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

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): October 24, 2011

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 October 24, 2011, Reinsurance Group of America, Incorporated (the “Company”) issued (1) a press release announcing its earnings for the three-month period ended September 30, 2011, 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 September 30, 2011, a copy of which is attached hereto as Exhibit 99.2. The press release also notes that a conference call will be held on October 25, 2011 to discuss the financial and operating results for the three-month period ended September 30, 2011. 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 October 24, 2011	
 	 	
99.2	  	Quarterly Financial Supplement for the quarter ended September 30, 2011	
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 	 	 	 	REINSURANCE GROUP OF AMERICA, INCORPORATED	
 	 	 	 	
Date: October 24, 2011	 	 	 	By:	 	/S/    JACK B. LAY        	
 	 	 	 	 	 	Jack B. Lay	
 	 	 	 	 	 	Senior Executive Vice President and
Chief Financial Officer	

EXHIBIT INDEX

Exhibit Number	  	Description	
 	 	
99.1	  	Press Release dated October 24, 2011	
 	 	
99.2	  	Quarterly Financial Supplement for the quarter ended September 30, 2011	

Exhibit 99.1

PRESS RELEASE
REINSURANCE GROUP OF AMERICA REPORTS THIRD-QUARTER RESULTS
 
 	•	 	Earnings per diluted share increased to $1.98 (net income) and $2.04 (operating income*), including a $0.44 favorable impact related to a Canadian tax rate change	
 
 	•	 	Premiums up 8 percent to $1.8 billion	
 
 	•	 	Operating return on equity* 13 percent for trailing 12 months	
ST. LOUIS, October 24, 2011 – Reinsurance Group of America, Incorporated (NYSE:RGA), a leading global provider of life reinsurance, reported third-quarter net income of $147.4 million, or $1.98 per diluted share, compared to $128.2 million, or $1.72 per diluted share in the prior-year quarter. Operating income* totaled $151.6 million, or $2.04 per diluted share, compared to $127.7 million, or $1.72 per diluted share in the year-ago quarter.
For the first nine months of 2011, net income increased to $441.1 million, or $5.94 per diluted share, from $377.7 million, or $5.06 per diluted share, in the year-ago period. Operating income* totaled $398.4 million, or $5.37 per diluted share, compared with $342.6 million, or $4.59 per diluted share, the year before.

 	  	Quarterly Results	 	  	Year-to-Date Results	 	
($ in thousands, except per share data)	  	2011	 	  	2010	 	  	2011	 	  	2010	 	
Net premiums	  	$	1,776,165	  	  	$	1,647,300	  	  	$	5,300,971	  	  	$	4,857,781	  	
Net income	  	 	147,385	  	  	 	128,232	  	  	 	441,089	  	  	 	377,690	  	
Net income per diluted share	  	 	1.98	  	  	 	1.72	  	  	 	5.94	  	  	 	5.06	  	
Operating income*	  	 	151,618	  	  	 	127,703	  	  	 	398,446	  	  	 	342,610	  	
Operating income per diluted share*	  	 	2.04	  	  	 	1.72	  	  	 	5.37	  	  	 	4.59	  	
Book value per share	  	 	77.29	  	  	 	68.30	  	  	 	 	 	  	 	 	 	
Book value per share (excl. Accumulated Other Comprehensive Income “AOCI”)*	  	 	59.48	  	  	 	53.82	  	  	 	 	 	  	 	 	 	
Total assets	  	 	31,183,454	  	  	 	28,934,028	  	  	 	 	 	  	 	 	 	
 
*	See ‘Use of Non-GAAP Financial Measures’ below	
For the quarter, consolidated net premiums increased 8 percent to $1,776.2 million from $1,647.3 million in the prior-year period. Net of the effects of changes in foreign currency exchange rates, net premiums were up 5 percent. The prior-year period benefited from an advance premium of $43.3 million associated with a new longevity transaction in Canada. Excluding that transaction, premiums rose 11 percent with the currency effect and 7 percent without it. Investment income decreased 7 percent to $268.2 million from $287.5 million in the year-earlier quarter, including a decline in fair value of option contracts supporting equity-indexed annuities. Excluding the effects of these option contracts, investment income was up $19.2 million, or 6 percent. Average invested assets
 
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increased approximately $1.9 billion to $17.7 billion and average yields, excluding the funds withheld assets, decreased 37 basis points to 5.29 percent quarter over quarter. The average investment yield in each of the first two quarters of 2011 was 5.35 percent. Net foreign currency fluctuations contributed $4.5 million, after taxes, to operating income, or $0.06 per diluted share.
During the third quarter, the company recognized an income tax benefit associated with previously enacted reductions in federal and provincial statutory tax rates in Canada. The impact of the decrease in rates on the deferred income tax liability was a benefit of $32.5 million, or $0.44 per diluted share.
A. Greig Woodring, president and chief executive officer, commented, “Enterprise-wide claims experience was slightly elevated, most notably in our U.S. and Europe & South Africa segments. Nonetheless, that claims volatility was within our expected range. The S&P 500 index and benchmark interest rates were down during the third quarter and, as a result, our asset intensive business earned $1 million pre-tax operating income, well below its normalized quarterly run rate of $15 million to $16 million. However, for the first nine months of 2011, that business has generally performed as expected. Consolidated premium growth was slightly below our expectations for the quarter.
“Historically low interest rates continued to put pressure on our investment yield, but our reserves and capital remain strong. Even if interest rates remain at current levels for the next five years, we project our reserves to be sufficient, and we would not expect to write down deferred acquisition costs or be required to take any actions to augment capital. Under that same scenario, our investment yield would gradually drop by an estimated 50 basis points over that five-year period, which would, in turn, reduce operating returns on equity as excess cash flows would be reinvested at lower yields. All else equal, those projected returns would decline between 15 and 20 basis points in 2012 and around 50 basis points by the end of 2016. While we have felt the pressures of sustained low interest rates and volatile equity markets and may continue to do so, our business is not overly sensitive to these risks due to our relatively low levels of asset leverage and annuity business.
“We generated an annualized operating return on equity of 14 percent this quarter, and 13 percent over the last 12 months. We continue to invest actively in business opportunities and are well-positioned to serve our clients in all major life reinsurance markets across the globe.”
SEGMENT RESULTS
U.S.
The U.S. Traditional sub-segment reported pre-tax net income of $88.2 million for the quarter, down from $114.1 million last year. Pre-tax operating income decreased to $83.1 million from $101.1 million in 2010. Mortality claims were slightly higher-than-expected this quarter, reflecting normal volatility, and accounted for the majority of the decrease. Net premiums rose 4 percent to $971.2 million from $930.1 million a year ago, attributable to the ongoing pressure on cession rates.
The U.S. Asset Intensive business reported a pre-tax loss of $61.0 million compared with a pre-tax loss of $6.6 million a year ago, including changes in the fair values of various free-standing and embedded derivatives. Pre-tax operating income, which excludes the impact of those derivatives, decreased to
 
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$1.0 million from $14.0 million a year ago, primarily reflecting poor equity market performance and the related impact on equity-indexed and variable annuities. The expected level of pre-tax operating income for this business is $15 million to $16 million per quarter.
The U.S. Financial Reinsurance business performed well this quarter and added $6.4 million of pre-tax income compared with $4.3 million last year, primarily due to higher fee income from new business.
Canada
Canadian operations reported pre-tax net income of $44.4 million compared with $33.5 million in the third quarter of 2010. Pre-tax operating income increased 28 percent to $35.7 million from $28.0 million in the prior-year period, reflecting better-than-expected mortality experience.
A stronger Canadian dollar relative to the third quarter of 2010 benefited pre-tax operating income by approximately $2.6 million. Premiums decreased 10 percent to $185.8 million from $205.6 million last year, which benefited from an advance premium of $43.3 million. Excluding that advance premium, premiums rose 14 percent in the current quarter, including a favorable foreign currency effect of $10.3 million.
Asia Pacific
Asia Pacific reported pre-tax net income of $29.8 million compared with $28.5 million in the third quarter of 2010. Pre-tax operating income increased 15 percent to $31.4 million from $27.4 million a year ago. Favorable results in Japan, Hong Kong and Southeast Asia were offset, in part, by higher-than-expected claims in Australia. Foreign currency fluctuations added $3.4 million to the current period pre-tax operating income. Premiums increased 20 percent to $328.3 million from $273.8 million in the prior year. On a local currency basis, premiums rose more than 7 percent.
Europe & South Africa
Europe & South Africa pre-tax net income decreased to $15.9 million from $17.5 million in the year-ago quarter. Pre-tax operating income decreased to $13.9 million from $15.7 million last year. Results in the segment’s primary operations in the UK were in line with expectations, but adverse claims results in other markets drove the overall segment decline. Foreign currency fluctuations increased pre-tax operating income by $0.7 million. Net premiums totaled $286.1 million, up 23 percent from $233.0 million in the prior-year quarter. On a local currency basis, net premiums were up 19 percent.
Corporate and Other
The Corporate and Other segment reported pre-tax net income of $48.0 million in the third quarter versus $5.9 million in the year-ago period. Current period pre-tax net income included a $50.9 million gain associated with the repurchase of $156.8 million of collateral finance facility securities. That gain is excluded from pre-tax operating income, which totaled $8.2 million in the current quarter and $6.6 million in the third quarter of 2010.
During the quarter, the company repurchased 838,362 shares of its common stock at a weighted average price of $51.39 per share.
 
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Deferred Acquisition Costs – New Accounting Guidance
The company expects to retrospectively apply the new accounting guidance on deferred acquisition costs, effective January 1, 2012. The adoption of the new accounting guidance is expected to result in a 6 to 9 percent decrease in book value, excluding AOCI, and a 6 to 10 percent decrease in reported operating income in prior-year periods and 2012. This accounting change does not alter the cash flows or lifetime profitability of the company’s business, rather, the change accelerates the timing of non-commission oriented acquisition expense recognition compared with current guidance. The estimates of the impact are preliminary and therefore subject to change.
Dividend Declaration
The board of directors declared a regular quarterly dividend of $0.18, payable November 25 to shareholders of record as of November 4.
Earnings Conference Call
A conference call to discuss third-quarter results will begin at 9 a.m. Eastern Time on Tuesday, October 25. Interested parties may access the call by dialing 877-741-4245 (domestic) or 719-325-4858 (international). The access code is 1723475. 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 November 2 at 888-203-1112 (domestic) or 719-457-0820 (international), access code 1723475.
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 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 and the cumulative effect of any accounting changes, which management believes are not indicative of the company’s ongoing operations. The definition of operating income can vary by company and is not considered a substitute for GAAP net income. Reconciliations to GAAP net income are provided in the following tables. Additional financial information can be found in the Quarterly Financial Supplement on RGA’s Investor Relations website at  www.rgare.com  in the “Quarterly Results” tab and in the “Featured Report” section.
 
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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 subsidiary companies or offices in Australia, Barbados, Bermuda, Canada, China, France, Germany, Hong Kong, India, Ireland, Italy, Japan, Mexico, the Netherlands, Poland, South Africa, South Korea, Spain, Taiwan, the United Kingdom and the United States. Worldwide, the company has approximately $2.6 trillion of life reinsurance in force, and assets of $31.2 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 our liquidity, access to capital, and cost of capital, (2) the impairment of other financial institutions and its effect on our business, (3) requirements to post collateral or make payments due to declines in market value of assets subject to our collateral arrangements, (4) the fact that the determination of allowances and impairments taken on our investments is highly subjective, (5) adverse changes in mortality, morbidity, lapsation, or claims experience, (6) changes in our financial strength and credit ratings and the effect of such changes on our future results of operations and financial condition, (7) inadequate risk analysis and underwriting, (8) general economic conditions or a prolonged economic downturn affecting the demand for insurance and reinsurance in our current and planned markets, (9) the availability and cost of collateral necessary for regulatory reserves and capital, (10) market or economic conditions that adversely affect the value of our investment securities or result in the impairment of all or a portion of the value of certain of our investment securities, (11) market or economic conditions that adversely affect our ability to make timely sales of investment securities, (12) risks inherent in our risk management and investment strategy, including changes in investment portfolio yields due to interest rate or credit quality changes, (13) fluctuations in U.S. or foreign currency exchange rates, interest rates, or securities and real estate markets, (14) adverse litigation or arbitration results, (15) the adequacy of
 
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reserves, resources, and accurate information relating to settlements, awards, and terminated and discontinued lines of business, (16) the stability of and actions by governments and economies in the markets in which we operate, including ongoing uncertainties regarding the amount of United States sovereign debt and the credit ratings thereof, (17) competitive factors and competitors’ responses to our initiatives, (18) the success of our clients, (19) successful execution of our entry into new markets, (20) successful development and introduction of new products and distribution opportunities, (21) our ability to successfully integrate and operate reinsurance business that we acquire, (22) action by regulators who have authority over our reinsurance operations in the jurisdictions in which we operate, (23) our dependence on third parties, including those insurance companies and reinsurers to which we cede some reinsurance, third-party investment managers, and others, (24) the threat of natural disasters, catastrophes, terrorist attacks, epidemics, or pandemics anywhere in the world where we or our clients do business, (25) changes in laws, regulations, and accounting standards applicable to us, our subsidiaries, or our business, (26) the effect of our status as an insurance holding company and regulatory restrictions on our ability to pay principal and interest on our debt obligations, and (27) other risks and uncertainties described in this document and in our other filings with the Securities and Exchange Commission.
Forward-looking statements should be evaluated together with the many risks and uncertainties that affect our business, including those mentioned in this document and described in the periodic reports we file with the Securities and Exchange Commission. These forward-looking statements speak only as of the date on which they are made. We do not undertake any obligations to update these forward-looking statements, even though our situation may change in the future. We qualify all of our forward-looking statements by these cautionary statements. For a discussion of the risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements, you are advised to review the risk factors in our 2010 Form 10-K.

Investor Contact	
 	
John W. Hayden	
Senior Vice President – Controller and Investor Relations	
(636) 736-7000	
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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
Reconciliation of Consolidated Net Income to Operating Income
(Dollars in thousands)

(Unaudited)	  	Three Months Ended
September 30,	 	 	Nine Months Ended
September 30,	 	
 	  	2011	 	 	2010	 	 	2011	 	 	2010	 	
GAAP net income	  	$	147,385	  	 	$	128,232	  	 	$	441,089	  	 	$	377,690	  	
Reconciliation to operating income:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Capital (gains) losses, derivatives and other, included in investment related (gains) losses, net	  	 	(144,836	) 	 	 	(25,041	) 	 	 	(171,006	) 	 	 	(110,127	) 	
Capital (gains) losses on funds withheld:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Included in investment income	  	 	(6,374	) 	 	 	(4,221	) 	 	 	(3,218	) 	 	 	(7,920	) 	
Included in policy acquisition costs and other insurance expenses	  	 	672	  	 	 	621	  	 	 	586	  	 	 	1,073	  	
Embedded derivatives:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Included in investment related (gains) losses, net	  	 	235,828	  	 	 	35,676	  	 	 	165,723	  	 	 	21,776	  	
Included in interest credited	  	 	24,400	  	 	 	27,996	  	 	 	20,669	  	 	 	23,165	  	
Included in policy acquisition costs and other insurance expenses	  	 	(2,381	) 	 	 	(2,723	) 	 	 	(1,815	) 	 	 	(1,587	) 	
DAC offset, net	  	 	(70,011	) 	 	 	(32,837	) 	 	 	(20,140	) 	 	 	38,540	  	
Gain on repurchase of collateral finance facility securities	  	 	(33,065	) 	 	 	—  	  	 	 	(36,296	) 	 	 	—  	  	
Loss on retirement of Preferred Income Equity Redeemable Securities (“PIERS”)	  	 	—  	  	 	 	—  	  	 	 	2,854	  	 	 	—  	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income	  	$	151,618	  	 	$	127,703	  	 	$	398,446	  	 	$	342,610	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Reconciliation of Consolidated Pre-tax Net Income to Pre-tax Operating Income
(Dollars in thousands)

(Unaudited)	  	Three Months Ended
September 30,	 	 	Nine Months Ended
September 30,	 	
 	  	2011	 	 	2010	 	 	2011	 	 	2010	 	
Income before income taxes	  	$	171,540	  	 	$	197,173	  	 	$	613,795	  	 	$	588,560	  	
Reconciliation to pre-tax operating income:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Capital (gains) losses, derivatives and other, included in investment related (gains) losses, net	  	 	(221,194	) 	 	 	(37,747	) 	 	 	(260,247	) 	 	 	(168,073	) 	
Capital (gains) losses on funds withheld:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Included in investment income	  	 	(9,806	) 	 	 	(6,494	) 	 	 	(4,950	) 	 	 	(12,184	) 	
Included in policy acquisition costs and other insurance expenses	  	 	1,034	  	 	 	954	  	 	 	902	  	 	 	1,650	  	
Embedded derivatives:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Included in investment related (gains) losses, net	  	 	362,813	  	 	 	54,885	  	 	 	254,959	  	 	 	33,501	  	
Included in interest credited	  	 	37,539	  	 	 	43,070	  	 	 	31,799	  	 	 	35,638	  	
Included in policy acquisition costs and other insurance expenses	  	 	(3,664	) 	 	 	(4,189	) 	 	 	(2,793	) 	 	 	(2,442	) 	
DAC offset, net	  	 	(107,709	) 	 	 	(50,519	) 	 	 	(30,984	) 	 	 	59,291	  	
Gain on repurchase of collateral finance facility securities	  	 	(50,869	) 	 	 	—  	  	 	 	(55,840	) 	 	 	—  	  	
Loss on retirement of PIERS	  	 	—  	  	 	 	—  	  	 	 	4,391	  	 	 	—  	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Pre-tax operating income	  	$	179,684	  	 	$	197,133	  	 	$	551,032	  	 	$	535,941	  	

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

  	  	Three Months Ended September 30, 2011	 	
(Unaudited)	  	 	 	
 	  	Pre-tax net
income
(loss)	 	 	Capital
(gains) losses,
derivatives
and other, net	 	 	Change in
value of
embedded
derivatives, net	 	 	Net (gain) loss
on repurchase
and retirement
of securities	 	 	Pre-tax
operating
income	 	
U.S. Operations:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Traditional	  	$	88,167	  	 	$	(3,681	) 	 	$	(1,375	) 	 	$	—  	  	 	$	83,111	  	
Asset Intensive	  	 	(61,035	) 	 	 	(25,501	)(1) 	 	 	87,553	(2) 	 	 	—  	  	 	 	1,017	  	
Financial Reinsurance	  	 	6,392	  	 	 	13	  	 	 	—  	  	 	 	—  	  	 	 	6,405	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total U.S.	  	 	33,524	  	 	 	(29,169	) 	 	 	86,178	  	 	 	—  	  	 	 	90,533	  	
Canada Operations	  	 	44,406	  	 	 	(8,729	) 	 	 	—  	  	 	 	—  	  	 	 	35,677	  	
Europe & South Africa	  	 	15,881	  	 	 	(2,000	) 	 	 	—  	  	 	 	—  	  	 	 	13,881	  	
Asia Pacific Operations	  	 	29,750	  	 	 	1,625	  	 	 	—  	  	 	 	—  	  	 	 	31,375	  	
Corporate and Other	  	 	47,979	  	 	 	11,108	  	 	 	—  	  	 	 	(50,869	) 	 	 	8,218	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Consolidated	  	$	171,540	  	 	$	(27,165	) 	 	$	86,178	  	 	$	(50,869	) 	 	$	179,684	  	

(1)	Asset Intensive is net of $202,801 DAC offset.	
(2)	Asset Intensive is net of $(310,510) DAC offset.	

 	  	Three Months Ended September 30, 2010	 	
(Unaudited)	  	 	 	 	 	 	 	 	 	 	 	 	
  	  	Pre-tax net
income
(loss)	 	 	Capital
(gains) losses,
derivatives
and other, net	 	 	Change in
value of
embedded
derivatives, net	 	 	Pre-tax
operating
income	 	
U.S. Operations:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Traditional	  	$	114,075	  	 	$	(13,009	) 	 	$	—  	  	 	$	101,066	  	
Asset Intensive	  	 	(6,606	) 	 	 	(19,935	)(1) 	 	 	40,530	(2) 	 	 	13,989	  	
Financial Reinsurance	  	 	4,317	  	 	 	44	  	 	 	—  	  	 	 	4,361	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total U.S.	  	 	111,786	  	 	 	(32,900	) 	 	 	40,530	  	 	 	119,416	  	
Canada Operations	  	 	33,468	  	 	 	(5,431	) 	 	 	—  	  	 	 	28,037	  	
Europe & South Africa	  	 	17,494	  	 	 	(1,808	) 	 	 	—  	  	 	 	15,686	  	
Asia Pacific Operations	  	 	28,483	  	 	 	(1,094	) 	 	 	—  	  	 	 	27,389	  	
Corporate and Other	  	 	5,942	  	 	 	663	  	 	 	—  	  	 	 	6,605	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Consolidated	  	$	197,173	  	 	$	(40,570	) 	 	$	40,530	  	 	$	197,133	  	

(1)	Asset Intensive is net of $2,717 DAC offset.	
(2)	Asset Intensive is net of $(53,236) DAC offset.	
 
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Add Eight
REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
Reconciliation of Pre-tax Net Income to Pre-tax Operating Income
(Dollars in thousands)

 	  	Nine Months Ended September 30, 2011	 	
(Unaudited)	  	 	 	  	 	 	 	 	 	 	 	 	 	 	 	
  	  	Pre-tax net
income	 	  	Capital
(gains) losses,
derivatives
and other, net	 	 	Change in
value of
embedded
derivatives, net	 	 	Net (gain) loss
on repurchase
and retirement
of securities	 	 	Pre-tax
operating
income	 	
U.S. Operations:	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Traditional	  	$	260,112	  	  	$	(12,761	) 	 	$	(1,375	) 	 	$	—  	  	 	$	245,976	  	
Asset Intensive	  	 	20,971	  	  	 	(27,742	)(1) 	 	 	48,543	(2) 	 	 	—  	  	 	 	41,772	  	
Financial Reinsurance	  	 	19,509	  	  	 	41	  	 	 	—  	  	 	 	—  	  	 	 	19,550	  	
 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total U.S.	  	 	300,592	  	  	 	(40,462	) 	 	 	47,168	  	 	 	—  	  	 	 	307,298	  	
Canada Operations	  	 	119,069	  	  	 	(15,253	) 	 	 	—  	  	 	 	 	 	 	 	103,816	  	
Europe & South Africa	  	 	58,441	  	  	 	(3,049	) 	 	 	—  	  	 	 	—  	  	 	 	55,392	  	
Asia Pacific Operations	  	 	62,992	  	  	 	2,253	  	 	 	—  	  	 	 	—  	  	 	 	65,245	  	
Corporate and Other	  	 	72,701	  	  	 	(1,971	) 	 	 	—  	  	 	 	(51,449	) 	 	 	19,281	  	
 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Consolidated	  	$	613,795	  	  	$	(58,482	) 	 	$	47,168	  	 	$	(51,449	) 	 	$	551,032	  	

(1)	Asset Intensive is net of $205,813 DAC offset.	
(2)	Asset Intensive is net of $(236,797) DAC offset.	

 	  	Nine Months Ended September 30, 2010	 	
(Unaudited)	  	 	 	  	 	 	 	 	 	 	 	 	
  	  	Pre-tax net
income	 	  	Capital
(gains) losses,
derivatives
and other, net	 	 	Change in
value of
embedded
derivatives, net	 	 	Pre-tax
operating
income	 	
U.S. Operations:	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	
Traditional	  	$	276,714	  	  	$	(18,578	) 	 	$	—  	  	 	$	258,136	  	
Asset Intensive	  	 	75,517	  	  	 	(48,184	)(1) 	 	 	18,972	(2) 	 	 	46,305	  	
Financial Reinsurance	  	 	11,902	  	  	 	63	  	 	 	—  	  	 	 	11,965	  	
 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	
Total U.S.	  	 	364,133	  	  	 	(66,699	) 	 	 	18,972	  	 	 	316,406	  	
Canada Operations	  	 	86,189	  	  	 	(9,201	) 	 	 	—  	  	 	 	76,988	  	
Europe & South Africa	  	 	50,477	  	  	 	(3,614	) 	 	 	—  	  	 	 	46,863	  	
Asia Pacific Operations	  	 	78,689	  	  	 	(3,051	) 	 	 	—  	  	 	 	75,638	  	
Corporate and Other	  	 	9,072	  	  	 	10,974	  	 	 	—  	  	 	 	20,046	  	
 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	
Consolidated	  	$	588,560	  	  	$	(71,591	) 	 	$	18,972	  	 	$	535,941	  	

(1)	Asset Intensive is net of $107,016 DAC offset.	
(2)	Asset Intensive is net of $(47,725) 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
September 30,	 	  	Nine Months Ended
September 30,	 	
 	  	2011	 	  	2010	 	  	2011	 	  	2010	 	
Diluted earnings per share from operating income	  	$	2.04	  	  	$	1.72	  	  	$	5.37	  	  	$	4.59	  	
Earnings per share from net income:	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Basic earnings per share	  	$	2.00	  	  	$	1.75	  	  	$	5.99	  	  	$	5.17	  	
Diluted earnings per share	  	$	1.98	  	  	$	1.72	  	  	$	5.94	  	  	$	5.06	  	
Weighted average number of common and common equivalent shares outstanding	  	 	74,254	  	  	 	74,420	  	  	 	74,207	  	  	 	74,574	  	

(Unaudited)	  	At or For the Nine Months
Ended September 30,	 	
 	  	2011	 	  	2010	 	
Treasury shares	  	 	5,871	  	  	 	192	  	
Common shares outstanding	  	 	73,267	  	  	 	73,172	  	
Book value per share outstanding	  	$	77.29	  	  	$	68.30	  	
Book value per share outstanding, before impact of AOCI	  	$	59.48	  	  	$	53.82	  	
 
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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
September 30,	 	 	Nine Months Ended
September 30,	 	
 	  	2011	 	 	2010	 	 	2011	 	 	2010	 	
Revenues:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	  	$	1,776,165	  	 	$	1,647,300	  	 	$	5,300,971	  	 	$	4,857,781	  	
Investment income, net of related expenses	  	 	268,210	  	 	 	287,504	  	 	 	976,686	  	 	 	883,433	  	
Investment related gains (losses), net:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Other-than-temporary impairments on fixed maturity securities	  	 	(11,911	) 	 	 	(4,904	) 	 	 	(19,049	) 	 	 	(15,823	) 	
Other-than-temporary impairments on fixed maturity securities transferred to (from) accumulated other comprehensive income	  	 	3,089	  	 	 	26	  	 	 	3,381	  	 	 	2,231	  	
Other investment related gains (losses), net	  	 	(130,778	) 	 	 	(11,902	) 	 	 	27,076	  	 	 	150,989	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total investment related gains (losses), net	  	 	(139,600	) 	 	 	(16,780	) 	 	 	11,408	  	 	 	137,397	  	
Other revenue	  	 	90,132	  	 	 	37,515	  	 	 	192,254	  	 	 	108,990	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	  	 	1,994,907	  	 	 	1,955,539	  	 	 	6,481,319	  	 	 	5,987,601	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	  	 	1,514,765	  	 	 	1,393,891	  	 	 	4,504,227	  	 	 	4,076,310	  	
Interest credited	  	 	35,251	  	 	 	94,776	  	 	 	237,510	  	 	 	230,879	  	
Policy acquisition costs and other insurance expenses	  	 	149,228	  	 	 	157,058	  	 	 	741,663	  	 	 	760,509	  	
Other operating expenses	  	 	94,029	  	 	 	85,409	  	 	 	297,340	  	 	 	259,755	  	
Interest expense	  	 	27,025	  	 	 	25,191	  	 	 	77,412	  	 	 	65,781	  	
Collateral finance facility expense	  	 	3,069	  	 	 	2,041	  	 	 	9,372	  	 	 	5,807	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	  	 	1,823,367	  	 	 	1,758,366	  	 	 	5,867,524	  	 	 	5,399,041	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	  	 	171,540	  	 	 	197,173	  	 	 	613,795	  	 	 	588,560	  	
Income tax expense	  	 	24,155	  	 	 	68,941	  	 	 	172,706	  	 	 	210,870	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	  	$	147,385	  	 	$	128,232	  	 	$	441,089	  	 	$	377,690	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
# # #

Exhibit 99.2

Financial Supplement
Third Quarter 2011
(Unaudited)

 	 	 	 	 	
World Headquarters	  	Internet address	  	Contacts:	
1370 Timberlake Manor Parkway	  	www.rgare.com	  	Jack B. Lay	
Chesterfield, Missouri 63017	  	 	  	Senior Executive Vice President	
U.S.A.	  	 	  	and Chief Financial Officer	
 	  	 	  	Phone: (636) 736-7000	
 	  	 	  	e-mail: jlay@rgare.com	
 	 	 	
 	  	 	  	John Hayden	
 	  	 	  	Sr. Vice President	
 	  	 	  	Controller & Investor Relations	
 	  	 	  	Phone: (636) 300-8828	
 	  	 	  	e-mail: jhayden@rgare.com	

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	
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”.

 	  	     Quarterly Financial Supplement	  	 	

Reinsurance Group of America, Incorporated
Financial Supplement
3rd Quarter 2011
Table of Contents

 	  	Page	 	
Non-GAAP Disclosure	  	 	1	  	
 	 	
Consolidated	  	 	 	 	
 	 	
Financial Highlights	  	 	2	  	
 	 	
Consolidated Income Statement (incl. Operating Income Reconciliation)	  	 	3	  	
 	 	
Consolidated Operating Income Statement	  	 	4	  	
 	 	
Consolidated Balance Sheets	  	 	5	  	
 	 	
Segment Pre-tax Operating Income Summaries and Reconciliations to U.S. GAAP	  	 	 	 	
 	 	
U.S. Operations	  	 	6	  	
 	 	
Canada Operations	  	 	10	  	
 	 	
Europe & South Africa Operations	  	 	11	  	
 	 	
Asia Pacific Operations	  	 	12	  	
 	 	
Corporate and Other	  	 	13	  	
 	 	
Summary of Pre-tax Segment Operating Income	  	 	14	  	
 	 	
Investments	  	 	 	 	
 	 	
Cash and Invested Assets, Yield Summary	  	 	15	  	
 	 	
Amortized cost, Gross Unrealized Gains and Losses, Estimated Fair Values of Fixed Maturity and Equity Securities	  	 	16	  	
 	 	
Corporate Securities by Sector (Fixed Maturities and Equities)	  	 	17	  	
 	 	
Quality of Fixed Maturity Securities and Structured Fixed Maturity Securities	  	 	18	  	
 	 	
Subprime Mortgage Exposure (Including Funds Withheld Portfolios)	  	 	19	  	
 	 	
CMBS Exposure (Including Funds Withheld Portfolios)	  	 	20	  	
 	 	
Gross Unrealized Losses Aging	  	 	21	  	
 	 	
Fixed Maturity and Equity Securities Below Amortized Cost	  	 	22	  	
 	 	
Consolidated Gross Gains and Losses	  	 	23	  	

 	  	     Quarterly Financial Supplement	  	 	

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

 	  	     Quarterly Financial Supplement	  	Page 1	

Reinsurance Group of America, Incorporated
Financial Highlights

(USD thousands, except inforce & per share data)	 	Three Months Ended or As of	 	 	Current
Qtr vs. PY
Quarter	 	 	  	 	Year-to-Date	 	 	
 	 	Sept. 30,
2011	 	 	June 30,
2011	 	 	March 31,
2011	 	 	Dec. 31,
2010	 	 	Sept. 30,
2010	 	 	 	 	 	 	 	Sept. 30,
2011	 	 	Sept. 30,
2010	 	 	Change	 	 	 	 	 	 	
Net premiums	 	$	1,776,165	  	 	$	1,788,676	  	 	$	1,736,130	  	 	$	1,801,899	  	 	$	1,647,300	  	 	$	128,865	  	 	 	 	$	5,300,971	  	 	$	4,857,781	  	 	$	443,190	  	 	 	 	 	 	
Net income	 	 	147,385	  	 	 	132,888	  	 	 	160,816	  	 	 	196,712	  	 	 	128,232	  	 	 	19,153	  	 	 	 	 	441,089	  	 	 	377,690	  	 	 	63,399	  	 	 	 	 	 	
Operating income	 	 	151,618	  	 	 	128,001	  	 	 	118,827	  	 	 	161,419	  	 	 	127,703	  	 	 	23,915	  	 	 	 	 	398,446	  	 	 	342,610	  	 	 	55,836	  	 	 	 	 	 	
Operating return on equity (ex AOCI) - annualized	 	 	14.1	% 	 	 	12.2	% 	 	 	11.5	% 	 	 	16.0	% 	 	 	13.2	% 	 	 	0.9	% 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating return on equity (ex AOCI) - trailing 12 months	 	 	13.5	% 	 	 	13.2	% 	 	 	13.4	% 	 	 	13.2	% 	 	 	12.7	% 	 	 	0.8	% 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total assets	 	 	31,183,454	  	 	 	30,659,277	  	 	 	29,510,019	  	 	 	29,081,908	  	 	 	28,934,028	  	 	 	2,249,426	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Assumed Life Reinsurance in Force (in billions)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
U.S.	 	$	1,347.9	  	 	$	1,343.2	  	 	$	1,343.2	  	 	$	1,340.5	  	 	$	1,339.7	  	 	$	8.2	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Canada	 	 	329.5	  	 	 	350.3	  	 	 	339.2	  	 	 	324.1	  	 	 	307.0	  	 	 	22.5	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Europe & South Africa	 	 	515.0	  	 	 	529.7	  	 	 	497.8	  	 	 	467.6	  	 	 	446.5	  	 	 	68.5	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Asia Pacific	 	 	422.8	  	 	 	435.6	  	 	 	407.7	  	 	 	408.1	  	 	 	385.8	  	 	 	37.0	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Life Reinsurance in Force	 	$	2,615.2	  	 	$	2,658.8	  	 	$	2,587.9	  	 	$	2,540.3	  	 	$	2,479.0	  	 	$	136.2	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Assumed New Business Production (in billions)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
U.S.	 	$	30.1	  	 	$	24.3	  	 	$	31.3	  	 	$	26.2	  	 	$	30.3	  	 	$	(0.2	) 	 	 	 	$	85.7	  	 	$	116.0	  	 	$	(30.3	) 	 	 	 	 	 	
Canada	 	 	14.0	  	 	 	13.4	  	 	 	12.4	  	 	 	12.2	  	 	 	12.2	  	 	 	1.8	  	 	 	 	 	39.8	  	 	 	38.9	  	 	 	0.9	  	 	 	 	 	 	
Europe & South Africa	 	 	38.7	  	 	 	47.6	  	 	 	37.1	  	 	 	28.5	  	 	 	30.0	  	 	 	8.7	  	 	 	 	 	123.4	  	 	 	75.1	  	 	 	48.3	  	 	 	 	 	 	
Asia Pacific	 	 	27.9	  	 	 	9.7	  	 	 	7.4	  	 	 	13.1	  	 	 	4.8	  	 	 	23.1	  	 	 	 	 	45.0	  	 	 	17.6	  	 	 	27.4	  	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total New Business Production	 	$	110.7	  	 	$	95.0	  	 	$	88.2	  	 	$	80.0	  	 	$	77.3	  	 	$	33.4	  	 	 	 	$	293.9	  	 	$	247.6	  	 	$	46.3	  	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Per Share and Shares Data	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic earnings per share	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	 	$	2.00	  	 	$	1.80	  	 	$	2.20	  	 	$	2.68	  	 	$	1.75	  	 	$	0.25	  	 	 	 	$	5.99	  	 	$	5.17	  	 	$	0.82	  	 	 	 	 	 	
Operating income	 	$	2.05	  	 	$	1.73	  	 	$	1.62	  	 	$	2.20	  	 	$	1.75	  	 	$	0.30	  	 	 	 	$	5.41	  	 	$	4.69	  	 	$	0.72	  	 	 	 	 	 	
Diluted earnings per share	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	 	$	1.98	  	 	$	1.78	  	 	$	2.18	  	 	$	2.62	  	 	$	1.72	  	 	$	0.26	  	 	 	 	$	5.94	  	 	$	5.06	  	 	$	0.88	  	 	 	 	 	 	
Operating income	 	$	2.04	  	 	$	1.72	  	 	$	1.61	  	 	$	2.15	  	 	$	1.72	  	 	$	0.32	  	 	 	 	$	5.37	  	 	$	4.59	  	 	$	0.78	  	 	 	 	 	 	
Wgt. average common shares outstanding (basic)	 	 	73,856	  	 	 	73,971	  	 	 	73,213	  	 	 	73,277	  	 	 	73,162	  	 	 	694	  	 	 	 	 	73,680	  	 	 	73,117	  	 	 	563	  	 	 	 	 	 	
Wgt. average common shares outstanding (diluted)	 	 	74,254	  	 	 	74,530	  	 	 	73,836	  	 	 	75,052	  	 	 	74,420	  	 	 	(166	) 	 	 	 	 	74,207	  	 	 	74,574	  	 	 	(367	) 	 	 	 	 	 	
Common shares issued	 	 	79,138	  	 	 	79,138	  	 	 	79,138	  	 	 	73,364	  	 	 	73,364	  	 	 	5,774	  	 	 	 	 	79,138	  	 	 	73,364	  	 	 	5,774	  	 	 	 	 	 	
Treasury shares	 	 	5,871	  	 	 	5,062	  	 	 	5,341	  	 	 	1	  	 	 	192	  	 	 	5,679	  	 	 	 	 	5,871	  	 	 	192	  	 	 	5,679	  	 	 	 	 	 	
Common shares outstanding	 	 	73,267	  	 	 	74,076	  	 	 	73,797	  	 	 	73,363	  	 	 	73,172	  	 	 	95	  	 	 	 	 	73,267	  	 	 	73,172	  	 	 	95	  	 	 	 	 	 	
Book value per share	 	$	77.29	  	 	$	71.88	  	 	$	68.06	  	 	$	68.71	  	 	$	68.30	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Per share effect of accumulated other comprehensive income (AOCI)	 	$	17.81	  	 	$	14.37	  	 	$	12.18	  	 	$	12.37	  	 	$	14.48	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Book value per share, excluding AOCI	 	$	59.48	  	 	$	57.51	  	 	$	55.88	  	 	$	56.34	  	 	$	53.82	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Shareholder dividends paid	 	$	13,336.6	  	 	$	8,870.7	  	 	$	8,832.2	  	 	$	8,830.3	  	 	$	8,778.5	  	 	$	4,558.1	  	 	 	 	$	31,039.4	  	 	$	26,339.7	  	 	$	4,699.7	  	 	 	 	 	 	

 	  	     Quarterly Financial Supplement	  	Page 2	

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

  	 	Three Months Ended	 	 	Current
Qtr vs. PY
Quarter	 	 	  	 	Year-to-Date	 	 	
(USD thousands)	 	Sept. 30,
2011	 	 	June 30,
2011	 	 	March 31,
2011	 	 	Dec. 31,
2010	 	 	Sept. 30,
2010	 	 	 	 	 	 	 	Sept. 30,
2011	 	 	Sept. 30,
2010	 	 	Change	 	 	 	 	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	1,776,165	  	 	$	1,788,676	  	 	$	1,736,130	  	 	$	1,801,899	  	 	$	1,647,300	  	 	$	128,865	  	 	 	 	$	5,300,971	  	 	$	4,857,781	  	 	$	443,190	  	 	 	 	 	
Investment income, net of related expenses	 	 	268,210	  	 	 	337,436	  	 	 	371,040	  	 	 	355,227	  	 	 	287,504	  	 	 	(19,294	) 	 	 	 	 	976,686	  	 	 	883,433	  	 	 	93,253	  	 	 	 	 	
Investment related gains (losses), net	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
OTTI on fixed maturity securities	 	 	(11,911	) 	 	 	(5,582	) 	 	 	(1,556	) 	 	 	(16,097	) 	 	 	(4,904	) 	 	 	(7,007	) 	 	 	 	 	(19,049	) 	 	 	(15,823	) 	 	 	(3,226	) 	 	 	 	 	
OTTI on fixed maturity securities transferred to/from AOCI	 	 	3,089	  	 	 	292	  	 	 	—  	  	 	 	(186	) 	 	 	26	  	 	 	3,063	  	 	 	 	 	3,381	  	 	 	2,231	  	 	 	1,150	  	 	 	 	 	
Other investment related gains (losses), net	 	 	(130,778	) 	 	 	32,678	  	 	 	125,176	  	 	 	90,916	  	 	 	(11,902	) 	 	 	(118,876	) 	 	 	 	 	27,076	  	 	 	150,989	  	 	 	(123,913	) 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total investment related gains (losses), net	 	 	(139,600	) 	 	 	27,388	  	 	 	123,620	  	 	 	74,633	  	 	 	(16,780	) 	 	 	(122,820	) 	 	 	 	 	11,408	  	 	 	137,397	  	 	 	(125,989	) 	 	 	 	 	
Other revenue	 	 	90,132	  	 	 	50,477	  	 	 	51,645	  	 	 	42,370	  	 	 	37,515	  	 	 	52,617	  	 	 	 	 	192,254	  	 	 	108,990	  	 	 	83,264	  	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	 	 	1,994,907	  	 	 	2,203,977	  	 	 	2,282,435	  	 	 	2,274,129	  	 	 	1,955,539	  	 	 	39,368	  	 	 	 	 	6,481,319	  	 	 	5,987,601	  	 	 	493,718	  	 	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	 	1,514,765	  	 	 	1,520,013	  	 	 	1,469,449	  	 	 	1,470,845	  	 	 	1,393,891	  	 	 	120,874	  	 	 	 	 	4,504,227	  	 	 	4,076,310	  	 	 	427,917	  	 	 	 	 	
Interest credited	 	 	35,251	  	 	 	96,196	  	 	 	106,063	  	 	 	79,103	  	 	 	94,776	  	 	 	(59,525	) 	 	 	 	 	237,510	  	 	 	230,879	  	 	 	6,631	  	 	 	 	 	
Policy acquisition costs and other insurance expenses	 	 	149,228	  	 	 	261,282	  	 	 	331,153	  	 	 	319,444	  	 	 	157,058	  	 	 	(7,830	) 	 	 	 	 	741,663	  	 	 	760,509	  	 	 	(18,846	) 	 	 	 	 	
Other operating expenses	 	 	94,029	  	 	 	97,161	  	 	 	106,150	  	 	 	102,216	  	 	 	85,409	  	 	 	8,620	  	 	 	 	 	297,340	  	 	 	259,755	  	 	 	37,585	  	 	 	 	 	
Interest expense	 	 	27,025	  	 	 	25,818	  	 	 	24,569	  	 	 	25,215	  	 	 	25,191	  	 	 	1,834	  	 	 	 	 	77,412	  	 	 	65,781	  	 	 	11,631	  	 	 	 	 	
Collateral finance facility expense	 	 	3,069	  	 	 	3,101	  	 	 	3,202	  	 	 	2,049	  	 	 	2,041	  	 	 	1,028	  	 	 	 	 	9,372	  	 	 	5,807	  	 	 	3,565	  	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	 	 	1,823,367	  	 	 	2,003,571	  	 	 	2,040,586	  	 	 	1,998,872	  	 	 	1,758,366	  	 	 	65,001	  	 	 	 	 	5,867,524	  	 	 	5,399,041	  	 	 	468,483	  	 	 	 	 	
Income before income taxes	 	 	171,540	  	 	 	200,406	  	 	 	241,849	  	 	 	275,257	  	 	 	197,173	  	 	 	(25,633	) 	 	 	 	 	613,795	  	 	 	588,560	  	 	 	25,235	  	 	 	 	 	
Income tax expense	 	 	24,155	  	 	 	67,518	  	 	 	81,033	  	 	 	78,545	  	 	 	68,941	  	 	 	(44,786	) 	 	 	 	 	172,706	  	 	 	210,870	  	 	 	(38,164	) 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	 	$	147,385	  	 	$	132,888	  	 	$	160,816	  	 	$	196,712	  	 	$	128,232	  	 	$	19,153	  	 	 	 	$	441,089	  	 	$	377,690	  	 	$	63,399	  	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Pre-tax Operating Income Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	 	171,540	  	 	 	200,406	  	 	 	241,849	  	 	 	275,257	  	 	 	197,173	  	 	 	(25,633	) 	 	 	 	 	613,795	  	 	 	588,560	  	 	 	25,235	  	 	 	 	 	
Investment and derivative losses (gains) - non-operating  (1)	 	 	(221,194	) 	 	 	(40,152	) 	 	 	1,099	  	 	 	91,401	  	 	 	(37,747	) 	 	 	(183,447	) 	 	 	 	 	(260,247	) 	 	 	(168,073	) 	 	 	(92,174	) 	 	 	 	 	
Change in value of modified coinsurance and funds withheld embedded derivatives  (1)	 	 	102,574	  	 	 	(10,525	) 	 	 	(90,535	) 	 	 	(43,780	) 	 	 	38,653	  	 	 	63,921	  	 	 	 	 	1,514	  	 	 	(116,494	) 	 	 	118,008	  	 	 	 	 	
GMXB embedded derivatives  (1)	 	 	260,239	  	 	 	25,860	  	 	 	(32,654	) 	 	 	(121,209	) 	 	 	16,232	  	 	 	244,007	  	 	 	 	 	253,445	  	 	 	149,995	  	 	 	103,450	  	 	 	 	 	
Funds withheld losses (gains) - investment income	 	 	(9,806	) 	 	 	(7,185	) 	 	 	12,041	  	 	 	(8,240	) 	 	 	(6,494	) 	 	 	(3,312	) 	 	 	 	 	(4,950	) 	 	 	(12,184	) 	 	 	7,234	  	 	 	 	 	
Funds withheld losses (gains) - policy acq. costs	 	 	1,034	  	 	 	1,793	  	 	 	(1,925	) 	 	 	793	  	 	 	954	  	 	 	80	  	 	 	 	 	902	  	 	 	1,650	  	 	 	(748	) 	 	 	 	 	
EIA embedded derivatives - interest credited	 	 	37,539	  	 	 	21,011	  	 	 	(26,751	) 	 	 	(25,741	) 	 	 	43,070	  	 	 	(5,531	) 	 	 	 	 	31,799	  	 	 	35,638	  	 	 	(3,839	) 	 	 	 	 	
EIA embedded derivatives - policy acq. costs	 	 	(3,664	) 	 	 	(2,073	) 	 	 	2,944	  	 	 	3,008	  	 	 	(4,189	) 	 	 	525	  	 	 	 	 	(2,793	) 	 	 	(2,442	) 	 	 	(351	) 	 	 	 	 	
DAC offset, net	 	 	(107,709	) 	 	 	4,158	  	 	 	72,567	  	 	 	49,618	  	 	 	(50,519	) 	 	 	(57,190	) 	 	 	 	 	(30,984	) 	 	 	59,291	  	 	 	(90,275	) 	 	 	 	 	
Gain on repurchase of collateral finance facility securities	 	 	(50,869	) 	 	 	—  	  	 	 	(4,971	) 	 	 	—  	  	 	 	—  	  	 	 	(50,869	) 	 	 	 	 	(55,840	) 	 	 	—  	  	 	 	(55,840	) 	 	 	 	 	
Loss on retirement of Preferred Income Equity Redeemable Securities (“PIERS”)	 	 	—  	  	 	 	—  	  	 	 	4,391	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	 	 	4,391	  	 	 	—  	  	 	 	4,391	  	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating Income Before Income Taxes	 	$	179,684	  	 	$	193,293	  	 	$	178,055	  	 	$	221,107	  	 	$	197,133	  	 	$	(17,449	) 	 	 	 	$	551,032	  	 	$	535,941	  	 	$	15,091	  	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
After-tax Operating Income Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net Income	 	 	147,385	  	 	 	132,888	  	 	 	160,816	  	 	 	196,712	  	 	 	128,232	  	 	 	19,153	  	 	 	 	 	441,089	  	 	 	377,690	  	 	 	63,399	  	 	 	 	 	
Investment and derivative losses (gains) - non-operating  (1)	 	 	(144,836	) 	 	 	(26,361	) 	 	 	191	  	 	 	59,317	  	 	 	(25,041	) 	 	 	(119,795	) 	 	 	 	 	(171,006	) 	 	 	(110,127	) 	 	 	(60,879	) 	 	 	 	 	
Change in value of modified coinsurance and funds withheld embedded derivatives  (1)	 	 	66,673	  	 	 	(6,841	) 	 	 	(58,848	) 	 	 	(28,457	) 	 	 	25,125	  	 	 	41,548	  	 	 	 	 	984	  	 	 	(75,721	) 	 	 	76,705	  	 	 	 	 	
GMXB embedded derivatives  (1)	 	 	169,155	  	 	 	16,809	  	 	 	(21,225	) 	 	 	(78,786	) 	 	 	10,551	  	 	 	158,604	  	 	 	 	 	164,739	  	 	 	97,497	  	 	 	67,242	  	 	 	 	 	
Funds withheld losses (gains) - investment income	 	 	(6,374	) 	 	 	(4,671	) 	 	 	7,827	  	 	 	(5,356	) 	 	 	(4,221	) 	 	 	(2,153	) 	 	 	 	 	(3,218	) 	 	 	(7,920	) 	 	 	4,702	  	 	 	 	 	
Funds withheld losses (gains) - policy acq. costs	 	 	672	  	 	 	1,165	  	 	 	(1,251	) 	 	 	515	  	 	 	621	  	 	 	51	  	 	 	 	 	586	  	 	 	1,073	  	 	 	(487	) 	 	 	 	 	
EIA embedded derivatives - interest credited	 	 	24,400	  	 	 	13,657	  	 	 	(17,388	) 	 	 	(16,732	) 	 	 	27,996	  	 	 	(3,596	) 	 	 	 	 	20,669	  	 	 	23,165	  	 	 	(2,496	) 	 	 	 	 	
EIA embedded derivatives - policy acq. costs	 	 	(2,381	) 	 	 	(1,348	) 	 	 	1,914	  	 	 	1,955	  	 	 	(2,723	) 	 	 	342	  	 	 	 	 	(1,815	) 	 	 	(1,587	) 	 	 	(228	) 	 	 	 	 	
DAC offset, net	 	 	(70,011	) 	 	 	2,703	  	 	 	47,168	  	 	 	32,251	  	 	 	(32,837	) 	 	 	(37,174	) 	 	 	 	 	(20,140	) 	 	 	38,540	  	 	 	(58,680	) 	 	 	 	 	
Gain on repurchase of collateral finance facility securities	 	 	(33,065	) 	 	 	—  	  	 	 	(3,231	) 	 	 	—  	  	 	 	—  	  	 	 	(33,065	) 	 	 	 	 	(36,296	) 	 	 	—  	  	 	 	(36,296	) 	 	 	 	 	
Loss on retirement of PIERS	 	 	—  	  	 	 	—  	  	 	 	2,854	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	 	 	2,854	  	 	 	—  	  	 	 	2,854	  	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating Income	 	$	151,618	  	 	$	128,001	  	 	$	118,827	  	 	$	161,419	  	 	$	127,703	  	 	$	23,915	  	 	 	 	$	398,446	  	 	$	342,610	  	 	$	55,836	  	 	 	 	 	

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

 	  	     Quarterly Financial Supplement	  	Page 3	

Reinsurance Group of America, Incorporated
Consolidated Operating Income Statement

  	 	Three Months Ended	 	 	Current
Qtr vs. PY
Quarter	 	 	  	 	Year-to-Date	 	 	
(USD thousands, except per share data)	 	Sept. 30,
2011	 	 	June 30,
2011	 	 	March 31,
2011	 	 	Dec. 31,
2010	 	 	Sept. 30,
2010	 	 	 	 	 	 	 	Sept. 30,
2011	 	 	Sept. 30,
2010	 	 	Change	 	 	 	 	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	1,776,165	  	 	$	1,788,676	  	 	$	1,736,130	  	 	$	1,801,899	  	 	$	1,647,300	  	 	$	128,865	  	 	 	 	$	5,300,971	  	 	$	4,857,781	  	 	$	443,190	  	 	 	 	 	
Investment income, net of related expenses	 	 	258,404	  	 	 	330,251	  	 	 	383,081	  	 	 	346,987	  	 	 	281,010	  	 	 	(22,606	) 	 	 	 	 	971,736	  	 	 	871,249	  	 	 	100,487	  	 	 	 	 	
Investment related gains (losses), net	 	 	2,019	  	 	 	2,571	  	 	 	1,530	  	 	 	1,045	  	 	 	358	  	 	 	1,661	  	 	 	 	 	6,120	  	 	 	2,825	  	 	 	3,295	  	 	 	 	 	
Other revenue	 	 	39,263	  	 	 	50,477	  	 	 	46,674	  	 	 	42,370	  	 	 	37,515	  	 	 	1,748	  	 	 	 	 	136,414	  	 	 	108,990	  	 	 	27,424	  	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	 	 	2,075,851	  	 	 	2,171,975	  	 	 	2,167,415	  	 	 	2,192,301	  	 	 	1,966,183	  	 	 	109,668	  	 	 	 	 	6,415,241	  	 	 	5,840,845	  	 	 	574,396	  	 	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	 	1,514,765	  	 	 	1,520,013	  	 	 	1,469,449	  	 	 	1,470,845	  	 	 	1,393,891	  	 	 	120,874	  	 	 	 	 	4,504,227	  	 	 	4,076,310	  	 	 	427,917	  	 	 	 	 	
Interest credited	 	 	(2,288	) 	 	 	75,185	  	 	 	132,814	  	 	 	104,844	  	 	 	51,706	  	 	 	(53,994	) 	 	 	 	 	205,711	  	 	 	195,241	  	 	 	10,470	  	 	 	 	 	
Policy acquisition costs and other insurance expenses	 	 	259,567	  	 	 	257,404	  	 	 	257,567	  	 	 	266,025	  	 	 	210,812	  	 	 	48,755	  	 	 	 	 	774,538	  	 	 	702,010	  	 	 	72,528	  	 	 	 	 	
Other operating expenses	 	 	94,029	  	 	 	97,161	  	 	 	101,759	  	 	 	102,216	  	 	 	85,409	  	 	 	8,620	  	 	 	 	 	292,949	  	 	 	259,755	  	 	 	33,194	  	 	 	 	 	
Interest expense	 	 	27,025	  	 	 	25,818	  	 	 	24,569	  	 	 	25,215	  	 	 	25,191	  	 	 	1,834	  	 	 	 	 	77,412	  	 	 	65,781	  	 	 	11,631	  	 	 	 	 	
Collateral finance facility expense	 	 	3,069	  	 	 	3,101	  	 	 	3,202	  	 	 	2,049	  	 	 	2,041	  	 	 	1,028	  	 	 	 	 	9,372	  	 	 	5,807	  	 	 	3,565	  	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	 	 	1,896,167	  	 	 	1,978,682	  	 	 	1,989,360	  	 	 	1,971,194	  	 	 	1,769,050	  	 	 	127,117	  	 	 	 	 	5,864,209	  	 	 	5,304,904	  	 	 	559,305	  	 	 	 	 	
Operating income before income taxes	 	 	179,684	  	 	 	193,293	  	 	 	178,055	  	 	 	221,107	  	 	 	197,133	  	 	 	(17,449	) 	 	 	 	 	551,032	  	 	 	535,941	  	 	 	15,091	  	 	 	 	 	
Operating income tax expense	 	 	28,066	  	 	 	65,292	  	 	 	59,228	  	 	 	59,688	  	 	 	69,430	  	 	 	(41,364	) 	 	 	 	 	152,586	  	 	 	193,331	  	 	 	(40,745	) 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income	 	$	151,618	  	 	$	128,001	  	 	$	118,827	  	 	$	161,419	  	 	$	127,703	  	 	$	23,915	  	 	 	 	$	398,446	  	 	$	342,610	  	 	$	55,836	  	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Wgt. Average Common Shares Outstanding (Diluted)	 	 	74,254	  	 	 	74,530	  	 	 	73,836	  	 	 	75,052	  	 	 	74,420	  	 	 	(166	) 	 	 	 	 	74,207	  	 	 	74,574	  	 	 	(367	) 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Diluted Earnings Per Share - Operating Income	 	$	2.04	  	 	$	1.72	  	 	$	1.61	  	 	$	2.15	  	 	$	1.72	  	 	$	0.32	  	 	 	 	$	5.37	  	 	$	4.59	  	 	$	0.78	  	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Foreign currency effect*:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	53,399	  	 	$	77,277	  	 	$	42,487	  	 	$	23,933	  	 	$	15,448	  	 	$	37,951	  	 	 	 	$	173,163	  	 	$	159,867	  	 	$	13,296	  	 	 	 	 	
Operating income before income taxes	 	$	6,846	  	 	$	5,713	  	 	$	4,634	  	 	$	1,580	  	 	$	1,998	  	 	$	4,848	  	 	 	 	$	17,193	  	 	$	16,680	  	 	$	513	  	 	 	 	 	
 
*	Compared to comparable prior year period	

 	  	     Quarterly Financial Supplement	  	Page 4	

Reinsurance Group of America, Incorporated
Consolidated Balance Sheets

(USD thousands)	  	Sept. 30,
2011	 	 	June 30,
2011	 	 	March 31,
2011	 	 	Dec. 31,
2010	 	 	Sept. 30,
2010	 	
Assets	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Fixed maturity securities, available-for-sale	  	$	15,557,032	  	 	$	15,153,807	  	 	$	14,531,154	  	 	$	14,304,597	  	 	$	14,169,930	  	
Mortgage loans on real estate	  	 	934,694	  	 	 	908,048	  	 	 	906,869	  	 	 	885,811	  	 	 	863,873	  	
Policy loans	  	 	1,228,890	  	 	 	1,229,663	  	 	 	1,222,016	  	 	 	1,228,418	  	 	 	1,173,148	  	
Funds withheld at interest	  	 	5,445,886	  	 	 	5,671,844	  	 	 	5,595,146	  	 	 	5,421,952	  	 	 	5,276,511	  	
Short-term investments	  	 	81,747	  	 	 	125,618	  	 	 	74,902	  	 	 	118,387	  	 	 	84,091	  	
Other invested assets	  	 	1,020,043	  	 	 	799,341	  	 	 	756,377	  	 	 	707,403	  	 	 	738,830	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total investments	  	 	24,268,292	  	 	 	23,888,321	  	 	 	23,086,464	  	 	 	22,666,568	  	 	 	22,306,383	  	
Cash and cash equivalents	  	 	802,651	  	 	 	710,973	  	 	 	467,672	  	 	 	463,661	  	 	 	634,075	  	
Accrued investment income	  	 	190,298	  	 	 	160,436	  	 	 	155,182	  	 	 	127,874	  	 	 	177,250	  	
Premiums receivable and other reinsurance balances	  	 	1,060,631	  	 	 	1,045,131	  	 	 	986,658	  	 	 	1,037,679	  	 	 	987,342	  	
Reinsurance ceded receivables	  	 	727,290	  	 	 	781,006	  	 	 	807,929	  	 	 	769,699	  	 	 	790,889	  	
Deferred policy acquisition costs	  	 	3,787,257	  	 	 	3,733,686	  	 	 	3,679,075	  	 	 	3,726,443	  	 	 	3,741,534	  	
Other assets	  	 	347,035	  	 	 	339,724	  	 	 	327,039	  	 	 	289,984	  	 	 	296,555	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total assets	  	$	31,183,454	  	 	$	30,659,277	  	 	$	29,510,019	  	 	$	29,081,908	  	 	$	28,934,028	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Liabilities and Stockholders’ Equity	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Future policy benefits	  	 	9,445,222	  	 	$	9,642,814	  	 	$	9,438,432	  	 	$	9,274,789	  	 	$	8,906,977	  	
Interest-sensitive contract liabilities	  	 	8,378,159	  	 	 	8,100,608	  	 	 	7,747,203	  	 	 	7,774,481	  	 	 	7,884,874	  	
Other policy claims and benefits	  	 	2,826,297	  	 	 	2,774,031	  	 	 	2,728,122	  	 	 	2,597,941	  	 	 	2,590,014	  	
Other reinsurance balances	  	 	136,298	  	 	 	159,340	  	 	 	184,958	  	 	 	133,590	  	 	 	134,066	  	
Deferred income taxes	  	 	1,662,806	  	 	 	1,421,480	  	 	 	1,415,333	  	 	 	1,396,747	  	 	 	1,064,726	  	
Other liabilities	  	 	776,239	  	 	 	784,291	  	 	 	701,799	  	 	 	637,923	  	 	 	1,129,848	  	
Short-term debt	  	 	199,997	  	 	 	199,993	  	 	 	255,989	  	 	 	199,985	  	 	 	—  	  	
Long-term debt	  	 	1,414,546	  	 	 	1,414,406	  	 	 	1,016,510	  	 	 	1,016,425	  	 	 	1,216,320	  	
Collateral finance facility	  	 	681,004	  	 	 	837,789	  	 	 	839,354	  	 	 	850,039	  	 	 	850,026	  	
Company-obligated mandatorily redeemable preferred securities of subsidiary trust holding solely junior subordinated debentures of the Company	  	 	—  	  	 	 	—  	  	 	 	159,455	  	 	 	159,421	  	 	 	159,368	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total liabilities	  	 	25,520,568	  	 	 	25,334,752	  	 	 	24,487,155	  	 	 	24,041,341	  	 	 	23,936,219	  	
Stockholders’ Equity:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Common stock, at par value	  	 	791	  	 	 	791	  	 	 	791	  	 	 	734	  	 	 	734	  	
Warrants	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	66,912	  	 	 	66,912	  	
Additional paid-in-capital	  	 	1,719,683	  	 	 	1,713,893	  	 	 	1,708,096	  	 	 	1,478,398	  	 	 	1,477,011	  	
Retained earnings	  	 	2,989,231	  	 	 	2,856,009	  	 	 	2,738,868	  	 	 	2,587,403	  	 	 	2,402,167	  	
Treasury stock	  	 	(352,106	) 	 	 	(310,856	) 	 	 	(323,689	) 	 	 	(295	) 	 	 	(8,774	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Accumulated other comprehensive income (AOCI):	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Accumulated currency translation adjustment, net of income taxes	  	 	198,843	  	 	 	311,653	  	 	 	297,513	  	 	 	270,526	  	 	 	242,686	  	
Unrealized appreciation of securities, net of income taxes	  	 	1,119,724	  	 	 	767,023	  	 	 	615,631	  	 	 	651,449	  	 	 	832,756	  	
Pension and postretirement benefits, net of income taxes	  	 	(13,280	) 	 	 	(13,988	) 	 	 	(14,346	) 	 	 	(14,560	) 	 	 	(15,683	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total stockholders’ equity	  	 	5,662,886	  	 	 	5,324,525	  	 	 	5,022,864	  	 	 	5,040,567	  	 	 	4,997,809	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total liabilities and stockholders’ equity	  	$	31,183,454	  	 	$	30,659,277	  	 	$	29,510,019	  	 	$	29,081,908	  	 	$	28,934,028	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total stockholders’ equity, excluding AOCI	  	$	4,357,599	  	 	$	4,259,837	  	 	$	4,124,066	  	 	$	4,133,152	  	 	$	3,938,050	  	

 	  	     Quarterly Financial Supplement	  	Page 5	

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

 	 	Three Months Ended	 	 	Current Qtr
vs. PY
Quarter	 	 	  	 	Year-to-Date	 	 	
(USD thousands)	 	Sept. 30,
2011	 	 	June 30,
2011	 	 	March 31,
2011	 	 	Dec. 31,
2010	 	 	Sept. 30,
2010	 	 	 	 	 	 	 	Sept. 30,
2011	 	 	Sept. 30,
2010	 	 	Change	 	 	 	 	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	971,190	  	 	$	973,837	  	 	$	935,053	  	 	$	1,009,758	  	 	$	930,070	  	 	$	41,120	  	 	 	 	$	2,880,080	  	 	$	2,766,193	  	 	$	113,887	  	 	 	 	 	
Investment income, net of related expenses	 	 	122,687	  	 	 	124,564	  	 	 	119,781	  	 	 	117,272	  	 	 	124,596	  	 	 	(1,909	) 	 	 	 	 	367,032	  	 	 	358,839	  	 	 	8,193	  	 	 	 	 	
Other revenue	 	 	599	  	 	 	738	  	 	 	493	  	 	 	504	  	 	 	428	  	 	 	171	  	 	 	 	 	1,830	  	 	 	1,216	  	 	 	614	  	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	 	 	1,094,476	  	 	 	1,099,139	  	 	 	1,055,327	  	 	 	1,127,534	  	 	 	1,055,094	  	 	 	39,382	  	 	 	 	 	3,248,942	  	 	 	3,126,248	  	 	 	122,694	  	 	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	 	844,090	  	 	 	839,173	  	 	 	822,407	  	 	 	842,335	  	 	 	793,270	  	 	 	50,820	  	 	 	 	 	2,505,670	  	 	 	2,372,001	  	 	 	133,669	  	 	 	 	 	
Interest credited	 	 	15,166	  	 	 	14,967	  	 	 	14,584	  	 	 	14,826	  	 	 	16,698	  	 	 	(1,532	) 	 	 	 	 	44,717	  	 	 	49,646	  	 	 	(4,929	) 	 	 	 	 	
Policy acquisition costs and other insurance expenses	 	 	131,810	  	 	 	132,172	  	 	 	127,462	  	 	 	142,057	  	 	 	125,526	  	 	 	6,284	  	 	 	 	 	391,444	  	 	 	388,769	  	 	 	2,675	  	 	 	 	 	
Other operating expenses	 	 	20,299	  	 	 	19,486	  	 	 	21,350	  	 	 	21,221	  	 	 	18,534	  	 	 	1,765	  	 	 	 	 	61,135	  	 	 	57,696	  	 	 	3,439	  	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	 	 	1,011,365	  	 	 	1,005,798	  	 	 	985,803	  	 	 	1,020,439	  	 	 	954,028	  	 	 	57,337	  	 	 	 	 	3,002,966	  	 	 	2,868,112	  	 	 	134,854	  	 	 	 	 	
Operating income before income taxes	 	 	83,111	  	 	 	93,341	  	 	 	69,524	  	 	 	107,095	  	 	 	101,066	  	 	 	(17,955	) 	 	 	 	 	245,976	  	 	 	258,136	  	 	 	(12,160	) 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	 	83,111	  	 	 	93,341	  	 	 	69,524	  	 	 	107,095	  	 	 	101,066	  	 	 	(17,955	) 	 	 	 	 	245,976	  	 	 	258,136	  	 	 	(12,160	) 	 	 	 	 	
Investment and derivative (losses) gains - non-operating	 	 	5,056	  	 	 	205	  	 	 	8,875	  	 	 	6,246	  	 	 	13,009	  	 	 	(7,953	) 	 	 	 	 	14,136	  	 	 	18,578	  	 	 	(4,442	) 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	$	88,167	  	 	$	93,546	  	 	$	78,399	  	 	$	113,341	  	 	$	114,075	  	 	$	(25,908	) 	 	 	 	$	260,112	  	 	$	276,714	  	 	$	(16,602	) 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Loss and Expense Ratios:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	 	86.9	% 	 	 	86.2	% 	 	 	88.0	% 	 	 	83.4	% 	 	 	85.3	% 	 	 	1.6	% 	 	 	 	 	87.0	% 	 	 	85.7	% 	 	 	1.3	% 	 	 	 	 	
Policy acquisition costs and other insurance expenses	 	 	13.6	% 	 	 	13.6	% 	 	 	13.6	% 	 	 	14.1	% 	 	 	13.5	% 	 	 	0.1	% 	 	 	 	 	13.6	% 	 	 	14.1	% 	 	 	-0.5	% 	 	 	 	 	
Other operating expenses	 	 	2.1	% 	 	 	2.0	% 	 	 	2.3	% 	 	 	2.1	% 	 	 	2.0	% 	 	 	0.1	% 	 	 	 	 	2.1	% 	 	 	2.1	% 	 	 	0.0	% 	 	 	 	 	

 	  	     Quarterly Financial Supplement	  	Page 6	

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

 	  	Three Months Ended	 	 	Current
Qtr vs. PY
Quarter	 	 	  	  	Year-to-Date	 	 	
(USD thousands except account values)	  	Sept. 30,
2011	 	 	June 30,
2011	 	 	March 31,
2011	 	 	Dec. 31,
2010	 	 	Sept. 30,
2010	 	 	 	 	 	 	  	Sept. 30,
2011	 	 	Sept. 30,
2010	 	 	Change	 	 	 	 	 	
Revenues:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	  	$	2,786	  	 	$	3,459	  	 	$	3,325	  	 	$	3,401	  	 	$	2,724	  	 	$	62	  	 	 	  	$	9,570	  	 	$	17,729	  	 	$	(8,159	) 	 	 	 	 	
Investment income, net of related expenses	  	 	20,238	  	 	 	97,944	  	 	 	159,414	  	 	 	129,985	  	 	 	60,853	  	 	 	(40,615	) 	 	 	  	 	277,596	  	 	 	234,491	  	 	 	43,105	  	 	 	 	 	
Investment related gains (losses), net	  	 	(14	) 	 	 	(20	) 	 	 	(16	) 	 	 	(18	) 	 	 	(18	) 	 	 	4	  	 	 	  	 	(50	) 	 	 	(54	) 	 	 	4	  	 	 	 	 	
Other revenue	  	 	19,827	  	 	 	23,536	  	 	 	24,001	  	 	 	24,156	  	 	 	19,605	  	 	 	222	  	 	 	  	 	67,364	  	 	 	62,442	  	 	 	4,922	  	 	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	  	 	42,837	  	 	 	124,919	  	 	 	186,724	  	 	 	157,524	  	 	 	83,164	  	 	 	(40,327	) 	 	 	  	 	354,480	  	 	 	314,608	  	 	 	39,872	  	 	 	 	 	
Benefits and expenses:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	  	 	4,431	  	 	 	4,264	  	 	 	2,816	  	 	 	3,131	  	 	 	(318	) 	 	 	4,749	  	 	 	  	 	11,511	  	 	 	12,142	  	 	 	(631	) 	 	 	 	 	
Interest credited	  	 	(17,733	) 	 	 	59,603	  	 	 	118,230	  	 	 	90,017	  	 	 	35,008	  	 	 	(52,741	) 	 	 	  	 	160,100	  	 	 	145,582	  	 	 	14,518	  	 	 	 	 	
Policy acquisition costs and other insurance expenses	  	 	53,236	  	 	 	39,323	  	 	 	42,755	  	 	 	41,614	  	 	 	32,072	  	 	 	21,164	  	 	 	  	 	135,314	  	 	 	102,563	  	 	 	32,751	  	 	 	 	 	
Other operating expenses	  	 	1,886	  	 	 	1,743	  	 	 	2,154	  	 	 	2,781	  	 	 	2,413	  	 	 	(527	) 	 	 	  	 	5,783	  	 	 	8,016	  	 	 	(2,233	) 	 	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	  	 	41,820	  	 	 	104,933	  	 	 	165,955	  	 	 	137,543	  	 	 	69,175	  	 	 	(27,355	) 	 	 	  	 	312,708	  	 	 	268,303	  	 	 	44,405	  	 	 	 	 	
Operating income (loss) before income taxes	  	 	1,017	  	 	 	19,986	  	 	 	20,769	  	 	 	19,981	  	 	 	13,989	  	 	 	(12,972	) 	 	 	  	 	41,772	  	 	 	46,305	  	 	 	(4,533	) 	 	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating to U.S. GAAP Reconciliation:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	  	 	1,017	  	 	 	19,986	  	 	 	20,769	  	 	 	19,981	  	 	 	13,989	  	 	 	(12,972	) 	 	 	  	 	41,772	  	 	 	46,305	  	 	 	(4,533	) 	 	 	 	 	
Investment and derivative (losses) gains - non-operating  (1)	  	 	219,530	  	 	 	28,681	  	 	 	(18,704	) 	 	 	(109,171	) 	 	 	17,112	  	 	 	202,418	  	 	 	  	 	229,507	  	 	 	144,666	  	 	 	84,841	  	 	 	 	 	
Change in value of modified coinsurance and funds withheld embedded derivatives  (1)	  	 	(103,949	) 	 	 	10,525	  	 	 	90,535	  	 	 	43,780	  	 	 	(38,653	) 	 	 	(65,296	) 	 	 	  	 	(2,889	) 	 	 	116,494	  	 	 	(119,383	) 	 	 	 	 	
GMXB embedded derivatives (1)	  	 	(260,239	) 	 	 	(25,860	) 	 	 	32,654	  	 	 	121,209	  	 	 	(16,232	) 	 	 	(244,007	) 	 	 	  	 	(253,445	) 	 	 	(149,995	) 	 	 	(103,450	) 	 	 	 	 	
Funds withheld losses (gains) - investment income	  	 	9,806	  	 	 	7,185	  	 	 	(12,041	) 	 	 	8,240	  	 	 	6,494	  	 	 	3,312	  	 	 	  	 	4,950	  	 	 	12,184	  	 	 	(7,234	) 	 	 	 	 	
Funds withheld losses (gains) - policy acq. costs	  	 	(1,034	) 	 	 	(1,793	) 	 	 	1,925	  	 	 	(793	) 	 	 	(954	) 	 	 	(80	) 	 	 	  	 	(902	) 	 	 	(1,650	) 	 	 	748	  	 	 	 	 	
EIA embedded derivatives - interest credited	  	 	(37,539	) 	 	 	(21,011	) 	 	 	26,751	  	 	 	25,741	  	 	 	(43,070	) 	 	 	5,531	  	 	 	  	 	(31,799	) 	 	 	(35,638	) 	 	 	3,839	  	 	 	 	 	
EIA embedded derivatives - policy acq. costs	  	 	3,664	  	 	 	2,073	  	 	 	(2,944	) 	 	 	(3,008	) 	 	 	4,189	  	 	 	(525	) 	 	 	  	 	2,793	  	 	 	2,442	  	 	 	351	  	 	 	 	 	
DAC offset, net	  	 	107,709	  	 	 	(4,158	) 	 	 	(72,567	) 	 	 	(49,618	) 	 	 	50,519	  	 	 	57,190	  	 	 	  	 	30,984	  	 	 	(59,291	) 	 	 	90,275	  	 	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	  	$	(61,035	) 	 	$	15,628	  	 	$	66,378	  	 	$	56,361	  	 	$	(6,606	) 	 	$	(54,429	) 	 	 	  	$	20,971	  	 	$	75,517	  	 	$	(54,546	) 	 	 	 	 	

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

 	  	     Quarterly Financial Supplement	  	Page 7	

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

 	  	Three Months Ended	 	
(USD millions)	  	Sept. 30,
2011	 	 	June 30,
2011	 	 	March 31,
2011	 	 	Dec. 31,
2010	 	 	Sept. 30,
2010	 	
Annuity account values:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Fixed annuities (deferred)	  	$	856	  	 	$	835	  	 	$	804	  	 	$	822	  	 	$	837	  	
Net interest spread (fixed annuities):	  	 	2.7	% 	 	 	2.2	% 	 	 	2.7	% 	 	 	2.4	% 	 	 	1.5	% 	
Equity-indexed annuities	  	$	4,327	  	 	$	4,324	  	 	$	4,258	  	 	$	4,239	  	 	$	4,210	  	
Variable annuities:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
No riders	  	$	979	  	 	$	1,114	  	 	$	1,172	  	 	$	1,156	  	 	$	1,243	  	
GMDB only	  	 	76	  	 	 	89	  	 	 	91	  	 	 	90	  	 	 	87	  	
GMIB only	  	 	5	  	 	 	6	  	 	 	6	  	 	 	6	  	 	 	6	  	
GMAB only	  	 	54	  	 	 	63	  	 	 	64	  	 	 	64	  	 	 	62	  	
GMWB only	  	 	1,524	  	 	 	1,751	  	 	 	1,773	  	 	 	1,735	  	 	 	1,653	  	
GMDB / WB	  	 	428	  	 	 	493	  	 	 	500	  	 	 	492	  	 	 	472	  	
Other	  	 	30	  	 	 	35	  	 	 	36	  	 	 	36	  	 	 	34	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total VA account values	  	$	3,096	  	 	$	3,551	  	 	$	3,642	  	 	$	3,579	  	 	$	3,557	  	
Fair value of liabilities associated with living benefit riders	  	$	306	  	 	$	46	  	 	$	20	  	 	$	53	  	 	$	174	  	
Interest-sensitive contract liabilities associated with:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Guaranteed investment contracts	  	$	199	  	 	$	199	  	 	$	199	  	 	$	199	  	 	$	199	  	
Bank-owned life insurance (BOLI)	  	$	505	  	 	$	502	  	 	$	498	  	 	$	494	  	 	$	491	  	
Other asset-intensive business	  	$	79	  	 	$	85	  	 	$	87	  	 	$	90	  	 	$	96	  	

 	  	     Quarterly Financial Supplement	  	Page 8	

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

 	  	Three Months Ended	 	 	Current
Qtr vs.  PY
Quarter	 	  	  	  	Year-to-Date	 	 	
 	  	Sept. 30,	 	 	June 30,	 	  	March 31,	 	 	Dec. 31,	 	 	Sept. 30,	 	 	 	 	  	 	  	Sept. 30,	 	 	Sept. 30,	 	 	 	 	 	 	 	 	 	
(USD thousands)	  	2011	 	 	2011	 	  	2011	 	 	2010	 	 	2010	 	 	 	 	  	 	  	2011	 	 	2010	 	 	Change	 	 	 	 	 	 	 	 	 	
Revenues:	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Investment income, net of related expenses	  	$	168	  	 	$	62	  	  	$	(197	) 	 	$	63	  	 	$	154	  	 	$	14	  	  	 	  	$	33	  	 	$	210	  	 	$	(177	) 	 	 	 	 	 	 	 	 	
Other revenue	  	 	8,619	  	 	 	9,194	  	  	 	9,002	  	 	 	7,029	  	 	 	5,608	  	 	 	3,011	  	  	 	  	 	26,815	  	 	 	16,478	  	 	 	10,337	  	 	 	 	 	 	 	 	 	
 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	  	 	8,787	  	 	 	9,256	  	  	 	8,805	  	 	 	7,092	  	 	 	5,762	  	 	 	3,025	  	  	 	  	 	26,848	  	 	 	16,688	  	 	 	10,160	  	 	 	 	 	 	 	 	 	
Benefits and expenses:	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Policy acquisition costs and other insurance expenses	  	 	798	  	 	 	797	  	  	 	853	  	 	 	447	  	 	 	461	  	 	 	337	  	  	 	  	 	2,448	  	 	 	1,567	  	 	 	881	  	 	 	 	 	 	 	 	 	
Other operating expenses	  	 	1,584	  	 	 	1,469	  	  	 	1,797	  	 	 	1,067	  	 	 	940	  	 	 	644	  	  	 	  	 	4,850	  	 	 	3,156	  	 	 	1,694	  	 	 	 	 	 	 	 	 	
 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	  	 	2,382	  	 	 	2,266	  	  	 	2,650	  	 	 	1,514	  	 	 	1,401	  	 	 	981	  	  	 	  	 	7,298	  	 	 	4,723	  	 	 	2,575	  	 	 	 	 	 	 	 	 	
Operating income before income taxes	  	 	6,405	  	 	 	6,990	  	  	 	6,155	  	 	 	5,578	  	 	 	4,361	  	 	 	2,044	  	  	 	  	 	19,550	  	 	 	11,965	  	 	 	7,585	  	 	 	 	 	 	 	 	 	
 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating to U.S. GAAP Reconciliation:	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	  	 	6,405	  	 	 	6,990	  	  	 	6,155	  	 	 	5,578	  	 	 	4,361	  	 	 	2,044	  	  	 	  	 	19,550	  	 	 	11,965	  	 	 	7,585	  	 	 	 	 	 	 	 	 	
Investment and derivative (losses) gains - non-operating	  	 	(13	) 	 	 	7	  	  	 	(35	) 	 	 	(23	) 	 	 	(44	) 	 	 	31	  	  	 	  	 	(41	) 	 	 	(63	) 	 	 	22	  	 	 	 	 	 	 	 	 	
 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	  	$	6,392	  	 	$	6,997	  	  	$	6,120	  	 	$	5,555	  	 	$	4,317	  	 	$	2,075	  	  	 	  	$	19,509	  	 	$	11,902	  	 	$	7,607	  	 	 	 	 	 	 	 	 	

 	 	 	 	 	
 	  	     Quarterly Financial Supplement	  	Page 9	

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

 	  	Three Months Ended	 	 	Current
Qtr vs. PY
Quarter	 	 	  	  	Year-to-Date	 	 	
(USD thousands)	  	Sept. 30,
2011	 	 	June 30,
2011	 	 	March 31,
2011	 	 	Dec. 31,
2010	 	 	Sept. 30,
2010	 	 	 	 	 	 	  	Sept. 30,
2011	 	 	Sept. 30,
2010	 	 	Change	 	 	 	 	 	
Revenues:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	  	$	185,790	  	 	$	209,717	  	 	$	215,028	  	 	$	205,925	  	 	$	205,552	  	 	$	(19,762	) 	 	 	  	$	610,535	  	 	$	591,281	  	 	$	19,254	  	 	 	 	 	
Investment income, net of related expenses	  	 	52,611	  	 	 	45,052	  	 	 	44,901	  	 	 	41,534	  	 	 	41,170	  	 	 	11,441	  	 	 	  	 	142,564	  	 	 	123,604	  	 	 	18,960	  	 	 	 	 	
Investment related gains (losses), net	  	 	1,267	  	 	 	1,183	  	 	 	1,169	  	 	 	1,187	  	 	 	938	  	 	 	329	  	 	 	  	 	3,619	  	 	 	2,748	  	 	 	871	  	 	 	 	 	
Other revenue	  	 	440	  	 	 	4,980	  	 	 	22	  	 	 	59	  	 	 	803	  	 	 	(363	) 	 	 	  	 	5,442	  	 	 	1,087	  	 	 	4,355	  	 	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	  	 	240,108	  	 	 	260,932	  	 	 	261,120	  	 	 	248,705	  	 	 	248,463	  	 	 	(8,355	) 	 	 	  	 	762,160	  	 	 	718,720	  	 	 	43,440	  	 	 	 	 	
Benefits and expenses:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	  	 	162,734	  	 	 	165,860	  	 	 	179,055	  	 	 	152,038	  	 	 	186,554	  	 	 	(23,820	) 	 	 	  	 	507,649	  	 	 	504,320	  	 	 	3,329	  	 	 	 	 	
Interest credited	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	 	 	
Policy acquisition costs and other insurance expenses	  	 	32,568	  	 	 	44,422	  	 	 	47,089	  	 	 	50,966	  	 	 	26,901	  	 	 	5,667	  	 	 	  	 	124,079	  	 	 	116,606	  	 	 	7,473	  	 	 	 	 	
Other operating expenses	  	 	9,129	  	 	 	8,793	  	 	 	8,694	  	 	 	9,058	  	 	 	6,971	  	 	 	2,158	  	 	 	  	 	26,616	  	 	 	20,806	  	 	 	5,810	  	 	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	  	 	204,431	  	 	 	219,075	  	 	 	234,838	  	 	 	212,062	  	 	 	220,426	  	 	 	(15,995	) 	 	 	  	 	658,344	  	 	 	641,732	  	 	 	16,612	  	 	 	 	 	
Operating income before income taxes	  	 	35,677	  	 	 	41,857	  	 	 	26,282	  	 	 	36,643	  	 	 	28,037	  	 	 	7,640	  	 	 	  	 	103,816	  	 	 	76,988	  	 	 	26,828	  	 	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating to U.S. GAAP Reconciliation:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	  	 	35,677	  	 	 	41,857	  	 	 	26,282	  	 	 	36,643	  	 	 	28,037	  	 	 	7,640	  	 	 	  	 	103,816	  	 	 	76,988	  	 	 	26,828	  	 	 	 	 	
Investment and derivative (losses) gains - non-operating	  	 	8,729	  	 	 	2,135	  	 	 	4,389	  	 	 	(454	) 	 	 	5,431	  	 	 	3,298	  	 	 	  	 	15,253	  	 	 	9,201	  	 	 	6,052	  	 	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	  	$	44,406	  	 	$	43,992	  	 	$	30,671	  	 	$	36,189	  	 	$	33,468	  	 	$	10,938	  	 	 	  	$	119,069	  	 	$	86,189	  	 	$	32,880	  	 	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Loss and Expense Ratios:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Loss ratios (creditor business)	  	 	38.4	% 	 	 	39.7	% 	 	 	37.7	% 	 	 	39.1	% 	 	 	32.5	% 	 	 	5.9	% 	 	 	  	 	38.6	% 	 	 	39.9	% 	 	 	-1.3	% 	 	 	 	 	
Loss ratios (excluding creditor business)	  	 	96.9	% 	 	 	88.8	% 	 	 	97.6	% 	 	 	84.3	% 	 	 	96.3	% 	 	 	0.6	% 	 	 	  	 	94.4	% 	 	 	97.9	% 	 	 	-3.5	% 	 	 	 	 	
Claims and other policy benefits / (net premiums + investment income)	  	 	68.3	% 	 	 	65.1	% 	 	 	68.9	% 	 	 	61.4	% 	 	 	75.6	% 	 	 	-7.3	% 	 	 	  	 	67.4	% 	 	 	70.5	% 	 	 	-3.1	% 	 	 	 	 	
Policy acquisition costs and other insurance expenses (creditor business)	  	 	52.8	% 	 	 	57.3	% 	 	 	55.3	% 	 	 	56.4	% 	 	 	55.6	% 	 	 	-2.8	% 	 	 	  	 	55.4	% 	 	 	53.1	% 	 	 	2.3	% 	 	 	 	 	
Policy acquisition costs and other insurance expenses (excluding creditor business)	  	 	10.9	% 	 	 	12.2	% 	 	 	11.3	% 	 	 	15.3	% 	 	 	9.1	% 	 	 	1.8	% 	 	 	  	 	11.5	% 	 	 	10.5	% 	 	 	1.0	% 	 	 	 	 	
Other operating expenses	  	 	4.9	% 	 	 	4.2	% 	 	 	4.0	% 	 	 	4.4	% 	 	 	3.4	% 	 	 	1.5	% 	 	 	  	 	4.4	% 	 	 	3.5	% 	 	 	0.9	% 	 	 	 	 	
Foreign currency effect*:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	  	$	10,269	  	 	$	12,409	  	 	$	11,248	  	 	$	8,357	  	 	$	10,236	  	 	$	33	  	 	 	  	$	33,926	  	 	$	64,463	  	 	$	(30,537	) 	 	 	 	 	
Operating income before income taxes	  	$	2,571	  	 	$	3,021	  	 	$	453	  	 	$	1,858	  	 	$	292	  	 	$	2,279	  	 	 	  	$	6,045	  	 	$	5,744	  	 	$	301	  	 	 	 	 	
Creditor reinsurance net premiums	  	$	29,895	  	 	$	41,613	  	 	$	51,584	  	 	$	47,467	  	 	$	17,707	  	 	$	12,188	  	 	 	  	$	123,092	  	 	$	128,498	  	 	$	(5,406	) 	 	 	 	 	
Note: The loss ratios on creditor reinsurance business are normally lower than traditional reinsurance, while allowances are normally higher as a percentage of premiums.
 
*	Compared to comparable prior year period	

 	  	     Quarterly Financial Supplement	  	Page 10	

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

 	 	Three Months Ended	 	 	Current	 	 	  	 	Year-to-Date	 	
(USD thousands)	 	Sept. 30,
2011	 	 	June 30,
2011	 	 	March 31,
2011	 	 	Dec. 31,
2010	 	 	Sept. 30,
2010	 	 	Qtr vs. PY
Quarter	 	 	  	 	Sept. 30,
2011	 	 	Sept. 30,
2010	 	 	Change	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	286,054	  	 	$	283,019	  	 	$	269,120	  	 	$	257,980	  	 	$	232,962	  	 	$	53,092	  	 	 	 	$	838,193	  	 	$	660,533	  	 	$	177,660	  	
Investment income, net of related expenses	 	 	10,552	  	 	 	10,174	  	 	 	9,854	  	 	 	9,737	  	 	 	8,579	  	 	 	1,973	  	 	 	 	 	30,580	  	 	 	24,780	  	 	 	5,800	  	
Other revenue	 	 	1,196	  	 	 	1,745	  	 	 	1,055	  	 	 	296	  	 	 	857	  	 	 	339	  	 	 	 	 	3,996	  	 	 	1,803	  	 	 	2,193	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	 	 	297,802	  	 	 	294,938	  	 	 	280,029	  	 	 	268,013	  	 	 	242,398	  	 	 	55,404	  	 	 	 	 	872,769	  	 	 	687,116	  	 	 	185,653	  	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	 	248,890	  	 	 	242,973	  	 	 	216,932	  	 	 	195,172	  	 	 	193,377	  	 	 	55,513	  	 	 	 	 	708,795	  	 	 	539,220	  	 	 	169,575	  	
Policy acquisition costs and other insurance expenses	 	 	10,462	  	 	 	9,953	  	 	 	12,059	  	 	 	8,153	  	 	 	12,137	  	 	 	(1,675	) 	 	 	 	 	32,474	  	 	 	35,808	  	 	 	(3,334	) 	
Other operating expenses	 	 	24,569	  	 	 	26,527	  	 	 	25,012	  	 	 	28,301	  	 	 	21,198	  	 	 	3,371	  	 	 	 	 	76,108	  	 	 	65,225	  	 	 	10,883	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	 	 	283,921	  	 	 	279,453	  	 	 	254,003	  	 	 	231,626	  	 	 	226,712	  	 	 	57,209	  	 	 	 	 	817,377	  	 	 	640,253	  	 	 	177,124	  	
Operating income before income taxes	 	 	13,881	  	 	 	15,485	  	 	 	26,026	  	 	 	36,387	  	 	 	15,686	  	 	 	(1,805	) 	 	 	 	 	55,392	  	 	 	46,863	  	 	 	8,529	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	 	13,881	  	 	 	15,485	  	 	 	26,026	  	 	 	36,387	  	 	 	15,686	  	 	 	(1,805	) 	 	 	 	 	55,392	  	 	 	46,863	  	 	 	8,529	  	
Investment and derivative (losses) gains - non-operating	 	 	2,000	  	 	 	756	  	 	 	293	  	 	 	(1,030	) 	 	 	1,808	  	 	 	192	  	 	 	 	 	3,049	  	 	 	3,614	  	 	 	(565	) 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	$	15,881	  	 	$	16,241	  	 	$	26,319	  	 	$	35,357	  	 	$	17,494	  	 	$	(1,613	) 	 	 	 	$	58,441	  	 	$	50,477	  	 	$	7,964	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Loss and Expense Ratios:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	 	87.0	% 	 	 	85.9	% 	 	 	80.6	% 	 	 	75.7	% 	 	 	83.0	% 	 	 	4.0	% 	 	 	 	 	84.6	% 	 	 	81.6	% 	 	 	3.0	% 	
Policy acquisition costs and other insurance expenses	 	 	3.7	% 	 	 	3.5	% 	 	 	4.5	% 	 	 	3.2	% 	 	 	5.2	% 	 	 	-1.5	% 	 	 	 	 	3.9	% 	 	 	5.4	% 	 	 	-1.5	% 	
Other operating expenses	 	 	8.6	% 	 	 	9.4	% 	 	 	9.3	% 	 	 	11.0	% 	 	 	9.1	% 	 	 	-0.5	% 	 	 	 	 	9.1	% 	 	 	9.9	% 	 	 	-0.8	% 	
Foreign currency effect*:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	9,234	  	 	$	24,686	  	 	$	6,466	  	 	$	(5,502	) 	 	$	(12,500	) 	 	$	21,734	  	 	 	 	$	40,386	  	 	$	1,455	  	 	$	38,931	  	
Operating income before income taxes	 	$	669	  	 	$	1,712	  	 	$	233	  	 	$	(704	) 	 	$	(1,184	) 	 	$	1,853	  	 	 	 	$	2,614	  	 	$	(2,008	) 	 	$	4,622	  	
Critical illness net premiums	 	$	59,679	  	 	$	63,320	  	 	$	60,261	  	 	$	58,102	  	 	$	57,340	  	 	$	2,339	  	 	 	 	$	183,260	  	 	$	165,973	  	 	$	17,287	  	
 
*	Compared to comparable prior year period	

 	  	     Quarterly Financial Supplement	  	Page 11	

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

 	 	Three Months Ended	 	 	Current Qtr	 	 	  	 	Year-to-Date	 	
(USD thousands)	 	Sept. 30,
2011	 	 	June 30,
2011	 	 	March 31,
2011	 	 	Dec. 31,
2010	 	 	Sept. 30,
2010	 	 	vs. PY
Quarter	 	 	  	 	Sept. 30,
2011	 	 	Sept. 30,
2010	 	 	Change	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	328,259	  	 	$	316,356	  	 	$	311,517	  	 	$	322,544	  	 	$	273,825	  	 	$	54,434	  	 	 	 	$	956,132	  	 	$	816,521	  	 	$	139,611	  	
Investment income, net of related expenses	 	 	21,133	  	 	 	21,402	  	 	 	19,634	  	 	 	18,997	  	 	 	17,042	  	 	 	4,091	  	 	 	 	 	62,169	  	 	 	51,555	  	 	 	10,614	  	
Investment related gains (losses), net	 	 	1,452	  	 	 	1,377	  	 	 	(108	) 	 	 	365	  	 	 	232	  	 	 	1,220	  	 	 	 	 	2,721	  	 	 	788	  	 	 	1,933	  	
Other revenue	 	 	8,557	  	 	 	7,283	  	 	 	8,492	  	 	 	6,642	  	 	 	7,462	  	 	 	1,095	  	 	 	 	 	24,332	  	 	 	19,777	  	 	 	4,555	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	 	 	359,401	  	 	 	346,418	  	 	 	339,535	  	 	 	348,548	  	 	 	298,561	  	 	 	60,840	  	 	 	 	 	1,045,354	  	 	 	888,641	  	 	 	156,713	  	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	 	254,739	  	 	 	267,362	  	 	 	247,930	  	 	 	277,926	  	 	 	220,867	  	 	 	33,872	  	 	 	 	 	770,031	  	 	 	648,457	  	 	 	121,574	  	
Interest Credited	 	 	280	  	 	 	615	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	280	  	 	 	 	 	895	  	 	 	—  	  	 	 	895	  	
Policy acquisition costs and other insurance expenses	 	 	45,409	  	 	 	44,140	  	 	 	40,820	  	 	 	36,336	  	 	 	27,373	  	 	 	18,036	  	 	 	 	 	130,369	  	 	 	96,964	  	 	 	33,405	  	
Other operating expenses	 	 	27,598	  	 	 	26,089	  	 	 	25,127	  	 	 	26,164	  	 	 	22,932	  	 	 	4,666	  	 	 	 	 	78,814	  	 	 	67,582	  	 	 	11,232	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	 	 	328,026	  	 	 	338,206	  	 	 	313,877	  	 	 	340,426	  	 	 	271,172	  	 	 	56,854	  	 	 	 	 	980,109	  	 	 	813,003	  	 	 	167,106	  	
Operating income before income taxes	 	 	31,375	  	 	 	8,212	  	 	 	25,658	  	 	 	8,122	  	 	 	27,389	  	 	 	3,986	  	 	 	 	 	65,245	  	 	 	75,638	  	 	 	(10,393	) 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	 	31,375	  	 	 	8,212	  	 	 	25,658	  	 	 	8,122	  	 	 	27,389	  	 	 	3,986	  	 	 	 	 	65,245	  	 	 	75,638	  	 	 	(10,393	) 	
Investment and derivative (losses) gains - non-operating	 	 	(1,625	) 	 	 	(298	) 	 	 	(330	) 	 	 	1,949	  	 	 	1,094	  	 	 	(2,719	) 	 	 	 	 	(2,253	) 	 	 	3,051	  	 	 	(5,304	) 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	$	29,750	  	 	$	7,914	  	 	$	25,328	  	 	$	10,071	  	 	$	28,483	  	 	$	1,267	  	 	 	 	$	62,992	  	 	$	78,689	  	 	$	(15,697	) 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Loss and Expense Ratios:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	 	77.6	% 	 	 	84.5	% 	 	 	79.6	% 	 	 	86.2	% 	 	 	80.7	% 	 	 	-3.1	% 	 	 	 	 	80.5	% 	 	 	79.4	% 	 	 	1.1	% 	
Policy acquisition costs and other insurance expenses	 	 	13.8	% 	 	 	14.0	% 	 	 	13.1	% 	 	 	11.3	% 	 	 	10.0	% 	 	 	3.8	% 	 	 	 	 	13.6	% 	 	 	11.9	% 	 	 	1.7	% 	
Other operating expenses	 	 	8.4	% 	 	 	8.2	% 	 	 	8.1	% 	 	 	8.1	% 	 	 	8.4	% 	 	 	0.0	% 	 	 	 	 	8.2	% 	 	 	8.3	% 	 	 	-0.1	% 	
Foreign currency effect*:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	33,908	  	 	$	40,222	  	 	$	24,825	  	 	$	21,020	  	 	$	17,726	  	 	$	16,182	  	 	 	 	$	98,955	  	 	$	93,968	  	 	$	4,987	  	
Operating income before income taxes	 	$	3,379	  	 	$	557	  	 	$	1,555	  	 	$	487	  	 	$	978	  	 	$	2,401	  	 	 	 	$	5,491	  	 	$	6,831	  	 	$	(1,340	) 	
Critical illness net premiums	 	$	30,135	  	 	$	41,003	  	 	$	45,622	  	 	$	52,386	  	 	$	45,954	  	 	$	(15,819	) 	 	 	 	$	116,760	  	 	$	133,860	  	 	$	(17,100	) 	
 
*	Compared to comparable prior year period	

 	  	     Quarterly Financial Supplement	  	Page 12	

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

 	 	Three Months Ended	 	 	Current	 	 	  	 	Year-to-Date	 	
(USD thousands)	 	Sept. 30,
2011	 	 	June 30,
2011	 	 	March 31,
2011	 	 	Dec. 31,
2010	 	 	Sept. 30,
2010	 	 	Qtr vs. PY
Quarter	 	 	  	 	Sept. 30,
2011	 	 	Sept. 30,
2010	 	 	Change	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	2,086	  	 	$	2,288	  	 	$	2,087	  	 	$	2,291	  	 	$	2,167	  	 	$	(81	) 	 	 	 	$	6,461	  	 	$	5,524	  	 	$	937	  	
Investment income, net of related expenses	 	 	31,015	  	 	 	31,053	  	 	 	29,694	  	 	 	29,399	  	 	 	28,616	  	 	 	2,399	  	 	 	 	 	91,762	  	 	 	77,770	  	 	 	13,992	  	
Investment related gains (losses), net	 	 	(686	) 	 	 	31	  	 	 	485	  	 	 	(489	) 	 	 	(794	) 	 	 	108	  	 	 	 	 	(170	) 	 	 	(657	) 	 	 	487	  	
Other revenue	 	 	25	  	 	 	3,001	  	 	 	3,609	  	 	 	3,684	  	 	 	2,752	  	 	 	(2,727	) 	 	 	 	 	6,635	  	 	 	6,187	  	 	 	448	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	 	 	32,440	  	 	 	36,373	  	 	 	35,875	  	 	 	34,885	  	 	 	32,741	  	 	 	(301	) 	 	 	 	 	104,688	  	 	 	88,824	  	 	 	15,864	  	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	 	(119	) 	 	 	381	  	 	 	309	  	 	 	243	  	 	 	141	  	 	 	(260	) 	 	 	 	 	571	  	 	 	170	  	 	 	401	  	
Interest credited	 	 	(1	) 	 	 	—  	  	 	 	—  	  	 	 	1	  	 	 	—  	  	 	 	(1	) 	 	 	 	 	(1	) 	 	 	13	  	 	 	(14	) 	
Policy acquisition costs and other insurance expenses	 	 	(14,716	) 	 	 	(13,403	) 	 	 	(13,471	) 	 	 	(13,548	) 	 	 	(13,658	) 	 	 	(1,058	) 	 	 	 	 	(41,590	) 	 	 	(40,267	) 	 	 	(1,323	) 	
Other operating expenses	 	 	8,964	  	 	 	13,054	  	 	 	17,625	  	 	 	13,624	  	 	 	12,421	  	 	 	(3,457	) 	 	 	 	 	39,643	  	 	 	37,274	  	 	 	2,369	  	
Interest expense	 	 	27,025	  	 	 	25,818	  	 	 	24,569	  	 	 	25,215	  	 	 	25,191	  	 	 	1,834	  	 	 	 	 	77,412	  	 	 	65,781	  	 	 	11,631	  	
Collateral finance facility expense	 	 	3,069	  	 	 	3,101	  	 	 	3,202	  	 	 	2,049	  	 	 	2,041	  	 	 	1,028	  	 	 	 	 	9,372	  	 	 	5,807	  	 	 	3,565	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	 	 	24,222	  	 	 	28,951	  	 	 	32,234	  	 	 	27,584	  	 	 	26,136	  	 	 	(1,914	) 	 	 	 	 	85,407	  	 	 	68,778	  	 	 	16,629	  	
Operating income (loss) before income taxes	 	 	8,218	  	 	 	7,422	  	 	 	3,641	  	 	 	7,301	  	 	 	6,605	  	 	 	1,613	  	 	 	 	 	19,281	  	 	 	20,046	  	 	 	(765	) 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	 	8,218	  	 	 	7,422	  	 	 	3,641	  	 	 	7,301	  	 	 	6,605	  	 	 	1,613	  	 	 	 	 	19,281	  	 	 	20,046	  	 	 	(765	) 	
Investment and derivative (losses) gains - non-operating	 	 	(11,108	) 	 	 	8,666	  	 	 	4,413	  	 	 	11,082	  	 	 	(663	) 	 	 	(10,445	) 	 	 	 	 	1,971	  	 	 	(10,974	) 	 	 	12,945	  	
Gain on repurchase of collateral finance facility securities	 	 	50,869	  	 	 	—  	  	 	 	4,971	  	 	 	—  	  	 	 	—  	  	 	 	50,869	  	 	 	 	 	55,840	  	 	 	—  	  	 	 	55,840	  	
Loss on retirement of PIERS	 	 	—  	  	 	 	—  	  	 	 	(4,391	) 	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	 	 	(4,391	) 	 	 	—  	  	 	 	(4,391	) 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	$	47,979	  	 	$	16,088	  	 	$	8,634	  	 	$	18,383	  	 	$	5,942	  	 	$	42,037	  	 	 	 	$	72,701	  	 	$	9,072	  	 	$	63,629	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Foreign currency effect*:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	(12	) 	 	$	(40	) 	 	$	(52	) 	 	$	58	  	 	$	(14	) 	 	$	2	  	 	 	 	$	(104	) 	 	$	(19	) 	 	$	(85	) 	
Operating income before income taxes	 	$	227	  	 	$	423	  	 	$	2,393	  	 	$	(61	) 	 	$	1,912	  	 	$	(1,685	) 	 	 	 	$	3,043	  	 	$	6,113	  	 	$	(3,070	) 	
 
*	Compared to comparable prior year period	

 	  	     Quarterly Financial Supplement	  	Page 13	

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

 	 	Three Months Ended	 	 	Current	 	 	  	 	Year-to-Date	 	
(USD thousands)	 	Sept. 30,
2011	 	 	June 30,
2011	 	 	March 31,
2011	 	 	Dec. 31,
2010	 	 	Sept. 30,
2010	 	 	Qtr vs. PY
Quarter	 	 	  	 	Sept. 30,
2011	 	 	Sept. 30,
2010	 	 	Change	 	
U.S. Traditional	 	$	83,111	  	 	$	93,341	  	 	$	69,524	  	 	$	107,095	  	 	$	101,066	  	 	$	(17,955	) 	 	 	 	$	245,976	  	 	$	258,136	  	 	$	(12,160	) 	
U.S. Asset Intensive	 	 	1,017	  	 	 	19,986	  	 	 	20,769	  	 	 	19,981	  	 	 	13,989	  	 	 	(12,972	) 	 	 	 	 	41,772	  	 	 	46,305	  	 	 	(4,533	) 	
U.S. Financial Reinsurance	 	 	6,405	  	 	 	6,990	  	 	 	6,155	  	 	 	5,578	  	 	 	4,361	  	 	 	2,044	  	 	 	 	 	19,550	  	 	 	11,965	  	 	 	7,585	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total U.S. Segment	 	 	90,533	  	 	 	120,317	  	 	 	96,448	  	 	 	132,654	  	 	 	119,416	  	 	 	(28,883	) 	 	 	 	 	307,298	  	 	 	316,406	  	 	 	(9,108	) 	
Canadian Segment	 	 	35,677	  	 	 	41,857	  	 	 	26,282	  	 	 	36,643	  	 	 	28,037	  	 	 	7,640	  	 	 	 	 	103,816	  	 	 	76,988	  	 	 	26,828	  	
Europe & South Africa Segment	 	 	13,881	  	 	 	15,485	  	 	 	26,026	  	 	 	36,387	  	 	 	15,686	  	 	 	(1,805	) 	 	 	 	 	55,392	  	 	 	46,863	  	 	 	8,529	  	
Asia Pacific Segment	 	 	31,375	  	 	 	8,212	  	 	 	25,658	  	 	 	8,122	  	 	 	27,389	  	 	 	3,986	  	 	 	 	 	65,245	  	 	 	75,638	  	 	 	(10,393	) 	
Corporate and Other	 	 	8,218	  	 	 	7,422	  	 	 	3,641	  	 	 	7,301	  	 	 	6,605	  	 	 	1,613	  	 	 	 	 	19,281	  	 	 	20,046	  	 	 	(765	) 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Consolidated	 	$	179,684	  	 	$	193,293	  	 	$	178,055	  	 	$	221,107	  	 	$	197,133	  	 	$	(17,449	) 	 	 	 	$	551,032	  	 	$	535,941	  	 	$	15,091	  	

 	 	 	 	 	
 	  	     Quarterly Financial Supplement	  	Page 14	

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

  	  	Sept. 30,
2011	 	  	June 30,
2011	 	  	March 31,
2011	 	  	Dec. 31,
2010	 	  	Sept. 30,
2010	 	
Fixed maturity securities, available-for-sale	  	$	15,557,032	  	  	$	15,153,807	  	  	$	14,531,154	  	  	$	14,304,597	  	  	$	14,169,930	  	
Mortgage loans on real estate	  	 	934,694	  	  	 	908,048	  	  	 	906,869	  	  	 	885,811	  	  	 	863,873	  	
Policy loans	  	 	1,228,890	  	  	 	1,229,663	  	  	 	1,222,016	  	  	 	1,228,418	  	  	 	1,173,148	  	
Funds withheld at interest	  	 	5,445,886	  	  	 	5,671,844	  	  	 	5,595,146	  	  	 	5,421,952	  	  	 	5,276,511	  	
Short-term investments	  	 	81,747	  	  	 	125,618	  	  	 	74,902	  	  	 	118,387	  	  	 	84,091	  	
Other invested assets	  	 	1,020,043	  	  	 	799,341	  	  	 	756,377	  	  	 	707,403	  	  	 	738,830	  	
Cash and cash equivalents	  	 	802,651	  	  	 	710,973	  	  	 	467,672	  	  	 	463,661	  	  	 	634,075	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total cash and invested assets	  	$	25,070,943	  	  	$	24,599,294	  	  	$	23,554,136	  	  	$	23,130,229	  	  	$	22,940,458	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Investment Income and Yield Summary
(Excludes Funds Withheld Portfolios)

 	 	Three Months Ended	 	 	Current
Qtr vs. PY
Quarter	 	 	  	 	Year-to-Date	 	 	
 	 	Sept. 30,
2011	 	 	June 30,
2011	 	 	March 31,
2011	 	 	Dec. 31,
2010	 	 	Sept. 30,
2010	 	 	 	 	 	 	 	Sept. 30,
2011	 	 	Sept. 30,
2010	 	 	Change	 	 	 	 	 	
Average invested assets at amortized cost	 	$	17,683,301	  	 	$	17,446,168	  	 	$	16,762,725	  	 	$	16,257,365	  	 	$	15,763,396	  	 	$	1,919,905	  	 	 	 	$	17,071,468	  	 	$	15,205,358	  	 	$	1,866,110	  	 	 	 	 	
Net investment income	 	$	229,373	  	 	$	228,728	  	 	$	219,908	  	 	$	216,176	  	 	$	218,546	  	 	$	10,827	  	 	 	 	$	678,009	  	 	$	642,144	  	 	$	35,865	  	 	 	 	 	
Annualized investment yield (ratio of net investment income to average invested assets)	 	 	5.29	% 	 	 	5.35	% 	 	 	5.35	% 	 	 	5.43	% 	 	 	5.66	% 	 	 	-0.37	% 	 	 	 	 	5.33	% 	 	 	5.67	% 	 	 	-0.34	% 	 	 	 	 	

 	  	     Quarterly Financial Supplement	  	Page 15	

Reinsurance Group of America, Incorporated
Investments
(USD thousands)
Amortized cost, gross unrealized gains and losses, and estimated fair values of fixed maturity and equity securities
(Excludes Funds Withheld Portfolios)
September 30, 2011

  	  	Amortized
Cost	 	  	Unrealized
Gains	 	  	Unrealized
Losses	 	  	Estimated
Fair
Value	 	  	% of
Total	 	 	Other-than-
temporary
Impairment
in AOCI	 	
Available-for-sale:	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Corporate securities	  	$	7,277,255	  	  	$	642,734	  	  	$	139,062	  	  	$	7,780,927	  	  	 	50.0	% 	 	 	 	 	
Canadian and Canadian provincial governments	  	 	2,371,738	  	  	 	1,021,793	  	  	 	17	  	  	 	3,393,514	  	  	 	21.8	% 	 	 	 	 	
Residential mortgage-backed securities	  	 	1,238,863	  	  	 	84,856	  	  	 	15,945	  	  	 	1,307,774	  	  	 	8.4	% 	 	 	(740	) 	
Asset-backed securities	  	 	412,468	  	  	 	12,638	  	  	 	52,149	  	  	 	372,957	  	  	 	2.4	% 	 	 	(5,602	) 	
Commercial mortgage-backed securities	  	 	1,330,302	  	  	 	79,539	  	  	 	82,847	  	  	 	1,326,994	  	  	 	8.5	% 	 	 	(11,638	) 	
U.S. government and agencies	  	 	224,704	  	  	 	33,444	  	  	 	65	  	  	 	258,083	  	  	 	1.7	% 	 	 	 	 	
State and political subdivisions	  	 	182,570	  	  	 	23,061	  	  	 	2,297	  	  	 	203,334	  	  	 	1.3	% 	 	 	 	 	
Other foreign government securities	  	 	888,999	  	  	 	25,943	  	  	 	1,493	  	  	 	913,449	  	  	 	5.9	% 	 	 	 	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Total fixed maturity securities	  	$	13,926,899	  	  	$	1,924,008	  	  	$	293,875	  	  	$	15,557,032	  	  	 	100.0	% 	 	$	(17,980	) 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Non-redeemable preferred stock	  	 	97,391	  	  	 	3,599	  	  	 	7,399	  	  	 	93,591	  	  	 	73.9	% 	 	 	 	 	
Other equity securities	  	 	33,604	  	  	 	963	  	  	 	1,566	  	  	 	33,001	  	  	 	26.1	% 	 	 	 	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Total equity securities	  	$	130,995	  	  	$	4,562	  	  	$	8,965	  	  	$	126,592	  	  	 	100.0	% 	 	 	 	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
December 31, 2010

  	  	Amortized
Cost
	 	  	Unrealized
Gains	 	  	Unrealized
Losses	 	  	Estimated
Fair
Value	 	  	% of
Total	 	 	Other-than-
temporary
Impairment
in AOCI	 	
Available-for-sale:	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Corporate securities	  	$	6,826,937	  	  	$	436,384	  	  	$	107,816	  	  	$	7,155,505	  	  	 	50.0	% 	 	$	—  	  	
Canadian and Canadian provincial governments	  	 	2,354,418	  	  	 	672,951	  	  	 	3,886	  	  	 	3,023,483	  	  	 	21.1	% 	 	 	—  	  	
Residential mortgage-backed securities	  	 	1,443,892	  	  	 	55,765	  	  	 	26,580	  	  	 	1,473,077	  	  	 	10.3	% 	 	 	(1,650	) 	
Asset-backed securities	  	 	440,752	  	  	 	12,001	  	  	 	61,544	  	  	 	391,209	  	  	 	2.7	% 	 	 	(4,963	) 	
Commercial mortgage-backed securities	  	 	1,353,279	  	  	 	81,839	  	  	 	97,265	  	  	 	1,337,853	  	  	 	9.4	% 	 	 	(10,010	) 	
U.S. government and agencies	  	 	199,129	  	  	 	7,795	  	  	 	708	  	  	 	206,216	  	  	 	1.4	% 	 	 	—  	  	
State and political subdivisions	  	 	170,479	  	  	 	2,098	  	  	 	8,117	  	  	 	164,460	  	  	 	1.2	% 	 	 	—  	  	
Other foreign government securities	  	 	556,136	  	  	 	4,304	  	  	 	7,646	  	  	 	552,794	  	  	 	3.9	% 	 	 	—  	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Total fixed maturity securities	  	$	13,345,022	  	  	$	1,273,137	  	  	$	313,562	  	  	$	14,304,597	  	  	 	100.0	% 	 	$	(16,623	) 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Non-redeemable preferred stock	  	 	100,718	  	  	 	4,130	  	  	 	5,298	  	  	 	99,550	  	  	 	71.0	% 	 	 	 	 	
Other equity securities	  	 	34,832	  	  	 	6,100	  	  	 	271	  	  	 	40,661	  	  	 	29.0	% 	 	 	 	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Total equity securities	  	$	135,550	  	  	$	10,230	  	  	$	5,569	  	  	$	140,211	  	  	 	100.0	% 	 	 	 	 	

 	 	 	 	 	
 	  	     Quarterly Financial Supplement	  	Page 16	

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

 	  	September 30, 2011	  	December 31, 2010	
 	  	Amortized
Cost	 	  	Estimated
Fair
Value	 	  	% of Total	 	 	Average Credit
Ratings	  	Amortized
Cost	 	  	Estimated
Fair
Value	 	  	% of Total	 	 	Average Credit
Ratings	
Financial Institutions	  	 	 	 	  	 	 	 	  	 	 	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	
Banking	  	$	1,700,912	  	  	$	1,685,275	  	  	 	21.3	% 	 	A+	  	$	1,739,077	  	  	$	1,740,978	  	  	 	23.9	% 	 	A+	
Brokerage	  	 	94,147	  	  	 	99,298	  	  	 	1.3	% 	 	A–	  	 	98,351	  	  	 	103,902	  	  	 	1.4	% 	 	A–	
Finance Comp.	  	 	169,258	  	  	 	172,719	  	  	 	2.2	% 	 	A	  	 	216,212	  	  	 	224,729	  	  	 	3.1	% 	 	A	
Insurance	  	 	368,764	  	  	 	389,934	  	  	 	4.9	% 	 	A–	  	 	403,557	  	  	 	422,996	  	  	 	5.8	% 	 	A–	
REITs	  	 	276,607	  	  	 	286,257	  	  	 	3.6	% 	 	BBB+	  	 	178,106	  	  	 	187,587	  	  	 	2.6	% 	 	BBB+	
Other Finance	  	 	239,192	  	  	 	247,631	  	  	 	3.1	% 	 	A–	  	 	253,794	  	  	 	259,092	  	  	 	3.5	% 	 	A–	
 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	
Total Financial Institutions	  	 	2,848,880	  	  	 	2,881,114	  	  	 	36.4	% 	 	 	  	 	2,889,097	  	  	 	2,939,284	  	  	 	40.3	% 	 	 	
Industrials	  	 	 	 	  	 	 	 	  	 	 	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	
Basic	  	 	364,780	  	  	 	394,453	  	  	 	5.0	% 	 	BBB	  	 	349,522	  	  	 	376,723	  	  	 	5.2	% 	 	BBB	
Capital Goods	  	 	328,245	  	  	 	362,043	  	  	 	4.6	% 	 	BBB+	  	 	349,526	  	  	 	372,557	  	  	 	5.1	% 	 	BBB+	
Communications	  	 	671,062	  	  	 	732,510	  	  	 	9.3	% 	 	BBB+	  	 	586,179	  	  	 	634,557	  	  	 	8.7	% 	 	BBB+	
Consumer Cyclical	  	 	441,577	  	  	 	477,740	  	  	 	6.0	% 	 	BBB+	  	 	309,255	  	  	 	324,648	  	  	 	4.4	% 	 	BBB+	
Consumer Noncyclical	  	 	662,423	  	  	 	749,420	  	  	 	9.5	% 	 	A–	  	 	646,383	  	  	 	693,785	  	  	 	9.5	% 	 	A–	
Energy	  	 	397,719	  	  	 	443,579	  	  	 	5.6	% 	 	BBB+	  	 	383,293	  	  	 	414,592	  	  	 	5.7	% 	 	BBB+	
Technology	  	 	241,418	  	  	 	260,122	  	  	 	3.3	% 	 	BBB+	  	 	228,702	  	  	 	238,975	  	  	 	3.3	% 	 	BBB+	
Transportation	  	 	253,922	  	  	 	272,272	  	  	 	3.4	% 	 	BBB+	  	 	242,719	  	  	 	255,910	  	  	 	3.5	% 	 	BBB+	
Other Industrial	  	 	58,542	  	  	 	61,285	  	  	 	0.8	% 	 	BBB	  	 	50,679	  	  	 	53,767	  	  	 	0.7	% 	 	BBB	
 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	
Total Industrials	  	 	3,419,688	  	  	 	3,753,424	  	  	 	47.5	% 	 	 	  	 	3,146,258	  	  	 	3,365,514	  	  	 	46.1	% 	 	 	
Utilities	  	 	 	 	  	 	 	 	  	 	 	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	
Electric	  	 	698,200	  	  	 	776,132	  	  	 	9.8	% 	 	BBB+	  	 	612,790	  	  	 	642,177	  	  	 	8.8	% 	 	BBB+	
Natural Gas	  	 	394,853	  	  	 	441,666	  	  	 	5.6	% 	 	BBB	  	 	276,402	  	  	 	303,679	  	  	 	4.2	% 	 	BBB+	
Other Utility	  	 	38,202	  	  	 	46,042	  	  	 	0.6	% 	 	A	  	 	23,002	  	  	 	29,700	  	  	 	0.4	% 	 	A–	
 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	
Total Utilities	  	 	1,131,255	  	  	 	1,263,840	  	  	 	16.0	% 	 	 	  	 	912,194	  	  	 	975,556	  	  	 	13.4	% 	 	 	
Other Sectors	  	 	8,427	  	  	 	9,141	  	  	 	0.1	% 	 	AA	  	 	14,938	  	  	 	15,362	  	  	 	0.2	% 	 	AA+	
 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	
Total	  	$	7,408,250	  	  	$	7,907,519	  	  	 	100.0	% 	 	A–	  	$	6,962,487	  	  	$	7,295,716	  	  	 	100.0	% 	 	A–	

 	 	 	 	 	
 	  	     Quarterly Financial Supplement	  	Page 17	

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

 	  	 	 	September 30, 2011	 	 	June 30, 2011	 	 	March 31, 2011	 	 	December 31, 2010	 	 	September 30, 2010	 	
NAIC
Designation	  	Rating
Agency
Designation	 	Amortized
Cost	 	 	Estimated
Fair
Value	 	 	% of
Total	 	 	Amortized
Cost	 	 	Estimated
Fair
Value	 	 	% of
Total	 	 	Amortized
Cost	 	 	Estimated
Fair
Value	 	 	% of
Total	 	 	Amortized
Cost	 	 	Estimated
Fair
Value	 	 	% of
Total	 	 	Amortized
Cost	 	 	Estimated
Fair
Value	 	 	% of
Total	 	
1	  	AAA	 	$	2,375,876	  	 	$	2,459,503	  	 	 	15.8	% 	 	$	3,261,242	  	 	$	3,360,370	  	 	 	22.2	% 	 	$	3,397,610	  	 	$	3,470,262	  	 	 	23.9	% 	 	$	3,516,872	  	 	$	3,592,987	  	 	 	25.1	% 	 	$	3,492,193	  	 	$	3,633,780	  	 	 	25.6	% 	
1	  	AA	 	 	4,351,791	  	 	 	5,254,456	  	 	 	33.8	% 	 	 	3,593,909	  	 	 	4,103,688	  	 	 	27.0	% 	 	 	3,369,423	  	 	 	3,765,275	  	 	 	25.9	% 	 	 	3,284,387	  	 	 	3,758,523	  	 	 	26.3	% 	 	 	3,155,855	  	 	 	3,675,615	  	 	 	25.9	% 	
1	  	A	 	 	3,231,583	  	 	 	3,736,883	  	 	 	24.0	% 	 	 	3,250,321	  	 	 	3,587,885	  	 	 	23.7	% 	 	 	3,206,317	  	 	 	3,480,683	  	 	 	24.0	% 	 	 	2,896,256	  	 	 	3,205,431	  	 	 	22.4	% 	 	 	2,714,384	  	 	 	3,138,268	  	 	 	22.2	% 	
2	  	BBB	 	 	3,187,296	  	 	 	3,402,993	  	 	 	21.9	% 	 	 	3,129,518	  	 	 	3,330,600	  	 	 	22.0	% 	 	 	2,863,853	  	 	 	3,041,200	  	 	 	20.9	% 	 	 	2,860,603	  	 	 	3,035,593	  	 	 	21.2	% 	 	 	2,778,394	  	 	 	3,030,667	  	 	 	21.4	% 	
3	  	BB	 	 	444,042	  	 	 	423,559	  	 	 	2.7	% 	 	 	464,363	  	 	 	466,393	  	 	 	3.1	% 	 	 	492,097	  	 	 	497,056	  	 	 	3.4	% 	 	 	460,675	  	 	 	450,368	  	 	 	3.2	% 	 	 	471,013	  	 	 	440,012	  	 	 	3.1	% 	
4	  	B	 	 	229,658	  	 	 	196,617	  	 	 	1.3	% 	 	 	248,242	  	 	 	229,591	  	 	 	1.5	% 	 	 	218,541	  	 	 	203,594	  	 	 	1.4	% 	 	 	239,604	  	 	 	191,287	  	 	 	1.3	% 	 	 	237,136	  	 	 	185,668	  	 	 	1.3	% 	
5	  	CCC and lower	 	 	78,310	  	 	 	60,014	  	 	 	0.4	% 	 	 	65,181	  	 	 	49,540	  	 	 	0.3	% 	 	 	67,395	  	 	 	50,231	  	 	 	0.3	% 	 	 	63,859	  	 	 	47,493	  	 	 	0.3	% 	 	 	63,033	  	 	 	44,683	  	 	 	0.3	% 	
6	  	In or near default	 	 	28,343	  	 	 	23,007	  	 	 	0.1	% 	 	 	28,571	  	 	 	25,740	  	 	 	0.2	% 	 	 	21,747	  	 	 	22,853	  	 	 	0.2	% 	 	 	22,766	  	 	 	22,915	  	 	 	0.2	% 	 	 	21,108	  	 	 	21,237	  	 	 	0.2	% 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	  	Total	 	$	13,926,899	  	 	$	15,557,032	  	 	 	 	 	 	$	14,041,347	  	 	$	15,153,807	  	 	 	 	 	 	$	13,636,983	  	 	$	14,531,154	  	 	 	 	 	 	$	13,345,022	  	 	$	14,304,597	  	 	 	 	 	 	$	12,933,116	  	 	$	14,169,930	  	 	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Structured Fixed Maturity Securities

 	 	September 30, 2011	 	 	June 30, 2011	 	 	March 31, 2011	 	 	December 31, 2010	 	 	September 30, 2010	 	
 	 	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	 	$	596,072	  	 	$	660,833	  	 	$	637,806	  	 	$	674,599	  	 	$	662,505	  	 	$	690,577	  	 	$	636,931	  	 	$	668,405	  	 	$	682,621	  	 	$	728,354	  	
Non-agency	 	 	642,791	  	 	 	646,941	  	 	 	682,952	  	 	 	691,185	  	 	 	712,661	  	 	 	725,551	  	 	 	806,961	  	 	 	804,672	  	 	 	837,648	  	 	 	832,934	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total residential mortgage-backed securities	 	 	1,238,863	  	 	 	1,307,774	  	 	 	1,320,758	  	 	 	1,365,784	  	 	 	1,375,166	  	 	 	1,416,128	  	 	 	1,443,892	  	 	 	1,473,077	  	 	 	1,520,269	  	 	 	1,561,288	  	
Commercial mortgage-backed securities	 	 	1,330,302	  	 	 	1,326,994	  	 	 	1,333,832	  	 	 	1,359,105	  	 	 	1,344,194	  	 	 	1,365,715	  	 	 	1,353,279	  	 	 	1,337,853	  	 	 	1,257,835	  	 	 	1,235,849	  	
Asset-backed securities	 	 	412,468	  	 	 	372,957	  	 	 	415,637	  	 	 	376,920	  	 	 	420,028	  	 	 	377,573	  	 	 	440,752	  	 	 	391,209	  	 	 	457,047	  	 	 	414,515	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	 	$	2,981,633	  	 	$	3,007,725	  	 	$	3,070,227	  	 	$	3,101,809	  	 	$	3,139,388	  	 	$	3,159,416	  	 	$	3,237,923	  	 	$	3,202,139	  	 	$	3,235,151	  	 	$	3,211,652	  	

 	 	 	 	 	
 	  	     Quarterly Financial Supplement	  	Page 18	

Investments
(USD thousands)
Subprime Mortgage Exposure
(Includes Funds Withheld Portfolios)

 	  	September 30, 2011	 	
 	  	AAA	 	  	AA	 	  	A	 	
Underwriting Year	  	Amortized
Cost	 	  	Estimated Fair
Value	 	  	Amortized
Cost	 	  	Estimated Fair
Value	 	  	Amortized
Cost	 	  	Estimated Fair
Value	 	
2005 & Prior	  	$	6,924	  	  	$	6,196	  	  	$	23,312	  	  	$	21,468	  	  	$	9,599	  	  	$	8,773	  	
2006	  	 	—  	  	  	 	—  	  	  	 	2,271	  	  	 	2,109	  	  	 	—  	  	  	 	—  	  	
2007	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	
2008 - 2011	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total	  	$	6,924	  	  	$	6,196	  	  	$	25,583	  	  	$	23,577	  	  	$	9,599	  	  	$	8,773	  	

 	  	BBB	 	  	Below Investment Grade	 	  	Total	 	
Underwriting Year	  	Amortized
Cost	 	  	Estimated Fair
Value	 	  	Amortized
Cost	 	  	Estimated Fair
Value	 	  	Amortized
Cost	 	  	Estimated Fair
Value	 	
2005 & Prior	  	$	15,199	  	  	$	13,253	  	  	$	72,718	  	  	$	41,815	  	  	$	127,752	  	  	$	91,505	  	
2006	  	 	—  	  	  	 	—  	  	  	 	2,074	  	  	 	3,088	  	  	 	4,345	  	  	 	5,197	  	
2007	  	 	—  	  	  	 	—  	  	  	 	4,602	  	  	 	2,643	  	  	 	4,602	  	  	 	2,643	  	
2008 - 2011	  	 	6,893	  	  	 	6,748	  	  	 	—  	  	  	 	—  	  	  	 	6,893	  	  	 	6,748	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total	  	$	22,092	  	  	$	20,001	  	  	$	79,394	  	  	$	47,546	  	  	$	143,592	  	  	$	106,093	  	

 	  	December 31, 2010	 	
 	  	AAA	 	  	AA	 	  	A	 	
Underwriting Year	  	Amortized
Cost	 	  	Estimated Fair
Value	 	  	Amortized
Cost	 	  	Estimated Fair
Value	 	  	Amortized
Cost	 	  	Estimated Fair
Value	 	
2005 & Prior	  	$	13,343	  	  	$	12,079	  	  	$	29,809	  	  	$	27,746	  	  	$	10,504	  	  	$	9,573	  	
2006	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	
2007	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	
2008 - 2010	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total	  	$	13,343	  	  	$	12,079	  	  	$	29,809	  	  	$	27,746	  	  	$	10,504	  	  	$	9,573	  	

 	  	BBB	 	  	Below Investment Grade	 	  	Total	 	
Underwriting Year	  	Amortized
Cost	 	  	Estimated Fair
Value	 	  	Amortized
Cost	 	  	Estimated Fair
Value	 	  	Amortized
Cost	 	  	Estimated Fair
Value	 	
2005 & Prior	  	$	22,608	  	  	$	19,213	  	  	$	71,582	  	  	$	41,308	  	  	$	147,846	  	  	$	109,919	  	
2006	  	 	—  	  	  	 	—  	  	  	 	2,152	  	  	 	2,508	  	  	 	2,152	  	  	 	2,508	  	
2007	  	 	—  	  	  	 	—  	  	  	 	5,279	  	  	 	3,329	  	  	 	5,279	  	  	 	3,329	  	
2008 - 2010	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total	  	$	22,608	  	  	$	19,213	  	  	$	79,013	  	  	$	47,145	  	  	$	155,277	  	  	$	115,756	  	

 	 	 	 	 	
 	  	     Quarterly Financial Supplement	  	Page 19	

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

 	  	September 30, 2011	 	
 	  	AAA	 	  	AA	 	  	A	 	
Underwriting Year	  	Amortized
Cost	 	  	Estimated Fair
Value	 	  	Amortized
Cost	 	  	Estimated Fair
Value	 	  	Amortized
Cost	 	  	Estimated Fair
Value	 	
2005 & Prior	  	$	144,277	  	  	$	152,768	  	  	$	105,813	  	  	$	116,562	  	  	$	34,150	  	  	$	33,030	  	
2006	  	 	275,552	  	  	 	287,943	  	  	 	55,990	  	  	 	61,997	  	  	 	54,778	  	  	 	55,814	  	
2007	  	 	213,210	  	  	 	225,289	  	  	 	28,104	  	  	 	23,053	  	  	 	118,465	  	  	 	120,281	  	
2008	  	 	9,133	  	  	 	9,261	  	  	 	54,813	  	  	 	64,141	  	  	 	7,577	  	  	 	8,256	  	
2009	  	 	—  	  	  	 	—  	  	  	 	12,379	  	  	 	13,541	  	  	 	6,997	  	  	 	9,354	  	
2010	  	 	27,939	  	  	 	28,206	  	  	 	56,262	  	  	 	60,540	  	  	 	19,475	  	  	 	20,737	  	
2011	  	 	20,048	  	  	 	19,348	  	  	 	11,922	  	  	 	12,917	  	  	 	5,761	  	  	 	5,961	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total	  	$	690,159	  	  	$	722,815	  	  	$	325,283	  	  	$	352,751	  	  	$	247,203	  	  	$	253,433	  	

 	  	BBB	 	  	Below Investment Grade	 	  	Total	 	
Underwriting Year	  	Amortized
Cost	 	  	Estimated Fair
Value	 	  	Amortized
Cost	 	  	Estimated Fair
Value	 	  	Amortized
Cost	 	  	Estimated Fair
Value	 	
2005 & Prior	  	$	32,416	  	  	$	30,680	  	  	$	52,459	  	  	$	40,472	  	  	$	369,115	  	  	$	373,512	  	
2006	  	 	27,841	  	  	 	25,093	  	  	 	55,134	  	  	 	45,747	  	  	 	469,295	  	  	 	476,594	  	
2007	  	 	102,387	  	  	 	104,444	  	  	 	116,843	  	  	 	85,783	  	  	 	579,009	  	  	 	558,850	  	
2008	  	 	—  	  	  	 	—  	  	  	 	24,682	  	  	 	17,481	  	  	 	96,205	  	  	 	99,139	  	
2009	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	19,376	  	  	 	22,895	  	
2010	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	103,676	  	  	 	109,483	  	
2011	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	37,731	  	  	 	38,226	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total	  	$	162,644	  	  	$	160,217	  	  	$	249,118	  	  	$	189,483	  	  	$	1,674,407	  	  	$	1,678,699	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
NOTE: Totals include directly held investments with amortized cost of $1,330.3 million and fair value of $1,327.0 million as well as investments in funds withheld with amortized cost of $344.1 million and fair value of $351.7 million.

 	  	December 31, 2010	 	
 	  	AAA	 	  	AA	 	  	A	 	
Underwriting Year	  	Amortized
Cost	 	  	Estimated Fair
Value	 	  	Amortized
Cost	 	  	Estimated Fair
Value	 	  	Amortized
Cost	 	  	Estimated Fair
Value	 	
2005 & Prior	  	$	261,763	  	  	$	282,522	  	  	$	81,795	  	  	$	85,675	  	  	$	63,234	  	  	$	63,491	  	
2006	  	 	314,043	  	  	 	328,422	  	  	 	46,372	  	  	 	50,217	  	  	 	48,851	  	  	 	49,949	  	
2007	  	 	255,589	  	  	 	270,731	  	  	 	29,493	  	  	 	23,512	  	  	 	92,910	  	  	 	96,790	  	
2008	  	 	29,547	  	  	 	33,115	  	  	 	37,291	  	  	 	39,657	  	  	 	7,495	  	  	 	7,886	  	
2009	  	 	8,020	  	  	 	7,877	  	  	 	3,088	  	  	 	3,505	  	  	 	6,834	  	  	 	9,675	  	
2010	  	 	69,580	  	  	 	68,879	  	  	 	5,193	  	  	 	4,800	  	  	 	10,970	  	  	 	10,928	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total	  	$	938,542	  	  	$	991,546	  	  	$	203,232	  	  	$	207,366	  	  	$	230,294	  	  	$	238,719	  	

 	  	BBB	 	  	Below Investment Grade	 	  	Total	 	
Underwriting Year	  	Amortized
Cost	 	  	Estimated Fair
Value	 	  	Amortized
Cost	 	  	Estimated Fair
Value	 	  	Amortized
Cost	 	  	Estimated Fair
Value	 	
2005 & Prior	  	$	67,341	  	  	$	66,392	  	  	$	56,882	  	  	$	44,770	  	  	$	531,015	  	  	$	542,850	  	
2006	  	 	32,651	  	  	 	31,646	  	  	 	56,636	  	  	 	39,127	  	  	 	498,553	  	  	 	499,361	  	
2007	  	 	99,796	  	  	 	105,962	  	  	 	125,123	  	  	 	77,459	  	  	 	602,911	  	  	 	574,454	  	
2008	  	 	—  	  	  	 	—  	  	  	 	24,085	  	  	 	15,234	  	  	 	98,418	  	  	 	95,892	  	
2009	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	17,942	  	  	 	21,057	  	
2010	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	85,743	  	  	 	84,607	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total	  	$	199,788	  	  	$	204,000	  	  	$	262,726	  	  	$	176,590	  	  	$	1,834,582	  	  	$	1,818,221	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
NOTE: Totals include directly held investments with amortized cost of $1,353.3 million and fair value of $1,337.9 million as well as investments in funds withheld with amortized cost of $481.3 million and fair value of $480.4 million.

 	  	     Quarterly Financial Supplement	  	Page 20	

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

 	  	September 30, 2011	 	 	June 30, 2011	 	 	March 31, 2011	 	 	December 31, 2010	 	 	September 30, 2010	 	
 	  	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%	  	$	139,671	  	  	 	46.1	% 	 	$	120,770	  	  	 	51.7	% 	 	$	142,936	  	  	 	53.4	% 	 	$	143,451	  	  	 	44.9	% 	 	$	86,770	  	  	 	29.1	% 	
20% or more for less than six months	  	 	49,034	  	  	 	16.2	% 	 	 	7,742	  	  	 	3.3	% 	 	 	7,229	  	  	 	2.7	% 	 	 	17,293	  	  	 	5.4	% 	 	 	45,706	  	  	 	15.3	% 	
20% or more for six months or greater	  	 	105,170	  	  	 	34.7	% 	 	 	102,017	  	  	 	43.6	% 	 	 	110,349	  	  	 	41.2	% 	 	 	152,818	  	  	 	47.9	% 	 	 	160,785	  	  	 	53.9	% 	
 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	
Total	  	$	293,875	  	  	 	97.0	% 	 	$	230,529	  	  	 	98.6	% 	 	$	260,514	  	  	 	97.3	% 	 	$	313,562	  	  	 	98.2	% 	 	$	293,261	  	  	 	98.3	% 	

Equity Securities	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	
 	 	 	 	 	 	
 	  	September 30, 2011	 	 	June 30, 2011	 	 	March 31, 2011	 	 	December 31, 2010	 	 	September 30, 2010	 	
 	  	Gross
Unrealized
Losses	 	  	% of Total	 	 	Gross
Unrealized
Losses	 	  	% of Total	 	 	Gross
Unrealized
Losses	 	  	% of Total	 	 	Gross
Unrealized
Losses	 	  	% of Total	 	 	Gross
Unrealized
Losses	 	  	% of Total	 	
Less than 20%	  	$	4,774	  	  	 	1.6	% 	 	$	3,019	  	  	 	1.3	% 	 	$	5,196	  	  	 	1.9	% 	 	$	2,953	  	  	 	0.9	% 	 	$	2,921	  	  	 	1.0	% 	
20% or more for less than six months	  	 	4,142	  	  	 	1.4	% 	 	 	223	  	  	 	0.1	% 	 	 	691	  	  	 	0.3	% 	 	 	821	  	  	 	0.3	% 	 	 	265	  	  	 	0.1	% 	
20% or more for six months or greater	  	 	49	  	  	 	0.0	% 	 	 	48	  	  	 	0.0	% 	 	 	1,304	  	  	 	0.5	% 	 	 	1,795	  	  	 	0.6	% 	 	 	1,857	  	  	 	0.6	% 	
 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	
Total	  	$	8,965	  	  	 	3.0	% 	 	$	3,290	  	  	 	1.4	% 	 	$	7,191	  	  	 	2.7	% 	 	$	5,569	  	  	 	1.8	% 	 	$	5,043	  	  	 	1.7	% 	

 	 	 	 	 	
 	  	     Quarterly Financial Supplement	  	Page 21	

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

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	  	As of September 30, 2011	 	
 	  	Less than 12 months	 	  	Equal to or greater than 12 months	 	  	Total	 	
 	  	Estimated Fair
Value	 	  	Gross Unrealized
Losses	 	  	Estimated Fair
Value	 	  	Gross Unrealized
Losses	 	  	Estimated
Fair Value	 	  	Gross Unrealized
Losses	 	
Investment grade securities:	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Corporate securities	  	$	928,293	  	  	$	43,765	  	  	$	304,544	  	  	$	70,847	  	  	$	1,232,837	  	  	$	114,612	  	
Canadian and Canadian provincial governments	  	 	1,982	  	  	 	17	  	  	 	—  	  	  	 	—  	  	  	 	1,982	  	  	 	17	  	
Residential mortgage-backed securities	  	 	117,719	  	  	 	3,135	  	  	 	57,179	  	  	 	10,396	  	  	 	174,898	  	  	 	13,531	  	
Asset-backed securities	  	 	63,953	  	  	 	1,558	  	  	 	80,006	  	  	 	30,065	  	  	 	143,959	  	  	 	31,623	  	
Commercial mortgage-backed securities	  	 	156,938	  	  	 	10,681	  	  	 	68,236	  	  	 	23,134	  	  	 	225,174	  	  	 	33,815	  	
U.S. government and agencies	  	 	1,164	  	  	 	62	  	  	 	—  	  	  	 	3	  	  	 	1,164	  	  	 	65	  	
State and political subdivisions	  	 	13,811	  	  	 	967	  	  	 	12,476	  	  	 	1,067	  	  	 	26,287	  	  	 	2,034	  	
Other foreign government securities	  	 	85,992	  	  	 	657	  	  	 	30,493	  	  	 	836	  	  	 	116,485	  	  	 	1,493	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Investment grade securities	  	$	1,369,852	  	  	$	60,842	  	  	$	552,934	  	  	$	136,348	  	  	$	1,922,786	  	  	$	197,190	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Non-investment grade securities:	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Corporate securities	  	 	271,597	  	  	 	15,453	  	  	 	72,395	  	  	 	8,997	  	  	 	343,992	  	  	 	24,450	  	
Residential mortgage-backed securities	  	 	13,809	  	  	 	1,149	  	  	 	10,824	  	  	 	1,265	  	  	 	24,633	  	  	 	2,414	  	
Asset-backed securities	  	 	2,542	  	  	 	719	  	  	 	21,943	  	  	 	19,807	  	  	 	24,485	  	  	 	20,526	  	
Commercial mortgage-backed securities	  	 	32,657	  	  	 	6,571	  	  	 	69,674	  	  	 	42,461	  	  	 	102,331	  	  	 	49,032	  	
State and political subdivisions	  	 	3,965	  	  	 	263	  	  	 	—  	  	  	 	—  	  	  	 	3,965	  	  	 	263	  	
Other foreign government securities	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Non-investment grade securities	  	$	324,570	  	  	$	24,155	  	  	$	174,836	  	  	$	72,530	  	  	$	499,406	  	  	$	96,685	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total fixed maturity securities	  	$	1,694,422	  	  	$	84,997	  	  	$	727,770	  	  	$	208,878	  	  	$	2,422,192	  	  	$	293,875	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Non-redeemable preferred stock	  	 	20,705	  	  	 	2,565	  	  	 	18,453	  	  	 	4,834	  	  	 	39,158	  	  	 	7,399	  	
Other equity securities	  	 	2,184	  	  	 	806	  	  	 	6,081	  	  	 	760	  	  	 	8,265	  	  	 	1,566	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total Equity securities	  	$	22,889	  	  	$	3,371	  	  	$	24,534	  	  	$	5,594	  	  	$	47,423	  	  	$	8,965	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total number of securities in an unrealized loss position	  	 	606	  	  	 	 	 	  	 	405	  	  	 	 	 	  	 	1,011	  	  	 	 	 	
 	 	
 	  	As of December 31, 2010	 	
 	  	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	  	$	1,170,016	  	  	$	34,097	  	  	$	368,128	  	  	$	61,945	  	  	$	1,538,144	  	  	$	96,042	  	
Canadian and Canadian provincial governments	  	 	118,585	  	  	 	3,886	  	  	 	—  	  	  	 	—  	  	  	 	118,585	  	  	 	3,886	  	
Residential mortgage-backed securities	  	 	195,406	  	  	 	4,986	  	  	 	105,601	  	  	 	13,607	  	  	 	301,007	  	  	 	18,593	  	
Asset-backed securities	  	 	23,065	  	  	 	570	  	  	 	131,172	  	  	 	38,451	  	  	 	154,237	  	  	 	39,021	  	
Commercial mortgage-backed securities	  	 	132,526	  	  	 	4,143	  	  	 	109,158	  	  	 	29,059	  	  	 	241,684	  	  	 	33,202	  	
U.S. government and agencies	  	 	11,839	  	  	 	708	  	  	 	—  	  	  	 	—  	  	  	 	11,839	  	  	 	708	  	
State and political subdivisions	  	 	68,229	  	  	 	2,890	  	  	 	31,426	  	  	 	5,227	  	  	 	99,655	  	  	 	8,117	  	
Other foreign government securities	  	 	322,363	  	  	 	3,142	  	  	 	43,796	  	  	 	4,504	  	  	 	366,159	  	  	 	7,646	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Investment grade securities	  	 	2,042,029	  	  	 	54,422	  	  	 	789,281	  	  	 	152,793	  	  	 	2,831,310	  	  	 	207,215	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Non-investment grade securities:	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Corporate securities	  	 	58,420	  	  	 	1,832	  	  	 	91,205	  	  	 	9,942	  	  	 	149,625	  	  	 	11,774	  	
Residential mortgage-backed securities	  	 	1,162	  	  	 	605	  	  	 	38,206	  	  	 	7,382	  	  	 	39,368	  	  	 	7,987	  	
Asset-backed securities	  	 	—  	  	  	 	—  	  	  	 	23,356	  	  	 	22,523	  	  	 	23,356	  	  	 	22,523	  	
Commercial mortgage-backed securities	  	 	—  	  	  	 	—  	  	  	 	89,170	  	  	 	64,063	  	  	 	89,170	  	  	 	64,063	  	
State and political subdivisions	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Non-investment grade securities	  	 	59,582	  	  	 	2,437	  	  	 	241,937	  	  	 	103,910	  	  	 	301,519	  	  	 	106,347	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total fixed maturity securities	  	$	2,101,611	  	  	$	56,859	  	  	$	1,031,218	  	  	$	256,703	  	  	$	3,132,829	  	  	$	313,562	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Non-redeemable preferred stock	  	 	15,987	  	  	 	834	  	  	 	28,549	  	  	 	4,464	  	  	 	44,536	  	  	 	5,298	  	
Other equity securities	  	 	6,877	  	  	 	271	  	  	 	318	  	  	 	—  	  	  	 	7,195	  	  	 	271	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total Equity securities	  	$	22,864	  	  	$	1,105	  	  	$	28,867	  	  	$	4,464	  	  	$	51,731	  	  	$	5,569	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total number of securities in an unrealized loss position	  	 	520	  	  	 	 	 	  	 	508	  	  	 	 	 	  	 	1,028	  	  	 	 	 	

 	  	     Quarterly Financial Supplement	  	Page 22	

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

 	  	Three Months Ended	 	 	Current Qtr
vs. PY
Quarter	 	 	  	  	Year-to-Date	 	 	
 	  	Sept. 30,
2011	 	 	June 30,
2011	 	 	March 31,
2011	 	 	Dec. 31,
2010	 	 	Sept. 30,
2010	 	 	 	 	 	  	  	Sept. 30,
2011	 	 	Sept. 30,
2010	 	 	Change	 	 	 	 	
Fixed Maturity and Equity Securities:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Other-than-temporary impairment losses on fixed maturities	  	$	(11,911	) 	 	$	(5,582	) 	 	$	(1,556	) 	 	$	(16,097	) 	 	$	(4,904	) 	 	$	(7,007	) 	 	 	  	$	(19,049	) 	 	$	(15,823	) 	 	$	(3,226	) 	 	 	 	
Portion of loss recognized in accumulated other comprehensive income (before taxes)	  	 	3,089	  	 	 	292	  	 	 	—  	  	 	 	(186	) 	 	 	26	  	 	 	3,063	  	 	 	  	 	3,381	  	 	 	2,231	  	 	 	1,150	  	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net other-than-temporary impairment losses on fixed maturities recognized in earnings	  	 	(8,822	) 	 	 	(5,290	) 	 	 	(1,556	) 	 	 	(16,283	) 	 	 	(4,878	) 	 	 	(3,944	) 	 	 	  	 	(15,668	) 	 	 	(13,592	) 	 	 	(2,076	) 	 	 	 	
Impairment losses on equity securities	  	 	—  	  	 	 	(3,680	) 	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	  	 	(3,680	) 	 	 	(32	) 	 	 	(3,648	) 	 	 	 	
Gain on investment activity	  	 	34,840	  	 	 	28,207	  	 	 	29,376	  	 	 	26,124	  	 	 	39,371	  	 	 	(4,531	) 	 	 	  	 	92,423	  	 	 	74,833	  	 	 	17,590	  	 	 	 	
Loss on investment activity	  	 	(7,182	) 	 	 	(6,653	) 	 	 	(6,914	) 	 	 	(6,763	) 	 	 	(7,773	) 	 	 	591	  	 	 	  	 	(20,749	) 	 	 	(21,967	) 	 	 	1,218	  	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net gain/(loss) on fixed maturity and equity securities	  	 	18,836	  	 	 	12,584	  	 	 	20,906	  	 	 	3,078	  	 	 	26,720	  	 	 	(7,884	) 	 	 	  	 	52,326	  	 	 	39,242	  	 	 	13,084	  	 	 	 	
Other impairment losses and change in mortgage loan provision	  	 	(2,370	) 	 	 	(3,186	) 	 	 	576	  	 	 	1,506	  	 	 	(5,087	) 	 	 	2,717	  	 	 	  	 	(4,980	) 	 	 	(7,482	) 	 	 	2,502	  	 	 	 	
Other non-derivative gain/(loss), net	  	 	5,698	  	 	 	4,645	  	 	 	4,696	  	 	 	4,751	  	 	 	4,644	  	 	 	1,054	  	 	 	  	 	15,039	  	 	 	8,984	  	 	 	6,055	  	 	 	 	
Free-standing Derivatives:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Credit Default Swaps	  	 	(10,018	) 	 	 	988	  	 	 	892	  	 	 	4,340	  	 	 	3,730	  	 	 	(13,748	) 	 	 	  	 	(8,138	) 	 	 	446	  	 	 	(8,584	) 	 	 	 	
Interest Rate Swaps - non-hedged	  	 	142,907	  	 	 	25,343	  	 	 	(10,730	) 	 	 	(79,546	) 	 	 	49,825	  	 	 	93,082	  	 	 	  	 	157,520	  	 	 	148,280	  	 	 	9,240	  	 	 	 	
Interest Rate Swaps - hedged	  	 	258	  	 	 	205	  	 	 	126	  	 	 	19	  	 	 	239	  	 	 	19	  	 	 	  	 	589	  	 	 	539	  	 	 	50	  	 	 	 	
Futures	  	 	36,217	  	 	 	(2,873	) 	 	 	(11,423	) 	 	 	(23,766	) 	 	 	(42,270	) 	 	 	78,487	  	 	 	  	 	21,921	  	 	 	(21,192	) 	 	 	43,113	  	 	 	 	
CPI Swaps	  	 	(219	) 	 	 	503	  	 	 	811	  	 	 	438	  	 	 	(508	) 	 	 	289	  	 	 	  	 	1,095	  	 	 	524	  	 	 	571	  	 	 	 	
Equity options	  	 	30,530	  	 	 	3,919	  	 	 	(4,568	) 	 	 	(2,402	) 	 	 	(731	) 	 	 	31,261	  	 	 	  	 	29,881	  	 	 	(604	) 	 	 	30,485	  	 	 	 	
Currency Forwards	  	 	1,374	  	 	 	595	  	 	 	(855	) 	 	 	1,226	  	 	 	1,543	  	 	 	(169	) 	 	 	  	 	1,114	  	 	 	2,161	  	 	 	(1,047	) 	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total free-standing derivatives	  	 	201,049	  	 	 	28,680	  	 	 	(25,747	) 	 	 	(99,691	) 	 	 	11,828	  	 	 	189,221	  	 	 	  	 	203,982	  	 	 	130,154	  	 	 	73,828	  	 	 	 	
Embedded Derivatives:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Modified coinsurance and funds withheld treaties	  	 	(102,574	) 	 	 	10,525	  	 	 	90,535	  	 	 	43,780	  	 	 	(38,653	) 	 	 	(63,921	) 	 	 	  	 	(1,514	) 	 	 	116,494	  	 	 	(118,008	) 	 	 	 	
GMXB	  	 	(260,239	) 	 	 	(25,860	) 	 	 	32,654	  	 	 	121,209	  	 	 	(16,232	) 	 	 	(244,007	) 	 	 	  	 	(253,445	) 	 	 	(149,995	) 	 	 	(103,450	) 	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total embedded derivatives	  	 	(362,813	) 	 	 	(15,335	) 	 	 	123,189	  	 	 	164,989	  	 	 	(54,885	) 	 	 	(307,928	) 	 	 	  	 	(254,959	) 	 	 	(33,501	) 	 	 	(221,458	) 	 	 	 	
Net gain/(loss) on total derivatives	  	 	(161,764	) 	 	 	13,345	  	 	 	97,442	  	 	 	65,298	  	 	 	(43,057	) 	 	 	(118,707	) 	 	 	  	 	(50,977	) 	 	 	96,653	  	 	 	(147,630	) 	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total investment related gains / (losses), net	  	$	(139,600	) 	 	$	27,388	  	 	$	123,620	  	 	$	74,633	  	 	$	(16,780	) 	 	$	(122,820	) 	 	 	  	$	11,408	  	 	$	137,397	  	 	$	(125,989	) 	 	 	 	

 	 	 	 	 	
 	  	     Quarterly Financial Supplement	  	Page 23