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): January 31, 2013

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

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

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

 

Item 2.02	Results of Operations and Financial Condition.	
On January 31, 2013, Reinsurance Group of America, Incorporated (the “Company”) issued (1) a press release (the “Press Release”) announcing its earnings for the three-month period ended December 31, 2012, and providing certain additional information, a copy of which is furnished with this report as Exhibit 99.1, and (2) a Quarterly Financial Supplement for the quarter ended December 31, 2012, a copy of which is attached hereto as Exhibit 99.2. The Press Release also notes that a conference call will be held on February 1, 2013 to discuss the financial and operating results for the three-month period ended December 31, 2012. The Press Release and Quarterly Financial Supplement are furnished and are not filed pursuant to Instruction B.2 of Form 8-K.
 
Item 9.01	Financial Statements and Exhibits	
 
(d)	Exhibits.	

Exhibit No.	  	Exhibit	
 	 	
99.1	  	Press Release of Reinsurance Group of America, Incorporated dated January 31, 2013	
 	 	
99.2	  	Quarterly Financial Supplement for the quarter ended December 31, 2012	

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

 	 	 	 	REINSURANCE GROUP OF AMERICA, INCORPORATED	
 	 	 	 	
Date: January 31, 2013	 	 	 	By:	 	/s/ Jack B. Lay	
 	 	 	 	 	 	Jack B. Lay	
 	 	 	 	 	 	Senior Executive Vice President and Chief Financial Officer	

EXHIBIT INDEX

Exhibit Number	  	Description	
 	 	
99.1	  	Press Release dated January 31, 2013	
 	 	
99.2	  	Quarterly Financial Supplement for the quarter ended December 31, 2012	

Exhibit 99.1

PRESS RELEASE
REINSURANCE GROUP OF AMERICA REPORTS FOURTH-QUARTER RESULTS
 
 	•	 	Fourth-quarter earnings per diluted share: net income $3.00, operating income* $2.44	
 
 	•	 	Results boosted by strong U.S. individual mortality and Canada segment results	
 
 	•	 	Net premiums up seven percent to $2.2 billion	
 
 	•	 	Full-year operating return on equity* 12 percent	
 
 	•	 	Board of directors approves $200 million stock repurchase program	
ST. LOUIS, January 31, 2013 – Reinsurance Group of America, Incorporated (NYSE: RGA), a leading global provider of life reinsurance, reported fourth-quarter net income of $223.0 million, or $3.00 per diluted share, compared to $138.6 million, or $1.88 per diluted share in the prior-year quarter. Operating income* totaled $181.8 million, or $2.44 per diluted share, up from last year’s $120.8 million, or $1.64 per diluted share, an increase of 49 percent on a per-share basis. The current-period results reflect better-than-expected claims experience in the U.S. mortality business, and strong performance in both the U.S. Asset-Intensive line and Canada segment. Certain amounts for 2011 have been adjusted for the retrospective adoption of new accounting guidance for deferred acquisition costs.

 	  	Quarterly Results	 	  	Year-to-Date Results	 	
($ in thousands, except per share data)	  	2012	 	  	2011	 	  	2012	 	  	2011	 	
Net premiums	  	$	2,179,707	  	  	$	2,034,716	  	  	$	7,906,596	  	  	$	7,335,687	  	
Net income	  	 	222,989	  	  	 	138,579	  	  	 	631,893	  	  	 	546,045	  	
Net income per diluted share	  	 	3.00	  	  	 	1.88	  	  	 	8.52	  	  	 	7.37	  	
Operating income*	  	 	181,830	  	  	 	120,772	  	  	 	516,382	  	  	 	485,596	  	
Operating income per diluted share*	  	 	2.44	  	  	 	1.64	  	  	 	6.96	  	  	 	6.55	  	
Book value per share	  	 	93.47	  	  	 	79.31	  	  	 	 	 	  	 	 	 	
Book value per share (excl. Accumulated Other Comprehensive Income “AOCI”)*	  	 	64.95	  	  	 	57.25	  	  	 	 	 	  	 	 	 	
Total assets	  	 	40,360,438	  	  	 	31,633,973	  	  	 	 	 	  	 	 	 	
 
*	See ‘Use of Non-GAAP Financial Measures’ below	
Net income for the year increased to $631.9 million, or $8.52 per diluted share, from $546.0 million, or $7.37 per diluted share, in 2011. Operating income* totaled $516.4 million, or $6.96 per diluted share, compared with $485.6 million, or $6.55 per diluted share, the year before. Net foreign currency fluctuations lowered 2012 operating income per diluted share by $0.06. Consolidated net premiums for 2012 rose $570.9 million, or approximately eight percent including the effects of currency fluctuations, and nine percent without them.
 
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For the quarter, consolidated net premiums increased seven percent to $2.2 billion from $2.0 billion in the prior-year quarter, including a favorable $14.1 million impact from foreign currency fluctuations. Investment income increased to $370.2 million from $304.5 million in the year-earlier quarter, primarily attributable to investment income associated with a large fixed deferred annuity coinsurance agreement that became effective April 1, 2012.
Excluding the effect of spread-based investment income and changes in value of associated derivatives, investment income increased approximately six percent, or $13.3 million, compared with the fourth quarter of 2011. The average book value of non-spread-based invested assets was up approximately $1.7 billion to $17.5 billion, and the average portfolio yield decreased to 4.83 percent from 5.18 percent in the fourth quarter of 2011. For the year, the average yield dropped 30 basis points as a result of the lower interest rate environment. Current reinvestment rates are approximately 3.7 percent. Net foreign currency fluctuations increased the current quarter’s operating income by approximately $1.2 million after taxes, or $0.02 per diluted share.
The company’s effective tax rate on the full years’ operating income was 30.8 percent and 28.1 percent in 2012 and 2011, respectively. Both years’ tax rates were below management’s expected rate of approximately 33-34 percent, primarily due to the recognition of income tax benefits associated with unfavorable claims experience on certain treaties and changes in foreign jurisdiction tax rates.
A. Greig Woodring, president and chief executive officer, commented, “We are pleased to report a very strong fourth quarter and a solid 2012 overall. Annualized operating return on equity was 16 percent for the quarter, 12 percent for the full year and has averaged 13 percent over the last five years. The fourth quarter benefited primarily from favorable individual mortality and annuity results in the U.S. and strong results in Canada, which more than offset weak results in Australia and the ongoing effects of the low interest rate environment. We reported a modest loss in Australia this quarter and will continue to manage this business in a challenging environment.
“For the year, consolidated claims experience was generally in line with management expectations, aside from the Australia operations where negative claims experience and reserve increases during the year negatively affected earnings. Consolidated premiums were up eight percent this year and operating income was up six percent.
“Book value per share increased 18 percent during 2012 to $93.47. Excluding AOCI, it rose 13 percent to $64.95. Net unrealized capital gains in the investment portfolio increased 32 percent for the year, and totaled $1.9 billion at December 31, 2012. We have a strong balance sheet with deployable excess capital. We continue to consider appropriate uses of that capital. We are well-positioned and remain committed to meeting our clients’ needs in all major life and health reinsurance markets across the globe.”
SEGMENT RESULTS
U.S.
The U.S. Traditional sub-segment reported pre-tax net income of $151.4 million for the quarter, up from $112.6 million last year. Fourth-quarter pre-tax operating income totaled $139.6 million, a 69 percent increase from $82.5 million the year before. This increase was driven by the segment’s
 
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individual mortality business, where claims experience was approximately $36.0 million better than expected on a pre-tax basis. The group reinsurance business experienced slightly higher-than-expected claims this quarter, which were offset by favorable results in the individual health business. Net premiums rose five percent, to $1,159.1 million from $1,099.4 million a year ago. For the full year, net premiums increased more than eight percent and totaled $4,308.8 million.
The U.S. Asset-Intensive business reported pre-tax income of $86.4 million this quarter, up from $13.3 million last year. The fourth quarter of 2011 reflected unfavorable changes in the fair values of various free-standing and embedded derivatives. Pre-tax operating income, which excludes the impact of those derivatives, increased to $40.8 million from $27.3 million last year. The current-period result was better than expected and was driven by strong performance in the equity-indexed and fixed annuity blocks, including the large block of fixed deferred annuities reinsured effective April 1, 2012. Full-year pre-tax operating income totaled $109.1 million and $70.1 million in 2012 and 2011, respectively.
The U.S. Financial Reinsurance business added pre-tax operating income of $8.5 million this quarter, up from $6.9 million last year. For the year, pre-tax income rose 24 percent to $32.9 million. This fee-based business has grown consistently over the past several years.
Canada
Canadian operations reported pre-tax net income of $59.4 million compared with $47.2 million in the fourth quarter of 2011. Pre-tax operating income was $54.0 million this quarter, compared with $40.7 million in the prior-year period, an increase of 33 percent. Both current- and prior-period results benefited from better-than-expected claims experience, while the current period also benefited from a favorable pre-tax reserve adjustment of approximately $16.0 million related to this segment’s creditor reinsurance business. That reserve adjustment was the result of incorporating previously unavailable individual policy level detail into the reserve calculation. Fourth-quarter net premiums were up 11 percent to $248.4 million from $224.8 million last year, including a favorable foreign currency effect of $7.6 million. For the full year, reported net premiums increased 10 percent and totaled $915.8 million. On a Canadian dollar basis, net premiums increased seven percent for the quarter and 11 percent for the full year versus 2011.
Asia Pacific
Asia Pacific reported fourth-quarter pre-tax net income of $5.9 million compared with a pre-tax loss of $9.7 million last year. Pre-tax operating income totaled $8.5 million compared with pre-tax operating losses of $15.0 million in last year’s fourth quarter. Both periods reflect adverse results in Australia. Australia reported an operating pre-tax loss of approximately $5.7 million this quarter. Outside of Australia, all markets in this segment performed well this quarter. Quarterly net premiums rose four percent to $362.6 million from $348.4 million in the prior year. On a local currency basis, net premiums rose two percent for the quarter. For the year, net premiums were up approximately four percent in reported and local currencies.
 
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Europe & South Africa
Europe & South Africa reported pre-tax net income of $15.6 million compared with $36.0 million in the year-ago quarter. Pre-tax operating income was $14.3 million versus a very strong $33.1 million in the fourth quarter of 2011. While substantially all markets in this segment performed well this quarter, higher-than-expected morbidity claims in the U.K. negatively impacted overall results. Foreign currency fluctuations adversely affected pre-tax operating income by approximately $0.3 million. Net premiums totaled $402.5 million, up 13 percent from $356.3 million the year before, with very little influence from foreign currency fluctuations. For the year, net premiums were up approximately 10 percent on a U.S. dollar basis and 14 percent on an original currency basis.
Corporate and Other
The Corporate and Other segment reported a pre-tax net loss of $6.2 million this quarter, and a pre-tax net loss of $13.0 million in the year-ago period. Pre-tax operating losses were $7.1 million in the current period and $7.4 million last year. For the year, this segment reported pre-tax operating losses of $25.5 million compared to $0.2 million in 2011, primarily due to lower investment income.
Company Guidance
The company has determined it is more meaningful to issue guidance regarding expected intermediate-term earnings growth rates and target operating returns rather than simply a range of expected annual earnings per share for the upcoming year. That determination is driven by the long-term nature of the business and any effects of potential block acquisition transactions, the timing of which can be difficult to project. The company accepts risks over very long periods of time, up to 30 years or longer in some cases. While more predictable over longer-term horizons, the business is subject to inherent short-term volatility. Although no specific 2013 operating earnings per share guidance is being provided, the company expects that near-term growth in premiums and operating income will be consistent with that exhibited over the last several years.
Over the intermediate term, the company targets operating earnings growth in the five to eight percent range, and operating return on equity of 11 to 12 percent. These targets presume no significant changes in the investment environment and the deployment of $200 million to $400 million of excess capital, on average, annually.
Stock Repurchase Authorization
The board of directors authorized a share repurchase program for up to $200 million of the company’s outstanding common stock. The authorization is effective immediately and does not have an expiration date. Repurchases would be made in accordance with applicable securities laws and would be made through market transactions, block trades, privately negotiated transactions or other means or a combination of these methods, with the timing and number of shares repurchased dependent on a variety of factors, including share price, corporate and regulatory requirements and market and business conditions. Repurchases may be commenced or suspended from time to time without prior notice.
 
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Dividend Declaration
The board of directors declared a regular quarterly dividend of $0.24, payable March 8 to shareholders of record as of February 15.
Earnings Conference Call
A conference call to discuss fourth-quarter results will begin at 9 a.m. Eastern Time on Friday, February 1. Interested parties may access the call by dialing 877-879-6203 (domestic) or 719-325-4824 (international). The access code is 2397564. A live audio webcast of the conference call will be available on the company’s investor relations website at  www.rgare.com . A replay of the conference call will be available at the same address for 90 days following the conference call. A telephonic replay will also be available through February 9 at 888-203-1112 (domestic) or 719-457-0820 (international), access code 2397564.
The company has posted to its website a Quarterly Financial Supplement that includes financial information for all segments as well as information on its investment portfolio. Additionally, the company posts periodic reports, press releases and other useful information on its Investor Relations website.
Use of Non-GAAP Financial Measures
RGA uses a non-GAAP financial measure called operating income as a basis for analyzing financial results. This measure also serves as a basis for establishing target levels and awards under RGA’s management incentive programs. Management believes that operating income, on a pre-tax and after-tax basis, better measures the ongoing profitability and underlying trends of the company’s continuing operations, primarily because that measure excludes substantially all of the effect of net investment related gains and losses, as well as changes in the fair value of certain embedded derivatives and related deferred acquisition costs. These items can be volatile, primarily due to the credit market and interest rate environment, and are not necessarily indicative of the performance of the company’s underlying businesses. Additionally, operating income excludes any net gain or loss from discontinued operations, the cumulative effect of any accounting changes, and other items that management believes are not indicative of the company’s ongoing operations. The definition of operating income can vary by company and is not considered a substitute for GAAP net income. Reconciliations to GAAP net income are provided in the following tables. Additional financial information can be found in the Quarterly Financial Supplement on RGA’s Investor Relations website at  www.rgare.com  in the “Quarterly Results” tab and in the “Featured Report” section.
Book value per share outstanding before impact of AOCI is a non-GAAP financial measure that management believes is important in evaluating the balance sheet in order to ignore the effects of unrealized amounts primarily associated with mark-to-market adjustments on investments and foreign currency translation.
Operating return on equity is a non-GAAP financial measure calculated as operating income divided by average shareholders’ equity excluding AOCI.
 
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About RGA
Reinsurance Group of America, Incorporated is among the largest global providers of life reinsurance, with operations in Australia, Barbados, Bermuda, Canada, China, France, Germany, Hong Kong, India, Ireland, Italy, Japan, Malaysia, Mexico, the Netherlands, New Zealand, Poland, Singapore, South Africa, South Korea, Spain, Taiwan, the United Arab Emirates, the United Kingdom and the United States. Worldwide, the company has approximately $2.9 trillion of life reinsurance in force, and assets of $40.4 billion.
Cautionary Statement Regarding Forward-looking Statements
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, among others, statements relating to projections of the earnings, revenues, income or loss, future financial performance and growth potential of Reinsurance Group of America, Incorporated and its subsidiaries (which we refer to in the following paragraphs as “we,” “us” or “our”). The words “intend,” “expect,” “project,” “estimate,” “predict,” “anticipate,” “should,” “believe,” and other similar expressions also are intended to identify forward-looking statements. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Future events and actual results, performance and achievements could differ materially from those set forth in, contemplated by or underlying the forward-looking statements.
Numerous important factors could cause actual results and events to differ materially from those expressed or implied by forward-looking statements including, without limitation, (1) adverse capital and credit market conditions and their impact on our liquidity, access to capital, and cost of capital, (2) the impairment of other financial institutions and its effect on our business, (3) requirements to post collateral or make payments due to declines in market value of assets subject to our collateral arrangements, (4) the fact that the determination of allowances and impairments taken on our investments is highly subjective, (5) adverse changes in mortality, morbidity, lapsation, or claims experience, (6) changes in our financial strength and credit ratings and the effect of such changes on our future results of operations and financial condition, (7) inadequate risk analysis and underwriting, (8) general economic conditions or a prolonged economic downturn affecting the demand for insurance and reinsurance in our current and planned markets, (9) the availability and cost of collateral necessary for regulatory reserves and capital, (10) market or economic conditions that adversely affect the value of our investment securities or result in the impairment of all or a portion of the value of certain of our investment securities, (11) market or economic conditions that adversely affect our ability to make timely sales of investment securities, (12) risks inherent in our risk management and investment strategy, including changes in investment portfolio yields due to interest rate or credit quality changes, (13) fluctuations in U.S. or foreign currency exchange rates, interest rates, or securities and real estate markets, (14) adverse litigation or arbitration results, (15) the adequacy of reserves, resources, and accurate information relating to settlements, awards, and terminated and discontinued lines of business, (16) the stability of and actions by governments and economies in the markets in which we operate, including ongoing uncertainties regarding the amount of United States sovereign debt and the credit ratings thereof, (17) competitive factors and competitors’ responses to our initiatives, (18) the success of our clients, (19) successful execution of our entry into new markets, (20) successful development and introduction of new products and distribution opportunities,
 
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(21) our ability to successfully integrate and operate reinsurance business that we acquire, (22) action by regulators who have authority over our reinsurance operations in the jurisdictions in which we operate, (23) our dependence on third parties, including those insurance companies and reinsurers to which we cede some reinsurance, third-party investment managers, and others, (24) the threat of natural disasters, catastrophes, terrorist attacks, epidemics, or pandemics anywhere in the world where we or our clients do business, (25) changes in laws, regulations, and accounting standards applicable to us, our subsidiaries, or our business, (26) the effect of our status as an insurance holding company and regulatory restrictions on our ability to pay principal and interest on our debt obligations, and (27) other risks and uncertainties described in this document and in our other filings with the Securities and Exchange Commission.
Forward-looking statements should be evaluated together with the many risks and uncertainties that affect our business, including those mentioned in this document and described in the periodic reports we file with the Securities and Exchange Commission. These forward-looking statements speak only as of the date on which they are made. We do not undertake any obligations to update these forward-looking statements, even though our situation may change in the future. We qualify all of our forward-looking statements by these cautionary statements. For a discussion of the risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements, you are advised to review the risk factors in our Annual Report on Form 10-K for the year ended December 31, 2011.
Investor Contact
John W. Hayden
Senior Vice President – Controller and Investor Relations
(636) 736-7000
 
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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
Reconciliation of Consolidated Net Income to Operating Income
(Dollars in thousands)

(Unaudited)	  	Three Months Ended
December 31,	 	 	Twelve Months Ended
December 31,	 	
 	  	2012	 	 	2011	 	 	2012	 	 	2011	 	
GAAP net income	  	$	222,989	  	 	$	138,579	  	 	$	631,893	  	 	$	546,045	  	
Reconciliation to operating income:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Capital (gains) losses, derivatives and other, included in investment related (gains) losses, net	  	 	(2,801	) 	 	 	(4,906	) 	 	 	(21,418	) 	 	 	(175,911	) 	
Capital (gains) losses on funds withheld:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Included in investment income	  	 	(4,190	) 	 	 	(126	) 	 	 	(11,134	) 	 	 	(3,344	) 	
Included in policy acquisition costs and other insurance expenses	  	 	36	  	 	 	31	  	 	 	350	  	 	 	617	  	
Embedded derivatives:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Included in investment related (gains) losses, net	  	 	(68,017	) 	 	 	36,700	  	 	 	(142,754	) 	 	 	202,423	  	
Included in interest credited	  	 	5,012	  	 	 	6,169	  	 	 	29,314	  	 	 	26,838	  	
Included in policy acquisition costs and other insurance expenses	  	 	—  	  	 	 	4,490	  	 	 	—  	  	 	 	2,675	  	
DAC offset, net	  	 	28,801	  	 	 	(53,844	) 	 	 	30,131	  	 	 	(73,984	) 	
Gain on repurchase of collateral finance facility securities	  	 	—  	  	 	 	(6,321	) 	 	 	—  	  	 	 	(42,617	) 	
Loss on retirement of Preferred Income Equity Redeemable Securities (“PIERS”)	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	2,854	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income	  	$	181,830	  	 	$	120,772	  	 	$	516,382	  	 	$	485,596	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Reconciliation of Consolidated Pre-tax Net Income to Pre-tax Operating Income
(Dollars in thousands)

(Unaudited)	  	Three Months Ended
December 31,	 	 	Twelve Months Ended
December 31,	 	
 	  	2012	 	 	2011	 	 	2012	 	 	2011	 	
Income before income taxes	  	$	321,089	  	 	$	193,251	  	 	$	919,223	  	 	$	763,571	  	
Reconciliation to pre-tax operating income:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Capital (gains) losses, derivatives and other, included in investment related (gains) losses, net	  	 	(3,404	) 	 	 	(5,360	) 	 	 	(28,430	) 	 	 	(265,607	) 	
Capital (gains) losses on funds withheld:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Included in investment income	  	 	(6,447	) 	 	 	(194	) 	 	 	(17,130	) 	 	 	(5,144	) 	
Included in policy acquisition costs and other insurance expenses	  	 	55	  	 	 	47	  	 	 	538	  	 	 	949	  	
Embedded derivatives:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Included in investment related (gains) losses, net	  	 	(104,642	) 	 	 	56,461	  	 	 	(219,622	) 	 	 	311,420	  	
Included in interest credited	  	 	7,711	  	 	 	9,490	  	 	 	45,098	  	 	 	41,289	  	
Included in policy acquisition costs and other insurance expenses	  	 	—  	  	 	 	6,908	  	 	 	—  	  	 	 	4,115	  	
DAC offset, net	  	 	44,308	  	 	 	(82,837	) 	 	 	46,355	  	 	 	(113,821	) 	
Gain on repurchase of collateral finance facility securities	  	 	—  	  	 	 	(9,725	) 	 	 	—  	  	 	 	(65,565	) 	
Loss on retirement of PIERS	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	4,391	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Pre-tax operating income	  	$	258,670	  	 	$	168,041	  	 	$	746,032	  	 	$	675,598	  	

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

 	  	Three Months Ended December 31, 2012	 	
(Unaudited)	  	 	 	 	 	 	 	 	 	 	 	 	
 	  	Pre-tax net
income
(loss)	 	 	Capital
(gains) losses,
derivatives
and other, net	 	 	Change in
value of
embedded
derivatives, net	 	 	Pre-tax
operating
income
(loss)	 	
U.S. Operations:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Traditional	  	$	151,361	  	 	$	(14,476	) 	 	$	2,724	  	 	$	139,609	  	
Asset Intensive	  	 	86,407	  	 	 	(15,145	)(1) 	 	 	(30,424	)(2) 	 	 	40,838	  	
Financial Reinsurance	  	 	8,633	  	 	 	(112	) 	 	 	—  	  	 	 	8,521	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total U.S.	  	 	246,401	  	 	 	(29,733	) 	 	 	(27,700	) 	 	 	188,968	  	
Canada Operations	  	 	59,358	  	 	 	(5,320	) 	 	 	—  	  	 	 	54,038	  	
Europe & South Africa	  	 	15,584	  	 	 	(1,325	) 	 	 	—  	  	 	 	14,259	  	
Asia Pacific Operations	  	 	5,935	  	 	 	2,520	  	 	 	—  	  	 	 	8,455	  	
Corporate and Other	  	 	(6,189	) 	 	 	(861	) 	 	 	—  	  	 	 	(7,050	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Consolidated	  	$	321,089	  	 	$	(34,719	) 	 	$	(27,700	) 	 	$	258,670	  	

(1)	Asset Intensive is net of $(24,923) DAC offset.	
(2)	Asset Intensive is net of $69,231 DAC offset.	

 	  	Three Months Ended December 31, 2011	 	
(Unaudited)	  	 	 	 	 	 	 	 	 	 	 	 	
 	  	Pre-tax net
income
(loss)	 	 	Capital
(gains) losses,
derivatives
and other, net	 	 	Change in
value of
embedded
derivatives, net	 	 	Net (gain) loss
on repurchase
and retirement
of securities	 	 	Pre-tax
operating
income
(loss)	 	
U.S. Operations:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Traditional	  	$	112,583	  	 	$	(29,038	) 	 	$	(1,037	) 	 	 	—  	  	 	$	82,508	  	
Asset Intensive	  	 	13,283	  	 	 	(14,585	)(1) 	 	 	28,574	(2) 	 	 	—  	  	 	 	27,272	  	
Financial Reinsurance	  	 	6,834	  	 	 	87	  	 	 	—  	  	 	 	—  	  	 	 	6,921	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total U.S.	  	 	132,700	  	 	 	(43,536	) 	 	 	27,537	  	 	 	—  	  	 	 	116,701	  	
Canada Operations	  	 	47,241	  	 	 	(6,545	) 	 	 	—  	  	 	 	—  	  	 	 	40,696	  	
Europe & South Africa	  	 	36,013	  	 	 	(2,951	) 	 	 	—  	  	 	 	—  	  	 	 	33,062	  	
Asia Pacific Operations	  	 	(9,712	) 	 	 	(5,309	) 	 	 	—  	  	 	 	—  	  	 	 	(15,021	) 	
Corporate and Other	  	 	(12,991	) 	 	 	15,319	  	 	 	—  	  	 	 	(9,725	) 	 	 	(7,397	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Consolidated	  	$	193,251	  	 	$	(43,022	) 	 	$	27,537	  	 	$	(9,725	) 	 	$	168,041	  	

(1)	Asset Intensive is net of $(37,515) DAC offset.	
(2)	Asset Intensive is net of $(45,322) 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)

 	  	Twelve Months Ended December 31, 2012	 	
(Unaudited)	  	 	 	 	 	 	 	 	 	 	 	 	
 	  	Pre-tax net
income
(loss)	 	 	Capital
(gains) losses,
derivatives
and other, net	 	 	Change in
value of
embedded
derivatives, net	 	 	Pre-tax
operating
income
(loss)	 	
U.S. Operations:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Traditional	  	$	368,095	  	 	$	424	  	 	$	2,046	  	 	$	370,565	  	
Asset Intensive	  	 	235,585	  	 	 	(80,767	)(1) 	 	 	(45,737	)(2) 	 	 	109,081	  	
Financial Reinsurance	  	 	32,730	  	 	 	141	  	 	 	—  	  	 	 	32,871	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total U.S.	  	 	636,410	  	 	 	(80,202	) 	 	 	(43,691	) 	 	 	512,517	  	
Canada Operations	  	 	186,971	  	 	 	(27,625	) 	 	 	—  	  	 	 	159,346	  	
Europe & South Africa	  	 	73,947	  	 	 	(11,574	) 	 	 	—  	  	 	 	62,373	  	
Asia Pacific Operations	  	 	45,378	  	 	 	(8,035	) 	 	 	—  	  	 	 	37,343	  	
Corporate and Other	  	 	(23,483	) 	 	 	(2,064	) 	 	 	—  	  	 	 	(25,547	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Consolidated	  	$	919,223	  	 	$	(129,500	) 	 	$	(43,691	) 	 	$	746,032	  	

(1)	Asset Intensive is net of $(84,478) DAC offset.	
(2)	Asset Intensive is net of $130,833 DAC offset.	

 	  	Twelve Months Ended December 31, 2011	 	
(Unaudited)	  	 	 	  	 	 	 	 	 	 	 	 	 	 	 	
 	  	Pre-tax net
income	 	  	Capital
(gains) losses,
derivatives
and other, net	 	 	Change in
value of
embedded
derivatives, net	 	 	Net (gain) loss
on repurchase
and retirement
of securities	 	 	Pre-tax
operating
income
(loss)	 	
U.S. Operations:	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Traditional	  	$	363,964	  	  	$	(41,799	) 	 	$	(2,412	) 	 	$	—  	  	 	$	319,753	  	
Asset Intensive	  	 	35,330	  	  	 	(42,327	)(1) 	 	 	77,117	(2) 	 	 	—  	  	 	 	70,120	  	
Financial Reinsurance	  	 	26,343	  	  	 	128	  	 	 	—  	  	 	 	—  	  	 	 	26,471	  	
 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total U.S.	  	 	425,637	  	  	 	(83,998	) 	 	 	74,705	  	 	 	—  	  	 	 	416,344	  	
Canada Operations	  	 	164,953	  	  	 	(21,798	) 	 	 	—  	  	 	 	—  	  	 	 	143,155	  	
Europe & South Africa	  	 	83,102	  	  	 	(6,000	) 	 	 	—  	  	 	 	—  	  	 	 	77,102	  	
Asia Pacific Operations	  	 	42,234	  	  	 	(3,056	) 	 	 	—  	  	 	 	—  	  	 	 	39,178	  	
Corporate and Other	  	 	47,645	  	  	 	13,348	  	 	 	—  	  	 	 	(61,174	) 	 	 	(181	) 	
 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Consolidated	  	$	763,571	  	  	$	(101,504	) 	 	$	74,705	  	 	$	(61,174	) 	 	$	675,598	  	

(1)	Asset Intensive is net of $168,298 DAC offset.	
(2)	Asset Intensive is net of $(282,119) 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
December 31,	 	  	Twelve Months Ended
December 31,	 	
 	  	2012	 	  	2011	 	  	2012	 	  	2011	 	
Diluted earnings per share from operating income	  	$	2.44	  	  	$	1.64	  	  	$	6.96	  	  	$	6.55	  	
Earnings per share from net income:	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Basic earnings per share	  	$	3.02	  	  	$	1.89	  	  	$	8.57	  	  	$	7.42	  	
Diluted earnings per share	  	$	3.00	  	  	$	1.88	  	  	$	8.52	  	  	$	7.37	  	
Weighted average number of common and common equivalent shares outstanding	  	 	74,375	  	  	 	73,812	  	  	 	74,153	  	  	 	74,108	  	

(Unaudited)	  	At December 31,	 	
 	  	2012	 	  	2011	 	
Treasury shares	  	 	5,211	  	  	 	5,770	  	
Common shares outstanding	  	 	73,927	  	  	 	73,368	  	
Book value per share outstanding	  	$	93.47	  	  	$	79.31	  	
Book value per share outstanding, before impact of AOCI	  	$	64.95	  	  	$	57.25	  	
 
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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
December 31,	 	 	Twelve Months Ended
December 31,	 	
 	  	2012	 	 	2011	 	 	2012	 	 	2011	 	
Revenues:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	  	$	2,179,707	  	 	$	2,034,716	  	 	$	7,906,596	  	 	$	7,335,687	  	
Investment income, net of related expenses	  	 	370,151	  	 	 	304,511	  	 	 	1,436,206	  	 	 	1,281,197	  	
Investment related gains (losses), net:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Other-than-temporary impairments on fixed maturity securities	  	 	(4,346	) 	 	 	(11,824	) 	 	 	(15,908	) 	 	 	(30,873	) 	
Other-than-temporary impairments on fixed maturity securities transferred to (from) accumulated other comprehensive income	  	 	—  	  	 	 	543	  	 	 	(7,618	) 	 	 	3,924	  	
Other investment related gains (losses), net	  	 	115,108	  	 	 	(36,183	) 	 	 	277,662	  	 	 	(9,107	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total investment related gains (losses), net	  	 	110,762	  	 	 	(47,464	) 	 	 	254,136	  	 	 	(36,056	) 	
Other revenue	  	 	62,482	  	 	 	56,456	  	 	 	243,973	  	 	 	248,710	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	  	 	2,723,102	  	 	 	2,348,219	  	 	 	9,840,911	  	 	 	8,829,538	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	  	 	1,797,779	  	 	 	1,720,956	  	 	 	6,665,999	  	 	 	6,225,183	  	
Interest credited	  	 	94,835	  	 	 	78,884	  	 	 	379,915	  	 	 	316,394	  	
Policy acquisition costs and other insurance expenses	  	 	344,791	  	 	 	204,883	  	 	 	1,306,470	  	 	 	990,021	  	
Other operating expenses	  	 	132,334	  	 	 	122,000	  	 	 	451,759	  	 	 	419,340	  	
Interest expense	  	 	28,917	  	 	 	25,226	  	 	 	105,348	  	 	 	102,638	  	
Collateral finance facility expense	  	 	3,357	  	 	 	3,019	  	 	 	12,197	  	 	 	12,391	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	  	 	2,402,013	  	 	 	2,154,968	  	 	 	8,921,688	  	 	 	8,065,967	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	  	 	321,089	  	 	 	193,251	  	 	 	919,223	  	 	 	763,571	  	
Income tax expense	  	 	98,100	  	 	 	54,672	  	 	 	287,330	  	 	 	217,526	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	  	$	222,989	  	 	$	138,579	  	 	$	631,893	  	 	$	546,045	  	

###

Exhibit 99.2

Reinsurance Group of America, Incorporated®
Financial Supplement
Fourth Quarter 2012
(Unaudited)

Reinsurance Group of America, Incorporated®
 	 	 	
World Headquarters	  	Internet address	
1370 Timberlake Manor Parkway	  	www.rgare.com	
Chesterfield, Missouri 63017	  	 	
U.S.A.	  	 	
 
Current Ratings

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

 	 	 	
 	 	Quarterly Financial Supplement	

Reinsurance Group of America, Incorporated
Financial Supplement
4th Quarter 2012
Table of Contents

 	  	Page	 	
 	 	
Non-GAAP Disclosure	  	 	1	  	
 	 	
2013 Management Guidance	  	 	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. Operations	  	 	7	  	
 	 	
Canada Operations	  	 	11	  	
 	 	
Europe & South Africa Operations	  	 	12	  	
 	 	
Asia Pacific Operations	  	 	13	  	
 	 	
Corporate and Other	  	 	14	  	
 	 	
Summary of Pre-tax Segment Operating Income	  	 	15	  	
 	 	
Investments	  	 	 	 	
 	 	
Cash and Invested Assets, Yield Summary	  	 	16	  	
 	 	
Amortized cost, Gross Unrealized Gains and Losses, Estimated Fair Values of Fixed Maturity and Equity Securities	  	 	17	  	
 	 	
Corporate Securities by Sector (Fixed Maturities and Equities)	  	 	18	  	
 	 	
Quality of Fixed Maturity Securities and Structured Fixed Maturity Securities	  	 	19	  	
 	 	
CMBS Exposure (Including Funds Withheld Portfolios)	  	 	20	  	
 	 	
Gross Unrealized Losses Aging	  	 	21	  	
 	 	
Fixed Maturity and Equity Securities Below Amortized Cost	  	 	22	  	
 	 	
Consolidated Gross Gains and Losses	  	 	23	  	

 	 	Quarterly Financial Supplement	

Reinsurance Group of America, Incorporated
Financial Supplement
This Financial Supplement is for information purposes only and includes unaudited figures. This report should be read in conjunction with documents filed by Reinsurance Group of America, Incorporated with the SEC.
Non-GAAP Disclosures
RGA uses a non-GAAP financial measure called operating income as a basis for analyzing financial results. This measure also serves as a basis for establishing target levels and awards under RGA’s management incentive programs. Management believes that operating income, on a pre-tax and after-tax basis, better measures the ongoing profitability and underlying trends of the company’s continuing operations, primarily because that measure excludes substantially all of the effect of net investment related gains and losses, as well as changes in the fair value of certain embedded derivatives and related deferred acquisition costs. These items can be volatile, primarily due to the credit market and interest rate environment and are not necessarily indicative of the performance of the company’s underlying businesses. Additionally, operating income excludes any net gain or loss from discontinued operations, the cumulative effect of any accounting changes, and other items that management believes are not indicative of the company’s ongoing operations. The definition of operating income can vary by company and is not considered a substitute for GAAP net income. A reconciliation of income before income taxes of the operating segments to pre-tax operating income (loss) is presented herein.
RGA evaluates its stockholder equity position excluding the impact of Accumulated Other Comprehensive Income (“AOCI”) since the net unrealized gains or losses included in AOCI primarily relate to changes in interest rates, credit spreads on its investment securities and foreign currency fluctuations that are not permanent and can fluctuate significantly from period to period.
Additionally, RGA uses a non-GAAP financial measure called operating return on equity, which is calculated as operating income divided by average shareholders’ equity excluding AOCI.

 	 	 	 	Quarterly Financial Supplement	 	Page 1	

Reinsurance Group of America, Incorporated
Company Guidance
The company has determined it is more meaningful to issue guidance regarding expected intermediate-term earnings growth rates and target operating returns rather than simply a range of expected annual earnings per share for the upcoming year. That determination is driven by the long-term nature of the business and any effects of potential block acquisition transactions, the timing of which can be difficult to project. The company accepts risks over very long periods of time, up to 30 years or longer in some cases. While more predictable over longer-term horizons, the business is subject to inherent short-term volatility. Although no specific 2013 operating earnings per share guidance is being provided, the company expects that near-term growth in premiums and operating income will be consistent with that exhibited over the last several years.
Over the intermediate term, the company targets operating earnings growth in the five to eight percent range, and operating return on equity of 11 to 12 percent. These targets presume no significant changes in the investment environment and the deployment of $200 - $400 million of excess capital, on average, annually.

 	 	 	 	Quarterly Financial Supplement	 	Page 2	

Reinsurance Group of America, Incorporated
Financial Highlights

(USD thousands, except inforce
& per share data)	  	Three Months Ended or As of	 	 	Current Qtr
vs. PY
Quarter	 	 	Year-to-Date	 	 	
 	  	Dec. 31,
2012	 	 	Sept. 30,
2012	 	 	June 30,
2012	 	 	March 31,
2012	 	 	Dec. 31,
2011 (1)	 	 	 	 	 	Dec. 31,
2012	 	  	Dec. 31,
2011 (1)	 	  	Change	 	 	 	 	
Net premiums	  	$	2,179,707	  	 	$	1,912,746	  	 	$	1,950,661	  	 	$	1,863,482	  	 	$	2,034,716	  	 	$	144,991	  	 	$	7,906,596	  	  	$	7,335,687	  	  	$	570,909	  	 	 	 	
Net income	  	 	222,989	  	 	 	144,475	  	 	 	141,111	  	 	 	123,318	  	 	 	138,579	  	 	 	84,410	  	 	 	631,893	  	  	 	546,045	  	  	 	85,848	  	 	 	 	
Operating income	  	 	181,830	  	 	 	99,902	  	 	 	122,273	  	 	 	112,377	  	 	 	120,772	  	 	 	61,058	  	 	 	516,382	  	  	 	485,596	  	  	 	30,786	  	 	 	 	
Operating return on equity (ex AOCI)—annualized	  	 	15.5	% 	 	 	8.9	% 	 	 	11.2	% 	 	 	10.6	% 	 	 	11.7	% 	 	 	3.8	% 	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	
Operating return on equity (ex AOCI)—trailing 12 months	  	 	11.6	% 	 	 	10.5	% 	 	 	11.8	% 	 	 	12.0	% 	 	 	12.2	% 	 	 	-0.6	% 	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	
Total assets	  	 	40,360,438	  	 	 	39,924,013	  	 	 	38,344,323	  	 	 	32,286,082	  	 	 	31,633,973	  	 	 	8,726,465	  	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Assumed Life Reinsurance in Force (in billions)	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	
U.S.	  	$	1,395.6	  	 	$	1,403.3	  	 	$	1,405.8	  	 	$	1,406.1	  	 	$	1,348.5	  	 	$	47.1	  	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	
Canada	  	 	389.7	  	 	 	384.8	  	 	 	365.1	  	 	 	364.5	  	 	 	344.9	  	 	 	44.8	  	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	
Europe & South Africa	  	 	602.5	  	 	 	559.4	  	 	 	525.2	  	 	 	529.7	  	 	 	513.4	  	 	 	89.1	  	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	
Asia Pacific	  	 	539.8	  	 	 	533.5	  	 	 	486.2	  	 	 	470.7	  	 	 	457.6	  	 	 	82.2	  	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	
Total Life Reinsurance in Force	  	$	2,927.6	  	 	$	2,881.0	  	 	$	2,782.3	  	 	$	2,771.0	  	 	$	2,664.4	  	 	$	263.2	  	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	

Assumed New Business Production (in billions)	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	
U.S.	  	$	19.2	  	 	$	23.1	  	 	$	24.2	  	 	$	84.9	  	 	$	24.8	  	 	$	(5.6	) 	 	$	151.4	  	  	$	110.5	  	  	$	40.9	  	 	 	 	
Canada	  	 	12.0	  	 	 	11.3	  	 	 	12.6	  	 	 	13.1	  	 	 	11.3	  	 	 	0.7	  	 	 	49.0	  	  	 	51.1	  	  	 	(2.1	) 	 	 	 	
Europe & South Africa	  	 	58.4	  	 	 	37.3	  	 	 	25.5	  	 	 	14.8	  	 	 	24.9	  	 	 	33.5	  	 	 	136.0	  	  	 	148.3	  	  	 	(12.3	) 	 	 	 	
Asia Pacific	  	 	12.8	  	 	 	47.2	  	 	 	24.5	  	 	 	5.7	  	 	 	74.0	  	 	 	(61.2	) 	 	 	90.2	  	  	 	119.0	  	  	 	(28.8	) 	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	
Total New Business Production	  	$	102.4	  	 	$	118.9	  	 	$	86.8	  	 	$	118.5	  	 	$	135.0	  	 	$	(32.6	) 	 	$	426.6	  	  	$	428.9	  	  	$	(2.3	) 	 	 	 	

Per Share and Shares Data	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	
Basic earnings per share	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	
Net income	  	$	3.02	  	 	$	1.96	  	 	$	1.91	  	 	$	1.68	  	 	$	1.89	  	 	$	1.13	  	 	$	8.57	  	  	$	7.42	  	  	$	1.15	  	 	 	 	
Operating income	  	$	2.46	  	 	$	1.35	  	 	$	1.66	  	 	$	1.53	  	 	$	1.65	  	 	$	0.81	  	 	$	7.00	  	  	$	6.60	  	  	$	0.40	  	 	 	 	
Diluted earnings per share	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	
Net income	  	$	3.00	  	 	$	1.95	  	 	$	1.91	  	 	$	1.67	  	 	$	1.88	  	 	$	1.12	  	 	$	8.52	  	  	$	7.37	  	  	$	1.15	  	 	 	 	
Operating income	  	$	2.44	  	 	$	1.35	  	 	$	1.65	  	 	$	1.52	  	 	$	1.64	  	 	$	0.80	  	 	$	6.96	  	  	$	6.55	  	  	$	0.41	  	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Wgt. average common shares outstanding (basic)	  	 	73,880	  	 	 	73,776	  	 	 	73,718	  	 	 	73,575	  	 	 	73,304	  	 	 	576	  	 	 	73,737	  	  	 	73,586	  	  	 	151	  	 	 	 	
Wgt. average common shares outstanding (diluted)	  	 	74,375	  	 	 	74,138	  	 	 	74,054	  	 	 	74,043	  	 	 	73,812	  	 	 	563	  	 	 	74,153	  	  	 	74,108	  	  	 	45	  	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Common shares issued	  	 	79,138	  	 	 	79,138	  	 	 	79,138	  	 	 	79,138	  	 	 	79,138	  	 	 	—  	  	 	 	79,138	  	  	 	79,138	  	  	 	—  	  	 	 	 	
Treasury shares	  	 	5,211	  	 	 	5,286	  	 	 	5,416	  	 	 	5,426	  	 	 	5,770	  	 	 	(559	) 	 	 	5,211	  	  	 	5,770	  	  	 	(559	) 	 	 	 	
Common shares outstanding	  	 	73,927	  	 	 	73,852	  	 	 	73,722	  	 	 	73,712	  	 	 	73,368	  	 	 	559	  	 	 	73,927	  	  	 	73,368	  	  	 	559	  	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Book value per share	  	$	93.47	  	 	$	91.18	  	 	$	84.75	  	 	$	80.44	  	 	$	79.31	  	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	
Per share effect of accumulated other comprehensive income (AOCI)	  	$	28.52	  	 	$	29.13	  	 	$	24.41	  	 	$	21.87	  	 	$	22.06	  	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	
Book value per share, excluding AOCI	  	$	64.95	  	 	$	62.05	  	 	$	60.34	  	 	$	58.57	  	 	$	57.25	  	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Shareholder dividends paid	  	$	17,724.7	  	 	$	17,696.2	  	 	$	13,268.6	  	 	$	13,255.3	  	 	$	13,189.3	  	 	$	4,535.4	  	 	$	61,944.8	  	  	$	44,228.8	  	  	$	17,716.0	  	 	 	 	
 
(1)	Certain amounts in December 2011 have been revised in connection with the retrospective adoption of ASU 2010-26 in the first quarter of 2012.	

 	 	 	 	Quarterly Financial Supplement	 	Page 3	

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

 	  	Three Months Ended	 	 	Current Qtr
vs. PY
Quarter	 	 	Year-to-Date	 	 	
(USD thousands)	  	Dec. 31,
2012	 	 	Sept. 30,
2012	 	 	June 30,
2012	 	 	March 31,
2012	 	 	Dec. 31,
2011 (1)	 	 	 	 	 	Dec. 31,
2012	 	 	Dec. 31,
2011 (1)	 	 	Change	 	 	 	 	
Revenues:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	  	$	2,179,707	  	 	$	1,912,746	  	 	$	1,950,661	  	 	$	1,863,482	  	 	$	2,034,716	  	 	$	144,991	  	 	$	7,906,596	  	 	$	7,335,687	  	 	$	570,909	  	 	 	 	
Investment income, net of related expenses	  	 	370,151	  	 	 	396,781	  	 	 	328,334	  	 	 	340,940	  	 	 	304,511	  	 	 	65,640	  	 	 	1,436,206	  	 	 	1,281,197	  	 	 	155,009	  	 	 	 	
Investment related gains (losses), net	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
OTTI on fixed maturity securities	  	 	(4,346	) 	 	 	(1,996	) 	 	 	(1,959	) 	 	 	(7,607	) 	 	 	(11,824	) 	 	 	7,478	  	 	 	(15,908	) 	 	 	(30,873	) 	 	 	14,965	  	 	 	 	
OTTI on fixed maturity securities transferred to/from AOCI	  	 	—  	  	 	 	(559	) 	 	 	162	  	 	 	(7,221	) 	 	 	543	  	 	 	(543	) 	 	 	(7,618	) 	 	 	3,924	  	 	 	(11,542	) 	 	 	 	
Other investment related gains (losses), net	  	 	115,108	  	 	 	78,608	  	 	 	25,598	  	 	 	58,348	  	 	 	(36,183	) 	 	 	151,291	  	 	 	277,662	  	 	 	(9,107	) 	 	 	286,769	  	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total investment related gains (losses), net	  	 	110,762	  	 	 	76,053	  	 	 	23,801	  	 	 	43,520	  	 	 	(47,464	) 	 	 	158,226	  	 	 	254,136	  	 	 	(36,056	) 	 	 	290,192	  	 	 	 	
Other revenue	  	 	62,482	  	 	 	63,501	  	 	 	72,957	  	 	 	45,033	  	 	 	56,456	  	 	 	6,026	  	 	 	243,973	  	 	 	248,710	  	 	 	(4,737	) 	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	  	 	2,723,102	  	 	 	2,449,081	  	 	 	2,375,753	  	 	 	2,292,975	  	 	 	2,348,219	  	 	 	374,883	  	 	 	9,840,911	  	 	 	8,829,538	  	 	 	1,011,373	  	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	  	 	1,797,779	  	 	 	1,662,625	  	 	 	1,625,446	  	 	 	1,580,149	  	 	 	1,720,956	  	 	 	76,823	  	 	 	6,665,999	  	 	 	6,225,183	  	 	 	440,816	  	 	 	 	
Interest credited	  	 	94,835	  	 	 	130,341	  	 	 	66,697	  	 	 	88,042	  	 	 	78,884	  	 	 	15,951	  	 	 	379,915	  	 	 	316,394	  	 	 	63,521	  	 	 	 	
Policy acquisition costs and other insurance expenses	  	 	344,791	  	 	 	318,106	  	 	 	335,939	  	 	 	307,634	  	 	 	204,883	  	 	 	139,908	  	 	 	1,306,470	  	 	 	990,021	  	 	 	316,449	  	 	 	 	
Other operating expenses	  	 	132,334	  	 	 	103,786	  	 	 	105,541	  	 	 	110,098	  	 	 	122,000	  	 	 	10,334	  	 	 	451,759	  	 	 	419,340	  	 	 	32,419	  	 	 	 	
Interest expense	  	 	28,917	  	 	 	29,749	  	 	 	23,360	  	 	 	23,322	  	 	 	25,226	  	 	 	3,691	  	 	 	105,348	  	 	 	102,638	  	 	 	2,710	  	 	 	 	
Collateral finance facility expense	  	 	3,357	  	 	 	2,995	  	 	 	2,878	  	 	 	2,967	  	 	 	3,019	  	 	 	338	  	 	 	12,197	  	 	 	12,391	  	 	 	(194	) 	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	  	 	2,402,013	  	 	 	2,247,602	  	 	 	2,159,861	  	 	 	2,112,212	  	 	 	2,154,968	  	 	 	247,045	  	 	 	8,921,688	  	 	 	8,065,967	  	 	 	855,721	  	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	  	 	321,089	  	 	 	201,479	  	 	 	215,892	  	 	 	180,763	  	 	 	193,251	  	 	 	127,838	  	 	 	919,223	  	 	 	763,571	  	 	 	155,652	  	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Income tax expense	  	 	98,100	  	 	 	57,004	  	 	 	74,781	  	 	 	57,445	  	 	 	54,672	  	 	 	43,428	  	 	 	287,330	  	 	 	217,526	  	 	 	69,804	  	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	  	$	222,989	  	 	$	144,475	  	 	$	141,111	  	 	$	123,318	  	 	$	138,579	  	 	$	84,410	  	 	$	631,893	  	 	$	546,045	  	 	$	85,848	  	 	 	 	

Pre-tax Operating Income Reconciliation:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	  	 	321,089	  	 	 	201,479	  	 	 	215,892	  	 	 	180,763	  	 	 	193,251	  	 	 	127,838	  	 	 	919,223	  	 	 	763,571	  	 	 	155,652	  	 	 	 	
Investment and derivative losses (gains)—non-operating (2)	  	 	(3,404	) 	 	 	(16,940	) 	 	 	(102,184	) 	 	 	94,098	  	 	 	(5,360	) 	 	 	1,956	  	 	 	(28,430	) 	 	 	(265,607	) 	 	 	237,177	  	 	 	 	
Change in value of modified coinsurance and funds withheld embedded derivatives  (2)	  	 	(74,054	) 	 	 	(54,836	) 	 	 	4,453	  	 	 	9,428	  	 	 	85,722	  	 	 	(159,776	) 	 	 	(115,009	) 	 	 	87,236	  	 	 	(202,245	) 	 	 	 	
GMXB embedded derivatives (2)	  	 	(30,588	) 	 	 	(2,579	) 	 	 	74,929	  	 	 	(146,375	) 	 	 	(29,261	) 	 	 	(1,327	) 	 	 	(104,613	) 	 	 	224,184	  	 	 	(328,797	) 	 	 	 	
Funds withheld losses (gains)—investment income	  	 	(6,447	) 	 	 	(6,400	) 	 	 	(5,323	) 	 	 	1,040	  	 	 	(194	) 	 	 	(6,253	) 	 	 	(17,130	) 	 	 	(5,144	) 	 	 	(11,986	) 	 	 	 	
Funds withheld losses (gains)—policy acq. costs	  	 	55	  	 	 	122	  	 	 	152	  	 	 	209	  	 	 	47	  	 	 	8	  	 	 	538	  	 	 	949	  	 	 	(411	) 	 	 	 	
EIA embedded derivatives—interest credited	  	 	7,711	  	 	 	(167	) 	 	 	(1,685	) 	 	 	39,239	  	 	 	9,490	  	 	 	(1,779	) 	 	 	45,098	  	 	 	41,289	  	 	 	3,809	  	 	 	 	
EIA embedded derivatives—policy acq. costs	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	6,908	  	 	 	(6,908	) 	 	 	—  	  	 	 	4,115	  	 	 	(4,115	) 	 	 	 	
DAC offset, net	  	 	44,308	  	 	 	13,705	  	 	 	1,490	  	 	 	(13,148	) 	 	 	(82,837	) 	 	 	127,145	  	 	 	46,355	  	 	 	(113,821	) 	 	 	160,176	  	 	 	 	
Gain on repurchase of collateral finance facility securities	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	(9,725	) 	 	 	9,725	  	 	 	—  	  	 	 	(65,565	) 	 	 	65,565	  	 	 	 	
Loss on retirement of Preferred Income Equity Redeemable Securities (“PIERS”)	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	4,391	  	 	 	(4,391	) 	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating Income Before Income Taxes	  	$	258,670	  	 	$	134,384	  	 	$	187,724	  	 	$	165,254	  	 	$	168,041	  	 	$	90,629	  	 	$	746,032	  	 	$	675,598	  	 	$	70,434	  	 	 	 	

After-tax Operating Income Reconciliation:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net Income	  	 	222,989	  	 	 	144,475	  	 	 	141,111	  	 	 	123,318	  	 	 	138,579	  	 	 	84,410	  	 	 	631,893	  	 	 	546,045	  	 	 	85,848	  	 	 	 	
Investment and derivative losses (gains)—non-operating (2)	  	 	(2,801	) 	 	 	(11,972	) 	 	 	(66,949	) 	 	 	60,304	  	 	 	(4,906	) 	 	 	2,105	  	 	 	(21,418	) 	 	 	(175,911	) 	 	 	154,493	  	 	 	 	
Change in value of modified coinsurance and funds withheld embedded derivatives  (2)	  	 	(48,135	) 	 	 	(35,644	) 	 	 	2,895	  	 	 	6,128	  	 	 	55,719	  	 	 	(103,854	) 	 	 	(74,756	) 	 	 	56,703	  	 	 	(131,459	) 	 	 	 	
GMXB embedded derivatives (2)	  	 	(19,882	) 	 	 	(1,676	) 	 	 	48,704	  	 	 	(95,144	) 	 	 	(19,019	) 	 	 	(863	) 	 	 	(67,998	) 	 	 	145,720	  	 	 	(213,718	) 	 	 	 	
Funds withheld losses (gains)—investment income	  	 	(4,190	) 	 	 	(4,160	) 	 	 	(3,460	) 	 	 	676	  	 	 	(126	) 	 	 	(4,064	) 	 	 	(11,134	) 	 	 	(3,344	) 	 	 	(7,790	) 	 	 	 	
Funds withheld losses (gains)—policy acq. costs	  	 	36	  	 	 	79	  	 	 	99	  	 	 	136	  	 	 	31	  	 	 	5	  	 	 	350	  	 	 	617	  	 	 	(267	) 	 	 	 	
EIA embedded derivatives—interest credited	  	 	5,012	  	 	 	(108	) 	 	 	(1,095	) 	 	 	25,505	  	 	 	6,169	  	 	 	(1,157	) 	 	 	29,314	  	 	 	26,838	  	 	 	2,476	  	 	 	 	
EIA embedded derivatives—policy acq. costs	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	4,490	  	 	 	(4,490	) 	 	 	—  	  	 	 	2,675	  	 	 	(2,675	) 	 	 	 	
DAC offset, net	  	 	28,801	  	 	 	8,908	  	 	 	968	  	 	 	(8,546	) 	 	 	(53,844	) 	 	 	82,645	  	 	 	30,131	  	 	 	(73,984	) 	 	 	104,115	  	 	 	 	
Gain on repurchase of collateral finance facility securities	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	(6,321	) 	 	 	6,321	  	 	 	—  	  	 	 	(42,617	) 	 	 	42,617	  	 	 	 	
Loss on retirement of PIERS	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	2,854	  	 	 	(2,854	) 	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating Income	  	$	181,830	  	 	$	99,902	  	 	$	122,273	  	 	$	112,377	  	 	$	120,772	  	 	$	61,058	  	 	$	516,382	  	 	$	485,596	  	 	$	30,786	  	 	 	 	

(1)	Certain amounts in December 2011 have been revised in connection with the retrospective adoption of ASU 2010-26 in the first quarter of 2012.	
(2)	Included in “Investment related gains (losses), net” on Consolidated GAAP Income Statement	

 	 	 	 	Quarterly Financial Supplement	 	Page 4	

Reinsurance Group of America, Incorporated
Consolidated Operating Income Statement

 	  	Three Months Ended	 	 	Current Qtr
vs. PY
Quarter	 	 	Year-to-Date	 	 	
(USD thousands, except per share data)	  	Dec. 31,
2012	 	  	Sept. 30,
2012	 	 	June 30,
2012	 	 	March 31,
2012	 	 	Dec. 31,
2011 (1)	 	 	 	 	 	Dec. 31,
2012	 	 	Dec. 31,
2011 (1)	 	  	Change	 	 	 	 	
Revenues:	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	
Net premiums	  	$	2,179,707	  	  	$	1,912,746	  	 	$	1,950,661	  	 	$	1,863,482	  	 	$	2,034,716	  	 	$	144,991	  	 	$	7,906,596	  	 	$	7,335,687	  	  	$	570,909	  	 	 	 	
Investment income, net of related expenses	  	 	363,704	  	  	 	390,381	  	 	 	323,011	  	 	 	341,980	  	 	 	304,317	  	 	 	59,387	  	 	 	1,419,076	  	 	 	1,276,053	  	  	 	143,023	  	 	 	 	
Investment related gains (losses), net	  	 	2,716	  	  	 	1,698	  	 	 	999	  	 	 	671	  	 	 	3,637	  	 	 	(921	) 	 	 	6,084	  	 	 	9,757	  	  	 	(3,673	) 	 	 	 	
Other revenue	  	 	62,482	  	  	 	63,501	  	 	 	72,957	  	 	 	45,033	  	 	 	46,731	  	 	 	15,751	  	 	 	243,973	  	 	 	183,145	  	  	 	60,828	  	 	 	 	
 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	
Total revenues	  	 	2,608,609	  	  	 	2,368,326	  	 	 	2,347,628	  	 	 	2,251,166	  	 	 	2,389,401	  	 	 	219,208	  	 	 	9,575,729	  	 	 	8,804,642	  	  	 	771,087	  	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	
Claims and other policy benefits	  	 	1,797,779	  	  	 	1,662,625	  	 	 	1,625,446	  	 	 	1,580,149	  	 	 	1,720,956	  	 	 	76,823	  	 	 	6,665,999	  	 	 	6,225,183	  	  	 	440,816	  	 	 	 	
Interest credited	  	 	87,124	  	  	 	130,508	  	 	 	68,382	  	 	 	48,803	  	 	 	69,394	  	 	 	17,730	  	 	 	334,817	  	 	 	275,105	  	  	 	59,712	  	 	 	 	
Policy acquisition costs and other insurance expenses	  	 	300,428	  	  	 	304,279	  	 	 	334,297	  	 	 	320,573	  	 	 	280,765	  	 	 	19,663	  	 	 	1,259,577	  	 	 	1,098,778	  	  	 	160,799	  	 	 	 	
Other operating expenses	  	 	132,334	  	  	 	103,786	  	 	 	105,541	  	 	 	110,098	  	 	 	122,000	  	 	 	10,334	  	 	 	451,759	  	 	 	414,949	  	  	 	36,810	  	 	 	 	
Interest expense	  	 	28,917	  	  	 	29,749	  	 	 	23,360	  	 	 	23,322	  	 	 	25,226	  	 	 	3,691	  	 	 	105,348	  	 	 	102,638	  	  	 	2,710	  	 	 	 	
Collateral finance facility expense	  	 	3,357	  	  	 	2,995	  	 	 	2,878	  	 	 	2,967	  	 	 	3,019	  	 	 	338	  	 	 	12,197	  	 	 	12,391	  	  	 	(194	) 	 	 	 	
 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	
Total benefits and expenses	  	 	2,349,939	  	  	 	2,233,942	  	 	 	2,159,904	  	 	 	2,085,912	  	 	 	2,221,360	  	 	 	128,579	  	 	 	8,829,697	  	 	 	8,129,044	  	  	 	700,653	  	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	  	 	258,670	  	  	 	134,384	  	 	 	187,724	  	 	 	165,254	  	 	 	168,041	  	 	 	90,629	  	 	 	746,032	  	 	 	675,598	  	  	 	70,434	  	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income tax expense	  	 	76,840	  	  	 	34,482	  	 	 	65,451	  	 	 	52,877	  	 	 	47,269	  	 	 	29,571	  	 	 	229,650	  	 	 	190,002	  	  	 	39,648	  	 	 	 	
 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	
Operating income	  	$	181,830	  	  	$	99,902	  	 	$	122,273	  	 	$	112,377	  	 	$	120,772	  	 	$	61,058	  	 	$	516,382	  	 	$	485,596	  	  	$	30,786	  	 	 	 	
 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	
Wgt. Average Common Shares Outstanding (Diluted)	  	 	74,375	  	  	 	74,138	  	 	 	74,054	  	 	 	74,043	  	 	 	73,812	  	 	 	563	  	 	 	74,153	  	 	 	74,108	  	  	 	45	  	 	 	 	
 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	
Diluted Earnings Per Share—Operating Income	  	$	2.44	  	  	$	1.35	  	 	$	1.65	  	 	$	1.52	  	 	$	1.64	  	 	$	0.80	  	 	$	6.96	  	 	$	6.55	  	  	$	0.41	  	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Foreign currency effect (2):	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	
Net premiums	  	$	14,105	  	  	$	(25,972	) 	 	$	(45,800	) 	 	$	(4,924	) 	 	$	(5,509	) 	 	$	19,614	  	 	$	(62,591	) 	 	$	167,654	  	  	$	(230,245	) 	 	 	 	
Operating income before income taxes	  	$	1,799	  	  	$	(4,165	) 	 	$	(3,471	) 	 	$	(387	) 	 	$	(2,407	) 	 	$	4,206	  	 	$	(6,224	) 	 	$	14,786	  	  	$	(21,010	) 	 	 	 	
 
(1)	Certain amounts in December 2011 have been revised in connection with the retrospective adoption of ASU 2010-26 in the first quarter of 2012.	
(2)	Compared to comparable prior year period	

 	 	 	 	Quarterly Financial Supplement	 	Page 5	

Reinsurance Group of America, Incorporated
Consolidated Balance Sheets

(USD thousands)	  	Dec. 31,
2012	 	 	Sept. 30,
2012	 	 	June 30,
2012	 	 	March 31,
2012	 	 	Dec. 31,
2011 (1)	 	
Assets	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Fixed maturity securities, available-for-sale	  	$	22,291,614	  	 	$	21,658,414	  	 	$	17,244,192	  	 	$	16,794,057	  	 	$	16,200,950	  	
Mortgage loans on real estate	  	 	2,300,587	  	 	 	2,256,881	  	 	 	1,157,049	  	 	 	1,040,733	  	 	 	991,731	  	
Policy loans	  	 	1,278,175	  	 	 	1,243,498	  	 	 	1,250,238	  	 	 	1,260,070	  	 	 	1,260,400	  	
Funds withheld at interest	  	 	5,594,182	  	 	 	5,608,640	  	 	 	5,457,888	  	 	 	5,472,532	  	 	 	5,410,424	  	
Short-term investments	  	 	288,082	  	 	 	90,789	  	 	 	49,981	  	 	 	75,425	  	 	 	88,566	  	
Investment receivable	  	 	—  	  	 	 	—  	  	 	 	5,406,898	  	 	 	—  	  	 	 	—  	  	
Other invested assets	  	 	1,159,543	  	 	 	1,236,616	  	 	 	940,605	  	 	 	867,507	  	 	 	1,012,541	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total investments	  	 	32,912,183	  	 	 	32,094,838	  	 	 	31,506,851	  	 	 	25,510,324	  	 	 	24,964,612	  	
Cash and cash equivalents	  	 	1,259,892	  	 	 	1,603,730	  	 	 	957,341	  	 	 	873,933	  	 	 	962,870	  	
Accrued investment income	  	 	201,344	  	 	 	250,048	  	 	 	182,586	  	 	 	173,629	  	 	 	144,334	  	
Premiums receivable and other reinsurance balances	  	 	1,356,087	  	 	 	1,179,687	  	 	 	1,104,176	  	 	 	1,131,334	  	 	 	1,059,572	  	
Reinsurance ceded receivables	  	 	620,901	  	 	 	623,954	  	 	 	626,734	  	 	 	597,508	  	 	 	626,194	  	
Deferred policy acquisition costs	  	 	3,619,274	  	 	 	3,630,877	  	 	 	3,605,008	  	 	 	3,629,424	  	 	 	3,543,925	  	
Other assets	  	 	390,757	  	 	 	540,879	  	 	 	361,627	  	 	 	369,930	  	 	 	332,466	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total assets	  	$	40,360,438	  	 	$	39,924,013	  	 	$	38,344,323	  	 	$	32,286,082	  	 	$	31,633,973	  	

Liabilities and Stockholders’ Equity	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Future policy benefits	  	$	11,372,856	  	 	$	11,093,483	  	 	$	10,725,096	  	 	$	10,413,361	  	 	$	9,903,886	  	
Interest-sensitive contract liabilities	  	 	13,353,502	  	 	 	13,254,859	  	 	 	13,352,601	  	 	 	8,252,995	  	 	 	8,394,468	  	
Other policy claims and benefits	  	 	3,160,250	  	 	 	3,132,526	  	 	 	3,026,467	  	 	 	2,984,681	  	 	 	2,841,373	  	
Other reinsurance balances	  	 	233,630	  	 	 	218,057	  	 	 	249,336	  	 	 	132,389	  	 	 	118,219	  	
Deferred income taxes	  	 	2,120,501	  	 	 	1,806,186	  	 	 	1,785,614	  	 	 	1,728,765	  	 	 	1,679,834	  	
Other liabilities	  	 	742,249	  	 	 	1,217,788	  	 	 	890,687	  	 	 	777,678	  	 	 	810,775	  	
Short-term debt	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	
Long-term debt	  	 	1,815,253	  	 	 	1,815,111	  	 	 	1,414,969	  	 	 	1,414,829	  	 	 	1,414,688	  	
Collateral finance facility	  	 	652,010	  	 	 	651,968	  	 	 	651,936	  	 	 	652,029	  	 	 	652,032	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total liabilities	  	 	33,450,251	  	 	 	33,189,978	  	 	 	32,096,706	  	 	 	26,356,727	  	 	 	25,815,275	  	
 	 	 	 	 	 	
Stockholders’ Equity:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Common stock, at par value	  	 	791	  	 	 	791	  	 	 	791	  	 	 	791	  	 	 	791	  	
Additional paid-in-capital	  	 	1,755,421	  	 	 	1,743,822	  	 	 	1,740,415	  	 	 	1,736,184	  	 	 	1,727,774	  	
Retained earnings	  	 	3,357,255	  	 	 	3,154,317	  	 	 	3,033,505	  	 	 	2,906,310	  	 	 	2,818,429	  	
Treasury stock	  	 	(312,182	) 	 	 	(316,542	) 	 	 	(326,292	) 	 	 	(325,732	) 	 	 	(346,449	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Accumulated other comprehensive income (AOCI):	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Accumulated currency translation adjustment, net of income taxes	  	 	267,477	  	 	 	273,258	  	 	 	237,010	  	 	 	253,875	  	 	 	229,795	  	
Unrealized appreciation of securities, net of income taxes	  	 	1,877,655	  	 	 	1,907,512	  	 	 	1,591,647	  	 	 	1,388,597	  	 	 	1,419,318	  	
Pension and postretirement benefits, net of income taxes	  	 	(36,230	) 	 	 	(29,123	) 	 	 	(29,459	) 	 	 	(30,670	) 	 	 	(30,960	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total stockholders’ equity	  	 	6,910,187	  	 	 	6,734,035	  	 	 	6,247,617	  	 	 	5,929,355	  	 	 	5,818,698	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total liabilities and stockholders' equity	  	$	40,360,438	  	 	$	39,924,013	  	 	$	38,344,323	  	 	$	32,286,082	  	 	$	31,633,973	  	

Total stockholders’ equity, excluding AOCI	  	$	4,801,285	  	 	$	4,582,388	  	 	$	4,448,419	  	 	$	4,317,553	  	 	$	4,200,545	  	
 
(1)	Certain amounts in December 2011 have been revised in connection with the retrospective adoption of ASU 2010-26 in the first quarter of 2012.	

 	 	 	 	Quarterly Financial Supplement	 	Page 6	

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

 	  	Three Months Ended	 	 	Current Qtr
vs. PY
Quarter	 	 	Year-to-Date	 	 	
(USD thousands)	  	Dec. 31,
2012	 	 	Sept. 30,
2012	 	 	June 30,
2012	 	 	March 31,
2012	 	 	Dec. 31,
2011 (1)	 	 	 	 	 	Dec. 31,
2012	 	 	Dec. 31,
2011 (1)	 	 	Change	 	 	 	 	
Revenues:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	  	$	1,159,106	  	 	$	1,045,767	  	 	$	1,082,400	  	 	$	1,021,507	  	 	$	1,099,409	  	 	$	59,697	  	 	$	4,308,780	  	 	$	3,979,489	  	 	$	329,291	  	 	 	 	
Investment income, net of related expenses	  	 	133,988	  	 	 	135,532	  	 	 	133,652	  	 	 	132,417	  	 	 	125,528	  	 	 	8,460	  	 	 	535,589	  	 	 	495,650	  	 	 	39,939	  	 	 	 	
Other revenue	  	 	2,448	  	 	 	764	  	 	 	401	  	 	 	1,003	  	 	 	1,571	  	 	 	877	  	 	 	4,616	  	 	 	3,401	  	 	 	1,215	  	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	  	 	1,295,542	  	 	 	1,182,063	  	 	 	1,216,453	  	 	 	1,154,927	  	 	 	1,226,508	  	 	 	69,034	  	 	 	4,848,985	  	 	 	4,478,540	  	 	 	370,445	  	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	  	 	973,185	  	 	 	917,264	  	 	 	934,807	  	 	 	907,461	  	 	 	952,609	  	 	 	20,576	  	 	 	3,732,717	  	 	 	3,458,279	  	 	 	274,438	  	 	 	 	
Interest credited	  	 	11,421	  	 	 	14,637	  	 	 	14,555	  	 	 	15,054	  	 	 	15,174	  	 	 	(3,753	) 	 	 	55,667	  	 	 	59,891	  	 	 	(4,224	) 	 	 	 	
Policy acquisition costs and other insurance expenses	  	 	145,437	  	 	 	156,995	  	 	 	150,958	  	 	 	145,485	  	 	 	152,246	  	 	 	(6,809	) 	 	 	598,875	  	 	 	555,511	  	 	 	43,364	  	 	 	 	
Other operating expenses	  	 	25,890	  	 	 	20,684	  	 	 	20,586	  	 	 	24,001	  	 	 	23,971	  	 	 	1,919	  	 	 	91,161	  	 	 	85,106	  	 	 	6,055	  	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	  	 	1,155,933	  	 	 	1,109,580	  	 	 	1,120,906	  	 	 	1,092,001	  	 	 	1,144,000	  	 	 	11,933	  	 	 	4,478,420	  	 	 	4,158,787	  	 	 	319,633	  	 	 	 	
Operating income before income taxes	  	 	139,609	  	 	 	72,483	  	 	 	95,547	  	 	 	62,926	  	 	 	82,508	  	 	 	57,101	  	 	 	370,565	  	 	 	319,753	  	 	 	50,812	  	 	 	 	

Operating to U.S. GAAP Reconciliation:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	  	 	139,609	  	 	 	72,483	  	 	 	95,547	  	 	 	62,926	  	 	 	82,508	  	 	 	57,101	  	 	 	370,565	  	 	 	319,753	  	 	 	50,812	  	 	 	 	
Investment and derivative (losses) gains—non-operating	  	 	11,752	  	 	 	(1,927	) 	 	 	789	  	 	 	(13,084	) 	 	 	30,075	  	 	 	(18,323	) 	 	 	(2,470	) 	 	 	44,211	  	 	 	(46,681	) 	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	  	$	151,361	  	 	$	70,556	  	 	$	96,336	  	 	$	49,842	  	 	$	112,583	  	 	$	38,778	  	 	$	368,095	  	 	$	363,964	  	 	$	4,131	  	 	 	 	

Loss and Expense Ratios:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	  	 	84.0	% 	 	 	87.7	% 	 	 	86.4	% 	 	 	88.8	% 	 	 	86.6	% 	 	 	-2.6	% 	 	 	86.6	% 	 	 	86.9	% 	 	 	-0.3	% 	 	 	 	
Policy acquisition costs and other insurance expenses	  	 	12.5	% 	 	 	15.0	% 	 	 	13.9	% 	 	 	14.2	% 	 	 	13.8	% 	 	 	-1.3	% 	 	 	13.9	% 	 	 	14.0	% 	 	 	-0.1	% 	 	 	 	
Other operating expenses	  	 	2.2	% 	 	 	2.0	% 	 	 	1.9	% 	 	 	2.3	% 	 	 	2.2	% 	 	 	0.0	% 	 	 	2.1	% 	 	 	2.1	% 	 	 	0.0	% 	 	 	 	
 
(1)	Certain amounts in December 2011 have been revised in connection with the retrospective adoption of ASU 2010-26 in the first quarter of 2012.	

 	 	 	 	Quarterly Financial Supplement	 	Page 7	

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

 	  	Three Months Ended	 	 	Current Qtr
vs. PY
Quarter	 	 	Year-to-Date	 	 	
(USD thousands)	  	Dec. 31,
2012	 	 	Sept. 30,
2012	 	 	June 30,
2012	 	 	March 31,
2012	 	 	Dec. 31,
2011 (1)	 	 	 	 	 	Dec. 31,
2012	 	 	Dec. 31,
2011 (1)	 	 	Change	 	 	 	 	
Revenues:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	  	$	3,521	  	 	$	3,623	  	 	$	3,355	  	 	$	3,596	  	 	$	3,619	  	 	$	(98	) 	 	$	14,095	  	 	$	13,189	  	 	$	906	  	 	 	 	
Investment income, net of related expenses	  	 	127,812	  	 	 	154,789	  	 	 	90,527	  	 	 	111,501	  	 	 	79,604	  	 	 	48,208	  	 	 	484,629	  	 	 	357,578	  	 	 	127,051	  	 	 	 	
Investment related gains (losses), net	  	 	—  	  	 	 	—  	  	 	 	(18	) 	 	 	(30	) 	 	 	(82	) 	 	 	82	  	 	 	(48	) 	 	 	(132	) 	 	 	84	  	 	 	 	
Other revenue	  	 	30,893	  	 	 	31,976	  	 	 	29,254	  	 	 	19,893	  	 	 	20,154	  	 	 	10,739	  	 	 	112,016	  	 	 	87,518	  	 	 	24,498	  	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	  	 	162,226	  	 	 	190,388	  	 	 	123,118	  	 	 	134,960	  	 	 	103,295	  	 	 	58,931	  	 	 	610,692	  	 	 	458,153	  	 	 	152,539	  	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	  	 	2,892	  	 	 	2,828	  	 	 	5,102	  	 	 	1,902	  	 	 	2,766	  	 	 	126	  	 	 	12,724	  	 	 	14,277	  	 	 	(1,553	) 	 	 	 	
Interest credited	  	 	74,992	  	 	 	115,645	  	 	 	53,611	  	 	 	33,511	  	 	 	53,965	  	 	 	21,027	  	 	 	277,759	  	 	 	214,065	  	 	 	63,694	  	 	 	 	
Policy acquisition costs and other insurance expenses	  	 	39,527	  	 	 	42,200	  	 	 	44,955	  	 	 	72,004	  	 	 	16,858	  	 	 	22,669	  	 	 	198,686	  	 	 	151,474	  	 	 	47,212	  	 	 	 	
Other operating expenses	  	 	3,977	  	 	 	2,596	  	 	 	2,807	  	 	 	3,062	  	 	 	2,434	  	 	 	1,543	  	 	 	12,442	  	 	 	8,217	  	 	 	4,225	  	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	  	 	121,388	  	 	 	163,269	  	 	 	106,475	  	 	 	110,479	  	 	 	76,023	  	 	 	45,365	  	 	 	501,611	  	 	 	388,033	  	 	 	113,578	  	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	  	 	40,838	  	 	 	27,119	  	 	 	16,643	  	 	 	24,481	  	 	 	27,272	  	 	 	13,566	  	 	 	109,081	  	 	 	70,120	  	 	 	38,961	  	 	 	 	

Operating to U.S. GAAP Reconciliation:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	  	 	40,838	  	 	 	27,119	  	 	 	16,643	  	 	 	24,481	  	 	 	27,272	  	 	 	13,566	  	 	 	109,081	  	 	 	70,120	  	 	 	38,961	  	 	 	 	
Investment and derivative gains (losses)—non-operating (2)	  	 	(13,667	) 	 	 	2,039	  	 	 	92,008	  	 	 	(96,355	) 	 	 	(23,077	) 	 	 	9,410	  	 	 	(15,975	) 	 	 	206,430	  	 	 	(222,405	) 	 	 	 	
Change in value of modified coinsurance and funds withheld embedded derivatives  (2)	  	 	76,778	  	 	 	54,257	  	 	 	(4,593	) 	 	 	(9,387	) 	 	 	(86,759	) 	 	 	163,537	  	 	 	117,055	  	 	 	(89,648	) 	 	 	206,703	  	 	 	 	
GMXB embedded derivatives (2)	  	 	30,588	  	 	 	2,579	  	 	 	(74,929	) 	 	 	146,375	  	 	 	29,261	  	 	 	1,327	  	 	 	104,613	  	 	 	(224,184	) 	 	 	328,797	  	 	 	 	
Funds withheld gains (losses)—investment income	  	 	3,944	  	 	 	5,652	  	 	 	5,430	  	 	 	(2,224	) 	 	 	194	  	 	 	3,750	  	 	 	12,802	  	 	 	5,144	  	 	 	7,658	  	 	 	 	
Funds withheld gains (losses)—policy acq. costs	  	 	(55	) 	 	 	(122	) 	 	 	(152	) 	 	 	(209	) 	 	 	(47	) 	 	 	(8	) 	 	 	(538	) 	 	 	(949	) 	 	 	411	  	 	 	 	
EIA embedded derivatives—interest credited	  	 	(7,711	) 	 	 	167	  	 	 	1,685	  	 	 	(39,239	) 	 	 	(9,490	) 	 	 	1,779	  	 	 	(45,098	) 	 	 	(41,289	) 	 	 	(3,809	) 	 	 	 	
EIA embedded derivatives—policy acq. costs	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	(6,908	) 	 	 	6,908	  	 	 	—  	  	 	 	(4,115	) 	 	 	4,115	  	 	 	 	
DAC offset, net	  	 	(44,308	) 	 	 	(13,705	) 	 	 	(1,490	) 	 	 	13,148	  	 	 	82,837	  	 	 	(127,145	) 	 	 	(46,355	) 	 	 	113,821	  	 	 	(160,176	) 	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	  	$	86,407	  	 	$	77,986	  	 	$	34,602	  	 	$	36,590	  	 	$	13,283	  	 	$	73,124	  	 	$	235,585	  	 	$	35,330	  	 	$	200,255	  	 	 	 	

(1)	Certain amounts in December 2011 have been revised in connection with the retrospective adoption of ASU 2010-26 in the first quarter of 2012.	
(2)	Included in “Investment related gains (losses), net” on Consolidated GAAP Income Statement	

 	 	 	 	Quarterly Financial Supplement	 	Page 8	

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

 	  	Three Months Ended	 	
(USD millions)	  	Dec. 31,
2012	 	 	Sept. 30,
2012	 	 	June 30,
2012	 	 	March 31,
2012	 	 	Dec. 31,
2011	 	
 	 	 	 	 	 	
Annuity account values:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	
Fixed annuities (deferred)	  	$	5,690	  	 	$	5,815	  	 	$	5,942	  	 	$	897	  	 	$	879	  	
 	 	 	 	 	 	
Net interest spread (fixed annuities):	  	 	2.2	% 	 	 	1.1	% 	 	 	1.0	% 	 	 	2.4	% 	 	 	2.8	% 	
 	 	 	 	 	 	
Equity-indexed annuities	  	$	4,833	  	 	$	4,882	  	 	$	4,867	  	 	$	4,895	  	 	$	4,881	  	
 	 	 	 	 	 	
Variable annuities:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
No riders	  	$	948	  	 	$	957	  	 	$	944	  	 	$	1,040	  	 	$	986	  	
GMDB only	  	 	79	  	 	 	80	  	 	 	79	  	 	 	82	  	 	 	85	  	
GMIB only	  	 	6	  	 	 	6	  	 	 	6	  	 	 	6	  	 	 	6	  	
GMAB only	  	 	54	  	 	 	55	  	 	 	54	  	 	 	57	  	 	 	55	  	
GMWB only	  	 	1,662	  	 	 	1,667	  	 	 	1,620	  	 	 	1,704	  	 	 	1,538	  	
GMDB / WB	  	 	455	  	 	 	461	  	 	 	451	  	 	 	460	  	 	 	498	  	
Other	  	 	31	  	 	 	31	  	 	 	30	  	 	 	32	  	 	 	31	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total VA account values	  	$	3,235	  	 	$	3,257	  	 	$	3,184	  	 	$	3,381	  	 	$	3,199	  	
 	 	 	 	 	 	
Fair value of liabilities associated with living benefit riders	  	$	172	  	 	$	203	  	 	$	205	  	 	$	130	  	 	$	277	  	
 	 	 	 	 	 	
Interest-sensitive contract liabilities associated with:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	
Guaranteed investment contracts	  	$	200	  	 	$	200	  	 	$	200	  	 	$	198	  	 	$	198	  	
 	 	 	 	 	 	
Bank-owned life insurance (BOLI)	  	$	522	  	 	$	519	  	 	$	515	  	 	$	512	  	 	$	508	  	
 	 	 	 	 	 	
Other asset-intensive business	  	$	75	  	 	$	76	  	 	$	77	  	 	$	78	  	 	$	78	  	

 	 	 	 	Quarterly Financial Supplement	 	Page 9	

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

 	  	Three Months Ended	 	 	Current Qtr
vs. PY
Quarter	 	  	Year-to-Date	 	 	
(USD thousands)	  	Dec. 31,
2012	 	  	Sept. 30,
2012	 	 	June 30,
2012	 	  	March 31,
2012	 	 	Dec. 31,
2011	 	 	 	 	  	Dec. 31,
2012	 	 	Dec. 31,
2011	 	 	Change	 	 	 	 	
Revenues:	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Investment income, net of related expenses	  	$	361	  	  	$	364	  	 	$	179	  	  	$	164	  	 	$	131	  	 	$	230	  	  	$	1,068	  	 	$	164	  	 	$	904	  	 	 	 	
Other revenue	  	 	13,796	  	  	 	11,565	  	 	 	11,734	  	  	 	8,910	  	 	 	9,558	  	 	 	4,238	  	  	 	46,005	  	 	 	36,373	  	 	 	9,632	  	 	 	 	
 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	  	 	14,157	  	  	 	11,929	  	 	 	11,913	  	  	 	9,074	  	 	 	9,689	  	 	 	4,468	  	  	 	47,073	  	 	 	36,537	  	 	 	10,536	  	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Policy acquisition costs and other insurance expenses	  	 	1,081	  	  	 	2,012	  	 	 	704	  	  	 	770	  	 	 	743	  	 	 	338	  	  	 	4,567	  	 	 	3,191	  	 	 	1,376	  	 	 	 	
Other operating expenses	  	 	4,555	  	  	 	1,635	  	 	 	1,593	  	  	 	1,852	  	 	 	2,025	  	 	 	2,530	  	  	 	9,635	  	 	 	6,875	  	 	 	2,760	  	 	 	 	
 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	  	 	5,636	  	  	 	3,647	  	 	 	2,297	  	  	 	2,622	  	 	 	2,768	  	 	 	2,868	  	  	 	14,202	  	 	 	10,066	  	 	 	4,136	  	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	  	 	8,521	  	  	 	8,282	  	 	 	9,616	  	  	 	6,452	  	 	 	6,921	  	 	 	1,600	  	  	 	32,871	  	 	 	26,471	  	 	 	6,400	  	 	 	 	

Operating to U.S. GAAP Reconciliation:	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	  	 	8,521	  	  	 	8,282	  	 	 	9,616	  	  	 	6,452	  	 	 	6,921	  	 	 	1,600	  	  	 	32,871	  	 	 	26,471	  	 	 	6,400	  	 	 	 	
Investment and derivative gains (losses)—non-operating	  	 	112	  	  	 	(146	) 	 	 	32	  	  	 	(139	) 	 	 	(87	) 	 	 	199	  	  	 	(141	) 	 	 	(128	) 	 	 	(13	) 	 	 	 	
 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	  	$	8,633	  	  	$	8,136	  	 	$	9,648	  	  	$	6,313	  	 	$	6,834	  	 	$	1,799	  	  	$	32,730	  	 	$	26,343	  	 	$	6,387	  	 	 	 	

 	 	 	 	 	 	 	
 	 	 	 	Quarterly Financial Supplement	 	Page 10	

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

 	  	Three Months Ended	 	 	Current Qtr
vs. PY
Quarter	 	 	Year-to-Date	 	 	
(USD thousands)	  	Dec. 31,
2012	 	 	Sept. 30,
2012	 	 	June 30,
2012	 	 	March 31,
2012	 	 	Dec. 31,
2011 (1)	 	 	 	 	 	Dec. 31,
2012	 	 	Dec. 31,
2011 (1)	 	 	Change	 	 	 	 	
Revenues:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	  	$	248,443	  	 	$	227,944	  	 	$	221,167	  	 	$	218,210	  	 	$	224,763	  	 	$	23,680	  	 	$	915,764	  	 	$	835,298	  	 	$	80,466	  	 	 	 	
Investment income, net of related expenses	  	 	45,928	  	 	 	46,016	  	 	 	46,349	  	 	 	47,716	  	 	 	42,604	  	 	 	3,324	  	 	 	186,009	  	 	 	188,304	  	 	 	(2,295	) 	 	 	 	
Investment related gains (losses), net	  	 	1,041	  	 	 	1,003	  	 	 	995	  	 	 	1,323	  	 	 	1,579	  	 	 	(538	) 	 	 	4,362	  	 	 	5,198	  	 	 	(836	) 	 	 	 	
Other revenue	  	 	41	  	 	 	3,288	  	 	 	3,205	  	 	 	(30	) 	 	 	(9	) 	 	 	50	  	 	 	6,504	  	 	 	5,433	  	 	 	1,071	  	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	  	 	295,453	  	 	 	278,251	  	 	 	271,716	  	 	 	267,219	  	 	 	268,937	  	 	 	26,516	  	 	 	1,112,639	  	 	 	1,034,233	  	 	 	78,406	  	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	  	 	169,959	  	 	 	191,275	  	 	 	184,857	  	 	 	160,625	  	 	 	165,456	  	 	 	4,503	  	 	 	706,716	  	 	 	673,105	  	 	 	33,611	  	 	 	 	
Interest credited	  	 	6	  	 	 	22	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	6	  	 	 	28	  	 	 	—  	  	 	 	28	  	 	 	 	
Policy acquisition costs and other insurance expenses	  	 	58,786	  	 	 	49,790	  	 	 	47,476	  	 	 	50,285	  	 	 	52,140	  	 	 	6,646	  	 	 	206,337	  	 	 	180,712	  	 	 	25,625	  	 	 	 	
Other operating expenses	  	 	12,664	  	 	 	9,022	  	 	 	8,876	  	 	 	9,650	  	 	 	10,645	  	 	 	2,019	  	 	 	40,212	  	 	 	37,261	  	 	 	2,951	  	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	  	 	241,415	  	 	 	250,109	  	 	 	241,209	  	 	 	220,560	  	 	 	228,241	  	 	 	13,174	  	 	 	953,293	  	 	 	891,078	  	 	 	62,215	  	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	  	 	54,038	  	 	 	28,142	  	 	 	30,507	  	 	 	46,659	  	 	 	40,696	  	 	 	13,342	  	 	 	159,346	  	 	 	143,155	  	 	 	16,191	  	 	 	 	

Operating to U.S. GAAP Reconciliation:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	  	 	54,038	  	 	 	28,142	  	 	 	30,507	  	 	 	46,659	  	 	 	40,696	  	 	 	13,342	  	 	 	159,346	  	 	 	143,155	  	 	 	16,191	  	 	 	 	
Investment and derivative gains (losses)—non-operating	  	 	2,817	  	 	 	8,630	  	 	 	4,630	  	 	 	7,220	  	 	 	6,545	  	 	 	(3,728	) 	 	 	23,297	  	 	 	21,798	  	 	 	1,499	  	 	 	 	
Funds withheld gains (losses)—investment income	  	 	2,503	  	 	 	748	  	 	 	(107	) 	 	 	1,184	  	 	 	—  	  	 	 	2,503	  	 	 	4,328	  	 	 	—  	  	 	 	4,328	  	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	  	$	59,358	  	 	$	37,520	  	 	$	35,030	  	 	$	55,063	  	 	$	47,241	  	 	$	12,117	  	 	$	186,971	  	 	$	164,953	  	 	$	22,018	  	 	 	 	

Loss and Expense Ratios:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Loss ratios (creditor business)	  	 	6.1	% 	 	 	40.4	% 	 	 	38.0	% 	 	 	34.1	% 	 	 	36.3	% 	 	 	-30.2	% 	 	 	28.5	% 	 	 	37.9	% 	 	 	-9.4	% 	 	 	 	
Loss ratios (excluding creditor business)	  	 	87.5	% 	 	 	96.8	% 	 	 	95.5	% 	 	 	83.8	% 	 	 	85.5	% 	 	 	2.0	% 	 	 	90.9	% 	 	 	92.1	% 	 	 	-1.2	% 	 	 	 	
Claims and other policy benefits / (net premiums + investment income)	  	 	57.7	% 	 	 	69.8	% 	 	 	69.1	% 	 	 	60.4	% 	 	 	61.9	% 	 	 	-4.2	% 	 	 	64.1	% 	 	 	65.8	% 	 	 	-1.7	% 	 	 	 	
Policy acquisition costs and other insurance expenses (creditor business)	  	 	60.0	% 	 	 	58.2	% 	 	 	58.5	% 	 	 	57.1	% 	 	 	59.2	% 	 	 	0.8	% 	 	 	58.6	% 	 	 	56.6	% 	 	 	2.0	% 	 	 	 	
Policy acquisition costs and other insurance expenses (excluding creditor business)	  	 	12.5	% 	 	 	11.1	% 	 	 	11.8	% 	 	 	14.2	% 	 	 	10.9	% 	 	 	1.6	% 	 	 	12.4	% 	 	 	11.3	% 	 	 	1.1	% 	 	 	 	
Other operating expenses	  	 	5.1	% 	 	 	4.0	% 	 	 	4.0	% 	 	 	4.4	% 	 	 	4.7	% 	 	 	0.4	% 	 	 	4.4	% 	 	 	4.5	% 	 	 	-0.1	% 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Foreign currency effect (2):	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	  	$	7,617	  	 	$	(3,413	) 	 	$	(9,838	) 	 	$	(3,328	) 	 	$	(2,669	) 	 	$	10,286	  	 	$	(8,962	) 	 	$	31,257	  	 	$	(40,219	) 	 	 	 	
Operating income before income taxes	  	$	1,785	  	 	$	919	  	 	$	(2,905	) 	 	$	(554	) 	 	$	(641	) 	 	$	2,426	  	 	$	(755	) 	 	$	5,404	  	 	$	(6,159	) 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Creditor reinsurance net premiums	  	$	58,340	  	 	$	52,038	  	 	$	45,883	  	 	$	44,810	  	 	$	54,227	  	 	$	4,113	  	 	$	201,071	  	 	$	177,319	  	 	$	23,752	  	 	 	 	
Note: The loss ratios on creditor reinsurance business are normally lower than traditional reinsurance, while allowances are normally higher as a percentage of premiums.
(1)	Certain amounts in December 2011 have been revised in connection with the retrospective adoption of ASU 2010-26 in the first quarter of 2012.	
(2)	Compared to comparable prior year period	

 	 	 	 	Quarterly Financial Supplement	 	Page 11	

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

 	  	Three Months Ended	 	 	Current Qtr
vs. PY
Quarter	 	 	Year-to-Date	 	 	
(USD thousands)	  	Dec. 31,
2012	 	 	Sept. 30,
2012	 	 	June 30,
2012	 	 	March 31,
2012	 	 	Dec. 31,
2011 (1)	 	 	 	 	 	Dec. 31,
2012	 	 	Dec. 31,
2011 (1)	 	 	Change	 	 	 	 	
Revenues:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	  	$	402,515	  	 	$	303,101	  	 	$	310,075	  	 	$	292,771	  	 	$	356,284	  	 	$	46,231	  	 	$	1,308,462	  	 	$	1,194,477	  	 	$	113,985	  	 	 	 	
Investment income, net of related expenses	  	 	11,560	  	 	 	11,437	  	 	 	11,248	  	 	 	11,331	  	 	 	11,709	  	 	 	(149	) 	 	 	45,576	  	 	 	44,351	  	 	 	1,225	  	 	 	 	
Other revenue	  	 	1,386	  	 	 	1,576	  	 	 	1,464	  	 	 	2,253	  	 	 	1,035	  	 	 	351	  	 	 	6,679	  	 	 	5,031	  	 	 	1,648	  	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	  	 	415,461	  	 	 	316,114	  	 	 	322,787	  	 	 	306,355	  	 	 	369,028	  	 	 	46,433	  	 	 	1,360,717	  	 	 	1,243,859	  	 	 	116,858	  	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	  	 	357,190	  	 	 	251,553	  	 	 	263,992	  	 	 	261,484	  	 	 	293,126	  	 	 	64,064	  	 	 	1,134,219	  	 	 	1,001,921	  	 	 	132,298	  	 	 	 	
Policy acquisition costs and other insurance expenses	  	 	7,937	  	 	 	14,697	  	 	 	13,550	  	 	 	15,052	  	 	 	13,329	  	 	 	(5,392	) 	 	 	51,236	  	 	 	59,217	  	 	 	(7,981	) 	 	 	 	
Other operating expenses	  	 	36,075	  	 	 	24,809	  	 	 	26,810	  	 	 	25,195	  	 	 	29,511	  	 	 	6,564	  	 	 	112,889	  	 	 	105,619	  	 	 	7,270	  	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	  	 	401,202	  	 	 	291,059	  	 	 	304,352	  	 	 	301,731	  	 	 	335,966	  	 	 	65,236	  	 	 	1,298,344	  	 	 	1,166,757	  	 	 	131,587	  	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	  	 	14,259	  	 	 	25,055	  	 	 	18,435	  	 	 	4,624	  	 	 	33,062	  	 	 	(18,803	) 	 	 	62,373	  	 	 	77,102	  	 	 	(14,729	) 	 	 	 	

Operating to U.S. GAAP Reconciliation:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	  	 	14,259	  	 	 	25,055	  	 	 	18,435	  	 	 	4,624	  	 	 	33,062	  	 	 	(18,803	) 	 	 	62,373	  	 	 	77,102	  	 	 	(14,729	) 	 	 	 	
Investment and derivative gains (losses)—non-operating	  	 	1,325	  	 	 	7,111	  	 	 	1,156	  	 	 	1,982	  	 	 	2,951	  	 	 	(1,626	) 	 	 	11,574	  	 	 	6,000	  	 	 	5,574	  	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	  	$	15,584	  	 	$	32,166	  	 	$	19,591	  	 	$	6,606	  	 	$	36,013	  	 	$	(20,429	) 	 	$	73,947	  	 	$	83,102	  	 	$	(9,155	) 	 	 	 	

Loss and Expense Ratios:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	  	 	88.7	% 	 	 	83.0	% 	 	 	85.1	% 	 	 	89.3	% 	 	 	82.3	% 	 	 	6.4	% 	 	 	86.7	% 	 	 	83.9	% 	 	 	2.8	% 	 	 	 	
Policy acquisition costs and other insurance expenses	  	 	2.0	% 	 	 	4.8	% 	 	 	4.4	% 	 	 	5.1	% 	 	 	3.7	% 	 	 	-1.7	% 	 	 	3.9	% 	 	 	5.0	% 	 	 	-1.1	% 	 	 	 	
Other operating expenses	  	 	9.0	% 	 	 	8.2	% 	 	 	8.6	% 	 	 	8.6	% 	 	 	8.3	% 	 	 	0.7	% 	 	 	8.6	% 	 	 	8.8	% 	 	 	-0.2	% 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Foreign currency effect (2):	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	  	$	(129	) 	 	$	(17,157	) 	 	$	(22,973	) 	 	$	(11,362	) 	 	$	(9,136	) 	 	$	9,007	  	 	$	(51,621	) 	 	$	31,250	  	 	$	(82,871	) 	 	 	 	
Operating income before income taxes	  	$	(305	) 	 	$	(2,989	) 	 	$	(1,013	) 	 	$	(1,417	) 	 	$	(1,605	) 	 	$	1,300	  	 	$	(5,724	) 	 	$	1,009	  	 	$	(6,733	) 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Critical illness net premiums	  	$	66,211	  	 	$	58,793	  	 	$	62,001	  	 	$	61,548	  	 	$	61,564	  	 	$	4,647	  	 	$	248,553	  	 	$	244,824	  	 	$	3,729	  	 	 	 	
 
(1)	Certain amounts in December 2011 have been revised in connection with the retrospective adoption of ASU 2010-26 in the first quarter of 2012.	
(2)	Compared to comparable prior year period	

 	 	 	 	Quarterly Financial Supplement	 	Page 12	

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

 	  	Three Months Ended	 	 	Current Qtr
vs. PY
Quarter	 	 	Year-to-Date	 	 	
(USD thousands)	  	Dec. 31,
2012	 	 	Sept. 30,
2012	 	 	June 30,
2012	 	 	March 31,
2012	 	 	Dec. 31,
2011 (1)	 	 	 	 	 	Dec. 31,
2012	 	 	Dec. 31,
2011 (1)	 	 	Change	 	 	 	 	
Revenues:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	  	$	362,620	  	 	$	330,415	  	 	$	331,945	  	 	$	325,350	  	 	$	348,358	  	 	$	14,262	  	 	$	1,350,330	  	 	$	1,304,490	  	 	$	45,840	  	 	 	 	
Investment income, net of related expenses	  	 	20,782	  	 	 	19,316	  	 	 	20,711	  	 	 	22,578	  	 	 	21,666	  	 	 	(884	) 	 	 	83,387	  	 	 	84,837	  	 	 	(1,450	) 	 	 	 	
Investment related gains (losses), net	  	 	1,460	  	 	 	468	  	 	 	(164	) 	 	 	(809	) 	 	 	1,237	  	 	 	223	  	 	 	955	  	 	 	3,958	  	 	 	(3,003	) 	 	 	 	
Other revenue	  	 	11,269	  	 	 	10,052	  	 	 	24,109	  	 	 	7,408	  	 	 	9,741	  	 	 	1,528	  	 	 	52,838	  	 	 	34,073	  	 	 	18,765	  	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	  	 	396,131	  	 	 	360,251	  	 	 	376,601	  	 	 	354,527	  	 	 	381,002	  	 	 	15,129	  	 	 	1,487,510	  	 	 	1,427,358	  	 	 	60,152	  	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	  	 	294,564	  	 	 	299,782	  	 	 	236,733	  	 	 	248,620	  	 	 	306,802	  	 	 	(12,238	) 	 	 	1,079,699	  	 	 	1,076,833	  	 	 	2,866	  	 	 	 	
Interest Credited	  	 	653	  	 	 	204	  	 	 	216	  	 	 	238	  	 	 	254	  	 	 	399	  	 	 	1,311	  	 	 	1,149	  	 	 	162	  	 	 	 	
Policy acquisition costs and other insurance expenses	  	 	58,419	  	 	 	52,779	  	 	 	89,996	  	 	 	50,847	  	 	 	58,713	  	 	 	(294	) 	 	 	252,041	  	 	 	201,130	  	 	 	50,911	  	 	 	 	
Other operating expenses	  	 	34,040	  	 	 	28,234	  	 	 	26,929	  	 	 	27,913	  	 	 	30,254	  	 	 	3,786	  	 	 	117,116	  	 	 	109,068	  	 	 	8,048	  	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	  	 	387,676	  	 	 	380,999	  	 	 	353,874	  	 	 	327,618	  	 	 	396,023	  	 	 	(8,347	) 	 	 	1,450,167	  	 	 	1,388,180	  	 	 	61,987	  	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income (loss) before income taxes	  	 	8,455	  	 	 	(20,748	) 	 	 	22,727	  	 	 	26,909	  	 	 	(15,021	) 	 	 	23,476	  	 	 	37,343	  	 	 	39,178	  	 	 	(1,835	) 	 	 	 	

Operating to U.S. GAAP Reconciliation:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	  	 	8,455	  	 	 	(20,748	) 	 	 	22,727	  	 	 	26,909	  	 	 	(15,021	) 	 	 	23,476	  	 	 	37,343	  	 	 	39,178	  	 	 	(1,835	) 	 	 	 	
Investment and derivative gains (losses)—non-operating	  	 	(2,520	) 	 	 	4,265	  	 	 	1,132	  	 	 	5,158	  	 	 	5,309	  	 	 	(7,829	) 	 	 	8,035	  	 	 	3,056	  	 	 	4,979	  	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income (loss) before income taxes	  	$	5,935	  	 	$	(16,483	) 	 	$	23,859	  	 	$	32,067	  	 	$	(9,712	) 	 	$	15,647	  	 	$	45,378	  	 	$	42,234	  	 	$	3,144	  	 	 	 	

Loss and Expense Ratios:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	  	 	81.2	% 	 	 	90.7	% 	 	 	71.3	% 	 	 	76.4	% 	 	 	88.1	% 	 	 	-6.9	% 	 	 	80.0	% 	 	 	82.5	% 	 	 	-2.5	% 	 	 	 	
Policy acquisition costs and other insurance expenses	  	 	16.1	% 	 	 	16.0	% 	 	 	27.1	% 	 	 	15.6	% 	 	 	16.9	% 	 	 	-0.8	% 	 	 	18.7	% 	 	 	15.4	% 	 	 	3.3	% 	 	 	 	
Other operating expenses	  	 	9.4	% 	 	 	8.5	% 	 	 	8.1	% 	 	 	8.6	% 	 	 	8.7	% 	 	 	0.7	% 	 	 	8.7	% 	 	 	8.4	% 	 	 	0.3	% 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Foreign currency effect (2):	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	  	$	6,609	  	 	$	(5,401	) 	 	$	(12,998	) 	 	$	9,756	  	 	$	6,296	  	 	$	313	  	 	$	(2,034	) 	 	$	105,251	  	 	$	(107,285	) 	 	 	 	
Operating income before income taxes	  	$	(508	) 	 	$	(1,280	) 	 	$	(614	) 	 	$	1,529	  	 	$	325	  	 	$	(833	) 	 	$	(873	) 	 	$	5,816	  	 	$	(6,689	) 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Critical illness net premiums	  	$	68,963	  	 	$	68,356	  	 	$	46,700	  	 	$	40,333	  	 	$	40,566	  	 	$	28,397	  	 	$	224,352	  	 	$	157,326	  	 	$	67,026	  	 	 	 	
 
(1)	Certain amounts in December 2011 have been revised in connection with the retrospective adoption of ASU 2010-26 in the first quarter of 2012.	
(2)	Compared to comparable prior year period	

 	 	 	 	Quarterly Financial Supplement	 	Page 13	

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

 	  	Three Months Ended	 	 	Current Qtr
vs. PY
Quarter	 	 	Year-to-Date	 	 	
(USD thousands)	  	Dec. 31,
2012	 	 	Sept. 30,
2012	 	 	June 30,
2012	 	 	March 31,
2012	 	 	Dec. 31,
2011 (1)	 	 	 	 	 	Dec. 31,
2012	 	 	Dec. 31,
2011 (1)	 	 	Change	 	 	 	 	
Revenues:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	  	$	3,502	  	 	$	1,896	  	 	$	1,719	  	 	$	2,048	  	 	$	2,283	  	 	$	1,219	  	 	$	9,165	  	 	$	8,744	  	 	$	421	  	 	 	 	
Investment income, net of related expenses	  	 	23,273	  	 	 	22,927	  	 	 	20,345	  	 	 	16,273	  	 	 	23,075	  	 	 	198	  	 	 	82,818	  	 	 	105,169	  	 	 	(22,351	) 	 	 	 	
Investment related gains (losses), net	  	 	215	  	 	 	227	  	 	 	186	  	 	 	187	  	 	 	903	  	 	 	(688	) 	 	 	815	  	 	 	733	  	 	 	82	  	 	 	 	
Other revenue	  	 	2,649	  	 	 	4,280	  	 	 	2,790	  	 	 	5,596	  	 	 	4,681	  	 	 	(2,032	) 	 	 	15,315	  	 	 	11,316	  	 	 	3,999	  	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	  	 	29,639	  	 	 	29,330	  	 	 	25,040	  	 	 	24,104	  	 	 	30,942	  	 	 	(1,303	) 	 	 	108,113	  	 	 	125,962	  	 	 	(17,849	) 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	  	 	(11	) 	 	 	(77	) 	 	 	(45	) 	 	 	57	  	 	 	197	  	 	 	(208	) 	 	 	(76	) 	 	 	768	  	 	 	(844	) 	 	 	 	
Interest credited	  	 	52	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	1	  	 	 	51	  	 	 	52	  	 	 	—  	  	 	 	52	  	 	 	 	
Policy acquisition costs and other insurance expenses	  	 	(10,759	) 	 	 	(14,194	) 	 	 	(13,342	) 	 	 	(13,870	) 	 	 	(13,264	) 	 	 	2,505	  	 	 	(52,165	) 	 	 	(52,457	) 	 	 	292	  	 	 	 	
Other operating expenses	  	 	15,133	  	 	 	16,806	  	 	 	17,940	  	 	 	18,425	  	 	 	23,160	  	 	 	(8,027	) 	 	 	68,304	  	 	 	62,803	  	 	 	5,501	  	 	 	 	
Interest expense	  	 	28,917	  	 	 	29,749	  	 	 	23,360	  	 	 	23,322	  	 	 	25,226	  	 	 	3,691	  	 	 	105,348	  	 	 	102,638	  	 	 	2,710	  	 	 	 	
Collateral finance facility expense	  	 	3,357	  	 	 	2,995	  	 	 	2,878	  	 	 	2,967	  	 	 	3,019	  	 	 	338	  	 	 	12,197	  	 	 	12,391	  	 	 	(194	) 	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	  	 	36,689	  	 	 	35,279	  	 	 	30,791	  	 	 	30,901	  	 	 	38,339	  	 	 	(1,650	) 	 	 	133,660	  	 	 	126,143	  	 	 	7,517	  	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income (loss) before income taxes	  	 	(7,050	) 	 	 	(5,949	) 	 	 	(5,751	) 	 	 	(6,797	) 	 	 	(7,397	) 	 	 	347	  	 	 	(25,547	) 	 	 	(181	) 	 	 	(25,366	) 	 	 	 	

Operating to U.S. GAAP Reconciliation:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income (loss) before income taxes	  	 	(7,050	) 	 	 	(5,949	) 	 	 	(5,751	) 	 	 	(6,797	) 	 	 	(7,397	) 	 	 	347	  	 	 	(25,547	) 	 	 	(181	) 	 	 	(25,366	) 	 	 	 	
Investment and derivative gains (losses)—non-operating	  	 	861	  	 	 	(2,453	) 	 	 	2,577	  	 	 	1,079	  	 	 	(15,319	) 	 	 	16,180	  	 	 	2,064	  	 	 	(13,348	) 	 	 	15,412	  	 	 	 	
Gain on repurchase of collateral finance facility securities	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	9,725	  	 	 	(9,725	) 	 	 	—  	  	 	 	65,565	  	 	 	(65,565	) 	 	 	 	
Loss on retirement of PIERS	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	(4,391	) 	 	 	4,391	  	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income (loss) before income taxes	  	$	(6,189	) 	 	$	(8,402	) 	 	$	(3,174	) 	 	$	(5,718	) 	 	$	(12,991	) 	 	$	6,802	  	 	$	(23,483	) 	 	$	47,645	  	 	$	(71,128	) 	 	 	 	

Foreign currency effect (2):	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	  	$	8	  	 	$	(1	) 	 	$	9	  	 	$	10	  	 	$	—	  	 	$	8	  	 	$	26	  	 	$	(104	) 	 	$	130	  	 	 	 	
Operating income before income taxes	  	$	827	  	 	$	(815	) 	 	$	1,061	  	 	$	55	  	 	$	(486	) 	 	$	1,313	  	 	$	1,128	  	 	$	2,557	  	 	$	(1,429	) 	 	 	 	
 
(1)	Certain amounts in December 2011 have been revised in connection with the retrospective adoption of ASU 2010-26 in the first quarter of 2012.	
(2)	Compared to comparable prior year period	

 	 	 	 	Quarterly Financial Supplement	 	Page 14	

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

 	  	Three Months Ended	 	 	Current Qtr
vs. PY
Quarter	 	 	Year-to-Date	 	 	
(USD thousands)	  	Dec. 31,
2012	 	 	Sept. 30,
2012	 	 	June 30,
2012	 	 	March 31,
2012	 	 	Dec. 31,
2011 (1)	 	 	 	 	 	Dec. 31,
2012	 	 	Dec. 31,
2011 (1)	 	 	Change	 	 	 	 	
U.S. Traditional	  	$	139,609	  	 	$	72,483	  	 	$	95,547	  	 	$	62,926	  	 	$	82,508	  	 	$	57,101	  	 	$	370,565	  	 	$	319,753	  	 	$	50,812	  	 	 	 	
U.S. Asset Intensive	  	 	40,838	  	 	 	27,119	  	 	 	16,643	  	 	 	24,481	  	 	 	27,272	  	 	 	13,566	  	 	 	109,081	  	 	 	70,120	  	 	 	38,961	  	 	 	 	
U.S. Financial Reinsurance	  	 	8,521	  	 	 	8,282	  	 	 	9,616	  	 	 	6,452	  	 	 	6,921	  	 	 	1,600	  	 	 	32,871	  	 	 	26,471	  	 	 	6,400	  	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total U.S. Segment	  	 	188,968	  	 	 	107,884	  	 	 	121,806	  	 	 	93,859	  	 	 	116,701	  	 	 	72,267	  	 	 	512,517	  	 	 	416,344	  	 	 	96,173	  	 	 	 	
Canadian Segment	  	 	54,038	  	 	 	28,142	  	 	 	30,507	  	 	 	46,659	  	 	 	40,696	  	 	 	13,342	  	 	 	159,346	  	 	 	143,155	  	 	 	16,191	  	 	 	 	
Europe & South Africa Segment	  	 	14,259	  	 	 	25,055	  	 	 	18,435	  	 	 	4,624	  	 	 	33,062	  	 	 	(18,803	) 	 	 	62,373	  	 	 	77,102	  	 	 	(14,729	) 	 	 	 	
Asia Pacific Segment	  	 	8,455	  	 	 	(20,748	) 	 	 	22,727	  	 	 	26,909	  	 	 	(15,021	) 	 	 	23,476	  	 	 	37,343	  	 	 	39,178	  	 	 	(1,835	) 	 	 	 	
Corporate and Other	  	 	(7,050	) 	 	 	(5,949	) 	 	 	(5,751	) 	 	 	(6,797	) 	 	 	(7,397	) 	 	 	347	  	 	 	(25,547	) 	 	 	(181	) 	 	 	(25,366	) 	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Consolidated	  	$	258,670	  	 	$	134,384	  	 	$	187,724	  	 	$	165,254	  	 	$	168,041	  	 	$	90,629	  	 	$	746,032	  	 	$	675,598	  	 	$	70,434	  	 	 	 	

(1)	Certain amounts in December 2011 have been revised in connection with the retrospective adoption of ASU 2010-26 in the first quarter of 2012.	

 	 	 	 	Quarterly Financial Supplement	 	Page 15	

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

 	  	Dec. 31,
2012	 	  	Sept. 30,
2012	 	  	June 30,
2012	 	  	March 31,
2012	 	  	Dec. 31,
2011	 	
Fixed maturity securities, available-for-sale	  	$	22,291,614	  	  	$	21,658,414	  	  	$	17,244,192	  	  	$	16,794,057	  	  	$	16,200,950	  	
Mortgage loans on real estate	  	 	2,300,587	  	  	 	2,256,881	  	  	 	1,157,049	  	  	 	1,040,733	  	  	 	991,731	  	
Policy loans	  	 	1,278,175	  	  	 	1,243,498	  	  	 	1,250,238	  	  	 	1,260,070	  	  	 	1,260,400	  	
Funds withheld at interest	  	 	5,594,182	  	  	 	5,608,640	  	  	 	5,457,888	  	  	 	5,472,532	  	  	 	5,410,424	  	
Short-term investments	  	 	288,082	  	  	 	90,789	  	  	 	49,981	  	  	 	75,425	  	  	 	88,566	  	
Investment Receivable	  	 	—  	  	  	 	—  	  	  	 	5,406,898	  	  	 	—  	  	  	 	—  	  	
Other invested assets	  	 	1,159,543	  	  	 	1,236,616	  	  	 	940,605	  	  	 	867,507	  	  	 	1,012,541	  	
Cash and cash equivalents	  	 	1,259,892	  	  	 	1,603,730	  	  	 	957,341	  	  	 	873,933	  	  	 	962,870	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total cash and invested assets	  	$	34,172,075	  	  	$	33,698,568	  	  	$	32,464,192	  	  	$	26,384,257	  	  	$	25,927,482	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Investment Income and Yield Summary
(USD thousands)

 	  	Three Months Ended	 	 	Current Qtr
vs. PY
Quarter	 	 	Year-to-Date	 	 	
 	  	Dec. 31,
2012	 	 	Sept. 30,
2012	 	 	June 30,
2012	 	 	March 31,
2012	 	 	Dec. 31,
2011	 	 	 	 	 	Dec. 31,
2012	 	 	Dec. 31,
2011	 	 	Change	 	 	 	 	
Average invested assets at amortized cost  (1)	  	$	17,510,541	  	 	$	17,030,794	  	 	$	16,539,380	  	 	$	16,342,741	  	 	$	15,792,721	  	 	$	1,717,820	  	 	$	16,555,144	  	 	$	15,288,576	  	 	$	1,266,568	  	 	 	 	
Net investment income  (1)	  	$	207,567	  	 	$	208,346	  	 	$	205,471	  	 	$	202,603	  	 	$	200,702	  	 	$	6,865	  	 	$	823,987	  	 	$	806,655	  	 	$	17,332	  	 	 	 	
Annualized investment yield (ratio of net investment income to average invested assets)  (1)	  	 	4.83	% 	 	 	4.98	% 	 	 	5.06	% 	 	 	5.05	% 	 	 	5.18	% 	 	 	-0.35	% 	 	 	4.98	% 	 	 	5.28	% 	 	 	-0.30	% 	 	 	 	
 
(1)	Excludes funds withheld and other spread related business (e.g. coinsurance of annuities).	

 	 	 	 	Quarterly Financial Supplement	 	Page 16	

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

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

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

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

Non-redeemable preferred stock	  	 	82,488	  	  	 	4,677	  	  	 	8,982	  	  	 	78,183	  	  	 	68.6	% 	 	 	 	 	
Other equity securities	  	 	35,352	  	  	 	1,903	  	  	 	1,538	  	  	 	35,717	  	  	 	31.4	% 	 	 	 	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Total equity securities	  	$	117,840	  	  	$	6,580	  	  	$	10,520	  	  	$	113,900	  	  	 	100.0	% 	 	 	 	 	

 	 	 	 	 	 	 	
 	 	 	 	Quarterly Financial Supplement	 	Page 17	

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

 	  	December 31, 2012	  	December 31, 2011	
 	  	Amortized
Cost	 	  	Estimated
Fair Value	 	  	% of
Total	 	 	Average
Credit
Ratings	  	Amortized
Cost	 	  	Estimated
Fair Value	 	  	% of
Total	 	 	Average
Credit
Ratings	
Financial Institutions	  	 	 	 	  	 	 	 	  	 	 	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	
Banking	  	$	2,114,425	  	  	$	2,260,382	  	  	 	17.9	% 	 	A	  	$	1,477,638	  	  	$	1,454,124	  	  	 	19.2	% 	 	A	
Brokerage	  	 	120,139	  	  	 	131,664	  	  	 	1.0	% 	 	A-	  	 	59,288	  	  	 	63,101	  	  	 	0.8	% 	 	A	
Finance Comp.	  	 	181,430	  	  	 	193,892	  	  	 	1.5	% 	 	A	  	 	158,271	  	  	 	161,992	  	  	 	2.1	% 	 	A	
Insurance	  	 	592,109	  	  	 	654,647	  	  	 	5.2	% 	 	A-	  	 	391,092	  	  	 	413,339	  	  	 	5.5	% 	 	A-	
REITs	  	 	485,469	  	  	 	523,370	  	  	 	4.2	% 	 	BBB	  	 	300,401	  	  	 	316,192	  	  	 	4.2	% 	 	BBB+	
Other Finance	  	 	342,929	  	  	 	358,897	  	  	 	2.9	% 	 	BBB+	  	 	130,984	  	  	 	135,812	  	  	 	1.8	% 	 	A-	
 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	
Total Financial Institutions	  	 	3,836,501	  	  	 	4,122,852	  	  	 	32.7	% 	 	 	  	 	2,517,674	  	  	 	2,544,560	  	  	 	33.6	% 	 	 	
Industrials	  	 	 	 	  	 	 	 	  	 	 	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	
Basic	  	 	803,353	  	  	 	861,547	  	  	 	6.8	% 	 	BBB	  	 	367,323	  	  	 	402,225	  	  	 	5.3	% 	 	BBB+	
Capital Goods	  	 	637,479	  	  	 	692,218	  	  	 	5.5	% 	 	BBB	  	 	360,309	  	  	 	396,150	  	  	 	5.2	% 	 	BBB+	
Communications	  	 	1,044,374	  	  	 	1,169,000	  	  	 	9.3	% 	 	BBB+	  	 	674,182	  	  	 	745,064	  	  	 	9.8	% 	 	BBB+	
Consumer Cyclical	  	 	727,324	  	  	 	786,726	  	  	 	6.2	% 	 	BBB+	  	 	407,873	  	  	 	438,034	  	  	 	5.8	% 	 	BBB+	
Consumer Noncyclical	  	 	969,589	  	  	 	1,084,295	  	  	 	8.6	% 	 	BBB+	  	 	691,245	  	  	 	784,819	  	  	 	10.4	% 	 	A-	
Energy	  	 	728,354	  	  	 	807,087	  	  	 	6.4	% 	 	BBB+	  	 	405,317	  	  	 	454,727	  	  	 	6.0	% 	 	BBB+	
Technology	  	 	475,697	  	  	 	502,123	  	  	 	4.0	% 	 	BBB	  	 	245,954	  	  	 	269,301	  	  	 	3.6	% 	 	BBB+	
Transportation	  	 	378,808	  	  	 	415,283	  	  	 	3.3	% 	 	BBB+	  	 	219,605	  	  	 	234,822	  	  	 	3.1	% 	 	BBB+	
Other Industrial	  	 	116,989	  	  	 	125,567	  	  	 	1.0	% 	 	BBB	  	 	41,266	  	  	 	46,053	  	  	 	0.6	% 	 	BBB	
 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	
Total Industrials	  	 	5,881,967	  	  	 	6,443,846	  	  	 	51.1	% 	 	 	  	 	3,413,074	  	  	 	3,771,195	  	  	 	49.8	% 	 	 	
Utilities	  	 	 	 	  	 	 	 	  	 	 	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	
Electric	  	 	1,081,451	  	  	 	1,196,527	  	  	 	9.5	% 	 	BBB+	  	 	673,725	  	  	 	756,033	  	  	 	10.0	% 	 	BBB+	
Natural Gas	  	 	656,357	  	  	 	733,422	  	  	 	5.8	% 	 	BBB	  	 	398,648	  	  	 	447,617	  	  	 	5.9	% 	 	BBB	
Other Utility	  	 	61,850	  	  	 	72,662	  	  	 	0.6	% 	 	A-	  	 	43,377	  	  	 	51,921	  	  	 	0.7	% 	 	A-	
 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	
Total Utilities	  	 	1,799,658	  	  	 	2,002,611	  	  	 	15.9	% 	 	 	  	 	1,115,750	  	  	 	1,255,571	  	  	 	16.6	% 	 	 	
Other Sectors	  	 	32,351	  	  	 	33,462	  	  	 	0.3	% 	 	AA	  	 	3,300	  	  	 	3,680	  	  	 	0.0	% 	 	AA-	
 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	
Total	  	$	11,550,477	  	  	$	12,602,771	  	  	 	100.0	% 	 	BBB+	  	$	7,049,798	  	  	$	7,575,006	  	  	 	100.0	% 	 	BBB+	

 	 	 	 	 	 	 	
 	 	 	 	Quarterly Financial Supplement	 	Page 18	

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

 	 	 	 	December 31, 2012	 	 	September 30, 2012	 	 	June 30, 2012	 	 	March 31, 2012	 	 	December 31, 2011	 	
NAIC
Designation	 	Rating Agency
Designation	 	Amortized Cost	 	 	Estimated Fair
Value	 	 	% of
Total	 	 	Amortized Cost	 	 	Estimated Fair
Value	 	 	% of
Total	 	 	Amortized Cost	 	 	Estimated Fair
Value	 	 	% of
Total	 	 	Amortized Cost	 	 	Estimated Fair
Value	 	 	% of
Total	 	 	Amortized Cost	 	 	Estimated Fair
Value	 	 	% of
Total	 	
1	 	AAA	 	$	1,857,190	  	 	$	1,980,164	  	 	 	8.9	% 	 	$	2,222,818	  	 	$	2,364,081	  	 	 	10.9	% 	 	$	1,979,353	  	 	$	2,092,043	  	 	 	12.1	% 	 	$	2,090,606	  	 	$	2,196,118	  	 	 	13.1	% 	 	$	2,205,406	  	 	$	2,304,991	  	 	 	14.2	% 	
1	 	AA	 	 	5,286,082	  	 	 	6,541,670	  	 	 	29.4	% 	 	 	5,265,613	  	 	 	6,572,815	  	 	 	30.4	% 	 	 	4,578,944	  	 	 	5,708,472	  	 	 	33.1	% 	 	 	4,727,343	  	 	 	5,764,579	  	 	 	34.3	% 	 	 	4,675,653	  	 	 	5,815,846	  	 	 	35.9	% 	
1	 	A	 	 	4,915,882	  	 	 	5,778,737	  	 	 	25.9	% 	 	 	4,666,113	  	 	 	5,525,476	  	 	 	25.5	% 	 	 	3,919,020	  	 	 	4,705,816	  	 	 	27.3	% 	 	 	3,646,110	  	 	 	4,263,802	  	 	 	25.4	% 	 	 	3,206,553	  	 	 	3,822,796	  	 	 	23.6	% 	
2	 	BBB	 	 	6,186,536	  	 	 	6,692,929	  	 	 	30.0	% 	 	 	5,716,281	  	 	 	6,185,558	  	 	 	28.6	% 	 	 	3,667,640	  	 	 	3,974,486	  	 	 	23.1	% 	 	 	3,539,967	  	 	 	3,814,367	  	 	 	22.7	% 	 	 	3,283,937	  	 	 	3,522,411	  	 	 	21.8	% 	
3	 	BB	 	 	694,349	  	 	 	712,712	  	 	 	3.2	% 	 	 	583,622	  	 	 	608,439	  	 	 	2.8	% 	 	 	421,128	  	 	 	428,875	  	 	 	2.5	% 	 	 	428,543	  	 	 	430,002	  	 	 	2.6	% 	 	 	446,610	  	 	 	436,001	  	 	 	2.7	% 	
4	 	B	 	 	444,996	  	 	 	444,035	  	 	 	2.0	% 	 	 	322,040	  	 	 	306,871	  	 	 	1.4	% 	 	 	269,970	  	 	 	248,850	  	 	 	1.4	% 	 	 	240,603	  	 	 	220,924	  	 	 	1.3	% 	 	 	244,645	  	 	 	210,222	  	 	 	1.3	% 	
5	 	CCC and lower	 	 	118,738	  	 	 	95,906	  	 	 	0.4	% 	 	 	92,149	  	 	 	68,193	  	 	 	0.3	% 	 	 	89,665	  	 	 	64,812	  	 	 	0.4	% 	 	 	106,637	  	 	 	80,660	  	 	 	0.5	% 	 	 	95,128	  	 	 	71,410	  	 	 	0.4	% 	
6	 	In or near default	 	 	55,659	  	 	 	45,461	  	 	 	0.2	% 	 	 	36,647	  	 	 	26,981	  	 	 	0.1	% 	 	 	31,445	  	 	 	20,838	  	 	 	0.1	% 	 	 	35,050	  	 	 	23,605	  	 	 	0.1	% 	 	 	24,948	  	 	 	17,273	  	 	 	0.1	% 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Total	 	$	19,559,432	  	 	$	22,291,614	  	 	 	100.0	% 	 	$	18,905,283	  	 	$	21,658,414	  	 	 	100.0	% 	 	$	14,957,165	  	 	$	17,244,192	  	 	 	100.0	% 	 	$	14,814,859	  	 	$	16,794,057	  	 	 	100.0	% 	 	$	14,182,880	  	 	$	16,200,950	  	 	 	100.0	% 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Structured Fixed Maturity Securities

 	  	December 31, 2012	 	  	September 30, 2012	 	  	June 30, 2012	 	  	March 31, 2012	 	  	December 31, 2011	 	
 	  	Amortized
Cost	 	  	Estimated
Fair Value	 	  	Amortized
Cost	 	  	Estimated
Fair Value	 	  	Amortized
Cost	 	  	Estimated
Fair Value	 	  	Amortized
Cost	 	  	Estimated
Fair Value	 	  	Amortized
Cost	 	  	Estimated
Fair Value	 	
Residential mortgage-backed securities:	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Agency	  	$	497,918	  	  	$	555,535	  	  	$	511,887	  	  	$	571,894	  	  	$	511,985	  	  	$	571,821	  	  	$	523,206	  	  	$	576,045	  	  	$	561,156	  	  	$	619,010	  	
Non-agency	  	 	471,349	  	  	 	486,529	  	  	 	468,768	  	  	 	483,914	  	  	 	495,808	  	  	 	506,741	  	  	 	551,867	  	  	 	562,183	  	  	 	606,109	  	  	 	608,224	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total residential mortgage-backed securities	  	 	969,267	  	  	 	1,042,064	  	  	 	980,655	  	  	 	1,055,808	  	  	 	1,007,793	  	  	 	1,078,562	  	  	 	1,075,073	  	  	 	1,138,228	  	  	 	1,167,265	  	  	 	1,227,234	  	
Commercial mortgage-backed securities	  	 	1,608,376	  	  	 	1,698,903	  	  	 	1,663,493	  	  	 	1,740,391	  	  	 	1,308,668	  	  	 	1,348,047	  	  	 	1,302,734	  	  	 	1,342,421	  	  	 	1,233,958	  	  	 	1,242,219	  	
Asset-backed securities	  	 	700,455	  	  	 	691,555	  	  	 	588,851	  	  	 	572,700	  	  	 	469,616	  	  	 	441,051	  	  	 	448,688	  	  	 	414,527	  	  	 	443,974	  	  	 	401,991	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total	  	$	3,278,098	  	  	$	3,432,522	  	  	$	3,232,999	  	  	$	3,368,899	  	  	$	2,786,077	  	  	$	2,867,660	  	  	$	2,826,495	  	  	$	2,895,176	  	  	$	2,845,197	  	  	$	2,871,444	  	

 	 	 	 	 	 	 	
 	 	 	 	Quarterly Financial Supplement	 	Page 19	

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

 	  	December 31, 2012	 	
 	  	AAA	 	  	AA	 	  	A	 	
Underwriting Year	  	Amortized Cost	 	  	Estimated Fair
Value	 	  	Amortized Cost	 	  	Estimated Fair
Value	 	  	Amortized Cost	 	  	Estimated Fair
Value	 	
 	 	 	 	 	 	 	
2005 & Prior	  	$	69,810	  	  	$	75,706	  	  	$	129,430	  	  	$	141,189	  	  	$	99,840	  	  	$	103,112	  	
2006	  	 	243,222	  	  	 	270,756	  	  	 	59,773	  	  	 	66,862	  	  	 	85,198	  	  	 	93,688	  	
2007	  	 	182,456	  	  	 	201,131	  	  	 	32,810	  	  	 	37,542	  	  	 	69,266	  	  	 	77,657	  	
2008	  	 	7,674	  	  	 	7,672	  	  	 	53,510	  	  	 	67,624	  	  	 	14,387	  	  	 	17,098	  	
2009	  	 	1,655	  	  	 	1,820	  	  	 	17,399	  	  	 	19,483	  	  	 	3,463	  	  	 	5,599	  	
2010	  	 	27,984	  	  	 	29,956	  	  	 	47,085	  	  	 	53,027	  	  	 	13,273	  	  	 	14,405	  	
2011	  	 	15,748	  	  	 	16,411	  	  	 	16,069	  	  	 	18,184	  	  	 	40,546	  	  	 	42,726	  	
2012	  	 	28,324	  	  	 	29,080	  	  	 	36,340	  	  	 	36,925	  	  	 	58,376	  	  	 	59,595	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total	  	$	576,873	  	  	$	632,532	  	  	$	392,416	  	  	$	440,836	  	  	$	384,349	  	  	$	413,880	  	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	  	BBB	 	  	Below Investment Grade	 	  	Total	 	
Underwriting Year	  	Amortized Cost	 	  	Estimated Fair
Value	 	  	Amortized Cost	 	  	Estimated Fair
Value	 	  	Amortized Cost	 	  	Estimated Fair
Value	 	
 	 	 	 	 	 	 	
2005 & Prior	  	$	110,887	  	  	$	113,801	  	  	$	42,838	  	  	$	37,720	  	  	$	452,805	  	  	$	471,528	  	
2006	  	 	83,565	  	  	 	84,689	  	  	 	67,131	  	  	 	65,645	  	  	 	538,889	  	  	 	581,640	  	
2007	  	 	93,414	  	  	 	108,902	  	  	 	115,028	  	  	 	91,505	  	  	 	492,974	  	  	 	516,737	  	
2008	  	 	—  	  	  	 	—  	  	  	 	22,416	  	  	 	17,386	  	  	 	97,987	  	  	 	109,780	  	
2009	  	 	3,880	  	  	 	5,547	  	  	 	—  	  	  	 	—  	  	  	 	26,397	  	  	 	32,449	  	
2010	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	88,342	  	  	 	97,388	  	
2011	  	 	33,242	  	  	 	33,757	  	  	 	—  	  	  	 	—  	  	  	 	105,605	  	  	 	111,078	  	
2012	  	 	43,346	  	  	 	43,811	  	  	 	—  	  	  	 	—  	  	  	 	166,386	  	  	 	169,411	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total	  	$	368,334	  	  	$	390,507	  	  	$	247,413	  	  	$	212,256	  	  	$	1,969,385	  	  	$	2,090,011	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
NOTE: Totals include directly held investments with amortized cost of $1,608.4 million and fair value of $1,698.9 million as well as investments in funds withheld with amortized cost of $361.0 million and fair value of $391.1 million.

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

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

 	 	 	 	Quarterly Financial Supplement	 	Page 20	

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

 	  	December 31, 2012	 	 	September 30, 2012	 	 	June 30, 2012	 	 	March 31, 2012	 	 	December 31, 2011	 	
 	  	Gross
Unrealized
Losses	 	  	% of Total	 	 	Gross
Unrealized
Losses	 	  	% of Total	 	 	Gross
Unrealized
Losses	 	  	% of Total	 	 	Gross
Unrealized
Losses	 	  	% of Total	 	 	Gross
Unrealized
Losses	 	  	% of Total	 	
 	 	 	 	 	 	 	 	 	 	 	
Less than 20%	  	$	53,648	  	  	 	40.2	% 	 	$	55,097	  	  	 	35.9	% 	 	$	75,539	  	  	 	38.5	% 	 	$	88,526	  	  	 	41.3	% 	 	$	126,250	  	  	 	43.1	% 	
 	 	 	 	 	 	 	 	 	 	 	
20% or more for less than six months	  	 	734	  	  	 	0.5	% 	 	 	509	  	  	 	0.3	% 	 	 	5,924	  	  	 	3.0	% 	 	 	9,803	  	  	 	4.6	% 	 	 	46,386	  	  	 	15.9	% 	
 	 	 	 	 	 	 	 	 	 	 	
20% or more for six months or greater	  	 	77,872	  	  	 	58.3	% 	 	 	97,260	  	  	 	63.3	% 	 	 	112,362	  	  	 	57.2	% 	 	 	111,830	  	  	 	52.2	% 	 	 	109,330	  	  	 	37.4	% 	
 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	
Total	  	$	132,254	  	  	 	99.0	% 	 	$	152,866	  	  	 	99.5	% 	 	$	193,825	  	  	 	98.7	% 	 	$	210,159	  	  	 	98.1	% 	 	$	281,966	  	  	 	96.4	% 	
 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	
Equity Securities

 	  	December 31, 2012	 	 	September 30, 2012	 	 	June 30, 2012	 	 	March 31, 2012	 	 	December 31, 2011	 	
 	  	Gross
Unrealized
Losses	 	  	% of Total	 	 	Gross
Unrealized
Losses	 	  	% of Total	 	 	Gross
Unrealized
Losses	 	  	% of Total	 	 	Gross
Unrealized
Losses	 	  	% of Total	 	 	Gross
Unrealized
Losses	 	  	% of Total	 	
 	 	 	 	 	 	 	 	 	 	 	
Less than 20%	  	$	1,303	  	  	 	1.0	% 	 	$	833	  	  	 	0.5	% 	 	$	1,659	  	  	 	0.9	% 	 	$	3,511	  	  	 	1.6	% 	 	$	4,905	  	  	 	1.7	% 	
 	 	 	 	 	 	 	 	 	 	 	
20% or more for less than six months	  	 	—  	  	  	 	0.0	% 	 	 	—  	  	  	 	0.0	% 	 	 	815	  	  	 	0.4	% 	 	 	183	  	  	 	0.1	% 	 	 	5,117	  	  	 	1.7	% 	
 	 	 	 	 	 	 	 	 	 	 	
20% or more for six months or greater	  	 	1	  	  	 	0.0	% 	 	 	1	  	  	 	0.0	% 	 	 	—  	  	  	 	0.0	% 	 	 	499	  	  	 	0.2	% 	 	 	498	  	  	 	0.2	% 	
 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	
Total	  	$	1,304	  	  	 	1.0	% 	 	$	834	  	  	 	0.5	% 	 	$	2,474	  	  	 	1.3	% 	 	$	4,193	  	  	 	1.9	% 	 	$	10,520	  	  	 	3.6	% 	

 	 	 	 	 	 	 	
 	 	 	 	Quarterly Financial Supplement	 	Page 21	

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

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

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

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

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	  	As of December 31, 2011	 	
 	  	Less than 12 months	 	  	Equal to or greater
than 12 months	 	  	Total	 	
 	  	Estimated
Fair Value	 	  	Gross
Unrealized
Losses	 	  	Estimated
Fair
Value	 	  	Gross
Unrealized
Losses	 	  	Estimated
Fair Value	 	  	Gross
Unrealized
Losses	 	
Investment grade securities:	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Corporate securities	  	$	790,758	  	  	$	40,180	  	  	$	286,244	  	  	$	63,117	  	  	$	1,077,002	  	  	$	103,297	  	
Canadian and Canadian provincial governments	  	 	3,094	  	  	 	29	  	  	 	—  	  	  	 	—  	  	  	 	3,094	  	  	 	29	  	
Residential mortgage-backed securities	  	 	128,622	  	  	 	3,549	  	  	 	58,388	  	  	 	10,382	  	  	 	187,010	  	  	 	13,931	  	
Asset-backed securities	  	 	101,263	  	  	 	3,592	  	  	 	93,910	  	  	 	29,036	  	  	 	195,173	  	  	 	32,628	  	
Commercial mortgage-backed securities	  	 	109,455	  	  	 	3,538	  	  	 	58,979	  	  	 	22,001	  	  	 	168,434	  	  	 	25,539	  	
U.S. government and agencies	  	 	1,764	  	  	 	61	  	  	 	—  	  	  	 	—  	  	  	 	1,764	  	  	 	61	  	
State and political subdivisions	  	 	21,045	  	  	 	1,845	  	  	 	12,273	  	  	 	1,268	  	  	 	33,318	  	  	 	3,113	  	
Other foreign government, supranational, and foreign government-sponsored enterprises	  	 	148,416	  	  	 	1,085	  	  	 	16,588	  	  	 	2,491	  	  	 	165,004	  	  	 	3,576	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Investment grade securities	  	 	1,304,417	  	  	 	53,879	  	  	 	526,382	  	  	 	128,295	  	  	 	1,830,799	  	  	 	182,174	  	

Non-investment grade securities:	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Corporate securities	  	 	212,795	  	  	 	10,852	  	  	 	47,310	  	  	 	11,222	  	  	 	260,105	  	  	 	22,074	  	
Residential mortgage-backed securities	  	 	23,199	  	  	 	712	  	  	 	10,459	  	  	 	1,781	  	  	 	33,658	  	  	 	2,493	  	
Asset-backed securities	  	 	2,363	  	  	 	940	  	  	 	21,275	  	  	 	20,107	  	  	 	23,638	  	  	 	21,047	  	
Commercial mortgage-backed securities	  	 	34,918	  	  	 	7,220	  	  	 	62,357	  	  	 	46,730	  	  	 	97,275	  	  	 	53,950	  	
State and political subdivisions	  	 	4,000	  	  	 	228	  	  	 	—  	  	  	 	—  	  	  	 	4,000	  	  	 	228	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Non-investment grade securities	  	 	277,275	  	  	 	19,952	  	  	 	141,401	  	  	 	79,840	  	  	 	418,676	  	  	 	99,792	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total fixed maturity securities	  	$	1,581,692	  	  	$	73,831	  	  	$	667,783	  	  	$	208,135	  	  	$	2,249,475	  	  	$	281,966	  	

Non-redeemable preferred stock	  	 	19,516	  	  	 	4,478	  	  	 	15,694	  	  	 	4,504	  	  	 	35,210	  	  	 	8,982	  	
Other equity securities	  	 	1,662	  	  	 	602	  	  	 	5,905	  	  	 	936	  	  	 	7,567	  	  	 	1,538	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total Equity securities	  	$	21,178	  	  	$	5,080	  	  	$	21,599	  	  	$	5,440	  	  	$	42,777	  	  	$	10,520	  	

 	 	 	 	 	 	 	
 	 	 	 	Quarterly Financial Supplement	 	Page 22	

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	 	 	
 	  	Dec. 31,
2012	 	 	Sept. 30,
2012	 	 	June 30,
2012	 	 	March 31,
2012	 	 	Dec. 31,
2011	 	 	 	 	 	Dec. 31,
2012	 	 	Dec. 31,
2011	 	 	Change	 	 	 	 	
Fixed Maturity and Equity Securities:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Other-than-temporary impairment losses on fixed maturities	  	$	(4,346	) 	 	$	(1,996	) 	 	$	(1,959	) 	 	$	(7,607	) 	 	$	(11,824	) 	 	$	7,478	  	 	$	(15,908	) 	 	$	(30,873	) 	 	$	14,965	  	 	 	 	
Portion of loss recognized in accumulated other comprehensive income (before taxes)	  	 	—  	  	 	 	(559	) 	 	 	162	  	 	 	(7,221	) 	 	 	543	  	 	 	(543	) 	 	 	(7,618	) 	 	 	3,924	  	 	 	(11,542	) 	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net other-than-temporary impairment losses on fixed maturities recognized in earnings	  	 	(4,346	) 	 	 	(2,555	) 	 	 	(1,797	) 	 	 	(14,828	) 	 	 	(11,281	) 	 	 	6,935	  	 	 	(23,526	) 	 	 	(26,949	) 	 	 	3,423	  	 	 	 	
Impairment losses on equity securities	  	 	—  	  	 	 	—  	  	 	 	(2,186	) 	 	 	(839	) 	 	 	(436	) 	 	 	436	  	 	 	(3,025	) 	 	 	(4,116	) 	 	 	1,091	  	 	 	 	
Gain on investment activity	  	 	43,190	  	 	 	53,173	  	 	 	26,593	  	 	 	22,312	  	 	 	39,622	  	 	 	3,568	  	 	 	145,268	  	 	 	132,045	  	 	 	13,223	  	 	 	 	
Loss on investment activity	  	 	(4,384	) 	 	 	(6,668	) 	 	 	(8,918	) 	 	 	(7,504	) 	 	 	(6,247	) 	 	 	1,863	  	 	 	(27,474	) 	 	 	(26,996	) 	 	 	(478	) 	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net gain/(loss) on fixed maturity and equity securities	  	 	34,460	  	 	 	43,950	  	 	 	13,692	  	 	 	(859	) 	 	 	21,658	  	 	 	12,802	  	 	 	91,243	  	 	 	73,984	  	 	 	17,259	  	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Other impairment losses and change in mortgage loan provision	  	 	(2,220	) 	 	 	(10,301	) 	 	 	1,762	  	 	 	(5,843	) 	 	 	(5,258	) 	 	 	3,038	  	 	 	(16,602	) 	 	 	(10,238	) 	 	 	(6,364	) 	 	 	 	
Other non-derivative gain/(loss), net	  	 	4,868	  	 	 	5,563	  	 	 	5,628	  	 	 	6,641	  	 	 	7,318	  	 	 	(2,450	) 	 	 	22,700	  	 	 	22,357	  	 	 	343	  	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Free-standing Derivatives:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Credit Default Swaps	  	 	3,523	  	 	 	7,819	  	 	 	(4,794	) 	 	 	11,813	  	 	 	8,075	  	 	 	(4,552	) 	 	 	18,361	  	 	 	(63	) 	 	 	18,424	  	 	 	 	
Interest Rate Swaps—non-hedged	  	 	(9,866	) 	 	 	(1,437	) 	 	 	73,342	  	 	 	(47,352	) 	 	 	20,818	  	 	 	(30,684	) 	 	 	14,687	  	 	 	178,338	  	 	 	(163,651	) 	 	 	 	
Interest Rate Swaps—hedged	  	 	(40	) 	 	 	(4	) 	 	 	29	  	 	 	(26	) 	 	 	28	  	 	 	(68	) 	 	 	(41	) 	 	 	617	  	 	 	(658	) 	 	 	 	
Futures	  	 	(9,932	) 	 	 	(3,977	) 	 	 	11,073	  	 	 	(17,408	) 	 	 	(22,866	) 	 	 	12,934	  	 	 	(20,244	) 	 	 	(945	) 	 	 	(19,299	) 	 	 	 	
CPI Swaps	  	 	1,543	  	 	 	422	  	 	 	(1,431	) 	 	 	(802	) 	 	 	726	  	 	 	817	  	 	 	(268	) 	 	 	1,821	  	 	 	(2,089	) 	 	 	 	
Equity options	  	 	(11,146	) 	 	 	(23,916	) 	 	 	3,367	  	 	 	(37,983	) 	 	 	(22,063	) 	 	 	10,917	  	 	 	(69,678	) 	 	 	7,818	  	 	 	(77,496	) 	 	 	 	
Currency Forwards	  	 	(5,070	) 	 	 	519	  	 	 	515	  	 	 	(1,608	) 	 	 	561	  	 	 	(5,631	) 	 	 	(5,644	) 	 	 	1,675	  	 	 	(7,319	) 	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total free-standing derivatives	  	 	(30,988	) 	 	 	(20,574	) 	 	 	82,101	  	 	 	(93,366	) 	 	 	(14,721	) 	 	 	(16,267	) 	 	 	(62,827	) 	 	 	189,261	  	 	 	(252,088	) 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Embedded Derivatives:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Modified coinsurance and funds withheld treaties	  	 	74,054	  	 	 	54,836	  	 	 	(4,453	) 	 	 	(9,428	) 	 	 	(85,722	) 	 	 	159,776	  	 	 	115,009	  	 	 	(87,236	) 	 	 	202,245	  	 	 	 	
GMXB	  	 	30,588	  	 	 	2,579	  	 	 	(74,929	) 	 	 	146,375	  	 	 	29,261	  	 	 	1,327	  	 	 	104,613	  	 	 	(224,184	) 	 	 	328,797	  	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total embedded derivatives	  	 	104,642	  	 	 	57,415	  	 	 	(79,382	) 	 	 	136,947	  	 	 	(56,461	) 	 	 	161,103	  	 	 	219,622	  	 	 	(311,420	) 	 	 	531,042	  	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Net gain/(loss) on total derivatives	  	 	73,654	  	 	 	36,841	  	 	 	2,719	  	 	 	43,581	  	 	 	(71,182	) 	 	 	144,836	  	 	 	156,795	  	 	 	(122,159	) 	 	 	278,954	  	 	 	 	

Total investment related gains / (losses), net	  	$	110,762	  	 	$	76,053	  	 	$	23,801	  	 	$	43,520	  	 	$	(47,464	) 	 	$	158,226	  	 	$	254,136	  	 	$	(36,056	) 	 	$	290,192	  	 	 	 	

 	 	 	 	 	 	 	
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