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 24, 2014

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

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

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

 

Item 2.02	Results of Operations and Financial Condition.	
On April 24, 2014, Reinsurance Group of America, Incorporated (the “Company”) issued (1) a press release (the “Press Release”) announcing its earnings for the three-month period ended March 31, 2014, 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, 2014, 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 25, 2014 to discuss the financial and operating results for the three-month period ended March 31, 2014. 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 24, 2014	
 	 	
99.2	  	Quarterly Financial Supplement for the quarter ended March 31, 2014	

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 24, 2014	 	 	 	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 24, 2014	
 	 	
99.2	  	Quarterly Financial Supplement for the quarter ended March 31, 2014	

Exhibit 99.1

PRESS RELEASE
REINSURANCE GROUP OF AMERICA REPORTS FIRST-QUARTER RESULTS
 
 	•	 	Earnings per diluted share: operating income* $1.61, net income $1.92	
 
 	•	 	Reported net premiums rose six percent quarter over quarter; up nine percent in original currencies	
 
 	•	 	Higher-than-expected mortality claims in North America adversely affected results	
 
 	•	 	Repurchased approximately 1.45 million shares for $113 million during the quarter	
ST. LOUIS, April 24, 2014 – Reinsurance Group of America, Incorporated (NYSE: RGA), a leading global provider of life reinsurance, reported operating income* of $114.8 million, or $1.61 per diluted share, versus last year’s $122.8 million, or $1.65 per diluted share. Net income totaled $136.7 million, or $1.92 per diluted share, compared with $185.5 million, or $2.49 per diluted share in the prior-year quarter. The current quarter reflects adverse mortality experience in several markets, partially offset by lower general expenses and a lower effective tax rate. A generally stronger U.S. dollar reduced operating income by approximately $4.3 million after taxes, or $0.06 per diluted share.

 	  	Quarterly Results	 	
($ in thousands, except per share data)	  	2014	 	  	2013	 	
Net premiums	  	$	2,100,637	  	  	$	1,979,693	  	
Net income	  	 	136,664	  	  	 	185,535	  	
Net income per diluted share	  	 	1.92	  	  	 	2.49	  	
Operating income*	  	 	114,807	  	  	 	122,847	  	
Operating income per diluted share*	  	 	1.61	  	  	 	1.65	  	
Book value per share	  	 	89.92	  	  	 	94.34	  	
Book value per share (excl. Accumulated Other Comprehensive Income “AOCI”)*	  	 	71.51	  	  	 	67.37	  	
Total assets	  	 	40,541,581	  	  	 	40,197,101	  	
 
*	See ‘Use of Non-GAAP Financial Measures’ below	
Consolidated net premiums increased six percent to $2.1 billion. On a local currency basis, net premiums were up nine percent over the first quarter of 2013. Investment income decreased five percent to $404.4 million from $425.1 million in the year-earlier quarter, primarily attributable to a $20.7 million reduction in the fair value of options contracts underlying equity indexed annuities. Excluding spread-based businesses and the value of associated derivatives, investment income increased eight percent compared to the first quarter of 2013. That increase was driven by a growing average invested asset base, partially offset by a lower average portfolio yield, which declined nine basis points to 4.74 percent this period.
 
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The company’s effective tax rate on operating income of 30.7 percent was below the expected effective tax rate of 34 percent to 35 percent, primarily due to tax benefits associated with claims experience on certain international treaties, partially offset by a tax accrual related to the Active Financing Exception business extender provision in the U.S., which had not been enacted as of the end of the quarter.
A. Greig Woodring, president and chief executive officer, commented, “Our overall operating results were somewhat below last year’s first quarter and below our expectations for this quarter, as we experienced adverse mortality volatility beyond the typical range, even when considering first-quarter seasonality. That volatility was partially offset by a lower effective tax rate, lower general expenses, and ongoing strong performance in our asset intensive and financial reinsurance businesses and in our Asia Pacific segment. Mortality claims experience in North America was considerably worse than expected, owing to a more extreme seasonal influence and a spike in large claims, which exceed $1.0 million. The large claims were mostly concentrated in our facultative book of business, a distinct line of business that has performed well over time but has unique risk profiles and larger exposures per policy. Overall mortality claims frequency was higher than expected, but within a normal range.
“Claims fluctuations of the sort experienced during the quarter are an ongoing part of our business. We would expect a return to a more normal pattern as the year progresses.
“During the quarter, we repurchased approximately 1.45 million shares for a total cost of $112.6 million, leaving $187.4 million under the current share repurchase authorization. Our deployable, excess capital position exceeds $500 million, and we will continue to evaluate attractive capital deployment opportunities, which could include additional share repurchases, shareholder dividend increases, block acquisitions, or some combination of all of these. Our ending book value per share for the quarter was $89.92 including AOCI, and $71.51 excluding AOCI.”
SEGMENT RESTRUCTURING
The company realigned certain operations and management responsibilities to better fit within its geographic-based segments. Mexico and Latin America operations were moved from Europe & South Africa to the U.S. segment, which has been renamed U.S. and Latin America. India operations have been moved from Europe & South Africa to the Asia Pacific segment. Europe & South Africa has been renamed Europe, Middle East and Africa. Prior-period figures have been adjusted to conform to the new reporting alignment.
SEGMENT RESULTS
U.S. and Latin America
Traditional
The U.S. and Latin America Traditional segment reported pre-tax operating income of $48.2 million versus $72.2 million in the prior-year period, reflecting the above-mentioned negative claims experience. The other product lines in this segment, group and individual health, both performed well. The Latin America operations are relatively small and generally did not have a material impact on top- or bottom-line results. Traditional net premiums rose eight percent to $1,141.9 million from $1,056.4 million a year ago, reflecting stronger growth in individual health, and good production in the individual mortality line. Pre-tax net income totaled $51.0 million for the quarter, compared with $79.5 million in the first quarter of 2013.
 
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Non-Traditional
The Asset Intensive business reported another strong quarter with pre-tax operating income totaling $41.0 million compared with a very strong $45.6 million last year. Results in both periods exceeded expectations and benefited from favorable net interest rate spread performance on fixed annuities. Pre-tax net income decreased to $70.6 million from $89.5 million a year ago, reflecting changes in the fair values of various embedded derivatives.
The Financial Reinsurance business continues to perform well and reported pre-tax operating income of $12.4 million, up from $8.0 million last year, reflecting strong fee income from a growing number of treaties. The outlook for continued growth in financial reinsurance remains encouraging. Pre-tax net income totaled $12.5 million this quarter and $8.0 million in the prior-year period.
Canada
Canadian operations reported pre-tax operating income of $22.1 million this quarter, down from $32.9 million in the prior-year period. Higher-than-expected mortality claims and a relatively weaker Canadian dollar contributed to the lower results this quarter. The currency fluctuation adversely affected pre-tax operating income by approximately $2.3 million for the quarter. Original currency premiums rose four percent over the first quarter of 2013; however, reported net premiums were five percent lower, primarily a result of the currency weakness. Pre-tax net income totaled $20.1 million compared with $36.3 million in the first quarter of 2013.
Europe, Middle East and Africa (EMEA)
EMEA’s pre-tax operating income increased to $14.0 million from last year’s $9.2 million; however, both periods were somewhat below expected levels. This period’s results were hampered primarily by higher individual mortality claims in the U.K. Overall, the other markets in this segment performed well, led by strong results in France. Net foreign currency fluctuations improved pre-tax operating income by approximately $0.4 million. Net reported premiums increased 16 percent and totaled $340.7 million, compared with $292.8 million last year. Original currency premiums increased 13 percent over the prior-year level. Pre-tax net income totaled $15.2 million versus $11.0 million in the year-ago quarter.
Asia Pacific
Asia Pacific pre-tax operating income increased seven percent to $24.7 million from a strong $23.1 million last year. Results in Australia were in line with expectations and the Asian markets performed very well collectively, highlighted by strong results in India and Japan. Asia Pacific reported net premiums totaling $381.8 million, flat with the first quarter of 2013, primarily due to generally weaker foreign currencies. Local currency premiums increased nine percent with good growth in South Korea and Japan. Foreign currency fluctuations adversely affected pre-tax operating income by approximately $3.0 million this quarter. Pre-tax net income increased to $26.3 million from $18.2 million in the comparable prior-year period.
 
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Corporate and Other
The Corporate and Other segment reported pre-tax operating income of $3.3 million versus a pre-tax operating loss of $8.1 million in the first quarter of 2013, primarily reflecting lower overall general expenses compared with a year ago. Pre-tax net income was $3.8 million compared with $36.2 million in the prior-year period, which included a large gain associated with the repurchase of collateral finance facility securities.
Dividend Declaration
The board of directors declared a regular quarterly dividend of $0.30, payable May 30 to shareholders of record as of May 9.
Earnings Conference Call
A conference call to discuss first-quarter results will begin at 9 a.m. Eastern Time on Friday, April 25. Interested parties may access the call by dialing 888-505-4328 (domestic) or 719-325-2167 (international). The access code is 2938723. 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 3 at 888-203-1112 (domestic) or 719-457-0820 (international), access code 2938723.
The company has posted to its website a Quarterly Financial Supplement that includes financial information for all segments as well as information on its investment portfolio. Additionally, the company posts periodic reports, press releases and other useful information on its investor relations website.
Use of Non-GAAP Financial Measures
RGA uses a non-GAAP financial measure called operating income as a basis for analyzing financial results. This measure also serves as a basis for establishing target levels and awards under RGA’s management incentive programs. Management believes that operating income, on a pre-tax and after-tax basis, better measures the ongoing profitability and underlying trends of the company’s continuing operations, primarily because that measure excludes substantially all of the effect of net investment related gains and losses, as well as changes in the fair value of certain embedded derivatives and related deferred acquisition costs. These items can be volatile, primarily due to the credit market and interest rate environment, and are not necessarily indicative of the performance of the company’s underlying businesses. Additionally, operating income excludes any net gain or loss from discontinued operations, the cumulative effect of any accounting changes, and other items that management believes are not indicative of the company’s ongoing operations. The definition of 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.
 
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Operating return on equity is a non-GAAP financial measure calculated as operating income divided by average shareholders’ equity excluding AOCI.
About RGA
Reinsurance Group of America, Incorporated is among the largest global providers of life reinsurance, with operations in Australia, Barbados, Bermuda, Canada, China, France, Germany, Hong Kong, India, Ireland, Italy, Japan, Malaysia, Mexico, the Netherlands, New Zealand, Poland, Singapore, South Africa, South Korea, Spain, Taiwan, Turkey, the United Arab Emirates, the United Kingdom and the United States. Worldwide, the company has approximately $3.0 trillion of life reinsurance in force, and assets of $40.5 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 subject to our collateral arrangements, (4) the fact that the determination of allowances and impairments taken on our investments is highly subjective, (5) adverse changes in mortality, morbidity, lapsation, or claims experience, (6) changes in our financial strength and credit ratings and the effect of such changes on our future results of operations and financial condition, (7) inadequate risk analysis and underwriting, (8) general economic conditions or a prolonged economic downturn affecting the demand for insurance and reinsurance in our current and planned markets, (9) the availability and cost of collateral necessary for regulatory reserves and capital, (10) market or economic conditions that adversely affect the value of our investment securities or result in the impairment of all or a portion of the value of certain of our investment securities, (11) market or economic conditions that adversely affect our ability to make timely sales of investment securities, (12) risks inherent in our risk management and investment strategy, including changes in investment portfolio yields due to interest rate or credit quality changes, (13) fluctuations in U.S. or foreign currency exchange rates, interest rates, or securities and real estate markets, (14) adverse litigation or arbitration results, (15) the adequacy of reserves, resources, and accurate information relating to settlements, awards, and terminated and discontinued lines of business, (16) the stability of and actions by governments and economies in the markets in which we operate, including ongoing uncertainties regarding the amount of United States sovereign debt and the credit ratings thereof, (17) competitive factors and competitors’ responses to our initiatives, (18) the success of our clients, (19) successful execution of our entry into new markets, (20) successful development and introduction of new products and distribution opportunities,
 
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(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 Annual Report on Form 10-K for the year ended December 31, 2013.
Investor Contact
Jeff Hopson
Senior Vice President – Investor Relations
(636) 736-7000
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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
Reconciliation of Consolidated Net Income to Operating Income
(Dollars in thousands)

(Unaudited)	  	Three Months Ended
March 31,	 	
 	  	2014	 	 	2013	 	
GAAP net income	  	$	136,664	  	 	$	185,535	  	
Reconciliation to operating income:	  	 	 	 	 	 	 	 	
Capital (gains) losses, derivatives and other, included in investment related (gains) losses, net	  	 	(17,007	) 	 	 	31,434	  	
Capital (gains) losses on funds withheld, included in investment income	  	 	(253	) 	 	 	(1,321	) 	
Embedded derivatives:	  	 	 	 	 	 	 	 	
Included in investment related (gains) losses, net	  	 	(34,827	) 	 	 	(92,022	) 	
Included in interest credited	  	 	(4,264	) 	 	 	(12,552	) 	
DAC offset, net	  	 	34,494	  	 	 	42,002	  	
Gain on repurchase of collateral finance facility securities	  	 	—  	  	 	 	(30,229	) 	
 	  	 	 	 	 	 	 	 	
Operating income	  	$	114,807	  	 	$	122,847	  	
 	  	 	 	 	 	 	 	 	
Reconciliation of Consolidated Pre-tax Net Income to Pre-tax Operating Income
(Dollars in thousands)

(Unaudited)	  	Three Months Ended
March 31,	 	
 	  	2014	 	 	2013	 	
Income before income taxes	  	$	199,440	  	 	$	278,827	  	
Reconciliation to pre-tax operating income:	  	 	 	 	 	 	 	 	
Capital (gains) losses, derivatives and other, included in investment related (gains) losses, net	  	 	(26,306	) 	 	 	48,842	  	
Capital (gains) losses on funds withheld, included in investment income	  	 	(389	) 	 	 	(2,031	) 	
Embedded derivatives:	  	 	 	 	 	 	 	 	
Included in investment related (gains) losses, net	  	 	(53,580	) 	 	 	(141,572	) 	
Included in interest credited	  	 	(6,560	) 	 	 	(19,311	) 	
DAC offset, net	  	 	53,068	  	 	 	64,618	  	
Gain on repurchase of collateral finance facility securities	  	 	—  	  	 	 	(46,506	) 	
 	  	 	 	 	 	 	 	 	
Pre-tax operating income	  	$	165,673	  	 	$	182,867	  	

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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)

(Unaudited)	  	Three Months Ended March 31, 2014	 	
 	  	Pre-tax net
income	 	  	Capital
(gains) losses,
derivatives
and other, net	 	 	Change in
value of
embedded
derivatives, net	 	 	Pre-tax
operating
income	 	
U.S. and Latin America Operations:	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	
Traditional	  	$	50,972	  	  	$	(4,224	) 	 	$	1,455	  	 	$	48,203	  	
Non-Traditional:	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	
Asset Intensive	  	 	70,615	  	  	 	(19,239	)(1) 	 	 	(10,371	)(2) 	 	 	41,005	  	
Financial Reinsurance	  	 	12,509	  	  	 	(83	) 	 	 	—  	  	 	 	12,426	  	
 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	
Total U.S. and Latin America	  	 	134,096	  	  	 	(23,546	) 	 	 	(8,916	) 	 	 	101,634	  	
Canada Operations	  	 	20,064	  	  	 	2,059	  	 	 	—  	  	 	 	22,123	  	
Europe, Middle East and Africa	  	 	15,205	  	  	 	(1,229	) 	 	 	—  	  	 	 	13,976	  	
Asia Pacific Operations	  	 	26,311	  	  	 	(1,653	) 	 	 	—  	  	 	 	24,658	  	
Corporate and Other	  	 	3,764	  	  	 	(482	) 	 	 	—  	  	 	 	3,282	  	
 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	
Consolidated	  	$	199,440	  	  	$	(24,851	) 	 	$	(8,916	) 	 	$	165,673	  	

(1)	Asset Intensive is net of $1,844 DAC offset.	
(2)	Asset Intensive is net of $51,224 DAC offset.	

(Unaudited)	  	Three Months Ended March 31, 2013	 	
 	  	Pre-tax net
income	 	  	Capital
(gains) losses,
derivatives
and other, net	 	 	Change in
value of
embedded
derivatives, net	 	 	Gain on
debt
repurchase	 	 	Pre-tax
operating
income
(loss)	 	
U.S. and Latin America Operations:	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Traditional	  	$	79,543	  	  	$	(7,253	) 	 	$	(56	) 	 	$	—  	  	 	$	72,234	  	
Non-Traditional:	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Asset Intensive	  	 	89,523	  	  	 	14,888	(1) 	 	 	(58,815	)(2) 	 	 	—  	  	 	 	45,596	  	
Financial Reinsurance	  	 	8,041	  	  	 	(34	) 	 	 	—  	  	 	 	—  	  	 	 	8,007	  	
 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total U.S. and Latin America	  	 	177,107	  	  	 	7,601	  	 	 	(58,871	) 	 	 	—  	  	 	 	125,837	  	
Canada Operations	  	 	36,308	  	  	 	(3,431	) 	 	 	—  	  	 	 	—  	  	 	 	32,877	  	
Europe, Middle East and Africa	  	 	10,963	  	  	 	(1,772	) 	 	 	—  	  	 	 	—  	  	 	 	9,191	  	
Asia Pacific Operations	  	 	18,242	  	  	 	4,821	  	 	 	—  	  	 	 	—  	  	 	 	23,063	  	
Corporate and Other	  	 	36,207	  	  	 	2,198	  	 	 	—  	  	 	 	(46,506	) 	 	 	(8,101	) 	
 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Consolidated	  	$	278,827	  	  	$	9,417	  	 	$	(58,871	) 	 	$	(46,506	) 	 	$	182,867	  	

(1)	Asset Intensive is net of $(37,394) DAC offset.	
(2)	Asset Intensive is net of $102,012 DAC offset.	
 
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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
Per Share and Shares Data
(In thousands, except per share data)

(Unaudited)	  	Three Months Ended
March 31,	 	
 	  	2014	 	  	2013	 	
Diluted earnings per share from operating income	  	$	1.61	  	  	$	1.65	  	
Earnings per share from net income:	  	 	 	 	  	 	 	 	
Basic earnings per share	  	$	1.94	  	  	$	2.51	  	
Diluted earnings per share	  	$	1.92	  	  	$	2.49	  	
Weighted average number of common and common equivalent shares outstanding	  	 	71,264	  	  	 	74,389	  	

(Unaudited)	  	At or for the Three Months
Ended March 31,	 	
 	  	2014	 	  	2013	 	
Treasury shares	  	 	9,624	  	  	 	5,837	  	
Common shares outstanding	  	 	69,514	  	  	 	73,301	  	
Book value per share outstanding	  	$	89.92	  	  	$	94.34	  	
Book value per share outstanding, before impact of AOCI	  	$	71.51	  	  	$	67.37	  	
 
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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
Condensed Consolidated Statements of Income
(Dollars in thousands)

(Unaudited)	  	Three Months Ended
March 31,	 	
 	  	2014	 	 	2013	 	
Revenues:	  	 	 	 	 	 	 	 	
Net premiums	  	$	2,100,637	  	 	$	1,979,693	  	
Investment income, net of related expenses	  	 	404,375	  	 	 	425,131	  	
Investment related gains (losses), net:	  	 	 	 	 	 	 	 	
Other-than-temporary impairments on fixed maturity securities	  	 	(303	) 	 	 	(202	) 	
Other-than-temporary impairments on fixed maturity securities transferred to (from) accumulated other comprehensive income	  	 	—  	  	 	 	—  	  	
Other investment related gains (losses), net	  	 	84,874	  	 	 	94,573	  	
 	  	 	 	 	 	 	 	 	
Total investment related gains (losses), net	  	 	84,571	  	 	 	94,371	  	
Other revenue	  	 	67,590	  	 	 	101,907	  	
 	  	 	 	 	 	 	 	 	
Total revenues	  	 	2,657,173	  	 	 	2,601,102	  	
 	  	 	 	 	 	 	 	 	
Benefits and expenses:	  	 	 	 	 	 	 	 	
Claims and other policy benefits	  	 	1,843,677	  	 	 	1,688,910	  	
Interest credited	  	 	110,594	  	 	 	125,483	  	
Policy acquisition costs and other insurance expenses	  	 	354,873	  	 	 	357,357	  	
Other operating expenses	  	 	110,936	  	 	 	119,501	  	
Interest expense	  	 	35,084	  	 	 	28,486	  	
Collateral finance facility expense	  	 	2,569	  	 	 	2,538	  	
 	  	 	 	 	 	 	 	 	
Total benefits and expenses	  	 	2,457,733	  	 	 	2,322,275	  	
 	  	 	 	 	 	 	 	 	
Income before income taxes	  	 	199,440	  	 	 	278,827	  	
Income tax expense	  	 	62,776	  	 	 	93,292	  	
 	  	 	 	 	 	 	 	 	
Net income	  	$	136,664	  	 	$	185,535	  	
 	  	 	 	 	 	 	 	 	
# # #

Exhibit 99.2

Financial Supplement
First Quarter 2014
(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	
RGA Reinsurance Company of Australia Limited	 	AA-	 	NR	 	NR	
Senior Debt Ratings	 	 	 	 	 	 	
Reinsurance Group of America, Incorporated	 	A-	 	a-	 	Baa1	
Our common stock is traded on the New York Stock Exchange under the symbol “RGA”.

Contacts:	
Jack B. Lay	
Senior Executive Vice President
and Chief Financial Officer	
Phone: (636) 736-7000
e-mail: jlay@rgare.com
 	
Jeff Hopson	
Sr. Vice President	
Investor Relations	
Phone: (636) 300-6106
e-mail: jhopson@rgare.com	

 	 	 	 	 	

Reinsurance Group of America, Incorporated
Financial Supplement
1st Quarter 2014
Table of Contents

 	  	Page	 	
Non-GAAP Disclosure	  	 	1	  	
 	 	
Notes	  	 	2	  	
 	 	
Consolidated	  	 	 	 	
 	 	
Financial Highlights	  	 	3	  	
 	 	
Consolidated Income Statement (incl. Operating Income Reconciliation)	  	 	4	  	
 	 	
Consolidated Operating Income Statement	  	 	5	  	
 	 	
Consolidated Balance Sheets	  	 	6	  	
 	 	
Segment Pre-tax Operating Income Summaries and Reconciliations to U.S. GAAP	  	 	 	 	
 	 	
U.S. and Latin America Operations	  	 	7	  	
 	 	
Canada Operations	  	 	11	  	
 	 	
Europe, Middle East & Africa Operations	  	 	12	  	
 	 	
Asia Pacific Operations	  	 	13	  	
 	 	
Corporate and Other	  	 	14	  	
 	 	
Summary of Pre-tax Segment Operating Income	  	 	15	  	
 	 	
Investments	  	 	 	 	
 	 	
Cash and Invested Assets, Yield Summary	  	 	16	  	
 	 	
Amortized cost, Gross Unrealized Gains and Losses, Estimated Fair Values of Fixed Maturity and Equity Securities	  	 	17	  	
 	 	
Corporate Securities by Sector (Fixed Maturities and Equities)	  	 	18	  	
 	 	
Quality of Fixed Maturity Securities and Structured Fixed Maturity Securities	  	 	19	  	
 	 	
Gross Unrealized Losses Aging	  	 	20	  	
 	 	
Fixed Maturity and Equity Securities Below Amortized Cost	  	 	21	  	
 	 	
Consolidated Gross Gains and Losses	  	 	22	  	

 	  	 	

Reinsurance Group of America, Incorporated
Financial Supplement
This Financial Supplement is for information purposes only and includes unaudited figures. This report should be read in conjunction with documents filed by Reinsurance Group of America, Incorporated with the SEC.
Non-GAAP Disclosures
RGA uses a non-GAAP financial measure called operating income as a basis for analyzing financial results. This measure also serves as a basis for establishing target levels and awards under RGA’s management incentive programs. Management believes that operating income, on a pre-tax and after-tax basis, better measures the ongoing profitability and underlying trends of the company’s continuing operations, primarily because that measure excludes substantially all of the effect of net investment related gains and losses, as well as changes in the fair value of certain embedded derivatives and related deferred acquisition costs. These items can be volatile, primarily due to the credit market and interest rate environment and are not necessarily indicative of the performance of the company’s underlying businesses. Additionally, operating income excludes any net gain or loss from discontinued operations, the cumulative effect of any accounting changes, and other items that management believes are not indicative of the company’s ongoing operations. The definition of 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 shareholders’
equity excluding AOCI.

 	  	Page 1	

Reinsurance Group of America, Incorporated
SEGMENT RESTRUCTURING
The company realigned certain operations and management responsibilities to better fit within its geographic-based segments. Mexico and Latin America operations were moved from Europe & South Africa to the U.S. segment, which has been renamed U.S. and Latin America. India operations have been moved from Europe & South Africa to the Asia Pacific segment. Europe & South Africa has been renamed Europe, Middle East and Africa. Prior-period figures have been adjusted to conform to the new reporting alignment.

 	  	Page 2	

Reinsurance Group of America, Incorporated
Financial Highlights (1)

(USD thousands, except inforce & per share data)	 	Three Months Ended or As of	 	 	Current Qtr	 	
 	 	March 31,	 	 	Dec. 31,	 	 	Sept. 30,	 	 	June 30,	 	 	March 31,	 	 	vs. PY	 	
 	 	2014	 	 	2013	 	 	2013	 	 	2013	 	 	2013	 	 	Quarter	 	
Net premiums	 	$	2,100,637	  	 	$	2,212,998	  	 	$	2,026,180	  	 	$	2,035,156	  	 	$	1,979,693	  	 	$	120,944	  	
Net income	 	 	136,664	  	 	 	144,959	  	 	 	137,955	  	 	 	(49,612	) 	 	 	185,535	  	 	 	(48,871	) 	
Operating income	 	 	114,807	  	 	 	154,509	  	 	 	152,887	  	 	 	(71,797	) 	 	 	122,847	  	 	 	(8,040	) 	
Operating return on equity (ex AOCI)—annualized	 	 	9.3	% 	 	 	12.7	% 	 	 	12.9	% 	 	 	-6.0	% 	 	 	10.1	% 	 	 	-0.8	% 	
Operating return on equity (ex AOCI)—trailing 12 months	 	 	7.2	% 	 	 	7.4	% 	 	 	8.1	% 	 	 	7.1	% 	 	 	11.4	% 	 	 	-4.2	% 	
Total assets	 	 	40,541,581	  	 	 	39,674,473	  	 	 	39,526,555	  	 	 	38,790,621	  	 	 	40,197,101	  	 	 	344,480	  	
Assumed Life Reinsurance in Force (in billions)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
U.S. and Latin America Traditional	 	$	1,393.2	  	 	$	1,397.0	  	 	$	1,400.4	  	 	$	1,399.6	  	 	$	1,402.2	  	 	$	(9.0	) 	
U.S. and Latin America Non-Traditional	 	 	2.2	  	 	 	2.2	  	 	 	2.2	  	 	 	2.2	  	 	 	2.2	  	 	 	—  	  	
Canada	 	 	376.7	  	 	 	386.4	  	 	 	391.1	  	 	 	376.4	  	 	 	382.8	  	 	 	(6.1	) 	
Europe, Middle East and Africa	 	 	587.6	  	 	 	556.7	  	 	 	555.1	  	 	 	514.3	  	 	 	506.0	  	 	 	81.6	  	
Asia Pacific	 	 	595.6	  	 	 	547.6	  	 	 	555.0	  	 	 	531.3	  	 	 	579.6	  	 	 	16.0	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Life Reinsurance in Force	 	$	2,955.3	  	 	$	2,889.9	  	 	$	2,903.8	  	 	$	2,823.8	  	 	$	2,872.8	  	 	$	82.5	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Assumed New Business Production (in billions)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
U.S. and Latin America Traditional	 	$	20.4	  	 	$	21.1	  	 	$	22.3	  	 	$	22.8	  	 	$	29.4	  	 	$	(9.0	) 	
U.S. and Latin America Non-Traditional	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	
Canada	 	 	12.4	  	 	 	10.4	  	 	 	11.6	  	 	 	11.1	  	 	 	12.9	  	 	 	(0.5	) 	
Europe, Middle East and Africa	 	 	46.5	  	 	 	24.6	  	 	 	21.4	  	 	 	22.3	  	 	 	37.9	  	 	 	8.6	  	
Asia Pacific	 	 	19.6	  	 	 	22.8	  	 	 	36.3	  	 	 	47.8	  	 	 	15.7	  	 	 	3.9	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total New Business Production	 	$	98.9	  	 	$	78.9	  	 	$	91.6	  	 	$	104.0	  	 	$	95.9	  	 	$	3.0	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Per Share and Shares Data	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic earnings per share	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	 	$	1.94	  	 	$	2.05	  	 	$	1.95	  	 	$	(0.69	) 	 	$	2.51	  	 	$	(0.57	) 	
Operating income	 	$	1.63	  	 	$	2.19	  	 	$	2.16	  	 	$	(0.99	) 	 	$	1.66	  	 	$	(0.03	) 	
Diluted earnings per share	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	 	$	1.92	  	 	$	2.03	  	 	$	1.93	  	 	$	(0.69	) 	 	$	2.49	  	 	$	(0.57	) 	
Operating income	 	$	1.61	  	 	$	2.17	  	 	$	2.14	  	 	$	(0.99	) 	 	$	1.65	  	 	$	(0.04	) 	
Wgt. average common shares outstanding (basic)	 	 	70,574	  	 	 	70,650	  	 	 	70,865	  	 	 	72,350	  	 	 	73,838	  	 	 	(3,264	) 	
Wgt. average common shares outstanding (diluted)	 	 	71,264	  	 	 	71,332	  	 	 	71,391	  	 	 	72,769	  	 	 	74,389	  	 	 	(3,125	) 	
Common shares issued	 	 	79,138	  	 	 	79,138	  	 	 	79,138	  	 	 	79,138	  	 	 	79,138	  	 	 	—  	  	
Treasury shares	 	 	9,624	  	 	 	8,370	  	 	 	8,595	  	 	 	8,170	  	 	 	5,837	  	 	 	3,787	  	
Common shares outstanding	 	 	69,514	  	 	 	70,768	  	 	 	70,543	  	 	 	70,968	  	 	 	73,301	  	 	 	(3,787	) 	
Book value per share	 	$	89.92	  	 	$	83.87	  	 	$	83.58	  	 	$	82.97	  	 	$	94.34	  	 	 	 	 	
Per share effect of accumulated other comprehensive income (AOCI)	 	$	18.41	  	 	$	14.21	  	 	$	15.60	  	 	$	16.66	  	 	$	26.97	  	 	 	 	 	
Book value per share, excluding AOCI	 	$	71.51	  	 	$	69.66	  	 	$	67.98	  	 	$	66.31	  	 	$	67.37	  	 	 	 	 	
Shareholder dividends paid	 	$	21,243.6	  	 	$	21,177.3	  	 	$	21,296.2	  	 	$	17,415.9	  	 	$	17,752.7	  	 	$	3,490.9	  	
 
(1)	The company realigned certain operations and management responsibilities to better fit within its geographic-based segments. Mexico and Latin America operations were moved from Europe & South Africa to the U.S. segment, which has been renamed U.S. and Latin America. India has been moved from Europe & South Africa to the Asia Pacific segment. Europe & South Africa has been renamed Europe, Middle East and Africa. Prior-period figures have been adjusted to conform to the new reporting alignment.	

 	  	Page 3	

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)	 	2014	 	 	2013	 	 	2013	 	 	2013	 	 	2013	 	 	Quarter	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	2,100,637	  	 	$	2,212,998	  	 	$	2,026,180	  	 	$	2,035,156	  	 	$	1,979,693	  	 	$	120,944	  	
Investment income, net of related expenses	 	 	404,375	  	 	 	461,134	  	 	 	369,366	  	 	 	444,234	  	 	 	425,131	  	 	 	(20,756	) 	
Investment related gains (losses), net	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
OTTI on fixed maturity securities	 	 	(303	) 	 	 	(2,258	) 	 	 	(391	) 	 	 	(9,803	) 	 	 	(202	) 	 	 	(101	) 	
OTTI on fixed maturity securities transferred to/from AOCI	 	 	—  	  	 	 	—  	  	 	 	59	  	 	 	(306	) 	 	 	—  	  	 	 	—  	  	
Other investment related gains (losses), net	 	 	84,874	  	 	 	99	  	 	 	(76,133	) 	 	 	58,352	  	 	 	94,573	  	 	 	(9,699	) 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total investment related gains (losses), net	 	 	84,571	  	 	 	(2,159	) 	 	 	(76,465	) 	 	 	48,243	  	 	 	94,371	  	 	 	(9,800	) 	
Other revenue	 	 	67,590	  	 	 	64,821	  	 	 	70,734	  	 	 	63,009	  	 	 	101,907	  	 	 	(34,317	) 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	 	 	2,657,173	  	 	 	2,736,794	  	 	 	2,389,815	  	 	 	2,590,642	  	 	 	2,601,102	  	 	 	56,071	  	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	 	1,843,677	  	 	 	1,869,949	  	 	 	1,714,899	  	 	 	2,030,574	  	 	 	1,688,910	  	 	 	154,767	  	
Interest credited	 	 	110,594	  	 	 	172,747	  	 	 	59,939	  	 	 	118,345	  	 	 	125,483	  	 	 	(14,889	) 	
Policy acquisition costs and other insurance expenses	 	 	354,873	  	 	 	304,837	  	 	 	268,081	  	 	 	370,505	  	 	 	357,357	  	 	 	(2,484	) 	
Other operating expenses	 	 	110,936	  	 	 	122,136	  	 	 	111,672	  	 	 	113,408	  	 	 	119,501	  	 	 	(8,565	) 	
Interest expense	 	 	35,084	  	 	 	35,072	  	 	 	30,831	  	 	 	29,918	  	 	 	28,486	  	 	 	6,598	  	
Collateral finance facility expense	 	 	2,569	  	 	 	2,563	  	 	 	2,698	  	 	 	2,650	  	 	 	2,538	  	 	 	31	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	 	 	2,457,733	  	 	 	2,507,304	  	 	 	2,188,120	  	 	 	2,665,400	  	 	 	2,322,275	  	 	 	135,458	  	
Income before income taxes	 	 	199,440	  	 	 	229,490	  	 	 	201,695	  	 	 	(74,758	) 	 	 	278,827	  	 	 	(79,387	) 	
Income tax expense	 	 	62,776	  	 	 	84,531	  	 	 	63,740	  	 	 	(25,146	) 	 	 	93,292	  	 	 	(30,516	) 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	 	$	136,664	  	 	$	144,959	  	 	$	137,955	  	 	$	(49,612	) 	 	$	185,535	  	 	$	(48,871	) 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Pre-tax Operating Income Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	 	199,440	  	 	 	229,490	  	 	 	201,695	  	 	 	(74,758	) 	 	 	278,827	  	 	 	(79,387	) 	
Investment and derivative losses (gains)—non-operating (1)	 	 	(26,306	) 	 	 	45,090	  	 	 	30,513	  	 	 	37,057	  	 	 	48,842	  	 	 	(75,148	) 	
Change in value of modified coinsurance and funds withheld embedded derivatives (1)	 	 	(77,241	) 	 	 	337	  	 	 	67,460	  	 	 	(47,716	) 	 	 	(90,258	) 	 	 	13,017	  	
GMXB embedded derivatives  (1)	 	 	23,661	  	 	 	(35,098	) 	 	 	(19,829	) 	 	 	(35,809	) 	 	 	(51,314	) 	 	 	74,975	  	
Funds withheld losses (gains)—investment income	 	 	(389	) 	 	 	(2,540	) 	 	 	3,465	  	 	 	(11,733	) 	 	 	(2,031	) 	 	 	1,642	  	
EIA embedded derivatives—interest credited	 	 	(6,560	) 	 	 	2,795	  	 	 	(30,292	) 	 	 	(32,161	) 	 	 	(19,311	) 	 	 	12,751	  	
DAC offset, net	 	 	53,068	  	 	 	4,334	  	 	 	(27,330	) 	 	 	56,786	  	 	 	64,618	  	 	 	(11,550	) 	
Gain on repurchase of collateral finance facility securities	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	(46,506	) 	 	 	46,506	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating Income Before Income Taxes	 	$	165,673	  	 	$	244,408	  	 	$	225,682	  	 	$	(108,334	) 	 	$	182,867	  	 	$	(17,194	) 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
After-tax Operating Income Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net Income	 	 	136,664	  	 	 	144,959	  	 	 	137,955	  	 	 	(49,612	) 	 	 	185,535	  	 	 	(48,871	) 	
Investment and derivative losses (gains)—non-operating (1)	 	 	(17,007	) 	 	 	29,161	  	 	 	19,174	  	 	 	23,726	  	 	 	31,434	  	 	 	(48,441	) 	
Change in value of modified coinsurance and funds withheld embedded derivatives (1)	 	 	(50,207	) 	 	 	219	  	 	 	43,849	  	 	 	(31,015	) 	 	 	(58,668	) 	 	 	8,461	  	
GMXB embedded derivatives  (1)	 	 	15,380	  	 	 	(22,814	) 	 	 	(12,889	) 	 	 	(23,276	) 	 	 	(33,354	) 	 	 	48,734	  	
Funds withheld losses (gains)—investment income	 	 	(253	) 	 	 	(1,651	) 	 	 	2,252	  	 	 	(7,625	) 	 	 	(1,321	) 	 	 	1,068	  	
EIA embedded derivatives—interest credited	 	 	(4,264	) 	 	 	1,817	  	 	 	(19,690	) 	 	 	(20,905	) 	 	 	(12,552	) 	 	 	8,288	  	
DAC offset, net	 	 	34,494	  	 	 	2,818	  	 	 	(17,764	) 	 	 	36,910	  	 	 	42,002	  	 	 	(7,508	) 	
Gain on repurchase of collateral finance facility securities	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	(30,229	) 	 	 	30,229	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating Income	 	$	114,807	  	 	$	154,509	  	 	$	152,887	  	 	$	(71,797	) 	 	$	122,847	  	 	$	(8,040	) 	

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

 	  	Page 4	

Reinsurance Group of America, Incorporated
Consolidated Operating Income Statement

 	  	Three Months Ended	 	 	Current Qtr
vs. PY
Quarter	 	
 	  	March 31,	 	 	Dec. 31,	 	 	Sept. 30,	 	 	June 30,	 	 	March 31,	 	 	 	 	
(USD thousands, except per share data)	  	2014	 	 	2013	 	 	2013	 	 	2013	 	 	2013	 	 	 	 	
Revenues:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	  	$	2,100,637	  	 	$	2,212,998	  	 	$	2,026,180	  	 	$	2,035,156	  	 	$	1,979,693	  	 	$	120,944	  	
Investment income, net of related expenses	  	 	403,986	  	 	 	458,594	  	 	 	372,831	  	 	 	432,501	  	 	 	423,100	  	 	 	(19,114	) 	
Investment related gains (losses), net	  	 	4,685	  	 	 	8,170	  	 	 	1,679	  	 	 	1,775	  	 	 	1,641	  	 	 	3,044	  	
Other revenue	  	 	67,590	  	 	 	64,821	  	 	 	70,734	  	 	 	63,009	  	 	 	55,401	  	 	 	12,189	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	  	 	2,576,898	  	 	 	2,744,583	  	 	 	2,471,424	  	 	 	2,532,441	  	 	 	2,459,835	  	 	 	117,063	  	
Benefits and expenses:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	  	 	1,843,677	  	 	 	1,869,949	  	 	 	1,714,899	  	 	 	2,030,574	  	 	 	1,688,910	  	 	 	154,767	  	
Interest credited	  	 	117,154	  	 	 	169,952	  	 	 	90,231	  	 	 	150,506	  	 	 	144,794	  	 	 	(27,640	) 	
Policy acquisition costs and other insurance expenses	  	 	301,805	  	 	 	300,503	  	 	 	295,411	  	 	 	313,719	  	 	 	292,739	  	 	 	9,066	  	
Other operating expenses	  	 	110,936	  	 	 	122,136	  	 	 	111,672	  	 	 	113,408	  	 	 	119,501	  	 	 	(8,565	) 	
Interest expense	  	 	35,084	  	 	 	35,072	  	 	 	30,831	  	 	 	29,918	  	 	 	28,486	  	 	 	6,598	  	
Collateral finance facility expense	  	 	2,569	  	 	 	2,563	  	 	 	2,698	  	 	 	2,650	  	 	 	2,538	  	 	 	31	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	  	 	2,411,225	  	 	 	2,500,175	  	 	 	2,245,742	  	 	 	2,640,775	  	 	 	2,276,968	  	 	 	134,257	  	
Operating income before income taxes	  	 	165,673	  	 	 	244,408	  	 	 	225,682	  	 	 	(108,334	) 	 	 	182,867	  	 	 	(17,194	) 	
Operating income tax expense	  	 	50,866	  	 	 	89,899	  	 	 	72,795	  	 	 	(36,537	) 	 	 	60,020	  	 	 	(9,154	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income	  	$	114,807	  	 	$	154,509	  	 	$	152,887	  	 	$	(71,797	) 	 	$	122,847	  	 	$	(8,040	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Wgt. Average Common Shares Outstanding (Diluted)	  	 	71,264	  	 	 	71,332	  	 	 	71,391	  	 	 	72,769	  	 	 	74,389	  	 	 	(3,125	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Diluted Earnings Per Share—Operating Income	  	$	1.61	  	 	$	2.17	  	 	$	2.14	  	 	$	(0.99	) 	 	$	1.65	  	 	$	(0.04	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Foreign currency effect (1):	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	  	$	(50,225	) 	 	$	(49,448	) 	 	$	(51,810	) 	 	$	(21,551	) 	 	$	(19,730	) 	 	$	(30,495	) 	
Operating income before income taxes	  	$	(6,605	) 	 	$	(8,679	) 	 	$	(4,959	) 	 	$	13,640	  	 	$	(2,791	) 	 	$	(3,814	) 	
 
(1)	Compared to comparable prior year period	

 	  	Page 5	

Reinsurance Group of America, Incorporated
Consolidated Balance Sheets

(USD thousands)	  	March 31,
2014	 	 	Dec. 31,
2013	 	 	Sept. 30,
2013	 	 	June 30,
2013	 	 	March 31,
2013	 	
Assets	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Fixed maturity securities, available-for-sale	  	$	22,157,182	  	 	$	21,474,136	  	 	$	21,289,108	  	 	$	21,284,216	  	 	$	22,401,659	  	
Mortgage loans on real estate	  	 	2,526,228	  	 	 	2,486,680	  	 	 	2,488,582	  	 	 	2,377,246	  	 	 	2,325,191	  	
Policy loans	  	 	1,296,897	  	 	 	1,244,469	  	 	 	1,244,878	  	 	 	1,245,252	  	 	 	1,245,812	  	
Funds withheld at interest	  	 	5,814,231	  	 	 	5,771,467	  	 	 	5,739,872	  	 	 	5,777,395	  	 	 	5,698,594	  	
Short-term investments	  	 	118,789	  	 	 	139,395	  	 	 	44,192	  	 	 	38,601	  	 	 	180,707	  	
Other invested assets	  	 	1,234,779	  	 	 	1,324,960	  	 	 	1,116,391	  	 	 	1,035,809	  	 	 	1,129,651	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total investments	  	 	33,148,106	  	 	 	32,441,107	  	 	 	31,923,023	  	 	 	31,758,519	  	 	 	32,981,614	  	
Cash and cash equivalents	  	 	1,127,132	  	 	 	923,647	  	 	 	1,423,235	  	 	 	973,619	  	 	 	1,001,841	  	
Accrued investment income	  	 	233,816	  	 	 	267,908	  	 	 	262,330	  	 	 	233,153	  	 	 	230,269	  	
Premiums receivable and other reinsurance balances	  	 	1,454,959	  	 	 	1,439,528	  	 	 	1,252,610	  	 	 	1,314,004	  	 	 	1,259,281	  	
Reinsurance ceded receivables	  	 	594,794	  	 	 	594,515	  	 	 	592,948	  	 	 	585,555	  	 	 	602,373	  	
Deferred policy acquisition costs	  	 	3,450,523	  	 	 	3,517,796	  	 	 	3,533,932	  	 	 	3,453,513	  	 	 	3,545,063	  	
Other assets	  	 	532,251	  	 	 	489,972	  	 	 	538,477	  	 	 	472,258	  	 	 	576,660	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total assets	  	$	40,541,581	  	 	$	39,674,473	  	 	$	39,526,555	  	 	$	38,790,621	  	 	$	40,197,101	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Liabilities and Stockholders’ Equity	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Future policy benefits	  	$	11,887,951	  	 	$	11,866,776	  	 	$	11,873,306	  	 	$	11,491,692	  	 	$	11,355,882	  	
Interest-sensitive contract liabilities	  	 	12,809,003	  	 	 	12,947,557	  	 	 	12,868,425	  	 	 	12,991,981	  	 	 	13,141,402	  	
Other policy claims and benefits	  	 	3,899,004	  	 	 	3,571,761	  	 	 	3,440,371	  	 	 	3,316,727	  	 	 	3,243,948	  	
Other reinsurance balances	  	 	283,249	  	 	 	275,138	  	 	 	264,023	  	 	 	254,815	  	 	 	250,606	  	
Deferred income taxes	  	 	2,023,588	  	 	 	1,837,577	  	 	 	1,975,819	  	 	 	1,839,909	  	 	 	2,105,391	  	
Other liabilities	  	 	638,967	  	 	 	541,035	  	 	 	510,079	  	 	 	584,488	  	 	 	877,405	  	
Short-term debt	  	 	50,000	  	 	 	—  	  	 	 	—  	  	 	 	120,000	  	 	 	—  	  	
Long-term debt	  	 	2,214,526	  	 	 	2,214,350	  	 	 	2,214,170	  	 	 	1,815,533	  	 	 	1,815,392	  	
Collateral finance facility	  	 	484,747	  	 	 	484,752	  	 	 	484,712	  	 	 	487,556	  	 	 	491,987	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total liabilities	  	 	34,291,035	  	 	 	33,738,946	  	 	 	33,630,905	  	 	 	32,902,701	  	 	 	33,282,013	  	
Stockholders’ Equity:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Common stock, at par value	  	 	791	  	 	 	791	  	 	 	791	  	 	 	791	  	 	 	791	  	
Additional paid-in-capital	  	 	1,782,838	  	 	 	1,777,906	  	 	 	1,778,307	  	 	 	1,772,811	  	 	 	1,765,255	  	
Retained earnings	  	 	3,772,776	  	 	 	3,659,938	  	 	 	3,544,632	  	 	 	3,428,646	  	 	 	3,521,492	  	
Treasury stock	  	 	(585,358	) 	 	 	(508,715	) 	 	 	(528,081	) 	 	 	(496,462	) 	 	 	(349,190	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Accumulated other comprehensive income (AOCI):	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Accumulated currency translation adjustment, net of income taxes	  	 	164,400	  	 	 	207,083	  	 	 	191,677	  	 	 	164,538	  	 	 	253,370	  	
Unrealized appreciation of securities, net of income taxes	  	 	1,136,079	  	 	 	820,245	  	 	 	942,337	  	 	 	1,052,126	  	 	 	1,758,775	  	
Pension and postretirement benefits, net of income taxes	  	 	(20,980	) 	 	 	(21,721	) 	 	 	(34,013	) 	 	 	(34,530	) 	 	 	(35,405	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total stockholders’ equity	  	 	6,250,546	  	 	 	5,935,527	  	 	 	5,895,650	  	 	 	5,887,920	  	 	 	6,915,088	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total liabilities and stockholders’ equity	  	$	40,541,581	  	 	$	39,674,473	  	 	$	39,526,555	  	 	$	38,790,621	  	 	$	40,197,101	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total stockholders’ equity, excluding AOCI	  	$	4,971,047	  	 	$	4,929,920	  	 	$	4,795,649	  	 	$	4,705,786	  	 	$	4,938,348	  	

 	  	Page 6	

Reinsurance Group of America, Incorporated
U.S. and Latin America Traditional Segment Pre-tax Operating Income (1)

 	  	Three Months Ended	 	 	Current Qtr
vs. PY
Quarter	 	
(USD thousands)	  	March 31,
2014	 	 	Dec. 31,
2013	 	 	Sept. 30,
2013	 	 	June 30,
2013	 	 	March 31,
2013	 	 	 	 	
Revenues:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	  	$	1,141,905	  	 	$	1,246,137	  	 	$	1,124,183	  	 	$	1,136,742	  	 	$	1,056,428	  	 	$	85,477	  	
Investment income, net of related expenses	  	 	133,376	  	 	 	139,281	  	 	 	138,464	  	 	 	133,544	  	 	 	132,535	  	 	 	841	  	
Other revenue	  	 	642	  	 	 	840	  	 	 	880	  	 	 	1,334	  	 	 	652	  	 	 	(10	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	  	 	1,275,923	  	 	 	1,386,258	  	 	 	1,263,527	  	 	 	1,271,620	  	 	 	1,189,615	  	 	 	86,308	  	
Benefits and expenses:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	  	 	1,033,707	  	 	 	1,071,733	  	 	 	972,786	  	 	 	981,768	  	 	 	936,881	  	 	 	96,826	  	
Interest credited	  	 	12,272	  	 	 	9,886	  	 	 	13,659	  	 	 	13,590	  	 	 	16,150	  	 	 	(3,878	) 	
Policy acquisition costs and other insurance expenses	  	 	156,000	  	 	 	156,447	  	 	 	162,710	  	 	 	166,742	  	 	 	140,072	  	 	 	15,928	  	
Other operating expenses	  	 	25,741	  	 	 	24,550	  	 	 	24,085	  	 	 	23,018	  	 	 	24,278	  	 	 	1,463	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	  	 	1,227,720	  	 	 	1,262,616	  	 	 	1,173,240	  	 	 	1,185,118	  	 	 	1,117,381	  	 	 	110,339	  	
Operating income before income taxes	  	 	48,203	  	 	 	123,642	  	 	 	90,287	  	 	 	86,502	  	 	 	72,234	  	 	 	(24,031	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating to U.S. GAAP Reconciliation:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	  	 	48,203	  	 	 	123,642	  	 	 	90,287	  	 	 	86,502	  	 	 	72,234	  	 	 	(24,031	) 	
Investment and derivative (losses) gains—non-operating	  	 	2,769	  	 	 	(850	) 	 	 	(5,249	) 	 	 	3,711	  	 	 	7,309	  	 	 	(4,540	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	  	$	50,972	  	 	$	122,792	  	 	$	85,038	  	 	$	90,213	  	 	$	79,543	  	 	$	(28,571	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Loss and Expense Ratios:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	  	 	90.5	% 	 	 	86.0	% 	 	 	86.5	% 	 	 	86.4	% 	 	 	88.7	% 	 	 	1.8	% 	
Policy acquisition costs and other insurance expenses	  	 	13.7	% 	 	 	12.6	% 	 	 	14.5	% 	 	 	14.7	% 	 	 	13.3	% 	 	 	0.4	% 	
Other operating expenses	  	 	2.3	% 	 	 	2.0	% 	 	 	2.1	% 	 	 	2.0	% 	 	 	2.3	% 	 	 	0.0	% 	
 
(1)	The company realigned certain operations and management responsibilities to better fit within its geographic-based segments. Mexico and Latin America operations were moved from Europe & South Africa to the U.S. segment, which has been renamed U.S. and Latin America. India has been moved from Europe & South Africa to the Asia Pacific segment. Europe & South Africa has been renamed Europe, Middle East and Africa. Prior-period figures have been adjusted to conform to the new reporting alignment.	

 	  	Page 7	

Reinsurance Group of America, Incorporated
U.S. and Latin America Non-Traditional Segment—Asset Intensive Reinsurance Pre-tax Operating Income

 	  	Three Months Ended	 	 	Current Qtr
vs. PY
Quarter	 	
(USD thousands)	  	March 31,
2014	 	 	Dec. 31,
2013	 	 	Sept. 30,
2013	 	 	June 30,
2013	 	 	March 31,
2013	 	 	 	 	
Revenues:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	  	$	5,180	  	 	$	3,754	  	 	$	3,800	  	 	$	11,129	  	 	$	3,838	  	 	$	1,342	  	
Investment income, net of related expenses	  	 	158,619	  	 	 	209,847	  	 	 	128,563	  	 	 	190,296	  	 	 	178,719	  	 	 	(20,100	) 	
Investment related gains (losses), net	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	
Other revenue	  	 	28,276	  	 	 	26,761	  	 	 	28,519	  	 	 	29,937	  	 	 	28,881	  	 	 	(605	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	  	 	192,075	  	 	 	240,362	  	 	 	160,882	  	 	 	231,362	  	 	 	211,438	  	 	 	(19,363	) 	
Benefits and expenses:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	  	 	4,260	  	 	 	4,674	  	 	 	8,899	  	 	 	11,083	  	 	 	3,588	  	 	 	672	  	
Interest credited	  	 	101,644	  	 	 	153,501	  	 	 	76,097	  	 	 	136,424	  	 	 	128,096	  	 	 	(26,452	) 	
Policy acquisition costs and other insurance expenses	  	 	41,072	  	 	 	36,819	  	 	 	33,642	  	 	 	40,747	  	 	 	30,045	  	 	 	11,027	  	
Other operating expenses	  	 	4,094	  	 	 	3,102	  	 	 	4,198	  	 	 	2,878	  	 	 	4,113	  	 	 	(19	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	  	 	151,070	  	 	 	198,096	  	 	 	122,836	  	 	 	191,132	  	 	 	165,842	  	 	 	(14,772	) 	
Operating income before income taxes	  	 	41,005	  	 	 	42,266	  	 	 	38,046	  	 	 	40,230	  	 	 	45,596	  	 	 	(4,591	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating to U.S. GAAP Reconciliation:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	  	 	41,005	  	 	 	42,266	  	 	 	38,046	  	 	 	40,230	  	 	 	45,596	  	 	 	(4,591	) 	
Investment and derivative gains (losses)—non-operating (1)	  	 	21,300	  	 	 	(40,727	) 	 	 	(33,190	) 	 	 	(39,071	) 	 	 	(52,932	) 	 	 	74,232	  	
Change in value of modified coinsurance and funds withheld embedded derivatives  (1)	  	 	78,696	  	 	 	462	  	 	 	(68,703	) 	 	 	46,325	  	 	 	90,202	  	 	 	(11,506	) 	
GMXB embedded derivatives (1)	  	 	(23,661	) 	 	 	35,098	  	 	 	19,829	  	 	 	35,809	  	 	 	51,314	  	 	 	(74,975	) 	
Funds withheld gains (losses)—investment income	  	 	(217	) 	 	 	1,797	  	 	 	(3,755	) 	 	 	10,541	  	 	 	650	  	 	 	(867	) 	
EIA embedded derivatives—interest credited	  	 	6,560	  	 	 	(2,795	) 	 	 	30,292	  	 	 	32,161	  	 	 	19,311	  	 	 	(12,751	) 	
DAC offset, net	  	 	(53,068	) 	 	 	(4,334	) 	 	 	27,330	  	 	 	(56,786	) 	 	 	(64,618	) 	 	 	11,550	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	  	$	70,615	  	 	$	31,767	  	 	$	9,849	  	 	$	69,209	  	 	$	89,523	  	 	$	(18,908	) 	

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

 	  	Page 8	

Reinsurance Group of America, Incorporated
U.S. and Latin America Non-Traditional Segment—Asset Intensive Reinsurance Pre-tax Operating Income
(Cont’d)

 	  	Three Months Ended	 	
(USD millions)	  	March 31,
2014	 	 	Dec. 31,
2013	 	 	Sept. 30,
2013	 	 	June 30,
2013	 	 	March 31,
2013	 	
Annuity account values:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Fixed annuities (deferred)	  	$	5,156	  	 	$	5,079	  	 	$	5,180	  	 	$	5,264	  	 	$	5,357	  	
Net interest spread (fixed annuities):	  	 	2.5	% 	 	 	2.3	% 	 	 	2.5	% 	 	 	2.3	% 	 	 	2.2	% 	
Equity-indexed annuities	  	$	4,741	  	 	$	4,768	  	 	$	4,724	  	 	$	4,795	  	 	$	4,809	  	
Variable annuities:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
No riders	  	$	943	  	 	$	961	  	 	$	950	  	 	$	946	  	 	$	960	  	
GMDB only	  	 	85	  	 	 	86	  	 	 	83	  	 	 	56	  	 	 	80	  	
GMIB only	  	 	6	  	 	 	6	  	 	 	6	  	 	 	6	  	 	 	6	  	
GMAB only	  	 	51	  	 	 	52	  	 	 	52	  	 	 	52	  	 	 	54	  	
GMWB only	  	 	1,733	  	 	 	1,752	  	 	 	1,704	  	 	 	1,660	  	 	 	1,707	  	
GMDB / WB	  	 	459	  	 	 	467	  	 	 	459	  	 	 	450	  	 	 	465	  	
Other	  	 	30	  	 	 	31	  	 	 	31	  	 	 	30	  	 	 	32	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total VA account values	  	$	3,307	  	 	$	3,355	  	 	$	3,285	  	 	$	3,200	  	 	$	3,304	  	
Fair value of liabilities associated with living benefit riders	  	$	54	  	 	$	30	  	 	$	65	  	 	$	85	  	 	$	121	  	
Interest-sensitive contract liabilities associated with:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Guaranteed investment contracts	  	$	301	  	 	$	297	  	 	$	236	  	 	$	200	  	 	$	200	  	
Bank-owned life insurance (BOLI)	  	$	538	  	 	$	534	  	 	$	531	  	 	$	529	  	 	$	525	  	
Other asset-intensive business	  	$	71	  	 	$	72	  	 	$	73	  	 	$	73	  	 	$	75	  	

 	  	Page 9	

Reinsurance Group of America, Incorporated
U.S. and Latin America Non-Traditional Segment—Financial Reinsurance Pre-tax Operating Income

 	  	Three Months Ended	 	  	Current Qtr
vs. PY
Quarter	 	
 	  	March 31,	 	  	Dec. 31,	 	 	Sept. 30,	 	 	June 30,	 	 	March 31,	 	  	 	 	
(USD thousands)	  	2014	 	  	2013	 	 	2013	 	 	2013	 	 	2013	 	  	 	 	
Revenues:	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	
Investment income, net of related expenses	  	$	1,247	  	  	$	2,048	  	 	$	1,160	  	 	$	819	  	 	$	597	  	  	$	650	  	
Other revenue	  	 	19,098	  	  	 	16,191	  	 	 	15,599	  	 	 	16,306	  	 	 	12,797	  	  	 	6,301	  	
 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	
Total revenues	  	 	20,345	  	  	 	18,239	  	 	 	16,759	  	 	 	17,125	  	 	 	13,394	  	  	 	6,951	  	
Benefits and expenses:	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	
Policy acquisition costs and other insurance expenses	  	 	5,742	  	  	 	2,501	  	 	 	3,228	  	 	 	3,602	  	 	 	3,440	  	  	 	2,302	  	
Other operating expenses	  	 	2,177	  	  	 	1,462	  	 	 	2,008	  	 	 	1,636	  	 	 	1,947	  	  	 	230	  	
 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	
Total benefits and expenses	  	 	7,919	  	  	 	3,963	  	 	 	5,236	  	 	 	5,238	  	 	 	5,387	  	  	 	2,532	  	
Operating income before income taxes	  	 	12,426	  	  	 	14,276	  	 	 	11,523	  	 	 	11,887	  	 	 	8,007	  	  	 	4,419	  	
 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	
Operating to U.S. GAAP Reconciliation:	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	
Operating income before income taxes	  	 	12,426	  	  	 	14,276	  	 	 	11,523	  	 	 	11,887	  	 	 	8,007	  	  	 	4,419	  	
Investment and derivative gains (losses)—non-operating	  	 	83	  	  	 	(5	) 	 	 	(321	) 	 	 	(100	) 	 	 	34	  	  	 	49	  	
 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	
Income before income taxes	  	$	12,509	  	  	$	14,271	  	 	$	11,202	  	 	$	11,787	  	 	$	8,041	  	  	$	4,468	  	

 	 	 	 	 	
 	  	Page 10	

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

 	  	Three Months Ended	 	 	Current Qtr
vs. PY
Quarter	 	
(USD thousands)	  	March 31,
2014	 	 	Dec. 31,
2013	 	 	Sept. 30,
2013	 	 	June 30,
2013	 	 	March 31,
2013	 	 	 	 	
Revenues:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	  	$	230,844	  	 	$	243,340	  	 	$	236,067	  	 	$	239,633	  	 	$	243,271	  	 	$	(12,427	) 	
Investment income, net of related expenses	  	 	46,997	  	 	 	51,750	  	 	 	49,871	  	 	 	50,450	  	 	 	49,174	  	 	 	(2,177	) 	
Investment related gains (losses), net	  	 	1,006	  	 	 	1,149	  	 	 	866	  	 	 	970	  	 	 	1,005	  	 	 	1	  	
Other revenue	  	 	961	  	 	 	531	  	 	 	(196	) 	 	 	302	  	 	 	208	  	 	 	753	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	  	 	279,808	  	 	 	296,770	  	 	 	286,608	  	 	 	291,355	  	 	 	293,658	  	 	 	(13,850	) 	
Benefits and expenses:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	  	 	194,756	  	 	 	187,226	  	 	 	185,011	  	 	 	196,584	  	 	 	189,698	  	 	 	5,058	  	
Interest credited	  	 	—  	  	 	 	9	  	 	 	19	  	 	 	6	  	 	 	12	  	 	 	(12	) 	
Policy acquisition costs and other insurance expenses	  	 	53,104	  	 	 	53,119	  	 	 	55,553	  	 	 	52,134	  	 	 	60,832	  	 	 	(7,728	) 	
Other operating expenses	  	 	9,825	  	 	 	9,263	  	 	 	10,052	  	 	 	10,942	  	 	 	10,239	  	 	 	(414	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	  	 	257,685	  	 	 	249,617	  	 	 	250,635	  	 	 	259,666	  	 	 	260,781	  	 	 	(3,096	) 	
Operating income before income taxes	  	 	22,123	  	 	 	47,153	  	 	 	35,973	  	 	 	31,689	  	 	 	32,877	  	 	 	(10,754	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating to U.S. GAAP Reconciliation:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	  	 	22,123	  	 	 	47,153	  	 	 	35,973	  	 	 	31,689	  	 	 	32,877	  	 	 	(10,754	) 	
Investment and derivative gains (losses)—non-operating	  	 	(2,665	) 	 	 	2,586	  	 	 	5,606	  	 	 	2,778	  	 	 	2,050	  	 	 	(4,715	) 	
Funds withheld gains (losses)—investment income	  	 	606	  	 	 	743	  	 	 	290	  	 	 	1,192	  	 	 	1,381	  	 	 	(775	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	  	$	20,064	  	 	$	50,482	  	 	$	41,869	  	 	$	35,659	  	 	$	36,308	  	 	$	(16,244	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Loss and Expense Ratios:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Loss ratios (creditor business)	  	 	31.5	% 	 	 	18.3	% 	 	 	30.5	% 	 	 	33.0	% 	 	 	32.7	% 	 	 	-1.2	% 	
Loss ratios (excluding creditor business)	  	 	98.0	% 	 	 	89.4	% 	 	 	92.3	% 	 	 	94.5	% 	 	 	93.2	% 	 	 	4.8	% 	
Claims and other policy benefits / (net premiums + investment income)	  	 	70.1	% 	 	 	63.4	% 	 	 	64.7	% 	 	 	67.8	% 	 	 	64.9	% 	 	 	5.2	% 	
Policy acquisition costs and other insurance expenses (creditor business)	  	 	58.1	% 	 	 	70.7	% 	 	 	61.3	% 	 	 	59.0	% 	 	 	61.0	% 	 	 	-2.9	% 	
Policy acquisition costs and other insurance expenses (excluding creditor business)	  	 	13.9	% 	 	 	11.5	% 	 	 	12.5	% 	 	 	12.3	% 	 	 	12.9	% 	 	 	1.0	% 	
Other operating expenses	  	 	4.3	% 	 	 	3.8	% 	 	 	4.3	% 	 	 	4.6	% 	 	 	4.2	% 	 	 	0.1	% 	
Foreign currency effect (1):	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	  	$	(21,718	) 	 	$	(14,338	) 	 	$	(10,348	) 	 	$	(3,144	) 	 	$	(1,562	) 	 	$	(20,156	) 	
Operating income before income taxes	  	$	(2,333	) 	 	$	(3,315	) 	 	$	(1,819	) 	 	$	(434	) 	 	$	(521	) 	 	$	(1,812	) 	
Creditor reinsurance net premiums	  	$	47,344	  	 	$	42,558	  	 	$	53,021	  	 	$	48,618	  	 	$	61,114	  	 	$	(13,770	) 	
 
Note:	The loss ratios on creditor reinsurance business are normally lower than traditional reinsurance, while allowances are normally higher as a percentage of premiums.	
(1)	Compared to comparable prior year period	

 	  	Page 11	

Reinsurance Group of America, Incorporated
Europe, Middle East and Africa Segment Pre-tax Operating Income (1)

 	  	Three Months Ended	 	 	Current Qtr
vs. PY
Quarter	 	
(USD thousands)	  	March 31,
2014	 	 	Dec. 31,
2013	 	 	Sept. 30,
2013	 	 	June 30,
2013	 	 	March 31,
2013	 	 	 	 	
Revenues:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	  	$	340,743	  	 	$	332,495	  	 	$	303,259	  	 	$	292,180	  	 	$	292,809	  	 	$	47,934	  	
Investment income, net of related expenses	  	 	13,369	  	 	 	14,122	  	 	 	12,860	  	 	 	13,623	  	 	 	11,429	  	 	 	1,940	  	
Investment related gains, net	  	 	2,593	  	 	 	5,495	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	2,593	  	
Other revenue	  	 	7,923	  	 	 	5,347	  	 	 	12,409	  	 	 	3,926	  	 	 	1,577	  	 	 	6,346	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	  	 	364,628	  	 	 	357,459	  	 	 	328,528	  	 	 	309,729	  	 	 	305,815	  	 	 	58,813	  	
Benefits and expenses:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	  	 	307,341	  	 	 	293,181	  	 	 	250,965	  	 	 	262,443	  	 	 	260,258	  	 	 	47,083	  	
Interest credited	  	 	2,786	  	 	 	6,114	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	2,786	  	
Policy acquisition costs and other insurance expenses	  	 	13,265	  	 	 	17,883	  	 	 	13,348	  	 	 	9,396	  	 	 	11,607	  	 	 	1,658	  	
Other operating expenses	  	 	27,260	  	 	 	28,250	  	 	 	25,874	  	 	 	26,381	  	 	 	24,759	  	 	 	2,501	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	  	 	350,652	  	 	 	345,428	  	 	 	290,187	  	 	 	298,220	  	 	 	296,624	  	 	 	54,028	  	
Operating income before income taxes	  	 	13,976	  	 	 	12,031	  	 	 	38,341	  	 	 	11,509	  	 	 	9,191	  	 	 	4,785	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating to U.S. GAAP Reconciliation:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	  	 	13,976	  	 	 	12,031	  	 	 	38,341	  	 	 	11,509	  	 	 	9,191	  	 	 	4,785	  	
Investment and derivative gains (losses)—non-operating	  	 	1,229	  	 	 	(54	) 	 	 	1,323	  	 	 	440	  	 	 	1,772	  	 	 	(543	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	  	$	15,205	  	 	$	11,977	  	 	$	39,664	  	 	$	11,949	  	 	$	10,963	  	 	$	4,242	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Loss and Expense Ratios:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	  	 	90.2	% 	 	 	88.2	% 	 	 	82.8	% 	 	 	89.8	% 	 	 	88.9	% 	 	 	1.3	% 	
Policy acquisition costs and other insurance expenses	  	 	3.9	% 	 	 	5.4	% 	 	 	4.4	% 	 	 	3.2	% 	 	 	4.0	% 	 	 	-0.1	% 	
Other operating expenses	  	 	8.0	% 	 	 	8.5	% 	 	 	8.5	% 	 	 	9.0	% 	 	 	8.5	% 	 	 	-0.5	% 	
Foreign currency effect (2):	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	  	$	8,690	  	 	$	148	  	 	$	(6,548	) 	 	$	(9,877	) 	 	$	(8,418	) 	 	$	17,108	  	
Operating income before income taxes	  	$	394	  	 	$	(164	) 	 	$	(301	) 	 	$	(755	) 	 	$	(339	) 	 	$	733	  	
Critical illness net premiums	  	$	65,678	  	 	$	65,082	  	 	$	62,404	  	 	$	63,685	  	 	$	63,260	  	 	$	2,418	  	
 
(1)	The company realigned certain operations and management responsibilities to better fit within its geographic-based segments. Mexico and Latin America operations were moved from Europe & South Africa to the U.S. segment, which has been renamed U.S. and Latin America. India has been moved from Europe & South Africa to the Asia Pacific segment. Europe & South Africa has been renamed Europe, Middle East and Africa. Prior-period figures have been adjusted to conform to the new reporting alignment.	
(2)	Compared to comparable prior year period	

 	  	Page 12	

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

 	  	Three Months Ended	 	 	Current Qtr
vs. PY
Quarter	 	
(USD thousands)	  	March 31,
2014	 	 	Dec. 31,
2013	 	 	Sept. 30,
2013	 	 	June 30,
2013	 	 	March 31,
2013	 	 	 	 	
Revenues:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	  	$	381,750	  	 	$	387,803	  	 	$	357,867	  	 	$	355,211	  	 	$	384,324	  	 	$	(2,574	) 	
Investment income, net of related expenses	  	 	24,642	  	 	 	26,860	  	 	 	22,889	  	 	 	21,951	  	 	 	22,630	  	 	 	2,012	  	
Investment related gains, net	  	 	861	  	 	 	1,287	  	 	 	576	  	 	 	570	  	 	 	382	  	 	 	479	  	
Other revenue	  	 	6,123	  	 	 	10,472	  	 	 	7,804	  	 	 	10,953	  	 	 	7,336	  	 	 	(1,213	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	  	 	413,376	  	 	 	426,422	  	 	 	389,136	  	 	 	388,685	  	 	 	414,672	  	 	 	(1,296	) 	
Benefits and expenses:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	  	 	303,596	  	 	 	313,132	  	 	 	297,208	  	 	 	578,808	  	 	 	298,401	  	 	 	5,195	  	
Interest Credited	  	 	246	  	 	 	263	  	 	 	270	  	 	 	274	  	 	 	311	  	 	 	(65	) 	
Policy acquisition costs and other insurance expenses	  	 	54,289	  	 	 	53,267	  	 	 	47,284	  	 	 	60,171	  	 	 	62,086	  	 	 	(7,797	) 	
Other operating expenses	  	 	30,587	  	 	 	32,819	  	 	 	30,116	  	 	 	32,070	  	 	 	30,811	  	 	 	(224	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	  	 	388,718	  	 	 	399,481	  	 	 	374,878	  	 	 	671,323	  	 	 	391,609	  	 	 	(2,891	) 	
Operating income (loss) before income taxes	  	 	24,658	  	 	 	26,941	  	 	 	14,258	  	 	 	(282,638	) 	 	 	23,063	  	 	 	1,595	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating to U.S. GAAP Reconciliation:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	  	 	24,658	  	 	 	26,941	  	 	 	14,258	  	 	 	(282,638	) 	 	 	23,063	  	 	 	1,595	  	
Investment and derivative gains (losses)—non-operating	  	 	1,653	  	 	 	(3,282	) 	 	 	4,521	  	 	 	(4,707	) 	 	 	(4,821	) 	 	 	6,474	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income (loss) before income taxes	  	$	26,311	  	 	$	23,659	  	 	$	18,779	  	 	$	(287,345	) 	 	$	18,242	  	 	$	8,069	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Loss and Expense Ratios:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	  	 	79.5	% 	 	 	80.7	% 	 	 	83.0	% 	 	 	162.9	% 	 	 	77.6	% 	 	 	1.9	% 	
Policy acquisition costs and other insurance expenses	  	 	14.2	% 	 	 	13.7	% 	 	 	13.2	% 	 	 	16.9	% 	 	 	16.2	% 	 	 	-2.0	% 	
Other operating expenses	  	 	8.0	% 	 	 	8.5	% 	 	 	8.4	% 	 	 	9.0	% 	 	 	8.0	% 	 	 	0.0	% 	
Foreign currency effect (2):	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	  	$	(37,197	) 	 	$	(35,258	) 	 	$	(34,914	) 	 	$	(8,530	) 	 	$	(9,750	) 	 	$	(27,447	) 	
Operating income before income taxes	  	$	(2,960	) 	 	$	(5,298	) 	 	$	(2,348	) 	 	$	14,924	  	 	$	(2,071	) 	 	$	(889	) 	
Critical illness net premiums	  	$	60,398	  	 	$	66,980	  	 	$	74,220	  	 	$	51,478	  	 	$	54,883	  	 	$	5,515	  	
 
(1)	The company realigned certain operations and management responsibilities to better fit within its geographic-based segments. Mexico and Latin America operations were moved from Europe & South Africa to the U.S. segment, which has been renamed U.S. and Latin America. India has been moved from Europe & South Africa to the Asia Pacific segment. Europe & South Africa has been renamed Europe, Middle East and Africa. Prior-period figures have been adjusted to conform to the new reporting alignment.	
(2)	Compared to comparable prior year period	

 	  	Page 13	

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

 	  	Three Months Ended	 	 	Current Qtr
vs. PY
Quarter	 	
(USD thousands)	  	March 31,
2014	 	 	Dec. 31,
2013	 	 	Sept. 30,
2013	 	 	June 30,
2013	 	 	March 31,
2013	 	 	 	 	
Revenues:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	  	$	215	  	 	$	(531	) 	 	$	1,004	  	 	$	261	  	 	$	(977	) 	 	$	1,192	  	
Investment income, net of related expenses	  	 	25,736	  	 	 	14,686	  	 	 	19,024	  	 	 	21,818	  	 	 	28,016	  	 	 	(2,280	) 	
Investment related gains (losses), net	  	 	225	  	 	 	239	  	 	 	237	  	 	 	235	  	 	 	254	  	 	 	(29	) 	
Other revenue	  	 	4,567	  	 	 	4,679	  	 	 	5,719	  	 	 	251	  	 	 	3,950	  	 	 	617	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	  	 	30,743	  	 	 	19,073	  	 	 	25,984	  	 	 	22,565	  	 	 	31,243	  	 	 	(500	) 	
Benefits and expenses:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	  	 	17	  	 	 	3	  	 	 	30	  	 	 	(112	) 	 	 	84	  	 	 	(67	) 	
Interest credited	  	 	206	  	 	 	179	  	 	 	186	  	 	 	212	  	 	 	225	  	 	 	(19	) 	
Policy acquisition costs and other insurance expenses	  	 	(21,667	) 	 	 	(19,533	) 	 	 	(20,354	) 	 	 	(19,073	) 	 	 	(15,343	) 	 	 	(6,324	) 	
Other operating expenses	  	 	11,252	  	 	 	22,690	  	 	 	15,339	  	 	 	16,483	  	 	 	23,354	  	 	 	(12,102	) 	
Interest expense	  	 	35,084	  	 	 	35,072	  	 	 	30,831	  	 	 	29,918	  	 	 	28,486	  	 	 	6,598	  	
Collateral finance facility expense	  	 	2,569	  	 	 	2,563	  	 	 	2,698	  	 	 	2,650	  	 	 	2,538	  	 	 	31	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	  	 	27,461	  	 	 	40,974	  	 	 	28,730	  	 	 	30,078	  	 	 	39,344	  	 	 	(11,883	) 	
Operating income (loss) before income taxes	  	 	3,282	  	 	 	(21,901	) 	 	 	(2,746	) 	 	 	(7,513	) 	 	 	(8,101	) 	 	 	11,383	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating to U.S. GAAP Reconciliation:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income (loss) before income taxes	  	 	3,282	  	 	 	(21,901	) 	 	 	(2,746	) 	 	 	(7,513	) 	 	 	(8,101	) 	 	 	11,383	  	
Investment and derivative gains (losses)—non-operating	  	 	482	  	 	 	(3,557	) 	 	 	(1,960	) 	 	 	1,283	  	 	 	(2,198	) 	 	 	2,680	  	
Gain on repurchase of collateral finance facility securities	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	46,506	  	 	 	(46,506	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income (loss) before income taxes	  	$	3,764	  	 	$	(25,458	) 	 	$	(4,706	) 	 	$	(6,230	) 	 	$	36,207	  	 	$	(32,443	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Foreign currency effect (1):	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	  	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	
Operating income before income taxes	  	$	(1,706	) 	 	$	98	  	 	$	(491	) 	 	$	(95	) 	 	$	140	  	 	$	(1,846	) 	
 
(1)	Compared to comparable prior year period	

 	  	Page 14	

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

 	  	Three Months Ended	 	 	Current Qtr
vs. PY
Quarter	 	
(USD thousands)	  	March 31,
2014	 	  	Dec. 31,
2013	 	 	Sept. 30,
2013	 	 	June 30,
2013	 	 	March 31,
2013	 	 	 	 	
U.S. and Latin America:	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Traditional	  	$	48,203	  	  	$	123,642	  	 	$	90,287	  	 	$	86,502	  	 	$	72,234	  	 	$	(24,031	) 	
Non-Traditional:	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Asset Intensive	  	 	41,005	  	  	 	42,266	  	 	 	38,046	  	 	 	40,230	  	 	 	45,596	  	 	 	(4,591	) 	
Financial Reinsurance	  	 	12,426	  	  	 	14,276	  	 	 	11,523	  	 	 	11,887	  	 	 	8,007	  	 	 	4,419	  	
 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total U.S. and Latin America Segment	  	 	101,634	  	  	 	180,184	  	 	 	139,856	  	 	 	138,619	  	 	 	125,837	  	 	 	(24,203	) 	
Canadian Segment	  	 	22,123	  	  	 	47,153	  	 	 	35,973	  	 	 	31,689	  	 	 	32,877	  	 	 	(10,754	) 	
Europe, Middle East and Africa	  	 	13,976	  	  	 	12,031	  	 	 	38,341	  	 	 	11,509	  	 	 	9,191	  	 	 	4,785	  	
Asia Pacific Segment	  	 	24,658	  	  	 	26,941	  	 	 	14,258	  	 	 	(282,638	) 	 	 	23,063	  	 	 	1,595	  	
Corporate and Other	  	 	3,282	  	  	 	(21,901	) 	 	 	(2,746	) 	 	 	(7,513	) 	 	 	(8,101	) 	 	 	11,383	  	
 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Consolidated	  	$	165,673	  	  	$	244,408	  	 	$	225,682	  	 	$	(108,334	) 	 	$	182,867	  	 	$	(17,194	) 	

(1)	The company realigned certain operations and management responsibilities to better fit within its geographic-based segments. Mexico and Latin America operations were moved from Europe & South Africa to the U.S. segment, which has been renamed U.S. and Latin America. India has been moved from Europe & South Africa to the Asia Pacific segment. Europe & South Africa has been renamed Europe, Middle East and Africa. Prior-period figures have been restated to conform to the new reporting alignment.	

 	  	Page 15	

Reinsurance Group of America, Incorporated
Investments
(USD thousands)

Cash and Invested Assets	  	
 	 	 	 	 	 	
 	  	March 31,
2014	 	  	Dec. 31,
2013	 	  	Sept. 30,
2013	 	  	June 30,
2013	 	  	March 31,
2013	 	
Fixed maturity securities, available-for-sale	  	$	22,157,182	  	  	$	21,474,136	  	  	$	21,289,108	  	  	$	21,284,216	  	  	$	22,401,659	  	
Mortgage loans on real estate	  	 	2,526,228	  	  	 	2,486,680	  	  	 	2,488,582	  	  	 	2,377,246	  	  	 	2,325,191	  	
Policy loans	  	 	1,296,897	  	  	 	1,244,469	  	  	 	1,244,878	  	  	 	1,245,252	  	  	 	1,245,812	  	
Funds withheld at interest	  	 	5,814,231	  	  	 	5,771,467	  	  	 	5,739,872	  	  	 	5,777,395	  	  	 	5,698,594	  	
Short-term investments	  	 	118,789	  	  	 	139,395	  	  	 	44,192	  	  	 	38,601	  	  	 	180,707	  	
Other invested assets	  	 	1,234,779	  	  	 	1,324,960	  	  	 	1,116,391	  	  	 	1,035,809	  	  	 	1,129,651	  	
Cash and cash equivalents	  	 	1,127,132	  	  	 	923,647	  	  	 	1,423,235	  	  	 	973,619	  	  	 	1,001,841	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total cash and invested assets	  	$	34,275,238	  	  	$	33,364,754	  	  	$	33,346,258	  	  	$	32,732,138	  	  	$	33,983,455	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Investment Income and Yield Summary

 	  	Three Months Ended	 	 	Current Qtr
vs. PY
Quarter	 	
 	  	March 31,
2014	 	 	Dec. 31,
2013	 	 	Sept. 30,
2013	 	 	June 30,
2013	 	 	March 31,
2013	 	 	 	 	
Average invested assets at amortized cost (1)	  	$	19,726,037	  	 	$	18,954,561	  	 	$	18,263,880	  	 	$	18,112,841	  	 	$	17,992,152	  	 	$	1,733,885	  	
Net investment income  (1)	  	$	229,644	  	 	$	217,928	  	 	$	213,318	  	 	$	212,047	  	 	$	213,322	  	 	$	16,322	  	
Annualized investment yield (ratio of net investment income to average invested assets)  (1)	  	 	4.74	% 	 	 	4.68	% 	 	 	4.75	% 	 	 	4.77	% 	 	 	4.83	% 	 	 	-0.09	% 	
 
(1)	Excludes spread related business (e.g. coinsurance of annuities).	

 	  	Page 16	

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, 2014	 	 	 	 	
 	  	Amortized
Cost	 	  	Unrealized
Gains	 	  	Unrealized
Losses	 	  	Estimated Fair
Value	 	  	% of
Total	 	 	Other-than-
temporary
Impairment
in AOCI	 	
Available-for-sale:	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Corporate securities	  	$	11,858,578	  	  	$	762,137	  	  	$	102,415	  	  	$	12,518,300	  	  	 	56.4	% 	 	$	—  	  	
Canadian and Canadian provincial governments	  	 	2,655,865	  	  	 	802,236	  	  	 	7,937	  	  	 	3,450,164	  	  	 	15.6	% 	 	 	—  	  	
Residential mortgage-backed securities	  	 	969,944	  	  	 	45,270	  	  	 	13,343	  	  	 	1,001,871	  	  	 	4.5	% 	 	 	(300	) 	
Asset-backed securities	  	 	933,130	  	  	 	23,247	  	  	 	11,798	  	  	 	944,579	  	  	 	4.3	% 	 	 	(2,259	) 	
Commercial mortgage-backed securities	  	 	1,367,205	  	  	 	95,154	  	  	 	11,856	  	  	 	1,450,503	  	  	 	6.5	% 	 	 	(1,609	) 	
U.S. government and agencies	  	 	447,071	  	  	 	18,158	  	  	 	2,967	  	  	 	462,262	  	  	 	2.1	% 	 	 	—  	  	
State and political subdivisions	  	 	368,465	  	  	 	31,367	  	  	 	9,200	  	  	 	390,632	  	  	 	1.8	% 	 	 	—  	  	
Other foreign government, supranational, and foreign government-sponsored enterprises	  	 	1,897,266	  	  	 	57,073	  	  	 	15,468	  	  	 	1,938,871	  	  	 	8.8	% 	 	 	—  	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Total fixed maturity securities	  	$	20,497,524	  	  	$	1,834,642	  	  	$	174,984	  	  	$	22,157,182	  	  	 	100.0	% 	 	$	(4,168	) 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Non-redeemable preferred stock	  	 	84,156	  	  	 	7,273	  	  	 	2,662	  	  	 	88,767	  	  	 	31.5	% 	 	 	 	 	
Other equity securities	  	 	191,988	  	  	 	2,921	  	  	 	1,661	  	  	 	193,248	  	  	 	68.5	% 	 	 	 	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Total equity securities	  	$	276,144	  	  	$	10,194	  	  	$	4,323	  	  	$	282,015	  	  	 	100.0	% 	 	 	 	 	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
December 31, 2013	 	 	 	 	
 	  	Amortized
Cost	 	  	Unrealized
Gains	 	  	Unrealized
Losses	 	  	Estimated Fair
Value	 	  	% of
Total	 	 	Other-than-
temporary
Impairment
in AOCI	 	
Available-for-sale:	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Corporate securities	  	$	11,697,394	  	  	$	616,147	  	  	$	202,786	  	  	$	12,110,755	  	  	 	56.4	% 	 	$	—  	  	
Canadian and Canadian provincial governments	  	 	2,728,111	  	  	 	669,762	  	  	 	16,848	  	  	 	3,381,025	  	  	 	15.7	% 	 	 	—  	  	
Residential mortgage-backed securities	  	 	970,434	  	  	 	38,126	  	  	 	18,917	  	  	 	989,643	  	  	 	4.6	% 	 	 	(300	) 	
Asset-backed securities	  	 	891,751	  	  	 	18,893	  	  	 	15,812	  	  	 	894,832	  	  	 	4.2	% 	 	 	(2,259	) 	
Commercial mortgage-backed securities	  	 	1,314,782	  	  	 	91,651	  	  	 	17,487	  	  	 	1,388,946	  	  	 	6.5	% 	 	 	(1,609	) 	
U.S. government and agencies	  	 	489,631	  	  	 	16,468	  	  	 	4,748	  	  	 	501,351	  	  	 	2.3	% 	 	 	—  	  	
State and political subdivisions	  	 	313,252	  	  	 	21,907	  	  	 	14,339	  	  	 	320,820	  	  	 	1.5	% 	 	 	—  	  	
Other foreign government, supranational, and foreign government-sponsored enterprises	  	 	1,865,379	  	  	 	45,347	  	  	 	23,962	  	  	 	1,886,764	  	  	 	8.8	% 	 	 	—  	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Total fixed maturity securities	  	$	20,270,734	  	  	$	1,518,301	  	  	$	314,899	  	  	$	21,474,136	  	  	 	100.0	% 	 	$	(4,168	) 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Non-redeemable preferred stock	  	 	81,993	  	  	 	5,342	  	  	 	5,481	  	  	 	81,854	  	  	 	20.2	% 	 	 	 	 	
Other equity securities	  	 	327,479	  	  	 	618	  	  	 	4,220	  	  	 	323,877	  	  	 	79.8	% 	 	 	 	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Total equity securities	  	$	409,472	  	  	$	5,960	  	  	$	9,701	  	  	$	405,731	  	  	 	100.0	% 	 	 	 	 	

 	 	 	 	 	
 	  	Page 17	

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

 	  	March 31, 2014	  	December 31, 2013	
 	  	Amortized
Cost	 	  	Estimated Fair
Value	 	  	% of
Total	 	 	Average
Credit
Ratings  (1)	  	Amortized
Cost	 	  	Estimated Fair
Value	 	  	% of
Total	 	 	Average
Credit
Ratings  (1)	
Financial Institutions	  	 	 	 	  	 	 	 	  	 	 	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	
Banking	  	$	2,416,669	  	  	$	2,526,982	  	  	 	19.7	% 	 	A-	  	$	2,328,148	  	  	$	2,408,741	  	  	 	19.2	% 	 	A-	
Brokerage	  	 	179,723	  	  	 	189,568	  	  	 	1.5	% 	 	A-	  	 	158,777	  	  	 	164,922	  	  	 	1.3	% 	 	A-	
Finance Comp.	  	 	150,118	  	  	 	161,046	  	  	 	1.3	% 	 	A	  	 	151,129	  	  	 	158,859	  	  	 	1.3	% 	 	A	
Insurance	  	 	676,863	  	  	 	727,733	  	  	 	5.7	% 	 	A-	  	 	665,252	  	  	 	693,516	  	  	 	5.5	% 	 	A-	
REITs	  	 	515,657	  	  	 	538,914	  	  	 	4.2	% 	 	BBB+	  	 	476,830	  	  	 	491,058	  	  	 	3.9	% 	 	BBB+	
Other Finance	  	 	318,065	  	  	 	331,028	  	  	 	2.6	% 	 	BBB	  	 	454,822	  	  	 	460,661	  	  	 	3.7	% 	 	BBB	
 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	
Total Financial Institutions	  	$	4,257,095	  	  	$	4,475,271	  	  	 	35.0	% 	 	 	  	$	4,234,958	  	  	$	4,377,757	  	  	 	34.9	% 	 	 	
Industrials	  	 	 	 	  	 	 	 	  	 	 	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	
Basic	  	 	830,184	  	  	 	857,444	  	  	 	6.7	% 	 	BBB	  	 	847,764	  	  	 	858,886	  	  	 	6.9	% 	 	BBB	
Capital Goods	  	 	568,189	  	  	 	598,736	  	  	 	4.7	% 	 	BBB	  	 	574,108	  	  	 	596,150	  	  	 	4.8	% 	 	BBB	
Communications	  	 	1,172,482	  	  	 	1,252,148	  	  	 	9.8	% 	 	BBB+	  	 	1,163,875	  	  	 	1,205,796	  	  	 	9.6	% 	 	BBB+	
Consumer Cyclical	  	 	684,762	  	  	 	717,616	  	  	 	5.6	% 	 	BBB+	  	 	701,664	  	  	 	721,933	  	  	 	5.8	% 	 	BBB	
Consumer Noncyclical	  	 	1,063,050	  	  	 	1,131,632	  	  	 	8.8	% 	 	BBB+	  	 	1,062,238	  	  	 	1,107,972	  	  	 	8.9	% 	 	BBB+	
Energy	  	 	678,760	  	  	 	723,230	  	  	 	5.6	% 	 	BBB+	  	 	658,870	  	  	 	691,306	  	  	 	5.5	% 	 	BBB+	
Technology	  	 	490,006	  	  	 	503,651	  	  	 	3.9	% 	 	BBB+	  	 	455,081	  	  	 	456,505	  	  	 	3.6	% 	 	BBB+	
Transportation	  	 	373,192	  	  	 	396,694	  	  	 	3.1	% 	 	A-	  	 	365,233	  	  	 	380,249	  	  	 	3.0	% 	 	A-	
Other Industrial	  	 	106,666	  	  	 	114,359	  	  	 	0.9	% 	 	A-	  	 	114,520	  	  	 	119,353	  	  	 	1.0	% 	 	A-	
 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	
Total Industrials	  	$	5,967,291	  	  	$	6,295,510	  	  	 	49.1	% 	 	 	  	$	5,943,353	  	  	$	6,138,150	  	  	 	49.1	% 	 	 	
Utilities	  	 	 	 	  	 	 	 	  	 	 	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	
Electric	  	 	1,056,302	  	  	 	1,127,827	  	  	 	8.8	% 	 	BBB+	  	 	1,077,167	  	  	 	1,121,373	  	  	 	9.0	% 	 	BBB+	
Natural Gas	  	 	786,719	  	  	 	827,708	  	  	 	6.5	% 	 	BBB	  	 	777,395	  	  	 	800,971	  	  	 	6.4	% 	 	BBB	
Other Utility	  	 	56,530	  	  	 	63,238	  	  	 	0.5	% 	 	A-	  	 	62,768	  	  	 	67,471	  	  	 	0.5	% 	 	BBB+	
 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	
Total Utilities	  	$	1,899,551	  	  	$	2,018,773	  	  	 	15.8	% 	 	 	  	$	1,917,330	  	  	$	1,989,815	  	  	 	15.9	% 	 	 	
Other Sectors	  	 	10,785	  	  	 	10,761	  	  	 	0.1	% 	 	AA	  	 	11,225	  	  	 	10,764	  	  	 	0.1	% 	 	AA	
 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	
Total	  	$	12,134,722	  	  	$	12,800,315	  	  	 	100.0	% 	 	BBB+	  	$	12,106,866	  	  	$	12,516,486	  	  	 	100.0	% 	 	BBB+	

(1)	The Average Credit Rating designations are based on the weighted average ratings from nationally recognized rating organizations, primarily those assigned by S&P. In instances where a S&P rating is not available, the Company will reference the rating provided by Moody’s, and in the absence of both the Company will assign equivalent ratings based on information from the NAIC.	

 	  	Page 18	

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

 	 	 	 	March 31, 2014	 	 	December 31, 2013	 	 	September 30, 2013	 	 	June 30, 2013	 	 	March 31, 2013	 	
NAIC
Designation  (1)	 	Rating Agency
Designation  (2)	 	Amortized
Cost	 	 	Estimated
Fair Value	 	 	% of
Total	 	 	Amortized
Cost	 	 	Estimated
Fair Value	 	 	% of
Total	 	 	Amortized
Cost	 	 	Estimated
Fair Value	 	 	% of
Total	 	 	Amortized
Cost	 	 	Estimated
Fair Value	 	 	% of
Total	 	 	Amortized
Cost	 	 	Estimated
Fair Value	 	 	% of
Total	 	
1	 	AAA/AA/A	 	$	13,519,276	  	 	$	14,859,087	  	 	 	67.0	% 	 	$	12,868,061	  	 	$	13,867,584	  	 	 	64.6	% 	 	$	12,460,380	  	 	$	13,643,495	  	 	 	64.1	% 	 	$	12,307,880	  	 	$	13,643,772	  	 	 	64.1	% 	 	$	12,332,953	  	 	$	14,419,490	  	 	 	64.3	% 	
2	 	BBB	 	 	5,882,308	  	 	 	6,177,731	  	 	 	27.9	% 	 	 	6,072,604	  	 	 	6,255,451	  	 	 	29.1	% 	 	 	6,117,081	  	 	 	6,298,628	  	 	 	29.6	% 	 	 	5,997,232	  	 	 	6,189,030	  	 	 	29.1	% 	 	 	6,058,221	  	 	 	6,524,007	  	 	 	29.1	% 	
3	 	BB	 	 	637,814	  	 	 	666,571	  	 	 	3.0	% 	 	 	725,733	  	 	 	740,465	  	 	 	3.4	% 	 	 	652,300	  	 	 	655,000	  	 	 	3.1	% 	 	 	723,316	  	 	 	728,014	  	 	 	3.4	% 	 	 	731,136	  	 	 	757,948	  	 	 	3.4	% 	
4	 	B	 	 	379,529	  	 	 	379,688	  	 	 	1.7	% 	 	 	387,687	  	 	 	400,775	  	 	 	1.9	% 	 	 	499,580	  	 	 	512,325	  	 	 	2.4	% 	 	 	519,789	  	 	 	530,990	  	 	 	2.5	% 	 	 	497,504	  	 	 	507,879	  	 	 	2.3	% 	
5	 	CCC	 	 	60,003	  	 	 	60,427	  	 	 	0.3	% 	 	 	106,619	  	 	 	106,873	  	 	 	0.5	% 	 	 	87,364	  	 	 	86,644	  	 	 	0.4	% 	 	 	90,970	  	 	 	84,157	  	 	 	0.4	% 	 	 	98,290	  	 	 	79,039	  	 	 	0.4	% 	
6	 	In or near default	 	 	18,594	  	 	 	13,678	  	 	 	0.1	% 	 	 	110,030	  	 	 	102,988	  	 	 	0.5	% 	 	 	100,645	  	 	 	93,016	  	 	 	0.4	% 	 	 	118,134	  	 	 	108,253	  	 	 	0.5	% 	 	 	120,845	  	 	 	113,296	  	 	 	0.5	% 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Total	 	$	20,497,524	  	 	$	22,157,182	  	 	 	100.0	% 	 	$	20,270,734	  	 	$	21,474,136	  	 	 	100.0	% 	 	$	19,917,350	  	 	$	21,289,108	  	 	 	100.0	% 	 	$	19,757,321	  	 	$	21,284,216	  	 	 	100.0	% 	 	$	19,838,949	  	 	$	22,401,659	  	 	 	100.0	% 	

(1)	Effective January 1, 2014, structured securities held by the Company’s insurance subsidiaries that maintain the National Association of Insurance Commissioners (NAIC) statutory basis of accounting that meet the definition of SSAP No. 43R began utilizing the NAIC rating methodology. All other securities will continue to utilize the Nationally Recognized Statistical Rating Organizations (NRSRO) ratings, as available, or equivalent rating based on information from the NAIC.	
(2)	The Rating Agency Designation includes all “+” or “-” at that rating level (e. g. ‘BBB’ includes ‘BBB+’, ‘BBB’, and ‘BBB-’).	
Structured Fixed Maturity Securities

 	  	March 31, 2014	 	  	December 31, 2013	 	  	September 30, 2013	 	  	June 30, 2013	 	  	March 31, 2013	 	
 	  	Amortized
Cost	 	  	Estimated
Fair Value	 	  	Amortized
Cost	 	  	Estimated
Fair Value	 	  	Amortized
Cost	 	  	Estimated
Fair Value	 	  	Amortized
Cost	 	  	Estimated
Fair Value	 	  	Amortized
Cost	 	  	Estimated
Fair Value	 	
Residential mortgage-backed securities:	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Agency	  	$	569,064	  	  	$	591,515	  	  	$	567,113	  	  	$	580,855	  	  	$	517,517	  	  	$	541,870	  	  	$	546,603	  	  	$	579,317	  	  	$	520,081	  	  	$	575,274	  	
Non-agency	  	 	400,880	  	  	 	410,356	  	  	 	403,321	  	  	 	408,788	  	  	 	405,064	  	  	 	409,968	  	  	 	468,552	  	  	 	475,651	  	  	 	485,151	  	  	 	501,496	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total residential mortgage-backed securities	  	 	969,944	  	  	 	1,001,871	  	  	 	970,434	  	  	 	989,643	  	  	 	922,581	  	  	 	951,838	  	  	 	1,015,155	  	  	 	1,054,968	  	  	 	1,005,232	  	  	 	1,076,770	  	
Commercial mortgage-backed securities	  	 	1,367,205	  	  	 	1,450,503	  	  	 	1,314,782	  	  	 	1,388,946	  	  	 	1,371,473	  	  	 	1,453,114	  	  	 	1,564,924	  	  	 	1,638,632	  	  	 	1,596,659	  	  	 	1,698,144	  	
Asset-backed securities	  	 	933,130	  	  	 	944,579	  	  	 	891,751	  	  	 	894,832	  	  	 	883,495	  	  	 	885,278	  	  	 	789,849	  	  	 	790,310	  	  	 	752,280	  	  	 	756,544	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total	  	$	3,270,279	  	  	$	3,396,953	  	  	$	3,176,967	  	  	$	3,273,421	  	  	$	3,177,549	  	  	$	3,290,230	  	  	$	3,369,928	  	  	$	3,483,910	  	  	$	3,354,171	  	  	$	3,531,458	  	

 	 	 	 	 	
 	  	Page 19	

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

 	  	March 31, 2014	 	 	December 31, 2013	 	 	September 30, 2013	 	 	June 30, 2013	 	 	March 31, 2013	 	
 	  	Gross
Unrealized
Losses	 	  	% of
Total	 	 	Gross
Unrealized
Losses	 	  	% of
Total	 	 	Gross
Unrealized
Losses	 	  	% of
Total	 	 	Gross
Unrealized
Losses	 	  	% of
Total	 	 	Gross
Unrealized
Losses	 	  	% of
Total	 	
Less than 20%	  	$	157,050	  	  	 	87.6	% 	 	$	287,032	  	  	 	88.4	% 	 	$	279,211	  	  	 	87.6	% 	 	$	261,628	  	  	 	84.2	% 	 	$	64,399	  	  	 	52.6	% 	
20% or more for less than six months	  	 	163	  	  	 	0.1	% 	 	 	6,444	  	  	 	2.0	% 	 	 	6,325	  	  	 	2.0	% 	 	 	5,629	  	  	 	1.8	% 	 	 	—  	  	  	 	0.0	% 	
20% or more for six months or greater	  	 	17,771	  	  	 	9.9	% 	 	 	21,423	  	  	 	6.6	% 	 	 	25,940	  	  	 	8.1	% 	 	 	37,338	  	  	 	12.0	% 	 	 	56,296	  	  	 	45.9	% 	
 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	
Total	  	$	174,984	  	  	 	97.6	% 	 	$	314,899	  	  	 	97.0	% 	 	$	311,476	  	  	 	97.7	% 	 	$	304,595	  	  	 	98.0	% 	 	$	120,695	  	  	 	98.5	% 	
 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	
Equity Securities

 	  	March 31, 2014	 	 	December 31, 2013	 	 	September 30, 2013	 	 	June 30, 2013	 	 	March 31, 2013	 	
 	  	Gross
Unrealized
Losses	 	  	% of
Total	 	 	Gross
Unrealized
Losses	 	  	% of
Total	 	 	Gross
Unrealized
Losses	 	  	% of
Total	 	 	Gross
Unrealized
Losses	 	  	% of
Total	 	 	Gross
Unrealized
Losses	 	  	% of
Total	 	
Less than 20%	  	$	4,321	  	  	 	2.4	% 	 	$	9,699	  	  	 	3.0	% 	 	$	7,383	  	  	 	2.3	% 	 	$	6,137	  	  	 	2.0	% 	 	$	1,836	  	  	 	1.5	% 	
20% or more for less than six months	  	 	—  	  	  	 	0.0	% 	 	 	—  	  	  	 	0.0	% 	 	 	—  	  	  	 	0.0	% 	 	 	—  	  	  	 	0.0	% 	 	 	—  	  	  	 	0.0	% 	
20% or more for six months or greater	  	 	2	  	  	 	0.0	% 	 	 	2	  	  	 	0.0	% 	 	 	2	  	  	 	0.0	% 	 	 	2	  	  	 	0.0	% 	 	 	1	  	  	 	0.0	% 	
 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	
Total	  	$	4,323	  	  	 	2.4	% 	 	$	9,701	  	  	 	3.0	% 	 	$	7,385	  	  	 	2.3	% 	 	$	6,139	  	  	 	2.0	% 	 	$	1,837	  	  	 	1.5	% 	

 	 	 	 	 	
 	  	Page 20	

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

 	 	As of March 31, 2013	 	
 	 	Less than 12 months	 	 	Equal to or greater than 12 months	 	 	Total	 	
 	 	Estimated Fair
Value	 	 	Gross Unrealized
Losses	 	 	Estimated Fair
Value	 	 	Gross Unrealized
Losses	 	 	Estimated Fair
Value	 	 	Gross Unrealized
Losses	 	
Investment grade securities:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Corporate securities	 	$	2,057,301	  	 	$	64,535	  	 	$	311,738	  	 	$	31,273	  	 	$	2,369,039	  	 	$	95,808	  	
Canadian and Canadian provincial governments	 	 	114,845	  	 	 	6,334	  	 	 	12,421	  	 	 	1,603	  	 	 	127,266	  	 	 	7,937	  	
Residential mortgage-backed securities	 	 	190,212	  	 	 	9,802	  	 	 	32,621	  	 	 	3,294	  	 	 	222,833	  	 	 	13,096	  	
Asset-backed securities	 	 	214,774	  	 	 	3,140	  	 	 	79,532	  	 	 	7,023	  	 	 	294,306	  	 	 	10,163	  	
Commercial mortgage-backed securities	 	 	106,146	  	 	 	1,295	  	 	 	26,181	  	 	 	5,443	  	 	 	132,327	  	 	 	6,738	  	
U.S. government and agencies	 	 	75,193	  	 	 	2,777	  	 	 	4,104	  	 	 	190	  	 	 	79,297	  	 	 	2,967	  	
State and political subdivisions	 	 	103,058	  	 	 	5,440	  	 	 	8,158	  	 	 	3,760	  	 	 	111,216	  	 	 	9,200	  	
Other foreign government, supranational, and foreign government-sponsored enterprises	 	 	502,280	  	 	 	10,605	  	 	 	68,811	  	 	 	4,829	  	 	 	571,091	  	 	 	15,434	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Investment grade securities	 	 	3,363,809	  	 	 	103,928	  	 	 	543,566	  	 	 	57,415	  	 	 	3,907,375	  	 	 	161,343	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Non-investment grade securities:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Corporate securities	 	 	191,113	  	 	 	3,886	  	 	 	43,178	  	 	 	2,721	  	 	 	234,291	  	 	 	6,607	  	
Residential mortgage-backed securities	 	 	26,209	  	 	 	197	  	 	 	1,776	  	 	 	50	  	 	 	27,985	  	 	 	247	  	
Asset-backed securities	 	 	1,694	  	 	 	10	  	 	 	8,483	  	 	 	1,625	  	 	 	10,177	  	 	 	1,635	  	
Commercial mortgage-backed securities	 	 	—  	  	 	 	—  	  	 	 	5,969	  	 	 	5,118	  	 	 	5,969	  	 	 	5,118	  	
State and political subdivisions	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	
Other foreign government, supranational, and foreign government-sponsored enterprises	 	 	2,440	  	 	 	34	  	 	 	—  	  	 	 	—  	  	 	 	2,440	  	 	 	34	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Non-investment grade securities	 	 	221,456	  	 	 	4,127	  	 	 	59,406	  	 	 	9,514	  	 	 	280,862	  	 	 	13,641	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total fixed maturity securities	 	$	3,585,265	  	 	$	108,055	  	 	$	602,972	  	 	$	66,929	  	 	$	4,188,237	  	 	$	174,984	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Non-redeemable preferred stock	 	 	20,765	  	 	 	2,660	  	 	 	1	  	 	 	2	  	 	 	20,766	  	 	 	2,662	  	
Other equity securities	 	 	—  	  	 	 	—  	  	 	 	32,833	  	 	 	1,661	  	 	 	32,833	  	 	 	1,661	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Equity securities	 	$	20,765	  	 	$	2,660	  	 	$	32,834	  	 	$	1,663	  	 	$	53,599	  	 	$	4,323	  	

 	 	As of December 31, 2013	 	
 	 	Less than 12 months	 	 	Equal to or greater than 12 months	 	 	Total	 	
 	 	Estimated Fair
Value	 	 	Gross Unrealized
Losses	 	 	Estimated Fair
Value	 	 	Gross Unrealized
Losses	 	 	Estimated Fair
Value	 	 	Gross Unrealized
Losses	 	
Investment grade securities:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Corporate securities	 	$	3,141,179	  	 	$	148,895	  	 	$	301,303	  	 	$	40,548	  	 	$	3,442,482	  	 	$	189,443	  	
Canadian and Canadian provincial governments	 	 	188,491	  	 	 	14,419	  	 	 	12,029	  	 	 	2,429	  	 	 	200,520	  	 	 	16,848	  	
Residential mortgage-backed securities	 	 	283,967	  	 	 	15,900	  	 	 	23,068	  	 	 	1,688	  	 	 	307,035	  	 	 	17,588	  	
Asset-backed securities	 	 	255,656	  	 	 	4,916	  	 	 	56,668	  	 	 	4,983	  	 	 	312,324	  	 	 	9,899	  	
Commercial mortgage-backed securities	 	 	219,110	  	 	 	3,725	  	 	 	20,068	  	 	 	5,745	  	 	 	239,178	  	 	 	9,470	  	
U.S. government and agencies	 	 	133,697	  	 	 	4,469	  	 	 	4,406	  	 	 	279	  	 	 	138,103	  	 	 	4,748	  	
State and political subdivisions	 	 	120,193	  	 	 	9,723	  	 	 	15,202	  	 	 	4,616	  	 	 	135,395	  	 	 	14,339	  	
Other foreign government, supranational, and foreign government-sponsored enterprises	 	 	665,313	  	 	 	21,075	  	 	 	36,212	  	 	 	2,847	  	 	 	701,525	  	 	 	23,922	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Investment grade securities	 	 	5,007,606	  	 	 	223,122	  	 	 	468,956	  	 	 	63,135	  	 	 	5,476,562	  	 	 	286,257	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Non-investment grade securities:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Corporate securities	 	 	283,603	  	 	 	9,451	  	 	 	38,256	  	 	 	3,892	  	 	 	321,859	  	 	 	13,343	  	
Residential mortgage-backed securities	 	 	62,146	  	 	 	1,075	  	 	 	3,945	  	 	 	254	  	 	 	66,091	  	 	 	1,329	  	
Asset-backed securities	 	 	28,670	  	 	 	415	  	 	 	32,392	  	 	 	5,498	  	 	 	61,062	  	 	 	5,913	  	
Commercial mortgage-backed securities	 	 	15,762	  	 	 	81	  	 	 	10,980	  	 	 	7,936	  	 	 	26,742	  	 	 	8,017	  	
State and political subdivisions	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	
Other foreign government, supranational, and foreign government-sponsored enterprises	 	 	9,403	  	 	 	40	  	 	 	—  	  	 	 	—  	  	 	 	9,403	  	 	 	40	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Non-investment grade securities	 	 	399,584	  	 	 	11,062	  	 	 	85,573	  	 	 	17,580	  	 	 	485,157	  	 	 	28,642	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total fixed maturity securities	 	$	5,407,190	  	 	$	234,184	  	 	$	554,529	  	 	$	80,715	  	 	$	5,961,719	  	 	$	314,899	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Non-redeemable preferred stock	 	 	51,386	  	 	 	5,479	  	 	 	1	  	 	 	2	  	 	 	51,387	  	 	 	5,481	  	
Other equity securities	 	 	218,834	  	 	 	1,748	  	 	 	32,550	  	 	 	2,472	  	 	 	251,384	  	 	 	4,220	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Equity securities	 	$	270,220	  	 	$	7,227	  	 	$	32,551	  	 	$	2,474	  	 	$	302,771	  	 	$	9,701	  	

 	 	 	 	 	
 	  	Page 21	

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

 	  	Three Months Ended	 	 	Current Qtr
vs. PY
Quarter	 	
 	  	March 31,
2014	 	 	Dec. 31,
2013	 	 	Sept. 30,
2013	 	 	June 30,
2013	 	 	March 31,
2013	 	 	 	 	
Fixed Maturity and Equity Securities:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Other-than-temporary impairment losses on fixed maturities	  	$	(303	) 	 	$	(2,258	) 	 	$	(391	) 	 	$	(9,803	) 	 	$	(202	) 	 	$	(101	) 	
Portion of loss recognized in accumulated other comprehensive income (before taxes)	  	 	—  	  	 	 	—  	  	 	 	59	  	 	 	(306	) 	 	 	—  	  	 	 	—  	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net other-than-temporary impairment losses on fixed maturities recognized in earnings	  	 	(303	) 	 	 	(2,258	) 	 	 	(332	) 	 	 	(10,109	) 	 	 	(202	) 	 	 	(101	) 	
Impairment losses on equity securities	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	
Gain on investment activity	  	 	8,067	  	 	 	12,659	  	 	 	21,560	  	 	 	26,845	  	 	 	21,680	  	 	 	(13,613	) 	
Loss on investment activity	  	 	(6,583	) 	 	 	(12,169	) 	 	 	(30,434	) 	 	 	(6,760	) 	 	 	(11,212	) 	 	 	4,629	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net gain/(loss) on fixed maturity and equity securities	  	 	1,181	  	 	 	(1,768	) 	 	 	(9,206	) 	 	 	9,976	  	 	 	10,266	  	 	 	(9,085	) 	
Other impairment losses and change in mortgage loan provision	  	 	1,664	  	 	 	(5,665	) 	 	 	233	  	 	 	125	  	 	 	(1,626	) 	 	 	3,290	  	
Other non-derivative gain/(loss), net	  	 	8,368	  	 	 	10,536	  	 	 	4,594	  	 	 	6,962	  	 	 	4,589	  	 	 	3,779	  	
Free-standing Derivatives:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Credit Default Swaps	  	 	(2,114	) 	 	 	7,051	  	 	 	10,805	  	 	 	2,428	  	 	 	3,904	  	 	 	(6,018	) 	
Interest Rate Swaps—non-hedged	  	 	29,659	  	 	 	(15,498	) 	 	 	(8,221	) 	 	 	(38,414	) 	 	 	(22,265	) 	 	 	51,924	  	
Interest Rate Swaps—hedged	  	 	(6	) 	 	 	(5	) 	 	 	(3	) 	 	 	31	  	 	 	(17	) 	 	 	11	  	
Futures	  	 	(1,584	) 	 	 	(3,851	) 	 	 	(1,139	) 	 	 	714	  	 	 	(6,881	) 	 	 	5,297	  	
CPI Swaps	  	 	352	  	 	 	85	  	 	 	(39	) 	 	 	(1,117	) 	 	 	(871	) 	 	 	1,223	  	
Equity options	  	 	(8,965	) 	 	 	(19,447	) 	 	 	(24,112	) 	 	 	(5,049	) 	 	 	(30,623	) 	 	 	21,658	  	
Currency Forwards	  	 	1,154	  	 	 	(5,213	) 	 	 	629	  	 	 	(2,958	) 	 	 	(5,659	) 	 	 	6,813	  	
Interest Rate Options	  	 	1,282	  	 	 	(3,145	) 	 	 	(2,375	) 	 	 	(7,980	) 	 	 	1,982	  	 	 	(700	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total free-standing derivatives	  	 	19,778	  	 	 	(40,023	) 	 	 	(24,455	) 	 	 	(52,345	) 	 	 	(60,430	) 	 	 	80,208	  	
Embedded Derivatives:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Modified coinsurance and funds withheld treaties	  	 	77,241	  	 	 	(337	) 	 	 	(67,460	) 	 	 	47,716	  	 	 	90,258	  	 	 	(13,017	) 	
GMXB	  	 	(23,661	) 	 	 	35,098	  	 	 	19,829	  	 	 	35,809	  	 	 	51,314	  	 	 	(74,975	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total embedded derivatives	  	 	53,580	  	 	 	34,761	  	 	 	(47,631	) 	 	 	83,525	  	 	 	141,572	  	 	 	(87,992	) 	
Net gain/(loss) on total derivatives	  	 	73,358	  	 	 	(5,262	) 	 	 	(72,086	) 	 	 	31,180	  	 	 	81,142	  	 	 	(7,784	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total investment related gains / (losses), net	  	$	84,571	  	 	$	(2,159	) 	 	$	(76,465	) 	 	$	48,243	  	 	$	94,371	  	 	$	(9,800	) 	

 	 	 	 	 	
 	  	Page 22