UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): July 18, 2013

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

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

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

 

Item 2.02	Results of Operations and Financial Condition	
On July 18, 2013, Reinsurance Group of America, Incorporated (the “Company”) issued (1) a press release announcing its earnings for the three-month period ended June 30, 2013, and providing certain additional information, a copy of which is furnished with this report as Exhibit 99.1, and (2) a Quarterly Financial Supplement for the quarter ended June 30, 2013, a copy of which is attached hereto as Exhibit 99.2. The press release also notes that a conference call will be held on July 19, 2013 to discuss the financial and operating results for the three-month period ended June 30, 2013.
Item 9.01 Financial Statements and Exhibits
 
(d)	Exhibits.	

Exhibit
No.	  	Exhibit	
 	 	
99.1	  	Press Release of Reinsurance Group of America, Incorporated dated July 18, 2013	
 	 	
99.2	  	Quarterly Financial Supplement for the quarter ended June 30, 2013	
The information contained in this Current Report on Form 8-K (this “Current Report”), including the accompanying Exhibit 99.1 and Exhibit 99.2, is being furnished pursuant to Item 2.02 of Form 8-K and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section. The information contained in this Current Report, including the accompanying Exhibit 99.1 and Exhibit 99.2, shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date hereof, except as shall be expressly set forth by specific reference in such a filing.

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

 	 	 	 	REINSURANCE GROUP OF AMERICA, INCORPORATED	
 	 	 	 	
Date: July 18, 2013	 	 	 	By:	 	/s/ Jack B. Lay	
 	 	 	 	 	 	Jack B. Lay	
 	 	 	 	 	 	Senior Executive Vice President and Chief Financial Officer	

EXHIBIT INDEX

Exhibit
Number	  	Description	
 	 	
99.1	  	Press Release dated July 18, 2013	
 	 	
99.2	  	Quarterly Financial Supplement for the quarter ended June 30, 2013	

Exhibit 99.1

PRESS RELEASE
REINSURANCE GROUP OF AMERICA REPORTS SECOND-QUARTER RESULTS
 
 	•	 	Company posts approximately $184 million after-tax charge to increase claims liabilities in Australia	
 
 	•	 	Net losses per diluted share: GAAP basis $0.69, operating basis* $0.99	
 
 	•	 	Net premiums up four percent, exceeding $2.0 billion	
 
 	•	 	25 percent increase in dividend	
 
 	•	 	Board of directors increases stock repurchase authority from $300 million to $400 million	
 
 	•	 	3.7 million shares repurchased to date in 2013	
ST. LOUIS, July 18, 2013 – Reinsurance Group of America, Incorporated (NYSE: RGA), a leading global provider of life reinsurance, reported second-quarter net losses of $49.6 million, or $0.69 per diluted share, compared with net income of $141.1 million, or $1.91 per diluted share in the prior-year quarter. Operating losses* totaled $71.8 million, or $0.99 per diluted share in the current quarter, versus operating income of $122.3 million, or $1.65 per diluted share, last year. Losses this quarter were primarily attributable to an after-tax charge of approximately $184 million, or $2.53 per diluted share, to increase claims liabilities in Australia.

 	  	Quarterly Results	 	  	Year-to-Date Results	 	
($ in thousands, except per share data)	  	2013	 	 	2012	 	  	2013	 	  	2012	 	
Net premiums	  	$	2,035,156	  	 	$	1,950,661	  	  	$	4,014,849	  	  	$	3,814,143	  	
Net income (loss)	  	 	(49,612	) 	 	 	141,111	  	  	 	135,923	  	  	 	264,429	  	
Net income (loss) per diluted share	  	 	(0.69	) 	 	 	1.91	  	  	 	1.85	  	  	 	3.57	  	
 	 	 	 	 	
Operating income (loss) *	  	 	(71,797	) 	 	 	122,273	  	  	 	51,050	  	  	 	234,650	  	
Operating income (loss) per diluted share *	  	 	(0.99	) 	 	 	1.65	  	  	 	0.69	  	  	 	3.17	  	
Book value per share	  	 	82.97	  	 	 	84.75	  	  	 	 	 	  	 	 	 	
Book value per share (excl. Accumulated Other Comprehensive Income “AOCI”) *	  	 	66.31	  	 	 	60.34	  	  	 	 	 	  	 	 	 	
Total assets	  	 	38,790,621	  	 	 	38,344,323	  	  	 	 	 	  	 	 	 	
 
*	See ‘Use of Non-GAAP Financial Measures’ below	
Consolidated net premiums increased four percent to $2,035.2 million from $1,950.7 million in the prior-year quarter, including an adverse effect of $21.2 million from foreign currency fluctuations. Investment income increased 35 percent to $444.2 million from $328.3 million in the year-earlier quarter, primarily attributable to a significant increase in fair value of options contracts, which are included in funds withheld at interest and support the crediting rates for equity-indexed annuities.
 
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Excluding spread-based investment income and changes in value of associated derivatives, the average portfolio yield decreased to 4.77 percent from 5.06 percent in the second quarter of 2012, reflecting the ongoing low interest rate environment. Although the U.S. dollar generally appreciated against most currencies compared to the second quarter of 2012, net foreign currency fluctuations benefited the current quarter’s operating income by approximately $8.8 million after taxes, or $0.12 per diluted share, primarily due to the losses in Australia.
As a result of the significant charge in Australia this quarter, the company recorded a net operating tax benefit of approximately $36.5 million, resulting in an effective tax rate of 33.7 percent.
A. Greig Woodring, president and chief executive officer, explained, “The significant charge in our Australia operations was primarily associated with the group business which, as we have indicated previously, has been quite challenging for some time. We increased claims liabilities in that operation several times in recent years. We have just completed a comprehensive claims analysis within the last week, and that analysis indicates a more dramatic deterioration than we previously anticipated, a development we believe to be consistent across the industry. We have reflected not only the observed underperformance, as we have in the past, but also potential additional deterioration in the projection of future claims development on that entire book of business, through the end of the premium guarantee periods.
“The largest increase in liabilities relates to the total and permanent disability coverage, and, to a lesser extent, disability income benefits. The Australia market is the only one in which we have significant exposure to this form of total and permanent disability benefit. Not only have claim incidences for those benefits been increasing, but the claim lags throughout the claim reporting process have also risen at a significant rate. There appears to be a number of environmental factors in the current Australian market leading to a significant rise in claim levels and reporting lags, and we are working with direct insurance companies to better manage this business. The ceding companies generally retain a significant amount of risk even as they utilize the reinsurance market.
“The after-tax charge of approximately $184 million reduces our excess capital position by the same amount. Even though these group contracts are typically only three years in duration, the increase in loss ratios to this extent, compared to pricing, has created the need for this significant increase in claims liabilities. This situation is manageable and we believe we have aggressively addressed the issue in terms of the ongoing adequacy of the higher reserve and claim liability levels.”
Woodring continued, “The current environment makes it very difficult to price new business with any degree of confidence. We have been quoting very selectively on new group business since mid-2011 and we have not won any material new group business in that period. At this time, we are suspending all quoting activity in the Australian group total and permanent disability market indefinitely and will continue to be extremely selective in other aspects of that group market until it stabilizes and the products become more sustainable.
“Outside of the Australia operation, after-tax operating income per share was approximately $1.70. Operating performance was strong in our asset-intensive business line and mixed claims experience elsewhere was generally in line with overall expectations. Consolidated reported premium growth of four percent was also generally in line with expectations, and included an adverse effect of approximately $21.2 million from fluctuations in foreign currency exchange rates. In original currencies, net premiums increased over five percent in the second quarter compared to the prior-year period. Our book value per share is $82.97 including AOCI, and $66.31 excluding AOCI.
 
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“We repurchased additional shares in the second quarter, bringing our year-to-date total to approximately 3.7 million shares at a cost of $230.5 million. We have $170 million remaining under our current authorization, which was increased from $300 million to $400 million this quarter. Additionally, we increased our quarterly shareholder dividend 25 percent to $0.30 per share. We continue to execute our capital management strategy, opportunistically repurchasing shares and evaluating opportunities to grow our business. Our excess capital position is approximately $200 million, reflecting the recent capital management activity and charges in our Australia operations.
“We recently announced that our primary operating subsidiary, RGA Reinsurance Company, received a preparatory license from the China Insurance Regulatory Commission. We are excited about this opportunity and expect to receive a branch license next year, which will allow us to fully operate in the Chinese life reinsurance market.”
SEGMENT RESULTS
U.S.
The U.S. Traditional sub-segment reported pre-tax net income of $89.4 million for the quarter, down from $96.3 million last year. Pre-tax operating income totaled $85.7 million, a decrease from $95.5 million in the prior-year period. While claims experience was in line with last year’s second quarter and current expectations, policy acquisition costs as a percentage of premiums, which can fluctuate from period to period, were slightly higher this quarter. That type of fluctuation is expected to even out over the course of the year. In addition, relatively lower investment yields adversely affected results in the current period. Net premiums rose four percent, to $1,124.3 million from $1,082.4 million a year ago.
The U.S. Asset-Intensive business reported pre-tax income of $69.2 million, up from $34.6 million a year ago, including changes in the fair values of various free-standing and embedded derivatives. Pre-tax operating income, which excludes the impact of those derivatives, increased to $40.2 million from $16.6 million last year. The current-period result was better than expected and reflects strong performance in the U.S. equity market, which bolstered results in the equity indexed annuity line of business. Fixed annuities also performed well.
The U.S. Financial Reinsurance business added pre-tax operating income of $11.9 million this quarter, up 24 percent from $9.6 million last year. This business continues to contribute strong fee income to this segment.
Canada
Canadian operations reported pre-tax net income of $35.7 million, up slightly from $35.0 million in the second quarter of 2012. Pre-tax operating income was $31.7 million this quarter, a four percent increase from $30.5 million in the prior-year period. This segment’s claims experience was slightly higher than expected in the current period. Additionally, a relatively weaker Canadian dollar adversely affected pre-tax operating income by approximately $0.4 million compared to the prior-year period. Reported net premiums were up eight percent to $239.6 million from $221.2 million last year, including an adverse foreign currency effect of $3.1 million. On a Canadian dollar basis, net premiums were up 10 percent.
 
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Asia Pacific
The Asia Pacific segment reported a pre-tax net loss of $290.4 million compared with pre-tax net income of $23.9 million in the second quarter of 2012. Pre-tax operating losses totaled $285.7 million versus pre-tax operating income of $22.7 million last year. As indicated above, current-period losses were driven by a $274.1 million pre-tax increase in Australian claims liabilities as well as poor claims experience in the Australian operation’s individual businesses. In total, the Australia operation reported a pre-tax operating loss of $299.7 million for the quarter.
Outside of Australia, all of the markets in this segment performed better than expected, particularly Hong Kong and Southeast Asia. Asia Pacific net premiums increased three percent to $340.5 million from $331.9 million in the prior year. Foreign currency fluctuations adversely affected premiums by approximately $8.1 million this period. Original currency premiums rose five percent over the second quarter of 2012. Aside from Australia operations, foreign currency fluctuations adversely affected pre-tax operating income by approximately $2.0 million.
Europe & South Africa
Europe & South Africa operations reported pre-tax net income of $15.8 million versus $19.6 million in the year-ago quarter. Pre-tax operating income decreased to $15.3 million this quarter from $18.4 million last year, primarily due to higher-than-expected mortality claims in the U.K. Results from the U.K.’s critical illness and longevity businesses were slightly better than expected. Foreign currency fluctuations adversely affected pre-tax operating income by approximately $1.0 million. Net premiums totaled $319.4 million, up from $310.1 million the year before, including an adverse currency effect of $10.0 million. On a local currency basis, net premiums increased 6 percent.
Corporate and Other
The Corporate and Other segment reported a pre-tax net loss of $6.2 million in the second quarter, compared with a pre-tax net loss of $3.2 million in the year-ago period. Pre-tax operating losses were $7.5 million in the current period and $5.8 million last year, reflecting lower other revenues in the current quarter.
Stock Repurchase Authorization
The board of directors authorized an additional increase of $100 million to the share repurchase program announced on January 31, 2013. Effective July 18, 2013, the total amount of the company’s outstanding common stock authorized for repurchase is $400 million. To date, approximately $230 million of shares under this authorization have been repurchased. The authorization does not have an expiration date.
Repurchases would be made in accordance with applicable securities laws and would be made through market transactions, block trades, privately negotiated transactions or other means or a combination of these methods, with the timing and number of shares repurchased dependent on a variety of factors, including share price, corporate and regulatory requirements and market and business conditions. Repurchases may be commenced or suspended from time to time without prior notice.
 
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Dividend Declaration
The board of directors increased the quarterly dividend 25 percent, to $0.30 from $0.24, payable August 30 to shareholders of record as of August 9.
Earnings Conference Call
A conference call to discuss second-quarter results will begin at 9 a.m. Eastern Time on Friday, July 19. Interested parties may access the call by dialing 877-397-0286 (domestic) or 719-325-4879 (international). The access code is 7824658. 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 July 27 at 888-203-1112 (domestic) or 719-457-0820 (international), access code 7824658.
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.
Operating return on equity is a non-GAAP financial measure calculated as operating income divided by average shareholders’ equity excluding AOCI.
 
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About RGA
Reinsurance Group of America, Incorporated is among the largest global providers of life reinsurance, with operations in Australia, Barbados, Bermuda, Canada, China, France, Germany, Hong Kong, India, Ireland, Italy, Japan, Malaysia, Mexico, the Netherlands, New Zealand, Poland, Singapore, South Africa, South Korea, Spain, Taiwan, the United Arab Emirates, the United Kingdom and the United States. Worldwide, the company has approximately $2.8 trillion of life reinsurance in force, and assets of $38.8 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, (21) our ability to successfully integrate and operate reinsurance business that we acquire, (22) action by
 
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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, 2012.
Investor Contact
John W. Hayden
Senior Vice President – Controller and Investor Relations
(636) 736-7000
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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
Reconciliation of Consolidated Net Income to Operating Income
(Dollars in thousands)

 	  	Three Months Ended	 	 	Six Months Ended	 	
 	  	June 30,	 	 	June 30,	 	
(Unaudited)	  	2013	 	 	2012	 	 	2013	 	 	2012	 	
GAAP net income (loss)	  	$	(49,612	) 	 	$	141,111	  	 	$	135,923	  	 	$	264,429	  	
Reconciliation to operating income (loss):	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Capital (gains) losses, derivatives and other, included in investment related (gains) losses, net	  	 	23,726	  	 	 	(66,949	) 	 	 	55,160	  	 	 	(6,645	) 	
Capital (gains) losses on funds withheld:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Included in investment income	  	 	(7,625	) 	 	 	(3,460	) 	 	 	(8,946	) 	 	 	(2,784	) 	
Included in policy acquisition costs and other insurance expenses	  	 	—  	  	 	 	99	  	 	 	—  	  	 	 	235	  	
Embedded derivatives:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Included in investment related (gains) losses, net	  	 	(54,291	) 	 	 	51,599	  	 	 	(146,313	) 	 	 	(37,417	) 	
Included in interest credited	  	 	(20,905	) 	 	 	(1,095	) 	 	 	(33,457	) 	 	 	24,410	  	
DAC offset, net	  	 	36,910	  	 	 	968	  	 	 	78,912	  	 	 	(7,578	) 	
Gain on repurchase of collateral finance facility securities	  	 	—  	  	 	 	—  	  	 	 	(30,229	) 	 	 	—  	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income (loss)	  	$	(71,797	) 	 	$	122,273	  	 	$	51,050	  	 	$	234,650	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Reconciliation of Consolidated Pre-tax Net Income to Pre-tax Operating Income
(Dollars in thousands)

 	  	Three Months Ended	 	 	Six Months Ended	 	
 	  	June 30,	 	 	June 30,	 	
(Unaudited)	  	2013	 	 	2012	 	 	2013	 	 	2012	 	
Income (loss) before income taxes	  	$	(74,758	) 	 	$	215,892	  	 	$	204,069	  	 	$	396,655	  	
Reconciliation to pre-tax operating income (loss):	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Capital (gains) losses, derivatives and other, included in investment related (gains) losses, net	  	 	37,057	  	 	 	(102,184	) 	 	 	85,899	  	 	 	(8,086	) 	
Capital (gains) losses on funds withheld:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Included in investment income	  	 	(11,733	) 	 	 	(5,323	) 	 	 	(13,764	) 	 	 	(4,283	) 	
Included in policy acquisition costs and other insurance expenses	  	 	—  	  	 	 	152	  	 	 	—  	  	 	 	361	  	
Embedded derivatives:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Included in investment related (gains) losses, net	  	 	(83,525	) 	 	 	79,382	  	 	 	(225,097	) 	 	 	(57,565	) 	
Included in interest credited	  	 	(32,161	) 	 	 	(1,685	) 	 	 	(51,472	) 	 	 	37,554	  	
DAC offset, net	  	 	56,786	  	 	 	1,490	  	 	 	121,404	  	 	 	(11,658	) 	
Gain on repurchase of collateral finance facility securities	  	 	—  	  	 	 	—  	  	 	 	(46,506	) 	 	 	—  	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Pre-tax operating income (loss)	  	$	(108,334	) 	 	$	187,724	  	 	$	74,533	  	 	$	352,978	  	

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

 	  	Three Months Ended June 30, 2013	 	
(Unaudited)	  	Pre-tax net
income
(loss)	 	 	Capital
(gains) losses,
derivatives
and other, net	 	 	Change in
value of
embedded
derivatives, net	 	 	Pre-tax
operating
income
(loss)	 	
 	 	 	 	 	
U.S. Operations:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Traditional	  	$	89,447	  	 	$	(2,309	) 	 	$	(1,391	) 	 	$	85,747	  	
Asset Intensive	  	 	69,209	  	 	 	48,499	 (1) 	 	 	(77,478	) (2) 	 	 	40,230	  	
Financial Reinsurance	  	 	11,787	  	 	 	100	  	 	 	—  	  	 	 	11,887	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total U.S.	  	 	170,443	  	 	 	46,290	  	 	 	(78,869	) 	 	 	137,864	  	
Canada Operations	  	 	35,659	  	 	 	(3,970	) 	 	 	—  	  	 	 	31,689	  	
Europe & South Africa	  	 	15,818	  	 	 	(470	) 	 	 	—  	  	 	 	15,348	  	
Asia Pacific Operations	  	 	(290,448	) 	 	 	4,726	  	 	 	—  	  	 	 	(285,722	) 	
Corporate and Other	  	 	(6,230	) 	 	 	(1,283	) 	 	 	—  	  	 	 	(7,513	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Consolidated	  	$	(74,758	) 	 	$	45,293	  	 	$	(78,869	) 	 	$	(108,334	) 	

(1)	Asset Intensive is net of $19,969 DAC offset.	
(2)	Asset Intensive is net of $36,817 DAC offset.	

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

(1)	Asset Intensive is net of $48,510 DAC offset.	
(2)	Asset Intensive is net of $(47,020) DAC offset.	
 
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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
Reconciliation of Pre-tax Net Income to Pre-tax Operating Income
(Dollars in thousands)

 	  	Six Months Ended June 30, 2013	 	
(Unaudited)	  	Pre-tax net
income
(loss)	 	 	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. Operations:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Traditional	  	$	166,292	  	 	$	(9,550	) 	 	$	(1,447	) 	 	$	—  	  	 	$	155,295	  	
Asset Intensive	  	 	158,732	  	 	 	63,387	 (1) 	 	 	(136,293	) (2) 	 	 	—  	  	 	 	85,826	  	
Financial Reinsurance	  	 	19,828	  	 	 	66	  	 	 	—  	  	 	 	—  	  	 	 	19,894	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total U.S.	  	 	344,852	  	 	 	53,903	  	 	 	(137,740	) 	 	 	—  	  	 	 	261,015	  	
Canada Operations	  	 	71,967	  	 	 	(7,401	) 	 	 	—  	  	 	 	—  	  	 	 	64,566	  	
Europe & South Africa	  	 	33,203	  	 	 	(2,280	) 	 	 	—  	  	 	 	—  	  	 	 	30,923	  	
Asia Pacific Operations	  	 	(275,930	) 	 	 	9,573	  	 	 	—  	  	 	 	—  	  	 	 	(266,357	) 	
Corporate and Other	  	 	29,977	  	 	 	915	  	 	 	—  	  	 	 	(46,506	) 	 	 	(15,614	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Consolidated	  	$	204,069	  	 	$	54,710	  	 	$	(137,740	) 	 	$	(46,506	) 	 	$	74,533	  	

(1)	Asset Intensive is net of $(17,425) DAC offset.	
(2)	Asset Intensive is net of $138,829 DAC offset.	

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

(1)	Asset Intensive is net of $(34,332) DAC offset.	
(2)	Asset Intensive is net of $22,674 DAC offset.	
 
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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
Per Share and Shares Data
(In thousands, except per share data)

 	  	Three Months Ended	 	  	Six Months Ended	 	
 	  	June 30,	 	  	June 30,	 	
(Unaudited)	  	2013	 	 	2012	 	  	2013	 	  	2012	 	
Diluted earnings per share from operating income (loss)	  	$	(0.99	) 	 	$	1.65	  	  	$	0.69	  	  	$	3.17	  	
 	 	 	 	 	
Earnings per share from net income (loss):	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
Basic earnings per share	  	$	(0.69	) 	 	$	1.91	  	  	$	1.86	  	  	$	3.59	  	
Diluted earnings per share (1)	  	$	(0.69	) 	 	$	1.91	  	  	$	1.85	  	  	$	3.57	  	
 	 	 	 	 	
Weighted average number of common and common equivalent shares outstanding	  	 	72,769	  	 	 	74,054	  	  	 	73,573	  	  	 	74,048	  	

 	  	At or For the Six Months	 	
 	  	Ended June 30,	 	
(Unaudited)	  	2013	 	  	2012	 	
Treasury shares	  	 	8,170	  	  	 	5,416	  	
Common shares outstanding	  	 	70,968	  	  	 	73,722	  	
Book value per share outstanding	  	$	82.97	  	  	$	84.75	  	
Book value per share outstanding, before impact of AOCI	  	$	66.31	  	  	$	60.34	  	
 
(1)	As a result of anti-dilutive impact, in periods of a loss, weighted average common shares outstanding (basic) are used in the calculation of diluted earnings per share.	
 
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Add Eleven
REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
Condensed Consolidated Statements of Income
(Dollars in thousands)

 	  	Three Months Ended	 	 	Six Months Ended	 	
 	  	June 30,	 	 	June 30,	 	
(Unaudited)	  	2013	 	 	2012	 	 	2013	 	 	2012	 	
Revenues:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	  	$	2,035,156	  	 	$	1,950,661	  	 	$	4,014,849	  	 	$	3,814,143	  	
Investment income, net of related expenses	  	 	444,234	  	 	 	328,334	  	 	 	869,365	  	 	 	669,274	  	
Investment related gains (losses), net:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Other-than-temporary impairments on fixed maturity securities	  	 	(9,803	) 	 	 	(1,959	) 	 	 	(10,005	) 	 	 	(9,566	) 	
Other-than-temporary impairments on fixed maturity securities transferred to (from) accumulated other comprehensive income	  	 	(306	) 	 	 	162	  	 	 	(306	) 	 	 	(7,059	) 	
Other investment related gains (losses), net	  	 	58,352	  	 	 	25,598	  	 	 	152,925	  	 	 	83,946	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total investment related gains (losses), net	  	 	48,243	  	 	 	23,801	  	 	 	142,614	  	 	 	67,321	  	
Other revenue	  	 	63,009	  	 	 	72,957	  	 	 	164,916	  	 	 	117,990	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	  	 	2,590,642	  	 	 	2,375,753	  	 	 	5,191,744	  	 	 	4,668,728	  	

Benefits and expenses:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	  	 	2,030,574	  	 	 	1,625,446	  	 	 	3,719,484	  	 	 	3,205,595	  	
Interest credited	  	 	118,345	  	 	 	66,697	  	 	 	243,828	  	 	 	154,739	  	
Policy acquisition costs and other insurance expenses	  	 	370,505	  	 	 	335,939	  	 	 	727,862	  	 	 	643,573	  	
Other operating expenses	  	 	113,408	  	 	 	105,541	  	 	 	232,909	  	 	 	215,639	  	
Interest expense	  	 	29,918	  	 	 	23,360	  	 	 	58,404	  	 	 	46,682	  	
Collateral finance facility expense	  	 	2,650	  	 	 	2,878	  	 	 	5,188	  	 	 	5,845	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	  	 	2,665,400	  	 	 	2,159,861	  	 	 	4,987,675	  	 	 	4,272,073	  	

Income before income taxes	  	 	(74,758	) 	 	 	215,892	  	 	 	204,069	  	 	 	396,655	  	
Income tax expense	  	 	(25,146	) 	 	 	74,781	  	 	 	68,146	  	 	 	132,226	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income (loss)	  	$	(49,612	) 	 	$	141,111	  	 	$	135,923	  	 	$	264,429	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
# # #

Exhibit 99.2

Financial Supplement
Second Quarter 2013
(Unaudited)

 

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

 	

Reinsurance Group of America, Incorporated
Financial Supplement
2nd Quarter 2013
Table of Contents

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

 	

Reinsurance Group of America, Incorporated
Financial Supplement
This Financial Supplement is for information purposes only and includes unaudited figures. This report should be read in conjunction with documents filed by Reinsurance Group of America, Incorporated with the SEC.
Non-GAAP Disclosures
RGA uses a non-GAAP financial measure called operating income as a basis for analyzing financial results. This measure also serves as a basis for establishing target levels and awards under RGA’s management incentive programs. Management believes that operating income, on a pre-tax and after-tax basis, better measures the ongoing profitability and underlying trends of the company’s continuing operations, primarily because that measure excludes 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
Financial Highlights

 	 	Three Months Ended or As of	 	 	Current Qtr	 	 	Year-to-Date	 	
(USD thousands, except inforce &
per share data)	 	June 30,
2013	 	 	March 31,
2013	 	 	Dec. 31,
2012	 	 	Sept. 30,
2012	 	 	June 30,
2012	 	 	vs. PY
Quarter	 	 	June 30,
2013	 	 	June 30,
2012	 	 	Change	 	
 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	2,035,156	  	 	$	1,979,693	  	 	$	2,179,707	  	 	$	1,912,746	  	 	$	1,950,661	  	 	$	84,495	  	 	$	4,014,849	  	 	$	3,814,143	  	 	$	200,706	  	
Net income (loss)	 	 	(49,612	) 	 	 	185,535	  	 	 	222,989	  	 	 	144,475	  	 	 	141,111	  	 	 	(190,723	) 	 	 	135,923	  	 	 	264,429	  	 	 	(128,506	) 	
Operating income (loss)	 	 	(71,797	) 	 	 	122,847	  	 	 	181,830	  	 	 	99,902	  	 	 	122,273	  	 	 	(194,070	) 	 	 	51,050	  	 	 	234,650	  	 	 	(183,600	) 	
Operating return on equity (ex AOCI) - annualized	 	 	-6.0	% 	 	 	10.1	% 	 	 	15.5	% 	 	 	8.9	% 	 	 	11.2	% 	 	 	-17.2	% 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating return on equity (ex AOCI) - trailing 12 months	 	 	7.1	% 	 	 	11.4	% 	 	 	11.6	% 	 	 	10.5	% 	 	 	11.8	% 	 	 	-4.7	% 	 	 	 	 	 	 	 	 	 	 	 	 	
Total assets	 	 	38,790,621	  	 	 	40,197,101	  	 	 	40,360,438	  	 	 	39,924,013	  	 	 	38,344,323	  	 	 	446,298	  	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	
Assumed Life Reinsurance in Force (in billions)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
U.S.	 	$	1,392.3	  	 	$	1,395.6	  	 	$	1,395.6	  	 	$	1,403.3	  	 	$	1,405.8	  	 	$	(13.5	) 	 	 	 	 	 	 	 	 	 	 	 	 	
Canada	 	 	376.4	  	 	 	382.8	  	 	 	389.7	  	 	 	384.8	  	 	 	365.1	  	 	 	11.3	  	 	 	 	 	 	 	 	 	 	 	 	 	
Europe & South Africa	 	 	584.9	  	 	 	581.8	  	 	 	602.5	  	 	 	559.4	  	 	 	525.2	  	 	 	59.7	  	 	 	 	 	 	 	 	 	 	 	 	 	
Asia Pacific	 	 	470.2	  	 	 	512.6	  	 	 	539.8	  	 	 	533.5	  	 	 	486.2	  	 	 	(16.0	) 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Life Reinsurance in Force	 	$	2,823.8	  	 	$	2,872.8	  	 	$	2,927.6	  	 	$	2,881.0	  	 	$	2,782.3	  	 	$	41.5	  	 	 	 	 	 	 	 	 	 	 	 	 	

Assumed New Business Production (in billions)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
U.S.	 	$	21.8	  	 	$	25.7	  	 	$	19.2	  	 	$	23.1	  	 	$	24.2	  	 	$	(2.4	) 	 	$	47.5	  	 	$	109.1	  	 	$	(61.6	) 	
Canada	 	 	11.1	  	 	 	12.9	  	 	 	12.0	  	 	 	11.3	  	 	 	12.6	  	 	 	(1.5	) 	 	 	24.0	  	 	 	25.7	  	 	 	(1.7	) 	
Europe & South Africa	 	 	28.4	  	 	 	45.7	  	 	 	58.4	  	 	 	37.3	  	 	 	25.5	  	 	 	2.9	  	 	 	74.1	  	 	 	40.3	  	 	 	33.8	  	
Asia Pacific	 	 	42.7	  	 	 	11.6	  	 	 	12.8	  	 	 	47.2	  	 	 	24.5	  	 	 	18.2	  	 	 	54.3	  	 	 	30.2	  	 	 	24.1	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total New Business Production	 	$	104.0	  	 	$	95.9	  	 	$	102.4	  	 	$	118.9	  	 	$	86.8	  	 	$	17.2	  	 	$	199.9	  	 	$	205.3	  	 	$	(5.4	) 	

Per Share and Shares Data	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic earnings per share	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income (loss)	 	$	(0.69	) 	 	$	2.51	  	 	$	3.02	  	 	$	1.96	  	 	$	1.91	  	 	$	(2.60	) 	 	$	1.86	  	 	$	3.59	  	 	$	(1.73	) 	
Operating income (loss)	 	$	(0.99	) 	 	$	1.66	  	 	$	2.46	  	 	$	1.35	  	 	$	1.66	  	 	$	(2.65	) 	 	$	0.70	  	 	$	3.19	  	 	$	(2.49	) 	
Diluted earnings per share  (1)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income (loss)	 	$	(0.69	) 	 	$	2.49	  	 	$	3.00	  	 	$	1.95	  	 	$	1.91	  	 	$	(2.60	) 	 	$	1.85	  	 	$	3.57	  	 	$	(1.72	) 	
Operating income (loss)	 	$	(0.99	) 	 	$	1.65	  	 	$	2.44	  	 	$	1.35	  	 	$	1.65	  	 	$	(2.64	) 	 	$	0.69	  	 	$	3.17	  	 	$	(2.48	) 	
 	 	 	 	 	 	 	 	 	 	
Wgt. average common shares outstanding (basic)	 	 	72,350	  	 	 	73,838	  	 	 	73,880	  	 	 	73,776	  	 	 	73,718	  	 	 	(1,368	) 	 	 	73,089	  	 	 	73,646	  	 	 	(557	) 	
Wgt. average common shares outstanding (diluted)	 	 	72,769	  	 	 	74,389	  	 	 	74,375	  	 	 	74,138	  	 	 	74,054	  	 	 	(1,285	) 	 	 	73,573	  	 	 	74,048	  	 	 	(475	) 	
 	 	 	 	 	 	 	 	 	 	
Common shares issued	 	 	79,138	  	 	 	79,138	  	 	 	79,138	  	 	 	79,138	  	 	 	79,138	  	 	 	—  	  	 	 	79,138	  	 	 	79,138	  	 	 	—  	  	
Treasury shares	 	 	8,170	  	 	 	5,837	  	 	 	5,211	  	 	 	5,286	  	 	 	5,416	  	 	 	2,754	  	 	 	8,170	  	 	 	5,416	  	 	 	2,754	  	
Common shares outstanding	 	 	70,968	  	 	 	73,301	  	 	 	73,927	  	 	 	73,852	  	 	 	73,722	  	 	 	(2,754	) 	 	 	70,968	  	 	 	73,722	  	 	 	(2,754	) 	
 	 	 	 	 	 	 	 	 	 	
Book value per share	 	$	82.97	  	 	$	94.34	  	 	$	93.47	  	 	$	91.18	  	 	$	84.75	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Per share effect of accumulated other comprehensive income (AOCI)	 	$	16.66	  	 	$	26.97	  	 	$	28.52	  	 	$	29.13	  	 	$	24.41	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Book value per share, excluding AOCI	 	$	66.31	  	 	$	67.37	  	 	$	64.95	  	 	$	62.05	  	 	$	60.34	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	
Shareholder dividends paid	 	$	17,415.9	  	 	$	17,752.7	  	 	$	17,724.7	  	 	$	17,696.2	  	 	$	13,268.6	  	 	$	4,147.3	  	 	$	35,168.6	  	 	$	26,523.9	  	 	$	8,644.7	  	
 
(1)	As a result of anti-dilutive impact, in periods of a loss, weighted average common shares outstanding (basic) are used in the calculation of diluted earnings per share	

 	 	 	 	 	
 	 	 	  	Page 2	

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

 	 	Three Months Ended	 	 	Current Qtr	 	 	Year-to-Date	 	
(USD thousands)	 	June 30,
2013	 	 	March 31,
2013	 	 	Dec. 31,
2012	 	 	Sept. 30,
2012	 	 	June 30,
2012	 	 	vs. PY
Quarter	 	 	June 30,
2013	 	 	June 30,
2012	 	 	Change	 	
 	 	 	 	 	 	 	 	 	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	2,035,156	  	 	$	1,979,693	  	 	$	2,179,707	  	 	$	1,912,746	  	 	$	1,950,661	  	 	$	84,495	  	 	$	4,014,849	  	 	$	3,814,143	  	 	$	200,706	  	
Investment income, net of related expenses	 	 	444,234	  	 	 	425,131	  	 	 	370,151	  	 	 	396,781	  	 	 	328,334	  	 	 	115,900	  	 	 	869,365	  	 	 	669,274	  	 	 	200,091	  	
Investment related gains (losses), net	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
OTTI on fixed maturity securities	 	 	(9,803	) 	 	 	(202	) 	 	 	(4,346	) 	 	 	(1,996	) 	 	 	(1,959	) 	 	 	(7,844	) 	 	 	(10,005	) 	 	 	(9,566	) 	 	 	(439	) 	
OTTI on fixed maturity securities transferred to/from AOCI	 	 	(306	) 	 	 	—  	  	 	 	—  	  	 	 	(559	) 	 	 	162	  	 	 	(468	) 	 	 	(306	) 	 	 	(7,059	) 	 	 	6,753	  	
Other investment related gains (losses), net	 	 	58,352	  	 	 	94,573	  	 	 	115,108	  	 	 	78,608	  	 	 	25,598	  	 	 	32,754	  	 	 	152,925	  	 	 	83,946	  	 	 	68,979	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total investment related gains (losses), net	 	 	48,243	  	 	 	94,371	  	 	 	110,762	  	 	 	76,053	  	 	 	23,801	  	 	 	24,442	  	 	 	142,614	  	 	 	67,321	  	 	 	75,293	  	
Other revenue	 	 	63,009	  	 	 	101,907	  	 	 	62,482	  	 	 	63,501	  	 	 	72,957	  	 	 	(9,948	) 	 	 	164,916	  	 	 	117,990	  	 	 	46,926	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	 	 	2,590,642	  	 	 	2,601,102	  	 	 	2,723,102	  	 	 	2,449,081	  	 	 	2,375,753	  	 	 	214,889	  	 	 	5,191,744	  	 	 	4,668,728	  	 	 	523,016	  	
 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	 	2,030,574	  	 	 	1,688,910	  	 	 	1,797,779	  	 	 	1,662,625	  	 	 	1,625,446	  	 	 	405,128	  	 	 	3,719,484	  	 	 	3,205,595	  	 	 	513,889	  	
Interest credited	 	 	118,345	  	 	 	125,483	  	 	 	94,835	  	 	 	130,341	  	 	 	66,697	  	 	 	51,648	  	 	 	243,828	  	 	 	154,739	  	 	 	89,089	  	
Policy acquisition costs and other insurance expenses	 	 	370,505	  	 	 	357,357	  	 	 	344,791	  	 	 	318,106	  	 	 	335,939	  	 	 	34,566	  	 	 	727,862	  	 	 	643,573	  	 	 	84,289	  	
Other operating expenses	 	 	113,408	  	 	 	119,501	  	 	 	132,334	  	 	 	103,786	  	 	 	105,541	  	 	 	7,867	  	 	 	232,909	  	 	 	215,639	  	 	 	17,270	  	
Interest expense	 	 	29,918	  	 	 	28,486	  	 	 	28,917	  	 	 	29,749	  	 	 	23,360	  	 	 	6,558	  	 	 	58,404	  	 	 	46,682	  	 	 	11,722	  	
Collateral finance facility expense	 	 	2,650	  	 	 	2,538	  	 	 	3,357	  	 	 	2,995	  	 	 	2,878	  	 	 	(228	) 	 	 	5,188	  	 	 	5,845	  	 	 	(657	) 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	 	 	2,665,400	  	 	 	2,322,275	  	 	 	2,402,013	  	 	 	2,247,602	  	 	 	2,159,861	  	 	 	505,539	  	 	 	4,987,675	  	 	 	4,272,073	  	 	 	715,602	  	
 	 	 	 	 	 	 	 	 	 	
Income (loss) before income taxes	 	 	(74,758	) 	 	 	278,827	  	 	 	321,089	  	 	 	201,479	  	 	 	215,892	  	 	 	(290,650	) 	 	 	204,069	  	 	 	396,655	  	 	 	(192,586	) 	
 	 	 	 	 	 	 	 	 	 	
Income tax expense (benefit)	 	 	(25,146	) 	 	 	93,292	  	 	 	98,100	  	 	 	57,004	  	 	 	74,781	  	 	 	(99,927	) 	 	 	68,146	  	 	 	132,226	  	 	 	(64,080	) 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income (loss)	 	$	(49,612	) 	 	$	185,535	  	 	$	222,989	  	 	$	144,475	  	 	$	141,111	  	 	$	(190,723	) 	 	$	135,923	  	 	$	264,429	  	 	$	(128,506	) 	

Pre-tax Operating Income (Loss) Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income (loss) before income taxes	 	 	(74,758	) 	 	 	278,827	  	 	 	321,089	  	 	 	201,479	  	 	 	215,892	  	 	 	(290,650	) 	 	 	204,069	  	 	 	396,655	  	 	 	(192,586	) 	
Investment and derivative losses (gains) - non-operating (1)	 	 	37,057	  	 	 	48,842	  	 	 	(3,404	) 	 	 	(16,940	) 	 	 	(102,184	) 	 	 	139,241	  	 	 	85,899	  	 	 	(8,086	) 	 	 	93,985	  	
Change in value of modified coinsurance and funds withheld embedded derivatives (1)	 	 	(47,716	) 	 	 	(90,258	) 	 	 	(74,054	) 	 	 	(54,836	) 	 	 	4,453	  	 	 	(52,169	) 	 	 	(137,974	) 	 	 	13,881	  	 	 	(151,855	) 	
GMXB embedded derivatives (1)	 	 	(35,809	) 	 	 	(51,314	) 	 	 	(30,588	) 	 	 	(2,579	) 	 	 	74,929	  	 	 	(110,738	) 	 	 	(87,123	) 	 	 	(71,446	) 	 	 	(15,677	) 	
Funds withheld losses (gains) - investment income	 	 	(11,733	) 	 	 	(2,031	) 	 	 	(6,447	) 	 	 	(6,400	) 	 	 	(5,323	) 	 	 	(6,410	) 	 	 	(13,764	) 	 	 	(4,283	) 	 	 	(9,481	) 	
Funds withheld losses (gains) - policy acq. costs	 	 	—  	  	 	 	—  	  	 	 	55	  	 	 	122	  	 	 	152	  	 	 	(152	) 	 	 	—  	  	 	 	361	  	 	 	(361	) 	
EIA embedded derivatives - interest credited	 	 	(32,161	) 	 	 	(19,311	) 	 	 	7,711	  	 	 	(167	) 	 	 	(1,685	) 	 	 	(30,476	) 	 	 	(51,472	) 	 	 	37,554	  	 	 	(89,026	) 	
DAC offset, net	 	 	56,786	  	 	 	64,618	  	 	 	44,308	  	 	 	13,705	  	 	 	1,490	  	 	 	55,296	  	 	 	121,404	  	 	 	(11,658	) 	 	 	133,062	  	
Gain on repurchase of collateral finance facility securities	 	 	—  	  	 	 	(46,506	) 	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	(46,506	) 	 	 	—  	  	 	 	(46,506	) 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating Income (loss) Before Income Taxes	 	$	(108,334	) 	 	$	182,867	  	 	$	258,670	  	 	$	134,384	  	 	$	187,724	  	 	$	(296,058	) 	 	$	74,533	  	 	$	352,978	  	 	$	(278,445	) 	

After-tax Operating Income (Loss) Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net Income (loss)	 	 	(49,612	) 	 	 	185,535	  	 	 	222,989	  	 	 	144,475	  	 	 	141,111	  	 	 	(190,723	) 	 	 	135,923	  	 	 	264,429	  	 	 	(128,506	) 	
Investment and derivative losses (gains) - non-operating (1)	 	 	23,726	  	 	 	31,434	  	 	 	(2,801	) 	 	 	(11,972	) 	 	 	(66,949	) 	 	 	90,675	  	 	 	55,160	  	 	 	(6,645	) 	 	 	61,805	  	
Change in value of modified coinsurance and funds withheld embedded derivatives (1)	 	 	(31,015	) 	 	 	(58,668	) 	 	 	(48,135	) 	 	 	(35,644	) 	 	 	2,895	  	 	 	(33,910	) 	 	 	(89,683	) 	 	 	9,023	  	 	 	(98,706	) 	
GMXB embedded derivatives (1)	 	 	(23,276	) 	 	 	(33,354	) 	 	 	(19,882	) 	 	 	(1,676	) 	 	 	48,704	  	 	 	(71,980	) 	 	 	(56,630	) 	 	 	(46,440	) 	 	 	(10,190	) 	
Funds withheld losses (gains) - investment income	 	 	(7,625	) 	 	 	(1,321	) 	 	 	(4,190	) 	 	 	(4,160	) 	 	 	(3,460	) 	 	 	(4,165	) 	 	 	(8,946	) 	 	 	(2,784	) 	 	 	(6,162	) 	
Funds withheld losses (gains) - policy acq. costs	 	 	—  	  	 	 	—  	  	 	 	36	  	 	 	79	  	 	 	99	  	 	 	(99	) 	 	 	—  	  	 	 	235	  	 	 	(235	) 	
EIA embedded derivatives - interest credited	 	 	(20,905	) 	 	 	(12,552	) 	 	 	5,012	  	 	 	(108	) 	 	 	(1,095	) 	 	 	(19,810	) 	 	 	(33,457	) 	 	 	24,410	  	 	 	(57,867	) 	
DAC offset, net	 	 	36,910	  	 	 	42,002	  	 	 	28,801	  	 	 	8,908	  	 	 	968	  	 	 	35,942	  	 	 	78,912	  	 	 	(7,578	) 	 	 	86,490	  	
Gain on repurchase of collateral finance facility securities	 	 	—  	  	 	 	(30,229	) 	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	(30,229	) 	 	 	—  	  	 	 	(30,229	) 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating Income (loss)	 	$	(71,797	) 	 	$	122,847	  	 	$	181,830	  	 	$	99,902	  	 	$	122,273	  	 	$	(194,070	) 	 	$	51,050	  	 	$	234,650	  	 	$	(183,600	) 	

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

 	 	 	  	Page 3	

Reinsurance Group of America, Incorporated
Consolidated Operating Income Statement

 	 	Three Months Ended	 	 	Current Qtr	 	 	Year-to-Date	 	
(USD thousands, except per share data)	 	June 30,
2013	 	 	March 31,
2013	 	 	Dec. 31,
2012	 	 	Sept. 30,
2012	 	 	June 30,
2012	 	 	vs. PY
Quarter	 	 	June 30,
2013	 	 	June 30,
2012	 	 	Change	 	
 	 	 	 	 	 	 	 	 	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	2,035,156	  	 	$	1,979,693	  	 	$	2,179,707	  	 	$	1,912,746	  	 	$	1,950,661	  	 	$	84,495	  	 	$	4,014,849	  	 	$	3,814,143	  	 	$	200,706	  	
Investment income, net of related expenses	 	 	432,501	  	 	 	423,100	  	 	 	363,704	  	 	 	390,381	  	 	 	323,011	  	 	 	109,490	  	 	 	855,601	  	 	 	664,991	  	 	 	190,610	  	
Investment related gains (losses), net	 	 	1,775	  	 	 	1,641	  	 	 	2,716	  	 	 	1,698	  	 	 	999	  	 	 	776	  	 	 	3,416	  	 	 	1,670	  	 	 	1,746	  	
Other revenue	 	 	63,009	  	 	 	55,401	  	 	 	62,482	  	 	 	63,501	  	 	 	72,957	  	 	 	(9,948	) 	 	 	118,410	  	 	 	117,990	  	 	 	420	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	 	 	2,532,441	  	 	 	2,459,835	  	 	 	2,608,609	  	 	 	2,368,326	  	 	 	2,347,628	  	 	 	184,813	  	 	 	4,992,276	  	 	 	4,598,794	  	 	 	393,482	  	
 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	 	2,030,574	  	 	 	1,688,910	  	 	 	1,797,779	  	 	 	1,662,625	  	 	 	1,625,446	  	 	 	405,128	  	 	 	3,719,484	  	 	 	3,205,595	  	 	 	513,889	  	
Interest credited	 	 	150,506	  	 	 	144,794	  	 	 	87,124	  	 	 	130,508	  	 	 	68,382	  	 	 	82,124	  	 	 	295,300	  	 	 	117,185	  	 	 	178,115	  	
Policy acquisition costs and other insurance expenses	 	 	313,719	  	 	 	292,739	  	 	 	300,428	  	 	 	304,279	  	 	 	334,297	  	 	 	(20,578	) 	 	 	606,458	  	 	 	654,870	  	 	 	(48,412	) 	
Other operating expenses	 	 	113,408	  	 	 	119,501	  	 	 	132,334	  	 	 	103,786	  	 	 	105,541	  	 	 	7,867	  	 	 	232,909	  	 	 	215,639	  	 	 	17,270	  	
Interest expense	 	 	29,918	  	 	 	28,486	  	 	 	28,917	  	 	 	29,749	  	 	 	23,360	  	 	 	6,558	  	 	 	58,404	  	 	 	46,682	  	 	 	11,722	  	
Collateral finance facility expense	 	 	2,650	  	 	 	2,538	  	 	 	3,357	  	 	 	2,995	  	 	 	2,878	  	 	 	(228	) 	 	 	5,188	  	 	 	5,845	  	 	 	(657	) 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	 	 	2,640,775	  	 	 	2,276,968	  	 	 	2,349,939	  	 	 	2,233,942	  	 	 	2,159,904	  	 	 	480,871	  	 	 	4,917,743	  	 	 	4,245,816	  	 	 	671,927	  	
 	 	 	 	 	 	 	 	 	 	
Operating income (loss) before income taxes	 	 	(108,334	) 	 	 	182,867	  	 	 	258,670	  	 	 	134,384	  	 	 	187,724	  	 	 	(296,058	) 	 	 	74,533	  	 	 	352,978	  	 	 	(278,445	) 	
 	 	 	 	 	 	 	 	 	 	
Operating income tax expense (benefit)	 	 	(36,537	) 	 	 	60,020	  	 	 	76,840	  	 	 	34,482	  	 	 	65,451	  	 	 	(101,988	) 	 	 	23,483	  	 	 	118,328	  	 	 	(94,845	) 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income (loss)	 	$	(71,797	) 	 	$	122,847	  	 	$	181,830	  	 	$	99,902	  	 	$	122,273	  	 	$	(194,070	) 	 	$	51,050	  	 	$	234,650	  	 	$	(183,600	) 	

Wgt. Average Common Shares Outstanding (Diluted)  (1)	 	 	72,769	  	 	 	74,389	  	 	 	74,375	  	 	 	74,138	  	 	 	74,054	  	 	 	(1,285	) 	 	 	73,573	  	 	 	74,048	  	 	 	(475	) 	
 	 	 	 	 	 	 	 	 	 	
Diluted Earnings Per Share - Operating Income  (1)	 	$	(0.99	) 	 	$	1.65	  	 	$	2.44	  	 	$	1.35	  	 	$	1.65	  	 	$	(2.64	) 	 	$	0.69	  	 	$	3.17	  	 	$	(2.48	) 	
 	 	 	 	 	 	 	 	 	 	
Foreign currency effect  (2) :	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	(21,173	) 	 	$	(19,599	) 	 	$	14,105	  	 	$	(25,972	) 	 	$	(45,800	) 	 	$	24,627	  	 	$	(40,772	) 	 	$	(50,724	) 	 	$	9,952	  	
Operating income before income taxes	 	$	13,624	  	 	$	(2,798	) 	 	$	1,799	  	 	$	(4,165	) 	 	$	(3,471	) 	 	$	17,095	  	 	$	10,826	  	 	$	(3,858	) 	 	$	14,684	  	
 
(1)	As a result of anti-dilutive impact, in periods of a loss, weighted average common shares outstanding (basic) are used in the calculation of diluted earnings per share	
(2)	Compared to comparable prior year period	

 	 	 	  	Page 4	

Reinsurance Group of America, Incorporated
Consolidated Balance Sheets

(USD thousands)	  	June 30,
2013	 	 	March 31,
2013	 	 	Dec. 31,
2012	 	 	Sept. 30,
2012	 	 	June 30,
2012	 	
Assets	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Fixed maturity securities, available-for-sale	  	$	21,284,216	  	 	$	22,401,659	  	 	$	22,291,614	  	 	$	21,658,414	  	 	$	17,244,192	  	
Mortgage loans on real estate	  	 	2,377,246	  	 	 	2,325,191	  	 	 	2,300,587	  	 	 	2,256,881	  	 	 	1,157,049	  	
Policy loans	  	 	1,245,252	  	 	 	1,245,812	  	 	 	1,278,175	  	 	 	1,243,498	  	 	 	1,250,238	  	
Funds withheld at interest	  	 	5,777,395	  	 	 	5,698,594	  	 	 	5,594,182	  	 	 	5,608,640	  	 	 	5,457,888	  	
Short-term investments	  	 	38,601	  	 	 	180,707	  	 	 	288,082	  	 	 	90,789	  	 	 	49,981	  	
Investment receivable	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	5,406,898	  	
Other invested assets	  	 	1,035,809	  	 	 	1,129,651	  	 	 	1,159,543	  	 	 	1,236,616	  	 	 	940,605	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total investments	  	 	31,758,519	  	 	 	32,981,614	  	 	 	32,912,183	  	 	 	32,094,838	  	 	 	31,506,851	  	
Cash and cash equivalents	  	 	973,619	  	 	 	1,001,841	  	 	 	1,259,892	  	 	 	1,603,730	  	 	 	957,341	  	
Accrued investment income	  	 	233,153	  	 	 	230,269	  	 	 	201,344	  	 	 	250,048	  	 	 	182,586	  	
Premiums receivable and other reinsurance balances	  	 	1,314,004	  	 	 	1,259,281	  	 	 	1,356,087	  	 	 	1,179,687	  	 	 	1,104,176	  	
Reinsurance ceded receivables	  	 	585,555	  	 	 	602,373	  	 	 	620,901	  	 	 	623,954	  	 	 	626,734	  	
Deferred policy acquisition costs	  	 	3,453,513	  	 	 	3,545,063	  	 	 	3,619,274	  	 	 	3,630,877	  	 	 	3,605,008	  	
Other assets	  	 	472,258	  	 	 	576,660	  	 	 	390,757	  	 	 	540,879	  	 	 	361,627	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total assets	  	$	38,790,621	  	 	$	40,197,101	  	 	$	40,360,438	  	 	$	39,924,013	  	 	$	38,344,323	  	

Liabilities and Stockholders’ Equity	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Future policy benefits	  	$	11,491,692	  	 	$	11,355,882	  	 	$	11,372,856	  	 	$	11,093,483	  	 	$	10,725,096	  	
Interest-sensitive contract liabilities	  	 	12,991,981	  	 	 	13,141,402	  	 	 	13,353,502	  	 	 	13,254,859	  	 	 	13,352,601	  	
Other policy claims and benefits	  	 	3,316,727	  	 	 	3,243,948	  	 	 	3,160,250	  	 	 	3,132,526	  	 	 	3,026,467	  	
Other reinsurance balances	  	 	254,815	  	 	 	250,606	  	 	 	233,630	  	 	 	218,057	  	 	 	249,336	  	
Deferred income taxes	  	 	1,839,909	  	 	 	2,105,391	  	 	 	2,120,501	  	 	 	1,806,186	  	 	 	1,785,614	  	
Other liabilities	  	 	584,488	  	 	 	877,405	  	 	 	742,249	  	 	 	1,217,788	  	 	 	890,687	  	
Short-term debt	  	 	120,000	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	
Long-term debt	  	 	1,815,533	  	 	 	1,815,392	  	 	 	1,815,253	  	 	 	1,815,111	  	 	 	1,414,969	  	
Collateral finance facility	  	 	487,556	  	 	 	491,987	  	 	 	652,010	  	 	 	651,968	  	 	 	651,936	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total liabilities	  	 	32,902,701	  	 	 	33,282,013	  	 	 	33,450,251	  	 	 	33,189,978	  	 	 	32,096,706	  	
 	 	 	 	 	 	
Stockholders’ Equity:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Common stock, at par value	  	 	791	  	 	 	791	  	 	 	791	  	 	 	791	  	 	 	791	  	
Additional paid-in-capital	  	 	1,772,811	  	 	 	1,765,255	  	 	 	1,755,421	  	 	 	1,743,822	  	 	 	1,740,415	  	
Retained earnings	  	 	3,428,646	  	 	 	3,521,492	  	 	 	3,357,255	  	 	 	3,154,317	  	 	 	3,033,505	  	
Treasury stock	  	 	(496,462	) 	 	 	(349,190	) 	 	 	(312,182	) 	 	 	(316,542	) 	 	 	(326,292	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Accumulated other comprehensive income (AOCI):	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Accumulated currency translation adjustment, net of income taxes	  	 	164,538	  	 	 	253,370	  	 	 	267,477	  	 	 	273,258	  	 	 	237,010	  	
Unrealized appreciation of securities, net of income taxes	  	 	1,052,126	  	 	 	1,758,775	  	 	 	1,877,655	  	 	 	1,907,512	  	 	 	1,591,647	  	
Pension and postretirement benefits, net of income taxes	  	 	(34,530	) 	 	 	(35,405	) 	 	 	(36,230	) 	 	 	(29,123	) 	 	 	(29,459	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total stockholders’ equity	  	 	5,887,920	  	 	 	6,915,088	  	 	 	6,910,187	  	 	 	6,734,035	  	 	 	6,247,617	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total liabilities and stockholders’ equity	  	$	38,790,621	  	 	$	40,197,101	  	 	$	40,360,438	  	 	$	39,924,013	  	 	$	38,344,323	  	

Total stockholders’ equity, excluding AOCI	  	$	4,705,786	  	 	$	4,938,348	  	 	$	4,801,285	  	 	$	4,582,388	  	 	$	4,448,419	  	

 	 	 	  	Page 5	

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

 	 	Three Months Ended	 	 	Current Qtr
vs.  PY
Quarter	 	 	Year-to-Date	 	 	
(USD thousands)	 	June 30,
2013	 	 	March 31,
2013	 	 	Dec. 31,
2012	 	 	Sept. 30,
2012	 	 	June 30,
2012	 	 	 	 	 	June 30,
2013	 	 	June 30,
2012	 	 	Change	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	1,124,292	  	 	$	1,046,049	  	 	$	1,159,106	  	 	$	1,045,767	  	 	$	1,082,400	  	 	$	41,892	  	 	$	2,170,341	  	 	$	2,103,907	  	 	$	66,434	  	 	 	 	
Investment income, net of related expenses	 	 	133,259	  	 	 	132,289	  	 	 	133,988	  	 	 	135,532	  	 	 	133,652	  	 	 	(393	) 	 	 	265,548	  	 	 	266,069	  	 	 	(521	) 	 	 	 	
Other revenue	 	 	1,144	  	 	 	529	  	 	 	2,448	  	 	 	764	  	 	 	401	  	 	 	743	  	 	 	1,673	  	 	 	1,404	  	 	 	269	  	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	 	 	1,258,695	  	 	 	1,178,867	  	 	 	1,295,542	  	 	 	1,182,063	  	 	 	1,216,453	  	 	 	42,242	  	 	 	2,437,562	  	 	 	2,371,380	  	 	 	66,182	  	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	 	972,739	  	 	 	929,680	  	 	 	973,185	  	 	 	917,264	  	 	 	934,807	  	 	 	37,932	  	 	 	1,902,419	  	 	 	1,842,268	  	 	 	60,151	  	 	 	 	
Interest credited	 	 	13,590	  	 	 	16,150	  	 	 	11,421	  	 	 	14,637	  	 	 	14,555	  	 	 	(965	) 	 	 	29,740	  	 	 	29,609	  	 	 	131	  	 	 	 	
Policy acquisition costs and other insurance expenses	 	 	164,393	  	 	 	139,968	  	 	 	145,437	  	 	 	156,995	  	 	 	150,958	  	 	 	13,435	  	 	 	304,361	  	 	 	296,443	  	 	 	7,918	  	 	 	 	
Other operating expenses	 	 	22,226	  	 	 	23,521	  	 	 	25,890	  	 	 	20,684	  	 	 	20,586	  	 	 	1,640	  	 	 	45,747	  	 	 	44,587	  	 	 	1,160	  	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	 	 	1,172,948	  	 	 	1,109,319	  	 	 	1,155,933	  	 	 	1,109,580	  	 	 	1,120,906	  	 	 	52,042	  	 	 	2,282,267	  	 	 	2,212,907	  	 	 	69,360	  	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	 	85,747	  	 	 	69,548	  	 	 	139,609	  	 	 	72,483	  	 	 	95,547	  	 	 	(9,800	) 	 	 	155,295	  	 	 	158,473	  	 	 	(3,178	) 	 	 	 	

Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	 	85,747	  	 	 	69,548	  	 	 	139,609	  	 	 	72,483	  	 	 	95,547	  	 	 	(9,800	) 	 	 	155,295	  	 	 	158,473	  	 	 	(3,178	) 	 	 	 	
Investment and derivative (losses) gains - non-operating	 	 	3,700	  	 	 	7,297	  	 	 	11,752	  	 	 	(1,927	) 	 	 	789	  	 	 	2,911	  	 	 	10,997	  	 	 	(12,295	) 	 	 	23,292	  	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	$	89,447	  	 	$	76,845	  	 	$	151,361	  	 	$	70,556	  	 	$	96,336	  	 	$	(6,889	) 	 	$	166,292	  	 	$	146,178	  	 	$	20,114	  	 	 	 	

Loss and Expense Ratios:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	 	86.5	% 	 	 	88.9	% 	 	 	84.0	% 	 	 	87.7	% 	 	 	86.4	% 	 	 	0.1	% 	 	 	87.7	% 	 	 	87.6	% 	 	 	0.1	% 	 	 	 	
Policy acquisition costs and other insurance expenses	 	 	14.6	% 	 	 	13.4	% 	 	 	12.5	% 	 	 	15.0	% 	 	 	13.9	% 	 	 	0.7	% 	 	 	14.0	% 	 	 	14.1	% 	 	 	-0.1	% 	 	 	 	
Other operating expenses	 	 	2.0	% 	 	 	2.2	% 	 	 	2.2	% 	 	 	2.0	% 	 	 	1.9	% 	 	 	0.1	% 	 	 	2.1	% 	 	 	2.1	% 	 	 	0.0	% 	 	 	 	

 	 	 	  	Page 6	

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

 	 	Three Months Ended	 	 	Current Qtr	 	 	Year-to-Date	 	
(USD thousands)	 	June 30,
2013	 	 	March 31,
2013	 	 	Dec. 31,
2012	 	 	Sept. 30,
2012	 	 	June 30,
2012	 	 	vs. PY
Quarter	 	 	June 30,
2013	 	 	June 30,
2012	 	 	Change	 	
 	 	 	 	 	 	 	 	 	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	11,129	  	 	$	3,838	  	 	$	3,521	  	 	$	3,623	  	 	$	3,355	  	 	$	7,774	  	 	$	14,967	  	 	$	6,951	  	 	$	8,016	  	
Investment income, net of related expenses	 	 	190,296	  	 	 	178,719	  	 	 	127,812	  	 	 	154,789	  	 	 	90,527	  	 	 	99,769	  	 	 	369,015	  	 	 	202,028	  	 	 	166,987	  	
Investment related gains (losses), net	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	(18	) 	 	 	18	  	 	 	—  	  	 	 	(48	) 	 	 	48	  	
Other revenue	 	 	29,937	  	 	 	28,881	  	 	 	30,893	  	 	 	31,976	  	 	 	29,254	  	 	 	683	  	 	 	58,818	  	 	 	49,147	  	 	 	9,671	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	 	 	231,362	  	 	 	211,438	  	 	 	162,226	  	 	 	190,388	  	 	 	123,118	  	 	 	108,244	  	 	 	442,800	  	 	 	258,078	  	 	 	184,722	  	
 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	 	11,083	  	 	 	3,588	  	 	 	2,892	  	 	 	2,828	  	 	 	5,102	  	 	 	5,981	  	 	 	14,671	  	 	 	7,004	  	 	 	7,667	  	
Interest credited	 	 	136,424	  	 	 	128,096	  	 	 	74,992	  	 	 	115,645	  	 	 	53,611	  	 	 	82,813	  	 	 	264,520	  	 	 	87,122	  	 	 	177,398	  	
Policy acquisition costs and other insurance expenses	 	 	40,747	  	 	 	30,045	  	 	 	39,527	  	 	 	42,200	  	 	 	44,955	  	 	 	(4,208	) 	 	 	70,792	  	 	 	116,959	  	 	 	(46,167	) 	
Other operating expenses	 	 	2,878	  	 	 	4,113	  	 	 	3,977	  	 	 	2,596	  	 	 	2,807	  	 	 	71	  	 	 	6,991	  	 	 	5,869	  	 	 	1,122	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	 	 	191,132	  	 	 	165,842	  	 	 	121,388	  	 	 	163,269	  	 	 	106,475	  	 	 	84,657	  	 	 	356,974	  	 	 	216,954	  	 	 	140,020	  	
 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	 	40,230	  	 	 	45,596	  	 	 	40,838	  	 	 	27,119	  	 	 	16,643	  	 	 	23,587	  	 	 	85,826	  	 	 	41,124	  	 	 	44,702	  	

Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	 	40,230	  	 	 	45,596	  	 	 	40,838	  	 	 	27,119	  	 	 	16,643	  	 	 	23,587	  	 	 	85,826	  	 	 	41,124	  	 	 	44,702	  	
Investment and derivative gains (losses) - non-operating  (1)	 	 	(39,071	) 	 	 	(52,932	) 	 	 	(13,667	) 	 	 	2,039	  	 	 	92,008	  	 	 	(131,079	) 	 	 	(92,003	) 	 	 	(4,347	) 	 	 	(87,656	) 	
Change in value of modified coinsurance and funds withheld embedded derivatives  (1)	 	 	46,325	  	 	 	90,202	  	 	 	76,778	  	 	 	54,257	  	 	 	(4,593	) 	 	 	50,918	  	 	 	136,527	  	 	 	(13,980	) 	 	 	150,507	  	
GMXB embedded derivatives  (1)	 	 	35,809	  	 	 	51,314	  	 	 	30,588	  	 	 	2,579	  	 	 	(74,929	) 	 	 	110,738	  	 	 	87,123	  	 	 	71,446	  	 	 	15,677	  	
Funds withheld gains (losses) - investment income	 	 	10,541	  	 	 	650	  	 	 	3,944	  	 	 	5,652	  	 	 	5,430	  	 	 	5,111	  	 	 	11,191	  	 	 	3,206	  	 	 	7,985	  	
Funds withheld gains (losses) - policy acq. costs	 	 	—  	  	 	 	—  	  	 	 	(55	) 	 	 	(122	) 	 	 	(152	) 	 	 	152	  	 	 	—  	  	 	 	(361	) 	 	 	361	  	
EIA embedded derivatives - interest credited	 	 	32,161	  	 	 	19,311	  	 	 	(7,711	) 	 	 	167	  	 	 	1,685	  	 	 	30,476	  	 	 	51,472	  	 	 	(37,554	) 	 	 	89,026	  	
DAC offset, net	 	 	(56,786	) 	 	 	(64,618	) 	 	 	(44,308	) 	 	 	(13,705	) 	 	 	(1,490	) 	 	 	(55,296	) 	 	 	(121,404	) 	 	 	11,658	  	 	 	(133,062	) 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	$	69,209	  	 	$	89,523	  	 	$	86,407	  	 	$	77,986	  	 	$	34,602	  	 	$	34,607	  	 	$	158,732	  	 	$	71,192	  	 	$	87,540	  	

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

 	 	 	  	Page 7	

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

 	  	Three Months Ended	 	
(USD millions)	  	June 30,
2013	 	 	March 31,
2013	 	 	Dec. 31,
2012	 	 	Sept. 30,
2012	 	 	June 30,
2012	 	
 	 	 	 	 	 	
Annuity account values:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	
Fixed annuities (deferred)	  	$	5,264	  	 	$	5,357	  	 	$	5,690	  	 	$	5,815	  	 	$	5,942	  	
 	 	 	 	 	 	
Net interest spread (fixed annuities):	  	 	2.3	% 	 	 	2.2	% 	 	 	2.2	% 	 	 	1.1	% 	 	 	1.0	% 	
 	 	 	 	 	 	
Equity-indexed annuities	  	$	4,795	  	 	$	4,809	  	 	$	4,833	  	 	$	4,882	  	 	$	4,867	  	
 	 	 	 	 	 	
Variable annuities:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
No riders	  	$	946	  	 	$	960	  	 	$	948	  	 	$	957	  	 	$	944	  	
GMDB only	  	 	56	  	 	 	80	  	 	 	79	  	 	 	80	  	 	 	79	  	
GMIB only	  	 	6	  	 	 	6	  	 	 	6	  	 	 	6	  	 	 	6	  	
GMAB only	  	 	52	  	 	 	54	  	 	 	54	  	 	 	55	  	 	 	54	  	
GMWB only	  	 	1,660	  	 	 	1,707	  	 	 	1,662	  	 	 	1,667	  	 	 	1,620	  	
GMDB / WB	  	 	450	  	 	 	465	  	 	 	455	  	 	 	461	  	 	 	451	  	
Other	  	 	30	  	 	 	32	  	 	 	31	  	 	 	31	  	 	 	30	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total VA account values	  	$	3,200	  	 	$	3,304	  	 	$	3,235	  	 	$	3,257	  	 	$	3,184	  	
 	 	 	 	 	 	
Fair value of liabilities associated with living benefit riders	  	$	85	  	 	$	121	  	 	$	172	  	 	$	203	  	 	$	205	  	
 	 	 	 	 	 	
Interest-sensitive contract liabilities associated with:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	
Guaranteed investment contracts	  	$	200	  	 	$	200	  	 	$	200	  	 	$	200	  	 	$	200	  	
 	 	 	 	 	 	
Bank-owned life insurance (BOLI)	  	$	529	  	 	$	525	  	 	$	522	  	 	$	519	  	 	$	515	  	
 	 	 	 	 	 	
Other asset-intensive business	  	$	73	  	 	$	75	  	 	$	75	  	 	$	76	  	 	$	77	  	

 	 	 	  	Page 8	

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

 	 	Three Months Ended	 	 	Current Qtr	 	 	Year-to-Date	 	
(USD thousands)	 	June 30,
2013	 	 	March 31,
2013	 	 	Dec. 31,
2012	 	 	Sept. 30,
2012	 	 	June 30,
2012	 	 	vs. PY
Quarter	 	 	June 30,
2013	 	 	June 30,
2012	 	 	Change	 	
 	 	 	 	 	 	 	 	 	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Investment income, net of related expenses	 	$	819	  	 	$	597	  	 	$	361	  	 	$	364	  	 	$	179	  	 	$	640	  	 	$	1,416	  	 	$	343	  	 	$	1,073	  	
Other revenue	 	 	16,306	  	 	 	12,797	  	 	 	13,796	  	 	 	11,565	  	 	 	11,734	  	 	 	4,572	  	 	 	29,103	  	 	 	20,644	  	 	 	8,459	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	 	 	17,125	  	 	 	13,394	  	 	 	14,157	  	 	 	11,929	  	 	 	11,913	  	 	 	5,212	  	 	 	30,519	  	 	 	20,987	  	 	 	9,532	  	
 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Policy acquisition costs and other insurance expenses	 	 	3,602	  	 	 	3,440	  	 	 	1,081	  	 	 	2,012	  	 	 	704	  	 	 	2,898	  	 	 	7,042	  	 	 	1,474	  	 	 	5,568	  	
Other operating expenses	 	 	1,636	  	 	 	1,947	  	 	 	4,555	  	 	 	1,635	  	 	 	1,593	  	 	 	43	  	 	 	3,583	  	 	 	3,445	  	 	 	138	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	 	 	5,238	  	 	 	5,387	  	 	 	5,636	  	 	 	3,647	  	 	 	2,297	  	 	 	2,941	  	 	 	10,625	  	 	 	4,919	  	 	 	5,706	  	
 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	 	11,887	  	 	 	8,007	  	 	 	8,521	  	 	 	8,282	  	 	 	9,616	  	 	 	2,271	  	 	 	19,894	  	 	 	16,068	  	 	 	3,826	  	

Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	 	11,887	  	 	 	8,007	  	 	 	8,521	  	 	 	8,282	  	 	 	9,616	  	 	 	2,271	  	 	 	19,894	  	 	 	16,068	  	 	 	3,826	  	
Investment and derivative gains (losses) - non-operating	 	 	(100	) 	 	 	34	  	 	 	112	  	 	 	(146	) 	 	 	32	  	 	 	(132	) 	 	 	(66	) 	 	 	(107	) 	 	 	41	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	$	11,787	  	 	$	8,041	  	 	$	8,633	  	 	$	8,136	  	 	$	9,648	  	 	$	2,139	  	 	$	19,828	  	 	$	15,961	  	 	$	3,867	  	

 	 	 	 	 	
 	 	 	  	Page 9	

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

 	 	Three Months Ended	 	 	Current Qtr	 	 	Year-to-Date	 	
(USD thousands)	 	June 30,
2013	 	 	March 31,
2013	 	 	Dec. 31,
2012	 	 	Sept. 30,
2012	 	 	June 30,
2012	 	 	vs. PY
Quarter	 	 	June 30,
2013	 	 	June 30,
2012	 	 	Change	 	
 	 	 	 	 	 	 	 	 	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	239,633	  	 	$	243,271	  	 	$	248,443	  	 	$	227,944	  	 	$	221,167	  	 	$	18,466	  	 	$	482,904	  	 	$	439,377	  	 	$	43,527	  	
Investment income, net of related expenses	 	 	50,450	  	 	 	49,174	  	 	 	45,928	  	 	 	46,016	  	 	 	46,349	  	 	 	4,101	  	 	 	99,624	  	 	 	94,065	  	 	 	5,559	  	
Investment related gains (losses), net	 	 	970	  	 	 	1,005	  	 	 	1,041	  	 	 	1,003	  	 	 	995	  	 	 	(25	) 	 	 	1,975	  	 	 	2,318	  	 	 	(343	) 	
Other revenue	 	 	302	  	 	 	208	  	 	 	41	  	 	 	3,288	  	 	 	3,205	  	 	 	(2,903	) 	 	 	510	  	 	 	3,175	  	 	 	(2,665	) 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	 	 	291,355	  	 	 	293,658	  	 	 	295,453	  	 	 	278,251	  	 	 	271,716	  	 	 	19,639	  	 	 	585,013	  	 	 	538,935	  	 	 	46,078	  	
 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	 	196,584	  	 	 	189,698	  	 	 	169,959	  	 	 	191,275	  	 	 	184,857	  	 	 	11,727	  	 	 	386,282	  	 	 	345,482	  	 	 	40,800	  	
Interest credited	 	 	6	  	 	 	12	  	 	 	6	  	 	 	22	  	 	 	—  	  	 	 	6	  	 	 	18	  	 	 	—  	  	 	 	18	  	
Policy acquisition costs and other insurance expenses	 	 	52,134	  	 	 	60,832	  	 	 	58,786	  	 	 	49,790	  	 	 	47,476	  	 	 	4,658	  	 	 	112,966	  	 	 	97,761	  	 	 	15,205	  	
Other operating expenses	 	 	10,942	  	 	 	10,239	  	 	 	12,664	  	 	 	9,022	  	 	 	8,876	  	 	 	2,066	  	 	 	21,181	  	 	 	18,526	  	 	 	2,655	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	 	 	259,666	  	 	 	260,781	  	 	 	241,415	  	 	 	250,109	  	 	 	241,209	  	 	 	18,457	  	 	 	520,447	  	 	 	461,769	  	 	 	58,678	  	
 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	 	31,689	  	 	 	32,877	  	 	 	54,038	  	 	 	28,142	  	 	 	30,507	  	 	 	1,182	  	 	 	64,566	  	 	 	77,166	  	 	 	(12,600	) 	

Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	 	31,689	  	 	 	32,877	  	 	 	54,038	  	 	 	28,142	  	 	 	30,507	  	 	 	1,182	  	 	 	64,566	  	 	 	77,166	  	 	 	(12,600	) 	
Investment and derivative gains (losses) - non-operating	 	 	2,778	  	 	 	2,050	  	 	 	2,817	  	 	 	8,630	  	 	 	4,630	  	 	 	(1,852	) 	 	 	4,828	  	 	 	11,850	  	 	 	(7,022	) 	
Funds withheld gains (losses) - investment income	 	 	1,192	  	 	 	1,381	  	 	 	2,503	  	 	 	748	  	 	 	(107	) 	 	 	1,299	  	 	 	2,573	  	 	 	1,077	  	 	 	1,496	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	$	35,659	  	 	$	36,308	  	 	$	59,358	  	 	$	37,520	  	 	$	35,030	  	 	$	629	  	 	$	71,967	  	 	$	90,093	  	 	$	(18,126	) 	

Loss and Expense Ratios:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Loss ratios (creditor business)	 	 	33.0	% 	 	 	32.7	% 	 	 	6.1	% 	 	 	40.4	% 	 	 	38.0	% 	 	 	-5.0	% 	 	 	32.8	% 	 	 	36.1	% 	 	 	-3.3	% 	
Loss ratios (excluding creditor business)	 	 	94.5	% 	 	 	93.2	% 	 	 	87.5	% 	 	 	96.8	% 	 	 	95.5	% 	 	 	-1.0	% 	 	 	93.9	% 	 	 	89.7	% 	 	 	4.2	% 	
Claims and other policy benefits / (net premiums + investment income)	 	 	67.8	% 	 	 	64.9	% 	 	 	57.7	% 	 	 	69.8	% 	 	 	69.1	% 	 	 	-1.3	% 	 	 	66.3	% 	 	 	64.8	% 	 	 	1.5	% 	
Policy acquisition costs and other insurance expenses (creditor business)	 	 	59.0	% 	 	 	61.0	% 	 	 	60.0	% 	 	 	58.2	% 	 	 	58.5	% 	 	 	0.5	% 	 	 	60.1	% 	 	 	57.8	% 	 	 	2.3	% 	
Policy acquisition costs and other insurance expenses (excluding creditor business)	 	 	12.3	% 	 	 	12.9	% 	 	 	12.5	% 	 	 	11.1	% 	 	 	11.8	% 	 	 	0.5	% 	 	 	12.6	% 	 	 	13.0	% 	 	 	-0.4	% 	
Other operating expenses	 	 	4.6	% 	 	 	4.2	% 	 	 	5.1	% 	 	 	4.0	% 	 	 	4.0	% 	 	 	0.6	% 	 	 	4.4	% 	 	 	4.2	% 	 	 	0.2	% 	
 	 	 	 	 	 	 	 	 	 	
Foreign currency effect  (1) :	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	(3,144	) 	 	$	(1,562	) 	 	$	7,617	  	 	$	(3,413	) 	 	$	(9,838	) 	 	$	6,694	  	 	$	(4,706	) 	 	$	(13,166	) 	 	$	8,460	  	
Operating income before income taxes	 	$	(434	) 	 	$	(521	) 	 	$	1,785	  	 	$	919	  	 	$	(2,905	) 	 	$	2,471	  	 	$	(955	) 	 	$	(3,459	) 	 	$	2,504	  	
 	 	 	 	 	 	 	 	 	 	
Creditor reinsurance net premiums	 	$	48,618	  	 	$	61,114	  	 	$	58,340	  	 	$	52,038	  	 	$	45,883	  	 	$	2,735	  	 	$	109,732	  	 	$	90,693	  	 	$	19,039	  	
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 10	

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

 	 	Three Months Ended	 	 	Current Qtr	 	 	Year-to-Date	 	
(USD thousands)	 	June 30,
2013	 	 	March 31,
2013	 	 	Dec. 31,
2012	 	 	Sept. 30,
2012	 	 	June 30,
2012	 	 	vs. PY
Quarter	 	 	June 30,
2013	 	 	June 30,
2012	 	 	Change	 	
 	 	 	 	 	 	 	 	 	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	319,375	  	 	$	323,908	  	 	$	402,515	  	 	$	303,101	  	 	$	310,075	  	 	$	9,300	  	 	$	643,283	  	 	$	602,846	  	 	$	40,437	  	
Investment income, net of related expenses	 	 	14,457	  	 	 	12,224	  	 	 	11,560	  	 	 	11,437	  	 	 	11,248	  	 	 	3,209	  	 	 	26,681	  	 	 	22,579	  	 	 	4,102	  	
Other revenue	 	 	4,608	  	 	 	1,287	  	 	 	1,386	  	 	 	1,576	  	 	 	1,464	  	 	 	3,144	  	 	 	5,895	  	 	 	3,717	  	 	 	2,178	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	 	 	338,440	  	 	 	337,419	  	 	 	415,461	  	 	 	316,114	  	 	 	322,787	  	 	 	15,653	  	 	 	675,859	  	 	 	629,142	  	 	 	46,717	  	
 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	 	283,230	  	 	 	283,915	  	 	 	357,190	  	 	 	251,553	  	 	 	263,992	  	 	 	19,238	  	 	 	567,145	  	 	 	525,476	  	 	 	41,669	  	
Policy acquisition costs and other insurance expenses	 	 	11,753	  	 	 	11,734	  	 	 	7,937	  	 	 	14,697	  	 	 	13,550	  	 	 	(1,797	) 	 	 	23,487	  	 	 	28,602	  	 	 	(5,115	) 	
Other operating expenses	 	 	28,109	  	 	 	26,195	  	 	 	36,075	  	 	 	24,809	  	 	 	26,810	  	 	 	1,299	  	 	 	54,304	  	 	 	52,005	  	 	 	2,299	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	 	 	323,092	  	 	 	321,844	  	 	 	401,202	  	 	 	291,059	  	 	 	304,352	  	 	 	18,740	  	 	 	644,936	  	 	 	606,083	  	 	 	38,853	  	
 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	 	15,348	  	 	 	15,575	  	 	 	14,259	  	 	 	25,055	  	 	 	18,435	  	 	 	(3,087	) 	 	 	30,923	  	 	 	23,059	  	 	 	7,864	  	

Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	 	15,348	  	 	 	15,575	  	 	 	14,259	  	 	 	25,055	  	 	 	18,435	  	 	 	(3,087	) 	 	 	30,923	  	 	 	23,059	  	 	 	7,864	  	
Investment and derivative gains (losses) - non-operating	 	 	470	  	 	 	1,810	  	 	 	1,325	  	 	 	7,111	  	 	 	1,156	  	 	 	(686	) 	 	 	2,280	  	 	 	3,138	  	 	 	(858	) 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	$	15,818	  	 	$	17,385	  	 	$	15,584	  	 	$	32,166	  	 	$	19,591	  	 	$	(3,773	) 	 	$	33,203	  	 	$	26,197	  	 	$	7,006	  	

Loss and Expense Ratios:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	 	88.7	% 	 	 	87.7	% 	 	 	88.7	% 	 	 	83.0	% 	 	 	85.1	% 	 	 	3.6	% 	 	 	88.2	% 	 	 	87.2	% 	 	 	1.0	% 	
Policy acquisition costs and other insurance expenses	 	 	3.7	% 	 	 	3.6	% 	 	 	2.0	% 	 	 	4.8	% 	 	 	4.4	% 	 	 	-0.7	% 	 	 	3.7	% 	 	 	4.7	% 	 	 	-1.0	% 	
Other operating expenses	 	 	8.8	% 	 	 	8.1	% 	 	 	9.0	% 	 	 	8.2	% 	 	 	8.6	% 	 	 	0.2	% 	 	 	8.4	% 	 	 	8.6	% 	 	 	-0.2	% 	
 	 	 	 	 	 	 	 	 	 	
Foreign currency effect  (1) :	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	(9,962	) 	 	$	(9,915	) 	 	$	(129	) 	 	$	(17,157	) 	 	$	(22,973	) 	 	$	13,011	  	 	$	(19,877	) 	 	$	(34,335	) 	 	$	14,458	  	
Operating income before income taxes	 	$	(959	) 	 	$	(642	) 	 	$	(305	) 	 	$	(2,989	) 	 	$	(1,013	) 	 	$	54	  	 	$	(1,601	) 	 	$	(2,430	) 	 	$	829	  	
 	 	 	 	 	 	 	 	 	 	
Critical illness net premiums	 	$	63,918	  	 	$	63,639	  	 	$	66,211	  	 	$	58,793	  	 	$	62,001	  	 	$	1,139	  	 	$	127,557	  	 	$	123,549	  	 	$	3,230	  	
 
(1)	Compared to comparable prior year period	

 	 	 	  	Page 11	

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

 	 	Three Months Ended	 	 	Current Qtr	 	 	Year-to-Date	 	
(USD thousands)	 	June 30,
2013	 	 	March 31,
2013	 	 	Dec. 31,
2012	 	 	Sept. 30,
2012	 	 	June 30,
2012	 	 	vs. PY
Quarter	 	 	June 30,
2013	 	 	June 30,
2012	 	 	Change	 	
 	 	 	 	 	 	 	 	 	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	340,466	  	 	$	363,604	  	 	$	362,620	  	 	$	330,415	  	 	$	331,945	  	 	$	8,521	  	 	$	704,070	  	 	$	657,295	  	 	$	46,775	  	
Investment income, net of related expenses	 	 	21,402	  	 	 	22,081	  	 	 	20,782	  	 	 	19,316	  	 	 	20,711	  	 	 	691	  	 	 	43,483	  	 	 	43,289	  	 	 	194	  	
Investment related gains (losses), net	 	 	570	  	 	 	382	  	 	 	1,460	  	 	 	468	  	 	 	(164	) 	 	 	734	  	 	 	952	  	 	 	(973	) 	 	 	1,925	  	
Other revenue	 	 	10,461	  	 	 	7,749	  	 	 	11,269	  	 	 	10,052	  	 	 	24,109	  	 	 	(13,648	) 	 	 	18,210	  	 	 	31,517	  	 	 	(13,307	) 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	 	 	372,899	  	 	 	393,816	  	 	 	396,131	  	 	 	360,251	  	 	 	376,601	  	 	 	(3,702	) 	 	 	766,715	  	 	 	731,128	  	 	 	35,587	  	
 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	 	567,050	  	 	 	281,945	  	 	 	294,564	  	 	 	299,782	  	 	 	236,733	  	 	 	330,317	  	 	 	848,995	  	 	 	485,353	  	 	 	363,642	  	
Interest Credited	 	 	274	  	 	 	311	  	 	 	653	  	 	 	204	  	 	 	216	  	 	 	58	  	 	 	585	  	 	 	454	  	 	 	131	  	
Policy acquisition costs and other insurance expenses	 	 	60,163	  	 	 	62,063	  	 	 	58,419	  	 	 	52,779	  	 	 	89,996	  	 	 	(29,833	) 	 	 	122,226	  	 	 	140,843	  	 	 	(18,617	) 	
Other operating expenses	 	 	31,134	  	 	 	30,132	  	 	 	34,040	  	 	 	28,234	  	 	 	26,929	  	 	 	4,205	  	 	 	61,266	  	 	 	54,842	  	 	 	6,424	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	 	 	658,621	  	 	 	374,451	  	 	 	387,676	  	 	 	380,999	  	 	 	353,874	  	 	 	304,747	  	 	 	1,033,072	  	 	 	681,492	  	 	 	351,580	  	
 	 	 	 	 	 	 	 	 	 	
Operating income (loss) before income taxes	 	 	(285,722	) 	 	 	19,365	  	 	 	8,455	  	 	 	(20,748	) 	 	 	22,727	  	 	 	(308,449	) 	 	 	(266,357	) 	 	 	49,636	  	 	 	(315,993	) 	

Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	 	(285,722	) 	 	 	19,365	  	 	 	8,455	  	 	 	(20,748	) 	 	 	22,727	  	 	 	(308,449	) 	 	 	(266,357	) 	 	 	49,636	  	 	 	(315,993	) 	
Investment and derivative gains (losses) - non-operating	 	 	(4,726	) 	 	 	(4,847	) 	 	 	(2,520	) 	 	 	4,265	  	 	 	1,132	  	 	 	(5,858	) 	 	 	(9,573	) 	 	 	6,290	  	 	 	(15,863	) 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income (loss) before income taxes	 	$	(290,448	) 	 	$	14,518	  	 	$	5,935	  	 	$	(16,483	) 	 	$	23,859	  	 	$	(314,307	) 	 	$	(275,930	) 	 	$	55,926	  	 	$	(331,856	) 	

Loss and Expense Ratios:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	 	166.6	% 	 	 	77.5	% 	 	 	81.2	% 	 	 	90.7	% 	 	 	71.3	% 	 	 	95.3	% 	 	 	120.6	% 	 	 	73.8	% 	 	 	46.8	% 	
Policy acquisition costs and other insurance expenses	 	 	17.7	% 	 	 	17.1	% 	 	 	16.1	% 	 	 	16.0	% 	 	 	27.1	% 	 	 	-9.4	% 	 	 	17.4	% 	 	 	21.4	% 	 	 	-4.0	% 	
Other operating expenses	 	 	9.1	% 	 	 	8.3	% 	 	 	9.4	% 	 	 	8.5	% 	 	 	8.1	% 	 	 	1.0	% 	 	 	8.7	% 	 	 	8.3	% 	 	 	0.4	% 	
 	 	 	 	 	 	 	 	 	 	
Foreign currency effect  (1) :	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	(8,067	) 	 	$	(8,122	) 	 	$	6,609	  	 	$	(5,401	) 	 	$	(12,998	) 	 	$	4,931	  	 	$	(16,189	) 	 	$	(3,242	) 	 	$	(12,947	) 	
Operating income before income taxes	 	$	15,112	  	 	$	(1,775	) 	 	$	(508	) 	 	$	(1,280	) 	 	$	(614	) 	 	$	15,726	  	 	$	13,337	  	 	$	915	  	 	$	12,422	  	
 	 	 	 	 	 	 	 	 	 	
Critical illness net premiums	 	$	51,249	  	 	$	54,508	  	 	$	68,963	  	 	$	68,356	  	 	$	46,700	  	 	$	4,549	  	 	$	105,757	  	 	$	87,033	  	 	$	18,724	  	
 
(1)	Compared to comparable prior year period	

 	 	 	 	 	
 	 	 	  	Page 12	

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

 	 	Three Months Ended	 	 	Current Qtr	 	 	Year-to-Date	 	
(USD thousands)	 	June 30,
2013	 	 	March 31,
2013	 	 	Dec. 31,
2012	 	 	Sept. 30,
2012	 	 	June 30,
2012	 	 	vs. PY
Quarter	 	 	June 30,
2013	 	 	June 30,
2012	 	 	Change	 	
 	 	 	 	 	 	 	 	 	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	261	  	 	$	(977	) 	 	$	3,502	  	 	$	1,896	  	 	$	1,719	  	 	$	(1,458	) 	 	$	(716	) 	 	$	3,767	  	 	$	(4,483	) 	
Investment income, net of related expenses	 	 	21,818	  	 	 	28,016	  	 	 	23,273	  	 	 	22,927	  	 	 	20,345	  	 	 	1,473	  	 	 	49,834	  	 	 	36,618	  	 	 	13,216	  	
Investment related gains (losses), net	 	 	235	  	 	 	254	  	 	 	215	  	 	 	227	  	 	 	186	  	 	 	49	  	 	 	489	  	 	 	373	  	 	 	116	  	
Other revenue	 	 	251	  	 	 	3,950	  	 	 	2,649	  	 	 	4,280	  	 	 	2,790	  	 	 	(2,539	) 	 	 	4,201	  	 	 	8,386	  	 	 	(4,185	) 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	 	 	22,565	  	 	 	31,243	  	 	 	29,639	  	 	 	29,330	  	 	 	25,040	  	 	 	(2,475	) 	 	 	53,808	  	 	 	49,144	  	 	 	4,664	  	
 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	 	(112	) 	 	 	84	  	 	 	(11	) 	 	 	(77	) 	 	 	(45	) 	 	 	(67	) 	 	 	(28	) 	 	 	12	  	 	 	(40	) 	
Interest credited	 	 	212	  	 	 	225	  	 	 	52	  	 	 	—  	  	 	 	—  	  	 	 	212	  	 	 	437	  	 	 	—  	  	 	 	437	  	
Policy acquisition costs and other insurance expenses	 	 	(19,073	) 	 	 	(15,343	) 	 	 	(10,759	) 	 	 	(14,194	) 	 	 	(13,342	) 	 	 	(5,731	) 	 	 	(34,416	) 	 	 	(27,212	) 	 	 	(7,204	) 	
Other operating expenses	 	 	16,483	  	 	 	23,354	  	 	 	15,133	  	 	 	16,806	  	 	 	17,940	  	 	 	(1,457	) 	 	 	39,837	  	 	 	36,365	  	 	 	3,472	  	
Interest expense	 	 	29,918	  	 	 	28,486	  	 	 	28,917	  	 	 	29,749	  	 	 	23,360	  	 	 	6,558	  	 	 	58,404	  	 	 	46,682	  	 	 	11,722	  	
Collateral finance facility expense	 	 	2,650	  	 	 	2,538	  	 	 	3,357	  	 	 	2,995	  	 	 	2,878	  	 	 	(228	) 	 	 	5,188	  	 	 	5,845	  	 	 	(657	) 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	 	 	30,078	  	 	 	39,344	  	 	 	36,689	  	 	 	35,279	  	 	 	30,791	  	 	 	(713	) 	 	 	69,422	  	 	 	61,692	  	 	 	7,730	  	
 	 	 	 	 	 	 	 	 	 	
Operating income (loss) before income taxes	 	 	(7,513	) 	 	 	(8,101	) 	 	 	(7,050	) 	 	 	(5,949	) 	 	 	(5,751	) 	 	 	(1,762	) 	 	 	(15,614	) 	 	 	(12,548	) 	 	 	(3,066	) 	

Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income (loss) before income taxes	 	 	(7,513	) 	 	 	(8,101	) 	 	 	(7,050	) 	 	 	(5,949	) 	 	 	(5,751	) 	 	 	(1,762	) 	 	 	(15,614	) 	 	 	(12,548	) 	 	 	(3,066	) 	
Investment and derivative gains (losses) - non-operating	 	 	1,283	  	 	 	(2,198	) 	 	 	861	  	 	 	(2,453	) 	 	 	2,577	  	 	 	(1,294	) 	 	 	(915	) 	 	 	3,656	  	 	 	(4,571	) 	
Gain on repurchase of collateral finance facility securities	 	 	—  	  	 	 	46,506	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	46,506	  	 	 	—  	  	 	 	46,506	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income (loss) before income taxes	 	$	(6,230	) 	 	$	36,207	  	 	$	(6,189	) 	 	$	(8,402	) 	 	$	(3,174	) 	 	$	(3,056	) 	 	$	29,977	  	 	$	(8,892	) 	 	$	38,869	  	

Foreign currency effect  (1) :	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	—  	  	 	$	—  	  	 	$	8	  	 	$	(1	) 	 	$	9	  	 	$	(9	) 	 	$	—  	  	 	$	19	  	 	$	(19	) 	
Operating income before income taxes	 	$	(95	) 	 	$	140	  	 	$	827	  	 	$	(815	) 	 	$	1,061	  	 	$	(1,156	) 	 	$	45	  	 	$	1,116	  	 	$	(1,071	) 	
 
(1)	Compared to comparable prior year period	

 	 	 	  	Page 13	

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

 	  	Three Months Ended	 	 	Current Qtr	 	 	Year-to-Date	 	
(USD thousands)	  	June 30,
2013	 	 	March 31,
2013	 	 	Dec. 31,
2012	 	 	Sept. 30,
2012	 	 	June 30,
2012	 	 	vs. PY
Quarter	 	 	June 30,
2013	 	 	June 30,
2012	 	 	Change	 	
 	 	 	 	 	 	 	 	 	 	
U.S. Traditional	  	$	85,747	  	 	$	69,548	  	 	$	139,609	  	 	$	72,483	  	 	$	95,547	  	 	$	(9,800	) 	 	$	155,295	  	 	$	158,473	  	 	$	(3,178	) 	
U.S. Asset Intensive	  	 	40,230	  	 	 	45,596	  	 	 	40,838	  	 	 	27,119	  	 	 	16,643	  	 	 	23,587	  	 	 	85,826	  	 	 	41,124	  	 	 	44,702	  	
U.S. Financial Reinsurance	  	 	11,887	  	 	 	8,007	  	 	 	8,521	  	 	 	8,282	  	 	 	9,616	  	 	 	2,271	  	 	 	19,894	  	 	 	16,068	  	 	 	3,826	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total U.S. Segment	  	 	137,864	  	 	 	123,151	  	 	 	188,968	  	 	 	107,884	  	 	 	121,806	  	 	 	16,058	  	 	 	261,015	  	 	 	215,665	  	 	 	45,350	  	
Canadian Segment	  	 	31,689	  	 	 	32,877	  	 	 	54,038	  	 	 	28,142	  	 	 	30,507	  	 	 	1,182	  	 	 	64,566	  	 	 	77,166	  	 	 	(12,600	) 	
Europe & South Africa Segment	  	 	15,348	  	 	 	15,575	  	 	 	14,259	  	 	 	25,055	  	 	 	18,435	  	 	 	(3,087	) 	 	 	30,923	  	 	 	23,059	  	 	 	7,864	  	
Asia Pacific Segment	  	 	(285,722	) 	 	 	19,365	  	 	 	8,455	  	 	 	(20,748	) 	 	 	22,727	  	 	 	(308,449	) 	 	 	(266,357	) 	 	 	49,636	  	 	 	(315,993	) 	
Corporate and Other	  	 	(7,513	) 	 	 	(8,101	) 	 	 	(7,050	) 	 	 	(5,949	) 	 	 	(5,751	) 	 	 	(1,762	) 	 	 	(15,614	) 	 	 	(12,548	) 	 	 	(3,066	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Consolidated	  	$	(108,334	) 	 	$	182,867	  	 	$	258,670	  	 	$	134,384	  	 	$	187,724	  	 	$	(296,058	) 	 	$	74,533	  	 	$	352,978	  	 	$	(278,445	) 	

 	 	 	 	 	
 	 	 	  	Page 14	

Reinsurance Group of America, Incorporated
Investments
(USD thousands)

Cash and Invested Assets	 	
 	  	June 30,
2013	 	  	March 31,
2013	 	  	Dec. 31,
2012	 	  	Sept. 30,
2012	 	  	June 30,
2012	 	
 	 	 	 	 	 	
Fixed maturity securities, available-for-sale	  	$	21,284,216	  	  	$	22,401,659	  	  	$	22,291,614	  	  	$	21,658,414	  	  	$	17,244,192	  	
Mortgage loans on real estate	  	 	2,377,246	  	  	 	2,325,191	  	  	 	2,300,587	  	  	 	2,256,881	  	  	 	1,157,049	  	
Policy loans	  	 	1,245,252	  	  	 	1,245,812	  	  	 	1,278,175	  	  	 	1,243,498	  	  	 	1,250,238	  	
Funds withheld at interest	  	 	5,777,395	  	  	 	5,698,594	  	  	 	5,594,182	  	  	 	5,608,640	  	  	 	5,457,888	  	
Short-term investments	  	 	38,601	  	  	 	180,707	  	  	 	288,082	  	  	 	90,789	  	  	 	49,981	  	
Investment Receivable	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	5,406,898	  	
Other invested assets	  	 	1,035,809	  	  	 	1,129,651	  	  	 	1,159,543	  	  	 	1,236,616	  	  	 	940,605	  	
Cash and cash equivalents	  	 	973,619	  	  	 	1,001,841	  	  	 	1,259,892	  	  	 	1,603,730	  	  	 	957,341	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total cash and invested assets	  	$	32,732,138	  	  	$	33,983,455	  	  	$	34,172,075	  	  	$	33,698,568	  	  	$	32,464,192	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Investment Income and Yield Summary

 	 	Three Months Ended	 	 	Current Qtr	 	 	Year-to-Date	 	
 	 	June 30,
2013	 	 	March 31,
2013	 	 	Dec. 31,
2012	 	 	Sept. 30,
2012	 	 	June 30,
2012	 	 	vs. PY
Quarter	 	 	June 30,
2013	 	 	June 30,
2012	 	 	Change	 	
 	 	 	 	 	 	 	 	 	 	
Average invested assets at amortized cost  (1)	 	$	18,112,841	  	 	$	17,992,152	  	 	$	17,510,541	  	 	$	17,030,794	  	 	$	16,539,380	  	 	$	1,573,461	  	 	$	17,946,154	  	 	$	16,339,042	  	 	$	1,607,112	  	
Net investment income  (1)	 	$	212,047	  	 	$	213,322	  	 	$	207,567	  	 	$	208,346	  	 	$	205,471	  	 	$	6,576	  	 	$	425,369	  	 	$	408,074	  	 	$	17,295	  	
Annualized investment yield (ratio of net investment income to average invested assets)  (1)	 	 	4.77	% 	 	 	4.83	% 	 	 	4.83	% 	 	 	4.98	% 	 	 	5.06	% 	 	 	-0.29	% 	 	 	4.80	% 	 	 	5.06	% 	 	 	-0.26	% 	
 
(1)	Excludes funds withheld and other spread related business (e.g. coinsurance of annuities).	

 	 	 	  	Page 15	

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

June 30, 2013	 	 	 	 	
 	  	Amortized
Cost	 	  	Unrealized
Gains	 	  	Unrealized
Losses	 	  	Estimated
Fair
Value	 	  	% of
Total	 	 	Other-than-
temporary
Impairment
in AOCI	 	
Available-for-sale:	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Corporate securities	  	$	11,346,144	  	  	$	648,955	  	  	$	191,618	  	  	$	11,803,481	  	  	 	55.4	% 	 	$	—  	  	
Canadian and Canadian provincial governments	  	 	2,633,388	  	  	 	901,567	  	  	 	9,162	  	  	 	3,525,793	  	  	 	16.6	% 	 	 	—  	  	
Residential mortgage-backed securities	  	 	1,015,155	  	  	 	53,581	  	  	 	13,768	  	  	 	1,054,968	  	  	 	5.0	% 	 	 	(241	) 	
Asset-backed securities	  	 	789,849	  	  	 	18,998	  	  	 	18,537	  	  	 	790,310	  	  	 	3.7	% 	 	 	(2,259	) 	
Commercial mortgage-backed securities	  	 	1,564,924	  	  	 	110,294	  	  	 	36,586	  	  	 	1,638,632	  	  	 	7.7	% 	 	 	(5,125	) 	
U.S. government and agencies	  	 	394,026	  	  	 	21,417	  	  	 	2,453	  	  	 	412,990	  	  	 	1.9	% 	 	 	—  	  	
State and political subdivisions	  	 	278,148	  	  	 	25,513	  	  	 	11,850	  	  	 	291,811	  	  	 	1.4	% 	 	 	—  	  	
Other foreign government, supranational, and foreign government-sponsored enterprises	  	 	1,735,687	  	  	 	51,165	  	  	 	20,621	  	  	 	1,766,231	  	  	 	8.3	% 	 	 	—  	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Total fixed maturity securities	  	$	19,757,321	  	  	$	1,831,490	  	  	$	304,595	  	  	$	21,284,216	  	  	 	100.0	% 	 	$	(7,625	) 	

Non-redeemable preferred stock	  	 	85,483	  	  	 	6,722	  	  	 	1,747	  	  	 	90,458	  	  	 	56.4	% 	 	 	 	 	
Other equity securities	  	 	74,273	  	  	 	—  	  	  	 	4,392	  	  	 	69,881	  	  	 	43.6	% 	 	 	 	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Total equity securities	  	$	159,756	  	  	$	6,722	  	  	$	6,139	  	  	$	160,339	  	  	 	100.0	% 	 	 	 	 	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
December 31, 2012	 	 	 	 	
 	  	Amortized
Cost	 	  	Unrealized
Gains	 	  	Unrealized
Losses	 	  	Estimated
Fair
Value	 	  	% of
Total	 	 	Other-than-
temporary
Impairment
in AOCI	 	
Available-for-sale:	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Corporate securities	  	$	11,333,431	  	  	$	1,085,973	  	  	$	39,333	  	  	$	12,380,071	  	  	 	55.5	% 	 	$	—  	  	
Canadian and Canadian provincial governments	  	 	2,676,777	  	  	 	1,372,731	  	  	 	174	  	  	 	4,049,334	  	  	 	18.2	% 	 	 	—  	  	
Residential mortgage-backed securities	  	 	969,267	  	  	 	76,520	  	  	 	3,723	  	  	 	1,042,064	  	  	 	4.7	% 	 	 	(241	) 	
Asset-backed securities	  	 	700,455	  	  	 	19,898	  	  	 	28,798	  	  	 	691,555	  	  	 	3.1	% 	 	 	(2,259	) 	
Commercial mortgage-backed securities	  	 	1,608,376	  	  	 	142,369	  	  	 	51,842	  	  	 	1,698,903	  	  	 	7.6	% 	 	 	(6,125	) 	
U.S. government and agencies	  	 	231,256	  	  	 	33,958	  	  	 	24	  	  	 	265,190	  	  	 	1.2	% 	 	 	—  	  	
State and political subdivisions	  	 	270,086	  	  	 	38,058	  	  	 	5,646	  	  	 	302,498	  	  	 	1.4	% 	 	 	—  	  	
Other foreign government, supranational, and foreign government-sponsored enterprises	  	 	1,769,784	  	  	 	94,929	  	  	 	2,714	  	  	 	1,861,999	  	  	 	8.3	% 	 	 	—  	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Total fixed maturity securities	  	$	19,559,432	  	  	$	2,864,436	  	  	$	132,254	  	  	$	22,291,614	  	  	 	100.0	% 	 	$	(8,625	) 	

Non-redeemable preferred stock	  	 	68,469	  	  	 	6,542	  	  	 	170	  	  	 	74,841	  	  	 	33.6	% 	 	 	 	 	
Other equity securities	  	 	148,577	  	  	 	416	  	  	 	1,134	  	  	 	147,859	  	  	 	66.4	% 	 	 	 	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Total equity securities	  	$	217,046	  	  	$	6,958	  	  	$	1,304	  	  	$	222,700	  	  	 	100.0	% 	 	 	 	 	

 	 	 	 	 	
 	 	 	  	Page 16	

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

 	 	June 30, 2013	 	December 31, 2012	
 	 	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	 	$	2,078,115	  	 	$	2,144,345	  	 	 	17.9	% 	 	A	 	$	2,114,425	  	 	$	2,260,382	  	 	 	17.9	% 	 	A	
Brokerage	 	 	134,869	  	 	 	141,094	  	 	 	1.2	% 	 	A-	 	 	120,139	  	 	 	131,664	  	 	 	1.0	% 	 	A-	
Finance Comp.	 	 	171,929	  	 	 	177,688	  	 	 	1.5	% 	 	A	 	 	181,430	  	 	 	193,892	  	 	 	1.5	% 	 	A	
Insurance	 	 	672,096	  	 	 	705,314	  	 	 	5.9	% 	 	A-	 	 	592,109	  	 	 	654,647	  	 	 	5.2	% 	 	A-	
REITs	 	 	461,575	  	 	 	480,223	  	 	 	4.0	% 	 	BBB+	 	 	485,469	  	 	 	523,370	  	 	 	4.2	% 	 	BBB	
Other Finance	 	 	263,929	  	 	 	269,989	  	 	 	2.3	% 	 	BBB+	 	 	342,929	  	 	 	358,897	  	 	 	2.9	% 	 	BBB+	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Financial Institutions	 	$	3,782,513	  	 	$	3,918,653	  	 	 	32.8	% 	 	 	 	$	3,836,501	  	 	$	4,122,852	  	 	 	32.7	% 	 	 	
Industrials	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic	 	 	844,867	  	 	 	851,219	  	 	 	7.1	% 	 	BBB	 	 	803,353	  	 	 	861,547	  	 	 	6.8	% 	 	BBB	
Capital Goods	 	 	609,707	  	 	 	635,162	  	 	 	5.3	% 	 	BBB	 	 	637,479	  	 	 	692,218	  	 	 	5.5	% 	 	BBB	
Communications	 	 	1,084,075	  	 	 	1,137,312	  	 	 	9.5	% 	 	BBB+	 	 	1,044,374	  	 	 	1,169,000	  	 	 	9.3	% 	 	BBB+	
Consumer Cyclical	 	 	736,417	  	 	 	759,491	  	 	 	6.4	% 	 	BBB	 	 	727,324	  	 	 	786,726	  	 	 	6.2	% 	 	BBB+	
Consumer Noncyclical	 	 	1,022,994	  	 	 	1,074,949	  	 	 	9.0	% 	 	BBB+	 	 	969,589	  	 	 	1,084,295	  	 	 	8.6	% 	 	BBB+	
Energy	 	 	663,832	  	 	 	698,761	  	 	 	5.8	% 	 	BBB+	 	 	728,354	  	 	 	807,087	  	 	 	6.4	% 	 	BBB+	
Technology	 	 	450,054	  	 	 	453,989	  	 	 	3.8	% 	 	BBB	 	 	475,697	  	 	 	502,123	  	 	 	4.0	% 	 	BBB	
Transportation	 	 	384,682	  	 	 	403,497	  	 	 	3.4	% 	 	BBB+	 	 	378,808	  	 	 	415,283	  	 	 	3.3	% 	 	BBB+	
Other Industrial	 	 	117,423	  	 	 	123,854	  	 	 	1.0	% 	 	BBB	 	 	116,989	  	 	 	125,567	  	 	 	1.0	% 	 	BBB	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Industrials	 	$	5,914,051	  	 	$	6,138,234	  	 	 	51.3	% 	 	 	 	$	5,881,967	  	 	$	6,443,846	  	 	 	51.1	% 	 	 	
Utilities	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Electric	 	 	1,072,973	  	 	 	1,129,102	  	 	 	9.4	% 	 	BBB+	 	 	1,081,451	  	 	 	1,196,527	  	 	 	9.5	% 	 	BBB+	
Natural Gas	 	 	658,121	  	 	 	692,902	  	 	 	5.8	% 	 	BBB	 	 	656,357	  	 	 	733,422	  	 	 	5.8	% 	 	BBB	
Other Utility	 	 	50,966	  	 	 	57,606	  	 	 	0.5	% 	 	A	 	 	61,850	  	 	 	72,662	  	 	 	0.6	% 	 	A-	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Utilities	 	$	1,782,060	  	 	$	1,879,610	  	 	 	15.7	% 	 	 	 	$	1,799,658	  	 	$	2,002,611	  	 	 	15.9	% 	 	 	
Other Sectors	 	 	27,276	  	 	 	27,323	  	 	 	0.2	% 	 	AA	 	 	32,351	  	 	 	33,462	  	 	 	0.3	% 	 	AA	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	 	$	11,505,900	  	 	$	11,963,820	  	 	 	100.0	% 	 	BBB+	 	$	11,550,477	  	 	$	12,602,771	  	 	 	100.0	% 	 	BBB+	

 	 	 	 	 	
 	 	 	  	Page 17	

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

 	 	 	 	June 30, 2013	 	 	March 31, 2013	 	 	December 31, 2012	 	 	September 30, 2012	 	 	June 30, 2012	 	
NAIC
Designation	 	Rating
Agency
Designation
(1)	 	Amortized
Cost	 	 	Estimated
Fair
Value	 	 	% of
Total	 	 	Amortized
Cost	 	 	Estimated
Fair
Value	 	 	% of
Total	 	 	Amortized
Cost	 	 	Estimated
Fair
Value	 	 	% of
Total	 	 	Amortized
Cost	 	 	Estimated
Fair
Value	 	 	% of
Total	 	 	Amortized
Cost	 	 	Estimated
Fair
Value	 	 	% of
Total	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
1	 	AAA	 	$	1,739,749	  	 	$	1,802,645	  	 	 	8.5	% 	 	$	1,784,693	  	 	$	1,891,675	  	 	 	8.4	% 	 	$	1,857,190	  	 	$	1,980,164	  	 	 	8.9	% 	 	$	2,222,818	  	 	$	2,364,081	  	 	 	10.9	% 	 	$	1,979,353	  	 	$	2,092,043	  	 	 	12.1	% 	
1	 	AA	 	 	5,457,184	  	 	 	6,223,632	  	 	 	29.2	% 	 	 	5,408,086	  	 	 	6,565,513	  	 	 	29.3	% 	 	 	5,286,082	  	 	 	6,541,670	  	 	 	29.4	% 	 	 	5,265,613	  	 	 	6,572,815	  	 	 	30.4	% 	 	 	4,578,944	  	 	 	5,708,472	  	 	 	33.1	% 	
1	 	A	 	 	5,110,947	  	 	 	5,617,495	  	 	 	26.4	% 	 	 	5,140,174	  	 	 	5,962,302	  	 	 	26.6	% 	 	 	4,915,882	  	 	 	5,778,737	  	 	 	25.9	% 	 	 	4,666,113	  	 	 	5,525,476	  	 	 	25.5	% 	 	 	3,919,020	  	 	 	4,705,816	  	 	 	27.3	% 	
2	 	BBB	 	 	5,997,232	  	 	 	6,189,030	  	 	 	29.1	% 	 	 	6,058,221	  	 	 	6,524,007	  	 	 	29.1	% 	 	 	6,186,536	  	 	 	6,692,929	  	 	 	30.0	% 	 	 	5,716,281	  	 	 	6,185,558	  	 	 	28.6	% 	 	 	3,667,640	  	 	 	3,974,486	  	 	 	23.1	% 	
3	 	BB	 	 	723,316	  	 	 	728,014	  	 	 	3.4	% 	 	 	731,136	  	 	 	757,948	  	 	 	3.4	% 	 	 	694,349	  	 	 	712,712	  	 	 	3.2	% 	 	 	583,622	  	 	 	608,439	  	 	 	2.8	% 	 	 	421,128	  	 	 	428,875	  	 	 	2.5	% 	
4	 	B	 	 	519,789	  	 	 	530,990	  	 	 	2.5	% 	 	 	497,504	  	 	 	507,879	  	 	 	2.3	% 	 	 	444,996	  	 	 	444,035	  	 	 	2.0	% 	 	 	322,040	  	 	 	306,871	  	 	 	1.4	% 	 	 	269,970	  	 	 	248,850	  	 	 	1.4	% 	
5	 	CCC and lower	 	 	90,970	  	 	 	84,157	  	 	 	0.4	% 	 	 	98,290	  	 	 	79,039	  	 	 	0.4	% 	 	 	118,738	  	 	 	95,906	  	 	 	0.4	% 	 	 	92,149	  	 	 	68,193	  	 	 	0.3	% 	 	 	89,665	  	 	 	64,812	  	 	 	0.4	% 	
6	 	In or near default	 	 	118,134	  	 	 	108,253	  	 	 	0.5	% 	 	 	120,845	  	 	 	113,296	  	 	 	0.5	% 	 	 	55,659	  	 	 	45,461	  	 	 	0.2	% 	 	 	36,647	  	 	 	26,981	  	 	 	0.1	% 	 	 	31,445	  	 	 	20,838	  	 	 	0.1	% 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Total	 	$	19,757,321	  	 	$	21,284,216	  	 	 	100.0	% 	 	$	19,838,949	  	 	$	22,401,659	  	 	 	100.0	% 	 	$	19,559,432	  	 	$	22,291,614	  	 	 	100.0	% 	 	$	18,905,283	  	 	$	21,658,414	  	 	 	100.0	% 	 	$	14,957,165	  	 	$	17,244,192	  	 	 	100.0	% 	

(1)	The Rating Agency Designation includes all “+” or “-” at that rating level (e. g. ‘BBB’ includes ‘BBB+’, ‘BBB’, and ‘BBB-’).	
Structured Fixed Maturity Securities

 	 	June 30, 2013	 	 	March 31, 2013	 	 	December 31, 2012	 	 	September 30, 2012	 	 	June 30, 2012	 	
 	 	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	 	$	546,603	  	 	$	579,317	  	 	$	520,081	  	 	$	575,274	  	 	$	497,918	  	 	$	555,535	  	 	$	511,887	  	 	$	571,894	  	 	$	511,985	  	  	$	571,821	  	
Non-agency	 	 	468,552	  	 	 	475,651	  	 	 	485,151	  	 	 	501,496	  	 	 	471,349	  	 	 	486,529	  	 	 	468,768	  	 	 	483,914	  	 	 	495,808	  	  	 	506,741	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	
Total residential mortgage-backed securities	 	 	1,015,155	  	 	 	1,054,968	  	 	 	1,005,232	  	 	 	1,076,770	  	 	 	969,267	  	 	 	1,042,064	  	 	 	980,655	  	 	 	1,055,808	  	 	 	1,007,793	  	  	 	1,078,562	  	
Commercial mortgage-backed securities	 	 	1,564,924	  	 	 	1,638,632	  	 	 	1,596,659	  	 	 	1,698,144	  	 	 	1,608,376	  	 	 	1,698,903	  	 	 	1,663,493	  	 	 	1,740,391	  	 	 	1,308,668	  	  	 	1,348,047	  	
Asset-backed securities	 	 	789,849	  	 	 	790,310	  	 	 	752,280	  	 	 	756,544	  	 	 	700,455	  	 	 	691,555	  	 	 	588,851	  	 	 	572,700	  	 	 	469,616	  	  	 	441,051	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	
Total	 	$	3,369,928	  	 	$	3,483,910	  	 	$	3,354,171	  	 	$	3,531,458	  	 	$	3,278,098	  	 	$	3,432,522	  	 	$	3,232,999	  	 	$	3,368,899	  	 	$	2,786,077	  	  	$	2,867,660	  	

 	 	 	 	 	
 	 	 	  	Page 18	

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

 	  	June 30, 2013	 	
 	  	AAA	 	  	AA	 	  	A	 	
Underwriting Year	  	Amortized Cost	 	  	Estimated Fair
Value	 	  	Amortized Cost	 	  	Estimated Fair
Value	 	  	Amortized Cost	 	  	Estimated Fair
Value	 	
 	 	 	 	 	 	 	
2006 & Prior	  	$	294,583	  	  	$	317,295	  	  	$	175,038	  	  	$	188,762	  	  	$	181,070	  	  	$	190,519	  	
2007	  	 	161,197	  	  	 	173,999	  	  	 	32,862	  	  	 	36,525	  	  	 	67,277	  	  	 	73,370	  	
2008	  	 	—  	  	  	 	—  	  	  	 	53,660	  	  	 	64,675	  	  	 	18,061	  	  	 	20,058	  	
2009	  	 	1,653	  	  	 	1,784	  	  	 	7,139	  	  	 	7,832	  	  	 	3,490	  	  	 	5,455	  	
2010	  	 	27,995	  	  	 	29,350	  	  	 	47,168	  	  	 	50,095	  	  	 	19,146	  	  	 	20,535	  	
2011	  	 	15,745	  	  	 	15,902	  	  	 	18,182	  	  	 	19,996	  	  	 	40,444	  	  	 	40,898	  	
2012	  	 	32,265	  	  	 	31,054	  	  	 	34,672	  	  	 	34,662	  	  	 	58,193	  	  	 	56,413	  	
2013	  	 	36,744	  	  	 	35,712	  	  	 	10,427	  	  	 	9,906	  	  	 	2,486	  	  	 	2,438	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total	  	$	570,182	  	  	$	605,096	  	  	$	379,148	  	  	$	412,453	  	  	$	390,167	  	  	$	409,686	  	

 	  	BBB	 	  	Below Investment Grade	 	  	Total	 	
Underwriting Year	  	Amortized Cost	 	  	Estimated Fair
Value	 	  	Amortized Cost	 	  	Estimated Fair
Value	 	  	Amortized Cost	 	  	Estimated Fair
Value	 	
 	 	 	 	 	 	 	
2006 & Prior	  	 	202,213	  	  	 	207,205	  	  	 	99,391	  	  	 	100,075	  	  	 	952,295	  	  	 	1,003,856	  	
2007	  	 	93,813	  	  	 	106,225	  	  	 	108,771	  	  	 	104,126	  	  	 	463,920	  	  	 	494,245	  	
2008	  	 	—  	  	  	 	—  	  	  	 	21,729	  	  	 	22,561	  	  	 	93,450	  	  	 	107,294	  	
2009	  	 	4,002	  	  	 	5,332	  	  	 	—  	  	  	 	—  	  	  	 	16,284	  	  	 	20,403	  	
2010	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	94,309	  	  	 	99,980	  	
2011	  	 	33,146	  	  	 	31,483	  	  	 	—  	  	  	 	—  	  	  	 	107,517	  	  	 	108,279	  	
2012	  	 	43,379	  	  	 	40,852	  	  	 	—  	  	  	 	—  	  	  	 	168,509	  	  	 	162,981	  	
2013	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	49,657	  	  	 	48,056	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total	  	$	376,553	  	  	$	391,097	  	  	$	229,891	  	  	$	226,762	  	  	$	1,945,941	  	  	$	2,045,094	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
NOTE: Totals include directly held investments with amortized cost of $1,564.9 million and fair value of $1,638.6 million as well as investments in funds withheld with amortized cost of $381.0 million and fair value of $406.5 million.

 	  	December 31, 2012	 	
 	  	AAA	 	  	AA	 	  	A	 	
Underwriting Year	  	Amortized Cost	 	  	Estimated Fair
Value	 	  	Amortized Cost	 	  	Estimated Fair
Value	 	  	Amortized Cost	 	  	Estimated Fair
Value	 	
 	 	 	 	 	 	 	
2006 & Prior	  	$	313,032	  	  	$	346,462	  	  	$	189,203	  	  	$	208,051	  	  	$	185,038	  	  	$	196,800	  	
2007	  	 	182,456	  	  	 	201,131	  	  	 	32,810	  	  	 	37,542	  	  	 	69,266	  	  	 	77,657	  	
2008	  	 	7,674	  	  	 	7,672	  	  	 	53,510	  	  	 	67,624	  	  	 	14,387	  	  	 	17,098	  	
2009	  	 	1,655	  	  	 	1,820	  	  	 	17,399	  	  	 	19,483	  	  	 	3,463	  	  	 	5,599	  	
2010	  	 	27,984	  	  	 	29,956	  	  	 	47,085	  	  	 	53,027	  	  	 	13,273	  	  	 	14,405	  	
2011	  	 	15,748	  	  	 	16,411	  	  	 	16,069	  	  	 	18,184	  	  	 	40,546	  	  	 	42,726	  	
2012	  	 	28,324	  	  	 	29,080	  	  	 	36,340	  	  	 	36,925	  	  	 	58,376	  	  	 	59,595	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total	  	$	576,873	  	  	$	632,532	  	  	$	392,416	  	  	$	440,836	  	  	$	384,349	  	  	$	413,880	  	

 	  	BBB	 	  	Below Investment Grade	 	  	Total	 	
Underwriting Year	  	Amortized Cost	 	  	Estimated Fair
Value	 	  	Amortized Cost	 	  	Estimated Fair
Value	 	  	Amortized Cost	 	  	Estimated Fair
Value	 	
 	 	 	 	 	 	 	
2006 & Prior	  	 	194,452	  	  	 	198,490	  	  	 	109,969	  	  	 	103,365	  	  	 	991,694	  	  	 	1,053,168	  	
2007	  	 	93,414	  	  	 	108,902	  	  	 	115,028	  	  	 	91,505	  	  	 	492,974	  	  	 	516,737	  	
2008	  	 	—  	  	  	 	—  	  	  	 	22,416	  	  	 	17,386	  	  	 	97,987	  	  	 	109,780	  	
2009	  	 	3,880	  	  	 	5,547	  	  	 	—  	  	  	 	—  	  	  	 	26,397	  	  	 	32,449	  	
2010	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	88,342	  	  	 	97,388	  	
2011	  	 	33,242	  	  	 	33,757	  	  	 	—  	  	  	 	—  	  	  	 	105,605	  	  	 	111,078	  	
2012	  	 	43,346	  	  	 	43,811	  	  	 	—  	  	  	 	—  	  	  	 	166,386	  	  	 	169,411	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total	  	$	368,334	  	  	$	390,507	  	  	$	247,413	  	  	$	212,256	  	  	$	1,969,385	  	  	$	2,090,011	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
NOTE: Totals include directly held investments with amortized cost of $1,608.4 million and fair value of $1,698.9 million as well as investments in funds withheld with amortized cost of $361.0 million and fair value of $391.1 million.

 	 	 	  	Page 19	

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

Fixed Maturity Securities	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	
 	 	June 30, 2013	 	 	March 31, 2013	 	 	December 31, 2012	 	 	September 30, 2012	 	 	June 30, 2012	 	
 	 	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%	 	$	261,628	  	 	 	84.2	% 	 	$	64,399	  	 	 	52.6	% 	 	$	53,648	  	 	 	40.2	% 	 	$	55,097	  	 	 	35.9	% 	 	$	75,539	  	 	 	38.5	% 	
 	 	 	 	 	 	 	 	 	 	 	
20% or more for less than six months	 	 	5,629	  	 	 	1.8	% 	 	 	—  	  	 	 	0.0	% 	 	 	734	  	 	 	0.5	% 	 	 	509	  	 	 	0.3	% 	 	 	5,924	  	 	 	3.0	% 	
 	 	 	 	 	 	 	 	 	 	 	
20% or more for six months or greater	 	 	37,338	  	 	 	12.0	% 	 	 	56,296	  	 	 	45.9	% 	 	 	77,872	  	 	 	58.3	% 	 	 	97,260	  	 	 	63.3	% 	 	 	112,362	  	 	 	57.2	% 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	 	$	304,595	  	 	 	98.0	% 	 	$	120,695	  	 	 	98.5	% 	 	$	132,254	  	 	 	99.0	% 	 	$	152,866	  	 	 	99.5	% 	 	$	193,825	  	 	 	98.7	% 	

Equity Securities	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	
 	 	June 30, 2013	 	 	March 31, 2013	 	 	December 31, 2012	 	 	September 30, 2012	 	 	June 30, 2012	 	
 	 	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%	 	$	6,137	  	 	 	2.0	% 	 	$	1,836	  	 	 	1.5	% 	 	$	1,303	  	 	 	1.0	% 	 	$	833	  	 	 	0.5	% 	 	$	1,659	  	 	 	0.9	% 	
 	 	 	 	 	 	 	 	 	 	 	
20% or more for less than six months	 	 	—  	  	 	 	0.0	% 	 	 	—  	  	 	 	0.0	% 	 	 	—  	  	 	 	0.0	% 	 	 	—  	  	 	 	0.0	% 	 	 	815	  	 	 	0.4	% 	
 	 	 	 	 	 	 	 	 	 	 	
20% or more for six months or greater	 	 	2	  	 	 	0.0	% 	 	 	1	  	 	 	0.0	% 	 	 	1	  	 	 	0.0	% 	 	 	1	  	 	 	0.0	% 	 	 	—  	  	 	 	0.0	% 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	 	$	6,139	  	 	 	2.0	% 	 	$	1,837	  	 	 	1.5	% 	 	$	1,304	  	 	 	1.0	% 	 	$	834	  	 	 	0.5	% 	 	$	2,474	  	 	 	1.3	% 	

 	 	 	 	 	
 	 	 	  	Page 20	

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

 	  	As of June 30, 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	  	$	3,229,715	  	  	$	161,032	  	  	$	89,098	  	  	$	12,531	  	  	$	3,318,813	  	  	$	173,563	  	
Canadian and Canadian provincial governments	  	 	138,843	  	  	 	9,162	  	  	 	—  	  	  	 	—  	  	  	 	138,843	  	  	 	9,162	  	
Residential mortgage-backed securities	  	 	210,336	  	  	 	9,553	  	  	 	14,822	  	  	 	2,643	  	  	 	225,158	  	  	 	12,196	  	
Asset-backed securities	  	 	220,912	  	  	 	4,719	  	  	 	51,673	  	  	 	5,567	  	  	 	272,585	  	  	 	10,286	  	
Commercial mortgage-backed securities	  	 	227,712	  	  	 	9,172	  	  	 	18,893	  	  	 	6,455	  	  	 	246,605	  	  	 	15,627	  	
U.S. government and agencies	  	 	191,973	  	  	 	2,344	  	  	 	4,037	  	  	 	109	  	  	 	196,010	  	  	 	2,453	  	
State and political subdivisions	  	 	97,877	  	  	 	6,351	  	  	 	11,402	  	  	 	5,499	  	  	 	109,279	  	  	 	11,850	  	
Other foreign government, supranational, and foreign government-sponsored enterprises	  	 	657,957	  	  	 	19,787	  	  	 	5,698	  	  	 	721	  	  	 	663,655	  	  	 	20,508	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Investment grade securities	  	 	4,975,325	  	  	 	222,120	  	  	 	195,623	  	  	 	33,525	  	  	 	5,170,948	  	  	 	255,645	  	

Non-investment grade securities:	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Corporate securities	  	 	366,159	  	  	 	11,452	  	  	 	40,425	  	  	 	6,603	  	  	 	406,584	  	  	 	18,055	  	
Residential mortgage-backed securities	  	 	53,715	  	  	 	1,007	  	  	 	2,359	  	  	 	565	  	  	 	56,074	  	  	 	1,572	  	
Asset-backed securities	  	 	25,233	  	  	 	376	  	  	 	30,434	  	  	 	7,875	  	  	 	55,667	  	  	 	8,251	  	
Commercial mortgage-backed securities	  	 	19,324	  	  	 	198	  	  	 	43,879	  	  	 	20,761	  	  	 	63,203	  	  	 	20,959	  	
State and political subdivisions	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	
Other foreign government, supranational, and foreign government-sponsored enterprises	  	 	952	  	  	 	113	  	  	 	—  	  	  	 	—  	  	  	 	952	  	  	 	113	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Non-investment grade securities	  	 	465,383	  	  	 	13,146	  	  	 	117,097	  	  	 	35,804	  	  	 	582,480	  	  	 	48,950	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total fixed maturity securities	  	$	5,440,708	  	  	$	235,266	  	  	$	312,720	  	  	$	69,329	  	  	$	5,753,428	  	  	$	304,595	  	

Non-redeemable preferred stock	  	 	30,787	  	  	 	1,745	  	  	 	1	  	  	 	2	  	  	 	30,788	  	  	 	1,747	  	
Other equity securities	  	 	69,881	  	  	 	4,392	  	  	 	—  	  	  	 	—  	  	  	 	69,881	  	  	 	4,392	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total Equity securities	  	$	100,668	  	  	$	6,137	  	  	$	1	  	  	$	2	  	  	$	100,669	  	  	$	6,139	  	

 	  	As of December 31, 2012	 	
 	  	Less than 12 months	 	  	Equal to or greater than 12 months	 	  	Total	 	
 	  	Estimated Fair
Value	 	  	Gross Unrealized
Losses	 	  	Estimated Fair
Value	 	  	Gross Unrealized
Losses	 	  	Estimated Fair
Value	 	  	Gross Unrealized
Losses	 	
 	 	 	 	 	 	 	
Investment grade securities:	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Corporate securities	  	$	786,203	  	  	$	13,276	  	  	$	108,187	  	  	$	17,386	  	  	$	894,390	  	  	$	30,662	  	
Canadian and Canadian provincial governments	  	 	12,349	  	  	 	174	  	  	 	—  	  	  	 	—  	  	  	 	12,349	  	  	 	174	  	
Residential mortgage-backed securities	  	 	22,288	  	  	 	97	  	  	 	19,394	  	  	 	3,199	  	  	 	41,682	  	  	 	3,296	  	
Asset-backed securities	  	 	59,119	  	  	 	449	  	  	 	96,179	  	  	 	9,508	  	  	 	155,298	  	  	 	9,957	  	
Commercial mortgage-backed securities	  	 	89,507	  	  	 	797	  	  	 	29,181	  	  	 	7,974	  	  	 	118,688	  	  	 	8,771	  	
U.S. government and agencies	  	 	7,272	  	  	 	24	  	  	 	—  	  	  	 	—  	  	  	 	7,272	  	  	 	24	  	
State and political subdivisions	  	 	20,602	  	  	 	1,514	  	  	 	11,736	  	  	 	4,132	  	  	 	32,338	  	  	 	5,646	  	
Other foreign government, supranational, and foreign government-sponsored enterprises	  	 	244,817	  	  	 	1,953	  	  	 	7,435	  	  	 	761	  	  	 	252,252	  	  	 	2,714	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Investment grade securities	  	 	1,242,157	  	  	 	18,284	  	  	 	272,112	  	  	 	42,960	  	  	 	1,514,269	  	  	 	61,244	  	

Non-investment grade securities:	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Corporate securities	  	 	181,168	  	  	 	3,170	  	  	 	39,123	  	  	 	5,501	  	  	 	220,291	  	  	 	8,671	  	
Residential mortgage-backed securities	  	 	15,199	  	  	 	80	  	  	 	2,633	  	  	 	347	  	  	 	17,832	  	  	 	427	  	
Asset-backed securities	  	 	3,421	  	  	 	26	  	  	 	31,938	  	  	 	18,815	  	  	 	35,359	  	  	 	18,841	  	
Commercial mortgage-backed securities	  	 	3,317	  	  	 	764	  	  	 	68,405	  	  	 	42,307	  	  	 	71,722	  	  	 	43,071	  	
State and political subdivisions	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Non-investment grade securities	  	 	203,105	  	  	 	4,040	  	  	 	142,099	  	  	 	66,970	  	  	 	345,204	  	  	 	71,010	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total fixed maturity securities	  	$	1,445,262	  	  	$	22,324	  	  	$	414,211	  	  	$	109,930	  	  	$	1,859,473	  	  	$	132,254	  	

Non-redeemable preferred stock	  	 	5,577	  	  	 	52	  	  	 	5,679	  	  	 	118	  	  	 	11,256	  	  	 	170	  	
Other equity securities	  	 	85,374	  	  	 	1,134	  	  	 	—  	  	  	 	—  	  	  	 	85,374	  	  	 	1,134	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total Equity securities	  	$	90,951	  	  	$	1,186	  	  	$	5,679	  	  	$	118	  	  	$	96,630	  	  	$	1,304	  	

 	 	 	 	 	
 	 	 	  	Page 21	

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

 	 	Three Months Ended	 	 	Current Qtr
vs. PY
Quarter	 	 	Year-to-Date	 	 	
 	 	June 30,	 	 	March 31,	 	 	Dec. 31,	 	 	Sept. 30,	 	 	June 30,	 	 	 	 	 	June 30,	 	 	June 30,	 	 	 	 	 	 	 	 	
 	 	2013	 	 	2013	 	 	2012	 	 	2012	 	 	2012	 	 	 	 	 	2013	 	 	2012	 	 	Change	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Fixed Maturity and Equity Securities:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Other-than-temporary impairment losses on fixed maturities	 	$	(9,803	) 	 	$	(202	) 	 	$	(4,346	) 	 	$	(1,996	) 	 	$	(1,959	) 	 	$	(7,844	) 	 	$	(10,005	) 	 	$	(9,566	) 	 	$	(439	) 	 	 	 	 	 	 	
Portion of loss recognized in accumulated other comprehensive income (before taxes)	 	 	(306	) 	 	 	—  	  	 	 	—  	  	 	 	(559	) 	 	 	162	  	 	 	(468	) 	 	 	(306	) 	 	 	(7,059	) 	 	 	6,753	  	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net other-than-temporary impairment losses on fixed maturities recognized in earnings	 	 	(10,109	) 	 	 	(202	) 	 	 	(4,346	) 	 	 	(2,555	) 	 	 	(1,797	) 	 	 	(8,312	) 	 	 	(10,311	) 	 	 	(16,625	) 	 	 	6,314	  	 	 	 	 	 	 	
Impairment losses on equity securities	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	(2,186	) 	 	 	2,186	  	 	 	—  	  	 	 	(3,025	) 	 	 	3,025	  	 	 	 	 	 	 	
Gain on investment activity	 	 	26,845	  	 	 	21,680	  	 	 	43,190	  	 	 	53,173	  	 	 	26,593	  	 	 	252	  	 	 	48,525	  	 	 	48,905	  	 	 	(380	) 	 	 	 	 	 	 	
Loss on investment activity	 	 	(6,760	) 	 	 	(11,212	) 	 	 	(4,384	) 	 	 	(6,668	) 	 	 	(8,918	) 	 	 	2,158	  	 	 	(17,972	) 	 	 	(16,422	) 	 	 	(1,550	) 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net gain/(loss) on fixed maturity and equity securities	 	 	9,976	  	 	 	10,266	  	 	 	34,460	  	 	 	43,950	  	 	 	13,692	  	 	 	(3,716	) 	 	 	20,242	  	 	 	12,833	  	 	 	7,409	  	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Other impairment losses and change in mortgage loan provision	 	 	125	  	 	 	(1,626	) 	 	 	(2,220	) 	 	 	(10,301	) 	 	 	1,762	  	 	 	(1,637	) 	 	 	(1,501	) 	 	 	(4,081	) 	 	 	2,580	  	 	 	 	 	 	 	
Other non-derivative gain/(loss), net	 	 	6,962	  	 	 	4,589	  	 	 	4,868	  	 	 	5,563	  	 	 	5,628	  	 	 	1,334	  	 	 	11,551	  	 	 	12,269	  	 	 	(718	) 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Free-standing Derivatives:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Credit Default Swaps	 	 	2,428	  	 	 	3,904	  	 	 	3,523	  	 	 	7,819	  	 	 	(4,794	) 	 	 	7,222	  	 	 	6,332	  	 	 	7,019	  	 	 	(687	) 	 	 	 	 	 	 	
Interest Rate Swaps - non-hedged	 	 	(38,414	) 	 	 	(22,265	) 	 	 	(9,866	) 	 	 	(1,437	) 	 	 	73,342	  	 	 	(111,756	) 	 	 	(60,679	) 	 	 	25,990	  	 	 	(86,669	) 	 	 	 	 	 	 	
Interest Rate Swaps - hedged	 	 	31	  	 	 	(17	) 	 	 	(40	) 	 	 	(4	) 	 	 	29	  	 	 	2	  	 	 	14	  	 	 	3	  	 	 	11	  	 	 	 	 	 	 	
Futures	 	 	714	  	 	 	(6,881	) 	 	 	(9,932	) 	 	 	(3,977	) 	 	 	11,073	  	 	 	(10,359	) 	 	 	(6,167	) 	 	 	(6,335	) 	 	 	168	  	 	 	 	 	 	 	
CPI Swaps	 	 	(1,117	) 	 	 	(871	) 	 	 	1,543	  	 	 	422	  	 	 	(1,431	) 	 	 	314	  	 	 	(1,988	) 	 	 	(2,233	) 	 	 	245	  	 	 	 	 	 	 	
Equity options	 	 	(5,049	) 	 	 	(30,623	) 	 	 	(11,146	) 	 	 	(23,916	) 	 	 	3,367	  	 	 	(8,416	) 	 	 	(35,672	) 	 	 	(34,616	) 	 	 	(1,056	) 	 	 	 	 	 	 	
Currency Forwards	 	 	(2,958	) 	 	 	(5,659	) 	 	 	(5,070	) 	 	 	519	  	 	 	515	  	 	 	(3,473	) 	 	 	(8,617	) 	 	 	(1,093	) 	 	 	(7,524	) 	 	 	 	 	 	 	
Interest Rate Options	 	 	(7,980	) 	 	 	1,982	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	(7,980	) 	 	 	(5,998	) 	 	 	—  	  	 	 	(5,998	) 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total free-standing derivatives	 	 	(52,345	) 	 	 	(60,430	) 	 	 	(30,988	) 	 	 	(20,574	) 	 	 	82,101	  	 	 	(134,446	) 	 	 	(112,775	) 	 	 	(11,265	) 	 	 	(101,510	) 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Embedded Derivatives:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Modified coinsurance and funds withheld treaties	 	 	47,716	  	 	 	90,258	  	 	 	74,054	  	 	 	54,836	  	 	 	(4,453	) 	 	 	52,169	  	 	 	137,974	  	 	 	(13,881	) 	 	 	151,855	  	 	 	 	 	 	 	
GMXB	 	 	35,809	  	 	 	51,314	  	 	 	30,588	  	 	 	2,579	  	 	 	(74,929	) 	 	 	110,738	  	 	 	87,123	  	 	 	71,446	  	 	 	15,677	  	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total embedded derivatives	 	 	83,525	  	 	 	141,572	  	 	 	104,642	  	 	 	57,415	  	 	 	(79,382	) 	 	 	162,907	  	 	 	225,097	  	 	 	57,565	  	 	 	167,532	  	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net gain/(loss) on total derivatives	 	 	31,180	  	 	 	81,142	  	 	 	73,654	  	 	 	36,841	  	 	 	2,719	  	 	 	28,461	  	 	 	112,322	  	 	 	46,300	  	 	 	66,022	  	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total investment related gains / (losses), net	 	$	48,243	  	 	$	94,371	  	 	$	110,762	  	 	$	76,053	  	 	$	23,801	  	 	$	24,442	  	 	$	142,614	  	 	$	67,321	  	 	$	75,293	  	 	 	 	 	 	 	

 	 	 	 	 	
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