized	 	 	Estimated Fair	 	 	Amortized	 	 	Estimated	 	 	Amortized	 	 	Estimated	 	
 	 	Amortized Cost	 	 	Value	 	 	Cost	 	 	Fair Value	 	 	Cost	 	 	Value	 	 	Cost	 	 	Fair Value	 	 	Cost	 	 	Fair Value	 	
Residential mortgage-backed securities:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Agency	 	$	662,505	 	 	$	690,577	 	 	$	636,931	 	 	$	668,405	 	 	$	682,621	 	 	$	728,354	 	 	$	726,078	 	 	$	770,690	 	 	$	744,920	 	 	$	776,013	 	
Non-agency	 	 	712,661	 	 	 	725,551	 	 	 	806,961	 	 	 	804,672	 	 	 	837,648	 	 	 	832,934	 	 	 	828,507	 	 	 	802,670	 	 	 	859,102	 	 	 	800,152	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total residential mortgage-backed securities	 	 	1,375,166	 	 	 	1,416,128	 	 	 	1,443,892	 	 	 	1,473,077	 	 	 	1,520,269	 	 	 	1,561,288	 	 	 	1,554,585	 	 	 	1,573,360	 	 	 	1,604,022	 	 	 	1,576,165	 	
Commercial mortgage-backed securities	 	 	1,344,194	 	 	 	1,365,715	 	 	 	1,353,279	 	 	 	1,337,853	 	 	 	1,257,835	 	 	 	1,235,849	 	 	 	1,229,237	 	 	 	1,166,937	 	 	 	1,222,346	 	 	 	1,124,736	 	
Asset-backed securities	 	 	420,028	 	 	 	377,573	 	 	 	440,752	 	 	 	391,209	 	 	 	457,047	 	 	 	414,515	 	 	 	496,652	 	 	 	449,623	 	 	 	516,924	 	 	 	458,664	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	 	$	3,139,388	 	 	$	3,159,416	 	 	$	3,237,923	 	 	$	3,202,139	 	 	$	3,235,151	 	 	$	3,211,652	 	 	$	3,280,474	 	 	$	3,189,920	 	 	$	3,343,292	 	 	$	3,159,565	 	

 	 	 	 	 	
 	 	 	 	 	
 	 	 	 	Page 18	

 
Investments
(USD thousands)
Subprime Mortgage Exposure
(Includes Funds Withheld Portfolios)
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	March 31, 2011	 	
 	 	AAA	 	 	AA	 	 	A	 	
 	 	 	 	 	 	Estimated Fair	 	 	 	 	 	 	Estimated Fair	 	 	 	 	 	 	Estimated	 	
Underwriting Year	 	Amortized Cost	 	 	Value	 	 	Amortized Cost	 	 	Value	 	 	Amortized Cost	 	 	Fair Value	 	
2005 & Prior	 	$	7,831	 	 	$	7,115	 	 	$	25,471	 	 	$	23,773	 	 	$	5,314	 	 	$	4,785	 	
2006	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	
2007	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	
2008 - 2011	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	 	$	7,831	 	 	$	7,115	 	 	$	25,471	 	 	$	23,773	 	 	$	5,314	 	 	$	4,785	 	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	BBB	 	 	Below Investment Grade	 	 	Total	 	
 	 	 	 	 	 	Estimated Fair	 	 	 	 	 	 	Estimated Fair	 	 	 	 	 	 	Estimated	 	
Underwriting Year	 	Amortized Cost	 	 	Value	 	 	Amortized Cost	 	 	Value	 	 	Amortized Cost	 	 	Fair Value	 	
2005 & Prior	 	$	14,783	 	 	$	13,357	 	 	$	91,139	 	 	$	59,467	 	 	$	144,538	 	 	$	108,497	 	
2006	 	 	—	 	 	 	—	 	 	 	2,152	 	 	 	3,258	 	 	 	2,152	 	 	 	3,258	 	
2007	 	 	—	 	 	 	—	 	 	 	5,126	 	 	 	3,433	 	 	 	5,126	 	 	 	3,433	 	
2008 - 2011	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	 	$	14,783	 	 	$	13,357	 	 	$	98,417	 	 	$	66,158	 	 	$	151,816	 	 	$	115,188	 	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	December 31, 2010	 	
 	 	AAA	 	 	AA	 	 	A	 	
 	 	 	 	 	 	Estimated Fair	 	 	 	 	 	 	Estimated Fair	 	 	 	 	 	 	Estimated	 	
Underwriting Year	 	Amortized Cost	 	 	Value	 	 	Amortized Cost	 	 	Value	 	 	Amortized Cost	 	 	Fair Value	 	
2005 & Prior	 	$	13,343	 	 	$	12,079	 	 	$	29,809	 	 	$	27,746	 	 	$	10,504	 	 	$	9,573	 	
2006	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	
2007	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	
2008 - 2010	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	 	$	13,343	 	 	$	12,079	 	 	$	29,809	 	 	$	27,746	 	 	$	10,504	 	 	$	9,573	 	

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

 	 	 	 	 	
 	 	 	 	 	
 	 	 	 	Page 19	

 
Reinsurance Group of America, Incorporated
Investments
(USD thousands)
CMBS Exposure
(Includes Funds Withheld Portfolios)
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	March 31, 2011	 	
 	 	AAA	 	 	AA	 	 	A	 	
 	 	 	 	 	 	Estimated Fair	 	 	 	 	 	 	Estimated Fair	 	 	 	 	 	 	Estimated	 	
Underwriting Year	 	Amortized Cost	 	 	Value	 	 	Amortized Cost	 	 	Value	 	 	Amortized Cost	 	 	Fair Value	 	
2005 & Prior	 	$	249,407	 	 	$	265,775	 	 	$	78,406	 	 	$	79,591	 	 	$	66,183	 	 	$	67,658	 	
2006	 	 	319,779	 	 	 	333,222	 	 	 	46,407	 	 	 	48,435	 	 	 	49,754	 	 	 	49,886	 	
2007	 	 	252,035	 	 	 	263,214	 	 	 	32,446	 	 	 	25,224	 	 	 	93,017	 	 	 	97,031	 	
2008	 	 	29,616	 	 	 	31,252	 	 	 	37,274	 	 	 	38,657	 	 	 	7,495	 	 	 	7,766	 	
2009	 	 	8,004	 	 	 	7,763	 	 	 	4,371	 	 	 	4,384	 	 	 	6,887	 	 	 	10,283	 	
2010	 	 	81,386	 	 	 	79,505	 	 	 	2,654	 	 	 	2,361	 	 	 	19,440	 	 	 	17,651	 	
2011	 	 	9,647	 	 	 	9,539	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	 	$	949,874	 	 	$	990,270	 	 	$	201,558	 	 	$	198,652	 	 	$	242,776	 	 	$	250,275	 	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	BBB	 	 	Below Investment Grade	 	 	Total	 	
 	 	 	 	 	 	Estimated Fair	 	 	 	 	 	 	Estimated Fair	 	 	 	 	 	 	Estimated	 	
Underwriting Year	 	Amortized Cost	 	 	Value	 	 	Amortized Cost	 	 	Value	 	 	Amortized Cost	 	 	Fair Value	 	
2005 & Prior	 	$	31,352	 	 	$	31,393	 	 	$	53,351	 	 	$	41,963	 	 	$	478,699	 	 	$	486,380	 	
2006	 	 	32,798	 	 	 	32,543	 	 	 	45,902	 	 	 	36,228	 	 	 	494,640	 	 	 	500,314	 	
2007	 	 	100,010	 	 	 	107,569	 	 	 	125,000	 	 	 	102,740	 	 	 	602,508	 	 	 	595,778	 	
2008	 	 	—	 	 	 	—	 	 	 	24,299	 	 	 	20,921	 	 	 	98,684	 	 	 	98,596	 	
2009	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	19,262	 	 	 	22,430	 	
2010	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	103,480	 	 	 	99,517	 	
2011	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	9,647	 	 	 	9,539	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	 	$	164,160	 	 	$	171,505	 	 	$	248,552	 	 	$	201,852	 	 	$	1,806,920	 	 	$	1,812,554	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
NOTE: Totals include directly held investments with amortized cost of $1,344.2 million and fair value of $1,365.7 million as well as investments in funds withheld with amortized cost of $462.7 million and fair value of $446.8 million.
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	December 31, 2010	 	
 	 	AAA	 	 	AA	 	 	A	 	
 	 	 	 	 	 	Estimated Fair	 	 	 	 	 	 	Estimated Fair	 	 	 	 	 	 	Estimated	 	
Underwriting Year	 	Amortized Cost	 	 	Value	 	 	Amortized Cost	 	 	Value	 	 	Amortized Cost	 	 	Fair Value	 	
2005 & Prior	 	$	261,763	 	 	$	282,522	 	 	$	81,795	 	 	$	85,675	 	 	$	63,234	 	 	$	63,491	 	
2006	 	 	314,043	 	 	 	328,422	 	 	 	46,372	 	 	 	50,217	 	 	 	48,851	 	 	 	49,949	 	
2007	 	 	255,589	 	 	 	270,731	 	 	 	29,493	 	 	 	23,512	 	 	 	92,910	 	 	 	96,790	 	
2008	 	 	29,547	 	 	 	33,115	 	 	 	37,291	 	 	 	39,657	 	 	 	7,495	 	 	 	7,886	 	
2009	 	 	8,020	 	 	 	7,877	 	 	 	3,088	 	 	 	3,505	 	 	 	6,834	 	 	 	9,675	 	
2010	 	 	69,580	 	 	 	68,879	 	 	 	5,193	 	 	 	4,800	 	 	 	10,970	 	 	 	10,928	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	 	$	938,542	 	 	$	991,546	 	 	$	203,232	 	 	$	207,366	 	 	$	230,294	 	 	$	238,719	 	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	BBB	 	 	Below Investment Grade	 	 	Total	 	
 	 	 	 	 	 	Estimated Fair	 	 	 	 	 	 	Estimated Fair	 	 	 	 	 	 	Estimated	 	
Underwriting Year	 	Amortized Cost	 	 	Value	 	 	Amortized Cost	 	 	Value	 	 	Amortized Cost	 	 	Fair Value	 	
2005 & Prior	 	$	67,341	 	 	$	66,392	 	 	$	56,882	 	 	$	44,770	 	 	$	531,015	 	 	$	542,850	 	
2006	 	 	32,651	 	 	 	31,646	 	 	 	56,636	 	 	 	39,127	 	 	 	498,553	 	 	 	499,361	 	
2007	 	 	99,796	 	 	 	105,962	 	 	 	125,123	 	 	 	77,459	 	 	 	602,911	 	 	 	574,454	 	
2008	 	 	—	 	 	 	—	 	 	 	24,085	 	 	 	15,234	 	 	 	98,418	 	 	 	95,892	 	
2009	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	17,942	 	 	 	21,057	 	
2010	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	85,743	 	 	 	84,607	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	 	$	199,788	 	 	$	204,000	 	 	$	262,726	 	 	$	176,590	 	 	$	1,834,582	 	 	$	1,818,221	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
NOTE: Totals include directly held investments with amortized cost of $1,353.3 million and fair value of $1,337.9 million as well as investments in funds withheld with amortized cost of $481.3 million and fair value of $480.4 million.

 	 	 	 	Page 20	

 
     
Reinsurance Group of America, Incorporated
Investments
(USD thousands)
Gross Unrealized Losses Aging
Fixed Maturity Securities
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	March 31, 2011	 	 	December 31, 2010	 	 	September 30, 2010	 	 	June 30, 2010	 	 	March 31, 2010	 	
 	 	Gross Unrealized	 	 	 	 	 	 	Gross Unrealized	 	 	 	 	 	 	Gross Unrealized	 	 	 	 	 	 	Gross Unrealized	 	 	 	 	 	 	Gross Unrealized	 	 	 	 	
 	 	Losses	 	 	% of Total	 	 	Losses	 	 	% of Total	 	 	Losses	 	 	% of Total	 	 	Losses	 	 	% of Total	 	 	Losses	 	 	% of Total	 	
Less than 20%	 	$	142,936	 	 	 	53.4	%	 	$	143,451	 	 	 	44.9	%	 	$	86,770	 	 	 	29.1	%	 	$	132,900	 	 	 	34.4	%	 	$	198,928	 	 	 	42.3	%	
20% or more for less than six months	 	 	7,229	 	 	 	2.7	%	 	 	17,293	 	 	 	5.4	%	 	 	45,706	 	 	 	15.3	%	 	 	54,620	 	 	 	14.1	%	 	 	59,530	 	 	 	12.6	%	
20% or more for six months or greater	 	 	110,349	 	 	 	41.2	%	 	 	152,818	 	 	 	47.9	%	 	 	160,785	 	 	 	53.9	%	 	 	188,398	 	 	 	48.7	%	 	 	204,321	 	 	 	43.4	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	 	$	260,514	 	 	 	97.3	%	 	$	313,562	 	 	 	98.2	%	 	$	293,261	 	 	 	98.3	%	 	$	375,918	 	 	 	97.2	%	 	$	462,779	 	 	 	98.3	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Equity Securities
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	March 31, 2011	 	 	December 31, 2010	 	 	September 30, 2010	 	 	June 30, 2010	 	 	March 31, 2010	 	
 	 	Gross Unrealized	 	 	 	 	 	 	Gross Unrealized	 	 	 	 	 	 	Gross Unrealized	 	 	 	 	 	 	Gross Unrealized	 	 	 	 	 	 	Gross Unrealized	 	 	 	 	
 	 	Losses	 	 	% of Total	 	 	Losses	 	 	% of Total	 	 	Losses	 	 	% of Total	 	 	Losses	 	 	% of Total	 	 	Losses	 	 	% of Total	 	
Less than 20%	 	$	5,196	 	 	 	1.9	%	 	$	2,953	 	 	 	0.9	%	 	$	2,921	 	 	 	1.0	%	 	$	4,888	 	 	 	1.3	%	 	$	4,696	 	 	 	1.0	%	
20% or more for less than six months	 	 	691	 	 	 	0.3	%	 	 	821	 	 	 	0.3	%	 	 	265	 	 	 	0.1	%	 	 	1,808	 	 	 	0.5	%	 	 	1,883	 	 	 	0.4	%	
20% or more for six months or greater	 	 	1,304	 	 	 	0.5	%	 	 	1,795	 	 	 	0.6	%	 	 	1,857	 	 	 	0.6	%	 	 	4,039	 	 	 	1.0	%	 	 	1,346	 	 	 	0.3	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	 	$	7,191	 	 	 	2.7	%	 	$	5,569	 	 	 	1.8	%	 	$	5,043	 	 	 	1.7	%	 	$	10,735	 	 	 	2.8	%	 	$	7,925	 	 	 	1.7	%	

 	 	 	 	 	
 	 	 	 	 	
 	 	 	 	Page 21	

 
Reinsurance Group of America, Incorporated
Investments
(USD thousands)
Fixed Maturities and Equity Securities Below Amortized Cost
(Excludes Funds Withheld Portfolios)
 	 	 	 	 	 	 	 	 	    	 	 	 	 	 	 	 	    	 	 	 	    	 	 	 	
 	 	As of March 31, 2011	 	
 	 	Less than 12 months	 	 	Equal to or greater than 12 months	 	 	Total	 	
 	 	Estimated Fair	 	 	Gross Unrealized	 	 	Estimated Fair	 	 	Gross Unrealized	 	 	Estimated Fair	 	 	Gross Unrealized	 	
 	 	Value	 	 	Losses	 	 	Value	 	 	Losses	 	 	Value	 	 	Losses	 	
Investment grade securities:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Corporate securities	 	$	1,376,045	 	 	$	37,871	 	 	$	332,186	 	 	$	52,212	 	 	$	1,708,231	 	 	$	90,083	 	
Canadian and Canadian provincial governments	 	 	307,254	 	 	 	10,372	 	 	 	—	 	 	 	—	 	 	 	307,254	 	 	 	10,372	 	
Residential mortgage-backed securities	 	 	151,507	 	 	 	3,394	 	 	 	63,554	 	 	 	10,025	 	 	 	215,061	 	 	 	13,419	 	
Asset-backed securities	 	 	21,705	 	 	 	533	 	 	 	123,729	 	 	 	32,653	 	 	 	145,434	 	 	 	33,186	 	
Commercial mortgage-backed securities	 	 	180,214	 	 	 	10,264	 	 	 	68,492	 	 	 	24,713	 	 	 	248,706	 	 	 	34,977	 	
U.S. government and agencies	 	 	40,875	 	 	 	1,028	 	 	 	—	 	 	 	—	 	 	 	40,875	 	 	 	1,028	 	
State and political subdivisions	 	 	45,758	 	 	 	1,822	 	 	 	31,620	 	 	 	5,030	 	 	 	77,378	 	 	 	6,852	 	
Other foreign government securities	 	 	149,080	 	 	 	2,758	 	 	 	41,881	 	 	 	3,788	 	 	 	190,961	 	 	 	6,546	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Investment grade securities	 	 	2,272,438	 	 	 	68,042	 	 	 	661,462	 	 	 	128,421	 	 	 	2,933,900	 	 	 	196,463	 	

Non-investment grade securities:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Corporate securities	 	 	60,201	 	 	 	1,493	 	 	 	85,034	 	 	 	5,993	 	 	 	145,235	 	 	 	7,486	 	
Residential mortgage-backed securities	 	 	3,049	 	 	 	355	 	 	 	12,643	 	 	 	1,350	 	 	 	15,692	 	 	 	1,705	 	
Asset-backed securities	 	 	4,519	 	 	 	383	 	 	 	24,172	 	 	 	21,410	 	 	 	28,691	 	 	 	21,793	 	
Commercial mortgage-backed securities	 	 	10,625	 	 	 	26	 	 	 	89,563	 	 	 	32,732	 	 	 	100,188	 	 	 	32,758	 	
State and political subdivisions	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	
Other foreign government securities	 	 	9,355	 	 	 	309	 	 	 	—	 	 	 	—	 	 	 	9,355	 	 	 	309	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Non-investment grade securities	 	 	87,749	 	 	 	2,566	 	 	 	211,412	 	 	 	61,485	 	 	 	299,161	 	 	 	64,051	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total fixed maturity securities	 	$	2,360,187	 	 	$	70,608	 	 	$	872,874	 	 	$	189,906	 	 	$	3,233,061	 	 	$	260,514	 	

Non-redeemable preferred stock	 	 	14,427	 	 	 	418	 	 	 	29,962	 	 	 	5,811	 	 	 	44,389	 	 	 	6,229	 	
Other equity securities	 	 	7,185	 	 	 	962	 	 	 	318	 	 	 	—	 	 	 	7,503	 	 	 	962	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Equity securities	 	$	21,612	 	 	$	1,380	 	 	$	30,280	 	 	$	5,811	 	 	$	51,892	 	 	$	7,191	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total number of securities in an unrealized loss position	 	 	650	 	 	 	 	 	 	 	455	 	 	 	 	 	 	 	1,105	 	 	 	 	 	

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

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

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

 	 	 	 	 	
 	 	 	 	Page 22	

 
Reinsurance Group of America, Incorporated
Investments
(USD thousands)
Consolidated Investment Related Gains and Losses
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	 	Current Qtr	 	
 	 	March 31,	 	 	Dec. 31,	 	 	Sept. 30,	 	 	June 30,	 	 	March 31,	 	 	vs. PY	 	
 	 	2011	 	 	2010	 	 	2010	 	 	2010	 	 	2010	 	 	Quarter	 	
Fixed Maturity and Equity Securities:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Other-than-temporary impairment losses on fixed maturities	 	$	(1,556	)	 	$	(16,097	)	 	$	(4,904	)	 	$	(3,489	)	 	$	(7,430	)	 	$	5,874	 	
Portion of loss recognized in accumulated other comprehensive income (before taxes)	 	 	—	 	 	 	(186	)	 	 	26	 	 	 	(139	)	 	 	2,344	 	 	 	(2,344	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net other-than-temporary impairment losses on fixed maturities recognized in earnings	 	 	(1,556	)	 	 	(16,283	)	 	 	(4,878	)	 	 	(3,628	)	 	 	(5,086	)	 	 	3,530	 	
Impairment losses on equity securities	 	 	—	 	 	 	—	 	 	 	—	 	 	 	(10	)	 	 	(22	)	 	 	22	 	
Gain on investment activity	 	 	29,376	 	 	 	26,124	 	 	 	39,371	 	 	 	19,363	 	 	 	16,099	 	 	 	13,277	 	
Loss on investment activity	 	 	(6,914	)	 	 	(6,763	)	 	 	(7,773	)	 	 	(5,662	)	 	 	(8,532	)	 	 	1,618	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net gain/(loss) on fixed maturity and equity securities	 	 	20,906	 	 	 	3,078	 	 	 	26,720	 	 	 	10,063	 	 	 	2,459	 	 	 	18,447	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Other impairment losses and change in mortgage loan provision	 	 	576	 	 	 	1,506	 	 	 	(5,087	)	 	 	(1,165	)	 	 	(1,230	)	 	 	1,806	 	
Other non-derivative gain/(loss), net	 	 	4,696	 	 	 	4,751	 	 	 	4,644	 	 	 	4,789	 	 	 	(448	)	 	 	5,144	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Free-standing Derivatives:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Credit Default Swaps	 	 	892	 	 	 	4,340	 	 	 	3,730	 	 	 	(4,060	)	 	 	776	 	 	 	116	 	
Interest Rate Swaps — non-hedged	 	 	(10,730	)	 	 	(79,546	)	 	 	49,825	 	 	 	87,114	 	 	 	11,341	 	 	 	(22,071	)	
Interest Rate Swaps — hedged	 	 	126	 	 	 	19	 	 	 	239	 	 	 	168	 	 	 	132	 	 	 	(6	)	
Futures	 	 	(11,423	)	 	 	(23,766	)	 	 	(42,270	)	 	 	32,822	 	 	 	(11,745	)	 	 	322	 	
CPI Swaps	 	 	811	 	 	 	438	 	 	 	(508	)	 	 	109	 	 	 	923	 	 	 	(112	)	
Equity options	 	 	(4,568	)	 	 	(2,402	)	 	 	(731	)	 	 	127	 	 	 	—	 	 	 	(4,568	)	
Currency Forwards	 	 	(855	)	 	 	1,226	 	 	 	1,543	 	 	 	1,447	 	 	 	(829	)	 	 	(26	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total free-standing derivatives	 	 	(25,747	)	 	 	(99,691	)	 	 	11,828	 	 	 	117,727	 	 	 	598	 	 	 	(26,345	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Embedded Derivatives:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Modified coinsurance and funds withheld treaties	 	 	90,535	 	 	 	43,780	 	 	 	(38,653	)	 	 	32,512	 	 	 	122,635	 	 	 	(32,100	)	
GMXB	 	 	32,654	 	 	 	121,209	 	 	 	(16,232	)	 	 	(140,934	)	 	 	7,171	 	 	 	25,483	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total embedded derivatives	 	 	123,189	 	 	 	164,989	 	 	 	(54,885	)	 	 	(108,422	)	 	 	129,806	 	 	 	(6,617	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net gain/(loss) on total derivatives	 	 	97,442	 	 	 	65,298	 	 	 	(43,057	)	 	 	9,305	 	 	 	130,404	 	 	 	(32,962	)	

Total investment related gains / (losses), net	 	$	123,620	 	 	$	74,633	 	 	$	(16,780	)	 	$	22,992	 	 	$	131,185	 	 	$	(7,565	)	

 	 	 	 	 	
 	 	 	 	 	
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