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): October 29, 2015
 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)	
16600 Swingley Ridge Road, 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):

 	 	
r	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)	
r	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)	
r	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))	
r	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 October 29, 2015, Reinsurance Group of America, Incorporated issued (1) a press release (the “Press Release”) announcing its earnings for the three-month period ended September 30, 2015, and providing certain additional information, a copy of which is furnished with this report as Exhibit 99.1, and (2) a quarterly financial supplement (the "Quarterly Financial Supplement") for the quarter ended September 30, 2015, a copy of which is attached hereto as Exhibit 99.2. The Press Release also notes that a conference call will be held on October 30, 2015 to discuss the financial and operating results for the three-month period ended September 30, 2015. The information set forth in this Current Report on Form 8-K, including the Press Release and Quarterly Financial Supplement, is being furnished and shall not be deemed to be "filed", as described in Instruction B.2 of Form 8-K.

 	
 	 	
Item 9.01	Financial Statements and Exhibits	
(d) Exhibits.

 	 	 	
 	 	 	
Exhibit No.	  	Exhibit	
99.1	  	Press Release of Reinsurance Group of America, Incorporated dated October 29, 2015	
 	 	
99.2	  	Quarterly Financial Supplement for the quarter ended September 30, 2015	

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: October 29, 2015	 	 	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 October 29, 2015	
 	 	
99.2	  	Quarterly Financial Supplement for the quarter ended September 30, 2015	

Exhibit 99.1

PRESS RELEASE

REINSURANCE GROUP OF AMERICA REPORTS THIRD-QUARTER RESULTS

•	Earnings per diluted share: operating income* $1.90, net income $1.25	
 	 	
•	Operating ROE* 11 percent, trailing 12 months	
 	 	
•	Expiration of Active Financing Exception (AFE) and strengthening U.S. dollar each reduced operating EPS* by $0.15	
 	 	
•	Continuing strong results in Global Financial Solutions (GFS) and overall favorable claims experience in Canada and international operations	
 	 	
•	U.S. Traditional hampered by unusually high claims in older issue-age policies	
 	 	
•	Reported net premiums decreased 4 percent; up 8 percent net of foreign currency and the effect of fourth-quarter 2014 retrocession transaction	
 	 	
•	Repurchased approximately 782,000 shares for $71 million during the quarter	

ST. LOUIS, October 29, 2015 - Reinsurance Group of America, Incorporated (NYSE: RGA), a leading global provider of life reinsurance, reported operating income* of $127.1 million, or $1.90 per diluted share, compared with $159.8 million, or $2.31 per diluted share, in the prior-year quarter. Net income totaled $83.5 million, or $1.25 per diluted share, compared with $158.0 million, or $2.28 per diluted share, the year before. In addition to the effects on operating income noted above, the significant decrease in current-period net income reflected net investment related losses, including the change in fair value of certain stand-alone and embedded derivatives.

 	 	Quarterly Results	 	Year-to-Date Results	
($ in thousands, except per share data)	 	2015	 	2014	 	2015	 	2014	
Net premiums	 	$	2,089,345	
 	 	$	2,168,285	
 	 	$	6,242,240	
 	 	$	6,452,082	
 	
Net income	 	83,534	
 	 	157,996	
 	 	339,039	
 	 	492,956	
 	
Net income per diluted share	 	1.25	
 	 	2.28	
 	 	5.01	
 	 	7.03	
 	
Operating income*	 	127,086	
 	 	159,823	
 	 	379,134	
 	 	429,761	
 	
Operating income per diluted share*	 	1.90	
 	 	2.31	
 	 	5.60	
 	 	6.13	
 	
Book value per share	 	94.92	
 	 	97.28	
 	 	 	 	 	
Book value per share (excl. Accumulated Other Comprehensive Income “AOCI”)*	 	81.14	
 	 	75.44	
 	 	 	 	 	
Total assets	 	47,606,120	
 	 	42,910,363	
 	 	 	 	 	
* See "Use of Non-Gaap Financial Measures" below	
Consolidated net premiums decreased 4 percent and totaled $2.1 billion this quarter, reflecting adverse foreign currency effects of approximately $147 million and a $114 million reduction associated with the previously announced fourth-quarter 2014 U.S. retrocession agreement. Excluding those effects, premiums increased 8 percent over the prior-year quarter. Investment income decreased 13 percent from $447.1 million to $389.6 million this period, primarily attributable to a $76.4 million decrease in the fair value of options contracts that are included in funds withheld at interest on the consolidated balance sheet and support the crediting rates for equity-indexed annuities. Excluding spread-based businesses and the value of associated derivatives, investment income was even with year-ago levels.

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The average investment yield was 4.66 percent, 14 basis points below the third quarter of 2014, and 22 basis points lower than the second-quarter yield, with both of those comparable yields benefiting from investment prepayments.

For the first nine months of 2015, net adverse foreign currency fluctuations lowered operating income by approximately $0.35 per diluted share and the non-extension of the Active Financing Exception (AFE) further reduced operating income per share by $0.35. Aside from those items, underlying operating results were modestly favorable compared with the prior-year period.

The effective tax rate on operating income was 38.6 percent this quarter, well above the ongoing expected range of 33 percent to 34 percent, and the comparable prior-year rate of 31.9 percent. Although an extension is expected in the fourth quarter of 2015, Congress has not yet extended the AFE legislation, and as a result, the company increased its tax provision by $10.1 million in the third quarter, an adverse effect of $0.15 per diluted share. Excluding this increase, the effective tax rate was 33.8 percent in the third quarter. Through the first nine months of 2015, the AFE-related increase to the tax provision totaled $23.7 million, or $0.35 per share, which would be reversed upon extension of the AFE.

Greig Woodring, president and chief executive officer, commented, “Similar to the second quarter, the results were negatively affected by a higher effective tax rate and foreign currency weakness that together provided a considerable headwind to our quarterly and year-to-date results, although we still expect a reversal of AFE-related tax provisions in this year’s fourth quarter. Beyond these headwinds, year-to-date operating EPS were modestly improved over 2014 levels, as continued strong results in our GFS and international operations, ongoing in-force transactions, and effective capital management partially mitigated unusually high claims in our U.S. individual mortality business.

“In the third quarter, GFS results were strong across all geographies, Canada performed well due to favorable mortality experience, and further, our EMEA and Asian operations produced solid results but faced tough comparisons with unusually strong year-ago results. The U.S. individual mortality business had another challenging quarter, driven primarily by large claims (those over $1 million) from older issue-age policies. This continues a trend of higher volatility in this business more recently and adverse experience on the older issue-age block over time.

“Our ongoing analysis suggests a continuing negative effect from the older issue-age block and some degree of diminished future returns. However, we view this situation as manageable given that block’s relative size and declining influence, and we expect some rebound from this year’s unusually volatile results. Furthermore, we are encouraged by the ongoing strength from other parts of our business, a growing influence from in-force transactions, and effective capital management actions. We remain optimistic about our business overall given its strong global position and ample opportunities to put our client-centric solutions to work.

“In the third quarter, we continued to implement our capital management strategy, reflecting a continuation of our share repurchase activity and the announcement of a meaningful in-force block transaction. Thus, we have had the opportunity to deploy a considerable amount of excess capital throughout the year, continuing the trend from 2014. At the end of the quarter, we had capacity under our current share repurchase authorization of approximately $126 million, and our deployable, excess capital position is approximately $700 million. Ending book value per share this quarter was $94.92 including

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AOCI, and $81.14 excluding AOCI, a 9 percent increase over that of a year ago on a total returns basis.”

SEGMENT RESULTS

U.S. and Latin America

Traditional

The U.S. and Latin America Traditional segment reported pre-tax operating income of $54.7 million, a 31 percent decrease from last year’s third-quarter total of $78.9 million. Both periods reflected high claims flow, with the current-period mortality experience being unusually poor and driven by large policies issued to those over 70 years of age. Traditional net premiums decreased 2 percent from last year’s second quarter to $1,150.9 million, including the retrocession agreement effective in last year’s fourth quarter, and increased 8 percent excluding that agreement. Pre-tax net income totaled $55.7 million for the quarter, compared with $77.8 million in last year’s third quarter.

Non-Traditional

The Asset-Intensive business reported pre-tax operating income of $55.2 million compared with $58.0 million last year. Results continue to outpace expectations and benefited from favorable net interest rate spread performance on fixed annuities, as well as strong contributions from this segment’s annuity block acquisitions. The prior-year quarter benefited from prepayment fees of $8.4 million associated with commercial mortgage loans. Pre-tax net income decreased to $24.2 million from $63.8 million a year ago, attributable to changes in the fair value of various embedded derivatives.

The Financial Reinsurance business reported pre-tax operating income of $12.1 million, a decrease from the $13.8 million posted in last year’s third quarter. Pre-tax net income totaled $12.1 million in the current period compared with $13.7 million in the prior-year quarter. This business is driven by fees earned on financial reinsurance transactions, and quarterly earnings can vary depending on the size and timing of transactions.

Canada

Traditional

The Canada Traditional business reported pre-tax operating income of $37.8 million this quarter, a 52 percent increase over $24.9 million the year before, overcoming the significantly negative effect of a weaker Canadian currency. Individual mortality claims experience continued to improve and was better than expected in the third quarter. Reported net premiums decreased 17 percent to $200.0 million, primarily due to the significantly weaker Canadian dollar. Pre-tax net income totaled $34.1 million compared with $24.2 million in the third quarter of 2014.

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Non-Traditional

The Canada Non-Traditional business segment, which consists of longevity and fee-based transactions, posted pre-tax operating income and pre-tax net income of $3.3 million this quarter compared with $0.9 million in the prior-year quarter.

In total, a relatively weaker Canadian dollar lowered net premiums and pre-tax operating income by approximately $42.2 million and $8.3 million, respectively, during the quarter. In Canadian dollars, premiums increased 3 percent over the third quarter of 2014.

Europe, Middle East and Africa (EMEA)

Traditional

The EMEA Traditional segment reported pre-tax operating income of $15.6 million compared with $20.3 million in last year’s third quarter. Both periods had favorable overall claims experience, with the year-ago period being unusually strong. Net reported premiums decreased 5 percent and totaled $276.1 million, compared with $291.0 million in the prior-year quarter. Net foreign currency fluctuations had an adverse effect on pre-tax operating income and premiums again this quarter and for the first nine months. Pre-tax net income totaled $15.9 million versus $21.3 million in the year‑ago quarter.

Non-Traditional

The EMEA Non-Traditional segment includes asset-intensive, longevity and fee-based transactions. Pre-tax operating income increased 22 percent to $28.8 million from $23.7 million a year ago, primarily due to contributions from new longevity transactions and favorable experience on existing longevity and asset-intensive business. Pre-tax net income totaled $29.2 million this quarter, compared with $23.9 million in last year’s third quarter.

In total, adverse foreign currency fluctuations reduced net premiums and pre-tax operating income by $33.3 million and $3.5 million, respectively. EMEA premiums based in local currencies increased 2 percent over the third quarter of 2014.

Asia Pacific

Traditional

Asia Pacific’s Traditional business reported pre-tax operating income of $13.0 million, compared with a very strong $24.6 million in the prior-year quarter. Overall claims experience was better than expected, with most markets performing well, and was especially favorable in the year-ago period. Operations in Australia reported a modest loss for the quarter, versus a modest gain in last year’s third quarter. Traditional net premiums increased 2 percent to $400.3 million, including a significant foreign currency headwind compared with the prior year. Pre-tax net income totaled $11.3 million compared with $24.3 million in last year’s third quarter.

 
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Non-Traditional

Asia Pacific’s Non-Traditional business includes asset-intensive, fee-based and various other transactions. Pre-tax operating income in this segment increased to $6.3 million from $2.8 million last year due to the effects of several new treaties and favorable experience on existing treaties in the current period. Pre-tax net income totaled $5.4 million this quarter versus a pre-tax net loss of $3.9 million in the year-ago period. The prior-year result was driven by investment related losses.

In total, adverse foreign currency fluctuations reduced Asia Pacific net premiums and pre-tax operating income by $69.5 million and $2.3 million, respectively. Premiums based in local currencies increased 18 percent over the third quarter of 2014.

Corporate and Other

The Corporate and Other segment’s pre-tax operating losses increased to $19.7 million from $13.2 million in the third quarter of 2014, mainly attributable to the retention of certain executive costs that were previously allocated to other segments. Pre-tax net losses were $50.9 million this quarter, including net investment related losses, and $14.2 million a year ago.

Dividend Declaration

The board of directors declared a regular quarterly dividend of $0.37, payable December 1 to shareholders of record as of November 10.

Earnings Conference Call

A conference call to discuss third-quarter results will begin at 9 a.m. Eastern Time on Friday, October 30. Interested parties may access the call by dialing 1-877-795-3599 (domestic) or 719-325-4785 (international). The access code is 8717800. 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 also will be available through November 7 at 888-203-1112 (domestic) or 719-457-0820 (international), access code 8717800.

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

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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 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 income per diluted share is a non-GAAP financial measure calculated as operating income divided by weighted average diluted shares outstanding. Operating return on equity is a non-GAAP financial measure calculated as operating income divided by average shareholders’ equity excluding AOCI.

About RGA

Reinsurance Group of America, Incorporated is among the largest global providers of life reinsurance, with operations in Australia, Barbados, Bermuda, Canada, China, France, Germany, Hong Kong, India, Ireland, Italy, Japan, Malaysia, Mexico, the Netherlands, New Zealand, Poland, Singapore, South Africa, South Korea, Spain, Taiwan, Turkey, the United Arab Emirates, the United Kingdom and the United States. Worldwide, the company has approximately $2.8 trillion of life reinsurance in force, and assets of $47.6 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 the Company’s liquidity, access to capital and cost of capital, (2) the impairment of other financial institutions and its effect on the Company’s business, (3) requirements to post collateral or make payments due to declines in market value of assets subject to the Company’s collateral arrangements, (4) the fact that the determination of allowances and impairments taken

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on the Company’s investments is highly subjective, (5) adverse changes in mortality, morbidity, lapsation or claims experience, (6) changes in the Company’s financial strength and credit ratings and the effect of such changes on the Company’s 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 the Company’s 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 the Company’s investment securities or result in the impairment of all or a portion of the value of certain of the Company’s investment securities, that in turn could affect regulatory capital, (11) market or economic conditions that adversely affect the Company’s ability to make timely sales of investment securities, (12) risks inherent in the Company’s 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 the Company operates, including ongoing uncertainties regarding the amount of United States sovereign debt and the credit ratings thereof, (17) competitive factors and competitors’ responses to the Company’s initiatives, (18) the success of the Company’s clients, (19) successful execution of the Company’s entry into new markets, (20) successful development and introduction of new products and distribution opportunities, (21) the Company’s ability to successfully integrate acquired blocks of business and entities, (22) action by regulators who have authority over the Company’s reinsurance operations in the jurisdictions in which it operates, (23) the Company’s dependence on third parties, including those insurance companies and reinsurers to which the Company cedes 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 the Company or its clients do business, (25) interruption or failure of the Company’s telecommunication, information technology or other operational systems, or the Company’s failure to maintain adequate security to protect the confidentiality or privacy of personal or sensitive data stored on such systems, (26) changes in laws, regulations, and accounting standards applicable to the Company, its subsidiaries, or its business, (27) the effect of the Company’s status as an insurance holding company and regulatory restrictions on its ability to pay principal of and interest on its debt obligations, and (28) other risks and uncertainties described in this document and in the Company’s other filings with the SEC.

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, 2014.

Investor Contact
Jeff Hopson
Senior Vice President - Investor Relations
(636) 736-7000

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

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(Unaudited)	Three Months Ended 
 September 30,	 	Nine Months Ended 
 September 30,	
 	2015	 	2014	 	2015	 	2014	
GAAP net income	$	83,534	
 	 	$	157,996	
 	 	$	339,039	
 	 	$	492,956	
 	
Reconciliation to operating income:	 	 	 	 	 	 	 	
Capital (gains) losses, derivatives and other, included in investment related (gains) losses, net	(22,750	)	 	(5,517	)	 	(10,183	)	 	(49,344	)	
Capital (gains) losses on funds withheld, included in investment income	(1,438	)	 	(3,576	)	 	(10,801	)	 	(7,699	)	
Embedded derivatives:	 	 	 	 	 	 	 	
Included in investment related (gains) losses, net	92,002	
 	 	(6,067	)	 	91,793	
 	 	(88,767	)	
Included in interest credited	(7,147	)	 	(269	)	 	(7,261	)	 	(38	)	
DAC offset, net	(16,865	)	 	17,238	
 	 	(23,454	)	 	82,635	
 	
Non-investment derivatives	(250	)	 	18	
 	 	1	
 	 	18	
 	
Operating income	$	127,086	
 	 	$	159,823	
 	 	$	379,134	
 	 	$	429,761	

Reconciliation of Consolidated Pre-tax Net Income to Pre-tax Operating Income
(Dollars in thousands)

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(Unaudited)	Three Months Ended 
 September 30,	 	Nine Months Ended 
 September 30,	
 	2015	 	2014	 	2015	 	2014	
Income before income taxes	$	140,137	
 	 	$	231,815	
 	 	$	538,052	
 	 	$	731,790	
 	
Reconciliation to pre-tax operating income:	 	 	 	 	 	 	 	
Capital (gains) losses, derivatives and other, included in investment related (gains) losses, net	(35,028	)	 	(8,413	)	 	(14,448	)	 	(72,855	)	
Capital (gains) losses on funds withheld, included in investment income	(2,212	)	 	(5,501	)	 	(16,616	)	 	(11,844	)	
Embedded derivatives:	 	 	 	 	 	 	 	
Included in investment related (gains) losses, net	141,542	
 	 	(9,333	)	 	141,220	
 	 	(136,565	)	
Included in interest credited	(10,995	)	 	(415	)	 	(11,170	)	 	(59	)	
DAC offset, net	(25,945	)	 	26,521	
 	 	(36,083	)	 	127,132	
 	
Non-investment derivatives	(383	)	 	28	
 	 	2	
 	 	28	
 	
Pre-tax operating income	$	207,116	
 	 	$	234,702	
 	 	$	600,957	
 	 	$	637,627	

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

(Unaudited)	Three Months Ended September 30, 2015	
 	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. and Latin America:	 	 	 	 	 	 	 	
Traditional	$	55,652	
 	 	$	(1	)	 	$	(925	)	 	$	54,726	
 	
Non-Traditional:	 	 	 	 	 	 	 	
Asset Intensive	24,182	
 	 	(164,382	)	(1) 	195,430	
 	(2) 	55,230	
 	
Financial Reinsurance	12,073	
 	 	—	
 	 	—	
 	 	12,073	
 	
Total U.S. and Latin America	91,907	
 	 	(164,383	)	 	194,505	
 	 	122,029	
 	
Canada Traditional	34,072	
 	 	3,721	
 	 	—	
 	 	37,793	
 	
Canada Non-Traditional	3,257	
 	 	—	
 	 	—	
 	 	3,257	
 	
Total Canada	37,329	
 	 	3,721	
 	 	—	
 	 	41,050	
 	
EMEA Traditional	15,910	
 	 	(289	)	 	—	
 	 	15,621	
 	
EMEA Non-Traditional	29,234	
 	 	(396	)	 	—	
 	 	28,838	
 	
Total EMEA	45,144	
 	 	(685	)	 	—	
 	 	44,459	
 	
Asia Pacific Traditional	11,276	
 	 	1,706	
 	 	—	
 	 	12,982	
 	
Asia Pacific Non-Traditional	5,412	
 	 	881	
 	 	—	
 	 	6,293	
 	
Total Asia Pacific	16,688	
 	 	2,587	
 	 	—	
 	 	19,275	
 	
Corporate and Other	(50,931	)	 	31,234	
 	 	—	
 	 	(19,697	)	
Consolidated	$	140,137	
 	 	$	(127,526	)	 	$	194,505	
 	 	$	207,116	

(1)	Asset Intensive is net of $(89,903) DAC offset.	
 	 	
(2)	Asset Intensive is net of $63,958 DAC offset.	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(Unaudited)	Three Months Ended September 30, 2014	
 	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. and Latin America:	 	 	 	 	 	 	 	
Traditional	$	77,833	
 	 	$	1,414	
 	 	$	(322	)	 	$	78,925	
 	
Non-Traditional:	 	 	 	 	 	 	 	
Asset Intensive	63,796	
 	 	54,500	
 	(1) 	(60,320	)	(2) 	57,976	
 	
Financial Reinsurance	13,704	
 	 	100	
 	 	—	
 	 	13,804	
 	
Total U.S. and Latin America	155,333	
 	 	56,014	
 	 	(60,642	)	 	150,705	
 	
Canada Traditional	24,160	
 	 	695	
 	 	—	
 	 	24,855	
 	
Canada Non-Traditional	884	
 	 	(3	)	 	—	
 	 	881	
 	
Total Canada	25,044	
 	 	692	
 	 	—	
 	 	25,736	
 	
EMEA Traditional	21,281	
 	 	(990	)	 	—	
 	 	20,291	
 	
EMEA Non-Traditional	23,895	
 	 	(206	)	 	—	
 	 	23,689	
 	
Total EMEA	45,176	
 	 	(1,196	)	 	—	
 	 	43,980	
 	
Asia Pacific Traditional	24,302	
 	 	324	
 	 	—	
 	 	24,626	
 	
Asia Pacific Non-Traditional	(3,889	)	 	6,707	
 	 	—	
 	 	2,818	
 	
Total Asia Pacific	20,413	
 	 	7,031	
 	 	—	
 	 	27,444	
 	
Corporate and Other	(14,151	)	 	988	
 	 	—	
 	 	(13,163	)	
Consolidated	$	231,815	
 	 	$	63,529	
 	 	$	(60,642	)	 	$	234,702	

(1)	Asset Intensive is net of $77,415 DAC offset.	
 	 	
(2)	Asset Intensive is net of $(50,894) DAC offset.	

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

(Unaudited)	Nine Months Ended September 30, 2015	
 	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. and Latin America:	 	 	 	 	 	 	 	
Traditional	$	156,288	
 	 	$	(2	)	 	$	(1,811	)	 	$	154,475	
 	
Non-Traditional:	 	 	 	 	 	 	 	
Asset Intensive	122,072	
 	 	(162,035	)	(1) 	191,929	
 	(2) 	151,966	
 	
Financial Reinsurance	39,081	
 	 	—	
 	 	—	
 	 	39,081	
 	
Total U.S. and Latin America	317,441	
 	 	(162,037	)	 	190,118	
 	 	345,522	
 	
Canada Traditional	79,535	
 	 	(810	)	 	—	
 	 	78,725	
 	
Canada Non-Traditional	10,482	
 	 	—	
 	 	—	
 	 	10,482	
 	
Total Canada	90,017	
 	 	(810	)	 	—	
 	 	89,207	
 	
EMEA Traditional	35,551	
 	 	(338	)	 	—	
 	 	35,213	
 	
EMEA Non-Traditional	80,300	
 	 	(993	)	 	—	
 	 	79,307	
 	
Total EMEA	115,851	
 	 	(1,331	)	 	—	
 	 	114,520	
 	
Asia Pacific Traditional	68,239	
 	 	1,706	
 	 	—	
 	 	69,945	
 	
Asia Pacific Non-Traditional	14,152	
 	 	2,916	
 	 	—	
 	 	17,068	
 	
Total Asia Pacific	82,391	
 	 	4,622	
 	 	—	
 	 	87,013	
 	
Corporate and Other	(67,648	)	 	32,343	
 	 	—	
 	 	(35,305	)	
Consolidated	$	538,052	
 	 	$	(127,213	)	 	$	190,118	
 	 	$	600,957	

(1)	Asset Intensive is net of $(96,151) DAC offset.	
 	 	
(2)	Asset Intensive is net of $60,068 DAC offset.	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(Unaudited)	Nine Months Ended September 30, 2014	
 	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. and Latin America:	 	 	 	 	 	 	 	
Traditional	$	222,793	
 	 	$	(8,777	)	 	$	2,066	
 	 	$	216,082	
 	
Non-Traditional:	 	 	 	 	 	 	 	
Asset Intensive	216,208	
 	 	12,448	
 	(1) 	(85,648	)	(2) 	143,008	
 	
Financial Reinsurance	39,890	
 	 	(51	)	 	—	
 	 	39,839	
 	
Total U.S. and Latin America	478,891	
 	 	3,620	
 	 	(83,582	)	 	398,929	
 	
Canada Traditional	75,602	
 	 	(1,471	)	 	—	
 	 	74,131	
 	
Canada Non-Traditional	4,526	
 	 	(72	)	 	—	
 	 	4,454	
 	
Total Canada	80,128	
 	 	(1,543	)	 	—	
 	 	78,585	
 	
EMEA Traditional	47,076	
 	 	(5,858	)	 	—	
 	 	41,218	
 	
EMEA Non-Traditional	74,627	
 	 	(13,208	)	 	—	
 	 	61,419	
 	
Total EMEA	121,703	
 	 	(19,066	)	 	—	
 	 	102,637	
 	
Asia Pacific Traditional	71,382	
 	 	(1,746	)	 	—	
 	 	69,636	
 	
Asia Pacific Non-Traditional	10,270	
 	 	1,523	
 	 	—	
 	 	11,793	
 	
Total Asia Pacific	81,652	
 	 	(223	)	 	—	
 	 	81,429	
 	
Corporate and Other	(30,584	)	 	6,631	
 	 	—	
 	 	(23,953	)	
Consolidated	$	731,790	
 	 	$	(10,581	)	 	$	(83,582	)	 	$	637,627	

(1)	Asset Intensive is net of $74,090 DAC offset.	
 	 	
(2)	Asset Intensive is net of $53,042 DAC offset.	

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

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(Unaudited)	Three Months Ended 
 September 30,	 	Nine Months Ended 
 September 30,	
 	2015	 	2014	 	2015	 	2014	
Diluted earnings per share from operating income	$	1.90	
 	 	$	2.31	
 	 	$	5.60	
 	 	$	6.13	
 	
Earnings per share from net income:	 	 	 	 	 	 	 	
Basic earnings per share	$	1.26	
 	 	$	2.30	
 	 	$	5.07	
 	 	$	7.10	
 	
Diluted earnings per share	$	1.25	
 	 	$	2.28	
 	 	$	5.01	
 	 	$	7.03	
 	
Weighted average number of common and common equivalent shares outstanding	66,882	
 	 	69,335	
 	 	67,644	
 	 	70,101	

 	
 	 	 	 	 	 	 	 	
(Unaudited)	At or for the Nine Months
Ended September 30,	
 	2015	 	2014	
Treasury shares	13,389	
 	 	10,472	
 	
Common shares outstanding	65,749	
 	 	68,666	
 	
Book value per share outstanding	$	94.92	
 	 	$	97.28	
 	
Book value per share outstanding, before impact of AOCI	$	81.14	
 	 	$	75.44	

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

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(Unaudited)	Three Months Ended 
 September 30,	 	Nine Months Ended 
 September 30,	
 	2015	 	2014	 	2015	 	2014	
Revenues:	 	 	 	 	 	 	 	
Net premiums	$	2,089,345	
 	 	$	2,168,285	
 	 	$	6,242,240	
 	 	$	6,452,082	
 	
Investment income, net of related expenses	389,597	
 	 	447,106	
 	 	1,267,027	
 	 	1,262,088	
 	
Investment related gains (losses), net:	 	 	 	 	 	 	 	
Other-than-temporary impairments on fixed maturity securities	(23,111	)	 	(246	)	 	(29,775	)	 	(1,419	)	
Other investment related gains (losses), net	(88,235	)	 	22,564	
 	 	(90,166	)	 	226,835	
 	
Total investment related gains (losses), net	(111,346	)	 	22,318	
 	 	(119,941	)	 	225,416	
 	
Other revenue	71,038	
 	 	78,879	
 	 	200,261	
 	 	267,195	
 	
Total revenues	2,438,634	
 	 	2,716,588	
 	 	7,589,587	
 	 	8,206,781	
 	
Benefits and expenses:	 	 	 	 	 	 	 	
Claims and other policy benefits	1,831,819	
 	 	1,855,037	
 	 	5,473,453	
 	 	5,540,599	
 	
Interest credited	34,008	
 	 	120,952	
 	 	231,932	
 	 	347,508	
 	
Policy acquisition costs and other insurance expenses	249,702	
 	 	336,411	
 	 	827,157	
 	 	1,100,658	
 	
Other operating expenses	142,270	
 	 	133,737	
 	 	395,488	
 	 	372,135	
 	
Interest expense	35,565	
 	 	36,065	
 	 	107,043	
 	 	106,360	
 	
Collateral finance and securitization expense	5,133	
 	 	2,571	
 	 	16,462	
 	 	7,731	
 	
Total benefits and expenses	2,298,497	
 	 	2,484,773	
 	 	7,051,535	
 	 	7,474,991	
 	
Income before income taxes	140,137	
 	 	231,815	
 	 	538,052	
 	 	731,790	
 	
Provision for income taxes	56,603	
 	 	73,819	
 	 	199,013	
 	 	238,834	
 	
Net income	$	83,534	
 	 	$	157,996	
 	 	$	339,039	
 	 	$	492,956	
 	
# # #

Exhibit 99.2

Financial Supplement
Third Quarter 2015
(Unaudited)

World Headquarters	  	Internet address	 	Contacts:	
16600 Swingley Ridge Road	  	www.rgare.com	 	Jack B. Lay	
Chesterfield, Missouri 63017 U.S.A.	  	 	 	Senior Executive Vice President	
 	 	 	 	and Chief Financial Officer	
 	 	 	 	Phone: (636) 736-7000	
 	 	 	 	e-mail: jlay@rgare.com	
 	 	 	 	 	
 	 	 	 	Jeff Hopson	
 	 	 	 	Sr. Vice President, Investor Relations	
 	 	 	 	Phone: (636) 736-2068	
 	 	 	 	e-mail: jhopson@rgare.com	

 	
 	 	 	 	 	 	 	
Current Ratings	
 	 	 	 	
 	 	Standard & Poor’s	 	A.M. Best	 	Moody’s	
Financial Strength Ratings	 	 	 	 	 	 	
RGA Reinsurance Company	 	AA-	 	A+	 	A1	
RGA Life Reinsurance Company of Canada	 	AA-	 	A+	 	NR	
RGA International Reinsurance Company Limited	 	AA-	 	NR	 	NR	
RGA Global Reinsurance Company Limited	 	AA-	 	NR	 	NR	
RGA Reinsurance Company of Australia Limited	 	AA-	 	NR	 	NR	
RGA Americas Reinsurance Company, Ltd.	 	AA-	 	A+	 	NR	
RGA Atlantic Reinsurance Company Ltd.	 	NR	 	A+	 	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
3rd Quarter 2015
Table of Contents

 	 	
 	Page	
Non-GAAP Disclosures	1	
 	 	
2015 Notes	2	
 	 	
Consolidated	 	
 	 	
Financial Highlights	3	
 	 	
Consolidated Income Statement (incl. Operating Income Reconciliation)	4	
 	 	
Consolidated Operating Income Statement	5	
 	 	
Consolidated Balance Sheets	6	
 	 	
Segment Pre-tax Operating Income Summaries and Reconciliations to U.S. GAAP	 	
 	 	
U.S. and Latin America Operations	7	
 	 	
Canada Operations	11	
 	 	
Europe, Middle East & Africa Operations	13	
 	 	
Asia Pacific Operations	15	
 	 	
Corporate and Other	17	
 	 	
Summary of Pre-tax Segment Operating Income	18	
 	 	
Investments	 	
 	 	
Cash and Invested Assets, Yield Summary	19	
 	 	
Amortized Cost, Gross Unrealized Gains and Losses, Estimated Fair Values of Fixed Maturity and Equity Securities	20	
 	 	
Corporate Securities by Sector	21	
 	 	
Quality of Fixed Maturity Securities and Structured Fixed Maturity Securities	22	
 	 	
Gross Unrealized Losses Aging	23	
 	 	
Fixed Maturity and Equity Securities Below Amortized Cost	24	
 	 	
Consolidated Gross Gains and Losses	25	

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 ("RGA") 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

PRIOR PERIOD RECLASSIFICATIONS
Effective January 1, 2015, the Company further segmented the Canada; Europe, Middle East and Africa; and Asia Pacific segments into traditional and non-traditional businesses to reflect the expanded product offerings within its geographic-based segments. The prior-period presentation has been adjusted to conform to the new segment reporting structure.

 

                                        

 	 	Page 2

Reinsurance Group of America, Incorporated
Financial Highlights	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	Current Qtr vs. PY Quarter	 	 	 	Year-to Date	 	
(USD thousands, except inforce & per share data)	 	Sept. 30,	 	June 30,	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	 	 	 	 	Sept. 30,	 	Sept. 30,	 	 	 	 	 	 	
 	 	2015	 	2015	 	2015	 	2014	 	2014	 	 	 	 	 	2015	 	2014	 	Change	 	 	 	 	 	 	
Net premiums	 	$	2,089,345	
 	 	$	2,129,043	
 	 	$	2,023,852	
 	 	$	2,217,772	
 	 	$	2,168,285	
 	 	$	(78,940	)	 	 	 	$	6,242,240	
 	 	$	6,452,082	
 	 	$	(209,842	)	 	 	 	 	 	 	
Net income	 	83,534	
 	 	130,391	
 	 	125,114	
 	 	191,091	
 	 	157,996	
 	 	(74,462	)	 	 	 	339,039	
 	 	492,956	
 	 	(153,917	)	 	 	 	 	 	 	
Operating income	 	127,086	
 	 	130,270	
 	 	121,778	
 	 	208,288	
 	 	159,823	
 	 	(32,737	)	 	 	 	379,134	
 	 	429,761	
 	 	(50,627	)	 	 	 	 	 	 	
Operating return on equity (ex AOCI) -	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
annualized	 	9.5	%	 	9.8	%	 	9.2	%	 	15.8	%	 	12.5	%	 	(3.0	)%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
trailing 12 months	 	11.1	%	 	11.8	%	 	12.5	%	 	12.5	%	 	11.7	%	 	(0.6	)%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total assets	 	47,606,120	
 	 	47,460,271	
 	 	44,691,268	
 	 	44,679,611	
 	 	42,910,363	
 	 	4,695,757	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Assumed Life Reinsurance in Force (in billions)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
U.S. and Latin America Traditional	 	$	1,476.1	
 	 	$	1,475.6	
 	 	$	1,479.4	
 	 	$	1,483.9	
 	 	$	1,387.2	
 	 	$	88.9	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
U.S. and Latin America Non-Traditional	 	2.2	
 	 	2.1	
 	 	2.1	
 	 	1.4	
 	 	2.2	
 	 	—	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Canada Traditional	 	343.0	
 	 	360.7	
 	 	349.0	
 	 	402.8	
 	 	383.9	
 	 	(40.9	)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Europe, Middle East and Africa Traditional	 	566.0	
 	 	573.9	
 	 	553.3	
 	 	561.1	
 	 	573.0	
 	 	(7.0	)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Asia Pacific Traditional	 	461.8	
 	 	512.7	
 	 	460.6	
 	 	494.0	
 	 	577.0	
 	 	(115.2	)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Asia Pacific Non-Traditional	 	0.3	
 	 	0.3	
 	 	0.3	
 	 	0.3	
 	 	0.3	
 	 	—	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Life Reinsurance in Force	 	$	2,849.4	
 	 	$	2,925.3	
 	 	$	2,844.7	
 	 	$	2,943.5	
 	 	$	2,923.6	
 	 	$	(74.2	)	 	 	 	

 	

 	 	 	 	 	 	 	
Assumed New Business Production (in billions)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
U.S. and Latin America Traditional	 	$	26.4	
 	 	$	15.7	
 	 	$	19.7	
 	 	$	118.1	
 	(1)	$	16.6	
 	 	$	9.8	
 	 	 	 	$	61.8	
 	 	$	58.8	
 	 	$	3.0	
 	 	 	 	 	 	 	
Canada Traditional	 	9.1	
 	 	11.1	
 	 	9.7	
 	 	13.9	
 	 	11.6	
 	 	(2.5	)	 	 	 	29.9	
 	 	34.4	
 	 	(4.5	)	 	 	 	 	 	 	
Europe, Middle East and Africa Traditional	 	24.7	
 	 	32.3	
 	 	48.6	
 	 	38.5	
 	 	22.5	
 	 	2.2	
 	 	 	 	105.6	
 	 	136.7	
 	 	(31.1	)	 	 	 	 	 	 	
Asia Pacific Traditional	 	24.4	
 	 	12.6	
 	 	27.8	
 	 	22.4	
 	 	21.1	
 	 	3.3	
 	 	 	 	64.8	
 	 	59.2	
 	 	5.6	
 	 	 	 	 	 	 	
Total New Business Production	 	$	84.6	
 	 	$	71.7	
 	 	$	105.8	
 	 	$	192.9	
 	 	$	71.8	
 	 	$	12.8	
 	 	 	 	$	262.1	
 	 	$	289.1	
 	 	$	(27.0	)	 	 	 	 	 	 	
Per Share and Shares Data	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic earnings per share	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	 	$	1.26	
 	 	$	1.97	
 	 	$	1.84	
 	 	$	2.78	
 	 	$	2.30	
 	 	$	(1.04	)	 	 	 	$	5.07	
 	 	$	7.10	
 	 	$	(2.03	)	 	 	 	 	 	 	
Operating income	 	$	1.92	
 	 	$	1.96	
 	 	$	1.79	
 	 	$	3.03	
 	 	$	2.33	
 	 	$	(0.41	)	 	 	 	$	5.67	
 	 	$	6.19	
 	 	$	(0.52	)	 	 	 	 	 	 	
Diluted earnings per share	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	 	$	1.25	
 	 	$	1.94	
 	 	$	1.81	
 	 	$	2.75	
 	 	$	2.28	
 	 	$	(1.03	)	 	 	 	$	5.01	
 	 	$	7.03	
 	 	$	(2.02	)	 	 	 	 	 	 	
Operating income	 	$	1.90	
 	 	$	1.94	
 	 	$	1.77	
 	 	$	2.99	
 	 	$	2.31	
 	 	$	(0.41	)	 	 	 	$	5.60	
 	 	$	6.13	
 	 	$	(0.53	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Wgt. average common shares outstanding	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(basic)	 	66,205	
 	 	66,351	
 	 	68,141	
 	 	68,718	
 	 	68,642	
 	 	(2,437	)	 	 	 	66,895	
 	 	69,426	
 	 	(2,531	)	 	 	 	 	 	 	
(diluted)	 	66,882	
 	 	67,120	
 	 	68,942	
 	 	69,550	
 	 	69,335	
 	 	(2,453	)	 	 	 	67,644	
 	 	70,101	
 	 	(2,457	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Common shares issued	 	79,138	
 	 	79,138	
 	 	79,138	
 	 	79,138	
 	 	79,138	
 	 	—	
 	 	 	 	79,138	
 	 	79,138	
 	 	—	
 	 	 	 	 	 	 	
Treasury shares	 	13,389	
 	 	12,716	
 	 	12,699	
 	 	10,365	
 	 	10,472	
 	 	2,917	
 	 	 	 	13,389	
 	 	10,472	
 	 	2,917	
 	 	 	 	 	 	 	
Common shares outstanding	 	65,749	
 	 	66,422	
 	 	66,439	
 	 	68,773	
 	 	68,666	
 	 	(2,917	)	 	 	 	65,749	
 	 	68,666	
 	 	(2,917	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Book value per share	 	$	94.92	
 	 	$	97.61	
 	 	$	107.62	
 	 	$	102.13	
 	 	$	97.28	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Per share effect of accumulated other	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
comprehensive income (AOCI)	 	$	13.78	
 	 	$	17.31	
 	 	$	28.36	
 	 	$	24.10	
 	 	$	21.84	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Book value per share, excluding AOCI	 	$	81.14	
 	 	$	80.30	
 	 	$	79.26	
 	 	$	78.03	
 	 	$	75.44	

Shareholder dividends paid	 	$	24,592.1	
 	 	$	21,850.5	
 	 	$	22,668.8	
 	 	$	22,669.4	
 	 	$	22,632.1	
 	 	$	1,960.0	
 	 	 	 	$	69,111.4	
 	 	$	64,586.8	
 	 	$	4,524.6	
 	 	 	 	 	 	 	
(1) Increase in new business production related to the Voya Financial transaction that closed during the 4th quarter of 2014.	 	 	 	 	 	 	

 	
 	 	 	
 	 	Page 3

Reinsurance Group of America, Incorporated
Consolidated GAAP Income Statement (incl. Operating Income Reconciliations)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	Current Qtr	 	 	 	Year-to Date	
 	 	Sept. 30,	 	June 30,	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	vs. PY	 	 	 	Sept. 30,	 	Sept. 30,	 	 	
(USD thousands)	 	2015	 	2015	 	2015	 	2014	 	2014	 	Quarter	 	 	 	2015	 	2014	 	Change	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	2,089,345	
 	 	$	2,129,043	
 	 	$	2,023,852	
 	 	$	2,217,772	
 	 	$	2,168,285	
 	 	$	(78,940	)	 	 	 	$	6,242,240	
 	 	$	6,452,082	
 	 	$	(209,842	)	
Investment income, net of related expenses	 	389,597	
 	 	450,539	
 	 	426,891	
 	 	451,603	
 	 	447,106	
 	 	(57,509	)	 	 	 	1,267,027	
 	 	1,262,088	
 	 	4,939	
 	
Investment related gains (losses), net	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
OTTI on fixed maturity securities	 	(23,111	)	 	(4,137	)	 	(2,527	)	 	(6,347	)	 	(246	)	 	(22,865	)	 	 	 	(29,775	)	 	(1,419	)	 	(28,356	)	
Other investment related gains (losses), net	 	(88,235	)	 	(12,041	)	 	10,110	
 	 	(32,876	)	 	22,564	
 	 	(110,799	)	 	 	 	(90,166	)	 	226,835	
 	 	(317,001	)	
Total investment related gains (losses), net	 	(111,346	)	 	(16,178	)	 	7,583	
 	 	(39,223	)	 	22,318	
 	 	(133,664	)	 	 	 	(119,941	)	 	225,416	
 	 	(345,357	)	
Other revenue	 	71,038	
 	 	66,936	
 	 	62,287	
 	 	67,261	
 	 	78,879	
 	 	(7,841	)	 	 	 	200,261	
 	 	267,195	
 	 	(66,934	)	
Total revenues	 	2,438,634	
 	 	2,630,340	
 	 	2,520,613	
 	 	2,697,413	
 	 	2,716,588	
 	 	(277,954	)	 	 	 	7,589,587	
 	 	8,206,781	
 	 	(617,194	)	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	

Claims and other policy benefits	 	1,831,819	
 	 	1,866,183	
 	 	1,775,451	
 	 	1,866,042	
 	 	1,855,037	
 	 	(23,218	)	 	 	 	5,473,453	
 	 	5,540,599	
 	 	(67,146	)	
Interest credited	 	34,008	
 	 	77,246	
 	 	120,678	
 	 	103,523	
 	 	120,952	
 	 	(86,944	)	 	 	 	231,932	
 	 	347,508	
 	 	(115,576	)	
Policy acquisition costs and other insurance expenses	 	249,702	
 	 	300,412	
 	 	277,043	
 	 	290,775	
 	 	336,411	
 	 	(86,709	)	 	 	 	827,157	
 	 	1,100,658	
 	 	(273,501	)	
Other operating expenses	 	142,270	
 	 	131,600	
 	 	121,618	
 	 	166,280	
 	 	133,737	
 	 	8,533	
 	 	 	 	395,488	
 	 	372,135	
 	 	23,353	
 	
Interest expense	 	35,565	
 	 	35,851	
 	 	35,627	
 	 	(9,660	)	 	36,065	
 	 	(500	)	 	 	 	107,043	
 	 	106,360	
 	 	683	
 	
Collateral finance and securitization expense	 	5,133	
 	 	5,258	
 	 	6,071	
 	 	3,710	
 	 	2,571	
 	 	2,562	
 	 	 	 	16,462	
 	 	7,731	
 	 	8,731	
 	
Total benefits and expenses	 	2,298,497	
 	 	2,416,550	
 	 	2,336,488	
 	 	2,420,670	
 	 	2,484,773	
 	 	(186,276	)	 	 	 	7,051,535	
 	 	7,474,991	
 	 	(423,456	)	
Income before income taxes	 	140,137	
 	 	213,790	
 	 	184,125	
 	 	276,743	
 	 	231,815	
 	 	(91,678	)	 	 	 	538,052	
 	 	731,790	
 	 	(193,738	)	
Income tax expense	 	56,603	
 	 	83,399	
 	 	59,011	
 	 	85,652	
 	 	73,819	
 	 	(17,216	)	 	 	 	199,013	
 	 	238,834	
 	 	(39,821	)	
Net income	 	$	83,534	
 	 	$	130,391	
 	 	$	125,114	
 	 	$	191,091	
 	 	$	157,996	
 	 	$	(74,462	)	 	 	 	$	339,039	
 	 	$	492,956	
 	 	$	(153,917	)	
Pre-tax Operating Income Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	140,137	
 	 	213,790	
 	 	184,125	
 	 	276,743	
 	 	231,815	
 	 	(91,678	)	 	 	 	538,052	
 	 	731,790	
 	 	(193,738	)	
Investment and derivative losses (gains)—	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
non-operating (1)	 	(35,028	)	 	41,526	
 	 	(20,946	)	 	(22,453	)	 	(8,413	)	 	(26,615	)	 	 	 	(14,448	)	 	(72,855	)	 	58,407	
 	
Change in value of modified coinsurance and	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
funds withheld embedded derivatives (1)	 	46,169	
 	 	23,098	
 	 	2,325	
 	 	14,523	
 	 	(56,812	)	 	102,981	
 	 	 	 	71,592	
 	 	(212,888	)	 	284,480	
 	
GMXB embedded derivatives  (1)	 	95,373	
 	 	(50,878	)	 	25,133	
 	 	52,901	
 	 	47,479	
 	 	47,894	
 	 	 	 	69,628	
 	 	76,323	
 	 	(6,695	)	
Funds withheld losses (gains)—investment income	 	(2,212	)	 	(3,002	)	 	(11,402	)	 	(1,371	)	 	(5,501	)	 	3,289	
 	 	 	 	(16,616	)	 	(11,844	)	 	(4,772	)	
EIA embedded derivatives—interest credited	 	(10,995	)	 	(10,488	)	 	10,313	
 	 	(362	)	 	(415	)	 	(10,580	)	 	 	 	(11,170	)	 	(59	)	 	(11,111	)	
DAC offset, net	 	(25,945	)	 	(1,187	)	 	(8,951	)	 	(15,253	)	 	26,521	
 	 	(52,466	)	 	 	 	(36,083	)	 	127,132	
 	 	(163,215	)	
Non-investment derivatives	 	(383	)	 	493	
 	 	(108	)	 	(472	)	 	28	
 	 	(411	)	 	 	 	2	
 	 	28	
 	 	(26	)	
Operating Income Before Income Taxes	 	$	207,116	
 	 	$	213,352	
 	 	$	180,489	
 	 	$	304,256	
 	 	$	234,702	
 	 	$	(27,586	)	 	 	 	$	600,957	
 	 	$	637,627	
 	 	$	(36,670	)	
After-tax Operating Income Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net Income	 	83,534	
 	 	130,391	
 	 	125,114	
 	 	191,091	
 	 	157,996	
 	 	(74,462	)	 	 	 	339,039	
 	 	492,956	
 	 	(153,917	)	
Investment and derivative losses (gains)—	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

non-operating (1)	 	(22,750	)	 	27,152	
 	 	(14,585	)	 	(15,281	)	 	(5,517	)	 	(17,233	)	 	 	 	(10,183	)	 	(49,344	)	 	39,161	
 	
Change in value of modified coinsurance	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
and funds withheld embedded derivatives (1)	 	30,010	
 	 	15,014	
 	 	1,511	
 	 	9,440	
 	 	(36,928	)	 	66,938	
 	 	 	 	46,535	
 	 	(138,377	)	 	184,912	
 	
GMXB embedded derivatives  (1)	 	61,992	
 	 	(33,070	)	 	16,336	
 	 	34,386	
 	 	30,861	
 	 	31,131	
 	 	 	 	45,258	
 	 	49,610	
 	 	(4,352	)	
Funds withheld losses (gains)—investment income	 	(1,438	)	 	(1,951	)	 	(7,412	)	 	(891	)	 	(3,576	)	 	2,138	
 	 	 	 	(10,801	)	 	(7,699	)	 	(3,102	)	
EIA embedded derivatives—interest credited	 	(7,147	)	 	(6,817	)	 	6,703	
 	 	(236	)	 	(269	)	 	(6,878	)	 	 	 	(7,261	)	 	(38	)	 	(7,223	)	
DAC offset, net	 	(16,865	)	 	(770	)	 	(5,819	)	 	(9,914	)	 	17,238	
 	 	(34,103	)	 	 	 	(23,454	)	 	82,635	
 	 	(106,089	)	
Non-investment derivatives	 	(250	)	 	321	
 	 	(70	)	 	(307	)	 	18	
 	 	(268	)	 	 	 	1	
 	 	18	
 	 	(17	)	
Operating Income	 	$	127,086	
 	 	$	130,270	
 	 	$	121,778	
 	 	$	208,288	
 	 	$	159,823	
 	 	$	(32,737	)	 	 	 	$	379,134	
 	 	$	429,761	
 	 	$	(50,627	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(1) Included in “Investment related gains (losses), net” on Consolidated GAAP Income Statement

                                        

 	 	Page 4

Reinsurance Group of America, Incorporated
Consolidated Operating Income Statement	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	Current Qtr
vs. PY
Quarter	 	 	 	Year-to-Date	 	
 	 	Sept. 30,	 	June 30,	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	 	 	 	 	Sept. 30,	 	Sept. 30,	 	 	 	 	 	 	
(USD thousands, except per share data)	 	2015	 	2015	 	2015	 	2014	 	2014	 	 	 	 	 	2015	 	2014	 	Change	 	 	 	 	 	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	2,089,345	
 	 	$	2,129,043	
 	 	$	2,023,852	
 	 	$	2,217,772	
 	 	$	2,168,285	
 	 	$	(78,940	)	 	 	 	$	6,242,240	
 	 	$	6,452,082	
 	 	$	(209,842	)	 	 	 	 	 	 	
Investment income, net of related expenses	 	387,385	
 	 	447,537	
 	 	415,489	
 	 	450,232	
 	 	441,605	
 	 	(54,220	)	 	 	 	1,250,411	
 	 	1,250,244	
 	 	167	
 	 	 	 	 	 	 	
Investment related gains (losses), net	 	(4,832	)	 	(2,432	)	 	14,095	
 	 	5,748	
 	 	4,572	
 	 	(9,404	)	 	 	 	6,831	
 	 	15,996	
 	 	(9,165	)	 	 	 	 	 	 	
Other revenue	 	70,655	
 	 	67,429	
 	 	62,179	
 	 	66,789	
 	 	78,907	
 	 	(8,252	)	 	 	 	200,263	
 	 	267,223	
 	 	(66,960	)	 	 	 	 	 	 	
Total revenues	 	2,542,553	
 	 	2,641,577	
 	 	2,515,615	
 	 	2,740,541	
 	 	2,693,369	
 	 	(150,816	)	 	 	 	7,699,745	
 	 	7,985,545	
 	 	(285,800	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	1,831,819	
 	 	1,866,183	
 	 	1,775,451	
 	 	1,866,042	
 	 	1,855,037	
 	 	(23,218	)	 	 	 	5,473,453	
 	 	5,540,599	
 	 	(67,146	)	 	 	 	 	 	 	
Interest credited	 	45,003	
 	 	87,734	
 	 	110,365	
 	 	103,885	
 	 	121,367	
 	 	(76,364	)	 	 	 	243,102	
 	 	347,567	
 	 	(104,465	)	 	 	 	 	 	 	
Policy acquisition costs and other insurance expenses	 	275,647	
 	 	301,599	
 	 	285,994	
 	 	306,028	
 	 	309,890	
 	 	(34,243	)	 	 	 	863,240	
 	 	973,526	
 	 	(110,286	)	 	 	 	 	 	 	
Other operating expenses	 	142,270	
 	 	131,600	
 	 	121,618	
 	 	166,280	
 	 	133,737	
 	 	8,533	
 	 	 	 	395,488	
 	 	372,135	
 	 	23,353	
 	 	 	 	 	 	 	
Interest expense	 	35,565	
 	 	35,851	
 	 	35,627	
 	 	(9,660	)	 	36,065	
 	 	(500	)	 	 	 	107,043	
 	 	106,360	
 	 	683	
 	 	 	 	 	 	 	
Collateral finance and securitization expense	 	5,133	
 	 	5,258	
 	 	6,071	
 	 	3,710	
 	 	2,571	
 	 	2,562	
 	 	 	 	16,462	
 	 	7,731	
 	 	8,731	
 	 	 	 	 	 	 	
Total benefits and expenses	 	2,335,437	
 	 	2,428,225	
 	 	2,335,126	
 	 	2,436,285	
 	 	2,458,667	
 	 	(123,230	)	 	 	 	7,098,788	
 	 	7,347,918	
 	 	(249,130	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	207,116	
 	 	213,352	
 	 	180,489	
 	 	304,256	
 	 	234,702	
 	 	(27,586	)	 	 	 	600,957	
 	 	637,627	
 	 	(36,670	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income tax expense	 	80,030	
 	 	83,082	
 	 	58,711	
 	 	95,968	
 	 	74,879	
 	 	5,151	
 	 	 	 	221,823	
 	 	207,866	
 	 	13,957	

Operating income	 	$	127,086	
 	 	$	130,270	
 	 	$	121,778	
 	 	$	208,288	
 	 	$	159,823	
 	 	$	(32,737	)	 	 	 	$	379,134	
 	 	$	429,761	
 	 	$	(50,627	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Wgt. Average Common Shares Outstanding (Diluted)	 	66,882	
 	 	67,120	
 	 	68,942	
 	 	69,550	
 	 	69,335	
 	 	(2,453)	
 	 	 	 	67,644	
 	 	70,101	
 	 	(2,457)	

Diluted Earnings Per Share—Operating Income	 	$	1.90	
 	 	$	1.94	
 	 	$	1.77	
 	 	$	2.99	
 	 	$	2.31	
 	 	$	(0.41	)	 	 	 	$	5.60	
 	 	$	6.13	
 	 	$	(0.53	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Foreign currency effect on   (1) :	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	(145,047	)	 	$	(121,287	)	 	$	(96,024	)	 	$	(61,093	)	 	$	5,906	
 	 	$	(150,953	)	 	 	 	$	(362,358	)	 	$	(49,283	)	 	$	(313,075	)	 	 	 	 	 	 	
Operating income before income taxes	 	$	(15,526	)	 	$	(8,700	)	 	$	(11,833	)	 	$	(9,276	)	 	$	(2,016	)	 	$	(13,510	)	 	 	 	$	(36,059	)	 	$	(9,430	)	 	$	(26,629	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(1) Compared to comparable prior year period	 	 	 	 	 	 	

                                        

 	 	Page 5

 
Reinsurance Group of America, Incorporated
Consolidated Balance Sheets	

 	 	Sept. 30,	 	June 30,	 	March 31,	 	Dec. 31,	 	Sept. 30,	
(USD thousands)	 	2015	 	2015	 	2015	 	2014	 	2014	
Assets	 	 	 	 	 	 	 	 	 	 	
Fixed maturity securities, available-for-sale	 	$	27,411,788	
 	 	$	28,063,975	
 	 	$	25,801,223	
 	 	$	25,480,972	
 	 	$	24,475,451	
 	
Mortgage loans on real estate	 	3,170,002	
 	 	3,073,313	
 	 	2,913,486	
 	 	2,712,238	
 	 	2,617,091	
 	
Policy loans	 	1,444,009	
 	 	1,438,156	
 	 	1,284,085	
 	 	1,284,284	
 	 	1,249,948	
 	
Funds withheld at interest	 	5,675,174	
 	 	5,840,076	
 	 	5,841,554	
 	 	5,922,561	
 	 	5,969,006	
 	
Short-term investments	 	58,200	
 	 	76,118	
 	 	89,136	
 	 	97,694	
 	 	44,437	
 	
Other invested assets	 	1,187,504	
 	 	1,110,107	
 	 	1,243,033	
 	 	1,198,319	
 	 	1,165,021	
 	
Total investments	 	38,946,677	
 	 	39,601,745	
 	 	37,172,517	
 	 	36,696,068	
 	 	35,520,954	
 	
Cash and cash equivalents	 	1,747,692	
 	 	1,335,661	
 	 	1,083,179	
 	 	1,645,669	
 	 	1,118,745	
 	
Accrued investment income	 	342,088	
 	 	322,069	
 	 	283,665	
 	 	261,096	
 	 	305,880	
 	
Premiums receivable and other reinsurance balances	 	1,553,093	
 	 	1,518,208	
 	 	1,509,810	
 	 	1,527,729	
 	 	1,491,993	
 	
Reinsurance ceded receivables	 	661,185	
 	 	711,463	
 	 	665,797	
 	 	578,206	
 	 	596,704	
 	
Deferred policy acquisition costs	 	3,311,086	
 	 	3,299,541	
 	 	3,286,348	
 	 	3,342,575	
 	 	3,297,616	
 	
Other assets	 	1,044,299	
 	 	671,584	
 	 	689,952	
 	 	628,268	
 	 	578,471	
 	
Total assets	 	$	47,606,120	
 	 	$	47,460,271	
 	 	$	44,691,268	
 	 	$	44,679,611	
 	 	$	42,910,363	

Liabilities and Stockholders’ Equity	 	 	 	 	 	 	 	 	 	 	
Future policy benefits	 	$	16,574,783	
 	 	$	16,773,035	
 	 	$	14,152,780	
 	 	$	14,476,637	
 	 	$	13,541,687	
 	
Interest-sensitive contract liabilities	 	13,699,896	
 	 	13,516,059	
 	 	12,508,201	
 	 	12,591,497	
 	 	12,638,117	
 	
Other policy claims and benefits	 	3,892,036	
 	 	3,857,610	
 	 	3,822,699	
 	 	3,824,069	
 	 	3,861,060	
 	
Other reinsurance balances	 	280,093	
 	 	311,388	
 	 	320,950	
 	 	306,915	
 	 	276,314	
 	
Deferred income taxes	 	2,285,066	
 	 	2,246,086	
 	 	2,529,733	
 	 	2,365,817	
 	 	2,149,076	
 	
Other liabilities	 	1,405,675	
 	 	1,032,980	
 	 	1,118,645	
 	 	994,230	
 	 	967,303	
 	
Long-term debt	 	2,313,053	
 	 	2,313,470	
 	 	2,313,884	
 	 	2,314,293	
 	 	2,314,693	
 	
Collateral finance and securitization notes	 	914,452	
 	 	926,410	
 	 	774,351	
 	 	782,701	
 	 	482,115	
 	
Total liabilities	 	41,365,054	
 	 	40,977,038	
 	 	37,541,243	
 	 	37,656,159	
 	 	36,230,365	

Stockholders’ Equity:	 	 	 	 	 	 	 	 	 	 	
Common stock, at par value	 	791	
 	 	791	
 	 	791	
 	 	791	
 	 	791	
 	
Additional paid-in-capital	 	1,812,377	
 	 	1,805,858	
 	 	1,802,774	
 	 	1,798,279	
 	 	1,784,818	
 	
Retained earnings	 	4,482,709	
 	 	4,425,302	
 	 	4,339,028	
 	 	4,239,647	
 	 	4,074,047	
 	
Treasury stock	 	(961,290	)	 	(898,082	)	 	(876,804	)	 	(672,394	)	 	(679,265	)	
Accumulated other comprehensive income (AOCI):	 	 	 	 	 	 	 	 	 	 	
Accumulated currency translation adjustment, net of income taxes	 	(119,493	)	 	(13,989	)	 	(35,924	)	 	81,847	
 	 	131,936	
 	
Unrealized appreciation of securities, net of income taxes	 	1,071,990	
 	 	1,211,056	
 	 	1,968,697	
 	 	1,624,773	
 	 	1,387,957	
 	
Pension and postretirement benefits, net of income taxes	 	(46,018	)	 	(47,703	)	 	(48,537	)	 	(49,491	)	 	(20,286	)	
Total stockholders’ equity	 	6,241,066	
 	 	6,483,233	
 	 	7,150,025	
 	 	7,023,452	
 	 	6,679,998	
 	
Total liabilities and stockholders’ equity	 	$	47,606,120	
 	 	$	47,460,271	
 	 	$	44,691,268	
 	 	$	44,679,611	
 	 	$	42,910,363	

Total stockholders’ equity, excluding AOCI	 	$	5,334,587	
 	 	$	5,333,869	
 	 	$	5,265,789	
 	 	$	5,366,323	
 	 	$	5,180,391	

 	 	 	 	 	 	 	 	 	 	 	

                                        

 	 	Page 6

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

 	 	Three Months Ended	 	Current Qtr
vs. PY
Quarter	 	 	 	Year-to-date	 	
 	 	Sept. 30,	 	June 30,	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	 	 	 	 	Sept. 30,	 	Sept. 30,	 	 	 	 	 	 	
(USD thousands)	 	2015	 	2015	 	2015	 	2014	 	2014	 	 	 	 	 	2015	 	2014	 	Change	 	 	 	 	 	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	1,150,936	
 	 	$	1,170,931	
 	 	$	1,114,094	
 	 	$	1,221,862	
 	 	$	1,171,916	
 	 	$	(20,980	)	 	 	 	$	3,435,961	
 	 	$	3,503,643	
 	 	$	(67,682	)	 	 	 	 	 	 	
Investment income, net of related expenses	 	154,210	
 	 	163,390	
 	 	143,005	
 	 	142,753	
 	 	139,272	
 	 	14,938	
 	 	 	 	460,605	
 	 	410,052	
 	 	50,553	
 	 	 	 	 	 	 	
Other revenue	 	6,566	
 	 	4,567	
 	 	664	
 	 	1,323	
 	 	783	
 	 	5,783	
 	 	 	 	11,797	
 	 	2,192	
 	 	9,605	
 	 	 	 	 	 	 	
Total revenues	 	1,311,712	
 	 	1,338,888	
 	 	1,257,763	
 	 	1,365,938	
 	 	1,311,971	
 	 	(259	)	 	 	 	3,908,363	
 	 	3,915,887	
 	 	(7,524	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	
Claims and other policy benefits	 	1,049,973	
 	 	1,041,390	
 	 	1,039,407	
 	 	1,021,046	
 	 	1,030,525	
 	 	19,448	
 	 	 	 	3,130,770	
 	 	3,109,262	
 	 	21,508	
 	 	 	 	 	 	 	
Interest credited	 	20,999	
 	 	21,875	
 	 	12,944	
 	 	13,101	
 	 	12,993	
 	 	8,006	
 	 	 	 	55,818	
 	 	38,083	
 	 	17,735	
 	 	 	 	 	 	 	
Policy acquisition costs and other insurance expenses	 	158,452	
 	 	169,035	
 	 	158,567	
 	 	168,395	
 	 	161,120	
 	 	(2,668	)	 	 	 	486,054	
 	 	473,390	
 	 	12,664	
 	 	 	 	 	 	 	
Other operating expenses	 	27,562	
 	 	27,155	
 	 	26,529	
 	 	29,276	
 	 	28,408	
 	 	(846	)	 	 	 	81,246	
 	 	79,070	
 	 	2,176	
 	 	 	 	 	 	 	
Total benefits and expenses	 	1,256,986	
 	 	1,259,455	
 	 	1,237,447	
 	 	1,231,818	
 	 	1,233,046	
 	 	23,940	
 	 	 	 	3,753,888	
 	 	3,699,805	
 	 	54,083	

Operating income before income taxes	 	54,726	
 	 	79,433	
 	 	20,316	
 	 	134,120	
 	 	78,925	
 	 	(24,199	)	 	 	 	154,475	
 	 	216,082	
 	 	(61,607	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	
Operating income before income taxes	 	54,726	
 	 	79,433	
 	 	20,316	
 	 	134,120	
 	 	78,925	
 	 	(24,199	)	 	 	 	154,475	
 	 	216,082	
 	 	(61,607	)	 	 	 	 	 	 	
Investment and derivative (losses) gains - non-operating	 	926	
 	 	3,360	
 	 	(2,473	)	 	(5,268	)	 	(1,092	)	 	2,018	
 	 	 	 	1,813	
 	 	6,711	
 	 	(4,898	)	 	 	 	 	 	 	
Income before income taxes	 	$	55,652	
 	 	$	82,793	
 	 	$	17,843	
 	 	$	128,852	
 	 	$	77,833	
 	 	$	(22,181	)	 	 	 	$	156,288	
 	 	$	222,793	
 	 	$	(66,505	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Loss and Expense Ratios:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	91.2	%	 	88.9	%	 	93.3	%	 	83.6	%	 	87.9	%	 	3.3	%	 	 	 	91.1	%	 	88.7	%	 	2.4	%	 	 	 	 	 	 	
Policy acquisition costs and other insurance expenses	 	13.8	%	 	14.4	%	 	14.2	%	 	13.8	%	 	13.7	%	 	0.1	%	 	 	 	14.1	%	 	13.5	%	 	0.6	%	 	 	 	 	 	 	
Other operating expenses	 	2.4	%	 	2.3	%	 	2.4	%	 	2.4	%	 	2.4	%	 	0.0	%	 	 	 	2.4	%	 	2.3	%	 	0.1	%	 	 	 	 	 	 	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

 

                                        

 	 	Page 7

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

 	 	Three Months Ended	 	Current Qtr
vs. PY
Quarter	 	 	 	Year-to-date	 	
 	 	Sept. 30,	 	June 30,	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	 	 	 	 	Sept. 30,	 	Sept. 30,	 	 	 	 	 	 	
(USD thousands)	 	2015	 	2015	 	2015	 	2014	 	2014	 	 	 	 	 	2015	 	2014	 	Change	 	 	 	 	 	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	5,177	
 	 	$	5,941	
 	 	$	5,041	
 	 	$	4,747	
 	 	$	5,168	
 	 	$	9	
 	 	 	 	$	16,159	
 	 	$	15,332	
 	 	$	827	
 	 	 	 	 	 	 	
Investment income, net of related expenses	 	103,052	
 	 	152,616	
 	 	141,470	
 	 	155,557	
 	 	170,608	
 	 	(67,556	)	 	 	 	397,138	
 	 	473,154	
 	 	(76,016	)	 	 	 	 	 	 	
Investment related gains (losses), net	 	1	
 	 	—	
 	 	—	
 	 	1	
 	 	(2	)	 	3	
 	 	 	 	1	
 	 	(1	)	 	2	
 	 	 	 	 	 	 	
Other revenue	 	28,973	
 	 	26,634	
 	 	26,544	
 	 	28,436	
 	 	28,944	
 	 	29	
 	 	 	 	82,151	
 	 	86,596	
 	 	(4,445	)	 	 	 	 	 	 	
Total revenues	 	137,203	
 	 	185,191	
 	 	173,055	
 	 	188,741	
 	 	204,718	
 	 	(67,515	)	 	 	 	495,449	
 	 	575,081	
 	 	(79,632	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	16,832	
 	 	19,983	
 	 	6,726	
 	 	5,289	
 	 	5,586	
 	 	11,246	
 	 	 	 	43,541	
 	 	14,559	
 	 	28,982	
 	 	 	 	 	 	 	
Interest credited	 	29,530	
 	 	69,530	
 	 	84,672	
 	 	86,294	
 	 	104,985	
 	 	(75,455	)	 	 	 	183,732	
 	 	296,666	
 	 	(112,934	)	 	 	 	 	 	 	
Policy acquisition costs and other insurance expenses	 	30,718	
 	 	34,163	
 	 	37,005	
 	 	36,380	
 	 	31,960	
 	 	(1,242	)	 	 	 	101,886	
 	 	108,730	
 	 	(6,844	)	 	 	 	 	 	 	
Other operating expenses	 	4,893	
 	 	5,113	
 	 	4,318	
 	 	4,764	
 	 	4,211	
 	 	682	
 	 	 	 	14,324	
 	 	12,118	
 	 	2,206	
 	 	 	 	 	 	 	
Total benefits and expenses	 	81,973	
 	 	128,789	
 	 	132,721	
 	 	132,727	
 	 	146,742	
 	 	(64,769	)	 	 	 	343,483	
 	 	432,073	
 	 	(88,590	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	55,230	
 	 	56,402	
 	 	40,334	
 	 	56,014	
 	 	57,976	
 	 	(2,746	)	 	 	 	151,966	
 	 	143,008	
 	 	8,958	

Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	55,230	
 	 	56,402	
 	 	40,334	
 	 	56,014	
 	 	57,976	
 	 	(2,746	)	 	 	 	151,966	
 	 	143,008	
 	 	8,958	
 	 	 	 	 	 	 	
Investment and derivative gains (losses) - non-operating  (1)	 	73,476	
 	 	(39,497	)	 	21,787	
 	 	28,086	
 	 	18,001	
 	 	55,475	
 	 	 	 	55,766	
 	 	51,713	
 	 	4,053	
 	 	 	 	 	 	 	
Change in value of modified coinsurance and funds withheld embedded derivatives  (1)	 	(47,094	)	 	(26,456	)	 	147	
 	 	(13,490	)	 	56,490	
 	 	(103,584	)	 	 	 	(73,403	)	 	214,954	
 	 	(288,357	)	 	 	 	 	 	 	
GMXB embedded derivatives  (1)	 	(95,373	)	 	50,878	
 	 	(25,133	)	 	(52,901	)	 	(47,479	)	 	(47,894	)	 	 	 	(69,628	)	 	(76,323	)	 	6,695	
 	 	 	 	 	 	 	
Funds withheld gains (losses) - investment income	 	1,003	
 	 	2,748	
 	 	6,367	
 	 	1,154	
 	 	4,914	
 	 	(3,911	)	 	 	 	10,118	
 	 	9,929	
 	 	189	
 	 	 	 	 	 	 	
EIA embedded derivatives - interest credited	 	10,995	
 	 	10,488	
 	 	(10,313	)	 	362	
 	 	415	
 	 	10,580	
 	 	 	 	11,170	
 	 	59	
 	 	11,111	
 	 	 	 	 	 	 	
DAC offset, net	 	25,945	
 	 	1,187	
 	 	8,951	
 	 	15,253	
 	 	(26,521	)	 	52,466	
 	 	 	 	36,083	
 	 	(127,132	)	 	163,215	
 	 	 	 	 	 	 	
Income before income taxes	 	$	24,182	
 	 	$	55,750	
 	 	$	42,140	
 	 	$	34,478	
 	 	$	63,796	
 	 	$	(39,614	)	 	 	 	$	122,072	
 	 	$	216,208	
 	 	$	(94,136	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(1) Included in “Investment related gains (losses), net” on Consolidated GAAP Income Statement

 

                                        

 	 	Page 8

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

 	 	 	
 	 	Three Months Ended	
 	 	Sept. 30,	 	June 30,	 	March 31,	 	Dec. 31,	 	Sept. 30,	
(USD millions)	 	2015	 	2015	 	2015	 	2014	 	2014	
Annuity account values:	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	
Fixed annuities (deferred)	 	$	4,883	
 	 	$	5,004	
 	 	$	4,779	
 	 	$	4,859	
 	 	$	4,919	

Net interest spread (fixed annuities):	 	2.5	%	 	2.5	%	 	2.3	%	 	3.5	%	 	3.2	%	
 	 	 	 	 	 	 	 	 	 	 	
Equity-indexed annuities	 	$	4,536	
 	 	$	4,622	
 	 	$	4,666	
 	 	$	4,695	
 	 	$	4,716	

Variable annuities:	 	 	 	 	 	 	 	 	 	 	
No riders	 	$	791	
 	 	$	843	
 	 	$	864	
 	 	$	881	
 	 	$	899	
 	
GMDB only	 	63	
 	 	69	
 	 	71	
 	 	75	
 	 	79	
 	
GMIB only	 	5	
 	 	5	
 	 	5	
 	 	5	
 	 	6	
 	
GMAB only	 	33	
 	 	38	
 	 	41	
 	 	44	
 	 	46	
 	
GMWB only	 	1,426	
 	 	1,540	
 	 	1,600	
 	 	1,636	
 	 	1,676	
 	
GMDB / WB	 	361	
 	 	391	
 	 	410	
 	 	427	
 	 	427	
 	
Other	 	22	
 	 	24	
 	 	26	
 	 	27	
 	 	28	
 	
Total VA account values	 	$	2,701	
 	 	$	2,910	
 	 	$	3,017	
 	 	$	3,095	
 	 	$	3,161	

Fair value of liabilities associated with living benefit riders	 	$	229	
 	 	$	134	
 	 	$	184	
 	 	$	159	
 	 	$	106	

Interest-sensitive contract liabilities associated with:	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	
Guaranteed investment contracts	 	$	313	
 	 	$	325	
 	 	$	336	
 	 	$	336	
 	 	$	336	

Bank-owned life insurance (BOLI)	 	$	556	
 	 	$	554	
 	 	$	551	
 	 	$	548	
 	 	$	544	

Other asset-intensive business	 	$	67	
 	 	$	67	
 	 	$	68	
 	 	$	69	
 	 	$	69	

Future policy benefits associated with:	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	
Payout annuities	 	$	1,919	
 	 	$	1,952	
 	 	$	—	
 	 	$	—	
 	 	$	—	

                                        

 	 	Page 9

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

 	 	Three Months Ended	 	Current Qtr
vs. PY
Quarter	 	 	 	Year-to-date	 	
 	 	Sept. 30,	 	June 30,	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	 	 	 	 	Sept. 30,	 	Sept. 30,	 	 	 	 	 	 	
(USD thousands)	 	2015	 	2015	 	2015	 	2014	 	2014	 	 	 	 	 	2015	 	2014	 	Change	 	 	 	 	 	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Investment income, net of related expenses	 	$	1,438	
 	 	$	1,194	
 	 	$	1,145	
 	 	$	1,155	
 	 	$	1,003	
 	 	$	435	
 	 	 	 	$	3,777	
 	 	$	3,336	
 	 	$	441	
 	 	 	 	 	 	 	
Other revenue	 	16,446	
 	 	17,717	
 	 	15,305	
 	 	18,363	
 	 	23,581	
 	 	(7,135	)	 	 	 	49,468	
 	 	64,456	
 	 	(14,988	)	 	 	 	 	 	 	
Total revenues	 	17,884	
 	 	18,911	
 	 	16,450	
 	 	19,518	
 	 	24,584	
 	 	(6,700	)	 	 	 	53,245	
 	 	67,792	
 	 	(14,547	)	 	 	 	 	 	 	

Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Policy acquisition costs and other insurance expenses	 	2,535	
 	 	2,522	
 	 	2,416	
 	 	4,112	
 	 	8,458	
 	 	(5,923	)	 	 	 	7,473	
 	 	21,144	
 	 	(13,671	)	 	 	 	 	 	 	
Other operating expenses	 	3,276	
 	 	1,746	
 	 	1,669	
 	 	2,876	
 	 	2,322	
 	 	954	
 	 	 	 	6,691	
 	 	6,809	
 	 	(118	)	 	 	 	 	 	 	
Total benefits and expenses	 	5,811	
 	 	4,268	
 	 	4,085	
 	 	6,988	
 	 	10,780	
 	 	(4,969	)	 	 	 	14,164	
 	 	27,953	
 	 	(13,789	)	 	 	 	 	 	 	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	12,073	
 	 	14,643	
 	 	12,365	
 	 	12,530	
 	 	13,804	
 	 	(1,731	)	 	 	 	39,081	
 	 	39,839	
 	 	(758	)	 	 	 	 	 	 	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	12,073	
 	 	14,643	
 	 	12,365	
 	 	12,530	
 	 	13,804	
 	 	(1,731	)	 	 	 	39,081	
 	 	39,839	
 	 	(758	)	 	 	 	 	 	 	
Investment and derivative gains (losses) - non-operating	 	—	
 	 	—	
 	 	—	
 	 	(162	)	 	(100	)	 	100	
 	 	 	 	—	
 	 	51	
 	 	(51	)	 	 	 	 	 	 	
Income before income taxes	 	$	12,073	
 	 	$	14,643	
 	 	$	12,365	
 	 	$	12,368	
 	 	$	13,704	
 	 	$	(1,631	)	 	 	 	$	39,081	
 	 	$	39,890	
 	 	$	(809	)	 	 	 	 	 	 	

 

                                        

 	 	Page 10

Reinsurance Group of America, Incorporated
Canada Traditional Segment Pre-tax Operating Income	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	Current Qtr
vs. PY
Quarter	 	 	 	Year-to-date	 	
 	 	Sept. 30,	 	June 30,	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	 	 	 	 	Sept. 30,	 	Sept. 30,	 	 	 	 	 	 	
(USD thousands)	 	2015	 	2015	 	2015	 	2014	 	2014	 	 	 	 	 	2015	 	2014	 	Change	 	 	 	 	 	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	200,000	
 	 	$	224,960	
 	 	$	212,550	
 	 	$	240,409	
 	 	$	239,645	
 	 	$	(39,645	)	 	 	 	$	637,510	
 	 	$	712,980	
 	 	$	(75,470	)	 	 	 	 	 	 	
Investment income, net of related expenses	 	43,283	
 	 	45,497	
 	 	44,405	
 	 	47,442	
 	 	49,060	
 	 	(5,777	)	 	 	 	133,185	
 	 	144,036	
 	 	(10,851	)	 	 	 	 	 	 	
Investment related gains (losses), net	 	1,109	
 	 	1,110	
 	 	939	
 	 	937	
 	 	907	
 	 	202	
 	 	 	 	3,158	
 	 	2,534	
 	 	624	
 	 	 	 	 	 	 	
Other revenue	 	767	
 	 	(454	)	 	1,556	
 	 	569	
 	 	761	
 	 	6	
 	 	 	 	1,869	
 	 	1,502	
 	 	367	
 	 	 	 	 	 	 	
Total revenues	 	245,159	
 	 	271,113	
 	 	259,450	
 	 	289,357	
 	 	290,373	
 	 	(45,214	)	 	 	 	775,722	
 	 	861,052	
 	 	(85,330	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	152,640	
 	 	185,742	
 	 	183,534	
 	 	200,620	
 	 	195,162	
 	 	(42,522	)	 	 	 	521,916	
 	 	583,817	
 	 	(61,901	)	 	 	 	 	 	 	
Interest credited	 	5	
 	 	5	
 	 	4	
 	 	14	
 	 	10	
 	 	(5	)	 	 	 	14	
 	 	19	
 	 	(5	)	 	 	 	 	 	 	
Policy acquisition costs and other insurance expenses	 	46,581	
 	 	53,371	
 	 	49,551	
 	 	60,699	
 	 	60,260	
 	 	(13,679	)	 	 	 	149,503	
 	 	173,900	
 	 	(24,397	)	 	 	 	 	 	 	
Other operating expenses	 	8,140	
 	 	8,236	
 	 	9,188	
 	 	9,826	
 	 	10,086	
 	 	(1,946	)	 	 	 	25,564	
 	 	29,185	
 	 	(3,621	)	 	 	 	 	 	 	
Total benefits and expenses	 	207,366	
 	 	247,354	
 	 	242,277	
 	 	271,159	
 	 	265,518	
 	 	(58,152	)	 	 	 	696,997	
 	 	786,921	
 	 	(89,924	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	37,793	
 	 	23,759	
 	 	17,173	
 	 	18,198	
 	 	24,855	
 	 	12,938	
 	 	 	 	78,725	
 	 	74,131	
 	 	4,594	

Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	37,793	
 	 	23,759	
 	 	17,173	
 	 	18,198	
 	 	24,855	
 	 	12,938	
 	 	 	 	78,725	
 	 	74,131	
 	 	4,594	
 	 	 	 	 	 	 	
Investment and derivative gains (losses) - non-operating	 	(4,930	)	 	(1,277	)	 	519	
 	 	1,418	
 	 	(1,282	)	 	(3,648	)	 	 	 	(5,688	)	 	(444	)	 	(5,244	)	 	 	 	 	 	 	
Funds withheld gains (losses) - investment income	 	1,209	
 	 	254	
 	 	5,035	
 	 	217	
 	 	587	
 	 	622	
 	 	 	 	6,498	
 	 	1,915	
 	 	4,583	
 	 	 	 	 	 	 	
Income before income taxes	 	$	34,072	
 	 	$	22,736	
 	 	$	22,727	
 	 	$	19,833	
 	 	$	24,160	
 	 	$	9,912	
 	 	 	 	$	79,535	
 	 	$	75,602	
 	 	$	3,933	

Loss and Expense Ratios:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Loss ratios (creditor business)	 	34.4	%	 	31.8	%	 	29.5	%	 	31.3	%	 	28.0	%	 	6.4	 %	 	 	 	31.8	%	 	28.8	%	 	3.0	 %	 	 	 	 	 	 	
Loss ratios (excluding creditor business)	 	86.6	%	 	95.9	%	 	101.2	%	 	100.6	%	 	98.3	%	 	(11.7	)%	 	 	 	94.7	%	 	97.8	%	 	(3.1	)%	 	 	 	 	 	 	
Claims and other policy benefits / (net premiums + investment income)	 	62.7	%	 	68.7	%	 	71.4	%	 	69.7	%	 	67.6	%	 	(4.9	)%	 	 	 	67.7	%	 	68.1	%	 	(0.4	)%	 	 	 	 	 	 	
Policy acquisition costs and other insurance expenses (creditor business)	 	62.1	%	 	64.0	%	 	63.0	%	 	65.8	%	 	65.2	%	 	(3.1	)%	 	 	 	63.1	%	 	63.7	%	 	(0.6	)%	 	 	 	 	 	 	
Policy acquisition costs and other insurance expenses (excluding creditor business)	 	13.7	%	 	13.2	%	 	12.9	%	 	11.9	%	 	12.5	%	 	1.2	 %	 	 	 	13.3	%	 	12.6	%	 	0.7	 %	 	 	 	 	 	 	
Other operating expenses	 	4.1	%	 	3.7	%	 	4.3	%	 	4.1	%	 	4.2	%	 	(0.1	)%	 	 	 	4.0	%	 	4.1	%	 	(0.1	)%	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Foreign currency effect on   (1) :	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	(40,371	)	 	$	(28,850	)	 	$	(26,121	)	 	$	(18,820	)	 	$	(11,917	)	 	$	(28,454	)	 	 	 	$	(95,342	)	 	$	(49,968	)	 	$	(45,374	)	 	 	 	 	 	 	
Operating income before income taxes	 	$	(7,644	)	 	$	(3,065	)	 	$	(2,147	)	 	$	(1,750	)	 	$	(1,556	)	 	$	(6,088	)	 	 	 	$	(12,856	)	 	$	(5,571	)	 	$	(7,285	)	 	 	 	 	 	 	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Creditor reinsurance net premiums	 	$	39,462	
 	 	$	46,629	
 	 	$	44,054	
 	 	$	59,451	
 	 	$	57,412	
 	 	$	(17,950	)	 	 	 	$	130,145	
 	 	$	164,769	
 	 	$	(34,624	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Note: The loss ratios on creditor reinsurance business are normally lower than traditional reinsurance, while allowances are normally higher as a percentage of premiums.	 	 	 	 	 	 	
(1) Compared to comparable prior year period	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

 	
 	 	 	
 	 	Page 11

Reinsurance Group of America, Incorporated
Canada Non-Traditional Segment Pre-tax Operating Income (1)	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	Current Qtr
vs. PY
Quarter	 	 	 	Year-to-date	 	
 	 	Sept. 30,	 	June 30,	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	 	 	 	 	Sept. 30,	 	Sept. 30,	 	 	 	 	 	 	
(USD thousands)	 	2015	 	2015	 	2015	 	2014	 	2014	 	 	 	 	 	2015	 	2014	 	Change	 	 	 	 	 	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	9,275	
 	 	$	9,725	
 	 	$	9,967	
 	 	$	4,615	
 	 	$	5,491	
 	 	$	3,784	
 	 	 	 	$	28,967	
 	 	$	16,577	
 	 	$	12,390	
 	 	 	 	 	 	 	
Investment income, net of related expenses	 	230	
 	 	328	
 	 	550	
 	 	616	
 	 	600	
 	 	(370	)	 	 	 	1,108	
 	 	1,979	
 	 	(871	)	 	 	 	 	 	 	
Other revenue	 	1,535	
 	 	1,405	
 	 	1,357	
 	 	1,432	
 	 	1,568	
 	 	(33	)	 	 	 	4,297	
 	 	3,051	
 	 	1,246	
 	 	 	 	 	 	 	
Total revenues	 	11,040	
 	 	11,458	
 	 	11,874	
 	 	6,663	
 	 	7,659	
 	 	3,381	
 	 	 	 	34,372	
 	 	21,607	
 	 	12,765	

Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	7,340	
 	 	7,904	
 	 	7,299	
 	 	4,451	
 	 	6,271	
 	 	1,069	
 	 	 	 	22,543	
 	 	15,665	
 	 	6,878	
 	 	 	 	 	 	 	
Policy acquisition costs and other insurance expenses	 	152	
 	 	148	
 	 	107	
 	 	131	
 	 	149	
 	 	3	
 	 	 	 	407	
 	 	450	
 	 	(43	)	 	 	 	 	 	 	
Other operating expenses	 	291	
 	 	312	
 	 	337	
 	 	350	
 	 	358	
 	 	(67	)	 	 	 	940	
 	 	1,038	
 	 	(98	)	 	 	 	 	 	 	
Total benefits and expenses	 	7,783	
 	 	8,364	
 	 	7,743	
 	 	4,932	
 	 	6,778	
 	 	1,005	
 	 	 	 	23,890	
 	 	17,153	
 	 	6,737	

Operating income before income taxes	 	3,257	
 	 	3,094	
 	 	4,131	
 	 	1,731	
 	 	881	
 	 	2,376	
 	 	 	 	10,482	
 	 	4,454	
 	 	6,028	

Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	3,257	
 	 	3,094	
 	 	4,131	
 	 	1,731	
 	 	881	
 	 	2,376	
 	 	 	 	10,482	
 	 	4,454	
 	 	6,028	
 	 	 	 	 	 	 	
Investment and derivative gains (losses) - non-operating	 	—	
 	 	—	
 	 	—	
 	 	8	
 	 	3	
 	 	(3	)	 	 	 	—	
 	 	72	
 	 	(72	)	 	 	 	 	 	 	
Income before income taxes	 	$	3,257	
 	 	$	3,094	
 	 	$	4,131	
 	 	$	1,739	
 	 	$	884	
 	 	$	2,373	
 	 	 	 	$	10,482	
 	 	$	4,526	
 	 	$	5,956	

Foreign currency effect on   (2) :	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	(1,872	)	 	$	(1,234	)	 	$	(1,302	)	 	$	(1,390	)	 	$	(29	)	 	$	(1,843	)	 	 	 	$	(4,408	)	 	$	(140	)	 	$	(4,268	)	 	 	 	 	 	 	
Operating income before income taxes	 	$	(659	)	 	$	(397	)	 	$	(251	)	 	$	(146	)	 	$	(49	)	 	$	(610	)	 	 	 	$	(1,307	)	 	$	(310	)	 	$	(997	)	 	 	 	 	 	 	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(1) The Canadian non-traditional segment includes longevity and financial reinsurance business.	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(2) Compared to comparable prior year period	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

                                        

 	 	Page 12

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

 	 	Three Months Ended	 	Current Qtr
vs. PY
Quarter	 	 	 	Year-to-date	 	
 	 	Sept. 30,	 	June 30,	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	 	 	 	 	Sept. 30,	 	Sept. 30,	 	 	 	 	 	 	
(USD thousands)	 	2015	 	2015	 	2015	 	2014	 	2014	 	 	 	 	 	2015	 	2014	 	Change	 	 	 	 	 	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	276,111	
 	 	$	275,745	
 	 	$	269,746	
 	 	$	288,191	
 	 	$	291,015	
 	 	$	(14,904	)	 	 	 	$	821,602	
 	 	$	869,216	
 	 	$	(47,614	)	 	 	 	 	 	 	
Investment income, net of related expenses	 	12,066	
 	 	13,092	
 	 	12,089	
 	 	15,099	
 	 	13,050	
 	 	(984	)	 	 	 	37,247	
 	 	36,987	
 	 	260	
 	 	 	 	 	 	 	
Investment related gains (losses), net	 	(7,167	)	 	(4,509	)	 	12,208	
 	 	3,678	
 	 	2,550	
 	 	(9,717	)	 	 	 	532	
 	 	10,326	
 	 	(9,794	)	 	 	 	 	 	 	
Other revenue	 	3,051	
 	 	(136	)	 	1,140	
 	 	(582	)	 	2,878	
 	 	173	
 	 	 	 	4,055	
 	 	2,946	
 	 	1,109	
 	 	 	 	 	 	 	
Total revenues	 	284,061	
 	 	284,192	
 	 	295,183	
 	 	306,386	
 	 	309,493	
 	 	(25,432	)	 	 	 	863,436	
 	 	919,475	
 	 	(56,039	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	232,473	
 	 	240,942	
 	 	235,307	
 	 	247,959	
 	 	244,010	
 	 	(11,537	)	 	 	 	708,722	
 	 	749,801	
 	 	(41,079	)	 	 	 	 	 	 	
Interest credited	 	(6,798	)	 	(4,048	)	 	12,349	
 	 	4,076	
 	 	2,959	
 	 	(9,757	)	 	 	 	1,503	
 	 	11,495	
 	 	(9,992	)	 	 	 	 	 	 	
Policy acquisition costs and other insurance expenses	 	17,680	
 	 	14,183	
 	 	12,008	
 	 	14,038	
 	 	17,205	
 	 	475	
 	 	 	 	43,871	
 	 	42,934	
 	 	937	
 	 	 	 	 	 	 	
Other operating expenses	 	25,085	
 	 	23,956	
 	 	25,086	
 	 	30,414	
 	 	25,028	
 	 	57	
 	 	 	 	74,127	
 	 	74,027	
 	 	100	
 	 	 	 	 	 	 	
Total benefits and expenses	 	268,440	
 	 	275,033	
 	 	284,750	
 	 	296,487	
 	 	289,202	
 	 	(20,762	)	 	 	 	828,223	
 	 	878,257	
 	 	(50,034	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	15,621	
 	 	9,159	
 	 	10,433	
 	 	9,899	
 	 	20,291	
 	 	(4,670	)	 	 	 	35,213	
 	 	41,218	
 	 	(6,005	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	15,621	
 	 	9,159	
 	 	10,433	
 	 	9,899	
 	 	20,291	
 	 	(4,670	)	 	 	 	35,213	
 	 	41,218	
 	 	(6,005	)	 	 	 	 	 	 	
Investment and derivative gains (losses) - non-operating	 	289	
 	 	—	
 	 	49	
 	 	3,330	
 	 	990	
 	 	(701	)	 	 	 	338	
 	 	5,858	
 	 	(5,520	)	 	 	 	 	 	 	
Income before income taxes	 	$	15,910	
 	 	$	9,159	
 	 	$	10,482	
 	
 	$	13,229	
 	 	$	21,281	
 	 	$	(5,371	)	 	 	 	$	35,551	
 	 	$	47,076	
 	 	$	(11,525	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Loss and Expense Ratios:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	84.2	%	 	87.4	%	 	87.2	%	 	86.0	%	 	83.8	%	 	0.4	%	 	 	 	86.3	%	 	86.3	%	 	0.0	%	 	 	 	 	 	 	
Policy acquisition costs and other insurance expenses	 	6.4	%	 	5.1	%	 	4.5	%	 	4.9	%	 	5.9	%	 	0.5	%	 	 	 	5.3	%	 	4.9	%	 	0.4	%	 	 	 	 	 	 	
Other operating expenses	 	9.1	%	 	8.7	%	 	9.3	%	 	10.6	%	 	8.6	%	 	0.5	%	 	 	 	9.0	%	 	8.5	%	 	0.5	%	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Foreign currency effect on   (1) :	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	(29,879	)	 	$	(35,426	)	 	$	(29,430	)	 	$	(24,435	)	 	$	13,415	
 	 	$	(43,294	)	 	 	 	$	(94,735	)	 	$	43,484	
 	 	$	(138,219	)	 	 	 	 	 	 	
Operating income before income taxes	 	$	(716	)	 	$	(770	)	 	$	(1,301	)	 	$	(905	)	 	$	1,157	
 	 	$	(1,873	)	 	 	 	$	(2,787	)	 	$	2,348	
 	 	$	(5,135	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Critical illness net premiums	 	$	58,069	
 	 	$	58,278	
 	 	$	58,219	
 	 	$	62,511	
 	 	$	63,303	
 	 	$	(5,234	)	 	 	 	$	174,566	
 	 	$	195,238	
 	 	$	(20,672	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(1) Compared to comparable prior year period	 	 	 	 	 	 	

 	
 	 	 	
 	 	Page 13

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

 	 	Three Months Ended	 	Current Qtr
vs. PY
Quarter	 	 	 	Year-to-date	 	
 	 	Sept. 30,	 	June 30,	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	 	 	 	 	Sept. 30,	 	Sept. 30,	 	 	 	 	 	 	
(USD thousands)	 	2015	 	2015	 	2015	 	2014	 	2014	 	 	 	 	 	2015	 	2014	 	Change	 	 	 	 	 	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	44,584	
 	 	$	50,234	
 	 	$	29,860	
 	 	$	57,694	
 	 	$	55,442	
 	 	$	(10,858	)	 	 	 	$	124,678	
 	 	$	158,868	
 	 	$	(34,190	)	 	 	 	 	 	 	
Investment income, net of related expenses	 	17,305	
 	 	15,782	
 	 	16,877	
 	 	28,799	
 	 	16,141	
 	 	1,164	
 	 	 	 	49,964	
 	 	26,244	
 	 	23,720	
 	 	 	 	 	 	 	
Other revenue	 	6,953	
 	 	9,694	
 	 	7,640	
 	 	8,725	
 	 	10,640	
 	 	(3,687	)	 	 	 	24,287	
 	 	26,434	
 	 	(2,147	)	 	 	 	 	 	 	
Total revenues	 	68,842	
 	 	75,710	
 	 	54,377	
 	 	95,218	
 	 	82,223	
 	 	(13,381	)	 	 	 	198,929	
 	 	211,546	
 	 	(12,617	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	37,923	
 	 	39,849	
 	 	32,081	
 	 	66,032	
 	 	53,982	
 	 	(16,059	)	 	 	 	109,853	
 	 	138,078	
 	 	(28,225	)	 	 	 	 	 	 	
Policy acquisition costs and other insurance expenses	 	(511	)	 	266	
 	 	(530	)	 	(646	)	 	(738	)	 	227	
 	 	 	 	(775	)	 	(1,710	)	 	935	
 	 	 	 	 	 	 	
Other operating expenses	 	2,592	
 	 	3,761	
 	 	4,191	
 	 	5,948	
 	 	5,290	
 	 	(2,698	)	 	 	 	10,544	
 	 	13,759	
 	 	(3,215	)	 	 	 	 	 	 	
Total benefits and expenses	 	40,004	
 	 	43,876	
 	 	35,742	
 	 	71,334	
 	 	58,534	
 	 	(18,530	)	 	 	 	119,622	
 	 	150,127	
 	 	(30,505	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	28,838	
 	 	31,834	
 	 	18,635	
 	 	23,884	
 	 	23,689	
 	 	5,149	
 	 	 	 	79,307	
 	 	61,419	
 	 	17,888	

Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	28,838	
 	 	31,834	
 	 	18,635	
 	 	23,884	
 	 	23,689	
 	 	5,149	
 	 	 	 	79,307	
 	 	61,419	
 	 	17,888	
 	 	 	 	 	 	 	
Investment and derivative gains (losses) - non-operating	 	8	
 	 	50	
 	 	851	
 	 	2,314	
 	 	206	
 	 	(198	)	 	 	 	909	
 	 	13,208	
 	 	(12,299	)	 	 	 	 	 	 	
Non-investment derivatives	 	388	
 	 	(452	)	 	148	
 	 	512	
 	 	—	
 	 	388	
 	 	 	 	84	
 	 	—	
 	 	84	
 	 	 	 	 	 	 	
Income before income taxes	 	$	29,234	
 	 	$	31,432	
 	 	$	19,634	
 	 	$	26,710	
 	 	$	23,895	
 	 	$	5,339	
 	 	 	 	$	80,300	
 	 	$	74,627	
 	 	$	5,673	

Foreign currency effect on  (2) :	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	(3,394	)	 	$	(4,779	)	 	$	(2,327	)	 	$	9,345	
 	 	$	1,026	
 	 	$	(4,420	)	 	 	 	$	(10,500	)	 	$	851	
 	 	$	(11,351	)	 	 	 	 	 	 	
Operating income before income taxes	 	$	(2,780	)	 	$	(4,214	)	 	$	(2,393	)	 	$	(1,510	)	 	$	929	
 	 	$	(3,709	)	 	 	 	$	(9,387	)	 	$	3,842	
 	 	$	(13,229	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(1) The Europe, Middle East and Africa non-traditional segment includes asset intensive, financial reinsurance, capital motivated and longevity closed block business.	 	 	 	 	 	 	
(2) Compared to comparable prior year period	 	 	 	 	 	 	

                                        

 	 	Page 14

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

 	 	Three Months Ended	 	Current Qtr
vs. PY
Quarter	 	 	 	Year-to-date	 	
 	 	Sept. 30,	 	June 30,	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	 	 	 	 	Sept. 30,	 	Sept. 30,	 	 	 	 	 	 	
(USD thousands)	 	2015	 	2015	 	2015	 	2014	 	2014	 	 	 	 	 	2015	 	2014	 	Change	 	 	 	 	 	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	400,322	
 	 	$	390,456	
 	 	$	372,145	
 	 	$	390,652	
 	 	$	393,665	
 	 	$	6,657	
 	 	 	 	$	1,162,923	
 	 	$	1,150,258	
 	 	$	12,665	
 	 	 	 	 	 	 	
Investment income, net of related expenses	 	19,626	
 	 	20,043	
 	 	20,604	
 	 	20,785	
 	 	21,899	
 	 	(2,273	)	 	 	 	60,273	
 	 	63,704	
 	 	(3,431	)	 	 	 	 	 	 	
Investment related gains (losses), net	 	—	
 	 	—	
 	 	—	
 	 	(1	)	 	1	
 	 	(1	)	 	 	 	—	
 	 	1	
 	 	(1	)	 	 	 	 	 	 	
Other revenue	 	3,728	
 	 	815	
 	 	1,126	
 	 	3,363	
 	 	2,776	
 	 	952	
 	 	 	 	5,669	
 	 	54,735	
 	 	(49,066	)	 	 	 	 	 	 	
Total revenues	 	423,676	
 	 	411,314	
 	 	393,875	
 	 	414,799	
 	 	418,341	
 	 	5,335	
 	 	 	 	1,228,865	
 	 	1,268,698	
 	 	(39,833	)	 	 	 	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	333,739	
 	 	325,667	
 	 	265,309	
 	 	312,540	
 	 	309,648	
 	 	24,091	
 	 	 	 	924,715	
 	 	896,071	
 	 	28,644	
 	 	 	 	 	 	 	
Policy acquisition costs and other insurance expenses	 	41,982	
 	 	49,335	
 	 	46,912	
 	 	46,691	
 	 	51,249	
 	 	(9,267	)	 	 	 	138,229	
 	 	212,121	
 	 	(73,892	)	 	 	 	 	 	 	
Other operating expenses	 	34,973	
 	 	31,997	
 	 	29,006	
 	 	37,541	
 	 	32,818	
 	 	2,155	
 	 	 	 	95,976	
 	 	90,870	
 	 	5,106	
 	 	 	 	 	 	 	
Total benefits and expenses	 	410,694	
 	 	406,999	
 	 	341,227	
 	 	396,772	
 	 	393,715	
 	 	16,979	
 	 	 	 	1,158,920	
 	 	1,199,062	
 	 	(40,142	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	12,982	
 	 	4,315	
 	 	52,648	
 	 	18,027	
 	 	24,626	
 	 	(11,644	)	 	 	 	69,945	
 	 	69,636	
 	 	309	

Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	12,982	
 	 	4,315	
 	 	52,648	
 	 	18,027	
 	 	24,626	
 	 	(11,644	)	 	 	 	69,945	
 	 	69,636	
 	 	309	
 	 	 	 	 	 	 	
Investment and derivative gains (losses) - non-operating	 	(1,706	)	 	—	
 	 	—	
 	 	1,193	
 	 	(324	)	 	(1,382	)	 	 	 	(1,706	)	 	1,746	
 	 	(3,452	)	 	 	 	 	 	 	
Income before income taxes	 	$	11,276	
 	 	$	4,315	
 	 	$	52,648	
 	 	$	19,220	
 	 	$	24,302	
 	 	$	(13,026	)	 	 	 	$	68,239	
 	 	$	71,382	
 	 	$	(3,143	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Loss and Expense Ratios:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	83.4	%	 	83.4	%	 	71.3	%	 	80.0	%	 	78.7	%	 	4.7	 %	 	 	 	79.5	%	 	77.9	%	 	1.6	 %	 	 	 	 	 	 	
Policy acquisition costs and other insurance expenses	 	10.5	%	 	12.6	%	 	12.6	%	 	12.0	%	 	13.0	%	 	(2.5	)%	 	 	 	11.9	%	 	18.4	%	 	(6.5	)%	 	 	 	 	 	 	
Other operating expenses	 	8.7	%	 	8.2	%	 	7.8	%	 	9.6	%	 	8.3	%	 	0.4	 %	 	 	 	8.3	%	 	7.9	%	 	0.4	 %	 	 	 	 	 	 	

Foreign currency effect on   (1) :	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	(69,139	)	 	$	(50,842	)	 	$	(35,158	)	 	$	(23,238	)	 	$	3,459	
 	 	$	(72,598	)	 	 	 	$	(155,139	)	 	$	(42,600	)	 	$	(112,539	)	 	 	 	 	 	 	
Operating income before income taxes	 	$	(601	)	 	$	1,533	
 	 	$	(4,762	)	 	$	(2,414	)	 	$	(658	)	 	$	57	
 	 	 	 	$	(3,830	)	 	$	(4,109	)	 	$	279	

Critical illness net premiums	 	$	86,341	
 	 	$	75,120	
 	 	$	69,867	
 	 	$	76,231	
 	 	$	67,105	
 	 	$	19,236	
 	 	 	 	$	231,328	
 	 	$	199,431	
 	 	$	31,897	

(1) Compared to comparable prior year period	 	 	 	 	 	 	

                                        

 	 	Page 15

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

 	 	Three Months Ended	 	Current Qtr
vs. PY
Quarter	 	 	 	Year-to-date	 	
 	 	Sept. 30,	 	June 30,	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	 	 	 	 	Sept. 30,	 	Sept. 30,	 	 	 	 	 	 	
(USD thousands)	 	2015	 	2015	 	2015	 	2014	 	2014	 	 	 	 	 	2015	 	2014	 	Change	 	 	 	 	 	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	2,807	
 	 	$	898	
 	 	$	10,282	
 	 	$	9,429	
 	 	$	5,757	
 	 	$	(2,950	)	 	 	 	$	13,987	
 	 	$	24,601	
 	 	$	(10,614	)	 	 	 	 	 	 	
Investment income, net of related expenses	 	4,482	
 	 	3,888	
 	 	3,649	
 	 	4,264	
 	 	4,546	
 	 	(64	)	 	 	 	12,019	
 	 	13,708	
 	 	(1,689	)	 	 	 	 	 	 	
Investment related gains (losses), net	 	706	
 	 	507	
 	 	501	
 	 	665	
 	 	645	
 	 	61	
 	 	 	 	1,714	
 	 	2,190	
 	 	(476	)	 	 	 	 	 	 	
Other revenue	 	4,306	
 	 	3,839	
 	 	5,117	
 	 	5,539	
 	 	6,174	
 	 	(1,868	)	 	 	 	13,262	
 	 	17,212	
 	 	(3,950	)	 	 	 	 	 	 	
Total revenues	 	12,301	
 	 	9,132	
 	 	19,549	
 	 	19,897	
 	 	17,122	
 	 	(4,821	)	 	 	 	40,982	
 	 	57,711	
 	 	(16,729	)	 	 	 	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	903	
 	 	4,706	
 	 	5,735	
 	 	8,103	
 	 	9,859	
 	 	(8,956	)	 	 	 	11,344	
 	 	33,352	
 	 	(22,008	)	 	 	 	 	 	 	
Interest credited	 	1,023	
 	 	169	
 	 	184	
 	 	195	
 	 	221	
 	 	802	
 	 	 	 	1,376	
 	 	701	
 	 	675	
 	 	 	 	 	 	 	
Policy acquisition costs and other insurance expenses	 	292	
 	 	419	
 	 	546	
 	 	367	
 	 	603	
 	 	(311	)	 	 	 	1,257	
 	 	1,929	
 	 	(672	)	 	 	 	 	 	 	
Other operating expenses	 	3,790	
 	 	3,187	
 	 	2,960	
 	 	4,006	
 	 	3,621	
 	 	169	
 	 	 	 	9,937	
 	 	9,936	
 	 	1	
 	 	 	 	 	 	 	
Total benefits and expenses	 	6,008	
 	 	8,481	
 	 	9,425	
 	 	12,671	
 	 	14,304	
 	 	(8,296	)	 	 	 	23,914	
 	 	45,918	
 	 	(22,004	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	6,293	
 	 	651	
 	 	10,124	
 	 	7,226	
 	 	2,818	
 	 	3,475	
 	 	 	 	17,068	
 	 	11,793	
 	 	5,275	

Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	6,293	
 	 	651	
 	 	10,124	
 	 	7,226	
 	 	2,818	
 	 	3,475	
 	 	 	 	17,068	
 	 	11,793	
 	 	5,275	
 	 	 	 	 	 	 	
Investment and derivative gains (losses) - non-operating	 	(881	)	 	(2,056	)	 	21	
 	 	(5,803	)	 	(6,707	)	 	5,826	
 	 	 	 	(2,916	)	 	(1,523	)	 	(1,393	)	 	 	 	 	 	 	
Income (loss) before income taxes	 	$	5,412	
 	 	$	(1,405	)	 	$	10,145	
 	 	$	1,423	
 	 	$	(3,889	)	 	$	9,301	
 	 	 	 	$	14,152	
 	 	$	10,270	
 	 	$	3,882	

Foreign currency effect on  (2) :	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	(392	)	 	$	(156	)	 	$	(1,686	)	 	$	(2,555	)	 	$	(48	)	 	$	(344	)	 	 	 	$	(2,234	)	 	$	(910	)	 	$	(1,324	)	 	 	 	 	 	 	
Operating income before income taxes	 	$	(1,719	)	 	$	(614	)	 	$	(451	)	 	$	(1,355	)	 	$	(436	)	 	$	(1,283	)	 	 	 	$	(2,784	)	 	$	(1,258	)	 	$	(1,526	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(1) The Asia Pacific non-traditional segment includes asset intensive, financial reinsurance, and disabled life closed block business.	 	 	 	 	 	 	
(2) Compared to comparable prior year period	 	 	 	 	 	 	

                                        

 	 	Page 16

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

 	 	Three Months Ended	 	Current Qtr
vs. PY
Quarter	 	 	 	Year-to-Date	 	
 	 	Sept. 30,	 	June 30,	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	 	 	 	 	Sept. 30,	 	Sept. 30,	 	 	 	 	 	 	
(USD thousands)	 	2015	 	2015	 	2015	 	2014	 	2014	 	 	 	 	 	2015	 	2014	 	Change	 	 	 	 	 	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	133	
 	 	$	153	
 	 	$	167	
 	 	$	173	
 	 	$	186	
 	 	$	(53	)	 	 	 	$	453	
 	 	$	607	
 	 	$	(154	)	 	 	 	 	 	 	
Investment income, net of related expenses	 	31,693	
 	 	31,707	
 	 	31,695	
 	 	33,762	
 	 	25,426	
 	 	6,267	
 	 	 	 	95,095	
 	 	77,044	
 	 	18,051	
 	 	 	 	 	 	 	
Investment related gains (losses), net	 	519	
 	 	460	
 	 	447	
 	 	468	
 	 	471	
 	 	48	
 	 	 	 	1,426	
 	 	946	
 	 	480	
 	 	 	 	 	 	 	
Other revenue	 	(1,670	)	 	3,348	
 	 	1,730	
 	 	(379	)	 	802	
 	 	(2,472	)	 	 	 	3,408	
 	 	8,099	
 	 	(4,691	)	 	 	 	 	 	 	
Total revenues	 	30,675	
 	 	35,668	
 	 	34,039	
 	 	34,024	
 	 	26,885	
 	 	3,790	
 	 	 	 	100,382	
 	 	86,696	
 	 	13,686	

Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	(4	)	 	—	
 	 	53	
 	 	2	
 	 	(6	)	 	2	
 	 	 	 	49	
 	 	(6	)	 	55	
 	 	 	 	 	 	 	
Interest credited	 	244	
 	 	203	
 	 	212	
 	 	205	
 	 	199	
 	 	45	
 	 	 	 	659	
 	 	603	
 	 	56	
 	 	 	 	 	 	 	
Policy acquisition costs and other insurance income	 	(22,234	)	 	(21,843	)	 	(20,588	)	 	(24,139	)	 	(20,376	)	 	(1,858	)	 	 	 	(64,665	)	 	(59,362	)	 	(5,303	)	 	 	 	 	 	 	
Other operating expenses	 	31,668	
 	 	26,137	
 	 	18,334	
 	 	41,279	
 	 	21,595	
 	 	10,073	
 	 	 	 	76,139	
 	 	55,323	
 	 	20,816	
 	 	 	 	 	 	 	
Interest expense	 	35,565	
 	 	35,851	
 	 	35,627	
 	 	(9,660	)	 	36,065	
 	 	(500	)	 	 	 	107,043	
 	 	106,360	
 	 	683	
 	 	 	 	 	 	 	
Collateral finance and securitization expense	 	5,133	
 	 	5,258	
 	 	6,071	
 	 	3,710	
 	 	2,571	
 	 	2,562	
 	 	 	 	16,462	
 	 	7,731	
 	 	8,731	
 	 	 	 	 	 	 	
Total benefits and expenses	 	50,372	
 	 	45,606	
 	 	39,709	
 	 	11,397	
 	 	40,048	
 	 	10,324	
 	 	 	 	135,687	
 	 	110,649	
 	 	25,038	

Operating income (loss) before income taxes	 	(19,697	)	 	(9,938	)	 	(5,670	)	 	22,627	
 	 	(13,163	)	 	(6,534	)	 	 	 	(35,305	)	 	(23,953	)	
 	(11,352	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income (loss) before income taxes	 	(19,697	)	 	(9,938	)	 	(5,670	)	 	22,627	
 	 	(13,163	)	 	(6,534	)	 	 	 	(35,305	)	 	(23,953	)	 	(11,352	)	 	 	 	 	 	 	
Investment and derivative gains (losses) - non-operating	 	(31,229	)	 	1,252	
 	 	(2,280	)	 	(3,696	)	 	(960	)	 	(30,269	)	 	 	 	(32,257	)	 	(6,603	)	 	(25,654	)	 	 	 	 	 	 	
Non-investment derivatives	 	(5	)	 	(41	)	 	(40	)	 	(40	)	 	(28	)	 	23	
 	 	 	 	(86	)	 	(28	)	 	(58	)	 	 	 	 	 	 	
Income (loss) before income taxes	 	$	(50,931	)	 	$	(8,727	)	 	$	(7,990	)	 	$	18,891	
 	 	$	(14,151	)	 	$	(36,780	)	 	 	 	$	(67,648	)	 	$	(30,584	)	 	$	(37,064	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Foreign currency effect on   (1) :	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income (loss) before income taxes	 	$	(1,407	)	 	$	(1,173	)	 	$	(528	)	 	$	(1,196	)	 	$	(1,403	)	 	$	(4	)	 	 	 	$	(3,108	)	 	$	(4,372	)	 	$	1,264	

(1) Compared to comparable prior year period	 	 	 	 	 	 	

 

 	
 	 	 	
 	 	Page 17

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

 	 	Three Months Ended	 	Current Qtr
vs. PY
Quarter	 	 	 	Year-to-date	 	
 	 	Sept. 30,	 	June 30,	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	 	 	 	 	Sept. 30,	 	Sept. 30,	 	 	 	 	 	 	
(USD thousands)	 	2015	 	2015	 	2015	 	2014	 	2014	 	 	 	 	 	2015	 	2014	 	Change	 	 	 	 	 	 	
U.S. and Latin America:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Traditional	 	$	54,726	
 	 	$	79,433	
 	 	$	20,316	
 	 	$	134,120	
 	 	$	78,925	
 	 	$	(24,199	)	 	 	 	$	154,475	
 	 	$	216,082	
 	 	$	(61,607	)	 	 	 	 	 	 	
Non-Traditional:	 	 	 	 	 	 	 	 	 	 	 	

Asset Intensive	 	55,230	
 	 	56,402	
 	 	40,334	
 	 	56,014	
 	 	57,976	
 	 	(2,746	)	 	 	 	151,966	
 	 	143,008	
 	 	8,958	
 	 	 	 	 	 	 	
Financial Reinsurance	 	12,073	
 	 	14,643	
 	 	12,365	
 	 	12,530	
 	 	13,804	
 	 	(1,731	)	 	 	 	39,081	
 	 	39,839	
 	 	(758	)	 	 	 	 	 	 	
Total U.S. and Latin America	 	122,029	
 	 	150,478	
 	 	73,015	
 	 	202,664	
 	 	150,705	
 	 	(28,676	)	 	 	 	345,522	
 	 	398,929	
 	 	(53,407	)	 	 	 	 	 	 	
Canada:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Canada Traditional	 	37,793	
 	 	23,759	
 	 	17,173	
 	 	18,198	
 	 	24,855	
 	 	12,938	
 	 	 	 	78,725	
 	 	74,131	
 	 	4,594	
 	 	 	 	 	 	 	
Canada Non-Traditional	 	3,257	
 	 	3,094	
 	 	4,131	
 	 	1,731	
 	 	881	
 	 	2,376	
 	 	 	 	10,482	
 	 	4,454	
 	 	6,028	
 	 	 	 	 	 	 	
Total Canada	 	41,050	
 	 	26,853	
 	 	21,304	
 	 	19,929	
 	 	25,736	
 	 	15,314	
 	 	 	 	89,207	
 	 	78,585	
 	 	10,622	
 	 	 	 	 	 	 	
Europe, Middle East and Africa:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Europe, Middle East and Africa Traditional	 	15,621	
 	 	9,159	
 	 	10,433	
 	 	9,899	
 	 	20,291	
 	 	(4,670	)	 	 	 	35,213	
 	 	41,218	
 	 	(6,005	)	 	 	 	 	 	 	
Europe, Middle East and Africa Non-Traditional	 	28,838	
 	 	31,834	
 	 	18,635	
 	 	23,884	
 	 	23,689	
 	 	5,149	
 	 	 	 	79,307	
 	 	61,419	
 	 	17,888	
 	 	 	 	 	 	 	
Total Europe, Middle East and Africa	 	44,459	
 	 	40,993	
 	 	29,068	
 	 	33,783	
 	 	43,980	
 	 	479	
 	 	 	 	114,520	
 	 	102,637	
 	 	11,883	
 	 	 	 	 	 	 	
Asia Pacific:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Asia Pacific Traditional	 	12,982	
 	 	4,315	
 	 	52,648	
 	 	18,027	
 	 	24,626	
 	 	(11,644	)	 	 	 	69,945	
 	 	69,636	
 	 	309	
 	 	 	 	 	 	 	
Asia Pacific Non-Traditional	 	6,293	
 	 	651	
 	 	10,124	
 	 	7,226	
 	 	2,818	
 	 	3,475	
 	 	 	 	17,068	
 	 	11,793	
 	 	5,275	
 	 	 	 	 	 	 	
Total Asia Pacific	 	19,275	
 	 	4,966	
 	 	62,772	
 	 	25,253	
 	 	27,444	
 	 	(8,169	)	 	 	 	87,013	
 	 	81,429	
 	 	5,584	
 	 	 	 	 	 	 	
Corporate and Other	 	(19,697	)	 	(9,938	)	 	(5,670	)	 	22,627	
 	 	(13,163	)	 	(6,534	)	 	 	 	(35,305	)	 	(23,953	)	 	(11,352	)	 	 	 	 	 	 	
Consolidated	 	$	207,116	
 	 	$	213,352	
 	 	$	180,489	
 	 	$	304,256	
 	 	$	234,702	
 	 	$	(27,586	)	 	 	 	$	600,957	
 	 	$	637,627	
 	 	$	(36,670	)	 	 	 	 	 	 	

 

                                        

 	 	Page 18

 
Reinsurance Group of America, Incorporated
Investments
(USD thousands)

Cash and Invested Assets	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Sept. 30,	 	June 30,	 	March 31,	 	Dec. 31,	 	Sept. 30,	
 	 	2015	 	2015	 	2015	 	2014	 	2014	
Fixed maturity securities, available-for-sale	 	$	27,411,788	
 	 	$	28,063,975	
 	 	$	25,801,223	
 	 	$	25,480,972	
 	 	$	24,475,451	
 	
Mortgage loans on real estate	 	3,170,002	
 	 	3,073,313	
 	 	2,913,486	
 	 	2,712,238	
 	 	2,617,091	
 	
Policy loans	 	1,444,009	
 	 	1,438,156	
 	 	1,284,085	
 	 	1,284,284	
 	 	1,249,948	
 	
Funds withheld at interest	 	5,675,174	
 	 	5,840,076	
 	 	5,841,554	
 	 	5,922,561	
 	 	5,969,006	
 	
Short-term investments	 	58,200	
 	 	76,118	
 	 	89,136	
 	 	97,694	
 	 	44,437	
 	
Other invested assets	 	1,187,504	
 	 	1,110,107	
 	 	1,243,033	
 	 	1,198,319	
 	 	1,165,021	
 	
Cash and cash equivalents	 	1,747,692	
 	 	1,335,661	
 	 	1,083,179	
 	 	1,645,669	
 	 	1,118,745	
 	
Total cash and invested assets	 	$	40,694,369	
 	 	$	40,937,406	
 	 	$	38,255,696	
 	 	$	38,341,737	
 	 	$	36,639,699	

 
Investment Income and Yield Summary	 	

 	 	Three Months Ended	 	Current Qtr
vs. PY
Quarter	 	 	 	Year-to-Date	 	
 	 	Sept. 30,	 	June 30,	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	 	 	 	 	Sept. 30,	 	Sept. 30,	 	 	 	 	 	 	
 	 	2015	 	2015	 	2015	 	2014	 	2014	 	 	 	 	 	2015	 	2014	 	Change	 	 	 	 	 	 	
Average invested assets at amortized cost  (1)	 	$	20,988,046	
 	 	$	21,029,197	
 	 	$	21,073,262	
 	 	$	20,672,245	
 	 	$	20,424,141	
 	 	$	563,905	
 	 	 	 	$	20,783,655	
 	 	$	19,854,771	
 	 	$	928,884	
 	 	 	 	 	 	 	
Net investment income  (1)	 	$	240,168	
 	 	$	252,131	
 	 	$	247,239	
 	 	$	250,757	
 	 	$	240,877	
 	 	$	(709	)	 	 	 	$	739,538	
 	 	$	707,125	
 	 	$	32,413	
 	 	 	 	 	 	 	
Annualized investment yield (ratio of net investment income to average invested assets)  (1)	 	4.66	%	 	4.88	%	 	4.78	%	 	4.94	%	 	4.80	%	 	(0.14	)%	 	 	 	4.77	%	 	4.78	%	 	(0.01	)%	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(1) Excludes spread-related business (e.g. coinsurance of annuities)	 	 	 	 	 	 	

                                        

 	 	Page 19

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)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
September 30, 2015	
 	 	Amortized
Cost	 	Unrealized
Gains	 	Unrealized
Losses	 	Estimated Fair
Value	 	% of
Total	 	Other-than-
temporary
Impairment
in AOCI	
Available-for-sale:	 	 	 	 	 	 	 	 	 	 	 	 	
Corporate securities	 	$	15,801,362	
 	 	$	702,697	
 	 	$	330,612	
 	 	$	16,173,447	
 	 	59.1	%	 	$	—	
 	
Canadian and Canadian provincial governments	 	2,520,495	
 	 	1,023,160	
 	 	929	
 	 	3,542,726	
 	 	12.9	%	 	—	
 	
Residential mortgage-backed securities	 	1,234,158	
 	 	55,711	
 	 	6,409	
 	 	1,283,460	
 	 	4.7	%	 	(300	)	
Asset-backed securities	 	1,055,760	
 	 	16,971	
 	 	11,359	
 	 	1,061,372	
 	 	3.9	%	 	354	
 	
Commercial mortgage-backed securities	 	1,441,845	
 	 	58,555	
 	 	8,449	
 	 	1,491,951	
 	 	5.4	%	 	(1,609	)	
U.S. government and agencies	 	1,337,493	
 	 	20,688	
 	 	40,963	
 	 	1,317,218	
 	 	4.8	%	 	—	
 	
State and political subdivisions	 	466,685	
 	 	42,564	
 	 	7,746	
 	 	501,503	
 	 	1.8	%	 	—	
 	
Other foreign government, supranational, and foreign	 	 	 	 	 	 	 	 	 	 	 	 	
 government-sponsored enterprises	 	1,986,997	
 	 	89,648	
 	 	36,534	
 	 	2,040,111	
 	 	7.4	%	 	—	
 	
Total fixed maturity securities	 	$	25,844,795	
 	 	$	2,009,994	
 	 	$	443,001	
 	 	$	27,411,788	
 	 	100.0	%	 	$	(1,555	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Non-redeemable preferred stock	 	89,726	
 	 	2,737	
 	 	7,754	
 	 	84,709	
 	 	76.7	%	 	 	
Other equity securities	 	26,968	
 	 	—	
 	 	1,303	
 	 	25,665	
 	 	23.3	%	 	 	
Total equity securities	 	$	116,694	
 	 	$	2,737	
 	 	$	9,057	
 	 	$	110,374	
 	 	100.0	%	 	 	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
December 31, 2014	
 	 	Amortized
Cost	 	Unrealized
Gains	 	Unrealized
Losses	 	Estimated Fair
Value	 	% of
Total	 	Other-than-
temporary
Impairment
in AOCI	
Available-for-sale:	 	 	 	 	 	 	 	 	 	 	 	 	
Corporate securities	 	$	14,010,604	
 	 	$	965,523	
 	 	$	90,544	
 	 	$	14,885,583	
 	 	58.4	%	 	$	—	
 	
Canadian and Canadian provincial governments	 	2,668,852	
 	 	1,196,420	
 	 	7	
 	 	3,865,265	
 	 	15.2	%	 	—	
 	
Residential mortgage-backed securities	 	991,867	
 	 	52,640	
 	 	6,611	
 	 	1,037,896	
 	 	4.1	%	 	(300	)	
Asset-backed securities	 	1,059,660	
 	 	20,301	
 	 	10,375	
 	 	1,069,586	
 	 	4.2	%	 	354	
 	
Commercial mortgage-backed securities	 	1,453,657	
 	 	87,593	
 	 	8,659	
 	 	1,532,591	
 	 	6.0	%	 	(1,609	)	
U.S. government and agencies	 	501,352	
 	 	25,014	
 	 	515	
 	 	525,851	
 	 	2.0	%	 	—	
 	
State and political subdivisions	 	378,457	
 	 	51,117	
 	 	3,498	
 	 	426,076	
 	 	1.7	%	 	—	
 	
Other foreign government, supranational, and foreign	 	 	 	 	 	 	 	 	 	 	 	 	
 government-sponsored enterprises	 	2,041,148	
 	 	110,065	
 	 	13,089	
 	 	2,138,124	
 	 	8.4	%	 	—	
 	
Total fixed maturity securities	 	$	23,105,597	
 	 	$	2,508,673	
 	 	$	133,298	
 	 	$	25,480,972	
 	 	100.0	%	 	$	(1,555	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Non-redeemable preferred stock	 	93,540	
 	 	7,350	
 	 	1,527	
 	 	99,363	
 	 	78.3	%	 	 	
Other equity securities	 	26,994	
 	 	597	
 	 	94	
 	 	27,497	
 	 	21.7	%	 	 	
Total equity securities	 	$	120,534	
 	 	$	7,947	
 	 	$	1,621	
 	 	$	126,860	
 	 	100.0	%	 	 	

 	
 	 	 	
 	 	Page 20

Reinsurance Group of America, Incorporated
Investments
(USD thousands)

Corporate Fixed Maturities Securities by Sector
(Excludes Funds Withheld Portfolios)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	September 30, 2015	 	December 31, 2014	
 	 	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	 	$	3,288,755	
 	 	$	3,385,294	
 	 	21.0	%	 	A-	 	$	3,085,645	
 	 	$	3,227,988	
 	 	21.6	%	 	 A-	
Brokerage/Asset Managers/Exchanges	 	283,414	
 	 	299,018	
 	 	1.8	%	 	A	 	247,955	
 	 	268,439	
 	 	1.8	%	 	 A	
Finance Comp.	 	169,134	
 	 	179,239	
 	 	1.1	%	 	A+	 	187,055	
 	 	199,781	
 	 	1.3	%	 	 A+	
Insurance	 	766,110	
 	 	805,743	
 	 	5.0	%	 	A-	 	692,464	
 	 	758,825	
 	 	5.1	%	 	 A-	
REITs	 	526,359	
 	 	548,550	
 	 	3.4	%	 	BBB+	 	513,412	
 	 	544,302	
 	 	3.7	%	 	 BBB+	
Other Finance	 	58,702	
 	 	62,035	
 	 	0.4	%	 	A-	 	63,037	
 	 	67,073	
 	 	0.5	%	 	 BBB+	
Total Financial Institutions	 	$	5,092,474	
 	 	$	5,279,879	
 	 	32.7	%	 	 	 	$	4,789,568	
 	 	$	5,066,408	
 	 	34.0	%	 	 	
Industrials	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic	 	906,508	
 	 	889,654	
 	 	5.5	%	 	BBB	 	893,754	
 	 	921,843	
 	 	6.2	%	 	 BBB	
Capital Goods	 	909,546	
 	 	912,370	
 	 	5.6	%	 	BBB	 	657,388	
 	 	694,700	
 	 	4.7	%	 	 BBB	
Communications	 	1,666,341	
 	 	1,707,885	
 	 	10.6	%	 	BBB	 	1,448,054	
 	 	1,572,181	
 	 	10.6	%	 	 BBB+	
Consumer Cyclical	 	805,061	
 	 	823,400	
 	 	5.1	%	 	BBB+	 	665,675	
 	 	709,100	
 	 	4.8	%	 	 BBB+	
Consumer Noncyclical	 	1,527,762	
 	 	1,577,355	
 	 	9.8	%	 	BBB+	 	1,299,879	
 	 	1,397,510	
 	 	9.4	%	 	 BBB+	
Energy	 	1,954,763	
 	 	1,914,710	
 	 	11.8	%	 	BBB+	 	1,647,847	
 	 	1,699,885	
 	 	11.2	%	 	 BBB	
Technology	 	521,364	
 	 	532,384	
 	 	3.3	%	 	BBB+	 	465,256	
 	 	485,833	
 	 	3.3	%	 	 BBB+	
Transportation	 	600,905	
 	 	621,471	
 	 	3.8	%	 	A-	 	453,106	
 	 	486,736	
 	 	3.3	%	 	 A-	
Other Industrial	 	112,294	
 	 	119,999	
 	 	0.7	%	 	BBB+	 	108,371	
 	 	118,279	
 	 	0.8	%	 	 A-	
Total Industrials	 	$	9,004,544	
 	 	$	9,099,228	
 	 	56.2	%	 	 	 	$	7,639,330	
 	 	$	8,086,067	
 	 	54.3	%	 	 	
Utilities	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Electric	 	1,289,487	
 	 	1,358,435	
 	 	8.4	%	 	BBB+	 	1,192,487	
 	 	1,309,874	
 	 	8.8	%	 	 BBB+	
Natural Gas	 	256,190	
 	 	265,816	
 	 	1.6	%	 	A-	 	234,761	
 	 	251,110	
 	 	1.7	%	 	 A-	
Other Utility	 	158,667	
 	 	170,089	
 	 	1.1	%	 	BBB+	 	154,458	
 	 	172,124	
 	 	1.2	%	 	 A-	
Total Utilities	 	$	1,704,344	
 	 	$	1,794,340	
 	 	11.1	%	 	 	 	$	1,581,706	
 	 	$	1,733,108	
 	 	11.7	%	 	 	
Total	 	$	15,801,362	
 	 	$	16,173,447	
 	 	100.0	%	 	BBB+	 	$	14,010,604	
 	 	$	14,885,583	
 	 	100.0	%	 	BBB+	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(1) The Average Credit Rating designations are based on the weighted average ratings from nationally recognized rating organizations, primarily those assigned by S&P. In instances where a S&P rating is not available, the Company will reference the rating provided by Moody’s, and in the absence of both the Company will assign equivalent ratings based on information from the NAIC.	

                                        

 	 	Page 21

Reinsurance Group of America, Incorporated
Investments
(USD thousands)

Ratings of Fixed Maturity Securities
(Excludes Funds Withheld Portfolios)

 	 	 	 	September 30, 2015	 	June 30, 2015	 	March 31, 2015	 	December 31, 2014	 	September 30, 2014	
NAIC
Designation (1)	 	Rating Agency
Designation   (2)	 	Amortized
Cost	 	Estimated
Fair Value	 	% of
Total	 	Amortized
Cost	 	Estimated
Fair Value	 	% of
Total	 	Amortized
Cost	 	Estimated
Fair Value	 	% of
Total	 	Amortized
Cost	 	Estimated
Fair Value	 	% of
Total	 	Amortized
Cost	 	Estimated
Fair Value	 	% of
Total	
1	 	AAA/AA/A	 	$	16,479,884	
 	 	$	18,012,729	
 	 	65.7	%	 	$	16,880,974	
 	 	$	18,443,284	
 	 	65.7	%	 	$	14,515,363	
 	 	$	16,887,466	
 	 	65.4	%	 	$	14,855,946	
 	 	$	16,866,777	
 	 	66.1	%	 	$	14,590,478	
 	 	$	16,236,196	
 	 	66.3	%	
2	 	BBB	 	7,567,172	
 	 	7,691,301	
 	 	28.1	%	 	7,686,514	
 	 	7,881,514	
 	 	28.1	%	 	6,957,089	
 	 	7,450,140	
 	 	28.9	%	 	6,880,383	
 	 	7,258,299	
 	 	28.5	%	 	6,530,399	
 	 	6,895,202	
 	 	28.2	%	
3	 	BB	 	1,061,245	
 	 	1,015,762	
 	 	3.7	%	 	932,629	
 	 	950,069	
 	 	3.4	%	 	799,090	
 	 	825,796	
 	 	3.2	%	 	750,152	
 	 	760,531	
 	 	3.0	%	 	729,311	
 	 	751,110	
 	 	3.1	%	
4	 	B	 	414,775	
 	 	389,089	
 	 	1.4	%	 	510,894	
 	 	504,272	
 	 	1.8	%	 	419,277	
 	 	404,081	
 	 	1.6	%	 	387,456	
 	 	372,375	
 	 	1.5	%	 	425,094	
 	 	421,100	
 	 	1.7	%	
5	 	CCC	 	261,015	
 	 	246,211	
 	 	0.9	%	 	246,203	
 	 	242,930	
 	 	0.9	%	 	219,271	
 	 	214,370	
 	 	0.8	%	 	212,905	
 	 	208,346	
 	 	0.8	%	 	152,363	
 	 	150,845	
 	 	0.6	%	
6	 	In or near default	 	60,704	
 	 	56,696	
 	 	0.2	%	 	48,118	
 	 	41,906	
 	 	0.1	%	 	23,626	
 	 	19,370	
 	 	0.1	%	 	18,755	
 	 	14,644	
 	 	0.1	%	 	25,296	
 	 	20,998	
 	 	0.1	%	
 	 	Total	 	$	25,844,795	
 	 	$	27,411,788	
 	
 	100.0	%	
 	$	26,305,332	
 	
 	$	28,063,975	
 	
 	100.0	%	
 	$	22,933,716	
 	
 	$	25,801,223	
 	
 	100.0	%	
 	$	23,105,597	
 	
 	$	25,480,972	
 	
 	100.0	%	
 	$	22,452,941	
 	
 	$	24,475,451	
 	
 	100.0	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(1) Structured securities held by the Company’s insurance subsidiaries that maintain the National Association of Insurance Commissioners (NAIC) statutory basis of accounting that meet the definition of SSAP No. 43R utilize the NAIC rating methodology. All other securities will continue to utilize the Nationally Recognized Statistical Rating Organizations (NRSRO) ratings, as available, or equivalent rating based on information from the NAIC.	
(2) The Rating Agency Designation includes all “+” or “-” at that rating level (e. g. ‘BBB’ includes ‘BBB+’, ‘BBB’, and ‘BBB-’).	

Structured Fixed Maturity Securities	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	September 30, 2015	 	June 30, 2015	 	March 31, 2015	 	December 31, 2014	 	September 30, 2014	
 	 	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	 	$	614,272	
 	 	$	657,066	
 	 	$	626,139	
 	 	$	656,940	
 	 	$	644,367	
 	 	$	692,101	
 	 	$	639,936	
 	 	$	677,352	
 	 	$	597,413	
 	 	$	625,070	
 	
Non-agency	 	619,886	
 	 	626,394	
 	 	528,593	
 	 	533,939	
 	 	428,048	
 	 	435,573	
 	 	351,931	
 	 	360,544	
 	 	367,023	
 	 	375,647	
 	
Total residential mortgage-backed securities	 	1,234,158	
 	 	1,283,460	
 	 	1,154,732	
 	 	1,190,879	
 	 	1,072,415	
 	 	1,127,674	
 	 	991,867	
 	 	1,037,896	
 	 	964,436	
 	 	1,000,717	
 	
Commercial mortgage-backed securities	 	1,441,845	
 	 	1,491,951	
 	 	1,471,419	
 	 	1,525,469	
 	 	1,448,372	
 	 	1,534,274	
 	 	1,453,657	
 	 	1,532,591	
 	 	1,404,648	
 	 	1,481,822	
 	
Asset-backed securities	 	1,055,760	
 	 	1,061,372	
 	 	1,051,093	
 	 	1,062,624	
 	 	1,082,883	
 	 	1,098,112	
 	 	1,059,660	
 	 	1,069,586	
 	 	993,028	
 	 	1,006,048	
 	
Total	 	$	3,731,763	
 	 	$	3,836,783	
 	 	$	3,677,244	
 	 	$	3,778,972	
 	 	$	3,603,670	
 	 	$	3,760,060	
 	 	$	3,505,184	
 	 	$	3,640,073	
 	 	$	3,362,112	
 	 	$	3,488,587	

                                        

 	 	Page 22

 
Reinsurance Group of America, Incorporated
Investments
(USD thousands)

Gross Unrealized Losses Aging

Fixed Maturity Securities	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	September 30, 2015	 	June 30, 2015	 	March 31, 2015	 	December 31, 2014	 	September 30, 2014	
 	 	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%	 	$	359,324	
 	 	79.5	%	 	$	369,658	
 	 	94.0	%	 	$	71,886	
 	 	72.3	%	 	$	110,346	
 	 	81.8	%	 	$	107,731	
 	 	89.1	%	
20% or more for less than six months	 	69,197	
 	 	15.3	%	 	9,253	
 	 	2.3	%	 	14,581	
 	 	14.7	%	 	13,698	
 	 	10.1	%	 	683	
 	 	0.6	%	
20% or more for six months or greater	 	14,480	
 	 	3.2	%	 	10,328	
 	 	2.6	%	 	11,546	
 	 	11.6	%	 	9,254	
 	 	6.9	%	 	9,510	
 	 	7.9	%	
Total	 	$	443,001	
 	
 	98.0	%	
 	$	389,239	
 	
 	98.9	%	
 	$	98,013	
 	
 	98.6	%	
 	$	133,298	
 	
 	98.8	%	
 	$	117,924	
 	
 	97.6	%	

Equity Securities	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	September 30, 2015	 	June 30, 2015	 	March 31, 2015	 	December 31, 2014	 	September 30, 2014	
 	 	Gross
Unrealized
Losses	 	% of
Total	 	Gross
Unrealized
Losses	 	% of
Total	 	Gross
Unrealized
Losses	 	% of
Total	 	Gross
Unrealized
Losses	 	% of
Total	 	Gross
Unrealized
Losses	 	% of
Total	
Less than 20%	 	$	4,127	
 	 	0.9	%	 	$	3,654	
 	 	0.9	%	 	$	712	
 	 	0.7	%	 	$	1,619	
 	 	1.2	%	 	$	2,926	
 	 	2.4	%	
20% or more for less than six months	 	3,687	
 	 	0.8	%	 	948	
 	 	0.2	%	 	737	
 	 	0.7	%	 	—	
 	 	0.0	%	 	—	
 	 	0.0	%	
20% or more for six months or greater	 	1,243	
 	 	0.3	%	 	—	
 	 	0.0	%	 	—	
 	 	0.0	%	 	2	
 	 	0.0	%	 	2	
 	 	0.0	%	
Total	 	$	9,057	
 	
 	2.0	%	
 	$	4,602	
 	
 	1.1	%	
 	$	1,449	
 	
 	1.4	%	
 	$	1,621	
 	
 	1.2	%	
 	$	2,928	
 	
 	2.4	%	

                                        

 	 	Page 23

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

 	 	As of September 30, 2015	
 	 	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	 	$	4,647,733	
 	 	$	216,291	
 	 	$	302,808	
 	 	$	30,784	
 	 	$	4,950,541	
 	 	$	247,075	
 	
Canadian and Canadian provincial governments	 	81,615	
 	 	929	
 	 	—	
 	 	—	
 	 	81,615	
 	 	929	
 	
Residential mortgage-backed securities	 	231,621	
 	 	2,363	
 	 	66,339	
 	 	3,247	
 	 	297,960	
 	 	5,610	
 	
Asset-backed securities	 	289,210	
 	 	3,234	
 	 	182,478	
 	 	6,193	
 	 	471,688	
 	 	9,427	
 	
Commercial mortgage-backed securities	 	222,799	
 	 	3,499	
 	 	24,236	
 	 	1,122	
 	 	247,035	
 	 	4,621	
 	
U.S. government and agencies	 	909,226	
 	 	40,963	
 	 	—	
 	 	—	
 	 	909,226	
 	 	40,963	
 	
State and political subdivisions	 	128,633	
 	 	4,204	
 	 	13,206	
 	 	3,542	
 	 	141,839	
 	 	7,746	
 	
Other foreign government, supranational, and foreign
government-sponsored enterprises	 	293,121	
 	 	9,368	
 	 	37,900	
 	 	3,353	
 	 	331,021	
 	 	12,721	
 	
Investment grade securities	 	6,803,958	
 	 	280,851	
 	 	626,967	
 	 	48,241	
 	 	7,430,925	
 	 	329,092	

Below investment grade securities:	 	 	 	 	 	 	 	 	 	 	 	 	
Corporate securities	 	659,513	
 	 	60,972	
 	 	112,210	
 	 	22,565	
 	 	771,723	
 	 	83,537	
 	
Residential mortgage-backed securities	 	42,309	
 	 	445	
 	 	8,797	
 	 	354	
 	 	51,106	
 	 	799	
 	
Asset-backed securities	 	6,905	
 	 	85	
 	 	13,677	
 	 	1,847	
 	 	20,582	
 	 	1,932	
 	
Commercial mortgage-backed securities	 	3,238	
 	 	262	
 	 	7,280	
 	 	3,566	
 	 	10,518	
 	 	3,828	
 	
State and political subdivisions	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	—	
 	
Other foreign government, supranational, and
foreign government-sponsored enterprises	 	87,340	
 	 	16,297	
 	 	20,541	
 	 	7,516	
 	 	107,881	
 	 	23,813	
 	
Below investment grade securities	 	799,305	
 	 	78,061	
 	 	162,505	
 	 	35,848	
 	 	961,810	
 	 	113,909	
 	
Total fixed maturity securities	 	$	7,603,263	
 	 	$	358,912	
 	 	$	789,472	
 	 	$	84,089	
 	 	$	8,392,735	
 	 	$	443,001	

Non-redeemable preferred stock	 	38,857	
 	 	5,481	
 	 	6,411	
 	 	2,273	
 	 	45,268	
 	 	7,754	
 	
Other equity securities	 	25,619	
 	 	1,303	
 	 	—	
 	 	—	
 	 	25,619	
 	 	1,303	
 	
Total equity securities	 	$	64,476	
 	 	$	6,784	
 	 	$	6,411	
 	 	$	2,273	
 	 	$	70,887	
 	 	$	9,057	

 	 	 	 	 	 	 	 	 	 	 	 	 	

 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	As of December 31, 2014	
 	 	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	 	$	1,225,767	
 	 	$	27,784	
 	 	$	614,294	
 	 	$	30,040	
 	 	$	1,840,061	
 	 	$	57,824	
 	
Canadian and Canadian provincial governments	 	—	
 	 	—	
 	 	1,235	
 	 	7	
 	 	1,235	
 	 	7	
 	
Residential mortgage-backed securities	 	78,864	
 	 	846	
 	 	135,414	
 	 	5,247	
 	 	214,278	
 	 	6,093	
 	
Asset-backed securities	 	332,785	
 	 	4,021	
 	 	109,411	
 	 	4,289	
 	 	442,196	
 	 	8,310	
 	
Commercial mortgage-backed securities	 	78,632	
 	 	564	
 	 	28,375	
 	 	2,461	
 	 	107,007	
 	 	3,025	
 	
U.S. government and agencies	 	81,317	
 	 	89	
 	 	32,959	
 	 	426	
 	 	114,276	
 	 	515	
 	
State and political subdivisions	 	13,780	
 	 	17	
 	 	18,998	
 	 	3,438	
 	 	32,778	
 	 	3,455	
 	
Other foreign government, supranational, and foreign government-sponsored enterprises	 	156,725	
 	 	7,007	
 	 	76,111	
 	 	2,946	
 	 	232,836	
 	 	9,953	
 	
Investment grade securities	 	1,967,870	
 	 	40,328	
 	 	1,016,797	
 	 	48,854	
 	 	2,984,667	
 	 	89,182	

Below investment grade securities:	 	 	 	 	 	 	 	 	 	 	 	 	
Corporate securities	 	415,886	
 	 	29,316	
 	 	32,567	
 	 	3,404	
 	 	448,453	
 	 	32,720	
 	
Residential mortgage-backed securities	 	22,836	
 	 	293	
 	 	6,284	
 	 	225	
 	 	29,120	
 	 	518	
 	
Asset-backed securities	 	12,448	
 	 	274	
 	 	7,108	
 	 	1,791	
 	 	19,556	
 	 	2,065	
 	
Commercial mortgage-backed securities	 	3,288	
 	 	249	
 	 	5,580	
 	 	5,385	
 	 	8,868	
 	 	5,634	
 	
State and political subdivisions	 	964	
 	 	43	
 	 	—	
 	 	—	
 	 	964	
 	 	43	
 	
Other foreign government, supranational, and
foreign government-sponsored enterprises	 	13,986	
 	 	3,136	
 	 	—	
 	 	—	
 	 	13,986	
 	 	3,136	
 	
Below investment grade securities	 	469,408	
 	 	33,311	
 	 	51,539	
 	 	10,805	
 	 	520,947	
 	 	44,116	
 	
Total fixed maturity securities	 	$	2,437,278	
 	 	$	73,639	
 	 	$	1,068,336	
 	 	$	59,659	
 	 	$	3,505,614	
 	 	$	133,298	

Non-redeemable preferred stock	 	11,619	
 	 	235	
 	 	19,100	
 	 	1,292	
 	 	30,719	
 	 	1,527	
 	
Other equity securities	 	—	
 	 	—	
 	 	3,545	
 	 	94	
 	 	3,545	
 	 	94	
 	
Total equity securities	 	$	11,619	
 	 	$	235	
 	 	$	22,645	
 	 	$	1,386	
 	 	$	34,264	
 	 	$	1,621	

                                        

 	 	Page 24

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	 	
 	 	Sept. 30,	 	June 30,	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	 	 	 	 	Sept. 30,	 	Sept. 30,	 	 	 	 	 	 	
 	 	2015	 	2015	 	2015	 	2014	 	2014	 	 	 	 	 	2015	 	2014	 	Change	 	 	 	 	 	 	
Fixed Maturity and Equity Securities:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Other-than-temporary impairment losses on fixed maturities	 	$	(23,111	)	 	$	(4,137	)	 	$	(2,527	)	 	$	(6,347	)	 	$	(246	)	 	$	(22,865	)	 	 	 	$	(29,775	)	 	$	(1,419	)	 	$	(28,356	)	 	 	 	 	 	 	
Gain on investment activity	 	13,792	
 	 	20,009	
 	 	19,201	
 	 	13,662	
 	 	8,819	
 	 	4,973	
 	 	 	 	53,002	
 	 	51,773	
 	 	1,229	
 	 	 	 	 	 	 	
Loss on investment activity	 	(22,186	)	 	(14,475	)	 	(13,596	)	 	(11,480	)	 	(6,355	)	 	(15,831	)	 	 	 	(50,257	)	 	(19,815	)	 	(30,442	)	 	 	 	 	 	 	
Net gain/(loss) on fixed maturity and equity securities	 	(31,505	)	 	1,397	
 	 	3,078	
 	 	(4,165	)	 	2,218	
 	 	(33,723	)	 	 	 	(27,030	)	 	30,539	
 	 	(57,569	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Other impairment losses and change in mortgage loan provision	 	(636	)	 	143	
 	 	(4,168	)	 	371	
 	 	(2,041	)	 	1,405	
 	 	 	 	(4,661	)	 	(5,686	)	 	1,025	
 	 	 	 	 	 	 	
Other non-derivative gain/(loss), net	 	(2,006	)	 	976	
 	 	17,375	
 	 	2,759	
 	 	2,298	
 	 	(4,304	)	 	 	 	16,345	
 	 	19,863	
 	 	(3,518	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Free-standing Derivatives:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Credit default swaps	 	(8,407	)	 	(187	)	 	2,658	
 	 	2,658	
 	 	(1,389	)	 	(7,018	)	 	 	 	(5,936	)	 	1,280	
 	 	(7,216	)	 	 	 	 	 	 	
Interest rate swaps - non-hedged	 	42,014	
 	 	(41,729	)	 	29,344	
 	 	33,812	
 	 	9,114	
 	 	32,900	
 	 	 	 	29,629	
 	 	61,017	
 	 	(31,388	)	 	 	 	 	 	 	
Interest rate swaps - hedged	 	—	
 	 	—	
 	 	7	
 	 	10	
 	 	8	
 	 	(8	)	 	 	 	7	
 	 	9	
 	 	(2	)	 	 	 	 	 	 	
Foreign currency swaps - hedged (1)	 	(2,135	)	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	(2,135	)	 	 	 	(2,135	)	 	—	
 	 	(2,135	)	 	 	 	 	 	 	
Futures	 	16,655	
 	 	(2,183	)	 	(7,331	)	 	(6,728	)	 	6,446	
 	 	10,209	
 	 	 	 	7,141	
 	 	(2,822	)	 	9,963	
 	 	 	 	 	 	 	
CPI swaps	 	(250	)	 	168	
 	 	(71	)	 	(536	)	 	(274	)	 	24	
 	 	 	 	(153	)	 	193	
 	 	(346	)	 	 	 	 	 	 	
Equity options	 	15,149	
 	 	(2,605	)	 	(8,067	)	 	(5,724	)	 	1,017	
 	 	14,132	
 	 	 	 	4,477	
 	 	(16,748	)	 	21,225	
 	 	 	 	 	 	 	
Currency forwards	 	707	
 	 	(1,433	)	 	(220	)	 	(5,746	)	 	(5,277	)	 	5,984	
 	 	 	 	(946	)	 	(2,945	)	 	1,999	
 	 	 	 	 	 	 	
Bond forwards	 	610	
 	 	1,495	
 	 	(840	)	 	—	
 	 	—	
 	 	610	
 	 	 	 	1,265	
 	 	—	
 	 	1,265	
 	 	 	 	 	 	 	
Interest rate options	 	—	
 	 	—	
 	 	3,276	
 	 	11,490	
 	 	865	
 	 	(865	)	 	 	 	3,276	
 	 	4,151	
 	 	(875	)	 	 	 	 	 	 	
Total free-standing derivatives	 	64,343	
 	 	(46,474	)	 	18,756	
 	 	29,236	
 	 	10,510	
 	 	53,833	
 	 	 	 	36,625	
 	 	44,135	
 	 	(7,510	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Embedded Derivatives:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Modified coinsurance and funds withheld treaties	 	(46,169	)	 	(23,098	)	 	(2,325	)	 	(14,523	)	 	56,812	
 	 	(102,981	)	 	 	 	(71,592	)	 	212,888	
 	 	(284,480	)	 	 	 	 	 	 	
GMXB	 	(95,373	)	 	50,878	
 	 	(25,133	)	 	(52,901	)	 	(47,479	)	 	(47,894	)	 	 	 	(69,628	)	 	(76,323	)	 	6,695	
 	 	 	 	 	 	 	
Total embedded derivatives	 	(141,542	)	 	27,780	
 	 	(27,458	)	 	(67,424	)	 	9,333	
 	 	(150,875	)	 	 	 	(141,220	)	 	136,565	
 	 	(277,785	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net gain/(loss) on total derivatives	 	(77,199	)	 	(18,694	)	 	(8,702	)	 	(38,188	)	 	19,843	
 	 	(97,042	)	 	 	 	(104,595	)	 	180,700	
 	 	(285,295	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total investment related gains / (losses), net	 	$	(111,346	)	 	$	(16,178	)	 	$	7,583	
 	 	$	(39,223	)	 	$	22,318	
 	 	$	(133,664	)	 	 	 	$	(119,941	)	 	$	225,416	
 	 	$	(345,357	)	 	 	 	 	 	 	
(1) The company recognizes gains and losses on derivatives and the related hedged items in fair value hedges within net gains/(losses) on total derivatives.	 	 	 	 	 	 	

                                        

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