UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
 CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): July 24, 2014
 REINSURANCE GROUP OF AMERICA, INCORPORATED
(Exact Name of Registrant as Specified in its Charter)

 	 	 	 	 	
Missouri	 	1-11848	 	43-1627032	
(State or Other Jurisdiction
of Incorporation)	 	(Commission
File Number)	 	(IRS Employer
Identification Number)	
1370 Timberlake Manor Parkway, Chesterfield, Missouri 63017
(Address of Principal Executive Office)

Registrant’s telephone number, including area code: (636) 736-7000

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions ( see  General Instruction A.2. below):

 	 	
¨	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)	
¨	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
	
¨	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))	
¨	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))	

 	
 	 	
Item 2.02	Results of Operations and Financial Condition.	
On July 24, 2014, Reinsurance Group of America, Incorporated (the “Company”) issued (1) a press release (the “Press Release”) announcing its earnings for the three-month period ended June 30, 2014, and providing certain additional information, a copy of which is furnished with this report as Exhibit 99.1, and (2) a Quarterly Financial Supplement for the quarter ended June 30, 2014, a copy of which is attached hereto as Exhibit 99.2. The Press Release also notes that a conference call will be held on July 25, 2014 to discuss the financial and operating results for the three-month period ended June 30, 2014. The Press Release and Quarterly Financial Supplement are furnished and are not filed pursuant to Instruction B.2 of Form 8-K.

 	
 	 	
Item 9.01	Financial Statements and Exhibits	
(d) Exhibits.

 	 	 	
 	 	 	
Exhibit No.	  	Exhibit	
99.1	  	Press Release of Reinsurance Group of America, Incorporated dated July 24, 2014	
 	 	
99.2	  	Quarterly Financial Supplement for the quarter ended June 30, 2014	

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

 	 	 	 	 	 	 	
 	 	 	 	 	 	 	
 	 	 	REINSURANCE GROUP OF AMERICA, INCORPORATED	
 	 	 	 	
Date: July 24, 2014	 	 	By:	 	  /s/ Jack B. Lay	
 	 	 	 	 	Jack B. Lay	
 	 	 	 	 	Senior Executive Vice President and Chief Financial Officer	

EXHIBIT INDEX

 	 	 	
Exhibit Number	  	Description	
 	 	
99.1	  	Press Release dated July 24, 2014	
 	 	
99.2	  	Quarterly Financial Supplement for the quarter ended June 30, 2014	

Exhibit 99.1

 PRESS RELEASE
REINSURANCE GROUP OF AMERICA REPORTS SECOND-QUARTER RESULTS

•	Earnings per diluted share: operating income* $2.23, net income $2.84	
 	 	
•	Net premiums rose seven percent quarter over quarter; up eight percent in original currencies	
 	 	
•	Strong results were driven by international segments, both EMEA and Asia Pacific, and continued momentum in Global Financial Solutions (GFS)	
 	 	
•	Quarterly dividend raised 10 percent	
 	 	
•	Approximately 0.8 million shares repurchased for $64.1 million during the quarter	

ST. LOUIS, July 24, 2014 – Reinsurance Group of America, Incorporated (NYSE: RGA), a leading global provider of life reinsurance, reported operating income* of $155.1 million, or $2.23 per diluted share, compared with a net operating loss of $71.8 million, or $0.99 per diluted share, in the prior-year quarter. Net income totaled $198.3 million, or $2.84 per diluted share, compared with a net loss of $49.6 million, or $0.69 per diluted share, in the prior-year quarter. The prior-year period included an after-tax charge of approximately $184 million, or $2.53 per diluted share, to increase claims liabilities in Australia. A generally weaker U.S. dollar benefited the current quarter by less than $0.01 per share.

 	 	Quarterly Results	 	Year-to-Date Results	
($ in thousands, except per share data)	 	2014	 	2013	 	2014	 	2013	
Net premiums	 	$	2,183,160	
 	 	$	2,035,156	
 	 	$	4,283,797	
 	 	$	4,014,849	
 	
Net income (loss)	 	198,296	
 	 	(49,612	)	 	334,960	
 	 	135,923	
 	
Net income (loss) per diluted share	 	2.84	
 	 	(0.69	)	 	4.75	
 	 	1.85	
 	
Operating income (loss)*	 	155,131	
 	 	(71,797	)	 	269,938	
 	 	51,050	
 	
Operating income (loss) per diluted share*	 	2.23	
 	 	(0.99	)	 	3.83	
 	 	0.69	
 	
Book value per share	 	97.21	
 	 	82.97	
 	 	 	 	 	
Book value per share (excl. Accumulated Other Comprehensive Income “AOCI”)*	 	73.54	
 	 	66.31	
 	 	 	 	 	
Total assets	 	43,171,051	
 	 	38,790,621	

 	
 	 	
*	See ‘Use of Non-GAAP Financial Measures’ below	

Consolidated net premiums increased seven percent to $2.2 billion. On an original currency basis, net premiums rose eight percent over the second quarter of 2013. Investment income decreased eight percent to $410.6 million from $444.2 million in the year-earlier quarter, primarily attributable to a $45.1 million reduction in the fair value of options contracts underlying equity indexed annuities.

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Excluding spread-based businesses and the value of associated derivatives, investment income increased 12 percent over year-ago levels, continuing to reflect a growing average invested asset base. The average investment yield increased two basis points to 4.79 percent this period compared to last year’s second quarter.

The company’s effective tax rate on operating income was 34.6 percent this quarter, and 33 percent year to date. The estimated effective tax rate on operating income is approximately 33 percent to 34 percent going forward.

Greig Woodring, president and chief executive officer, commented, “We are pleased to report strong operating results this quarter, as our diversified source of earnings by geography and product line continues to serve us well. Operating income rose to $155.1 million, or $2.23 per diluted share, premiums grew seven percent over the prior-year period and our annualized operating return on equity exceeded 12 percent this quarter. Our international segments saw strength in both the top line and bottom line, while GFS experienced strong new business trends and profitability across the board. Underwriting results were in line on a global basis, with EMEA particularly strong, U.S. individual mortality basically back in line, but claims in Canada remained elevated. Like the first quarter, the claims in Canada were driven by large claims, those exceeding $1 million, but the experience improved in June, and we continue to believe that these results represent normal volatility as opposed to a systemic trend. We are encouraged by the results overall, our new business activity is strong, and we continue to be optimistic about the opportunities that we see before us.

“We continue to focus on executing our capital management strategy that entails deploying excess capital into attractive block acquisitions, share repurchases and shareholder dividends. During the quarter, we repurchased approximately 818,000 shares for a total cost of $64.1 million, leaving $123.3 million under the current share repurchase authorization. The cumulative effect of shares repurchased over the past 12 months has reduced the weighted average diluted share count by more than four percent compared to the prior-year quarter. We also increased our quarterly shareholder dividend by ten percent to $0.33 per share. Our deployable, excess capital position still exceeds $500 million. Ending book value per share this quarter was $97.21 including AOCI, and increased $2.03 during the second quarter to $73.54, excluding AOCI.”
SEGMENT RESULTS
U.S. and Latin America
Traditional

The U.S. and Latin America Traditional segment reported a slight increase in pre-tax operating income to $89.0 million from $86.5 million in the prior-year second quarter. Individual mortality results rebounded from the weak first quarter, while results from the Group business reflected adverse experience in the current quarter. Traditional net premiums rose five percent to $1,189.8 million from $1,136.7 million a year ago, reflecting growth in all traditional product lines. Pre-tax net income totaled $94.0 million for the quarter, compared with $90.2 million in the second quarter of 2013.

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Non-Traditional

The Asset Intensive business reported another strong quarter with pre-tax operating income totaling $44.0 million compared with $40.2 million last year. Results were elevated in both periods with the current quarter benefiting from favorable net interest rate spread performance on fixed annuities and favorable equity markets. Pre-tax net income increased to $81.8 million from $69.2 million a year ago, including the favorable effects above as well as changes in the fair value of certain embedded derivatives and realized capital gains, net of DAC offsets.
The Financial Reinsurance business continues to perform well and reported pre-tax operating income of $13.6 million, up from $11.9 million last year, reflecting ongoing growth in underlying treaties. Pre-tax net income totaled $13.7 million this quarter and $11.8 million in the prior-year period.

Canada

Canadian operations reported pre-tax operating income of $30.7 million this quarter, down from $31.7 million in the prior-year period. Higher-than-expected individual mortality claims, particularly large claims exceeding $1 million, contributed to the adverse results this quarter. Additionally, a relatively weaker Canadian dollar adversely affected pre-tax operating income by approximately $1.9 million for the quarter. Reported net premiums increased six percent over the prior-year quarter and totaled $253.6 million. In Canadian dollars, premiums rose 13 percent. Pre-tax net income totaled $35.0 million compared with $35.7 million in the second quarter of 2013.

Europe, Middle East and Africa (EMEA)

EMEA’s pre-tax operating income increased sharply to $44.7 million from last year’s $11.5 million, reflecting very favorable mortality and morbidity results, particularly in the U.K. Net foreign currency fluctuations improved pre-tax operating income by approximately $3.7 million. Net reported premiums increased 17 percent and totaled $340.9 million, compared with $292.2 million last year. Original currency premiums increased nine percent over the prior-year level. Pre-tax net income totaled $61.3 million versus $11.9 million in the year-ago quarter. Revenues in the U.K. were boosted by a transaction announced in May, while the bottom-line impact of that transaction in this quarter was not significant.

Asia Pacific

Asia Pacific pre-tax operating income was very strong and totaled $29.3 million versus a pre-tax operating loss of $282.6 million last year due to the previously noted charge. The strong results this period reflect continued momentum of top- and bottom-line results across most regions, along with higher fee income of approximately $11.6 million, pre-tax, from the reinstatement and conversion of an existing treaty in Japan. Results from operations in Australia were just above break-even this period. Premiums in Australia were flat for the period, reflecting the net effect of some run-off of treaties offset by rate increases. Segment-wide reported net premiums rose 11 percent to $393.7 million from $355.2 million in the prior-year period.

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Corporate and Other

The Corporate and Other segment reported pre-tax operating losses of $14.1 million and $7.5 million for the second quarter of 2014 and 2013, respectively. Current quarter expenses were higher, partly due to higher compensation expenses and an increase in interest expense associated with the $400 million senior note offering last September. This segment reported a pre-tax net loss of $20.2 million this quarter compared with $6.2 million in the prior-year period.

Dividend Declaration

The board of directors increased the quarterly dividend 10 percent, to $0.33 from $0.30, payable August 29 to shareholders of record as of August 8.

Earnings Conference Call

A conference call to discuss second-quarter results will begin at 9 a.m. Eastern Time on Friday, July 25. Interested parties may access the call by dialing 877-340-7912 (domestic) or 719-325-4853 (international). The access code is 1123197. 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 August 2 at 888-203-1112 (domestic) or 719-457-0820 (international), access code 1123197.

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.

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Reconciliations to GAAP net income are provided in the following tables. Additional financial information can be found in the Quarterly Financial Supplement on RGA’s Investor Relations website at www.rgare.com  in the “Quarterly Results” tab and in the “Featured Report” section.

Book value per share outstanding before impact of AOCI is a non-GAAP financial measure that management believes is important in evaluating the balance sheet in order to ignore the effects of unrealized amounts primarily associated with mark-to-market adjustments on investments and foreign currency translation.

Operating return on equity is a non-GAAP financial measure calculated as operating income divided by average shareholders’ equity excluding AOCI.

About RGA

Reinsurance Group of America, Incorporated is among the largest global providers of life reinsurance, with operations in Australia, Barbados, Bermuda, Canada, China, France, Germany, Hong Kong, India, Ireland, Italy, Japan, Malaysia, Mexico, the Netherlands, New Zealand, Poland, Singapore, South Africa, South Korea, Spain, Taiwan, Turkey, the United Arab Emirates, the United Kingdom and the United States. Worldwide, the company has approximately $3.0 trillion of life reinsurance in force, and assets of $43.2 billion.

Cautionary Statement Regarding Forward-looking Statements

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, among others, statements relating to projections of the earnings, revenues, income or loss, future financial performance and growth potential of Reinsurance Group of America, Incorporated and its subsidiaries (which we refer to in the following paragraphs as “we,” “us” or “our”). The words “intend,” “expect,” “project,” “estimate,” “predict,” “anticipate,” “should,” “believe,” and other similar expressions also are intended to identify forward-looking statements. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Future events and actual results, performance and achievements could differ materially from those set forth in, contemplated by or underlying the forward-looking statements.

Numerous important factors could cause actual results and events to differ materially from those expressed or implied by forward-looking statements including, without limitation, (1) adverse capital and credit market conditions and their impact on the Company’s liquidity, access to capital and cost of capital, (2) the impairment of other financial institutions and its effect on the Company’s business, (3) requirements to post collateral or make payments due to declines in market value of assets subject to the Company’s collateral arrangements, (4) the fact that the determination of allowances and impairments taken on the Company’s investments is highly subjective, (5) adverse changes in mortality, morbidity, lapsation or claims experience, (6) changes in the Company’s financial strength and credit ratings and the effect of such changes on the Company’s future results of operations and financial condition, (7) inadequate risk analysis and underwriting, (8) general economic conditions or a prolonged economic downturn affecting the demand for insurance and reinsurance in the Company’s current and planned markets, (9) the availability and cost of collateral necessary for regulatory reserves and capital, (10) market or economic conditions that adversely affect the value of the Company’s
 
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investment securities or result in the impairment of all or a portion of the value of certain of the Company’s investment securities, that in turn could affect regulatory capital, (11) market or economic conditions that adversely affect the Company’s ability to make timely sales of investment securities, (12) risks inherent in the Company’s risk management and investment strategy, including changes in investment portfolio yields due to interest rate or credit quality changes, (13) fluctuations in U.S. or foreign currency exchange rates, interest rates, or securities and real estate markets, (14) adverse litigation or arbitration results, (15) the adequacy of reserves, resources and accurate information relating to settlements, awards and terminated and discontinued lines of business, (16) the stability of and actions by governments and economies in the markets in which the Company operates, including ongoing uncertainties regarding the amount of United States sovereign debt and the credit ratings thereof, (17) competitive factors and competitors’ responses to the Company’s initiatives, (18) the success of the Company’s clients, (19) successful execution of the Company’s entry into new markets, (20) successful development and introduction of new products and distribution opportunities, (21) the Company’s ability to successfully integrate and operate reinsurance business that the Company acquires, (22) action by regulators who have authority over the Company’s reinsurance operations in the jurisdictions in which it operates, (23) the Company’s dependence on third parties, including those insurance companies and reinsurers to which the Company cedes some reinsurance, third-party investment managers and others, (24) the threat of natural disasters, catastrophes, terrorist attacks, epidemics or pandemics anywhere in the world where the Company or its clients do business, (25) interruption or failure of the Company’s telecommunication, information technology or other operational systems, or the Company’s failure to maintain adequate security to protect the confidentiality or privacy of personal or sensitive data stored on such systems, (26) changes in laws, regulations, and accounting standards applicable to the Company, its subsidiaries, or its business, (27) the effect of the Company’s status as an insurance holding company and regulatory restrictions on its ability to pay principal of and interest on its debt obligations, and (28) other risks and uncertainties described in this document and in the Company’s other filings with the SEC.

Forward-looking statements should be evaluated together with the many risks and uncertainties that affect our business, including those mentioned in this document and described in the periodic reports we file with the Securities and Exchange Commission. These forward-looking statements speak only as of the date on which they are made. We do not undertake any obligations to update these forward-looking statements, even though our situation may change in the future. We qualify all of our forward-looking statements by these cautionary statements. For a discussion of the risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements, you are advised to review the risk factors in our Annual Report on Form 10-K for the year ended December 31, 2013.

Investor Contact
Jeff Hopson
Senior Vice President – Investor Relations
(636) 736-7000
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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
Reconciliation of Consolidated Net Income to Operating Income
(Dollars in thousands)

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(Unaudited)	Three Months Ended   June 30,	 	Six Months Ended   June 30,	
 	2014	 	2013	 	2014	 	2013	
GAAP net income (loss)	$	198,296	
 	 	$	(49,612	)	 	$	334,960	
 	 	$	135,923	
 	
Reconciliation to operating income (loss):	 	 	 	 	 	 	 	
Capital (gains) losses, derivatives and other, included in investment related (gains) losses, net	(26,820	)	 	23,726	
 	 	(43,827	)	 	55,160	
 	
Capital (gains) losses on funds withheld, included in investment income	(3,870	)	 	(7,625	)	 	(4,123	)	 	(8,946	)	
Embedded derivatives:	 	 	 	 	 	 	 	
Included in investment related (gains) losses, net	(47,873	)	 	(54,291	)	 	(82,700	)	 	(146,313	)	
Included in interest credited	4,495	
 	 	(20,905	)	 	231	
 	 	(33,457	)	
DAC offset, net	30,903	
 	 	36,910	
 	 	65,397	
 	 	78,912	
 	
Gain on repurchase of collateral finance facility securities	—	
 	 	—	
 	 	—	
 	 	(30,229	)	
Operating income (loss)	$	155,131	
 	 	$	(71,797	)	 	$	269,938	
 	 	$	51,050	

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

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(Unaudited)	Three Months Ended   June 30,	 	Six Months Ended   June 30,	
 	2014	 	2013	 	2014	 	2013	
Income (loss) before income taxes	$	300,535	
 	 	$	(74,758	)	 	$	499,975	
 	 	$	204,069	
 	
Reconciliation to pre-tax operating income (loss):	 	 	 	 	 	 	 	
Capital (gains) losses, derivatives and other, included in investment related (gains) losses, net	(38,136	)	 	37,057	
 	 	(64,442	)	 	85,899	
 	
Capital (gains) losses on funds withheld, included in investment income	(5,954	)	 	(11,733	)	 	(6,343	)	 	(13,764	)	
Embedded derivatives:	 	 	 	 	 	 	 	
Included in investment related (gains) losses, net	(73,652	)	 	(83,525	)	 	(127,232	)	 	(225,097	)	
Included in interest credited	6,916	
 	 	(32,161	)	 	356	
 	 	(51,472	)	
DAC offset, net	47,543	
 	 	56,786	
 	 	100,611	
 	 	121,404	
 	
Gain on repurchase of collateral finance facility securities	—	
 	 	—	
 	 	—	
 	 	(46,506	)	
Pre-tax operating income (loss)	$	237,252	
 	 	$	(108,334	)	 	$	402,925	
 	 	$	74,533	

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

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(Unaudited)	Three Months Ended June 30, 2014	
 	Pre-tax net income (loss)	 	Capital
(gains) losses,
derivatives
and other, net	 	Change in
value of
embedded
derivatives, net	 	Pre-tax
operating
income (loss)	
U.S. and Latin America Operations:	 	 	 	 	 	 	 	
Traditional	$	93,988	
 	 	$	(5,967	)	 	$	933	
 	 	$	88,954	
 	
Non-Traditional:	 	 	 	 	 	 	 	
Asset Intensive	81,797	
 	 	(22,813	)	(1) 	(14,957	)	(2) 	44,027	
 	
Financial Reinsurance	13,677	
 	 	(68	)	 	—	
 	 	13,609	
 	
Total U.S. and Latin America	189,462	
 	 	(28,848	)	 	(14,024	)	 	146,590	
 	
Canada Operations	35,020	
 	 	(4,294	)	 	—	
 	 	30,726	
 	
Europe, Middle East and Africa	61,322	
 	 	(16,641	)	 	—	
 	 	44,681	
 	
Asia Pacific Operations	34,928	
 	 	(5,601	)	 	—	
 	 	29,327	
 	
Corporate and Other	(20,197	)	 	6,125	
 	 	—	
 	 	(14,072	)	
Consolidated	$	300,535	
 	 	$	(49,259	)	 	$	(14,024	)	 	$	237,252	

(1)	Asset Intensive is net of $(5,169) DAC offset.	
 	 	
(2)	Asset Intensive is net of $52,712 DAC offset.	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(Unaudited)	Three Months Ended June 30, 2013	
 	Pre-tax net income (loss)	 	Capital
(gains) losses,
derivatives
and other, net	 	Change in
value of
embedded
derivatives, net	 	Pre-tax
operating
income (loss)	
U.S. and Latin America Operations:	 	 	 	 	 	 	 	
Traditional	$	90,213	
 	 	$	(2,320	)	 	$	(1,391	)	 	$	86,502	
 	
Non-Traditional:	 	 	 	 	 	 	 	
Asset Intensive	69,209	
 	 	48,499	
 	(1) 	(77,478	)	(2) 	40,230	
 	
Financial Reinsurance	11,787	
 	 	100	
 	 	—	
 	 	11,887	
 	
Total U.S. and Latin America	171,209	
 	 	46,279	
 	 	(78,869	)	 	138,619	
 	
Canada Operations	35,659	
 	 	(3,970	)	 	—	
 	 	31,689	
 	
Europe, Middle East and Africa	11,949	
 	 	(440	)	 	—	
 	 	11,509	
 	
Asia Pacific Operations	(287,345	)	 	4,707	
 	 	—	
 	 	(282,638	)	
Corporate and Other	(6,230	)	 	(1,283	)	 	—	
 	 	(7,513	)	
Consolidated	$	(74,758	)	 	$	45,293	
 	 	$	(78,869	)	 	$	(108,334	)	
 	 	
(1)	Asset Intensive is net of $19,969 DAC offset.	
 	 	
(2)	Asset Intensive is net of $36,817 DAC offset.	
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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
Reconciliation of Pre-tax Net Income to Pre-tax Operating Income
(Dollars in thousands)

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(Unaudited)	Six Months Ended June 30, 2014	
 	Pre-tax net income (loss)	 	Capital
(gains) losses,
derivatives
and other, net	 	Change in
value of
embedded
derivatives, net	 	Pre-tax
operating
income (loss)	
U.S. and Latin America Operations:	 	 	 	 	 	 	 	
Traditional	$	144,960	
 	 	$	(10,191	)	 	$	2,388	
 	 	$	137,157	
 	
Non-Traditional:	 	 	 	 	 	 	 	
Asset Intensive	152,412	
 	 	(42,052	)	(1) 	(25,328	)	(2) 	85,032	
 	
Financial Reinsurance	26,186	
 	 	(151	)	 	—	
 	 	26,035	
 	
Total U.S. and Latin America	323,558	
 	 	(52,394	)	 	(22,940	)	 	248,224	
 	
Canada Operations	55,084	
 	 	(2,235	)	 	—	
 	 	52,849	
 	
Europe, Middle East and Africa	76,527	
 	 	(17,870	)	 	—	
 	 	58,657	
 	
Asia Pacific Operations	61,239	
 	 	(7,254	)	 	—	
 	 	53,985	
 	
Corporate and Other	(16,433	)	 	5,643	
 	 	—	
 	 	(10,790	)	
Consolidated	$	499,975	
 	 	$	(74,110	)	 	$	(22,940	)	 	$	402,925	

(1)	Asset Intensive is net of $(3,325) DAC offset.	
 	 	
(2)	Asset Intensive is net of $103,936 DAC offset.	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(Unaudited)	Six Months Ended June 30, 2013	
 	Pre-tax net
income (loss)	 	Capital (gains) losses, derivatives and other, net	 	Change in value of embedded derivatives, net	 	Gain on debt
repurchase	 	Pre-tax
operating
income
(loss)	
U.S. and Latin America Operations:	 	 	 	 	 	 	 	 	 	
Traditional	$	169,756	
 	 	$	(9,573	)	 	$	(1,447	)	 	$	—	
 	 	$	158,736	
 	
Non-Traditional:	 	 	 	 	 	 	 	 	 	
Asset Intensive	158,732	
 	 	63,387	
 	(1) 	(136,293	)	(2) 	—	
 	 	85,826	
 	
Financial Reinsurance	19,828	
 	 	66	
 	 	—	
 	 	—	
 	 	19,894	
 	
Total U.S. and Latin America	348,316	
 	 	53,880	
 	 	(137,740	)	 	—	
 	 	264,456	
 	
Canada Operations	71,967	
 	 	(7,401	)	 	—	
 	 	—	
 	 	64,566	
 	
Europe, Middle East and Africa	22,912	
 	 	(2,212	)	 	—	
 	 	—	
 	 	20,700	
 	
Asia Pacific Operations	(269,103	)	 	9,528	
 	 	—	
 	 	—	
 	 	(259,575	)	
Corporate and Other	29,977	
 	 	915	
 	 	—	
 	 	(46,506	)	 	(15,614	)	
Consolidated	$	204,069	
 	 	$	54,710	
 	 	$	(137,740	)	 	$	(46,506	)	 	$	74,533	

(1)	Asset Intensive is net of $(17,425) DAC offset.	
 	 	
(2)	Asset Intensive is net of $138,829 DAC offset.	
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Add Nine
REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
Per Share and Shares Data
(In thousands, except per share data)

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(Unaudited)	Three Months Ended   June 30,	 	Six Months Ended   June 30,	
 	2014	 	2013	 	2014	 	2013	
Diluted earnings per share from operating income (loss)	$	2.23	
 	 	$	(0.99	)	 	$	3.83	
 	 	$	0.69	
 	
Earnings per share from net income (loss):	 	 	 	 	 	 	 	
Basic earnings per share	$	2.87	
 	 	$	(0.69	)	 	$	4.80	
 	 	$	1.86	
 	
Diluted earnings per share (1)	$	2.84	
 	 	$	(0.69	)	 	$	4.75	
 	 	$	1.85	
 	
Weighted average number of common and common equivalent shares outstanding	69,718	
 	 	72,769	
 	 	70,489	
 	 	73,573	

 	
 	 	 	 	 	 	 	 	
(Unaudited)	At or for the Six Months
Ended June 30,	
 	2014	 	2013	
Treasury shares	10,328	
 	 	8,170	
 	
Common shares outstanding	68,810	
 	 	70,968	
 	
Book value per share outstanding	$	97.21	
 	 	$	82.97	
 	
Book value per share outstanding, before impact of AOCI	$	73.54	
 	 	$	66.31	

 	
 	 	
(1)	As a result of anti-dilutive impact, in periods of a loss, weighted average common shares outstanding (basic) are used in the calculation of diluted earnings per share. 	

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

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(Unaudited)	Three Months Ended   June 30,	 	Six Months Ended   June 30,	
 	2014	 	2013	 	2014	 	2013	
Revenues:	 	 	 	 	 	 	 	
Net premiums	$	2,183,160	
 	 	$	2,035,156	
 	 	$	4,283,797	
 	 	$	4,014,849	
 	
Investment income, net of related expenses	410,607	
 	 	444,234	
 	 	814,982	
 	 	869,365	
 	
Investment related gains (losses), net:	 	 	 	 	 	 	 	
Other-than-temporary impairments on fixed maturity securities	(870	)	 	(9,803	)	 	(1,173	)	 	(10,005	)	
Other-than-temporary impairments on fixed maturity securities transferred to (from) accumulated other comprehensive income	—	
 	 	(306	)	 	—	
 	 	(306	)	
Other investment related gains (losses), net	119,397	
 	 	58,352	
 	 	204,271	
 	 	152,925	
 	
Total investment related gains (losses), net	118,527	
 	 	48,243	
 	 	203,098	
 	 	142,614	
 	
Other revenue	120,726	
 	 	63,009	
 	 	188,316	
 	 	164,916	
 	
Total revenues	2,833,020	
 	 	2,590,642	
 	 	5,490,193	
 	 	5,191,744	
 	
Benefits and expenses:	 	 	 	 	 	 	 	
Claims and other policy benefits	1,841,885	
 	 	2,030,574	
 	 	3,685,562	
 	 	3,719,484	
 	
Interest credited	115,962	
 	 	118,345	
 	 	226,556	
 	 	243,828	
 	
Policy acquisition costs and other insurance expenses	409,374	
 	 	370,505	
 	 	764,247	
 	 	727,862	
 	
Other operating expenses	127,462	
 	 	113,408	
 	 	238,398	
 	 	232,909	
 	
Interest expense	35,211	
 	 	29,918	
 	 	70,295	
 	 	58,404	
 	
Collateral finance facility expense	2,591	
 	 	2,650	
 	 	5,160	
 	 	5,188	
 	
Total benefits and expenses	2,532,485	
 	 	2,665,400	
 	 	4,990,218	
 	 	4,987,675	
 	
Income (loss) before income taxes	300,535	
 	 	(74,758	)	 	499,975	
 	 	204,069	
 	
Income tax expense	102,239	
 	 	(25,146	)	 	165,015	
 	 	68,146	
 	
Net income (loss)	$	198,296	
 	 	$	(49,612	)	 	$	334,960	
 	 	$	135,923	
 	
# # #

Exhibit 99.2

Financial Supplement
Second Quarter 2014
(Unaudited)

World Headquarters	  	Internet address	 	Contacts:	
1370 Timberlake Manor Parkway	  	www.rgare.com	 	Jack B. Lay	
Chesterfield, Missouri 63017 U.S.A.	  	 	 	Senior Executive Vice President	
 	 	 	 	and Chief Financial Officer	
 	 	 	 	Phone: (636) 736-7000
e-mail: jlay@rgare.com	
 	 	 	 	Jeff Hopson	
 	 	 	 	Sr. Vice President, Investor Relations	
 	 	 	 	Phone: (636) 300-6106
e-mail: jhopson@rgare.com	

 	
 	 	 	 	 	 	 	
Current Ratings	
 	 	 	 	
 	 	Standard & Poor’s	 	A.M. Best	 	Moody’s	
Financial Strength Ratings	 	 	 	 	 	 	
RGA Reinsurance Company	 	AA-	 	A+	 	A1	
RGA Life Reinsurance Company of Canada	 	AA-	 	A+	 	NR	
RGA International Reinsurance Company Limited	 	AA-	 	NR	 	NR	
RGA Global Reinsurance Company Limited	 	AA-	 	NR	 	NR	
RGA Reinsurance Company of Australia Limited	 	AA-	 	NR	 	NR	
RGA Americas Reinsurance Company, Ltd.	 	AA-	 	NR	 	NR	
Senior Debt Ratings	 	 	 	 	 	 	
Reinsurance Group of America, Incorporated	 	A-	 	a-	 	Baa1	
Our common stock is traded on the New York Stock Exchange under the symbol “RGA”.

 

Reinsurance Group of America, Incorporated
Financial Supplement
2nd Quarter 2014
Table of Contents

 	 	
 	Page	
Non-GAAP Disclosure	1	
 	 	
2014 Notes	2	
 	 	
Consolidated	 	
 	 	
Financial Highlights	3	
 	 	
Consolidated Income Statement (incl. Operating Income Reconciliation)	4	
 	 	
Consolidated Operating Income Statement	5	
 	 	
Consolidated Balance Sheets	6	
 	 	
Segment Pre-tax Operating Income Summaries and Reconciliations to U.S. GAAP	 	
 	 	
U.S. and Latin America Operations	7	
 	 	
Canada Operations	11	
 	 	
Europe, Middle East & Africa Operations	12	
 	 	
Asia Pacific Operations	13	
 	 	
Corporate and Other	14	
 	 	
Summary of Pre-tax Segment Operating Income	15	
 	 	
Investments	 	
 	 	
Cash and Invested Assets, Yield Summary	16	
 	 	
Amortized Cost, Gross Unrealized Gains and Losses, Estimated Fair Values of Fixed Maturity and Equity Securities	17	
 	 	
Corporate Securities by Sector (Fixed Maturities and Equities)	18	
 	 	
Quality of Fixed Maturity Securities and Structured Fixed Maturity Securities	19	
 	 	
Gross Unrealized Losses Aging	20	
 	 	
Fixed Maturity and Equity Securities Below Amortized Cost	21	
 	 	
Consolidated Gross Gains and Losses	22	

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

                                        

 	 	Page 1

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

PRIOR PERIOD RECLASSIFICATIONS
The Company has reclassified the presentation of certain prior-period information to conform to the current presentation.

 

                                        

 	 	Page 2

Reinsurance Group of America, Incorporated
Financial Highlights (1)	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	Current Qtr vs. PY Quarter	 	 	 	Year-to Date	 	
(USD thousands, except inforce & per share data)	 	June 30,	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	 	 	 	 	June 30,	 	June 30,	 	 	 	 	 	 	
 	 	2014	 	2014	 	2013	 	2013	 	2013	 	 	 	 	 	2014	 	2013	 	Change	 	 	 	 	 	 	
Net premiums	 	$	2,183,160	
 	 	$	2,100,637	
 	 	$	2,212,998	
 	 	$	2,026,180	
 	 	$	2,035,156	
 	 	$	148,004	
 	 	 	 	$	4,283,797	
 	 	$	4,014,849	
 	 	$	268,948	
 	 	 	 	 	 	 	
Net income (loss)	 	198,296	
 	 	136,664	
 	 	144,959	
 	 	137,955	
 	 	(49,612	)	 	247,908	
 	 	 	 	334,960	
 	 	135,923	
 	 	199,037	
 	 	 	 	 	 	 	
Operating income (loss)	 	155,131	
 	 	114,807	
 	 	154,509	
 	 	152,887	
 	 	(71,797	)	 	226,928	
 	 	 	 	269,938	
 	 	51,050	
 	 	218,888	
 	 	 	 	 	 	 	
Operating return on equity (ex AOCI) -	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
annualized	 	12.4	%	 	9.3	%	 	12.7	%	 	12.9	%	 	(6.0	)%	 	18.4	%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
trailing 12 months	 	11.8	%	 	7.2	%	 	7.4	%	 	8.1	%	 	7.1	 %	 	4.7	%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total assets	 	43,171,051	
 	 	40,541,581	
 	 	39,674,473	
 	 	39,526,555	
 	 	38,790,621	
 	 	4,380,430	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Assumed Life Reinsurance in Force (in billions)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
U.S. and Latin America Traditional	 	$	1,393.1	
 	 	$	1,393.2	
 	 	$	1,397.0	
 	 	$	1,400.4	
 	 	$	1,399.6	
 	 	$	(6.5	)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
U.S. and Latin America Non-Traditional	 	2.2	
 	 	2.2	
 	 	2.2	
 	 	2.2	
 	 	2.2	
 	 	—	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Canada	 	395.8	
 	 	376.7	
 	 	386.4	
 	 	391.1	
 	 	376.4	
 	 	19.4	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Europe, Middle East and Africa	 	626.1	
 	 	587.6	
 	 	556.7	
 	 	555.1	
 	 	514.3	
 	 	111.8	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Asia Pacific	 	617.2	
 	 	595.6	
 	 	547.6	
 	 	555.0	
 	 	531.3	
 	 	85.9	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Life Reinsurance in Force	 	$	3,034.4	
 	 	$	2,955.3	
 	 	$	2,889.9	
 	 	$	2,903.8	
 	 	$	2,823.8	
 	 	$	210.6	

 	 	

 	
 	 	 	 	 	 	 	
Assumed New Business Production (in billions)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
U.S. and Latin America Traditional	 	$	21.8	
 	 	$	20.4	
 	 	$	21.1	
 	 	$	22.3	
 	 	$	22.8	
 	 	$	(1.0	)	 	 	 	$	42.2	
 	 	$	52.2	
 	 	$	(10.0	)	 	 	 	 	 	 	
U.S. and Latin America Non-Traditional	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	 	 	—	
 	 	—	
 	 	—	
 	 	 	 	 	 	 	
Canada	 	10.4	
 	 	12.4	
 	 	10.4	
 	 	11.6	
 	 	11.1	
 	 	(0.7	)	 	 	 	22.8	
 	 	24.0	
 	 	(1.2	)	 	 	 	 	 	 	
Europe, Middle East and Africa	 	67.7	
 	 	46.5	
 	 	24.6	
 	 	21.4	
 	 	22.3	
 	 	45.4	
 	 	 	 	114.2	
 	 	60.2	
 	 	54.0	
 	 	 	 	 	 	 	
Asia Pacific	 	18.5	
 	 	19.6	
 	 	22.8	
 	 	36.3	
 	 	47.8	
 	 	(29.3	)	 	 	 	38.1	
 	 	63.5	
 	 	(25.4	)	 	 	 	 	 	 	
Total New Business Production	 	$	118.4	
 	 	$	98.9	
 	 	$	78.9	
 	 	$	91.6	
 	 	$	104.0	
 	 	$	14.4	
 	 	 	 	$	217.3	
 	 	$	199.9	
 	 	$	17.4	
 	 	 	 	 	 	 	
Per Share and Shares Data	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic earnings per share	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	 	$	2.87	
 	 	$	1.94	
 	 	$	2.05	
 	 	$	1.95	
 	 	$	(0.69	)	 	$	3.56	
 	 	 	 	$	4.80	
 	 	$	1.86	
 	 	$	2.94	
 	 	 	 	 	 	 	
Operating income	 	$	2.25	
 	 	$	1.63	
 	 	$	2.19	
 	 	$	2.16	
 	 	$	(0.99	)	 	$	3.24	
 	 	 	 	$	3.87	
 	 	$	0.70	
 	 	$	3.17	
 	 	 	 	 	 	 	
Diluted earnings per share	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	 	$	2.84	
 	 	$	1.92	
 	 	$	2.03	
 	 	$	1.93	
 	 	$	(0.69	)	 	$	3.53	
 	 	 	 	$	4.75	
 	 	$	1.85	
 	 	$	2.90	
 	 	 	 	 	 	 	
Operating income	 	$	2.23	
 	 	$	1.61	
 	 	$	2.17	
 	 	$	2.14	
 	 	$	(0.99	)	 	$	3.22	
 	 	 	 	$	3.83	
 	 	$	0.69	
 	 	$	3.14	

Wgt. average common shares outstanding	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(basic)	 	69,076	
 	 	70,574	
 	 	70,650	
 	 	70,865	
 	 	72,350	
 	 	(3,274	)	 	 	 	69,823	
 	 	73,089	
 	 	(3,266	)	 	 	 	 	 	 	
(diluted)	 	69,718	
 	 	71,264	
 	 	71,332	
 	 	71,391	
 	 	72,769	
 	 	(3,051	)	 	 	 	70,489	
 	 	73,573	
 	 	(3,084	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Common shares issued	 	79,138	
 	 	79,138	
 	 	79,138	
 	 	79,138	
 	 	79,138	
 	 	—	
 	 	 	 	79,138	
 	 	79,138	
 	 	—	
 	 	 	 	 	 	 	
Treasury shares	 	10,328	
 	 	9,624	
 	 	8,370	
 	 	8,595	
 	 	8,170	
 	 	2,158	
 	 	 	 	10,328	
 	 	8,170	
 	 	2,158	
 	 	 	 	 	 	 	
Common shares outstanding	 	68,810	
 	 	69,514	
 	 	70,768	
 	 	70,543	
 	 	70,968	
 	 	(2,158	)	 	 	 	68,810	
 	 	70,968	
 	 	(2,158	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Book value per share	 	$	97.21	
 	 	$	89.92	
 	 	$	83.87	
 	 	$	83.58	
 	 	$	82.97	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Per share effect of accumulated other	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
comprehensive income (AOCI)	 	$	23.67	
 	 	$	18.41	
 	 	$	14.21	
 	 	$	15.60	
 	 	$	16.66	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Book value per share, excluding AOCI	 	$	73.54	
 	 	$	71.51	
 	 	$	69.66	
 	 	$	67.98	
 	 	$	66.31	

Shareholder dividends paid	 	$	20,711.1	
 	 	$	21,243.6	
 	 	$	21,177.3	
 	 	$	21,296.2	
 	 	$	17,415.9	
 	 	$	3,295.2	
 	 	 	 	$	41,954.7	
 	 	$	35,168.6	
 	 	$	6,786.1	
 	 	 	 	 	 	 	
(1) The company realigned certain operations and management responsibilities to better fit within its geographic-based segments. Mexico and Latin America operations were moved from Europe & South Africa to the U.S. segment, which has been renamed U.S. and Latin America. India operations have been moved from Europe & South Africa to the Asia Pacific segment. Europe & South Africa has been renamed Europe, Middle East and Africa. Prior-period figures have been adjusted to conform to the new reporting alignment.
	 	 	 	 	 	 	
(2) As a result of anti-dilutive impact, in periods of a loss, weighted average common shares outstanding (basic) are used in the calculation of diluted earnings per share	 	 	 	 	 	 	

 	
 	 	 	
 	 	Page 3

Reinsurance Group of America, Incorporated
Consolidated GAAP Income Statement (incl. Operating Income Reconciliations)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	Current Qtr	 	 	 	Year-to Date	
 	 	June 30,	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	vs. PY	 	 	 	June 30,	 	June 30,	 	 	
(USD thousands)	 	2014	 	2014	 	2013	 	2013	 	2013	 	Quarter	 	 	 	2014	 	2013	 	Change	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	2,183,160	
 	 	$	2,100,637	
 	 	$	2,212,998	
 	 	$	2,026,180	
 	 	$	2,035,156	
 	 	$	148,004	
 	 	 	 	$	4,283,797	
 	 	$	4,014,849	
 	 	$	268,948	
 	
Investment income, net of related expenses	 	410,607	
 	 	404,375	
 	 	461,134	
 	 	369,366	
 	 	444,234	
 	 	(33,627	)	 	 	 	814,982	
 	 	869,365	
 	 	(54,383	)	
Investment related gains (losses), net	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
OTTI on fixed maturity securities	 	(870	)	 	(303	)	 	(2,258	)	 	(391	)	 	(9,803	)	 	8,933	
 	 	 	 	(1,173	)	 	(10,005	)	 	8,832	
 	
OTTI on fixed maturity securities transferred	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
to/from AOCI	 	—	
 	 	—	
 	 	—	
 	 	59	
 	 	(306	)	 	306	
 	 	 	 	—	
 	 	(306	)	 	306	
 	
Other investment related gains (losses), net	 	119,397	
 	 	84,874	
 	 	99	
 	 	(76,133	)	 	58,352	
 	 	61,045	
 	 	 	 	204,271	
 	 	152,925	
 	 	51,346	
 	
Total investment related gains (losses), net	 	118,527	
 	 	84,571	
 	 	(2,159	)	 	(76,465	)	 	48,243	
 	 	70,284	
 	 	 	 	203,098	
 	 	142,614	
 	 	60,484	
 	
Other revenue	 	120,726	
 	 	67,590	
 	 	64,821	
 	 	70,734	
 	 	63,009	
 	 	57,717	
 	 	 	 	188,316	
 	 	164,916	
 	 	23,400	
 	
Total revenues	 	2,833,020	
 	 	2,657,173	
 	 	2,736,794	
 	 	2,389,815	
 	 	2,590,642	
 	 	242,378	
 	 	 	 	5,490,193	
 	 	5,191,744	
 	 	298,449	
 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	

Claims and other policy benefits	 	1,841,885	
 	 	1,843,677	
 	 	1,869,949	
 	 	1,714,899	
 	 	2,030,574	
 	 	(188,689	)	 	 	 	3,685,562	
 	 	3,719,484	
 	 	(33,922	)	
Interest credited	 	115,962	
 	 	110,594	
 	 	172,747	
 	 	59,939	
 	 	118,345	
 	 	(2,383	)	 	 	 	226,556	
 	 	243,828	
 	 	(17,272	)	
Policy acquisition costs and other insurance expenses	 	409,374	
 	 	354,873	
 	 	304,837	
 	 	268,081	
 	 	370,505	
 	 	38,869	
 	 	 	 	764,247	
 	 	727,862	
 	 	36,385	
 	
Other operating expenses	 	127,462	
 	 	110,936	
 	 	122,136	
 	 	111,672	
 	 	113,408	
 	 	14,054	
 	 	 	 	238,398	
 	 	232,909	
 	 	5,489	
 	
Interest expense	 	35,211	
 	 	35,084	
 	 	35,072	
 	 	30,831	
 	 	29,918	
 	 	5,293	
 	 	 	 	70,295	
 	 	58,404	
 	 	11,891	
 	
Collateral finance facility expense	 	2,591	
 	 	2,569	
 	 	2,563	
 	 	2,698	
 	 	2,650	
 	 	(59	)	 	 	 	5,160	
 	 	5,188	
 	 	(28	)	
Total benefits and expenses	 	2,532,485	
 	 	2,457,733	
 	 	2,507,304	
 	 	2,188,120	
 	 	2,665,400	
 	 	(132,915	)	 	 	 	4,990,218	
 	 	4,987,675	
 	 	2,543	
 	
Income (loss) before income taxes	 	300,535	
 	 	199,440	
 	 	229,490	
 	 	201,695	
 	 	(74,758	)	 	375,293	
 	 	 	 	499,975	
 	 	204,069	
 	 	295,906	
 	
Income tax expense (benefit)	 	102,239	
 	 	62,776	
 	 	84,531	
 	 	63,740	
 	 	(25,146	)	 	127,385	
 	 	 	 	165,015	
 	 	68,146	
 	 	96,869	
 	
Net income (loss)	 	$	198,296	
 	 	$	136,664	
 	 	$	144,959	
 	 	$	137,955	
 	 	$	(49,612	)	 	$	247,908	
 	 	 	 	$	334,960	
 	 	$	135,923	
 	 	$	199,037	
 	
Pre-tax Operating Income (Loss) Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income (loss) before income taxes	 	300,535	
 	 	199,440	
 	 	229,490	
 	 	201,695	
 	 	(74,758	)	 	375,293	
 	 	 	 	499,975	
 	 	204,069	
 	 	295,906	
 	
Investment and derivative losses (gains)—	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
non-operating (1)	 	(38,136	)	 	(26,306	)	 	45,090	
 	 	30,513	
 	 	37,057	
 	 	(75,193	)	 	 	 	(64,442	)	 	85,899	
 	 	(150,341	)	
Change in value of modified coinsurance and	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
funds withheld embedded derivatives (1)	 	(78,835	)	 	(77,241	)	 	337	
 	 	67,460	
 	 	(47,716	)	 	(31,119	)	 	 	 	(156,076	)	 	(137,974	)	 	(18,102	)	
GMXB embedded derivatives  (1)	 	5,183	
 	 	23,661	
 	 	(35,098	)	 	(19,829	)	 	(35,809	)	 	40,992	
 	 	 	 	28,844	
 	 	(87,123	)	 	115,967	
 	
Funds withheld losses (gains)—investment income	 	(5,954	)	 	(389	)	 	(2,540	)	 	3,465	
 	 	(11,733	)	 	5,779	
 	 	 	 	(6,343	)	 	(13,764	)	 	7,421	
 	
EIA embedded derivatives—interest credited	 	6,916	
 	 	(6,560	)	 	2,795	
 	 	(30,292	)	 	(32,161	)	 	39,077	
 	 	 	 	356	
 	 	(51,472	)	 	51,828	
 	
DAC offset, net	 	47,543	
 	 	53,068	
 	 	4,334	
 	 	(27,330	)	 	56,786	
 	 	(9,243	)	 	 	 	100,611	
 	 	121,404	
 	 	(20,793	)	
Gain on repurchase of collateral finance facility securities	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	 	 	—	
 	 	(46,506	)	 	46,506	
 	
Operating Income (Loss) Before Income Taxes	 	$	237,252	
 	 	$	165,673	
 	 	$	244,408	
 	 	$	225,682	
 	 	$	(108,334	)	 	$	345,586	
 	 	 	 	$	402,925	
 	 	$	74,533	
 	 	$	328,392	
 	
After-tax Operating Income (Loss) Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net Income (Loss)	 	198,296	
 	 	136,664	
 	 	144,959	
 	 	137,955	
 	 	(49,612	)	 	247,908	
 	 	 	 	334,960	
 	 	135,923	
 	 	199,037	
 	
Investment and derivative losses (gains)—	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
non-operating (1)	 	(26,820	)	 	(17,007	)	 	29,161	
 	 	19,174	
 	 	23,726	
 	 	(50,546	)	 	 	 	(43,827	)	 	55,160	
 	 	(98,987	)	
Change in value of modified coinsurance	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
and funds withheld embedded derivatives (1)	 	(51,242	)	 	(50,207	)	 	219	
 	 	43,849	
 	 	(31,015	)	 	(20,227	)	 	 	 	(101,449	)	 	(89,683	)	 	(11,766	)	
GMXB embedded derivatives (1)	 	3,369	
 	 	15,380	
 	 	(22,814	)	 	(12,889	)	 	(23,276	)	 	26,645	
 	 	 	 	18,749	
 	 	(56,630	)	 	75,379	
 	
Funds withheld losses (gains)—investment income	 	(3,870	)	 	(253	)	 	(1,651	)	 	2,252	
 	 	(7,625	)	 	3,755	
 	 	 	 	(4,123	)	 	(8,946	)	 	4,823	
 	
EIA embedded derivatives—interest credited	 	4,495	
 	 	(4,264	)	 	1,817	
 	 	(19,690	)	 	(20,905	)	 	25,400	
 	 	 	 	231	
 	 	(33,457	)	 	33,688	
 	
DAC offset, net	 	30,903	
 	 	34,494	
 	 	2,818	
 	 	(17,764	)	 	36,910	
 	 	(6,007	)	 	 	 	65,397	
 	 	78,912	
 	 	(13,515	)	
Gain on repurchase of collateral finance facility securities	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	 	 	—	
 	 	(30,229	)	 	30,229	
 	
Operating Income (Loss)	 	$	155,131	
 	 	$	114,807	
 	 	$	154,509	
 	 	$	152,887	
 	 	$	(71,797	)	 	$	226,928	
 	 	 	 	$	269,938	
 	 	$	51,050	
 	 	$	218,888	

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

                                        

 	 	Page 4

Reinsurance Group of America, Incorporated
Consolidated Operating Income Statement	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	Current Qtr
vs. PY
Quarter	 	 	 	Year-to-Date	 	
 	 	June 30,	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	 	 	 	 	June 30,	 	June 30,	 	 	 	 	 	 	
(USD thousands, except per share data)	 	2014	 	2014	 	2013	 	2013	 	2013	 	 	 	 	 	2014	 	2013	 	Change	 	 	 	 	 	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	2,183,160	
 	 	$	2,100,637	
 	 	$	2,212,998	
 	 	$	2,026,180	
 	 	$	2,035,156	
 	 	$	148,004	
 	 	 	 	$	4,283,797	
 	 	$	4,014,849	
 	 	$	268,948	
 	 	 	 	 	 	 	
Investment income, net of related expenses	 	404,653	
 	 	403,986	
 	 	458,594	
 	 	372,831	
 	 	432,501	
 	 	(27,848	)	 	 	 	808,639	
 	 	855,601	
 	 	(46,962	)	 	 	 	 	 	 	
Investment related gains (losses), net	 	6,739	
 	 	4,685	
 	 	8,170	
 	 	1,679	
 	 	1,775	
 	 	4,964	
 	 	 	 	11,424	
 	 	3,416	
 	 	8,008	
 	 	 	 	 	 	 	
Other revenue	 	120,726	
 	 	67,590	
 	 	64,821	
 	 	70,734	
 	 	63,009	
 	 	57,717	
 	 	 	 	188,316	
 	 	118,410	
 	 	69,906	
 	 	 	 	 	 	 	
Total revenues	 	2,715,278	
 	 	2,576,898	
 	 	2,744,583	
 	 	2,471,424	
 	 	2,532,441	
 	 	182,837	
 	 	 	 	5,292,176	
 	 	4,992,276	
 	 	299,900	

Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	1,841,885	
 	 	1,843,677	
 	 	1,869,949	
 	 	1,714,899	
 	 	2,030,574	
 	 	(188,689	)	 	 	 	3,685,562	
 	 	3,719,484	
 	 	(33,922	)	 	 	 	 	 	 	
Interest credited	 	109,046	
 	 	117,154	
 	 	169,952	
 	 	90,231	
 	 	150,506	
 	 	(41,460	)	 	 	 	226,200	
 	 	295,300	
 	 	(69,100	)	 	 	 	 	 	 	
Policy acquisition costs and other insurance expenses	 	361,831	
 	 	301,805	
 	 	300,503	
 	 	295,411	
 	 	313,719	
 	 	48,112	
 	 	 	 	663,636	
 	 	606,458	
 	 	57,178	
 	 	 	 	 	 	 	
Other operating expenses	 	127,462	
 	 	110,936	
 	 	122,136	
 	 	111,672	
 	 	113,408	
 	 	14,054	
 	 	 	 	238,398	
 	 	232,909	
 	 	5,489	
 	 	 	 	 	 	 	
Interest expense	 	35,211	
 	 	35,084	
 	 	35,072	
 	 	30,831	
 	 	29,918	
 	 	5,293	
 	 	 	 	70,295	
 	 	58,404	
 	 	11,891	
 	 	 	 	 	 	 	
Collateral finance facility expense	 	2,591	
 	 	2,569	
 	 	2,563	
 	 	2,698	
 	 	2,650	
 	 	(59	)	 	 	 	5,160	
 	 	5,188	
 	 	(28	)	 	 	 	 	 	 	
Total benefits and expenses	 	2,478,026	
 	 	2,411,225	
 	 	2,500,175	
 	 	2,245,742	
 	 	2,640,775	
 	 	(162,749	)	 	 	 	4,889,251	
 	 	4,917,743	
 	 	(28,492	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income (loss) before income taxes	 	237,252	
 	 	165,673	
 	 	244,408	
 	 	225,682	
 	 	(108,334	)	 	345,586	
 	 	 	 	402,925	
 	 	74,533	
 	 	328,392	

Operating income tax expense (benefit)	 	82,121	
 	 	50,866	
 	 	89,899	
 	 	72,795	
 	 	(36,537	)	 	118,658	
 	 	 	 	132,987	
 	 	23,483	
 	 	109,504	

Operating income (loss)	 	$	155,131	
 	 	$	114,807	
 	 	$	154,509	
 	 	$	152,887	
 	 	$	(71,797	)	 	$	226,928	
 	 	 	 	$	269,938	
 	 	$	51,050	
 	 	$	356,884	

Wgt. Average Common Shares Outstanding (Diluted)	 	69,718	
 	 	71,264	
 	 	71,332	
 	 	71,391	
 	 	72,769	
 	 	(3,051)	
 	 	 	 	70,489	
 	 	73,573	
 	 	(3,084)	

Diluted Earnings Per Share—Operating Income	 	$	2.23	
 	 	$	1.61	
 	 	$	2.17	
 	 	$	2.14	
 	 	$	(0.99	)	 	$	3.22	
 	 	 	 	$	3.83	
 	 	$	0.69	
 	 	$	3.14	

Foreign currency effect   (1) :	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	(4,964	)	 	$	(50,225	)	 	$	(49,448	)	 	$	(51,810	)	 	$	(21,551	)	 	$	16,587	
 	 	 	 	$	(55,189	)	 	$	(41,281	)	 	$	(13,908	)	 	 	 	 	 	 	
Operating income before income taxes	 	$	(809	)	 	$	(6,605	)	 	$	(8,679	)	 	$	(4,959	)	 	$	13,640	
 	 	$	(14,449	)	 	 	 	$	(7,414	)	 	$	10,849	
 	 	(18,263	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(1) Compared to comparable prior year period	 	 	 	 	 	 	

                                        

 	 	Page 5

 
Reinsurance Group of America, Incorporated
Consolidated Balance Sheets	

(USD thousands)	 	June 30,
2014	 	March 31,
2014	 	Dec. 31,
2013	 	Sept. 30,
2013	 	June 30,
2013	
Assets	 	 	 	 	 	 	 	 	 	 	
Fixed maturity securities, available-for-sale	 	$	24,480,396	
 	 	$	22,157,182	
 	 	$	21,474,136	
 	 	$	21,289,108	
 	 	$	21,284,216	
 	
Mortgage loans on real estate	 	2,555,800	
 	 	2,526,228	
 	 	2,486,680	
 	 	2,488,582	
 	 	2,377,246	
 	
Policy loans	 	1,250,635	
 	 	1,296,897	
 	 	1,244,469	
 	 	1,244,878	
 	 	1,245,252	
 	
Funds withheld at interest	 	5,940,521	
 	 	5,814,231	
 	 	5,771,467	
 	 	5,739,872	
 	 	5,777,395	
 	
Short-term investments	 	45,596	
 	 	118,789	
 	 	139,395	
 	 	44,192	
 	 	38,601	
 	
Other invested assets	 	1,128,375	
 	 	1,234,779	
 	 	1,324,960	
 	 	1,116,391	
 	 	1,035,809	
 	
Total investments	 	35,401,323	
 	 	33,148,106	
 	 	32,441,107	
 	 	31,923,023	
 	 	31,758,519	
 	
Cash and cash equivalents	 	1,378,117	
 	 	1,127,132	
 	 	923,647	
 	 	1,423,235	
 	 	973,619	
 	
Accrued investment income	 	279,368	
 	 	233,816	
 	 	267,908	
 	 	262,330	
 	 	233,153	
 	
Premiums receivable and other reinsurance balances	 	1,559,526	
 	 	1,454,959	
 	 	1,439,528	
 	 	1,252,610	
 	 	1,314,004	
 	
Reinsurance ceded receivables	 	614,203	
 	 	594,794	
 	 	594,515	
 	 	592,948	
 	 	585,555	
 	
Deferred policy acquisition costs	 	3,368,343	
 	 	3,450,523	
 	 	3,517,796	
 	 	3,533,932	
 	 	3,453,513	
 	
Other assets	 	570,171	
 	 	532,251	
 	 	489,972	
 	 	538,477	
 	 	472,258	
 	
Total assets	 	$	43,171,051	
 	 	$	40,541,581	
 	 	$	39,674,473	
 	 	$	39,526,555	
 	 	$	38,790,621	

Liabilities and Stockholders’ Equity	 	 	 	 	 	 	 	 	 	 	
Future policy benefits	 	$	13,785,532	
 	 	$	11,887,951	
 	 	$	11,866,776	
 	 	$	11,873,306	
 	 	$	11,491,692	
 	
Interest-sensitive contract liabilities	 	12,686,025	
 	 	12,809,003	
 	 	12,947,557	
 	 	12,868,425	
 	 	12,991,981	
 	
Other policy claims and benefits	 	3,996,737	
 	 	3,899,004	
 	 	3,571,761	
 	 	3,440,371	
 	 	3,316,727	
 	
Other reinsurance balances	 	258,023	
 	 	283,249	
 	 	275,138	
 	 	264,023	
 	 	254,815	
 	
Deferred income taxes	 	2,232,821	
 	 	2,023,588	
 	 	1,837,577	
 	 	1,975,819	
 	 	1,839,909	
 	
Other liabilities	 	716,157	
 	 	638,967	
 	 	541,035	
 	 	510,079	
 	 	584,488	
 	
Short-term debt	 	110,000	
 	 	50,000	
 	 	—	
 	 	—	
 	 	120,000	
 	
Long-term debt	 	2,214,705	
 	 	2,214,526	
 	 	2,214,350	
 	 	2,214,170	
 	 	1,815,533	
 	
Collateral finance facility	 	482,092	
 	 	484,747	
 	 	484,752	
 	 	484,712	
 	 	487,556	
 	
Total liabilities	 	36,482,092	
 	 	34,291,035	
 	 	33,738,946	
 	 	33,630,905	
 	 	32,902,701	

Stockholders’ Equity:	 	 	 	 	 	 	 	 	 	 	
Common stock, at par value	 	791	
 	 	791	
 	 	791	
 	 	791	
 	 	791	
 	
Additional paid-in-capital	 	1,783,856	
 	 	1,782,838	
 	 	1,777,906	
 	 	1,778,307	
 	 	1,772,811	
 	
Retained earnings	 	3,941,777	
 	 	3,772,776	
 	 	3,659,938	
 	 	3,544,632	
 	 	3,428,646	
 	
Treasury stock	 	(666,125	)	 	(585,358	)	 	(508,715	)	 	(528,081	)	 	(496,462	)	
Accumulated other comprehensive income (AOCI):	 	 	 	 	 	 	 	 	 	 	
Accumulated currency translation adjustment, net of income taxes	 	207,043	
 	 	164,400	
 	 	207,083	
 	 	191,677	
 	 	164,538	
 	
Unrealized appreciation of securities, net of income taxes	 	1,442,324	
 	 	1,136,079	
 	 	820,245	
 	 	942,337	
 	 	1,052,126	
 	
Pension and postretirement benefits, net of income taxes	 	(20,707	)	 	(20,980	)	 	(21,721	)	 	(34,013	)	 	(34,530	)	
Total stockholders’ equity	 	6,688,959	
 	 	6,250,546	
 	 	5,935,527	
 	 	5,895,650	
 	 	5,887,920	
 	
Total liabilities and stockholders’ equity	 	$	43,171,051	
 	 	$	40,541,581	
 	 	$	39,674,473	
 	 	$	39,526,555	
 	 	$	38,790,621	

Total stockholders’ equity, excluding AOCI	 	$	5,060,299	
 	 	$	4,971,047	
 	 	$	4,929,920	
 	 	$	4,795,649	
 	 	$	4,705,786	

 	 	 	 	 	 	 	 	 	 	 	

                                        

 	 	Page 6

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

 	 	 	Three Months Ended	 	Current Qtr
vs. PY
Quarter	 	 	 	Year-to-date	 	
 	(USD thousands)	 	June 30,
2014	 	March 31,
2014	 	Dec. 31,
2013	 	Sept. 30,
2013	 	June 30,
2013	 	 	 	 	 	June 30,
2014	 	June 30,
2013	 	Change	 	 	 	
 	Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	Net premiums	 	$	1,189,822	
 	 	$	1,141,905	
 	 	$	1,246,137	
 	 	$	1,124,183	
 	 	$	1,136,742	
 	 	$	53,080	
 	 	 	 	$	2,331,727	
 	 	$	2,193,170	
 	 	$	138,557	
 	 	 	 	
 	Investment income, net of related expenses	 	137,404	
 	 	133,376	
 	 	139,281	
 	 	138,464	
 	 	133,544	
 	 	3,860	
 	 	 	 	270,780	
 	 	266,079	
 	 	4,701	
 	 	 	 	
 	Other revenue	 	767	
 	 	642	
 	 	840	
 	 	880	
 	 	1,334	
 	 	(567	)	 	 	 	1,409	
 	 	1,986	
 	 	(577	)	 	 	 	
 	Total revenues	 	1,327,993	
 	 	1,275,923	
 	 	1,386,258	
 	 	1,263,527	
 	 	1,271,620	
 	 	56,373	
 	 	 	 	2,603,916	
 	 	2,461,235	
 	 	142,681	

 	Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	
 	Claims and other policy benefits	 	1,045,030	
 	 	1,033,707	
 	 	1,071,733	
 	 	972,786	
 	 	981,768	
 	 	63,262	
 	 	 	 	2,078,737	
 	 	1,918,649	
 	 	160,088	
 	 	 	 	
 	Interest credited	 	12,818	
 	 	12,272	
 	 	9,886	
 	 	13,659	
 	 	13,590	
 	 	(772	)	 	 	 	25,090	
 	 	29,740	
 	 	(4,650	)	 	 	 	
 	Policy acquisition costs and other insurance expenses	 	156,270	
 	 	156,000	
 	 	156,447	
 	 	162,710	
 	 	166,742	
 	 	(10,472	)	 	 	 	312,270	
 	 	306,814	
 	 	5,456	
 	 	 	 	
 	Other operating expenses	 	24,921	
 	 	25,741	
 	 	24,550	
 	 	24,085	
 	 	23,018	
 	 	1,903	
 	 	 	 	50,662	
 	 	47,296	
 	 	3,366	
 	 	 	 	
 	Total benefits and expenses	 	1,239,039	
 	 	1,227,720	
 	 	1,262,616	
 	 	1,173,240	
 	 	1,185,118	
 	 	53,921	
 	 	 	 	2,466,759	
 	 	2,302,499	
 	 	164,260	

 	Operating income before income taxes	 	88,954	
 	 	48,203	
 	 	123,642	
 	 	90,287	
 	 	86,502	
 	 	2,452	
 	 	 	 	137,157	
 	 	158,736	
 	 	(21,579	)	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	
 	Operating income before income taxes	 	88,954	
 	 	48,203	
 	 	123,642	
 	 	90,287	
 	 	86,502	
 	 	2,452	
 	 	 	 	137,157	
 	 	158,736	
 	 	(21,579	)	 	 	 	
 	Investment and derivative (losses) gains - non-operating	 	5,034	
 	 	2,769	
 	 	(850	)	 	(5,249	)	 	3,711	
 	 	1,323	
 	 	 	 	7,803	
 	 	11,020	
 	 	(3,217	)	 	 	 	
 	Income before income taxes	 	$	93,988	
 	 	$	50,972	
 	 	$	122,792	
 	 	$	85,038	
 	 	$	90,213	
 	 	$	3,775	
 	 	 	 	$	144,960	
 	 	$	169,756	
 	 	$	(24,796	)	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	Loss and Expense Ratios:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	Claims and other policy benefits	 	87.8	%	 	90.5	%	 	86.0	%	 	86.5	%	 	86.4	%	 	1.4	 %	 	 	 	89.2	%	 	87.5	%	 	1.7	 %	 	 	 	
 	Policy acquisition costs and other insurance expenses	 	13.1	%	 	13.7	%	 	12.6	%	 	14.5	%	 	14.7	%	 	(1.6	)%	 	 	 	13.4	%	 	14.0	%	 	(0.6	)%	 	 	 	
 	Other operating expenses	 	2.1	%	 	2.3	%	 	2.0	%	 	2.1	%	 	2.0	%	 	0.1	 %	 	 	 	2.2	%	 	2.2	%	 	0.0	 %	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	(1) The company realigned certain operations and management responsibilities to better fit within its geographic-based segments. Mexico and Latin America operations were moved from Europe & South Africa to the U.S. segment, which has been renamed U.S. and Latin America. India operations have been moved from Europe & South Africa to the Asia Pacific segment. Europe & South Africa has been renamed Europe, Middle East and Africa. Prior-period figures have been adjusted to conform to the new reporting alignment.

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

                                        

 	 	Page 7

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

 	 	Three Months Ended	 	Current Qtr
vs. PY
Quarter	 	 	 	Year-to-date	 	
(USD thousands)	 	June 30,
2014	 	March 31,
2014	 	Dec. 31,
2013	 	Sept. 30,
2013	 	June 30,
2013	 	 	 	 	 	June 30,
2013	 	June 30,
2013	 	Change	 	 	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	4,984	
 	 	$	5,180	
 	 	$	3,754	
 	 	$	3,800	
 	 	$	11,129	
 	 	$	(6,145	)	 	 	 	$	10,164	
 	 	$	14,967	
 	 	$	(4,803	)	 	 	 	
Investment income, net of related expenses	 	143,927	
 	 	158,619	
 	 	209,847	
 	 	128,563	
 	 	190,296	
 	 	(46,369	)	 	 	 	302,546	
 	 	369,015	
 	 	(66,469	)	 	 	 	
Investment related gains (losses), net	 	1	
 	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	1	
 	 	 	 	1	
 	 	—	
 	 	1	
 	 	 	 	
Other revenue	 	29,376	
 	 	28,276	
 	 	26,761	
 	 	28,519	
 	 	29,937	
 	 	(561	)	 	 	 	57,652	
 	 	58,818	
 	 	(1,166	)	 	 	 	
Total revenues	 	178,288	
 	 	192,075	
 	 	240,362	
 	 	160,882	
 	 	231,362	
 	 	(53,074	)	 	 	 	370,363	
 	 	442,800	
 	 	(72,437	)	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	4,713	
 	 	4,260	
 	 	4,674	
 	 	8,899	
 	 	11,083	
 	 	(6,370	)	 	 	 	8,973	
 	 	14,671	
 	 	(5,698	)	 	 	 	
Interest credited	 	90,037	
 	 	101,644	
 	 	153,501	
 	 	76,097	
 	 	136,424	
 	 	(46,387	)	 	 	 	191,681	
 	 	264,520	
 	 	(72,839	)	 	 	 	
Policy acquisition costs and other insurance expenses	 	35,698	
 	 	41,072	
 	 	36,819	
 	 	33,642	
 	 	40,747	
 	 	(5,049	)	 	 	 	76,770	
 	 	70,792	
 	 	5,978	
 	 	 	 	
Other operating expenses	 	3,813	
 	 	4,094	
 	 	3,102	
 	 	4,198	
 	 	2,878	
 	 	935	
 	 	 	 	7,907	
 	 	6,991	
 	 	916	
 	 	 	 	
Total benefits and expenses	 	134,261	
 	 	151,070	
 	 	198,096	
 	 	122,836	
 	 	191,132	
 	 	(56,871	)	 	 	 	285,331	
 	 	356,974	
 	 	(71,643	)	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	44,027	
 	 	41,005	
 	 	42,266	
 	 	38,046	
 	 	40,230	
 	 	3,797	
 	 	 	 	85,032	
 	 	85,826	
 	 	(794	)	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	44,027	
 	 	41,005	
 	 	42,266	
 	 	38,046	
 	 	40,230	
 	 	3,797	
 	 	 	 	85,032	
 	 	85,826	
 	 	(794	)	 	 	 	
Investment and derivative gains (losses) - non-operating  (1)	 	12,412	
 	 	21,300	
 	 	(40,727	)	 	(33,190	)	 	(39,071	)	 	51,483	
 	 	 	 	33,712	
 	 	(92,003	)	 	125,715	
 	 	 	 	
Change in value of modified coinsurance and funds withheld embedded derivatives  (1)	 	79,768	
 	 	78,696	
 	 	462	
 	 	(68,703	)	 	46,325	
 	 	33,443	
 	 	 	 	158,464	
 	 	136,527	
 	 	21,937	
 	 	 	 	
GMXB embedded derivatives  (1)	 	(5,183	)	 	(23,661	)	 	35,098	
 	 	19,829	
 	 	35,809	
 	 	(40,992	)	 	 	 	(28,844	)	 	87,123	
 	 	(115,967	)	 	 	 	
Funds withheld gains (losses) - investment income	 	5,232	
 	 	(217	)	 	1,797	
 	 	(3,755	)	 	10,541	
 	 	(5,309	)	 	 	 	5,015	
 	 	11,191	
 	 	(6,176	)	 	 	 	
EIA embedded derivatives - interest credited	 	(6,916	)	 	6,560	
 	 	(2,795	)	 	30,292	
 	 	32,161	
 	 	(39,077	)	 	 	 	(356	)	 	51,472	
 	 	(51,828	)	 	 	 	
DAC offset, net	 	(47,543	)	 	(53,068	)	 	(4,334	)	 	27,330	
 	 	(56,786	)	 	9,243	
 	 	 	 	(100,611	)	 	(121,404	)	 	20,793	
 	 	 	 	
Income before income taxes	 	81,797	
 	 	70,615	
 	 	31,767	
 	 	9,849	
 	 	69,209	
 	 	12,588	
 	 	 	 	152,412	
 	 	158,732	
 	 	(6,320	)	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(1) Included in “Investment related gains (losses), net” on Consolidated GAAP Income Statement

 

                                        

 	 	Page 8

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

 	 	 	
 	 	Three Months Ended	
(USD millions)	 	June 30,
2014	 	March 31,
2014	 	Dec. 31,
2013	 	Sept. 30,
2013	 	June 30,
2013	
Annuity account values:	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	
Fixed annuities (deferred)	 	$	5,030	
 	 	$	5,156	
 	 	$	5,079	
 	 	$	5,180	
 	 	$	5,264	

Net interest spread (fixed annuities):	 	2.3	%	 	2.5	%	 	2.3	%	 	2.5	%	 	2.3	%	
 	 	 	 	 	 	 	 	 	 	 	
Equity-indexed annuities	 	$	4,725	
 	 	$	4,741	
 	 	$	4,768	
 	 	$	4,724	
 	 	$	4,795	

Variable annuities:	 	 	 	 	 	 	 	 	 	 	
No riders	 	$	941	
 	 	$	943	
 	 	$	961	
 	 	$	950	
 	 	$	946	
 	
GMDB only	 	84	
 	 	85	
 	 	86	
 	 	83	
 	 	56	
 	
GMIB only	 	6	
 	 	6	
 	 	6	
 	 	6	
 	 	6	
 	
GMAB only	 	50	
 	 	51	
 	 	52	
 	 	52	
 	 	52	
 	
GMWB only	 	1,741	
 	 	1,733	
 	 	1,752	
 	 	1,704	
 	 	1,660	
 	
GMDB / WB	 	462	
 	 	459	
 	 	467	
 	 	459	
 	 	450	
 	
Other	 	30	
 	 	30	
 	 	31	
 	 	31	
 	 	30	
 	
Total VA account values	 	$	3,314	
 	 	$	3,307	
 	 	$	3,355	
 	 	$	3,285	
 	 	$	3,200	

Fair value of liabilities associated with living benefit riders	 	$	59	
 	 	$	54	
 	 	$	30	
 	 	$	65	
 	 	$	85	

Interest-sensitive contract liabilities associated with:	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	
Guaranteed investment contracts	 	$	301	
 	 	$	301	
 	 	$	297	
 	 	$	236	
 	 	$	200	

Bank-owned life insurance (BOLI)	 	$	541	
 	 	$	538	
 	 	$	534	
 	 	$	531	
 	 	$	529	

Other asset-intensive business	 	$	71	
 	 	$	71	
 	 	$	72	
 	 	$	73	
 	 	$	73	

                                        

 	 	Page 9

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

 	 	Three Months Ended	 	Current Qtr
vs. PY
Quarter	 	 	 	Year-to-date	 	
 	 	June 30,	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	 	 	 	 	June 30,	 	June 30,	 	 	 	 	 	 	
(USD thousands)	 	2014	 	2014	 	2013	 	2013	 	2013	 	 	 	 	 	2014	 	2013	 	Change	 	 	 	 	 	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Investment income, net of related expenses	 	$	1,086	
 	 	$	1,247	
 	 	$	2,048	
 	 	$	1,160	
 	 	$	819	
 	 	$	267	
 	 	 	 	$	2,333	
 	 	$	1,416	
 	 	$	917	
 	 	 	 	 	 	 	
Other revenue	 	21,777	
 	 	19,098	
 	 	16,191	
 	 	15,599	
 	 	16,306	
 	 	5,471	
 	 	 	 	40,875	
 	 	29,103	
 	 	11,772	
 	 	 	 	 	 	 	
Total revenues	 	22,863	
 	 	20,345	
 	 	18,239	
 	 	16,759	
 	 	17,125	
 	 	5,738	
 	 	 	 	43,208	
 	 	30,519	
 	 	12,689	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Policy acquisition costs and other insurance expenses	 	6,944	
 	 	5,742	
 	 	2,501	
 	 	3,228	
 	 	3,602	
 	 	3,342	
 	 	 	 	12,686	
 	 	7,042	
 	 	5,644	
 	 	 	 	 	 	 	
Other operating expenses	 	2,310	
 	 	2,177	
 	 	1,462	
 	 	2,008	
 	 	1,636	
 	 	674	
 	 	 	 	4,487	
 	 	3,583	
 	 	904	
 	 	 	 	 	 	 	
Total benefits and expenses	 	9,254	
 	 	7,919	
 	 	3,963	
 	 	5,236	
 	 	5,238	
 	 	4,016	
 	 	 	 	17,173	
 	 	10,625	
 	 	6,548	

 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	13,609	
 	 	12,426	
 	 	14,276	
 	 	11,523	
 	 	11,887	
 	 	1,722	
 	 	 	 	26,035	
 	 	19,894	
 	 	6,141	

 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	13,609	
 	 	12,426	
 	 	14,276	
 	 	11,523	
 	 	11,887	
 	 	1,722	
 	 	 	 	26,035	
 	 	19,894	
 	 	6,141	
 	 	 	 	 	 	 	
Investment and derivative gains (losses) - non-operating	 	68	
 	 	83	
 	 	(5	)	 	(321	)	 	(100	)	 	168	
 	 	 	 	151	
 	 	(66	)	 	217	
 	 	 	 	 	 	 	
Income before income taxes	 	$	13,677	
 	 	$	12,509	
 	 	$	14,271	
 	 	$	11,202	
 	 	$	11,787	
 	 	$	1,890	
 	 	 	 	$	26,186	
 	 	$	19,828	
 	 	$	6,358	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

                                        

 	 	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)	 	June 30,
2014	 	March 31,
2014	 	Dec. 31,
2013	 	Sept. 30,
2013	 	June 30,
2013	 	 	 	 	 	June 30,
2014	 	June 30,
2013	 	Change	 	 	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	253,577	
 	 	$	230,844	
 	 	$	243,340	
 	 	$	236,067	
 	 	$	239,633	
 	 	$	13,944	
 	 	 	 	$	484,421	
 	 	$	482,904	
 	 	$	1,517	
 	 	 	 	
Investment income, net of related expenses	 	49,358	
 	 	46,997	
 	 	51,750	
 	 	49,871	
 	 	50,450	
 	 	(1,092	)	 	 	 	96,355	
 	 	99,624	
 	 	(3,269	)	 	 	 	
Investment related gains (losses), net	 	621	
 	 	1,006	
 	 	1,149	
 	 	866	
 	 	970	
 	 	(349	)	 	 	 	1,627	
 	 	1,975	
 	 	(348	)	 	 	 	
Other revenue	 	1,263	
 	 	961	
 	 	531	
 	 	(196	)	 	302	
 	 	961	
 	 	 	 	2,224	
 	 	510	
 	 	1,714	
 	 	 	 	
Total revenues	 	304,819	
 	 	279,808	
 	 	296,770	
 	 	286,608	
 	 	291,355	
 	 	13,464	
 	 	 	 	584,627	
 	 	585,013	
 	 	(386	)	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	203,293	
 	 	194,756	
 	 	187,226	
 	 	185,011	
 	 	196,584	
 	 	6,709	
 	 	 	 	398,049	
 	 	386,282	
 	 	11,767	
 	 	 	 	
Interest credited	 	9	
 	 	—	
 	 	9	
 	 	19	
 	 	6	
 	 	3	
 	 	 	 	9	
 	 	18	
 	 	(9	)	 	 	 	
Policy acquisition costs and other insurance expenses	 	60,837	
 	 	53,104	
 	 	53,119	
 	 	55,553	
 	 	52,134	
 	 	8,703	
 	 	 	 	113,941	
 	 	112,966	
 	 	975	
 	 	 	 	
Other operating expenses	 	9,954	
 	 	9,825	
 	 	9,263	
 	 	10,052	
 	 	10,942	
 	 	(988	)	 	 	 	19,779	
 	 	21,181	
 	 	(1,402	)	 	 	 	
Total benefits and expenses	 	274,093	
 	 	257,685	
 	 	249,617	
 	 	250,635	
 	 	259,666	
 	 	14,427	
 	 	 	 	531,778	
 	 	520,447	
 	 	11,331	

Operating income before income taxes	 	30,726	
 	 	22,123	
 	 	47,153	
 	 	35,973	
 	 	31,689	
 	 	(963	)	 	 	 	52,849	
 	 	64,566	
 	 	(11,717	)	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	30,726	
 	 	22,123	
 	 	47,153	
 	 	35,973	
 	 	31,689	
 	 	(963	)	 	 	 	52,849	
 	 	64,566	
 	 	(11,717	)	 	 	 	
Investment and derivative gains (losses) - non-operating	 	3,572	
 	 	(2,665	)	 	2,586	
 	 	5,606	
 	 	2,778	
 	 	794	
 	 	 	 	907	
 	 	4,828	
 	 	(3,921	)	 	 	 	
Funds withheld gains (losses) - investment income	 	722	
 	 	606	
 	 	743	
 	 	290	
 	 	1,192	
 	 	(470	)	 	 	 	1,328	
 	 	2,573	
 	 	(1,245	)	 	 	 	
Income before income taxes	 	$	35,020	
 	 	$	20,064	
 	 	$	50,482	
 	 	$	41,869	
 	 	$	35,659	
 	 	$	(639	)	 	 	 	$	55,084	
 	 	$	71,967	
 	 	$	(16,883	)	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Loss and Expense Ratios:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Loss ratios (creditor business)	 	29.2	%	 	31.5	%	 	18.3	%	 	30.5	%	 	33.0	%	 	(3.8	)%	 	 	 	29.2	%	 	32.8	%	 	(3.6	)%	 	 	 	
Loss ratios (excluding creditor business)	 	97.2	%	 	98.0	%	 	89.4	%	 	92.3	%	 	94.5	%	 	2.7	 %	 	 	 	97.2	%	 	93.9	%	 	3.3	 %	 	 	 	
Claims and other policy benefits / (net premiums + investment income)	 	67.1	%	 	70.1	%	 	63.4	%	 	64.7	%	 	67.8	%	 	(0.7	)%	 	 	 	68.5	%	 	66.3	%	 	2.2	 %	 	 	 	
Policy acquisition costs and other insurance expenses (creditor business)	 	62.9	%	 	58.1	%	 	70.7	%	 	61.3	%	 	59.0	%	 	3.9	 %	 	 	 	62.9	%	 	60.1	%	 	2.8	 %	 	 	 	
Policy acquisition costs and other insurance expenses (excluding creditor business)	 	12.3	%	 	13.9	%	 	11.5	%	 	12.5	%	 	12.3	%	 	0.0	 %	 	 	 	12.3	%	 	12.6	%	 	(0.3	)%	 	 	 	
Other operating expenses	 	3.9	%	 	4.3	%	 	3.8	%	 	4.3	%	 	4.6	%	 	(0.7	)%	 	 	 	4.1	%	 	4.4	%	 	(0.3	)%	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Foreign currency effect   (1) :	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	(16,444	)	 	$	(21,718	)	 	$	(14,338	)	 	$	(10,348	)	 	$	(3,144	)	 	$	(13,300	)	 	 	 	$	(38,162	)	 	$	(4,706	)	 	$	(33,456	)	 	 	 	
Operating income before income taxes	 	$	(1,943	)	 	$	(2,333	)	 	$	(3,315	)	 	$	(1,819	)	 	$	(434	)	 	$	(1,509	)	 	 	 	$	(4,276	)	 	$	(955	)	 	$	(3,321	)	 	 	 	

 	 	 	 	 	 	 	 	 	 	 	 	
Creditor reinsurance net premiums	 	$	60,013	
 	 	$	47,344	
 	 	$	42,558	
 	 	$	53,021	
 	 	$	48,618	
 	 	$	11,395	
 	 	 	 	$	107,357	
 	 	$	109,732	
 	 	$	(2,375	)	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Note: The loss ratios on creditor reinsurance business are normally lower than traditional reinsurance, while allowances are normally higher as a percentage of premiums.	 	 	 	
(1) Compared to comparable prior year period	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

 	
 	 	 	
 	 	Page 11

Reinsurance Group of America, Incorporated
Europe, Middle East and Africa Segment Pre-tax Operating Income (1)	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	Current Qtr
vs. PY
Quarter	 	 	 	Year-to-date	 	
(USD thousands)	 	June 30,
2014	 	March 31,
2014	 	Dec. 31,
2013	 	Sept. 30,
2013	 	June 30,
2013	 	 	 	 	 	June 30,
2014	 	June 30,
2013	 	Change	 	 	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	340,884	
 	 	$	340,743	
 	 	$	332,495	
 	 	$	303,259	
 	 	$	292,180	
 	 	$	48,704	
 	 	 	 	$	681,627	
 	 	$	584,989	
 	 	$	96,638	
 	 	 	 	
Investment income, net of related expenses	 	20,671	
 	 	13,369	
 	 	14,122	
 	 	12,860	
 	 	13,623	
 	 	7,048	
 	 	 	 	34,040	
 	 	25,052	
 	 	8,988	
 	 	 	 	
Investment related gains, net	 	5,183	
 	 	2,593	
 	 	5,495	
 	 	—	
 	 	—	
 	 	5,183	
 	 	 	 	7,776	
 	 	—	
 	 	7,776	
 	 	 	 	
Other revenue	 	7,939	
 	 	7,923	
 	 	5,347	
 	 	12,409	
 	 	3,926	
 	 	4,013	
 	 	 	 	15,862	
 	 	5,503	
 	 	10,359	
 	 	 	 	
Total revenues	 	374,677	
 	 	364,628	
 	 	357,459	
 	 	328,528	
 	 	309,729	
 	 	64,948	
 	 	 	 	739,305	
 	 	615,544	
 	 	123,761	

Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	282,546	
 	 	307,341	
 	 	293,181	
 	 	250,965	
 	 	262,443	
 	 	20,103	
 	 	 	 	589,887	
 	 	522,701	
 	 	67,186	
 	 	 	 	
Interest credited	 	5,750	
 	 	2,786	
 	 	6,114	
 	 	—	
 	 	—	
 	 	5,750	
 	 	 	 	8,536	
 	 	—	
 	 	8,536	
 	 	 	 	
Policy acquisition costs and other insurance expenses	 	11,492	
 	 	13,265	
 	 	17,883	
 	 	13,348	
 	 	9,396	
 	 	2,096	
 	 	 	 	24,757	
 	 	21,003	
 	 	3,754	
 	 	 	 	
Other operating expenses	 	30,208	
 	 	27,260	
 	 	28,250	
 	 	25,874	
 	 	26,381	
 	 	3,827	
 	 	 	 	57,468	
 	 	51,140	
 	 	6,328	
 	 	 	 	
Total benefits and expenses	 	329,996	
 	 	350,652	
 	 	345,428	
 	 	290,187	
 	 	298,220	
 	 	31,776	
 	 	 	 	680,648	
 	 	594,844	
 	 	85,804	

Operating income before income taxes	 	44,681	
 	 	13,976	
 	 	12,031	
 	 	38,341	
 	 	11,509	
 	 	33,172	
 	 	 	 	58,657	
 	 	20,700	
 	 	37,957	

Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	44,681	
 	 	13,976	
 	 	12,031	
 	 	38,341	
 	 	11,509	
 	 	33,172	
 	 	 	 	58,657	
 	 	20,700	
 	 	37,957	
 	 	 	 	
Investment and derivative gains (losses) - non-operating	 	16,641	
 	 	1,229	
 	 	(54	)	 	1,323	
 	 	440	
 	 	16,201	
 	 	 	 	17,870	
 	 	2,212	
 	 	15,658	
 	 	 	 	
Income before income taxes	 	$	61,322	
 	 	$	15,205	
 	 	$	11,977	
 	 	$	39,664	
 	 	$	11,949	
 	 	$	49,373	
 	 	 	 	$	76,527	
 	 	$	22,912	
 	 	$	53,615	

Loss and Expense Ratios:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	82.9	%	 	90.2	%	 	88.2	%	 	82.8	%	 	89.8	%	 	(6.9	)%	 	 	 	86.5	%	 	89.4	%	 	(2.9	)%	 	 	 	
Policy acquisition costs and other insurance expenses	 	3.4	%	 	3.9	%	 	5.4	%	 	4.4	%	 	3.2	%	 	0.2	 %	 	 	 	3.6	%	 	3.6	%	 	0.0	 %	 	 	 	
Other operating expenses	 	8.9	%	 	8.0	%	 	8.5	%	 	8.5	%	 	9.0	%	 	(0.1	)%	 	 	 	8.4	%	 	8.7	%	 	(0.3	)%	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Foreign currency effect   (2) :	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	21,204	
 	 	$	8,690	
 	 	$	148	
 	 	$	(6,548	)	 	$	(9,877	)	 	$	31,081	
 	 	 	 	$	29,894	
 	 	$	(18,295	)	 	$	48,189	
 	 	 	 	
Operating income before income taxes	 	$	3,710	
 	 	$	394	
 	 	$	(164	)	 	$	(301	)	 	$	(755	)	 	$	4,465	
 	 	 	 	$	4,104	
 	 	$	(1,094	)	 	$	5,198	

 	

 	 	 	 	
Critical illness net premiums	 	$	66,257	
 	 	$	65,678	
 	 	$	65,082	
 	 	$	62,404	
 	 	$	63,685	
 	 	$	2,572	
 	 	 	 	$	131,935	
 	 	$	126,945	
 	 	$	4,990	

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

 	
 	 	 	
 	 	Page 12

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

 	 	Three Months Ended	 	Current Qtr
vs. PY
Quarter	 	 	 	Year-to-date	 	
(USD thousands)	 	June 30,
2014	 	March 31, 2014	 	Dec. 31,
2013	 	Sept. 30,
2013	 	June 30,
2013	 	 	 	 	 	June 30,
2014	 	June 30,
2013	 	Change	 	 	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	393,687	
 	 	$	381,750	
 	 	$	387,803	
 	 	$	357,867	
 	 	$	355,211	
 	 	$	38,476	
 	 	 	 	$	775,437	
 	 	$	739,535	
 	 	$	35,902	
 	 	 	 	
Investment income, net of related expenses	 	26,325	
 	 	24,642	
 	 	26,860	
 	 	22,889	
 	 	21,951	
 	 	4,374	
 	 	 	 	50,967	
 	 	44,581	
 	 	6,386	
 	 	 	 	
Investment related gains, net	 	684	
 	 	861	
 	 	1,287	
 	 	576	
 	 	570	
 	 	114	
 	 	 	 	1,545	
 	 	952	
 	 	593	
 	 	 	 	
Other revenue	 	56,874	
 	 	6,123	
 	 	10,472	
 	 	7,804	
 	 	10,953	
 	 	45,921	
 	 	 	 	62,997	
 	 	18,289	
 	 	44,708	
 	 	 	 	
Total revenues	 	477,570	
 	 	413,376	
 	 	426,422	
 	 	389,136	
 	 	388,685	
 	 	88,885	
 	 	 	 	890,946	
 	 	803,357	
 	 	87,589	
 	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	306,320	
 	 	303,596	
 	 	313,132	
 	 	297,208	
 	 	578,808	
 	 	(272,488	)	 	 	 	609,916	
 	 	877,209	
 	 	(267,293	)	 	 	 	
Interest Credited	 	234	
 	 	246	
 	 	263	
 	 	270	
 	 	274	
 	 	(40	)	 	 	 	480	
 	 	585	
 	 	(105	)	 	 	 	
Policy acquisition costs and other insurance expenses	 	107,909	
 	 	54,289	
 	 	53,267	
 	 	47,284	
 	 	60,171	
 	 	47,738	
 	 	 	 	162,198	
 	 	122,257	
 	 	39,941	
 	 	 	 	
Other operating expenses	 	33,780	
 	 	30,587	
 	 	32,819	
 	 	30,116	
 	 	32,070	
 	 	1,710	
 	 	 	 	64,367	
 	 	62,881	
 	 	1,486	
 	 	 	 	
Total benefits and expenses	 	448,243	
 	 	388,718	
 	 	399,481	
 	 	374,878	
 	 	671,323	
 	 	(223,080	)	 	 	 	836,961	
 	 	1,062,932	
 	 	(225,971	)	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income (loss) before income taxes	 	29,327	
 	 	24,658	
 	 	26,941	
 	 	14,258	
 	 	(282,638	)	 	311,965	
 	 	 	 	53,985	
 	 	(259,575	)	 	313,560	

Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income (loss) before income taxes	 	29,327	
 	 	24,658	
 	 	26,941	
 	 	14,258	
 	 	(282,638	)	 	311,965	
 	 	 	 	53,985	
 	 	(259,575	)	 	313,560	
 	 	 	 	
Investment and derivative gains (losses) - non-operating	 	5,601	
 	 	1,653	
 	 	(3,282	)	 	4,521	
 	 	(4,707	)	 	10,308	
 	 	 	 	7,254	
 	 	(9,528	)	 	16,782	
 	 	 	 	
Income (loss) before income taxes	 	$	34,928	
 	 	$	26,311	
 	 	$	23,659	
 	 	$	18,779	
 	 	$	(287,345	)	 	$	322,273	
 	 	 	 	$	61,239	
 	 	$	(269,103	)	 	$	330,342	

Loss and Expense Ratios:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	77.8	%	 	79.5	%	 	80.7	%	 	83.0	%	 	162.9	%	 	(85.1	)%	 	 	 	78.7	%	 	118.6	%	 	(39.9	)%	 	 	 	
Policy acquisition costs and other insurance expenses	 	27.4	%	 	14.2	%	 	13.7	%	 	13.2	%	 	16.9	%	 	10.5	 %	 	 	 	20.9	%	 	16.5	%	 	4.4	 %	 	 	 	
Other operating expenses	 	8.6	%	 	8.0	%	 	8.5	%	 	8.4	%	 	9.0	%	 	(0.4	)%	 	 	 	8.3	%	 	8.5	%	 	(0.2	)%	 	 	 	

Foreign currency effect   (2) :	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	
Net premiums	 	$	(9,724	)	 	$	(37,197	)	 	$	(35,258	)	 	$	(34,914	)	 	$	(8,530	)	 	$	(1,194	)	 	 	 	$	(46,921	)	 	$	(18,280	)	 	$	(28,641	)	 	 	 	
Operating income before income taxes	 	$	(1,313	)	 	$	(2,960	)	 	$	(5,298	)	 	$	(2,348	)	 	$	14,924	
 	 	$	(16,237	)	 	 	 	$	(4,273	)	 	$	12,853	
 	 	$	(17,126	)	 	 	 	

 	 	 	 	
Critical illness net premiums	 	$	71,928	
 	 	$	60,398	
 	 	$	66,980	
 	 	$	74,220	
 	 	$	51,478	
 	 	$	20,450	
 	 	 	 	$	132,326	
 	 	$	106,361	
 	 	$	25,965	

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

                                        

 	 	Page 13

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

 	 	Three Months Ended	 	Current Qtr
vs. PY
Quarter	 	 	 	Year-to-date	 	
(USD thousands)	 	June 30,
2014	 	March 31,
2014	 	Dec. 31,
2013	 	Sept. 30,
2013	 	June 30,
2013	 	 	 	 	 	June 30,
2014	 	June 30,
2013	 	Change	 	 	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	206	
 	 	$	215	
 	 	$	(531	)	 	$	1,004	
 	 	$	261	
 	 	$	(55	)	 	 	 	$	421	
 	 	$	(716	)	 	$	1,137	
 	 	 	 	
Investment income, net of related expenses	 	25,882	
 	 	25,736	
 	 	14,686	
 	 	19,024	
 	 	21,818	
 	 	4,064	
 	 	 	 	51,618	
 	 	49,834	
 	 	1,784	
 	 	 	 	
Investment related gains (losses), net	 	250	
 	 	225	
 	 	239	
 	 	237	
 	 	235	
 	 	15	
 	 	 	 	475	
 	 	489	
 	 	(14	)	 	 	 	
Other revenue	 	2,730	
 	 	4,567	
 	 	4,679	
 	 	5,719	
 	 	251	
 	 	2,479	
 	 	 	 	7,297	
 	 	4,201	
 	 	3,096	
 	 	 	 	
Total revenues	 	29,068	
 	 	30,743	
 	 	19,073	
 	 	25,984	
 	 	22,565	
 	 	6,503	
 	 	 	 	59,811	
 	 	53,808	
 	 	6,003	

Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	(17	)	 	17	
 	 	3	
 	 	30	
 	 	(112	)	 	95	
 	 	 	 	—	
 	 	(28	)	 	28	
 	 	 	 	
Interest credited	 	198	
 	 	206	
 	 	179	
 	 	186	
 	 	212	
 	 	(14	)	 	 	 	404	
 	 	437	
 	 	(33	)	 	 	 	
Policy acquisition costs and other insurance expenses	 	(17,319	)	 	(21,667	)	 	(19,533	)	 	(20,354	)	 	(19,073	)	 	1,754	
 	 	 	 	(38,986	)	 	(34,416	)	 	(4,570	)	 	 	 	
Other operating expenses	 	22,476	
 	 	11,252	
 	 	22,690	
 	 	15,339	
 	 	16,483	
 	 	5,993	
 	 	 	 	33,728	
 	 	39,837	
 	 	(6,109	)	 	 	 	
Interest expense	 	35,211	
 	 	35,084	
 	 	35,072	
 	 	30,831	
 	 	29,918	
 	 	5,293	
 	 	 	 	70,295	
 	 	58,404	
 	 	11,891	
 	 	 	 	
Collateral finance facility expense	 	2,591	
 	 	2,569	
 	 	2,563	
 	 	2,698	
 	 	2,650	
 	 	(59	)	 	 	 	5,160	
 	 	5,188	
 	 	(28	)	 	 	 	
Total benefits and expenses	 	43,140	
 	 	27,461	
 	 	40,974	
 	 	28,730	
 	 	30,078	
 	 	13,062	
 	 	 	 	70,601	
 	 	69,422	
 	 	1,179	

Operating income (loss) before income taxes	 	(14,072	)	 	3,282	
 	 	(21,901	)	 	(2,746	)	 	(7,513	)	 	(6,559	)	 	 	 	(10,790	)	 	(15,614	)	
 	4,824	

Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income (loss) before income taxes	 	(14,072	)	 	3,282	
 	 	(21,901	)	 	(2,746	)	 	(7,513	)	 	(6,559	)	 	 	 	(10,790	)	 	(15,614	)	 	4,824	
 	 	 	 	
Investment and derivative gains (losses) - non-operating	 	(6,125	)	 	482	
 	 	(3,557	)	 	(1,960	)	 	1,283	
 	 	(7,408	)	 	 	 	(5,643	)	 	(915	)	 	(4,728	)	 	 	 	
Gain on repurchase of collateral finance facility securities	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	 	 	—	
 	 	46,506	
 	 	(46,506	)	 	 	 	
Income (loss) before income taxes	 	$	(20,197	)	 	$	3,764	
 	 	$	(25,458	)	 	$	(4,706	)	 	$	(6,230	)	 	$	(13,967	)	 	 	 	$	(16,433	)	 	$	29,977	
 	 	$	(46,410	)	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Foreign currency effect   (1) :	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	—	
 	 	$	—	
 	 	$	—	
 	 	$	—	
 	 	$	—	
 	 	$	—	
 	 	 	 	$	—	
 	 	$	—	
 	 	$	—	
 	 	 	 	
Operating income before income taxes	 	$	(1,263	)	 	$	(1,706	)	 	$	98	
 	 	$	(491	)	 	$	(95	)	 	$	(1,168	)	 	 	 	$	(2,969	)	 	$	45	
 	 	$	(3,014	)	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(1) Compared to comparable prior year period	 	 	 	

 

                                        

 	 	Page 14

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

 	 	Three Months Ended	 	Current Qtr
vs. PY
Quarter	 	 	 	Year-to-date	 	
(USD thousands)	 	June 30,
2014	 	March 31,
2014	 	Dec. 31,
2013	 	Sept. 30,
2013	 	June 30,
2013	 	 	 	 	 	June 30,
2014	 	June 30,
2013	 	Change	 	 	 	
U.S. and Latin America:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Traditional	 	$	88,954	
 	 	$	48,203	
 	 	$	123,642	
 	 	$	90,287	
 	 	$	86,502	
 	 	$	2,452	
 	 	 	 	$	137,157	
 	 	$	158,736	
 	 	$	(21,579	)	 	 	 	
Non-Traditional:	 	 	 	 	 	 	 	 	 	 	 	

Asset Intensive	 	44,027	
 	 	41,005	
 	 	42,266	
 	 	38,046	
 	 	40,230	
 	 	3,797	
 	 	 	 	85,032	
 	 	85,826	
 	 	(794	)	 	 	 	
Financial Reinsurance	 	13,609	
 	 	12,426	
 	 	14,276	
 	 	11,523	
 	 	11,887	
 	 	1,722	
 	 	 	 	26,035	
 	 	19,894	
 	 	6,141	
 	 	 	 	
Total U.S. and Latin America Segment	 	146,590	
 	 	101,634	
 	 	180,184	
 	 	139,856	
 	 	138,619	
 	 	7,971	
 	 	 	 	248,224	
 	 	264,456	
 	 	(16,232	)	 	 	 	
Canadian Segment	 	30,726	
 	 	22,123	
 	 	47,153	
 	 	35,973	
 	 	31,689	
 	 	(963	)	 	 	 	52,849	
 	 	64,566	
 	 	(11,717	)	 	 	 	
Europe, Middle East and Africa	 	44,681	
 	 	13,976	
 	 	12,031	
 	 	38,341	
 	 	11,509	
 	 	33,172	
 	 	 	 	58,657	
 	 	20,700	
 	 	37,957	
 	 	 	 	
Asia Pacific Segment	 	29,327	
 	 	24,658	
 	 	26,941	
 	 	14,258	
 	 	(282,638	)	 	311,965	
 	 	 	 	53,985	
 	 	(259,575	)	 	313,560	
 	 	 	 	
Corporate and Other	 	(14,072	)	 	3,282	
 	 	(21,901	)	 	(2,746	)	 	(7,513	)	 	(6,559	)	 	 	 	(10,790	)	 	(15,614	)	 	4,824	
 	 	 	 	
Consolidated	 	$	237,252	
 	 	$	165,673	
 	 	$	244,408	
 	 	$	225,682	
 	 	$	(108,334	)	 	$	345,586	
 	 	 	 	$	402,925	
 	 	$	74,533	
 	 	$	328,392	

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

 

                                        

 	 	Page 15

 
Reinsurance Group of America, Incorporated
Investments
(USD thousands)

Cash and Invested Assets	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	June 30,
2014	 	March 31,
2014	 	Dec. 31,
2013	 	Sept. 30,
2013	 	June 30,
2013	
Fixed maturity securities, available-for-sale	 	$	24,480,396	
 	 	$	22,157,182	
 	 	$	21,474,136	
 	 	$	21,289,108	
 	 	$	21,284,216	
 	
Mortgage loans on real estate	 	2,555,800	
 	 	2,526,228	
 	 	2,486,680	
 	 	2,488,582	
 	 	2,377,246	
 	
Policy loans	 	1,250,635	
 	 	1,296,897	
 	 	1,244,469	
 	 	1,244,878	
 	 	1,245,252	
 	
Funds withheld at interest	 	5,940,521	
 	 	5,814,231	
 	 	5,771,467	
 	 	5,739,872	
 	 	5,777,395	
 	
Short-term investments	 	45,596	
 	 	118,789	
 	 	139,395	
 	 	44,192	
 	 	38,601	
 	
Other invested assets	 	1,128,375	
 	 	1,234,779	
 	 	1,324,960	
 	 	1,116,391	
 	 	1,035,809	
 	
Cash and cash equivalents	 	1,378,117	
 	 	1,127,132	
 	 	923,647	
 	 	1,423,235	
 	 	973,619	
 	
Total cash and invested assets	 	$	36,779,440	
 	 	$	34,275,238	
 	 	$	33,364,754	
 	 	$	33,346,258	
 	 	$	32,732,138	

 
Investment Income and Yield Summary	 	

 	 	Three Months Ended	 	Current Qtr
vs. PY
Quarter	 	 	 	Year-to-Date	 	
 	 	June 30,
2014	 	March 31,
2014	 	Dec. 31,
2013	 	Sept. 30,
2013	 	June 30,
2013	 	 	 	 	 	June 30,
2014	 	June 30,
2013	 	Change	 	 	 	
Average invested assets at amortized cost  (1)	 	$	20,121,261	
 	 	$	19,726,037	
 	 	$	18,954,561	
 	 	$	18,263,880	
 	 	$	18,112,841	
 	 	$	2,008,420	
 	 	 	 	$	19,807,087	
 	 	$	17,946,154	
 	 	$	1,860,933	
 	 	 	 	
Net investment income  (1)	 	$	236,604	
 	 	$	229,644	
 	 	$	217,928	
 	 	$	213,318	
 	 	$	212,047	
 	 	$	24,557	
 	 	 	 	$	466,248	
 	 	$	425,369	
 	 	$	40,879	
 	 	 	 	
Annualized investment yield (ratio of net investment income to average invested assets)  (1)	 	4.79	%	 	4.74	%	 	4.68	%	 	4.75	%	 	4.77	%	 	0.02	%	 	 	 	4.76	%	 	4.80	%	 	(0.04	)%	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(1) Excludes spread related business (e.g. coinsurance of annuities).	 	 	 	

                                        

 	 	Page 16

Reinsurance Group of America, Incorporated
Investments
(USD thousands)

Amortized cost, gross unrealized gains and losses, and estimated fair values of fixed maturity and equity securities
(Excludes Funds Withheld Portfolios)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
June 30, 2014	
 	 	Amortized
Cost	 	Unrealized
Gains	 	Unrealized
Losses	 	Estimated Fair
Value	 	% of
Total	 	Other-than-
temporary
Impairment
in AOCI	
Available-for-sale:	 	 	 	 	 	 	 	 	 	 	 	 	
Corporate securities	 	$	13,280,721	
 	 	$	932,793	
 	 	$	62,103	
 	 	$	14,151,411	
 	 	57.8	%	 	$	—	
 	
Canadian and Canadian provincial governments	 	2,786,873	
 	 	964,710	
 	 	3,945	
 	 	3,747,638	
 	 	15.3	%	 	—	
 	
Residential mortgage-backed securities	 	946,431	
 	 	49,676	
 	 	9,968	
 	 	986,139	
 	 	4.1	%	 	(300	)	
Asset-backed securities	 	993,116	
 	 	24,314	
 	 	9,055	
 	 	1,008,375	
 	 	4.1	%	 	354	
 	
Commercial mortgage-backed securities	 	1,380,622	
 	 	103,032	
 	 	9,034	
 	 	1,474,620	
 	 	6.0	%	 	(1,609	)	
U.S. government and agencies	 	429,215	
 	 	20,987	
 	 	1,696	
 	 	448,506	
 	 	1.8	%	 	—	
 	
State and political subdivisions	 	369,515	
 	 	42,553	
 	 	4,581	
 	 	407,487	
 	 	1.7	%	 	—	
 	
Other foreign government, supranational, and foreign	 	 	 	 	 	 	 	 	 	 	 	 	
 government-sponsored enterprises	 	2,186,853	
 	 	78,730	
 	 	9,363	
 	 	2,256,220	
 	 	9.2	%	 	—	
 	
Total fixed maturity securities	 	$	22,373,346	
 	 	$	2,216,795	
 	 	$	109,745	
 	 	$	24,480,396	
 	 	100.0	%	 	$	(1,555	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Non-redeemable preferred stock	 	81,240	
 	 	7,165	
 	 	1,567	
 	 	86,838	
 	 	61.7	%	 	 	
Other equity securities	 	53,833	
 	 	1,063	
 	 	990	
 	 	53,906	
 	 	38.3	%	 	 	
Total equity securities	 	$	135,073	
 	 	$	8,228	
 	 	$	2,557	
 	 	$	140,744	
 	 	100.0	%	 	 	

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

 	
 	 	 	
 	 	Page 17

Reinsurance Group of America, Incorporated
Investments
(USD thousands)

Corporate Securities by Sector (Fixed Maturities and Equities)
(Excludes Funds Withheld Portfolios)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	June 30, 2014	 	December 31, 2013	
 	 	Amortized
Cost	 	Estimated Fair
Value	 	% of
Total	 	Average
Credit
Ratings (1)	 	Amortized
Cost	 	Estimated Fair
Value	 	% of
Total	 	Average
Credit
Ratings (1)	
Financial Institutions	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Banking	 	$	2,854,828	
 	 	$	2,998,740	
 	 	21.0	%	 	A-	 	$	2,328,148	
 	 	$	2,408,741	
 	 	19.2	%	 	A-	
Brokerage/Asset Managers/Exchanges	 	248,460	
 	 	270,182	
 	 	1.9	%	 	A-	 	206,986	
 	 	218,477	
 	 	1.7	%	 	A-	
Finance Comp.	 	163,019	
 	 	174,496	
 	 	1.2	%	 	A	 	151,129	
 	 	158,859	
 	 	1.3	%	 	A	
Insurance	 	692,811	
 	 	758,835	
 	 	5.3	%	 	A-	 	665,252	
 	 	693,516	
 	 	5.5	%	 	A-	
REITs	 	535,714	
 	 	568,832	
 	 	4.0	%	 	BBB+	 	476,830	
 	 	491,058	
 	 	3.9	%	 	BBB+	
Other Finance	 	137,556	
 	 	143,248	
 	 	1.0	%	 	BBB	 	406,613	
 	 	407,106	
 	 	3.3	%	 	BBB-	
Total Financial Institutions	 	$	4,632,388	
 	 	$	4,914,333	
 	 	34.4	%	 	 	 	$	4,234,958	
 	 	$	4,377,757	
 	 	34.9	%	 	 	
Industrials	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic	 	823,627	
 	 	869,222	
 	 	6.1	%	 	BBB	 	847,764	
 	 	858,886	
 	 	6.9	%	 	BBB	
Capital Goods	 	614,093	
 	 	652,060	
 	 	4.6	%	 	BBB	 	574,108	
 	 	596,150	
 	 	4.8	%	 	BBB	
Communications	 	1,449,164	
 	 	1,559,744	
 	 	10.9	%	 	BBB+	 	1,234,343	
 	 	1,278,710	
 	 	10.2	%	 	BBB+	
Consumer Cyclical	 	655,065	
 	 	692,828	
 	 	4.8	%	 	BBB+	 	631,196	
 	 	649,019	
 	 	5.2	%	 	BBB	
Consumer Noncyclical	 	1,282,180	
 	 	1,364,650	
 	 	9.6	%	 	BBB+	 	1,062,238	
 	 	1,107,972	
 	 	8.9	%	 	BBB+	
Energy	 	1,422,170	
 	 	1,535,544	
 	 	10.7	%	 	BBB+	 	1,326,476	
 	 	1,380,762	
 	 	11.0	%	 	BBB	
Technology	 	477,944	
 	 	500,211	
 	 	3.5	%	 	BBB+	 	455,081	
 	 	456,505	
 	 	3.6	%	 	BBB+	
Transportation	 	415,118	
 	 	444,504	
 	 	3.1	%	 	A-	 	365,233	
 	 	380,249	
 	 	3.0	%	 	A-	
Other Industrial	 	106,911	
 	 	116,628	
 	 	0.8	%	 	A-	 	114,520	
 	 	119,353	
 	 	1.0	%	 	A-	
Total Industrials	 	$	7,246,272	
 	 	$	7,735,391	
 	 	54.1	%	 	 	 	$	6,610,959	
 	 	$	6,827,606	
 	 	54.6	%	 	 	
Utilities	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Electric	 	1,187,719	
 	 	1,279,101	
 	 	8.9	%	 	BBB+	 	1,077,167	
 	 	1,121,373	
 	 	9.0	%	 	BBB+	
Natural Gas	 	205,121	
 	 	211,661	
 	 	1.5	%	 	BBB	 	109,789	
 	 	111,515	
 	 	0.9	%	 	A-	
Other Utility	 	133,131	
 	 	140,183	
 	 	1.0	%	 	A-	 	62,768	
 	 	67,471	
 	 	0.5	%	 	BBB+	
Total Utilities	 	$	1,525,971	
 	 	$	1,630,945	
 	 	11.4	%	 	 	 	$	1,249,724	
 	 	$	1,300,359	
 	 	10.4	%	 	 	
Other Sectors	 	11,163	
 	 	11,486	
 	 	0.1	%	 	AA	 	11,225	
 	 	10,764	
 	 	0.1	%	 	AA	
Total	 	$	13,415,794	
 	 	$	14,292,155	
 	 	100.0	%	 	BBB+	 	$	12,106,866	
 	 	$	12,516,486	
 	 	100.0	%	 	BBB+	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(1) The Average Credit Rating designations are based on the weighted average ratings from nationally recognized rating organizations, primarily those assigned by S&P. In instances where a S&P rating is not available, the Company will reference the rating provided by Moody’s, and in the absence of both the Company will assign equivalent ratings based on information from the NAIC.	

                                        

 	 	Page 18

Reinsurance Group of America, Incorporated
Investments
(USD thousands)

Ratings of Fixed Maturity Securities
(Excludes Funds Withheld Portfolios)

 	 	 	 	June 30, 2014	 	March 31, 2014	 	December 31, 2013	 	September 30, 2013	 	June 30, 2013	
NAIC
Designation (1)	 	Rating Agency
Designation   (2)	 	Amortized
Cost	 	Estimated
Fair Value	 	% of
Total	 	Amortized
Cost	 	Estimated
Fair Value	 	% of
Total	 	Amortized
Cost	 	Estimated
Fair Value	 	% of
Total	 	Amortized
Cost	 	Estimated
Fair Value	 	% of
Total	 	Amortized
Cost	 	Estimated
Fair Value	 	% of
Total	
1	 	AAA/AA/A	 	$	14,646,888	
 	 	$	16,304,796	
 	 	66.6	%	 	$	13,519,276	
 	 	$	14,859,087	
 	 	67.0	%	 	$	12,868,061	
 	 	$	13,867,584	
 	 	64.6	%	 	$	12,460,380	
 	 	$	13,643,495	
 	 	64.1	%	 	$	12,307,880	
 	 	$	13,643,772	
 	 	64.1	%	
2	 	BBB	 	6,527,092	
 	 	6,942,290	
 	 	28.3	%	 	5,882,308	
 	 	6,177,731	
 	 	27.9	%	 	6,072,604	
 	 	6,255,451	
 	 	29.1	%	 	6,117,081	
 	 	6,298,628	
 	 	29.6	%	 	5,997,232	
 	 	6,189,030	
 	 	29.1	%	
3	 	BB	 	669,569	
 	 	706,926	
 	 	2.9	%	 	637,814	
 	 	666,571	
 	 	3.0	%	 	725,733	
 	 	740,465	
 	 	3.4	%	 	652,300	
 	 	655,000	
 	 	3.1	%	 	723,316	
 	 	728,014	
 	 	3.4	%	
4	 	B	 	362,960	
 	 	364,395	
 	 	1.5	%	 	379,529	
 	 	379,688	
 	 	1.7	%	 	387,687	
 	 	400,775	
 	 	1.9	%	 	499,580	
 	 	512,325	
 	 	2.4	%	 	519,789	
 	 	530,990	
 	 	2.5	%	
5	 	CCC	 	143,292	
 	 	142,805	
 	 	0.6	%	 	60,003	
 	 	60,427	
 	 	0.3	%	 	106,619	
 	 	106,873	
 	 	0.5	%	 	87,364	
 	 	86,644	
 	 	0.4	%	 	90,970	
 	 	84,157	
 	 	0.4	%	
6	 	In or near default	 	23,545	
 	 	19,184	
 	 	0.1	%	 	18,594	
 	 	13,678	
 	 	0.1	%	 	110,030	
 	 	102,988	
 	 	0.5	%	 	100,645	
 	 	93,016	
 	 	0.4	%	 	118,134	
 	 	108,253	
 	 	0.5	%	
 	 	Total	 	$	22,373,346	
 	 	$	24,480,396	
 	
 	100.0	%	
 	$	20,497,524	
 	
 	$	22,157,182	
 	
 	100.0	%	
 	$	20,270,734	
 	
 	$	21,474,136	
 	
 	100.0	%	
 	$	19,917,350	
 	
 	$	21,289,108	
 	
 	100.0	%	
 	$	19,757,321	
 	
 	$	21,284,216	
 	
 	100.0	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(1) Effective January 1, 2014, structured securities held by the Company’s insurance subsidiaries that maintain the National Association of Insurance Commissioners (NAIC) statutory basis of accounting that meet the definition of SSAP No. 43R began utilizing the NAIC rating methodology. All other securities will continue to utilize the Nationally Recognized Statistical Rating Organizations (NRSRO) ratings, as available, or equivalent rating based on information from the NAIC.	
(2) The Rating Agency Designation includes all “+” or “-” at that rating level (e. g. ‘BBB’ includes ‘BBB+’, ‘BBB’, and ‘BBB-’).	

Structured Fixed Maturity Securities	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	June 30, 2014	 	March 31, 2014	 	December 31, 2013	 	September 30, 2013	 	June 30, 2013	
 	 	Amortized
Cost	 	Estimated
Fair Value	 	Amortized
Cost	 	Estimated
Fair Value	 	Amortized
Cost	 	Estimated
Fair Value	 	Amortized
Cost	 	Estimated
Fair Value	 	Amortized
Cost	 	Estimated
Fair Value	
Residential mortgage-backed securities:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Agency	 	$	564,397	
 	 	$	594,042	
 	 	$	569,064	
 	 	$	591,515	
 	 	$	567,113	
 	 	$	580,855	
 	 	$	517,517	
 	 	$	541,870	
 	 	$	546,603	
 	 	$	579,317	
 	
Non-agency	 	382,034	
 	 	392,097	
 	 	400,880	
 	 	410,356	
 	 	403,321	
 	 	408,788	
 	 	405,064	
 	 	409,968	
 	 	468,552	
 	 	475,651	
 	
Total residential mortgage-backed securities	 	946,431	
 	 	986,139	
 	 	969,944	
 	 	1,001,871	
 	 	970,434	
 	 	989,643	
 	 	922,581	
 	 	951,838	
 	 	1,015,155	
 	 	1,054,968	
 	
Commercial mortgage-backed securities	 	1,380,622	
 	 	1,474,620	
 	 	1,367,205	
 	 	1,450,503	
 	 	1,314,782	
 	 	1,388,946	
 	 	1,371,473	
 	 	1,453,114	
 	 	1,564,924	
 	 	1,638,632	
 	
Asset-backed securities	 	993,116	
 	 	1,008,375	
 	 	933,130	
 	 	944,579	
 	 	891,751	
 	 	894,832	
 	 	883,495	
 	 	885,278	
 	 	789,849	
 	 	790,310	
 	
Total	 	$	3,320,169	
 	 	$	3,469,134	
 	 	$	3,270,279	
 	 	$	3,396,953	
 	 	$	3,176,967	
 	 	$	3,273,421	
 	 	$	3,177,549	
 	 	$	3,290,230	
 	 	$	3,369,928	
 	 	$	3,483,910	

                                        

 	 	Page 19

 
Reinsurance Group of America, Incorporated
Investments
(USD thousands)

Gross Unrealized Losses Aging

Fixed Maturity Securities	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	June 30, 2014	 	March 31, 2014	 	December 31, 2013	 	September 30, 2013	 	June 30, 2013	
 	 	Gross
Unrealized
Losses	 	% of
Total	 	Gross
Unrealized
Losses	 	% of
Total	 	Gross
Unrealized
Losses	 	% of
Total	 	Gross
Unrealized
Losses	 	% of
Total	 	Gross
Unrealized
Losses	 	% of
Total	
Less than 20%	 	$	96,330	
 	 	85.8	%	 	$	157,050	
 	 	87.6	%	 	$	287,032	
 	 	88.4	%	 	$	279,211	
 	 	87.6	%	 	$	261,628	
 	 	84.2	%	
20% or more for less than six months	 	2,479	
 	 	2.2	%	 	163	
 	 	0.1	%	 	6,444	
 	 	2.0	%	 	6,325	
 	 	2.0	%	 	5,629	
 	 	1.8	%	
20% or more for six months or greater	 	10,936	
 	 	9.7	%	 	17,771	
 	 	9.9	%	 	21,423	
 	 	6.6	%	 	25,940	
 	 	8.1	%	 	37,338	
 	 	12.0	%	
Total	 	$	109,745	
 	
 	97.7	%	
 	$	174,984	
 	
 	97.6	%	
 	$	314,899	
 	
 	97.0	%	
 	$	311,476	
 	
 	97.7	%	
 	$	304,595	
 	
 	98.0	%	

Equity Securities	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	June 30, 2014	 	March 31, 2014	 	December 31, 2013	 	September 30, 2013	 	June 30, 2013	
 	 	Gross
Unrealized
Losses	 	% of
Total	 	Gross
Unrealized
Losses	 	% of
Total	 	Gross
Unrealized
Losses	 	% of
Total	 	Gross
Unrealized
Losses	 	% of
Total	 	Gross
Unrealized
Losses	 	% of
Total	
Less than 20%	 	$	2,555	
 	 	2.3	%	 	$	4,321	
 	 	2.4	%	 	$	9,699	
 	 	3.0	%	 	$	7,383	
 	 	2.3	%	 	$	6,137	
 	 	2.0	%	
20% or more for less than six months	 	—	
 	 	0.0	%	 	—	
 	 	0.0	%	 	—	
 	 	0.0	%	 	—	
 	 	0.0	%	 	—	
 	 	0.0	%	
20% or more for six months or greater	 	2	
 	 	0.0	%	 	2	
 	 	0.0	%	 	2	
 	 	0.0	%	 	2	
 	 	0.0	%	 	2	
 	 	0.0	%	
Total	 	$	2,557	
 	
 	2.3	%	
 	$	4,323	
 	
 	2.4	%	
 	$	9,701	
 	
 	3.0	%	
 	$	7,385	
 	
 	2.3	%	
 	$	6,139	
 	
 	2.0	%	

                                        

 	 	Page 20

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

 	 	As of June 30, 2014	
 	 	Less than 12 months	 	Equal to or greater than 12 months	 	Total	
 	 	Estimated Fair
Value	 	Gross Unrealized
Losses	 	Estimated Fair
Value	 	Gross Unrealized
Losses	 	Estimated Fair
Value	 	Gross Unrealized
Losses	
Investment grade securities:	 	 	 	 	 	 	 	 	 	 	 	 	
Corporate securities	 	$	1,624,031	
 	 	$	21,638	
 	 	$	1,062,513	
 	 	$	36,925	
 	 	$	2,686,544	
 	 	$	58,563	
 	
Canadian and Canadian provincial governments	 	20,728	
 	 	413	
 	 	74,864	
 	 	3,532	
 	 	95,592	
 	 	3,945	
 	
Residential mortgage-backed securities	 	74,009	
 	 	2,365	
 	 	122,444	
 	 	7,337	
 	 	196,453	
 	 	9,702	
 	
Asset-backed securities	 	133,606	
 	 	1,137	
 	 	130,015	
 	 	5,083	
 	 	263,621	
 	 	6,220	
 	
Commercial mortgage-backed securities	 	28,099	
 	 	206	
 	 	39,222	
 	 	4,191	
 	 	67,321	
 	 	4,397	
 	
U.S. government and agencies	 	10,819	
 	 	9	
 	 	75,730	
 	 	1,687	
 	 	86,549	
 	 	1,696	
 	
State and political subdivisions	 	13,426	
 	 	600	
 	 	45,879	
 	 	3,981	
 	 	59,305	
 	 	4,581	
 	
Other foreign government, supranational, and foreign	 	 	 	 	 	 	 	 	 	 	 	 	
government-sponsored enterprises	 	367,176	
 	 	2,339	
 	 	187,073	
 	 	7,023	
 	 	554,249	
 	 	9,362	
 	
Investment grade securities	 	2,271,894	
 	 	28,707	
 	 	1,737,740	
 	 	69,759	
 	 	4,009,634	
 	 	98,466	

Non-investment grade securities:	 	 	 	 	 	 	 	 	 	 	 	 	
Corporate securities	 	165,552	
 	 	2,181	
 	 	19,206	
 	 	1,359	
 	 	184,758	
 	 	3,540	
 	
Residential mortgage-backed securities	 	16,411	
 	 	137	
 	 	3,576	
 	 	129	
 	 	19,987	
 	 	266	
 	
Asset-backed securities	 	11,334	
 	 	183	
 	 	10,747	
 	 	2,652	
 	 	22,081	
 	 	2,835	
 	
Commercial mortgage-backed securities	 	—	
 	 	—	
 	 	6,406	
 	 	4,637	
 	 	6,406	
 	 	4,637	
 	
Other foreign government, supranational, and
foreign government-sponsored enterprises	 	2,261	
 	 	1	
 	 	—	
 	 	—	
 	 	2,261	
 	 	1	
 	
Non-investment grade securities	 	195,558	
 	 	2,502	
 	 	39,935	
 	 	8,777	
 	 	235,493	
 	 	11,279	
 	
Total fixed maturity securities	 	$	2,467,452	
 	 	$	31,209	
 	 	$	1,777,675	
 	 	$	78,536	
 	 	$	4,245,127	
 	 	$	109,745	

Non-redeemable preferred stock	 	6,705	
 	 	487	
 	 	14,902	
 	 	1,080	
 	 	21,607	
 	 	1,567	
 	
Other equity securities	 	—	
 	 	—	
 	 	32,463	
 	 	990	
 	 	32,463	
 	 	990	
 	
Total Equity securities	 	$	6,705	
 	 	$	487	
 	 	$	47,365	
 	 	$	2,070	
 	 	$	54,070	
 	 	$	2,557	

 	 	 	 	 	 	 	 	 	 	 	 	 	

 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	As of December 31, 2013	
 	 	Less than 12 months	 	Equal to or greater than 12 months	 	Total	
 	 	Estimated Fair
Value	 	Gross Unrealized
Losses	 	Estimated Fair
Value	 	Gross Unrealized
Losses	 	Estimated Fair
Value	 	Gross Unrealized
Losses	
Investment grade securities:	 	 	 	 	 	 	 	 	 	 	 	 	
Corporate securities	 	$	3,141,179	
 	 	$	148,895	
 	 	$	301,303	
 	 	$	40,548	
 	 	$	3,442,482	
 	 	$	189,443	
 	
Canadian and Canadian provincial governments	 	188,491	
 	 	14,419	
 	 	12,029	
 	 	2,429	
 	 	200,520	
 	 	16,848	
 	
Residential mortgage-backed securities	 	283,967	
 	 	15,900	
 	 	23,068	
 	 	1,688	
 	 	307,035	
 	 	17,588	
 	
Asset-backed securities	 	255,656	
 	 	4,916	
 	 	56,668	
 	 	4,983	
 	 	312,324	
 	 	9,899	
 	
Commercial mortgage-backed securities	 	219,110	
 	 	3,725	
 	 	20,068	
 	 	5,745	
 	 	239,178	
 	 	9,470	
 	
U.S. government and agencies	 	133,697	
 	 	4,469	
 	 	4,406	
 	 	279	
 	 	138,103	
 	 	4,748	
 	
State and political subdivisions	 	120,193	
 	 	9,723	
 	 	15,202	
 	 	4,616	
 	 	135,395	
 	 	14,339	
 	
Other foreign government, supranational, and foreign government-sponsored enterprises	 	665,313	
 	 	21,075	
 	 	36,212	
 	 	2,847	
 	 	701,525	
 	 	23,922	
 	
Investment grade securities	 	5,007,606	
 	 	223,122	
 	 	468,956	
 	 	63,135	
 	 	5,476,562	
 	 	286,257	

Non-investment grade securities:	 	 	 	 	 	 	 	 	 	 	 	 	
Corporate securities	 	283,603	
 	 	9,451	
 	 	38,256	
 	 	3,892	
 	 	321,859	
 	 	13,343	
 	
Residential mortgage-backed securities	 	62,146	
 	 	1,075	
 	 	3,945	
 	 	254	
 	 	66,091	
 	 	1,329	
 	
Asset-backed securities	 	28,670	
 	 	415	
 	 	32,392	
 	 	5,498	
 	 	61,062	
 	 	5,913	
 	
Commercial mortgage-backed securities	 	15,762	
 	 	81	
 	 	10,980	
 	 	7,936	
 	 	26,742	
 	 	8,017	
 	
Other foreign government, supranational, and
foreign government-sponsored enterprises	 	9,403	
 	 	40	
 	 	—	
 	 	—	
 	 	9,403	
 	 	40	
 	
Non-investment grade securities	 	399,584	
 	 	11,062	
 	 	85,573	
 	 	17,580	
 	 	485,157	
 	 	28,642	
 	
Total fixed maturity securities	 	$	5,407,190	
 	 	$	234,184	
 	 	$	554,529	
 	 	$	80,715	
 	 	$	5,961,719	
 	 	$	314,899	

Non-redeemable preferred stock	 	51,386	
 	 	5,479	
 	 	1	
 	 	2	
 	 	51,387	
 	 	5,481	
 	
Other equity securities	 	218,834	
 	 	1,748	
 	 	32,550	
 	 	2,472	
 	 	251,384	
 	 	4,220	
 	
Total Equity securities	 	$	270,220	
 	 	$	7,227	
 	 	$	32,551	
 	 	$	2,474	
 	 	$	302,771	
 	 	$	9,701	

                                        

 	 	Page 21

Reinsurance Group of America, Incorporated
Investments
(USD thousands)

Consolidated Investment Related Gains and Losses	 	

 	 	Three Months Ended	 	Current Qtr
vs. PY
Quarter	 	 	 	Year-to-date	 	
 	 	June 30,
2014	 	March 31,
2014	 	Dec. 31,
2013	 	Sept. 30,
2013	 	June 30,
2013	 	 	 	 	 	June 30,
2014	 	June 30,
2013	 	Change	 	 	 	
Fixed Maturity and Equity Securities:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Other-than-temporary impairment losses on fixed maturities	 	$	(870	)	 	$	(303	)	 	$	(2,258	)	 	$	(391	)	 	$	(9,803	)	 	$	8,933	
 	 	 	 	$	(1,173	)	 	$	(10,005	)	 	$	8,832	
 	 	 	 	
Portion of loss recognized in accumulated other
comprehensive income (before taxes)	 	—	
 	 	—	
 	 	—	
 	 	59	
 	 	(306	)	 	306	
 	 	 	 	—	
 	 	(306	)	 	306	
 	 	 	 	
Net other-than-temporary impairment losses on fixed
maturities recognized in earnings	 	(870	)	 	(303	)	 	(2,258	)	 	(332	)	 	(10,109	)	 	9,239	
 	 	 	 	(1,173	)	 	(10,311	)	 	9,138	
 	 	 	 	
Gain on investment activity	 	34,887	
 	 	8,067	
 	 	12,659	
 	 	21,560	
 	 	26,845	
 	 	8,042	
 	 	 	 	42,954	
 	 	48,525	
 	 	(5,571	)	 	 	 	
Loss on investment activity	 	(6,877	)	 	(6,583	)	 	(12,169	)	 	(30,434	)	 	(6,760	)	 	(117	)	 	 	 	(13,460	)	 	(17,972	)	 	4,512	
 	 	 	 	
Net gain/(loss) on fixed maturity and equity securities	 	27,140	
 	 	1,181	
 	 	(1,768	)	 	(9,206	)	 	9,976	
 	 	17,164	
 	 	 	 	28,321	
 	 	20,242	
 	 	8,079	

Other impairment losses and change in mortgage loan provision	 	(5,309	)	 	1,664	
 	 	(5,665	)	 	233	
 	 	125	
 	 	(5,434	)	 	 	 	(3,645	)	 	(1,501	)	 	(2,144	)	 	 	 	
Other non-derivative gain/(loss), net	 	9,197	
 	 	8,368	
 	 	10,536	
 	 	4,594	
 	 	6,962	
 	 	2,235	
 	 	 	 	17,565	
 	 	11,551	
 	 	6,014	

Free-standing Derivatives:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Credit Default Swaps	 	4,783	
 	 	(2,114	)	 	7,051	
 	 	10,805	
 	 	2,428	
 	 	2,355	
 	 	 	 	2,669	
 	 	6,332	
 	 	(3,663	)	 	 	 	
Interest Rate Swaps - non-hedged	 	22,244	
 	 	29,659	
 	 	(15,498	)	 	(8,221	)	 	(38,414	)	 	60,658	
 	 	 	 	51,903	
 	 	(60,679	)	 	112,582	
 	 	 	 	
Interest Rate Swaps - hedged	 	7	
 	 	(6	)	 	(5	)	 	(3	)	 	31	
 	 	(24	)	 	 	 	1	
 	 	14	
 	 	(13	)	 	 	 	
Futures	 	(7,684	)	 	(1,584	)	 	(3,851	)	 	(1,139	)	 	714	
 	 	(8,398	)	 	 	 	(9,268	)	 	(6,167	)	 	(3,101	)	 	 	 	
CPI Swaps	 	115	
 	 	352	
 	 	85	
 	 	(39	)	 	(1,117	)	 	1,232	
 	 	 	 	467	
 	 	(1,988	)	 	2,455	
 	 	 	 	
Equity options	 	(8,800	)	 	(8,965	)	 	(19,447	)	 	(24,112	)	 	(5,049	)	 	(3,751	)	 	 	 	(17,765	)	 	(35,672	)	 	17,907	
 	 	 	 	
Currency Forwards	 	1,178	
 	 	1,154	
 	 	(5,213	)	 	629	
 	 	(2,958	)	 	4,136	
 	 	 	 	2,332	
 	 	(8,617	)	 	10,949	
 	 	 	 	
Interest Rate Options	 	2,004	
 	 	1,282	
 	 	(3,145	)	 	(2,375	)	 	(7,980	)	 	9,984	
 	 	 	 	3,286	
 	 	(5,998	)	 	9,284	
 	 	 	 	
Total free-standing derivatives	 	13,847	
 	 	19,778	
 	 	(40,023	)	 	(24,455	)	 	(52,345	)	 	66,192	
 	 	 	 	33,625	
 	 	(112,775	)	 	146,400	

Embedded Derivatives:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Modified coinsurance and funds withheld treaties	 	78,835	
 	 	77,241	
 	 	(337	)	 	(67,460	)	 	47,716	
 	 	31,119	
 	 	 	 	156,076	
 	 	137,974	
 	 	18,102	
 	 	 	 	
GMXB	 	(5,183	)	 	(23,661	)	 	35,098	
 	 	19,829	
 	 	35,809	
 	 	(40,992	)	 	 	 	(28,844	)	 	87,123	
 	 	(115,967	)	 	 	 	
Total embedded derivatives	 	73,652	
 	 	53,580	
 	 	34,761	
 	 	(47,631	)	 	83,525	
 	 	(9,873	)	 	 	 	127,232	
 	 	225,097	
 	 	(97,865	)	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net gain/(loss) on total derivatives	 	87,499	
 	 	73,358	
 	 	(5,262	)	 	(72,086	)	 	31,180	
 	 	56,319	
 	 	 	 	160,857	
 	 	112,322	
 	 	48,535	

Total investment related gains / (losses), net	 	$	118,527	
 	 	$	84,571	
 	 	$	(2,159	)	 	$	(76,465	)	 	$	48,243	
 	 	$	70,284	
 	 	 	 	$	203,098	
 	 	$	142,614	
 	 	$	60,484	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

                                        

 	 	Page 22