UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
 CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): July 23, 2015
 REINSURANCE GROUP OF AMERICA, INCORPORATED
(Exact Name of Registrant as Specified in its Charter)

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

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

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

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

 	
 	 	
Item 2.02	Results of Operations and Financial Condition.	
On July 23, 2015, Reinsurance Group of America, Incorporated (the “Company”) issued (1) a press release (the “Press Release”) announcing its earnings for the three-month period ended June 30, 2015, and providing certain additional information, a copy of which is furnished with this report as Exhibit 99.1, and (2) a Quarterly Financial Supplement for the quarter ended June 30, 2015, a copy of which is attached hereto as Exhibit 99.2. The Press Release also notes that a conference call will be held on July 24, 2015 to discuss the financial and operating results for the three-month period ended June 30, 2015. The Press Release and Quarterly Financial Supplement are furnished and are not filed pursuant to Instruction B.2 of Form 8-K.

 	
 	 	
Item 9.01	Financial Statements and Exhibits	
(d) Exhibits.

 	 	 	
 	 	 	
Exhibit No.	  	Exhibit	
99.1	  	Press Release of Reinsurance Group of America, Incorporated dated July 23, 2015	
 	 	
99.2	  	Quarterly Financial Supplement for the quarter ended June 30, 2015	

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

 	 	 	 	 	 	 	
 	 	 	 	 	 	 	
 	 	 	REINSURANCE GROUP OF AMERICA, INCORPORATED	
 	 	 	 	
Date: July 23, 2015	 	 	By:	 	  /s/ Jack B. Lay	
 	 	 	 	 	Jack B. Lay	
 	 	 	 	 	Senior Executive Vice President and Chief Financial Officer	

EXHIBIT INDEX

 	 	 	
Exhibit Number	  	Description	
 	 	
99.1	  	Press Release dated July 23, 2015	
 	 	
99.2	  	Quarterly Financial Supplement for the quarter ended June 30, 2015	

Exhibit 99.1

PRESS RELEASE

REINSURANCE GROUP OF AMERICA REPORTS SECOND-QUARTER RESULTS
 	 	
•	Earnings per diluted share: $1.94 from operating income* and net income	
 	 	
•	Higher tax provision and adverse foreign currency translation had a negative impact of $0.14 and $0.08 per diluted share, respectively	
 	 	
•	Strong results in EMEA and Asia offset by weakness in U.S. Traditional and Australia; Global Financial Solutions (GFS) continues strong performance trend	
 	 	
•	Reported net premiums decreased 2 percent; up 8 percent net of foreign currency and the effect of fourth-quarter 2014 retrocession transaction	
 	 	
•	Quarterly shareholder dividend raised 12 percent	
 	 	
•	Share repurchase authorization increased to $450 million	

ST. LOUIS, July 23, 2015 - Reinsurance Group of America, Incorporated (NYSE: RGA), a leading global provider of life reinsurance, reported operating income* of $130.3 million, or $1.94 per diluted share, compared with $155.1 million, or $2.23 per diluted share, in the prior-year quarter. Net income totaled $130.4 million, or $1.94 per diluted share, compared with $198.3 million, or $2.84 per diluted share, the year before. In addition to the higher effective tax rate and foreign currency effects noted above, the current period reflects higher claims in the U.S. and Australia, partially offset by better-than-expected overall results in EMEA and Asia; the year-ago period benefited from the positive effect of a treaty reinstatement and conversion in Asia, which contributed $0.11 per share.

 	 	Quarterly Results	 	Year-to-Date Results	
($ in thousands, except per share data)	 	2015	 	2014	 	2015	 	2014	
Net premiums	 	$	2,129,043	
 	 	$	2,183,160	
 	 	$	4,152,895	
 	 	$	4,283,797	
 	
Net income	 	130,391	
 	 	198,296	
 	 	255,505	
 	 	334,960	
 	
Net income per diluted share	 	1.94	
 	 	2.84	
 	 	3.76	
 	 	4.75	
 	
Operating income*	 	130,270	
 	 	155,131	
 	 	252,048	
 	 	269,938	
 	
Operating income per diluted share*	 	1.94	
 	 	2.23	
 	 	3.70	
 	 	3.83	
 	
Book value per share	 	97.61	
 	 	97.21	
 	 	 	 	 	
Book value per share (excl. Accumulated Other Comprehensive Income “AOCI”)*	 	80.30	
 	 	73.54	
 	 	 	 	 	
Total assets	 	47,460,271	
 	 	43,171,051	
 	 	 	 	 	
* See "Use of Non-Gaap Financial Measures" below	
Consolidated net premiums totaled $2.1 billion this quarter, down 2 percent from last year’s second quarter. Current-period premiums reflect a $114 million reduction associated with the previously announced fourth-quarter 2014 U.S. retrocession agreement, along with adverse foreign currency effects of approximately $122 million. Excluding those effects, premiums increased 8 percent versus the prior-year quarter. Investment income increased 10 percent to $450.5 million this period, primarily due to a larger average invested asset base. Excluding spread-based businesses and the value of associated derivatives, investment income increased 7 percent over year-ago levels. The average investment yield was 4.88 percent, nine basis points over the second quarter of 2014, and 10 basis points higher than the first-quarter yield.
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The effective tax rate on operating income was 38.9 percent this quarter, well above management’s expected range of 33 percent to 34 percent, and the comparable prior-year rate of 34.6 percent. Although an extension is expected later this year, Congress has not extended the Active Financing Exception (AFE) legislation, and as a result, the company increased its tax provision nearly $10 million in the second quarter, an adverse effect of $0.14 per diluted share. This amount would be reversed upon extension of the AFE.

Greig Woodring, president and chief executive officer, commented, “Operating income was $130.3 million, or $1.94 per diluted share in the second quarter, compared to $155.1 million a year ago or $2.23 per share. The results this quarter were negatively affected by the higher tax rate and foreign currency weakness. Otherwise, the results generally reflect a continuation of recent trends of balance and diversity of earnings by geography and product line, but with some volatility in segment and business line results consistent with the nature of our business. Most of our international operations continued a pattern of very good results, with the EMEA segment particularly strong, but Australia had a weak quarter, a reversal of some of the experience in the first quarter. The operating income of the Australia operation is essentially in line with expectations on a year-to-date basis. Our Global Financial Solutions business was again a highlight, with the U.S. Asset-Intensive business generating very favorable results. The U.S. Traditional business was weaker than expected, as the elevated mortality claims experienced in the first quarter extended into April before showing some seasonal recovery as the quarter progressed. On a positive note, the Canadian business saw slightly favorable mortality experience, after a string of unfavorable quarters. Therefore, while we continue to see some variability in our businesses from quarter to quarter and line to line, we are pleased that our global operating model has helped us produce favorable financial results over time.

“We continue to pursue a capital management strategy that entails deploying excess capital into attractive block acquisitions, share repurchases and shareholder dividends. After aggressively repurchasing shares in the first quarter of this year, we slowed this activity in the second quarter as we continued to pursue a range of potential block acquisition opportunities. Going forward, we expect to remain active but disciplined as we consider a range of options in terms of capital usage. We announced a dividend increase of 12 percent, and our board also increased the existing share repurchase authorization from $300 million to $450 million, making the current capacity under that authorization nearly $200 million. Our deployable, excess capital position exceeds $750 million. Ending book value per share this quarter was $97.61 including AOCI, and $80.30 excluding AOCI, an 11 percent increase over that of a year ago, when adding back dividends paid over that period.”

SEGMENT RESULTS

U.S. and Latin America

Traditional

The U.S. and Latin America Traditional segment reported pre-tax operating income of $79.4 million, compared with $89.0 million in the second quarter of 2014. The current-period results were lower than expected due primarily to elevated individual mortality claims, particularly older-age policies, and to a lesser extent, adverse group results. Traditional net premiums decreased 2 percent from last year's second
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quarter to $1,170.9 million, including the retrocession agreement effective in last year’s fourth quarter, and increased 8 percent excluding that agreement. Pre-tax net income totaled $82.8 million for the quarter, compared with $94.0 million in last year’s second quarter.

Non-Traditional

The Asset-Intensive business reported pre-tax operating income of $56.4 million compared with $44.0 million last year. Results were strong in both periods with the current quarter benefiting primarily from favorable net interest rate spread performance on fixed annuities, as well as the addition of earnings from the Aurora National acquisition. Pre-tax net income decreased to $55.8 million from $81.8 million a year ago, attributable to changes in the fair value of various embedded derivatives.

The Financial Reinsurance business continued to perform well, increasing pre-tax operating income 8 percent to $14.6 million in the second quarter. Pre-tax net income also totaled $14.6 million in the current period compared with $13.7 million in the prior-year quarter.

Canada

Traditional

The Canada Traditional business reported pre-tax operating income of $23.8 million this quarter, down from $27.7 million the year before. Individual mortality claims experience improved relative to that of recent quarters and was slightly favorable this period, but that experience was mostly offset by weaker results in other products and a weaker Canadian dollar. Reported net premiums decreased 9 percent to $225.0 million, primarily due to the weaker currency. Pre-tax net income totaled $22.7 million compared with $32.0 million in the second quarter of 2014.

Non-Traditional

The Canada Non-Traditional business segment, which consists of longevity and fee-based transactions, posted pre-tax operating income and pre-tax net income of $3.1 million this quarter compared with $3.0 million in the prior-year quarter.

In total, a relatively weaker Canadian dollar lowered net premiums and pre-tax operating income by approximately $30.1 million and $3.5 million, respectively, during the quarter. In Canadian dollars, premiums increased 4 percent over the second quarter of 2014.

Europe, Middle East and Africa (EMEA)

Traditional

The EMEA Traditional segment reported pre-tax operating income of $9.2 million compared with $23.1 million in last year’s second quarter, a difficult comparison given the very favorable mortality and morbidity results in last year’s quarter. Current-period claims experience was at expected levels. Net reported premiums decreased 4 percent and totaled $275.7 million, compared with $286.4 million in the prior-year quarter. Net foreign currency fluctuations adversely affected pre-tax operating income and premiums again this quarter. Pre-tax net income totaled $9.2 million versus $26.8 million in the year-ago quarter.
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Non-Traditional

The EMEA Non-Traditional segment includes asset-intensive, longevity and fee-based transactions. Pre-tax operating income increased sharply to $31.8 million from $21.6 million a year ago, primarily due to the execution of two longevity transactions this quarter and favorable experience on existing longevity business. Pre-tax net income totaled $31.4 million this quarter, compared with $34.5 million in last year’s second quarter.

In total, adverse foreign currency fluctuations reduced net premiums and pre-tax operating income by $40.2 million and $5.0 million, respectively. EMEA premiums based in local currencies increased 7 percent over the second quarter of 2014.

Asia Pacific

Traditional

Asia Pacific’s Traditional business reported pre-tax operating income of $4.3 million, down from $26.3 million in the prior-year quarter. The Australia operation posted poor results in its individual and group morbidity product lines, contributing to a pre-tax operating loss of approximately $20 million in that market. That performance follows an unusually strong first quarter result. For the first six months, results in Australia were still profitable, in line with expected levels. Outside of Australia, Traditional businesses performed very well, with particularly strong results from our operations in Hong Kong & Southeast Asia, Japan and South Korea.

Traditional net premiums were even with the prior-year period at $390.5 million, including significant adverse foreign currency fluctuations compared with the prior year. Pre-tax net income totaled $4.3 million compared with $28.2 million in last year’s second quarter.

Non-Traditional

Asia Pacific’s Non-Traditional business includes asset-intensive, fee-based and various other transactions. Pre-tax operating income in this segment decreased to $0.7 million from $3.1 million last year due to lower volume and less favorable experience on certain treaties. Pre-tax net losses were $1.4 million this quarter versus pre-tax net income of $6.7 million in the year-ago period.

In total, Asia Pacific premiums included an adverse foreign currency effect of $51.0 million compared to the prior-year quarter. Local currency premiums increased 12 percent over the prior-year quarter. Pre-tax operating income benefited by $0.9 million from currency fluctuations, reflecting favorable effects on the losses incurred in Australia.

Corporate and Other

The Corporate and Other segment reported pre-tax operating losses of $9.9 million this period and $14.1 million in the second quarter of 2014. Current-quarter results were in line with expectations. Pre-tax net losses were $8.7 million this quarter and $20.2 million a year ago.

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Dividend Declaration

The board of directors increased the quarterly dividend 12 percent, to $0.37 from $0.33, payable August 26 to shareholders of record as of August 5.

Earnings Conference Call

A conference call to discuss second-quarter results will begin at 9 a.m. Eastern Time on Friday, July 24. Interested parties may access the call by dialing 1-877-741-4240 (domestic) or 719-325-4784 (international). The access code is 5926650. 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 August 1 at 888-203-1112 (domestic) or 719-457-0820 (international), access code 5926650.

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 $2.9 trillion of life reinsurance in force, and assets of $47.5 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
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business and entities, (22) action by regulators who have authority over the Company’s reinsurance operations in the jurisdictions in which it operates, (23) the Company’s dependence on third parties, including those insurance companies and reinsurers to which the Company cedes some reinsurance, third-party investment managers and others, (24) the threat of natural disasters, catastrophes, terrorist attacks, epidemics or pandemics anywhere in the world where the Company or its clients do business, (25) interruption or failure of the Company’s telecommunication, information technology or other operational systems, or the Company’s failure to maintain adequate security to protect the confidentiality or privacy of personal or sensitive data stored on such systems, (26) changes in laws, regulations, and accounting standards applicable to the Company, its subsidiaries, or its business, (27) the effect of the Company’s status as an insurance holding company and regulatory restrictions on its ability to pay principal of and interest on its debt obligations, and (28) other risks and uncertainties described in this document and in the Company’s other filings with the SEC.

Forward-looking statements should be evaluated together with the many risks and uncertainties that affect our business, including those mentioned in this document and described in the periodic reports we file with the Securities and Exchange Commission. These forward-looking statements speak only as of the date on which they are made. We do not undertake any obligations to update these forward-looking statements, even though our situation may change in the future. We qualify all of our forward-looking statements by these cautionary statements. For a discussion of the risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements, you are advised to review the risk factors in our Annual Report on Form 10-K for the year ended December 31, 2014.

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

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

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(Unaudited)	Three Months Ended 
 June 30,	 	Six Months Ended 
 June 30,	
 	2015	 	2014	 	2015	 	2014	
GAAP net income	$	130,391	
 	 	$	198,296	
 	 	$	255,505	
 	 	$	334,960	
 	
Reconciliation to operating income:	 	 	 	 	 	 	 	
Capital (gains) losses, derivatives and other, included in investment related (gains) losses, net	27,152	
 	 	(26,820	)	 	12,567	
 	 	(43,827	)	
Capital (gains) losses on funds withheld, included in investment income	(1,951	)	 	(3,870	)	 	(9,363	)	 	(4,123	)	
Embedded derivatives:	 	 	 	 	 	 	 	
Included in investment related (gains) losses, net	(18,056	)	 	(47,873	)	 	(209	)	 	(82,700	)	
Included in interest credited	(6,817	)	 	4,495	
 	 	(114	)	 	231	
 	
DAC offset, net	(770	)	 	30,903	
 	 	(6,589	)	 	65,397	
 	
Non-investment derivatives	321	
 	 	—	
 	 	251	
 	 	—	
 	
Operating income	$	130,270	
 	 	$	155,131	
 	 	$	252,048	
 	 	$	269,938	

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

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(Unaudited)	Three Months Ended 
 June 30,	 	Six Months Ended 
 June 30,	
 	2015	 	2014	 	2015	 	2014	
Income before income taxes	$	213,790	
 	 	$	300,535	
 	 	$	397,915	
 	 	$	499,975	
 	
Reconciliation to pre-tax operating income:	 	 	 	 	 	 	 	
Capital (gains) losses, derivatives and other, included in investment related (gains) losses, net	41,526	
 	 	(38,136	)	 	20,580	
 	 	(64,442	)	
Capital (gains) losses on funds withheld, included in investment income	(3,002	)	 	(5,954	)	 	(14,404	)	 	(6,343	)	
Embedded derivatives:	 	 	 	 	 	 	 	
Included in investment related (gains) losses, net	(27,780	)	 	(73,652	)	 	(322	)	 	(127,232	)	
Included in interest credited	(10,488	)	 	6,916	
 	 	(175	)	 	356	
 	
DAC offset, net	(1,187	)	 	47,543	
 	 	(10,138	)	 	100,611	
 	
Non-investment derivatives	493	
 	 	—	
 	 	385	
 	 	—	
 	
Pre-tax operating income	$	213,352	
 	 	$	237,252	
 	 	$	393,841	
 	 	$	402,925	

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

(Unaudited)	Three Months Ended June 30, 2015	
 	Pre-tax net income (loss)	 	Capital
(gains) losses,
derivatives
and other, net	 	Change in
value of
embedded
derivatives, net	 	Pre-tax
operating
income (loss)	
U.S. and Latin America:	 	 	 	 	 	 	 	
Traditional	$	82,793	
 	 	$	(2	)	 	$	(3,358	)	 	$	79,433	
 	
Non-Traditional:	 	 	 	 	 	 	 	
Asset Intensive	55,750	
 	 	25,739	
 	(1) 	(25,087	)	(2) 	56,402	
 	
Financial Reinsurance	14,643	
 	 	—	
 	 	—	
 	 	14,643	
 	
Total U.S. and Latin America	153,186	
 	 	25,737	
 	 	(28,445	)	 	150,478	
 	
Canada Traditional	22,736	
 	 	1,023	
 	 	—	
 	 	23,759	
 	
Canada Non-Traditional	3,094	
 	 	—	
 	 	—	
 	 	3,094	
 	
Total Canada	25,830	
 	 	1,023	
 	 	—	
 	 	26,853	
 	
EMEA Traditional	9,159	
 	 	—	
 	 	—	
 	 	9,159	
 	
EMEA Non-Traditional	31,432	
 	 	402	
 	 	—	
 	 	31,834	
 	
Total EMEA	40,591	
 	 	402	
 	 	—	
 	 	40,993	
 	
Asia Pacific Traditional	4,315	
 	 	—	
 	 	—	
 	 	4,315	
 	
Asia Pacific Non-Traditional	(1,405	)	 	2,056	
 	 	—	
 	 	651	
 	
Total Asia Pacific	2,910	
 	 	2,056	
 	 	—	
 	 	4,966	
 	
Corporate and Other	(8,727	)	 	(1,211	)	 	—	
 	 	(9,938	)	
Consolidated	$	213,790	
 	 	$	28,007	
 	 	$	(28,445	)	 	$	213,352	

(1)	Asset Intensive is net of $(11,010) DAC offset.	
 	 	
(2)	Asset Intensive is net of $9,823 DAC offset.	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(Unaudited)	Three Months Ended June 30, 2014	
 	Pre-tax net income (loss)	 	Capital
(gains) losses,
derivatives
and other, net	 	Change in
value of
embedded
derivatives, net	 	Pre-tax
operating
income (loss)	
U.S. and Latin America:	 	 	 	 	 	 	 	
Traditional	$	93,988	
 	 	$	(5,967	)	 	$	933	
 	 	$	88,954	
 	
Non-Traditional:	 	 	 	 	 	 	 	
Asset Intensive	81,797	
 	 	(22,813	)	(1) 	(14,957	)	(2) 	44,027	
 	
Financial Reinsurance	13,677	
 	 	(68	)	 	—	
 	 	13,609	
 	
Total U.S. and Latin America	189,462	
 	 	(28,848	)	 	(14,024	)	 	146,590	
 	
Canada Traditional	32,009	
 	 	(4,266	)	 	—	
 	 	27,743	
 	
Canada Non-Traditional	3,011	
 	 	(28	)	 	—	
 	 	2,983	
 	
Total Canada	35,020	
 	 	(4,294	)	 	—	
 	 	30,726	
 	
EMEA Traditional	26,787	
 	 	(3,737	)	 	—	
 	 	23,050	
 	
EMEA Non-Traditional	34,535	
 	 	(12,904	)	 	—	
 	 	21,631	
 	
Total EMEA	61,322	
 	 	(16,641	)	 	—	
 	 	44,681	
 	
Asia Pacific Traditional	28,213	
 	 	(1,950	)	 	—	
 	 	26,263	
 	
Asia Pacific Non-Traditional	6,715	
 	 	(3,651	)	 	—	
 	 	3,064	
 	
Total Asia Pacific	34,928	
 	 	(5,601	)	 	—	
 	 	29,327	
 	
Corporate and Other	(20,197	)	 	6,125	
 	 	—	
 	 	(14,072	)	
Consolidated	$	300,535	
 	 	$	(49,259	)	 	$	(14,024	)	 	$	237,252	

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

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

(Unaudited)	Six Months Ended June 30, 2015	
 	Pre-tax net income (loss)	 	Capital
(gains) losses,
derivatives
and other, net	 	Change in
value of
embedded
derivatives, net	 	Pre-tax
operating
income (loss)	
U.S. and Latin America:	 	 	 	 	 	 	 	
Traditional	$	100,636	
 	 	$	(1	)	 	$	(886	)	 	$	99,749	
 	
Non-Traditional:	 	 	 	 	 	 	 	
Asset Intensive	97,890	
 	 	2,347	
 	(1) 	(3,501	)	(2) 	96,736	
 	
Financial Reinsurance	27,008	
 	 	—	
 	 	—	
 	 	27,008	
 	
Total U.S. and Latin America	225,534	
 	 	2,346	
 	 	(4,387	)	 	223,493	
 	
Canada Traditional	45,463	
 	 	(4,531	)	 	—	
 	 	40,932	
 	
Canada Non-Traditional	7,225	
 	 	—	
 	 	—	
 	 	7,225	
 	
Total Canada	52,688	
 	 	(4,531	)	 	—	
 	 	48,157	
 	
EMEA Traditional	19,641	
 	 	(49	)	 	—	
 	 	19,592	
 	
EMEA Non-Traditional	51,066	
 	 	(597	)	 	—	
 	 	50,469	
 	
Total EMEA	70,707	
 	 	(646	)	 	—	
 	 	70,061	
 	
Asia Pacific Traditional	56,963	
 	 	—	
 	 	—	
 	 	56,963	
 	
Asia Pacific Non-Traditional	8,740	
 	 	2,035	
 	 	—	
 	 	10,775	
 	
Total Asia Pacific	65,703	
 	 	2,035	
 	 	—	
 	 	67,738	
 	
Corporate and Other	(16,717	)	 	1,109	
 	 	—	
 	 	(15,608	)	
Consolidated	$	397,915	
 	 	$	313	
 	 	$	(4,387	)	 	$	393,841	

(1)	Asset Intensive is net of $(6,248) DAC offset.	
 	 	
(2)	Asset Intensive is net of $(3,890) DAC offset.	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(Unaudited)	Six Months Ended June 30, 2014	
 	Pre-tax net income (loss)	 	Capital
(gains) losses,
derivatives
and other, net	 	Change in
value of
embedded
derivatives, net	 	Pre-tax
operating
income (loss)	
U.S. and Latin America:	 	 	 	 	 	 	 	
Traditional	$	144,960	
 	 	$	(10,191	)	 	$	2,388	
 	 	$	137,157	
 	
Non-Traditional:	 	 	 	 	 	 	 	
Asset Intensive	152,412	
 	 	(42,052	)	(1) 	(25,328	)	(2) 	85,032	
 	
Financial Reinsurance	26,186	
 	 	(151	)	 	—	
 	 	26,035	
 	
Total U.S. and Latin America	323,558	
 	 	(52,394	)	 	(22,940	)	 	248,224	
 	
Canada Traditional	51,442	
 	 	(2,166	)	 	—	
 	 	49,276	
 	
Canada Non-Traditional	3,642	
 	 	(69	)	 	—	
 	 	3,573	
 	
Total Canada	55,084	
 	 	(2,235	)	 	—	
 	 	52,849	
 	
EMEA Traditional	25,795	
 	 	(4,868	)	 	—	
 	 	20,927	
 	
EMEA Non-Traditional	50,732	
 	 	(13,002	)	 	—	
 	 	37,730	
 	
Total EMEA	76,527	
 	 	(17,870	)	 	—	
 	 	58,657	
 	
Asia Pacific Traditional	47,080	
 	 	(2,070	)	 	—	
 	 	45,010	
 	
Asia Pacific Non-Traditional	14,159	
 	 	(5,184	)	 	—	
 	 	8,975	
 	
Total Asia Pacific	61,239	
 	 	(7,254	)	 	—	
 	 	53,985	
 	
Corporate and Other	(16,433	)	 	5,643	
 	 	—	
 	 	(10,790	)	
Consolidated	$	499,975	
 	 	$	(74,110	)	 	$	(22,940	)	 	$	402,925	

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

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

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(Unaudited)	Three Months Ended 
 June 30,	 	Six Months Ended 
 June 30,	
 	2015	 	2014	 	2015	 	2014	
Diluted earnings per share from operating income	$	1.94	
 	 	$	2.23	
 	 	$	3.70	
 	 	$	3.83	
 	
Earnings per share from net income:	 	 	 	 	 	 	 	
Basic earnings per share	$	1.97	
 	 	$	2.87	
 	 	$	3.80	
 	 	$	4.80	
 	
Diluted earnings per share	$	1.94	
 	 	$	2.84	
 	 	$	3.76	
 	 	$	4.75	
 	
Weighted average number of common and common equivalent shares outstanding	67,120	
 	 	69,718	
 	 	68,030	
 	 	70,489	

 	
 	 	 	 	 	 	 	 	
(Unaudited)	At or for the Six Months
Ended June 30,	
 	2015	 	2014	
Treasury shares	12,716	
 	 	10,328	
 	
Common shares outstanding	66,422	
 	 	68,810	
 	
Book value per share outstanding	$	97.61	
 	 	$	97.21	
 	
Book value per share outstanding, before impact of AOCI	$	80.30	
 	 	$	73.54	

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

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(Unaudited)	Three Months Ended 
 June 30,	 	Six Months Ended 
 June 30,	
 	2015	 	2014	 	2015	 	2014	
Revenues:	 	 	 	 	 	 	 	
Net premiums	$	2,129,043	
 	 	$	2,183,160	
 	 	$	4,152,895	
 	 	$	4,283,797	
 	
Investment income, net of related expenses	450,539	
 	 	410,607	
 	 	877,430	
 	 	814,982	
 	
Investment related gains (losses), net:	 	 	 	 	 	 	 	
Other-than-temporary impairments on fixed maturity securities	(4,137	)	 	(870	)	 	(6,664	)	 	(1,173	)	
Other investment related gains (losses), net	(12,041	)	 	119,397	
 	 	(1,931	)	 	204,271	
 	
Total investment related gains (losses), net	(16,178	)	 	118,527	
 	 	(8,595	)	 	203,098	
 	
Other revenue	66,936	
 	 	120,726	
 	 	129,223	
 	 	188,316	
 	
Total revenues	2,630,340	
 	 	2,833,020	
 	 	5,150,953	
 	 	5,490,193	
 	
Benefits and expenses:	 	 	 	 	 	 	 	
Claims and other policy benefits	1,866,183	
 	 	1,841,885	
 	 	3,641,634	
 	 	3,685,562	
 	
Interest credited	77,246	
 	 	115,962	
 	 	197,924	
 	 	226,556	
 	
Policy acquisition costs and other insurance expenses	300,412	
 	 	409,374	
 	 	577,455	
 	 	764,247	
 	
Other operating expenses	131,600	
 	 	127,462	
 	 	253,218	
 	 	238,398	
 	
Interest expense	35,851	
 	 	35,211	
 	 	71,478	
 	 	70,295	
 	
Collateral finance and securitization expense	5,258	
 	 	2,591	
 	 	11,329	
 	 	5,160	
 	
Total benefits and expenses	2,416,550	
 	 	2,532,485	
 	 	4,753,038	
 	 	4,990,218	
 	
Income before income taxes	213,790	
 	 	300,535	
 	 	397,915	
 	 	499,975	
 	
Provision for income taxes	83,399	
 	 	102,239	
 	 	142,410	
 	 	165,015	
 	
Net income	$	130,391	
 	 	$	198,296	
 	 	$	255,505	
 	 	$	334,960	
 	
# # #

Exhibit 99.2

Financial Supplement
Second Quarter 2015
(Unaudited)

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

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

 

Reinsurance Group of America, Incorporated
Financial Supplement
2nd Quarter 2015
Table of Contents

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

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

                                        

 	 	Page 1

Reinsurance Group of America, Incorporated

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

 

                                        

 	 	Page 2

Reinsurance Group of America, Incorporated
Financial Highlights	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	Current Qtr vs. PY Quarter	 	 	 	Year-to Date	 	
(USD thousands, except inforce & per share data)	 	June 30,	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	 	 	 	 	June 30,	 	June 30,	 	 	 	 	 	 	
 	 	2015	 	2015	 	2014	 	2014	 	2014	 	 	 	 	 	2015	 	2014	 	Change	 	 	 	 	 	 	
Net premiums	 	$	2,129,043	
 	 	$	2,023,852	
 	 	$	2,217,772	
 	 	$	2,168,285	
 	 	$	2,183,160	
 	 	$	(54,117	)	 	 	 	$	4,152,895	
 	 	$	4,283,797	
 	 	$	(130,902	)	 	 	 	 	 	 	
Net income	 	130,391	
 	 	125,114	
 	 	191,091	
 	 	157,996	
 	 	198,296	
 	 	(67,905	)	 	 	 	255,505	
 	 	334,960	
 	 	(79,455	)	 	 	 	 	 	 	
Operating income	 	130,270	
 	 	121,778	
 	 	208,288	
 	 	159,823	
 	 	155,131	
 	 	(24,861	)	 	 	 	252,048	
 	 	269,938	
 	 	(17,890	)	 	 	 	 	 	 	
Operating return on equity (ex AOCI) -	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
annualized	 	9.8	%	 	9.2	%	 	15.8	%	 	12.5	%	 	12.4	%	 	(2.6	)%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
trailing 12 months	 	11.8	%	 	12.5	%	 	12.5	%	 	11.7	%	 	11.8	%	 	—	 %	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total assets	 	47,460,271	
 	 	44,691,268	
 	 	44,679,611	
 	 	42,910,363	
 	 	43,171,051	
 	 	4,289,220	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Assumed Life Reinsurance in Force (in billions)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
U.S. and Latin America Traditional	 	$	1,475.6	
 	 	$	1,479.4	
 	 	$	1,483.9	
 	 	$	1,387.2	
 	 	$	1,393.1	
 	 	$	82.5	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
U.S. and Latin America Non-Traditional	 	2.1	
 	 	2.1	
 	 	1.4	
 	 	2.2	
 	 	2.2	
 	 	(0.1	)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Canada Traditional	 	360.7	
 	 	349.0	
 	 	402.8	
 	 	383.9	
 	 	395.8	
 	 	(35.1	)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Europe, Middle East and Africa Traditional	 	573.9	
 	 	553.3	
 	 	561.1	
 	 	573.0	
 	 	626.1	
 	 	(52.2	)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Asia Pacific Traditional	 	512.7	
 	 	460.6	
 	 	494.0	
 	 	577.0	
 	 	616.9	
 	 	(104.2	)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Asia Pacific Non-Traditional	 	0.3	
 	 	0.3	
 	 	0.3	
 	 	0.3	
 	 	0.3	
 	 	—	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Life Reinsurance in Force	 	$	2,925.3	
 	 	$	2,844.7	
 	 	$	2,943.5	
 	 	$	2,923.6	
 	 	$	3,034.4	
 	 	$	(109.1	)	 	 	 	

 	

 	 	 	 	 	 	 	
Assumed New Business Production (in billions)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
U.S. and Latin America Traditional	 	$	15.7	
 	 	$	19.7	
 	 	$	118.1	
 	(1)	$	16.6	
 	 	$	21.8	
 	 	$	(6.1	)	 	 	 	$	35.4	
 	 	$	42.2	
 	 	$	(6.8	)	 	 	 	 	 	 	
Canada Traditional	 	11.1	
 	 	9.7	
 	 	13.9	
 	 	11.6	
 	 	10.4	
 	 	0.7	
 	 	 	 	20.8	
 	 	22.8	
 	 	(2.0	)	 	 	 	 	 	 	
Europe, Middle East and Africa Traditional	 	32.3	
 	 	48.6	
 	 	38.5	
 	 	22.5	
 	 	67.7	
 	 	(35.4	)	 	 	 	80.9	
 	 	114.2	
 	 	(33.3	)	 	 	 	 	 	 	
Asia Pacific Traditional	 	12.6	
 	 	27.8	
 	 	22.4	
 	 	21.1	
 	 	18.5	
 	 	(5.9	)	 	 	 	40.4	
 	 	38.1	
 	 	2.3	
 	 	 	 	 	 	 	
Total New Business Production	 	$	71.7	
 	 	$	105.8	
 	 	$	192.9	
 	 	$	71.8	
 	 	$	118.4	
 	 	$	(46.7	)	 	 	 	$	177.5	
 	 	$	217.3	
 	 	$	(39.8	)	 	 	 	 	 	 	
Per Share and Shares Data	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic earnings per share	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	 	$	1.97	
 	 	$	1.84	
 	 	$	2.78	
 	 	$	2.30	
 	 	$	2.87	
 	 	$	(0.90	)	 	 	 	$	3.80	
 	 	$	4.80	
 	 	$	(1.00	)	 	 	 	 	 	 	
Operating income	 	$	1.96	
 	 	$	1.79	
 	 	$	3.03	
 	 	$	2.33	
 	 	$	2.25	
 	 	$	(0.29	)	 	 	 	$	3.75	
 	 	$	3.87	
 	 	$	(0.12	)	 	 	 	 	 	 	
Diluted earnings per share	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	 	$	1.94	
 	 	$	1.81	
 	 	$	2.75	
 	 	$	2.28	
 	 	$	2.84	
 	 	$	(0.90	)	 	 	 	$	3.76	
 	 	$	4.75	
 	 	$	(0.99	)	 	 	 	 	 	 	
Operating income	 	$	1.94	
 	 	$	1.77	
 	 	$	2.99	
 	 	$	2.31	
 	 	$	2.23	
 	 	$	(0.29	)	 	 	 	$	3.70	
 	 	$	3.83	
 	 	$	(0.13	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Wgt. average common shares outstanding	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(basic)	 	66,351	
 	 	68,141	
 	 	68,718	
 	 	68,642	
 	 	69,076	
 	 	(2,725	)	 	 	 	67,246	
 	 	69,823	
 	 	(2,577	)	 	 	 	 	 	 	
(diluted)	 	67,120	
 	 	68,942	
 	 	69,550	
 	 	69,335	
 	 	69,718	
 	 	(2,598	)	 	 	 	68,030	
 	 	70,489	
 	 	(2,459	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Common shares issued	 	79,138	
 	 	79,138	
 	 	79,138	
 	 	79,138	
 	 	79,138	
 	 	—	
 	 	 	 	79,138	
 	 	79,138	
 	 	—	
 	 	 	 	 	 	 	
Treasury shares	 	12,716	
 	 	12,699	
 	 	10,365	
 	 	10,472	
 	 	10,328	
 	 	2,388	
 	 	 	 	12,716	
 	 	10,328	
 	 	2,388	
 	 	 	 	 	 	 	
Common shares outstanding	 	66,422	
 	 	66,439	
 	 	68,773	
 	 	68,666	
 	 	68,810	
 	 	(2,388	)	 	 	 	66,422	
 	 	68,810	
 	 	(2,388	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Book value per share	 	$	97.61	
 	 	$	107.62	
 	 	$	102.13	
 	 	$	97.28	
 	 	$	97.21	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Per share effect of accumulated other	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
comprehensive income (AOCI)	 	$	17.31	
 	 	$	28.36	
 	 	$	24.10	
 	 	$	21.84	
 	 	$	23.67	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Book value per share, excluding AOCI	 	$	80.30	
 	 	$	79.26	
 	 	$	78.03	
 	 	$	75.44	
 	 	$	73.54	

Shareholder dividends paid	 	$	21,850.5	
 	 	$	22,668.8	
 	 	$	22,669.4	
 	 	$	22,632.1	
 	 	$	20,711.1	
 	 	$	1,139.4	
 	 	 	 	$	44,519.3	
 	 	$	41,954.7	
 	 	$	2,564.6	
 	 	 	 	 	 	 	
(1) Increase in new business production related to the Voya Financial transaction that closed during the 4th quarter.	 	 	 	 	 	 	

 	
 	 	 	
 	 	Page 3

Reinsurance Group of America, Incorporated
Consolidated GAAP Income Statement (incl. Operating Income Reconciliations)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	Current Qtr	 	 	 	Year-to Date	
 	 	June 30,	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	vs. PY	 	 	 	June 30,	 	June 30,	 	 	
(USD thousands)	 	2015	 	2015	 	2014	 	2014	 	2014	 	Quarter	 	 	 	2015	 	2014	 	Change	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	2,129,043	
 	 	$	2,023,852	
 	 	$	2,217,772	
 	 	$	2,168,285	
 	 	$	2,183,160	
 	 	$	(54,117	)	 	 	 	$	4,152,895	
 	 	$	4,283,797	
 	 	$	(130,902	)	
Investment income, net of related expenses	 	450,539	
 	 	426,891	
 	 	451,603	
 	 	447,106	
 	 	410,607	
 	 	39,932	
 	 	 	 	877,430	
 	 	814,982	
 	 	62,448	
 	
Investment related gains (losses), net	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
OTTI on fixed maturity securities	 	(4,137	)	 	(2,527	)	 	(6,347	)	 	(246	)	 	(870	)	 	(3,267	)	 	 	 	(6,664	)	 	(1,173	)	 	(5,491	)	
OTTI on fixed maturity securities transferred	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
to/from AOCI	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	 	 	—	
 	 	—	
 	 	—	
 	
Other investment related gains (losses), net	 	(12,041	)	 	10,110	
 	 	(32,876	)	 	22,564	
 	 	119,397	
 	 	(131,438	)	 	 	 	(1,931	)	 	204,271	
 	 	(206,202	)	
Total investment related gains (losses), net	 	(16,178	)	 	7,583	
 	 	(39,223	)	 	22,318	
 	 	118,527	
 	 	(134,705	)	 	 	 	(8,595	)	 	203,098	
 	 	(211,693	)	
Other revenue	 	66,936	
 	 	62,287	
 	 	67,261	
 	 	78,879	
 	 	120,726	
 	 	(53,790	)	 	 	 	129,223	
 	 	188,316	
 	 	(59,093	)	
Total revenues	 	2,630,340	
 	 	2,520,613	
 	 	2,697,413	
 	 	2,716,588	
 	 	2,833,020	
 	 	(202,680	)	 	 	 	5,150,953	
 	 	5,490,193	
 	 	(339,240	)	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	

Claims and other policy benefits	 	1,866,183	
 	 	1,775,451	
 	 	1,866,042	
 	 	1,855,037	
 	 	1,841,885	
 	 	24,298	
 	 	 	 	3,641,634	
 	 	3,685,562	
 	 	(43,928	)	
Interest credited	 	77,246	
 	 	120,678	
 	 	103,523	
 	 	120,952	
 	 	115,962	
 	 	(38,716	)	 	 	 	197,924	
 	 	226,556	
 	 	(28,632	)	
Policy acquisition costs and other insurance expenses	 	300,412	
 	 	277,043	
 	 	290,775	
 	 	336,411	
 	 	409,374	
 	 	(108,962	)	 	 	 	577,455	
 	 	764,247	
 	 	(186,792	)	
Other operating expenses	 	131,600	
 	 	121,618	
 	 	166,280	
 	 	133,737	
 	 	127,462	
 	 	4,138	
 	 	 	 	253,218	
 	 	238,398	
 	 	14,820	
 	
Interest expense	 	35,851	
 	 	35,627	
 	 	(9,660	)	 	36,065	
 	 	35,211	
 	 	640	
 	 	 	 	71,478	
 	 	70,295	
 	 	1,183	
 	
Collateral finance and securitization expense	 	5,258	
 	 	6,071	
 	 	3,710	
 	 	2,571	
 	 	2,591	
 	 	2,667	
 	 	 	 	11,329	
 	 	5,160	
 	 	6,169	
 	
Total benefits and expenses	 	2,416,550	
 	 	2,336,488	
 	 	2,420,670	
 	 	2,484,773	
 	 	2,532,485	
 	 	(115,935	)	 	 	 	4,753,038	
 	 	4,990,218	
 	 	(237,180	)	
Income before income taxes	 	213,790	
 	 	184,125	
 	 	276,743	
 	 	231,815	
 	 	300,535	
 	 	(86,745	)	 	 	 	397,915	
 	 	499,975	
 	 	(102,060	)	
Income tax expense	 	83,399	
 	 	59,011	
 	 	85,652	
 	 	73,819	
 	 	102,239	
 	 	(18,840	)	 	 	 	142,410	
 	 	165,015	
 	 	(22,605	)	
Net income	 	$	130,391	
 	 	$	125,114	
 	 	$	191,091	
 	 	$	157,996	
 	 	$	198,296	
 	 	$	(67,905	)	 	 	 	$	255,505	
 	 	$	334,960	
 	 	$	(79,455	)	
Pre-tax Operating Income Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	213,790	
 	 	184,125	
 	 	276,743	
 	 	231,815	
 	 	300,535	
 	 	(86,745	)	 	 	 	397,915	
 	 	499,975	
 	 	(102,060	)	
Investment and derivative losses (gains)—	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
non-operating (1)	 	41,526	
 	 	(20,946	)	 	(22,453	)	 	(8,413	)	 	(38,136	)	 	79,662	
 	 	 	 	20,580	
 	 	(64,442	)	 	85,022	
 	
Change in value of modified coinsurance and	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
funds withheld embedded derivatives (1)	 	23,098	
 	 	2,325	
 	 	14,523	
 	 	(56,812	)	 	(78,835	)	 	101,933	
 	 	 	 	25,423	
 	 	(156,076	)	 	181,499	
 	
GMXB embedded derivatives  (1)	 	(50,878	)	 	25,133	
 	 	52,901	
 	 	47,479	
 	 	5,183	
 	 	(56,061	)	 	 	 	(25,745	)	 	28,844	
 	 	(54,589	)	
Funds withheld losses (gains)—investment income	 	(3,002	)	 	(11,402	)	 	(1,371	)	 	(5,501	)	 	(5,954	)	 	2,952	
 	 	 	 	(14,404	)	 	(6,343	)	 	(8,061	)	
EIA embedded derivatives—interest credited	 	(10,488	)	 	10,313	
 	 	(362	)	 	(415	)	 	6,916	
 	 	(17,404	)	 	 	 	(175	)	 	356	
 	 	(531	)	
DAC offset, net	 	(1,187	)	 	(8,951	)	 	(15,253	)	 	26,521	
 	 	47,543	
 	 	(48,730	)	 	 	 	(10,138	)	 	100,611	
 	 	(110,749	)	
Non-investment derivatives	 	493	
 	 	(108	)	 	(472	)	 	28	
 	 	—	
 	 	493	
 	 	 	 	385	
 	 	—	
 	 	385	
 	
Operating Income Before Income Taxes	 	$	213,352	
 	 	$	180,489	
 	 	$	304,256	
 	 	$	234,702	
 	 	$	237,252	
 	 	$	(23,900	)	 	 	 	$	393,841	
 	 	$	402,925	
 	 	$	(9,084	)	
After-tax Operating Income Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net Income	 	130,391	
 	 	125,114	
 	 	191,091	
 	 	157,996	
 	 	198,296	
 	 	(67,905	)	 	 	 	255,505	
 	 	334,960	
 	 	(79,455	)	
Investment and derivative losses (gains)—	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

non-operating (1)	 	27,152	
 	 	(14,585	)	 	(15,281	)	 	(5,517	)	 	(26,820	)	 	53,972	
 	 	 	 	12,567	
 	 	(43,827	)	 	56,394	
 	
Change in value of modified coinsurance	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
and funds withheld embedded derivatives (1)	 	15,014	
 	 	1,511	
 	 	9,440	
 	 	(36,928	)	 	(51,242	)	 	66,256	
 	 	 	 	16,525	
 	 	(101,449	)	 	117,974	
 	
GMXB embedded derivatives (1)	 	(33,070	)	 	16,336	
 	 	34,386	
 	 	30,861	
 	 	3,369	
 	 	(36,439	)	 	 	 	(16,734	)	 	18,749	
 	 	(35,483	)	
Funds withheld losses (gains)—investment income	 	(1,951	)	 	(7,412	)	 	(891	)	 	(3,576	)	 	(3,870	)	 	1,919	
 	 	 	 	(9,363	)	 	(4,123	)	 	(5,240	)	
EIA embedded derivatives—interest credited	 	(6,817	)	 	6,703	
 	 	(236	)	 	(269	)	 	4,495	
 	 	(11,312	)	 	 	 	(114	)	 	231	
 	 	(345	)	
DAC offset, net	 	(770	)	 	(5,819	)	 	(9,914	)	 	17,238	
 	 	30,903	
 	 	(31,673	)	 	 	 	(6,589	)	 	65,397	
 	 	(71,986	)	
Non-investment derivatives	 	321	
 	 	(70	)	 	(307	)	 	18	
 	 	—	
 	 	321	
 	 	 	 	251	
 	 	—	
 	 	251	
 	
Operating Income	 	$	130,270	
 	 	$	121,778	
 	 	$	208,288	
 	 	$	159,823	
 	 	$	155,131	
 	 	$	(24,861	)	 	 	 	$	252,048	
 	 	$	269,938	
 	 	$	(17,890	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(1) Included in “Investment related gains (losses), net” on Consolidated GAAP Income Statement

                                        

 	 	Page 4

Reinsurance Group of America, Incorporated
Consolidated Operating Income Statement	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	Current Qtr
vs. PY
Quarter	 	 	 	Year-to-Date	 	
 	 	June 30,	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	 	 	 	 	June 30,	 	June 30,	 	 	 	 	 	 	
(USD thousands, except per share data)	 	2015	 	2015	 	2014	 	2014	 	2014	 	 	 	 	 	2015	 	2014	 	Change	 	 	 	 	 	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	2,129,043	
 	 	$	2,023,852	
 	 	$	2,217,772	
 	 	$	2,168,285	
 	 	$	2,183,160	
 	 	$	(54,117	)	 	 	 	$	4,152,895	
 	 	$	4,283,797	
 	 	$	(130,902	)	 	 	 	 	 	 	
Investment income, net of related expenses	 	447,537	
 	 	415,489	
 	 	450,232	
 	 	441,605	
 	 	404,653	
 	 	42,884	
 	 	 	 	863,026	
 	 	808,639	
 	 	54,387	
 	 	 	 	 	 	 	
Investment related gains (losses), net	 	(2,432	)	 	14,095	
 	 	5,748	
 	 	4,572	
 	 	6,739	
 	 	(9,171	)	 	 	 	11,663	
 	 	11,424	
 	 	239	
 	 	 	 	 	 	 	
Other revenue	 	67,429	
 	 	62,179	
 	 	66,789	
 	 	78,907	
 	 	120,726	
 	 	(53,297	)	 	 	 	129,608	
 	 	188,316	
 	 	(58,708	)	 	 	 	 	 	 	
Total revenues	 	2,641,577	
 	 	2,515,615	
 	 	2,740,541	
 	 	2,693,369	
 	 	2,715,278	
 	 	(73,701	)	 	 	 	5,157,192	
 	 	5,292,176	
 	 	(134,984	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	1,866,183	
 	 	1,775,451	
 	 	1,866,042	
 	 	1,855,037	
 	 	1,841,885	
 	 	24,298	
 	 	 	 	3,641,634	
 	 	3,685,562	
 	 	(43,928	)	 	 	 	 	 	 	
Interest credited	 	87,734	
 	 	110,365	
 	 	103,885	
 	 	121,367	
 	 	109,046	
 	 	(21,312	)	 	 	 	198,099	
 	 	226,200	
 	 	(28,101	)	 	 	 	 	 	 	
Policy acquisition costs and other insurance expenses	 	301,599	
 	 	285,994	
 	 	306,028	
 	 	309,890	
 	 	361,831	
 	 	(60,232	)	 	 	 	587,593	
 	 	663,636	
 	 	(76,043	)	 	 	 	 	 	 	
Other operating expenses	 	131,600	
 	 	121,618	
 	 	166,280	
 	 	133,737	
 	 	127,462	
 	 	4,138	
 	 	 	 	253,218	
 	 	238,398	
 	 	14,820	
 	 	 	 	 	 	 	
Interest expense	 	35,851	
 	 	35,627	
 	 	(9,660	)	 	36,065	
 	 	35,211	
 	 	640	
 	 	 	 	71,478	
 	 	70,295	
 	 	1,183	
 	 	 	 	 	 	 	
Collateral finance and securitization expense	 	5,258	
 	 	6,071	
 	 	3,710	
 	 	2,571	
 	 	2,591	
 	 	2,667	
 	 	 	 	11,329	
 	 	5,160	
 	 	6,169	
 	 	 	 	 	 	 	
Total benefits and expenses	 	2,428,225	
 	 	2,335,126	
 	 	2,436,285	
 	 	2,458,667	
 	 	2,478,026	
 	 	(49,801	)	 	 	 	4,763,351	
 	 	4,889,251	
 	 	(125,900	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	213,352	
 	 	180,489	
 	 	304,256	
 	 	234,702	
 	 	237,252	
 	 	(23,900	)	 	 	 	393,841	
 	 	402,925	
 	 	(9,084	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income tax expense	 	83,082	
 	 	58,711	
 	 	95,968	
 	 	74,879	
 	 	82,121	
 	 	961	
 	 	 	 	141,793	
 	 	132,987	
 	 	8,806	

Operating income	 	$	130,270	
 	 	$	121,778	
 	 	$	208,288	
 	 	$	159,823	
 	 	$	155,131	
 	 	$	(24,861	)	 	 	 	$	252,048	
 	 	$	269,938	
 	 	$	(17,890	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Wgt. Average Common Shares Outstanding (Diluted)	 	67,120	
 	 	68,942	
 	 	69,550	
 	 	69,335	
 	 	69,718	
 	 	(2,598)	
 	 	 	 	68,030	
 	 	70,489	
 	 	(2,459)	

Diluted Earnings Per Share—Operating Income	 	$	1.94	
 	 	$	1.77	
 	 	$	2.99	
 	 	$	2.31	
 	 	$	2.23	
 	 	$	(0.29	)	 	 	 	$	3.70	
 	 	$	3.83	
 	 	$	(0.13	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Foreign currency effect   (1) :	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	(121,287	)	 	$	(96,024	)	 	$	(61,093	)	 	$	5,906	
 	 	$	(4,964	)	 	$	(116,323	)	 	 	 	$	(217,311	)	 	$	(55,189	)	 	$	(162,122	)	 	 	 	 	 	 	
Operating income before income taxes	 	$	(8,700	)	 	$	(11,833	)	 	$	(9,276	)	 	$	(2,016	)	 	$	(809	)	 	$	(7,891	)	 	 	 	$	(20,533	)	 	$	(7,414	)	 	$	(13,119	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(1) Compared to comparable prior year period	 	 	 	 	 	 	

                                        

 	 	Page 5

 
Reinsurance Group of America, Incorporated
Consolidated Balance Sheets	

 	 	June 30,	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	
(USD thousands)	 	2015	 	2015	 	2014	 	2014	 	2014	
Assets	 	 	 	 	 	 	 	 	 	 	
Fixed maturity securities, available-for-sale	 	$	28,063,975	
 	 	$	25,801,223	
 	 	$	25,480,972	
 	 	$	24,475,451	
 	 	$	24,480,396	
 	
Mortgage loans on real estate	 	3,073,313	
 	 	2,913,486	
 	 	2,712,238	
 	 	2,617,091	
 	 	2,555,800	
 	
Policy loans	 	1,438,156	
 	 	1,284,085	
 	 	1,284,284	
 	 	1,249,948	
 	 	1,250,635	
 	
Funds withheld at interest	 	5,840,076	
 	 	5,841,554	
 	 	5,922,561	
 	 	5,969,006	
 	 	5,940,521	
 	
Short-term investments	 	76,118	
 	 	89,136	
 	 	97,694	
 	 	44,437	
 	 	45,596	
 	
Other invested assets	 	1,110,107	
 	 	1,243,033	
 	 	1,198,319	
 	 	1,165,021	
 	 	1,128,375	
 	
Total investments	 	39,601,745	
 	 	37,172,517	
 	 	36,696,068	
 	 	35,520,954	
 	 	35,401,323	
 	
Cash and cash equivalents	 	1,335,661	
 	 	1,083,179	
 	 	1,645,669	
 	 	1,118,745	
 	 	1,378,117	
 	
Accrued investment income	 	322,069	
 	 	283,665	
 	 	261,096	
 	 	305,880	
 	 	279,368	
 	
Premiums receivable and other reinsurance balances	 	1,518,208	
 	 	1,509,810	
 	 	1,527,729	
 	 	1,491,993	
 	 	1,559,526	
 	
Reinsurance ceded receivables	 	711,463	
 	 	665,797	
 	 	578,206	
 	 	596,704	
 	 	614,203	
 	
Deferred policy acquisition costs	 	3,299,541	
 	 	3,286,348	
 	 	3,342,575	
 	 	3,297,616	
 	 	3,368,343	
 	
Other assets	 	671,584	
 	 	689,952	
 	 	628,268	
 	 	578,471	
 	 	570,171	
 	
Total assets	 	$	47,460,271	
 	 	$	44,691,268	
 	 	$	44,679,611	
 	 	$	42,910,363	
 	 	$	43,171,051	

Liabilities and Stockholders’ Equity	 	 	 	 	 	 	 	 	 	 	
Future policy benefits	 	$	16,773,035	
 	 	$	14,152,780	
 	 	$	14,476,637	
 	 	$	13,541,687	
 	 	$	13,785,532	
 	
Interest-sensitive contract liabilities	 	13,516,059	
 	 	12,508,201	
 	 	12,591,497	
 	 	12,638,117	
 	 	12,686,025	
 	
Other policy claims and benefits	 	3,857,610	
 	 	3,822,699	
 	 	3,824,069	
 	 	3,861,060	
 	 	3,996,737	
 	
Other reinsurance balances	 	311,388	
 	 	320,950	
 	 	306,915	
 	 	276,314	
 	 	258,023	
 	
Deferred income taxes	 	2,246,086	
 	 	2,529,733	
 	 	2,365,817	
 	 	2,149,076	
 	 	2,232,821	
 	
Other liabilities	 	1,032,980	
 	 	1,118,645	
 	 	994,230	
 	 	967,303	
 	 	716,157	
 	
Short-term debt	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	110,000	
 	
Long-term debt	 	2,313,470	
 	 	2,313,884	
 	 	2,314,293	
 	 	2,314,693	
 	 	2,214,705	
 	
Collateral finance and securitization notes	 	926,410	
 	 	774,351	
 	 	782,701	
 	 	482,115	
 	 	482,092	
 	
Total liabilities	 	40,977,038	
 	 	37,541,243	
 	 	37,656,159	
 	 	36,230,365	
 	 	36,482,092	

Stockholders’ Equity:	 	 	 	 	 	 	 	 	 	 	
Common stock, at par value	 	791	
 	 	791	
 	 	791	
 	 	791	
 	 	791	
 	
Additional paid-in-capital	 	1,805,858	
 	 	1,802,774	
 	 	1,798,279	
 	 	1,784,818	
 	 	1,783,856	
 	
Retained earnings	 	4,425,302	
 	 	4,339,028	
 	 	4,239,647	
 	 	4,074,047	
 	 	3,941,777	
 	
Treasury stock	 	(898,082	)	 	(876,804	)	 	(672,394	)	 	(679,265	)	 	(666,125	)	
Accumulated other comprehensive income (AOCI):	 	 	 	 	 	 	 	 	 	 	
Accumulated currency translation adjustment, net of income taxes	 	(13,989	)	 	(35,924	)	 	81,847	
 	 	131,936	
 	 	207,043	
 	
Unrealized appreciation of securities, net of income taxes	 	1,211,056	
 	 	1,968,697	
 	 	1,624,773	
 	 	1,387,957	
 	 	1,442,324	
 	
Pension and postretirement benefits, net of income taxes	 	(47,703	)	 	(48,537	)	 	(49,491	)	 	(20,286	)	 	(20,707	)	
Total stockholders’ equity	 	6,483,233	
 	 	7,150,025	
 	 	7,023,452	
 	 	6,679,998	
 	 	6,688,959	
 	
Total liabilities and stockholders’ equity	 	$	47,460,271	
 	 	$	44,691,268	
 	 	$	44,679,611	
 	 	$	42,910,363	
 	 	$	43,171,051	

Total stockholders’ equity, excluding AOCI	 	$	5,333,869	
 	 	$	5,265,789	
 	 	$	5,366,323	
 	 	$	5,180,391	
 	 	$	5,060,299	

 	 	 	 	 	 	 	 	 	 	 	

                                        

 	 	Page 6

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

 	 	 	Three Months Ended	 	Current Qtr
vs. PY
Quarter	 	 	 	Year-to-date	 	
 	 	 	June 30,	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	 	 	 	 	June 30,	 	June 30,	 	 	 	 	 	 	
 	(USD thousands)	 	2015	 	2015	 	2014	 	2014	 	2014	 	 	 	 	 	2015	 	2014	 	Change	 	 	 	 	 	 	
 	Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	Net premiums	 	$	1,170,931	
 	 	$	1,114,094	
 	 	$	1,221,862	
 	 	$	1,171,916	
 	 	$	1,189,822	
 	 	$	(18,891	)	 	 	 	$	2,285,025	
 	 	$	2,331,727	
 	 	$	(46,702	)	 	 	 	 	 	 	
 	Investment income, net of related expenses	 	163,390	
 	 	143,005	
 	 	142,753	
 	 	139,272	
 	 	137,404	
 	 	25,986	
 	 	 	 	306,395	
 	 	270,780	
 	 	35,615	
 	 	 	 	 	 	 	
 	Other revenue	 	4,567	
 	 	664	
 	 	1,323	
 	 	783	
 	 	767	
 	 	3,800	
 	 	 	 	5,231	
 	 	1,409	
 	 	3,822	
 	 	 	 	 	 	 	
 	Total revenues	 	1,338,888	
 	 	1,257,763	
 	 	1,365,938	
 	 	1,311,971	
 	 	1,327,993	
 	 	10,895	
 	 	 	 	2,596,651	
 	 	2,603,916	
 	 	(7,265	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	
 	Claims and other policy benefits	 	1,041,390	
 	 	1,039,407	
 	 	1,021,046	
 	 	1,030,525	
 	 	1,045,030	
 	 	(3,640	)	 	 	 	2,080,797	
 	 	2,078,737	
 	 	2,060	
 	 	 	 	 	 	 	
 	Interest credited	 	21,875	
 	 	12,944	
 	 	13,101	
 	 	12,993	
 	 	12,818	
 	 	9,057	
 	 	 	 	34,819	
 	 	25,090	
 	 	9,729	
 	 	 	 	 	 	 	
 	Policy acquisition costs and other insurance expenses	 	169,035	
 	 	158,567	
 	 	168,395	
 	 	161,120	
 	 	156,270	
 	 	12,765	
 	 	 	 	327,602	
 	 	312,270	
 	 	15,332	
 	 	 	 	 	 	 	
 	Other operating expenses	 	27,155	
 	 	26,529	
 	 	29,276	
 	 	28,408	
 	 	24,921	
 	 	2,234	
 	 	 	 	53,684	
 	 	50,662	
 	 	3,022	
 	 	 	 	 	 	 	
 	Total benefits and expenses	 	1,259,455	
 	 	1,237,447	
 	 	1,231,818	
 	 	1,233,046	
 	 	1,239,039	
 	 	20,416	
 	 	 	 	2,496,902	
 	 	2,466,759	
 	 	30,143	

 	Operating income before income taxes	 	79,433	
 	 	20,316	
 	 	134,120	
 	 	78,925	
 	 	88,954	
 	 	(9,521	)	 	 	 	99,749	
 	 	137,157	
 	 	(37,408	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	
 	Operating income before income taxes	 	79,433	
 	 	20,316	
 	 	134,120	
 	 	78,925	
 	 	88,954	
 	 	(9,521	)	 	 	 	99,749	
 	 	137,157	
 	 	(37,408	)	 	 	 	 	 	 	
 	Investment and derivative (losses) gains - non-operating	 	3,360	
 	 	(2,473	)	 	(5,268	)	 	(1,092	)	 	5,034	
 	 	(1,674	)	 	 	 	887	
 	 	7,803	
 	 	(6,916	)	 	 	 	 	 	 	
 	Income before income taxes	 	$	82,793	
 	 	$	17,843	
 	 	$	128,852	
 	 	$	77,833	
 	 	$	93,988	
 	 	$	(11,195	)	 	 	 	$	100,636	
 	 	$	144,960	
 	 	$	(44,324	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	Loss and Expense Ratios:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	Claims and other policy benefits	 	88.9	%	 	93.3	%	 	83.6	%	 	87.9	%	 	87.8	%	 	1.1	%	 	 	 	91.1	%	 	89.2	%	 	1.9	%	 	 	 	 	 	 	
 	Policy acquisition costs and other insurance expenses	 	14.4	%	 	14.2	%	 	13.8	%	 	13.7	%	 	13.1	%	 	1.3	%	 	 	 	14.3	%	 	13.4	%	 	0.9	%	 	 	 	 	 	 	
 	Other operating expenses	 	2.3	%	 	2.4	%	 	2.4	%	 	2.4	%	 	2.1	%	 	0.2	%	 	 	 	2.3	%	 	2.2	%	 	0.1	%	 	 	 	 	 	 	

 	 	 	 	 	 	 	 	

 

                                        

 	 	Page 7

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

 	 	Three Months Ended	 	Current Qtr
vs. PY
Quarter	 	 	 	Year-to-date	 	
 	 	June 30,	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	 	 	 	 	June 30,	 	June 30,	 	 	 	 	 	 	
(USD thousands)	 	2015	 	2015	 	2014	 	2014	 	2014	 	 	 	 	 	2015	 	2014	 	Change	 	 	 	 	 	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	5,941	
 	 	$	5,041	
 	 	$	4,747	
 	 	$	5,168	
 	 	$	4,984	
 	 	$	957	
 	 	 	 	$	10,982	
 	 	$	10,164	
 	 	$	818	
 	 	 	 	 	 	 	
Investment income, net of related expenses	 	152,616	
 	 	141,470	
 	 	155,557	
 	 	170,608	
 	 	143,927	
 	 	8,689	
 	 	 	 	294,086	
 	 	302,546	
 	 	(8,460	)	 	 	 	 	 	 	
Investment related gains (losses), net	 	—	
 	 	—	
 	 	1	
 	 	(2	)	 	1	
 	 	(1	)	 	 	 	—	
 	 	1	
 	 	(1	)	 	 	 	 	 	 	
Other revenue	 	26,634	
 	 	26,544	
 	 	28,436	
 	 	28,944	
 	 	29,376	
 	 	(2,742	)	 	 	 	53,178	
 	 	57,652	
 	 	(4,474	)	 	 	 	 	 	 	
Total revenues	 	185,191	
 	 	173,055	
 	 	188,741	
 	 	204,718	
 	 	178,288	
 	 	6,903	
 	 	 	 	358,246	
 	 	370,363	
 	 	(12,117	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	19,983	
 	 	6,726	
 	 	5,289	
 	 	5,586	
 	 	4,713	
 	 	15,270	
 	 	 	 	26,709	
 	 	8,973	
 	 	17,736	
 	 	 	 	 	 	 	
Interest credited	 	69,530	
 	 	84,672	
 	 	86,294	
 	 	104,985	
 	 	90,037	
 	 	(20,507	)	 	 	 	154,202	
 	 	191,681	
 	 	(37,479	)	 	 	 	 	 	 	
Policy acquisition costs and other insurance expenses	 	34,163	
 	 	37,005	
 	 	36,380	
 	 	31,960	
 	 	35,698	
 	 	(1,535	)	 	 	 	71,168	
 	 	76,770	
 	 	(5,602	)	 	 	 	 	 	 	
Other operating expenses	 	5,113	
 	 	4,318	
 	 	4,764	
 	 	4,211	
 	 	3,813	
 	 	1,300	
 	 	 	 	9,431	
 	 	7,907	
 	 	1,524	
 	 	 	 	 	 	 	
Total benefits and expenses	 	128,789	
 	 	132,721	
 	 	132,727	
 	 	146,742	
 	 	134,261	
 	 	(5,472	)	 	 	 	261,510	
 	 	285,331	
 	 	(23,821	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	56,402	
 	 	40,334	
 	 	56,014	
 	 	57,976	
 	 	44,027	
 	 	12,375	
 	 	 	 	96,736	
 	 	85,032	
 	 	11,704	

Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	56,402	
 	 	40,334	
 	 	56,014	
 	 	57,976	
 	 	44,027	
 	 	12,375	
 	 	 	 	96,736	
 	 	85,032	
 	 	11,704	
 	 	 	 	 	 	 	
Investment and derivative gains (losses) - non-operating  (1)	 	(39,497	)	 	21,787	
 	 	28,086	
 	 	18,001	
 	 	12,412	
 	 	(51,909	)	 	 	 	(17,710	)	 	33,712	
 	 	(51,422	)	 	 	 	 	 	 	
Change in value of modified coinsurance and funds withheld embedded derivatives  (1)	 	(26,456	)	 	147	
 	 	(13,490	)	 	56,490	
 	 	79,768	
 	 	(106,224	)	 	 	 	(26,309	)	 	158,464	
 	 	(184,773	)	 	 	 	 	 	 	
GMXB embedded derivatives (1)	 	50,878	
 	 	(25,133	)	 	(52,901	)	 	(47,479	)	 	(5,183	)	 	56,061	
 	 	 	 	25,745	
 	 	(28,844	)	 	54,589	
 	 	 	 	 	 	 	
Funds withheld gains (losses) - investment income	 	2,748	
 	 	6,367	
 	 	1,154	
 	 	4,914	
 	 	5,232	
 	 	(2,484	)	 	 	 	9,115	
 	 	5,015	
 	 	4,100	
 	 	 	 	 	 	 	
EIA embedded derivatives - interest credited	 	10,488	
 	 	(10,313	)	 	362	
 	 	415	
 	 	(6,916	)	 	17,404	
 	 	 	 	175	
 	 	(356	)	 	531	
 	 	 	 	 	 	 	
DAC offset, net	 	1,187	
 	 	8,951	
 	 	15,253	
 	 	(26,521	)	 	(47,543	)	 	48,730	
 	 	 	 	10,138	
 	 	(100,611	)	 	110,749	
 	 	 	 	 	 	 	
Income before income taxes	 	$	55,750	
 	 	$	42,140	
 	 	$	34,478	
 	 	$	63,796	
 	 	$	81,797	
 	 	$	(26,047	)	 	 	 	$	97,890	
 	 	$	152,412	
 	 	$	(54,522	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(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	
 	 	June 30,	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	
(USD millions)	 	2015	 	2015	 	2014	 	2014	 	2014	
Annuity account values:	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	
Fixed annuities (deferred)	 	$	5,004	
 	 	$	4,779	
 	 	$	4,859	
 	 	$	4,919	
 	 	$	5,030	

Net interest spread (fixed annuities):	 	2.5	%	 	2.3	%	 	3.5	%	 	3.2	%	 	2.3	%	
 	 	 	 	 	 	 	 	 	 	 	
Equity-indexed annuities	 	$	4,622	
 	 	$	4,666	
 	 	$	4,695	
 	 	$	4,716	
 	 	$	4,725	

Variable annuities:	 	 	 	 	 	 	 	 	 	 	
No riders	 	$	843	
 	 	$	864	
 	 	$	881	
 	 	$	899	
 	 	$	941	
 	
GMDB only	 	69	
 	 	71	
 	 	75	
 	 	79	
 	 	84	
 	
GMIB only	 	5	
 	 	5	
 	 	5	
 	 	6	
 	 	6	
 	
GMAB only	 	38	
 	 	41	
 	 	44	
 	 	46	
 	 	50	
 	
GMWB only	 	1,540	
 	 	1,600	
 	 	1,636	
 	 	1,676	
 	 	1,741	
 	
GMDB / WB	 	391	
 	 	410	
 	 	427	
 	 	427	
 	 	462	
 	
Other	 	24	
 	 	26	
 	 	27	
 	 	28	
 	 	30	
 	
Total VA account values	 	$	2,910	
 	 	$	3,017	
 	 	$	3,095	
 	 	$	3,161	
 	 	$	3,314	

Fair value of liabilities associated with living benefit riders	 	$	134	
 	 	$	184	
 	 	$	159	
 	 	$	106	
 	 	$	59	

Interest-sensitive contract liabilities associated with:	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	
Guaranteed investment contracts	 	$	325	
 	 	$	336	
 	 	$	336	
 	 	$	336	
 	 	$	301	

Bank-owned life insurance (BOLI)	 	$	554	
 	 	$	551	
 	 	$	548	
 	 	$	544	
 	 	$	541	

Other asset-intensive business	 	$	67	
 	 	$	68	
 	 	$	69	
 	 	$	69	
 	 	$	71	

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

                                        

 	 	Page 9

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

 	 	Three Months Ended	 	Current Qtr
vs. PY
Quarter	 	 	 	Year-to-date	 	
 	 	June 30,	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	 	 	 	 	June 30,	 	June 30,	 	 	 	 	 	 	
(USD thousands)	 	2015	 	2015	 	2014	 	2014	 	2014	 	 	 	 	 	2015	 	2014	 	Change	 	 	 	 	 	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Investment income, net of related expenses	 	$	1,194	
 	 	$	1,145	
 	 	$	1,155	
 	 	$	1,003	
 	 	$	1,086	
 	 	$	108	
 	 	 	 	$	2,339	
 	 	$	2,333	
 	 	$	6	
 	 	 	 	 	 	 	
Other revenue	 	17,717	
 	 	15,305	
 	 	18,363	
 	 	23,581	
 	 	21,777	
 	 	(4,060	)	 	 	 	33,022	
 	 	40,875	
 	 	(7,853	)	 	 	 	 	 	 	
Total revenues	 	18,911	
 	 	16,450	
 	 	19,518	
 	 	24,584	
 	 	22,863	
 	 	(3,952	)	 	 	 	35,361	
 	 	43,208	
 	 	(7,847	)	 	 	 	 	 	 	

Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Policy acquisition costs and other insurance expenses	 	2,522	
 	 	2,416	
 	 	4,112	
 	 	8,458	
 	 	6,944	
 	 	(4,422	)	 	 	 	4,938	
 	 	12,686	
 	 	(7,748	)	 	 	 	 	 	 	
Other operating expenses	 	1,746	
 	 	1,669	
 	 	2,876	
 	 	2,322	
 	 	2,310	
 	 	(564	)	 	 	 	3,415	
 	 	4,487	
 	 	(1,072	)	 	 	 	 	 	 	
Total benefits and expenses	 	4,268	
 	 	4,085	
 	 	6,988	
 	 	10,780	
 	 	9,254	
 	 	(4,986	)	 	 	 	8,353	
 	 	17,173	
 	 	(8,820	)	 	 	 	 	 	 	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	14,643	
 	 	12,365	
 	 	12,530	
 	 	13,804	
 	 	13,609	
 	 	1,034	
 	 	 	 	27,008	
 	 	26,035	
 	 	973	

 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	14,643	
 	 	12,365	
 	 	12,530	
 	 	13,804	
 	 	13,609	
 	 	1,034	
 	 	 	 	27,008	
 	 	26,035	
 	 	973	
 	 	 	 	 	 	 	
Investment and derivative gains (losses) - non-operating	 	—	
 	 	—	
 	 	(162	)	 	(100	)	 	68	
 	 	(68	)	 	 	 	—	
 	 	151	
 	 	(151	)	 	 	 	 	 	 	
Income before income taxes	 	$	14,643	
 	 	$	12,365	
 	 	$	12,368	
 	 	$	13,704	
 	 	$	13,677	
 	 	$	966	
 	 	 	 	$	27,008	
 	 	$	26,186	
 	 	$	822	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

                                        

 	 	Page 10

Reinsurance Group of America, Incorporated
Canada Traditional Segment Pre-tax Operating Income	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	Current Qtr
vs. PY
Quarter	 	 	 	Year-to-date	 	
 	 	June 30,	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	 	 	 	 	June 30,	 	June 30,	 	 	 	 	 	 	
(USD thousands)	 	2015	 	2015	 	2014	 	2014	 	2014	 	 	 	 	 	2015	 	2014	 	Change	 	 	 	 	 	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	224,960	
 	 	$	212,550	
 	 	$	240,409	
 	 	$	239,645	
 	 	$	248,031	
 	 	$	(23,071	)	 	 	 	$	437,510	
 	 	$	473,335	
 	 	$	(35,825	)	 	 	 	 	 	 	
Investment income, net of related expenses	 	45,497	
 	 	44,405	
 	 	47,442	
 	 	49,060	
 	 	48,703	
 	 	(3,206	)	 	 	 	89,902	
 	 	94,976	
 	 	(5,074	)	 	 	 	 	 	 	
Investment related gains (losses), net	 	1,110	
 	 	939	
 	 	937	
 	 	907	
 	 	621	
 	 	489	
 	 	 	 	2,049	
 	 	1,627	
 	 	422	
 	 	 	 	 	 	 	
Other revenue	 	(454	)	 	1,556	
 	 	569	
 	 	761	
 	 	(220	)	 	(234	)	 	 	 	1,102	
 	 	741	
 	 	361	
 	 	 	 	 	 	 	
Total revenues	 	271,113	
 	 	259,450	
 	 	289,357	
 	 	290,373	
 	 	297,135	
 	 	(26,022	)	 	 	 	530,563	
 	 	570,679	
 	 	(40,116	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	185,742	
 	 	183,534	
 	 	200,620	
 	 	195,162	
 	 	199,084	
 	 	(13,342	)	 	 	 	369,276	
 	 	388,655	
 	 	(19,379	)	 	 	 	 	 	 	
Interest credited	 	5	
 	 	4	
 	 	14	
 	 	10	
 	 	9	
 	 	(4	)	 	 	 	9	
 	 	9	
 	 	—	
 	 	 	 	 	 	 	
Policy acquisition costs and other insurance expenses	 	53,371	
 	 	49,551	
 	 	60,699	
 	 	60,260	
 	 	60,687	
 	 	(7,316	)	 	 	 	102,922	
 	 	113,640	
 	 	(10,718	)	 	 	 	 	 	 	
Other operating expenses	 	8,236	
 	 	9,188	
 	 	9,826	
 	 	10,086	
 	 	9,612	
 	 	(1,376	)	 	 	 	17,424	
 	 	19,099	
 	 	(1,675	)	 	 	 	 	 	 	
Total benefits and expenses	 	247,354	
 	 	242,277	
 	 	271,159	
 	 	265,518	
 	 	269,392	
 	 	(22,038	)	 	 	 	489,631	
 	 	521,403	
 	 	(31,772	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	23,759	
 	 	17,173	
 	 	18,198	
 	 	24,855	
 	 	27,743	
 	 	(3,984	)	 	 	 	40,932	
 	 	49,276	
 	 	(8,344	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	23,759	
 	 	17,173	
 	 	18,198	
 	 	24,855	
 	 	27,743	
 	 	(3,984	)	 	 	 	40,932	
 	 	49,276	
 	 	(8,344	)	 	 	 	 	 	 	
Investment and derivative gains (losses) - non-operating	 	(1,277	)	 	519	
 	 	1,418	
 	 	(1,282	)	 	3,544	
 	 	(4,821	)	 	 	 	(758	)	 	838	
 	 	(1,596	)	 	 	 	 	 	 	
Funds withheld gains (losses) - investment income	 	254	
 	 	5,035	
 	 	217	
 	 	587	
 	 	722	
 	 	(468	)	 	 	 	5,289	
 	 	1,328	
 	 	3,961	
 	 	 	 	 	 	 	
Income before income taxes	 	$	22,736	
 	 	$	22,727	
 	 	$	19,833	
 	 	$	24,160	
 	 	$	32,009	
 	 	$	(9,273	)	 	 	 	$	45,463	
 	 	$	51,442	
 	 	$	(5,979	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Loss and Expense Ratios:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Loss ratios (creditor business)	 	31.8	%	 	29.5	%	 	31.3	%	 	28.0	%	 	27.5	%	 	4.3	 %	 	 	 	30.7	%	 	29.2	%	 	1.5	%	 	 	 	 	 	 	
Loss ratios (excluding creditor business)	 	95.9	%	 	101.2	%	 	100.6	%	 	98.3	%	 	97.1	%	 	(1.2	)%	 	 	 	98.5	%	 	97.6	%	 	0.9	%	 	 	 	 	 	 	
Claims and other policy benefits / (net premiums + investment income)	 	68.7	%	 	71.4	%	 	69.7	%	 	67.6	%	 	67.1	%	 	1.6	 %	 	 	 	70.0	%	 	68.4	%	 	1.6	%	 	 	 	 	 	 	
Policy acquisition costs and other insurance expenses (creditor business)	 	64.0	%	 	63.0	%	 	65.8	%	 	65.2	%	 	66.6	%	 	(2.6	)%	 	 	 	63.5	%	 	62.9	%	 	0.6	%	 	 	 	 	 	 	
Policy acquisition costs and other insurance expenses (excluding creditor business)	 	13.2	%	 	12.9	%	 	11.9	%	 	12.5	%	 	11.0	%	 	2.2	 %	 	 	 	13.1	%	 	12.6	%	 	0.5	%	 	 	 	 	 	 	
Other operating expenses	 	3.7	%	 	4.3	%	 	4.1	%	 	4.2	%	 	3.9	%	 	(0.2	)%	 	 	 	4.0	%	 	4.0	%	 	0.0	%	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Foreign currency effect   (1) :	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	(28,850	)	 	$	(26,121	)	 	$	(18,820	)	 	$	(11,917	)	 	$	(16,401	)	 	$	(12,449	)	 	 	 	$	(54,971	)	 	$	(38,051	)	 	$	(16,920	)	 	 	 	 	 	 	
Operating income before income taxes	 	$	(3,065	)	 	$	(2,147	)	 	$	(1,750	)	 	$	(1,556	)	 	$	(1,743	)	 	$	(1,322	)	 	 	 	$	(5,212	)	 	$	(4,015	)	 	$	(1,197	)	 	 	 	 	 	 	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Creditor reinsurance net premiums	 	$	46,629	
 	 	$	44,054	
 	 	$	59,451	
 	 	$	57,412	
 	 	$	60,013	
 	 	$	(13,384	)	 	 	 	$	90,683	
 	 	$	107,357	
 	 	$	(16,674	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Note: The loss ratios on creditor reinsurance business are normally lower than traditional reinsurance, while allowances are normally higher as a percentage of premiums.	 	 	 	 	 	 	
(1) Compared to comparable prior year period	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

 	
 	 	 	
 	 	Page 11

Reinsurance Group of America, Incorporated
Canada Non-Traditional Segment Pre-tax Operating Income (1)	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	Current Qtr
vs. PY
Quarter	 	 	 	Year-to-date	 	
 	 	June 30,	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	 	 	 	 	June 30,	 	June 30,	 	 	 	 	 	 	
(USD thousands)	 	2015	 	2015	 	2014	 	2014	 	2014	 	 	 	 	 	2015	 	2014	 	Change	 	 	 	 	 	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	9,725	
 	 	$	9,967	
 	 	$	4,615	
 	 	$	5,491	
 	 	$	5,546	
 	 	$	4,179	
 	 	 	 	$	19,692	
 	 	$	11,086	
 	 	$	8,606	
 	 	 	 	 	 	 	
Investment income, net of related expenses	 	328	
 	 	550	
 	 	616	
 	 	600	
 	 	655	
 	 	(327	)	 	 	 	878	
 	 	1,379	
 	 	(501	)	 	 	 	 	 	 	
Other revenue	 	1,405	
 	 	1,357	
 	 	1,432	
 	 	1,568	
 	 	1,483	
 	 	(78	)	 	 	 	2,762	
 	 	1,483	
 	 	1,279	
 	 	 	 	 	 	 	
Total revenues	 	11,458	
 	 	11,874	
 	 	6,663	
 	 	7,659	
 	 	7,684	
 	 	3,774	
 	 	 	 	23,332	
 	 	13,948	
 	 	9,384	

Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	7,904	
 	 	7,299	
 	 	4,451	
 	 	6,271	
 	 	4,209	
 	 	3,695	
 	 	 	 	15,203	
 	 	9,394	
 	 	5,809	
 	 	 	 	 	 	 	
Policy acquisition costs and other insurance expenses	 	148	
 	 	107	
 	 	131	
 	 	149	
 	 	150	
 	 	(2	)	 	 	 	255	
 	 	301	
 	 	(46	)	 	 	 	 	 	 	
Other operating expenses	 	312	
 	 	337	
 	 	350	
 	 	358	
 	 	342	
 	 	(30	)	 	 	 	649	
 	 	680	
 	 	(31	)	 	 	 	 	 	 	
Total benefits and expenses	 	8,364	
 	 	7,743	
 	 	4,932	
 	 	6,778	
 	 	4,701	
 	 	3,663	
 	 	 	 	16,107	
 	 	10,375	
 	 	5,732	

Operating income before income taxes	 	3,094	
 	 	4,131	
 	 	1,731	
 	 	881	
 	 	2,983	
 	 	111	
 	 	 	 	7,225	
 	 	3,573	
 	 	3,652	

Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	3,094	
 	 	4,131	
 	 	1,731	
 	 	881	
 	 	2,983	
 	 	111	
 	 	 	 	7,225	
 	 	3,573	
 	 	3,652	
 	 	 	 	 	 	 	
Investment and derivative gains (losses) - non-operating	 	—	
 	 	—	
 	 	8	
 	 	3	
 	 	28	
 	 	(28	)	 	 	 	—	
 	 	69	
 	 	(69	)	 	 	 	 	 	 	
Income before income taxes	 	$	3,094	
 	 	$	4,131	
 	 	$	1,739	
 	 	$	884	
 	 	$	3,011	
 	 	$	83	
 	 	 	 	$	7,225	
 	 	$	3,642	
 	 	$	3,583	

Foreign currency effect   (2) :	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	(1,234	)	 	$	(1,302	)	 	$	(1,390	)	 	$	(29	)	 	$	(43	)	 	$	(1,191	)	 	 	 	$	(2,536	)	 	$	(111	)	 	$	(2,425	)	 	 	 	 	 	 	
Operating income (loss) before income taxes	 	$	(397	)	 	$	(251	)	 	$	(146	)	 	$	(49	)	 	$	(200	)	 	$	(197	)	 	 	 	$	(648	)	 	$	(261	)	 	$	(387	)	 	 	 	 	 	 	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(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	 	 	 	Year-to-date	 	
 	 	June 30,	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	 	 	 	 	June 30,	 	June 30,	 	 	 	 	 	 	
(USD thousands)	 	2015	 	2015	 	2014	 	2014	 	2014	 	 	 	 	 	2015	 	2014	 	Change	 	 	 	 	 	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	275,745	
 	 	$	269,746	
 	 	$	288,191	
 	 	$	291,015	
 	 	$	286,403	
 	 	$	(10,658	)	 	 	 	$	545,491	
 	 	$	578,201	
 	 	$	(32,710	)	 	 	 	 	 	 	
Investment income, net of related expenses	 	13,092	
 	 	12,089	
 	 	15,099	
 	 	13,050	
 	 	12,113	
 	 	979	
 	 	 	 	25,181	
 	 	23,937	
 	 	1,244	
 	 	 	 	 	 	 	
Investment related gains (losses), net	 	(4,509	)	 	12,208	
 	 	3,678	
 	 	2,550	
 	 	5,183	
 	 	(9,692	)	 	 	 	7,699	
 	 	7,776	
 	 	(77	)	 	 	 	 	 	 	
Other revenue	 	(136	)	 	1,140	
 	 	(582	)	 	2,878	
 	 	(336	)	 	200	
 	 	 	 	1,004	
 	 	68	
 	 	936	
 	 	 	 	 	 	 	
Total revenues	 	284,192	
 	 	295,183	
 	 	306,386	
 	 	309,493	
 	 	303,363	
 	 	(19,171	)	 	 	 	579,375	
 	 	609,982	
 	 	(30,607	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	240,942	
 	 	235,307	
 	 	247,959	
 	 	244,010	
 	 	236,540	
 	 	4,402	
 	 	 	 	476,249	
 	 	505,791	
 	 	(29,542	)	 	 	 	 	 	 	
Interest credited	 	(4,048	)	 	12,349	
 	 	4,076	
 	 	2,959	
 	 	5,750	
 	 	(9,798	)	 	 	 	8,301	
 	 	8,536	
 	 	(235	)	 	 	 	 	 	 	
Policy acquisition costs and other insurance expenses	 	14,183	
 	 	12,008	
 	 	14,038	
 	 	17,205	
 	 	11,994	
 	 	2,189	
 	 	 	 	26,191	
 	 	25,729	
 	 	462	
 	 	 	 	 	 	 	
Other operating expenses	 	23,956	
 	 	25,086	
 	 	30,414	
 	 	25,028	
 	 	26,029	
 	 	(2,073	)	 	 	 	49,042	
 	 	48,999	
 	 	43	
 	 	 	 	 	 	 	
Total benefits and expenses	 	275,033	
 	 	284,750	
 	 	296,487	
 	 	289,202	
 	 	280,313	
 	 	(5,280	)	 	 	 	559,783	
 	 	589,055	
 	 	(29,272	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income (loss) before income taxes	 	9,159	
 	 	10,433	
 	 	9,899	
 	 	20,291	
 	 	23,050	
 	 	(13,891	)	 	 	 	19,592	
 	 	20,927	
 	 	(1,335	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	9,159	
 	 	10,433	
 	 	9,899	
 	 	20,291	
 	 	23,050	
 	 	(13,891	)	 	 	 	19,592	
 	 	20,927	
 	 	(1,335	)	 	 	 	 	 	 	
Investment and derivative gains (losses) - non-operating	 	—	
 	 	49	
 	 	3,330	
 	 	990	
 	 	3,737	
 	 	(3,737	)	 	 	 	49	
 	 	4,868	
 	 	(4,819	)	 	 	 	 	 	 	
Income before income taxes	 	$	9,159	
 	 	$	10,482	
 	 	$	13,229	
 	
 	$	21,281	
 	 	$	26,787	
 	 	$	(17,628	)	 	 	 	$	19,641	
 	 	$	25,795	
 	 	$	(6,154	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Loss and Expense Ratios:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	87.4	%	 	87.2	%	 	86.0	%	 	83.8	%	 	82.6	%	 	4.8	 %	 	 	 	87.3	%	 	87.5	%	 	(0.2	)%	 	 	 	 	 	 	
Policy acquisition costs and other insurance expenses	 	5.1	%	 	4.5	%	 	4.9	%	 	5.9	%	 	4.2	%	 	0.9	 %	 	 	 	4.8	%	 	4.4	%	 	0.4	 %	 	 	 	 	 	 	
Other operating expenses	 	8.7	%	 	9.3	%	 	10.6	%	 	8.6	%	 	9.1	%	 	(0.4	)%	 	 	 	9.0	%	 	8.5	%	 	0.5	 %	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Foreign currency effect   (1) :	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	(35,426	)	 	$	(29,430	)	 	$	(24,435	)	 	$	13,415	
 	 	$	20,767	
 	 	$	(56,193	)	 	 	 	$	(64,856	)	 	$	30,069	
 	 	$	(94,925	)	 	 	 	 	 	 	
Operating income (loss) before income taxes	 	$	(770	)	 	$	(1,301	)	 	$	(905	)	 	$	1,157	
 	 	$	2,031	
 	 	$	(2,801	)	 	 	 	$	(2,071	)	 	$	1,191	
 	 	$	(3,262	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Critical illness net premiums	 	$	58,278	
 	 	$	58,219	
 	 	$	62,511	
 	 	$	63,303	
 	 	$	66,257	
 	 	$	(7,979	)	 	 	 	$	116,497	
 	 	$	131,935	
 	 	$	(15,438	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(1) Compared to comparable prior year period	 	 	 	 	 	 	

 	
 	 	 	
 	 	Page 13

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

 	 	Three Months Ended	 	Current Qtr
vs. PY
Quarter	 	 	 	Year-to-date	 	
 	 	June 30,	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	 	 	 	 	June 30,	 	June 30,	 	 	 	 	 	 	
(USD thousands)	 	2015	 	2015	 	2014	 	2014	 	2014	 	 	 	 	 	2015	 	2014	 	Change	 	 	 	 	 	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	50,234	
 	 	$	29,860	
 	 	$	57,694	
 	 	$	55,442	
 	 	$	54,481	
 	 	$	(4,247	)	 	 	 	$	80,094	
 	 	$	103,426	
 	 	$	(23,332	)	 	 	 	 	 	 	
Investment income, net of related expenses	 	15,782	
 	 	16,877	
 	 	28,799	
 	 	16,141	
 	 	8,558	
 	 	7,224	
 	 	 	 	32,659	
 	 	10,103	
 	 	22,556	
 	 	 	 	 	 	 	
Other revenue	 	9,694	
 	 	7,640	
 	 	8,725	
 	 	10,640	
 	 	8,275	
 	 	1,419	
 	 	 	 	17,334	
 	 	15,794	
 	 	1,540	
 	 	 	 	 	 	 	
Total revenues	 	75,710	
 	 	54,377	
 	 	95,218	
 	 	82,223	
 	 	71,314	
 	 	4,396	
 	 	 	 	130,087	
 	 	129,323	
 	 	764	

Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	39,849	
 	 	32,081	
 	 	66,032	
 	 	53,982	
 	 	46,006	
 	 	(6,157	)	 	 	 	71,930	
 	 	84,096	
 	 	(12,166	)	 	 	 	 	 	 	
Policy acquisition costs and other insurance expenses	 	266	
 	 	(530	)	 	(646	)	 	(738	)	 	(502	)	 	768	
 	 	 	 	(264	)	 	(972	)	 	708	
 	 	 	 	 	 	 	
Other operating expenses	 	3,761	
 	 	4,191	
 	 	5,948	
 	 	5,290	
 	 	4,179	
 	 	(418	)	 	 	 	7,952	
 	 	8,469	
 	 	(517	)	 	 	 	 	 	 	
Total benefits and expenses	 	43,876	
 	 	35,742	
 	 	71,334	
 	 	58,534	
 	 	49,683	
 	 	(5,807	)	 	 	 	79,618	
 	 	91,593	
 	 	(11,975	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	31,834	
 	 	18,635	
 	 	23,884	
 	 	23,689	
 	 	21,631	
 	 	10,203	
 	 	 	 	50,469	
 	 	37,730	
 	 	12,739	

Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	31,834	
 	 	18,635	
 	 	23,884	
 	 	23,689	
 	 	21,631	
 	 	10,203	
 	 	 	 	50,469	
 	 	37,730	
 	 	12,739	
 	 	 	 	 	 	 	
Investment and derivative gains (losses) - non-operating	 	50	
 	 	851	
 	 	2,314	
 	 	206	
 	 	12,904	
 	 	(12,854	)	 	 	 	901	
 	 	13,002	
 	 	(12,101	)	 	 	 	 	 	 	
Non-investment derivatives	 	(452	)	 	148	
 	 	512	
 	 	—	
 	 	—	
 	 	(452	)	 	 	 	(304	)	 	—	
 	 	(304	)	 	 	 	 	 	 	
Income before income taxes	 	$	31,432	
 	 	$	19,634	
 	 	$	26,710	
 	 	$	23,895	
 	 	$	34,535	
 	 	$	(3,103	)	 	 	 	$	51,066	
 	 	$	50,732	
 	 	$	334	

Foreign currency effect   (2) :	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	(4,779	)	 	$	(2,327	)	 	$	9,345	
 	 	$	1,026	
 	 	$	437	
 	 	$	(5,216	)	 	 	 	$	(7,106	)	 	$	(175	)	 	$	(6,931	)	 	 	 	 	 	 	
Operating income before income taxes	 	$	(4,214	)	 	$	(2,393	)	 	$	(1,510	)	 	$	929	
 	 	$	1,679	
 	 	$	(5,893	)	 	 	 	$	(6,607	)	 	$	2,913	
 	 	$	(9,520	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(1) The Europe, Middle East and Africa non-traditional segment includes asset intensive, financial reinsurance, capital motivated and longevity closed block business.	 	 	 	 	 	 	
(2) Compared to comparable prior year period	 	 	 	 	 	 	

                                        

 	 	Page 14

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

 	 	Three Months Ended	 	Current Qtr
vs. PY
Quarter	 	 	 	Year-to-date	 	
 	 	June 30,	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	 	 	 	 	June 30,	 	June 30,	 	 	 	 	 	 	
(USD thousands)	 	2015	 	2015	 	2014	 	2014	 	2014	 	 	 	 	 	2015	 	2014	 	Change	 	 	 	 	 	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	390,456	
 	 	$	372,145	
 	 	$	390,652	
 	 	$	393,665	
 	 	$	390,494	
 	 	$	(38	)	 	 	 	$	762,601	
 	 	$	756,593	
 	 	$	6,008	
 	 	 	 	 	 	 	
Investment income, net of related expenses	 	20,043	
 	 	20,604	
 	 	20,785	
 	 	21,899	
 	 	21,502	
 	 	(1,459	)	 	 	 	40,647	
 	 	41,805	
 	 	(1,158	)	 	 	 	 	 	 	
Investment related gains (losses), net	 	—	
 	 	—	
 	 	(1	)	 	1	
 	 	(1	)	 	1	
 	 	 	 	—	
 	 	—	
 	 	—	
 	 	 	 	 	 	 	
Other revenue	 	815	
 	 	1,126	
 	 	3,363	
 	 	2,776	
 	 	51,593	
 	 	(50,778	)	 	 	 	1,941	
 	 	51,959	
 	 	(50,018	)	 	 	 	 	 	 	
Total revenues	 	411,314	
 	 	393,875	
 	 	414,799	
 	 	418,341	
 	 	463,588	
 	 	(52,274	)	 	 	 	805,189	
 	 	850,357	
 	 	(45,168	)	 	 	 	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	325,667	
 	 	265,309	
 	 	312,540	
 	 	309,648	
 	 	299,747	
 	 	25,920	
 	 	 	 	590,976	
 	 	586,423	
 	 	4,553	
 	 	 	 	 	 	 	
Policy acquisition costs and other insurance expenses	 	49,335	
 	 	46,912	
 	 	46,691	
 	 	51,249	
 	 	107,293	
 	 	(57,958	)	 	 	 	96,247	
 	 	160,872	
 	 	(64,625	)	 	 	 	 	 	 	
Other operating expenses	 	31,997	
 	 	29,006	
 	 	37,541	
 	 	32,818	
 	 	30,285	
 	 	1,712	
 	 	 	 	61,003	
 	 	58,052	
 	 	2,951	
 	 	 	 	 	 	 	
Total benefits and expenses	 	406,999	
 	 	341,227	
 	 	396,772	
 	 	393,715	
 	 	437,325	
 	 	(30,326	)	 	 	 	748,226	
 	 	805,347	
 	 	(57,121	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	4,315	
 	 	52,648	
 	 	18,027	
 	 	24,626	
 	 	26,263	
 	 	(21,948	)	 	 	 	56,963	
 	 	45,010	
 	 	11,953	

Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	4,315	
 	 	52,648	
 	 	18,027	
 	 	24,626	
 	 	26,263	
 	 	(21,948	)	 	 	 	56,963	
 	 	45,010	
 	 	11,953	
 	 	 	 	 	 	 	
Investment and derivative gains (losses) - non-operating	 	—	
 	 	—	
 	 	1,193	
 	 	(324	)	 	1,950	
 	 	(1,950	)	 	 	 	—	
 	 	2,070	
 	 	(2,070	)	 	 	 	 	 	 	
Income before income taxes	 	$	4,315	
 	 	$	52,648	
 	 	$	19,220	
 	 	$	24,302	
 	 	$	28,213	
 	 	$	(23,898	)	 	 	 	$	56,963	
 	 	$	47,080	
 	 	$	9,883	

Loss and Expense Ratios:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	83.4	%	 	71.3	%	 	80.0	%	 	78.7	%	 	76.8	%	 	6.6	 %	 	 	 	77.5	%	 	77.5	%	 	—	 %	 	 	 	 	 	 	
Policy acquisition costs and other insurance expenses	 	12.6	%	 	12.6	%	 	12.0	%	 	13.0	%	 	27.5	%	 	(14.9	)%	 	 	 	12.6	%	 	21.3	%	 	(8.7	)%	 	 	 	 	 	 	
Other operating expenses	 	8.2	%	 	7.8	%	 	9.6	%	 	8.3	%	 	7.8	%	 	0.4	 %	 	 	 	8.0	%	 	7.7	%	 	0.3	 %	 	 	 	 	 	 	

Foreign currency effect   (1) :	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	(50,842	)	 	$	(35,158	)	 	$	(23,238	)	 	$	3,459	
 	 	$	(9,483	)	 	$	(41,359	)	 	 	 	$	(86,000	)	 	$	(46,059	)	 	$	(39,941	)	 	 	 	 	 	 	
Operating income before income taxes	 	$	1,533	
 	 	$	(4,762	)	 	$	(2,414	)	 	$	(658	)	 	$	(1,193	)	 	$	2,726	
 	 	 	 	$	(3,229	)	 	$	(3,451	)	 	$	222	

Critical illness net premiums	 	$	75,120	
 	 	$	69,867	
 	 	$	76,231	
 	 	$	67,105	
 	 	$	71,928	
 	 	$	3,192	
 	 	 	 	$	144,987	
 	 	$	132,326	
 	 	$	12,661	

(1) Compared to comparable prior year period	 	 	 	 	 	 	

                                        

 	 	Page 15

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

 	 	Three Months Ended	 	Current Qtr
vs. PY
Quarter	 	 	 	Year-to-date	 	
 	 	June 30,	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	 	 	 	 	June 30,	 	June 30,	 	 	 	 	 	 	
(USD thousands)	 	2015	 	2015	 	2014	 	2014	 	2014	 	 	 	 	 	2015	 	2014	 	Change	 	 	 	 	 	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	898	
 	 	$	10,282	
 	 	$	9,429	
 	 	$	5,757	
 	 	$	3,193	
 	 	$	(2,295	)	 	 	 	$	11,180	
 	 	$	18,844	
 	 	$	(7,664	)	 	 	 	 	 	 	
Investment income, net of related expenses	 	3,888	
 	 	3,649	
 	 	4,264	
 	 	4,546	
 	 	4,823	
 	 	(935	)	 	 	 	7,537	
 	 	9,162	
 	 	(1,625	)	 	 	 	 	 	 	
Investment related gains (losses), net	 	507	
 	 	501	
 	 	665	
 	 	645	
 	 	685	
 	 	(178	)	 	 	 	1,008	
 	 	1,545	
 	 	(537	)	 	 	 	 	 	 	
Other revenue	 	3,839	
 	 	5,117	
 	 	5,539	
 	 	6,174	
 	 	5,281	
 	 	(1,442	)	 	 	 	8,956	
 	 	11,038	
 	 	(2,082	)	 	 	 	 	 	 	
Total revenues	 	9,132	
 	 	19,549	
 	 	19,897	
 	 	17,122	
 	 	13,982	
 	 	(4,850	)	 	 	 	28,681	
 	 	40,589	
 	 	(11,908	)	 	 	 	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	4,706	
 	 	5,735	
 	 	8,103	
 	 	9,859	
 	 	6,573	
 	 	(1,867	)	 	 	 	10,441	
 	 	23,493	
 	 	(13,052	)	 	 	 	 	 	 	
Interest credited	 	169	
 	 	184	
 	 	195	
 	 	221	
 	 	234	
 	 	(65	)	 	 	 	353	
 	 	480	
 	 	(127	)	 	 	 	 	 	 	
Policy acquisition costs and other insurance expenses	 	419	
 	 	546	
 	 	367	
 	 	603	
 	 	616	
 	 	(197	)	 	 	 	965	
 	 	1,326	
 	 	(361	)	 	 	 	 	 	 	
Other operating expenses	 	3,187	
 	 	2,960	
 	 	4,006	
 	 	3,621	
 	 	3,495	
 	 	(308	)	 	 	 	6,147	
 	 	6,315	
 	 	(168	)	 	 	 	 	 	 	
Total benefits and expenses	 	8,481	
 	 	9,425	
 	 	12,671	
 	 	14,304	
 	 	10,918	
 	 	(2,437	)	 	 	 	17,906	
 	 	31,614	
 	 	(13,708	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	651	
 	 	10,124	
 	 	7,226	
 	 	2,818	
 	 	3,064	
 	 	(2,413	)	 	 	 	10,775	
 	 	8,975	
 	 	1,800	

Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	651	
 	 	10,124	
 	 	7,226	
 	 	2,818	
 	 	3,064	
 	 	(2,413	)	 	 	 	10,775	
 	 	8,975	
 	 	1,800	
 	 	 	 	 	 	 	
Investment and derivative gains (losses) - non-operating	 	(2,056	)	 	21	
 	 	(5,803	)	 	(6,707	)	 	3,651	
 	 	(5,707	)	 	 	 	(2,035	)	 	5,184	
 	 	(7,219	)	 	 	 	 	 	 	
Income (loss) before income taxes	 	$	(1,405	)	 	$	10,145	
 	 	$	1,423	
 	 	$	(3,889	)	 	$	6,715	
 	 	$	(8,120	)	 	 	 	$	8,740	
 	 	$	14,159	
 	 	$	(5,419	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Foreign currency effect   (2) :	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	(156	)	 	$	(1,686	)	 	$	(2,555	)	 	$	(48	)	 	$	(241	)	 	$	85	
 	 	 	 	$	(1,842	)	 	$	(862	)	 	$	(980	)	 	 	 	 	 	 	
Operating income (loss) before income taxes	 	$	(614	)	 	$	(451	)	 	$	(1,355	)	 	$	(436	)	 	$	(120	)	 	$	(494	)	 	 	 	$	(1,065	)	 	$	(822	)	 	$	(243	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(1) The Asia Pacific non-traditional segment includes asset intensive, financial reinsurance, and disabled life closed block business.	 	 	 	 	 	 	
(2) Compared to comparable prior year period	 	 	 	 	 	 	

                                        

 	 	Page 16

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

 	 	Three Months Ended	 	Current Qtr
vs. PY
Quarter	 	 	 	Year-to-Date	 	
 	 	June 30,	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	 	 	 	 	June 30,	 	June 30,	 	 	 	 	 	 	
(USD thousands)	 	2015	 	2015	 	2014	 	2014	 	2014	 	 	 	 	 	2015	 	2014	 	Change	 	 	 	 	 	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	153	
 	 	$	167	
 	 	$	173	
 	 	$	186	
 	 	$	206	
 	 	$	(53	)	 	 	 	$	320	
 	 	$	421	
 	 	$	(101	)	 	 	 	 	 	 	
Investment income, net of related expenses	 	31,707	
 	 	31,695	
 	 	33,762	
 	 	25,426	
 	 	25,882	
 	 	5,825	
 	 	 	 	63,402	
 	 	51,618	
 	 	11,784	
 	 	 	 	 	 	 	
Investment related gains (losses), net	 	460	
 	 	447	
 	 	468	
 	 	471	
 	 	250	
 	 	210	
 	 	 	 	907	
 	 	475	
 	 	432	
 	 	 	 	 	 	 	
Other revenue	 	3,348	
 	 	1,730	
 	 	(379	)	 	802	
 	 	2,730	
 	 	618	
 	 	 	 	5,078	
 	 	7,297	
 	 	(2,219	)	 	 	 	 	 	 	
Total revenues	 	35,668	
 	 	34,039	
 	 	34,024	
 	 	26,885	
 	 	29,068	
 	 	6,600	
 	 	 	 	69,707	
 	 	59,811	
 	 	9,896	

Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	—	
 	 	53	
 	 	2	
 	 	(6	)	 	(17	)	 	17	
 	 	 	 	53	
 	 	—	
 	 	53	
 	 	 	 	 	 	 	
Interest credited	 	203	
 	 	212	
 	 	205	
 	 	199	
 	 	198	
 	 	5	
 	 	 	 	415	
 	 	404	
 	 	11	
 	 	 	 	 	 	 	
Policy acquisition costs and other insurance income	 	(21,843	)	 	(20,588	)	 	(24,139	)	 	(20,376	)	 	(17,319	)	 	(4,524	)	 	 	 	(42,431	)	 	(38,986	)	 	(3,445	)	 	 	 	 	 	 	
Other operating expenses	 	26,137	
 	 	18,334	
 	 	41,279	
 	 	21,595	
 	 	22,476	
 	 	3,661	
 	 	 	 	44,471	
 	 	33,728	
 	 	10,743	
 	 	 	 	 	 	 	
Interest expense	 	35,851	
 	 	35,627	
 	 	(9,660	)	 	36,065	
 	 	35,211	
 	 	640	
 	 	 	 	71,478	
 	 	70,295	
 	 	1,183	
 	 	 	 	 	 	 	
Collateral finance and securitization expense	 	5,258	
 	 	6,071	
 	 	3,710	
 	 	2,571	
 	 	2,591	
 	 	2,667	
 	 	 	 	11,329	
 	 	5,160	
 	 	6,169	
 	 	 	 	 	 	 	
Total benefits and expenses	 	45,606	
 	 	39,709	
 	 	11,397	
 	 	40,048	
 	 	43,140	
 	 	2,466	
 	 	 	 	85,315	
 	 	70,601	
 	 	14,714	

Operating income (loss) before income taxes	 	(9,938	)	 	(5,670	)	 	22,627	
 	 	(13,163	)	 	(14,072	)	 	4,134	
 	 	 	 	(15,608	)	 	(10,790	)	
 	(4,818	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income (loss) before income taxes	 	(9,938	)	 	(5,670	)	 	22,627	
 	 	(13,163	)	 	(14,072	)	 	4,134	
 	 	 	 	(15,608	)	 	(10,790	)	 	(4,818	)	 	 	 	 	 	 	
Investment and derivative gains (losses) - non-operating	 	1,252	
 	 	(2,280	)	 	(3,696	)	 	(960	)	 	(6,125	)	 	7,377	
 	 	 	 	(1,028	)	 	(5,643	)	 	4,615	
 	 	 	 	 	 	 	
Non-investment derivatives	 	(41	)	 	(40	)	 	(40	)	 	(28	)	 	—	
 	 	(41	)	 	 	 	(81	)	 	—	
 	 	(81	)	 	 	 	 	 	 	
Income (loss) before income taxes	 	$	(8,727	)	 	$	(7,990	)	 	$	18,891	
 	 	$	(14,151	)	 	$	(20,197	)	 	$	11,470	
 	 	 	 	$	(16,717	)	 	$	(16,433	)	 	$	(284	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Foreign currency effect   (1) :	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income (loss) before income taxes	 	$	(1,173	)	 	$	(528	)	 	$	(1,196	)	 	$	(1,403	)	 	$	(1,263	)	 	$	90	
 	 	 	 	$	(1,701	)	 	$	(2,969	)	 	$	1,268	

(1) Compared to comparable prior year period	 	 	 	 	 	 	

 

 	
 	 	 	
 	 	Page 17

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

 	 	Three Months Ended	 	Current Qtr
vs. PY
Quarter	 	 	 	Year-to-date	 	
 	 	June 30,	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	 	 	 	 	June 30,	 	June 30,	 	 	 	 	 	 	
(USD thousands)	 	2015	 	2015	 	2014	 	2014	 	2014	 	 	 	 	 	2015	 	2014	 	Change	 	 	 	 	 	 	
U.S. and Latin America:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Traditional	 	$	79,433	
 	 	$	20,316	
 	 	$	134,120	
 	 	$	78,925	
 	 	$	88,954	
 	 	$	(9,521	)	 	 	 	$	99,749	
 	 	$	137,157	
 	 	$	(37,408	)	 	 	 	 	 	 	
Non-Traditional:	 	 	 	 	 	 	 	 	 	 	 	

Asset Intensive	 	56,402	
 	 	40,334	
 	 	56,014	
 	 	57,976	
 	 	44,027	
 	 	12,375	
 	 	 	 	96,736	
 	 	85,032	
 	 	11,704	
 	 	 	 	 	 	 	
Financial Reinsurance	 	14,643	
 	 	12,365	
 	 	12,530	
 	 	13,804	
 	 	13,609	
 	 	1,034	
 	 	 	 	27,008	
 	 	26,035	
 	 	973	
 	 	 	 	 	 	 	
Total U.S. and Latin America	 	150,478	
 	 	73,015	
 	 	202,664	
 	 	150,705	
 	 	146,590	
 	 	3,888	
 	 	 	 	223,493	
 	 	248,224	
 	 	(24,731	)	 	 	 	 	 	 	
Canada:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Canada Traditional	 	23,759	
 	 	17,173	
 	 	18,198	
 	 	24,855	
 	 	27,743	
 	 	(3,984	)	 	 	 	40,932	
 	 	49,276	
 	 	(8,344	)	 	 	 	 	 	 	
Canada Non-Traditional	 	3,094	
 	 	4,131	
 	 	1,731	
 	 	881	
 	 	2,983	
 	 	111	
 	 	 	 	7,225	
 	 	3,573	
 	 	3,652	
 	 	 	 	 	 	 	
Total Canada	 	26,853	
 	 	21,304	
 	 	19,929	
 	 	25,736	
 	 	30,726	
 	 	(3,873	)	 	 	 	48,157	
 	 	52,849	
 	 	(4,692	)	 	 	 	 	 	 	
Europe, Middle East and Africa:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Europe, Middle East and Africa Traditional	 	9,159	
 	 	10,433	
 	 	9,899	
 	 	20,291	
 	 	23,050	
 	 	(13,891	)	 	 	 	19,592	
 	 	20,927	
 	 	(1,335	)	 	 	 	 	 	 	
Europe, Middle East and Africa Non-Traditional	 	31,834	
 	 	18,635	
 	 	23,884	
 	 	23,689	
 	 	21,631	
 	 	10,203	
 	 	 	 	50,469	
 	 	37,730	
 	 	12,739	
 	 	 	 	 	 	 	
Total Europe, Middle East and Africa	 	40,993	
 	 	29,068	
 	 	33,783	
 	 	43,980	
 	 	44,681	
 	 	(3,688	)	 	 	 	70,061	
 	 	58,657	
 	 	11,404	
 	 	 	 	 	 	 	
Asia Pacific:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Asia Pacific Traditional	 	4,315	
 	 	52,648	
 	 	18,027	
 	 	24,626	
 	 	26,263	
 	 	(21,948	)	 	 	 	56,963	
 	 	45,010	
 	 	11,953	
 	 	 	 	 	 	 	
Asia Pacific Non-Traditional	 	651	
 	 	10,124	
 	 	7,226	
 	 	2,818	
 	 	3,064	
 	 	(2,413	)	 	 	 	10,775	
 	 	8,975	
 	 	1,800	
 	 	 	 	 	 	 	
Total Asia Pacific	 	4,966	
 	 	62,772	
 	 	25,253	
 	 	27,444	
 	 	29,327	
 	 	(24,361	)	 	 	 	67,738	
 	 	53,985	
 	 	13,753	
 	 	 	 	 	 	 	
Corporate and Other	 	(9,938	)	 	(5,670	)	 	22,627	
 	 	(13,163	)	 	(14,072	)	 	4,134	
 	 	 	 	(15,608	)	 	(10,790	)	 	(4,818	)	 	 	 	 	 	 	
Consolidated	 	$	213,352	
 	 	$	180,489	
 	 	$	304,256	
 	 	$	234,702	
 	 	$	237,252	
 	 	$	(23,900	)	 	 	 	$	393,841	
 	 	$	402,925	
 	 	$	(9,084	)	 	 	 	 	 	 	

 

                                        

 	 	Page 18

 
Reinsurance Group of America, Incorporated
Investments
(USD thousands)

Cash and Invested Assets	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	June 30,	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	
 	 	2015	 	2015	 	2014	 	2014	 	2014	
Fixed maturity securities, available-for-sale	 	$	28,063,975	
 	 	$	25,801,223	
 	 	$	25,480,972	
 	 	$	24,475,451	
 	 	$	24,480,396	
 	
Mortgage loans on real estate	 	3,073,313	
 	 	2,913,486	
 	 	2,712,238	
 	 	2,617,091	
 	 	2,555,800	
 	
Policy loans	 	1,438,156	
 	 	1,284,085	
 	 	1,284,284	
 	 	1,249,948	
 	 	1,250,635	
 	
Funds withheld at interest	 	5,840,076	
 	 	5,841,554	
 	 	5,922,561	
 	 	5,969,006	
 	 	5,940,521	
 	
Short-term investments	 	76,118	
 	 	89,136	
 	 	97,694	
 	 	44,437	
 	 	45,596	
 	
Other invested assets	 	1,110,107	
 	 	1,243,033	
 	 	1,198,319	
 	 	1,165,021	
 	 	1,128,375	
 	
Cash and cash equivalents	 	1,335,661	
 	 	1,083,179	
 	 	1,645,669	
 	 	1,118,745	
 	 	1,378,117	
 	
Total cash and invested assets	 	$	40,937,406	
 	 	$	38,255,696	
 	 	$	38,341,737	
 	 	$	36,639,699	
 	 	$	36,779,440	

 
Investment Income and Yield Summary	 	

 	 	Three Months Ended	 	Current Qtr
vs. PY
Quarter	 	 	 	Year-to-Date	 	
 	 	June 30,	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	 	 	 	 	June 30,	 	June 30,	 	 	 	 	 	 	
 	 	2015	 	2015	 	2014	 	2014	 	2014	 	 	 	 	 	2015	 	2014	 	Change	 	 	 	 	 	 	
Average invested assets at amortized cost  (1)	 	$	21,029,197	
 	 	$	21,073,262	
 	 	$	20,672,245	
 	 	$	20,424,141	
 	 	$	20,121,261	
 	 	$	907,936	
 	 	 	 	$	20,926,385	
 	 	$	19,807,087	
 	 	$	1,119,298	
 	 	 	 	 	 	 	
Net investment income  (1)	 	$	252,131	
 	 	$	247,239	
 	 	$	250,757	
 	 	$	240,877	
 	 	$	236,604	
 	 	$	15,527	
 	 	 	 	$	499,369	
 	 	$	466,248	
 	 	$	33,121	
 	 	 	 	 	 	 	
Annualized investment yield (ratio of net investment income to average invested assets)  (1)	 	4.88	%	 	4.78	%	 	4.94	%	 	4.80	%	 	4.79	%	 	0.09	%	 	 	 	4.83	%	 	4.76	%	 	0.07	%	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(1) Excludes spread-related business (e.g. coinsurance of annuities)	 	 	 	 	 	 	

                                        

 	 	Page 19

Reinsurance Group of America, Incorporated
Investments
(USD thousands)

Amortized cost, gross unrealized gains and losses, and estimated fair values of fixed maturity and equity securities
(Excludes Funds Withheld Portfolios)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
June 30, 2015	
 	 	Amortized
Cost	 	Unrealized
Gains	 	Unrealized
Losses	 	Estimated Fair
Value	 	% of
Total	 	Other-than-
temporary
Impairment
in AOCI	
Available-for-sale:	 	 	 	 	 	 	 	 	 	 	 	 	
Corporate securities	 	$	16,000,887	
 	 	$	730,409	
 	 	$	241,890	
 	 	$	16,489,406	
 	 	58.8	%	 	$	—	
 	
Canadian and Canadian provincial governments	 	2,655,763	
 	 	1,140,904	
 	 	2,860	
 	 	3,793,807	
 	 	13.5	%	 	—	
 	
Residential mortgage-backed securities	 	1,154,732	
 	 	47,241	
 	 	11,094	
 	 	1,190,879	
 	 	4.2	%	 	(300	)	
Asset-backed securities	 	1,051,093	
 	 	19,915	
 	 	8,384	
 	 	1,062,624	
 	 	3.8	%	 	354	
 	
Commercial mortgage-backed securities	 	1,471,419	
 	 	63,699	
 	 	9,649	
 	 	1,525,469	
 	 	5.4	%	 	(1,609	)	
U.S. government and agencies	 	1,332,518	
 	 	18,149	
 	 	86,669	
 	 	1,263,998	
 	 	4.5	%	 	—	
 	
State and political subdivisions	 	478,262	
 	 	38,891	
 	 	10,981	
 	 	506,172	
 	 	1.8	%	 	—	
 	
Other foreign government, supranational, and foreign	 	 	 	 	 	 	 	 	 	 	 	 	
 government-sponsored enterprises	 	2,160,658	
 	 	88,674	
 	 	17,712	
 	 	2,231,620	
 	 	8.0	%	 	—	
 	
Total fixed maturity securities	 	$	26,305,332	
 	 	$	2,147,882	
 	 	$	389,239	
 	 	$	28,063,975	
 	 	100.0	%	 	$	(1,555	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Non-redeemable preferred stock	 	91,717	
 	 	2,477	
 	 	3,620	
 	 	90,574	
 	 	70.9	%	 	 	
Other equity securities	 	37,642	
 	 	434	
 	 	982	
 	 	37,094	
 	 	29.1	%	 	 	
Total equity securities	 	$	129,359	
 	 	$	2,911	
 	 	$	4,602	
 	 	$	127,668	
 	 	100.0	%	 	 	

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

 	
 	 	 	
 	 	Page 20

Reinsurance Group of America, Incorporated
Investments
(USD thousands)

Corporate Fixed Maturities Securities by Sector
(Excludes Funds Withheld Portfolios)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	June 30, 2015	 	December 31, 2014	
 	 	Amortized
Cost	 	Estimated Fair
Value	 	% of
Total	 	Average
Credit
Ratings (1)	 	Amortized
Cost	 	Estimated Fair
Value	 	% of
Total	 	Average
Credit
Ratings (1)	
Financial Institutions	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Banking	 	$	3,354,601	
 	 	$	3,456,457	
 	 	21.0	%	 	A-	 	$	3,085,645	
 	 	$	3,227,988	
 	 	21.6	%	 	 A-	
Brokerage/Asset Managers/Exchanges	 	289,357	
 	 	302,967	
 	 	1.8	%	 	A	 	247,955	
 	 	268,439	
 	 	1.8	%	 	 A	
Finance Comp.	 	190,315	
 	 	200,090	
 	 	1.2	%	 	A+	 	187,055	
 	 	199,781	
 	 	1.3	%	 	 A+	
Insurance	 	769,652	
 	 	803,390	
 	 	4.9	%	 	A-	 	692,464	
 	 	758,825	
 	 	5.1	%	 	 A-	
REITs	 	574,008	
 	 	592,462	
 	 	3.6	%	 	BBB+	 	513,412	
 	 	544,302	
 	 	3.7	%	 	 BBB+	
Other Finance	 	60,467	
 	 	64,055	
 	 	0.4	%	 	A-	 	63,037	
 	 	67,073	
 	 	0.5	%	 	 BBB+	
Total Financial Institutions	 	$	5,238,400	
 	 	$	5,419,421	
 	 	32.9	%	 	 	 	$	4,789,568	
 	 	$	5,066,408	
 	 	34.0	%	 	 	
Industrials	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic	 	977,044	
 	 	992,267	
 	 	6.0	%	 	BBB	 	893,754	
 	 	921,843	
 	 	6.2	%	 	 BBB	
Capital Goods	 	867,563	
 	 	880,992	
 	 	5.3	%	 	BBB	 	657,388	
 	 	694,700	
 	 	4.7	%	 	 BBB	
Communications	 	1,683,665	
 	 	1,737,788	
 	 	10.5	%	 	BBB	 	1,448,054	
 	 	1,572,181	
 	 	10.6	%	 	 BBB+	
Consumer Cyclical	 	827,727	
 	 	858,219	
 	 	5.2	%	 	BBB+	 	665,675	
 	 	709,100	
 	 	4.8	%	 	 BBB+	
Consumer Noncyclical	 	1,490,610	
 	 	1,533,919	
 	 	9.3	%	 	BBB+	 	1,299,879	
 	 	1,397,510	
 	 	9.4	%	 	 BBB+	
Energy	 	2,028,256	
 	 	2,056,070	
 	 	12.5	%	 	BBB+	 	1,647,847	
 	 	1,699,885	
 	 	11.2	%	 	 BBB	
Technology	 	520,085	
 	 	530,159	
 	 	3.2	%	 	BBB+	 	465,256	
 	 	485,833	
 	 	3.3	%	 	 BBB+	
Transportation	 	560,474	
 	 	582,725	
 	 	3.5	%	 	A-	 	453,106	
 	 	486,736	
 	 	3.3	%	 	 A-	
Other Industrial	 	101,858	
 	 	109,123	
 	 	0.7	%	 	BBB+	 	108,371	
 	 	118,279	
 	 	0.8	%	 	 A-	
Total Industrials	 	$	9,057,282	
 	 	$	9,281,262	
 	 	56.2	%	 	 	 	$	7,639,330	
 	 	$	8,086,067	
 	 	54.3	%	 	 	
Utilities	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Electric	 	1,302,632	
 	 	1,366,480	
 	 	8.3	%	 	BBB+	 	1,192,487	
 	 	1,309,874	
 	 	8.8	%	 	 BBB+	
Natural Gas	 	240,582	
 	 	249,089	
 	 	1.5	%	 	A-	 	234,761	
 	 	251,110	
 	 	1.7	%	 	 A-	
Other Utility	 	161,991	
 	 	173,154	
 	 	1.1	%	 	BBB+	 	154,458	
 	 	172,124	
 	 	1.2	%	 	 A-	
Total Utilities	 	$	1,705,205	
 	 	$	1,788,723	
 	 	10.9	%	 	 	 	$	1,581,706	
 	 	$	1,733,108	
 	 	11.7	%	 	 	
Total	 	$	16,000,887	
 	 	$	16,489,406	
 	 	100.0	%	 	BBB+	 	$	14,010,604	
 	 	$	14,885,583	
 	 	100.0	%	 	BBB+	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(1) The Average Credit Rating designations are based on the weighted average ratings from nationally recognized rating organizations, primarily those assigned by S&P. In instances where a S&P rating is not available, the Company will reference the rating provided by Moody’s, and in the absence of both the Company will assign equivalent ratings based on information from the NAIC.	

                                        

 	 	Page 21

Reinsurance Group of America, Incorporated
Investments
(USD thousands)

Ratings of Fixed Maturity Securities
(Excludes Funds Withheld Portfolios)

 	 	 	 	June 30, 2015	 	March 31, 2015	 	December 31, 2014	 	September 30, 2014	 	June 30, 2014	
NAIC
Designation (1)	 	Rating Agency
Designation   (2)	 	Amortized
Cost	 	Estimated
Fair Value	 	% of
Total	 	Amortized
Cost	 	Estimated
Fair Value	 	% of
Total	 	Amortized
Cost	 	Estimated
Fair Value	 	% of
Total	 	Amortized
Cost	 	Estimated
Fair Value	 	% of
Total	 	Amortized
Cost	 	Estimated
Fair Value	 	% of
Total	
1	 	AAA/AA/A	 	$	16,880,974	
 	 	$	18,443,284	
 	 	65.7	%	 	$	14,515,363	
 	 	$	16,887,466	
 	 	65.4	%	 	$	14,855,946	
 	 	$	16,866,777	
 	 	66.1	%	 	$	14,590,478	
 	 	$	16,236,196	
 	 	66.3	%	 	$	14,646,888	
 	 	$	16,304,796	
 	 	66.6	%	
2	 	BBB	 	7,686,514	
 	 	7,881,514	
 	 	28.1	%	 	6,957,089	
 	 	7,450,140	
 	 	28.9	%	 	6,880,383	
 	 	7,258,299	
 	 	28.5	%	 	6,530,399	
 	 	6,895,202	
 	 	28.2	%	 	6,527,092	
 	 	6,942,290	
 	 	28.3	%	
3	 	BB	 	932,629	
 	 	950,069	
 	 	3.4	%	 	799,090	
 	 	825,796	
 	 	3.2	%	 	750,152	
 	 	760,531	
 	 	3.0	%	 	729,311	
 	 	751,110	
 	 	3.1	%	 	669,569	
 	 	706,926	
 	 	2.9	%	
4	 	B	 	510,894	
 	 	504,272	
 	 	1.8	%	 	419,277	
 	 	404,081	
 	 	1.6	%	 	387,456	
 	 	372,375	
 	 	1.5	%	 	425,094	
 	 	421,100	
 	 	1.7	%	 	362,960	
 	 	364,395	
 	 	1.5	%	
5	 	CCC	 	246,203	
 	 	242,930	
 	 	0.9	%	 	219,271	
 	 	214,370	
 	 	0.8	%	 	212,905	
 	 	208,346	
 	 	0.8	%	 	152,363	
 	 	150,845	
 	 	0.6	%	 	143,292	
 	 	142,805	
 	 	0.6	%	
6	 	In or near default	 	48,118	
 	 	41,906	
 	 	0.1	%	 	23,626	
 	 	19,370	
 	 	0.1	%	 	18,755	
 	 	14,644	
 	 	0.1	%	 	25,296	
 	 	20,998	
 	 	0.1	%	 	23,545	
 	 	19,184	
 	 	0.1	%	
 	 	Total	 	$	26,305,332	
 	 	$	28,063,975	
 	
 	100.0	%	
 	$	22,933,716	
 	
 	$	25,801,223	
 	
 	100.0	%	
 	$	23,105,597	
 	
 	$	25,480,972	
 	
 	100.0	%	
 	$	22,452,941	
 	
 	$	24,475,451	
 	
 	100.0	%	
 	$	22,373,346	
 	
 	$	24,480,396	
 	
 	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	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	June 30, 2015	 	March 31, 2015	 	December 31, 2014	 	September 30, 2014	 	June 30, 2014	
 	 	Amortized
Cost	 	Estimated
Fair Value	 	Amortized
Cost	 	Estimated
Fair Value	 	Amortized
Cost	 	Estimated
Fair Value	 	Amortized
Cost	 	Estimated
Fair Value	 	Amortized
Cost	 	Estimated
Fair Value	
Residential mortgage-backed securities:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Agency	 	$	626,139	
 	 	$	656,940	
 	 	$	644,367	
 	 	$	692,101	
 	 	$	639,936	
 	 	$	677,352	
 	 	$	597,413	
 	 	$	625,070	
 	 	$	564,397	
 	 	$	594,042	
 	
Non-agency	 	528,593	
 	 	533,939	
 	 	428,048	
 	 	435,573	
 	 	351,931	
 	 	360,544	
 	 	367,023	
 	 	375,647	
 	 	382,034	
 	 	392,097	
 	
Total residential mortgage-backed securities	 	1,154,732	
 	 	1,190,879	
 	 	1,072,415	
 	 	1,127,674	
 	 	991,867	
 	 	1,037,896	
 	 	964,436	
 	 	1,000,717	
 	 	946,431	
 	 	986,139	
 	
Commercial mortgage-backed securities	 	1,471,419	
 	 	1,525,469	
 	 	1,448,372	
 	 	1,534,274	
 	 	1,453,657	
 	 	1,532,591	
 	 	1,404,648	
 	 	1,481,822	
 	 	1,380,622	
 	 	1,474,620	
 	
Asset-backed securities	 	1,051,093	
 	 	1,062,624	
 	 	1,082,883	
 	 	1,098,112	
 	 	1,059,660	
 	 	1,069,586	
 	 	993,028	
 	 	1,006,048	
 	 	993,116	
 	 	1,008,375	
 	
Total	 	$	3,677,244	
 	 	$	3,778,972	
 	 	$	3,603,670	
 	 	$	3,760,060	
 	 	$	3,505,184	
 	 	$	3,640,073	
 	 	$	3,362,112	
 	 	$	3,488,587	
 	 	$	3,320,169	
 	 	$	3,469,134	

                                        

 	 	Page 22

 
Reinsurance Group of America, Incorporated
Investments
(USD thousands)

Gross Unrealized Losses Aging

Fixed Maturity Securities	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	June 30, 2015	 	March 31, 2015	 	December 31, 2014	 	September 30, 2014	 	June 30, 2014	
 	 	Gross
Unrealized
Losses	 	% of
Total	 	Gross
Unrealized
Losses	 	% of
Total	 	Gross
Unrealized
Losses	 	% of
Total	 	Gross
Unrealized
Losses	 	% of
Total	 	Gross
Unrealized
Losses	 	% of
Total	
Less than 20%	 	$	369,658	
 	 	94.0	%	 	$	71,886	
 	 	72.3	%	 	$	110,346	
 	 	81.8	%	 	$	107,731	
 	 	89.1	%	 	$	96,330	
 	 	85.8	%	
20% or more for less than six months	 	9,253	
 	 	2.3	%	 	14,581	
 	 	14.7	%	 	13,698	
 	 	10.1	%	 	683	
 	 	0.6	%	 	2,479	
 	 	2.2	%	
20% or more for six months or greater	 	10,328	
 	 	2.6	%	 	11,546	
 	 	11.6	%	 	9,254	
 	 	6.9	%	 	9,510	
 	 	7.9	%	 	10,936	
 	 	9.7	%	
Total	 	$	389,239	
 	
 	98.9	%	
 	$	98,013	
 	
 	98.6	%	
 	$	133,298	
 	
 	98.8	%	
 	$	117,924	
 	
 	97.6	%	
 	$	109,745	
 	
 	97.7	%	

Equity Securities	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	June 30, 2015	 	March 31, 2015	 	December 31, 2014	 	September 30, 2014	 	June 30, 2014	
 	 	Gross
Unrealized
Losses	 	% of
Total	 	Gross
Unrealized
Losses	 	% of
Total	 	Gross
Unrealized
Losses	 	% of
Total	 	Gross
Unrealized
Losses	 	% of
Total	 	Gross
Unrealized
Losses	 	% of
Total	
Less than 20%	 	$	3,654	
 	 	0.9	%	 	$	712	
 	 	0.7	%	 	$	1,619	
 	 	1.2	%	 	$	2,926	
 	 	2.4	%	 	$	2,555	
 	 	2.3	%	
20% or more for less than six months	 	948	
 	 	0.2	%	 	737	
 	 	0.7	%	 	—	
 	 	0.0	%	 	—	
 	 	0.0	%	 	—	
 	 	0.0	%	
20% or more for six months or greater	 	—	
 	 	0.0	%	 	—	
 	 	0.0	%	 	2	
 	 	0.0	%	 	2	
 	 	0.0	%	 	2	
 	 	0.0	%	
Total	 	$	4,602	
 	
 	1.1	%	
 	$	1,449	
 	
 	1.4	%	
 	$	1,621	
 	
 	1.2	%	
 	$	2,928	
 	
 	2.4	%	
 	$	2,557	
 	
 	2.3	%	

                                        

 	 	Page 23

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

 	 	As of June 30, 2015	
 	 	Less than 12 months	 	Equal to or greater than 12 months	 	Total	
 	 	Estimated Fair
Value	 	Gross Unrealized
Losses	 	Estimated Fair
Value	 	Gross Unrealized
Losses	 	Estimated Fair
Value	 	Gross Unrealized
Losses	
Investment grade securities:	 	 	 	 	 	 	 	 	 	 	 	 	
Corporate securities	 	$	4,719,168	
 	 	$	194,881	
 	 	$	299,379	
 	 	$	17,451	
 	 	$	5,018,547	
 	 	$	212,332	
 	
Canadian and Canadian provincial governments	 	117,996	
 	 	2,860	
 	 	—	
 	 	—	
 	 	117,996	
 	 	2,860	
 	
Residential mortgage-backed securities	 	309,772	
 	 	6,659	
 	 	64,855	
 	 	3,772	
 	 	374,627	
 	 	10,431	
 	
Asset-backed securities	 	294,220	
 	 	3,101	
 	 	126,602	
 	 	3,504	
 	 	420,822	
 	 	6,605	
 	
Commercial mortgage-backed securities	 	220,262	
 	 	4,376	
 	 	22,831	
 	 	1,392	
 	 	243,093	
 	 	5,768	
 	
U.S. government and agencies	 	862,953	
 	 	86,669	
 	 	—	
 	 	—	
 	 	862,953	
 	 	86,669	
 	
State and political subdivisions	 	157,210	
 	 	7,399	
 	 	13,180	
 	 	3,582	
 	 	170,390	
 	 	10,981	
 	
Other foreign government, supranational, and foreign
government-sponsored enterprises	 	402,345	
 	 	13,050	
 	 	33,829	
 	 	1,988	
 	 	436,174	
 	 	15,038	
 	
Investment grade securities	 	7,083,926	
 	 	318,995	
 	 	560,676	
 	 	31,689	
 	 	7,644,602	
 	 	350,684	

Below investment grade securities:	 	 	 	 	 	 	 	 	 	 	 	 	
Corporate securities	 	553,615	
 	 	23,667	
 	 	58,910	
 	 	5,891	
 	 	612,525	
 	 	29,558	
 	
Residential mortgage-backed securities	 	31,443	
 	 	268	
 	 	11,779	
 	 	395	
 	 	43,222	
 	 	663	
 	
Asset-backed securities	 	5,305	
 	 	84	
 	 	12,102	
 	 	1,695	
 	 	17,407	
 	 	1,779	
 	
Commercial mortgage-backed securities	 	6,523	
 	 	534	
 	 	7,544	
 	 	3,347	
 	 	14,067	
 	 	3,881	
 	
State and political subdivisions	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	—	
 	
Other foreign government, supranational, and
foreign government-sponsored enterprises	 	62,974	
 	 	2,502	
 	 	3,921	
 	 	172	
 	 	66,895	
 	 	2,674	
 	
Below investment grade securities	 	659,860	
 	 	27,055	
 	 	94,256	
 	 	11,500	
 	 	754,116	
 	 	38,555	
 	
Total fixed maturity securities	 	$	7,743,786	
 	 	$	346,050	
 	 	$	654,932	
 	 	$	43,189	
 	 	$	8,398,718	
 	 	$	389,239	

Non-redeemable preferred stock	 	39,466	
 	 	2,178	
 	 	6,225	
 	 	1,442	
 	 	45,691	
 	 	3,620	
 	
Other equity securities	 	26,791	
 	 	982	
 	 	—	
 	 	—	
 	 	26,791	
 	 	982	
 	
Total equity securities	 	$	66,257	
 	 	$	3,160	
 	 	$	6,225	
 	 	$	1,442	
 	 	$	72,482	
 	 	$	4,602	

 	 	 	 	 	 	 	 	 	 	 	 	 	

 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	As of December 31, 2014	
 	 	Less than 12 months	 	Equal to or greater than 12 months	 	Total	
 	 	Estimated Fair
Value	 	Gross Unrealized
Losses	 	Estimated Fair
Value	 	Gross Unrealized
Losses	 	Estimated Fair
Value	 	Gross Unrealized
Losses	
Investment grade securities:	 	 	 	 	 	 	 	 	 	 	 	 	
Corporate securities	 	$	1,225,767	
 	 	$	27,784	
 	 	$	614,294	
 	 	$	30,040	
 	 	$	1,840,061	
 	 	$	57,824	
 	
Canadian and Canadian provincial governments	 	—	
 	 	—	
 	 	1,235	
 	 	7	
 	 	1,235	
 	 	7	
 	
Residential mortgage-backed securities	 	78,864	
 	 	846	
 	 	135,414	
 	 	5,247	
 	 	214,278	
 	 	6,093	
 	
Asset-backed securities	 	332,785	
 	 	4,021	
 	 	109,411	
 	 	4,289	
 	 	442,196	
 	 	8,310	
 	
Commercial mortgage-backed securities	 	78,632	
 	 	564	
 	 	28,375	
 	 	2,461	
 	 	107,007	
 	 	3,025	
 	
U.S. government and agencies	 	81,317	
 	 	89	
 	 	32,959	
 	 	426	
 	 	114,276	
 	 	515	
 	
State and political subdivisions	 	13,780	
 	 	17	
 	 	18,998	
 	 	3,438	
 	 	32,778	
 	 	3,455	
 	
Other foreign government, supranational, and foreign government-sponsored enterprises	 	156,725	
 	 	7,007	
 	 	76,111	
 	 	2,946	
 	 	232,836	
 	 	9,953	
 	
Investment grade securities	 	1,967,870	
 	 	40,328	
 	 	1,016,797	
 	 	48,854	
 	 	2,984,667	
 	 	89,182	

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

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

                                        

 	 	Page 24

Reinsurance Group of America, Incorporated
Investments
(USD thousands)

Consolidated Investment Related Gains and Losses	 	

 	 	Three Months Ended	 	Current Qtr
vs. PY
Quarter	 	 	 	Year-to-date	 	
 	 	June 30,	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	 	 	 	 	June 30,	 	June 30,	 	 	 	 	 	 	
 	 	2015	 	2015	 	2014	 	2014	 	2014	 	 	 	 	 	2015	 	2014	 	Change	 	 	 	 	 	 	
Fixed Maturity and Equity Securities:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Other-than-temporary impairment losses on fixed maturities	 	$	(4,137	)	 	$	(2,527	)	 	$	(6,347	)	 	$	(246	)	 	$	(870	)	 	$	(3,267	)	 	 	 	$	(6,664	)	 	$	(1,173	)	 	$	(5,491	)	 	 	 	 	 	 	
Portion of loss recognized in accumulated other
comprehensive income (before taxes)	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	 	 	—	
 	 	—	
 	 	—	
 	 	 	 	 	 	 	
Net other-than-temporary impairment losses on fixed maturities recognized in earnings	 	(4,137	)	 	(2,527	)	 	(6,347	)	 	(246	)	 	(870	)	 	(3,267	)	 	 	 	(6,664	)	 	(1,173	)	 	(5,491	)	 	 	 	 	 	 	
Gain on investment activity	 	20,009	
 	 	19,201	
 	 	13,662	
 	 	8,819	
 	 	34,887	
 	 	(14,878	)	 	 	 	39,210	
 	 	42,954	
 	 	(3,744	)	 	 	 	 	 	 	
Loss on investment activity	 	(14,475	)	 	(13,596	)	 	(11,480	)	 	(6,355	)	 	(6,877	)	 	(7,598	)	 	 	 	(28,071	)	 	(13,460	)	 	(14,611	)	 	 	 	 	 	 	
Net gain/(loss) on fixed maturity and equity securities	 	1,397	
 	 	3,078	
 	 	(4,165	)	 	2,218	
 	 	27,140	
 	 	(25,743	)	 	 	 	4,475	
 	 	28,321	
 	 	(23,846	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Other impairment losses and change in mortgage loan provision	 	143	
 	 	(4,168	)	 	371	
 	 	(2,041	)	 	(5,309	)	 	5,452	
 	 	 	 	(4,025	)	 	(3,645	)	 	(380	)	 	 	 	 	 	 	
Other non-derivative gain/(loss), net	 	976	
 	 	17,375	
 	 	2,759	
 	 	2,298	
 	 	9,197	
 	 	(8,221	)	 	 	 	18,351	
 	 	17,565	
 	 	786	

Free-standing Derivatives:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Credit default swaps	 	(187	)	 	2,658	
 	 	2,658	
 	 	(1,389	)	 	4,783	
 	 	(4,970	)	 	 	 	2,471	
 	 	2,669	
 	 	(198	)	 	 	 	 	 	 	
Interest rate swaps - non-hedged	 	(41,729	)	 	29,344	
 	 	33,812	
 	 	9,114	
 	 	22,244	
 	 	(63,973	)	 	 	 	(12,385	)	 	51,903	
 	 	(64,288	)	 	 	 	 	 	 	
Interest rate swaps - hedged	 	—	
 	 	7	
 	 	10	
 	 	8	
 	 	7	
 	 	(7	)	 	 	 	7	
 	 	1	
 	 	6	
 	 	 	 	 	 	 	
Futures	 	(2,183	)	 	(7,331	)	 	(6,728	)	 	6,446	
 	 	(7,684	)	 	5,501	
 	 	 	 	(9,514	)	 	(9,268	)	 	(246	)	 	 	 	 	 	 	
CPI swaps	 	168	
 	 	(71	)	 	(536	)	 	(274	)	 	115	
 	 	53	
 	 	 	 	97	
 	 	467	
 	 	(370	)	 	 	 	 	 	 	
Equity options	 	(2,605	)	 	(8,067	)	 	(5,724	)	 	1,017	
 	 	(8,800	)	 	6,195	
 	 	 	 	(10,672	)	 	(17,765	)	 	7,093	
 	 	 	 	 	 	 	
Currency forwards	 	(1,433	)	 	(220	)	 	(5,746	)	 	(5,277	)	 	1,178	
 	 	(2,611	)	 	 	 	(1,653	)	 	2,332	
 	 	(3,985	)	 	 	 	 	 	 	
Bond forwards	 	1,495	
 	 	(840	)	 	—	
 	 	—	
 	 	—	
 	 	1,495	
 	 	 	 	655	
 	 	—	
 	 	655	
 	 	 	 	 	 	 	
Interest rate options	 	—	
 	 	3,276	
 	 	11,490	
 	 	865	
 	 	2,004	
 	 	(2,004	)	 	 	 	3,276	
 	 	3,286	
 	 	(10	)	 	 	 	 	 	 	
Total free-standing derivatives	 	(46,474	)	 	18,756	
 	 	29,236	
 	 	10,510	
 	 	13,847	
 	 	(60,321	)	 	 	 	(27,718	)	 	33,625	
 	 	(61,343	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Embedded Derivatives:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Modified coinsurance and funds withheld treaties	 	(23,098	)	 	(2,325	)	 	(14,523	)	 	56,812	
 	 	78,835	
 	 	(101,933	)	 	 	 	(25,423	)	 	156,076	
 	 	(181,499	)	 	 	 	 	 	 	
GMXB	 	50,878	
 	 	(25,133	)	 	(52,901	)	 	(47,479	)	 	(5,183	)	 	56,061	
 	 	 	 	25,745	
 	 	(28,844	)	 	54,589	
 	 	 	 	 	 	 	
Total embedded derivatives	 	27,780	
 	 	(27,458	)	 	(67,424	)	 	9,333	
 	 	73,652	
 	 	(45,872	)	 	 	 	322	
 	 	127,232	
 	 	(126,910	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net gain/(loss) on total derivatives	 	(18,694	)	 	(8,702	)	 	(38,188	)	 	19,843	
 	 	87,499	
 	 	(106,193	)	 	 	 	(27,396	)	 	160,857	
 	 	(188,253	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total investment related gains / (losses), net	 	$	(16,178	)	 	$	7,583	
 	 	$	(39,223	)	 	$	22,318	
 	 	$	118,527	
 	 	$	(134,705	)	 	 	 	$	(8,595	)	 	$	203,098	
 	 	$	(211,693	)	 	 	 	 	 	 	

 

 	
 	 	 	
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