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): April 28, 2016
 REINSURANCE GROUP OF AMERICA, INCORPORATED
(Exact Name of Registrant as Specified in its Charter)

 	 	 	 	 	
Missouri	 	1-11848	 	43-1627032	
(State or Other Jurisdiction
of Incorporation)	 	(Commission
File Number)	 	(IRS Employer
Identification Number)	
16600 Swingley Ridge Road, Chesterfield, Missouri 63017
(Address of Principal Executive Office)

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

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

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

 	
 	 	
Item 2.02	Results of Operations and Financial Condition.	
On April 28, 2016, Reinsurance Group of America, Incorporated issued (1) a press release (the “Press Release”) announcing its earnings for the three-month period ended March 31, 2016, and providing certain additional information, a copy of which is furnished with this report as Exhibit 99.1, and (2) a quarterly financial supplement (the "Quarterly Financial Supplement") for the quarter ended March 31, 2016, a copy of which is attached hereto as Exhibit 99.2. The Press Release also notes that a conference call will be held on April 29, 2016 to discuss the financial and operating results for the three-month period ended March 31, 2016.  The information set forth in this Current Report on Form 8-K, including the Press Release and Quarterly Financial Supplement, is being furnished and shall not be deemed to be "filed", as described in Instruction B.2 of Form 8-K.

 	
 	 	
Item 9.01	Financial Statements and Exhibits	
(d) Exhibits.

 	 	 	
 	 	 	
Exhibit No.	  	Exhibit	
99.1	  	Press Release of Reinsurance Group of America, Incorporated dated April 28, 2016	
 	 	
99.2	  	Quarterly Financial Supplement for the quarter ended March 31, 2016	

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: April 28, 2016	 	 	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 April 28, 2016	
 	 	
99.2	  	Quarterly Financial Supplement for the quarter ended March 31, 2016	

Exhibit 99.1

 PRESS RELEASE

REINSURANCE GROUP OF AMERICA REPORTS FIRST-QUARTER RESULTS

•	Earnings per diluted share: operating income* up 5 percent to $1.85, net income $1.17	
 	 	
•	Reported net premiums increased 7 percent; up 10 percent net of foreign currency	
 	 	
•	Approximately 1.2 million shares repurchased for $105 million during the quarter	
 	 	
•	Net adverse foreign currency effect of $0.10 per diluted share	

ST. LOUIS, April 28, 2016 - Reinsurance Group of America, Incorporated (NYSE: RGA), a leading global provider of life reinsurance, reported operating income* of $120.8 million, or $1.85 per diluted share, compared with $121.8 million, or $1.77 per diluted share, in the prior-year quarter. Net income totaled $76.5 million, or $1.17 per diluted share, compared to $125.1 million, or $1.81 per diluted share, the year before.

 	 	 	 	 	 	 	 	 	
 	 	Quarterly Results	
($ in thousands, except per share data)	 	2016	 	2015	
Net premiums	 	$	2,157,005	
 	 	$	2,023,852	
 	
Net income	 	76,472	
 	 	125,114	
 	
Net income per diluted share	 	1.17	
 	 	1.81	
 	
Operating income*	 	120,750	
 	 	121,778	
 	
Operating income per diluted share*	 	1.85	
 	 	1.77	
 	
Book value per share	 	104.88	
 	 	107.62	
 	
Book value per share (excl. Accumulated Other Comprehensive Income “AOCI”)*	 	84.11	
 	 	79.26	
 	
Total assets	 	52,186,624	
 	 	44,666,938	

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

Consolidated net premiums totaled $2.2 billion this quarter, up 7 percent from last year’s first quarter. Current-period premiums reflect net adverse foreign currency effects of approximately $70.2 million. Excluding those effects, premiums increased 10 percent versus the prior-year quarter. Investment income decreased 2 percent to $417.3 million this period, primarily attributable to a $51.1 million decrease in the fair value of options contracts that are included in funds withheld at interest on the consolidated balance sheet and support the crediting rates for equity-indexed annuities. The average investment yield, excluding spread businesses, was down 32 basis points to 4.46 percent from the first quarter of 2015, and 50 basis points lower than the fourth-quarter yield, due primarily to higher prepayment and variable investment income in the prior periods and higher investment income associated with a block transaction in the fourth quarter that included investment income retroactive to the beginning of that year.

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The effective tax rate on operating income was approximately 32 percent this quarter, below an expected range of 34 percent to 35 percent for the full year, due primarily to generating a greater-than-expected portion of earnings in jurisdictions that have lower income tax rates than the U.S. statutory rate.

Greig Woodring, chief executive officer, commented, “We are off to a good start in 2016, with a solid first quarter. There were no major surprises in the quarter, and we remain optimistic about our earnings potential and returns over time. Operating earnings of $1.85 per diluted share were up 5 percent over last year's first quarter and would have been up 10 percent before the sizable negative effect of foreign currency movements totaling $0.10.”

Woodring continued, “Most relevant was the fact that our U.S. Traditional operations reported more consistent results in the seasonally weak first quarter following unusually high claims in our U.S. Individual Mortality business in the year-ago period. Results this year rebounded significantly and were more in line with our expectations. Our Asia Pacific segment was particularly strong, while claims flow in Canada and the U.K. was somewhat elevated, all normal volatility that occurs from quarter to quarter. More important, we have good balance overall, and our global model and diversified sources of earnings continue to serve us well.

“We repurchased 1.2 million shares in the quarter, and we continue to pursue a balanced approach to capital management in terms of deployment into in-force and other attractive transactions, share repurchases and shareholder dividend increases over time. We did not close on any major deployment transactions in the quarter, but the activity pipeline and environment continue to be strong.

“Looking forward, the macroeconomic environment remains challenging for the global life insurance industry, but we continue to see good demand from clients for our solutions. We expect to continue to execute in both our traditional and transaction businesses.”

SEGMENT RESULTS

U.S. and Latin America

Traditional

The U.S. and Latin America Traditional segment reported pre-tax operating income of $53.2 million, compared with $20.3 million in the first quarter of 2015. Mortality results were generally in line with our expectations, whereas last year’s first quarter was affected by a higher-than-expected number and average size of individual mortality claims. Pre-tax net income totaled $51.1 million for the quarter, compared with $17.8 million in last year’s first quarter.

Traditional net premiums increased 11 percent from last year's first quarter to $1,234.4 million, including the effect of in-force transactions that occurred over the past year.

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Non-Traditional

The Asset-Intensive business reported pre-tax operating income of $45.3 million compared with $40.3 million last year. Current-period results were at the low end of an expected range due to a combination of minor items. Overall, investment spreads were generally consistent with expectations. First-quarter pre-tax net losses totaled $30.8 million compared to pre-tax net income of $42.1 million a year ago, primarily attributable to realized losses from investment impairments, changes in the value of embedded derivatives and equity market effects.

The Financial Reinsurance business continued to perform well, reporting pre-tax operating income and pre-tax net income of $15.9 million, up from $12.4 million the year before, due to the ongoing effect of strong new business produced in the second half of 2015.

Canada

Traditional

The Canada Traditional segment reported pre-tax operating income of $19.4 million this quarter, up from $17.2 million the year before. Mortality experience was slightly worse than expected this year, but better than the very unfavorable experience a year ago. The negative effect of a weaker Canadian dollar was significant in the quarter, adversely affecting pre-tax operating income by $3.7 million. Pre-tax net income totaled $20.1 million compared with $22.7 million in the first quarter of 2015.

Reported net premiums increased 1 percent to $215.5 million and increased 12 percent on an original currency basis.

Non-Traditional

The Canada Non-Traditional business segment, which consists of longevity and fee-based transactions, reported pre-tax operating income and pre-tax net income of $0.6 million this quarter and $4.1 million in the prior-year quarter. This year’s results reflected unfavorable experience on longevity treaties, whereas last year's experience was favorable. Pre-tax operating income included an adverse effect of $0.6 million due to a relatively weaker Canadian dollar.

Europe, Middle East and Africa (EMEA)

Traditional

The EMEA Traditional segment reported a pre-tax operating loss of $1.1 million versus pre-tax operating income of $10.4 million in last year’s first quarter. Current-period results include unfavorable claims experience, most notably in the U.K, but consistent with seasonal volatility. First-quarter pre-tax net loss totaled $1.1 million versus a pre-tax net income of $10.5 million in the year-ago quarter.

Net reported premiums increased 2 percent and totaled $276.4 million, compared with $269.7 million in last year's first quarter. Net premiums were up 11 percent in original currencies.

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Non-Traditional

The EMEA Non-Traditional business segment includes longevity, asset-intensive and fee-based transactions. Pre-tax operating income increased to $25.6 million compared to $18.6 million in the year-ago period. The stronger current-period results reflect favorable longevity experience in the U.K. Net foreign currency fluctuations adversely affected pre-tax operating income by $2.0 million. Pre-tax net income totaled $25.4 million this quarter, compared with $19.6 million in last year’s first quarter.

Asia Pacific

Traditional

The Asia Pacific Traditional segment reported strong pre-tax operating income of $41.1 million, compared with the unusually strong results of $52.6 million in the prior-year period. This quarter’s results reflect a strong quarter in Australia, with solid results collectively across the Asian operations, most notably Japan. Net foreign currency exchange rate fluctuations had an adverse effect of $2.7 million on pre-tax operating income. The prior-year quarter was driven by unusually favorable experience in Australia and strong results across most other geographies. First-quarter pre-tax net income totaled $41.2 million compared with $52.6 million in last year’s first quarter.

Reported net premiums rose 1 percent to $374.1 million from $372.1 million in the prior-year period. Net premiums were up 6 percent in original currencies this quarter.

Non-Traditional

The Asia Pacific Non-Traditional business segment includes asset-intensive, fee-based and other various transactions. Pre-tax operating income in this segment totaled $7.4 million, down from $10.1 million last year, due to adverse experience on several treaties. Net foreign currency exchange rate fluctuations had a favorable effect of $0.3 million on pre-tax operating income. Pre-tax net income totaled $8.6 million this quarter and $10.1 million in the year-ago period.

Corporate and Other

The Corporate and Other segment’s pre-tax operating loss increased to $30.3 million from $5.7 million the year before, attributable mainly to higher operating expenses and lower investment income. Pre-tax net losses were $23.3 million this quarter versus $8.0 million a year ago.

Dividend Declaration

The board of directors declared a regular quarterly dividend of $0.37, payable May 31 to shareholders of record as of May 10.

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Earnings Conference Call

A conference call to discuss first-quarter results will begin at 9 a.m. Eastern Time on Friday, April 29. Interested parties may access the call by dialing 1-877-718-5095 (domestic) or 719-325-4832 (international). The access code is 5076339. A live audio webcast of the conference call will be available on the company’s investor relations website at  www.rgare.com . A replay of the conference call will be available at the same address for 90 days following the conference call. A telephonic replay also will be available through May 7 at 888-203-1112 (domestic) or 719-457-0820 (international), access code 5076339.

The company has posted to its website a Quarterly Financial Supplement that includes financial information for all segments as well as information on its investment portfolio. Additionally, the company posts periodic reports, press releases and other useful information on its investor relations website.

Use of Non-GAAP Financial Measures

RGA uses a non-GAAP financial measure called operating income as a basis for analyzing financial results. This measure also serves as a basis for establishing target levels and awards under RGA’s management incentive programs. Management believes that operating income, on a pre-tax and after‑tax basis, better measures the ongoing profitability and underlying trends of the company’s continuing operations, primarily because that measure excludes substantially all of the effect of net investment related gains and losses, as well as changes in the fair value of certain embedded derivatives and related deferred acquisition costs. These items can be volatile, primarily due to the credit market and interest rate environment, and are not necessarily indicative of the performance of the company’s underlying businesses. Additionally, operating income excludes any net gain or loss from discontinued operations, the cumulative effect of any accounting changes, and other items that management believes are not indicative of the company’s ongoing operations. The definition of operating income can vary by company and is not considered a substitute for GAAP net income.

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

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

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

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About RGA
Reinsurance Group of America, Incorporated is among the largest global providers of life reinsurance, with operations in Australia, Barbados, Bermuda, Canada, China, France, Germany, Hong Kong, India, Ireland, Italy, Japan, Malaysia, Mexico, the Netherlands, New Zealand, Poland, Singapore, South Africa, South Korea, Spain, Taiwan, Turkey, the United Arab Emirates, the United Kingdom and the United States. Worldwide, the company has approximately $3.1 trillion of life reinsurance in force, and assets of $52.2 billion.

Cautionary Statement Regarding Forward-looking Statements

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

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

Forward-looking statements should be evaluated together with the many risks and uncertainties that affect our business, including those mentioned in this document and described in the periodic reports we file with the Securities and Exchange Commission. These forward-looking statements speak only as of the date on which they are made. We do not undertake any obligations to update these forward-looking statements, even though our situation may change in the future. We qualify all of our forward-looking statements by these cautionary statements. For a discussion of the risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements, you are advised to review the risk factors in our Annual Report on Form 10-K for the year ended December 31, 2015.

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

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

 	 	 	 	 	 	 	 	
(Unaudited)	Three Months Ended 
 March 31,	
 	2016	 	2015	
GAAP net income	$	76,472	
 	 	$	125,114	
 	
Reconciliation to operating income:	 	 	 	
Capital (gains) losses, derivatives and other, included in investment related (gains) losses, net	(21,727	)	 	(14,585	)	
Capital (gains) losses on funds withheld, included in investment income	(3,239	)	 	(7,412	)	
Embedded derivatives:	 	 	 	
Included in investment related (gains) losses, net	100,873	
 	 	17,847	
 	
Included in interest credited	18,947	
 	 	6,703	
 	
DAC offset, net	(50,036	)	 	(5,819	)	
Investment income on unit-linked variable annuities	(265	)	 	—	
 	
Interest credited on unit-linked variable annuities	265	
 	 	—	
 	
Non-investment derivatives	(540	)	 	(70	)	
Operating income	$	120,750	
 	 	$	121,778	

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

 	 	 	 	 	 	 	 	
(Unaudited)	Three Months Ended 
 March 31,	
 	2016	 	2015	
Income before income taxes	$	107,580	
 	 	$	184,125	
 	
Reconciliation to pre-tax operating income:	 	 	 	
Capital (gains) losses, derivatives and other, included in investment related (gains) losses, net	(31,968	)	 	(20,946	)	
Capital (gains) losses on funds withheld, included in investment income	(4,983	)	 	(11,402	)	
Embedded derivatives:	 	 	 	
Included in investment related (gains) losses, net	155,189	
 	 	27,458	
 	
Included in interest credited	29,149	
 	 	10,313	
 	
DAC offset, net	(76,978	)	 	(8,951	)	
Investment income on unit-linked variable annuities	(408	)	 	—	
 	
Interest credited on unit-linked variable annuities	408	
 	 	—	
 	
Non-investment derivatives	(831	)	 	(108	)	
Pre-tax operating income	$	177,158	
 	 	$	180,489	

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

(Unaudited)	Three Months Ended March 31, 2016	
 	Pre-tax net income (loss)	 	Capital
(gains) losses,
derivatives
and other, net	 	Change in
value of
embedded
derivatives, net	 	Pre-tax
operating
income (loss)	
U.S. and Latin America Operations:	 	 	 	 	 	 	 	
Traditional	$	51,098	
 	 	$	65	
 	 	$	2,035	
 	 	$	53,198	
 	
Non-Traditional:	 	 	 	 	 	 	
 	
Asset Intensive	(30,830	)	 	(16,082	)	(1) 	92,180	
 	(2) 	45,268	
 	
Financial Reinsurance	15,934	
 	 	—	
 	 	—	
 	 	15,934	
 	
Total U.S. and Latin America	36,202	
 	 	(16,017	)	 	94,215	
 	 	114,400	
 	
Canada Operations Traditional	20,095	
 	 	(731	)	 	—	
 	 	19,364	
 	
Canada Operations Non-Traditional	592	
 	 	—	
 	 	—	
 	 	592	
 	
Canada Operations	20,687	
 	 	(731	)	 	—	
 	 	19,956	
 	
EMEA Traditional	(1,116	)	 	(5	)	 	—	
 	 	(1,121	)	
EMEA Non-Traditional	25,424	
 	 	187	
 	 	—	
 	 	25,611	
 	
EMEA Operations	24,308	
 	 	182	
 	 	—	
 	 	24,490	
 	
Asia Pacific Traditional	41,160	
 	 	(16	)	 	—	
 	 	41,144	
 	
Asia Pacific Non-Traditional	8,553	
 	 	(1,111	)	 	—	
 	 	7,442	
 	
Asia Pacific Operations	49,713	
 	 	(1,127	)	 	—	
 	 	48,586	
 	
Corporate and Other	(23,330	)	 	(6,944	)	 	—	
 	 	(30,274	)	
Consolidated	$	107,580	
 	 	$	(24,637	)	 	$	94,215	
 	 	$	177,158	

(1)	Asset Intensive is net of $13,145 DAC offset.	
 	 	
(2)	Asset Intensive is net of $(90,123) DAC offset.	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(Unaudited)	Three Months Ended March 31, 2015	
 	Pre-tax net income (loss)	 	Capital
(gains) losses,
derivatives
and other, net	 	Change in
value of
embedded
derivatives, net	 	Pre-tax
operating
income (loss)	
U.S. and Latin America Operations:	 	 	 	 	 	 	 	
Traditional	$	17,843	
 	 	$	1	
 	 	$	2,472	
 	 	$	20,316	
 	
Non-Traditional:	 	 	 	 	 	 	 	
Asset Intensive	42,140	
 	 	(23,392	)	(1) 	21,586	
 	(2) 	40,334	
 	
Financial Reinsurance	12,365	
 	 	—	
 	 	—	
 	 	12,365	
 	
Total U.S. and Latin America	72,348	
 	 	(23,391	)	 	24,058	
 	 	73,015	
 	
Canada Operations Traditional	22,727	
 	 	(5,554	)	 	—	
 	 	17,173	
 	
Canada Operations Non-Traditional	4,131	
 	 	—	
 	 	—	
 	 	4,131	
 	
Canada Operations	26,858	
 	 	(5,554	)	 	—	
 	 	21,304	
 	
EMEA Traditional	10,482	
 	 	(49	)	 	—	
 	 	10,433	
 	
EMEA Non-Traditional	19,634	
 	 	(999	)	 	—	
 	 	18,635	
 	
EMEA Operations	30,116	
 	 	(1,048	)	 	—	
 	 	29,068	
 	
Asia Pacific Traditional	52,648	
 	 	—	
 	 	—	
 	 	52,648	
 	
Asia Pacific Non-Traditional	10,145	
 	 	(21	)	 	—	
 	 	10,124	
 	
Asia Pacific Operations	62,793	
 	 	(21	)	 	—	
 	 	62,772	
 	
Corporate and Other	(7,990	)	 	2,320	
 	 	—	
 	 	(5,670	)	
Consolidated	$	184,125	
 	 	$	(27,694	)	 	$	24,058	
 	 	$	180,489	

(1)	Asset Intensive is net of $4,762 DAC offset.	
 	 	
(2)	Asset Intensive is net of $(13,713) DAC offset.	

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

 	 	 	 	 	 	 	 	
(Unaudited)	Three Months Ended 
 March 31,	
 	2016	 	2015	
Diluted earnings per share from operating income	$	1.85	
 	 	$	1.77	
 	
Earnings per share from net income:	 	 	 	
Basic earnings per share	$	1.18	
 	 	$	1.84	
 	
Diluted earnings per share	$	1.17	
 	 	$	1.81	
 	
Weighted average number of common and common equivalent shares outstanding	65,217	
 	 	68,942	

 	
 	 	 	 	 	 	 	 	
(Unaudited)	At or for the Three Months
Ended March 31,	
 	2016	 	2015	
Treasury shares	15,073	
 	 	12,669	
 	
Common shares outstanding	64,065	
 	 	66,439	
 	
Book value per share outstanding	$	104.88	
 	 	$	107.62	
 	
Book value per share outstanding, before impact of AOCI	$	84.11	
 	 	$	79.26	

- more -

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

 	 	 	 	 	 	 	 	
(Unaudited)	Three Months Ended 
 March 31,	
 	2016	 	2015	
Revenues:	 	 	 	
Net premiums	$	2,157,005	
 	 	$	2,023,852	
 	
Investment income, net of related expenses	417,266	
 	 	426,891	
 	
Investment related gains (losses), net:	 	 	 	
Other-than-temporary impairments on fixed maturity securities	(33,817	)	 	(2,527	)	
Other investment related gains (losses), net	(87,069	)	 	10,110	
 	
Total investment related gains (losses), net	(120,886	)	 	7,583	
 	
Other revenue	59,183	
 	 	62,287	
 	
Total revenues	2,512,568	
 	 	2,520,613	
 	
Benefits and expenses:	 	 	 	
Claims and other policy benefits	1,886,764	
 	 	1,775,451	
 	
Interest credited	87,905	
 	 	120,678	
 	
Policy acquisition costs and other insurance expenses	233,763	
 	 	277,043	
 	
Other operating expenses	157,424	
 	 	121,618	
 	
Interest expense	32,807	
 	 	35,627	
 	
Collateral finance and securitization expense	6,325	
 	 	6,071	
 	
Total benefits and expenses	2,404,988	
 	 	2,336,488	
 	
Income before income taxes	107,580	
 	 	184,125	
 	
Provision for income taxes	31,108	
 	 	59,011	
 	
Net income	$	76,472	
 	 	$	125,114	
 	
# # #

Exhibit 99.2

Financial Supplement
First Quarter 2016
(Unaudited)

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

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

 

Reinsurance Group of America, Incorporated
Financial Supplement
1st Quarter 2016
Table of Contents

 	 	
 	Page	
Non-GAAP Disclosure	1	
 	 	
2016 Notes	2	
 	 	
Consolidated	 	
 	 	
Financial Highlights	3	
 	 	
Consolidated Income Statement (incl. Operating Income Reconciliation)	4	
 	 	
Consolidated Operating Income Statement	5	
 	 	
Consolidated Balance Sheets	6	
 	 	
Segment Pre-tax Operating Income Summaries and Reconciliations to U.S. GAAP	 	
 	 	
U.S. and Latin America Operations	7	
 	 	
Canada Operations	11	
 	 	
Europe, Middle East & Africa Operations	13	
 	 	
Asia Pacific Operations	15	
 	 	
Corporate and Other	17	
 	 	
Summary of Pre-tax Segment Operating Income	18	
 	 	
Investments	 	
 	 	
Cash and Invested Assets, Yield Summary	19	
 	 	
Amortized Cost, Gross Unrealized Gains and Losses, Estimated Fair Values of Fixed Maturity and Equity Securities	20	
 	 	
Corporate Securities by Sector	21	
 	 	
Quality of Fixed Maturity Securities and Structured Fixed Maturity Securities	22	
 	 	
Gross Unrealized Losses Aging	23	
 	 	
Fixed Maturity and Equity Securities Below Amortized Cost	24	
 	 	
Consolidated Gross Gains and Losses	25	

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

                                        

 	 	Page 1

Reinsurance Group of America, Incorporated

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

Effective December 2015, prior period balances have been updated to conform with current period presentation for the adoption of the accounting standard update "Simplifying the Presentation of Debt Issuance Costs".

 

                                        

 	 	Page 2

Reinsurance Group of America, Incorporated
Financial Highlights	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	Current Qtr vs. PY Quarter	
(USD thousands, except inforce & per share data)	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	 	 	
 	 	2016	 	2015	 	2015	 	2015	 	2015	 	 	
Net premiums	 	$	2,157,005	
 	 	$	2,328,501	
 	 	$	2,089,345	
 	 	$	2,129,043	
 	 	$	2,023,852	
 	 	$	133,153	
 	
Net income	 	76,472	
 	 	163,127	
 	 	83,534	
 	 	130,391	
 	 	125,114	
 	 	(48,642	)	
Operating income	 	120,750	
 	 	187,950	
 	 	127,086	
 	 	130,270	
 	 	121,778	
 	 	(1,028	)	
Operating return on equity (ex AOCI) -	 	 	 	 	 	 	 	 	 	 	 	 	
annualized	 	8.9	%	 	14.0	%	 	9.5	%	 	9.8	%	 	9.2	%	 	(0.3	)%	
trailing 12 months	 	10.6	%	 	10.6	%	 	11.1	%	 	11.8	%	 	12.5	%	 	(1.9	)%	
Total assets (1)	 	52,186,624	
 	 	50,383,152	
 	 	47,581,959	
 	 	47,435,240	
 	 	44,666,938	
 	 	7,519,686	
 	
Assumed Life Reinsurance in Force (in billions)	 	 	 	 	 	 	 	 	 	 	 	 	
U.S. and Latin America Traditional	 	$	1,609.3	
 	 	$	1,594.3	
 	 	$	1,476.1	
 	 	$	1,475.6	
 	 	$	1,479.4	
 	 	$	129.9	
 	
U.S. and Latin America Non-Traditional	 	2.1	
 	 	2.1	
 	 	2.2	
 	 	2.1	
 	 	2.1	
 	 	—	
 	
Canada Traditional	 	349.0	
 	 	333.0	
 	 	343.0	
 	 	360.7	
 	 	349.0	
 	 	—	
 	
Europe, Middle East and Africa Traditional	 	624.2	
 	 	602.7	
 	 	566.0	
 	 	573.9	
 	 	553.3	
 	 	70.9	
 	
Asia Pacific Traditional	 	483.5	
 	 	462.7	
 	 	461.8	
 	 	512.7	
 	 	460.6	
 	 	22.9	
 	
Asia Pacific Non-Traditional	 	0.3	
 	 	0.3	
 	 	0.3	
 	 	0.3	
 	 	0.3	
 	 	—	
 	
Total Life Reinsurance in Force	 	$	3,068.4	
 	 	$	2,995.1	
 	 	$	2,849.4	
 	 	$	2,925.3	
 	 	$	2,844.7	
 	 	$	223.7	
 	
Assumed New Business Production (in billions)	 	 	 	 	 	 	 	 	 	 	 	 	
U.S. and Latin America Traditional	 	$	41.3	
 	 	$	142.1	
 	(2)	$	26.4	
 	 	$	15.7	
 	 	$	19.7	
 	 	$	21.6	
 	
Canada Traditional	 	8.2	
 	 	8.7	
 	 	9.1	
 	 	11.1	
 	 	9.7	
 	 	(1.5	)	
Europe, Middle East and Africa Traditional	 	44.7	
 	 	66.0	
 	(2)	24.7	
 	 	32.3	
 	 	48.6	
 	 	(3.9	)	
Asia Pacific Traditional	 	13.6	
 	 	12.1	
 	 	24.4	
 	 	12.6	
 	 	27.8	
 	 	(14.2	)	
Total New Business Production	 	$	107.8	
 	 	$	228.9	
 	 	$	84.6	
 	 	$	71.7	
 	 	$	105.8	
 	 	$	2.0	
 	
Per Share and Shares Data	 	 	 	 	 	 	 	 	 	 	 	 	
Basic earnings per share	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	 	$	1.18	
 	 	$	2.49	
 	 	$	1.26	
 	 	$	1.97	
 	 	$	1.84	
 	 	$	(0.66	)	
Operating income	 	$	1.87	
 	 	$	2.87	
 	 	$	1.92	
 	 	$	1.96	
 	 	$	1.79	
 	 	$	0.08	
 	
Diluted earnings per share	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	 	$	1.17	
 	 	$	2.46	
 	 	$	1.25	
 	 	$	1.94	
 	 	$	1.81	
 	 	$	(0.64	)	
Operating income	 	$	1.85	
 	 	$	2.84	
 	 	$	1.90	
 	 	$	1.94	
 	 	$	1.77	
 	 	$	0.08	

Wgt. average common shares outstanding	 	 	 	 	 	 	 	 	 	 	 	 	
(basic)	 	64,568	
 	 	65,535	
 	 	66,205	
 	 	66,351	
 	 	68,141	
 	 	(3,573	)	
(diluted)	 	65,217	
 	 	66,247	
 	 	66,882	
 	 	67,120	
 	 	68,942	
 	 	(3,725	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Common shares issued	 	79,138	
 	 	79,138	
 	 	79,138	
 	 	79,138	
 	 	79,138	
 	 	—	
 	
Treasury shares	 	15,073	
 	 	13,933	
 	 	13,389	
 	 	12,716	
 	 	12,699	
 	 	2,374	
 	
Common shares outstanding	 	64,065	
 	 	65,205	
 	 	65,749	
 	 	66,422	
 	 	66,439	
 	 	(2,374	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Book value per share	 	$	104.88	
 	 	$	94.09	
 	 	$	94.92	
 	 	$	97.61	
 	 	$	107.62	
 	 	 	
Per share effect of accumulated other	 	 	 	 	 	 	 	 	 	 	 	 	
comprehensive income (AOCI)	 	$	20.77	
 	 	$	10.86	
 	 	$	13.78	
 	 	$	17.31	
 	 	$	28.36	
 	 	 	
Book value per share, excluding AOCI	 	$	84.11	
 	 	$	83.23	
 	 	$	81.14	
 	 	$	80.30	
 	 	$	79.26	

Shareholder dividends paid	 	$	24,018.6	
 	 	$	24,269.1	
 	 	$	24,592.1	
 	 	$	21,850.5	
 	 	$	22,668.8	
 	 	$	1,349.8	
 	
        (1) Effective December 2015, prior period balances have been updated to conform with current period presentation for the adoption of the accounting standard update "Simplifying the Presentation of Debt Issuance Costs".	
(2) Includes the effect of significant inforce transactions.	

 	
 	 	 	
 	 	Page 3

Reinsurance Group of America, Incorporated
Consolidated GAAP Income Statement (incl. Operating Income Reconciliations)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	Current Qtr	
 	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	 	vs. PY	
(USD thousands)	 	2016	 	2015	 	2015	 	2015	 	2015	 	Quarter	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	2,157,005	
 	 	$	2,328,501	
 	 	$	2,089,345	
 	 	$	2,129,043	
 	 	$	2,023,852	
 	 	$	133,153	
 	
Investment income, net of related expenses	 	417,266	
 	 	467,468	
 	 	389,597	
 	 	450,539	
 	 	426,891	
 	 	(9,625	)	
Investment related gains (losses), net	 	 	 	 	 	 	 	 	 	 	 	 	
OTTI on fixed maturity securities	 	(33,817	)	 	(27,605	)	 	(23,111	)	 	(4,137	)	 	(2,527	)	 	(31,290	)	
Other investment related gains (losses), net	 	(87,069	)	 	(17,204	)	 	(88,235	)	 	(12,041	)	 	10,110	
 	 	(97,179	)	
Total investment related gains (losses), net	 	(120,886	)	 	(44,809	)	 	(111,346	)	 	(16,178	)	 	7,583	
 	 	(128,469	)	
Other revenue	 	59,183	
 	 	77,431	
 	 	71,038	
 	 	66,936	
 	 	62,287	
 	 	(3,104	)	
Total revenues	 	2,512,568	
 	 	2,828,591	
 	 	2,438,634	
 	 	2,630,340	
 	 	2,520,613	
 	 	(8,045	)	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	

Claims and other policy benefits	 	1,886,764	
 	 	2,015,929	
 	 	1,831,819	
 	 	1,866,183	
 	 	1,775,451	
 	 	111,313	
 	
Interest credited	 	87,905	
 	 	105,032	
 	 	34,008	
 	 	77,246	
 	 	120,678	
 	 	(32,773	)	
Policy acquisition costs and other insurance expenses	 	233,763	
 	 	300,329	
 	 	249,702	
 	 	300,412	
 	 	277,043	
 	 	(43,280	)	
Other operating expenses	 	157,424	
 	 	158,556	
 	 	142,270	
 	 	131,600	
 	 	121,618	
 	 	35,806	
 	
Interest expense	 	32,807	
 	 	35,820	
 	 	35,565	
 	 	35,851	
 	 	35,627	
 	 	(2,820	)	
Collateral finance and securitization expense	 	6,325	
 	 	6,182	
 	 	5,133	
 	 	5,258	
 	 	6,071	
 	 	254	
 	
Total benefits and expenses	 	2,404,988	
 	 	2,621,848	
 	 	2,298,497	
 	 	2,416,550	
 	 	2,336,488	
 	 	68,500	
 	
Income before income taxes	 	107,580	
 	 	206,743	
 	 	140,137	
 	 	213,790	
 	 	184,125	
 	 	(76,545	)	
Income tax expense	 	31,108	
 	 	43,616	
 	 	56,603	
 	 	83,399	
 	 	59,011	
 	 	(27,903	)	
Net income	 	$	76,472	
 	 	$	163,127	
 	 	$	83,534	
 	 	$	130,391	
 	 	$	125,114	
 	 	$	(48,642	)	
Pre-tax Operating Income Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	107,580	
 	 	206,743	
 	 	140,137	
 	 	213,790	
 	 	184,125	
 	 	(76,545	)	
Investment and derivative losses (gains)—	 	 	 	 	 	 	 	 	 	 	 	 	
non-operating (1)	 	(31,968	)	 	64,034	
 	 	(35,028	)	 	41,526	
 	 	(20,946	)	 	(11,022	)	
Change in value of modified coinsurance and	 	 	 	 	 	 	 	 	 	 	 	 	
funds withheld embedded derivatives  (1)	 	92,249	
 	 	27,201	
 	 	46,169	
 	 	23,098	
 	 	2,325	
 	 	89,924	
 	
GMXB embedded derivatives  (1)	 	62,940	
 	 	(36,437	)	 	95,373	
 	 	(50,878	)	 	25,133	
 	 	37,807	
 	
Funds withheld losses (gains)—investment income	 	(4,983	)	 	246	
 	 	(2,212	)	 	(3,002	)	 	(11,402	)	 	6,419	
 	
EIA embedded derivatives—interest credited	 	29,149	
 	 	(1,412	)	 	(10,995	)	 	(10,488	)	 	10,313	
 	 	18,836	
 	
DAC offset, net	 	(76,978	)	 	(13,142	)	 	(25,945	)	 	(1,187	)	 	(8,951	)	 	(68,027	)	
Investment income on unit-linked variable annuities	 	(408	)	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	(408	)	
Interest credited on unit-linked variable annuities	 	408	
 	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	408	
 	
Non-investment derivatives	 	(831	)	 	(120	)	 	(383	)	 	493	
 	 	(108	)	 	(723	)	
Operating Income Before Income Taxes	 	$	177,158	
 	 	$	247,113	
 	 	$	207,116	
 	 	$	213,352	
 	 	$	180,489	
 	 	$	(3,331	)	
After-tax Operating Income Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	
Net Income	 	76,472	
 	 	163,127	
 	 	83,534	
 	 	130,391	
 	 	125,114	
 	 	(48,642	)	
Investment and derivative losses (gains)—	 	 	 	 	 	 	 	 	 	 	 	 	
non-operating (1)	 	(21,727	)	 	40,203	
 	 	(22,750	)	 	27,152	
 	 	(14,585	)	 	(7,142	)	
Change in value of modified coinsurance	 	 	 	 	 	 	 	 	 	 	 	 	
and funds withheld embedded derivatives  (1)	 	59,962	
 	 	17,680	
 	 	30,010	
 	 	15,014	
 	 	1,511	
 	 	58,451	
 	
GMXB embedded derivatives  (1)	 	40,911	
 	 	(23,684	)	 	61,992	
 	 	(33,070	)	 	16,336	
 	 	24,575	
 	
Funds withheld losses (gains)—investment income	 	(3,239	)	 	161	
 	 	(1,438	)	 	(1,951	)	 	(7,412	)	 	4,173	
 	
EIA embedded derivatives—interest credited	 	18,947	
 	 	(917	)	 	(7,147	)	 	(6,817	)	 	6,703	
 	 	12,244	
 	
DAC offset, net	 	(50,036	)	 	(8,542	)	 	(16,865	)	 	(770	)	 	(5,819	)	 	(44,217	)	
Investment income on unit-linked variable annuities	 	(265	)	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	(265	)	
Interest credited on unit-linked variable annuities	 	265	
 	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	265	
 	
Non-investment derivatives	 	(540	)	 	(78	)	 	(250	)	 	321	
 	 	(70	)	 	(470	)	
Operating Income	 	$	120,750	
 	 	$	187,950	
 	 	$	127,086	
 	 	$	130,270	
 	 	$	121,778	
 	 	$	(1,028	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
(1) Included in “Investment related gains (losses), net” on Consolidated GAAP Income Statement

                                        

 	 	Page 4

Reinsurance Group of America, Incorporated
Consolidated Operating Income Statement	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	Current Qtr
vs. PY
Quarter	
 	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	 	 	
(USD thousands, except per share data)	 	2016	 	2015	 	2015	 	2015	 	2015	 	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	2,157,005	
 	 	$	2,328,501	
 	 	$	2,089,345	
 	 	$	2,129,043	
 	 	$	2,023,852	
 	 	$	133,153	
 	
Investment income, net of related expenses	 	411,875	
 	 	467,714	
 	 	387,385	
 	 	447,537	
 	 	415,489	
 	 	(3,614	)	
Investment related gains (losses), net	 	2,335	
 	 	9,989	
 	 	(4,832	)	 	(2,432	)	 	14,095	
 	 	(11,760	)	
Other revenue	 	58,352	
 	 	77,311	
 	 	70,655	
 	 	67,429	
 	 	62,179	
 	 	(3,827	)	
Total revenues	 	2,629,567	
 	 	2,883,515	
 	 	2,542,553	
 	 	2,641,577	
 	 	2,515,615	
 	 	113,952	

Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	1,886,764	
 	 	2,015,929	
 	 	1,831,819	
 	 	1,866,183	
 	 	1,775,451	
 	 	111,313	
 	
Interest credited	 	58,348	
 	 	106,444	
 	 	45,003	
 	 	87,734	
 	 	110,365	
 	 	(52,017	)	
Policy acquisition costs and other insurance expenses	 	310,741	
 	 	313,471	
 	 	275,647	
 	 	301,599	
 	 	285,994	
 	 	24,747	
 	
Other operating expenses	 	157,424	
 	 	158,556	
 	 	142,270	
 	 	131,600	
 	 	121,618	
 	 	35,806	
 	
Interest expense	 	32,807	
 	 	35,820	
 	 	35,565	
 	 	35,851	
 	 	35,627	
 	 	(2,820	)	
Collateral finance and securitization expense	 	6,325	
 	 	6,182	
 	 	5,133	
 	 	5,258	
 	 	6,071	
 	 	254	
 	
Total benefits and expenses	 	2,452,409	
 	 	2,636,402	
 	 	2,335,437	
 	 	2,428,225	
 	 	2,335,126	
 	 	117,283	

Operating income before income taxes	 	177,158	
 	 	247,113	
 	 	207,116	
 	 	213,352	
 	 	180,489	
 	 	(3,331	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income tax expense	 	56,408	
 	 	59,163	
 	 	80,030	
 	 	83,082	
 	 	58,711	
 	 	(2,303	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income	 	$	120,750	
 	 	$	187,950	
 	 	$	127,086	
 	 	$	130,270	
 	 	$	121,778	
 	 	$	(1,028	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Wgt. Average Common Shares Outstanding (Diluted)	 	65,217	
 	 	66,247	
 	 	66,882	
 	 	67,120	
 	 	68,942	
 	 	(3,725)	

Diluted Earnings Per Share—Operating Income	 	$	1.85	
 	 	$	2.84	
 	 	$	1.90	
 	 	$	1.94	
 	 	$	1.77	
 	 	$	0.08	

Foreign currency effect (1):	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	(69,340	)	 	$	(106,556	)	 	$	(145,047	)	 	$	(121,287	)	 	$	(96,024	)	 	$	26,684	
 	
Operating income before income taxes	 	$	(9,742	)	 	$	(18,726	)	 	$	(15,526	)	 	$	(8,700	)	 	$	(11,833	)	 	$	2,091	

(1) Compared to comparable prior year period	

                                        

 	 	Page 5

 
Reinsurance Group of America, Incorporated
Consolidated Balance Sheets	

 	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	
(USD thousands)	 	2016	 	2015	 	2015	 	2015	 	2015	
Assets	 	 	 	 	 	 	 	 	 	 	
Fixed maturity securities, available-for-sale	 	$	31,148,714	
 	 	$	29,642,905	
 	 	$	27,411,788	
 	 	$	28,063,975	
 	 	$	25,801,223	
 	
Mortgage loans on real estate	 	3,292,496	
 	 	3,129,951	
 	 	3,170,002	
 	 	3,073,313	
 	 	2,913,486	
 	
Policy loans	 	1,451,857	
 	 	1,468,796	
 	 	1,444,009	
 	 	1,438,156	
 	 	1,284,085	
 	
Funds withheld at interest	 	5,797,183	
 	 	5,880,203	
 	 	5,675,174	
 	 	5,840,076	
 	 	5,841,554	
 	
Short-term investments	 	431,535	
 	 	558,284	
 	 	58,200	
 	 	76,118	
 	 	89,136	
 	
Other invested assets	 	1,368,544	
 	 	1,298,120	
 	 	1,187,504	
 	 	1,110,107	
 	 	1,243,033	
 	
Total investments	 	43,490,329	
 	 	41,978,259	
 	 	38,946,677	
 	 	39,601,745	
 	 	37,172,517	
 	
Cash and cash equivalents	 	1,502,082	
 	 	1,525,275	
 	 	1,747,692	
 	 	1,335,661	
 	 	1,083,179	
 	
Accrued investment income	 	364,432	
 	 	339,452	
 	 	342,088	
 	 	322,069	
 	 	283,665	
 	
Premiums receivable and other reinsurance balances	 	1,886,293	
 	 	1,797,504	
 	 	1,553,093	
 	 	1,518,208	
 	 	1,509,810	
 	
Reinsurance ceded receivables	 	688,491	
 	 	637,859	
 	 	661,185	
 	 	711,463	
 	 	665,797	
 	
Deferred policy acquisition costs	 	3,490,509	
 	 	3,392,437	
 	 	3,311,086	
 	 	3,299,541	
 	 	3,286,348	
 	
Other assets (1)	 	764,488	
 	 	712,366	
 	 	1,020,138	
 	 	646,553	
 	 	665,622	
 	
Total assets (1)	 	$	52,186,624	
 	 	$	50,383,152	
 	 	$	47,581,959	
 	 	$	47,435,240	
 	 	$	44,666,938	

Liabilities and Stockholders’ Equity	 	 	 	 	 	 	 	 	 	 	
Future policy benefits	 	$	19,811,921	
 	 	$	19,612,251	
 	 	$	16,574,783	
 	 	$	16,773,035	
 	 	$	14,152,780	
 	
Interest-sensitive contract liabilities	 	14,087,081	
 	 	13,663,873	
 	 	13,699,896	
 	 	13,516,059	
 	 	12,508,201	
 	
Other policy claims and benefits	 	4,384,072	
 	 	4,094,640	
 	 	3,892,036	
 	 	3,857,610	
 	 	3,822,699	
 	
Other reinsurance balances	 	397,375	
 	 	296,899	
 	 	280,093	
 	 	311,388	
 	 	320,950	
 	
Deferred income taxes	 	2,483,584	
 	 	2,218,328	
 	 	2,285,066	
 	 	2,246,086	
 	 	2,529,733	
 	
Other liabilities	 	1,106,531	
 	 	1,165,071	
 	 	1,405,675	
 	 	1,032,980	
 	 	1,118,645	
 	
Short-term debt	 	299,739	
 	 	—	
 	 	—	
 	 	—	
 	 	—	
 	
Long-term debt (1)	 	1,997,970	
 	 	2,297,548	
 	 	2,297,592	
 	 	2,297,629	
 	 	2,297,761	
 	
Collateral finance and securitization notes (1)	 	899,482	
 	 	899,161	
 	 	905,752	
 	 	917,220	
 	 	766,144	
 	
Total liabilities (1)	 	45,467,755	
 	 	44,247,771	
 	 	41,340,893	
 	 	40,952,007	
 	 	37,516,913	

Stockholders’ Equity:	 	 	 	 	 	 	 	 	 	 	
Common stock, at par value	 	791	
 	 	791	
 	 	791	
 	 	791	
 	 	791	
 	
Additional paid-in-capital	 	1,827,646	
 	 	1,816,142	
 	 	1,812,377	
 	 	1,805,858	
 	 	1,802,774	
 	
Retained earnings	 	4,668,588	
 	 	4,620,303	
 	 	4,482,709	
 	 	4,425,302	
 	 	4,339,028	
 	
Treasury stock	 	(1,108,539	)	 	(1,010,139	)	 	(961,290	)	 	(898,082	)	 	(876,804	)	
Accumulated other comprehensive income (AOCI):	 	 	 	 	 	 	 	 	 	 	
Accumulated currency translation adjustment, net of income taxes	 	(103,418	)	 	(181,151	)	 	(119,493	)	 	(13,989	)	 	(35,924	)	
Unrealized appreciation of securities, net of income taxes	 	1,482,922	
 	 	935,697	
 	 	1,071,990	
 	 	1,211,056	
 	 	1,968,697	
 	
Pension and postretirement benefits, net of income taxes	 	(49,121	)	 	(46,262	)	 	(46,018	)	 	(47,703	)	 	(48,537	)	
Total stockholders’ equity	 	6,718,869	
 	 	6,135,381	
 	 	6,241,066	
 	 	6,483,233	
 	 	7,150,025	
 	
Total liabilities and stockholders’ equity (1)	 	$	52,186,624	
 	 	$	50,383,152	
 	 	$	47,581,959	
 	 	$	47,435,240	
 	 	$	44,666,938	

Total stockholders’ equity, excluding AOCI	 	$	5,388,486	
 	 	$	5,427,097	
 	 	$	5,334,587	
 	 	$	5,333,869	
 	 	$	5,265,789	

(1) Effective December 2015, prior period balances have been updated to conform with current period presentation for the adoption of the accounting standard update "Simplifying the Presentation of Debt	
     Issuance Costs".	 	 	 	 	 	 	 	 	 	 	

                                        

 	 	Page 6

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

 	 	 	Three Months Ended	 	Current Qtr
vs. PY
Quarter	
 	 	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	 	 	
 	(USD thousands)	 	2016	 	2015	 	2015	 	2015	 	2015	 	 	
 	Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	
 	Net premiums	 	$	1,234,394	
 	 	$	1,370,745	
 	 	$	1,150,936	
 	 	$	1,170,931	
 	 	$	1,114,094	
 	 	$	120,300	
 	
 	Investment income, net of related expenses	 	165,023	
 	 	176,174	
 	 	154,210	
 	 	163,390	
 	 	143,005	
 	 	22,018	
 	
 	Other revenue	 	3,500	
 	 	7,438	
 	 	6,566	
 	 	4,567	
 	 	664	
 	 	2,836	
 	
 	Total revenues	 	1,402,917	
 	 	1,554,357	
 	 	1,311,712	
 	 	1,338,888	
 	 	1,257,763	
 	 	145,154	

 	Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	
 	Claims and other policy benefits	 	1,119,442	
 	 	1,235,926	
 	 	1,049,973	
 	 	1,041,390	
 	 	1,039,407	
 	 	80,035	
 	
 	Interest credited	 	21,400	
 	 	21,682	
 	 	20,999	
 	 	21,875	
 	 	12,944	
 	 	8,456	
 	
 	Policy acquisition costs and other insurance expenses	 	177,078	
 	 	187,277	
 	 	158,452	
 	 	169,035	
 	 	158,567	
 	 	18,511	
 	
 	Other operating expenses	 	31,799	
 	 	30,482	
 	 	27,562	
 	 	27,155	
 	 	26,529	
 	 	5,270	
 	
 	Total benefits and expenses	 	1,349,719	
 	 	1,475,367	
 	 	1,256,986	
 	 	1,259,455	
 	 	1,237,447	
 	 	112,272	

 	Operating income before income taxes	 	53,198	
 	 	78,990	
 	 	54,726	
 	 	79,433	
 	 	20,316	
 	 	32,882	

 	Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	
 	Operating income before income taxes	 	53,198	
 	 	78,990	
 	 	54,726	
 	 	79,433	
 	 	20,316	
 	 	32,882	
 	
 	Investment and derivative (losses) gains - non-operating	 	(2,100	)	 	493	
 	 	926	
 	 	3,360	
 	 	(2,473	)	 	373	
 	
 	Income before income taxes	 	$	51,098	
 	 	$	79,483	
 	 	$	55,652	
 	 	$	82,793	
 	 	$	17,843	
 	 	$	33,255	

 	Loss and Expense Ratios:	 	 	 	 	 	 	 	 	 	 	 	 	
 	Claims and other policy benefits	 	90.7	%	 	90.2	%	 	91.2	%	 	88.9	%	 	93.3	%	 	(2.6	)%	
 	Policy acquisition costs and other insurance expenses	 	14.3	%	 	13.7	%	 	13.8	%	 	14.4	%	 	14.2	%	 	0.1	 %	
 	Other operating expenses	 	2.6	%	 	2.2	%	 	2.4	%	 	2.3	%	 	2.4	%	 	0.2	 %	

 	 	

 

                                        

 	 	Page 7

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

 	 	Three Months Ended	 	Current Qtr
vs. PY
Quarter	
 	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	 	 	
(USD thousands)	 	2016	 	2015	 	2015	 	2015	 	2015	 	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	6,219	
 	 	$	6,018	
 	 	$	5,177	
 	 	$	5,941	
 	 	$	5,041	
 	 	$	1,178	
 	
Investment income, net of related expenses	 	112,591	
 	 	153,504	
 	 	103,052	
 	 	152,616	
 	 	141,470	
 	 	(28,879	)	
Investment related gains (losses), net	 	—	
 	 	(1	)	 	1	
 	 	—	
 	 	—	
 	 	—	
 	
Other revenue	 	22,834	
 	 	23,238	
 	 	28,973	
 	 	26,634	
 	 	26,544	
 	 	(3,710	)	
Total revenues	 	141,644	
 	 	182,759	
 	 	137,203	
 	 	185,191	
 	 	173,055	
 	 	(31,411	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	19,833	
 	 	22,605	
 	 	16,832	
 	 	19,983	
 	 	6,726	
 	 	13,107	
 	
Interest credited	 	33,409	
 	 	73,168	
 	 	29,530	
 	 	69,530	
 	 	84,672	
 	 	(51,263	)	
Policy acquisition costs and other insurance expenses	 	37,322	
 	 	33,099	
 	 	30,718	
 	 	34,163	
 	 	37,005	
 	 	317	
 	
Other operating expenses	 	5,812	
 	 	6,291	
 	 	4,893	
 	 	5,113	
 	 	4,318	
 	 	1,494	
 	
Total benefits and expenses	 	96,376	
 	 	135,163	
 	 	81,973	
 	 	128,789	
 	 	132,721	
 	 	(36,345	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	45,268	
 	 	47,596	
 	 	55,230	
 	 	56,402	
 	 	40,334	
 	 	4,934	

Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	45,268	
 	 	47,596	
 	 	55,230	
 	 	56,402	
 	 	40,334	
 	 	4,934	
 	
Investment and derivative gains (losses) - non-operating  (1)	 	24,603	
 	 	(39,757	)	 	73,476	
 	 	(39,497	)	 	21,787	
 	 	2,816	
 	
Change in value of modified coinsurance and funds withheld embedded derivatives  (1)	 	(90,214	)	 	(27,897	)	 	(47,094	)	 	(26,456	)	 	147	
 	 	(90,361	)	
GMXB embedded derivatives (1)	 	(62,940	)	 	36,437	
 	 	(95,373	)	 	50,878	
 	 	(25,133	)	 	(37,807	)	
Funds withheld gains (losses) - investment income	 	4,624	
 	 	(59	)	 	1,003	
 	 	2,748	
 	 	6,367	
 	 	(1,743	)	
EIA embedded derivatives - interest credited	 	(29,149	)	 	1,412	
 	 	10,995	
 	 	10,488	
 	 	(10,313	)	 	(18,836	)	
DAC offset, net	 	76,978	
 	 	13,142	
 	 	25,945	
 	 	1,187	
 	 	8,951	
 	 	68,027	
 	
Income before income taxes	 	$	(30,830	)	 	$	30,874	
 	 	$	24,182	
 	 	$	55,750	
 	 	$	42,140	
 	 	$	(72,970	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
(1) Included in “Investment related gains (losses), net” on Consolidated GAAP Income Statement

 

                                        

 	 	Page 8

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

 	 	 	
 	 	Three Months Ended	
 	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	
(USD millions)	 	2016	 	2015	 	2015	 	2015	 	2015	
Annuity account values:	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	
Fixed annuities (deferred)	 	$	5,210	
 	 	$	4,843	
 	 	$	4,883	
 	 	$	5,004	
 	 	$	4,779	

Net interest spread (fixed annuities):	 	2.1	%	 	2.7	%	 	2.5	%	 	2.5	%	 	2.3	%	
 	 	 	 	 	 	 	 	 	 	 	
Equity-indexed annuities	 	$	4,448	
 	 	$	4,509	
 	 	$	4,536	
 	 	$	4,622	
 	 	$	4,666	

Variable annuities:	 	 	 	 	 	 	 	 	 	 	
No riders	 	$	753	
 	 	$	782	
 	 	$	791	
 	 	$	843	
 	 	$	864	
 	
GMDB only	 	60	
 	 	62	
 	 	63	
 	 	69	
 	 	71	
 	
GMIB only	 	5	
 	 	5	
 	 	5	
 	 	5	
 	 	5	
 	
GMAB only	 	31	
 	 	33	
 	 	33	
 	 	38	
 	 	41	
 	
GMWB only	 	1,386	
 	 	1,425	
 	 	1,426	
 	 	1,540	
 	 	1,600	
 	
GMDB / WB	 	349	
 	 	359	
 	 	361	
 	 	391	
 	 	410	
 	
Other	 	21	
 	 	22	
 	 	22	
 	 	24	
 	 	26	
 	
Total VA account values	 	$	2,605	
 	 	$	2,688	
 	 	$	2,701	
 	 	$	2,910	
 	 	$	3,017	

Fair value of liabilities associated with living benefit riders	 	$	255	
 	 	$	192	
 	 	$	229	
 	 	$	134	
 	 	$	184	

Interest-sensitive contract liabilities associated with:	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	
Guaranteed investment contracts	 	$	368	
 	 	$	322	
 	 	$	313	
 	 	$	325	
 	 	$	336	

Bank-owned life insurance (BOLI)	 	$	562	
 	 	$	559	
 	 	$	556	
 	 	$	554	
 	 	$	551	

Other asset-intensive business	 	$	66	
 	 	$	66	
 	 	$	67	
 	 	$	67	
 	 	$	68	

Future policy benefits associated with:	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	
Payout annuities	 	$	1,949	
 	 	$	1,960	
 	 	$	1,919	
 	 	$	1,952	
 	 	$	—	

                                        

 	 	Page 9

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

 	 	Three Months Ended	 	Current Qtr
vs. PY
Quarter	
 	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	 	 	
(USD thousands)	 	2016	 	2015	 	2015	 	2015	 	2015	 	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	
Investment income, net of related expenses	 	$	2,607	
 	 	$	1,702	
 	 	$	1,438	
 	 	$	1,194	
 	 	$	1,145	
 	 	$	1,462	
 	
Other revenue	 	18,581	
 	 	19,133	
 	 	16,446	
 	 	17,717	
 	 	15,305	
 	 	3,276	
 	
Total revenues	 	21,188	
 	 	20,835	
 	 	17,884	
 	 	18,911	
 	 	16,450	
 	 	4,738	

 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	
 	
Policy acquisition costs and other insurance expenses	 	2,568	
 	 	2,720	
 	 	2,535	
 	 	2,522	
 	 	2,416	
 	 	152	
 	
Other operating expenses	 	2,686	
 	 	2,179	
 	 	3,276	
 	 	1,746	
 	 	1,669	
 	 	1,017	
 	
Total benefits and expenses	 	5,254	
 	 	4,899	
 	 	5,811	
 	 	4,268	
 	 	4,085	
 	 	1,169	

 	
 	
Operating income before income taxes	 	15,934	
 	 	15,936	
 	 	12,073	
 	 	14,643	
 	 	12,365	
 	 	3,569	

 	
 	
Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	
 	
Operating income before income taxes	 	15,934	
 	 	15,936	
 	 	12,073	
 	 	14,643	
 	 	12,365	
 	 	3,569	
 	
Investment and derivative gains (losses) - non-operating	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	—	
 	
Income before income taxes	 	$	15,934	
 	 	$	15,936	
 	 	$	12,073	
 	 	$	14,643	
 	 	$	12,365	
 	 	$	3,569	

 	 	 	 	 	 	 	 	 	 	 	 	 	

                                        

 	 	Page 10

Reinsurance Group of America, Incorporated
Canadian Traditional Segment Pre-tax Operating Income	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	Current Qtr
vs. PY
Quarter	
 	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	 	 	
(USD thousands)	 	2016	 	2015	 	2015	 	2015	 	2015	 	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	215,463	
 	 	$	201,384	
 	 	$	200,000	
 	 	$	224,960	
 	 	$	212,550	
 	 	$	2,913	
 	
Investment income, net of related expenses	 	41,664	
 	 	43,125	
 	 	43,283	
 	 	45,497	
 	 	44,405	
 	 	(2,741	)	
Investment related gains (losses), net	 	1,268	
 	 	1,286	
 	 	1,109	
 	 	1,110	
 	 	939	
 	 	329	
 	
Other revenue	 	(1,126	)	 	1,131	
 	 	767	
 	 	(454	)	 	1,556	
 	 	(2,682	)	
Total revenues	 	257,269	
 	 	246,926	
 	 	245,159	
 	 	271,113	
 	 	259,450	
 	 	(2,181	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	172,401	
 	 	148,543	
 	 	152,640	
 	 	185,742	
 	 	183,534	
 	 	(11,133	)	
Interest credited	 	2	
 	 	4	
 	 	5	
 	 	5	
 	 	4	
 	 	(2	)	
Policy acquisition costs and other insurance expenses	 	57,138	
 	 	43,226	
 	 	46,581	
 	 	53,371	
 	 	49,551	
 	 	7,587	
 	
Other operating expenses	 	8,364	
 	 	10,067	
 	 	8,140	
 	 	8,236	
 	 	9,188	
 	 	(824	)	
Total benefits and expenses	 	237,905	
 	 	201,840	
 	 	207,366	
 	 	247,354	
 	 	242,277	
 	 	(4,372	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	19,364	
 	 	45,086	
 	 	37,793	
 	 	23,759	
 	 	17,173	
 	 	2,191	

Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	19,364	
 	 	45,086	
 	 	37,793	
 	 	23,759	
 	 	17,173	
 	 	2,191	
 	
Investment and derivative gains (losses) - non-operating	 	372	
 	 	(259	)	 	(4,930	)	 	(1,277	)	 	519	
 	 	(147	)	
Funds withheld gains (losses) - investment income	 	359	
 	 	(187	)	 	1,209	
 	 	254	
 	 	5,035	
 	 	(4,676	)	
Income before income taxes	 	$	20,095	
 	 	$	44,640	
 	 	$	34,072	
 	 	$	22,736	
 	 	$	22,727	
 	 	$	(2,632	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Loss and Expense Ratios:	 	 	 	 	 	 	 	 	 	 	 	 	
Loss ratios (creditor business)	 	25.4	%	 	28.2	%	 	34.4	%	 	31.8	%	 	29.5	%	 	(4.1	)%	
Loss ratios (excluding creditor business)	 	98.6	%	 	82.5	%	 	86.6	%	 	95.9	%	 	101.2	%	 	(2.6	)%	
Claims and other policy benefits / (net premiums + investment income)	 	67.0	%	 	60.8	%	 	62.7	%	 	68.7	%	 	71.4	%	 	(4.4	)%	
Policy acquisition costs and other insurance expenses (creditor business)	 	81.6	%	 	66.2	%	 	62.1	%	 	64.0	%	 	63.0	%	 	18.6	 %	
Policy acquisition costs and other insurance expenses (excluding creditor business)	 	9.0	%	 	12.9	%	 	13.7	%	 	13.2	%	 	12.9	%	 	(3.9	)%	
Other operating expenses	 	3.9	%	 	5.0	%	 	4.1	%	 	3.7	%	 	4.3	%	 	(0.4	)%	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Foreign currency effect (1):	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	(22,010	)	 	$	(35,018	)	 	$	(40,371	)	 	$	(28,850	)	 	$	(26,121	)	 	$	4,111	
 	
Operating income before income taxes	 	$	(3,701	)	 	$	(7,795	)	 	$	(7,644	)	 	$	(3,065	)	 	$	(2,147	)	 	$	(1,554	)	

 	
Creditor reinsurance net premiums	 	$	34,791	
 	 	$	32,484	
 	 	$	39,462	
 	 	$	46,629	
 	 	$	44,054	
 	 	$	(9,263	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Note: The loss ratios on creditor reinsurance business are normally lower than traditional reinsurance, while allowances are normally higher as a percentage of premiums.	
(1) Compared to comparable prior year period	 	 	 	 	 	 	 	 	 	 	 	 	

 	
 	 	 	
 	 	Page 11

Reinsurance Group of America, Incorporated
Canadian Non-Traditional Segment Pre-tax Operating Income (1)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	Current Qtr
vs. PY
Quarter	
 	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	 	 	
(USD thousands)	 	2016	 	2015	 	2015	 	2015	 	2015	 	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	8,951	
 	 	$	9,002	
 	 	$	9,275	
 	 	$	9,725	
 	 	$	9,967	
 	 	$	(1,016	)	
Investment income, net of related expenses	 	384	
 	 	328	
 	 	230	
 	 	328	
 	 	550	
 	 	(166	)	
Other revenue	 	1,349	
 	 	1,332	
 	 	1,535	
 	 	1,405	
 	 	1,357	
 	 	(8	)	
Total revenues	 	10,684	
 	 	10,662	
 	 	11,040	
 	 	11,458	
 	 	11,874	
 	 	(1,190	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	9,604	
 	 	6,708	
 	 	7,340	
 	 	7,904	
 	 	7,299	
 	 	2,305	
 	
Policy acquisition costs and other insurance expenses	 	204	
 	 	145	
 	 	152	
 	 	148	
 	 	107	
 	 	97	
 	
Other operating expenses	 	284	
 	 	389	
 	 	291	
 	 	312	
 	 	337	
 	 	(53	)	
Total benefits and expenses	 	10,092	
 	 	7,242	
 	 	7,783	
 	 	8,364	
 	 	7,743	
 	 	2,349	

Operating income (loss) before income taxes	 	592	
 	 	3,420	
 	 	3,257	
 	 	3,094	
 	 	4,131	
 	 	(3,539	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	592	
 	 	3,420	
 	 	3,257	
 	 	3,094	
 	 	4,131	
 	 	(3,539	)	
Investment and derivative gains (losses) - non-operating	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	—	
 	
Income before income taxes	 	$	592	
 	 	$	3,420	
 	 	$	3,257	
 	 	$	3,094	
 	 	$	4,131	
 	 	$	(3,539	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Foreign currency effect (2):	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	(915	)	 	$	(1,570	)	 	$	(1,872	)	 	$	(1,234	)	 	$	(1,302	)	 	$	387	
 	
Operating income (loss) before income taxes	 	$	(575	)	 	$	(623	)	 	$	(659	)	 	$	(397	)	 	$	(251	)	 	$	(324	)	

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

                                        

 	 	Page 12

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

 	 	Three Months Ended	 	Current Qtr
vs. PY
Quarter	
 	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	 	 	
(USD thousands)	 	2016	 	2015	 	2015	 	2015	 	2015	 	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	276,435	
 	 	$	299,938	
 	 	$	276,111	
 	 	$	275,745	
 	 	$	269,746	
 	 	$	6,689	
 	
Investment income, net of related expenses	 	12,168	
 	 	14,123	
 	 	12,066	
 	 	13,092	
 	 	12,089	
 	 	79	
 	
Investment related gains (losses), net	 	—	
 	 	7,527	
 	 	(7,167	)	 	(4,509	)	 	12,208	
 	 	(12,208	)	
Other revenue	 	1,026	
 	 	5,380	
 	 	3,051	
 	 	(136	)	 	1,140	
 	 	(114	)	
Total revenues	 	289,629	
 	 	326,968	
 	 	284,061	
 	 	284,192	
 	 	295,183	
 	 	(5,554	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	251,243	
 	 	260,874	
 	 	232,473	
 	 	240,942	
 	 	235,307	
 	 	15,936	
 	
Interest credited	 	—	
 	 	8,126	
 	 	(6,798	)	 	(4,048	)	 	12,349	
 	 	(12,349	)	
Policy acquisition costs and other insurance expenses	 	14,782	
 	 	19,171	
 	 	17,680	
 	 	14,183	
 	 	12,008	
 	 	2,774	
 	
Other operating expenses	 	24,725	
 	 	25,938	
 	 	25,085	
 	 	23,956	
 	 	25,086	
 	 	(361	)	
Total benefits and expenses	 	290,750	
 	 	314,109	
 	 	268,440	
 	 	275,033	
 	 	284,750	
 	 	6,000	

Operating income (loss) before income taxes	 	(1,121	)	 	12,859	
 	 	15,621	
 	 	9,159	
 	 	10,433	
 	 	(11,554	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income (loss) before income taxes	 	(1,121	)	 	12,859	
 	 	15,621	
 	 	9,159	
 	 	10,433	
 	 	(11,554	)	
Investment and derivative gains (losses) - non-operating	 	5	
 	 	—	
 	 	289	
 	 	—	
 	 	49	
 	 	(44	)	
Income (loss) before income taxes	 	$	(1,116	)	 	$	12,859	
 	 	$	15,910	
 	
 	$	9,159	
 	 	$	10,482	
 	 	$	(11,598	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Loss and Expense Ratios:	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	90.9	%	 	87.0	%	 	84.2	%	 	87.4	%	 	87.2	%	 	3.7	 %	
Policy acquisition costs and other insurance expenses	 	5.3	%	 	6.4	%	 	6.4	%	 	5.1	%	 	4.5	%	 	0.8	 %	
Other operating expenses	 	8.9	%	 	8.6	%	 	9.1	%	 	8.7	%	 	9.3	%	 	(0.4	)%	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Foreign currency effect (1):	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	(23,009	)	 	$	(24,499	)	 	$	(29,879	)	 	$	(35,426	)	 	$	(29,430	)	 	$	6,421	
 	
Operating income (loss) before income taxes	 	$	(194	)	 	$	(1,285	)	 	$	(716	)	 	$	(770	)	 	$	(1,301	)	 	$	1,107	

Critical illness net premiums	 	$	53,643	
 	 	$	58,610	
 	 	$	58,069	
 	 	$	58,278	
 	 	$	58,219	
 	 	$	(4,576	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
(1) Compared to comparable prior year period	

 	
 	 	 	
 	 	Page 13

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

 	 	Three Months Ended	 	Current Qtr
vs. PY
Quarter	
 	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	 	 	
(USD thousands)	 	2016	 	2015	 	2015	 	2015	 	2015	 	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	35,606	
 	 	$	47,152	
 	 	$	44,584	
 	 	$	50,234	
 	 	$	29,860	
 	 	$	5,746	
 	
Investment income, net of related expenses	 	28,276	
 	 	23,468	
 	 	17,305	
 	 	15,782	
 	 	16,877	
 	 	11,399	
 	
Other revenue	 	3,653	
 	 	6,758	
 	 	6,953	
 	 	9,694	
 	 	7,640	
 	 	(3,987	)	
Total revenues	 	67,535	
 	 	77,378	
 	 	68,842	
 	 	75,710	
 	 	54,377	
 	 	13,158	

Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	36,443	
 	 	52,064	
 	 	37,923	
 	 	39,849	
 	 	32,081	
 	 	4,362	
 	
Policy acquisition costs and other insurance expenses	 	(193	)	 	(325	)	 	(511	)	 	266	
 	 	(530	)	 	337	
 	
Other operating expenses	 	5,674	
 	 	6,860	
 	 	2,592	
 	 	3,761	
 	 	4,191	
 	 	1,483	
 	
Total benefits and expenses	 	41,924	
 	 	58,599	
 	 	40,004	
 	 	43,876	
 	 	35,742	
 	 	6,182	

Operating income before income taxes	 	25,611	
 	 	18,779	
 	 	28,838	
 	 	31,834	
 	 	18,635	
 	 	6,976	

Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	25,611	
 	 	18,779	
 	 	28,838	
 	 	31,834	
 	 	18,635	
 	 	6,976	
 	
Investment and derivative gains (losses) - non-operating	 	(1,004	)	 	9,261	
 	 	8	
 	 	50	
 	 	851	
 	 	(1,855	)	
Investment income on unit-linked variable annuities	 	408	
 	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	408	
 	
Interest credited on unit-linked variable annuities	 	(408	)	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	(408	)	
Non-investment derivatives	 	817	
 	 	105	
 	 	388	
 	 	(452	)	 	148	
 	 	669	
 	
Income before income taxes	 	$	25,424	
 	 	$	28,145	
 	 	$	29,234	
 	 	$	31,432	
 	 	$	19,634	
 	 	$	5,790	

Foreign currency effect (2):	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	(2,022	)	 	$	(2,062	)	 	$	(3,394	)	 	$	(4,779	)	 	$	(2,327	)	 	$	305	
 	
Operating income before income taxes	 	$	(1,978	)	 	$	(1,441	)	 	$	(2,780	)	 	$	(4,214	)	 	$	(2,393	)	 	$	415	

(1) The Europe, Middle East and Africa non-traditional segment includes asset intensive, financial reinsurance, capital motivated and longevity closed block business.	
(2) Compared to comparable prior year period	

                                        

 	 	Page 14

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

 	 	Three Months Ended	 	Current Qtr
vs. PY
Quarter	
 	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	 	 	
(USD thousands)	 	2016	 	2015	 	2015	 	2015	 	2015	 	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	374,142	
 	 	$	388,663	
 	 	$	400,322	
 	 	$	390,456	
 	 	$	372,145	
 	 	$	1,997	
 	
Investment income, net of related expenses	 	19,867	
 	 	20,276	
 	 	19,626	
 	 	20,043	
 	 	20,604	
 	 	(737	)	
Investment related gains (losses), net	 	(2	)	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	(2	)	
Other revenue	 	176	
 	 	553	
 	 	3,728	
 	 	815	
 	 	1,126	
 	 	(950	)	
Total revenues	 	394,183	
 	 	409,492	
 	 	423,676	
 	 	411,314	
 	 	393,875	
 	 	308	
 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	274,298	
 	 	284,269	
 	 	333,739	
 	 	325,667	
 	 	265,309	
 	 	8,989	
 	
Policy acquisition costs and other insurance expenses	 	44,367	
 	 	49,747	
 	 	41,982	
 	 	49,335	
 	 	46,912	
 	 	(2,545	)	
Other operating expenses	 	34,374	
 	 	39,767	
 	 	34,973	
 	 	31,997	
 	 	29,006	
 	 	5,368	
 	
Interest expense	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	—	
 	
Total benefits and expenses	 	353,039	
 	 	373,783	
 	 	410,694	
 	 	406,999	
 	 	341,227	
 	 	11,812	

Operating income before income taxes	 	41,144	
 	 	35,709	
 	 	12,982	
 	 	4,315	
 	 	52,648	
 	 	(11,504	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	41,144	
 	 	35,709	
 	 	12,982	
 	 	4,315	
 	 	52,648	
 	 	(11,504	)	
Investment and derivative gains (losses) - non-operating	 	16	
 	 	1,706	
 	 	(1,706	)	 	—	
 	 	—	
 	 	16	
 	
Income before income taxes	 	$	41,160	
 	 	$	37,415	
 	 	$	11,276	
 	 	$	4,315	
 	 	$	52,648	
 	 	$	(11,488	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Loss and Expense Ratios:	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	73.3	%	 	73.1	%	 	83.4	%	 	83.4	%	 	71.3	%	 	2.0	 %	
Policy acquisition costs and other insurance expenses	 	11.9	%	 	12.8	%	 	10.5	%	 	12.6	%	 	12.6	%	 	(0.7	)%	
Other operating expenses	 	9.2	%	 	10.2	%	 	8.7	%	 	8.2	%	 	7.8	%	 	1.4	 %	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Foreign currency effect (1):	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	(21,627	)	 	$	(43,034	)	 	$	(69,139	)	 	$	(50,842	)	 	$	(35,158	)	 	$	13,531	
 	
Operating income before income taxes	 	$	(2,748	)	 	$	(4,204	)	 	$	(601	)	 	$	1,533	
 	 	$	(4,762	)	 	$	2,014	

Critical illness net premiums	 	$	98,389	
 	 	$	81,271	
 	 	$	86,341	
 	 	$	75,120	
 	 	$	69,867	
 	 	$	28,522	

(1) Compared to comparable prior year period	

                                        

 	 	Page 15

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

 	 	Three Months Ended	 	Current Qtr
vs. PY
Quarter	
 	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	 	 	
(USD thousands)	 	2016	 	2015	 	2015	 	2015	 	2015	 	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	5,686	
 	 	$	5,487	
 	 	$	2,807	
 	 	$	898	
 	 	$	10,282	
 	 	$	(4,596	)	
Investment income, net of related expenses	 	6,374	
 	 	6,659	
 	 	4,482	
 	 	3,888	
 	 	3,649	
 	 	2,725	
 	
Investment related gains (losses), net	 	576	
 	 	654	
 	 	706	
 	 	507	
 	 	501	
 	 	75	
 	
Other revenue	 	6,324	
 	 	5,698	
 	 	4,306	
 	 	3,839	
 	 	5,117	
 	 	1,207	
 	
Total revenues	 	18,960	
 	 	18,498	
 	 	12,301	
 	 	9,132	
 	 	19,549	
 	 	(589	)	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	3,473	
 	 	4,951	
 	 	903	
 	 	4,706	
 	 	5,735	
 	 	(2,262	)	
Interest Credited	 	3,030	
 	 	3,095	
 	 	1,023	
 	 	169	
 	 	184	
 	 	2,846	
 	
Policy acquisition costs and other insurance expenses	 	1,287	
 	 	1,297	
 	 	292	
 	 	419	
 	 	546	
 	 	741	
 	
Other operating expenses	 	3,728	
 	 	3,705	
 	 	3,790	
 	 	3,187	
 	 	2,960	
 	 	768	
 	
Total benefits and expenses	 	11,518	
 	 	13,048	
 	 	6,008	
 	 	8,481	
 	 	9,425	
 	 	2,093	

Operating income before income taxes	 	7,442	
 	 	5,450	
 	 	6,293	
 	 	651	
 	 	10,124	
 	 	(2,682	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	7,442	
 	 	5,450	
 	 	6,293	
 	 	651	
 	 	10,124	
 	 	(2,682	)	
Investment and derivative gains (losses) - non-operating	 	1,111	
 	 	17	
 	 	(881	)	 	(2,056	)	 	21	
 	 	1,090	
 	
Income (loss) before income taxes	 	$	8,553	
 	 	$	5,467	
 	 	$	5,412	
 	 	$	(1,405	)	 	$	10,145	
 	 	$	(1,592	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Foreign currency effect (2):	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	243	
 	 	$	(373	)	 	$	(392	)	 	$	(156	)	 	$	(1,686	)	 	$	1,929	
 	
Operating income (loss) before income taxes	 	$	323	
 	 	$	(774	)	 	$	(1,719	)	 	$	(614	)	 	$	(451	)	 	$	774	

(1) The Asia Pacific non-traditional segment includes asset intensive, financial reinsurance, and disabled life closed block business.	
(2) Compared to comparable prior year period	

                                        

 	 	Page 16

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

 	 	Three Months Ended	 	Current Qtr
vs. PY
Quarter	
 	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	 	 	
(USD thousands)	 	2016	 	2015	 	2015	 	2015	 	2015	 	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	109	
 	 	$	112	
 	 	$	133	
 	 	$	153	
 	 	$	167	
 	 	$	(58	)	
Investment income, net of related expenses	 	22,921	
 	 	28,355	
 	 	31,693	
 	 	31,707	
 	 	31,695	
 	 	(8,774	)	
Investment related gains (losses), net	 	493	
 	 	523	
 	 	519	
 	 	460	
 	 	447	
 	 	46	
 	
Other revenue	 	2,035	
 	 	6,650	
 	 	(1,670	)	 	3,348	
 	 	1,730	
 	 	305	
 	
Total revenues	 	25,558	
 	 	35,640	
 	 	30,675	
 	 	35,668	
 	 	34,039	
 	 	(8,481	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	27	
 	 	(11	)	 	(4	)	 	—	
 	 	53	
 	 	(26	)	
Interest credited	 	507	
 	 	369	
 	 	244	
 	 	203	
 	 	212	
 	 	295	
 	
Policy acquisition costs and other insurance expenses	 	(23,812	)	 	(22,886	)	 	(22,234	)	 	(21,843	)	 	(20,588	)	 	(3,224	)	
Other operating expenses	 	39,978	
 	 	32,878	
 	 	31,668	
 	 	26,137	
 	 	18,334	
 	 	21,644	
 	
Interest expense	 	32,807	
 	 	35,820	
 	 	35,565	
 	 	35,851	
 	 	35,627	
 	 	(2,820	)	
Collateral finance and securitization expense	 	6,325	
 	 	6,182	
 	 	5,133	
 	 	5,258	
 	 	6,071	
 	 	254	
 	
Total benefits and expenses	 	55,832	
 	 	52,352	
 	 	50,372	
 	 	45,606	
 	 	39,709	
 	 	16,123	

Operating income (loss) before income taxes	 	(30,274	)	 	(16,712	)	 	(19,697	)	 	(9,938	)	 	(5,670	)	 	(24,604	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income (loss) before income taxes	 	(30,274	)	 	(16,712	)	 	(19,697	)	 	(9,938	)	 	(5,670	)	 	(24,604	)	
Investment and derivative gains (losses) - non-operating	 	6,930	
 	 	(34,799	)	 	(31,229	)	 	1,252	
 	 	(2,280	)	 	9,210	
 	
Non-investment derivatives	 	14	
 	 	15	
 	 	(5	)	 	(41	)	 	(40	)	 	54	
 	
Income (loss) before income taxes	 	$	(23,330	)	 	$	(51,496	)	 	$	(50,931	)	 	$	(8,727	)	 	$	(7,990	)	 	$	(15,340	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Foreign currency effect (1):	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income (loss) before income taxes	 	$	(868	)	 	$	(2,604	)	 	$	(1,407	)	 	$	(1,173	)	 	$	(528	)	 	$	(340	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
(1) Compared to comparable prior year period	

 

 	
 	 	 	
 	 	Page 17

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

 	 	Three Months Ended	 	Current Qtr
vs. PY
Quarter	
 	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	 	 	
(USD thousands)	 	2016	 	2015	 	2015	 	2015	 	2015	 	 	
U.S. and Latin America:	 	 	 	 	 	 	 	 	 	 	 	 	
Traditional	 	$	53,198	
 	 	$	78,990	
 	 	$	54,726	
 	 	$	79,433	
 	 	$	20,316	
 	 	$	32,882	
 	
Non-Traditional:	 	 	 	 	 	 	 	 	 	 	 	
 	
Asset Intensive	 	45,268	
 	 	47,596	
 	 	55,230	
 	 	56,402	
 	 	40,334	
 	 	4,934	
 	
Financial Reinsurance	 	15,934	
 	 	15,936	
 	 	12,073	
 	 	14,643	
 	 	12,365	
 	 	3,569	
 	
Total U.S. and Latin America	 	114,400	
 	 	142,522	
 	 	122,029	
 	 	150,478	
 	 	73,015	
 	 	41,385	
 	
Canada:	 	 	 	 	 	 	 	 	 	 	 	 	
Canadian Traditional	 	19,364	
 	 	45,086	
 	 	37,793	
 	 	23,759	
 	 	17,173	
 	 	2,191	
 	
Canadian Non-Traditional	 	592	
 	 	3,420	
 	 	3,257	
 	 	3,094	
 	 	4,131	
 	 	(3,539	)	
Total Canadian	 	19,956	
 	 	48,506	
 	 	41,050	
 	 	26,853	
 	 	21,304	
 	 	(1,348	)	
Europe, Middle East and Africa:	 	 	 	 	 	 	 	 	 	 	 	 	
Europe, Middle East and Africa Traditional	 	(1,121	)	 	12,859	
 	 	15,621	
 	 	9,159	
 	 	10,433	
 	 	(11,554	)	
Europe, Middle East and Africa Non-Traditional	 	25,611	
 	 	18,779	
 	 	28,838	
 	 	31,834	
 	 	18,635	
 	 	6,976	
 	
Total Europe, Middle East and Africa	 	24,490	
 	 	31,638	
 	 	44,459	
 	 	40,993	
 	 	29,068	
 	 	(4,578	)	
Asia Pacific:	 	 	 	 	 	 	 	 	 	 	 	 	
Asia Pacific Traditional	 	41,144	
 	 	35,709	
 	 	12,982	
 	 	4,315	
 	 	52,648	
 	 	(11,504	)	
Asia Pacific Non-Traditional	 	7,442	
 	 	5,450	
 	 	6,293	
 	 	651	
 	 	10,124	
 	 	(2,682	)	
Total Asia Pacific	 	48,586	
 	 	41,159	
 	 	19,275	
 	 	4,966	
 	 	62,772	
 	 	(14,186	)	
Corporate and Other	 	(30,274	)	 	(16,712	)	 	(19,697	)	 	(9,938	)	 	(5,670	)	 	(24,604	)	
Consolidated	 	$	177,158	
 	 	$	247,113	
 	 	$	207,116	
 	 	$	213,352	
 	 	$	180,489	
 	 	$	(3,331	)	

 

                                        

 	 	Page 18

 
Reinsurance Group of America, Incorporated
Investments
(USD thousands)

Cash and Invested Assets	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	
 	 	2016	 	2015	 	2015	 	2015	 	2015	
Fixed maturity securities, available-for-sale	 	$	31,148,714	
 	 	$	29,642,905	
 	 	$	27,411,788	
 	 	$	28,063,975	
 	 	$	25,801,223	
 	
Mortgage loans on real estate	 	3,292,496	
 	 	3,129,951	
 	 	3,170,002	
 	 	3,073,313	
 	 	2,913,486	
 	
Policy loans	 	1,451,857	
 	 	1,468,796	
 	 	1,444,009	
 	 	1,438,156	
 	 	1,284,085	
 	
Funds withheld at interest	 	5,797,183	
 	 	5,880,203	
 	 	5,675,174	
 	 	5,840,076	
 	 	5,841,554	
 	
Short-term investments	 	431,535	
 	 	558,284	
 	 	58,200	
 	 	76,118	
 	 	89,136	
 	
Other invested assets	 	1,368,544	
 	 	1,298,120	
 	 	1,187,504	
 	 	1,110,107	
 	 	1,243,033	
 	
Cash and cash equivalents	 	1,502,082	
 	 	1,525,275	
 	 	1,747,692	
 	 	1,335,661	
 	 	1,083,179	
 	
Total cash and invested assets	 	$	44,992,411	
 	 	$	43,503,534	
 	 	$	40,694,369	
 	 	$	40,937,406	
 	 	$	38,255,696	

 
Investment Income and Yield Summary	

 	 	Three Months Ended	 	Current Qtr
vs. PY
Quarter	
 	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	 	 	
 	 	2016	 	2015	 	2015	 	2015	 	2015	 	 	
Average invested assets at amortized cost  (1)	 	$	22,379,003	
 	 	$	21,552,560	
 	 	$	20,988,046	
 	 	$	21,029,197	
 	 	$	21,073,262	
 	 	$	1,305,741	
 	
Net investment income (1)	 	$	245,299	
 	 	$	262,660	
 	 	$	240,168	
 	 	$	252,131	
 	 	$	247,239	
 	 	$	(1,940	)	
Annualized investment yield (ratio of net investment income to average invested assets)  (1)	 	4.46	%	 	4.96	%	(2)	4.66	%	 	4.88	%	 	4.78	%	 	(0.32	)%	
 	 	 	 	 	 	 	 	 	 	 	 	 	
(1) Excludes spread-related business (e.g. coinsurance of annuities)	
(2) Includes the cumulative effect of income related to a funds withheld transaction executed in the fourth quarter of 2015 retroactive to the beginning of the year.	

                                        

 	 	Page 19

Reinsurance Group of America, Incorporated
Investments
(USD thousands)

Amortized cost, gross unrealized gains and losses, and estimated fair values of fixed maturity and equity securities
(Excludes Funds Withheld Portfolios)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
March 31, 2016	
 	 	Amortized
Cost	 	Unrealized
Gains	 	Unrealized
Losses	 	Estimated Fair
Value	 	% of
Total	 	Other-than-
temporary
Impairment
in AOCI	
Available-for-sale:	 	 	 	 	 	 	 	 	 	 	 	 	
Corporate securities	 	$	17,926,454	
 	 	$	872,226	
 	 	$	286,632	
 	 	$	18,512,048	
 	 	59.5	%	 	$	—	
 	
Canadian and Canadian provincial governments	 	2,611,654	
 	 	1,269,576	
 	 	113	
 	 	3,881,117	
 	 	12.5	%	 	—	
 	
Residential mortgage-backed securities	 	1,330,894	
 	 	61,124	
 	 	11,121	
 	 	1,380,897	
 	 	4.4	%	 	(300	)	
Asset-backed securities	 	1,319,616	
 	 	10,462	
 	 	40,697	
 	 	1,289,381	
 	 	4.1	%	 	354	
 	
Commercial mortgage-backed securities	 	1,466,500	
 	 	47,907	
 	 	6,224	
 	 	1,508,183	
 	 	4.8	%	 	(1,609	)	
U.S. government and agencies	 	1,469,170	
 	 	40,859	
 	 	2,949	
 	 	1,507,080	
 	 	4.8	%	 	—	
 	
State and political subdivisions	 	506,521	
 	 	53,761	
 	 	8,039	
 	 	552,243	
 	 	1.8	%	 	—	
 	
Other foreign government, supranational, and foreign	 	 	 	 	 	 	 	 	 	 	 	 	
 government-sponsored enterprises	 	2,404,465	
 	 	134,991	
 	 	21,691	
 	 	2,517,765	
 	 	8.1	%	 	—	
 	
Total fixed maturity securities	 	$	29,035,274	
 	 	$	2,490,906	
 	 	$	377,466	
 	 	$	31,148,714	
 	 	100.0	%	 	$	(1,555	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Non-redeemable preferred stock	 	83,427	
 	 	2,768	
 	 	8,110	
 	 	78,085	
 	 	66.2	%	 	 	
Other equity securities	 	40,595	
 	 	150	
 	 	954	
 	 	39,791	
 	 	33.8	%	 	 	
Total equity securities	 	$	124,022	
 	 	$	2,918	
 	 	$	9,064	
 	 	$	117,876	
 	 	100.0	%	 	 	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
December 31, 2015	
 	 	Amortized
Cost	 	Unrealized
Gains	 	Unrealized
Losses	 	Estimated Fair
Value	 	% of
Total	 	Other-than-
temporary
Impairment
in AOCI	
Available-for-sale:	 	 	 	 	 	 	 	 	 	 	 	 	
Corporate securities	 	$	17,575,507	
 	 	$	599,718	
 	 	$	467,069	
 	 	$	17,708,156	
 	 	59.7	%	 	$	—	
 	
Canadian and Canadian provincial governments	 	2,469,009	
 	 	1,110,282	
 	 	2,532	
 	 	3,576,759	
 	 	12.1	%	 	—	
 	
Residential mortgage-backed securities	 	1,277,998	
 	 	45,152	
 	 	11,673	
 	 	1,311,477	
 	 	4.4	%	 	(300	)	
Asset-backed securities	 	1,219,000	
 	 	12,052	
 	 	18,376	
 	 	1,212,676	
 	 	4.1	%	 	354	
 	
Commercial mortgage-backed securities	 	1,456,848	
 	 	37,407	
 	 	11,168	
 	 	1,483,087	
 	 	5.0	%	 	(1,609	)	
U.S. government and agencies	 	1,423,791	
 	 	15,586	
 	 	57,718	
 	 	1,381,659	
 	 	4.7	%	 	—	
 	
State and political subdivisions	 	480,067	
 	 	40,014	
 	 	9,067	
 	 	511,014	
 	 	1.7	%	 	—	
 	
Other foreign government, supranational, and foreign	 	 	 	 	 	 	 	 	 	 	 	 	
 government-sponsored enterprises	 	2,420,757	
 	 	78,964	
 	 	41,644	
 	 	2,458,077	
 	 	8.3	%	 	—	
 	
Total fixed maturity securities	 	$	28,322,977	
 	 	$	1,939,175	
 	 	$	619,247	
 	 	$	29,642,905	
 	 	100.0	%	 	$	(1,555	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Non-redeemable preferred stock	 	85,645	
 	 	7,837	
 	 	5,962	
 	 	87,520	
 	 	69.5	%	 	 	
Other equity securities	 	40,584	
 	 	—	
 	 	2,242	
 	 	38,342	
 	 	30.5	%	 	 	
Total equity securities	 	$	126,229	
 	 	$	7,837	
 	 	$	8,204	
 	 	$	125,862	
 	 	100.0	%	 	 	

 	
 	 	 	
 	 	Page 20

Reinsurance Group of America, Incorporated
Investments
(USD thousands)

Corporate Fixed Maturities Securities by Sector
(Excludes Funds Withheld Portfolios)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	March 31, 2016	 	December 31, 2015	
 	 	Amortized
Cost	 	Estimated Fair
Value	 	% of
Total	 	Average
Credit
Ratings (1)	 	Amortized
Cost	 	Estimated Fair
Value	 	% of
Total	 	Average
Credit
Ratings (1)	
Financial Institutions	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Banking	 	$	3,733,773	
 	 	$	3,846,427	
 	 	20.8	%	 	A-	 	$	3,557,406	
 	 	$	3,641,125	
 	 	20.5	%	 	 A-	
Brokerage/Asset Managers/Exchanges	 	350,046	
 	 	368,180	
 	 	2.0	%	 	A	 	315,848	
 	 	327,477	
 	 	1.8	%	 	 A	
Finance Comp.	 	129,569	
 	 	136,228	
 	 	0.7	%	 	A+	 	68,996	
 	 	70,947	
 	 	0.4	%	 	 BBB-	
Insurance	 	983,516	
 	 	1,028,954	
 	 	5.6	%	 	A-	 	877,691	
 	 	908,752	
 	 	5.1	%	 	 A-	
REITs	 	528,458	
 	 	550,748	
 	 	3.0	%	 	BBB+	 	524,424	
 	 	540,120	
 	 	3.1	%	 	 BBB+	
Other Finance	 	93,065	
 	 	95,692	
 	 	0.5	%	 	A-	 	64,426	
 	 	66,623	
 	 	0.4	%	 	 A-	
Total Financial Institutions	 	$	5,818,427	
 	 	$	6,026,229	
 	 	32.6	%	 	 	 	$	5,408,791	
 	 	$	5,555,044	
 	 	31.3	%	 	 	
Industrials	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic	 	886,104	
 	 	893,615	
 	 	4.8	%	 	BBB	 	937,498	
 	 	894,466	
 	 	5.1	%	 	BBB	
Capital Goods	 	1,035,072	
 	 	1,059,334	
 	 	5.7	%	 	BBB+	 	1,090,670	
 	 	1,091,523	
 	 	6.2	%	 	BBB+	
Communications	 	1,896,209	
 	 	1,976,463	
 	 	10.7	%	 	BBB	 	1,891,983	
 	 	1,912,375	
 	 	10.8	%	 	BBB	
Consumer Cyclical	 	1,017,827	
 	 	1,058,980	
 	 	5.7	%	 	BBB+	 	1,015,183	
 	 	1,028,521	
 	 	5.8	%	 	BBB+	
Consumer Noncyclical	 	1,755,889	
 	 	1,868,001	
 	 	10.1	%	 	A-	 	1,762,018	
 	 	1,805,347	
 	 	10.2	%	 	A-	
Energy	 	2,063,974	
 	 	1,984,701	
 	 	10.7	%	 	BBB+	 	2,064,824	
 	 	1,922,366	
 	 	10.9	%	 	BBB+	
Technology	 	584,895	
 	 	606,664	
 	 	3.3	%	 	A-	 	569,174	
 	 	574,280	
 	 	3.2	%	 	A-	
Transportation	 	790,074	
 	 	822,320	
 	 	4.4	%	 	A-	 	763,055	
 	 	777,939	
 	 	4.4	%	 	A-	
Other Industrial	 	117,869	
 	 	126,023	
 	 	0.7	%	 	BBB+	 	117,021	
 	 	123,100	
 	 	0.7	%	 	BBB+	
Total Industrials	 	$	10,147,913	
 	 	$	10,396,101	
 	 	56.1	%	 	 	 	$	10,211,426	
 	 	$	10,129,917	
 	 	57.3	%	 	 	
Utilities	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Electric	 	1,379,353	
 	 	1,471,990	
 	 	8.0	%	 	BBB+	 	1,395,335	
 	 	1,444,368	
 	 	8.2	%	 	 BBB+	
Natural Gas	 	340,431	
 	 	357,469	
 	 	1.9	%	 	A-	 	315,826	
 	 	323,206	
 	 	1.8	%	 	 A-	
Other Utility	 	240,330	
 	 	260,259	
 	 	1.4	%	 	A-	 	244,129	
 	 	255,621	
 	 	1.4	%	 	 A-	
Total Utilities	 	$	1,960,114	
 	 	$	2,089,718	
 	 	11.3	%	 	 	 	$	1,955,290	
 	 	$	2,023,195	
 	 	11.4	%	 	 	
Total	 	$	17,926,454	
 	 	$	18,512,048	
 	 	100.0	%	 	BBB+	 	$	17,575,507	
 	 	$	17,708,156	
 	 	100.0	%	 	BBB+	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(1) The Average Credit Rating designations are based on the weighted average ratings from nationally recognized rating organizations, primarily those assigned by S&P. In instances where a S&P rating is not available, the Company will reference the rating provided by Moody’s, and in the absence of both the Company will assign equivalent ratings based on information from the NAIC.	

                                        

 	 	Page 21

Reinsurance Group of America, Incorporated
Investments
(USD thousands)

Ratings of Fixed Maturity Securities
(Excludes Funds Withheld Portfolios)

 	 	 	 	March 31, 2016	 	December 31, 2015	 	September 30, 2015	 	June 30, 2015	 	March 31, 2015	
NAIC
Designation (1)	 	Rating Agency
Designation   (2)	 	Amortized
Cost	 	Estimated
Fair Value	 	% of
Total	 	Amortized
Cost	 	Estimated
Fair Value	 	% of
Total	 	Amortized
Cost	 	Estimated
Fair Value	 	% of
Total	 	Amortized
Cost	 	Estimated
Fair Value	 	% of
Total	 	Amortized
Cost	 	Estimated
Fair Value	 	% of
Total	
1	 	AAA/AA/A	 	$	18,511,837	
 	 	$	20,516,462	
 	 	65.9	%	 	$	17,801,017	
 	 	$	19,231,535	
 	 	64.8	%	 	$	16,479,884	
 	 	$	18,012,729	
 	 	65.7	%	 	$	16,880,974	
 	 	$	18,443,284	
 	 	65.7	%	 	$	14,515,363	
 	 	$	16,887,466	
 	 	65.4	%	
2	 	BBB	 	8,813,991	
 	 	9,005,192	
 	 	28.9	%	 	8,838,444	
 	 	8,830,172	
 	 	29.8	%	 	7,567,172	
 	 	7,691,301	
 	 	28.1	%	 	7,686,514	
 	 	7,881,514	
 	 	28.1	%	 	6,957,089	
 	 	7,450,140	
 	 	28.9	%	
3	 	BB	 	1,096,165	
 	 	1,057,763	
 	 	3.4	%	 	1,054,449	
 	 	1,001,614	
 	 	3.4	%	 	1,061,245	
 	 	1,015,762	
 	 	3.7	%	 	932,629	
 	 	950,069	
 	 	3.4	%	 	799,090	
 	 	825,796	
 	 	3.2	%	
4	 	B	 	402,872	
 	 	372,795	
 	 	1.2	%	 	399,417	
 	 	359,591	
 	 	1.2	%	 	414,775	
 	 	389,089	
 	 	1.4	%	 	510,894	
 	 	504,272	
 	 	1.8	%	 	419,277	
 	 	404,081	
 	 	1.6	%	
5	 	CCC	 	178,537	
 	 	165,491	
 	 	0.5	%	 	207,351	
 	 	197,498	
 	 	0.7	%	 	261,015	
 	 	246,211	
 	 	0.9	%	 	246,203	
 	 	242,930	
 	 	0.9	%	 	219,271	
 	 	214,370	
 	 	0.8	%	
6	 	In or near default	 	31,872	
 	 	31,011	
 	 	0.1	%	 	22,299	
 	 	22,495	
 	 	0.1	%	 	60,704	
 	 	56,696	
 	 	0.2	%	 	48,118	
 	 	41,906	
 	 	0.1	%	 	23,626	
 	 	19,370	
 	 	0.1	%	
 	 	Total	 	$	29,035,274	
 	 	$	31,148,714	
 	
 	100.0	%	
 	$	28,322,977	
 	
 	$	29,642,905	
 	
 	100.0	%	
 	$	25,844,795	
 	
 	$	27,411,788	
 	
 	100.0	%	
 	$	26,305,332	
 	
 	$	28,063,975	
 	
 	100.0	%	
 	$	22,933,716	
 	
 	$	25,801,223	
 	
 	100.0	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(1) Structured securities held by the Company’s insurance subsidiaries that maintain the National Association of Insurance Commissioners (NAIC) statutory basis of accounting that meet the definition of SSAP No. 43R utilize the NAIC rating methodology. All other securities will continue to utilize the Nationally Recognized Statistical Rating Organizations (NRSRO) ratings, as available, or equivalent rating based on information from the NAIC.	
(2) The Rating Agency Designation includes all “+” or “-” at that rating level (e. g. ‘BBB’ includes ‘BBB+’, ‘BBB’, and ‘BBB-’).	

Structured Fixed Maturity Securities	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	March 31, 2016	 	December 31, 2015	 	September 30, 2015	 	June 30, 2015	 	March 31, 2015	
 	 	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	 	$	593,662	
 	 	$	642,617	
 	 	$	602,524	
 	 	$	634,077	
 	 	$	614,272	
 	 	$	657,066	
 	 	$	626,139	
 	 	$	656,940	
 	 	$	644,367	
 	 	$	692,101	
 	
Non-agency	 	737,232	
 	 	738,280	
 	 	675,474	
 	 	677,400	
 	 	619,886	
 	 	626,394	
 	 	528,593	
 	 	533,939	
 	 	428,048	
 	 	435,573	
 	
Total residential mortgage-backed securities	 	1,330,894	
 	 	1,380,897	
 	 	1,277,998	
 	 	1,311,477	
 	 	1,234,158	
 	 	1,283,460	
 	 	1,154,732	
 	 	1,190,879	
 	 	1,072,415	
 	 	1,127,674	
 	
Commercial mortgage-backed securities	 	1,466,500	
 	 	1,508,183	
 	 	1,456,848	
 	 	1,483,087	
 	 	1,441,845	
 	 	1,491,951	
 	 	1,471,419	
 	 	1,525,469	
 	 	1,448,372	
 	 	1,534,274	
 	
Asset-backed securities	 	1,319,616	
 	 	1,289,381	
 	 	1,219,000	
 	 	1,212,676	
 	 	1,055,760	
 	 	1,061,372	
 	 	1,051,093	
 	 	1,062,624	
 	 	1,082,883	
 	 	1,098,112	
 	
Total	 	$	4,117,010	
 	 	$	4,178,461	
 	 	$	3,953,846	
 	 	$	4,007,240	
 	 	$	3,731,763	
 	 	$	3,836,783	
 	 	$	3,677,244	
 	 	$	3,778,972	
 	 	$	3,603,670	
 	 	$	3,760,060	

                                        

 	 	Page 22

 
Reinsurance Group of America, Incorporated
Investments
(USD thousands)

Gross Unrealized Losses Aging

Fixed Maturity Securities	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	March 31, 2016	 	December 31, 2015	 	September 30, 2015	 	June 30, 2015	 	March 31, 2015	
 	 	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%	 	$	272,450	
 	 	70.5	%	 	$	458,676	
 	 	73.1	%	 	$	359,324	
 	 	79.5	%	 	$	369,658	
 	 	94.0	%	 	$	71,886	
 	 	72.3	%	
20% or more for less than six months	 	68,067	
 	 	17.6	%	 	140,568	
 	 	22.4	%	 	69,197	
 	 	15.3	%	 	9,253	
 	 	2.3	%	 	14,581	
 	 	14.7	%	
20% or more for six months or greater	 	36,949	
 	 	9.6	%	 	20,003	
 	 	3.2	%	 	14,480	
 	 	3.2	%	 	10,328	
 	 	2.6	%	 	11,546	
 	 	11.6	%	
Total	 	$	377,466	
 	
 	97.7	%	
 	$	619,247	
 	
 	98.7	%	
 	$	443,001	
 	
 	98.0	%	
 	$	389,239	
 	
 	98.9	%	
 	$	98,013	
 	
 	98.6	%	

Equity Securities	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	March 31, 2016	 	December 31, 2015	 	September 30, 2015	 	June 30, 2015	 	March 31, 2015	
 	 	Gross
Unrealized
Losses	 	% of
Total	 	Gross
Unrealized
Losses	 	% of
Total	 	Gross
Unrealized
Losses	 	% of
Total	 	Gross
Unrealized
Losses	 	% of
Total	 	Gross
Unrealized
Losses	 	% of
Total	
Less than 20%	 	$	2,678	
 	 	0.7	%	 	$	4,433	
 	 	0.7	%	 	$	4,127	
 	 	0.9	%	 	$	3,654	
 	 	0.9	%	 	$	712	
 	 	0.7	%	
20% or more for less than six months	 	1,672	
 	 	0.4	%	 	1,927	
 	 	0.3	%	 	3,687	
 	 	0.8	%	 	948	
 	 	0.2	%	 	737	
 	 	0.7	%	
20% or more for six months or greater	 	4,714	
 	 	1.2	%	 	1,844	
 	 	0.3	%	 	1,243	
 	 	0.3	%	 	—	
 	 	0.0	%	 	—	
 	 	0.0	%	
Total	 	$	9,064	
 	
 	2.3	%	
 	$	8,204	
 	
 	1.3	%	
 	$	9,057	
 	
 	2.0	%	
 	$	4,602	
 	
 	1.1	%	
 	$	1,449	
 	
 	1.4	%	

                                        

 	 	Page 23

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

 	 	As of March 31, 2016	
 	 	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	 	$	2,082,050	
 	 	$	79,986	
 	 	$	1,557,209	
 	 	$	112,210	
 	 	$	3,639,259	
 	 	$	192,196	
 	
Canadian and Canadian provincial governments	 	49,560	
 	 	113	
 	 	—	
 	 	—	
 	 	49,560	
 	 	113	
 	
Residential mortgage-backed securities	 	217,618	
 	 	5,773	
 	 	104,341	
 	 	4,456	
 	 	321,959	
 	 	10,229	
 	
Asset-backed securities	 	629,257	
 	 	25,390	
 	 	237,331	
 	 	12,243	
 	 	866,588	
 	 	37,633	
 	
Commercial mortgage-backed securities	 	256,118	
 	 	3,936	
 	 	52,341	
 	 	1,995	
 	 	308,459	
 	 	5,931	
 	
U.S. government and agencies	 	129,048	
 	 	801	
 	 	70,288	
 	 	2,148	
 	 	199,336	
 	 	2,949	
 	
State and political subdivisions	 	14,632	
 	 	510	
 	 	55,295	
 	 	7,529	
 	 	69,927	
 	 	8,039	
 	
Other foreign government, supranational, and
foreign government-sponsored enterprises	 	107,785	
 	 	3,274	
 	 	115,085	
 	 	5,922	
 	 	222,870	
 	 	9,196	
 	
Investment grade securities	 	3,486,068	
 	 	119,783	
 	 	2,191,890	
 	 	146,503	
 	 	5,677,958	
 	 	266,286	

Below investment grade securities:	 	 	 	 	 	 	 	 	 	 	 	 	
Corporate securities	 	573,014	
 	 	65,766	
 	 	137,674	
 	 	28,670	
 	 	710,688	
 	 	94,436	
 	
Residential mortgage-backed securities	 	22,774	
 	 	411	
 	 	10,445	
 	 	481	
 	 	33,219	
 	 	892	
 	
Asset-backed securities	 	6,506	
 	 	1,368	
 	 	8,818	
 	 	1,696	
 	 	15,324	
 	 	3,064	
 	
Commercial mortgage-backed securities	 	—	
 	 	—	
 	 	3,207	
 	 	293	
 	 	3,207	
 	 	293	
 	
Other foreign government, supranational, and
foreign government-sponsored enterprises	 	36,134	
 	 	2,482	
 	 	58,897	
 	 	10,013	
 	 	95,031	
 	 	12,495	
 	
Below investment grade securities	 	638,428	
 	 	70,027	
 	 	219,041	
 	 	41,153	
 	 	857,469	
 	 	111,180	
 	
Total fixed maturity securities	 	$	4,124,496	
 	 	$	189,810	
 	 	$	2,410,931	
 	 	$	187,656	
 	 	$	6,535,427	
 	 	$	377,466	

Non-redeemable preferred stock	 	15,334	
 	 	356	
 	 	22,821	
 	 	7,754	
 	 	38,155	
 	 	8,110	
 	
Other equity securities	 	13,263	
 	 	702	
 	 	11,649	
 	 	252	
 	 	24,912	
 	 	954	
 	
Total equity securities	 	$	28,597	
 	 	$	1,058	
 	 	$	34,470	
 	 	$	8,006	
 	 	$	63,067	
 	 	$	9,064	

 	 	 	 	 	 	 	 	 	 	 	 	 	

 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	As of December 31, 2015	
 	 	Less than 12 months	 	Equal to or greater than 12 months	 	Total	
 	 	Estimated Fair
Value	 	Gross Unrealized
Losses	 	Estimated Fair
Value	 	Gross Unrealized
Losses	 	Estimated Fair
Value	 	Gross Unrealized
Losses	
Investment grade securities:	 	 	 	 	 	 	 	 	 	 	 	 	
Corporate securities	 	$	6,388,148	
 	 	$	323,961	
 	 	$	294,755	
 	 	$	40,861	
 	 	$	6,682,903	
 	 	$	364,822	
 	
Canadian and Canadian provincial governments	 	122,746	
 	 	2,532	
 	 	—	
 	 	—	
 	 	122,746	
 	 	2,532	
 	
Residential mortgage-backed securities	 	452,297	
 	 	7,036	
 	 	82,314	
 	 	4,057	
 	 	534,611	
 	 	11,093	
 	
Asset-backed securities	 	581,701	
 	 	9,825	
 	 	199,298	
 	 	7,100	
 	 	780,999	
 	 	16,925	
 	
Commercial mortgage-backed securities	 	514,877	
 	 	9,806	
 	 	31,177	
 	 	997	
 	 	546,054	
 	 	10,803	
 	
U.S. government and agencies	 	1,010,387	
 	 	57,718	
 	 	—	
 	 	—	
 	 	1,010,387	
 	 	57,718	
 	
State and political subdivisions	 	157,837	
 	 	5,349	
 	 	13,016	
 	 	3,718	
 	 	170,853	
 	 	9,067	
 	
Other foreign government, supranational, and foreign government-sponsored enterprises	 	702,962	
 	 	18,279	
 	 	38,379	
 	 	4,206	
 	 	741,341	
 	 	22,485	
 	
Investment grade securities	 	9,930,955	
 	 	434,506	
 	 	658,939	
 	 	60,939	
 	 	10,589,894	
 	 	495,445	

Below investment grade securities:	 	 	 	 	 	 	 	 	 	 	 	 	
Corporate securities	 	554,688	
 	 	71,171	
 	 	114,427	
 	 	31,076	
 	 	669,115	
 	 	102,247	
 	
Residential mortgage-backed securities	 	22,646	
 	 	282	
 	 	7,679	
 	 	298	
 	 	30,325	
 	 	580	
 	
Asset-backed securities	 	6,772	
 	 	201	
 	 	9,335	
 	 	1,250	
 	 	16,107	
 	 	1,451	
 	
Commercial mortgage-backed securities	 	3,253	
 	 	248	
 	 	767	
 	 	117	
 	 	4,020	
 	 	365	
 	
Other foreign government, supranational, and
foreign government-sponsored enterprises	 	60,668	
 	 	7,356	
 	 	31,693	
 	 	11,803	
 	 	92,361	
 	 	19,159	
 	
Below investment grade securities	 	648,027	
 	 	79,258	
 	 	163,901	
 	 	44,544	
 	 	811,928	
 	 	123,802	
 	
Total fixed maturity securities	 	$	10,578,982	
 	 	$	513,764	
 	 	$	822,840	
 	 	$	105,483	
 	 	$	11,401,822	
 	 	$	619,247	

Non-redeemable preferred stock	 	12,331	
 	 	2,175	
 	 	12,191	
 	 	3,787	
 	 	24,522	
 	 	5,962	
 	
Other equity securities	 	38,327	
 	 	2,242	
 	 	—	
 	 	—	
 	 	38,327	
 	 	2,242	
 	
Total equity securities	 	$	50,658	
 	 	$	4,417	
 	 	$	12,191	
 	 	$	3,787	
 	 	$	62,849	
 	 	$	8,204	

                                        

 	 	Page 24

Reinsurance Group of America, Incorporated
Investments
(USD thousands)

Consolidated Investment Related Gains and Losses	

 	 	Three Months Ended	 	Current Qtr
vs. PY
Quarter	
 	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	 	 	
 	 	2016	 	2015	 	2015	 	2015	 	2015	 	 	
Fixed Maturity and Equity Securities:	 	 	 	 	 	 	 	 	 	 	 	 	
Other-than-temporary impairment losses on fixed maturities	 	$	(33,817	)	 	$	(27,605	)	 	$	(23,111	)	 	$	(4,137	)	 	$	(2,527	)	 	$	(31,290	)	
Gain on investment activity	 	27,192	
 	 	20,077	
 	 	13,792	
 	 	20,009	
 	 	19,201	
 	 	7,991	
 	
Loss on investment activity	 	(11,787	)	 	(21,636	)	 	(22,186	)	 	(14,475	)	 	(13,596	)	 	1,809	
 	
Net gain/(loss) on fixed maturity and equity securities	 	(18,412	)	 	(29,164	)	 	(31,505	)	 	1,397	
 	 	3,078	
 	 	(21,490	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Other impairment losses and change in mortgage loan provision	 	(2,060	)	 	(2,292	)	 	(636	)	 	143	
 	 	(4,168	)	 	2,108	
 	
Other non-derivative gain/(loss), net	 	4,057	
 	 	11,824	
 	 	(2,006	)	 	976	
 	 	17,375	
 	 	(13,318	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Free-standing Derivatives:	 	 	 	 	 	 	 	 	 	 	 	 	
Credit default swaps	 	3,346	
 	 	1,253	
 	 	(8,407	)	 	(187	)	 	2,658	
 	 	688	
 	
Interest rate swaps - non-hedged	 	62,527	
 	 	(9,271	)	 	42,014	
 	 	(41,729	)	 	29,344	
 	 	33,183	
 	
Interest rate swaps - hedged	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	7	
 	 	(7	)	
Foreign currency swaps - hedged (1)	 	(4,562	)	 	2,983	
 	 	(2,135	)	 	—	
 	 	—	
 	 	(4,562	)	
Futures	 	(11,051	)	 	(6,822	)	 	16,655	
 	 	(2,183	)	 	(7,331	)	 	(3,720	)	
CPI swaps	 	(180	)	 	(55	)	 	(250	)	 	168	
 	 	(71	)	 	(109	)	
Equity options	 	(2,703	)	 	(21,376	)	 	15,149	
 	 	(2,605	)	 	(8,067	)	 	5,364	
 	
Currency forwards	 	2,500	
 	 	(214	)	 	707	
 	 	(1,433	)	 	(220	)	 	2,720	
 	
Bond forwards	 	841	
 	 	(911	)	 	610	
 	 	1,495	
 	 	(840	)	 	1,681	
 	
Interest rate options	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	3,276	
 	 	(3,276	)	
Total free-standing derivatives	 	50,718	
 	 	(34,413	)	 	64,343	
 	 	(46,474	)	 	18,756	
 	 	31,962	

Embedded Derivatives:	 	 	 	 	 	 	 	 	 	 	 	 	
Modified coinsurance and funds withheld treaties	 	(92,249	)	 	(27,201	)	 	(46,169	)	 	(23,098	)	 	(2,325	)	 	(89,924	)	
GMXB	 	(62,940	)	 	36,437	
 	 	(95,373	)	 	50,878	
 	 	(25,133	)	 	(37,807	)	
Total embedded derivatives	 	(155,189	)	 	9,236	
 	 	(141,542	)	 	27,780	
 	 	(27,458	)	 	(127,731	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Net gain/(loss) on total derivatives	 	(104,471	)	 	(25,177	)	 	(77,199	)	 	(18,694	)	 	(8,702	)	 	(95,769	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Total investment related gains / (losses), net	 	$	(120,886	)	 	$	(44,809	)	 	$	(111,346	)	 	$	(16,178	)	 	$	7,583	
 	 	$	(128,469	)	
 (1)The company recognizes gains and losses on derivatives and the related hedged items in fair value hedges within net gains/(losses) on total derivatives.	

                                        

 	 	Page 25