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 26, 2010
REINSURANCE GROUP OF AMERICA, INCORPORATED
(Exact Name of Registrant as Specified in its Charter)
 	 	 	 	 	
Missouri	 	1-11848	 	43-1627032	
(State or Other Jurisdiction of	 	(Commission	 	(IRS Employer	
Incorporation)	 	File Number)	 	Identification Number)	
1370 Timberlake Manor Parkway, Chesterfield, Missouri 63017
(Address of Principal Executive Office)
Registrant’s telephone number, including area code: (636) 736-7000
     Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions ( see  General Instruction A.2. below):
o     Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o     Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o     Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o     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 26, 2010, Reinsurance Group of America, Incorporated (the “Company”) issued (1) a press release announcing its earnings for the three-month period ended June 30, 2010, 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, 2010, 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 27, 2010 to discuss the financial and operating results for the three-month period ended June 30, 2010. 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 26, 2010	
 	 	 	
99.2	 	Quarterly Financial Supplement for the quarter ended June 30, 2010	
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 26, 2010 	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 26, 2010	
 	 	 	
99.2	 	Quarterly Financial Supplement for the quarter ended June 30, 2010	

Exhibit 99.1

PRESS RELEASE
REINSURANCE GROUP OF AMERICA REPORTS SECOND-QUARTER RESULTS
 	•	 	Second-quarter earnings per diluted share: net income $1.70; operating income* $1.63	
 	 	 	 	
 	•	 	Premiums up 15 percent to $1.6 billion	
ST. LOUIS, July 26, 2010 — Reinsurance Group of America, Incorporated (NYSE:RGA), a leading global provider of life reinsurance, reported second-quarter net income of $127.0 million, or $1.70 per diluted share, compared to $153.2 million, or $2.10 per diluted share in the prior-year quarter. Operating income* totaled $121.9 million, or $1.63 per diluted share, compared to $130.6 million, or $1.79 per diluted share in the year-ago quarter.
For the first half of 2010, net income increased to $249.5 million, or $3.34 per diluted share, from $176.5 million, or $2.42 per diluted share, in the year-ago period. Operating income* totaled $214.9 million, or $2.88 per diluted share, compared with $197.9 million, or $2.71 per diluted share, in the prior-year period.
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Quarterly Results	 	Year-to-Date Results	
($ in thousands, except per share data)	 	2010	 	2009	 	2010	 	2009	
Net premiums	 	$	1,582,017	 	 	$	1,375,181	 	 	$	3,210,481	 	 	$	2,721,228	 	
Net income	 	 	127,019	 	 	 	153,179	 	 	 	249,458	 	 	 	176,469	 	
Net income per diluted share	 	 	1.70	 	 	 	2.10	 	 	 	3.34	 	 	 	2.42	 	
Operating income*	 	 	121,899	 	 	 	130,562	 	 	 	214,907	 	 	 	197,917	 	
Operating income per diluted share*	 	 	1.63	 	 	 	1.79	 	 	 	2.88	 	 	 	2.71	 	
Book value per share	 	 	60.73	 	 	 	42.59	 	 	 	 	 	 	 	 	 	
Book value per share (excl. Accumulated Other Comprehensive Income “AOCI”)*	 	 	52.14	 	 	 	45.90	 	 	 	 	 	 	 	 	 	
Total assets	 	 	27,220,606	 	 	 	22,649,349	 	 	 	 	 	 	 	 	 	

*	 	See ‘Use of Non-GAAP Financial Measures’ below	
For the quarter, consolidated net premiums increased 15 percent, to $1,582.0 million. Holding foreign exchange rates constant, premiums rose 12 percent. Investment income increased modestly to $291.7 million from $284.6 million in the year-earlier quarter, with an average investment yield of 5.5 percent. Excluding the change in valuation of option contracts supporting equity-indexed annuities, investment income increased $33.2 million, or 13 percent, to $298.2 million. Stronger foreign currencies contributed approximately $3.3 million after taxes, or $0.04 per share, to operating results when compared to 2009.
Congress has not passed an extension of the existing active financing exception legislation this year, and as a result, the company posted an additional $5.0 million to its tax provision in the second quarter, an adverse effect of $0.07 per diluted share for the quarter and $0.13 for the first half.
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A. Greig Woodring, president and chief executive officer, commented, “We are pleased to report a solid quarter with good premium growth and operating earnings in line with our expectations. Our book value continues to rise with stable earnings contributions and a strengthening investment portfolio. During the quarter, our net unrealized gain position improved by $217.5 million and our book value increased $277.3 million, up 7 percent on a per-share basis, to $60.73 per share. Our investment portfolio has recovered nicely following last year’s market turmoil, and credit-related impairments of individual securities remain quite manageable.
“The enterprise-wide mortality experience met our expectations, and annualized operating return on equity was 13 percent for the quarter. We remain optimistic about future business opportunities.”
SEGMENT RESULTS
U.S.
The U.S. Traditional sub-segment reported pre-tax income of $98.8 million for the quarter compared with $83.3 million in the prior year. Pre-tax operating income decreased to $96.1 million from $100.2 million the year before, when that business experienced slightly favorable mortality experience. The current quarter claims level was approximately one percent higher-than-expected. Net premiums were up 16 percent to $933.2 million from $807.2 million in the prior-year quarter. Net premiums during the quarter for the group reinsurance business acquired at the beginning of the year totaled $68.5 million. Excluding the effect of the group reinsurance business, premiums increased 7 percent.
The U.S. Asset Intensive business reported pre-tax income of $17.6 million compared with $19.9 million a year ago. On an operating basis, the quarter was solid as pre-tax income totaled $15.8 million versus $16.0 million a year ago.
Canada
Canadian operations reported pre-tax net income of $33.7 million, up 32 percent from $25.5 million in the second quarter of 2009. Pre-tax operating income of $32.9 million nearly doubled last year’s $17.6 million, reflecting favorable mortality in the current quarter and adverse experience last year. Foreign currency fluctuations benefited pre-tax operating income by approximately $4.1 million. On a Canadian dollar basis, net premiums increased slightly compared with a strong year-earlier quarter. On a U.S. dollar basis, net premiums were up 14 percent to $177.1 million from $154.9 million last year.
Asia Pacific
Asia Pacific reported strong pre-tax net income of $23.8 million compared with $25.5 million in the year-ago quarter. Pre-tax operating income totaled $21.7 million compared with $24.7 million a year ago, a difficult comparison due to favorable mortality experience in the prior-year period. The segment’s claims experience in the 2010 quarter met expectations. Favorable foreign currency exchange of $2.3 million helped the current-quarter pre-tax operating
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result. Net premiums increased to $256.9 million from $229.4 million in the prior year. Strong production in Australia was offset, in part, by reduced premiums in South Korea. Net premiums, when compared to the prior-year quarter, benefited by approximately $25.9 million due to foreign currency fluctuations.
Europe & South Africa
Europe & South Africa’s pre-tax net income increased substantially to $22.3 million from $12.4 million in the year-ago quarter. Pre-tax operating income was $21.0 million versus $12.4 million last year. Net premiums increased to $209.9 million from $180.0 million in the prior year. Strong UK results were primarily responsible for the increases in operating income and premiums. Foreign currency exchange rates had adverse effects totaling $6.2 million and $1.2 million on premiums and pre-tax operating income, respectively.
Corporate and Other
Similar to the first quarter, the company’s effective tax rate was higher-than-expected due to the expiration of the active financing exception tax rules on December 31, 2009. Since Congress did not pass an extender package by June 30, 2010, the company reflected an additional tax provision of approximately $5.0 million for the second quarter, increasing the effective tax rate from 33 percent to 36 percent. It is possible that Congress will pass the extender package later this year, at which point the company’s cumulative additional tax provision of $9.9 million would be reversed.
Dividend Declaration
The company’s board of directors declared a regular quarterly dividend of $0.12, payable August 25 to shareholders of record as of August 4.
Earnings Conference Call
A conference call to discuss the company’s second-quarter results will begin at 9 a.m. Eastern Time on Tuesday, July 27. Interested parties may access the call by dialing 877-741-4244 (domestic) or 719-325-4871 (international). The access code is 5964755. A live audio webcast of the conference call will be available on the company’s investor relations website at  www.rgare.com . A replay of the conference call will be available at the same address for 90 days following the conference call. A telephonic replay will also be available through August 4 at 888-203-1112 (domestic) or 719-457-0820 (international), access code 5964755.
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
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under RGA’s management incentive programs. Management believes that operating income, on a pre-tax and after-tax basis, better measures the ongoing profitability and underlying trends of the company’s continuing operations, primarily because that measure excludes the effect of net investment related gains and losses, as well as changes in the fair value of certain embedded derivatives and related deferred acquisition costs. These items can be volatile, primarily due to the credit market and interest rate environment and are not necessarily indicative of the performance of the company’s underlying businesses. Additionally, operating income excludes any net gain or loss from discontinued operations and the cumulative effect of any accounting changes, which management believes are not indicative of the company’s ongoing operations. The definition of operating income can vary by company and is not considered a substitute for GAAP net income. Reconciliations to GAAP net income are provided in the following tables. Additional financial information can be found in the Quarterly Financial Supplement on RGA’s Investor Relations site at  www.rgare.com  in the “Quarterly Results” tab and in the “Featured Report” section.
Book value per share outstanding before impact of AOCI is a non-GAAP financial measure that management believes is important in evaluating the balance sheet in order to ignore the effects of unrealized amounts primarily associated with mark-to-market adjustments on investments and foreign currency translation.
Operating return on equity is a non-GAAP financial measure calculated as operating income divided by average shareholders’ equity excluding AOCI.
About RGA
Reinsurance Group of America, Incorporated is among the largest global providers of life reinsurance with subsidiary companies or offices in Australia, Barbados, Bermuda, Canada, China, France, Germany, Hong Kong, India, Ireland, Italy, Japan, Mexico, the Netherlands, Poland, South Africa, South Korea, Spain, Taiwan, the United Kingdom and the United States. Worldwide, the company has approximately $2.4 trillion of life reinsurance in force, and assets of $27.2 billion.
Cautionary Statement Regarding Forward-looking Statements
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, among others, statements relating to projections of the earnings, revenues, income or loss, future financial performance and growth potential of Reinsurance Group of America, Incorporated and its subsidiaries (which we refer to in the following paragraphs as “we,” “us” or “our”). The words “intend,” “expect,” “project,” “estimate,” “predict,” “anticipate,” “should,” “believe,” and other similar expressions also are intended to identify forward-looking statements. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Future events and actual results, performance and achievements could differ materially from those set forth in, contemplated by or underlying the forward-looking statements.
Numerous important factors could cause actual results and events to differ materially from those expressed or implied by forward-looking statements including, without limitation, (1) adverse capital and credit market conditions and their impact on our liquidity, access to capital, and cost
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of capital, (2) the impairment of other financial institutions and its effect on our business, (3) requirements to post collateral or make payments due to declines in market value of assets subject to our collateral arrangements, (4) the fact that the determination of allowances and impairments taken on our investments is highly subjective, (5) adverse changes in mortality, morbidity, lapsation, or claims experience, (6) changes in our financial strength and credit ratings and the effect of such changes on our future results of operations and financial condition, (7) inadequate risk analysis and underwriting, (8) general economic conditions or a prolonged economic downturn affecting the demand for insurance and reinsurance in our current and planned markets, (9) the availability and cost of collateral necessary for regulatory reserves and capital, (10) market or economic conditions that adversely affect the value of our investment securities or result in the impairment of all or a portion of the value of certain of our investment securities, (11) market or economic conditions that adversely affect our ability to make timely sales of investment securities, (12) risks inherent in our risk management and investment strategy, including changes in investment portfolio yields due to interest rate or credit quality changes, (13) fluctuations in U.S. or foreign currency exchange rates, interest rates, or securities and real estate markets, (14) adverse litigation or arbitration results, (15) the adequacy of reserves, resources, and accurate information relating to settlements, awards, and terminated and discontinued lines of business, (16) the stability of and actions by governments and economies in the markets in which we operate, (17) competitive factors and competitors’ responses to our initiatives, (18) the success of our clients, (19) successful execution of our entry into new markets, (20) successful development and introduction of new products and distribution opportunities, (21) our ability to successfully integrate and operate reinsurance business that we acquire, (22) regulatory action that may be taken by state Departments of Insurance with respect to us, (23) our dependence on third parties, including those insurance companies and reinsurers to which we cede some reinsurance, third-party investment managers, and others, (24) the threat of natural disasters, catastrophes, terrorist attacks, epidemics, or pandemics anywhere in the world where we or our clients do business, (25) changes in laws, regulations, and accounting standards applicable to us, our subsidiaries, or our business, (26) the effect of our status as an insurance holding company and regulatory restrictions on our ability to pay principal of and interest on our debt obligations, and (27) other risks and uncertainties described in this document and in our other filings with the Securities and Exchange Commission.
Forward-looking statements should be evaluated together with the many risks and uncertainties that affect our business, including those mentioned in this document and described in the periodic reports we file with the Securities and Exchange Commission. These forward-looking statements speak only as of the date on which they are made. We do not undertake any obligations to update these forward-looking statements, even though our situation may change in the future. We qualify all of our forward-looking statements by these cautionary statements. For a discussion of the risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements, you are advised to review the risk factors in our 2009 Form 10-K.
Investor Contact
Jack B. Lay
Senior Executive Vice President and Chief Financial Officer
(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)
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	 	Six Months Ended	 	
 	 	June 30,	 	 	June 30,	 	
(Unaudited)	 	2010	 	 	2009	 	 	2010	 	 	2009	 	
GAAP net income	 	$	127,019	 	 	$	153,179	 	 	$	249,458	 	 	$	176,469	 	
Reconciliation to operating income:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Capital (gains) losses, derivatives and other, included in investment related (gains) losses, net	 	 	(85,039	)	 	 	96,091	 	 	 	(85,086	)	 	 	140,208	 	
Capital (gains) losses on funds withheld:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Included in investment income	 	 	(3,752	)	 	 	—	 	 	 	(3,699	)	 	 	—	 	
Included in policy acquisition costs and other insurance expenses	 	 	505	 	 	 	—	 	 	 	452	 	 	 	—	 	
Embedded derivatives:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Included in investment related (gains) losses, net	 	 	70,474	 	 	 	(146,624	)	 	 	(13,900	)	 	 	(143,236	)	
Included in interest credited	 	 	9,743	 	 	 	(8,301	)	 	 	(4,831	)	 	 	(13,582	)	
Included in policy acquisition costs and other insurance expenses	 	 	(977	)	 	 	1,136	 	 	 	1,136	 	 	 	1,984	 	
DAC offset, net	 	 	3,926	 	 	 	60,350	 	 	 	71,377	 	 	 	61,343	 	
Gain on debt repurchase	 	 	—	 	 	 	(25,269	)	 	 	—	 	 	 	(25,269	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income	 	$	121,899	 	 	$	130,562	 	 	$	214,907	 	 	$	197,917	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Reconciliation of Consolidated Pre-tax Net Income to Pre-tax Operating Income
(Dollars in thousands)
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	 	Six Months Ended	 	
 	 	June 30,	 	 	June 30,	 	
(Unaudited)	 	2010	 	 	2009	 	 	2010	 	 	2009	 	
Income before income taxes	 	$	198,072	 	 	$	215,423	 	 	$	391,387	 	 	$	249,629	 	
Reconciliation to pre-tax operating income:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Capital (gains) losses, derivatives and other, included in investment related (gains) losses, net	 	 	(130,697	)	 	 	148,794	 	 	 	(130,326	)	 	 	217,106	 	
Capital (gains) losses on funds withheld:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Included in investment income	 	 	(5,772	)	 	 	—	 	 	 	(5,690	)	 	 	—	 	
Included in policy acquisition costs and other insurance expenses	 	 	777	 	 	 	—	 	 	 	696	 	 	 	—	 	
Embedded derivatives:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Included in investment related (gains) losses, net	 	 	108,422	 	 	 	(225,574	)	 	 	(21,384	)	 	 	(220,362	)	
Included in interest credited	 	 	14,990	 	 	 	(12,772	)	 	 	(7,432	)	 	 	(20,896	)	
Included in policy acquisition costs and other insurance expenses	 	 	(1,503	)	 	 	1,748	 	 	 	1,747	 	 	 	3,052	 	
DAC offset, net	 	 	6,041	 	 	 	92,846	 	 	 	109,810	 	 	 	94,375	 	
Gain on debt repurchase	 	 	—	 	 	 	(38,875	)	 	 	—	 	 	 	(38,875	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Pre-tax operating income	 	$	190,330	 	 	$	181,590	 	 	$	338,808	 	 	$	284,029	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
Reconciliation of Pre-tax Net Income to Pre-tax Operating Income
(Dollars in thousands)
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended June 30, 2010	 	
 	 	 	 	 	 	Capital	 	 	Change in	 	 	Pre-tax	 	
 	 	Pre-tax net	 	 	(gains) losses,	 	 	value of	 	 	operating	 	
 	 	income	 	 	derivatives	 	 	embedded	 	 	income	 	
(Unaudited)	 	(loss)	 	 	and other, net	 	 	derivatives, net	 	 	(loss)	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
U.S. Operations:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Traditional	 	$	98,814	 	 	$	(2,721	)	 	$	—	 	 	$	96,093	 	
Asset Intensive	 	 	17,561	 	 	 	(17,441	)(1)	 	 	15,650	(2)	 	 	15,770	 	
Financial Reinsurance	 	 	4,400	 	 	 	10	 	 	 	—	 	 	 	4,410	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Total U.S.	 	 	120,775	 	 	 	(20,152	)	 	 	15,650	 	 	 	116,273	 	
Canada Operations	 	 	33,748	 	 	 	(815	)	 	 	—	 	 	 	32,933	 	
Europe & South Africa	 	 	22,326	 	 	 	(1,347	)	 	 	—	 	 	 	20,979	 	
Asia Pacific Operations	 	 	23,761	 	 	 	(2,077	)	 	 	—	 	 	 	21,684	 	
Corporate and Other	 	 	(2,538	)	 	 	999	 	 	 	—	 	 	 	(1,539	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Consolidated	 	$	198,072	 	 	$	(23,392	)	 	$	15,650	 	 	$	190,330	 	

 	 	 	
(1)	 	Asset Intensive is net of $112,300 DAC offset.	
 	 	 	
(2)	 	Asset Intensive is net of $(106,259) DAC offset.	

 	 	Three Months Ended June 30, 2009	 	
 	 	 	 	 	 	Capital	 	 	Change in	 	 	 	 	 	 	 	
 	 	 	 	 	 	(gains) losses,	 	 	value of	 	 	Gain on	 	 	Pre-tax	 	
 	 	Pre-tax net	 	 	derivatives	 	 	embedded	 	 	debt	 	 	operating	 	
(Unaudited)	 	income	 	 	and other, net	 	 	derivatives, net	 	 	repurchase	 	 	income	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
U.S. Operations:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Traditional	 	$	83,287	 	 	$	16,934	 	 	$	—	 	 	$	—	 	 	$	100,221	 	
Asset Intensive	 	 	19,945	 	 	 	(9,574	)(1)	 	 	5,614	(2)	 	 	—	 	 	 	15,985	 	
Financial Reinsurance	 	 	2,994	 	 	 	(38	)	 	 	—	 	 	 	—	 	 	 	2,956	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total U.S.	 	 	106,226	 	 	 	7,322	 	 	 	5,614	 	 	 	—	 	 	 	119,162	 	
Canada Operations	 	 	25,514	 	 	 	(7,951	)	 	 	—	 	 	 	—	 	 	 	17,563	 	
Europe & South Africa	 	 	12,363	 	 	 	14	 	 	 	—	 	 	 	—	 	 	 	12,377	 	
Asia Pacific Operations	 	 	25,520	 	 	 	(855	)	 	 	—	 	 	 	—	 	 	 	24,665	 	
Corporate and Other	 	 	45,800	 	 	 	898	 	 	 	—	 	 	 	(38,875	)	 	 	7,823	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Consolidated	 	$	215,423	 	 	$	(572	)	 	$	5,614	 	 	$	(38,875	)	 	$	181,590	 	

 	 	 	
(1)	 	Asset Intensive is net of $(149,366) DAC offset.	
 	 	 	
(2)	 	Asset Intensive is net of $242,212 DAC offset.	
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Add Seven
REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
Reconciliation of Pre-tax Net Income to Pre-tax Operating Income
(Dollars in thousands)
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Six Months Ended June 30, 2010	 	
 	 	 	 	 	 	Capital	 	 	Change in	 	 	 	 	
 	 	 	 	 	 	(gains) losses,	 	 	value of	 	 	Pre-tax	 	
 	 	Pre-tax net	 	 	derivatives	 	 	embedded	 	 	operating	 	
(Unaudited)	 	income	 	 	and other, net	 	 	derivatives, net	 	 	income	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
U.S. Operations:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Traditional	 	$	162,639	 	 	$	(5,569	)	 	$	—	 	 	$	157,070	 	
Asset Intensive	 	 	82,123	 	 	 	(28,249	)(1)	 	 	(21,558	)(2)	 	 	32,316	 	
Financial Reinsurance	 	 	7,585	 	 	 	19	 	 	 	—	 	 	 	7,604	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Total U.S.	 	 	252,347	 	 	 	(33,799	)	 	 	(21,558	)	 	 	196,990	 	
Canada Operations	 	 	52,721	 	 	 	(3,770	)	 	 	—	 	 	 	48,951	 	
Europe & South Africa	 	 	32,983	 	 	 	(1,806	)	 	 	—	 	 	 	31,177	 	
Asia Pacific Operations	 	 	50,206	 	 	 	(1,957	)	 	 	—	 	 	 	48,249	 	
Corporate and Other	 	 	3,130	 	 	 	10,311	 	 	 	—	 	 	 	13,441	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Consolidated	 	$	391,387	 	 	$	(31,021	)	 	$	(21,558	)	 	$	338,808	 	

 	 	 	
(1)	 	Asset Intensive is net of $104,299 DAC offset.	
 	 	 	
(2)	 	Asset Intensive is net of $5,511 DAC offset.	

 	 	Six Months Ended June 30, 2009	 	
 	 	 	 	 	 	Capital	 	 	Change in	 	 	 	 	 	 	 	
 	 	Pre-tax net	 	 	(gains) losses,	 	 	value of	 	 	Gain on	 	 	Pre-tax	 	
 	 	income	 	 	derivatives	 	 	embedded	 	 	debt	 	 	operating	 	
(Unaudited)	 	(loss)	 	 	and other, net	 	 	derivatives, net	 	 	repurchase	 	 	income	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
U.S. Operations:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Traditional	 	$	117,637	 	 	$	55,162	 	 	$	—	 	 	$	—	 	 	$	172,799	 	
Asset Intensive	 	 	(7,077	)	 	 	(25,606	)(1)	 	 	44,927	(2)	 	 	—	 	 	 	12,244	 	
Financial Reinsurance	 	 	8,515	 	 	 	(70	)	 	 	—	 	 	 	—	 	 	 	8,445	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total U.S.	 	 	119,075	 	 	 	29,486	 	 	 	44,927	 	 	 	—	 	 	 	193,488	 	
Canada Operations	 	 	41,700	 	 	 	(6,380	)	 	 	—	 	 	 	—	 	 	 	35,320	 	
Europe & South Africa	 	 	20,898	 	 	 	(408	)	 	 	—	 	 	 	—	 	 	 	20,490	 	
Asia Pacific Operations	 	 	29,093	 	 	 	2,712	 	 	 	—	 	 	 	—	 	 	 	31,805	 	
Corporate and Other	 	 	38,863	 	 	 	2,938	 	 	 	—	 	 	 	(38,875	)	 	 	2,926	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Consolidated	 	$	249,629	 	 	$	28,348	 	 	$	44,927	 	 	$	(38,875	)	 	$	284,029	 	

 	 	 	
(1)	 	Asset Intensive is net of $(188,758) DAC offset.	
 	 	 	
(2)	 	Asset Intensive is net of $283,133 DAC offset.	
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Add Eight
REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
Per Share and Shares Data
(In thousands, except per share data)
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	Six Months Ended	
 	 	June 30,	 	June 30,	
(Unaudited)	 	2010	 	2009	 	2010	 	2009	
Diluted earnings per share from operating income	 	$	1.63	 	 	$	1.79	 	 	$	2.88	 	 	$	2.71	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Earnings per share from net income:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic earnings per share	 	$	1.74	 	 	$	2.11	 	 	$	3.41	 	 	$	2.43	 	
Diluted earnings per share	 	$	1.70	 	 	$	2.10	 	 	$	3.34	 	 	$	2.42	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Weighted average number of common and common equivalent shares outstanding	 	 	74,721	 	 	 	72,939	 	 	 	74,650	 	 	 	72,912	 	

 	 	At of for the Six Months	
 	 	Ended June 30,	
(Unaudited)	 	2010	 	2009	
Treasury shares	 	 	210	 	 	 	589	 	
Common shares outstanding	 	 	73,154	 	 	 	72,775	 	
Book value per share outstanding	 	$	60.73	 	 	$	42.59	 	
Book value per share outstanding, before impact of AOCI	 	$	52.14	 	 	$	45.90	 	
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Add Nine
REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
Condensed Consolidated Statements of Income
(Dollars in thousands)
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	 	Six Months Ended	 	
 	 	June 30,	 	 	June 30,	 	
(Unaudited)	 	2010	 	 	2009	 	 	2010	 	 	2009	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	1,582,017	 	 	$	1,375,181	 	 	$	3,210,481	 	 	$	2,721,228	 	
Investment income, net of related expenses	 	 	291,671	 	 	 	284,636	 	 	 	595,929	 	 	 	507,832	 	
Investment related gains (losses), net:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Other-than-temporary impairments on fixed maturity securities	 	 	(3,489	)	 	 	(36,942	)	 	 	(10,919	)	 	 	(71,337	)	
Other-than-temporary impairments on fixed maturity securities transferred to (from) accumulated other comprehensive income	 	 	(139	)	 	 	16,135	 	 	 	2,205	 	 	 	16,135	 	
Other investment related gains (losses), net	 	 	26,620	 	 	 	98,995	 	 	 	162,891	 	 	 	61,128	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Total investment related gains (losses), net	 	 	22,992	 	 	 	78,188	 	 	 	154,177	 	 	 	5,926	 	
Other revenue	 	 	35,197	 	 	 	75,161	 	 	 	71,475	 	 	 	109,020	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	 	 	1,931,877	 	 	 	1,813,166	 	 	 	4,032,062	 	 	 	3,344,006	 	

Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	 	1,307,239	 	 	 	1,123,696	 	 	 	2,682,419	 	 	 	2,293,440	 	
Interest credited	 	 	79,169	 	 	 	72,897	 	 	 	136,103	 	 	 	109,806	 	
Policy acquisition costs and other insurance expenses	 	 	237,149	 	 	 	308,403	 	 	 	603,451	 	 	 	507,204	 	
Other operating expenses	 	 	83,147	 	 	 	71,095	 	 	 	174,346	 	 	 	137,844	 	
Interest expense	 	 	25,141	 	 	 	19,595	 	 	 	40,590	 	 	 	41,712	 	
Collateral finance facility expense	 	 	1,960	 	 	 	2,057	 	 	 	3,766	 	 	 	4,371	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	 	 	1,733,805	 	 	 	1,597,743	 	 	 	3,640,675	 	 	 	3,094,377	 	

Income before income taxes	 	 	198,072	 	 	 	215,423	 	 	 	391,387	 	 	 	249,629	 	
Income tax expense	 	 	71,053	 	 	 	62,244	 	 	 	141,929	 	 	 	73,160	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	 	$	127,019	 	 	$	153,179	 	 	$	249,458	 	 	$	176,469	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
# # #

Exhibit 99.2

Financial Supplement
Second Quarter 2010
(Unaudited)

 

World Headquarters	 	Internet address	
1370 Timberlake Manor Parkway	 	www.rgare.com	
Chesterfield, Missouri 63017	 	 	
U.S.A.	 	 	
Contacts:
Jack B. Lay
Senior Executive Vice President
and Chief Financial Officer
Phone: (636) 736-7000
e-mail: jlay@rgare.com
John Hayden
Sr. Vice President
Controller & Investor Relations
Phone: (636) 736-7243
e-mail: jhayden@rgare.com
Current Ratings
 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Standard & Poor’s	 	 	A.M. Best	 	 	Moody’s	 	
Financial Strength Ratings	 	 	 	 	 	 	 	 	 	 	 	 	
RGA Reinsurance Company	 	AA-	 	 	A+	 	 	 	A1	 	
RGA Life Reinsurance Company of Canada	 	AA-	 	 	A+	 	 	NR	
RGA International Reinsurance Company Limited	 	AA-	 	NR	 	NR	
RGA Global Reinsurance Company Limited	 	AA-	 	NR	 	NR	
Senior Debt Ratings	 	 	 	 	 	 	 	 	 	 	 	 	
Reinsurance Group of America, Incorporated	 	 	A-	 	 	 	a-	 	 	Baa1	
Our common stock is traded on the New York Stock Exchange under the symbol “RGA”.

 	 	 	 	 	

 
Reinsurance Group of America, Incorporated
Financial Supplement
2nd Quarter 2010
Table of Contents
 	 	 	 	 	
 	 	Page	
Non-GAAP Disclosure	 	 	1	 	
Consolidated	 	 	 	 	
Financial Highlights	 	 	2	 	
Consolidated Income Statement (incl. Operating Income Reconciliation)	 	 	3	 	
Consolidated Operating Income Statement	 	 	4	 	
Consolidated Balance Sheets	 	 	5	 	
Segment Pre-tax Operating Income Summaries and Reconciliations to U.S. GAAP	 	 	 	 	
U.S. Operations	 	 	6	 	
Canada Operations	 	 	10	 	
Europe & South Africa Operations	 	 	11	 	
Asia Pacific Operations	 	 	12	 	
Corporate and Other	 	 	13	 	
Summary of Pre-tax Segment Operating Income	 	 	14	 	
Investments	 	 	 	 	
Cash and Invested Assets, Yield Summary	 	 	15	 	
Amortized cost, Gross Unrealized Gains and Losses, Estimated Fair Values of Fixed Maturity and Equity Securities	 	 	16	 	
Corporate Securities by Sector (Fixed Maturities and Equities)	 	 	17	 	
Quality of Fixed Maturity Securities and Structured Fixed Maturity Securities	 	 	18	 	
Subprime Mortgage Exposure (Including Funds Withheld Portfolios)	 	 	19	 	
CMBS Exposure (Including Funds Withheld Portfolios)	 	 	20	 	
Gross Unrealized Losses Aging	 	 	21	 	
Fixed Maturity and Equity Securities Below Amortized Cost	 	 	22	 	
Consolidated Gross Gains and Losses	 	 	23	 	

 	 	 	 	 	

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

 	 	 	 	Page 1	

 
Reinsurance Group of America, Incorporated
Financial Highlights
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended or As of	 	 	Current Qtr	 	 	 	Year-to-Date	 	
 	 	June 30,	 	 	March 31,	 	 	Dec. 31,	 	 	Sept. 30,	 	 	June 30,	 	 	vs. PY	 	 	 	June 30,	 	 	June 30,	 	 	 	 	
(USD thousands, except inforce & per share data)	 	2010	 	 	2010	 	 	2009	 	 	2009	 	 	2009	 	 	Quarter	 	 	 	2010	 	 	2009	 	 	Change	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	1,582,017	 	 	$	1,628,464	 	 	$	1,598,754	 	 	$	1,405,179	 	 	$	1,375,181	 	 	$	206,836	 	 	 	$	3,210,481	 	 	$	2,721,228	 	 	$	489,253	 	
Net income — continuing operations	 	 	127,019	 	 	 	122,439	 	 	 	112,409	 	 	 	118,208	 	 	 	153,179	 	 	 	(26,160	)	 	 	 	249,458	 	 	 	176,469	 	 	 	72,989	 	
Operating income	 	 	121,899	 	 	 	93,008	 	 	 	125,833	 	 	 	114,571	 	 	 	130,562	 	 	 	(8,663	)	 	 	 	214,907	 	 	 	197,917	 	 	 	16,990	 	
Operating return on equity (ex AOCI) — annualized	 	 	13.0	%	 	 	10.2	%	 	 	14.3	%	 	 	13.5	%	 	 	16.0	%	 	 	-3.0	%	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating return on equity (ex AOCI) — trailing 12 months	 	 	12.7	%	 	 	13.5	%	 	 	13.1	%	 	 	12.9	%	 	 	13.6	%	 	 	-0.9	%	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total assets	 	 	27,220,606	 	 	 	26,722,458	 	 	 	25,249,501	 	 	 	24,162,113	 	 	 	22,649,349	 	 	 	4,571,257	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Assumed Life Reinsurance in Force (in billions)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
U.S.	 	$	1,334.9	 	 	$	1,318.0	 	 	$	1,290.5	 	 	$	1,281.9	 	 	$	1,280.5	 	 	$	54.4	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Canada	 	 	289.7	 	 	 	293.9	 	 	 	276.8	 	 	 	261.1	 	 	 	234.3	 	 	 	55.4	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Europe & South Africa	 	 	401.8	 	 	 	395.6	 	 	 	408.9	 	 	 	388.2	 	 	 	382.9	 	 	 	18.9	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Asia Pacific	 	 	340.9	 	 	 	355.6	 	 	 	348.9	 	 	 	343.4	 	 	 	321.6	 	 	 	19.3	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Life Reinsurance in Force	 	$	2,367.3	 	 	$	2,363.1	 	 	$	2,325.1	 	 	$	2,274.6	 	 	$	2,219.3	 	 	$	148.0	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

Assumed New Business Production (in billions) (1)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
U.S.	 	$	45.1	 	 	$	40.6	 	 	$	42.5	 	 	$	31.2	 	 	$	25.8	 	 	$	19.3	 	 	 	$	85.7	 	 	$	61.3	 	 	$	24.4	 	
Canada	 	 	12.8	 	 	 	13.9	 	 	 	13.9	 	 	 	10.5	 	 	 	9.6	 	 	 	3.2	 	 	 	 	26.7	 	 	 	19.5	 	 	 	7.2	 	
Europe & South Africa	 	 	23.4	 	 	 	21.7	 	 	 	42.5	 	 	 	19.9	 	 	 	22.7	 	 	 	0.7	 	 	 	 	45.1	 	 	 	58.7	 	 	 	(13.6	)	
Asia Pacific	 	 	10.1	 	 	 	2.7	 	 	 	5.3	 	 	 	8.6	 	 	 	3.3	 	 	 	6.8	 	 	 	 	12.8	 	 	 	7.1	 	 	 	5.7	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total New Business Production	 	$	91.4	 	 	$	78.9	 	 	$	104.2	 	 	$	70.2	 	 	$	61.4	 	 	$	30.0	 	 	 	$	170.3	 	 	$	146.6	 	 	$	23.7	 	

Per Share and Shares Data	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic earnings per share from continuing operations	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	 	$	1.74	 	 	$	1.68	 	 	$	1.54	 	 	$	1.63	 	 	$	2.11	 	 	$	(0.37	)	 	 	$	3.42	 	 	$	2.43	 	 	$	0.99	 	
Operating income	 	$	1.67	 	 	$	1.27	 	 	$	1.73	 	 	$	1.57	 	 	$	1.79	 	 	$	(0.12	)	 	 	$	2.94	 	 	$	2.72	 	 	$	0.22	 	
Diluted earnings per share from continuing operations	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	 	$	1.70	 	 	$	1.64	 	 	$	1.52	 	 	$	1.61	 	 	$	2.10	 	 	$	(0.40	)	 	 	$	3.34	 	 	$	2.42	 	 	$	0.92	 	
Operating income	 	$	1.63	 	 	$	1.25	 	 	$	1.70	 	 	$	1.56	 	 	$	1.79	 	 	$	(0.16	)	 	 	$	2.88	 	 	$	2.71	 	 	$	0.17	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Wgt. average common shares outstanding (basic)	 	 	73,141	 	 	 	73,046	 	 	 	72,895	 	 	 	72,781	 	 	 	72,770	 	 	 	371	 	 	 	 	73,094	 	 	 	72,740	 	 	 	354	 	
Wgt. average common shares outstanding (diluted)	 	 	74,721	 	 	 	74,578	 	 	 	74,195	 	 	 	73,286	 	 	 	72,939	 	 	 	1,782	 	 	 	 	74,650	 	 	 	72,912	 	 	 	1,738	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Common shares issued	 	 	73,364	 	 	 	73,364	 	 	 	73,364	 	 	 	73,363	 	 	 	73,364	 	 	 	—	 	 	 	 	73,364	 	 	 	73,364	 	 	 	—	 	
Treasury shares	 	 	210	 	 	 	261	 	 	 	374	 	 	 	573	 	 	 	589	 	 	 	(379	)	 	 	 	210	 	 	 	589	 	 	 	(379	)	
Common shares outstanding	 	 	73,154	 	 	 	73,103	 	 	 	72,990	 	 	 	72,790	 	 	 	72,775	 	 	 	379	 	 	 	 	73,154	 	 	 	72,775	 	 	 	379	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Book value per share	 	$	60.73	 	 	$	56.98	 	 	$	52.99	 	 	$	51.83	 	 	$	42.59	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Per share effect of accumulated other comprehensive income (AOCI)	 	$	8.59	 	 	$	6.49	 	 	$	4.10	 	 	$	4.36	 	 	$	(3.31	)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Book value per share, excluding AOCI	 	$	52.14	 	 	$	50.49	 	 	$	48.89	 	 	$	47.47	 	 	$	45.90	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

(1)	 	Excludes Group / Life Production from ING	

 	 	 	 	 	
 	 	 	 	Page 2	

 
Reinsurance Group of America, Incorporated
Consolidated GAAP Income Statement (incl. Operating Income Reconciliation)
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	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)	 	2010	 	 	2010	 	 	2009	 	 	2009	 	 	2009	 	 	Quarter	 	 	 	2010	 	 	2009	 	 	Change	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	1,582,017	 	 	$	1,628,464	 	 	$	1,598,754	 	 	$	1,405,179	 	 	$	1,375,181	 	 	$	206,836	 	 	 	$	3,210,481	 	 	$	2,721,228	 	 	$	489,253	 	
Investment income, net of related expenses	 	 	291,671	 	 	 	304,258	 	 	 	315,159	 	 	 	299,471	 	 	 	284,636	 	 	 	7,035	 	 	 	 	595,929	 	 	 	507,832	 	 	 	88,097	 	
Investment related gains (losses), net	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
OTTI on fixed maturity securities	 	 	(3,489	)	 	 	(7,430	)	 	 	(40,552	)	 	 	(16,945	)	 	 	(36,942	)	 	 	33,453	 	 	 	 	(10,919	)	 	 	(71,337	)	 	 	60,418	 	
OTTI on fixed maturity securities transferred to/from AOCI	 	 	(139	)	 	 	2,344	 	 	 	3,910	 	 	 	(4,000	)	 	 	16,135	 	 	 	(16,274	)	 	 	 	2,205	 	 	 	16,135	 	 	 	(13,930	)	
Other investment related gains (losses), net	 	 	26,620	 	 	 	136,271	 	 	 	22,505	 	 	 	63,304	 	 	 	98,995	 	 	 	(72,375	)	 	 	 	162,891	 	 	 	61,128	 	 	 	101,763	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total investment related gains (losses), net	 	 	22,992	 	 	 	131,185	 	 	 	(14,137	)	 	 	42,359	 	 	 	78,188	 	 	 	(55,196	)	 	 	 	154,177	 	 	 	5,926	 	 	 	148,251	 	
Other revenue	 	 	35,197	 	 	 	36,278	 	 	 	44,059	 	 	 	31,972	 	 	 	75,161	 	 	 	(39,964	)	 	 	 	71,475	 	 	 	109,020	 	 	 	(37,545	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	 	 	1,931,877	 	 	 	2,100,185	 	 	 	1,943,835	 	 	 	1,778,981	 	 	 	1,813,166	 	 	 	118,711	 	 	 	 	4,032,062	 	 	 	3,344,006	 	 	 	688,056	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	 	1,307,239	 	 	 	1,375,180	 	 	 	1,370,175	 	 	 	1,155,811	 	 	 	1,123,696	 	 	 	183,543	 	 	 	 	2,682,419	 	 	 	2,293,440	 	 	 	388,979	 	
Interest credited	 	 	79,169	 	 	 	56,934	 	 	 	128,779	 	 	 	85,153	 	 	 	72,897	 	 	 	6,272	 	 	 	 	136,103	 	 	 	109,806	 	 	 	26,297	 	
Policy acquisition costs and other insurance expenses	 	 	237,149	 	 	 	366,302	 	 	 	179,333	 	 	 	271,789	 	 	 	308,403	 	 	 	(71,254	)	 	 	 	603,451	 	 	 	507,204	 	 	 	96,247	 	
Other operating expenses	 	 	83,147	 	 	 	91,199	 	 	 	80,532	 	 	 	76,403	 	 	 	71,095	 	 	 	12,052	 	 	 	 	174,346	 	 	 	137,844	 	 	 	36,502	 	
Interest expense	 	 	25,141	 	 	 	15,449	 	 	 	22,985	 	 	 	5,243	 	 	 	19,595	 	 	 	5,546	 	 	 	 	40,590	 	 	 	41,712	 	 	 	(1,122	)	
Collateral finance facility expense	 	 	1,960	 	 	 	1,806	 	 	 	1,866	 	 	 	2,031	 	 	 	2,057	 	 	 	(97	)	 	 	 	3,766	 	 	 	4,371	 	 	 	(605	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	 	 	1,733,805	 	 	 	1,906,870	 	 	 	1,783,670	 	 	 	1,596,430	 	 	 	1,597,743	 	 	 	136,062	 	 	 	 	3,640,675	 	 	 	3,094,377	 	 	 	546,298	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes — continuing operations	 	 	198,072	 	 	 	193,315	 	 	 	160,165	 	 	 	182,551	 	 	 	215,423	 	 	 	(17,351	)	 	 	 	391,387	 	 	 	249,629	 	 	 	141,758	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income tax expense	 	 	71,053	 	 	 	70,876	 	 	 	47,756	 	 	 	64,343	 	 	 	62,244	 	 	 	8,809	 	 	 	 	141,929	 	 	 	73,160	 	 	 	68,769	 	

Income — continuing operations	 	 	127,019	 	 	 	122,439	 	 	 	112,409	 	 	 	118,208	 	 	 	153,179	 	 	 	(26,160	)	 	 	 	249,458	 	 	 	176,469	 	 	 	72,989	 	
Loss from discontinued operations	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	 	—	 	 	 	—	 	 	 	—	 	

Net income	 	$	127,019	 	 	$	122,439	 	 	$	112,409	 	 	$	118,208	 	 	$	153,179	 	 	$	(26,160	)	 	 	$	249,458	 	 	$	176,469	 	 	$	72,989	 	

Pre-tax Operating Income Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes — continuing operations	 	 	198,072	 	 	 	193,315	 	 	 	160,165	 	 	 	182,551	 	 	 	215,423	 	 	 	(17,351	)	 	 	 	391,387	 	 	 	249,629	 	 	 	141,758	 	
Investment and derivative losses (gains) — non-operating (1)	 	 	(130,697	)	 	 	371	 	 	 	65,676	 	 	 	20,616	 	 	 	148,794	 	 	 	(279,491	)	 	 	 	(130,326	)	 	 	217,106	 	 	 	(347,432	)	
Change in value of modified coinsurance and funds withheld embedded derivatives  (1)	 	 	(32,512	)	 	 	(122,635	)	 	 	(3,028	)	 	 	(51,454	)	 	 	(64,337	)	 	 	31,825	 	 	 	 	(155,147	)	 	 	(23,912	)	 	 	(131,235	)	
GMXB embedded derivatives  (1)	 	 	140,934	 	 	 	(7,171	)	 	 	(46,120	)	 	 	(10,127	)	 	 	(161,237	)	 	 	302,171	 	 	 	 	133,763	 	 	 	(196,450	)	 	 	330,213	 	
Funds withheld losses (gains) — investment income	 	 	(5,772	)	 	 	82.00	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	(5,772	)	 	 	 	(5,690	)	 	 	—	 	 	 	(5,690	)	
Funds withheld losses (gains) — policy acq. costs	 	 	777	 	 	 	(81.00	)	 	 	—	 	 	 	—	 	 	 	—	 	 	 	777	 	 	 	 	696	 	 	 	—	 	 	 	696	 	
EIA embedded derivatives — interest credited	 	 	14,990	 	 	 	(22,422	)	 	 	12,563	 	 	 	(5,248	)	 	 	(12,772	)	 	 	27,762	 	 	 	 	(7,432	)	 	 	(20,896	)	 	 	13,464	 	
EIA embedded derivatives — policy acq. costs	 	 	(1,503	)	 	 	3,250	 	 	 	(801	)	 	 	191	 	 	 	1,748	 	 	 	(3,251	)	 	 	 	1,747	 	 	 	3,052	 	 	 	(1,305	)	
DAC offset, net	 	 	6,041	 	 	 	103,769	 	 	 	(5,572	)	 	 	40,780	 	 	 	92,846	 	 	 	(86,805	)	 	 	 	109,810	 	 	 	94,375	 	 	 	15,435	 	
Gain on debt repurchase	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	(38,875	)	 	 	38,875	 	 	 	 	—	 	 	 	(38,875	)	 	 	38,875	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating Income Before Income Taxes	 	$	190,330	 	 	$	148,478	 	 	$	182,883	 	 	$	177,309	 	 	$	181,590	 	 	$	8,740	 	 	 	$	338,808	 	 	$	284,029	 	 	$	54,779	 	

After-tax Operating Income Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income — continuing operations	 	 	127,019	 	 	 	122,439	 	 	 	112,409	 	 	 	118,208	 	 	 	153,179	 	 	 	(26,160	)	 	 	 	249,458	 	 	 	176,469	 	 	 	72,989	 	
Investment and derivative losses (gains) — non-operating (1)	 	 	(85,039	)	 	 	(47	)	 	 	41,347	 	 	 	13,170	 	 	 	96,091	 	 	 	(181,130	)	 	 	 	(85,086	)	 	 	140,208	 	 	 	(225,294	)	
Change in value of modified coinsurance and	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
funds withheld embedded derivatives  (1)	 	 	(21,133	)	 	 	(79,713	)	 	 	(1,968	)	 	 	(33,445	)	 	 	(41,819	)	 	 	20,686	 	 	 	 	(100,846	)	 	 	(15,543	)	 	 	(85,303	)	
GMXB embedded derivatives  (1)	 	 	91,607	 	 	 	(4,661	)	 	 	(29,978	)	 	 	(6,582	)	 	 	(104,805	)	 	 	196,412	 	 	 	 	86,946	 	 	 	(127,693	)	 	 	214,639	 	
Funds withheld losses (gains) — investment income	 	 	(3,752	)	 	 	53.00	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	(3,752	)	 	 	 	(3,699	)	 	 	—	 	 	 	(3,699	)	
Funds withheld losses (gains) — policy acq. costs	 	 	505	 	 	 	(53.00	)	 	 	—	 	 	 	—	 	 	 	—	 	 	 	505	 	 	 	 	452	 	 	 	—	 	 	 	452	 	
EIA embedded derivatives — interest credited	 	 	9,743	 	 	 	(14,574	)	 	 	8,166	 	 	 	(3,412	)	 	 	(8,301	)	 	 	18,044	 	 	 	 	(4,831	)	 	 	(13,582	)	 	 	8,751	 	
EIA embedded derivatives — policy acq. costs	 	 	(977	)	 	 	2,113	 	 	 	(521	)	 	 	124	 	 	 	1,136	 	 	 	(2,113	)	 	 	 	1,136	 	 	 	1,984	 	 	 	(848	)	
DAC offset, net	 	 	3,926	 	 	 	67,451	 	 	 	(3,622	)	 	 	26,508	 	 	 	60,350	 	 	 	(56,424	)	 	 	 	71,377	 	 	 	61,343	 	 	 	10,034	 	
Gain on debt repurchase	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	(25,269	)	 	 	25,269	 	 	 	 	—	 	 	 	(25,269	)	 	 	25,269	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating Income	 	$	121,899	 	 	$	93,008	 	 	$	125,833	 	 	$	114,571	 	 	$	130,562	 	 	$	(8,663	)	 	 	$	214,907	 	 	$	197,917	 	 	$	16,990	 	

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

 	 	 	 	 	
 	 	 	 	Page 3	

 
Reinsurance Group of America, Incorporated
Consolidated Operating Income Statement
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	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, except per share data)	 	2010	 	 	2010	 	 	2009	 	 	2009	 	 	2009	 	 	Quarter	 	 	 	2010	 	 	2009	 	 	Change	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	1,582,017	 	 	$	1,628,464	 	 	$	1,598,754	 	 	$	1,405,179	 	 	$	1,375,181	 	 	$	206,836	 	 	 	$	3,210,481	 	 	$	2,721,228	 	 	$	489,253	 	
Investment income, net of related expenses	 	 	285,899	 	 	 	304,340	 	 	 	315,159	 	 	 	299,471	 	 	 	284,636	 	 	 	1,263	 	 	 	 	590,239	 	 	 	507,832	 	 	 	82,407	 	
Investment related gains (losses), net	 	 	717	 	 	 	1,750	 	 	 	2,391	 	 	 	1,394	 	 	 	1,408	 	 	 	(691	)	 	 	 	2,467	 	 	 	2,670	 	 	 	(203	)	
Other revenue	 	 	35,197	 	 	 	36,278	 	 	 	44,059	 	 	 	31,972	 	 	 	36,286	 	 	 	(1,089	)	 	 	 	71,475	 	 	 	70,145	 	 	 	1,330	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	 	 	1,903,830	 	 	 	1,970,832	 	 	 	1,960,363	 	 	 	1,738,016	 	 	 	1,697,511	 	 	 	206,319	 	 	 	 	3,874,662	 	 	 	3,301,875	 	 	 	572,787	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	 	1,307,239	 	 	 	1,375,180	 	 	 	1,370,175	 	 	 	1,155,811	 	 	 	1,123,696	 	 	 	183,543	 	 	 	 	2,682,419	 	 	 	2,293,440	 	 	 	388,979	 	
Interest credited	 	 	64,179	 	 	 	79,356	 	 	 	116,216	 	 	 	90,401	 	 	 	85,669	 	 	 	(21,490	)	 	 	 	143,535	 	 	 	130,702	 	 	 	12,833	 	
Policy acquisition costs and other insurance expenses	 	 	231,834	 	 	 	259,364	 	 	 	185,706	 	 	 	230,818	 	 	 	213,809	 	 	 	18,025	 	 	 	 	491,198	 	 	 	409,777	 	 	 	81,421	 	
Other operating expenses	 	 	83,147	 	 	 	91,199	 	 	 	80,532	 	 	 	76,403	 	 	 	71,095	 	 	 	12,052	 	 	 	 	174,346	 	 	 	137,844	 	 	 	36,502	 	
Interest expense	 	 	25,141	 	 	 	15,449	 	 	 	22,985	 	 	 	5,243	 	 	 	19,595	 	 	 	5,546	 	 	 	 	40,590	 	 	 	41,712	 	 	 	(1,122	)	
Collateral finance facility expense	 	 	1,960	 	 	 	1,806	 	 	 	1,866	 	 	 	2,031	 	 	 	2,057	 	 	 	(97	)	 	 	 	3,766	 	 	 	4,371	 	 	 	(605	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	 	 	1,713,500	 	 	 	1,822,354	 	 	 	1,777,480	 	 	 	1,560,707	 	 	 	1,515,921	 	 	 	197,579	 	 	 	 	3,535,854	 	 	 	3,017,846	 	 	 	518,008	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	 	190,330	 	 	 	148,478	 	 	 	182,883	 	 	 	177,309	 	 	 	181,590	 	 	 	8,740	 	 	 	 	338,808	 	 	 	284,029	 	 	 	54,779	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income tax expense	 	 	68,431	 	 	 	55,470	 	 	 	57,050	 	 	 	62,738	 	 	 	51,028	 	 	 	17,403	 	 	 	 	123,901	 	 	 	86,112	 	 	 	37,789	 	

Operating income	 	$	121,899	 	 	$	93,008	 	 	$	125,833	 	 	$	114,571	 	 	$	130,562	 	 	$	(8,663	)	 	 	$	214,907	 	 	$	197,917	 	 	$	16,990	 	

Wgt. Average Common Shares Outstanding (Diluted)	 	 	74,721	 	 	 	74,578	 	 	 	74,195	 	 	 	73,286	 	 	 	72,939	 	 	 	1,782	 	 	 	 	74,650	 	 	 	72,912	 	 	 	1,738	 	

Diluted Earnings Per Share — Operating Income	 	$	1.63	 	 	$	1.25	 	 	$	1.70	 	 	$	1.56	 	 	$	1.79	 	 	$	(0.16	)	 	 	$	2.88	 	 	$	2.71	 	 	$	0.17	 	

Foreign currency effect on*:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	40,445	 	 	$	103,974	 	 	$	81,807	 	 	$	(41,517	)	 	$	(103,209	)	 	$	143,654	 	 	 	$	144,419	 	 	$	(247,899	)	 	$	392,318	 	
Operating income before income taxes	 	$	5,185	 	 	$	9,497	 	 	$	13,321	 	 	$	(1,564	)	 	$	(9,666	)	 	$	14,851	 	 	 	$	14,682	 	 	$	(20,659	)	 	$	35,341	 	

*	 	Represents effect as compared to comparable prior year period	

 	 	 	 	 	
 	 	 	 	Page 4	

 
Reinsurance Group of America, Incorporated
Consolidated Balance Sheets
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	June 30,	 	 	March 31,	 	 	Dec. 31,	 	 	Sept. 30,	 	 	June 30,	 	
(USD thousands)	 	2010	 	 	2010	 	 	2009	 	 	2009	 	 	2009	 	
Assets	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Fixed maturity securities (available for sale):	 	$	13,077,607	 	 	$	12,775,342	 	 	$	11,763,358	 	 	$	10,986,825	 	 	$	9,842,793	 	
Mortgage loans on real estate	 	 	838,827	 	 	 	797,272	 	 	 	791,668	 	 	 	736,982	 	 	 	757,501	 	
Policy loans	 	 	1,173,016	 	 	 	1,162,723	 	 	 	1,136,564	 	 	 	1,079,051	 	 	 	1,085,752	 	
Funds withheld at interest	 	 	5,257,929	 	 	 	5,180,300	 	 	 	4,895,356	 	 	 	4,820,534	 	 	 	4,675,191	 	
Short-term investments	 	 	63,962	 	 	 	79,160	 	 	 	121,060	 	 	 	89,372	 	 	 	53,953	 	
Other invested assets	 	 	637,827	 	 	 	564,753	 	 	 	516,086	 	 	 	516,079	 	 	 	482,028	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total investments	 	 	21,049,168	 	 	 	20,559,550	 	 	 	19,224,092	 	 	 	18,228,843	 	 	 	16,897,218	 	
Cash and cash equivalents	 	 	557,756	 	 	 	525,360	 	 	 	512,027	 	 	 	546,882	 	 	 	416,947	 	
Accrued investment income	 	 	144,658	 	 	 	140,921	 	 	 	107,447	 	 	 	151,744	 	 	 	119,411	 	
Premiums receivable and other reinsurance balances	 	 	898,522	 	 	 	880,372	 	 	 	850,096	 	 	 	808,719	 	 	 	743,643	 	
Reinsurance ceded receivables	 	 	721,830	 	 	 	731,479	 	 	 	716,480	 	 	 	714,761	 	 	 	738,926	 	
Deferred policy acquisition costs	 	 	3,597,865	 	 	 	3,624,846	 	 	 	3,698,972	 	 	 	3,604,148	 	 	 	3,615,456	 	
Other assets	 	 	250,807	 	 	 	259,930	 	 	 	140,387	 	 	 	107,016	 	 	 	117,748	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total assets	 	$	27,220,606	 	 	$	26,722,458	 	 	$	25,249,501	 	 	$	24,162,113	 	 	$	22,649,349	 	

Liabilities and Stockholders’ Equity	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Future policy benefits	 	$	8,518,817	 	 	$	8,540,298	 	 	$	7,748,480	 	 	$	7,405,615	 	 	$	7,054,930	 	
Interest-sensitive contract liabilities	 	 	7,781,407	 	 	 	7,550,168	 	 	 	7,666,002	 	 	 	7,446,900	 	 	 	7,454,907	 	
Other policy claims and benefits	 	 	2,387,579	 	 	 	2,429,147	 	 	 	2,229,083	 	 	 	2,202,428	 	 	 	2,046,887	 	
Other reinsurance balances	 	 	143,723	 	 	 	211,532	 	 	 	106,706	 	 	 	153,627	 	 	 	144,234	 	
Deferred income taxes	 	 	977,873	 	 	 	818,331	 	 	 	613,222	 	 	 	675,679	 	 	 	456,701	 	
Other liabilities	 	 	742,940	 	 	 	782,117	 	 	 	792,775	 	 	 	679,347	 	 	 	566,805	 	
Short-term debt	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	
Long-term debt	 	 	1,216,230	 	 	 	1,216,140	 	 	 	1,216,052	 	 	 	816,648	 	 	 	816,575	 	
Collateral finance facility	 	 	850,030	 	 	 	850,025	 	 	 	850,037	 	 	 	850,025	 	 	 	850,014	 	
Company-obligated mandatorily redeemable preferred securities of subsidiary trust holding solely junior subordinated debentures of the Company	 	 	159,316	 	 	 	159,266	 	 	 	159,217	 	 	 	159,168	 	 	 	159,123	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total liabilities	 	 	22,777,915	 	 	 	22,557,024	 	 	 	21,381,574	 	 	 	20,389,437	 	 	 	19,550,176	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Stockholders’ Equity:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Common stock, at par value	 	 	734	 	 	 	734	 	 	 	734	 	 	 	734	 	 	 	734	 	
Warrants	 	 	66,912	 	 	 	66,912	 	 	 	66,912	 	 	 	66,912	 	 	 	66,912	 	
Additional paid-in-capital	 	 	1,473,305	 	 	 	1,469,807	 	 	 	1,463,101	 	 	 	1,460,361	 	 	 	1,457,711	 	
Retained earnings	 	 	2,282,968	 	 	 	2,165,410	 	 	 	2,055,549	 	 	 	1,952,934	 	 	 	1,841,497	 	
Treasury stock	 	 	(9,570	)	 	 	(11,817	)	 	 	(17,578	)	 	 	(25,647	)	 	 	(26,275	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Accumulated other comprehensive income (AOCI):	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Accumulated currency translation adjustment, net of income taxes	 	 	173,985	 	 	 	237,549	 	 	 	210,878	 	 	 	185,570	 	 	 	105,631	 	
Unrealized appreciation (depreciation) of securities, net of income taxes	 	 	470,365	 	 	 	252,905	 	 	 	104,457	 	 	 	145,166	 	 	 	(332,664	)	
Pension and postretirement benefits, net of income taxes	 	 	(16,008	)	 	 	(16,066	)	 	 	(16,126	)	 	 	(13,354	)	 	 	(14,373	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total stockholders’ equity	 	 	4,442,691	 	 	 	4,165,434	 	 	 	3,867,927	 	 	 	3,772,676	 	 	 	3,099,173	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total liabilities and stockholders’ equity	 	$	27,220,606	 	 	$	26,722,458	 	 	$	25,249,501	 	 	$	24,162,113	 	 	$	22,649,349	 	

Total stockholders’ equity, excluding AOCI	 	$	3,814,349	 	 	$	3,691,046	 	 	$	3,568,718	 	 	$	3,455,294	 	 	$	3,340,579	 	

 	 	 	 	 	
 	 	 	 	Page 5	

 
Reinsurance Group of America, Incorporated
U.S. Traditional Sub-segment Operating Income
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	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)	 	2010	 	 	2010	 	 	2009	 	 	2009	 	 	2009	 	 	Quarter	 	 	 	2010	 	 	2009	 	 	Change	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	933,162	 	 	$	902,961	 	 	$	918,529	 	 	$	801,406	 	 	$	807,181	 	 	$	125,981	 	 	 	$	1,836,123	 	 	$	1,593,929	 	 	$	242,194	 	
Investment income, net of related expenses	 	 	120,782	 	 	 	113,461	 	 	 	114,276	 	 	 	107,088	 	 	 	104,616	 	 	 	16,166	 	 	 	 	234,243	 	 	 	207,177	 	 	 	27,066	 	
Other revenue	 	 	190	 	 	 	598	 	 	 	1,121	 	 	 	586	 	 	 	920	 	 	 	(730	)	 	 	 	788	 	 	 	1,490	 	 	 	(702	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	 	 	1,054,134	 	 	 	1,017,020	 	 	 	1,033,926	 	 	 	909,080	 	 	 	912,717	 	 	 	141,417	 	 	 	 	2,071,154	 	 	 	1,802,596	 	 	 	268,558	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	 	788,956	 	 	 	789,775	 	 	 	786,949	 	 	 	686,057	 	 	 	668,870	 	 	 	120,086	 	 	 	 	1,578,731	 	 	 	1,364,802	 	 	 	213,929	 	
Interest credited	 	 	16,312	 	 	 	16,636	 	 	 	16,261	 	 	 	15,983	 	 	 	15,701	 	 	 	611	 	 	 	 	32,948	 	 	 	30,934	 	 	 	2,014	 	
Policy acquisition costs and other insurance expenses	 	 	134,470	 	 	 	128,773	 	 	 	134,815	 	 	 	108,685	 	 	 	115,325	 	 	 	19,145	 	 	 	 	263,243	 	 	 	206,858	 	 	 	56,385	 	
Other operating expenses	 	 	18,303	 	 	 	20,859	 	 	 	13,756	 	 	 	13,692	 	 	 	12,600	 	 	 	5,703	 	 	 	 	39,162	 	 	 	27,203	 	 	 	11,959	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	 	 	958,041	 	 	 	956,043	 	 	 	951,781	 	 	 	824,417	 	 	 	812,496	 	 	 	145,545	 	 	 	 	1,914,084	 	 	 	1,629,797	 	 	 	284,287	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	 	96,093	 	 	 	60,977	 	 	 	82,145	 	 	 	84,663	 	 	 	100,221	 	 	 	(4,128	)	 	 	 	157,070	 	 	 	172,799	 	 	 	(15,729	)	

Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	 	96,093	 	 	 	60,977	 	 	 	82,145	 	 	 	84,663	 	 	 	100,221	 	 	 	(4,128	)	 	 	 	157,070	 	 	 	172,799	 	 	 	(15,729	)	
Investment and Derivative (losses) gains — non-operating	 	 	2,721	 	 	 	2,848	 	 	 	(7,842	)	 	 	(20,880	)	 	 	(16,934	)	 	 	19,655	 	 	 	 	5,569	 	 	 	(55,162	)	 	 	60,731	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	$	98,814	 	 	$	63,825	 	 	$	74,303	 	 	$	63,783	 	 	$	83,287	 	 	$	15,527	 	 	 	$	162,639	 	 	$	117,637	 	 	$	45,002	 	

Loss and Expense Ratios:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	 	84.5	%	 	 	87.5	%	 	 	85.7	%	 	 	85.6	%	 	 	82.9	%	 	 	1.6	%	 	 	 	86.0	%	 	 	85.6	%	 	 	0.4	%	
Policy acquisition costs and other insurance expenses	 	 	14.4	%	 	 	14.3	%	 	 	14.7	%	 	 	13.6	%	 	 	14.3	%	 	 	0.1	%	 	 	 	14.3	%	 	 	13.0	%	 	 	1.3	%	
Other operating expenses	 	 	2.0	%	 	 	2.3	%	 	 	1.5	%	 	 	1.7	%	 	 	1.6	%	 	 	0.4	%	 	 	 	2.1	%	 	 	1.7	%	 	 	0.4	%	

 	 	 	 	 	
 	 	 	 	Page 6	

 
Reinsurance Group of America, Incorporated
U.S. Asset Intensive Sub-segment Operating Income
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	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 except account values)	 	2010	 	 	2010	 	 	2009	 	 	2009	 	 	2009	 	 	Quarter	 	 	 	2010	 	 	2009	 	 	Change	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	3,128	 	 	$	11,877	 	 	$	1,767	 	 	$	1,744	 	 	$	1,639	 	 	$	1,489	 	 	 	$	15,005	 	 	$	3,348	 	 	$	11,657	 	
Investment income, net of related expenses	 	 	77,189	 	 	 	96,449	 	 	 	109,871	 	 	 	115,777	 	 	 	105,167	 	 	 	(27,978	)	 	 	 	173,638	 	 	 	160,994	 	 	 	12,644	 	
Investment related gains (losses), net	 	 	(18	)	 	 	(18	)	 	 	(18	)	 	 	(19	)	 	 	(8	)	 	 	(10	)	 	 	 	(36	)	 	 	(8	)	 	 	(28	)	
Other revenue	 	 	21,944	 	 	 	20,893	 	 	 	19,029	 	 	 	19,452	 	 	 	16,962	 	 	 	4,982	 	 	 	 	42,837	 	 	 	32,085	 	 	 	10,752	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	 	 	102,243	 	 	 	129,201	 	 	 	130,649	 	 	 	136,954	 	 	 	123,760	 	 	 	(21,517	)	 	 	 	231,444	 	 	 	196,419	 	 	 	35,025	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	 	2,850	 	 	 	9,610	 	 	 	5,166	 	 	 	872	 	 	 	(341	)	 	 	3,191	 	 	 	 	12,460	 	 	 	933	 	 	 	11,527	 	
Interest credited	 	 	47,868	 	 	 	62,706	 	 	 	99,834	 	 	 	74,418	 	 	 	69,941	 	 	 	(22,073	)	 	 	 	110,574	 	 	 	99,693	 	 	 	10,881	 	
Policy acquisition costs and other insurance expenses	 	 	33,341	 	 	 	37,150	 	 	 	9,304	 	 	 	39,397	 	 	 	35,910	 	 	 	(2,569	)	 	 	 	70,491	 	 	 	78,386	 	 	 	(7,895	)	
Other operating expenses	 	 	2,414	 	 	 	3,189	 	 	 	2,476	 	 	 	2,537	 	 	 	2,265	 	 	 	149	 	 	 	 	5,603	 	 	 	5,163	 	 	 	440	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	 	 	86,473	 	 	 	112,655	 	 	 	116,780	 	 	 	117,224	 	 	 	107,775	 	 	 	(21,302	)	 	 	 	199,128	 	 	 	184,175	 	 	 	14,953	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income (loss) before income taxes	 	 	15,770	 	 	 	16,546	 	 	 	13,869	 	 	 	19,730	 	 	 	15,985	 	 	 	(215	)	 	 	 	32,316	 	 	 	12,244	 	 	 	20,072	 	

Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	 	15,770	 	 	 	16,546	 	 	 	13,869	 	 	 	19,730	 	 	 	15,985	 	 	 	(215	)	 	 	 	32,316	 	 	 	12,244	 	 	 	20,072	 	
Investment and derivative (losses) gains — non-operating  (1)	 	 	124,746	 	 	 	2,808	 	 	 	(50,539	)	 	 	(7,714	)	 	 	(139,792	)	 	 	264,538	 	 	 	 	127,554	 	 	 	(163,152	)	 	 	290,706	 	
Change in value of modified coinsurance and funds withheld embedded derivatives  (1)	 	 	32,512	 	 	 	122,635	 	 	 	3,028	 	 	 	51,454	 	 	 	64,337	 	 	 	(31,825	)	 	 	 	155,147	 	 	 	23,912	 	 	 	131,235	 	
GMXB embedded derivatives (1)	 	 	(140,934	)	 	 	7,171	 	 	 	46,120	 	 	 	10,127	 	 	 	161,237	 	 	 	(302,171	)	 	 	 	(133,763	)	 	 	196,450	 	 	 	(330,213	)	
Funds withheld losses (gains) — investment income	 	 	5,772	 	 	 	(82.00	)	 	 	—	 	 	 	—	 	 	 	—	 	 	 	5,772	 	 	 	 	5,690	 	 	 	—	 	 	 	5,690	 	
Funds withheld losses (gains) — policy acq. costs	 	 	(777	)	 	 	81.00	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	(777	)	 	 	 	(696	)	 	 	—	 	 	 	(696	)	
EIA embedded derivatives — interest credited	 	 	(14,990	)	 	 	22,422	 	 	 	(12,563	)	 	 	5,248	 	 	 	12,772	 	 	 	(27,762	)	 	 	 	7,432	 	 	 	20,896	 	 	 	(13,464	)	
EIA embedded derivatives — policy acq. costs	 	 	1,503	 	 	 	(3,250	)	 	 	801	 	 	 	(191	)	 	 	(1,748	)	 	 	3,251	 	 	 	 	(1,747	)	 	 	(3,052	)	 	 	1,305	 	
DAC offset, net	 	 	(6,041	)	 	 	(103,769	)	 	 	5,572	 	 	 	(40,780	)	 	 	(92,846	)	 	 	86,805	 	 	 	 	(109,810	)	 	 	(94,375	)	 	 	(15,435	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	$	17,561	 	 	$	64,562	 	 	$	6,288	 	 	$	37,874	 	 	$	19,945	 	 	$	(2,384	)	 	 	$	82,123	 	 	$	(7,077	)	 	$	89,200	 	

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

 	 	 	 	 	
 	 	 	 	Page 7	

 
Reinsurance Group of America, Incorporated
U.S. Asset Intensive Sub-segment
(Cont’d)
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	
 	 	June 30,	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	
(USD millions)	 	2010	 	2010	 	2009	 	2009	 	2009	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Annuity account values:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Fixed annuities (deferred)	 	$	847	 	 	$	861	 	 	$	876	 	 	$	888	 	 	$	902	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net interest spread (fixed annuities):	 	 	2.3	%	 	 	2.4	%	 	 	2.4	%	 	 	3.3	%	 	 	3.2	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Equity-indexed annuities	 	$	4,145	 	 	$	4,052	 	 	$	4,031	 	 	$	3,940	 	 	$	3,885	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Variable annuities:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
No riders	 	$	1,190	 	 	$	1,251	 	 	$	1,231	 	 	$	1,195	 	 	$	1,090	 	
GMDB only	 	 	79	 	 	 	82	 	 	 	79	 	 	 	75	 	 	 	65	 	
GMIB only	 	 	6	 	 	 	6	 	 	 	6	 	 	 	6	 	 	 	5	 	
GMAB only	 	 	58	 	 	 	63	 	 	 	62	 	 	 	60	 	 	 	54	 	
GMWB only	 	 	1,517	 	 	 	1,622	 	 	 	1,563	 	 	 	1,501	 	 	 	1,327	 	
GMDB / WB	 	 	431	 	 	 	455	 	 	 	437	 	 	 	415	 	 	 	361	 	
Other	 	 	32	 	 	 	35	 	 	 	34	 	 	 	33	 	 	 	30	 	
 	 	 	
Total VA account values	 	$	3,313	 	 	$	3,514	 	 	$	3,412	 	 	$	3,285	 	 	$	2,932	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Fair value of liabilities associated with living benefit riders	 	$	158	 	 	$	17	 	 	$	24	 	 	$	70	 	 	$	80	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Other asset-intensive business:	 	$	784	 	 	$	783	 	 	$	679	 	 	$	675	 	 	$	671	 	

 	 	 	 	 	
 	 	 	 	Page 8	

 
Reinsurance Group of America, Incorporated
U.S. Financial Reinsurance Sub-segment Operating Income
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	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)	 	2010	 	 	2010	 	 	2009	 	 	2009	 	 	2009	 	 	Quarter	 	 	 	2010	 	 	2009	 	 	Change	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Investment income, net of related expenses	 	$	107	 	 	$	(51	)	 	$	(66	)	 	$	(56	)	 	$	(99	)	 	$	206	 	 	 	$	56	 	 	$	(164	)	 	$	220	 	
Other revenue	 	 	5,820	 	 	 	5,050	 	 	 	5,736	 	 	 	3,871	 	 	 	4,118	 	 	 	1,702	 	 	 	 	10,870	 	 	 	10,689	 	 	 	181	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	 	 	5,927	 	 	 	4,999	 	 	 	5,670	 	 	 	3,815	 	 	 	4,019	 	 	 	1,908	 	 	 	 	10,926	 	 	 	10,525	 	 	 	401	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Policy acquisition costs and other insurance expenses	 	 	580	 	 	 	526	 	 	 	299	 	 	 	289	 	 	 	262	 	 	 	318	 	 	 	 	1,106	 	 	 	600	 	 	 	506	 	
Other operating expenses	 	 	937	 	 	 	1,279	 	 	 	751	 	 	 	779	 	 	 	801	 	 	 	136	 	 	 	 	2,216	 	 	 	1,480	 	 	 	736	 	

Total benefits and expenses	 	 	1,517	 	 	 	1,805	 	 	 	1,050	 	 	 	1,068	 	 	 	1,063	 	 	 	454	 	 	 	 	3,322	 	 	 	2,080	 	 	 	1,242	 	
Operating income before income taxes	 	 	4,410	 	 	 	3,194	 	 	 	4,620	 	 	 	2,747	 	 	 	2,956	 	 	 	1,454	 	 	 	 	7,604	 	 	 	8,445	 	 	 	(841	)	

Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	 	4,410	 	 	 	3,194	 	 	 	4,620	 	 	 	2,747	 	 	 	2,956	 	 	 	1,454	 	 	 	 	7,604	 	 	 	8,445	 	 	 	(841	)	
Investment and Derivative (losses) gains — non-operating	 	 	(10	)	 	 	(9	)	 	 	26	 	 	 	2	 	 	 	38	 	 	 	(48	)	 	 	 	(19	)	 	 	70	 	 	 	(89	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	$	4,400	 	 	$	3,185	 	 	$	4,646	 	 	$	2,749	 	 	$	2,994	 	 	$	1,406	 	 	 	$	7,585	 	 	$	8,515	 	 	$	(930	)	

 	 	 	 	 	
 	 	 	 	 	
 	 	 	 	Page 9	

 
Reinsurance Group of America, Incorporated
Canadian Segment Operating Income
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	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)	 	2010	 	 	2010	 	 	2009	 	 	2009	 	 	2009	 	 	Quarter	 	 	 	2010	 	 	2009	 	 	Change	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	177,079	 	 	$	208,650	 	 	$	168,483	 	 	$	153,430	 	 	$	154,862	 	 	$	22,217	 	 	 	$	385,729	 	 	$	292,918	 	 	$	92,811	 	
Investment income, net of related expenses	 	 	42,206	 	 	 	40,228	 	 	 	40,863	 	 	 	34,412	 	 	 	32,115	 	 	 	10,091	 	 	 	 	82,434	 	 	 	62,475	 	 	 	19,959	 	
Investment related gains (losses), net	 	 	915	 	 	 	895	 	 	 	919	 	 	 	1,448	 	 	 	1,433	 	 	 	(518	)	 	 	 	1,810	 	 	 	2,695	 	 	 	(885	)	
Other revenue	 	 	241	 	 	 	43	 	 	 	124	 	 	 	(69	)	 	 	(618	)	 	 	859	 	 	 	 	284	 	 	 	1,079	 	 	 	(795	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	 	 	220,441	 	 	 	249,816	 	 	 	210,389	 	 	 	189,221	 	 	 	187,792	 	 	 	32,649	 	 	 	 	470,257	 	 	 	359,167	 	 	 	111,090	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	 	145,250	 	 	 	172,516	 	 	 	133,757	 	 	 	123,357	 	 	 	128,312	 	 	 	16,938	 	 	 	 	317,766	 	 	 	243,947	 	 	 	73,819	 	
Interest credited	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	27	 	 	 	(27	)	 	 	 	—	 	 	 	75	 	 	 	(75	)	
Policy acquisition costs and other insurance expenses	 	 	35,264	 	 	 	54,441	 	 	 	39,312	 	 	 	38,244	 	 	 	36,367	 	 	 	(1,103	)	 	 	 	89,705	 	 	 	69,434	 	 	 	20,271	 	
Other operating expenses	 	 	6,994	 	 	 	6,841	 	 	 	6,585	 	 	 	5,798	 	 	 	5,523	 	 	 	1,471	 	 	 	 	13,835	 	 	 	10,391	 	 	 	3,444	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	 	 	187,508	 	 	 	233,798	 	 	 	179,654	 	 	 	167,399	 	 	 	170,229	 	 	 	17,279	 	 	 	 	421,306	 	 	 	323,847	 	 	 	97,459	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	 	32,933	 	 	 	16,018	 	 	 	30,735	 	 	 	21,822	 	 	 	17,563	 	 	 	15,370	 	 	 	 	48,951	 	 	 	35,320	 	 	 	13,631	 	

Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	 	32,933	 	 	 	16,018	 	 	 	30,735	 	 	 	21,822	 	 	 	17,563	 	 	 	15,370	 	 	 	 	48,951	 	 	 	35,320	 	 	 	13,631	 	
Investment and Derivative (losses) gains — non-operating	 	 	815	 	 	 	2,955	 	 	 	15,053	 	 	 	(2,975	)	 	 	7,951	 	 	 	(7,136	)	 	 	 	3,770	 	 	 	6,380	 	 	 	(2,610	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	$	33,748	 	 	$	18,973	 	 	$	45,788	 	 	$	18,847	 	 	$	25,514	 	 	$	8,234	 	 	 	$	52,721	 	 	$	41,700	 	 	$	11,021	 	

Loss and Expense Ratios:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Loss ratios (creditor business)	 	 	40.6	%	 	 	41.2	%	 	 	19.7	%	 	 	37.7	%	 	 	44.1	%	 	 	-3.5	%	 	 	 	41.0	%	 	 	42.8	%	 	 	-1.8	%	
Loss ratios (excluding creditor business)	 	 	91.9	%	 	 	106.8	%	 	 	98.6	%	 	 	94.9	%	 	 	98.6	%	 	 	-6.7	%	 	 	 	99.0	%	 	 	99.0	%	 	 	0.0	%	
Claims and other policy benefits / (net premiums + investment income)	 	 	66.2	%	 	 	69.3	%	 	 	63.9	%	 	 	65.7	%	 	 	68.6	%	 	 	-2.4	%	 	 	 	67.9	%	 	 	68.6	%	 	 	-0.7	%	
Policy acquisition costs and other insurance expenses	 	 	19.9	%	 	 	26.1	%	 	 	23.3	%	 	 	24.9	%	 	 	23.5	%	 	 	-3.6	%	 	 	 	23.3	%	 	 	23.7	%	 	 	-0.4	%	
Other operating expenses	 	 	3.9	%	 	 	3.3	%	 	 	3.9	%	 	 	3.8	%	 	 	3.6	%	 	 	0.3	%	 	 	 	3.6	%	 	 	3.5	%	 	 	0.1	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Foreign currency effect on*:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	20,670	 	 	$	33,557	 	 	$	21,267	 	 	$	(7,826	)	 	$	(22,954	)	 	$	43,624	 	 	 	$	54,227	 	 	$	(55,627	)	 	$	109,854	 	
Operating income before income taxes	 	$	4,079	 	 	$	1,373	 	 	$	5,038	 	 	$	(1,048	)	 	$	(3,697	)	 	$	7,776	 	 	 	$	5,452	 	 	$	(9,174	)	 	$	14,626	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Creditor reinsurance net premiums	 	$	34,079	 	 	$	76,712	 	 	$	40,977	 	 	$	38,903	 	 	$	44,674	 	 	$	(10,595	)	 	 	$	110,791	 	 	$	81,793	 	 	$	28,998	 	

Note:	 	The loss ratios on creditor reinsurance business are normally lower than traditional reinsurance, while allowances are normally higher as a percentage of premiums.	
 	 	 	
*	 	Represents effect as compared to comparable prior year period	

 	 	 	 	 	
 	 	 	 	Page 10	

 
Reinsurance Group of America, Incorporated
Europe & South Africa Segment Operating Income
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	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)	 	2010	 	 	2010	 	 	2009	 	 	2009	 	 	2009	 	 	Quarter	 	 	 	2010	 	 	2009	 	 	Change	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	209,919	 	 	$	217,652	 	 	$	224,510	 	 	$	204,169	 	 	$	180,017	 	 	$	29,902	 	 	 	$	427,571	 	 	$	353,273	 	 	$	74,298	 	
Investment income, net of related expenses	 	 	8,369	 	 	 	7,832	 	 	 	8,869	 	 	 	8,502	 	 	 	8,120	 	 	 	249	 	 	 	 	16,201	 	 	 	14,869	 	 	 	1,332	 	
Other revenue	 	 	108	 	 	 	838	 	 	 	10,536	 	 	 	102	 	 	 	538	 	 	 	(430	)	 	 	 	946	 	 	 	798	 	 	 	148	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	 	 	218,396	 	 	 	226,322	 	 	 	243,915	 	 	 	212,773	 	 	 	188,675	 	 	 	29,721	 	 	 	 	444,718	 	 	 	368,940	 	 	 	75,778	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	 	165,827	 	 	 	180,016	 	 	 	201,131	 	 	 	164,118	 	 	 	147,018	 	 	 	18,809	 	 	 	 	345,843	 	 	 	291,236	 	 	 	54,607	 	
Policy acquisition costs and other insurance expenses	 	 	10,273	 	 	 	13,398	 	 	 	(4,710	)	 	 	21,277	 	 	 	10,369	 	 	 	(96	)	 	 	 	23,671	 	 	 	21,186	 	 	 	2,485	 	
Other operating expenses	 	 	21,317	 	 	 	22,710	 	 	 	23,608	 	 	 	20,665	 	 	 	18,911	 	 	 	2,406	 	 	 	 	44,027	 	 	 	36,028	 	 	 	7,999	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	 	 	197,417	 	 	 	216,124	 	 	 	220,029	 	 	 	206,060	 	 	 	176,298	 	 	 	21,119	 	 	 	 	413,541	 	 	 	348,450	 	 	 	65,091	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	 	20,979	 	 	 	10,198	 	 	 	23,886	 	 	 	6,713	 	 	 	12,377	 	 	 	8,602	 	 	 	 	31,177	 	 	 	20,490	 	 	 	10,687	 	

Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	 	20,979	 	 	 	10,198	 	 	 	23,886	 	 	 	6,713	 	 	 	12,377	 	 	 	8,602	 	 	 	 	31,177	 	 	 	20,490	 	 	 	10,687	 	
Investment and Derivative (losses) gains — non-operating	 	 	1,347	 	 	 	459	 	 	 	576	 	 	 	268	 	 	 	(14	)	 	 	1,361	 	 	 	 	1,806	 	 	 	408	 	 	 	1,398	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	$	22,326	 	 	$	10,657	 	 	$	24,462	 	 	$	6,981	 	 	$	12,363	 	 	$	9,963	 	 	 	$	32,983	 	 	$	20,898	 	 	$	12,085	 	

Loss and Expense Ratios:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	 	79.0	%	 	 	82.7	%	 	 	89.6	%	 	 	80.4	%	 	 	81.7	%	 	 	-2.7	%	 	 	 	80.9	%	 	 	82.4	%	 	 	-1.5	%	
Policy acquisition costs and other insurance expenses	 	 	4.9	%	 	 	6.2	%	 	 	-2.1	%	 	 	10.4	%	 	 	5.8	%	 	 	-0.9	%	 	 	 	5.5	%	 	 	6.0	%	 	 	-0.5	%	
Other operating expenses	 	 	10.2	%	 	 	10.4	%	 	 	10.5	%	 	 	10.1	%	 	 	10.5	%	 	 	-0.3	%	 	 	 	10.3	%	 	 	10.2	%	 	 	0.1	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Foreign currency effect on*:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	(6,154	)	 	$	20,109	 	 	$	15,308	 	 	$	(24,713	)	 	$	(41,195	)	 	$	35,041	 	 	 	$	13,955	 	 	$	(98,085	)	 	$	112,040	 	
Operating income before income taxes	 	$	(1,158	)	 	$	334	 	 	$	4,672	 	 	$	(614	)	 	$	(1,747	)	 	$	589	 	 	 	$	(824	)	 	$	(5,738	)	 	$	4,914	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Critical illness net premiums	 	$	52,759	 	 	$	55,874	 	 	$	58,898	 	 	$	54,206	 	 	$	52,697	 	 	$	62	 	 	 	$	108,633	 	 	$	99,020	 	 	$	9,613	 	

*	 	Represents effect as compared to comparable prior year period	

 	 	 	 	 	
 	 	 	 	Page 11	

 
Reinsurance Group of America, Incorporated
Asia Pacific Segment Operating Income
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	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)	 	2010	 	 	2010	 	 	2009	 	 	2009	 	 	2009	 	 	Quarter	 	 	 	2010	 	 	2009	 	 	Change	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	256,878	 	 	$	285,818	 	 	$	283,419	 	 	$	242,350	 	 	$	229,430	 	 	$	27,448	 	 	 	$	542,696	 	 	$	473,158	 	 	$	69,538	 	
Investment income, net of related expenses	 	 	17,249	 	 	 	17,264	 	 	 	18,107	 	 	 	15,654	 	 	 	14,877	 	 	 	2,372	 	 	 	 	34,513	 	 	 	27,574	 	 	 	6,939	 	
Investment related gains (losses), net	 	 	(151	)	 	 	707	 	 	 	824	 	 	 	—	 	 	 	—	 	 	 	(151	)	 	 	 	556	 	 	 	—	 	 	 	556	 	
Other revenue	 	 	6,128	 	 	 	6,187	 	 	 	5,887	 	 	 	4,942	 	 	 	4,471	 	 	 	1,657	 	 	 	 	12,315	 	 	 	14,200	 	 	 	(1,885	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	 	 	280,104	 	 	 	309,976	 	 	 	308,237	 	 	 	262,946	 	 	 	248,778	 	 	 	31,326	 	 	 	 	590,080	 	 	 	514,932	 	 	 	75,148	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	 	204,494	 	 	 	223,096	 	 	 	243,012	 	 	 	182,070	 	 	 	179,556	 	 	 	24,938	 	 	 	 	427,590	 	 	 	391,970	 	 	 	35,620	 	
Policy acquisition costs and other insurance expenses	 	 	31,661	 	 	 	37,930	 	 	 	17,617	 	 	 	31,833	 	 	 	26,526	 	 	 	5,135	 	 	 	 	69,591	 	 	 	56,955	 	 	 	12,636	 	
Other operating expenses	 	 	22,265	 	 	 	22,385	 	 	 	22,811	 	 	 	21,072	 	 	 	18,031	 	 	 	4,234	 	 	 	 	44,650	 	 	 	34,202	 	 	 	10,448	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	 	 	258,420	 	 	 	283,411	 	 	 	283,440	 	 	 	234,975	 	 	 	224,113	 	 	 	34,307	 	 	 	 	541,831	 	 	 	483,127	 	 	 	58,704	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	 	21,684	 	 	 	26,565	 	 	 	24,797	 	 	 	27,971	 	 	 	24,665	 	 	 	(2,981	)	 	 	 	48,249	 	 	 	31,805	 	 	 	16,444	 	

Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	 	21,684	 	 	 	26,565	 	 	 	24,797	 	 	 	27,971	 	 	 	24,665	 	 	 	(2,981	)	 	 	 	48,249	 	 	 	31,805	 	 	 	16,444	 	
Investment and Derivative (losses) gains — non-operating	 	 	2,077	 	 	 	(120	)	 	 	(1,269	)	 	 	2,954	 	 	 	855	 	 	 	1,222	 	 	 	 	1,957	 	 	 	(2,712	)	 	 	4,669	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	$	23,761	 	 	$	26,445	 	 	$	23,528	 	 	$	30,925	 	 	$	25,520	 	 	$	(1,759	)	 	 	$	50,206	 	 	$	29,093	 	 	$	21,113	 	

Loss and Expense Ratios:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	 	79.6	%	 	 	78.1	%	 	 	85.7	%	 	 	75.1	%	 	 	78.3	%	 	 	1.3	%	 	 	 	78.8	%	 	 	82.8	%	 	 	-4.0	%	
Policy acquisition costs and other insurance expenses	 	 	12.3	%	 	 	13.3	%	 	 	6.2	%	 	 	13.1	%	 	 	11.6	%	 	 	0.7	%	 	 	 	12.8	%	 	 	12.0	%	 	 	0.8	%	
Other operating expenses	 	 	8.7	%	 	 	7.8	%	 	 	8.0	%	 	 	8.7	%	 	 	7.9	%	 	 	0.8	%	 	 	 	8.2	%	 	 	7.2	%	 	 	1.0	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Foreign currency effect on*:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	25,935	 	 	$	50,307	 	 	$	45,215	 	 	$	(8,996	)	 	$	(39,082	)	 	$	65,017	 	 	 	$	76,242	 	 	$	(94,255	)	 	$	170,497	 	
Operating income before income taxes	 	$	2,276	 	 	$	3,577	 	 	$	2,864	 	 	$	791	 	 	$	(2,785	)	 	$	5,061	 	 	 	$	5,853	 	 	$	(3,031	)	 	$	8,884	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Critical illness net premiums	 	$	48,508	 	 	$	39,398	 	 	$	52,311	 	 	$	45,473	 	 	$	29,223	 	 	$	19,285	 	 	 	$	87,906	 	 	$	83,375	 	 	$	4,531	 	

*	 	Represents effect as compared to comparable prior year period	

 	 	 	 	 	
 	 	 	 	Page 12	

 
Reinsurance Group of America, Incorporated
Corporate and Other Segment Operating Income
(Includes A&H beginning 1/1/09)
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	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)	 	2010	 	 	2010	 	 	2009	 	 	2009	 	 	2009	 	 	Quarter	 	 	 	2010	 	 	2009	 	 	Change	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	1,851	 	 	$	1,506	 	 	$	2,046	 	 	$	2,080	 	 	$	2,052	 	 	$	(201	)	 	 	$	3,357	 	 	$	4,602	 	 	$	(1,245	)	
Investment income, net of related expenses	 	 	19,997	 	 	 	29,157	 	 	 	23,239	 	 	 	18,094	 	 	 	19,840	 	 	 	157	 	 	 	 	49,154	 	 	 	34,907	 	 	 	14,247	 	
Investment related gains (losses), net	 	 	(29	)	 	 	166	 	 	 	666	 	 	 	(35	)	 	 	(17	)	 	 	(12	)	 	 	 	137	 	 	 	(17	)	 	 	154	 	
Other revenue	 	 	766	 	 	 	2,669	 	 	 	1,626	 	 	 	3,088	 	 	 	9,895	 	 	 	(9,129	)	 	 	 	3,435	 	 	 	9,804	 	 	 	(6,369	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	 	 	22,585	 	 	 	33,498	 	 	 	27,577	 	 	 	23,227	 	 	 	31,770	 	 	 	(9,185	)	 	 	 	56,083	 	 	 	49,296	 	 	 	6,787	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	 	(138	)	 	 	167	 	 	 	160	 	 	 	(663	)	 	 	281	 	 	 	(419	)	 	 	 	29	 	 	 	552	 	 	 	(523	)	
Interest credited	 	 	(1	)	 	 	14	 	 	 	121	 	 	 	—	 	 	 	—	 	 	 	(1	)	 	 	 	13	 	 	 	—	 	 	 	13	 	
Policy acquisition costs and other insurance expenses	 	 	(13,755	)	 	 	(12,854	)	 	 	(10,931	)	 	 	(8,907	)	 	 	(10,950	)	 	 	(2,805	)	 	 	 	(26,609	)	 	 	(23,642	)	 	 	(2,967	)	
Other operating expenses	 	 	10,917	 	 	 	13,936	 	 	 	10,545	 	 	 	11,860	 	 	 	12,964	 	 	 	(2,047	)	 	 	 	24,853	 	 	 	23,377	 	 	 	1,476	 	
Interest expense	 	 	25,141	 	 	 	15,449	 	 	 	22,985	 	 	 	5,243	 	 	 	19,595	 	 	 	5,546	 	 	 	 	40,590	 	 	 	41,712	 	 	 	(1,122	)	
Collateral finance facility expense	 	 	1,960	 	 	 	1,806	 	 	 	1,866	 	 	 	2,031	 	 	 	2,057	 	 	 	(97	)	 	 	 	3,766	 	 	 	4,371	 	 	 	(605	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	 	 	24,124	 	 	 	18,518	 	 	 	24,746	 	 	 	9,564	 	 	 	23,947	 	 	 	177	 	 	 	 	42,642	 	 	 	46,370	 	 	 	(3,728	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income (loss) before income taxes	 	 	(1,539	)	 	 	14,980	 	 	 	2,831	 	 	 	13,663	 	 	 	7,823	 	 	 	(9,362	)	 	 	 	13,441	 	 	 	2,926	 	 	 	10,515	 	

Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	 	(1,539	)	 	 	14,980	 	 	 	2,831	 	 	 	13,663	 	 	 	7,823	 	 	 	(9,362	)	 	 	 	13,441	 	 	 	2,926	 	 	 	10,515	 	
Investment and Derivative (losses) gains — non-operating	 	 	(999	)	 	 	(9,312	)	 	 	(21,681	)	 	 	7,729	 	 	 	(898	)	 	 	(101	)	 	 	 	(10,311	)	 	 	(2,938	)	 	 	(7,373	)	
Gain on debt repurchase	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	38,875	 	 	 	(38,875	)	 	 	 	—	 	 	 	38,875	 	 	 	(38,875	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	$	(2,538	)	 	$	5,668	 	 	$	(18,850	)	 	$	21,392	 	 	$	45,800	 	 	$	(48,338	)	 	 	$	3,130	 	 	$	38,863	 	 	$	(35,733	)	

Foreign currency effect on*:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	(6	)	 	$	1	 	 	$	16	 	 	$	18	 	 	$	22	 	 	$	(28	)	 	 	$	(5	)	 	$	68	 	 	$	(73	)	
Operating income before income taxes	 	$	(12	)	 	$	4,213	 	 	$	747	 	 	$	(693	)	 	$	(1,437	)	 	$	1,425	 	 	 	$	4,201	 	 	$	(2,716	)	 	$	6,917	 	

*	 	Represents effect as compared to comparable prior year period	

 	 	 	 	 	
 	 	 	 	Page 13	

 
Reinsurance Group of America, Incorporated
Summary of Pre-tax Segment Operating Income
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	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)	 	2010	 	 	2010	 	 	2009	 	 	2009	 	 	2009	 	 	Quarter	 	 	 	2010	 	 	2009	 	 	Change	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
U.S. Traditional	 	$	96,093	 	 	$	60,977	 	 	$	82,145	 	 	$	84,663	 	 	$	100,221	 	 	$	(4,128	)	 	 	$	157,070	 	 	$	172,799	 	 	$	(15,729	)	
U.S. Asset Intensive	 	 	15,770	 	 	 	16,546	 	 	 	13,869	 	 	 	19,730	 	 	 	15,985	 	 	 	(215	)	 	 	 	32,316	 	 	 	12,244	 	 	 	20,072	 	
U.S. Financial Reinsurance	 	 	4,410	 	 	 	3,194	 	 	 	4,620	 	 	 	2,747	 	 	 	2,956	 	 	 	1,454	 	 	 	 	7,604	 	 	 	8,445	 	 	 	(841	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total U.S. Segment	 	 	116,273	 	 	 	80,717	 	 	 	100,634	 	 	 	107,140	 	 	 	119,162	 	 	 	(2,889	)	 	 	 	196,990	 	 	 	193,488	 	 	 	3,502	 	
Canadian Segment	 	 	32,933	 	 	 	16,018	 	 	 	30,735	 	 	 	21,822	 	 	 	17,563	 	 	 	15,370	 	 	 	 	48,951	 	 	 	35,320	 	 	 	13,631	 	
Europe & South Africa Segment	 	 	20,979	 	 	 	10,198	 	 	 	23,886	 	 	 	6,713	 	 	 	12,377	 	 	 	8,602	 	 	 	 	31,177	 	 	 	20,490	 	 	 	10,687	 	
Asia Pacific Segment	 	 	21,684	 	 	 	26,565	 	 	 	24,797	 	 	 	27,971	 	 	 	24,665	 	 	 	(2,981	)	 	 	 	48,249	 	 	 	31,805	 	 	 	16,444	 	
Corporate and Other	 	 	(1,539	)	 	 	14,980	 	 	 	2,831	 	 	 	13,663	 	 	 	7,823	 	 	 	(9,362	)	 	 	 	13,441	 	 	 	2,926	 	 	 	10,515	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Consolidated	 	$	190,330	 	 	$	148,478	 	 	$	182,883	 	 	$	177,309	 	 	$	181,590	 	 	$	8,740	 	 	 	$	338,808	 	 	$	284,029	 	 	$	54,779	 	

 	 	 	 	 	
 	 	 	 	 	
 	 	 	 	Page 14	

 
Reinsurance Group of America, Incorporated
Investments
Cash and Invested Assets
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	June 30,	 	 	March 31,	 	 	Dec. 31,	 	 	Sept. 30,	 	 	June 30,	 	
(USD thousands)	 	2010	 	 	2010	 	 	2009	 	 	2009	 	 	2009	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Fixed maturity securities, available-for-sale	 	$	13,077,607	 	 	$	12,775,342	 	 	$	11,763,358	 	 	$	10,986,825	 	 	$	9,842,793	 	
Mortgage loans on real estate	 	 	838,827	 	 	 	797,272	 	 	 	791,668	 	 	 	736,982	 	 	 	757,501	 	
Policy loans	 	 	1,173,016	 	 	 	1,162,723	 	 	 	1,136,564	 	 	 	1,079,051	 	 	 	1,085,752	 	
Funds withheld at interest	 	 	5,257,929	 	 	 	5,180,300	 	 	 	4,895,356	 	 	 	4,820,534	 	 	 	4,675,191	 	
Short-term investments	 	 	63,962	 	 	 	79,160	 	 	 	121,060	 	 	 	89,372	 	 	 	53,953	 	
Other invested assets	 	 	637,827	 	 	 	564,753	 	 	 	516,086	 	 	 	516,079	 	 	 	482,028	 	
Cash and cash equivalents	 	 	557,756	 	 	 	525,360	 	 	 	512,027	 	 	 	546,882	 	 	 	416,947	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total cash and invested assets	 	$	21,606,924	 	 	$	21,084,910	 	 	$	19,736,119	 	 	$	18,775,725	 	 	$	17,314,165	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Investment Income and Yield Summary
(Excludes Funds Withheld)
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	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)	 	2010	 	 	2010	 	 	2009	 	 	2009	 	 	2009	 	 	Quarter	 	 	 	2010	 	 	2009	 	 	Change	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Average invested assets at amortized cost	 	$	15,432,369	 	 	$	15,062,452	 	 	$	14,180,733	 	 	$	13,340,365	 	 	$	12,976,510	 	 	$	2,455,814	 	 	 	$	15,141,511	 	 	$	12,737,497	 	 	$	2,403,992	 	
Net investment income	 	$	208,303	 	 	$	215,295	 	 	$	203,150	 	 	$	186,457	 	 	$	183,823	 	 	$	24,480	 	 	 	$	423,598	 	 	$	358,123	 	 	$	65,475	 	
Investment yield (ratio of net investment income to average invested assets)	 	 	5.51	%	 	 	5.84	%	 	 	5.85	%	 	 	5.71	%	 	 	5.79	%	 	 	-0.28	%	 	 	 	5.67	%	 	 	5.70	%	 	 	-0.03	%	

 	 	 	 	 	
 	 	 	 	Page 15	

 
Reinsurance Group of America, Incorporated
Investments
Amortized cost, gross unrealized gains and losses, and estimated fair values of fixed maturity and equity securities
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
June 30, 2010	 	 	Other-than	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	Estimated	 	 	 	 	 	 	temporary	 	
 	 	Amortized	 	 	Unrealized	 	 	Unrealized	 	 	Fair	 	 	% of	 	 	impairment	 	
(USD thousands)	 	Cost	 	 	Gains	 	 	Losses	 	 	Value	 	 	Total	 	 	in AOCI	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Available-for-sale:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
U.S. corporate securities	 	$	4,269,575	 	 	$	309,130	 	 	$	118,585	 	 	$	4,460,120	 	 	 	34.1	%	 	$	—	 	
Canadian and Canadian provincial governments	 	 	2,032,471	 	 	 	489,262	 	 	 	6,312	 	 	 	2,515,421	 	 	 	19.2	%	 	 	—	 	
Residential mortgage-backed securities	 	 	1,554,585	 	 	 	57,289	 	 	 	38,514	 	 	 	1,573,360	 	 	 	12.0	%	 	 	(3,227	)	
Foreign corporate securities	 	 	1,895,573	 	 	 	113,455	 	 	 	19,097	 	 	 	1,989,931	 	 	 	15.2	%	 	 	—	 	
Asset-backed securities	 	 	496,652	 	 	 	14,093	 	 	 	61,122	 	 	 	449,623	 	 	 	3.5	%	 	 	(3,404	)	
Commercial mortgage-backed securities	 	 	1,229,237	 	 	 	56,477	 	 	 	118,777	 	 	 	1,166,937	 	 	 	8.9	%	 	 	(12,114	)	
U.S. government and agencies	 	 	443,024	 	 	 	25,546	 	 	 	—	 	 	 	468,570	 	 	 	3.6	%	 	 	—	 	
State and political subdivisions	 	 	106,978	 	 	 	404	 	 	 	9,295	 	 	 	98,087	 	 	 	0.8	%	 	 	—	 	
Other foreign government securities	 	 	353,543	 	 	 	6,231	 	 	 	4,216	 	 	 	355,558	 	 	 	2.7	%	 	 	—	 	
 	 	 	
Total fixed maturity securities	 	$	12,381,638	 	 	$	1,071,887	 	 	$	375,918	 	 	$	13,077,607	 	 	 	100.0	%	 	$	(18,745	)	

Non-redeemable preferred stock	 	 	111,566	 	 	 	2,574	 	 	 	9,550	 	 	 	104,590	 	 	 	63.1	%	 	 	 	 	
Other equity securities	 	 	54,800	 	 	 	7,638	 	 	 	1,185	 	 	 	61,253	 	 	 	36.9	%	 	 	 	 	
 	 	 	 	 	 	 	
Total equity securities	 	$	166,366	 	 	$	10,212	 	 	$	10,735	 	 	$	165,843	 	 	 	100.0	%	 	 	 	 	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
December 31, 2009	 	 	Other-than	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	Estimated	 	 	 	 	 	 	temporary	 	
 	 	Amortized	 	 	Unrealized	 	 	Unrealized	 	 	Fair	 	 	% of	 	 	impairment	 	
(USD thousands)	 	Cost	 	 	Gains	 	 	Losses	 	 	Value	 	 	Total	 	 	in AOCI	 	
Available-for-sale:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
U.S. corporate securities	 	$	3,689,797	 	 	$	180,635	 	 	$	147,384	 	 	$	3,723,048	 	 	 	31.7	%	 	$	—	 	
Canadian and Canadian provincial governments	 	 	1,984,475	 	 	 	394,498	 	 	 	25,746	 	 	 	2,353,227	 	 	 	20.0	%	 	 	—	 	
Residential mortgage-backed securities	 	 	1,494,021	 	 	 	32,538	 	 	 	70,015	 	 	 	1,456,544	 	 	 	12.4	%	 	 	(7,018	)	
Foreign corporate securities	 	 	1,627,806	 	 	 	77,340	 	 	 	33,398	 	 	 	1,671,748	 	 	 	14.2	%	 	 	—	 	
Asset-backed securities	 	 	522,760	 	 	 	9,307	 	 	 	80,131	 	 	 	451,936	 	 	 	3.8	%	 	 	(2,194	)	
Commercial mortgage-backed securities	 	 	1,177,621	 	 	 	20,670	 	 	 	169,427	 	 	 	1,028,864	 	 	 	8.7	%	 	 	(13,690	)	
U.S. government and agencies	 	 	540,001	 	 	 	1,085	 	 	 	15,027	 	 	 	526,059	 	 	 	4.5	%	 	 	—	 	
State and political subdivisions	 	 	107,233	 	 	 	273	 	 	 	17,744	 	 	 	89,762	 	 	 	0.8	%	 	 	—	 	
Other foreign government securities	 	 	473,243	 	 	 	2,198	 	 	 	13,271	 	 	 	462,170	 	 	 	3.9	%	 	 	—	 	
 	 	 	
Total fixed maturity securities	 	$	11,616,957	 	 	$	718,544	 	 	$	572,143	 	 	$	11,763,358	 	 	 	100.0	%	 	$	(22,902	)	

Non-redeemable preferred stock	 	 	123,648	 	 	 	1,878	 	 	 	12,328	 	 	 	113,198	 	 	 	66.0	%	 	 	 	 	
Other equity securities	 	 	58,008	 	 	 	760	 	 	 	409	 	 	 	58,359	 	 	 	34.0	%	 	 	 	 	
 	 	 	 	 	 	 	
Total equity securities	 	$	181,656	 	 	$	2,638	 	 	$	12,737	 	 	$	171,557	 	 	 	100.0	%	 	 	 	 	

 	 	 	 	 	
 	 	 	 	 	
 	 	 	 	Page 16	

 
Reinsurance Group of America, Incorporated
Investments
Corporate Securities by Sector (Fixed Maturities and Equities)
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	June 30, 2010	 	 	December 31, 2009	 	
 	 	 	 	 	 	Estimated Fair	 	 	 	 	 	 	Average Credit	 	 	 	 	 	 	Estimated Fair	 	 	 	 	 	 	Average Credit	 	
(USD thousands)	 	Amortized Cost	 	 	Value	 	 	% of Total	 	 	Ratings	 	 	Amortized Cost	 	 	Value	 	 	% of Total	 	 	Ratings	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Financial Institutions	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Banking	 	$	1,527,115	 	 	$	1,532,819	 	 	 	23.2	%	 	A+	 	 	 	$	1,372,940	 	 	$	1,334,155	 	 	 	24.0	%	 	A+	 	 	
Brokerage	 	 	88,087	 	 	 	91,579	 	 	 	1.4	%	 	A-	 	 	 	 	87,168	 	 	 	87,747	 	 	 	1.6	%	 	A-	 	 	
Finance Comp.	 	 	215,488	 	 	 	219,927	 	 	 	3.3	%	 	A	 	 	 	 	239,659	 	 	 	237,719	 	 	 	4.3	%	 	A+	 	 	
Insurance	 	 	371,121	 	 	 	379,695	 	 	 	5.7	%	 	A-	 	 	 	 	374,486	 	 	 	366,893	 	 	 	6.6	%	 	A-	 	 	
REITs	 	 	168,011	 	 	 	174,286	 	 	 	2.6	%	 	BBB	 	 	138,727	 	 	 	139,455	 	 	 	2.5	%	 	BBB	
Other Finance	 	 	238,774	 	 	 	223,112	 	 	 	3.4	%	 	A-	 	 	 	 	204,309	 	 	 	180,684	 	 	 	3.2	%	 	A-	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Financial Institutions	 	 	2,608,596	 	 	 	2,621,418	 	 	 	39.6	%	 	 	 	 	 	 	2,417,289	 	 	 	2,346,653	 	 	 	42.2	%	 	 	 	 	
Industrials	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic	 	 	279,950	 	 	 	304,520	 	 	 	4.6	%	 	BBB	 	 	244,242	 	 	 	261,135	 	 	 	4.7	%	 	BBB	
Capital Goods	 	 	289,744	 	 	 	316,919	 	 	 	4.8	%	 	BBB+	 	 	235,090	 	 	 	247,594	 	 	 	4.5	%	 	BBB+	
Communications	 	 	549,723	 	 	 	604,276	 	 	 	9.1	%	 	BBB+	 	 	444,939	 	 	 	485,405	 	 	 	8.7	%	 	BBB+	
Consumer Cyclical	 	 	301,190	 	 	 	316,877	 	 	 	4.8	%	 	BBB+	 	 	242,206	 	 	 	247,077	 	 	 	4.4	%	 	BBB	
Consumer Noncyclical	 	 	572,170	 	 	 	623,874	 	 	 	9.4	%	 	A-	 	 	 	 	396,739	 	 	 	419,161	 	 	 	7.5	%	 	BBB+	
Energy	 	 	377,709	 	 	 	404,113	 	 	 	6.1	%	 	BBB+	 	 	330,748	 	 	 	356,716	 	 	 	6.4	%	 	BBB+	
Technology	 	 	178,854	 	 	 	192,258	 	 	 	2.9	%	 	BBB+	 	 	114,795	 	 	 	119,548	 	 	 	2.1	%	 	BBB+	
Transportation	 	 	236,182	 	 	 	247,854	 	 	 	3.8	%	 	BBB	 	 	205,776	 	 	 	209,048	 	 	 	3.8	%	 	BBB	
Other Industrial	 	 	70,359	 	 	 	49,718	 	 	 	0.8	%	 	BBB	 	 	62,175	 	 	 	39,414	 	 	 	0.7	%	 	BBB-	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Industrials	 	 	2,855,881	 	 	 	3,060,409	 	 	 	46.3	%	 	 	 	 	 	 	2,276,710	 	 	 	2,385,098	 	 	 	42.8	%	 	 	 	 	
Utilities	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Electric	 	 	558,849	 	 	 	594,049	 	 	 	9.0	%	 	BBB+	 	 	512,898	 	 	 	525,379	 	 	 	9.4	%	 	BBB+	
Natural Gas	 	 	261,247	 	 	 	284,671	 	 	 	4.3	%	 	BBB+	 	 	246,329	 	 	 	262,064	 	 	 	4.7	%	 	BBB+	
Other Utility	 	 	26,354	 	 	 	34,607	 	 	 	0.5	%	 	A	 	 	 	 	26,830	 	 	 	27,940	 	 	 	0.5	%	 	A-	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Utilities	 	 	846,450	 	 	 	913,327	 	 	 	13.8	%	 	 	 	 	 	 	786,057	 	 	 	815,383	 	 	 	14.6	%	 	 	 	 	
Other Sectors	 	 	20,587	 	 	 	20,740	 	 	 	0.3	%	 	AA	 	 	19,203	 	 	 	19,219	 	 	 	0.4	%	 	AA	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	 	$	6,331,514	 	 	$	6,615,894	 	 	 	100.0	%	 	 	 	 	 	$	5,499,259	 	 	$	5,566,353	 	 	 	100.0	%	 	 	 	 	

 	 	 	 	 	
 	 	 	 	 	
 	 	 	 	Page 17	

 
Reinsurance Group of America, Incorporated
Investments
Ratings of Fixed Maturity Securities
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(USD thousands)	 	 	 	 	 	June 30, 2010	 	 	March 31, 2010	 	 	December 31, 2009	 	 	September 30, 2009	 	 	June 30, 2009	 	
 	 	Rating Agency	 	 	 	 	 	 	Estimated Fair	 	 	 	 	 	 	Amortized	 	 	Estimated Fair	 	 	 	 	 	 	Amortized	 	 	Estimated Fair	 	 	 	 	 	 	Amortized	 	 	Estimated	 	 	% of	 	 	Amortized	 	 	Estimated	 	 	% of	 	
NAIC Designation	 	Designation	 	 	Amortized Cost	 	 	Value	 	 	% of Total	 	 	Cost	 	 	Value	 	 	% of Total	 	 	Cost	 	 	Value	 	 	% of Total	 	 	Cost	 	 	Fair Value	 	 	Total	 	 	Cost	 	 	Fair Value	 	 	Total	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
1	 	AAA	 	$	3,534,911	 	 	$	3,642,644	 	 	 	27.9	%	 	$	3,669,930	 	 	$	3,668,484	 	 	 	28.7	%	 	$	3,726,020	 	 	$	3,664,665	 	 	 	31.2	%	 	$	3,131,946	 	 	$	3,079,633	 	 	 	28.0	%	 	$	2,936,383	 	 	$	2,750,636	 	 	 	27.9	%	
1	 	AA	 	 	2,860,403	 	 	 	3,177,314	 	 	 	24.3	%	 	 	2,905,244	 	 	 	3,122,295	 	 	 	24.5	%	 	 	2,527,944	 	 	 	2,684,878	 	 	 	22.8	%	 	 	2,394,642	 	 	 	2,613,347	 	 	 	23.8	%	 	 	2,346,453	 	 	 	2,372,392	 	 	 	24.1	%	
1	 	A	 	 	2,512,744	 	 	 	2,773,399	 	 	 	21.2	%	 	 	2,436,385	 	 	 	2,630,133	 	 	 	20.6	%	 	 	2,203,848	 	 	 	2,367,377	 	 	 	20.1	%	 	 	2,143,244	 	 	 	2,319,194	 	 	 	21.1	%	 	 	2,051,459	 	 	 	2,030,369	 	 	 	20.6	%	
2	 	BBB	 	 	2,639,071	 	 	 	2,783,867	 	 	 	21.3	%	 	 	2,561,843	 	 	 	2,658,713	 	 	 	20.8	%	 	 	2,401,885	 	 	 	2,433,144	 	 	 	20.7	%	 	 	2,413,362	 	 	 	2,430,079	 	 	 	22.1	%	 	 	2,377,473	 	 	 	2,212,591	 	 	 	22.5	%	
3	 	BB	 	 	479,755	 	 	 	424,060	 	 	 	3.2	%	 	 	472,151	 	 	 	417,253	 	 	 	3.3	%	 	 	455,539	 	 	 	381,242	 	 	 	3.3	%	 	 	391,699	 	 	 	331,939	 	 	 	3.0	%	 	 	413,840	 	 	 	322,158	 	 	 	3.3	%	
4	 	B	 	 	255,530	 	 	 	192,244	 	 	 	1.5	%	 	 	253,930	 	 	 	185,177	 	 	 	1.4	%	 	 	210,252	 	 	 	145,206	 	 	 	1.2	%	 	 	186,547	 	 	 	135,107	 	 	 	1.3	%	 	 	134,827	 	 	 	94,647	 	 	 	1.0	%	
5	 	CCC and lower	 	 	80,415	 	 	 	65,496	 	 	 	0.5	%	 	 	94,537	 	 	 	77,652	 	 	 	0.6	%	 	 	75,486	 	 	 	70,165	 	 	 	0.6	%	 	 	95,973	 	 	 	64,093	 	 	 	0.6	%	 	 	79,407	 	 	 	53,901	 	 	 	0.5	%	
6	 	In or near default	 	 	18,809	 	 	 	18,583	 	 	 	0.1	%	 	 	13,205	 	 	 	15,635	 	 	 	0.1	%	 	 	15,983	 	 	 	16,681	 	 	 	0.1	%	 	 	13,109	 	 	 	13,433	 	 	 	0.1	%	 	 	6,018	 	 	 	6,099	 	 	 	0.1	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Total	 	$	12,381,638	 	 	$	13,077,607	 	 	 	 	 	 	$	12,407,225	 	 	$	12,775,342	 	 	 	 	 	 	$	11,616,957	 	 	$	11,763,358	 	 	 	 	 	 	$	10,770,522	 	 	$	10,986,825	 	 	 	 	 	 	$	10,345,860	 	 	$	9,842,793	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Structured Fixed Maturity Securities
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	June 30, 2010	 	 	March 31, 2010	 	 	December 31, 2009	 	 	September 30, 2009	 	 	June 30, 2009	 	
 	 	 	 	 	 	Estimated Fair	 	 	Amortized	 	 	Estimated Fair	 	 	 	 	 	 	Estimated Fair	 	 	 	 	 	 	Estimated Fair	 	 	 	 	 	 	Estimated Fair	 	
(USD thousands)	 	Amortized Cost	 	 	Value	 	 	Cost	 	 	Value	 	 	Amortized Cost	 	 	Value	 	 	Amortized Cost	 	 	Value	 	 	Amortized Cost	 	 	Value	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Residential mortgage-backed securities:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Agency	 	$	726,078	 	 	$	770,690	 	 	$	744,920	 	 	$	776,013	 	 	$	771,787	 	 	$	797,354	 	 	$	754,676	 	 	$	786,735	 	 	$	736,056	 	 	$	760,316	 	
Non-agency	 	 	828,507	 	 	 	802,670	 	 	 	859,102	 	 	 	800,152	 	 	 	722,234	 	 	 	659,190	 	 	 	595,863	 	 	 	542,333	 	 	 	466,832	 	 	 	397,988	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total residential mortgage-backed securities	 	 	1,554,585	 	 	 	1,573,360	 	 	 	1,604,022	 	 	 	1,576,165	 	 	 	1,494,021	 	 	 	1,456,544	 	 	 	1,350,539	 	 	 	1,329,068	 	 	 	1,202,888	 	 	 	1,158,304	 	
Commercial mortgage-backed securities	 	 	1,229,237	 	 	 	1,166,937	 	 	 	1,222,346	 	 	 	1,124,736	 	 	 	1,177,621	 	 	 	1,028,864	 	 	 	1,086,558	 	 	 	882,350	 	 	 	1,086,649	 	 	 	812,312	 	
Asset-backed securities	 	 	496,652	 	 	 	449,623	 	 	 	516,924	 	 	 	458,664	 	 	 	522,760	 	 	 	451,936	 	 	 	545,194	 	 	 	449,252	 	 	 	503,191	 	 	 	377,382	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	 	$	3,280,474	 	 	$	3,189,920	 	 	$	3,343,292	 	 	$	3,159,565	 	 	$	3,194,402	 	 	$	2,937,344	 	 	$	2,982,291	 	 	$	2,660,670	 	 	$	2,792,728	 	 	$	2,347,998	 	

 	 	 	 	 	
 	 	 	 	 	
 	 	 	 	Page 18	

 
Investments
Subprime Mortgage Exposure
(Includes Funds Withheld Portfolios)
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(USD thousands)	 	June 30, 2010	 	
 	 	AAA	 	 	AA	 	 	A	 	
 	 	 	 	 	 	Estimated Fair	 	 	 	 	 	 	Estimated	 	 	 	 	 	 	Estimated	 	
Underwriting Year	 	Amortized Cost	 	 	Value	 	 	Amortized Cost	 	 	Fair Value	 	 	Amortized Cost	 	 	Fair Value	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
2005 & Prior	 	$	18,758	 	 	$	17,536	 	 	$	22,023	 	 	$	23,566	 	 	$	9,815	 	 	$	8,127	 	
2006	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	
2007	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	
2008 - 2010	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	 	$	18,758	 	 	$	17,536	 	 	$	22,023	 	 	$	23,566	 	 	$	9,815	 	 	$	8,127	 	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	BBB	 	 	Below Investment Grade	 	 	Total	 	
 	 	 	 	 	 	Estimated Fair	 	 	 	 	 	 	Estimated	 	 	 	 	 	 	Estimated Fair	 	
Underwriting Year	 	Amortized Cost	 	 	Value	 	 	Amortized Cost	 	 	Fair Value	 	 	Amortized Cost	 	 	Value	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
2005 & Prior	 	$	22,311	 	 	$	16,525	 	 	$	71,172	 	 	$	40,615	 	 	$	144,079	 	 	$	106,369	 	
2006	 	 	4,985	 	 	 	1,600	 	 	 	4,567	 	 	 	2,680	 	 	 	9,552	 	 	 	4,280	 	
2007	 	 	—	 	 	 	—	 	 	 	11,314	 	 	 	7,724	 	 	 	11,314	 	 	 	7,724	 	
2008 - 2010	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	 	$	27,296	 	 	$	18,125	 	 	$	87,053	 	 	$	51,019	 	 	$	164,945	 	 	$	118,373	 	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(USD thousands)	 	December 31, 2009	 	
 	 	AAA	 	 	AA	 	 	A	 	
 	 	 	 	 	 	Estimated Fair	 	 	 	 	 	 	Estimated Fair	 	 	 	 	 	 	Estimated Fair	 	
Underwriting Year	 	Amortized Cost	 	 	Value	 	 	Amortized Cost	 	 	Value	 	 	Amortized Cost	 	 	Value	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
2005 & Prior	 	$	22,816	 	 	$	18,780	 	 	$	39,873	 	 	$	33,014	 	 	$	17,017	 	 	$	9,779	 	
2006	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	
2007	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	
2008 - 2009	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	 	$	22,816	 	 	$	18,780	 	 	$	39,873	 	 	$	33,014	 	 	$	17,017	 	 	$	9,779	 	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	BBB	 	 	Below Investment Grade	 	 	Total	 	
 	 	 	 	 	 	Estimated Fair	 	 	 	 	 	 	Estimated Fair	 	 	 	 	 	 	Estimated Fair	 	
Underwriting Year	 	Amortized Cost	 	 	Value	 	 	Amortized Cost	 	 	Value	 	 	Amortized Cost	 	 	Value	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
2005 & Prior	 	$	24,394	 	 	$	12,593	 	 	$	39,203	 	 	$	18,686	 	 	$	143,303	 	 	$	92,852	 	
2006	 	 	4,985	 	 	 	1,507	 	 	 	4,566	 	 	 	2,563	 	 	 	9,551	 	 	 	4,070	 	
2007	 	 	—	 	 	 	—	 	 	 	11,709	 	 	 	7,372	 	 	 	11,709	 	 	 	7,372	 	
2008 - 2009	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	 	$	29,379	 	 	$	14,100	 	 	$	55,478	 	 	$	28,621	 	 	$	164,563	 	 	$	104,294	 	

 	 	 	 	 	
 	 	 	 	 	
 	 	 	 	Page 19	

 
Reinsurance Group of America, Incorporated
Investments
CMBS Exposure
(Includes Funds Withheld Portfolios)
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(USD thousands)	 	June 30, 2010	 	
 	 	AAA	 	 	AA	 	 	A	 	
 	 	Amortized	 	 	Estimated	 	 	Amortized	 	 	Estimated	 	 	Amortized	 	 	Estimated	 	
Underwriting Year	 	Cost	 	 	Fair Value	 	 	Cost	 	 	Fair Value	 	 	Cost	 	 	Fair Value	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
2005 & Prior	 	$	300,276	 	 	$	321,624	 	 	$	84,125	 	 	$	82,542	 	 	$	91,649	 	 	$	81,475	 	
2006	 	 	313,951	 	 	 	321,875	 	 	 	45,829	 	 	 	48,009	 	 	 	42,412	 	 	 	40,690	 	
2007	 	 	234,052	 	 	 	246,946	 	 	 	20,821	 	 	 	14,773	 	 	 	93,612	 	 	 	93,434	 	
2008	 	 	29,010	 	 	 	33,395	 	 	 	37,934	 	 	 	39,850	 	 	 	—	 	 	 	—	 	
2009	 	 	15,807	 	 	 	17,490	 	 	 	3,090	 	 	 	3,483	 	 	 	—	 	 	 	—	 	
2010	 	 	4,750	 	 	 	5,132	 	 	 	—	 	 	 	—	 	 	 	5,970	 	 	 	5,970	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	 	$	897,846	 	 	$	946,462	 	 	$	191,799	 	 	$	188,657	 	 	$	233,643	 	 	$	221,569	 	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	BBB	 	 	Below Investment Grade	 	 	Total	 	
 	 	Amortized	 	 	Estimated	 	 	Amortized	 	 	Estimated	 	 	Amortized	 	 	Estimated	 	
Underwriting Year	 	Cost	 	 	Fair Value	 	 	Cost	 	 	Fair Value	 	 	Cost	 	 	Fair Value	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
2005 & Prior	 	$	65,737	 	 	$	59,050	 	 	$	36,144	 	 	$	28,443	 	 	$	577,931	 	 	$	573,134	 	
2006	 	 	34,679	 	 	 	28,723	 	 	 	53,871	 	 	 	32,284	 	 	 	490,742	 	 	 	471,581	 	
2007	 	 	86,497	 	 	 	83,688	 	 	 	130,972	 	 	 	67,138	 	 	 	565,954	 	 	 	505,979	 	
2008	 	 	—	 	 	 	—	 	 	 	23,596	 	 	 	12,696	 	 	 	90,540	 	 	 	85,941	 	
2009	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	18,897	 	 	 	20,973	 	
2010	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	10,720	 	 	 	11,102	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	 	$	186,913	 	 	$	171,461	 	 	$	244,583	 	 	$	140,561	 	 	$	1,754,784	 	 	$	1,668,710	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
NOTE: Totals include directly held investments with amortized cost of $1,229.2 million and fair value of $1,166.9 million as well as investments in funds withheld with amortized cost of $525.5 million and fair value of $501.8 million.
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(USD thousands)	 	December 31, 2009	 	
 	 	AAA	 	 	AA	 	 	A	 	
 	 	Amortized	 	 	Estimated	 	 	Amortized	 	 	Estimated	 	 	Amortized	 	 	Estimated	 	
Underwriting Year	 	Cost	 	 	Fair Value	 	 	Cost	 	 	Fair Value	 	 	Cost	 	 	Fair Value	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
2005 & Prior	 	$	398,619	 	 	$	403,551	 	 	$	57,602	 	 	$	51,754	 	 	$	75,449	 	 	$	55,124	 	
2006	 	 	292,369	 	 	 	280,475	 	 	 	41,649	 	 	 	34,854	 	 	 	41,128	 	 	 	34,859	 	
2007	 	 	223,827	 	 	 	216,853	 	 	 	6,922	 	 	 	2,267	 	 	 	64,860	 	 	 	56,996	 	
2008	 	 	19,050	 	 	 	19,790	 	 	 	29,211	 	 	 	26,617	 	 	 	—	 	 	 	—	 	
2009	 	 	16,638	 	 	 	16,422	 	 	 	1,485	 	 	 	1,532	 	 	 	—	 	 	 	—	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	 	$	950,503	 	 	$	937,091	 	 	$	136,869	 	 	$	117,024	 	 	$	181,437	 	 	$	146,979	 	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	BBB	 	 	Below Investment Grade	 	 	Total	 	
 	 	Amortized	 	 	Estimated	 	 	Amortized	 	 	Estimated	 	 	Amortized	 	 	Estimated	 	
Underwriting Year	 	Cost	 	 	Fair Value	 	 	Cost	 	 	Fair Value	 	 	Cost	 	 	Fair Value	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
2005 & Prior	 	$	47,616	 	 	$	33,986	 	 	$	28,298	 	 	$	19,457	 	 	$	607,584	 	 	$	563,872	 	
2006	 	 	26,257	 	 	 	19,091	 	 	 	47,951	 	 	 	22,392	 	 	 	449,354	 	 	 	391,671	 	
2007	 	 	82,460	 	 	 	68,428	 	 	 	128,193	 	 	 	62,440	 	 	 	506,262	 	 	 	406,984	 	
2008	 	 	—	 	 	 	—	 	 	 	25,384	 	 	 	12,204	 	 	 	73,645	 	 	 	58,611	 	
2009	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	18,123	 	 	 	17,954	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	 	$	156,333	 	 	$	121,505	 	 	$	229,826	 	 	$	116,493	 	 	$	1,654,968	 	 	$	1,439,092	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
NOTE: Totals include directly held investments with amortized cost of $1,177.6 million and fair value of $1,028.9 million as well as investments in funds withheld with amortized cost of $477.4 million and fair value of $410.2 million.

 	 	 	 	Page 20	

 
Reinsurance Group of America, Incorporated
Investments
Gross Unrealized Losses Aging
Fixed Maturity Securities
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	June 30, 2010	 	 	March 31, 2010	 	 	December 31, 2009	 	 	September 30, 2009	 	 	June 30, 2009	 	
 	 	Gross	 	 	 	 	 	 	Gross	 	 	 	 	 	 	Gross	 	 	 	 	 	 	Gross	 	 	 	 	 	 	Gross	 	 	 	 	
 	 	Unrealized	 	 	% of	 	 	Unrealized	 	 	% of	 	 	Unrealized	 	 	% of	 	 	Unrealized	 	 	% of	 	 	Unrealized	 	 	% of	 	
(USD thousands)	 	Losses	 	 	Total	 	 	Losses	 	 	Total	 	 	Losses	 	 	Total	 	 	Losses	 	 	Total	 	 	Losses	 	 	Total	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Less than 20%	 	$	132,900	 	 	 	34.4	%	 	$	198,928	 	 	 	42.3	%	 	$	248,145	 	 	 	42.4	%	 	$	219,984	 	 	 	32.0	%	 	$	304,595	 	 	 	28.6	%	
20% or more for less than six months	 	 	54,620	 	 	 	14.1	%	 	 	59,530	 	 	 	12.6	%	 	 	67,435	 	 	 	11.5	%	 	 	67,306	 	 	 	9.8	%	 	 	152,606	 	 	 	14.4	%	
20% or more for six months or greater	 	 	188,398	 	 	 	48.7	%	 	 	204,321	 	 	 	43.4	%	 	 	256,563	 	 	 	43.9	%	 	 	369,459	 	 	 	53.8	%	 	 	556,117	 	 	 	52.3	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	 	$	375,918	 	 	 	97.2	%	 	$	462,779	 	 	 	98.3	%	 	$	572,143	 	 	 	97.8	%	 	$	656,749	 	 	 	95.6	%	 	$	1,013,318	 	 	 	95.3	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Equity Securities
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	June 30, 2010	 	 	March 31, 2010	 	 	December 31, 2009	 	 	September 30, 2009	 	 	June 30, 2009	 	
 	 	Gross	 	 	 	 	 	 	Gross	 	 	 	 	 	 	Gross	 	 	 	 	 	 	Gross	 	 	 	 	 	 	Gross	 	 	 	 	
 	 	Unrealized	 	 	% of	 	 	Unrealized	 	 	% of	 	 	Unrealized	 	 	% of	 	 	Unrealized	 	 	% of	 	 	Unrealized	 	 	% of	 	
(USD thousands)	 	Losses	 	 	Total	 	 	Losses	 	 	Total	 	 	Losses	 	 	Total	 	 	Losses	 	 	Total	 	 	Losses	 	 	Total	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Less than 20%	 	$	4,888	 	 	 	1.3	%	 	$	4,696	 	 	 	1.0	%	 	$	5,930	 	 	 	1.0	%	 	$	4,748	 	 	 	0.7	%	 	$	5,452	 	 	 	0.5	%	
20% or more for less than six months	 	 	1,808	 	 	 	0.5	%	 	 	1,883	 	 	 	0.4	%	 	 	1,887	 	 	 	0.3	%	 	 	1,819	 	 	 	0.2	%	 	 	3,951	 	 	 	0.4	%	
20% or more for six months or greater	 	 	4,039	 	 	 	1.0	%	 	 	1,346	 	 	 	0.3	%	 	 	4,920	 	 	 	0.9	%	 	 	23,898	 	 	 	3.5	%	 	 	40,910	 	 	 	3.8	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	 	$	10,735	 	 	 	2.8	%	 	$	7,925	 	 	 	1.7	%	 	$	12,737	 	 	 	2.2	%	 	$	30,465	 	 	 	4.4	%	 	$	50,313	 	 	 	4.7	%	

 	 	 	 	 	
 	 	 	 	 	
 	 	 	 	Page 21	

 
Reinsurance Group of America, Incorporated
Investments
Fixed Maturities and Equity Securities Below Amortized Cost
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	As of June 30, 2010	 	
 	 	Less than 12 months	 	 	Equal to or greater than 12 months	 	 	Total	 	
 	 	 	 	 	 	Gross	 	 	 	 	 	 	Gross	 	 	Estimated	 	 	Gross	 	
 	 	Estimated	 	 	Unrealized	 	 	Estimated	 	 	Unrealized	 	 	Fair	 	 	Unrealized	 	
(USD thousands)	 	Fair Value	 	 	Losses	 	 	Fair Value	 	 	Losses	 	 	Value	 	 	Losses	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Investment grade securities:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
U.S. corporate securities	 	$	172,127	 	 	$	28,320	 	 	$	356,979	 	 	$	63,781	 	 	$	529,106	 	 	$	92,101	 	
Canadian and Canadian provincial governments	 	 	110,191	 	 	 	2,321	 	 	 	129,393	 	 	 	3,991	 	 	 	239,584	 	 	 	6,312	 	
Residential mortgage-backed securities	 	 	220,187	 	 	 	8,692	 	 	 	158,173	 	 	 	10,059	 	 	 	378,360	 	 	 	18,751	 	
Foreign corporate securities	 	 	166,246	 	 	 	4,036	 	 	 	168,247	 	 	 	11,562	 	 	 	334,493	 	 	 	15,598	 	
Asset-backed securities	 	 	12,037	 	 	 	1,360	 	 	 	137,569	 	 	 	35,303	 	 	 	149,606	 	 	 	36,663	 	
Commercial mortgage-backed securities	 	 	60,812	 	 	 	7,503	 	 	 	160,272	 	 	 	31,513	 	 	 	221,084	 	 	 	39,016	 	
U.S. government and agencies	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	
State and political subdivisions	 	 	23,443	 	 	 	921	 	 	 	53,484	 	 	 	5,693	 	 	 	76,927	 	 	 	6,614	 	
Other foreign government securities	 	 	28,355	 	 	 	176	 	 	 	89,826	 	 	 	4,040	 	 	 	118,181	 	 	 	4,216	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Investment grade securities	 	 	793,398	 	 	 	53,329	 	 	 	1,253,943	 	 	 	165,942	 	 	 	2,047,341	 	 	 	219,271	 	

Non-investment grade securities:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
U.S. corporate securities	 	 	91,934	 	 	 	9,278	 	 	 	133,958	 	 	 	17,206	 	 	 	225,892	 	 	 	26,484	 	
Asset-backed securities	 	 	11,174	 	 	 	2,158	 	 	 	29,522	 	 	 	22,301	 	 	 	40,696	 	 	 	24,459	 	
Foreign corporate securities	 	 	3,017	 	 	 	3,446	 	 	 	597	 	 	 	53	 	 	 	3,614	 	 	 	3,499	 	
Residential mortgage-backed securities	 	 	397	 	 	 	551	 	 	 	67,120	 	 	 	19,212	 	 	 	67,517	 	 	 	19,763	 	
Commercial mortgage-backed securities	 	 	—	 	 	 	—	 	 	 	60,956	 	 	 	79,761	 	 	 	60,956	 	 	 	79,761	 	
State and political subdivisions	 	 	—	 	 	 	—	 	 	 	5,432	 	 	 	2,681	 	 	 	5,432	 	 	 	2,681	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Non-investment grade securities	 	 	106,522	 	 	 	15,433	 	 	 	297,585	 	 	 	141,214	 	 	 	404,107	 	 	 	156,647	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total fixed maturity securities	 	$	899,920	 	 	$	68,762	 	 	$	1,551,528	 	 	$	307,156	 	 	$	2,451,448	 	 	$	375,918	 	

Non-redeemable preferred stock	 	 	29,219	 	 	 	1,755	 	 	 	35,596	 	 	 	7,795	 	 	 	64,815	 	 	 	9,550	 	
Other equity securities	 	 	12,927	 	 	 	909	 	 	 	1,352	 	 	 	276	 	 	 	14,279	 	 	 	1,185	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Equity securities	 	$	42,146	 	 	$	2,664	 	 	$	36,948	 	 	$	8,071	 	 	$	79,094	 	 	$	10,735	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total number of securities in an unrealized loss position	 	 	371	 	 	 	 	 	 	 	529	 	 	 	 	 	 	 	900	 	 	 	 	 	

 	 	As of December 31, 2009	 	
 	 	Less than 12 months	 	 	Equal to or greater than 12 months	 	 	Total	 	
 	 	 	 	 	 	Gross	 	 	 	 	 	 	Gross	 	 	Estimated	 	 	Gross	 	
 	 	Estimated	 	 	Unrealized	 	 	Estimated	 	 	Unrealized	 	 	Fair	 	 	Unrealized	 	
(USD thousands)	 	Fair Value	 	 	Losses	 	 	Fair Value	 	 	Losses	 	 	Value	 	 	Losses	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Investment grade securities:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
U.S. corporate securities	 	$	373,049	 	 	$	27,625	 	 	$	679,908	 	 	$	89,711	 	 	$	1,052,957	 	 	$	117,336	 	
Canadian and Canadian provincial governments	 	 	494,718	 	 	 	15,374	 	 	 	135,315	 	 	 	10,372	 	 	 	630,033	 	 	 	25,746	 	
Residential mortgage-backed securities	 	 	402,642	 	 	 	23,671	 	 	 	197,320	 	 	 	20,185	 	 	 	599,962	 	 	 	43,856	 	
Foreign corporate securities	 	 	362,406	 	 	 	5,262	 	 	 	182,300	 	 	 	24,693	 	 	 	544,706	 	 	 	29,955	 	
Asset-backed securities	 	 	48,651	 	 	 	1,927	 	 	 	166,603	 	 	 	57,262	 	 	 	215,254	 	 	 	59,189	 	
Commercial mortgage-backed securities	 	 	177,360	 	 	 	10,312	 	 	 	425,793	 	 	 	79,297	 	 	 	603,153	 	 	 	89,609	 	
U.S. government and agencies	 	 	496,514	 	 	 	15,027	 	 	 	—	 	 	 	—	 	 	 	496,514	 	 	 	15,027	 	
State and political subdivisions	 	 	34,612	 	 	 	3,397	 	 	 	40,945	 	 	 	11,437	 	 	 	75,557	 	 	 	14,834	 	
Other foreign government securities	 	 	240,216	 	 	 	8,370	 	 	 	30,321	 	 	 	4,901	 	 	 	270,537	 	 	 	13,271	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Investment grade securities	 	 	2,630,168	 	 	 	110,965	 	 	 	1,858,505	 	 	 	297,858	 	 	 	4,488,673	 	 	 	408,823	 	

Non-investment grade securities:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
U.S. corporate securities	 	 	35,477	 	 	 	11,293	 	 	 	168,375	 	 	 	18,755	 	 	 	203,852	 	 	 	30,048	 	
Asset-backed securities	 	 	6,738	 	 	 	3,256	 	 	 	24,408	 	 	 	17,686	 	 	 	31,146	 	 	 	20,942	 	
Foreign corporate securities	 	 	1,755	 	 	 	17	 	 	 	3,771	 	 	 	3,426	 	 	 	5,526	 	 	 	3,443	 	
Residential mortgage-backed securities	 	 	10,657	 	 	 	1,909	 	 	 	66,756	 	 	 	24,250	 	 	 	77,413	 	 	 	26,159	 	
Commercial mortgage-backed securities	 	 	—	 	 	 	—	 	 	 	57,179	 	 	 	79,818	 	 	 	57,179	 	 	 	79,818	 	
State and political subdivisions	 	 	—	 	 	 	—	 	 	 	5,170	 	 	 	2,910	 	 	 	5,170	 	 	 	2,910	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Non-investment grade securities	 	 	54,627	 	 	 	16,475	 	 	 	325,659	 	 	 	146,845	 	 	 	380,286	 	 	 	163,320	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total fixed maturity securities	 	$	2,684,795	 	 	$	127,440	 	 	$	2,184,164	 	 	$	444,703	 	 	$	4,868,959	 	 	$	572,143	 	

Non-redeemable preferred stock	 	 	8,320	 	 	 	1,263	 	 	 	68,037	 	 	 	11,065	 	 	 	76,357	 	 	 	12,328	 	
Other equity securities	 	 	5	 	 	 	15	 	 	 	7,950	 	 	 	394	 	 	 	7,955	 	 	 	409	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Equity securities	 	$	8,325	 	 	$	1,278	 	 	$	75,987	 	 	$	11,459	 	 	$	84,312	 	 	$	12,737	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total number of securities in an unrealized loss position	 	 	582	 	 	 	 	 	 	 	734	 	 	 	 	 	 	 	1,316	 	 	 	 	 	

 	 	 	 	 	
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Reinsurance Group of America, Incorporated
Investments
Consolidated Investment Related Gains and Losses
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	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)	 	2010	 	 	2010	 	 	2009	 	 	2009	 	 	2009	 	 	Quarter	 	 	 	2010	 	 	2009	 	 	Change	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Fixed Maturity and Equity Securities:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Other-than-temporary impairment losses on fixed maturities	 	$	(3,489	)	 	$	(7,430	)	 	$	(40,552	)	 	$	(16,945	)	 	$	(36,942	)	 	$	33,453	 	 	 	$	(10,919	)	 	$	(71,337	)	 	$	60,418	 	
Portion of loss recognized in other accumulated comprehensive income (before taxes)	 	 	(139	)	 	 	2,344	 	 	 	3,910	 	 	 	(4,000	)	 	 	16,135	 	 	 	(16,274	)	 	 	 	2,205	 	 	 	16,135	 	 	 	(13,930	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net other-than-temporary impairment losses on fixed maturities recognized in earnings	 	 	(3,628	)	 	 	(5,086	)	 	 	(36,642	)	 	 	(20,945	)	 	 	(20,807	)	 	 	17,179	 	 	 	 	(8,714	)	 	 	(55,202	)	 	 	46,488	 	
Impairment losses on equity securities	 	 	(10	)	 	 	(22	)	 	 	(5,628	)	 	 	—	 	 	 	—	 	 	 	(10	)	 	 	 	(32	)	 	 	(5,430	)	 	 	5,398	 	
Gain on investment activity	 	 	19,363	 	 	 	16,099	 	 	 	44,538	 	 	 	31,823	 	 	 	25,281	 	 	 	(5,918	)	 	 	 	35,462	 	 	 	37,511	 	 	 	(2,049	)	
Loss on investment activity	 	 	(5,662	)	 	 	(8,532	)	 	 	(10,728	)	 	 	(23,782	)	 	 	(18,828	)	 	 	13,166	 	 	 	 	(14,194	)	 	 	(38,477	)	 	 	24,283	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net gain/(loss) on fixed maturity and equity securities	 	 	10,063	 	 	 	2,459	 	 	 	(8,460	)	 	 	(12,904	)	 	 	(14,354	)	 	 	24,417	 	 	 	 	12,522	 	 	 	(61,598	)	 	 	74,120	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Other impairment losses	 	 	(1,165	)	 	 	(1,230	)	 	 	(715	)	 	 	(4,790	)	 	 	(1,269	)	 	 	104	 	 	 	 	(2,395	)	 	 	(2,965	)	 	 	570	 	
Other non-derivative gain/(loss), net	 	 	4,789	 	 	 	(448	)	 	 	1,344	 	 	 	4,003	 	 	 	4,267	 	 	 	522	 	 	 	 	4,341	 	 	 	6,393	 	 	 	(2,052	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Free-standing Derivatives:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Credit Default Swaps	 	 	(4,060	)	 	 	776	 	 	 	3,358	 	 	 	2,919	 	 	 	9,288	 	 	 	(13,348	)	 	 	 	(3,284	)	 	 	7,377	 	 	 	(10,661	)	
Interest Rate Swaps — non-hedged	 	 	87,114	 	 	 	11,341	 	 	 	(49,213	)	 	 	26,378	 	 	 	(99,016	)	 	 	186,130	 	 	 	 	98,455	 	 	 	(137,880	)	 	 	236,335	 	
Interest Rate Swaps — hedged	 	 	168	 	 	 	132	 	 	 	55	 	 	 	152	 	 	 	48	 	 	 	120	 	 	 	 	300	 	 	 	8	 	 	 	292	 	
Futures	 	 	32,822	 	 	 	(11,745	)	 	 	(9,942	)	 	 	(36,951	)	 	 	(48,059	)	 	 	80,881	 	 	 	 	21,077	 	 	 	(25,748	)	 	 	46,825	 	
CPI Swaps	 	 	109	 	 	 	923	 	 	 	1,318	 	 	 	61	 	 	 	544	 	 	 	(435	)	 	 	 	1,032	 	 	 	854	 	 	 	178	 	
Equity options	 	 	127	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	127	 	 	 	 	127	 	 	 	—	 	 	 	127	 	
Currency Forwards	 	 	1,447	 	 	 	(829	)	 	 	(1,030	)	 	 	1,910	 	 	 	1,165	 	 	 	282	 	 	 	 	618	 	 	 	(877	)	 	 	1,495	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total free-standing derivatives	 	 	117,727	 	 	 	598	 	 	 	(55,454	)	 	 	(5,531	)	 	 	(136,030	)	 	 	253,757	 	 	 	 	118,325	 	 	 	(156,266	)	 	 	274,591	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Embedded Derivatives:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Modified coinsurance and funds withheld treaties	 	 	32,512	 	 	 	122,635	 	 	 	3,028	 	 	 	51,454	 	 	 	64,337	 	 	 	(31,825	)	 	 	 	155,147	 	 	 	23,912	 	 	 	131,235	 	
GMXB	 	 	(140,934	)	 	 	7,171	 	 	 	46,120	 	 	 	10,127	 	 	 	161,237	 	 	 	(302,171	)	 	 	 	(133,763	)	 	 	196,450	 	 	 	(330,213	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total embedded derivatives	 	 	(108,422	)	 	 	129,806	 	 	 	49,148	 	 	 	61,581	 	 	 	225,574	 	 	 	(333,996	)	 	 	 	21,384	 	 	 	220,362	 	 	 	(198,978	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net gain/(loss) on total derivatives	 	 	9,305	 	 	 	130,404	 	 	 	(6,306	)	 	 	56,050	 	 	 	89,544	 	 	 	(80,239	)	 	 	 	139,709	 	 	 	64,096	 	 	 	75,613	 	

Total investment related gains (losses), net	 	$	22,992	 	 	$	131,185	 	 	$	(14,137	)	 	$	42,359	 	 	$	78,188	 	 	$	(55,196	)	 	 	$	154,177	 	 	$	5,926	 	 	$	148,251	 	

 	 	 	 	 	
 	 	 	 	 	
 	 	 	 	Page 23