UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
 CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): October 26, 2016
 REINSURANCE GROUP OF AMERICA, INCORPORATED
(Exact Name of Registrant as Specified in its Charter)

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

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

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

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

 	
 	 	
Item 2.02	Results of Operations and Financial Condition.	
On October 26, 2016, Reinsurance Group of America, Incorporated issued (1) a press release (the "Press Release") announcing its earnings for the three-month period ended September 30, 2016, and providing certain additional information, a copy of which is furnished with this report as Exhibit 99.1, and (2) a quarterly financial supplement (the "Quarterly Financial Supplement") for the quarter ended September 30, 2016, a copy of which is attached hereto as Exhibit 99.2. The Press Release also notes that a conference call will be held on October 27, 2016 to discuss the financial and operating results for the three-month period ended September 30, 2016. The information set forth in this Current Report on Form 8-K, including the Press Release and Quarterly Financial Supplement, is being furnished and shall not be deemed to be "filed", as described in Instruction B.2 of Form 8-K.

 	
 	 	
Item 9.01	Financial Statements and Exhibits	
(d) Exhibits.

 	 	 	
 	 	 	
Exhibit No.	  	Exhibit	
99.1	  	Press Release of Reinsurance Group of America, Incorporated dated October 26, 2016	
 	 	
99.2	  	Quarterly Financial Supplement for the quarter ended September 30, 2016	

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

 	 	 	 	 	 	 	
 	 	 	 	 	 	 	
 	 	 	REINSURANCE GROUP OF AMERICA, INCORPORATED	
 	 	 	 	
Date: October 26, 2016	 	 	By:	 	  /s/ Todd C. Larson	
 	 	 	 	 	Todd C. Larson	
 	 	 	 	 	Senior Executive Vice President and Chief Financial Officer	

EXHIBIT INDEX

 	 	 	
Exhibit Number	  	Description	
 	 	
99.1	  	Press Release dated October 26, 2016	
 	 	
99.2	  	Quarterly Financial Supplement for the quarter ended September 30, 2016	

Exhibit 99.1

 PRESS RELEASE

REINSURANCE GROUP OF AMERICA REPORTS THIRD-QUARTER RESULTS

•	Earnings per diluted share: $3.07 from net income, $2.46 from operating income*	
 	 	
•	ROE 10 percent and Operating ROE* 12 percent for the trailing twelve months	
 	 	
•	Reported net premiums increased 8 percent	

ST. LOUIS, October 26, 2016 - Reinsurance Group of America, Incorporated (NYSE: RGA), a leading global provider of life reinsurance, reported net income of $198.7 million, or $3.07 per diluted share, compared with $83.5 million, or $1.25 per diluted share, in the prior-year quarter. Operating income* totaled $159.4 million, or $2.46 per diluted share, compared to $127.1 million, or $1.90 per diluted share, the year before. Net foreign currency fluctuations had an adverse effect of $0.04 per diluted share on net income, and $0.03 per diluted share on operating income, primarily within the EMEA segment. Tax-related adjustments added $0.08 per share to the quarter.

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Quarterly Results	 	Year-to-Date Results	
($ in thousands, except per share data)	 	2016	 	2015	 	2016	 	2015	
Net premiums	 	$	2,251,758	
 	 	$	2,089,345	
 	 	$	6,755,708	
 	 	$	6,242,240	
 	
Net income	 	198,719	
 	 	83,534	
 	 	511,294	
 	 	339,039	
 	
Net income per diluted share	 	3.07	
 	 	1.25	
 	 	7.87	
 	 	5.01	
 	
Operating income*	 	159,361	
 	 	127,086	
 	 	461,339	
 	 	379,134	
 	
Operating income per diluted share*	 	2.46	
 	 	1.90	
 	 	7.10	
 	 	5.60	
 	
Book value per share	 	124.50	
 	 	94.92	
 	 	 	 	 	
Book value per share, excluding Accumulated Other Comprehensive Income (AOCI)*	 	90.04	
 	 	81.14	
 	 	 	 	 	
Total assets	 	54,832,498	
 	 	47,581,959	

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

Consolidated net premiums totaled $2.3 billion this quarter, up 8 percent from last year’s third quarter. Current-period premiums reflected net adverse foreign currency effects of approximately $21.0 million. Excluding spread-based businesses and the value of associated derivatives, investment income rose 10 percent over year-ago levels, attributable to an increase in average invested assets of approximately 15 percent, offset in part by the impact of lower yield on new money and reinvested assets. The average investment yield, excluding spread businesses, was down 23 basis points to 4.43 percent from the third quarter of 2015, and 28 basis points lower than the second-quarter yield.

The effective tax rate was approximately 31 percent on both net income and operating income this quarter, below an expected range of 34 percent to 35 percent, largely due to the effective settlement of uncertain tax positions during the quarter that totaled $5.0 million, or $0.08 per share.

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Greig Woodring, chief executive officer, commented, “This was another good quarter, and we are pleased that we have been able to continue delivering strong bottom-line results and solid overall momentum, despite ongoing macroeconomic uncertainties. It was another quarter in which diversified earnings sources, inherent in our global operating model, were key to a positive result.

“Highlights of the quarter included continued strong results from our Traditional business in Asia and Global Financial Solutions lines in the U.S. and EMEA. These areas more than offset normal claims volatility in our U.S. Individual Mortality business and seasonal weakness in Australia. Overall top-line premium growth was fairly vibrant again at 8 percent, or 9 percent in constant currencies, based upon solid organic growth and in-force transactions.

“We were less active in the quarter in terms of our share repurchases, buying back 4,700 shares as we continue to position ourselves to pursue a balanced approach to capital management over time. We closed some smaller in-force transactions during the quarter, and there continues to be an active pipeline of opportunities. Our deployable excess capital position was approximately $1.0 billion at September 30, and our ending book value per share this quarter was $124.50 including AOCI. Excluding AOCI, book value per share was $90.04, an 11 percent increase over that of a year ago.

“Looking forward, we continue to see good demand from clients for our risk mitigation solutions, and we expect to continue to execute well in both our traditional and transactional businesses.”

SEGMENT RESULTS

U.S. and Latin America

Traditional

The U.S. and Latin America Traditional segment reported pre-tax net income of $77.1 million, compared with $55.7 million in the third quarter of 2015. Pre-tax operating income totaled $80.5 million for the quarter, compared with $54.7 million in last year’s third quarter. Results for the current quarter reflect moderately unfavorable claims experience in the Individual Mortality business, offset in part by favorable experience in the Group and Individual Health business lines. Results in the year-ago quarter reflected unusually poor individual mortality experience.

Traditional net premiums increased a healthy 11 percent from last year’s third quarter to $1,277.5 million.

Non-Traditional

The Asset-Intensive business reported pre-tax net income of $88.7 million compared with $24.2 million last year. Third-quarter pre-tax operating income totaled $58.7 million compared with $55.2 million last year. Both periods' operating income was strong due to favorable investment spreads, and the addition of new blocks.

The Financial Reinsurance business reported pre-tax net income and pre-tax operating income of $14.0 million, up from $12.1 million the year before, due to new business added in 2016.

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Canada

Traditional

The Canada Traditional segment reported pre-tax net income of $34.3 million compared with $34.1 million the year before. Pre-tax operating income totaled $30.6 million compared with $37.8 million in the third quarter of 2015. Current-quarter results were in line with expectations, whereas last year’s quarter had better-than-expected claims experience.

Reported net premiums increased 16 percent to $231.2 million, attributable to strong growth in the creditor business and solid growth in individual mortality.

Non-Traditional

The Canada Non-Traditional business segment, which consists of longevity and fee-based transactions, reported pre-tax net income and pre-tax operating income declined to $1.2 million from $3.3 million a year ago, reflecting less-favorable longevity experience.

Europe, Middle East and Africa (EMEA)

Traditional

The EMEA Traditional segment reported pre-tax net income of $8.5 million versus $15.9 million in last year’s third quarter. Pre-tax operating income totaled $8.5 million, down from $15.6 million in the prior-year period. Current-period results included unfavorable claims experience in the U.K., while last year’s third quarter had favorable overall claims experience.

Reported net premiums decreased slightly to $275.5 million from $276.1 million in the prior-year period. Foreign currency exchange rates adversely affected net premiums by $32.6 million.

Non-Traditional

The EMEA Non-Traditional business segment includes longevity, asset-intensive and fee-based transactions. Pre-tax net income totaled $43.8 million compared with $29.2 million in the year-ago period. Pre-tax operating income increased to $33.9 million compared with $28.8 million the year before. Current-period results reflected continued favorable experience in both the asset-intensive and
longevity businesses. Net foreign currency fluctuations adversely affected pre-tax net income by $6.2 million and pre-tax operating income by $4.7 million.

Asia Pacific

Traditional

The Asia Pacific Traditional segment reported pre-tax net income of $19.8 million, up from $11.3 million in the prior-year period. Pre-tax operating income totaled $19.8 million compared with $13.0 million a year ago. Underwriting experience was favorable across Asia with particularly strong results in Hong Kong, but was somewhat offset by seasonally high claims in Australia.

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Reported net premiums rose modestly to $404.5 million from $400.3 million in the prior-year period, reflecting large offsetting variances in Australia and Asia. Australia premiums were down 20 percent, or 24 percent on a constant currency basis, due to the non-renewal of certain treaties and various premium refunds. Asia premiums were up 17 percent, or 11 percent in constant currency, reflecting healthy growth across the region.

Non-Traditional

The Asia Pacific Non-Traditional business segment includes asset-intensive, fee-based and other various transactions. Pre-tax net income totaled $7.5 million compared with pre-tax income of $5.4 million last year. Pre-tax operating income decreased to $2.3 million from $6.3 million in the prior-year quarter, primarily due to unfavorable results on one treaty that is running off. Net foreign currency exchange rate fluctuations had a favorable effect of $0.9 million on pre-tax net income and $0.5 million on pre-tax operating income.

Corporate and Other

The Corporate and Other segment’s pre-tax net losses totaled $7.3 million compared with a pre-tax net loss of $50.9 million the year before. Pre-tax operating losses were $19.0 million, versus the year-ago pre-tax loss of $19.7 million, in line with expectations.

Dividend Declaration

The board of directors declared a regular quarterly dividend of $0.41, payable November 29 to shareholders of record as of November 8.

Earnings Conference Call

A conference call to discuss third-quarter results will begin at 11 a.m. Eastern Time on Thursday, October 27. Interested parties may access the call by dialing 877-879-6174 (domestic) or 719-325-4849 (international). The access code is 1763380. A live audio webcast of the conference call will be available
on the Company’s Investor Relations website at www.rgare.com. A replay of the conference call will be
available at the same address for 90 days following the conference call. A telephonic replay also will be available through Friday, November 4 at 888-203-1112 (domestic) or 719-457-0820 (international), access code 1763380.

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

Use of Non-GAAP Financial Measures

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

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

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

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

About RGA
Reinsurance Group of America, Incorporated is among the largest global providers of life reinsurance, with operations in Australia, Barbados, Bermuda, Brazil, Canada, China, France, Germany, Hong Kong, India, Ireland, Italy, Japan, Malaysia, Mexico, the Netherlands, New Zealand, Poland, Singapore, South Africa, South Korea, Spain, Taiwan, the United Arab Emirates, the United Kingdom and the United States. Worldwide, RGA has assumed approximately $3.1 trillion of life reinsurance in force, and total assets of $54.8 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, ratios, future financial performance and growth potential of Reinsurance Group of America, Incorporated and its subsidiaries (which we refer to in the previous paragraphs as “we,” “us” or
“our”). The words “intend,” “expect,” “project,” “estimate,” “predict,” “anticipate,” “should,” “believe,” and other similar expressions also are intended to identify forward-looking statements. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Future events and actual results, performance and achievements could differ materially from those set forth in, contemplated by or underlying the forward-looking statements.
Numerous important factors could cause actual results and events to differ materially from those expressed or implied by forward-looking statements including, without limitation, (1) adverse capital and credit market conditions and their impact on the Company’s liquidity, access to capital and cost
of capital, (2) the impairment of other financial institutions and its effect on the Company’s business,
(3) requirements to post collateral or make payments due to declines in market value of assets subject to the Company’s collateral arrangements, (4) the fact that the determination of allowances and impairments
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taken on the Company’s investments is highly subjective, (5) adverse changes in mortality, morbidity, lapsation or claims experience, (6) changes in the Company’s financial strength and credit ratings and the effect of such changes on the Company’s future results of operations and financial condition, (7) inadequate risk analysis and underwriting, (8) general economic conditions or a prolonged economic downturn affecting the demand for insurance and reinsurance in the Company’s current and planned markets, (9) the availability and cost of collateral necessary for regulatory reserves and capital, (10) market or economic conditions that adversely affect the value of the Company’s investment securities or result in the impairment of all or a portion of the value of certain of the Company’s investment securities, that in turn could affect regulatory capital, (11) market or economic conditions that adversely affect the Company’s ability to make timely sales of investment securities, (12) risks inherent in the Company’s risk management and investment strategy, including changes in investment portfolio yields due to interest rate or credit quality changes, (13) fluctuations in U.S. or foreign currency exchange rates, interest rates, or securities and real estate markets, (14) adverse litigation or arbitration results, (15) the adequacy of reserves, resources and accurate information relating to settlements, awards and terminated and discontinued lines of business, (16) the stability of and actions by governments and economies in the markets in which the Company operates, including ongoing uncertainties regarding the amount of United States sovereign debt and the credit ratings thereof, (17) competitive factors and competitors’ responses to the Company’s initiatives, (18) the success of the Company’s clients, (19) successful execution of the Company’s entry into new markets, (20) successful development and introduction of new products and distribution opportunities, (21) the Company’s ability to successfully integrate acquired blocks of business and entities, (22) action by regulators who have authority over the Company’s reinsurance operations in the jurisdictions in which it operates, (23) the Company’s dependence on third parties, including those insurance companies and reinsurers to which the Company cedes some reinsurance, third-party investment managers and others, (24) the threat of natural disasters, catastrophes, terrorist attacks, epidemics or pandemics anywhere in the world where the Company or its clients do business, (25) interruption or failure of the Company’s telecommunication, information technology or other operational systems, or the Company’s failure to maintain adequate security to protect the confidentiality or privacy of personal or
sensitive data stored on such systems, (26) changes in laws, regulations, and accounting standards
applicable to the Company, its subsidiaries, or its business, (27) the effect of the Company’s status as an
insurance holding company and regulatory restrictions on its ability to pay principal of and interest on its debt obligations, and (28) other risks and uncertainties described in this document and in the Company’s other filings with the 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 see Item 1A - “Risk Factors” in the 2015 Annual Report, as updated by Part II, Item 1A - “Risk Factors” in the Company's Quarterly Report on Form 10-Q for the period ended June 30, 2016.
Investor Contact
Jeff Hopson
Senior Vice President - Investor Relations
(636) 736-7000
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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
Reconciliation of Consolidated Net Income to Operating Income
(Dollars in thousands)

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(Unaudited)	Three Months Ended 
 September 30,	 	Nine Months Ended 
 September 30,	
 	2016	 	2015	 	2016	 	2015	
Net income	$	198,719	
 	 	$	83,534	
 	 	$	511,294	
 	 	$	339,039	
 	
Reconciliation to operating income:	 	 	 	 	 	 	 	
Capital (gains) losses, derivatives and other, included in investment related (gains) losses, net	(19,745	)	 	(22,750	)	 	(87,962	)	 	(10,183	)	
Capital (gains) losses on funds withheld, included in investment income, net of related expenses	(2,159	)	 	(1,438	)	 	(12,975	)	 	(10,801	)	
Embedded derivatives:	 	 	 	 	 	 	 	
Included in investment related (gains) losses, net	(37,093	)	 	92,002	
 	 	32,041	
 	 	91,793	
 	
Included in interest credited	28	
 	 	(7,147	)	 	7,688	
 	 	(7,261	)	
DAC offset, net	20,719	
 	 	(16,865	)	 	12,830	
 	 	(23,454	)	
Investment income on unit-linked variable annuities	(3,601	)	 	—	
 	 	(5,794	)	 	—	
 	
Interest credited on unit-linked variable annuities	3,601	
 	 	—	
 	 	5,794	
 	 	—	
 	
Non-investment derivatives	(1,108	)	 	(250	)	 	(1,577	)	 	1	
 	
Operating income	$	159,361	
 	 	$	127,086	
 	 	$	461,339	
 	 	$	379,134	

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

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(Unaudited)	Three Months Ended 
 September 30,	 	Nine Months Ended 
 September 30,	
 	2016	 	2015	 	2016	 	2015	
Income before income taxes	$	287,600	
 	 	$	140,137	
 	 	$	748,403	
 	 	$	538,052	
 	
Reconciliation to pre-tax operating income:	 	 	 	 	 	 	 	
Capital (gains) losses, derivatives and other, included in investment related (gains) losses, net	(26,958	)	 	(35,028	)	 	(126,026	)	 	(14,448	)	
Capital (gains) losses on funds withheld, included in investment income, net of related expenses	(3,322	)	 	(2,212	)	 	(19,962	)	 	(16,616	)	
Embedded derivatives:	 	 	 	 	 	 	 	
Included in investment related (gains) losses, net	(57,066	)	 	141,542	
 	 	49,294	
 	 	141,220	
 	
Included in interest credited	42	
 	 	(10,995	)	 	11,827	
 	 	(11,170	)	
DAC offset, net	31,876	
 	 	(25,945	)	 	19,739	
 	 	(36,083	)	
Investment income on unit-linked variable annuities	(5,540	)	 	—	
 	 	(8,914	)	 	—	
 	
Interest credited on unit-linked variable annuities	5,540	
 	 	—	
 	 	8,914	
 	 	—	
 	
Non-investment derivatives	(1,705	)	 	(383	)	 	(2,426	)	 	2	
 	
Pre-tax operating income	$	230,467	
 	 	$	207,116	
 	 	$	680,849	
 	 	$	600,957	

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

(Unaudited)	Three Months Ended September 30, 2016	
 	Pre-tax net income (loss)	 	Capital
(gains) losses,
derivatives
and other, net	 	Change in
value of
embedded
derivatives, net	 	Pre-tax
operating
income (loss)	
U.S. and Latin America:	 	 	 	 	 	 	 	
Traditional	$	77,081	
 	 	$	(69	)	 	$	3,463	
 	 	$	80,475	
 	
Non-Traditional:	 	 	 	 	 	 	
 	
Asset Intensive	88,732	
 	 	(8,281	)	(1) 	(21,758	)	(2) 	58,693	
 	
Financial Reinsurance	13,982	
 	 	—	
 	 	—	
 	 	13,982	
 	
Total U.S. and Latin America	179,795	
 	 	(8,350	)	 	(18,295	)	 	153,150	
 	
Canada Traditional	34,275	
 	 	(3,651	)	 	—	
 	 	30,624	
 	
Canada Non-Traditional	1,160	
 	 	—	
 	 	—	
 	 	1,160	
 	
Total Canada	35,435	
 	 	(3,651	)	 	—	
 	 	31,784	
 	
EMEA Traditional	8,515	
 	 	—	
 	 	—	
 	 	8,515	
 	
EMEA Non-Traditional	43,786	
 	 	(9,841	)	 	—	
 	 	33,945	
 	
Total EMEA	52,301	
 	 	(9,841	)	 	—	
 	 	42,460	
 	
Asia Pacific Traditional	19,822	
 	 	—	
 	 	—	
 	 	19,822	
 	
Asia Pacific Non-Traditional	7,549	
 	 	(5,283	)	 	—	
 	 	2,266	
 	
Total Asia Pacific	27,371	
 	 	(5,283	)	 	—	
 	 	22,088	
 	
Corporate and Other	(7,302	)	 	(11,713	)	 	—	
 	 	(19,015	)	
Consolidated	$	287,600	
 	 	$	(38,838	)	 	$	(18,295	)	 	$	230,467	

(1)	Asset Intensive is net of $(6,853) DAC offset.	
 	 	
(2)	Asset Intensive is net of $38,729 DAC offset.	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(Unaudited)	Three Months Ended September 30, 2015	
 	Pre-tax net income (loss)	 	Capital
(gains) losses,
derivatives
and other, net	 	Change in
value of
embedded
derivatives, net	 	Pre-tax
operating
income (loss)	
U.S. and Latin America:	 	 	 	 	 	 	 	
Traditional	$	55,652	
 	 	$	(1	)	 	$	(925	)	 	$	54,726	
 	
Non-Traditional:	 	 	 	 	 	 	 	
Asset Intensive	24,182	
 	 	(164,382	)	(1) 	195,430	
 	(2) 	55,230	
 	
Financial Reinsurance	12,073	
 	 	—	
 	 	—	
 	 	12,073	
 	
Total U.S. and Latin America	91,907	
 	 	(164,383	)	 	194,505	
 	 	122,029	
 	
Canada Traditional	34,072	
 	 	3,721	
 	 	—	
 	 	37,793	
 	
Canada Non-Traditional	3,257	
 	 	—	
 	 	—	
 	 	3,257	
 	
Total Canada	37,329	
 	 	3,721	
 	 	—	
 	 	41,050	
 	
EMEA Traditional	15,910	
 	 	(289	)	 	—	
 	 	15,621	
 	
EMEA Non-Traditional	29,234	
 	 	(396	)	 	—	
 	 	28,838	
 	
Total EMEA	45,144	
 	 	(685	)	 	—	
 	 	44,459	
 	
Asia Pacific Traditional	11,276	
 	 	1,706	
 	 	—	
 	 	12,982	
 	
Asia Pacific Non-Traditional	5,412	
 	 	881	
 	 	—	
 	 	6,293	
 	
Total Asia Pacific	16,688	
 	 	2,587	
 	 	—	
 	 	19,275	
 	
Corporate and Other	(50,931	)	 	31,234	
 	 	—	
 	 	(19,697	)	
Consolidated	$	140,137	
 	 	$	(127,526	)	 	$	194,505	
 	 	$	207,116	

(1)	Asset Intensive is net of $(89,903) DAC offset.	
 	 	
(2)	Asset Intensive is net of $63,958 DAC offset.	

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

(Unaudited)	Nine Months Ended September 30, 2016	
 	Pre-tax net income (loss)	 	Capital
(gains) losses,
derivatives
and other, net	 	Change in
value of
embedded
derivatives, net	 	Pre-tax
operating
income (loss)	
U.S. and Latin America:	 	 	 	 	 	 	 	
Traditional	$	239,609	
 	 	$	(3	)	 	$	6,379	
 	 	$	245,985	
 	
Non-Traditional:	 	 	 	 	 	 	 	
Asset Intensive	151,881	
 	 	(88,640	)	(1) 	95,043	
 	(2) 	158,284	
 	
Financial Reinsurance	44,791	
 	 	—	
 	 	—	
 	 	44,791	
 	
Total U.S. and Latin America	436,281	
 	 	(88,643	)	 	101,422	
 	 	449,060	
 	
Canada Traditional	97,679	
 	 	(6,784	)	 	—	
 	 	90,895	
 	
Canada Non-Traditional	3,880	
 	 	—	
 	 	—	
 	 	3,880	
 	
Total Canada	101,559	
 	 	(6,784	)	 	—	
 	 	94,775	
 	
EMEA Traditional	14,233	
 	 	(5	)	 	—	
 	 	14,228	
 	
EMEA Non-Traditional	96,679	
 	 	(10,995	)	 	—	
 	 	85,684	
 	
Total EMEA	110,912	
 	 	(11,000	)	 	—	
 	 	99,912	
 	
Asia Pacific Traditional	95,464	
 	 	(16	)	 	—	
 	 	95,448	
 	
Asia Pacific Non-Traditional	16,029	
 	 	(12,319	)	 	—	
 	 	3,710	
 	
Total Asia Pacific	111,493	
 	 	(12,335	)	 	—	
 	 	99,158	
 	
Corporate and Other	(11,842	)	 	(50,214	)	 	—	
 	 	(62,056	)	
Consolidated	$	748,403	
 	 	$	(168,976	)	 	$	101,422	
 	 	$	680,849	

(1)	Asset Intensive is net of $(20,562) DAC offset.	
 	 	
(2)	Asset Intensive is net of $40,301 DAC offset.	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(Unaudited)	Nine Months Ended September 30, 2015	
 	Pre-tax net income (loss)	 	Capital
(gains) losses,
derivatives
and other, net	 	Change in
value of
embedded
derivatives, net	 	Pre-tax
operating
income (loss)	
U.S. and Latin America:	 	 	 	 	 	 	 	
Traditional	$	156,288	
 	 	$	(2	)	 	$	(1,811	)	 	$	154,475	
 	
Non-Traditional:	 	 	 	 	 	 	 	
Asset Intensive	122,072	
 	 	(162,035	)	(1) 	191,929	
 	(2) 	151,966	
 	
Financial Reinsurance	39,081	
 	 	—	
 	 	—	
 	 	39,081	
 	
Total U.S. and Latin America	317,441	
 	 	(162,037	)	 	190,118	
 	 	345,522	
 	
Canada Traditional	79,535	
 	 	(810	)	 	—	
 	 	78,725	
 	
Canada Non-Traditional	10,482	
 	 	—	
 	 	—	
 	 	10,482	
 	
Total Canada	90,017	
 	 	(810	)	 	—	
 	 	89,207	
 	
EMEA Traditional	35,551	
 	 	(338	)	 	—	
 	 	35,213	
 	
EMEA Non-Traditional	80,300	
 	 	(993	)	 	—	
 	 	79,307	
 	
Total EMEA	115,851	
 	 	(1,331	)	 	—	
 	 	114,520	
 	
Asia Pacific Traditional	68,239	
 	 	1,706	
 	 	—	
 	 	69,945	
 	
Asia Pacific Non-Traditional	14,152	
 	 	2,916	
 	 	—	
 	 	17,068	
 	
Total Asia Pacific	82,391	
 	 	4,622	
 	 	—	
 	 	87,013	
 	
Corporate and Other	(67,648	)	 	32,343	
 	 	—	
 	 	(35,305	)	
Consolidated	$	538,052	
 	 	$	(127,213	)	 	$	190,118	
 	 	$	600,957	

(1)	Asset Intensive is net of $(96,151) DAC offset.	
 	 	
(2)	Asset Intensive is net of $60,068 DAC offset.	

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

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(Unaudited)	Three Months Ended 
 September 30,	 	Nine Months Ended 
 September 30,	
 	2016	 	2015	 	2016	 	2015	
Earnings per share from net income:	 	 	 	 	 	 	 	
Basic earnings per share	$	3.10	
 	 	$	1.26	
 	 	$	7.95	
 	 	$	5.07	
 	
Diluted earnings per share	$	3.07	
 	 	$	1.25	
 	 	$	7.87	
 	 	$	5.01	

Diluted earnings per share from operating income	$	2.46	
 	 	$	1.90	
 	 	$	7.10	
 	 	$	5.60	
 	
Weighted average number of common and common equivalent shares outstanding	64,815	
 	 	66,882	
 	 	64,944	
 	 	67,644	

 	
 	 	 	 	 	 	 	 	
(Unaudited)	At September 30,	
 	2016	 	2015	
Treasury shares	14,932	
 	 	13,389	
 	
Common shares outstanding	64,206	
 	 	65,749	
 	
Book value per share outstanding	$	124.50	
 	 	$	94.92	
 	
Book value per share outstanding, before impact of AOCI	$	90.04	
 	 	$	81.14	

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

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(Unaudited)	Three Months Ended 
 September 30,	 	Nine Months Ended 
 September 30,	
 	2016	 	2015	 	2016	 	2015	
Revenues:	 	 	 	 	 	 	 	
Net premiums	$	2,251,758	
 	 	$	2,089,345	
 	 	$	6,755,708	
 	 	$	6,242,240	
 	
Investment income, net of related expenses	489,727	
 	 	389,597	
 	 	1,414,659	
 	 	1,267,027	
 	
Investment related gains (losses), net:	 	 	 	 	 	 	 	
Other-than-temporary impairments on fixed maturity securities	—	
 	 	(23,111	)	 	(34,663	)	 	(29,775	)	
Other investment related gains (losses), net	86,624	
 	 	(88,235	)	 	118,665	
 	 	(90,166	)	
Total investment related gains (losses), net	86,624	
 	 	(111,346	)	 	84,002	
 	 	(119,941	)	
Other revenue	72,468	
 	 	71,038	
 	 	197,844	
 	 	200,261	
 	
Total revenues	2,900,577	
 	 	2,438,634	
 	 	8,452,213	
 	 	7,589,587	
 	
Benefits and expenses:	 	 	 	 	 	 	 	
Claims and other policy benefits	1,993,064	
 	 	1,831,819	
 	 	5,877,330	
 	 	5,473,453	
 	
Interest credited	116,848	
 	 	34,008	
 	 	300,602	
 	 	231,932	
 	
Policy acquisition costs and other insurance expenses	300,962	
 	 	249,702	
 	 	940,406	
 	 	827,157	
 	
Other operating expenses	152,556	
 	 	142,270	
 	 	469,875	
 	 	395,488	
 	
Interest expense	43,063	
 	 	35,565	
 	 	96,201	
 	 	107,043	
 	
Collateral finance and securitization expense	6,484	
 	 	5,133	
 	 	19,396	
 	 	16,462	
 	
Total benefits and expenses	2,612,977	
 	 	2,298,497	
 	 	7,703,810	
 	 	7,051,535	
 	
Income before income taxes	287,600	
 	 	140,137	
 	 	748,403	
 	 	538,052	
 	
Provision for income taxes	88,881	
 	 	56,603	
 	 	237,109	
 	 	199,013	
 	
Net income	$	198,719	
 	 	$	83,534	
 	 	$	511,294	
 	 	$	339,039	
 	
# # #

Exhibit 99.2

Financial Supplement
Third Quarter 2016
(Unaudited)

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

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

 

Reinsurance Group of America, Incorporated
Financial Supplement
3rd Quarter 2016
Table of Contents

 	Page	
Non-GAAP Disclosures	1	
 	 	
2016 Notes	2	
 	 	
Consolidated	 	
 	 	
Financial Highlights	3	
 	 	
Consolidated GAAP Income Statements (including Operating Income Reconciliations)	4	
 	 	
Consolidated Operating Income Statements	5	
 	 	
Consolidated Balance Sheets	6	
 	 	
Segment Summaries of GAAP Income Statements and Operating Income Statements	 	
 	 	
U.S. and Latin America Operations	7	
 	 	
Canada Traditional Segment	14	
 	 	
Canada Non-Traditional Segment	16	
 	 	
Europe, Middle East and Africa Traditional Segment	18	
 	 	
Europe, Middle East and Africa Non-Traditional Segment	20	
 	 	
Asia Pacific Traditional Segment	22	
 	 	
Asia Pacific Non-Traditional Segment	24	
 	 	
Corporate and Other Segment	26	
 	 	
Summary of Segment GAAP Income Statements	28	
 	 	
Summary of Segment Operating Income Statements	29	
 	 	
Investments	 	
 	 	
Cash and Invested Assets, Investment Income and Yield Summary	30	
 	 	
Amortized Cost, Gross Unrealized Gains and Losses, and Estimated Fair Values of Fixed Maturity and Equity Securities	31	
 	 	
Corporate Fixed Maturities Securities by Sector	32	
 	 	
Ratings of Fixed Maturity Securities and Structured Fixed Maturity Securities	33	
 	 	
Gross Unrealized Losses Aging	34	
 	 	
Fixed Maturities and Equity Securities Below Amortized Cost	35	
 	 	
Consolidated Investment Related Gains and Losses	36	
 	 	
Appendix	 	
 	 	
Reconciliations of GAAP Income Statements to Operating Income Statements	38	

Reinsurance Group of America, Incorporated
Financial Supplement
This Financial Supplement is for information purposes only and includes unaudited figures. This report should be read in conjunction with documents filed by Reinsurance Group of America, Incorporated ("RGA") with the SEC.
Non-GAAP Disclosures
RGA uses a non-GAAP financial measure called operating income as a basis for analyzing financial results. This measure also serves as a basis for establishing target levels and awards under RGA’s management incentive programs. Management believes that operating income, on a pre-tax and after-tax basis, better measures the ongoing profitability and underlying trends of the Company’s continuing operations, primarily because that measure excludes substantially all of the effect of net investment related gains and losses, as well as changes in the fair value of certain embedded derivatives and related deferred acquisition costs. These items can be volatile, primarily due to the credit market and interest rate environment and are not necessarily indicative of the performance of the Company’s underlying businesses. Additionally, operating income excludes any net gain or loss from discontinued operations, the cumulative effect of any accounting changes, and other items that management believes are not indicative of the Company’s ongoing operations. The definition of operating income can vary by company and is not considered a substitute for GAAP net income. A reconciliation of income before income taxes of the operating segments to operating income before income tax is presented in the appendix.
RGA evaluates its stockholders' 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.
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.

Additionally, RGA uses a non-GAAP financial measure called book value per share excluding the impact of AOCI 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.

                                        

 	 	Page 1

Reinsurance Group of America, Incorporated
Financial Supplement
2016 Notes

PRIOR PERIOD RECLASSIFICATIONS

Effective December 31, 2015, prior period balances were updated to reflect the adoption of the accounting standard update "Simplifying the Presentation of Debt Issuance Costs".

 

                                        

 	 	Page 2

Reinsurance Group of America, Incorporated
Financial Highlights	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	Current Qtr vs. PY Quarter	 	 	 	Year-to Date	 	
(USD thousands, except in force & per share data)	 	Sept. 30,	 	June 30,	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	 	 	 	 	Sept. 30,	 	Sept. 30,	 	 	 	 	 	 	
 	 	2016	 	2016	 	2016	 	2015	 	2015	 	 	 	 	 	2016	 	2015	 	Change	 	 	 	 	 	 	
Net premiums	 	$	2,251,758	
 	 	$	2,346,945	
 	 	$	2,157,005	
 	 	$	2,328,501	
 	 	$	2,089,345	
 	 	$	162,413	
 	 	 	 	$	6,755,708	
 	 	$	6,242,240	
 	 	$	513,468	
 	 	 	 	 	 	 	
Net income	 	198,719	
 	 	236,103	
 	 	76,472	
 	 	163,127	
 	 	83,534	
 	 	115,185	
 	 	 	 	511,294	
 	 	339,039	
 	 	172,255	
 	 	 	 	 	 	 	
Operating income	 	159,361	
 	 	181,228	
 	 	120,750	
 	 	187,950	
 	 	127,086	
 	 	32,275	
 	 	 	 	461,339	
 	 	379,134	
 	 	82,205	
 	 	 	 	 	 	 	
Return on equity - annualized	 	10.2	%	 	13.2	%	 	4.8	%	 	10.5	%	 	5.3	%	 	4.9	%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Return on equity - trailing 12 months	 	9.7	%	 	8.4	%	 	6.9	%	 	7.6	%	 	7.8	%	 	1.9	%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating return on equity (ex AOCI):	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
  Annualized	 	11.2	%	 	13.2	%	 	8.9	%	 	14.0	%	 	9.5	%	 	1.7	%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
  Trailing 12 months	 	11.8	%	 	11.4	%	 	10.6	%	 	10.6	%	 	11.1	%	 	0.7	%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total assets (1)	 	$	54,832,498	
 	 	$	53,876,703	
 	 	$	52,186,624	
 	 	$	50,383,152	
 	 	$	47,581,959	
 	 	$	7,250,539	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Assumed Life Reinsurance In Force (in billions)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
U.S. and Latin America Traditional	 	$	1,603.8	
 	 	$	1,612.9	
 	 	$	1,609.3	
 	 	$	1,594.3	
 	 	$	1,476.1	
 	 	$	127.7	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
U.S. and Latin America Non-Traditional	 	2.1	
 	 	2.1	
 	 	2.1	
 	 	2.1	
 	 	2.2	
 	 	(0.1	)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Canada Traditional	 	358.7	
 	 	361.8	
 	 	349.0	
 	 	333.0	
 	 	343.0	
 	 	15.7	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Europe, Middle East and Africa Traditional	 	612.8	
 	 	608.3	
 	 	624.2	
 	 	602.7	
 	 	566.0	
 	 	46.8	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Asia Pacific Traditional	 	505.1	
 	 	504.8	
 	 	483.5	
 	 	462.7	
 	 	461.8	
 	 	43.3	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Asia Pacific Non-Traditional	 	0.3	
 	 	0.4	
 	 	0.3	
 	 	0.3	
 	 	0.3	
 	 	—	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Assumed Life Reinsurance In Force	 	$	3,082.8	
 	 	$	3,090.3	
 	 	$	3,068.4	
 	 	$	2,995.1	
 	 	$	2,849.4	
 	 	$	233.4	

 	 	

 	
 	 	 	 	 	 	 	
Assumed New Business Production (in billions)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
U.S. and Latin America Traditional	 	$	19.7	
 	 	$	32.0	
 	 	$	41.3	
 	 	$	142.1	
 	(2)	$	26.4	
 	 	$	(6.7	)	 	 	 	$	93.0	
 	 	$	61.8	
 	 	$	31.2	
 	 	 	 	 	 	 	
Canada Traditional	 	9.4	
 	 	8.2	
 	 	8.2	
 	 	8.7	
 	 	9.1	
 	 	0.3	
 	 	 	 	25.8	
 	 	29.9	
 	 	(4.1	)	 	 	 	 	 	 	
Europe, Middle East and Africa Traditional	 	31.7	
 	 	49.1	
 	 	44.7	
 	 	66.0	
 	(2)	24.7	
 	 	7.0	
 	 	 	 	125.5	
 	 	105.6	
 	 	19.9	
 	 	 	 	 	 	 	
Asia Pacific Traditional	 	20.5	
 	 	18.0	
 	 	13.6	
 	 	12.1	
 	 	24.4	
 	 	(3.9	)	 	 	 	52.1	
 	 	64.8	
 	 	(12.7	)	 	 	 	 	 	 	
Total Assumed New Business Production	 	$	81.3	
 	 	$	107.3	
 	 	$	107.8	
 	 	$	228.9	
 	 	$	84.6	
 	 	$	(3.3	)	 	 	 	$	296.4	
 	 	$	262.1	
 	 	$	34.3	
 	 	 	 	 	 	 	
Per Share and Shares Data	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic earnings per share	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	 	$	3.10	
 	 	$	3.68	
 	 	$	1.18	
 	 	$	2.49	
 	 	$	1.26	
 	 	$	1.84	
 	 	 	 	$	7.95	
 	 	$	5.07	
 	 	$	2.88	
 	 	 	 	 	 	 	
Operating income	 	$	2.48	
 	 	$	2.83	
 	 	$	1.87	
 	 	$	2.87	
 	 	$	1.92	
 	 	$	0.56	
 	 	 	 	$	7.18	
 	 	$	5.67	
 	 	$	1.51	
 	 	 	 	 	 	 	
Diluted earnings per share	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	 	$	3.07	
 	 	$	3.64	
 	 	$	1.17	
 	 	$	2.46	
 	 	$	1.25	
 	 	$	1.82	
 	 	 	 	$	7.87	
 	 	$	5.01	
 	 	$	2.86	
 	 	 	 	 	 	 	
Operating income	 	$	2.46	
 	 	$	2.80	
 	 	$	1.85	
 	 	$	2.84	
 	 	$	1.90	
 	 	$	0.56	
 	 	 	 	$	7.10	
 	 	$	5.60	
 	 	$	1.50	

Wgt. average common shares outstanding	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic	 	64,146	
 	 	64,126	
 	 	64,568	
 	 	65,535	
 	 	66,205	
 	 	(2,059	)	 	 	 	64,281	
 	 	66,895	
 	 	(2,614	)	 	 	 	 	 	 	
Diluted	 	64,815	
 	 	64,796	
 	 	65,217	
 	 	66,247	
 	 	66,882	
 	 	(2,067	)	 	 	 	64,944	
 	 	67,644	
 	 	(2,700	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Common shares issued	 	79,138	
 	 	79,138	
 	 	79,138	
 	 	79,138	
 	 	79,138	
 	 	—	
 	 	 	 	79,138	
 	 	79,138	
 	 	—	
 	 	 	 	 	 	 	
Treasury shares	 	14,932	
 	 	15,068	
 	 	15,073	
 	 	13,933	
 	 	13,389	
 	 	1,543	
 	 	 	 	14,932	
 	 	13,389	
 	 	1,543	
 	 	 	 	 	 	 	
Common shares outstanding	 	64,206	
 	 	64,070	
 	 	64,065	
 	 	65,205	
 	 	65,749	
 	 	(1,543	)	 	 	 	64,206	
 	 	65,749	
 	 	(1,543	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Book value per share	 	$	124.50	
 	 	$	118.32	
 	 	$	104.88	
 	 	$	94.09	
 	 	$	94.92	

Per share effect of AOCI	 	$	34.46	
 	 	$	30.99	
 	 	$	20.77	
 	 	$	10.86	
 	 	$	13.78	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Book value per share, excluding AOCI	 	$	90.04	
 	 	$	87.33	
 	 	$	84.11	
 	 	$	83.23	
 	 	$	81.14	

Shareholder dividends paid	 	$	26,288.3	
 	 	$	23,727.2	
 	 	$	24,018.6	
 	 	$	24,269.1	
 	 	$	24,592.1	
 	 	$	1,696.2	
 	 	 	 	$	74,034.1	
 	 	$	69,111.4	
 	 	$	4,922.7	
 	 	 	 	 	 	 	
        (1) Effective December 31, 2015, prior period balances have been updated to conform with current period presentation for the adoption of the accounting standard update "Simplifying the Presentation of Debt Issuance Costs".	 	 	 	 	 	 	
        (2) Includes the effect of significant in force transactions.	 	 	 	 	 	 	

 	
 	 	 	
 	 	Page 3

Reinsurance Group of America, Incorporated
Consolidated GAAP Income Statements (including Operating Income Reconciliations)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	Current Qtr	 	 	 	Year-to Date	
 	 	Sept. 30,	 	June 30,	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	vs. PY	 	 	 	Sept. 30,	 	Sept. 30,	 	 	
(USD thousands)	 	2016	 	2016	 	2016	 	2015	 	2015	 	Quarter	 	 	 	2016	 	2015	 	Change	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	2,251,758	
 	 	$	2,346,945	
 	 	$	2,157,005	
 	 	$	2,328,501	
 	 	$	2,089,345	
 	 	$	162,413	
 	 	 	 	$	6,755,708	
 	 	$	6,242,240	
 	 	$	513,468	
 	
Investment income, net of related expenses	 	489,727	
 	 	507,666	
 	 	417,266	
 	 	467,468	
 	 	389,597	
 	 	100,130	
 	 	 	 	1,414,659	
 	 	1,267,027	
 	 	147,632	
 	
Investment related gains (losses), net	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
OTTI on fixed maturity securities	 	—	
 	 	(846	)	 	(33,817	)	 	(27,605	)	 	(23,111	)	 	23,111	
 	 	 	 	(34,663	)	 	(29,775	)	 	(4,888	)	
Other investment related gains (losses), net	 	86,624	
 	 	119,110	
 	 	(87,069	)	 	(17,204	)	 	(88,235	)	 	174,859	
 	 	 	 	118,665	
 	 	(90,166	)	 	208,831	
 	
Total investment related gains (losses), net	 	86,624	
 	 	118,264	
 	 	(120,886	)	 	(44,809	)	 	(111,346	)	 	197,970	
 	 	 	 	84,002	
 	 	(119,941	)	 	203,943	
 	
Other revenue	 	72,468	
 	 	66,193	
 	 	59,183	
 	 	77,431	
 	 	71,038	
 	 	1,430	
 	 	 	 	197,844	
 	 	200,261	
 	 	(2,417	)	
Total revenues	 	2,900,577	
 	 	3,039,068	
 	 	2,512,568	
 	 	2,828,591	
 	 	2,438,634	
 	 	461,943	
 	 	 	 	8,452,213	
 	 	7,589,587	
 	 	862,626	
 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	

Claims and other policy benefits	 	1,993,064	
 	 	1,997,502	
 	 	1,886,764	
 	 	2,015,929	
 	 	1,831,819	
 	 	161,245	
 	 	 	 	5,877,330	
 	 	5,473,453	
 	 	403,877	
 	
Interest credited	 	116,848	
 	 	95,849	
 	 	87,905	
 	 	105,032	
 	 	34,008	
 	 	82,840	
 	 	 	 	300,602	
 	 	231,932	
 	 	68,670	
 	
Policy acquisition costs and other insurance expenses	 	300,962	
 	 	405,681	
 	 	233,763	
 	 	300,329	
 	 	249,702	
 	 	51,260	
 	 	 	 	940,406	
 	 	827,157	
 	 	113,249	
 	
Other operating expenses	 	152,556	
 	 	159,895	
 	 	157,424	
 	 	158,556	
 	 	142,270	
 	 	10,286	
 	 	 	 	469,875	
 	 	395,488	
 	 	74,387	
 	
Interest expense	 	43,063	
 	 	20,331	
 	 	32,807	
 	 	35,820	
 	 	35,565	
 	 	7,498	
 	 	 	 	96,201	
 	 	107,043	
 	 	(10,842	)	
Collateral finance and securitization expense	 	6,484	
 	 	6,587	
 	 	6,325	
 	 	6,182	
 	 	5,133	
 	 	1,351	
 	 	 	 	19,396	
 	 	16,462	
 	 	2,934	
 	
Total benefits and expenses	 	2,612,977	
 	 	2,685,845	
 	 	2,404,988	
 	 	2,621,848	
 	 	2,298,497	
 	 	314,480	
 	 	 	 	7,703,810	
 	 	7,051,535	
 	 	652,275	
 	
Income before income taxes	 	287,600	
 	 	353,223	
 	 	107,580	
 	 	206,743	
 	 	140,137	
 	 	147,463	
 	 	 	 	748,403	
 	 	538,052	
 	 	210,351	
 	
Income tax expense	 	88,881	
 	 	117,120	
 	 	31,108	
 	 	43,616	
 	 	56,603	
 	 	32,278	
 	 	 	 	237,109	
 	 	199,013	
 	 	38,096	
 	
Net income	 	$	198,719	
 	 	$	236,103	
 	 	$	76,472	
 	 	$	163,127	
 	 	$	83,534	
 	 	$	115,185	
 	 	 	 	$	511,294	
 	 	$	339,039	
 	 	$	172,255	
 	
Pre-tax Operating Income Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	$	287,600	
 	 	$	353,223	
 	 	$	107,580	
 	 	$	206,743	
 	 	$	140,137	
 	 	$	147,463	
 	 	 	 	$	748,403	
 	 	$	538,052	
 	 	$	210,351	
 	
Investment and derivative losses (gains)—	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
non-operating (1)	 	(26,958	)	 	(67,100	)	 	(31,968	)	 	64,034	
 	 	(35,028	)	 	8,070	
 	 	 	 	(126,026	)	 	(14,448	)	 	(111,578	)	
Change in value of modified coinsurance and	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
funds withheld embedded derivatives (1)	 	(49,078	)	 	(76,966	)	 	92,249	
 	 	27,201	
 	 	46,169	
 	 	(95,247	)	 	 	 	(33,795	)	 	71,592	
 	 	(105,387	)	
GMXB embedded derivatives  (1)	 	(7,988	)	 	28,137	
 	 	62,940	
 	 	(36,437	)	 	95,373	
 	 	(103,361	)	 	 	 	83,089	
 	 	69,628	
 	 	13,461	
 	
Funds withheld losses (gains)—investment income	 	(3,322	)	 	(11,657	)	 	(4,983	)	 	246	
 	 	(2,212	)	 	(1,110	)	 	 	 	(19,962	)	 	(16,616	)	 	(3,346	)	
EIA embedded derivatives—interest credited	 	42	
 	 	(17,364	)	 	29,149	
 	 	(1,412	)	 	(10,995	)	 	11,037	
 	 	 	 	11,827	
 	 	(11,170	)	 	22,997	
 	
DAC offset, net	 	31,876	
 	 	64,841	
 	 	(76,978	)	 	(13,142	)	 	(25,945	)	 	57,821	
 	 	 	 	19,739	
 	 	(36,083	)	 	55,822	
 	
Investment income on unit-linked variable annuities	 	(5,540	)	 	(2,966	)	 	(408	)	 	—	
 	 	—	
 	 	(5,540	)	 	 	 	(8,914	)	 	—	
 	 	(8,914	)	
Interest credited on unit-linked variable annuities	 	5,540	
 	 	2,966	
 	 	408	
 	 	—	
 	 	—	
 	 	5,540	
 	 	 	 	8,914	
 	 	—	
 	 	8,914	
 	
Non-investment derivatives	 	(1,705	)	 	110	
 	 	(831	)	 	(120	)	 	(383	)	 	(1,322	)	 	 	 	(2,426	)	 	2	
 	 	(2,428	)	
Operating Income Before Income Taxes	 	$	230,467	
 	 	$	273,224	
 	 	$	177,158	
 	 	$	247,113	
 	 	$	207,116	
 	 	$	23,351	
 	 	 	 	$	680,849	
 	 	$	600,957	
 	 	$	79,892	
 	
After-tax Operating Income Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net Income	 	$	198,719	
 	 	$	236,103	
 	 	$	76,472	
 	 	$	163,127	
 	 	$	83,534	
 	 	$	115,185	
 	 	 	 	$	511,294	
 	 	$	339,039	
 	 	$	172,255	
 	
Investment and derivative losses (gains)—	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

non-operating (1)	 	(19,745	)	 	(46,490	)	 	(21,727	)	 	40,203	
 	 	(22,750	)	 	3,005	
 	 	 	 	(87,962	)	 	(10,183	)	 	(77,779	)	
Change in value of modified coinsurance and	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
funds withheld embedded derivatives (1)	 	(31,901	)	 	(50,028	)	 	59,962	
 	 	17,680	
 	 	30,010	
 	 	(61,911	)	 	 	 	(21,967	)	 	46,535	
 	 	(68,502	)	
GMXB embedded derivatives  (1)	 	(5,192	)	 	18,289	
 	 	40,911	
 	 	(23,684	)	 	61,992	
 	 	(67,184	)	 	 	 	54,008	
 	 	45,258	
 	 	8,750	
 	
Funds withheld losses (gains)—investment income	 	(2,159	)	 	(7,577	)	 	(3,239	)	 	161	
 	 	(1,438	)	 	(721	)	 	 	 	(12,975	)	 	(10,801	)	 	(2,174	)	
EIA embedded derivatives—interest credited	 	28	
 	 	(11,287	)	 	18,947	
 	 	(917	)	 	(7,147	)	 	7,175	
 	 	 	 	7,688	
 	 	(7,261	)	 	14,949	
 	
DAC offset, net	 	20,719	
 	 	42,147	
 	 	(50,036	)	 	(8,542	)	 	(16,865	)	 	37,584	
 	 	 	 	12,830	
 	 	(23,454	)	 	36,284	
 	
Investment income on unit-linked variable annuities	 	(3,601	)	 	(1,928	)	 	(265	)	 	—	
 	 	—	
 	 	(3,601	)	 	 	 	(5,794	)	 	—	
 	 	(5,794	)	
Interest credited on unit-linked variable annuities	 	3,601	
 	 	1,928	
 	 	265	
 	 	—	
 	 	—	
 	 	3,601	
 	 	 	 	5,794	
 	 	—	
 	 	5,794	
 	
Non-investment derivatives	 	(1,108	)	 	71	
 	 	(540	)	 	(78	)	 	(250	)	 	(858	)	 	 	 	(1,577	)	 	1	
 	 	(1,578	)	
Operating Income	 	$	159,361	
 	 	$	181,228	
 	 	$	120,750	
 	 	$	187,950	
 	 	$	127,086	
 	 	$	32,275	
 	 	 	 	$	461,339	
 	 	$	379,134	
 	 	$	82,205	

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

 	
 	 	 	
 	 	Page 4

Reinsurance Group of America, Incorporated
Consolidated Operating Income Statements

 	 	Three Months Ended	 	Current Qtr
vs. PY
Quarter	 	 	 	Year-to-Date	 	
 	 	Sept. 30,	 	June 30,	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	 	 	 	 	Sept. 30,	 	Sept. 30,	 	 	 	 	 	 	
(USD thousands, except per share data)	 	2016	 	2016	 	2016	 	2015	 	2015	 	 	 	 	 	2016	 	2015	 	Change	 	 	 	 	 	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	2,251,758	
 	 	$	2,346,945	
 	 	$	2,157,005	
 	 	$	2,328,501	
 	 	$	2,089,345	
 	 	$	162,413	
 	 	 	 	$	6,755,708	
 	 	$	6,242,240	
 	 	$	513,468	
 	 	 	 	 	 	 	
Investment income, net of related expenses	 	480,865	
 	 	493,043	
 	 	411,875	
 	 	467,714	
 	 	387,385	
 	 	93,480	
 	 	 	 	1,385,783	
 	 	1,250,411	
 	 	135,372	
 	 	 	 	 	 	 	
Investment related gains (losses), net	 	2,600	
 	 	2,335	
 	 	2,335	
 	 	9,989	
 	 	(4,832	)	 	7,432	
 	 	 	 	7,270	
 	 	6,831	
 	 	439	
 	 	 	 	 	 	 	
Other revenue	 	70,763	
 	 	66,303	
 	 	58,352	
 	 	77,311	
 	 	70,655	
 	 	108	
 	 	 	 	195,418	
 	 	200,263	
 	 	(4,845	)	 	 	 	 	 	 	
Total revenues	 	2,805,986	
 	 	2,908,626	
 	 	2,629,567	
 	 	2,883,515	
 	 	2,542,553	
 	 	263,433	
 	 	 	 	8,344,179	
 	 	7,699,745	
 	 	644,434	

Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	1,993,064	
 	 	1,997,502	
 	 	1,886,764	
 	 	2,015,929	
 	 	1,831,819	
 	 	161,245	
 	 	 	 	5,877,330	
 	 	5,473,453	
 	 	403,877	
 	 	 	 	 	 	 	
Interest credited	 	111,266	
 	 	110,247	
 	 	58,348	
 	 	106,444	
 	 	45,003	
 	 	66,263	
 	 	 	 	279,861	
 	 	243,102	
 	 	36,759	
 	 	 	 	 	 	 	
Policy acquisition costs and other insurance expenses	 	269,086	
 	 	340,840	
 	 	310,741	
 	 	313,471	
 	 	275,647	
 	 	(6,561	)	 	 	 	920,667	
 	 	863,240	
 	 	57,427	
 	 	 	 	 	 	 	
Other operating expenses	 	152,556	
 	 	159,895	
 	 	157,424	
 	 	158,556	
 	 	142,270	
 	 	10,286	
 	 	 	 	469,875	
 	 	395,488	
 	 	74,387	
 	 	 	 	 	 	 	
Interest expense	 	43,063	
 	 	20,331	
 	 	32,807	
 	 	35,820	
 	 	35,565	
 	 	7,498	
 	 	 	 	96,201	
 	 	107,043	
 	 	(10,842	)	 	 	 	 	 	 	
Collateral finance and securitization expense	 	6,484	
 	 	6,587	
 	 	6,325	
 	 	6,182	
 	 	5,133	
 	 	1,351	
 	 	 	 	19,396	
 	 	16,462	
 	 	2,934	
 	 	 	 	 	 	 	
Total benefits and expenses	 	2,575,519	
 	 	2,635,402	
 	 	2,452,409	
 	 	2,636,402	
 	 	2,335,437	
 	 	240,082	
 	 	 	 	7,663,330	
 	 	7,098,788	
 	 	564,542	

Operating income before income taxes	 	230,467	
 	 	273,224	
 	 	177,158	
 	 	247,113	
 	 	207,116	
 	 	23,351	
 	 	 	 	680,849	
 	 	600,957	
 	 	79,892	

Operating income tax expense	 	71,106	
 	 	91,996	
 	 	56,408	
 	 	59,163	
 	 	80,030	
 	 	(8,924	)	 	 	 	219,510	
 	 	221,823	
 	 	(2,313	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income	 	$	159,361	
 	 	$	181,228	
 	 	$	120,750	
 	 	$	187,950	
 	 	$	127,086	
 	 	$	32,275	
 	 	 	 	$	461,339	
 	 	$	379,134	
 	 	$	82,205	

Wgt. average common shares outstanding (diluted)	 	64,815	
 	 	64,796	
 	 	65,217	
 	 	66,247	
 	 	66,882	
 	 	(2,067)	
 	 	 	 	64,944	
 	 	67,644	
 	 	(2,700)	

Diluted earnings per share—operating income	 	$	2.46	
 	 	$	2.80	
 	 	$	1.85	
 	 	$	2.84	
 	 	$	1.90	
 	 	$	0.56	
 	 	 	 	$	7.10	
 	 	$	5.60	
 	 	$	1.50	

Foreign currency effect   (1) :	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	(19,914	)	 	$	(43,422	)	 	$	(69,340	)	 	$	(106,556	)	 	$	(145,047	)	 	$	125,133	
 	 	 	 	$	(132,676	)	 	$	(362,358	)	 	$	229,682	
 	 	 	 	 	 	 	
Operating income before income taxes	 	$	(3,195	)	 	$	(4,057	)	 	$	(9,742	)	 	$	(18,726	)	 	$	(15,526	)	 	$	12,331	
 	 	 	 	$	(16,994	)	 	$	(36,059	)	 	$	19,065	

(1) Compared to comparable prior year period.	 	 	 	 	 	 	

                                        

 	 	Page 5

 
Reinsurance Group of America, Incorporated
Consolidated Balance Sheets
(USD thousands)	

 	 	Sept. 30,	 	June 30,	 	March 31,	 	Dec. 31,	 	Sept. 30,	
 	 	2016	 	2016	 	2016	 	2015	 	2015	
Assets	 	 	 	 	 	 	 	 	 	 	
Fixed maturity securities, available-for-sale	 	$	33,536,419	
 	 	$	33,160,976	
 	 	$	31,148,714	
 	 	$	29,642,905	
 	 	$	27,411,788	
 	
Mortgage loans on real estate	 	3,607,700	
 	 	3,377,039	
 	 	3,292,496	
 	 	3,129,951	
 	 	3,170,002	
 	
Policy loans	 	1,414,963	
 	 	1,445,410	
 	 	1,451,857	
 	 	1,468,796	
 	 	1,444,009	
 	
Funds withheld at interest	 	5,922,656	
 	 	5,899,289	
 	 	5,797,183	
 	 	5,880,203	
 	 	5,675,174	
 	
Short-term investments	 	126,702	
 	 	195,979	
 	 	431,535	
 	 	558,284	
 	 	58,200	
 	
Other invested assets	 	1,777,065	
 	 	1,682,143	
 	 	1,368,544	
 	 	1,298,120	
 	 	1,187,504	
 	
Total investments	 	46,385,505	
 	 	45,760,836	
 	 	43,490,329	
 	 	41,978,259	
 	 	38,946,677	
 	
Cash and cash equivalents	 	1,379,693	
 	 	1,034,329	
 	 	1,502,082	
 	 	1,525,275	
 	 	1,747,692	
 	
Accrued investment income	 	391,837	
 	 	368,926	
 	 	364,432	
 	 	339,452	
 	 	342,088	
 	
Premiums receivable and other reinsurance balances	 	1,834,362	
 	 	1,917,844	
 	 	1,886,293	
 	 	1,797,504	
 	 	1,553,093	
 	
Reinsurance ceded receivables	 	694,906	
 	 	681,425	
 	 	688,491	
 	 	637,859	
 	 	661,185	
 	
Deferred policy acquisition costs	 	3,406,093	
 	 	3,401,935	
 	 	3,490,509	
 	 	3,392,437	
 	 	3,311,086	
 	
Other assets (1)	 	740,102	
 	 	711,408	
 	 	764,488	
 	 	712,366	
 	 	1,020,138	
 	
Total assets (1)	 	$	54,832,498	
 	 	$	53,876,703	
 	 	$	52,186,624	
 	 	$	50,383,152	
 	 	$	47,581,959	

Liabilities and Stockholders’ Equity	 	 	 	 	 	 	 	 	 	 	
Future policy benefits	 	$	19,634,157	
 	 	$	19,605,021	
 	 	$	19,811,921	
 	 	$	19,612,251	
 	 	$	16,574,783	
 	
Interest-sensitive contract liabilities	 	14,217,831	
 	 	14,024,012	
 	 	14,087,081	
 	 	13,663,873	
 	 	13,699,896	
 	
Other policy claims and benefits	 	4,304,491	
 	 	4,305,219	
 	 	4,384,072	
 	 	4,094,640	
 	 	3,892,036	
 	
Other reinsurance balances	 	353,426	
 	 	344,527	
 	 	397,375	
 	 	296,899	
 	 	280,093	
 	
Deferred income taxes	 	3,071,995	
 	 	2,901,264	
 	 	2,483,584	
 	 	2,218,328	
 	 	2,285,066	
 	
Other liabilities	 	1,321,017	
 	 	1,157,252	
 	 	1,106,531	
 	 	1,165,071	
 	 	1,405,675	
 	
Short-term debt	 	299,876	
 	 	299,807	
 	 	299,739	
 	 	—	
 	 	—	
 	
Long-term debt (1)	 	2,788,834	
 	 	2,788,473	
 	 	1,997,970	
 	 	2,297,548	
 	 	2,297,592	
 	
Collateral finance and securitization notes (1)	 	847,389	
 	 	870,482	
 	 	899,482	
 	 	899,161	
 	 	905,752	
 	
Total liabilities (1)	 	46,839,016	
 	 	46,296,057	
 	 	45,467,755	
 	 	44,247,771	
 	 	41,340,893	

Stockholders’ Equity:	 	 	 	 	 	 	 	 	 	 	
Common stock, at par value	 	791	
 	 	791	
 	 	791	
 	 	791	
 	 	791	
 	
Additional paid-in-capital	 	1,842,390	
 	 	1,834,995	
 	 	1,827,646	
 	 	1,816,142	
 	 	1,812,377	
 	
Retained earnings	 	5,039,470	
 	 	4,870,711	
 	 	4,668,588	
 	 	4,620,303	
 	 	4,482,709	
 	
Treasury stock	 	(1,101,495	)	 	(1,111,225	)	 	(1,108,539	)	 	(1,010,139	)	 	(961,290	)	
Accumulated other comprehensive income (AOCI):	 	 	 	 	 	 	 	 	 	 	
Accumulated currency translation adjustment, net of income taxes	 	(121,709	)	 	(93,476	)	 	(103,418	)	 	(181,151	)	 	(119,493	)	
Unrealized appreciation of securities, net of income taxes	 	2,381,473	
 	 	2,126,815	
 	 	1,482,922	
 	 	935,697	
 	 	1,071,990	
 	
Pension and postretirement benefits, net of income taxes	 	(47,438	)	 	(47,965	)	 	(49,121	)	 	(46,262	)	 	(46,018	)	
Total stockholders’ equity	 	7,993,482	
 	 	7,580,646	
 	 	6,718,869	
 	 	6,135,381	
 	 	6,241,066	
 	
Total liabilities and stockholders’ equity (1)	 	$	54,832,498	
 	 	$	53,876,703	
 	 	$	52,186,624	
 	 	$	50,383,152	
 	 	$	47,581,959	

Total stockholders’ equity, excluding AOCI	 	$	5,781,156	
 	 	$	5,595,272	
 	 	$	5,388,486	
 	 	$	5,427,097	
 	 	$	5,334,587	

(1) Effective December 31, 2015, prior period balances have been updated to conform with current period presentation for the adoption of the accounting standard update "Simplifying the Presentation of Debt	
     Issuance Costs".	 	 	 	 	 	 	 	 	 	 	

 	
 	 	 	
 	 	Page 6

 
Reinsurance Group of America, Incorporated
U.S. and Latin America Traditional Segment
GAAP Income Statements
(USD thousands)	

 	 	Three Months Ended	 	Current	 	 	 	Year-to-Date	
 	 	Sept. 30,	 	June 30,	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	Qtr vs. PY	 	 	 	Sept. 30,	 	Sept. 30,	 	 	
 	 	2016	 	2016	 	2016	 	2015	 	2015	 	Quarter	 	 	 	2016	 	2015	 	Change	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	1,277,491	
 	 	$	1,307,395	
 	 	$	1,234,394	
 	 	$	1,370,745	
 	 	$	1,150,936	
 	 	$	126,555	
 	 	 	 	$	3,819,280	
 	 	$	3,435,961	
 	 	$	383,319	
 	
Investment income, net of related expenses	 	167,898	
 	 	182,238	
 	 	165,023	
 	 	176,174	
 	 	154,210	
 	 	13,688	
 	 	 	 	515,159	
 	 	460,605	
 	 	54,554	
 	
Investment related gains (losses), net	 	(3,394	)	 	(882	)	 	(2,100	)	 	493	
 	 	926	
 	 	(4,320	)	 	 	 	(6,376	)	 	1,813	
 	 	(8,189	)	
Other revenue	 	2,922	
 	 	5,252	
 	 	3,500	
 	 	7,438	
 	 	6,566	
 	 	(3,644	)	 	 	 	11,674	
 	 	11,797	
 	 	(123	)	
Total revenues	 	1,444,917	
 	 	1,494,003	
 	 	1,400,817	
 	 	1,554,850	
 	 	1,312,638	
 	 	132,279	
 	 	 	 	4,339,737	
 	 	3,910,176	
 	 	429,561	

Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	1,131,507	
 	 	1,149,665	
 	 	1,119,442	
 	 	1,235,926	
 	 	1,049,973	
 	 	81,534	
 	 	 	 	3,400,614	
 	 	3,130,770	
 	 	269,844	
 	
Interest credited	 	20,628	
 	 	20,845	
 	 	21,400	
 	 	21,682	
 	 	20,999	
 	 	(371	)	 	 	 	62,873	
 	 	55,818	
 	 	7,055	
 	
Policy acquisition costs and other insurance expenses	 	184,766	
 	 	182,285	
 	 	177,078	
 	 	187,277	
 	 	158,452	
 	 	26,314	
 	 	 	 	544,129	
 	 	486,054	
 	 	58,075	
 	
Other operating expenses	 	30,935	
 	 	29,778	
 	 	31,799	
 	 	30,482	
 	 	27,562	
 	 	3,373	
 	 	 	 	92,512	
 	 	81,246	
 	 	11,266	
 	
Total benefits and expenses	 	1,367,836	
 	 	1,382,573	
 	 	1,349,719	
 	 	1,475,367	
 	 	1,256,986	
 	 	110,850	
 	 	 	 	4,100,128	
 	 	3,753,888	
 	 	346,240	

Income before income taxes	 	$	77,081	
 	 	$	111,430	
 	 	$	51,098	
 	 	$	79,483	
 	 	$	55,652	
 	 	$	21,429	
 	 	 	 	$	239,609	
 	 	$	156,288	
 	 	$	83,321	

Loss and expense ratios:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	88.6	%	 	87.9	%	 	90.7	%	 	90.2	%	 	91.2	%	 	(2.6	)%	 	 	 	89.0	%	 	91.1	%	 	(2.1	)%	
Policy acquisition costs and other insurance expenses	 	14.5	%	 	13.9	%	 	14.3	%	 	13.7	%	 	13.8	%	 	0.7	 %	 	 	 	14.2	%	 	14.1	%	 	0.1	 %	
Other operating expenses	 	2.4	%	 	2.3	%	 	2.6	%	 	2.2	%	 	2.4	%	 	—	 %	 	 	 	2.4	%	 	2.4	%	 	—	 %	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
See appendix for reconciliation of GAAP income before income taxes to operating income before income taxes.	 	 	 	 	 	 	 	 	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

                                        

 	 	Page 7

Reinsurance Group of America, Incorporated
U.S. and Latin America Traditional Segment
Operating Income Statements
(USD thousands)	

 	 	Three Months Ended	 	Current	 	 	 	Year-to-Date	
 	 	Sept. 30,	 	June 30,	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	Qtr vs. PY	 	 	 	Sept. 30,	 	Sept. 30,	 	 	
 	 	2016	 	2016	 	2016	 	2015	 	2015	 	Quarter	 	 	 	2016	 	2015	 	Change	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	1,277,491	
 	 	$	1,307,395	
 	 	$	1,234,394	
 	 	$	1,370,745	
 	 	$	1,150,936	
 	 	$	126,555	
 	 	 	 	$	3,819,280	
 	 	$	3,435,961	
 	 	$	383,319	
 	
Investment income, net of related expenses	 	167,898	
 	 	182,238	
 	 	165,023	
 	 	176,174	
 	 	154,210	
 	 	13,688	
 	 	 	 	515,159	
 	 	460,605	
 	 	54,554	
 	
Other revenue	 	2,922	
 	 	5,252	
 	 	3,500	
 	 	7,438	
 	 	6,566	
 	 	(3,644	)	 	 	 	11,674	
 	 	11,797	
 	 	(123	)	
Total revenues	 	1,448,311	
 	 	1,494,885	
 	 	1,402,917	
 	 	1,554,357	
 	 	1,311,712	
 	 	136,599	
 	 	 	 	4,346,113	
 	 	3,908,363	
 	 	437,750	

Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	1,131,507	
 	 	1,149,665	
 	 	1,119,442	
 	 	1,235,926	
 	 	1,049,973	
 	 	81,534	
 	 	 	 	3,400,614	
 	 	3,130,770	
 	 	269,844	
 	
Interest credited	 	20,628	
 	 	20,845	
 	 	21,400	
 	 	21,682	
 	 	20,999	
 	 	(371	)	 	 	 	62,873	
 	 	55,818	
 	 	7,055	
 	
Policy acquisition costs and other insurance expenses	 	184,766	
 	 	182,285	
 	 	177,078	
 	 	187,277	
 	 	158,452	
 	 	26,314	
 	 	 	 	544,129	
 	 	486,054	
 	 	58,075	
 	
Other operating expenses	 	30,935	
 	 	29,778	
 	 	31,799	
 	 	30,482	
 	 	27,562	
 	 	3,373	
 	 	 	 	92,512	
 	 	81,246	
 	 	11,266	
 	
Total benefits and expenses	 	1,367,836	
 	 	1,382,573	
 	 	1,349,719	
 	 	1,475,367	
 	 	1,256,986	
 	 	110,850	
 	 	 	 	4,100,128	
 	 	3,753,888	
 	 	346,240	

Operating income before income taxes	 	$	80,475	
 	 	$	112,312	
 	 	$	53,198	
 	 	$	78,990	
 	 	$	54,726	
 	 	$	25,749	
 	 	 	 	$	245,985	
 	 	$	154,475	
 	 	$	91,510	

Loss and expense ratios:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	88.6	%	 	87.9	%	 	90.7	%	 	90.2	%	 	91.2	%	 	(2.6	)%	 	 	 	89.0	%	 	91.1	%	 	(2.1	)%	
Policy acquisition costs and other insurance expenses	 	14.5	%	 	13.9	%	 	14.3	%	 	13.7	%	 	13.8	%	 	0.7	 %	 	 	 	14.2	%	 	14.1	%	 	0.1	 %	
Other operating expenses	 	2.4	%	 	2.3	%	 	2.6	%	 	2.2	%	 	2.4	%	 	—	 %	 	 	 	2.4	%	 	2.4	%	 	—	 %	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
See appendix for reconciliation of GAAP income before income taxes to operating income before income taxes.	 	 	 	 	 	 	 	 	

 	
 	 	 	
 	 	Page 8

Reinsurance Group of America, Incorporated
U.S. and Latin America Non-Traditional Segment - Asset Intensive Reinsurance
GAAP Income Statements
(USD thousands)	

 	 	Three Months Ended	 	Current	 	 	 	Year-to-Date	
 	 	Sept. 30,	 	June 30,	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	Qtr vs. PY	 	 	 	Sept. 30,	 	Sept. 30,	 	 	
 	 	2016	 	2016	 	2016	 	2015	 	2015	 	Quarter	 	 	 	2016	 	2015	 	Change	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	5,369	
 	 	$	5,662	
 	 	$	6,219	
 	 	$	6,018	
 	 	$	5,177	
 	 	$	192	
 	 	 	 	$	17,250	
 	 	$	16,159	
 	 	$	1,091	
 	
Investment income, net of related expenses	 	167,683	
 	 	177,681	
 	 	117,215	
 	 	153,445	
 	 	104,055	
 	 	63,628	
 	 	 	 	462,579	
 	 	407,256	
 	 	55,323	
 	
Investment related gains (losses), net	 	59,661	
 	 	76,830	
 	 	(128,551	)	 	(31,218	)	 	(68,990	)	 	128,651	
 	 	 	 	7,940	
 	 	(87,264	)	 	95,204	
 	
Other revenue	 	23,417	
 	 	24,555	
 	 	22,834	
 	 	23,238	
 	 	28,973	
 	 	(5,556	)	 	 	 	70,806	
 	 	82,151	
 	 	(11,345	)	
Total revenues	 	256,130	
 	 	284,728	
 	 	17,717	
 	 	151,483	
 	 	69,215	
 	 	186,915	
 	 	 	 	558,575	
 	 	418,302	
 	 	140,273	

Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	18,927	
 	 	19,507	
 	 	19,833	
 	 	22,605	
 	 	16,832	
 	 	2,095	
 	 	 	 	58,267	
 	 	43,541	
 	 	14,726	
 	
Interest credited	 	86,742	
 	 	68,436	
 	 	62,558	
 	 	71,756	
 	 	18,535	
 	 	68,207	
 	 	 	 	217,736	
 	 	172,562	
 	 	45,174	
 	
Policy acquisition costs and other insurance expenses	 	56,497	
 	 	97,078	
 	 	(39,656	)	 	19,957	
 	 	4,773	
 	 	51,724	
 	 	 	 	113,919	
 	 	65,803	
 	 	48,116	
 	
Other operating expenses	 	5,232	
 	 	5,728	
 	 	5,812	
 	 	6,291	
 	 	4,893	
 	 	339	
 	 	 	 	16,772	
 	 	14,324	
 	 	2,448	
 	
Total benefits and expenses	 	167,398	
 	 	190,749	
 	 	48,547	
 	 	120,609	
 	 	45,033	
 	 	122,365	
 	 	 	 	406,694	
 	 	296,230	
 	 	110,464	

Income (loss) before income taxes	 	$	88,732	
 	 	$	93,979	
 	 	$	(30,830	)	 	$	30,874	
 	 	$	24,182	
 	 	$	64,550	
 	 	 	 	$	151,881	
 	 	$	122,072	
 	 	$	29,809	

 	 	

 	 	

 	 	

See appendix for reconciliation of GAAP income before income taxes to operating income before income taxes.	 	 	 	 	 	 	 	 	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

 	
 	 	 	
 	 	Page 9

Reinsurance Group of America, Incorporated
U.S. and Latin America Non-Traditional Segment - Asset Intensive Reinsurance
Operating Income Statements
(USD thousands)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	Current Qtr	 	 	 	Year-to-Date	
 	 	Sept. 30,	 	June 30,	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	vs. PY	 	 	 	Sept. 30,	 	Sept. 30,	 	 	
 	 	2016	 	2016	 	2016	 	2015	 	2015	 	Quarter	 	 	 	2016	 	2015	 	Change	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	5,369	
 	 	$	5,662	
 	 	$	6,219	
 	 	$	6,018	
 	 	$	5,177	
 	 	$	192	
 	 	 	 	$	17,250	
 	 	$	16,159	
 	 	$	1,091	
 	
Investment income, net of related expenses	 	165,388	
 	 	167,377	
 	 	112,591	
 	 	153,504	
 	 	103,052	
 	 	62,336	
 	 	 	 	445,356	
 	 	397,138	
 	 	48,218	
 	
Investment related gains (losses), net	 	(1	)	 	1	
 	 	—	
 	 	(1	)	 	1	
 	 	(2	)	 	 	 	—	
 	 	1	
 	 	(1	)	
Other revenue	 	23,417	
 	 	24,555	
 	 	22,834	
 	 	23,238	
 	 	28,973	
 	 	(5,556	)	 	 	 	70,806	
 	 	82,151	
 	 	(11,345	)	
Total revenues	 	194,173	
 	 	197,595	
 	 	141,644	
 	 	182,759	
 	 	137,203	
 	 	56,970	
 	 	 	 	533,412	
 	 	495,449	
 	 	37,963	

Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	18,927	
 	 	19,507	
 	 	19,833	
 	 	22,605	
 	 	16,832	
 	 	2,095	
 	 	 	 	58,267	
 	 	43,541	
 	 	14,726	
 	
Interest credited	 	86,700	
 	 	85,800	
 	 	33,409	
 	 	73,168	
 	 	29,530	
 	 	57,170	
 	 	 	 	205,909	
 	 	183,732	
 	 	22,177	
 	
Policy acquisition costs and other insurance expenses	 	24,621	
 	 	32,237	
 	 	37,322	
 	 	33,099	
 	 	30,718	
 	 	(6,097	)	 	 	 	94,180	
 	 	101,886	
 	 	(7,706	)	
Other operating expenses	 	5,232	
 	 	5,728	
 	 	5,812	
 	 	6,291	
 	 	4,893	
 	 	339	
 	 	 	 	16,772	
 	 	14,324	
 	 	2,448	
 	
Total benefits and expenses	 	135,480	
 	 	143,272	
 	 	96,376	
 	 	135,163	
 	 	81,973	
 	 	53,507	
 	 	 	 	375,128	
 	 	343,483	
 	 	31,645	

Operating income before income taxes	 	$	58,693	
 	 	$	54,323	
 	 	$	45,268	
 	 	$	47,596	
 	 	$	55,230	
 	 	$	3,463	
 	 	 	 	$	158,284	
 	 	$	151,966	
 	 	$	6,318	

See appendix for reconciliation of GAAP income before income taxes to operating income before income taxes.	 	 	 	 	 	 	 	 	

 	
 	 	 	
 	 	Page 10

Reinsurance Group of America, Incorporated
U.S. and Latin America Non-Traditional Segment - Asset Intensive Reinsurance (Cont'd)
(USD millions)	

 	 	Three Months Ended	
 	 	Sept. 30,	 	June 30,	 	March 31,	 	Dec. 31,	 	Sept. 30,	
 	 	2016	 	2016	 	2016	 	2015	 	2015	
Annuity account values:	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	
Fixed annuities (deferred)	 	$	5,130	
 	 	$	5,189	
 	 	$	5,210	
 	 	$	4,843	
 	 	$	4,883	

Net interest spread (fixed annuities)	 	2.6	%	 	2.5	%	 	2.1	%	 	2.7	%	 	2.5	%	
 	 	 	 	 	 	 	 	 	 	 	
Equity-indexed annuities	 	$	4,374	
 	 	$	4,402	
 	 	$	4,448	
 	 	$	4,509	
 	 	$	4,536	

Variable annuities account values	 	 	 	 	 	 	 	 	 	 	
No riders	 	$	739	
 	 	$	732	
 	 	$	753	
 	 	$	782	
 	 	$	791	
 	
GMDB only	 	58	
 	 	58	
 	 	60	
 	 	62	
 	 	63	
 	
GMIB only	 	5	
 	 	5	
 	 	5	
 	 	5	
 	 	5	
 	
GMAB only	 	29	
 	 	29	
 	 	31	
 	 	33	
 	 	33	
 	
GMWB only	 	1,370	
 	 	1,367	
 	 	1,386	
 	 	1,425	
 	 	1,426	
 	
GMDB / WB	 	342	
 	 	341	
 	 	349	
 	 	359	
 	 	361	
 	
Other	 	20	
 	 	20	
 	 	21	
 	 	22	
 	 	22	
 	
Total variable annuities account values	 	$	2,563	
 	 	$	2,552	
 	 	$	2,605	
 	 	$	2,688	
 	 	$	2,701	

Fair value of liabilities associated with living benefit riders	 	$	276	
 	 	$	284	
 	 	$	255	
 	 	$	192	
 	 	$	229	

Interest-sensitive contract liabilities associated with:	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	
Guaranteed investment contracts	 	$	456	
 	 	$	354	
 	 	$	368	
 	 	$	322	
 	 	$	313	

Bank-owned life insurance (BOLI)	 	$	568	
 	 	$	565	
 	 	$	562	
 	 	$	559	
 	 	$	556	

Other asset-intensive business	 	$	65	
 	 	$	66	
 	 	$	66	
 	 	$	66	
 	 	$	67	

Future policy benefits associated with:	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	
Payout annuities	 	$	1,974	
 	 	$	1,978	
 	 	$	1,949	
 	 	$	1,960	
 	 	$	1,919	

                                        

 	 	Page 11

Reinsurance Group of America, Incorporated
U.S. and Latin America Non-Traditional Segment - Financial Reinsurance
GAAP Income Statements
(USD thousands)	

 	 	Three Months Ended	 	Current	 	 	 	Year-to-Date	
 	 	Sept. 30,	 	June 30,	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	Qtr vs. PY	 	 	 	Sept. 30,	 	Sept. 30,	 	 	
 	 	2016	 	2016	 	2016	 	2015	 	2015	 	Quarter	 	 	 	2016	 	2015	 	Change	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Investment income, net of related expenses	 	$	1,038	
 	 	$	2,386	
 	 	$	2,607	
 	 	$	1,702	
 	 	$	1,438	
 	 	$	(400	)	 	 	 	$	6,031	
 	 	$	3,777	
 	 	$	2,254	
 	
Other revenue	 	18,967	
 	 	17,963	
 	 	18,581	
 	 	19,133	
 	 	16,446	
 	 	2,521	
 	 	 	 	55,511	
 	 	49,468	
 	 	6,043	
 	
Total revenues	 	20,005	
 	 	20,349	
 	 	21,188	
 	 	20,835	
 	 	17,884	
 	 	2,121	
 	 	 	 	61,542	
 	 	53,245	
 	 	8,297	

 	 	 	 	 	 	 	 	
 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	

Policy acquisition costs and other insurance expenses	 	3,492	
 	 	3,085	
 	 	2,568	
 	 	2,720	
 	 	2,535	
 	 	957	
 	 	 	 	9,145	
 	 	7,473	
 	 	1,672	
 	
Other operating expenses	 	2,531	
 	 	2,389	
 	 	2,686	
 	 	2,179	
 	 	3,276	
 	 	(745	)	 	 	 	7,606	
 	 	6,691	
 	 	915	
 	
Total benefits and expenses	 	6,023	
 	 	5,474	
 	 	5,254	
 	 	4,899	
 	 	5,811	
 	 	212	
 	 	 	 	16,751	
 	 	14,164	
 	 	2,587	

 	 	

 	 	

 	 	

Income before income taxes	 	$	13,982	
 	 	$	14,875	
 	 	$	15,934	
 	 	$	15,936	
 	 	$	12,073	
 	 	$	1,909	
 	 	 	 	$	44,791	
 	 	$	39,081	
 	 	$	5,710	

See appendix for reconciliation of GAAP income before income taxes to operating income before income taxes.	 	 	 	 	 	 	 	 	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

                                        

 	 	Page 12

Reinsurance Group of America, Incorporated
U.S. and Latin America Non-Traditional Segment - Financial Reinsurance
Operating Income Statements
(USD thousands)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	Current Qtr	 	 	 	Year-to-Date	
 	 	Sept. 30,	 	June 30,	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	vs. PY	 	 	 	Sept. 30,	 	Sept. 30,	 	 	
 	 	2016	 	2016	 	2016	 	2015	 	2015	 	Quarter	 	 	 	2016	 	2015	 	Change	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Investment income, net of related expenses	 	$	1,038	
 	 	$	2,386	
 	 	$	2,607	
 	 	$	1,702	
 	 	$	1,438	
 	 	$	(400	)	 	 	 	$	6,031	
 	 	$	3,777	
 	 	$	2,254	
 	
Other revenue	 	18,967	
 	 	17,963	
 	 	18,581	
 	 	19,133	
 	 	16,446	
 	 	2,521	
 	 	 	 	55,511	
 	 	49,468	
 	 	6,043	
 	
Total revenues	 	20,005	
 	 	20,349	
 	 	21,188	
 	 	20,835	
 	 	17,884	
 	 	2,121	
 	 	 	 	61,542	
 	 	53,245	
 	 	8,297	

Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Policy acquisition costs and other insurance expenses	 	3,492	
 	 	3,085	
 	 	2,568	
 	 	2,720	
 	 	2,535	
 	 	957	
 	 	 	 	9,145	
 	 	7,473	
 	 	1,672	
 	
Other operating expenses	 	2,531	
 	 	2,389	
 	 	2,686	
 	 	2,179	
 	 	3,276	
 	 	(745	)	 	 	 	7,606	
 	 	6,691	
 	 	915	
 	
Total benefits and expenses	 	6,023	
 	 	5,474	
 	 	5,254	
 	 	4,899	
 	 	5,811	
 	 	212	
 	 	 	 	16,751	
 	 	14,164	
 	 	2,587	

Operating income before income taxes	 	$	13,982	
 	 	$	14,875	
 	 	$	15,934	
 	 	$	15,936	
 	 	$	12,073	
 	 	$	1,909	
 	 	 	 	$	44,791	
 	 	$	39,081	
 	 	$	5,710	

See appendix for reconciliation of GAAP income before income taxes to operating income before income taxes.	 	 	 	 	 	 	 	 	

                                        

 	 	Page 13

Reinsurance Group of America, Incorporated
Canada Traditional Segment
GAAP Income Statements
(USD thousands)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	Current	 	 	 	Year-to-Date	
 	 	Sept. 30,	 	June 30,	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	Qtr vs. PY	 	 	 	Sept. 30,	 	Sept. 30,	 	 	
 	 	2016	 	2016	 	2016	 	2015	 	2015	 	Quarter	 	 	 	2016	 	2015	 	Change	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	231,154	
 	 	$	240,107	
 	 	$	215,463	
 	 	$	201,384	
 	 	$	200,000	
 	 	$	31,154	
 	 	 	 	$	686,724	
 	 	$	637,510	
 	 	$	49,214	
 	
Investment income, net of related expenses	 	45,239	
 	 	46,859	
 	 	42,023	
 	 	42,938	
 	 	44,492	
 	 	747	
 	 	 	 	134,121	
 	 	139,683	
 	 	(5,562	)	
Investment related gains (losses), net	 	3,832	
 	 	2,285	
 	 	1,640	
 	 	1,027	
 	 	(3,821	)	 	7,653	
 	 	 	 	7,757	
 	 	(2,530	)	 	10,287	
 	
Other revenue	 	734	
 	 	(339	)	 	(1,126	)	 	1,131	
 	 	767	
 	 	(33	)	 	 	 	(731	)	 	1,869	
 	 	(2,600	)	
Total revenues	 	280,959	
 	 	288,912	
 	 	258,000	
 	 	246,480	
 	 	241,438	
 	 	39,521	
 	 	 	 	827,871	
 	 	776,532	
 	 	51,339	

Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	175,618	
 	 	176,478	
 	 	172,401	
 	 	148,543	
 	 	152,640	
 	 	22,978	
 	 	 	 	524,497	
 	 	521,916	
 	 	2,581	
 	
Interest credited	 	8	
 	 	7	
 	 	2	
 	 	4	
 	 	5	
 	 	3	
 	 	 	 	17	
 	 	14	
 	 	3	
 	
Policy acquisition costs and other insurance expenses	 	61,019	
 	 	60,021	
 	 	57,138	
 	 	43,226	
 	 	46,581	
 	 	14,438	
 	 	 	 	178,178	
 	 	149,503	
 	 	28,675	
 	
Other operating expenses	 	10,039	
 	 	9,097	
 	 	8,364	
 	 	10,067	
 	 	8,140	
 	 	1,899	
 	 	 	 	27,500	
 	 	25,564	
 	 	1,936	
 	
Total benefits and expenses	 	246,684	
 	 	245,603	
 	 	237,905	
 	 	201,840	
 	 	207,366	
 	 	39,318	
 	 	 	 	730,192	
 	 	696,997	
 	 	33,195	

Income before income taxes	 	$	34,275	
 	 	$	43,309	
 	 	$	20,095	
 	 	$	44,640	
 	 	$	34,072	
 	 	$	203	
 	 	 	 	$	97,679	
 	 	$	79,535	
 	 	$	18,144	

Loss and expense ratios:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Loss ratios (creditor business)	 	27.0	%	 	32.2	%	 	25.8	%	 	28.2	%	 	34.4	%	 	(7.4	)%	 	 	 	28.4	%	 	31.8	%	 	(3.4	)%	
Loss ratios (excluding creditor business)	 	93.1	%	 	87.4	%	 	98.5	%	 	82.5	%	 	86.6	%	 	6.5	 %	 	 	 	92.8	%	 	94.7	%	 	(1.9	)%	
Claims and other policy benefits / (net premiums + investment income)	 	63.5	%	 	61.5	%	 	67.0	%	 	60.8	%	 	62.4	%	 	1.1	 %	 	 	 	63.9	%	 	67.2	%	 	(3.3	)%	
Policy acquisition costs and other insurance expenses (creditor business)	 	65.7	%	 	64.3	%	 	66.9	%	 	66.2	%	 	62.1	%	 	3.6	 %	 	 	 	65.6	%	 	63.1	%	 	2.5	 %	
Policy acquisition costs and other insurance expenses (excluding creditor business)	 	12.6	%	 	11.8	%	 	12.7	%	 	12.9	%	 	13.7	%	 	(1.1	)%	 	 	 	12.4	%	 	13.3	%	 	(0.9	)%	
Other operating expenses	 	4.3	%	 	3.8	%	 	3.9	%	 	5.0	%	 	4.1	%	 	0.2	 %	 	 	 	4.0	%	 	4.0	%	 	—	 %	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Foreign currency effect on  (1) :	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	724	
 	 	$	(11,615	)	 	$	(22,010	)	 	$	(35,018	)	 	$	(40,371	)	 	$	41,095	
 	 	 	 	$	(32,901	)	 	$	(95,342	)	 	$	62,441	
 	
Income before income taxes	 	$	104	
 	 	$	(2,247	)	 	$	(3,129	)	 	$	(7,658	)	 	$	(6,880	)	 	$	6,984	
 	 	 	 	$	(5,272	)	 	$	(12,680	)	 	$	7,408	

Creditor reinsurance net premiums	 	$	59,983	
 	 	$	60,275	
 	 	$	54,854	
 	 	$	32,484	
 	 	$	39,462	
 	 	$	20,521	
 	 	 	 	$	175,112	
 	 	$	130,145	
 	 	$	44,967	

See appendix for reconciliation of GAAP income before income taxes to operating income before income taxes.	 	 	 	 	
Note: The loss ratios on creditor reinsurance business are normally lower than traditional reinsurance, while allowances are normally higher as a percentage of premiums.	
(1) Compared to comparable prior year period.	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

                                        

 	 	Page 14

Reinsurance Group of America, Incorporated
Canada Traditional Segment
Operating Income Statements
(USD thousands)	

 	 	Three Months Ended	 	Current	 	 	 	Year-to-Date	
 	 	Sept. 30,	 	June 30,	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	Qtr vs. PY	 	 	 	Sept. 30,	 	Sept. 30,	 	 	
 	 	2016	 	2016	 	2016	 	2015	 	2015	 	Quarter	 	 	 	2016	 	2015	 	Change	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	231,154	
 	 	$	240,107	
 	 	$	215,463	
 	 	$	201,384	
 	 	$	200,000	
 	 	$	31,154	
 	 	 	 	$	686,724	
 	 	$	637,510	
 	 	$	49,214	
 	
Investment income, net of related expenses	 	44,212	
 	 	45,506	
 	 	41,664	
 	 	43,125	
 	 	43,283	
 	 	929	
 	 	 	 	131,382	
 	 	133,185	
 	 	(1,803	)	
Investment related gains, net	 	1,208	
 	 	1,236	
 	 	1,268	
 	 	1,286	
 	 	1,109	
 	 	99	
 	 	 	 	3,712	
 	 	3,158	
 	 	554	
 	
Other revenue	 	734	
 	 	(339	)	 	(1,126	)	 	1,131	
 	 	767	
 	 	(33	)	 	 	 	(731	)	 	1,869	
 	 	(2,600	)	
Total revenues	 	277,308	
 	 	286,510	
 	 	257,269	
 	 	246,926	
 	 	245,159	
 	 	32,149	
 	 	 	 	821,087	
 	 	775,722	
 	 	45,365	

Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	175,618	
 	 	176,478	
 	 	172,401	
 	 	148,543	
 	 	152,640	
 	 	22,978	
 	 	 	 	524,497	
 	 	521,916	
 	 	2,581	
 	
Interest credited	 	8	
 	 	7	
 	 	2	
 	 	4	
 	 	5	
 	 	3	
 	 	 	 	17	
 	 	14	
 	 	3	
 	
Policy acquisition costs and other insurance expenses	 	61,019	
 	 	60,021	
 	 	57,138	
 	 	43,226	
 	 	46,581	
 	 	14,438	
 	 	 	 	178,178	
 	 	149,503	
 	 	28,675	
 	
Other operating expenses	 	10,039	
 	 	9,097	
 	 	8,364	
 	 	10,067	
 	 	8,140	
 	 	1,899	
 	 	 	 	27,500	
 	 	25,564	
 	 	1,936	
 	
Total benefits and expenses	 	246,684	
 	 	245,603	
 	 	237,905	
 	 	201,840	
 	 	207,366	
 	 	39,318	
 	 	 	 	730,192	
 	 	696,997	
 	 	33,195	

Operating income before income taxes	 	$	30,624	
 	 	$	40,907	
 	 	$	19,364	
 	 	$	45,086	
 	 	$	37,793	
 	 	$	(7,169	)	 	 	 	$	90,895	
 	 	$	78,725	
 	 	$	12,170	

Loss and expense ratios:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Loss ratios (creditor business)	 	27.0	%	 	32.2	%	 	25.8	%	 	28.2	%	 	34.4	%	 	(7.4	)%	 	 	 	28.4	%	 	31.8	%	 	(3.4	)%	
Loss ratios (excluding creditor business)	 	93.1	%	 	87.4	%	 	98.5	%	 	82.5	%	 	86.6	%	 	6.5	 %	 	 	 	92.8	%	 	94.7	%	 	(1.9	)%	
Claims and other policy benefits / (net premiums + investment income)	 	63.8	%	 	61.8	%	 	67.0	%	 	60.8	%	 	62.7	%	 	1.1	 %	 	 	 	64.1	%	 	67.7	%	 	(3.6	)%	
Policy acquisition costs and other insurance expenses (creditor business)	 	65.7	%	 	64.3	%	 	66.9	%	 	66.2	%	 	62.1	%	 	3.6	 %	 	 	 	65.6	%	 	63.1	%	 	2.5	 %	
Policy acquisition costs and other insurance expenses (excluding creditor business)	 	12.6	%	 	11.8	%	 	12.7	%	 	12.9	%	 	13.7	%	 	(1.1	)%	 	 	 	12.4	%	 	13.3	%	 	(0.9	)%	
Other operating expenses	 	4.3	%	 	3.8	%	 	3.9	%	 	5.0	%	 	4.1	%	 	0.2	 %	 	 	 	4.0	%	 	4.0	%	 	—	 %	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Foreign currency effect on  (1) :	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	724	
 	 	$	(11,615	)	 	$	(22,010	)	 	$	(35,018	)	 	$	(40,371	)	 	$	41,095	
 	 	 	 	$	(32,901	)	 	$	(95,342	)	 	$	62,441	
 	
Operating income before income taxes	 	$	104	
 	 	$	(2,130	)	 	$	(3,701	)	 	$	(7,795	)	 	$	(7,644	)	 	$	7,748	
 	 	 	 	$	(5,727	)	 	$	(12,856	)	 	$	7,129	

Creditor reinsurance net premiums	 	$	59,983	
 	 	$	60,275	
 	 	$	54,854	
 	 	$	32,484	
 	 	$	39,462	
 	 	$	20,521	
 	 	 	 	$	175,112	
 	 	$	130,145	
 	 	$	44,967	

See appendix for reconciliation of GAAP income before income taxes to operating income before income taxes.	 	 	 	 	 	 	 	 	
Note: The loss ratios on creditor reinsurance business are normally lower than traditional reinsurance, while allowances are normally higher as a percentage of premiums.	
(1) Compared to comparable prior year period.	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

 	
 	 	 	
 	 	Page 15

Reinsurance Group of America, Incorporated
Canada Non-Traditional Segment (1)
GAAP Income Statements
(USD thousands)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	Current	 	 	 	Year-to-Date	
 	 	Sept. 30,	 	June 30,	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	Qtr vs. PY	 	 	 	Sept. 30,	 	Sept. 30,	 	 	
 	 	2016	 	2016	 	2016	 	2015	 	2015	 	Quarter	 	 	 	2016	 	2015	 	Change	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	9,946	
 	 	$	10,192	
 	 	$	8,951	
 	 	$	9,002	
 	 	$	9,275	
 	 	$	671	
 	 	 	 	$	29,089	
 	 	$	28,967	
 	 	$	122	
 	
Investment income, net of related expenses	 	1,037	
 	 	228	
 	 	384	
 	 	328	
 	 	230	
 	 	807	
 	 	 	 	1,649	
 	 	1,108	
 	 	541	
 	
Other revenue	 	1,376	
 	 	1,434	
 	 	1,349	
 	 	1,332	
 	 	1,535	
 	 	(159	)	 	 	 	4,159	
 	 	4,297	
 	 	(138	)	
Total revenues	 	12,359	
 	 	11,854	
 	 	10,684	
 	 	10,662	
 	 	11,040	
 	 	1,319	
 	 	 	 	34,897	
 	 	34,372	
 	 	525	

Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	10,567	
 	 	8,834	
 	 	9,604	
 	 	6,708	
 	 	7,340	
 	 	3,227	
 	 	 	 	29,005	
 	 	22,543	
 	 	6,462	
 	
Policy acquisition costs and other insurance expenses	 	285	
 	 	513	
 	 	204	
 	 	145	
 	 	152	
 	 	133	
 	 	 	 	1,002	
 	 	407	
 	 	595	
 	
Other operating expenses	 	347	
 	 	379	
 	 	284	
 	 	389	
 	 	291	
 	 	56	
 	 	 	 	1,010	
 	 	940	
 	 	70	
 	
Total benefits and expenses	 	11,199	
 	 	9,726	
 	 	10,092	
 	 	7,242	
 	 	7,783	
 	 	3,416	
 	 	 	 	31,017	
 	 	23,890	
 	 	7,127	

Income before income taxes	 	$	1,160	
 	 	$	2,128	
 	 	$	592	
 	 	$	3,420	
 	 	$	3,257	
 	 	$	(2,097	)	 	 	 	$	3,880	
 	 	$	10,482	
 	 	$	(6,602	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Foreign currency effect on (2) :	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	33	
 	 	$	(491	)	 	$	(915	)	 	$	(1,570	)	 	$	(1,872	)	 	$	1,905	
 	 	 	 	$	(1,373	)	 	$	(4,408	)	 	$	3,035	
 	
Income before income taxes	 	$	(9	)	 	$	(106	)	 	$	(575	)	 	$	(623	)	 	$	(659	)	 	$	650	
 	 	 	 	$	(690	)	 	$	(1,307	)	 	$	617	

See appendix for reconciliation of GAAP income before income taxes to operating income before income taxes.	 	 	 	 	 	 	 	 	
(1) The Canada non-traditional segment includes longevity and financial reinsurance transactions.	 	 	 	 	 	 	 	 	 	 	 	 	
(2) Compared to comparable prior year period.	 	 	 	 	 	 	 	 	 	 	 	 	

                                        

 	 	Page 16

Reinsurance Group of America, Incorporated
Canada Non-Traditional Segment (1)
 Operating Income Statements
(USD thousands)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	Current	 	 	 	Year-to-Date	
 	 	Sept. 30,	 	June 30,	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	Qtr vs. PY	 	 	 	Sept. 30,	 	Sept. 30,	 	 	
 	 	2016	 	2016	 	2016	 	2015	 	2015	 	Quarter	 	 	 	2016	 	2015	 	Change	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	9,946	
 	 	$	10,192	
 	 	$	8,951	
 	 	$	9,002	
 	 	$	9,275	
 	 	$	671	
 	 	 	 	$	29,089	
 	 	$	28,967	
 	 	$	122	
 	
Investment income, net of related expenses	 	1,037	
 	 	228	
 	 	384	
 	 	328	
 	 	230	
 	 	807	
 	 	 	 	1,649	
 	 	1,108	
 	 	541	
 	
Other revenue	 	1,376	
 	 	1,434	
 	 	1,349	
 	 	1,332	
 	 	1,535	
 	 	(159	)	 	 	 	4,159	
 	 	4,297	
 	 	(138	)	
Total revenues	 	12,359	
 	 	11,854	
 	 	10,684	
 	 	10,662	
 	 	11,040	
 	 	1,319	
 	 	 	 	34,897	
 	 	34,372	
 	 	525	

Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	10,567	
 	 	8,834	
 	 	9,604	
 	 	6,708	
 	 	7,340	
 	 	3,227	
 	 	 	 	29,005	
 	 	22,543	
 	 	6,462	
 	
Policy acquisition costs and other insurance expenses	 	285	
 	 	513	
 	 	204	
 	 	145	
 	 	152	
 	 	133	
 	 	 	 	1,002	
 	 	407	
 	 	595	
 	
Other operating expenses	 	347	
 	 	379	
 	 	284	
 	 	389	
 	 	291	
 	 	56	
 	 	 	 	1,010	
 	 	940	
 	 	70	
 	
Total benefits and expenses	 	11,199	
 	 	9,726	
 	 	10,092	
 	 	7,242	
 	 	7,783	
 	 	3,416	
 	 	 	 	31,017	
 	 	23,890	
 	 	7,127	

Operating income before income taxes	 	$	1,160	
 	 	$	2,128	
 	 	$	592	
 	 	$	3,420	
 	 	$	3,257	
 	 	$	(2,097	)	 	 	 	$	3,880	
 	 	$	10,482	
 	 	$	(6,602	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Foreign currency effect on (2) :	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	33	
 	 	$	(491	)	 	$	(915	)	 	$	(1,570	)	 	$	(1,872	)	 	$	1,905	
 	 	 	 	$	(1,373	)	 	$	(4,408	)	 	$	3,035	
 	
Operating income before income taxes	 	$	(9	)	 	$	(106	)	 	$	(575	)	 	$	(623	)	 	$	(659	)	 	$	650	
 	 	 	 	$	(690	)	 	$	(1,307	)	 	$	617	

See appendix for reconciliation of GAAP income before income taxes to operating income before income taxes.	 	 	 	 	 	 	 	 	
(1) The Canada non-traditional segment includes longevity and financial reinsurance transactions.	 	 	 	 	 	 	 	 	 	 	
(2) Compared to comparable prior year period.	 	 	 	 	 	 	 	 	 	

                                        

 	 	Page 17

Reinsurance Group of America, Incorporated
Europe, Middle East and Africa Traditional Segment
GAAP Income Statements
(USD thousands)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	Current	 	 	 	Year-to-Date	
 	 	Sept. 30,	 	June 30,	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	Qtr vs. PY	 	 	 	Sept. 30,	 	Sept. 30,	 	 	
 	 	2016	 	2016	 	2016	 	2015	 	2015	 	Quarter	 	 	 	2016	 	2015	 	Change	
Revenues:	 	 	 	 	 	 	 	 	 	

Net premiums	 	$	275,514	
 	 	$	286,861	
 	 	$	276,435	
 	 	$	299,938	
 	 	$	276,111	
 	 	$	(597	)	 	 	 	$	838,810	
 	 	$	821,602	
 	 	$	17,208	
 	
Investment income, net of related expenses	 	13,067	
 	 	13,321	
 	 	12,168	
 	 	14,123	
 	 	12,066	
 	 	1,001	
 	 	 	 	38,556	
 	 	37,247	
 	 	1,309	
 	
Investment related gains (losses), net	 	—	
 	 	—	
 	 	5	
 	 	7,527	
 	 	(6,878	)	 	6,878	
 	 	 	 	5	
 	 	870	
 	 	(865	)	
Other revenue	 	489	
 	 	1,460	
 	 	1,026	
 	 	5,380	
 	 	3,051	
 	 	(2,562	)	 	
 	 	2,975	
 	 	4,055	
 	 	(1,080	)	
Total revenues	 	289,070	
 	 	301,642	
 	 	289,634	
 	 	326,968	
 	 	284,350	
 	 	4,720	
 	 	 	 	880,346	
 	 	863,774	
 	 	16,572	

Benefits and expenses:	 	 	 	 	 	 	 	 	 	

Claims and other policy benefits	 	241,763	
 	 	252,336	
 	 	251,243	
 	 	260,874	
 	 	232,473	
 	 	9,290	
 	 	 	 	745,342	
 	 	708,722	
 	 	36,620	
 	
Interest credited	 	—	
 	 	—	
 	 	—	
 	 	8,126	
 	 	(6,798	)	 	6,798	
 	 	 	 	—	
 	 	1,503	
 	 	(1,503	)	
Policy acquisition costs and other insurance expenses	 	14,133	
 	 	17,550	
 	 	14,782	
 	 	19,171	
 	 	17,680	
 	 	(3,547	)	 	 	 	46,465	
 	 	43,871	
 	 	2,594	
 	
Other operating expenses	 	24,659	
 	 	24,922	
 	 	24,725	
 	 	25,938	
 	 	25,085	
 	 	(426	)	 	
 	 	74,306	
 	 	74,127	
 	 	179	
 	
Total benefits and expenses	 	280,555	
 	 	294,808	
 	 	290,750	
 	 	314,109	
 	 	268,440	
 	 	12,115	
 	 	 	 	866,113	
 	 	828,223	
 	 	37,890	

Income (loss) before income taxes	 	$	8,515	
 	 	$	6,834	
 	 	$	(1,116	)	 	$	12,859	
 	 	$	15,910	
 	 	$	(7,395	)	 	
 	 	$	14,233	
 	 	$	35,551	
 	 	$	(21,318	)	

 	 	 	
Loss and expense ratios:	 	

 	

 	 	 	 	

 	 	 	
Claims and other policy benefits	 	87.7	%	 	88.0	%	 	90.9	%	 	87.0	%	 	84.2	%	 	3.5	 %	 	 	 	88.9	%	 	86.3	%	 	2.6	 %	
Policy acquisition costs and other insurance expenses	 	5.1	%	 	6.1	%	 	5.3	%	 	6.4	%	 	6.4	%	 	(1.3	)%	 	 	 	5.5	%	 	5.3	%	 	0.2	 %	
Other operating expenses	 	9.0	%	 	8.7	%	 	8.9	%	 	8.6	%	 	9.1	%	 	(0.1	)%	 	 	 	8.9	%	 	9.0	%	 	(0.1	)%	

 	 	 	

 	 	 	
Foreign currency effect on  (1) :	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	(32,564	)	 	$	(20,223	)	 	$	(23,009	)	 	$	(24,499	)	 	$	(29,879	)	 	$	(2,685	)	 	 	 	$	(75,796	)	 	$	(94,735	)	 	$	18,939	
 	
Income before income taxes	 	$	157	
 	 	$	45	
 	 	$	(184	)	 	$	(1,285	)	 	$	(783	)	 	$	940	
 	 	 	 	$	18	
 	 	$	(2,867	)	 	$	2,885	

 	 	 	 	 	 	 	 	
 	 	 	
Critical illness net premiums	 	$	49,531	
 	 	$	53,805	
 	 	$	53,643	
 	 	$	58,610	
 	 	$	58,069	
 	 	$	(8,538	)	 	 	 	$	156,979	
 	 	$	174,566	
 	 	$	(17,587	)	

 	 	 	
See appendix for reconciliation of GAAP income before income taxes to operating income before income taxes.	 	 	 	 	 	 	 	 	
(1) Compared to comparable prior year period.	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

                                        

 	 	Page 18

Reinsurance Group of America, Incorporated
Europe, Middle East and Africa Traditional Segment
Operating Income Statements
(USD thousands)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	Current	 	 	 	Year-to-Date	
 	 	Sept. 30,	 	June 30,	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	Qtr vs. PY	 	 	 	Sept. 30,	 	Sept. 30,	 	 	
 	 	2016	 	2016	 	2016	 	2015	 	2015	 	Quarter	 	 	 	2016	 	2015	 	Change	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	275,514	
 	 	$	286,861	
 	 	$	276,435	
 	 	$	299,938	
 	 	$	276,111	
 	 	$	(597	)	 	 	 	$	838,810	
 	 	$	821,602	
 	 	$	17,208	
 	
Investment income, net of related expenses	 	13,067	
 	 	13,321	
 	 	12,168	
 	 	14,123	
 	 	12,066	
 	 	1,001	
 	 	 	 	38,556	
 	 	37,247	
 	 	1,309	
 	
Investment related gains (losses), net	 	—	
 	 	—	
 	 	—	
 	 	7,527	
 	 	(7,167	)	 	7,167	
 	 	 	 	—	
 	 	532	
 	 	(532	)	
Other revenue	 	489	
 	 	1,460	
 	 	1,026	
 	 	5,380	
 	 	3,051	
 	 	(2,562	)	 	 	 	2,975	
 	 	4,055	
 	 	(1,080	)	
Total revenues	 	289,070	
 	 	301,642	
 	 	289,629	
 	 	326,968	
 	 	284,061	
 	 	5,009	
 	 	 	 	880,341	
 	 	863,436	
 	 	16,905	

Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	241,763	
 	 	252,336	
 	 	251,243	
 	 	260,874	
 	 	232,473	
 	 	9,290	
 	 	 	 	745,342	
 	 	708,722	
 	 	36,620	
 	
Interest credited	 	—	
 	 	—	
 	 	—	
 	 	8,126	
 	 	(6,798	)	 	6,798	
 	 	 	 	—	
 	 	1,503	
 	 	(1,503	)	
Policy acquisition costs and other insurance expenses	 	14,133	
 	 	17,550	
 	 	14,782	
 	 	19,171	
 	 	17,680	
 	 	(3,547	)	 	 	 	46,465	
 	 	43,871	
 	 	2,594	
 	
Other operating expenses	 	24,659	
 	 	24,922	
 	 	24,725	
 	 	25,938	
 	 	25,085	
 	 	(426	)	 	 	 	74,306	
 	 	74,127	
 	 	179	
 	
Total benefits and expenses	 	280,555	
 	 	294,808	
 	 	290,750	
 	 	314,109	
 	 	268,440	
 	 	12,115	
 	 	 	 	866,113	
 	 	828,223	
 	 	37,890	

Operating income (loss) before income taxes	 	$	8,515	
 	 	$	6,834	
 	 	$	(1,121	)	 	$	12,859	
 	 	$	15,621	
 	 	$	(7,106	)	 	 	 	$	14,228	
 	 	$	35,213	
 	 	$	(20,985	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Loss and expense ratios:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	87.7	%	 	88.0	%	 	90.9	%	 	87.0	%	 	84.2	%	 	3.5	 %	 	 	 	88.9	%	 	86.3	%	 	2.6	 %	
Policy acquisition costs and other insurance expenses	 	5.1	%	 	6.1	%	 	5.3	%	 	6.4	%	 	6.4	%	 	(1.3	)%	 	 	 	5.5	%	 	5.3	%	 	0.2	 %	
Other operating expenses	 	9.0	%	 	8.7	%	 	8.9	%	 	8.6	%	 	9.1	%	 	(0.1	)%	 	 	 	8.9	%	 	9.0	%	 	(0.1	)%	

Foreign currency effect on  (1) :	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	(32,564	)	 	$	(20,223	)	 	$	(23,009	)	 	$	(24,499	)	 	$	(29,879	)	 	$	(2,685	)	 	 	 	$	(75,796	)	 	$	(94,735	)	 	$	18,939	
 	
Operating income before income taxes	 	$	157	
 	 	$	46	
 	 	$	(194	)	 	$	(1,285	)	 	$	(716	)	 	$	873	
 	 	 	 	$	9	
 	 	$	(2,787	)	 	$	2,796	

 	 	 	 	 	 	 	 	 	 	 	 	

Critical illness net premiums	 	$	49,531	
 	 	$	53,805	
 	 	$	53,643	
 	 	$	58,610	
 	 	$	58,069	
 	 	$	(8,538	)	 	 	 	$	156,979	
 	 	$	174,566	
 	 	$	(17,587	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
See appendix for reconciliation of GAAP income before income taxes to operating income before income taxes.	 	 	 	 	 	 	 	 	
(1) Compared to comparable prior year period.	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

                                        

 	 	Page 19

Reinsurance Group of America, Incorporated
Europe, Middle East and Africa Non-Traditional Segment (1)
GAAP Income Statements
(USD thousands)

 	 	Three Months Ended	 	Current	 	 	 	Year-to-Date	
 	 	Sept. 30,	 	June 30,	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	Qtr vs. PY	 	 	 	Sept. 30,	 	Sept. 30,	 	 	
 	 	2016	 	2016	 	2016	 	2015	 	2015	 	Quarter	 	 	 	2016	 	2015	 	Change	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	47,018	
 	 	$	43,484	
 	 	$	35,606	
 	 	$	47,152	
 	 	$	44,584	
 	 	$	2,434	
 	 	 	 	$	126,108	
 	 	$	124,678	
 	 	$	1,430	
 	
Investment income, net of related expenses	 	33,187	
 	 	33,417	
 	 	28,684	
 	 	23,468	
 	 	17,305	
 	 	15,882	
 	 	 	 	95,288	
 	 	49,964	
 	 	45,324	
 	
Investment related gains (losses), net	 	8,159	
 	 	1,468	
 	 	(1,004	)	 	9,261	
 	 	8	
 	 	8,151	
 	 	 	 	8,623	
 	 	909	
 	 	7,714	
 	
Other revenue	 	11,388	
 	 	2,608	
 	 	4,470	
 	 	6,863	
 	 	7,341	
 	 	4,047	
 	 	 	 	18,466	
 	 	24,371	
 	 	(5,905	)	
Total revenues	 	99,752	
 	 	80,977	
 	 	67,756	
 	 	86,744	
 	 	69,238	
 	 	30,514	
 	 	 	 	248,485	
 	 	199,922	
 	 	48,563	

Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	

Claims and other policy benefits	 	45,805	
 	 	44,004	
 	 	36,443	
 	 	52,064	
 	 	37,923	
 	 	7,882	
 	 	 	 	126,252	
 	 	109,853	
 	 	16,399	
 	
Interest credited	 	5,540	
 	 	2,966	
 	 	408	
 	 	—	
 	 	—	
 	 	5,540	
 	 	 	 	8,914	
 	 	—	
 	 	8,914	
 	
Policy acquisition costs and other insurance expenses	 	(304	)	 	723	
 	 	(193	)	 	(325	)	 	(511	)	 	207	
 	 	 	 	226	
 	 	(775	)	 	1,001	
 	
Other operating expenses	 	4,925	
 	 	5,815	
 	 	5,674	
 	 	6,860	
 	 	2,592	
 	 	2,333	
 	 	 	 	16,414	
 	 	10,544	
 	 	5,870	
 	
Total benefits and expenses	 	55,966	
 	 	53,508	
 	
 	42,332	
 	 	58,599	
 	 	40,004	
 	 	15,962	
 	 	 	 	151,806	
 	 	119,622	
 	 	32,184	

Income before income taxes	 	$	43,786	
 	 	$	27,469	
 	 	$	25,424	
 	 	$	28,145	
 	 	$	29,234	
 	 	$	14,552	
 	 	 	 	$	96,679	
 	 	$	80,300	
 	 	$	16,379	

 	 	 	 	 	 	 	 	
 	
Foreign currency effect on  (2) :	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	
Net premiums	 	$	(8,262	)	 	$	(3,127	)	 	$	(2,022	)	 	$	(2,062	)	 	$	(3,394	)	 	$	(4,868	)	 	 	 	$	(13,411	)	 	$	(10,500	)	 	$	(2,911	)	
Income before income taxes	 	$	(6,193	)	 	$	(1,991	)	 	$	(1,924	)	 	$	(1,807	)	 	$	(2,854	)	 	$	(3,339	)	 	 	 	$	(10,108	)	 	$	(9,465	)	 	$	(643	)	

 	 	

 	 	

 	 	
 	
See appendix for reconciliation of GAAP income before income taxes to operating income before income taxes.	 	 	 	 	 	 	 	 	
(1) The Europe, Middle East and Africa's Non-Traditional segment includes asset intensive, financial reinsurance, capital motivated and longevity closed block business.	
(2) Compared to comparable prior year period.	

                                        

 	 	Page 20

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

 	 	Three Months Ended	 	Current	 	 	 	Year-to-Date	
 	 	Sept. 30,	 	June 30,	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	Qtr vs. PY	 	 	 	Sept. 30,	 	Sept. 30,	 	 	
 	 	2016	 	2016	 	2016	 	2015	 	2015	 	Quarter	 	 	 	2016	 	2015	 	Change	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	47,018	
 	 	$	43,484	
 	 	$	35,606	
 	 	$	47,152	
 	 	$	44,584	
 	 	$	2,434	
 	 	 	 	$	126,108	
 	 	$	124,678	
 	 	$	1,430	
 	
Investment income, net of related expenses	 	27,647	
 	 	30,451	
 	 	28,276	
 	 	23,468	
 	 	17,305	
 	 	10,342	
 	 	 	 	86,374	
 	 	49,964	
 	 	36,410	
 	
Other revenue	 	9,706	
 	 	2,735	
 	 	3,653	
 	 	6,758	
 	 	6,953	
 	 	2,753	
 	 	 	 	16,094	
 	 	24,287	
 	 	(8,193	)	
Total revenues	 	84,371	
 	 	76,670	
 	 	67,535	
 	 	77,378	
 	 	68,842	
 	 	15,529	
 	 	 	 	228,576	
 	 	198,929	
 	 	29,647	

Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	45,805	
 	 	44,004	
 	 	36,443	
 	 	52,064	
 	 	37,923	
 	 	7,882	
 	 	 	 	126,252	
 	 	109,853	
 	 	16,399	
 	
Policy acquisition costs and other insurance expenses	 	(304	)	 	723	
 	 	(193	)	 	(325	)	 	(511	)	 	207	
 	 	 	 	226	
 	 	(775	)	 	1,001	
 	
Other operating expenses	 	4,925	
 	 	5,815	
 	 	5,674	
 	 	6,860	
 	 	2,592	
 	 	2,333	
 	 	 	 	16,414	
 	 	10,544	
 	 	5,870	
 	
Total benefits and expenses	 	50,426	
 	 	50,542	
 	 	41,924	
 	 	58,599	
 	 	40,004	
 	 	10,422	
 	 	 	 	142,892	
 	 	119,622	
 	 	23,270	

Operating income before income taxes	 	$	33,945	
 	 	$	26,128	
 	 	$	25,611	
 	 	$	18,779	
 	 	$	28,838	
 	 	$	5,107	
 	 	 	 	$	85,684	
 	 	$	79,307	
 	 	$	6,377	

Foreign currency effect on  (2) :	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	(8,262	)	 	$	(3,127	)	 	$	(2,022	)	 	$	(2,062	)	 	$	(3,394	)	 	$	(4,868	)	 	 	 	$	(13,411	)	 	$	(10,500	)	 	$	(2,911	)	
Operating income before income taxes	 	$	(4,742	)	 	$	(1,819	)	 	$	(1,978	)	 	$	(1,441	)	 	$	(2,780	)	 	$	(1,962	)	 	 	 	$	(8,539	)	 	$	(9,387	)	 	$	848	

See appendix for reconciliation of GAAP income before income taxes to operating income before income taxes.	 	 	 	 	 	 	 	 	
(1) The Europe, Middle East and Africa's non-traditional segment includes asset intensive, financial reinsurance, capital motivated and longevity closed block business.	
(2) Compared to comparable prior year period.	

                                        

 	 	Page 21

Reinsurance Group of America, Incorporated
Asia Pacific Traditional Segment
GAAP Income Statements
(USD thousands)	

 	 	Three Months Ended	 	Current	 	 	 	Year-to-Date	
 	 	Sept. 30,	 	June 30,	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	Qtr vs. PY	 	 	 	Sept. 30,	 	Sept. 30,	 	 	
 	 	2016	 	2016	 	2016	 	2015	 	2015	 	Quarter	 	 	 	2016	 	2015	 	Change	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	404,451	
 	 	$	454,629	
 	 	$	374,142	
 	 	$	388,663	
 	 	$	400,322	
 	 	$	4,129	
 	 	 	 	$	1,233,222	
 	 	$	1,162,923	
 	 	$	70,299	
 	
Investment income, net of related expenses	 	21,273	
 	 	20,461	
 	 	19,867	
 	 	20,276	
 	 	19,626	
 	 	1,647	
 	 	 	 	61,601	
 	 	60,273	
 	 	1,328	
 	
Investment related gains (losses), net	 	—	
 	 	—	
 	 	14	
 	 	1,706	
 	 	(1,706	)	 	1,706	
 	 	 	 	14	
 	 	(1,706	)	 	1,720	
 	
Other revenue	 	1,923	
 	 	2,481	
 	 	176	
 	 	553	
 	 	3,728	
 	 	(1,805	)	 	 	 	4,580	
 	 	5,669	
 	 	(1,089	)	
Total revenues	 	427,647	
 	 	477,571	
 	 	394,199	
 	 	411,198	
 	 	421,970	
 	 	5,677	
 	 	 	 	1,299,417	
 	 	1,227,159	
 	 	72,258	

Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	365,115	
 	 	338,447	
 	 	274,298	
 	 	284,269	
 	 	333,739	
 	 	31,376	
 	 	 	 	977,860	
 	 	924,715	
 	 	53,145	
 	
Policy acquisition costs and other insurance expenses	 	4,157	
 	 	67,908	
 	 	44,367	
 	 	49,747	
 	 	41,982	
 	 	(37,825	)	 	 	 	116,432	
 	 	138,229	
 	 	(21,797	)	
Other operating expenses	 	38,553	
 	 	36,734	
 	 	34,374	
 	 	39,767	
 	 	34,973	
 	 	3,580	
 	 	 	 	109,661	
 	 	95,976	
 	 	13,685	
 	
Total benefits and expenses	 	407,825	
 	 	443,089	
 	 	353,039	
 	 	373,783	
 	 	410,694	
 	 	(2,869	)	 	 	 	1,203,953	
 	 	1,158,920	
 	 	45,033	

Income before income taxes	 	$	19,822	
 	 	$	34,482	
 	 	$	41,160	
 	 	$	37,415	
 	 	$	11,276	
 	 	$	8,546	
 	 	 	 	$	95,464	
 	 	$	68,239	
 	 	$	27,225	

Loss and Expense Ratios:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	90.3	%	 	74.4	%	 	73.3	%	 	73.1	%	 	83.4	%	 	6.9	 %	 	 	 	79.3	%	 	79.5	%	 	(0.2	)%	
Policy acquisition costs and other insurance expenses	 	1.0	%	 	14.9	%	 	11.9	%	 	12.8	%	 	10.5	%	 	(9.5	)%	 	 	 	9.4	%	 	11.9	%	 	(2.5	)%	
Other operating expenses	 	9.5	%	 	8.1	%	 	9.2	%	 	10.2	%	 	8.7	%	 	0.8	 %	 	 	 	8.9	%	 	8.3	%	 	0.6	 %	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Foreign currency effect on  (1) :	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	20,095	
 	 	$	(7,741	)	 	$	(21,627	)	 	$	(43,034	)	 	$	(69,139	)	 	$	89,234	
 	 	 	 	$	(9,273	)	 	$	(155,139	)	 	$	145,866	
 	
Income before income taxes	 	$	331	
 	 	$	506	
 	 	$	(2,735	)	 	$	(4,686	)	 	$	(119	)	 	$	450	
 	 	 	 	$	(1,898	)	 	$	(3,348	)	 	$	1,450	

Critical illness net premiums	 	$	100,641	
 	 	$	113,297	
 	 	$	98,389	
 	 	$	81,271	
 	 	$	86,341	
 	 	$	14,300	
 	 	 	 	$	312,327	
 	 	$	231,328	
 	 	$	80,999	

See appendix for reconciliation of GAAP income before income taxes to operating income before income taxes.	 	 	 	 	 	 	 	 	
(1) Compared to comparable prior year period.	

                                        

 	 	Page 22

Reinsurance Group of America, Incorporated
Asia Pacific Traditional Segment
Operating Income Statements
(USD thousands)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	Current	 	 	 	Year-to-Date	
 	 	Sept. 30,	 	June 30,	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	Qtr vs. PY	 	 	 	Sept. 30,	 	Sept. 30,	 	 	
 	 	2016	 	2016	 	2016	 	2015	 	2015	 	Quarter	 	 	 	2016	 	2015	 	Change	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	404,451	
 	 	$	454,629	
 	 	$	374,142	
 	 	$	388,663	
 	 	$	400,322	
 	 	$	4,129	
 	 	 	 	$	1,233,222	
 	 	$	1,162,923	
 	 	$	70,299	
 	
Investment income, net of related expenses	 	21,273	
 	 	20,461	
 	 	19,867	
 	 	20,276	
 	 	19,626	
 	 	1,647	
 	 	 	 	61,601	
 	 	60,273	
 	 	1,328	
 	
Investment related losses, net	 	—	
 	 	—	
 	 	(2	)	 	—	
 	 	—	
 	 	—	
 	 	 	 	(2	)	 	—	
 	 	(2	)	
Other revenue	 	1,923	
 	 	2,481	
 	 	176	
 	 	553	
 	 	3,728	
 	 	(1,805	)	 	 	 	4,580	
 	 	5,669	
 	 	(1,089	)	
Total revenues	 	427,647	
 	 	477,571	
 	 	394,183	
 	 	409,492	
 	 	423,676	
 	 	3,971	
 	 	 	 	1,299,401	
 	 	1,228,865	
 	 	70,536	

Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	365,115	
 	 	338,447	
 	 	274,298	
 	 	284,269	
 	 	333,739	
 	 	31,376	
 	 	 	 	977,860	
 	 	924,715	
 	 	53,145	
 	
Policy acquisition costs and other insurance expenses	 	4,157	
 	 	67,908	
 	 	44,367	
 	 	49,747	
 	 	41,982	
 	 	(37,825	)	 	 	 	116,432	
 	 	138,229	
 	 	(21,797	)	
Other operating expenses	 	38,553	
 	 	36,734	
 	 	34,374	
 	 	39,767	
 	 	34,973	
 	 	3,580	
 	 	 	 	109,661	
 	 	95,976	
 	 	13,685	
 	
Total benefits and expenses	 	407,825	
 	 	443,089	
 	 	353,039	
 	 	373,783	
 	 	410,694	
 	 	(2,869	)	 	 	 	1,203,953	
 	 	1,158,920	
 	 	45,033	

Operating income before income taxes	 	$	19,822	
 	 	$	34,482	
 	 	$	41,144	
 	 	$	35,709	
 	 	$	12,982	
 	 	$	6,840	
 	 	 	 	$	95,448	
 	 	$	69,945	
 	 	$	25,503	

Loss and Expense Ratios:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	90.3	%	 	74.4	%	 	73.3	%	 	73.1	%	 	83.4	%	 	6.9	 %	 	 	 	79.3	%	 	79.5	%	 	(0.2	)%	
Policy acquisition costs and other insurance expenses	 	1.0	%	 	14.9	%	 	11.9	%	 	12.8	%	 	10.5	%	 	(9.5	)%	 	 	 	9.4	%	 	11.9	%	 	(2.5	)%	
Other operating expenses	 	9.5	%	 	8.1	%	 	9.2	%	 	10.2	%	 	8.7	%	 	0.8	 %	 	 	 	8.9	%	 	8.3	%	 	0.6	 %	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Foreign currency effect on  (1) :	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	20,095	
 	 	$	(7,741	)	 	$	(21,627	)	 	$	(43,034	)	 	$	(69,139	)	 	$	89,234	
 	 	 	 	$	(9,273	)	 	$	(155,139	)	 	$	145,866	
 	
Operating income before income taxes	 	$	331	
 	 	$	506	
 	 	$	(2,748	)	 	$	(4,204	)	 	$	(601	)	 	$	932	
 	 	 	 	$	(1,911	)	 	$	(3,830	)	 	$	1,919	

Critical illness net premiums	 	$	100,641	
 	 	$	113,297	
 	 	$	98,389	
 	 	$	81,271	
 	 	$	86,341	
 	 	$	14,300	
 	 	 	 	$	312,327	
 	 	$	231,328	
 	 	$	80,999	

See appendix for reconciliation of GAAP income before income taxes to operating income before income taxes.	 	 	 	 	 	 	 	 	
(1) Compared to comparable prior year period.	

                                        

 	 	Page 23

Reinsurance Group of America, Incorporated
Asia Pacific Non-Traditional Segment (1)
GAAP Income Statements
(USD thousands)	

 	 	Three Months Ended	 	Current	 	 	 	Year-to-Date	
 	 	Sept. 30,	 	June 30,	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	Qtr vs. PY	 	 	 	Sept. 30,	 	Sept. 30,	 	 	
 	 	2016	 	2016	 	2016	 	2015	 	2015	 	Quarter	 	 	 	2016	 	2015	 	Change	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	743	
 	 	$	(1,493	)	 	$	5,686	
 	 	$	5,487	
 	 	$	2,807	
 	 	$	(2,064	)	 	 	 	$	4,936	
 	 	$	13,987	
 	 	$	(9,051	)	
Investment income, net of related expenses	 	5,827	
 	 	5,885	
 	 	6,374	
 	 	6,659	
 	 	4,482	
 	 	1,345	
 	 	 	 	18,086	
 	 	12,019	
 	 	6,067	
 	
Investment related gains (losses), net	 	6,108	
 	 	6,527	
 	 	1,687	
 	 	671	
 	 	(175	)	 	6,283	
 	 	 	 	14,322	
 	 	(1,202	)	 	15,524	
 	
Other revenue	 	6,359	
 	 	6,126	
 	 	6,324	
 	 	5,698	
 	 	4,306	
 	 	2,053	
 	 	 	 	18,809	
 	 	13,262	
 	 	5,547	
 	
Total revenues	 	19,037	
 	 	17,045	
 	 	20,071	
 	 	18,515	
 	 	11,420	
 	 	7,617	
 	 	 	 	56,153	
 	 	38,066	
 	 	18,087	

Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	3,777	
 	 	8,237	
 	 	3,473	
 	 	4,951	
 	 	903	
 	 	2,874	
 	 	 	 	15,487	
 	 	11,344	
 	 	4,143	
 	
Interest credited	 	3,308	
 	 	3,136	
 	 	3,030	
 	 	3,095	
 	 	1,023	
 	 	2,285	
 	 	 	 	9,474	
 	 	1,376	
 	 	8,098	
 	
Policy acquisition costs and other insurance expenses	 	1,482	
 	 	1,667	
 	 	1,287	
 	 	1,297	
 	 	292	
 	 	1,190	
 	 	 	 	4,436	
 	 	1,257	
 	 	3,179	
 	
Other operating expenses	 	2,921	
 	 	4,078	
 	 	3,728	
 	 	3,705	
 	 	3,790	
 	 	(869	)	 	 	 	10,727	
 	 	9,937	
 	 	790	
 	
Total benefits and expenses	 	11,488	
 	 	17,118	
 	 	11,518	
 	 	13,048	
 	 	6,008	
 	 	5,480	
 	 	 	 	40,124	
 	 	23,914	
 	 	16,210	

Income (loss) before income taxes	 	$	7,549	
 	 	$	(73	)	 	$	8,553	
 	 	$	5,467	
 	 	$	5,412	
 	 	$	2,137	
 	 	 	 	$	16,029	
 	 	$	14,152	
 	 	$	1,877	

Foreign currency effect on (2) :	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	60	
 	 	$	(225	)	 	$	243	
 	 	$	(373	)	 	$	(392	)	 	$	452	
 	 	 	 	$	78	
 	 	$	(2,234	)	 	$	2,312	
 	
Income before income taxes	 	$	917	
 	 	$	233	
 	 	$	778	
 	 	$	(587	)	 	$	(1,624	)	 	$	2,541	
 	 	 	 	$	1,928	
 	 	$	(2,320	)	 	$	4,248	

See appendix for reconciliation of GAAP income before income taxes to operating income before income taxes.	 	 	 	 	 	 	 	 	
(1) The Asia Pacific non-traditional segment includes asset intensive, financial reinsurance, and disabled life closed block business.	 	 	 	 	 	 	 	 	
(2) Compared to comparable prior year period.	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

                                        

 	 	Page 24

Reinsurance Group of America, Incorporated
Asia Pacific Non-Traditional Segment (1)
Operating Income Statements
(USD thousands)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	Current	 	 	 	Year-to-Date	
 	 	Sept. 30,	 	June 30,	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	Qtr vs. PY	 	 	 	Sept. 30,	 	Sept. 30,	 	 	
 	 	2016	 	2016	 	2016	 	2015	 	2015	 	Quarter	 	 	 	2016	 	2015	 	Change	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	743	
 	 	$	(1,493	)	 	$	5,686	
 	 	$	5,487	
 	 	$	2,807	
 	 	$	(2,064	)	 	 	 	$	4,936	
 	 	$	13,987	
 	 	$	(9,051	)	
Investment income, net of related expenses	 	5,827	
 	 	5,885	
 	 	6,374	
 	 	6,659	
 	 	4,482	
 	 	1,345	
 	 	 	 	18,086	
 	 	12,019	
 	 	6,067	
 	
Investment related gains, net	 	825	
 	 	602	
 	 	576	
 	 	654	
 	 	706	
 	 	119	
 	 	 	 	2,003	
 	 	1,714	
 	 	289	
 	
Other revenue	 	6,359	
 	 	6,126	
 	 	6,324	
 	 	5,698	
 	 	4,306	
 	 	2,053	
 	 	 	 	18,809	
 	 	13,262	
 	 	5,547	
 	
Total revenues	 	13,754	
 	 	11,120	
 	 	18,960	
 	 	18,498	
 	 	12,301	
 	 	1,453	
 	 	 	 	43,834	
 	 	40,982	
 	 	2,852	

Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	3,777	
 	 	8,237	
 	 	3,473	
 	 	4,951	
 	 	903	
 	 	2,874	
 	 	 	 	15,487	
 	 	11,344	
 	 	4,143	
 	
Interest credited	 	3,308	
 	 	3,136	
 	 	3,030	
 	 	3,095	
 	 	1,023	
 	 	2,285	
 	 	 	 	9,474	
 	 	1,376	
 	 	8,098	
 	
Policy acquisition costs and other insurance expenses	 	1,482	
 	 	1,667	
 	 	1,287	
 	 	1,297	
 	 	292	
 	 	1,190	
 	 	 	 	4,436	
 	 	1,257	
 	 	3,179	
 	
Other operating expenses	 	2,921	
 	 	4,078	
 	 	3,728	
 	 	3,705	
 	 	3,790	
 	 	(869	)	 	 	 	10,727	
 	 	9,937	
 	 	790	
 	
Total benefits and expenses	 	11,488	
 	 	17,118	
 	 	11,518	
 	 	13,048	
 	 	6,008	
 	 	5,480	
 	 	 	 	40,124	
 	 	23,914	
 	 	16,210	

Operating income (loss) before income taxes	 	$	2,266	
 	 	$	(5,998	)	 	$	7,442	
 	 	$	5,450	
 	 	$	6,293	
 	 	$	(4,027	)	 	 	 	$	3,710	
 	 	$	17,068	
 	 	$	(13,358	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Foreign currency effect on (2) :	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	60	
 	 	$	(225	)	 	$	243	
 	 	$	(373	)	 	$	(392	)	 	$	452	
 	 	 	 	$	78	
 	 	$	(2,234	)	 	$	2,312	
 	
Operating income before income taxes	 	$	451	
 	 	$	(113	)	 	$	323	
 	 	$	(774	)	 	$	(1,719	)	 	$	2,170	
 	 	 	 	$	661	
 	 	$	(2,784	)	 	$	3,445	

See appendix for reconciliation of GAAP income before income taxes to operating income before income taxes.	 	 	 	 	 	 	 	 	
(1) The Asia Pacific non-traditional segment includes asset intensive, financial reinsurance, and disabled life closed block business.	 	 	 	 	 	 	 	 	
(2) Compared to comparable prior year period.	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

                                        

 	 	Page 25

Reinsurance Group of America, Incorporated
Corporate and Other Segment
GAAP Income Statements
(USD thousands)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	Current	 	 	 	Year-to-Date	
 	 	Sept. 30,	 	June 30,	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	Qtr vs. PY	 	 	 	Sept. 30,	 	Sept. 30,	 	 	
 	 	2016	 	2016	 	2016	 	2015	 	2015	 	Quarter	 	 	 	2016	 	2015	 	Change	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	72	
 	 	$	108	
 	 	$	109	
 	 	$	112	
 	 	$	133	
 	 	$	(61	)	 	 	 	$	289	
 	 	$	453	
 	 	$	(164	)	
Investment income, net of related expenses	 	33,478	
 	 	25,190	
 	 	22,921	
 	 	28,355	
 	 	31,693	
 	 	1,785	
 	 	 	 	81,589	
 	 	95,095	
 	 	(13,506	)	
Investment related gains (losses), net	 	12,258	
 	 	32,036	
 	 	7,423	
 	 	(34,276	)	 	(30,710	)	 	42,968	
 	 	 	 	51,717	
 	 	(30,831	)	 	82,548	
 	
Other revenue	 	4,893	
 	 	4,653	
 	 	2,049	
 	 	6,665	
 	 	(1,675	)	 	6,568	
 	 	 	 	11,595	
 	 	3,322	
 	 	8,273	
 	
Total revenues	 	50,701	
 	 	61,987	
 	 	32,502	
 	 	856	
 	 	(559	)	 	51,260	
 	 	 	 	145,190	
 	 	68,039	
 	 	77,151	

Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	(15	)	 	(6	)	 	27	
 	 	(11	)	 	(4	)	 	(11	)	 	 	 	6	
 	 	49	
 	 	(43	)	
Interest credited	 	622	
 	 	459	
 	 	507	
 	 	369	
 	 	244	
 	 	378	
 	 	 	 	1,588	
 	 	659	
 	 	929	
 	
Policy acquisition costs and other insurance income	 	(24,565	)	 	(25,149	)	 	(23,812	)	 	(22,886	)	 	(22,234	)	 	(2,331	)	 	 	 	(73,526	)	 	(64,665	)	 	(8,861	)	
Other operating expenses	 	32,414	
 	 	40,975	
 	 	39,978	
 	 	32,878	
 	 	31,668	
 	 	746	
 	 	 	 	113,367	
 	 	76,139	
 	 	37,228	
 	
Interest expense	 	43,063	
 	 	20,331	
 	 	32,807	
 	 	35,820	
 	 	35,565	
 	 	7,498	
 	 	 	 	96,201	
 	 	107,043	
 	 	(10,842	)	
Collateral finance and securitization expense	 	6,484	
 	 	6,587	
 	 	6,325	
 	 	6,182	
 	 	5,133	
 	 	1,351	
 	 	 	 	19,396	
 	 	16,462	
 	 	2,934	
 	
Total benefits and expenses	 	58,003	
 	 	43,197	
 	 	55,832	
 	 	52,352	
 	 	50,372	
 	 	7,631	
 	 	 	 	157,032	
 	 	135,687	
 	 	21,345	

Income (loss) before income taxes	 	$	(7,302	)	 	$	18,790	
 	 	$	(23,330	)	 	$	(51,496	)	 	$	(50,931	)	 	$	43,629	
 	 	 	 	$	(11,842	)	 	$	(67,648	)	
 	$	55,806	

Foreign currency effect   (1) :	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	$	294	
 	 	$	(1,941	)	 	$	(1,409	)	 	$	(2,642	)	 	$	(1,122	)	 	$	1,416	
 	 	 	 	$	(3,056	)	 	$	(3,436	)	 	$	380	

See appendix for reconciliation of GAAP income before income taxes to operating income before income taxes.	 	 	 	 	 	 	 	 	
(1) Compared to comparable prior year period.	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

                                        

 	 	Page 26

Reinsurance Group of America, Incorporated
Corporate and Other Segment
Operating Income Statements
(USD thousands)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	Current	 	 	 	Year-to-Date	
 	 	Sept. 30,	 	June 30,	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	Qtr vs. PY	 	 	 	Sept. 30,	 	Sept. 30,	 	 	
 	 	2016	 	2016	 	2016	 	2015	 	2015	 	Quarter	 	 	 	2016	 	2015	 	Change	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	72	
 	 	$	108	
 	 	$	109	
 	 	$	112	
 	 	$	133	
 	 	$	(61	)	 	 	 	$	289	
 	 	$	453	
 	 	$	(164	)	
Investment income, net of related expenses	 	33,478	
 	 	25,190	
 	 	22,921	
 	 	28,355	
 	 	31,693	
 	 	1,785	
 	 	 	 	81,589	
 	 	95,095	
 	 	(13,506	)	
Investment related gains, net	 	568	
 	 	496	
 	 	493	
 	 	523	
 	 	519	
 	 	49	
 	 	 	 	1,557	
 	 	1,426	
 	 	131	
 	
Other revenue	 	4,870	
 	 	4,636	
 	 	2,035	
 	 	6,650	
 	 	(1,670	)	 	6,540	
 	 	 	 	11,541	
 	 	3,408	
 	 	8,133	
 	
Total revenues	 	38,988	
 	 	30,430	
 	 	25,558	
 	 	35,640	
 	 	30,675	
 	 	8,313	
 	 	 	 	94,976	
 	 	100,382	
 	 	(5,406	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	(15	)	 	(6	)	 	27	
 	 	(11	)	 	(4	)	 	(11	)	 	 	 	6	
 	 	49	
 	 	(43	)	
Interest credited	 	622	
 	 	459	
 	 	507	
 	 	369	
 	 	244	
 	 	378	
 	 	 	 	1,588	
 	 	659	
 	 	929	
 	
Policy acquisition costs and other insurance income	 	(24,565	)	 	(25,149	)	 	(23,812	)	 	(22,886	)	 	(22,234	)	 	(2,331	)	 	 	 	(73,526	)	 	(64,665	)	 	(8,861	)	
Other operating expenses	 	32,414	
 	 	40,975	
 	 	39,978	
 	 	32,878	
 	 	31,668	
 	 	746	
 	 	 	 	113,367	
 	 	76,139	
 	 	37,228	
 	
Interest expense	 	43,063	
 	 	20,331	
 	 	32,807	
 	 	35,820	
 	 	35,565	
 	 	7,498	
 	 	 	 	96,201	
 	 	107,043	
 	 	(10,842	)	
Collateral finance and securitization expense	 	6,484	
 	 	6,587	
 	 	6,325	
 	 	6,182	
 	 	5,133	
 	 	1,351	
 	 	 	 	19,396	
 	 	16,462	
 	 	2,934	
 	
Total benefits and expenses	 	58,003	
 	 	43,197	
 	 	55,832	
 	 	52,352	
 	 	50,372	
 	 	7,631	
 	 	 	 	157,032	
 	 	135,687	
 	 	21,345	

Operating income (loss) before income taxes	 	(19,015	)	 	(12,767	)	 	(30,274	)	 	(16,712	)	 	(19,697	)	 	682	
 	 	 	 	(62,056	)	 	(35,305	)	 	(26,751	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Foreign currency effect   (1) :	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	$	513	
 	 	$	(442	)	 	$	(868	)	 	$	(2,604	)	 	$	(1,407	)	 	$	1,920	
 	 	 	 	$	(797	)	 	$	(3,108	)	 	$	2,311	

See appendix for reconciliation of GAAP income before income taxes to operating income before income taxes.	 	 	 	 	 	 	 	 	
(1) Compared to comparable prior year period.	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

                                        

 	 	Page 27

Reinsurance Group of America, Incorporated
Summary of Segment GAAP Income Statements
(USD thousands)	 	

 	 	Three Months Ended	 	Current Qtr
vs. PY
Quarter	 	 	 	Year-to-date	 	
 	 	Sept. 30,	 	June 30,	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	 	 	 	 	Sept. 30,	 	Sept. 30,	 	 	 	 	 	 	
 	 	2016	 	2016	 	2016	 	2015	 	2015	 	 	 	 	 	2016	 	2015	 	Change	 	 	 	 	 	 	
U.S. and Latin America:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Traditional	 	$	77,081	
 	 	$	111,430	
 	 	$	51,098	
 	 	$	79,483	
 	 	$	55,652	
 	 	$	21,429	
 	 	 	 	$	239,609	
 	 	$	156,288	
 	 	$	83,321	
 	 	 	 	 	 	 	
Non-Traditional:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Asset Intensive	 	88,732	
 	 	93,979	
 	 	(30,830	)	 	30,874	
 	 	24,182	
 	 	64,550	
 	 	 	 	151,881	
 	 	122,072	
 	 	29,809	
 	 	 	 	 	 	 	
Financial Reinsurance	 	13,982	
 	 	14,875	
 	 	15,934	
 	 	15,936	
 	 	12,073	
 	 	1,909	
 	 	 	 	44,791	
 	 	39,081	
 	 	5,710	
 	 	 	 	 	 	 	
Total U.S. and Latin America	 	179,795	
 	 	220,284	
 	 	36,202	
 	 	126,293	
 	 	91,907	
 	 	87,888	
 	 	 	 	436,281	
 	 	317,441	
 	 	118,840	
 	 	 	 	 	 	 	
Canada:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Canada Traditional	 	34,275	
 	 	43,309	
 	 	20,095	
 	 	44,640	
 	 	34,072	
 	 	203	
 	 	 	 	97,679	
 	 	79,535	
 	 	18,144	
 	 	 	 	 	 	 	
Canada Non-Traditional	 	1,160	
 	 	2,128	
 	 	592	
 	 	3,420	
 	 	3,257	
 	 	(2,097	)	 	 	 	3,880	
 	 	10,482	
 	 	(6,602	)	 	 	 	 	 	 	
Total Canada	 	35,435	
 	 	45,437	
 	 	20,687	
 	 	48,060	
 	 	37,329	
 	 	(1,894	)	 	 	 	101,559	
 	 	90,017	
 	 	11,542	
 	 	 	 	 	 	 	
Europe, Middle East and Africa:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Europe, Middle East and Africa Traditional	 	8,515	
 	 	6,834	
 	 	(1,116	)	 	12,859	
 	 	15,910	
 	 	(7,395	)	 	 	 	14,233	
 	 	35,551	
 	 	(21,318	)	 	 	 	 	 	 	
Europe, Middle East and Africa Non-Traditional	 	43,786	
 	 	27,469	
 	 	25,424	
 	 	28,145	
 	 	29,234	
 	 	14,552	
 	 	 	 	96,679	
 	 	80,300	
 	 	16,379	
 	 	 	 	 	 	 	
Total Europe, Middle East and Africa	 	52,301	
 	 	34,303	
 	 	24,308	
 	 	41,004	
 	 	45,144	
 	 	7,157	
 	 	 	 	110,912	
 	 	115,851	
 	 	(4,939	)	 	 	 	 	 	 	
Asia Pacific:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Asia Pacific Traditional	 	19,822	
 	 	34,482	
 	 	41,160	
 	 	37,415	
 	 	11,276	
 	 	8,546	
 	 	 	 	95,464	
 	 	68,239	
 	 	27,225	
 	 	 	 	 	 	 	
Asia Pacific Non-Traditional	 	7,549	
 	 	(73	)	 	8,553	
 	 	5,467	
 	 	5,412	
 	 	2,137	
 	 	 	 	16,029	
 	 	14,152	
 	 	1,877	
 	 	 	 	 	 	 	
Total Asia Pacific	 	27,371	
 	 	34,409	
 	 	49,713	
 	 	42,882	
 	 	16,688	
 	 	10,683	
 	 	 	 	111,493	
 	 	82,391	
 	 	29,102	
 	 	 	 	 	 	 	
Corporate and Other	 	(7,302	)	 	18,790	
 	 	(23,330	)	 	(51,496	)	 	(50,931	)	 	43,629	
 	 	 	 	(11,842	)	 	(67,648	)	 	55,806	
 	 	 	 	 	 	 	
Consolidated Income before Income Taxes	 	$	287,600	
 	 	$	353,223	
 	 	$	107,580	
 	 	$	206,743	
 	 	$	140,137	
 	 	$	147,463	
 	 	 	 	$	748,403	
 	 	$	538,052	
 	 	$	210,351	

See appendix for reconciliation of GAAP income before income taxes to operating income before income taxes.	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

                                        

 	 	Page 28

 
Reinsurance Group of America, Incorporated
Summary of Segment Operating Income Statements
(USD thousands)	 	

 	 	Three Months Ended	 	Current Qtr
vs. PY
Quarter	 	 	 	Year-to-date	 	
 	 	Sept. 30,	 	June 30,	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	 	 	 	 	Sept. 30,	 	Sept. 30,	 	 	 	 	 	 	
 	 	2016	 	2016	 	2016	 	2015	 	2015	 	 	 	 	 	2016	 	2015	 	Change	 	 	 	 	 	 	
U.S. and Latin America:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Traditional	 	$	80,475	
 	 	$	112,312	
 	 	$	53,198	
 	 	$	78,990	
 	 	$	54,726	
 	 	$	25,749	
 	 	 	 	$	245,985	
 	 	$	154,475	
 	 	$	91,510	
 	 	 	 	 	 	 	
Non-Traditional:	 	 	 	 	 	 	 	 	 	 	 	

Asset Intensive	 	58,693	
 	 	54,323	
 	 	45,268	
 	 	47,596	
 	 	55,230	
 	 	3,463	
 	 	 	 	158,284	
 	 	151,966	
 	 	6,318	
 	 	 	 	 	 	 	
Financial Reinsurance	 	13,982	
 	 	14,875	
 	 	15,934	
 	 	15,936	
 	 	12,073	
 	 	1,909	
 	 	 	 	44,791	
 	 	39,081	
 	 	5,710	
 	 	 	 	 	 	 	
Total U.S. and Latin America	 	153,150	
 	 	181,510	
 	 	114,400	
 	 	142,522	
 	 	122,029	
 	 	31,121	
 	 	 	 	449,060	
 	 	345,522	
 	 	103,538	
 	 	 	 	 	 	 	
Canada:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Canada Traditional	 	30,624	
 	 	40,907	
 	 	19,364	
 	 	45,086	
 	 	37,793	
 	 	(7,169	)	 	 	 	90,895	
 	 	78,725	
 	 	12,170	
 	 	 	 	 	 	 	
Canada Non-Traditional	 	1,160	
 	 	2,128	
 	 	592	
 	 	3,420	
 	 	3,257	
 	 	(2,097	)	 	 	 	3,880	
 	 	10,482	
 	 	(6,602	)	 	 	 	 	 	 	
Total Canada	 	31,784	
 	 	43,035	
 	 	19,956	
 	 	48,506	
 	 	41,050	
 	 	(9,266	)	 	 	 	94,775	
 	 	89,207	
 	 	5,568	
 	 	 	 	 	 	 	
Europe, Middle East and Africa:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Europe, Middle East and Africa Traditional	 	8,515	
 	 	6,834	
 	 	(1,121	)	 	12,859	
 	 	15,621	
 	 	(7,106	)	 	 	 	14,228	
 	 	35,213	
 	 	(20,985	)	 	 	 	 	 	 	
Europe, Middle East and Africa Non-Traditional	 	33,945	
 	 	26,128	
 	 	25,611	
 	 	18,779	
 	 	28,838	
 	 	5,107	
 	 	 	 	85,684	
 	 	79,307	
 	 	6,377	
 	 	 	 	 	 	 	
Total Europe, Middle East and Africa	 	42,460	
 	 	32,962	
 	 	24,490	
 	 	31,638	
 	 	44,459	
 	 	(1,999	)	 	 	 	99,912	
 	 	114,520	
 	 	(14,608	)	 	 	 	 	 	 	
Asia Pacific:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Asia Pacific Traditional	 	19,822	
 	 	34,482	
 	 	41,144	
 	 	35,709	
 	 	12,982	
 	 	6,840	
 	 	 	 	95,448	
 	 	69,945	
 	 	25,503	
 	 	 	 	 	 	 	
Asia Pacific Non-Traditional	 	2,266	
 	 	(5,998	)	 	7,442	
 	 	5,450	
 	 	6,293	
 	 	(4,027	)	 	 	 	3,710	
 	 	17,068	
 	 	(13,358	)	 	 	 	 	 	 	
Total Asia Pacific	 	22,088	
 	 	28,484	
 	 	48,586	
 	 	41,159	
 	 	19,275	
 	 	2,813	
 	 	 	 	99,158	
 	 	87,013	
 	 	12,145	
 	 	 	 	 	 	 	
Corporate and Other	 	(19,015	)	 	(12,767	)	 	(30,274	)	 	(16,712	)	 	(19,697	)	 	682	
 	 	 	 	(62,056	)	 	(35,305	)	 	(26,751	)	 	 	 	 	 	 	
Consolidated Operating Income before Income Taxes	 	$	230,467	
 	 	$	273,224	
 	 	$	177,158	
 	 	$	247,113	
 	 	$	207,116	
 	 	$	23,351	
 	 	 	 	$	680,849	
 	 	$	600,957	
 	 	$	79,892	

See appendix for reconciliation of GAAP income before income taxes to operating income before income taxes.	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

                                        

 	 	Page 29

 
Reinsurance Group of America, Incorporated
Investments
(USD thousands)

Cash and Invested Assets	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Sept. 30,	 	June 30,	 	March 31,	 	Dec. 31,	 	Sept. 30,	
 	 	2016	 	2016	 	2016	 	2015	 	2015	
Fixed maturity securities, available-for-sale	 	$	33,536,419	
 	 	$	33,160,976	
 	 	$	31,148,714	
 	 	$	29,642,905	
 	 	$	27,411,788	
 	
Mortgage loans on real estate	 	3,607,700	
 	 	3,377,039	
 	 	3,292,496	
 	 	3,129,951	
 	 	3,170,002	
 	
Policy loans	 	1,414,963	
 	 	1,445,410	
 	 	1,451,857	
 	 	1,468,796	
 	 	1,444,009	
 	
Funds withheld at interest	 	5,922,656	
 	 	5,899,289	
 	 	5,797,183	
 	 	5,880,203	
 	 	5,675,174	
 	
Short-term investments	 	126,702	
 	 	195,979	
 	 	431,535	
 	 	558,284	
 	 	58,200	
 	
Other invested assets	 	1,777,065	
 	 	1,682,143	
 	 	1,368,544	
 	 	1,298,120	
 	 	1,187,504	
 	
Cash and cash equivalents	 	1,379,693	
 	 	1,034,329	
 	 	1,502,082	
 	 	1,525,275	
 	 	1,747,692	
 	
Total cash and invested assets	 	$	47,765,198	
 	 	$	46,795,165	
 	 	$	44,992,411	
 	 	$	43,503,534	
 	 	$	40,694,369	

 
Investment Income and Yield Summary	 	

 	 	Three Months Ended	 	Current Qtr
vs. PY
Quarter	 	 	 	Year-to-Date	 	
 	 	Sept. 30,	 	June 30,	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	 	 	 	 	Sept. 30,	 	Sept. 30,	 	 	 	 	 	 	
 	 	2016	 	2016	 	2016	 	2015	 	2015	 	 	 	 	 	2016	 	2015	 	Change	 	 	 	 	 	 	
Average invested assets at amortized cost  (1)	 	$	24,128,430	
 	 	$	23,216,459	
 	 	$	22,379,003	
 	 	$	21,552,560	
 	 	$	20,988,046	
 	 	$	3,140,384	
 	 	 	 	$	22,982,245	
 	 	$	20,783,655	
 	 	$	2,198,590	
 	 	 	 	 	 	 	
Net investment income  (1)	 	$	263,111	
 	 	$	268,747	
 	 	$	245,299	
 	 	$	262,660	
 	 	$	240,168	
 	 	$	22,943	
 	 	 	 	$	777,157	
 	 	$	739,538	
 	 	$	37,619	
 	 	 	 	 	 	 	
Annualized investment yield (ratio of net investment income to average invested assets)  (1)	 	4.43	%	 	4.71	%	 	4.46	%	 	4.96	%	(2	)	4.66	%	 	-0.23	%	 	 	 	4.53	%	 	4.77	%	 	-0.24	%	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(1) Excludes spread-related business (e.g. coinsurance of annuities).	 	 	 	 	 	 	
(2) Includes the cumulative effective of income related to a funds withheld transaction executed in the fourth quarter of 2015, retroactive to the beginning of the year.	 	 	 	 	 	 	

                                        

 	 	Page 30

Reinsurance Group of America, Incorporated
Investments
(USD thousands)

Amortized Cost, Gross Unrealized Gains and Losses, and Estimated Fair Values of Fixed Maturity and Equity Securities
(Excludes Funds Withheld Portfolios)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
September 30, 2016	
 	 	Amortized
Cost	 	Unrealized
Gains	 	Unrealized
Losses	 	Estimated Fair
Value	 	% of
Total	 	Other-than-
temporary
Impairment
in AOCI	
Available-for-sale:	 	 	 	 	 	 	 	 	 	 	 	 	
Corporate securities	 	$	18,762,648	
 	 	$	1,498,816	
 	 	$	96,616	
 	 	$	20,164,848	
 	 	60.2	%	 	$	—	
 	
Canadian and Canadian provincial governments	 	2,598,625	
 	 	1,541,754	
 	 	—	
 	 	4,140,379	
 	 	12.3	%	 	—	
 	
Residential mortgage-backed securities	 	1,247,677	
 	 	67,854	
 	 	3,839	
 	 	1,311,692	
 	 	3.9	%	 	(300	)	
Asset-backed securities	 	1,388,263	
 	 	13,706	
 	 	19,395	
 	 	1,382,574	
 	 	4.1	%	 	275	
 	
Commercial mortgage-backed securities	 	1,402,249	
 	 	73,402	
 	 	618	
 	 	1,475,033	
 	 	4.4	%	 	(1,609	)	
U.S. government and agencies	 	1,479,295	
 	 	80,402	
 	 	161	
 	 	1,559,536	
 	 	4.7	%	 	—	
 	
State and political subdivisions	 	549,669	
 	 	72,598	
 	 	4,418	
 	 	617,849	
 	 	1.8	%	 	—	
 	
Other foreign government, supranational, and foreign	 	 	 	 	 	 	 	 	 	 	 	 	
 government-sponsored enterprises	 	2,669,470	
 	 	220,274	
 	 	5,236	
 	 	2,884,508	
 	 	8.6	%	 	—	
 	
Total fixed maturity securities	 	$	30,097,896	
 	 	$	3,568,806	
 	 	$	130,283	
 	 	$	33,536,419	
 	 	100.0	%	 	$	(1,634	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Non-redeemable preferred stock	 	$	56,944	
 	 	$	2,512	
 	 	$	6,604	
 	 	$	52,852	
 	 	12.6	%	 	 	
Other equity securities	 	360,839	
 	 	7,013	
 	 	456	
 	 	367,396	
 	 	87.4	%	 	 	
Total equity securities	 	$	417,783	
 	 	$	9,525	
 	 	$	7,060	
 	 	$	420,248	
 	 	100.0	%	 	 	

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

 	
 	 	 	
 	 	Page 31

Reinsurance Group of America, Incorporated
Investments
(USD thousands)

Corporate Fixed Maturities Securities by Sector
(Excludes Funds Withheld Portfolios)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	September 30, 2016	 	December 31, 2015	
 	 	Amortized
Cost	 	Estimated Fair
Value	 	% of
Total	 	Average
Credit
Ratings (1)	 	Amortized
Cost	 	Estimated Fair
Value	 	% of
Total	 	Average
Credit
Ratings (1)	
Financial institutions	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Banking	 	$	4,148,648	
 	 	$	4,363,327	
 	 	21.8	%	 	A-	 	$	3,557,406	
 	 	$	3,641,125	
 	 	20.5	%	 	 A-	
Brokerage/asset managers/exchanges	 	400,252	
 	 	428,406	
 	 	2.1	%	 	A	 	315,848	
 	 	327,477	
 	 	1.8	%	 	 A	
Finance companies	 	121,742	
 	 	130,694	
 	 	0.6	%	 	A-	 	68,996	
 	 	70,947	
 	 	0.4	%	 	 BBB-	
Insurance	 	1,201,312	
 	 	1,292,041	
 	 	6.4	%	 	A-	 	877,691	
 	 	908,752	
 	 	5.1	%	 	 A-	
REITs	 	557,980	
 	 	594,973	
 	 	3.0	%	 	BBB+	 	524,424	
 	 	540,120	
 	 	3.1	%	 	 BBB+	
Other finance	 	100,824	
 	 	106,754	
 	 	0.5	%	 	BBB+	 	64,426	
 	 	66,623	
 	 	0.4	%	 	 A-	
Total financial institutions	 	$	6,530,758	
 	 	$	6,916,195	
 	 	34.4	%	 	 	 	$	5,408,791	
 	 	$	5,555,044	
 	 	31.3	%	 	 	
Industrials	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic	 	$	892,323	
 	 	$	951,840	
 	 	4.7	%	 	BBB	 	$	937,498	
 	 	$	894,466	
 	 	5.1	%	 	BBB	
Capital goods	 	1,002,552	
 	 	1,057,647	
 	 	5.2	%	 	BBB+	 	1,090,670	
 	 	1,091,523	
 	 	6.2	%	 	BBB+	
Communications	 	1,828,975	
 	 	1,999,455	
 	 	9.9	%	 	BBB	 	1,891,983	
 	 	1,912,375	
 	 	10.8	%	 	BBB	
Consumer cyclical	 	1,065,703	
 	 	1,140,431	
 	 	5.7	%	 	BBB+	 	1,015,183	
 	 	1,028,521	
 	 	5.8	%	 	BBB+	
Consumer noncyclical	 	1,931,379	
 	 	2,129,698	
 	 	10.6	%	 	A-	 	1,762,018	
 	 	1,805,347	
 	 	10.2	%	 	A-	
Energy	 	1,873,902	
 	 	1,979,153	
 	 	9.8	%	 	BBB+	 	2,064,824	
 	 	1,922,366	
 	 	10.9	%	 	BBB+	
Technology	 	673,034	
 	 	712,706	
 	 	3.5	%	 	A	 	569,174	
 	 	574,280	
 	 	3.2	%	 	A-	
Transportation	 	859,228	
 	 	932,491	
 	 	4.6	%	 	A-	 	763,055	
 	 	777,939	
 	 	4.4	%	 	A-	
Other industrial	 	114,393	
 	 	124,811	
 	 	0.6	%	 	BBB+	 	117,021	
 	 	123,100	
 	 	0.7	%	 	BBB+	
Total industrials	 	$	10,241,489	
 	 	$	11,028,232	
 	 	54.6	%	 	 	 	$	10,211,426	
 	 	$	10,129,917	
 	 	57.3	%	 	 	
Utilities	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Electric	 	$	1,437,040	
 	 	$	1,581,464	
 	 	7.8	%	 	A-	 	$	1,395,335	
 	 	$	1,444,368	
 	 	8.2	%	 	 BBB+	
Natural gas	 	325,547	
 	 	365,055	
 	 	1.8	%	 	A-	 	315,826	
 	 	323,206	
 	 	1.8	%	 	 A-	
Other utility	 	227,814	
 	 	273,902	
 	 	1.4	%	 	A-	 	244,129	
 	 	255,621	
 	 	1.4	%	 	 A-	
Total utilities	 	$	1,990,401	
 	 	$	2,220,421	
 	 	11.0	%	 	 	 	$	1,955,290	
 	 	$	2,023,195	
 	 	11.4	%	 	 	
Total	 	$	18,762,648	
 	 	$	20,164,848	
 	 	100.0	%	 	BBB+	 	$	17,575,507	
 	 	$	17,708,156	
 	 	100.0	%	 	BBB+	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(1) The Average Credit Rating designations are based on the weighted average ratings from nationally recognized statistical rating organizations (NRSRO), primarily those assigned by S&P. In instances	
where a S&P rating is not available, the Company will reference the rating provided by Moody’s, and in the absence of both the Company will assign equivalent ratings based on information from the National	
Association of Insurance Commissioners (NAIC).	

                                        

 	 	Page 32

Reinsurance Group of America, Incorporated
Investments
(USD thousands)

Ratings of Fixed Maturity Securities
(Excludes Funds Withheld Portfolios)

 	 	 	 	September 30, 2016	 	June 30, 2016	 	March 31, 2016	 	December 31, 2015	 	September 30, 2015	
NAIC
Designation (1)	 	Rating Agency
Designation   (2)	 	Amortized
Cost	 	Estimated
Fair Value	 	% of
Total	 	Amortized
Cost	 	Estimated
Fair Value	 	% of
Total	 	Amortized
Cost	 	Estimated
Fair Value	 	% of
Total	 	Amortized
Cost	 	Estimated
Fair Value	 	% of
Total	 	Amortized
Cost	 	Estimated
Fair Value	 	% of
Total	
1	 	AAA/AA/A	 	$	19,794,556	
 	 	$	22,594,066	
 	 	67.3	%	 	$	19,755,011	
 	 	$	22,392,311	
 	 	67.5	%	 	$	18,511,837	
 	 	$	20,516,462	
 	 	65.9	%	 	$	17,801,017	
 	 	$	19,231,535	
 	 	64.8	%	 	$	16,479,884	
 	 	$	18,012,729	
 	 	65.7	%	
2	 	BBB	 	8,660,225	
 	 	9,296,652	
 	 	27.7	%	 	8,679,819	
 	 	9,130,971	
 	 	27.5	%	 	8,813,991	
 	 	9,005,192	
 	 	28.9	%	 	8,838,444	
 	 	8,830,172	
 	 	29.8	%	 	7,567,172	
 	 	7,691,301	
 	 	28.1	%	
3	 	BB	 	1,010,694	
 	 	1,027,001	
 	 	3.1	%	 	1,012,092	
 	 	1,018,629	
 	 	3.1	%	 	1,096,165	
 	 	1,057,763	
 	 	3.4	%	 	1,054,449	
 	 	1,001,614	
 	 	3.4	%	 	1,061,245	
 	 	1,015,762	
 	 	3.7	%	
4	 	B	 	451,456	
 	 	441,887	
 	 	1.3	%	 	456,457	
 	 	431,649	
 	 	1.3	%	 	402,872	
 	 	372,795	
 	 	1.2	%	 	399,417	
 	 	359,591	
 	 	1.2	%	 	414,775	
 	 	389,089	
 	 	1.4	%	
5	 	CCC	 	157,857	
 	 	151,182	
 	 	0.5	%	 	143,675	
 	 	135,927	
 	 	0.4	%	 	178,537	
 	 	165,491	
 	 	0.5	%	 	207,351	
 	 	197,498	
 	 	0.7	%	 	261,015	
 	 	246,211	
 	 	0.9	%	
6	 	In or near default	 	23,108	
 	 	25,631	
 	 	0.1	%	 	29,830	
 	 	51,489	
 	 	0.2	%	 	31,872	
 	 	31,011	
 	 	0.1	%	 	22,299	
 	 	22,495	
 	 	0.1	%	 	60,704	
 	 	56,696	
 	 	0.2	%	
 	 	Total	 	$	30,097,896	
 	 	$	33,536,419	
 	
 	100.0	%	
 	$	30,076,884	
 	
 	$	33,160,976	
 	
 	100.0	%	
 	$	29,035,274	
 	
 	$	31,148,714	
 	
 	100.0	%	
 	$	28,322,977	
 	
 	$	29,642,905	
 	
 	100.0	%	
 	$	25,844,795	
 	
 	$	27,411,788	
 	
 	100.0	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(1) Structured securities held by the Company’s insurance subsidiaries that maintain the NAIC statutory basis of accounting that meet the definition of SSAP No. 43R utilize the NAIC rating methodology.	
            All other securities will continue to utilize the NRSRO ratings, as available, or equivalent rating based on information from the NAIC.	
(2) The Rating Agency Designation includes all “+” or “-” at that rating level (e. g. ‘BBB’ includes ‘BBB+’, ‘BBB’, and ‘BBB-’).	

Structured Fixed Maturity Securities	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	September 30, 2016	 	June 30, 2016	 	March 31, 2016	 	December 31, 2015	 	September 30, 2015	
 	 	Amortized
Cost	 	Estimated
Fair Value	 	Amortized
Cost	 	Estimated
Fair Value	 	Amortized
Cost	 	Estimated
Fair Value	 	Amortized
Cost	 	Estimated
Fair Value	 	Amortized
Cost	 	Estimated
Fair Value	
Residential mortgage-backed securities:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Agency	 	$	590,881	
 	 	$	642,041	
 	 	$	601,728	
 	 	$	659,526	
 	 	$	593,662	
 	 	$	642,617	
 	 	$	602,524	
 	 	$	634,077	
 	 	$	614,272	
 	 	$	657,066	
 	
Non-agency	 	656,796	
 	 	669,651	
 	 	623,990	
 	 	633,252	
 	 	737,232	
 	 	738,280	
 	 	675,474	
 	 	677,400	
 	 	619,886	
 	 	626,394	
 	
Total residential mortgage-backed securities	 	1,247,677	
 	 	1,311,692	
 	 	1,225,718	
 	 	1,292,778	
 	 	1,330,894	
 	 	1,380,897	
 	 	1,277,998	
 	 	1,311,477	
 	 	1,234,158	
 	 	1,283,460	
 	
Commercial mortgage-backed securities	 	1,402,249	
 	 	1,475,033	
 	 	1,441,091	
 	 	1,507,693	
 	 	1,466,500	
 	 	1,508,183	
 	 	1,456,848	
 	 	1,483,087	
 	 	1,441,845	
 	 	1,491,951	
 	
Asset-backed securities	 	1,388,263	
 	 	1,382,574	
 	 	1,377,736	
 	 	1,356,677	
 	 	1,319,616	
 	 	1,289,381	
 	 	1,219,000	
 	 	1,212,676	
 	 	1,055,760	
 	 	1,061,372	
 	
Total	 	$	4,038,189	
 	 	$	4,169,299	
 	 	$	4,044,545	
 	 	$	4,157,148	
 	 	$	4,117,010	
 	 	$	4,178,461	
 	 	$	3,953,846	
 	 	$	4,007,240	
 	 	$	3,731,763	
 	 	$	3,836,783	

                                        

 	 	Page 33

 
Reinsurance Group of America, Incorporated
Investments
(USD thousands)

Gross Unrealized Losses Aging

Fixed Maturity Securities	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	September 30, 2016	 	June 30, 2016	 	March 31, 2016	 	December 31, 2015	 	September 30, 2015	
 	 	Gross
Unrealized
Losses	 	% of
Total	 	Gross
Unrealized
Losses	 	% of
Total	 	Gross
Unrealized
Losses	 	% of
Total	 	Gross
Unrealized
Losses	 	% of
Total	 	Gross
Unrealized
Losses	 	% of
Total	
Less than 20%	 	$	85,446	
 	 	62.2	%	 	$	148,844	
 	 	74.9	%	 	$	272,450	
 	 	70.5	%	 	$	458,676	
 	 	73.1	%	 	$	359,324	
 	 	79.5	%	
20% or more for less than six months	 	12,551	
 	 	9.1	%	 	7,248	
 	 	3.7	%	 	68,067	
 	 	17.6	%	 	140,568	
 	 	22.4	%	 	69,197	
 	 	15.3	%	
20% or more for six months or greater	 	32,286	
 	 	23.5	%	 	34,078	
 	 	17.2	%	 	36,949	
 	 	9.6	%	 	20,003	
 	 	3.2	%	 	14,480	
 	 	3.2	%	
Total	 	$	130,283	
 	
 	94.8	%	
 	$	190,170	
 	
 	95.8	%	
 	$	377,466	
 	
 	97.7	%	
 	$	619,247	
 	
 	98.7	%	
 	$	443,001	
 	
 	98.0	%	

Equity Securities	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	September 30, 2016	 	June 30, 2016	 	March 31, 2016	 	December 31, 2015	 	September 30, 2015	
 	 	Gross
Unrealized
Losses	 	% of
Total	 	Gross
Unrealized
Losses	 	% of
Total	 	Gross
Unrealized
Losses	 	% of
Total	 	Gross
Unrealized
Losses	 	% of
Total	 	Gross
Unrealized
Losses	 	% of
Total	
Less than 20%	 	$	2,588	
 	 	1.9	%	 	$	1,794	
 	 	0.9	%	 	$	2,678	
 	 	0.7	%	 	$	4,433	
 	 	0.7	%	 	$	4,127	
 	 	0.9	%	
20% or more for less than six months	 	—	
 	 	0.0	%	 	1,685	
 	 	0.8	%	 	1,672	
 	 	0.4	%	 	1,927	
 	 	0.3	%	 	3,687	
 	 	0.8	%	
20% or more for six months or greater	 	4,472	
 	 	3.3	%	 	4,903	
 	 	2.5	%	 	4,714	
 	 	1.2	%	 	1,844	
 	 	0.3	%	 	1,243	
 	 	0.3	%	
Total	 	$	7,060	
 	
 	5.2	%	
 	$	8,382	
 	
 	4.2	%	
 	$	9,064	
 	
 	2.3	%	
 	$	8,204	
 	
 	1.3	%	
 	$	9,057	
 	
 	2.0	%	

                                        

 	 	Page 34

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

 	 	As of September 30, 2016	
 	 	Less than 12 months	 	Equal to or greater than 12 months	 	Total	
 	 	Estimated Fair
Value	 	Gross Unrealized
Losses	 	Estimated Fair
Value	 	Gross Unrealized
Losses	 	Estimated Fair
Value	 	Gross Unrealized
Losses	
Investment grade securities:	 	 	 	 	 	 	 	 	 	 	 	 	
Corporate securities	 	$	775,973	
 	 	$	11,522	
 	 	$	567,398	
 	 	$	29,794	
 	 	$	1,343,371	
 	 	$	41,316	
 	
Canadian and Canadian provincial governments	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	—	
 	
Residential mortgage-backed securities	 	85,970	
 	 	593	
 	 	107,240	
 	 	3,236	
 	 	193,210	
 	 	3,829	
 	
Asset-backed securities	 	341,260	
 	 	4,816	
 	 	314,518	
 	 	11,488	
 	 	655,778	
 	 	16,304	
 	
Commercial mortgage-backed securities	 	51,965	
 	 	193	
 	 	22,415	
 	 	425	
 	 	74,380	
 	 	618	
 	
U.S. government and agencies	 	86,499	
 	 	161	
 	 	—	
 	 	—	
 	 	86,499	
 	 	161	
 	
State and political subdivisions	 	53,229	
 	 	841	
 	 	13,141	
 	 	3,577	
 	 	66,370	
 	 	4,418	
 	
Other foreign government, supranational, and
foreign government-sponsored enterprises	 	131,702	
 	 	1,077	
 	 	51,862	
 	 	2,340	
 	 	183,564	
 	 	3,417	
 	
Total investment grade securities	 	$	1,526,598	
 	 	$	19,203	
 	 	$	1,076,574	
 	 	$	50,860	
 	 	$	2,603,172	
 	 	$	70,063	

Below investment grade securities:	 	 	 	 	 	 	 	 	 	 	 	 	
Corporate securities	 	$	314,962	
 	 	$	9,132	
 	 	$	168,865	
 	 	$	46,168	
 	 	$	483,827	
 	 	$	55,300	
 	
Residential mortgage-backed securities	 	—	
 	 	—	
 	 	369	
 	 	10	
 	 	369	
 	 	10	
 	
Asset-backed securities	 	5,858	
 	 	731	
 	 	14,707	
 	 	2,360	
 	 	20,565	
 	 	3,091	
 	
Commercial mortgage-backed securities	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	—	
 	
Other foreign government, supranational, and
foreign government-sponsored enterprises	 	6,194	
 	 	22	
 	 	42,501	
 	 	1,797	
 	 	48,695	
 	 	1,819	
 	
Total below investment grade securities	 	327,014	
 	 	9,885	
 	 	226,442	
 	 	50,335	
 	 	553,456	
 	 	60,220	
 	
Total fixed maturity securities	 	$	1,853,612	
 	 	$	29,088	
 	 	$	1,303,016	
 	 	$	101,195	
 	 	$	3,156,628	
 	 	$	130,283	

Equity securities:	 	 	 	 	 	 	 	 	 	 	 	 	
Non-redeemable preferred stock	 	$	3,413	
 	 	$	96	
 	 	$	23,786	
 	 	$	6,508	
 	 	$	27,199	
 	 	$	6,604	
 	
Other equity securities	 	96,635	
 	 	210	
 	 	6,806	
 	 	246	
 	 	103,441	
 	 	456	
 	
Total equity securities	 	$	100,048	
 	 	$	306	
 	 	$	30,592	
 	 	$	6,754	
 	 	$	130,640	
 	 	$	7,060	

 	 	 	 	 	 	 	 	 	 	 	 	 	

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

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

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

                                        

 	 	Page 35

Reinsurance Group of America, Incorporated
Investments
(USD thousands)

Consolidated Investment Related Gains and Losses	 	

 	 	Three Months Ended	 	Current Qtr
vs. PY
Quarter	 	 	 	Year-to-date	 	
 	 	Sept. 30,	 	June 30,	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	 	 	 	 	Sept. 30,	 	Sept. 30,	 	 	 	 	 	 	
 	 	2016	 	2016	 	2016	 	2015	 	2015	 	 	 	 	 	2016	 	2015	 	Change	 	 	 	 	 	 	
Fixed maturity and equity securities:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Other-than-temporary impairment losses on fixed maturities	 	$	—	
 	 	$	(846	)	 	$	(33,817	)	 	$	(27,605	)	 	$	(23,111	)	 	$	23,111	
 	 	 	 	$	(34,663	)	 	$	(29,775	)	 	$	(4,888	)	 	 	 	 	 	 	
Gain on investment activity	 	46,346	
 	 	53,615	
 	 	27,192	
 	 	20,077	
 	 	13,792	
 	 	32,554	
 	 	 	 	127,153	
 	 	53,002	
 	 	74,151	
 	 	 	 	 	 	 	
Loss on investment activity	 	(9,054	)	 	(22,556	)	 	(11,787	)	 	(21,636	)	 	(22,186	)	 	13,132	
 	 	 	 	(43,397	)	 	(50,257	)	 	6,860	
 	 	 	 	 	 	 	
Net gain (loss) on fixed maturity and equity securities	 	37,292	
 	 	30,213	
 	 	(18,412	)	 	(29,164	)	 	(31,505	)	 	68,797	
 	 	 	 	49,093	
 	 	(27,030	)	 	76,123	

Other impairment losses and change in mortgage loan provision	 	(262	)	 	211	
 	 	(2,060	)	 	(2,292	)	 	(636	)	 	374	
 	 	 	 	(2,111	)	 	(4,661	)	 	2,550	
 	 	 	 	 	 	 	
Other non-derivative gain (loss), net	 	4,754	
 	 	5,123	
 	 	4,057	
 	 	11,824	
 	 	(2,006	)	 	6,760	
 	 	 	 	13,934	
 	 	16,345	
 	 	(2,411	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Free-standing derivatives:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Credit default swaps	 	6,672	
 	 	3,518	
 	 	3,346	
 	 	1,253	
 	 	(8,407	)	 	15,079	
 	 	 	 	13,536	
 	 	(5,936	)	 	19,472	
 	 	 	 	 	 	 	
Interest rate swaps - non-hedged	 	4,122	
 	 	41,500	
 	 	62,527	
 	 	(9,271	)	 	42,014	
 	 	(37,892	)	 	 	 	108,149	
 	 	29,629	
 	 	78,520	
 	 	 	 	 	 	 	
Interest rate swaps - hedged	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	 	 	—	
 	 	7	
 	 	(7	)	 	 	 	 	 	 	
Foreign currency swaps - hedged (1)	 	1,606	
 	 	(2,395	)	 	(4,562	)	 	2,983	
 	 	(2,135	)	 	3,741	
 	 	 	 	(5,351	)	 	(2,135	)	 	(3,216	)	 	 	 	 	 	 	
Futures	 	(11,677	)	 	(7,557	)	 	(11,051	)	 	(6,822	)	 	16,655	
 	 	(28,332	)	 	 	 	(30,285	)	 	7,141	
 	 	(37,426	)	 	 	 	 	 	 	
CPI swaps	 	76	
 	 	(520	)	 	(180	)	 	(55	)	 	(250	)	 	326	
 	 	 	 	(624	)	 	(153	)	 	(471	)	 	 	 	 	 	 	
Equity options	 	(13,648	)	 	(3,225	)	 	(2,703	)	 	(21,376	)	 	15,149	
 	 	(28,797	)	 	 	 	(19,576	)	 	4,477	
 	 	(24,053	)	 	 	 	 	 	 	
Currency forwards	 	507	
 	 	3,577	
 	 	2,500	
 	 	(214	)	 	707	
 	 	(200	)	 	 	 	6,584	
 	 	(946	)	 	7,530	
 	 	 	 	 	 	 	
Bond forwards	 	116	
 	 	(1,010	)	 	841	
 	 	(911	)	 	610	
 	 	(494	)	 	 	 	(53	)	 	1,265	
 	 	(1,318	)	 	 	 	 	 	 	
Interest rate options	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	 	 	—	
 	 	3,276	
 	 	(3,276	)	 	 	 	 	 	 	
Total free-standing derivatives	 	(12,226	)	 	33,888	
 	 	50,718	
 	 	(34,413	)	 	64,343	
 	 	(76,569	)	 	 	 	72,380	
 	 	36,625	
 	 	35,755	

Embedded derivatives:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Modified coinsurance and funds withheld treaties	 	49,078	
 	 	76,966	
 	 	(92,249	)	 	(27,201	)	 	(46,169	)	 	95,247	
 	 	 	 	33,795	
 	 	(71,592	)	 	105,387	
 	 	 	 	 	 	 	
GMXB	 	7,988	
 	 	(28,137	)	 	(62,940	)	 	36,437	
 	 	(95,373	)	 	103,361	
 	 	 	 	(83,089	)	 	(69,628	)	 	(13,461	)	 	 	 	 	 	 	
Total embedded derivatives	 	57,066	
 	 	48,829	
 	 	(155,189	)	 	9,236	
 	 	(141,542	)	 	198,608	
 	 	 	 	(49,294	)	 	(141,220	)	 	91,926	

Net gain (loss) on total derivatives	 	44,840	
 	 	82,717	
 	 	(104,471	)	 	(25,177	)	 	(77,199	)	 	122,039	
 	 	 	 	23,086	
 	 	(104,595	)	 	127,681	

Total investment related gains (losses), net	 	$	86,624	
 	 	$	118,264	
 	 	$	(120,886	)	 	$	(44,809	)	 	$	(111,346	)	 	$	197,970	
 	 	 	 	$	84,002	
 	 	$	(119,941	)	 	$	203,943	

(1) The Company recognizes gains and losses on derivatives and the related hedged items in fair value hedges within net gains (losses) on total derivatives.	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

                                        

 	 	Page 36

Appendix	

 	 	 	 	 	
Reconciliations of GAAP Income Statements to Operating Income Statements	

 	 	 	 	 	

 	 	 	 	 	

                                        

 	 	Page 37

Reinsurance Group of America, Incorporated
Reconciliation of GAAP Income Statements to Operating Income Statements
(USD thousands)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	Current Qtr	 	 	 	Year-to-Date	
 	 	Sept. 30,	 	June 30,	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	vs. PY	 	 	 	Sept. 30,	 	Sept. 30,	 	 	
 	 	2016	 	2016	 	2016	 	2015	 	2015	 	Quarter	 	 	 	2016	 	2015	 	Change	
U.S. & Latin America Traditional	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	$	77,081	
 	 	$	111,430	
 	 	$	51,098	
 	 	$	79,483	
 	 	$	55,652	
 	 	$	21,429	
 	 	 	 	$	239,609	
 	 	$	156,288	
 	 	$	83,321	
 	
Investment and derivative gains (losses) - non-operating (1)	 	(69	)	 	1	
 	 	65	
 	 	203	
 	 	(1	)	 	(68	)	 	 	 	(3	)	 	(2	)	 	(1	)	
Change in value of modified coinsurance and	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
funds withheld embedded derivatives (1)	 	3,463	
 	 	881	
 	 	2,035	
 	 	(696	)	 	(925	)	 	4,388	
 	 	 	 	6,379	
 	 	(1,811	)	 	8,190	
 	
Operating income before income taxes	 	$	80,475	
 	 	$	112,312	
 	 	$	53,198	
 	 	$	78,990	
 	 	$	54,726	
 	 	$	25,749	
 	 	 	 	$	245,985	
 	 	$	154,475	
 	 	$	91,510	

U.S. & Latin America Asset Intensive	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income (loss) before income taxes	 	$	88,732	
 	 	$	93,979	
 	 	$	(30,830	)	 	$	30,874	
 	 	$	24,182	
 	 	$	64,550	
 	 	 	 	$	151,881	
 	 	$	122,072	
 	 	$	29,809	
 	
Investment and derivative gains (losses) - non-operating (1)	 	867	
 	 	(27,119	)	 	(24,603	)	 	39,757	
 	 	(73,476	)	 	74,343	
 	 	 	 	(50,855	)	 	(55,766	)	 	4,911	
 	
Change in value of modified coinsurance and	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
funds withheld embedded derivatives (1)	 	(52,541	)	 	(77,847	)	 	90,214	
 	 	27,897	
 	 	47,094	
 	 	(99,635	)	 	 	 	(40,174	)	 	73,403	
 	 	(113,577	)	
GMXB embedded derivatives   (1)	 	(7,988	)	 	28,137	
 	 	62,940	
 	 	(36,437	)	 	95,373	
 	 	(103,361	)	 	 	 	83,089	
 	 	69,628	
 	 	13,461	
 	
Funds withheld gains (losses) - investment income	 	(2,295	)	 	(10,304	)	 	(4,624	)	 	59	
 	 	(1,003	)	 	(1,292	)	 	 	 	(17,223	)	 	(10,118	)	 	(7,105	)	
EIA embedded derivatives - interest credited	 	42	
 	 	(17,364	)	 	29,149	
 	 	(1,412	)	 	(10,995	)	 	11,037	
 	 	 	 	11,827	
 	 	(11,170	)	 	22,997	
 	
DAC offset, net	 	31,876	
 	 	64,841	
 	 	(76,978	)	 	(13,142	)	 	(25,945	)	 	57,821	
 	 	 	 	19,739	
 	 	(36,083	)	 	55,822	
 	
Operating income before income taxes	 	$	58,693	
 	 	$	54,323	
 	 	$	45,268	
 	 	$	47,596	
 	 	$	55,230	
 	 	$	3,463	
 	 	 	 	$	158,284	
 	 	$	151,966	
 	 	$	6,318	

U.S. & Latin America Financial Reinsurance	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	$	13,982	
 	 	$	14,875	
 	 	$	15,934	
 	 	$	15,936	
 	 	$	12,073	
 	 	$	1,909	
 	 	 	 	$	44,791	
 	 	$	39,081	
 	 	$	5,710	
 	
Operating income before income taxes	 	$	13,982	
 	 	$	14,875	
 	 	$	15,934	
 	 	$	15,936	
 	 	$	12,073	
 	 	$	1,909	
 	 	 	 	$	44,791	
 	 	$	39,081	
 	 	$	5,710	

Total U.S. & Latin America	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	$	179,795	
 	 	$	220,284	
 	 	$	36,202	
 	 	$	126,293	
 	 	$	91,907	
 	 	$	87,888	
 	 	 	 	$	436,281	
 	 	$	317,441	
 	 	$	118,840	
 	
Investment and derivative gains (losses) - non-operating (1)	 	798	
 	 	(27,118	)	 	(24,538	)	 	39,960	
 	 	(73,477	)	 	74,275	
 	 	 	 	(50,858	)	 	(55,768	)	 	4,910	
 	
Change in value of modified coinsurance and	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
funds withheld embedded derivatives (1)	 	(49,078	)	 	(76,966	)	 	92,249	
 	 	27,201	
 	 	46,169	
 	 	(95,247	)	 	 	 	(33,795	)	 	71,592	
 	 	(105,387	)	
GMXB embedded derivatives (1)	 	(7,988	)	 	28,137	
 	 	62,940	
 	 	(36,437	)	 	95,373	
 	 	(103,361	)	 	 	 	83,089	
 	 	69,628	
 	 	13,461	
 	
Funds withheld gains (losses) - investment income	 	(2,295	)	 	(10,304	)	 	(4,624	)	 	59	
 	 	(1,003	)	 	(1,292	)	 	 	 	(17,223	)	 	(10,118	)	 	(7,105	)	
EIA embedded derivatives - interest credited	 	42	
 	 	(17,364	)	 	29,149	
 	 	(1,412	)	 	(10,995	)	 	11,037	
 	 	 	 	11,827	
 	 	(11,170	)	 	22,997	
 	
DAC offset, net	 	31,876	
 	 	64,841	
 	 	(76,978	)	 	(13,142	)	 	(25,945	)	 	57,821	
 	 	 	 	19,739	
 	 	(36,083	)	 	55,822	
 	
Operating income before income taxes	 	$	153,150	
 	 	$	181,510	
 	 	$	114,400	
 	 	$	142,522	
 	 	$	122,029	
 	 	$	31,121	
 	 	 	 	$	449,060	
 	 	$	345,522	
 	 	$	103,538	

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

 	 	 	 	 	 	 	 	 	 	 	 	 	

 	
 	 	 	
 	 	Page 38

Reinsurance Group of America, Incorporated
Reconciliation of GAAP Income Statements to Operating Income Statements
(USD thousands)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	Current Qtr	 	 	 	Year-to-Date	
 	 	Sept. 30,	 	June 30,	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	vs. PY	 	 	 	Sept. 30,	 	Sept. 30,	 	 	
 	 	2016	 	2016	 	2016	 	2015	 	2015	 	Quarter	 	 	 	2016	 	2015	 	Change	
Canada Traditional	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	$	34,275	
 	 	$	43,309	
 	 	$	20,095	
 	 	$	44,640	
 	 	$	34,072	
 	 	$	203	
 	 	 	 	$	97,679	
 	 	$	79,535	
 	 	$	18,144	
 	
Investment and derivative gains (losses) - non-operating (1)	 	(2,624	)	 	(1,049	)	 	(372	)	 	259	
 	 	4,930	
 	 	(7,554	)	 	 	 	(4,045	)	 	5,688	
 	 	(9,733	)	
Funds withheld gains (losses) - investment income	 	(1,027	)	 	(1,353	)	 	(359	)	 	187	
 	 	(1,209	)	 	182	
 	 	 	 	(2,739	)	 	(6,498	)	 	3,759	
 	
Operating income before income taxes	 	$	30,624	
 	 	$	40,907	
 	 	$	19,364	
 	 	$	45,086	
 	 	$	37,793	
 	 	$	(7,169	)	 	 	 	$	90,895	
 	 	$	78,725	
 	 	$	12,170	

Canada Non-Traditional	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	$	1,160	
 	 	$	2,128	
 	 	$	592	
 	 	$	3,420	
 	 	$	3,257	
 	 	$	(2,097	)	 	 	 	$	3,880	
 	 	$	10,482	
 	 	$	(6,602	)	
Operating income before income taxes	 	$	1,160	
 	 	$	2,128	
 	 	$	592	
 	 	$	3,420	
 	 	$	3,257	
 	 	$	(2,097	)	 	 	 	$	3,880	
 	 	$	10,482	
 	 	$	(6,602	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Europe, Middle East and Africa Traditional	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income (loss) before income taxes	 	$	8,515	
 	 	$	6,834	
 	 	$	(1,116	)	 	$	12,859	
 	 	$	15,910	
 	 	$	(7,395	)	 	 	 	$	14,233	
 	 	$	35,551	
 	 	$	(21,318	)	
Investment and derivative gains (losses) - non-operating (1)	 	—	
 	 	—	
 	 	(5	)	 	—	
 	 	(289	)	 	289	
 	 	 	 	(5	)	 	(338	)	 	333	
 	
Operating income (loss) before income taxes	 	$	8,515	
 	 	$	6,834	
 	 	$	(1,121	)	 	$	12,859	
 	 	$	15,621	
 	 	$	(7,106	)	 	 	 	$	14,228	
 	 	$	35,213	
 	 	$	(20,985	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Europe, Middle East and Africa Non-Traditional	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	$	43,786	
 	 	$	27,469	
 	 	$	25,424	
 	 	$	28,145	
 	 	$	29,234	
 	 	$	14,552	
 	 	 	 	$	96,679	
 	 	$	80,300	
 	 	$	16,379	
 	
Investment and derivative gains (losses) - non-operating (1)	 	(8,159	)	 	(1,468	)	 	1,004	
 	 	(9,261	)	 	(8	)	 	(8,151	)	 	 	 	(8,623	)	 	(909	)	 	(7,714	)	
Investment income on unit-linked variable annuities	 	(5,540	)	 	(2,966	)	 	(408	)	 	—	
 	 	—	
 	 	(5,540	)	 	 	 	(8,914	)	 	—	
 	 	(8,914	)	
Interest credited on unit-linked variable annuities	 	5,540	
 	 	2,966	
 	 	408	
 	 	—	
 	 	—	
 	 	5,540	
 	 	 	 	8,914	
 	 	—	
 	 	8,914	
 	
Non-investment derivatives	 	(1,682	)	 	127	
 	 	(817	)	 	(105	)	 	(388	)	 	(1,294	)	 	 	 	(2,372	)	 	(84	)	 	(2,288	)	
Operating income before income taxes	 	$	33,945	
 	 	$	26,128	
 	 	$	25,611	
 	 	$	18,779	
 	 	$	28,838	
 	 	$	5,107	
 	 	 	 	$	85,684	
 	 	$	79,307	
 	 	$	6,377	

Asia Pacific Traditional	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	$	19,822	
 	 	$	34,482	
 	 	$	41,160	
 	 	$	37,415	
 	 	$	11,276	
 	 	$	8,546	
 	 	 	 	$	95,464	
 	 	$	68,239	
 	 	$	27,225	
 	
Investment and derivative gains (losses) - non-operating (1)	 	—	
 	 	—	
 	 	(16	)	 	(1,706	)	 	1,706	
 	 	(1,706	)	 	 	 	(16	)	 	1,706	
 	 	(1,722	)	
Operating income before income taxes	 	$	19,822	
 	 	$	34,482	
 	 	$	41,144	
 	 	$	35,709	
 	 	$	12,982	
 	 	$	6,840	
 	 	 	 	$	95,448	
 	 	$	69,945	
 	 	$	25,503	

Asia Pacific Non-Traditional	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income (loss) before income taxes	 	$	7,549	
 	 	$	(73	)	 	$	8,553	
 	 	$	5,467	
 	 	$	5,412	
 	 	$	2,137	
 	 	 	 	$	16,029	
 	 	$	14,152	
 	 	$	1,877	
 	
Investment and derivative gains (losses) - non-operating (1)	 	(5,283	)	 	(5,925	)	 	(1,111	)	 	(17	)	 	881	
 	 	(6,164	)	 	 	 	(12,319	)	 	2,916	
 	 	(15,235	)	
Operating income (loss) before income taxes	 	$	2,266	
 	 	$	(5,998	)	 	$	7,442	
 	 	$	5,450	
 	 	$	6,293	
 	 	$	(4,027	)	 	 	 	$	3,710	
 	 	$	17,068	
 	 	$	(13,358	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(1) Included in "Investment related gains (losses), net" on Consolidated GAAP Income Statement.	 	 	 	 	 	 	 	 	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

 	
 	 	 	
 	 	Page 39

Reinsurance Group of America, Incorporated
Reconciliation of GAAP Income Statements to Operating Income Statements
(USD thousands)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	Current Qtr	 	 	 	Year-to-Date	
 	 	Sept. 30,	 	June 30,	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	vs. PY	 	 	 	Sept. 30,	 	Sept. 30,	 	 	
 	 	2016	 	2016	 	2016	 	2015	 	2015	 	Quarter	 	 	 	2016	 	2015	 	Change	
Corporate and Other Segment	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income (loss) before income taxes	 	$	(7,302	)	 	$	18,790	
 	 	$	(23,330	)	 	$	(51,496	)	 	$	(50,931	)	 	$	43,629	
 	 	 	 	$	(11,842	)	 	$	(67,648	)	 	$	55,806	
 	
Investment and derivative gains (losses) - non-operating (1)	 	(11,690	)	 	(31,540	)	 	(6,930	)	 	34,799	
 	 	31,229	
 	 	(42,919	)	 	 	 	(50,160	)	 	32,257	
 	 	(82,417	)	
Non-investment derivatives	 	(23	)	 	(17	)	 	(14	)	 	(15	)	 	5	
 	 	(28	)	 	 	 	(54	)	 	86	
 	 	(140	)	
Operating income (loss) before income taxes	 	$	(19,015	)	 	$	(12,767	)	 	$	(30,274	)	 	$	(16,712	)	 	$	(19,697	)	 	$	682	
 	 	 	 	$	(62,056	)	 	$	(35,305	)	 	$	(26,751	)	
 	 	 	 	 	 	 	 	 	
Consolidated	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	$	287,600	
 	 	$	353,223	
 	 	$	107,580	
 	 	$	206,743	
 	 	$	140,137	
 	 	$	147,463	
 	 	 	 	$	748,403	
 	 	$	538,052	
 	 	$	210,351	
 	
Investment and derivative gains (losses) - non-operating (1)	 	(26,958	)	 	(67,100	)	 	(31,968	)	 	64,034	
 	 	(35,028	)	 	8,070	
 	 	 	 	(126,026	)	 	(14,448	)	 	(111,578	)	
Change in value of modified coinsurance and	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
funds withheld embedded derivatives (1)	 	(49,078	)	 	(76,966	)	 	92,249	
 	 	27,201	
 	 	46,169	
 	 	(95,247	)	 	 	 	(33,795	)	 	71,592	
 	 	(105,387	)	
GMXB embedded derivatives (1)	 	(7,988	)	 	28,137	
 	 	62,940	
 	 	(36,437	)	 	95,373	
 	 	(103,361	)	 	 	 	83,089	
 	 	69,628	
 	 	13,461	
 	
Funds withheld gains (losses) - investment income	 	(3,322	)	 	(11,657	)	 	(4,983	)	 	246	
 	 	(2,212	)	 	(1,110	)	 	 	 	(19,962	)	 	(16,616	)	 	(3,346	)	
EIA embedded derivatives - interest credited	 	42	
 	 	(17,364	)	 	29,149	
 	 	(1,412	)	 	(10,995	)	 	11,037	
 	 	 	 	11,827	
 	 	(11,170	)	 	22,997	
 	
DAC offset, net	 	31,876	
 	 	64,841	
 	 	(76,978	)	 	(13,142	)	 	(25,945	)	 	57,821	
 	 	 	 	19,739	
 	 	(36,083	)	 	55,822	
 	
Investment income on unit-linked variable annuities	 	(5,540	)	 	(2,966	)	 	(408	)	 	—	
 	 	—	
 	 	(5,540	)	 	 	 	(8,914	)	 	—	
 	 	(8,914	)	
Interest credited on unit-linked variable annuities	 	5,540	
 	 	2,966	
 	 	408	
 	 	—	
 	 	—	
 	 	5,540	
 	 	 	 	8,914	
 	 	—	
 	 	8,914	
 	
Non-investment derivatives	 	(1,705	)	 	110	
 	 	(831	)	 	(120	)	 	(383	)	 	(1,322	)	 	 	 	(2,426	)	 	2	
 	 	(2,428	)	
Operating income before income taxes	 	$	230,467	
 	 	$	273,224	
 	 	$	177,158	
 	 	$	247,113	
 	 	$	207,116	
 	 	$	23,351	
 	 	 	 	$	680,849	
 	 	$	600,957	
 	 	$	79,892	

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

                                        

 	 	Page 40