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): January 30, 2017
 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 January 30, 2017, Reinsurance Group of America, Incorporated issued (1) a press release (the "Press Release") announcing its earnings for the three-month period ended December 31, 2016, and providing certain additional information, a copy of which is furnished with this report as Exhibit 99.1, and (2) a quarterly financial supplement (the "Quarterly Financial Supplement") for the quarter ended December 31, 2016, a copy of which is attached hereto as Exhibit 99.2. The Press Release also notes that a conference call will be held on January 31, 2017 to discuss the financial and operating results for the three-month period ended December 31, 2016. The information set forth in this Current Report on Form 8-K, including the Press Release and Quarterly Financial Supplement, is being furnished and shall not be deemed to be "filed", as described in Instruction B.2 of Form 8-K.

 	
 	 	
Item 9.01	Financial Statements and Exhibits	
(d) Exhibits.

 	 	 	
 	 	 	
Exhibit No.	  	Exhibit	
99.1	  	Press Release of Reinsurance Group of America, Incorporated dated January 30, 2017	
 	 	
99.2	  	Quarterly Financial Supplement for the quarter ended December 31, 2016	

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

 	 	 	 	 	 	 	
 	 	 	 	 	 	 	
 	 	 	REINSURANCE GROUP OF AMERICA, INCORPORATED	
 	 	 	 	
Date: January 30, 2017	 	 	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 January 30, 2017	
 	 	
99.2	  	Quarterly Financial Supplement for the quarter ended December 31, 2016	

Exhibit 99.1

 PRESS RELEASE

REINSURANCE GROUP OF AMERICA REPORTS FOURTH-QUARTER RESULTS

•	Earnings per diluted share: $2.92 from net income, $2.63 from operating income*	
 	 	
•	ROE 10 percent and Operating ROE* 11 percent for the full year	
 	 	
•	Reported net premiums increased 7 percent in the fourth quarter	

ST. LOUIS, January 30, 2017 - Reinsurance Group of America, Incorporated (NYSE: RGA), a leading global provider of life reinsurance, reported fourth-quarter net income of $190.1 million, or $2.92 per diluted share, compared with $163.1 million, or $2.46 per diluted share, in the prior-year quarter. Operating income* totaled $171.3 million, or $2.63 per diluted share, compared with $188.0 million, or $2.84 per diluted share, the year before. Net foreign currency fluctuations had an adverse effect of $0.10 per diluted share on net income, and $0.08 per diluted share on operating income.

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Quarterly Results	 	Year-to-Date Results	
($ in thousands, except per share data)	 	2016	 	2015	 	2016	 	2015	
Net premiums	 	$	2,493,163	
 	 	$	2,328,501	
 	 	$	9,248,871	
 	 	$	8,570,741	
 	
Net income	 	190,149	
 	 	163,127	
 	 	701,443	
 	 	502,166	
 	
Net income per diluted share	 	2.92	
 	 	2.46	
 	 	10.79	
 	 	7.46	
 	
Operating income*	 	171,259	
 	 	187,950	
 	 	632,598	
 	 	567,084	
 	
Operating income per diluted share*	 	2.63	
 	 	2.84	
 	 	9.73	
 	 	8.43	
 	
Book value per share	 	110.31	
 	 	94.09	
 	 	 	 	 	
Book value per share, excluding accumulated other comprehensive income (AOCI)*	 	92.59	
 	 	83.23	
 	 	 	 	 	
Total assets	 	53,097,879	
 	 	50,383,152	

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

Full-year 2016 net income totaled $701.4 million, or $10.79 per diluted share, versus $502.2 million, or $7.46 per diluted share, in 2015. Operating income for the full year increased to $632.6 million, or $9.73 per diluted share, from $567.1 million, or $8.43 per diluted share, the year before. Net adverse foreign currency fluctuations reduced 2016 net income by $0.29 per diluted share, and operating income by $0.25 per diluted share. Net premiums increased 8 percent in 2016. Full-year premiums reflected net adverse foreign currency effects of approximately $172.2 million.

For the fourth quarter, consolidated net premiums totaled $2.5 billion, up 7 percent from last year’s fourth quarter. Current-period premiums reflected net adverse foreign currency effects of approximately $35.2 million. Excluding spread-based businesses and the value of associated derivatives, investment income rose 8 percent over year-ago levels, attributable to an increase in average invested assets of approximately 14 percent and strong variable investment income, offset in part by the impact of lower yield on new money and reinvested assets. The average investment yield, excluding spread businesses, was down 27 basis points to 4.69 percent from the fourth quarter of 2015, mainly attributable to a 2015 fourth-quarter
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transaction with investment income retroactive to January 1. The average investment yield was 26 basis points higher than the third-quarter yield due to stronger variable investment income.

The effective tax rate was approximately 36 percent on both pre-tax GAAP income and operating income this quarter, above an expected range of 34 to 35 percent, due to a greater balance of income from jurisdictions with higher tax rates. For the full year, the effective tax rate on pre-tax GAAP income and operating income was approximately 33 percent.

Anna Manning, president and chief executive officer, commented, “This was another good quarter for RGA, and it closed out a very successful year. The fourth-quarter results continued a pattern of good overall momentum and favorable diversification of earnings by geography and product. Most key business segments posted good results, with a notably strong performance for the U.S. Traditional segment. EMEA, Asia Traditional and Canada also performed well, while Australia underperformed. Overall top-line premium growth was fairly strong again up 7 percent, or 9 percent in constant currencies, based primarily upon solid organic growth and modest contributions from in-force transactions.

“For the year, net income per share of $10.79 and operating earnings per share of $9.73 also reflected strong results across most key segments. Our overall strategy and global operating model continued to produce solid returns as we serve our clients with solutions spanning across geographies and product areas. We achieved these strong results despite ongoing macroeconomic headwinds including lower interest rates and weak foreign currencies. In 2016, our return on equity was 10 percent and operating return on equity was 11 percent. Importantly, RGA's balance sheet remains strong.

“We executed a number of in-force and other transactions during the year, but the size of the deals on average was smaller than in recent years. We ended the year with an excess capital position of $1.1 billion and our board approved a new share repurchase authorization of $400 million, replacing the previous authorization. We are well positioned to continue to pursue a balanced approach to capital management in terms of deployment into in-force and other attractive transactions, share repurchases and shareholder dividend increases. Book value per share at year-end 2016 was $110.31 including AOCI, and $92.59 excluding AOCI.

“Looking forward, we remain optimistic about our ability to serve clients, execute on our strategies and deliver attractive financial returns.”

SEGMENT RESULTS

In the fourth quarter, RGA changed the name of its Non-Traditional segments to Financial Solutions. The name change better aligns our external reports with internally used terminology. This name change does not affect any previously reported results for the Financial Solutions segments.

U.S. and Latin America

Traditional

The U.S. and Latin America Traditional segment reported pre-tax net income of $131.5 million, compared with $79.5 million in the fourth quarter of 2015. Pre-tax operating income totaled $129.3 million for the quarter, compared with $79.0 million in last year’s fourth quarter. Results for the current quarter benefited
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from higher variable investment income and modestly favorable claims results in the Individual Mortality business. Results in the year-ago quarter reflected poor experience in the Group business, and unfavorable claims in the Individual Mortality business. For the full year, pre-tax net income increased to $371.1 million from $235.8 million and pre-tax operating income increased to $375.3 million versus $233.5 million in 2015.

Traditional net premiums increased 4 percent from last year’s fourth quarter to $1,430.3 million and 9 percent to $5,249.6 million for the full year.

Financial Solutions

The Asset-Intensive business reported pre-tax net income of $72.3 million compared with $30.9 million last year. Fourth-quarter pre-tax operating income totaled $46.7 million compared with $47.6 million last year. Both periods' operating income reflected favorable investment spreads. Full-year pre-tax net income totaled $224.1 million versus $152.9 million in 2015. Pre-tax operating income totaled $205.0 million for the full year versus $199.6 million in 2015, with both periods benefiting from favorable interest rate spreads.

The Financial Reinsurance business reported pre-tax net income and pre-tax operating income of $14.4 million for the fourth quarter compared with $15.9 million the year before, performing in line with expectations. For the year, pre-tax net income and pre-tax operating income rose to $59.2 million from $55.0 million in the prior year.

Canada

Traditional

The Canada Traditional segment reported pre-tax net income of $37.0 million compared with $44.6 million the year before. Pre-tax operating income totaled $34.8 million compared with $45.1 million in the fourth quarter of 2015. The year-ago quarter was driven by particularly favorable individual mortality claims experience, while the 2016 quarter reflected modestly favorable individual mortality claims. The effect of net foreign currency fluctuations was immaterial to pre-tax net income and pre-tax operating income in the quarter. For the full year, pre-tax net income increased to $134.7 million from $124.2 million in 2015. Pre-tax operating income for the year rose to $125.6 million from $123.8 million the year before. Foreign currency exchange rates adversely affected pre-tax net income by $5.8 million and pre-tax operating income by $6.2 million for the full year.

Reported net premiums increased 20 percent to $241.9 million for the quarter, attributable to solid growth in individual mortality and a one-time amendment in 2016 on a creditor treaty. Net premiums for the full year increased to $928.6 million compared with $838.9 million in 2015. Net foreign currency fluctuations adversely affected net premiums by $33.0 million for the full year.

Financial Solutions

The Canada Financial Solutions business segment, which consists of longevity and fee-based transactions, reported fourth-quarter pre-tax net income and pre-tax operating income of $4.1 million compared with $3.4 million a year ago, reflecting favorable longevity experience. The effect of net foreign currency
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fluctuations was immaterial to pre-tax net income and pre-tax operating income in the quarter. Pre-tax net income and pre-tax operating income totaled $7.9 million for the full year compared with $13.9 million in 2015, as 2015 experience was particularly good. For the full year, foreign currency exchange rates adversely affected pre-tax net income and pre-tax operating income by $0.7 million.

Europe, Middle East and Africa (EMEA)

Traditional

The EMEA Traditional segment reported pre-tax net income and pre-tax operating income of $15.8 million, up from $12.9 million in last year’s fourth quarter. Current-period results included higher premiums and a favorable adjustment associated with improved client reporting, somewhat offset by modestly unfavorable mortality and morbidity experience in the U.K. Last year’s fourth quarter was generally in line with expectations. Net foreign currency fluctuations adversely affected pre-tax net income and pre-tax operating income by $1.0 million. For the full year, pre-tax net income decreased to $30.1 million from $48.4 million in 2015, and pre-tax operating income decreased to $30.1 million from $48.1 million in the prior year. Full-year net foreign currency fluctuations adversely affected pre-tax net income and pre-tax operating income by $1.0 million.

Reported net premiums increased to $301.3 million from $299.9 million in the prior-year period primarily due to the impact of new treaties. Foreign currency exchange rates adversely affected net premiums by $37.4 million. For the full year, net premiums totaled $1,140.1 million, with an adverse effect of $113.1 million from foreign currency fluctuations.

Financial Solutions

The EMEA Financial Solutions business segment includes longevity, asset-intensive and fee-based transactions. Pre-tax net income totaled $41.3 million compared with $28.1 million in the year-ago period. Pre-tax operating income increased to $36.7 million compared with $18.8 million the year before. Current-period results reflected continued favorable experience in both the asset-intensive and
longevity businesses, along with the impact of new business. Net foreign currency fluctuations adversely affected pre-tax net income by $9.3 million and pre-tax operating income by $8.2 million. For the full year, pre-tax net income totaled $138.0 million compared with $108.4 million in 2015. Pre-tax operating income for the year was $122.4 million, up from $98.1 million the year before. Net foreign currency fluctuations adversely affected full-year pre-tax net income by $19.4 million and pre-tax operating income by $16.7 million.

Asia Pacific

Traditional

The Asia Pacific Traditional segment reported pre-tax net income of $18.5 million, down from $37.4 million in the prior-year period. Pre-tax operating income totaled $18.5 million compared with a very strong $35.7 million a year ago. Underwriting experience was favorable across Asia with particularly strong results in Hong Kong and Japan, but was offset by high claims on individual disability business in Australia. Net foreign currency fluctuations had a favorable effect of $1.1 million on pre-tax net income
and pre-tax operating income. For the full year, pre-tax net income and pre-tax operating income totaled
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$113.9 million compared with $105.7 million in 2015. The effect of net foreign currency fluctuations was immaterial to pre-tax net income and pre-tax operating income for the full year.

Reported net premiums rose to $448.3 million from $388.7 million in the prior-year period, reflecting solid growth in Asia. Foreign currency exchange rates had a favorable effect of $12.6 million on net premiums. For the year, net premiums totaled $1,681.5 million, up 8 percent over the prior year. Net foreign currency fluctuations had a favorable effect of $3.3 million on net premiums for the full year.

Financial Solutions

The Asia Pacific Financial Solutions business segment includes asset-intensive and fee-based transactions. Pre-tax net losses totaled $12.0 million compared with pre-tax net income of $5.5 million last year. Pre-tax operating losses totaled $6.1 million compared with a pre-tax operating income of $5.4 million in the prior-year quarter. The losses in the current period are primarily due to unfavorable results on one treaty that continues to run off. The effect of net foreign currency fluctuations was immaterial to pre-tax net income and pre-tax operating income in the quarter. For the full year, pre-tax net income totaled $4.1 million compared with $19.6 million in 2015. Pre-tax operating losses were $2.4 million for the year, down from pre-tax operating income of $22.5 million a year ago. Foreign currency exchange rates had a favorable effect of $1.5 million on pre-tax net income and $0.8 million on pre-tax operating income for the full year.

Corporate and Other

The Corporate and Other segment’s pre-tax net losses totaled $27.4 million compared with a pre-tax net loss of $51.5 million the year before. Pre-tax operating losses were $26.3 million, versus the year-ago pre-tax loss of $16.7 million. Current-period results reflected higher compensation, including annual incentive accrual adjustments. For the full year, pre-tax net losses totaled $39.2 million compared with $119.1 million in 2015. Pre-tax operating losses were $88.4 million versus $52.0 million in the prior year.

Company Guidance

On an annual basis, the Company provides financial guidance based upon the intermediate term rather than giving a range of annual earnings per share for an upcoming year. This better reflects the long-term nature of the business and the difficulty in predicting the timing of shorter-term or periodic events such as block transactions. The Company accepts risks over very long periods of time, up to 30 years or longer in some cases. While more predictable over longer-term horizons, RGA’s business is subject to inherent short-term volatility, primarily due to mortality and morbidity experience.

Over the intermediate term, the Company continues to target growth in operating income per share in the 5 to 8 percent range, and operating return on equity of 10 to 12 percent. It is presumed that there are no significant changes in the investment environment from current levels, and the Company will deploy $300 to $400 million of excess capital, on average, annually. These guidance ranges are based upon “normalized” results. Both the operating EPS target range and the ROE ranges are unchanged from a year ago.

Todd C. Larson, chief financial officer, commented, “We believe that our EPS range is appropriate, and we expect the combination of organic growth, execution of block transactions and efficient capital
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management to allow us to reach our financial targets. We have faced significant macro headwinds in terms of weak foreign currencies and sustained low interest rates over the past several years, and we assume that there will be some level of ongoing headwinds for the foreseeable future. Nevertheless, we expect that we can overcome these challenges and achieve our goals.”

Stock Repurchase Authorization

The board of directors authorized a share repurchase program for up to $400 million of the company's outstanding common stock, replacing the previous share repurchase authorization. This new authorization is effective immediately and does not have an expiration date. Repurchases would be made in accordance with applicable securities laws and would be made through market transactions, block trades, privately negotiated transactions or other means, or a combination of these methods, with the timing and number of shares repurchased dependent on a variety of factors, including share price, corporate and regulatory requirements, and market and business conditions. Repurchases may be commenced or suspended from time to time without prior notice.

Dividend Declaration

The board of directors declared a regular quarterly dividend of $0.41, payable March 2 to shareholders of record as of February 9.

Earnings Conference Call

A conference call to discuss fourth-quarter results will begin at 11 a.m. Eastern Time on Tuesday, January 31. 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 Wednesday, February 8 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
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,
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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 “Earnings” 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 $53.1 billion.

Cautionary Note 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
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)
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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 
 December 31,	 	Twelve Months Ended 
 December 31,	
 	2016	 	2015	 	2016	 	2015	
Net income	$	190,149	
 	 	$	163,127	
 	 	$	701,443	
 	 	$	502,166	
 	
Reconciliation to operating income:	 	 	 	 	 	 	 	
Capital (gains) losses, derivatives and other, included in investment related (gains) losses, net	66,640	
 	 	40,203	
 	 	(21,322	)	 	30,020	
 	
Capital (gains) losses on funds withheld, included in investment income, net of related expenses	(5,355	)	 	161	
 	 	(18,330	)	 	(10,640	)	
Embedded derivatives:	 	 	 	 	 	 	 	
Included in investment related (gains) losses, net	(72,343	)	 	(6,004	)	 	(40,302	)	 	85,789	
 	
Included in interest credited	(25,977	)	 	(917	)	 	(18,289	)	 	(8,178	)	
DAC offset, net	17,957	
 	 	(8,542	)	 	30,787	
 	 	(31,996	)	
Investment income on unit-linked variable annuities	(2,741	)	 	—	
 	 	(8,535	)	 	—	
 	
Interest credited on unit-linked variable annuities	2,741	
 	 	—	
 	 	8,535	
 	 	—	
 	
Non-investment derivatives	188	
 	 	(78	)	 	(1,389	)	 	(77	)	
Operating income	$	171,259	
 	 	$	187,950	
 	 	$	632,598	
 	 	$	567,084	

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

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(Unaudited)	Three Months Ended 
 December 31,	 	Twelve Months Ended 
 December 31,	
 	2016	 	2015	 	2016	 	2015	
Income before income taxes	$	295,543	
 	 	$	206,743	
 	 	$	1,043,946	
 	 	$	744,795	
 	
Reconciliation to pre-tax operating income:	 	 	 	 	 	 	 	
Capital (gains) losses, derivatives and other, included in investment related (gains) losses, net	103,944	
 	 	64,034	
 	 	(22,082	)	 	49,586	
 	
Capital (gains) losses on funds withheld, included in investment income, net of related expenses	(8,238	)	 	246	
 	 	(28,200	)	 	(16,370	)	
Embedded derivatives:	 	 	 	 	 	 	 	
Included in investment related (gains) losses, net	(111,297	)	 	(9,236	)	 	(62,003	)	 	131,984	
 	
Included in interest credited	(39,964	)	 	(1,412	)	 	(28,137	)	 	(12,582	)	
DAC offset, net	27,625	
 	 	(13,142	)	 	47,364	
 	 	(49,225	)	
Investment income on unit-linked variable annuities	(4,217	)	 	—	
 	 	(13,131	)	 	—	
 	
Interest credited on unit-linked variable annuities	4,217	
 	 	—	
 	 	13,131	
 	 	—	
 	
Non-investment derivatives	289	
 	 	(120	)	 	(2,137	)	 	(118	)	
Pre-tax operating income	$	267,902	
 	 	$	247,113	
 	 	$	948,751	
 	 	$	848,070	

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Add Nine

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 December 31, 2016	
 	Pre-tax net income (loss)	 	Capital
(gains) losses,
derivatives
and other, net	 	Change in
value of
embedded
derivatives, net	 	Pre-tax
operating
income (loss)	
U.S. and Latin America:	 	 	 	 	 	 	 	
Traditional	$	131,492	
 	 	$	(336	)	 	$	(1,811	)	 	$	129,345	
 	
Financial Solutions:	 	 	 	 	 	 	
 	
Asset Intensive	72,261	
 	 	35,800	
 	(1) 	(61,363	)	(2) 	46,698	
 	
Financial Reinsurance	14,447	
 	 	—	
 	 	—	
 	 	14,447	
 	
Total U.S. and Latin America	218,200	
 	 	35,464	
 	 	(63,174	)	 	190,490	
 	
Canada Traditional	37,026	
 	 	(2,272	)	 	—	
 	 	34,754	
 	
Canada Financial Solutions	4,065	
 	 	—	
 	 	—	
 	 	4,065	
 	
Total Canada	41,091	
 	 	(2,272	)	 	—	
 	 	38,819	
 	
EMEA Traditional	15,826	
 	 	—	
 	 	—	
 	 	15,826	
 	
EMEA Financial Solutions	41,328	
 	 	(4,600	)	 	—	
 	 	36,728	
 	
Total EMEA	57,154	
 	 	(4,600	)	 	—	
 	 	52,554	
 	
Asia Pacific Traditional	18,464	
 	 	—	
 	 	—	
 	 	18,464	
 	
Asia Pacific Financial Solutions	(11,966	)	 	5,846	
 	 	—	
 	 	(6,120	)	
Total Asia Pacific	6,498	
 	 	5,846	
 	 	—	
 	 	12,344	
 	
Corporate and Other	(27,400	)	 	1,095	
 	 	—	
 	 	(26,305	)	
Consolidated	$	295,543	
 	 	$	35,533	
 	 	$	(63,174	)	 	$	267,902	

(1)	Asset Intensive is net of $(60,462) DAC offset.	
 	 	
(2)	Asset Intensive is net of $88,087 DAC offset.	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(Unaudited)	Three Months Ended December 31, 2015	
 	Pre-tax net income (loss)	 	Capital
(gains) losses,
derivatives
and other, net	 	Change in
value of
embedded
derivatives, net	 	Pre-tax
operating
income (loss)	
U.S. and Latin America:	 	 	 	 	 	 	 	
Traditional	$	79,483	
 	 	$	203	
 	 	$	(696	)	 	$	78,990	
 	
Financial Solutions:	 	 	 	 	 	 	 	
Asset Intensive	30,874	
 	 	124,163	
 	(1) 	(107,441	)	(2) 	47,596	
 	
Financial Reinsurance	15,936	
 	 	—	
 	 	—	
 	 	15,936	
 	
Total U.S. and Latin America	126,293	
 	 	124,366	
 	 	(108,137	)	 	142,522	
 	
Canada Traditional	44,640	
 	 	446	
 	 	—	
 	 	45,086	
 	
Canada Financial Solutions	3,420	
 	 	—	
 	 	—	
 	 	3,420	
 	
Total Canada	48,060	
 	 	446	
 	 	—	
 	 	48,506	
 	
EMEA Traditional	12,859	
 	 	—	
 	 	—	
 	 	12,859	
 	
EMEA Financial Solutions	28,145	
 	 	(9,366	)	 	—	
 	 	18,779	
 	
Total EMEA	41,004	
 	 	(9,366	)	 	—	
 	 	31,638	
 	
Asia Pacific Traditional	37,415	
 	 	(1,706	)	 	—	
 	 	35,709	
 	
Asia Pacific Financial Solutions	5,467	
 	 	(17	)	 	—	
 	 	5,450	
 	
Total Asia Pacific	42,882	
 	 	(1,723	)	 	—	
 	 	41,159	
 	
Corporate and Other	(51,496	)	 	34,784	
 	 	—	
 	 	(16,712	)	
Consolidated	$	206,743	
 	 	$	148,507	
 	 	$	(108,137	)	 	$	247,113	

(1)	Asset Intensive is net of $84,347 DAC offset.	
 	 	
(2)	Asset Intensive is net of $(97,489) DAC offset.	

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

(Unaudited)	Twelve Months Ended December 31, 2016	
 	Pre-tax net income (loss)	 	Capital
(gains) losses,
derivatives
and other, net	 	Change in
value of
embedded
derivatives, net	 	Pre-tax
operating
income (loss)	
U.S. and Latin America:	 	 	 	 	 	 	 	
Traditional	$	371,101	
 	 	$	(339	)	 	$	4,568	
 	 	$	375,330	
 	
Financial Solutions:	 	 	 	 	 	 	 	
Asset Intensive	224,142	
 	 	(52,840	)	(1) 	33,680	
 	(2) 	204,982	
 	
Financial Reinsurance	59,238	
 	 	—	
 	 	—	
 	 	59,238	
 	
Total U.S. and Latin America	654,481	
 	 	(53,179	)	 	38,248	
 	 	639,550	
 	
Canada Traditional	134,705	
 	 	(9,056	)	 	—	
 	 	125,649	
 	
Canada Financial Solutions	7,945	
 	 	—	
 	 	—	
 	 	7,945	
 	
Total Canada	142,650	
 	 	(9,056	)	 	—	
 	 	133,594	
 	
EMEA Traditional	30,059	
 	 	(5	)	 	—	
 	 	30,054	
 	
EMEA Financial Solutions	138,007	
 	 	(15,595	)	 	—	
 	 	122,412	
 	
Total EMEA	168,066	
 	 	(15,600	)	 	—	
 	 	152,466	
 	
Asia Pacific Traditional	113,928	
 	 	(16	)	 	—	
 	 	113,912	
 	
Asia Pacific Financial Solutions	4,063	
 	 	(6,473	)	 	—	
 	 	(2,410	)	
Total Asia Pacific	117,991	
 	 	(6,489	)	 	—	
 	 	111,502	
 	
Corporate and Other	(39,242	)	 	(49,119	)	 	—	
 	 	(88,361	)	
Consolidated	$	1,043,946	
 	 	$	(133,443	)	 	$	38,248	
 	 	$	948,751	

(1)	Asset Intensive is net of $(81,024) DAC offset.	
 	 	
(2)	Asset Intensive is net of $128,388 DAC offset.	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(Unaudited)	Twelve Months Ended December 31, 2015	
 	Pre-tax net income (loss)	 	Capital
(gains) losses,
derivatives
and other, net	 	Change in
value of
embedded
derivatives, net	 	Pre-tax
operating
income (loss)	
U.S. and Latin America:	 	 	 	 	 	 	 	
Traditional	$	235,771	
 	 	$	201	
 	 	$	(2,507	)	 	$	233,465	
 	
Financial Solutions:	 	 	 	 	 	 	 	
Asset Intensive	152,946	
 	 	(37,872	)	(1) 	84,488	
 	(2) 	199,562	
 	
Financial Reinsurance	55,017	
 	 	—	
 	 	—	
 	 	55,017	
 	
Total U.S. and Latin America	443,734	
 	 	(37,671	)	 	81,981	
 	 	488,044	
 	
Canada Traditional	124,175	
 	 	(364	)	 	—	
 	 	123,811	
 	
Canada Financial Solutions	13,902	
 	 	—	
 	 	—	
 	 	13,902	
 	
Total Canada	138,077	
 	 	(364	)	 	—	
 	 	137,713	
 	
EMEA Traditional	48,410	
 	 	(338	)	 	—	
 	 	48,072	
 	
EMEA Financial Solutions	108,445	
 	 	(10,359	)	 	—	
 	 	98,086	
 	
Total EMEA	156,855	
 	 	(10,697	)	 	—	
 	 	146,158	
 	
Asia Pacific Traditional	105,654	
 	 	—	
 	 	—	
 	 	105,654	
 	
Asia Pacific Financial Solutions	19,619	
 	 	2,899	
 	 	—	
 	 	22,518	
 	
Total Asia Pacific	125,273	
 	 	2,899	
 	 	—	
 	 	128,172	
 	
Corporate and Other	(119,144	)	 	67,127	
 	 	—	
 	 	(52,017	)	
Consolidated	$	744,795	
 	 	$	21,294	
 	 	$	81,981	
 	 	$	848,070	

(1)	Asset Intensive is net of $(11,804) DAC offset.	
 	 	
(2)	Asset Intensive is net of $(37,421) DAC offset.	

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

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(Unaudited)	Three Months Ended 
 December 31,	 	Twelve Months Ended 
 December 31,	
 	2016	 	2015	 	2016	 	2015	
Earnings per share from net income:	 	 	 	 	 	 	 	
Basic earnings per share	$	2.96	
 	 	$	2.49	
 	 	$	10.91	
 	 	$	7.55	
 	
Diluted earnings per share	$	2.92	
 	 	$	2.46	
 	 	$	10.79	
 	 	$	7.46	

Diluted earnings per share from operating income	$	2.63	
 	 	$	2.84	
 	 	$	9.73	
 	 	$	8.43	
 	
Weighted average number of common and common equivalent shares outstanding	65,124	
 	 	66,247	
 	 	64,989	
 	 	67,292	

 	
 	 	 	 	 	 	 	 	
(Unaudited)	At December 31,	
 	2016	 	2015	
Treasury shares	14,835	
 	 	13,933	
 	
Common shares outstanding	64,303	
 	 	65,205	
 	
Book value per share outstanding	$	110.31	
 	 	$	94.09	
 	
Book value per share outstanding, before impact of AOCI	$	92.59	
 	 	$	83.23	

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

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(Unaudited)	Three Months Ended 
 December 31,	 	Twelve Months Ended 
 December 31,	
 	2016	 	2015	 	2016	 	2015	
Revenues:	 	 	 	 	 	 	 	
Net premiums	$	2,493,163	
 	 	$	2,328,501	
 	 	$	9,248,871	
 	 	$	8,570,741	
 	
Investment income, net of related expenses	497,227	
 	 	467,468	
 	 	1,911,886	
 	 	1,734,495	
 	
Investment related gains (losses), net:	 	 	 	 	 	 	 	
Other-than-temporary impairments on fixed maturity securities	(4,142	)	 	(27,605	)	 	(38,805	)	 	(57,380	)	
Other-than-temporary impairments on fixed maturity securities transferred to accumulated other comprehensive income	74	
 	 	—	
 	 	74	
 	 	—	
 	
Other investment related gains (losses), net	14,261	
 	 	(17,204	)	 	132,926	
 	 	(107,370	)	
Total investment related gains (losses), net	10,193	
 	 	(44,809	)	 	94,195	
 	 	(164,750	)	
Other revenue	68,715	
 	 	77,431	
 	 	266,559	
 	 	277,692	
 	
Total revenues	3,069,298	
 	 	2,828,591	
 	 	11,521,511	
 	 	10,418,178	
 	
Benefits and expenses:	 	 	 	 	 	 	 	
Claims and other policy benefits	2,116,045	
 	 	2,015,929	
 	 	7,993,375	
 	 	7,489,382	
 	
Interest credited	64,089	
 	 	105,032	
 	 	364,691	
 	 	336,964	
 	
Policy acquisition costs and other insurance expenses	370,134	
 	 	300,329	
 	 	1,310,540	
 	 	1,127,486	
 	
Other operating expenses	175,634	
 	 	158,556	
 	 	645,509	
 	 	554,044	
 	
Interest expense	41,422	
 	 	35,820	
 	 	137,623	
 	 	142,863	
 	
Collateral finance and securitization expense	6,431	
 	 	6,182	
 	 	25,827	
 	 	22,644	
 	
Total benefits and expenses	2,773,755	
 	 	2,621,848	
 	 	10,477,565	
 	 	9,673,383	
 	
Income before income taxes	295,543	
 	 	206,743	
 	 	1,043,946	
 	 	744,795	
 	
Provision for income taxes	105,394	
 	 	43,616	
 	 	342,503	
 	 	242,629	
 	
Net income	$	190,149	
 	 	$	163,127	
 	 	$	701,443	
 	 	$	502,166	
 	
# # #

Exhibit 99.2

Financial Supplement
Fourth 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
4th Quarter 2016
Table of Contents

 	Page	
Non-GAAP Disclosures	1	
 	 	
2016 Notes	2	
 	 	
2017 Guidance	3	
 	 	
Consolidated	 	
 	 	
Financial Highlights	4	
 	 	
Consolidated GAAP Income Statements (including Operating Income Reconciliations)	5	
 	 	
Consolidated Operating Income Statements	6	
 	 	
Consolidated Balance Sheets	7	
 	 	
Segment Summaries of GAAP Income Statements and Operating Income Statements	 	
 	 	
U.S. and Latin America Operations	8	
 	 	
Canada Traditional	15	
 	 	
Canada Financial Solutions	17	
 	 	
Europe, Middle East and Africa Traditional	19	
 	 	
Europe, Middle East and Africa Financial Solutions	21	
 	 	
Asia Pacific Traditional	23	
 	 	
Asia Pacific Financial Solutions	25	
 	 	
Corporate and Other	27	
 	 	
Summary of Segment GAAP Income Statements	29	
 	 	
Summary of Segment Operating Income Statements	30	
 	 	
Investments	 	
 	 	
Cash and Invested Assets, Investment Income and Yield Summary	31	
 	 	
Amortized Cost, Gross Unrealized Gains and Losses, and Estimated Fair Values of Fixed Maturity and Equity Securities	32	
 	 	
Corporate Fixed Maturities Securities by Sector	33	
 	 	
Ratings of Fixed Maturity Securities and Structured Fixed Maturity Securities	34	
 	 	
Gross Unrealized Losses Aging	35	
 	 	
Fixed Maturities and Equity Securities Below Amortized Cost	36	
 	 	
Consolidated Investment Related Gains and Losses	37	
 	 	
Appendix	 	
 	 	
Reconciliations of GAAP Income Statements to Operating Income Statements	39	

Reinsurance Group of America, Incorporated
Quarterly Financial Supplement
Non-GAAP Disclosures
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

Segment Name Change

In the fourth quarter of 2016, RGA changed the name of its Non-Traditional segments to Financial Solutions. The name change better aligns our external reports to internally used
terminology. This name change does not affect any previously or future reported results for the Financial Solutions segments.

 

                                        

 	 	Page 2

Reinsurance Group of America, Incorporated
Financial Supplement
2017 Guidance

On an annual basis, the Company provides financial guidance based upon the intermediate term rather than giving a range of annual earnings per share for an upcoming year.  This better reflects the long-term nature of the business and the difficulty in predicting the timing of shorter-term or periodic events such as block transactions.  The Company accepts risks over very long periods of time, up to 30 years or longer in some cases.  While more predictable over longer-term horizons, RGA’s business is subject to inherent short-term volatility, primarily due to mortality and morbidity experience.
  
Over the intermediate term, the Company continues to target growth in operating income per share in the 5 to 8 percent range, and operating return on equity of 10 to 12 percent.  It is presumed that there are no significant changes in the investment environment from current levels, and the company will deploy $300 million to $400 million of excess capital, on average, annually.  These guidance ranges are based upon “normalized” results.  Both the operating EPS target range and the ROE ranges are unchanged from a year ago.

                                        

 	 	Page 3

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)	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	 	Dec. 31,	 	 	 	 	 	Dec. 31,	 	Dec. 31,	 	 	 	 	 	 	
 	 	2016	 	2016	 	2016	 	2016	 	2015	 	 	 	 	 	2016	 	2015	 	Change	 	 	 	 	 	 	
Net premiums	 	$	2,493,163	
 	 	$	2,251,758	
 	 	$	2,346,945	
 	 	$	2,157,005	
 	 	$	2,328,501	
 	 	$	164,662	
 	 	 	 	$	9,248,871	
 	 	$	8,570,741	
 	 	$	678,130	
 	 	 	 	 	 	 	
Net income	 	190,149	
 	 	198,719	
 	 	236,103	
 	 	76,472	
 	 	163,127	
 	 	27,022	
 	 	 	 	701,443	
 	 	502,166	
 	 	199,277	
 	 	 	 	 	 	 	
Operating income	 	171,259	
 	 	159,361	
 	 	181,228	
 	 	120,750	
 	 	187,950	
 	 	(16,691	)	 	 	 	632,598	
 	 	567,084	
 	 	65,514	
 	 	 	 	 	 	 	
Return on equity - annualized	 	10.1	%	 	10.2	%	 	13.2	%	 	4.8	%	 	10.5	%	 	(0.4	)%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Return on equity - trailing 12 months	 	9.9	%	 	9.7	%	 	8.4	%	 	6.9	%	 	7.6	%	 	2.3	 %	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating return on equity (ex AOCI):	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
  Annualized	 	11.7	%	 	11.2	%	 	13.2	%	 	8.9	%	 	14.0	%	 	(2.3	)%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
  Trailing 12 months	 	11.2	%	 	11.8	%	 	11.4	%	 	10.6	%	 	10.6	%	 	0.6	 %	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total assets	 	$	53,097,879	
 	 	$	54,832,498	
 	 	$	53,876,703	
 	 	$	52,186,624	
 	 	$	50,383,152	
 	 	$	2,714,727	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Assumed Life Reinsurance In Force (in billions)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
U.S. and Latin America Traditional	 	$	1,609.3	
 	 	$	1,603.8	
 	 	$	1,612.9	
 	 	$	1,609.3	
 	 	$	1,594.3	
 	 	$	15.0	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
U.S. and Latin America Financial Solutions	 	2.1	
 	 	2.1	
 	 	2.1	
 	 	2.1	
 	 	2.1	
 	 	—	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Canada Traditional	 	355.7	
 	 	358.7	
 	 	361.8	
 	 	349.0	
 	 	333.0	
 	 	22.7	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Europe, Middle East and Africa Traditional	 	603.0	
 	 	612.8	
 	 	608.3	
 	 	624.2	
 	 	602.7	
 	 	0.3	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Asia Pacific Traditional	 	492.2	
 	 	505.1	
 	 	504.8	
 	 	483.5	
 	 	462.7	
 	 	29.5	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Asia Pacific Financial Solutions	 	0.2	
 	 	0.3	
 	 	0.4	
 	 	0.3	
 	 	0.3	
 	 	(0.1	)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Assumed Life Reinsurance In Force	 	$	3,062.5	
 	 	$	3,082.8	
 	 	$	3,090.3	
 	 	$	3,068.4	
 	 	$	2,995.1	
 	 	$	67.4	

 	 	

 	
 	 	 	 	 	 	 	
Assumed New Business Production (in billions)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
U.S. and Latin America Traditional	 	$	33.4	
 	 	$	19.7	
 	 	$	32.0	
 	 	$	41.3	
 	 	$	142.1	
 	(1)	$	(108.7	)	 	 	 	$	126.4	
 	 	$	203.9	
 	 	$	(77.5	)	 	 	 	 	 	 	
Canada Traditional	 	9.1	
 	 	9.4	
 	 	8.2	
 	 	8.2	
 	 	8.7	
 	 	0.4	
 	 	 	 	34.9	
 	 	38.6	
 	 	(3.7	)	 	 	 	 	 	 	
Europe, Middle East and Africa Traditional	 	44.3	
 	 	31.7	
 	 	49.1	
 	 	44.7	
 	 	66.0	
 	(1)	(21.7	)	 	 	 	169.8	
 	 	171.6	
 	 	(1.8	)	 	 	 	 	 	 	
Asia Pacific Traditional	 	21.6	
 	 	20.5	
 	 	18.0	
 	 	13.6	
 	 	12.1	
 	 	9.5	
 	 	 	 	73.7	
 	 	76.9	
 	 	(3.2	)	 	 	 	 	 	 	
Total Assumed New Business Production	 	$	108.4	
 	 	$	81.3	
 	 	$	107.3	
 	 	$	107.8	
 	 	$	228.9	
 	 	$	(120.5	)	 	 	 	$	404.8	
 	 	$	491.0	
 	 	$	(86.2	)	 	 	 	 	 	 	
Per Share and Shares Data	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic earnings per share	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	 	$	2.96	
 	 	$	3.10	
 	 	$	3.68	
 	 	$	1.18	
 	 	$	2.49	
 	 	$	0.47	
 	 	 	 	$	10.91	
 	 	$	7.55	
 	 	$	3.36	
 	 	 	 	 	 	 	
Operating income	 	$	2.67	
 	 	$	2.48	
 	 	$	2.83	
 	 	$	1.87	
 	 	$	2.87	
 	 	$	(0.20	)	 	 	 	$	9.84	
 	 	$	8.52	
 	 	$	1.32	
 	 	 	 	 	 	 	
Diluted earnings per share	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	 	$	2.92	
 	 	$	3.07	
 	 	$	3.64	
 	 	$	1.17	
 	 	$	2.46	
 	 	$	0.46	
 	 	 	 	$	10.79	
 	 	$	7.46	
 	 	$	3.33	
 	 	 	 	 	 	 	
Operating income	 	$	2.63	
 	 	$	2.46	
 	 	$	2.80	
 	 	$	1.85	
 	 	$	2.84	
 	 	$	(0.21	)	 	 	 	$	9.73	
 	 	$	8.43	
 	 	$	1.30	

Wgt. average common shares outstanding	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic	 	64,251	
 	 	64,146	
 	 	64,126	
 	 	64,568	
 	 	65,535	
 	 	(1,284	)	 	 	 	64,274	
 	 	66,553	
 	 	(2,279	)	 	 	 	 	 	 	
Diluted	 	65,124	
 	 	64,815	
 	 	64,796	
 	 	65,217	
 	 	66,247	
 	 	(1,123	)	 	 	 	64,989	
 	 	67,292	
 	 	(2,303	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Common shares issued	 	79,138	
 	 	79,138	
 	 	79,138	
 	 	79,138	
 	 	79,138	
 	 	—	
 	 	 	 	79,138	
 	 	79,138	
 	 	—	
 	 	 	 	 	 	 	
Treasury shares	 	14,835	
 	 	14,932	
 	 	15,068	
 	 	15,073	
 	 	13,933	
 	 	902	
 	 	 	 	14,835	
 	 	13,933	
 	 	902	
 	 	 	 	 	 	 	
Common shares outstanding	 	64,303	
 	 	64,206	
 	 	64,070	
 	 	64,065	
 	 	65,205	
 	 	(902	)	 	 	 	64,303	
 	 	65,205	
 	 	(902	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Book value per share	 	$	110.31	
 	 	$	124.50	
 	 	$	118.32	
 	 	$	104.88	
 	 	$	94.09	

Per share effect of AOCI	 	$	17.72	
 	 	$	34.46	
 	 	$	30.99	
 	 	$	20.77	
 	 	$	10.86	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Book value per share, excluding AOCI	 	$	92.59	
 	 	$	90.04	
 	 	$	87.33	
 	 	$	84.11	
 	 	$	83.23	

Shareholder dividends paid	 	$	26,337.3	
 	 	$	26,288.3	
 	 	$	23,727.2	
 	 	$	24,018.6	
 	 	$	24,269.1	
 	 	$	2,068.2	
 	 	 	 	$	100,371.4	
 	 	$	93,380.5	
 	 	$	6,990.9	
 	 	 	 	 	 	 	
        (1) Includes the effect of significant in force transactions.	 	 	 	 	 	 	

                                        

 	 	Page 4

Reinsurance Group of America, Incorporated
Consolidated GAAP Income Statements (including Operating Income Reconciliations)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	Current Qtr	 	 	 	Year-to Date	
(USD thousands)	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	 	Dec. 31,	 	vs. PY	 	 	 	Dec. 31,	 	Dec. 31,	 	 	
Revenues:	 	2016	 	2016	 	2016	 	2016	 	2015	 	Quarter	 	 	 	2016	 	2015	 	Change	
Net premiums	 	$	2,493,163	
 	 	$	2,251,758	
 	 	$	2,346,945	
 	 	$	2,157,005	
 	 	$	2,328,501	
 	 	$	164,662	
 	 	 	 	$	9,248,871	
 	 	$	8,570,741	
 	 	$	678,130	
 	
Investment income, net of related expenses	 	497,227	
 	 	489,727	
 	 	507,666	
 	 	417,266	
 	 	467,468	
 	 	29,759	
 	 	 	 	1,911,886	
 	 	1,734,495	
 	 	177,391	
 	
Investment related gains (losses), net	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
OTTI on fixed maturity securities	 	(4,142	)	 	—	
 	 	(846	)	 	(33,817	)	 	(27,605	)	 	23,463	
 	 	 	 	(38,805	)	 	(57,380	)	 	18,575	
 	
OTTI on fixed maturity securities transferred to AOCI	 	74	
 	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	74	
 	 	 	 	74	
 	 	—	
 	 	74	
 	
Other investment related gains (losses), net	 	14,261	
 	 	86,624	
 	 	119,110	
 	 	(87,069	)	 	(17,204	)	 	31,465	
 	 	 	 	132,926	
 	 	(107,370	)	 	240,296	
 	
Total investment related gains (losses), net	 	10,193	
 	 	86,624	
 	 	118,264	
 	 	(120,886	)	 	(44,809	)	 	55,002	
 	 	 	 	94,195	
 	 	(164,750	)	 	258,945	
 	
Other revenue	 	68,715	
 	 	72,468	
 	 	66,193	
 	 	59,183	
 	 	77,431	
 	 	(8,716	)	 	 	 	266,559	
 	 	277,692	
 	 	(11,133	)	
Total revenues	 	3,069,298	
 	 	2,900,577	
 	 	3,039,068	
 	 	2,512,568	
 	 	2,828,591	
 	 	240,707	
 	 	 	 	11,521,511	
 	 	10,418,178	
 	 	1,103,333	
 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	

Claims and other policy benefits	 	2,116,045	
 	 	1,993,064	
 	 	1,997,502	
 	 	1,886,764	
 	 	2,015,929	
 	 	100,116	
 	 	 	 	7,993,375	
 	 	7,489,382	
 	 	503,993	
 	
Interest credited	 	64,089	
 	 	116,848	
 	 	95,849	
 	 	87,905	
 	 	105,032	
 	 	(40,943	)	 	 	 	364,691	
 	 	336,964	
 	 	27,727	
 	
Policy acquisition costs and other insurance expenses	 	370,134	
 	 	300,962	
 	 	405,681	
 	 	233,763	
 	 	300,329	
 	 	69,805	
 	 	 	 	1,310,540	
 	 	1,127,486	
 	 	183,054	
 	
Other operating expenses	 	175,634	
 	 	152,556	
 	 	159,895	
 	 	157,424	
 	 	158,556	
 	 	17,078	
 	 	 	 	645,509	
 	 	554,044	
 	 	91,465	
 	
Interest expense	 	41,422	
 	 	43,063	
 	 	20,331	
 	 	32,807	
 	 	35,820	
 	 	5,602	
 	 	 	 	137,623	
 	 	142,863	
 	 	(5,240	)	
Collateral finance and securitization expense	 	6,431	
 	 	6,484	
 	 	6,587	
 	 	6,325	
 	 	6,182	
 	 	249	
 	 	 	 	25,827	
 	 	22,644	
 	 	3,183	
 	
Total benefits and expenses	 	2,773,755	
 	 	2,612,977	
 	 	2,685,845	
 	 	2,404,988	
 	 	2,621,848	
 	 	151,907	
 	 	 	 	10,477,565	
 	 	9,673,383	
 	 	804,182	
 	
Income before income taxes	 	295,543	
 	 	287,600	
 	 	353,223	
 	 	107,580	
 	 	206,743	
 	 	88,800	
 	 	 	 	1,043,946	
 	 	744,795	
 	 	299,151	
 	
Income tax expense	 	105,394	
 	 	88,881	
 	 	117,120	
 	 	31,108	
 	 	43,616	
 	 	61,778	
 	 	 	 	342,503	
 	 	242,629	
 	 	99,874	
 	
Net income	 	$	190,149	
 	 	$	198,719	
 	 	$	236,103	
 	 	$	76,472	
 	 	$	163,127	
 	 	$	27,022	
 	 	 	 	$	701,443	
 	 	$	502,166	
 	 	$	199,277	
 	
Pre-tax Operating Income Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	$	295,543	
 	 	$	287,600	
 	 	$	353,223	
 	 	$	107,580	
 	 	$	206,743	
 	 	$	88,800	
 	 	 	 	$	1,043,946	
 	 	$	744,795	
 	 	$	299,151	
 	
Investment and derivative losses (gains)—	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
non-operating (1)	 	103,944	
 	 	(26,958	)	 	(67,100	)	 	(31,968	)	 	64,034	
 	 	39,910	
 	 	 	 	(22,082	)	 	49,586	
 	 	(71,668	)	
Change in value of modified coinsurance and	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
funds withheld embedded derivatives (1)	 	(20,374	)	 	(49,078	)	 	(76,966	)	 	92,249	
 	 	27,201	
 	 	(47,575	)	 	 	 	(54,169	)	 	98,793	
 	 	(152,962	)	
GMXB embedded derivatives  (1)	 	(90,923	)	 	(7,988	)	 	28,137	
 	 	62,940	
 	 	(36,437	)	 	(54,486	)	 	 	 	(7,834	)	 	33,191	
 	 	(41,025	)	
Funds withheld losses (gains)—investment income	 	(8,238	)	 	(3,322	)	 	(11,657	)	 	(4,983	)	 	246	
 	 	(8,484	)	 	 	 	(28,200	)	 	(16,370	)	 	(11,830	)	
EIA embedded derivatives—interest credited	 	(39,964	)	 	42	
 	 	(17,364	)	 	29,149	
 	 	(1,412	)	 	(38,552	)	 	 	 	(28,137	)	 	(12,582	)	 	(15,555	)	
DAC offset, net	 	27,625	
 	 	31,876	
 	 	64,841	
 	 	(76,978	)	 	(13,142	)	 	40,767	
 	 	 	 	47,364	
 	 	(49,225	)	 	96,589	
 	
Investment income on unit-linked variable annuities	 	(4,217	)	 	(5,540	)	 	(2,966	)	 	(408	)	 	—	
 	 	(4,217	)	 	 	 	(13,131	)	 	—	
 	 	(13,131	)	
Interest credited on unit-linked variable annuities	 	4,217	
 	 	5,540	
 	 	2,966	
 	 	408	
 	 	—	
 	 	4,217	
 	 	 	 	13,131	
 	 	—	
 	 	13,131	
 	
Non-investment derivatives	 	289	
 	 	(1,705	)	 	110	
 	 	(831	)	 	(120	)	 	409	
 	 	 	 	(2,137	)	 	(118	)	 	(2,019	)	
Operating Income Before Income Taxes	 	$	267,902	
 	 	$	230,467	
 	 	$	273,224	
 	 	$	177,158	
 	 	$	247,113	
 	 	$	20,789	
 	 	 	 	$	948,751	
 	 	$	848,070	
 	 	$	100,681	
 	
After-tax Operating Income Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net Income	 	$	190,149	
 	 	$	198,719	
 	 	$	236,103	
 	 	$	76,472	
 	 	$	163,127	
 	 	$	27,022	
 	 	 	 	$	701,443	
 	 	$	502,166	
 	 	$	199,277	
 	
Investment & derivative losses (gains)—	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

non-operating (1)	 	66,640	
 	 	(19,745	)	 	(46,490	)	 	(21,727	)	 	40,203	
 	 	26,437	
 	 	 	 	(21,322	)	 	30,020	
 	 	(51,342	)	
Change in value of modified coinsurance and	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
funds withheld embedded derivatives (1)	 	(13,243	)	 	(31,901	)	 	(50,028	)	 	59,962	
 	 	17,680	
 	 	(30,923	)	 	 	 	(35,210	)	 	64,215	
 	 	(99,425	)	
GMXB embedded derivatives  (1)	 	(59,100	)	 	(5,192	)	 	18,289	
 	 	40,911	
 	 	(23,684	)	 	(35,416	)	 	 	 	(5,092	)	 	21,574	
 	 	(26,666	)	
Funds withheld losses (gains)—investment income	 	(5,355	)	 	(2,159	)	 	(7,577	)	 	(3,239	)	 	161	
 	 	(5,516	)	 	 	 	(18,330	)	 	(10,640	)	 	(7,690	)	
EIA embedded derivatives—interest credited	 	(25,977	)	 	28	
 	 	(11,287	)	 	18,947	
 	 	(917	)	 	(25,060	)	 	 	 	(18,289	)	 	(8,178	)	 	(10,111	)	
DAC offset, net	 	17,957	
 	 	20,719	
 	 	42,147	
 	 	(50,036	)	 	(8,542	)	 	26,499	
 	 	 	 	30,787	
 	 	(31,996	)	 	62,783	
 	
Investment income on unit-linked variable annuities	 	(2,741	)	 	(3,601	)	 	(1,928	)	 	(265	)	 	—	
 	 	(2,741	)	 	 	 	(8,535	)	 	—	
 	 	(8,535	)	
Interest credited on unit-linked variable annuities	 	2,741	
 	 	3,601	
 	 	1,928	
 	 	265	
 	 	—	
 	 	2,741	
 	 	 	 	8,535	
 	 	—	
 	 	8,535	
 	
Non-investment derivatives	 	188	
 	 	(1,108	)	 	71	
 	 	(540	)	 	(78	)	 	266	
 	 	 	 	(1,389	)	 	(77	)	 	(1,312	)	
Operating Income	 	$	171,259	
 	 	$	159,361	
 	 	$	181,228	
 	 	$	120,750	
 	 	$	187,950	
 	 	$	(16,691	)	 	 	 	$	632,598	
 	 	$	567,084	
 	 	$	65,514	
 	
(1) Included in “Investment related gains (losses), net” on Consolidated GAAP Income Statement.	

 	
 	 	 	
 	 	Page 5

Reinsurance Group of America, Incorporated
Consolidated Operating Income Statements
(USD thousands, except per share data)

 	 	Three Months Ended	 	Current Qtr
vs. PY
Quarter	 	 	 	Year-to-Date	 	
 	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	 	Dec. 31,	 	 	 	 	 	Dec. 31,	 	Dec. 31,	 	 	 	 	 	 	
 	 	2016	 	2016	 	2016	 	2016	 	2015	 	 	 	 	 	2016	 	2015	 	Change	 	 	 	 	 	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	2,493,163	
 	 	$	2,251,758	
 	 	$	2,346,945	
 	 	$	2,157,005	
 	 	$	2,328,501	
 	 	$	164,662	
 	 	 	 	$	9,248,871	
 	 	$	8,570,741	
 	 	$	678,130	
 	 	 	 	 	 	 	
Investment income, net of related expenses	 	484,772	
 	 	480,865	
 	 	493,043	
 	 	411,875	
 	 	467,714	
 	 	17,058	
 	 	 	 	1,870,555	
 	 	1,718,125	
 	 	152,430	
 	 	 	 	 	 	 	
Investment related gains (losses), net	 	2,840	
 	 	2,600	
 	 	2,335	
 	 	2,335	
 	 	9,989	
 	 	(7,149	)	 	 	 	10,110	
 	 	16,820	
 	 	(6,710	)	 	 	 	 	 	 	
Other revenue	 	69,004	
 	 	70,763	
 	 	66,303	
 	 	58,352	
 	 	77,311	
 	 	(8,307	)	 	 	 	264,422	
 	 	277,574	
 	 	(13,152	)	 	 	 	 	 	 	
Total revenues	 	3,049,779	
 	 	2,805,986	
 	 	2,908,626	
 	 	2,629,567	
 	 	2,883,515	
 	 	166,264	
 	 	 	 	11,393,958	
 	 	10,583,260	
 	 	810,698	

Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	2,116,045	
 	 	1,993,064	
 	 	1,997,502	
 	 	1,886,764	
 	 	2,015,929	
 	 	100,116	
 	 	 	 	7,993,375	
 	 	7,489,382	
 	 	503,993	
 	 	 	 	 	 	 	
Interest credited	 	99,836	
 	 	111,266	
 	 	110,247	
 	 	58,348	
 	 	106,444	
 	 	(6,608	)	 	 	 	379,697	
 	 	349,546	
 	 	30,151	
 	 	 	 	 	 	 	
Policy acquisition costs and other insurance expenses	 	342,509	
 	 	269,086	
 	 	340,840	
 	 	310,741	
 	 	313,471	
 	 	29,038	
 	 	 	 	1,263,176	
 	 	1,176,711	
 	 	86,465	
 	 	 	 	 	 	 	
Other operating expenses	 	175,634	
 	 	152,556	
 	 	159,895	
 	 	157,424	
 	 	158,556	
 	 	17,078	
 	 	 	 	645,509	
 	 	554,044	
 	 	91,465	
 	 	 	 	 	 	 	
Interest expense	 	41,422	
 	 	43,063	
 	 	20,331	
 	 	32,807	
 	 	35,820	
 	 	5,602	
 	 	 	 	137,623	
 	 	142,863	
 	 	(5,240	)	 	 	 	 	 	 	
Collateral finance and securitization expense	 	6,431	
 	 	6,484	
 	 	6,587	
 	 	6,325	
 	 	6,182	
 	 	249	
 	 	 	 	25,827	
 	 	22,644	
 	 	3,183	
 	 	 	 	 	 	 	
Total benefits and expenses	 	2,781,877	
 	 	2,575,519	
 	 	2,635,402	
 	 	2,452,409	
 	 	2,636,402	
 	 	145,475	
 	 	 	 	10,445,207	
 	 	9,735,190	
 	 	710,017	

Operating income before income taxes	 	267,902	
 	 	230,467	
 	 	273,224	
 	 	177,158	
 	 	247,113	
 	 	20,789	
 	 	 	 	948,751	
 	 	848,070	
 	 	100,681	

Operating income tax expense	 	96,643	
 	 	71,106	
 	 	91,996	
 	 	56,408	
 	 	59,163	
 	 	37,480	
 	 	 	 	316,153	
 	 	280,986	
 	 	35,167	

Operating income	 	$	171,259	
 	 	$	159,361	
 	 	$	181,228	
 	 	$	120,750	
 	 	$	187,950	
 	 	$	(16,691	)	 	 	 	$	632,598	
 	 	$	567,084	
 	 	$	65,514	

Wgt. average common shares outstanding (diluted)	 	65,124	
 	 	64,815	
 	 	64,796	
 	 	65,217	
 	 	66,247	
 	 	(1,123)	
 	 	 	 	64,989	
 	 	67,292	
 	 	(2,303)	

Diluted earnings per share—operating income	 	$	2.63	
 	 	$	2.46	
 	 	$	2.80	
 	 	$	1.85	
 	 	$	2.84	
 	 	$	(0.21	)	 	 	 	$	9.73	
 	 	$	8.43	
 	 	$	1.30	

Foreign currency effect   (1) :	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	(35,247	)	 	$	(21,049	)	 	$	(45,665	)	 	$	(70,207	)	 	$	(107,975	)	 	$	72,728	
 	 	 	 	$	(172,168	)	 	$	(473,539	)	 	$	301,371	
 	 	 	 	 	 	 	
Operating income before income taxes	 	$	(7,911	)	 	$	(3,236	)	 	$	(4,247	)	 	$	(9,762	)	 	$	(18,672	)	 	$	10,761	
 	 	 	 	$	(25,156	)	 	$	(55,164	)	 	$	30,008	

(1) Compared to comparable prior year period.	 	 	 	 	 	 	

                                        

 	 	Page 6

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

 	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	 	Dec. 31,	
 	 	2016	 	2016	 	2016	 	2016	 	2015	
Assets	 	 	 	 	 	 	 	 	 	 	
Fixed maturity securities, available-for-sale	 	$	32,093,625	
 	 	$	33,536,419	
 	 	$	33,160,976	
 	 	$	31,148,714	
 	 	$	29,642,905	
 	
Mortgage loans on real estate	 	3,775,522	
 	 	3,607,700	
 	 	3,377,039	
 	 	3,292,496	
 	 	3,129,951	
 	
Policy loans	 	1,427,602	
 	 	1,414,963	
 	 	1,445,410	
 	 	1,451,857	
 	 	1,468,796	
 	
Funds withheld at interest	 	5,875,919	
 	 	5,922,656	
 	 	5,899,289	
 	 	5,797,183	
 	 	5,880,203	
 	
Short-term investments	 	76,710	
 	 	126,702	
 	 	195,979	
 	 	431,535	
 	 	558,284	
 	
Other invested assets	 	1,591,940	
 	 	1,777,065	
 	 	1,682,143	
 	 	1,368,544	
 	 	1,298,120	
 	
Total investments	 	44,841,318	
 	 	46,385,505	
 	 	45,760,836	
 	 	43,490,329	
 	 	41,978,259	
 	
Cash and cash equivalents	 	1,200,718	
 	 	1,379,693	
 	 	1,034,329	
 	 	1,502,082	
 	 	1,525,275	
 	
Accrued investment income	 	347,173	
 	 	391,837	
 	 	368,926	
 	 	364,432	
 	 	339,452	
 	
Premiums receivable and other reinsurance balances	 	1,930,755	
 	 	1,834,362	
 	 	1,917,844	
 	 	1,886,293	
 	 	1,797,504	
 	
Reinsurance ceded receivables	 	683,972	
 	 	694,906	
 	 	681,425	
 	 	688,491	
 	 	637,859	
 	
Deferred policy acquisition costs	 	3,338,605	
 	 	3,406,093	
 	 	3,401,935	
 	 	3,490,509	
 	 	3,392,437	
 	
Other assets	 	755,338	
 	 	740,102	
 	 	711,408	
 	 	764,488	
 	 	712,366	
 	
Total assets	 	$	53,097,879	
 	 	$	54,832,498	
 	 	$	53,876,703	
 	 	$	52,186,624	
 	 	$	50,383,152	

Liabilities and Stockholders’ Equity	 	 	 	 	 	 	 	 	 	 	
Future policy benefits	 	$	19,581,573	
 	 	$	19,634,157	
 	 	$	19,605,021	
 	 	$	19,811,921	
 	 	$	19,612,251	
 	
Interest-sensitive contract liabilities	 	14,029,354	
 	 	14,217,831	
 	 	14,024,012	
 	 	14,087,081	
 	 	13,663,873	
 	
Other policy claims and benefits	 	4,263,026	
 	 	4,304,491	
 	 	4,305,219	
 	 	4,384,072	
 	 	4,094,640	
 	
Other reinsurance balances	 	388,989	
 	 	353,426	
 	 	344,527	
 	 	397,375	
 	 	296,899	
 	
Deferred income taxes	 	2,770,640	
 	 	3,071,995	
 	 	2,901,264	
 	 	2,483,584	
 	 	2,218,328	
 	
Other liabilities	 	1,041,880	
 	 	1,321,017	
 	 	1,157,252	
 	 	1,106,531	
 	 	1,165,071	
 	
Long-term debt (1)	 	3,088,635	
 	 	3,088,710	
 	 	3,088,280	
 	 	2,297,709	
 	 	2,297,548	
 	
Collateral finance and securitization notes	 	840,700	
 	 	847,389	
 	 	870,482	
 	 	899,482	
 	 	899,161	
 	
Total liabilities	 	46,004,797	
 	 	46,839,016	
 	 	46,296,057	
 	 	45,467,755	
 	 	44,247,771	

Stockholders’ Equity:	 	 	 	 	 	 	 	 	 	 	
Common stock, at par value	 	791	
 	 	791	
 	 	791	
 	 	791	
 	 	791	
 	
Additional paid-in-capital	 	1,848,611	
 	 	1,842,390	
 	 	1,834,995	
 	 	1,827,646	
 	 	1,816,142	
 	
Retained earnings	 	5,199,130	
 	 	5,039,470	
 	 	4,870,711	
 	 	4,668,588	
 	 	4,620,303	
 	
Treasury stock	 	(1,094,779	)	 	(1,101,495	)	 	(1,111,225	)	 	(1,108,539	)	 	(1,010,139	)	
Accumulated other comprehensive income (AOCI):	 	 	 	 	 	 	 	 	 	 	
Accumulated currency translation adjustment, net of income taxes	 	(172,541	)	 	(121,709	)	 	(93,476	)	 	(103,418	)	 	(181,151	)	
Unrealized appreciation of securities, net of income taxes	 	1,355,033	
 	 	2,381,473	
 	 	2,126,815	
 	 	1,482,922	
 	 	935,697	
 	
Pension and postretirement benefits, net of income taxes	 	(43,163	)	 	(47,438	)	 	(47,965	)	 	(49,121	)	 	(46,262	)	
Total stockholders’ equity	 	7,093,082	
 	 	7,993,482	
 	 	7,580,646	
 	 	6,718,869	
 	 	6,135,381	
 	
Total liabilities and stockholders’ equity	 	$	53,097,879	
 	 	$	54,832,498	
 	 	$	53,876,703	
 	 	$	52,186,624	
 	 	$	50,383,152	

Total stockholders’ equity, excluding AOCI	 	$	5,953,753	
 	 	$	5,781,156	
 	 	$	5,595,272	
 	 	$	5,388,486	
 	 	$	5,427,097	

(1) The balance of long-term debt at December 31, 2016 includes current maturities of $299,945, which were previously included in short-term debt. The comparable prior periods have been revised to conform to the December 2016 presentation.	

 	
 	 	 	
 	 	Page 7

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

 	 	Three Months Ended	 	Current	 	 	 	Year-to-Date	
 	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	 	Dec. 31,	 	Qtr vs. PY	 	 	 	Dec. 31,	 	Dec. 31,	 	 	
 	 	2016	 	2016	 	2016	 	2016	 	2015	 	Quarter	 	 	 	2016	 	2015	 	Change	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	1,430,291	
 	 	$	1,277,491	
 	 	$	1,307,395	
 	 	$	1,234,394	
 	 	$	1,370,745	
 	 	$	59,546	
 	 	 	 	$	5,249,571	
 	 	$	4,806,706	
 	 	$	442,865	
 	
Investment income, net of related expenses	 	184,674	
 	 	167,898	
 	 	182,238	
 	 	165,023	
 	 	176,174	
 	 	8,500	
 	 	 	 	699,833	
 	 	636,779	
 	 	63,054	
 	
Investment related gains (losses), net	 	2,147	
 	 	(3,394	)	 	(882	)	 	(2,100	)	 	493	
 	 	1,654	
 	 	 	 	(4,229	)	 	2,306	
 	 	(6,535	)	
Other revenue	 	8,119	
 	 	2,922	
 	 	5,252	
 	 	3,500	
 	 	7,438	
 	 	681	
 	 	 	 	19,793	
 	 	19,235	
 	 	558	
 	
Total revenues	 	1,625,231	
 	 	1,444,917	
 	 	1,494,003	
 	 	1,400,817	
 	 	1,554,850	
 	 	70,381	
 	 	 	 	5,964,968	
 	 	5,465,026	
 	 	499,942	

Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	1,232,207	
 	 	1,131,507	
 	 	1,149,665	
 	 	1,119,442	
 	 	1,235,926	
 	 	(3,719	)	 	 	 	4,632,821	
 	 	4,366,696	
 	 	266,125	
 	
Interest credited	 	22,156	
 	 	20,628	
 	 	20,845	
 	 	21,400	
 	 	21,682	
 	 	474	
 	 	 	 	85,029	
 	 	77,500	
 	 	7,529	
 	
Policy acquisition costs and other insurance expenses	 	205,358	
 	 	184,766	
 	 	182,285	
 	 	177,078	
 	 	187,277	
 	 	18,081	
 	 	 	 	749,487	
 	 	673,331	
 	 	76,156	
 	
Other operating expenses	 	34,018	
 	 	30,935	
 	 	29,778	
 	 	31,799	
 	 	30,482	
 	 	3,536	
 	 	 	 	126,530	
 	 	111,728	
 	 	14,802	
 	
Total benefits and expenses	 	1,493,739	
 	 	1,367,836	
 	 	1,382,573	
 	 	1,349,719	
 	 	1,475,367	
 	 	18,372	
 	 	 	 	5,593,867	
 	 	5,229,255	
 	 	364,612	

Income before income taxes	 	$	131,492	
 	 	$	77,081	
 	 	$	111,430	
 	 	$	51,098	
 	 	$	79,483	
 	 	$	52,009	
 	 	 	 	$	371,101	
 	 	$	235,771	
 	 	$	135,330	

Loss and expense ratios:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	86.2	%	 	88.6	%	 	87.9	%	 	90.7	%	 	90.2	%	 	(4.0	)%	 	 	 	88.3	%	 	90.8	%	 	(2.5	)%	
Policy acquisition costs and other insurance expenses	 	14.4	%	 	14.5	%	 	13.9	%	 	14.3	%	 	13.7	%	 	0.7	 %	 	 	 	14.3	%	 	14.0	%	 	0.3	 %	
Other operating expenses	 	2.4	%	 	2.4	%	 	2.3	%	 	2.6	%	 	2.2	%	 	0.2	 %	 	 	 	2.4	%	 	2.3	%	 	0.1	 %	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Foreign currency effect on (1) :	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	(1,372	)	 	$	(1,135	)	 	$	(2,243	)	 	$	(867	)	 	$	(1,419	)	 	$	47	
 	 	 	 	$	(5,617	)	 	$	(4,625	)	 	$	(992	)	
Income before income taxes	 	$	159	
 	 	$	(41	)	 	$	(189	)	 	$	(21	)	 	$	54	
 	 	$	105	
 	 	 	 	$	(92	)	 	$	(379	)	 	$	287	

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

 	
 	 	 	
 	 	Page 8

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

 	 	Three Months Ended	 	Current	 	 	 	Year-to-Date	
 	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	 	Dec. 31,	 	Qtr vs. PY	 	 	 	Dec. 31,	 	Dec. 31,	 	 	
 	 	2016	 	2016	 	2016	 	2016	 	2015	 	Quarter	 	 	 	2016	 	2015	 	Change	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	1,430,291	
 	 	$	1,277,491	
 	 	$	1,307,395	
 	 	$	1,234,394	
 	 	$	1,370,745	
 	 	$	59,546	
 	 	 	 	$	5,249,571	
 	 	$	4,806,706	
 	 	$	442,865	
 	
Investment income, net of related expenses	 	184,674	
 	 	167,898	
 	 	182,238	
 	 	165,023	
 	 	176,174	
 	 	8,500	
 	 	 	 	699,833	
 	 	636,779	
 	 	63,054	
 	
Other revenue	 	8,119	
 	 	2,922	
 	 	5,252	
 	 	3,500	
 	 	7,438	
 	 	681	
 	 	 	 	19,793	
 	 	19,235	
 	 	558	
 	
Total revenues	 	1,623,084	
 	 	1,448,311	
 	 	1,494,885	
 	 	1,402,917	
 	 	1,554,357	
 	 	68,727	
 	 	 	 	5,969,197	
 	 	5,462,720	
 	 	506,477	

Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	1,232,207	
 	 	1,131,507	
 	 	1,149,665	
 	 	1,119,442	
 	 	1,235,926	
 	 	(3,719	)	 	 	 	4,632,821	
 	 	4,366,696	
 	 	266,125	
 	
Interest credited	 	22,156	
 	 	20,628	
 	 	20,845	
 	 	21,400	
 	 	21,682	
 	 	474	
 	 	 	 	85,029	
 	 	77,500	
 	 	7,529	
 	
Policy acquisition costs and other insurance expenses	 	205,358	
 	 	184,766	
 	 	182,285	
 	 	177,078	
 	 	187,277	
 	 	18,081	
 	 	 	 	749,487	
 	 	673,331	
 	 	76,156	
 	
Other operating expenses	 	34,018	
 	 	30,935	
 	 	29,778	
 	 	31,799	
 	 	30,482	
 	 	3,536	
 	 	 	 	126,530	
 	 	111,728	
 	 	14,802	
 	
Total benefits and expenses	 	1,493,739	
 	 	1,367,836	
 	 	1,382,573	
 	 	1,349,719	
 	 	1,475,367	
 	 	18,372	
 	 	 	 	5,593,867	
 	 	5,229,255	
 	 	364,612	

Operating income before income taxes	 	$	129,345	
 	 	$	80,475	
 	 	$	112,312	
 	 	$	53,198	
 	 	$	78,990	
 	 	$	50,355	
 	 	 	 	$	375,330	
 	 	$	233,465	
 	 	$	141,865	

Loss and expense ratios:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	86.2	%	 	88.6	%	 	87.9	%	 	90.7	%	 	90.2	%	 	(4.0	)%	 	 	 	88.3	%	 	90.8	%	 	(2.5	)%	
Policy acquisition costs and other insurance expenses	 	14.4	%	 	14.5	%	 	13.9	%	 	14.3	%	 	13.7	%	 	0.7	 %	 	 	 	14.3	%	 	14.0	%	 	0.3	 %	
Other operating expenses	 	2.4	%	 	2.4	%	 	2.3	%	 	2.6	%	 	2.2	%	 	0.2	 %	 	 	 	2.4	%	 	2.3	%	 	0.1	 %	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Foreign currency effect on (1) :	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	(1,372	)	 	$	(1,135	)	 	$	(2,243	)	 	$	(867	)	 	$	(1,419	)	 	$	47	
 	 	 	 	$	(5,617	)	 	$	(4,625	)	 	$	(992	)	
Income before income taxes	 	$	159	
 	 	$	(41	)	 	$	(189	)	 	$	(21	)	 	$	54	
 	 	$	105	
 	 	 	 	$	(92	)	 	$	(379	)	 	$	287	

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

 	
 	 	 	
 	 	Page 9

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

 	 	Three Months Ended	 	Current	 	 	 	Year-to-Date	
 	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	 	Dec. 31,	 	Qtr vs. PY	 	 	 	Dec. 31,	 	Dec. 31,	 	 	
 	 	2016	 	2016	 	2016	 	2016	 	2015	 	Quarter	 	 	 	2016	 	2015	 	Change	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	7,099	
 	 	$	5,369	
 	 	$	5,662	
 	 	$	6,219	
 	 	$	6,018	
 	 	$	1,081	
 	 	 	 	$	24,349	
 	 	$	22,177	
 	 	$	2,172	
 	
Investment income, net of related expenses	 	161,395	
 	 	167,683	
 	 	177,681	
 	 	117,215	
 	 	153,445	
 	 	7,950	
 	 	 	 	623,974	
 	 	560,701	
 	 	63,273	
 	
Investment related gains (losses), net	 	5,708	
 	 	59,661	
 	 	76,830	
 	 	(128,551	)	 	(31,218	)	 	36,926	
 	 	 	 	13,648	
 	 	(118,482	)	 	132,130	
 	
Other revenue	 	22,808	
 	 	23,417	
 	 	24,555	
 	 	22,834	
 	 	23,238	
 	 	(430	)	 	 	 	93,614	
 	 	105,389	
 	 	(11,775	)	
Total revenues	 	197,010	
 	 	256,130	
 	 	284,728	
 	 	17,717	
 	 	151,483	
 	 	45,527	
 	 	 	 	755,585	
 	 	569,785	
 	 	185,800	

Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	23,593	
 	 	18,927	
 	 	19,507	
 	 	19,833	
 	 	22,605	
 	 	988	
 	 	 	 	81,860	
 	 	66,146	
 	 	15,714	
 	
Interest credited	 	33,511	
 	 	86,742	
 	 	68,436	
 	 	62,558	
 	 	71,756	
 	 	(38,245	)	 	 	 	251,247	
 	 	244,318	
 	 	6,929	
 	
Policy acquisition costs and other insurance expenses	 	60,306	
 	 	56,497	
 	 	97,078	
 	 	(39,656	)	 	19,957	
 	 	40,349	
 	 	 	 	174,225	
 	 	85,760	
 	 	88,465	
 	
Other operating expenses	 	7,339	
 	 	5,232	
 	 	5,728	
 	 	5,812	
 	 	6,291	
 	 	1,048	
 	 	 	 	24,111	
 	 	20,615	
 	 	3,496	
 	
Total benefits and expenses	 	124,749	
 	 	167,398	
 	 	190,749	
 	 	48,547	
 	 	120,609	
 	 	4,140	
 	 	 	 	531,443	
 	 	416,839	
 	 	114,604	

Income (loss) before income taxes	 	$	72,261	
 	 	$	88,732	
 	 	$	93,979	
 	 	$	(30,830	)	 	$	30,874	
 	 	$	41,387	
 	 	 	 	$	224,142	
 	 	$	152,946	
 	 	$	71,196	

 	 	

 	 	

 	 	

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 Financial Solutions - Asset Intensive
Operating Income Statements
(USD thousands)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	Current Qtr	 	 	 	Year-to-Date	
 	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	 	Dec. 31,	 	vs. PY	 	 	 	Dec. 31,	 	Dec. 31,	 	 	
 	 	2016	 	2016	 	2016	 	2016	 	2015	 	Quarter	 	 	 	2016	 	2015	 	Change	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	7,099	
 	 	$	5,369	
 	 	$	5,662	
 	 	$	6,219	
 	 	$	6,018	
 	 	$	1,081	
 	 	 	 	$	24,349	
 	 	$	22,177	
 	 	$	2,172	
 	
Investment income, net of related expenses	 	153,879	
 	 	165,388	
 	 	167,377	
 	 	112,591	
 	 	153,504	
 	 	375	
 	 	 	 	599,235	
 	 	550,642	
 	 	48,593	
 	
Investment related gains (losses), net	 	—	
 	 	(1	)	 	1	
 	 	—	
 	 	(1	)	 	1	
 	 	 	 	—	
 	 	—	
 	 	—	
 	
Other revenue	 	22,808	
 	 	23,417	
 	 	24,555	
 	 	22,834	
 	 	23,238	
 	 	(430	)	 	 	 	93,614	
 	 	105,389	
 	 	(11,775	)	
Total revenues	 	183,786	
 	 	194,173	
 	 	197,595	
 	 	141,644	
 	 	182,759	
 	 	1,027	
 	 	 	 	717,198	
 	 	678,208	
 	 	38,990	

Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	23,593	
 	 	18,927	
 	 	19,507	
 	 	19,833	
 	 	22,605	
 	 	988	
 	 	 	 	81,860	
 	 	66,146	
 	 	15,714	
 	
Interest credited	 	73,475	
 	 	86,700	
 	 	85,800	
 	 	33,409	
 	 	73,168	
 	 	307	
 	 	 	 	279,384	
 	 	256,900	
 	 	22,484	
 	
Policy acquisition costs and other insurance expenses	 	32,681	
 	 	24,621	
 	 	32,237	
 	 	37,322	
 	 	33,099	
 	 	(418	)	 	 	 	126,861	
 	 	134,985	
 	 	(8,124	)	
Other operating expenses	 	7,339	
 	 	5,232	
 	 	5,728	
 	 	5,812	
 	 	6,291	
 	 	1,048	
 	 	 	 	24,111	
 	 	20,615	
 	 	3,496	
 	
Total benefits and expenses	 	137,088	
 	 	135,480	
 	 	143,272	
 	 	96,376	
 	 	135,163	
 	 	1,925	
 	 	 	 	512,216	
 	 	478,646	
 	 	33,570	

Operating income before income taxes	 	$	46,698	
 	 	$	58,693	
 	 	$	54,323	
 	 	$	45,268	
 	 	$	47,596	
 	 	$	(898	)	 	 	 	$	204,982	
 	 	$	199,562	
 	 	$	5,420	

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

 	
 	 	 	
 	 	Page 11

Reinsurance Group of America, Incorporated
U.S. and Latin America Financial Solutions - Asset Intensive (Continued)
(USD millions)	

 	 	Three Months Ended	
 	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	 	Dec. 31,	
 	 	2016	 	2016	 	2016	 	2016	 	2015	
Annuity account values:	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	
Fixed annuities (deferred)	 	$	5,091	
 	 	$	5,130	
 	 	$	5,189	
 	 	$	5,210	
 	 	$	4,843	

Net interest spread (fixed annuities)	 	2.4	%	 	2.6	%	 	2.5	%	 	2.1	%	 	2.7	%	
 	 	 	 	 	 	 	 	 	 	 	
Equity-indexed annuities	 	$	4,291	
 	 	$	4,374	
 	 	$	4,402	
 	 	$	4,448	
 	 	$	4,509	

Variable annuities account values	 	 	 	 	 	 	 	 	 	 	
No riders	 	$	731	
 	 	$	739	
 	 	$	732	
 	 	$	753	
 	 	$	782	
 	
GMDB only	 	58	
 	 	58	
 	 	58	
 	 	60	
 	 	62	
 	
GMIB only	 	5	
 	 	5	
 	 	5	
 	 	5	
 	 	5	
 	
GMAB only	 	28	
 	 	29	
 	 	29	
 	 	31	
 	 	33	
 	
GMWB only	 	1,334	
 	 	1,370	
 	 	1,367	
 	 	1,386	
 	 	1,425	
 	
GMDB / WB	 	335	
 	 	342	
 	 	341	
 	 	349	
 	 	359	
 	
Other	 	19	
 	 	20	
 	 	20	
 	 	21	
 	 	22	
 	
Total variable annuities account values	 	$	2,510	
 	 	$	2,563	
 	 	$	2,552	
 	 	$	2,605	
 	 	$	2,688	

Fair value of liabilities associated with living benefit riders	 	$	185	
 	 	$	276	
 	 	$	284	
 	 	$	255	
 	 	$	192	

Interest-sensitive contract liabilities associated with:	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	
Guaranteed investment contracts	 	$	554	
 	 	$	456	
 	 	$	354	
 	 	$	368	
 	 	$	322	

Bank-owned life insurance (BOLI)	 	$	571	
 	 	$	568	
 	 	$	565	
 	 	$	562	
 	 	$	559	

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

Future policy benefits associated with:	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	
Payout annuities	 	$	1,964	
 	 	$	1,974	
 	 	$	1,978	
 	 	$	1,949	
 	 	$	1,960	

                                        

 	 	Page 12

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

 	 	Three Months Ended	 	Current	 	 	 	Year-to-Date	
 	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	 	Dec. 31,	 	Qtr vs. PY	 	 	 	Dec. 31,	 	Dec. 31,	 	 	
 	 	2016	 	2016	 	2016	 	2016	 	2015	 	Quarter	 	 	 	2016	 	2015	 	Change	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Investment income, net of related expenses	 	$	1,092	
 	 	$	1,038	
 	 	$	2,386	
 	 	$	2,607	
 	 	$	1,702	
 	 	$	(610	)	 	 	 	$	7,123	
 	 	$	5,479	
 	 	$	1,644	
 	
Other revenue	 	22,227	
 	 	18,967	
 	 	17,963	
 	 	18,581	
 	 	19,133	
 	 	3,094	
 	 	 	 	77,738	
 	 	68,601	
 	 	9,137	
 	
Total revenues	 	23,319	
 	 	20,005	
 	 	20,349	
 	 	21,188	
 	 	20,835	
 	 	2,484	
 	 	 	 	84,861	
 	 	74,080	
 	 	10,781	

 	 	 	 	 	 	 	 	
 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	

Policy acquisition costs and other insurance expenses	 	5,505	
 	 	3,492	
 	 	3,085	
 	 	2,568	
 	 	2,720	
 	 	2,785	
 	 	 	 	14,650	
 	 	10,193	
 	 	4,457	
 	
Other operating expenses	 	3,367	
 	 	2,531	
 	 	2,389	
 	 	2,686	
 	 	2,179	
 	 	1,188	
 	 	 	 	10,973	
 	 	8,870	
 	 	2,103	
 	
Total benefits and expenses	 	8,872	
 	 	6,023	
 	 	5,474	
 	 	5,254	
 	 	4,899	
 	 	3,973	
 	 	 	 	25,623	
 	 	19,063	
 	 	6,560	

 	 	

 	 	

 	 	

Income before income taxes	 	$	14,447	
 	 	$	13,982	
 	 	$	14,875	
 	 	$	15,934	
 	 	$	15,936	
 	 	$	(1,489	)	 	 	 	$	59,238	
 	 	$	55,017	
 	 	$	4,221	

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

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

                                        

 	 	Page 13

Reinsurance Group of America, Incorporated
U.S. and Latin America Financial Solutions - Financial Reinsurance
Operating Income Statements
(USD thousands)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	Current Qtr	 	 	 	Year-to-Date	
 	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	 	Dec. 31,	 	vs. PY	 	 	 	Dec. 31,	 	Dec. 31,	 	 	
 	 	2016	 	2016	 	2016	 	2016	 	2015	 	Quarter	 	 	 	2016	 	2015	 	Change	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Investment income, net of related expenses	 	$	1,092	
 	 	$	1,038	
 	 	$	2,386	
 	 	$	2,607	
 	 	$	1,702	
 	 	$	(610	)	 	 	 	$	7,123	
 	 	$	5,479	
 	 	$	1,644	
 	
Other revenue	 	22,227	
 	 	18,967	
 	 	17,963	
 	 	18,581	
 	 	19,133	
 	 	3,094	
 	 	 	 	77,738	
 	 	68,601	
 	 	9,137	
 	
Total revenues	 	23,319	
 	 	20,005	
 	 	20,349	
 	 	21,188	
 	 	20,835	
 	 	2,484	
 	 	 	 	84,861	
 	 	74,080	
 	 	10,781	

Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Policy acquisition costs and other insurance expenses	 	5,505	
 	 	3,492	
 	 	3,085	
 	 	2,568	
 	 	2,720	
 	 	2,785	
 	 	 	 	14,650	
 	 	10,193	
 	 	4,457	
 	
Other operating expenses	 	3,367	
 	 	2,531	
 	 	2,389	
 	 	2,686	
 	 	2,179	
 	 	1,188	
 	 	 	 	10,973	
 	 	8,870	
 	 	2,103	
 	
Total benefits and expenses	 	8,872	
 	 	6,023	
 	 	5,474	
 	 	5,254	
 	 	4,899	
 	 	3,973	
 	 	 	 	25,623	
 	 	19,063	
 	 	6,560	

Operating income before income taxes	 	$	14,447	
 	 	$	13,982	
 	 	$	14,875	
 	 	$	15,934	
 	 	$	15,936	
 	 	$	(1,489	)	 	 	 	$	59,238	
 	 	$	55,017	
 	 	$	4,221	

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

                                        

 	 	Page 14

Reinsurance Group of America, Incorporated
Canada Traditional
GAAP Income Statements
(USD thousands)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	Current	 	 	 	Year-to-Date	
 	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	 	Dec. 31,	 	Qtr vs. PY	 	 	 	Dec. 31,	 	Dec. 31,	 	 	
 	 	2016	 	2016	 	2016	 	2016	 	2015	 	Quarter	 	 	 	2016	 	2015	 	Change	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	241,918	
 	 	$	231,154	
 	 	$	240,107	
 	 	$	215,463	
 	 	$	201,384	
 	 	$	40,534	
 	 	 	 	$	928,642	
 	 	$	838,894	
 	 	$	89,748	
 	
Investment income, net of related expenses	 	44,806	
 	 	45,239	
 	 	46,859	
 	 	42,023	
 	 	42,938	
 	 	1,868	
 	 	 	 	178,927	
 	 	182,621	
 	 	(3,694	)	
Investment related gains (losses), net	 	2,771	
 	 	3,832	
 	 	2,285	
 	 	1,640	
 	 	1,027	
 	 	1,744	
 	 	 	 	10,528	
 	 	(1,503	)	 	12,031	
 	
Other revenue	 	638	
 	 	734	
 	 	(339	)	 	(1,126	)	 	1,131	
 	 	(493	)	 	 	 	(93	)	 	3,000	
 	 	(3,093	)	
Total revenues	 	290,133	
 	 	280,959	
 	 	288,912	
 	 	258,000	
 	 	246,480	
 	 	43,653	
 	 	 	 	1,118,004	
 	 	1,023,012	
 	 	94,992	

Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	182,912	
 	 	175,618	
 	 	176,478	
 	 	172,401	
 	 	148,543	
 	 	34,369	
 	 	 	 	707,409	
 	 	670,459	
 	 	36,950	
 	
Interest credited	 	2	
 	 	8	
 	 	7	
 	 	2	
 	 	4	
 	 	(2	)	 	 	 	19	
 	 	18	
 	 	1	
 	
Policy acquisition costs and other insurance expenses	 	60,074	
 	 	61,019	
 	 	60,021	
 	 	57,138	
 	 	43,226	
 	 	16,848	
 	 	 	 	238,252	
 	 	192,729	
 	 	45,523	
 	
Other operating expenses	 	10,119	
 	 	10,039	
 	 	9,097	
 	 	8,364	
 	 	10,067	
 	 	52	
 	 	 	 	37,619	
 	 	35,631	
 	 	1,988	
 	
Total benefits and expenses	 	253,107	
 	 	246,684	
 	 	245,603	
 	 	237,905	
 	 	201,840	
 	 	51,267	
 	 	 	 	983,299	
 	 	898,837	
 	 	84,462	

Income before income taxes	 	$	37,026	
 	 	$	34,275	
 	 	$	43,309	
 	 	$	20,095	
 	 	$	44,640	
 	 	$	(7,614	)	 	 	 	$	134,705	
 	 	$	124,175	
 	 	$	10,530	

Loss and expense ratios:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Loss ratios (creditor business)	 	22.5	%	 	27.0	%	 	32.2	%	 	25.8	%	 	28.2	%	 	(5.7	)%	 	 	 	26.9	%	 	31.1	%	 	(4.2	)%	
Loss ratios (excluding creditor business)	 	92.2	%	 	93.1	%	 	87.4	%	 	98.5	%	 	82.5	%	 	9.7	 %	 	 	 	92.6	%	 	91.7	%	 	0.9	 %	
Claims and other policy benefits / (net premiums + investment income)	 	63.8	%	 	63.5	%	 	61.5	%	 	67.0	%	 	60.8	%	 	3.0	 %	 	 	 	63.9	%	 	65.6	%	 	(1.7	)%	
Policy acquisition costs and other insurance expenses (creditor business)	 	67.5	%	 	65.7	%	 	64.3	%	 	66.9	%	 	66.2	%	 	1.3	 %	 	 	 	66.1	%	 	63.7	%	 	2.4	 %	
Policy acquisition costs and other insurance expenses (excluding creditor business)	 	11.5	%	 	12.6	%	 	11.8	%	 	12.7	%	 	12.9	%	 	(1.4	)%	 	 	 	12.2	%	 	13.2	%	 	(1.0	)%	
Other operating expenses	 	4.2	%	 	4.3	%	 	3.8	%	 	3.9	%	 	5.0	%	 	(0.8	)%	 	 	 	4.1	%	 	4.0	%	 	0.1	 %	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Foreign currency effect on  (1) :	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	(108	)	 	$	724	
 	 	$	(11,615	)	 	$	(22,010	)	 	$	(35,018	)	 	$	34,910	
 	 	 	 	$	(33,009	)	 	$	(130,360	)	 	$	97,351	
 	
Income before income taxes	 	$	(483	)	 	$	104	
 	 	$	(2,247	)	 	$	(3,129	)	 	$	(7,658	)	 	$	7,175	
 	 	 	 	$	(5,755	)	 	$	(20,338	)	 	$	14,583	

Creditor reinsurance net premiums	 	$	57,471	
 	 	$	59,983	
 	 	$	60,275	
 	 	$	54,854	
 	 	$	32,484	
 	 	$	24,987	
 	 	 	 	$	232,583	
 	 	$	162,629	
 	 	$	69,954	

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 Traditional
Operating Income Statements
(USD thousands)	

 	 	Three Months Ended	 	Current	 	 	 	Year-to-Date	
 	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	 	Dec. 31,	 	Qtr vs. PY	 	 	 	Dec. 31,	 	Dec. 31,	 	 	
 	 	2016	 	2016	 	2016	 	2016	 	2015	 	Quarter	 	 	 	2016	 	2015	 	Change	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	241,918	
 	 	$	231,154	
 	 	$	240,107	
 	 	$	215,463	
 	 	$	201,384	
 	 	$	40,534	
 	 	 	 	$	928,642	
 	 	$	838,894	
 	 	$	89,748	
 	
Investment income, net of related expenses	 	44,084	
 	 	44,212	
 	 	45,506	
 	 	41,664	
 	 	43,125	
 	 	959	
 	 	 	 	175,466	
 	 	176,310	
 	 	(844	)	
Investment related gains, net	 	1,221	
 	 	1,208	
 	 	1,236	
 	 	1,268	
 	 	1,286	
 	 	(65	)	 	 	 	4,933	
 	 	4,444	
 	 	489	
 	
Other revenue	 	638	
 	 	734	
 	 	(339	)	 	(1,126	)	 	1,131	
 	 	(493	)	 	 	 	(93	)	 	3,000	
 	 	(3,093	)	
Total revenues	 	287,861	
 	 	277,308	
 	 	286,510	
 	 	257,269	
 	 	246,926	
 	 	40,935	
 	 	 	 	1,108,948	
 	 	1,022,648	
 	 	86,300	

Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	182,912	
 	 	175,618	
 	 	176,478	
 	 	172,401	
 	 	148,543	
 	 	34,369	
 	 	 	 	707,409	
 	 	670,459	
 	 	36,950	
 	
Interest credited	 	2	
 	 	8	
 	 	7	
 	 	2	
 	 	4	
 	 	(2	)	 	 	 	19	
 	 	18	
 	 	1	
 	
Policy acquisition costs and other insurance expenses	 	60,074	
 	 	61,019	
 	 	60,021	
 	 	57,138	
 	 	43,226	
 	 	16,848	
 	 	 	 	238,252	
 	 	192,729	
 	 	45,523	
 	
Other operating expenses	 	10,119	
 	 	10,039	
 	 	9,097	
 	 	8,364	
 	 	10,067	
 	 	52	
 	 	 	 	37,619	
 	 	35,631	
 	 	1,988	
 	
Total benefits and expenses	 	253,107	
 	 	246,684	
 	 	245,603	
 	 	237,905	
 	 	201,840	
 	 	51,267	
 	 	 	 	983,299	
 	 	898,837	
 	 	84,462	

Operating income before income taxes	 	$	34,754	
 	 	$	30,624	
 	 	$	40,907	
 	 	$	19,364	
 	 	$	45,086	
 	 	$	(10,332	)	 	 	 	$	125,649	
 	 	$	123,811	
 	 	$	1,838	

Loss and expense ratios:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Loss ratios (creditor business)	 	22.5	%	 	27.0	%	 	32.2	%	 	25.8	%	 	28.2	%	 	(5.7	)%	 	 	 	26.9	%	 	31.1	%	 	(4.2	)%	
Loss ratios (excluding creditor business)	 	92.2	%	 	93.1	%	 	87.4	%	 	98.5	%	 	82.5	%	 	9.7	 %	 	 	 	92.6	%	 	91.7	%	 	0.9	 %	
Claims and other policy benefits / (net premiums + investment income)	 	64.0	%	 	63.8	%	 	61.8	%	 	67.0	%	 	60.8	%	 	3.2	 %	 	 	 	64.1	%	 	66.0	%	 	(1.9	)%	
Policy acquisition costs and other insurance expenses (creditor business)	 	67.5	%	 	65.7	%	 	64.3	%	 	66.9	%	 	66.2	%	 	1.3	 %	 	 	 	66.1	%	 	63.7	%	 	2.4	 %	
Policy acquisition costs and other insurance expenses (excluding creditor business)	 	11.5	%	 	12.6	%	 	11.8	%	 	12.7	%	 	12.9	%	 	(1.4	)%	 	 	 	12.2	%	 	13.2	%	 	(1.0	)%	
Other operating expenses	 	4.2	%	 	4.3	%	 	3.8	%	 	3.9	%	 	5.0	%	 	(0.8	)%	 	 	 	4.1	%	 	4.2	%	 	(0.1	)%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Foreign currency effect on  (1) :	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	(108	)	 	$	724	
 	 	$	(11,615	)	 	$	(22,010	)	 	$	(35,018	)	 	$	34,910	
 	 	 	 	$	(33,009	)	 	$	(130,360	)	 	$	97,351	
 	
Operating income before income taxes	 	$	(505	)	 	$	104	
 	 	$	(2,130	)	 	$	(3,701	)	 	$	(7,795	)	 	$	7,290	
 	 	 	 	$	(6,232	)	 	$	(20,651	)	 	$	14,419	

Creditor reinsurance net premiums	 	$	57,471	
 	 	$	59,983	
 	 	$	60,275	
 	 	$	54,854	
 	 	$	32,484	
 	 	$	24,987	
 	 	 	 	$	232,583	
 	 	$	162,629	
 	 	$	69,954	

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 16

Reinsurance Group of America, Incorporated
Canada Financial Solutions (1)
GAAP Income Statements
(USD thousands)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	Current	 	 	 	Year-to-Date	
 	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	 	Dec. 31,	 	Qtr vs. PY	 	 	 	Dec. 31,	 	Dec. 31,	 	 	
 	 	2016	 	2016	 	2016	 	2016	 	2015	 	Quarter	 	 	 	2016	 	2015	 	Change	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	9,612	
 	 	$	9,946	
 	 	$	10,192	
 	 	$	8,951	
 	 	$	9,002	
 	 	$	610	
 	 	 	 	$	38,701	
 	 	$	37,969	
 	 	$	732	
 	
Investment income, net of related expenses	 	1,043	
 	 	1,037	
 	 	228	
 	 	384	
 	 	328	
 	 	715	
 	 	 	 	2,692	
 	 	1,436	
 	 	1,256	
 	
Other revenue	 	1,386	
 	 	1,376	
 	 	1,434	
 	 	1,349	
 	 	1,332	
 	 	54	
 	 	 	 	5,545	
 	 	5,629	
 	 	(84	)	
Total revenues	 	12,041	
 	 	12,359	
 	 	11,854	
 	 	10,684	
 	 	10,662	
 	 	1,379	
 	 	 	 	46,938	
 	 	45,034	
 	 	1,904	

Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	7,270	
 	 	10,567	
 	 	8,834	
 	 	9,604	
 	 	6,708	
 	 	562	
 	 	 	 	36,275	
 	 	29,251	
 	 	7,024	
 	
Policy acquisition costs and other insurance expenses	 	229	
 	 	285	
 	 	513	
 	 	204	
 	 	145	
 	 	84	
 	 	 	 	1,231	
 	 	552	
 	 	679	
 	
Other operating expenses	 	477	
 	 	347	
 	 	379	
 	 	284	
 	 	389	
 	 	88	
 	 	 	 	1,487	
 	 	1,329	
 	 	158	
 	
Total benefits and expenses	 	7,976	
 	 	11,199	
 	 	9,726	
 	 	10,092	
 	 	7,242	
 	 	734	
 	 	 	 	38,993	
 	 	31,132	
 	 	7,861	

Income before income taxes	 	$	4,065	
 	 	$	1,160	
 	 	$	2,128	
 	 	$	592	
 	 	$	3,420	
 	 	$	645	
 	 	 	 	$	7,945	
 	 	$	13,902	
 	 	$	(5,957	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Foreign currency effect on (2) :	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	(3	)	 	$	33	
 	 	$	(491	)	 	$	(915	)	 	$	(1,570	)	 	$	1,567	
 	 	 	 	$	(1,376	)	 	$	(5,978	)	 	$	4,602	
 	
Income before income taxes	 	$	13	
 	 	$	(9	)	 	$	(106	)	 	$	(575	)	 	$	(623	)	 	$	636	
 	 	 	 	$	(677	)	 	$	(1,930	)	 	$	1,253	

See appendix for reconciliation of GAAP income before income taxes to operating income before income taxes.	 	 	 	 	 	 	 	 	
(1) Canada Financial Solutions operations includes longevity and financial reinsurance transactions.	 	 	 	 	 	 	 	 	 	 	 	 	
(2) Compared to comparable prior year period.	 	 	 	 	 	 	 	 	 	 	 	 	

                                        

 	 	Page 17

Reinsurance Group of America, Incorporated
Canada Financial Solutions (1)
 Operating Income Statements
(USD thousands)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	Current	 	 	 	Year-to-Date	
 	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	 	Dec. 31,	 	Qtr vs. PY	 	 	 	Dec. 31,	 	Dec. 31,	 	 	
 	 	2016	 	2016	 	2016	 	2016	 	2015	 	Quarter	 	 	 	2016	 	2015	 	Change	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	9,612	
 	 	$	9,946	
 	 	$	10,192	
 	 	$	8,951	
 	 	$	9,002	
 	 	$	610	
 	 	 	 	$	38,701	
 	 	$	37,969	
 	 	$	732	
 	
Investment income, net of related expenses	 	1,043	
 	 	1,037	
 	 	228	
 	 	384	
 	 	328	
 	 	715	
 	 	 	 	2,692	
 	 	1,436	
 	 	1,256	
 	
Other revenue	 	1,386	
 	 	1,376	
 	 	1,434	
 	 	1,349	
 	 	1,332	
 	 	54	
 	 	 	 	5,545	
 	 	5,629	
 	 	(84	)	
Total revenues	 	12,041	
 	 	12,359	
 	 	11,854	
 	 	10,684	
 	 	10,662	
 	 	1,379	
 	 	 	 	46,938	
 	 	45,034	
 	 	1,904	

Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	7,270	
 	 	10,567	
 	 	8,834	
 	 	9,604	
 	 	6,708	
 	 	562	
 	 	 	 	36,275	
 	 	29,251	
 	 	7,024	
 	
Policy acquisition costs and other insurance expenses	 	229	
 	 	285	
 	 	513	
 	 	204	
 	 	145	
 	 	84	
 	 	 	 	1,231	
 	 	552	
 	 	679	
 	
Other operating expenses	 	477	
 	 	347	
 	 	379	
 	 	284	
 	 	389	
 	 	88	
 	 	 	 	1,487	
 	 	1,329	
 	 	158	
 	
Total benefits and expenses	 	7,976	
 	 	11,199	
 	 	9,726	
 	 	10,092	
 	 	7,242	
 	 	734	
 	 	 	 	38,993	
 	 	31,132	
 	 	7,861	

Operating income before income taxes	 	$	4,065	
 	 	$	1,160	
 	 	$	2,128	
 	 	$	592	
 	 	$	3,420	
 	 	$	645	
 	 	 	 	$	7,945	
 	 	$	13,902	
 	 	$	(5,957	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Foreign currency effect on (2) :	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	(3	)	 	$	33	
 	 	$	(491	)	 	$	(915	)	 	$	(1,570	)	 	$	1,567	
 	 	 	 	$	(1,376	)	 	$	(5,978	)	 	$	4,602	
 	
Operating income before income taxes	 	$	13	
 	 	$	(9	)	 	$	(106	)	 	$	(575	)	 	$	(623	)	 	$	636	
 	 	 	 	$	(677	)	 	$	(1,930	)	 	$	1,253	

See appendix for reconciliation of GAAP income before income taxes to operating income before income taxes.	 	 	 	 	 	 	 	 	
(1) Canada Financial Solutions operations includes longevity and financial reinsurance transactions.	 	 	 	 	 	 	 	 	 	 	
(2) Compared to comparable prior year period.	 	 	 	 	 	 	 	 	 	

                                        

 	 	Page 18

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

Net premiums	 	$	301,252	
 	 	$	275,514	
 	 	$	286,861	
 	 	$	276,435	
 	 	$	299,938	
 	 	$	1,314	
 	 	 	 	$	1,140,062	
 	 	$	1,121,540	
 	 	$	18,522	
 	
Investment income, net of related expenses	 	11,745	
 	 	13,067	
 	 	13,321	
 	 	12,168	
 	 	14,123	
 	 	(2,378	)	 	 	 	50,301	
 	 	51,370	
 	 	(1,069	)	
Investment related gains (losses), net	 	—	
 	 	—	
 	 	—	
 	 	5	
 	 	7,527	
 	 	(7,527	)	 	 	 	5	
 	 	8,397	
 	 	(8,392	)	
Other revenue	 	1,806	
 	 	489	
 	 	1,460	
 	 	1,026	
 	 	5,380	
 	 	(3,574	)	 	
 	 	4,781	
 	 	9,435	
 	 	(4,654	)	
Total revenues	 	314,803	
 	 	289,070	
 	 	301,642	
 	 	289,634	
 	 	326,968	
 	 	(12,165	)	 	 	 	1,195,149	
 	 	1,190,742	
 	 	4,407	

Benefits and expenses:	 	 	 	 	 	 	 	 	 	

Claims and other policy benefits	 	253,663	
 	 	241,763	
 	 	252,336	
 	 	251,243	
 	 	260,874	
 	 	(7,211	)	 	 	 	999,005	
 	 	969,596	
 	 	29,409	
 	
Interest credited	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	8,126	
 	 	(8,126	)	 	 	 	—	
 	 	9,629	
 	 	(9,629	)	
Policy acquisition costs and other insurance expenses	 	17,383	
 	 	14,133	
 	 	17,550	
 	 	14,782	
 	 	19,171	
 	 	(1,788	)	 	 	 	63,848	
 	 	63,042	
 	 	806	
 	
Other operating expenses	 	27,931	
 	 	24,659	
 	 	24,922	
 	 	24,725	
 	 	25,938	
 	 	1,993	
 	 	
 	 	102,237	
 	 	100,065	
 	 	2,172	
 	
Total benefits and expenses	 	298,977	
 	 	280,555	
 	 	294,808	
 	 	290,750	
 	 	314,109	
 	 	(15,132	)	 	 	 	1,165,090	
 	 	1,142,332	
 	 	22,758	

Income (loss) before income taxes	 	$	15,826	
 	 	$	8,515	
 	 	$	6,834	
 	 	$	(1,116	)	 	$	12,859	
 	 	$	2,967	
 	 	
 	 	$	30,059	
 	 	$	48,410	
 	 	$	(18,351	)	

 	 	 	
Loss and expense ratios:	 	

 	

 	 	 	 	

 	 	 	
Claims and other policy benefits	 	84.2	%	 	87.7	%	 	88.0	%	 	90.9	%	 	87.0	%	 	(2.8	)%	 	 	 	87.6	%	 	86.5	%	 	1.1	%	
Policy acquisition costs and other insurance expenses	 	5.8	%	 	5.1	%	 	6.1	%	 	5.3	%	 	6.4	%	 	(0.6	)%	 	 	 	5.6	%	 	5.6	%	 	—	%	
Other operating expenses	 	9.3	%	 	9.0	%	 	8.7	%	 	8.9	%	 	8.6	%	 	0.7	 %	 	 	 	9.0	%	 	8.9	%	 	0.1	%	

 	 	 	

 	 	 	
Foreign currency effect on  (1) :	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	(37,351	)	 	$	(32,564	)	 	$	(20,223	)	 	$	(23,009	)	 	$	(24,499	)	 	$	(12,852	)	 	 	 	$	(113,147	)	 	$	(119,234	)	 	$	6,087	
 	
Income (loss) before income taxes	 	$	(1,021	)	 	$	157	
 	 	$	45	
 	 	$	(184	)	 	$	(1,285	)	 	$	264	
 	 	 	 	$	(1,003	)	 	$	(4,152	)	 	$	3,149	

 	 	 	 	 	 	 	 	
 	 	 	
Critical illness net premiums	 	$	46,455	
 	 	$	49,531	
 	 	$	53,805	
 	 	$	53,643	
 	 	$	58,610	
 	 	$	(12,155	)	 	 	 	$	203,434	
 	 	$	233,176	
 	 	$	(29,742	)	

 	 	 	
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 Traditional
Operating Income Statements
(USD thousands)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	Current	 	 	 	Year-to-Date	
 	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	 	Dec. 31,	 	Qtr vs. PY	 	 	 	Dec. 31,	 	Dec. 31,	 	 	
 	 	2016	 	2016	 	2016	 	2016	 	2015	 	Quarter	 	 	 	2016	 	2015	 	Change	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	301,252	
 	 	$	275,514	
 	 	$	286,861	
 	 	$	276,435	
 	 	$	299,938	
 	 	$	1,314	
 	 	 	 	$	1,140,062	
 	 	$	1,121,540	
 	 	$	18,522	
 	
Investment income, net of related expenses	 	11,745	
 	 	13,067	
 	 	13,321	
 	 	12,168	
 	 	14,123	
 	 	(2,378	)	 	 	 	50,301	
 	 	51,370	
 	 	(1,069	)	
Investment related gains (losses), net	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	7,527	
 	 	(7,527	)	 	 	 	—	
 	 	8,059	
 	 	(8,059	)	
Other revenue	 	1,806	
 	 	489	
 	 	1,460	
 	 	1,026	
 	 	5,380	
 	 	(3,574	)	 	 	 	4,781	
 	 	9,435	
 	 	(4,654	)	
Total revenues	 	314,803	
 	 	289,070	
 	 	301,642	
 	 	289,629	
 	 	326,968	
 	 	(12,165	)	 	 	 	1,195,144	
 	 	1,190,404	
 	 	4,740	

Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	253,663	
 	 	241,763	
 	 	252,336	
 	 	251,243	
 	 	260,874	
 	 	(7,211	)	 	 	 	999,005	
 	 	969,596	
 	 	29,409	
 	
Interest credited	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	8,126	
 	 	(8,126	)	 	 	 	—	
 	 	9,629	
 	 	(9,629	)	
Policy acquisition costs and other insurance expenses	 	17,383	
 	 	14,133	
 	 	17,550	
 	 	14,782	
 	 	19,171	
 	 	(1,788	)	 	 	 	63,848	
 	 	63,042	
 	 	806	
 	
Other operating expenses	 	27,931	
 	 	24,659	
 	 	24,922	
 	 	24,725	
 	 	25,938	
 	 	1,993	
 	 	 	 	102,237	
 	 	100,065	
 	 	2,172	
 	
Total benefits and expenses	 	298,977	
 	 	280,555	
 	 	294,808	
 	 	290,750	
 	 	314,109	
 	 	(15,132	)	 	 	 	1,165,090	
 	 	1,142,332	
 	 	22,758	

Operating income (loss) before income taxes	 	$	15,826	
 	 	$	8,515	
 	 	$	6,834	
 	 	$	(1,121	)	 	$	12,859	
 	 	$	2,967	
 	 	 	 	$	30,054	
 	 	$	48,072	
 	 	$	(18,018	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Loss and expense ratios:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	84.2	%	 	87.7	%	 	88.0	%	 	90.9	%	 	87.0	%	 	(2.8	)%	 	 	 	87.6	%	 	86.5	%	 	1.1	%	
Policy acquisition costs and other insurance expenses	 	5.8	%	 	5.1	%	 	6.1	%	 	5.3	%	 	6.4	%	 	(0.6	)%	 	 	 	5.6	%	 	5.6	%	 	—	%	
Other operating expenses	 	9.3	%	 	9.0	%	 	8.7	%	 	8.9	%	 	8.6	%	 	0.7	 %	 	 	 	9.0	%	 	8.9	%	 	0.1	%	

Foreign currency effect on  (1) :	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	(37,351	)	 	$	(32,564	)	 	$	(20,223	)	 	$	(23,009	)	 	$	(24,499	)	 	$	(12,852	)	 	 	 	$	(113,147	)	 	$	(119,234	)	 	$	6,087	
 	
Operating (loss) income before income taxes	 	$	(1,021	)	 	$	157	
 	 	$	46	
 	 	$	(194	)	 	$	(1,285	)	 	$	264	
 	 	 	 	$	(1,012	)	 	$	(4,072	)	 	$	3,060	

 	 	 	 	 	 	 	 	 	 	 	 	

Critical illness net premiums	 	$	46,455	
 	 	$	49,531	
 	 	$	53,805	
 	 	$	53,643	
 	 	$	58,610	
 	 	$	(12,155	)	 	 	 	$	203,434	
 	 	$	233,176	
 	 	$	(29,742	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
See appendix for reconciliation of GAAP income before income taxes to operating income before income taxes.	 	 	 	 	 	 	 	 	
(1) Compared to comparable prior year period.	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

                                        

 	 	Page 20

Reinsurance Group of America, Incorporated
Europe, Middle East and Africa Financial Solutions (1)
GAAP Income Statements
(USD thousands)

 	 	Three Months Ended	 	Current	 	 	 	Year-to-Date	
 	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	 	Dec. 31,	 	Qtr vs. PY	 	 	 	Dec. 31,	 	Dec. 31,	 	 	
 	 	2016	 	2016	 	2016	 	2016	 	2015	 	Quarter	 	 	 	2016	 	2015	 	Change	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	54,163	
 	 	$	47,018	
 	 	$	43,484	
 	 	$	35,606	
 	 	$	47,152	
 	 	$	7,011	
 	 	 	 	$	180,271	
 	 	$	171,830	
 	 	$	8,441	
 	
Investment income, net of related expenses	 	29,994	
 	 	33,187	
 	 	33,417	
 	 	28,684	
 	 	23,468	
 	 	6,526	
 	 	 	 	125,282	
 	 	73,432	
 	 	51,850	
 	
Investment related gains (losses), net	 	4,914	
 	 	8,159	
 	 	1,468	
 	 	(1,004	)	 	9,261	
 	 	(4,347	)	 	 	 	13,537	
 	 	10,170	
 	 	3,367	
 	
Other revenue	 	2,962	
 	 	11,388	
 	 	2,608	
 	 	4,470	
 	 	6,863	
 	 	(3,901	)	 	 	 	21,428	
 	 	31,234	
 	 	(9,806	)	
Total revenues	 	92,033	
 	 	99,752	
 	 	80,977	
 	 	67,756	
 	 	86,744	
 	 	5,289	
 	 	 	 	340,518	
 	 	286,666	
 	 	53,852	

Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	

Claims and other policy benefits	 	38,631	
 	 	45,805	
 	 	44,004	
 	 	36,443	
 	 	52,064	
 	 	(13,433	)	 	 	 	164,883	
 	 	161,917	
 	 	2,966	
 	
Interest credited	 	4,217	
 	 	5,540	
 	 	2,966	
 	 	408	
 	 	—	
 	 	4,217	
 	 	 	 	13,131	
 	 	—	
 	 	13,131	
 	
Policy acquisition costs and other insurance expenses	 	(220	)	 	(304	)	 	723	
 	 	(193	)	 	(325	)	 	105	
 	 	 	 	6	
 	 	(1,100	)	 	1,106	
 	
Other operating expenses	 	8,077	
 	 	4,925	
 	 	5,815	
 	 	5,674	
 	 	6,860	
 	 	1,217	
 	 	 	 	24,491	
 	 	17,404	
 	 	7,087	
 	
Total benefits and expenses	 	50,705	
 	 	55,966	
 	
 	53,508	
 	 	42,332	
 	 	58,599	
 	 	(7,894	)	 	 	 	202,511	
 	 	178,221	
 	 	24,290	

Income before income taxes	 	$	41,328	
 	 	$	43,786	
 	 	$	27,469	
 	 	$	25,424	
 	 	$	28,145	
 	 	$	13,183	
 	 	 	 	$	138,007	
 	 	$	108,445	
 	 	$	29,562	

 	 	 	 	 	 	 	 	
 	
Foreign currency effect on  (2) :	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	
Net premiums	 	$	(9,059	)	 	$	(8,262	)	 	$	(3,127	)	 	$	(2,022	)	 	$	(2,062	)	 	$	(6,997	)	 	 	 	$	(22,470	)	 	$	(12,562	)	 	$	(9,908	)	
Income before income taxes	 	$	(9,274	)	 	$	(6,193	)	 	$	(1,991	)	 	$	(1,924	)	 	$	(1,807	)	 	$	(7,467	)	 	 	 	$	(19,382	)	 	$	(11,272	)	 	$	(8,110	)	

 	 	

 	 	

 	 	
 	
See appendix for reconciliation of GAAP income before income taxes to operating income before income taxes.	 	 	 	 	 	 	 	 	
(1) Europe, Middle East and Africa Financial Solutions operations 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
Europe, Middle East and Africa Financial Solutions (1) 
Operating Income Statements
(USD thousands)

 	 	Three Months Ended	 	Current	 	 	 	Year-to-Date	
 	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	 	Dec. 31,	 	Qtr vs. PY	 	 	 	Dec. 31,	 	Dec. 31,	 	 	
 	 	2016	 	2016	 	2016	 	2016	 	2015	 	Quarter	 	 	 	2016	 	2015	 	Change	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	54,163	
 	 	$	47,018	
 	 	$	43,484	
 	 	$	35,606	
 	 	$	47,152	
 	 	$	7,011	
 	 	 	 	$	180,271	
 	 	$	171,830	
 	 	$	8,441	
 	
Investment income, net of related expenses	 	25,777	
 	 	27,647	
 	 	30,451	
 	 	28,276	
 	 	23,468	
 	 	2,309	
 	 	 	 	112,151	
 	 	73,432	
 	 	38,719	
 	
Other revenue	 	3,276	
 	 	9,706	
 	 	2,735	
 	 	3,653	
 	 	6,758	
 	 	(3,482	)	 	 	 	19,370	
 	 	31,045	
 	 	(11,675	)	
Total revenues	 	83,216	
 	 	84,371	
 	 	76,670	
 	 	67,535	
 	 	77,378	
 	 	5,838	
 	 	 	 	311,792	
 	 	276,307	
 	 	35,485	

Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	38,631	
 	 	45,805	
 	 	44,004	
 	 	36,443	
 	 	52,064	
 	 	(13,433	)	 	 	 	164,883	
 	 	161,917	
 	 	2,966	
 	
Policy acquisition costs and other insurance expenses	 	(220	)	 	(304	)	 	723	
 	 	(193	)	 	(325	)	 	105	
 	 	 	 	6	
 	 	(1,100	)	 	1,106	
 	
Other operating expenses	 	8,077	
 	 	4,925	
 	 	5,815	
 	 	5,674	
 	 	6,860	
 	 	1,217	
 	 	 	 	24,491	
 	 	17,404	
 	 	7,087	
 	
Total benefits and expenses	 	46,488	
 	 	50,426	
 	 	50,542	
 	 	41,924	
 	 	58,599	
 	 	(12,111	)	 	 	 	189,380	
 	 	178,221	
 	 	11,159	

Operating income before income taxes	 	$	36,728	
 	 	$	33,945	
 	 	$	26,128	
 	 	$	25,611	
 	 	$	18,779	
 	 	$	17,949	
 	 	 	 	$	122,412	
 	 	$	98,086	
 	 	$	24,326	

Foreign currency effect on  (2) :	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	(9,059	)	 	$	(8,262	)	 	$	(3,127	)	 	$	(2,022	)	 	$	(2,062	)	 	$	(6,997	)	 	 	 	$	(22,470	)	 	$	(12,562	)	 	$	(9,908	)	
Operating income before income taxes	 	$	(8,168	)	 	$	(4,742	)	 	$	(1,819	)	 	$	(1,978	)	 	$	(1,441	)	 	$	(6,727	)	 	 	 	$	(16,707	)	 	$	(10,828	)	 	$	(5,879	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
See appendix for reconciliation of GAAP income before income taxes to operating income before income taxes.	 	 	 	 	 	 	 	 	
(1) Europe, Middle East and Africa's Financial Solutions operations includes asset intensive, financial reinsurance, capital motivated and longevity closed block business.	
(2) Compared to comparable prior year period.	

                                        

 	 	Page 22

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

 	 	Three Months Ended	 	Current	 	 	 	Year-to-Date	
 	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	 	Dec. 31,	 	Qtr vs. PY	 	 	 	Dec. 31,	 	Dec. 31,	 	 	
 	 	2016	 	2016	 	2016	 	2016	 	2015	 	Quarter	 	 	 	2016	 	2015	 	Change	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	448,283	
 	 	$	404,451	
 	 	$	454,629	
 	 	$	374,142	
 	 	$	388,663	
 	 	$	59,620	
 	 	 	 	$	1,681,505	
 	 	$	1,551,586	
 	 	$	129,919	
 	
Investment income, net of related expenses	 	21,448	
 	 	21,273	
 	 	20,461	
 	 	19,867	
 	 	20,276	
 	 	1,172	
 	 	 	 	83,049	
 	 	80,549	
 	 	2,500	
 	
Investment related gains (losses), net	 	—	
 	 	—	
 	 	—	
 	 	14	
 	 	1,706	
 	 	(1,706	)	 	 	 	14	
 	 	—	
 	 	14	
 	
Other revenue	 	2,002	
 	 	1,923	
 	 	2,481	
 	 	176	
 	 	553	
 	 	1,449	
 	 	 	 	6,582	
 	 	6,222	
 	 	360	
 	
Total revenues	 	471,733	
 	 	427,647	
 	 	477,571	
 	 	394,199	
 	 	411,198	
 	 	60,535	
 	 	 	 	1,771,150	
 	 	1,638,357	
 	 	132,793	

Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	368,091	
 	 	365,115	
 	 	338,447	
 	 	274,298	
 	 	284,269	
 	 	83,822	
 	 	 	 	1,345,951	
 	 	1,208,984	
 	 	136,967	
 	
Policy acquisition costs and other insurance expenses	 	46,604	
 	 	4,157	
 	 	67,908	
 	 	44,367	
 	 	49,747	
 	 	(3,143	)	 	 	 	163,036	
 	 	187,976	
 	 	(24,940	)	
Other operating expenses	 	38,574	
 	 	38,553	
 	 	36,734	
 	 	34,374	
 	 	39,767	
 	 	(1,193	)	 	 	 	148,235	
 	 	135,743	
 	 	12,492	
 	
Total benefits and expenses	 	453,269	
 	 	407,825	
 	 	443,089	
 	 	353,039	
 	 	373,783	
 	 	79,486	
 	 	 	 	1,657,222	
 	 	1,532,703	
 	 	124,519	

Income before income taxes	 	$	18,464	
 	 	$	19,822	
 	 	$	34,482	
 	 	$	41,160	
 	 	$	37,415	
 	 	$	(18,951	)	 	 	 	$	113,928	
 	 	$	105,654	
 	 	$	8,274	

Loss and Expense Ratios:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	82.1	%	 	90.3	%	 	74.4	%	 	73.3	%	 	73.1	%	 	9.0	 %	 	 	 	80.0	%	 	77.9	%	 	2.1	 %	
Policy acquisition costs and other insurance expenses	 	10.4	%	 	1.0	%	 	14.9	%	 	11.9	%	 	12.8	%	 	(2.4	)%	 	 	 	9.7	%	 	12.1	%	 	(2.4	)%	
Other operating expenses	 	8.6	%	 	9.5	%	 	8.1	%	 	9.2	%	 	10.2	%	 	(1.6	)%	 	 	 	8.8	%	 	8.7	%	 	0.1	 %	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Foreign currency effect on  (1) :	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	12,575	
 	 	$	20,095	
 	 	$	(7,741	)	 	$	(21,627	)	 	$	(43,034	)	 	$	55,609	
 	 	 	 	$	3,302	
 	 	$	(198,173	)	 	$	201,475	
 	
Income before income taxes	 	$	1,143	
 	 	$	331	
 	 	$	506	
 	 	$	(2,735	)	 	$	(4,686	)	 	$	5,829	
 	 	 	 	$	(755	)	 	$	(8,034	)	 	$	7,279	

Critical illness net premiums	 	$	85,931	
 	 	$	100,641	
 	 	$	113,297	
 	 	$	98,389	
 	 	$	81,271	
 	 	$	4,660	
 	 	 	 	$	398,258	
 	 	$	312,599	
 	 	$	85,659	

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 Traditional
Operating Income Statements
(USD thousands)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	Current	 	 	 	Year-to-Date	
 	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	 	Dec. 31,	 	Qtr vs. PY	 	 	 	Dec. 31,	 	Dec. 31,	 	 	
 	 	2016	 	2016	 	2016	 	2016	 	2015	 	Quarter	 	 	 	2016	 	2015	 	Change	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	448,283	
 	 	$	404,451	
 	 	$	454,629	
 	 	$	374,142	
 	 	$	388,663	
 	 	$	59,620	
 	 	 	 	$	1,681,505	
 	 	$	1,551,586	
 	 	$	129,919	
 	
Investment income, net of related expenses	 	21,448	
 	 	21,273	
 	 	20,461	
 	 	19,867	
 	 	20,276	
 	 	1,172	
 	 	 	 	83,049	
 	 	80,549	
 	 	2,500	
 	
Investment related losses, net	 	—	
 	 	—	
 	 	—	
 	 	(2	)	 	—	
 	 	—	
 	 	 	 	(2	)	 	—	
 	 	(2	)	
Other revenue	 	2,002	
 	 	1,923	
 	 	2,481	
 	 	176	
 	 	553	
 	 	1,449	
 	 	 	 	6,582	
 	 	6,222	
 	 	360	
 	
Total revenues	 	471,733	
 	 	427,647	
 	 	477,571	
 	 	394,183	
 	 	409,492	
 	 	62,241	
 	 	 	 	1,771,134	
 	 	1,638,357	
 	 	132,777	

Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	368,091	
 	 	365,115	
 	 	338,447	
 	 	274,298	
 	 	284,269	
 	 	83,822	
 	 	 	 	1,345,951	
 	 	1,208,984	
 	 	136,967	
 	
Policy acquisition costs and other insurance expenses	 	46,604	
 	 	4,157	
 	 	67,908	
 	 	44,367	
 	 	49,747	
 	 	(3,143	)	 	 	 	163,036	
 	 	187,976	
 	 	(24,940	)	
Other operating expenses	 	38,574	
 	 	38,553	
 	 	36,734	
 	 	34,374	
 	 	39,767	
 	 	(1,193	)	 	 	 	148,235	
 	 	135,743	
 	 	12,492	
 	
Total benefits and expenses	 	453,269	
 	 	407,825	
 	 	443,089	
 	 	353,039	
 	 	373,783	
 	 	79,486	
 	 	 	 	1,657,222	
 	 	1,532,703	
 	 	124,519	

Operating income before income taxes	 	$	18,464	
 	 	$	19,822	
 	 	$	34,482	
 	 	$	41,144	
 	 	$	35,709	
 	 	$	(17,245	)	 	 	 	$	113,912	
 	 	$	105,654	
 	 	$	8,258	

Loss and Expense Ratios:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	82.1	%	 	90.3	%	 	74.4	%	 	73.3	%	 	73.1	%	 	9.0	 %	 	 	 	80.0	%	 	77.9	%	 	2.1	 %	
Policy acquisition costs and other insurance expenses	 	10.4	%	 	1.0	%	 	14.9	%	 	11.9	%	 	12.8	%	 	(2.4	)%	 	 	 	9.7	%	 	12.1	%	 	(2.4	)%	
Other operating expenses	 	8.6	%	 	9.5	%	 	8.1	%	 	9.2	%	 	10.2	%	 	(1.6	)%	 	 	 	8.8	%	 	8.7	%	 	0.1	 %	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Foreign currency effect on  (1) :	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	12,575	
 	 	$	20,095	
 	 	$	(7,741	)	 	$	(21,627	)	 	$	(43,034	)	 	$	55,609	
 	 	 	 	$	3,302	
 	 	$	(198,173	)	 	$	201,475	
 	
Operating income before income taxes	 	$	1,144	
 	 	$	331	
 	 	$	506	
 	 	$	(2,748	)	 	$	(4,204	)	 	$	5,348	
 	 	 	 	$	(767	)	 	$	(8,034	)	 	$	7,267	

Critical illness net premiums	 	$	85,931	
 	 	$	100,641	
 	 	$	113,297	
 	 	$	98,389	
 	 	$	81,271	
 	 	$	4,660	
 	 	 	 	$	398,258	
 	 	$	312,599	
 	 	$	85,659	

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

                                        

 	 	Page 24

Reinsurance Group of America, Incorporated
Asia Pacific Financial Solutions (1)
GAAP Income Statements
(USD thousands)	

 	 	Three Months Ended	 	Current	 	 	 	Year-to-Date	
 	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	 	Dec. 31,	 	Qtr vs. PY	 	 	 	Dec. 31,	 	Dec. 31,	 	 	
 	 	2016	 	2016	 	2016	 	2016	 	2015	 	Quarter	 	 	 	2016	 	2015	 	Change	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	492	
 	 	$	743	
 	 	$	(1,493	)	 	$	5,686	
 	 	$	5,487	
 	 	$	(4,995	)	 	 	 	$	5,428	
 	 	$	19,474	
 	 	$	(14,046	)	
Investment income, net of related expenses	 	5,562	
 	 	5,827	
 	 	5,885	
 	 	6,374	
 	 	6,659	
 	 	(1,097	)	 	 	 	23,648	
 	 	18,678	
 	 	4,970	
 	
Investment related gains (losses), net	 	(4,886	)	 	6,108	
 	 	6,527	
 	 	1,687	
 	 	671	
 	 	(5,557	)	 	 	 	9,436	
 	 	(531	)	 	9,967	
 	
Other revenue	 	6,061	
 	 	6,359	
 	 	6,126	
 	 	6,324	
 	 	5,698	
 	 	363	
 	 	 	 	24,870	
 	 	18,960	
 	 	5,910	
 	
Total revenues	 	7,229	
 	 	19,037	
 	 	17,045	
 	 	20,071	
 	 	18,515	
 	 	(11,286	)	 	 	 	63,382	
 	 	56,581	
 	 	6,801	

Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	9,693	
 	 	3,777	
 	 	8,237	
 	 	3,473	
 	 	4,951	
 	 	4,742	
 	 	 	 	25,180	
 	 	16,295	
 	 	8,885	
 	
Interest credited	 	3,322	
 	 	3,308	
 	 	3,136	
 	 	3,030	
 	 	3,095	
 	 	227	
 	 	 	 	12,796	
 	 	4,471	
 	 	8,325	
 	
Policy acquisition costs and other insurance expenses	 	1,635	
 	 	1,482	
 	 	1,667	
 	 	1,287	
 	 	1,297	
 	 	338	
 	 	 	 	6,071	
 	 	2,554	
 	 	3,517	
 	
Other operating expenses	 	4,545	
 	 	2,921	
 	 	4,078	
 	 	3,728	
 	 	3,705	
 	 	840	
 	 	 	 	15,272	
 	 	13,642	
 	 	1,630	
 	
Total benefits and expenses	 	19,195	
 	 	11,488	
 	 	17,118	
 	 	11,518	
 	 	13,048	
 	 	6,147	
 	 	 	 	59,319	
 	 	36,962	
 	 	22,357	

Income (loss) before income taxes	 	$	(11,966	)	 	$	7,549	
 	 	$	(73	)	 	$	8,553	
 	 	$	5,467	
 	 	$	(17,433	)	 	 	 	$	4,063	
 	 	$	19,619	
 	 	$	(15,556	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Foreign currency effect on  (2) :	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	71	
 	 	$	60	
 	 	$	(225	)	 	$	243	
 	 	$	(373	)	 	$	444	
 	 	 	 	$	149	
 	 	$	(2,607	)	 	$	2,756	
 	
Income before income taxes	 	$	(464	)	 	$	917	
 	 	$	233	
 	 	$	778	
 	 	$	(587	)	 	$	123	
 	 	 	 	$	1,464	
 	 	$	(2,907	)	 	$	4,371	

See appendix for reconciliation of GAAP income before income taxes to operating income before income taxes.	 	 	 	 	 	 	 	 	
(1) Asia Pacific Financial Solutions operations 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
Asia Pacific Financial Solutions (1)
Operating Income Statements
(USD thousands)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	Current	 	 	 	Year-to-Date	
 	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	 	Dec. 31,	 	Qtr vs. PY	 	 	 	Dec. 31,	 	Dec. 31,	 	 	
 	 	2016	 	2016	 	2016	 	2016	 	2015	 	Quarter	 	 	 	2016	 	2015	 	Change	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	492	
 	 	$	743	
 	 	$	(1,493	)	 	$	5,686	
 	 	$	5,487	
 	 	$	(4,995	)	 	 	 	$	5,428	
 	 	$	19,474	
 	 	$	(14,046	)	
Investment income, net of related expenses	 	5,562	
 	 	5,827	
 	 	5,885	
 	 	6,374	
 	 	6,659	
 	 	(1,097	)	 	 	 	23,648	
 	 	18,678	
 	 	4,970	
 	
Investment related gains, net	 	960	
 	 	825	
 	 	602	
 	 	576	
 	 	654	
 	 	306	
 	 	 	 	2,963	
 	 	2,368	
 	 	595	
 	
Other revenue	 	6,061	
 	 	6,359	
 	 	6,126	
 	 	6,324	
 	 	5,698	
 	 	363	
 	 	 	 	24,870	
 	 	18,960	
 	 	5,910	
 	
Total revenues	 	13,075	
 	 	13,754	
 	 	11,120	
 	 	18,960	
 	 	18,498	
 	 	(5,423	)	 	 	 	56,909	
 	 	59,480	
 	 	(2,571	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	9,693	
 	 	3,777	
 	 	8,237	
 	 	3,473	
 	 	4,951	
 	 	4,742	
 	 	 	 	25,180	
 	 	16,295	
 	 	8,885	
 	
Interest credited	 	3,322	
 	 	3,308	
 	 	3,136	
 	 	3,030	
 	 	3,095	
 	 	227	
 	 	 	 	12,796	
 	 	4,471	
 	 	8,325	
 	
Policy acquisition costs and other insurance expenses	 	1,635	
 	 	1,482	
 	 	1,667	
 	 	1,287	
 	 	1,297	
 	 	338	
 	 	 	 	6,071	
 	 	2,554	
 	 	3,517	
 	
Other operating expenses	 	4,545	
 	 	2,921	
 	 	4,078	
 	 	3,728	
 	 	3,705	
 	 	840	
 	 	 	 	15,272	
 	 	13,642	
 	 	1,630	
 	
Total benefits and expenses	 	19,195	
 	 	11,488	
 	 	17,118	
 	 	11,518	
 	 	13,048	
 	 	6,147	
 	 	 	 	59,319	
 	 	36,962	
 	 	22,357	

Operating income (loss) before income taxes	 	$	(6,120	)	 	$	2,266	
 	 	$	(5,998	)	 	$	7,442	
 	 	$	5,450	
 	 	$	(11,570	)	 	 	 	$	(2,410	)	 	$	22,518	
 	 	$	(24,928	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Foreign currency effect on  (2) :	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	71	
 	 	$	60	
 	 	$	(225	)	 	$	243	
 	 	$	(373	)	 	$	444	
 	 	 	 	$	149	
 	 	$	(2,607	)	 	$	2,756	
 	
Operating income before income taxes	 	$	100	
 	 	$	451	
 	 	$	(113	)	 	$	323	
 	 	$	(774	)	 	$	874	
 	 	 	 	$	761	
 	 	$	(3,558	)	 	$	4,319	

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

                                        

 	 	Page 26

Reinsurance Group of America, Incorporated
Corporate and Other
GAAP Income Statements
(USD thousands)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	Current	 	 	 	Year-to-Date	
 	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	 	Dec. 31,	 	Qtr vs. PY	 	 	 	Dec. 31,	 	Dec. 31,	 	 	
 	 	2016	 	2016	 	2016	 	2016	 	2015	 	Quarter	 	 	 	2016	 	2015	 	Change	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	53	
 	 	$	72	
 	 	$	108	
 	 	$	109	
 	 	$	112	
 	 	$	(59	)	 	 	 	$	342	
 	 	$	565	
 	 	$	(223	)	
Investment income, net of related expenses	 	35,468	
 	 	33,478	
 	 	25,190	
 	 	22,921	
 	 	28,355	
 	 	7,113	
 	 	 	 	117,057	
 	 	123,450	
 	 	(6,393	)	
Investment related gains (losses), net	 	(461	)	 	12,258	
 	 	32,036	
 	 	7,423	
 	 	(34,276	)	 	33,815	
 	 	 	 	51,256	
 	 	(65,107	)	 	116,363	
 	
Other revenue	 	706	
 	 	4,893	
 	 	4,653	
 	 	2,049	
 	 	6,665	
 	 	(5,959	)	 	 	 	12,301	
 	 	9,987	
 	 	2,314	
 	
Total revenues	 	35,766	
 	 	50,701	
 	 	61,987	
 	 	32,502	
 	 	856	
 	 	34,910	
 	 	 	 	180,956	
 	 	68,895	
 	 	112,061	

Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	(15	)	 	(15	)	 	(6	)	 	27	
 	 	(11	)	 	(4	)	 	 	 	(9	)	 	38	
 	 	(47	)	
Interest credited	 	881	
 	 	622	
 	 	459	
 	 	507	
 	 	369	
 	 	512	
 	 	 	 	2,469	
 	 	1,028	
 	 	1,441	
 	
Policy acquisition costs and other insurance income	 	(26,740	)	 	(24,565	)	 	(25,149	)	 	(23,812	)	 	(22,886	)	 	(3,854	)	 	 	 	(100,266	)	 	(87,551	)	 	(12,715	)	
Other operating expenses	 	41,187	
 	 	32,414	
 	 	40,975	
 	 	39,978	
 	 	32,878	
 	 	8,309	
 	 	 	 	154,554	
 	 	109,017	
 	 	45,537	
 	
Interest expense	 	41,422	
 	 	43,063	
 	 	20,331	
 	 	32,807	
 	 	35,820	
 	 	5,602	
 	 	 	 	137,623	
 	 	142,863	
 	 	(5,240	)	
Collateral finance and securitization expense	 	6,431	
 	 	6,484	
 	 	6,587	
 	 	6,325	
 	 	6,182	
 	 	249	
 	 	 	 	25,827	
 	 	22,644	
 	 	3,183	
 	
Total benefits and expenses	 	63,166	
 	 	58,003	
 	 	43,197	
 	 	55,832	
 	 	52,352	
 	 	10,814	
 	 	 	 	220,198	
 	 	188,039	
 	 	32,159	

Income (loss) before income taxes	 	$	(27,400	)	 	$	(7,302	)	 	$	18,790	
 	 	$	(23,330	)	 	$	(51,496	)	 	$	24,096	
 	 	 	 	$	(39,242	)	 	$	(119,144	)	
 	$	79,902	

Foreign currency effect   (1) :	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	$	401	
 	 	$	294	
 	 	$	(1,941	)	 	$	(1,409	)	 	$	(2,642	)	 	$	3,043	
 	 	 	 	$	(2,655	)	 	$	(6,079	)	 	$	3,424	

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
Corporate and Other
Operating Income Statements
(USD thousands)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	Current	 	 	 	Year-to-Date	
 	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	 	Dec. 31,	 	Qtr vs. PY	 	 	 	Dec. 31,	 	Dec. 31,	 	 	
 	 	2016	 	2016	 	2016	 	2016	 	2015	 	Quarter	 	 	 	2016	 	2015	 	Change	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	53	
 	 	$	72	
 	 	$	108	
 	 	$	109	
 	 	$	112	
 	 	$	(59	)	 	 	 	$	342	
 	 	$	565	
 	 	$	(223	)	
Investment income, net of related expenses	 	35,468	
 	 	33,478	
 	 	25,190	
 	 	22,921	
 	 	28,355	
 	 	7,113	
 	 	 	 	117,057	
 	 	123,450	
 	 	(6,393	)	
Investment related gains, net	 	659	
 	 	568	
 	 	496	
 	 	493	
 	 	523	
 	 	136	
 	 	 	 	2,216	
 	 	1,949	
 	 	267	
 	
Other revenue	 	681	
 	 	4,870	
 	 	4,636	
 	 	2,035	
 	 	6,650	
 	 	(5,969	)	 	 	 	12,222	
 	 	10,058	
 	 	2,164	
 	
Total revenues	 	36,861	
 	 	38,988	
 	 	30,430	
 	 	25,558	
 	 	35,640	
 	 	1,221	
 	 	 	 	131,837	
 	 	136,022	
 	 	(4,185	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	(15	)	 	(15	)	 	(6	)	 	27	
 	 	(11	)	 	(4	)	 	 	 	(9	)	 	38	
 	 	(47	)	
Interest credited	 	881	
 	 	622	
 	 	459	
 	 	507	
 	 	369	
 	 	512	
 	 	 	 	2,469	
 	 	1,028	
 	 	1,441	
 	
Policy acquisition costs and other insurance income	 	(26,740	)	 	(24,565	)	 	(25,149	)	 	(23,812	)	 	(22,886	)	 	(3,854	)	 	 	 	(100,266	)	 	(87,551	)	 	(12,715	)	
Other operating expenses	 	41,187	
 	 	32,414	
 	 	40,975	
 	 	39,978	
 	 	32,878	
 	 	8,309	
 	 	 	 	154,554	
 	 	109,017	
 	 	45,537	
 	
Interest expense	 	41,422	
 	 	43,063	
 	 	20,331	
 	 	32,807	
 	 	35,820	
 	 	5,602	
 	 	 	 	137,623	
 	 	142,863	
 	 	(5,240	)	
Collateral finance and securitization expense	 	6,431	
 	 	6,484	
 	 	6,587	
 	 	6,325	
 	 	6,182	
 	 	249	
 	 	 	 	25,827	
 	 	22,644	
 	 	3,183	
 	
Total benefits and expenses	 	63,166	
 	 	58,003	
 	 	43,197	
 	 	55,832	
 	 	52,352	
 	 	10,814	
 	 	 	 	220,198	
 	 	188,039	
 	 	32,159	

Operating income (loss) before income taxes	 	$	(26,305	)	 	$	(19,015	)	 	$	(12,767	)	 	$	(30,274	)	 	$	(16,712	)	 	$	(9,593	)	 	 	 	$	(88,361	)	 	$	(52,017	)	 	$	(36,344	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Foreign currency effect   (1) :	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	$	367	
 	 	$	513	
 	 	$	(442	)	 	$	(868	)	 	$	(2,604	)	 	$	2,971	
 	 	 	 	$	(430	)	 	$	(5,712	)	 	$	5,282	

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

                                        

 	 	Page 28

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

 	 	Three Months Ended	 	Current Qtr
vs. PY
Quarter	 	 	 	Year-to-date	 	
 	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	 	Dec. 31,	 	 	 	 	 	Dec. 31,	 	Dec. 31,	 	 	 	 	 	 	
 	 	2016	 	2016	 	2016	 	2016	 	2015	 	 	 	 	 	2016	 	2015	 	Change	 	 	 	 	 	 	
U.S. and Latin America:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Traditional	 	$	131,492	
 	 	$	77,081	
 	 	$	111,430	
 	 	$	51,098	
 	 	$	79,483	
 	 	$	52,009	
 	 	 	 	$	371,101	
 	 	$	235,771	
 	 	$	135,330	
 	 	 	 	 	 	 	
Financial Solutions:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Asset Intensive	 	72,261	
 	 	88,732	
 	 	93,979	
 	 	(30,830	)	 	30,874	
 	 	41,387	
 	 	 	 	224,142	
 	 	152,946	
 	 	71,196	
 	 	 	 	 	 	 	
Financial Reinsurance	 	14,447	
 	 	13,982	
 	 	14,875	
 	 	15,934	
 	 	15,936	
 	 	(1,489	)	 	 	 	59,238	
 	 	55,017	
 	 	4,221	
 	 	 	 	 	 	 	
Total U.S. and Latin America	 	218,200	
 	 	179,795	
 	 	220,284	
 	 	36,202	
 	 	126,293	
 	 	91,907	
 	 	 	 	654,481	
 	 	443,734	
 	 	210,747	
 	 	 	 	 	 	 	
Canada:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Canada Traditional	 	37,026	
 	 	34,275	
 	 	43,309	
 	 	20,095	
 	 	44,640	
 	 	(7,614	)	 	 	 	134,705	
 	 	124,175	
 	 	10,530	
 	 	 	 	 	 	 	
Canada Financial Solutions	 	4,065	
 	 	1,160	
 	 	2,128	
 	 	592	
 	 	3,420	
 	 	645	
 	 	 	 	7,945	
 	 	13,902	
 	 	(5,957	)	 	 	 	 	 	 	
Total Canada	 	41,091	
 	 	35,435	
 	 	45,437	
 	 	20,687	
 	 	48,060	
 	 	(6,969	)	 	 	 	142,650	
 	 	138,077	
 	 	4,573	
 	 	 	 	 	 	 	
Europe, Middle East and Africa:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Europe, Middle East and Africa Traditional	 	15,826	
 	 	8,515	
 	 	6,834	
 	 	(1,116	)	 	12,859	
 	 	2,967	
 	 	 	 	30,059	
 	 	48,410	
 	 	(18,351	)	 	 	 	 	 	 	
Europe, Middle East and Africa Financial Solutions	 	41,328	
 	 	43,786	
 	 	27,469	
 	 	25,424	
 	 	28,145	
 	 	13,183	
 	 	 	 	138,007	
 	 	108,445	
 	 	29,562	
 	 	 	 	 	 	 	
Total Europe, Middle East and Africa	 	57,154	
 	 	52,301	
 	 	34,303	
 	 	24,308	
 	 	41,004	
 	 	16,150	
 	 	 	 	168,066	
 	 	156,855	
 	 	11,211	
 	 	 	 	 	 	 	
Asia Pacific:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Asia Pacific Traditional	 	18,464	
 	 	19,822	
 	 	34,482	
 	 	41,160	
 	 	37,415	
 	 	(18,951	)	 	 	 	113,928	
 	 	105,654	
 	 	8,274	
 	 	 	 	 	 	 	
Asia Pacific Financial Solutions	 	(11,966	)	 	7,549	
 	 	(73	)	 	8,553	
 	 	5,467	
 	 	(17,433	)	 	 	 	4,063	
 	 	19,619	
 	 	(15,556	)	 	 	 	 	 	 	
Total Asia Pacific	 	6,498	
 	 	27,371	
 	 	34,409	
 	 	49,713	
 	 	42,882	
 	 	(36,384	)	 	 	 	117,991	
 	 	125,273	
 	 	(7,282	)	 	 	 	 	 	 	
Corporate and Other	 	(27,400	)	 	(7,302	)	 	18,790	
 	 	(23,330	)	 	(51,496	)	 	24,096	
 	 	 	 	(39,242	)	 	(119,144	)	 	79,902	
 	 	 	 	 	 	 	
Consolidated Income before Income Taxes	 	$	295,543	
 	 	$	287,600	
 	 	$	353,223	
 	 	$	107,580	
 	 	$	206,743	
 	 	$	88,800	
 	 	 	 	$	1,043,946	
 	 	$	744,795	
 	 	$	299,151	

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

                                        

 	 	Page 29

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

 	 	Three Months Ended	 	Current Qtr
vs. PY
Quarter	 	 	 	Year-to-date	 	
 	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	 	Dec. 31,	 	 	 	 	 	Dec. 31,	 	Dec. 31,	 	 	 	 	 	 	
 	 	2016	 	2016	 	2016	 	2016	 	2015	 	 	 	 	 	2016	 	2015	 	Change	 	 	 	 	 	 	
U.S. and Latin America:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Traditional	 	$	129,345	
 	 	$	80,475	
 	 	$	112,312	
 	 	$	53,198	
 	 	$	78,990	
 	 	$	50,355	
 	 	 	 	$	375,330	
 	 	$	233,465	
 	 	$	141,865	
 	 	 	 	 	 	 	
Financial Solutions:	 	 	 	 	 	 	 	 	 	 	 	

Asset Intensive	 	46,698	
 	 	58,693	
 	 	54,323	
 	 	45,268	
 	 	47,596	
 	 	(898	)	 	 	 	204,982	
 	 	199,562	
 	 	5,420	
 	 	 	 	 	 	 	
Financial Reinsurance	 	14,447	
 	 	13,982	
 	 	14,875	
 	 	15,934	
 	 	15,936	
 	 	(1,489	)	 	 	 	59,238	
 	 	55,017	
 	 	4,221	
 	 	 	 	 	 	 	
Total U.S. and Latin America	 	190,490	
 	 	153,150	
 	 	181,510	
 	 	114,400	
 	 	142,522	
 	 	47,968	
 	 	 	 	639,550	
 	 	488,044	
 	 	151,506	
 	 	 	 	 	 	 	
Canada:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Canada Traditional	 	34,754	
 	 	30,624	
 	 	40,907	
 	 	19,364	
 	 	45,086	
 	 	(10,332	)	 	 	 	125,649	
 	 	123,811	
 	 	1,838	
 	 	 	 	 	 	 	
Canada Financial Solutions	 	4,065	
 	 	1,160	
 	 	2,128	
 	 	592	
 	 	3,420	
 	 	645	
 	 	 	 	7,945	
 	 	13,902	
 	 	(5,957	)	 	 	 	 	 	 	
Total Canada	 	38,819	
 	 	31,784	
 	 	43,035	
 	 	19,956	
 	 	48,506	
 	 	(9,687	)	 	 	 	133,594	
 	 	137,713	
 	 	(4,119	)	 	 	 	 	 	 	
Europe, Middle East and Africa:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Europe, Middle East and Africa Traditional	 	15,826	
 	 	8,515	
 	 	6,834	
 	 	(1,121	)	 	12,859	
 	 	2,967	
 	 	 	 	30,054	
 	 	48,072	
 	 	(18,018	)	 	 	 	 	 	 	
Europe, Middle East and Africa Financial Solutions	 	36,728	
 	 	33,945	
 	 	26,128	
 	 	25,611	
 	 	18,779	
 	 	17,949	
 	 	 	 	122,412	
 	 	98,086	
 	 	24,326	
 	 	 	 	 	 	 	
Total Europe, Middle East and Africa	 	52,554	
 	 	42,460	
 	 	32,962	
 	 	24,490	
 	 	31,638	
 	 	20,916	
 	 	 	 	152,466	
 	 	146,158	
 	 	6,308	
 	 	 	 	 	 	 	
Asia Pacific:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Asia Pacific Traditional	 	18,464	
 	 	19,822	
 	 	34,482	
 	 	41,144	
 	 	35,709	
 	 	(17,245	)	 	 	 	113,912	
 	 	105,654	
 	 	8,258	
 	 	 	 	 	 	 	
Asia Pacific Financial Solutions	 	(6,120	)	 	2,266	
 	 	(5,998	)	 	7,442	
 	 	5,450	
 	 	(11,570	)	 	 	 	(2,410	)	 	22,518	
 	 	(24,928	)	 	 	 	 	 	 	
Total Asia Pacific	 	12,344	
 	 	22,088	
 	 	28,484	
 	 	48,586	
 	 	41,159	
 	 	(28,815	)	 	 	 	111,502	
 	 	128,172	
 	 	(16,670	)	 	 	 	 	 	 	
Corporate and Other	 	(26,305	)	 	(19,015	)	 	(12,767	)	 	(30,274	)	 	(16,712	)	 	(9,593	)	 	 	 	(88,361	)	 	(52,017	)	 	(36,344	)	 	 	 	 	 	 	
Consolidated Operating Income before Income Taxes	 	$	267,902	
 	 	$	230,467	
 	 	$	273,224	
 	 	$	177,158	
 	 	$	247,113	
 	 	$	20,789	
 	 	 	 	$	948,751	
 	 	$	848,070	
 	 	$	100,681	

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

                                        

 	 	Page 30

 
Reinsurance Group of America, Incorporated
Investments
(USD thousands)

Cash and Invested Assets	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	 	Dec. 31,	
 	 	2016	 	2016	 	2016	 	2016	 	2015	
Fixed maturity securities, available-for-sale	 	$	32,093,625	
 	 	$	33,536,419	
 	 	$	33,160,976	
 	 	$	31,148,714	
 	 	$	29,642,905	
 	
Mortgage loans on real estate	 	3,775,522	
 	 	3,607,700	
 	 	3,377,039	
 	 	3,292,496	
 	 	3,129,951	
 	
Policy loans	 	1,427,602	
 	 	1,414,963	
 	 	1,445,410	
 	 	1,451,857	
 	 	1,468,796	
 	
Funds withheld at interest	 	5,875,919	
 	 	5,922,656	
 	 	5,899,289	
 	 	5,797,183	
 	 	5,880,203	
 	
Short-term investments	 	76,710	
 	 	126,702	
 	 	195,979	
 	 	431,535	
 	 	558,284	
 	
Other invested assets	 	1,591,940	
 	 	1,777,065	
 	 	1,682,143	
 	 	1,368,544	
 	 	1,298,120	
 	
Cash and cash equivalents	 	1,200,718	
 	 	1,379,693	
 	 	1,034,329	
 	 	1,502,082	
 	 	1,525,275	
 	
Total cash and invested assets	 	$	46,042,036	
 	 	$	47,765,198	
 	 	$	46,795,165	
 	 	$	44,992,411	
 	 	$	43,503,534	

 
Investment Income and Yield Summary	 	

 	 	Three Months Ended	 	Current Qtr
vs. PY
Quarter	 	 	 	Year-to-Date	 	
 	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	 	Dec. 31,	 	 	 	 	 	Dec. 31,	 	Dec. 31,	 	 	 	 	 	 	
 	 	2016	 	2016	 	2016	 	2016	 	2015	 	 	 	 	 	2016	 	2015	 	Change	 	 	 	 	 	 	
Average invested assets at amortized cost  (1)	 	$	24,621,939	
 	 	$	24,128,430	
 	 	$	23,216,459	
 	 	$	22,379,003	
 	 	$	21,552,560	
 	 	$	3,069,379	
 	 	 	 	$	23,188,717	
 	 	$	20,784,941	
 	 	$	2,403,776	
 	 	 	 	 	 	 	
Net investment income  (1)	 	$	283,484	
 	 	$	263,111	
 	 	$	268,747	
 	 	$	245,299	
 	 	$	262,660	
 	 	$	20,824	
 	 	 	 	$	1,060,641	
 	 	$	1,002,197	
 	 	$	58,444	
 	 	 	 	 	 	 	
Annualized investment yield (ratio of net investment income to average invested assets at amortized cost)  (1)	 	4.69	%	 	4.43	%	 	4.71	%	 	4.46	%	 	4.96	%	(2	)	-0.27	%	 	 	 	4.57	%	 	4.82	%	 	-0.25	%	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(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 31

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)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
December 31, 2016	
 	 	Amortized
Cost	 	Unrealized
Gains	 	Unrealized
Losses	 	Estimated Fair
Value	 	% of
Total	 	Other-than-
temporary
Impairment
in AOCI	
Available-for-sale:	 	 	 	 	 	 	 	 	 	 	 	 	
Corporate securities	 	$	18,924,711	
 	 	$	911,618	
 	 	$	217,245	
 	 	$	19,619,084	
 	 	61.1	%	 	$	—	
 	
Canadian and Canadian provincial governments	 	2,561,605	
 	 	1,085,982	
 	 	3,541	
 	 	3,644,046	
 	 	11.4	%	 	—	
 	
Residential mortgage-backed securities	 	1,258,039	
 	 	33,917	
 	 	13,380	
 	 	1,278,576	
 	 	4.0	%	 	(375	)	
Asset-backed securities	 	1,443,822	
 	 	9,350	
 	 	23,828	
 	 	1,429,344	
 	 	4.5	%	 	275	
 	
Commercial mortgage-backed securities	 	1,342,440	
 	 	28,973	
 	 	7,759	
 	 	1,363,654	
 	 	4.2	%	 	—	
 	
U.S. government and agencies	 	1,518,702	
 	 	12,644	
 	 	63,044	
 	 	1,468,302	
 	 	4.6	%	 	—	
 	
State and political subdivisions	 	566,761	
 	 	37,499	
 	 	12,464	
 	 	591,796	
 	 	1.8	%	 	—	
 	
Other foreign government, supranational, and foreign	 	 	 	 	 	 	 	 	 	 	 	 	
 government-sponsored enterprises	 	2,595,707	
 	 	123,054	
 	 	19,938	
 	 	2,698,823	
 	 	8.4	%	 	—	
 	
Total fixed maturity securities	 	$	30,211,787	
 	 	$	2,243,037	
 	 	$	361,199	
 	 	$	32,093,625	
 	 	100.0	%	 	$	(100	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Non-redeemable preferred stock	 	$	55,812	
 	 	$	1,648	
 	 	$	6,337	
 	 	$	51,123	
 	 	18.6	%	 	 	
Other equity securities	 	229,767	
 	 	1,792	
 	 	7,321	
 	 	224,238	
 	 	81.4	%	 	 	
Total equity securities	 	$	285,579	
 	 	$	3,440	
 	 	$	13,658	
 	 	$	275,361	
 	 	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 32

Reinsurance Group of America, Incorporated
Investments
(USD thousands)

Corporate Fixed Maturities Securities by Sector
(Excludes Funds Withheld Portfolios)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	December 31, 2016	 	December 31, 2015	
 	 	Amortized
Cost	 	Estimated Fair
Value	 	% of
Total	 	Average
Credit
Ratings (1)	 	Amortized
Cost	 	Estimated Fair
Value	 	% of
Total	 	Average
Credit
Ratings (1)	
Financial institutions	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Banking	 	$	4,167,029	
 	 	$	4,255,932	
 	 	21.9	%	 	A-	 	$	3,557,406	
 	 	$	3,641,125	
 	 	20.5	%	 	 A-	
Brokerage/asset managers/exchanges	 	403,014	
 	 	413,699	
 	 	2.1	%	 	A	 	315,848	
 	 	327,477	
 	 	1.8	%	 	 A	
Finance companies	 	120,782	
 	 	127,327	
 	 	0.6	%	 	A-	 	68,996	
 	 	70,947	
 	 	0.4	%	 	 BBB-	
Insurance	 	1,314,077	
 	 	1,353,008	
 	 	6.9	%	 	A-	 	877,691	
 	 	908,752	
 	 	5.1	%	 	 A-	
REITs	 	582,157	
 	 	598,366	
 	 	3.0	%	 	BBB+	 	524,424	
 	 	540,120	
 	 	3.1	%	 	 BBB+	
Other finance	 	138,140	
 	 	140,636	
 	 	0.7	%	 	A-	 	64,426	
 	 	66,623	
 	 	0.4	%	 	 A-	
Total financial institutions	 	$	6,725,199	
 	 	$	6,888,968	
 	 	35.2	%	 	 	 	$	5,408,791	
 	 	$	5,555,044	
 	 	31.3	%	 	 	
Industrials	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic	 	$	887,179	
 	 	$	923,839	
 	 	4.7	%	 	BBB	 	$	937,498	
 	 	$	894,466	
 	 	5.1	%	 	BBB	
Capital goods	 	998,749	
 	 	1,027,098	
 	 	5.2	%	 	BBB+	 	1,090,670	
 	 	1,091,523	
 	 	6.2	%	 	BBB+	
Communications	 	1,841,904	
 	 	1,928,261	
 	 	9.8	%	 	BBB	 	1,891,983	
 	 	1,912,375	
 	 	10.8	%	 	BBB	
Consumer cyclical	 	1,081,091	
 	 	1,116,933	
 	 	5.7	%	 	BBB+	 	1,015,183	
 	 	1,028,521	
 	 	5.8	%	 	BBB+	
Consumer noncyclical	 	1,957,052	
 	 	2,050,927	
 	 	10.5	%	 	A-	 	1,762,018	
 	 	1,805,347	
 	 	10.2	%	 	A-	
Energy	 	1,867,072	
 	 	1,941,301	
 	 	9.9	%	 	BBB+	 	2,064,824	
 	 	1,922,366	
 	 	10.9	%	 	BBB+	
Technology	 	644,474	
 	 	660,200	
 	 	3.4	%	 	A	 	569,174	
 	 	574,280	
 	 	3.2	%	 	A-	
Transportation	 	854,681	
 	 	887,911	
 	 	4.5	%	 	A-	 	763,055	
 	 	777,939	
 	 	4.4	%	 	A-	
Other industrial	 	96,611	
 	 	103,143	
 	 	0.5	%	 	A-	 	117,021	
 	 	123,100	
 	 	0.7	%	 	BBB+	
Total industrials	 	$	10,228,813	
 	 	$	10,639,613	
 	 	54.2	%	 	 	 	$	10,211,426	
 	 	$	10,129,917	
 	 	57.3	%	 	 	
Utilities	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Electric	 	$	1,432,641	
 	 	$	1,498,919	
 	 	7.6	%	 	A-	 	$	1,395,335	
 	 	$	1,444,368	
 	 	8.2	%	 	 BBB+	
Natural gas	 	316,447	
 	 	338,253	
 	 	1.7	%	 	A-	 	315,826	
 	 	323,206	
 	 	1.8	%	 	 A-	
Other utility	 	221,611	
 	 	253,331	
 	 	1.3	%	 	A-	 	244,129	
 	 	255,621	
 	 	1.4	%	 	 A-	
Total utilities	 	$	1,970,699	
 	 	$	2,090,503	
 	 	10.6	%	 	 	 	$	1,955,290	
 	 	$	2,023,195	
 	 	11.4	%	 	 	
Total	 	$	18,924,711	
 	 	$	19,619,084	
 	 	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 33

Reinsurance Group of America, Incorporated
Investments
(USD thousands)

Ratings of Fixed Maturity Securities
(Excludes Funds Withheld Portfolios)

 	 	 	 	December 31, 2016	 	September 30, 2016	 	June 30, 2016	 	March 31, 2016	 	December 31, 2015	
NAIC
Designation (1)	 	Rating Agency
Designation   (2)	 	Amortized
Cost	 	Estimated
Fair Value	 	% of
Total	 	Amortized
Cost	 	Estimated
Fair Value	 	% of
Total	 	Amortized
Cost	 	Estimated
Fair Value	 	% of
Total	 	Amortized
Cost	 	Estimated
Fair Value	 	% of
Total	 	Amortized
Cost	 	Estimated
Fair Value	 	% of
Total	
1	 	AAA/AA/A	 	$	19,813,653	
 	 	$	21,369,081	
 	 	66.5	%	 	$	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	%	
2	 	BBB	 	8,834,469	
 	 	9,162,483	
 	 	28.5	%	 	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	%	
3	 	BB	 	944,839	
 	 	955,735	
 	 	3.0	%	 	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	%	
4	 	B	 	414,087	
 	 	411,138	
 	 	1.3	%	 	451,456	
 	 	441,887	
 	 	1.3	%	 	456,457	
 	 	431,649	
 	 	1.3	%	 	402,872	
 	 	372,795	
 	 	1.2	%	 	399,417	
 	 	359,591	
 	 	1.2	%	
5	 	CCC	 	187,744	
 	 	177,481	
 	 	0.6	%	 	157,857	
 	 	151,182	
 	 	0.5	%	 	143,675	
 	 	135,927	
 	 	0.4	%	 	178,537	
 	 	165,491	
 	 	0.5	%	 	207,351	
 	 	197,498	
 	 	0.7	%	
6	 	In or near default	 	16,995	
 	 	17,707	
 	 	0.1	%	 	23,108	
 	 	25,631	
 	 	0.1	%	 	29,830	
 	 	51,489	
 	 	0.2	%	 	31,872	
 	 	31,011	
 	 	0.1	%	 	22,299	
 	 	22,495	
 	 	0.1	%	
 	 	Total	 	$	30,211,787	
 	 	$	32,093,625	
 	
 	100.0	%	
 	$	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	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(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	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	December 31, 2016	 	September 30, 2016	 	June 30, 2016	 	March 31, 2016	 	December 31, 2015	
 	 	Amortized
Cost	 	Estimated
Fair Value	 	Amortized
Cost	 	Estimated
Fair Value	 	Amortized
Cost	 	Estimated
Fair Value	 	Amortized
Cost	 	Estimated
Fair Value	 	Amortized
Cost	 	Estimated
Fair Value	
Residential mortgage-backed securities:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Agency	 	$	579,686	
 	 	$	602,549	
 	 	$	590,881	
 	 	$	642,041	
 	 	$	601,728	
 	 	$	659,526	
 	 	$	593,662	
 	 	$	642,617	
 	 	$	602,524	
 	 	$	634,077	
 	
Non-agency	 	678,353	
 	 	676,027	
 	 	656,796	
 	 	669,651	
 	 	623,990	
 	 	633,252	
 	 	737,232	
 	 	738,280	
 	 	675,474	
 	 	677,400	
 	
Total residential mortgage-backed securities	 	1,258,039	
 	 	1,278,576	
 	 	1,247,677	
 	 	1,311,692	
 	 	1,225,718	
 	 	1,292,778	
 	 	1,330,894	
 	 	1,380,897	
 	 	1,277,998	
 	 	1,311,477	
 	
Commercial mortgage-backed securities	 	1,342,440	
 	 	1,363,654	
 	 	1,402,249	
 	 	1,475,033	
 	 	1,441,091	
 	 	1,507,693	
 	 	1,466,500	
 	 	1,508,183	
 	 	1,456,848	
 	 	1,483,087	
 	
Asset-backed securities	 	1,443,822	
 	 	1,429,344	
 	 	1,388,263	
 	 	1,382,574	
 	 	1,377,736	
 	 	1,356,677	
 	 	1,319,616	
 	 	1,289,381	
 	 	1,219,000	
 	 	1,212,676	
 	
Total	 	$	4,044,301	
 	 	$	4,071,574	
 	 	$	4,038,189	
 	 	$	4,169,299	
 	 	$	4,044,545	
 	 	$	4,157,148	
 	 	$	4,117,010	
 	 	$	4,178,461	
 	 	$	3,953,846	
 	 	$	4,007,240	

                                        

 	 	Page 34

 
Reinsurance Group of America, Incorporated
Investments
(USD thousands)

Gross Unrealized Losses Aging

Fixed Maturity Securities	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	December 31, 2016	 	September 30, 2016	 	June 30, 2016	 	March 31, 2016	 	December 31, 2015	
 	 	Gross
Unrealized
Losses	 	% of
Total	 	Gross
Unrealized
Losses	 	% of
Total	 	Gross
Unrealized
Losses	 	% of
Total	 	Gross
Unrealized
Losses	 	% of
Total	 	Gross
Unrealized
Losses	 	% of
Total	
Less than 20%	 	$	328,691	
 	 	87.7	%	 	$	85,446	
 	 	62.2	%	 	$	148,844	
 	 	74.9	%	 	$	272,450	
 	 	70.5	%	 	$	458,676	
 	 	73.1	%	
20% or more for less than six months	 	18,733	
 	 	5.0	%	 	12,551	
 	 	9.1	%	 	7,248	
 	 	3.7	%	 	68,067	
 	 	17.6	%	 	140,568	
 	 	22.4	%	
20% or more for six months or greater	 	13,775	
 	 	3.7	%	 	32,286	
 	 	23.5	%	 	34,078	
 	 	17.2	%	 	36,949	
 	 	9.6	%	 	20,003	
 	 	3.2	%	
Total	 	$	361,199	
 	
 	96.4	%	
 	$	130,283	
 	
 	94.8	%	
 	$	190,170	
 	
 	95.8	%	
 	$	377,466	
 	
 	97.7	%	
 	$	619,247	
 	
 	98.7	%	

Equity Securities	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	December 31, 2016	 	September 30, 2016	 	June 30, 2016	 	March 31, 2016	 	December 31, 2015	
 	 	Gross
Unrealized
Losses	 	% of
Total	 	Gross
Unrealized
Losses	 	% of
Total	 	Gross
Unrealized
Losses	 	% of
Total	 	Gross
Unrealized
Losses	 	% of
Total	 	Gross
Unrealized
Losses	 	% of
Total	
Less than 20%	 	$	9,140	
 	 	2.4	%	 	$	2,588	
 	 	1.9	%	 	$	1,794	
 	 	0.9	%	 	$	2,678	
 	 	0.7	%	 	$	4,433	
 	 	0.7	%	
20% or more for less than six months	 	705	
 	 	0.2	%	 	—	
 	 	0.0	%	 	1,685	
 	 	0.8	%	 	1,672	
 	 	0.4	%	 	1,927	
 	 	0.3	%	
20% or more for six months or greater	 	3,813	
 	 	1.0	%	 	4,472	
 	 	3.3	%	 	4,903	
 	 	2.5	%	 	4,714	
 	 	1.2	%	 	1,844	
 	 	0.3	%	
Total	 	$	13,658	
 	
 	3.6	%	
 	$	7,060	
 	
 	5.2	%	
 	$	8,382	
 	
 	4.2	%	
 	$	9,064	
 	
 	2.3	%	
 	$	8,204	
 	
 	1.3	%	

                                        

 	 	Page 35

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

 	 	As of December 31, 2016	
 	 	Less than 12 months	 	Equal to or greater than 12 months	 	Total	
 	 	Estimated Fair
Value	 	Gross Unrealized
Losses	 	Estimated Fair
Value	 	Gross Unrealized
Losses	 	Estimated Fair
Value	 	Gross Unrealized
Losses	
Investment grade securities:	 	 	 	 	 	 	 	 	 	 	 	 	
Corporate securities	 	$	4,661,706	
 	 	$	124,444	
 	 	$	549,273	
 	 	$	43,282	
 	 	$	5,210,979	
 	 	$	167,726	
 	
Canadian and Canadian provincial governments	 	101,578	
 	 	3,541	
 	 	—	
 	 	—	
 	 	101,578	
 	 	3,541	
 	
Residential mortgage-backed securities	 	490,473	
 	 	9,733	
 	 	112,216	
 	 	3,635	
 	 	602,689	
 	 	13,368	
 	
Asset-backed securities	 	563,259	
 	 	12,010	
 	 	257,166	
 	 	9,653	
 	 	820,425	
 	 	21,663	
 	
Commercial mortgage-backed securities	 	368,465	
 	 	6,858	
 	 	10,853	
 	 	166	
 	 	379,318	
 	 	7,024	
 	
U.S. government and agencies	 	1,056,101	
 	 	63,044	
 	 	—	
 	 	—	
 	 	1,056,101	
 	 	63,044	
 	
State and political subdivisions	 	187,194	
 	 	9,396	
 	 	13,635	
 	 	3,068	
 	 	200,829	
 	 	12,464	
 	
Other foreign government, supranational, and
foreign government-sponsored enterprises	 	524,236	
 	 	13,372	
 	 	51,097	
 	 	2,981	
 	 	575,333	
 	 	16,353	
 	
Total investment grade securities	 	$	7,953,012	
 	 	$	242,398	
 	 	$	994,240	
 	 	$	62,785	
 	 	$	8,947,252	
 	 	$	305,183	

Below investment grade securities:	 	 	 	 	 	 	 	 	 	 	 	 	
Corporate securities	 	$	330,757	
 	 	$	7,914	
 	 	$	163,152	
 	 	$	41,605	
 	 	$	493,909	
 	 	$	49,519	
 	
Residential mortgage-backed securities	 	—	
 	 	—	
 	 	412	
 	 	12	
 	 	412	
 	 	12	
 	
Asset-backed securities	 	5,904	
 	 	700	
 	 	12,581	
 	 	1,465	
 	 	18,485	
 	 	2,165	
 	
Commercial mortgage-backed securities	 	5,815	
 	 	735	
 	 	—	
 	 	—	
 	 	5,815	
 	 	735	
 	
Other foreign government, supranational, and
foreign government-sponsored enterprises	 	32,355	
 	 	1,258	
 	 	39,763	
 	 	2,327	
 	 	72,118	
 	 	3,585	
 	
Total below investment grade securities	 	374,831	
 	 	10,607	
 	 	215,908	
 	 	45,409	
 	 	590,739	
 	 	56,016	
 	
Total fixed maturity securities	 	$	8,327,843	
 	 	$	253,005	
 	 	$	1,210,148	
 	 	$	108,194	
 	 	$	9,537,991	
 	 	$	361,199	

Equity securities:	 	 	 	 	 	 	 	 	 	 	 	 	
Non-redeemable preferred stock	 	$	10,831	
 	 	$	831	
 	 	$	21,879	
 	 	$	5,506	
 	 	$	32,710	
 	 	$	6,337	
 	
Other equity securities	 	202,068	
 	 	7,020	
 	 	6,751	
 	 	301	
 	 	208,819	
 	 	7,321	
 	
Total equity securities	 	$	212,899	
 	 	$	7,851	
 	 	$	28,630	
 	 	$	5,807	
 	 	$	241,529	
 	 	$	13,658	

 	 	 	 	 	 	 	 	 	 	 	 	 	

 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	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 36

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	 	
 	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	 	Dec. 31,	 	 	 	 	 	Dec. 31,	 	Dec. 31,	 	 	 	 	 	 	
 	 	2016	 	2016	 	2016	 	2016	 	2015	 	 	 	 	 	2016	 	2015	 	Change	 	 	 	 	 	 	
Fixed maturity and equity securities avail. for sale:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Other-than-temporary impairment losses on fixed maturities	 	$	(4,142	)	 	$	—	
 	 	$	(846	)	 	$	(33,817	)	 	$	(27,605	)	 	$	23,463	
 	 	 	 	$	(38,805	)	 	$	(57,380	)	 	$	18,575	
 	 	 	 	 	 	 	
Portion of loss recognized in accumulated other	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
comprehensive income (before taxes)	 	74	
 	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	74	
 	 	 	 	74	
 	 	—	
 	 	74	
 	 	 	 	 	 	 	
Net other-than-temporary impairment losses on fixed	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
maturities recognized in earnings	 	(4,068	)	 	—	
 	 	(846	)	 	(33,817	)	 	(27,605	)	 	23,537	
 	 	 	 	(38,731	)	 	(57,380	)	 	18,649	
 	 	 	 	 	 	 	
Gain on investment activity	 	27,217	
 	 	46,346	
 	 	53,615	
 	 	27,192	
 	 	20,077	
 	 	7,140	
 	 	 	 	154,370	
 	 	73,079	
 	 	81,291	
 	 	 	 	 	 	 	
Loss on investment activity	 	(6,568	)	 	(9,054	)	 	(22,556	)	 	(11,787	)	 	(21,636	)	 	15,068	
 	 	 	 	(49,965	)	 	(71,893	)	 	21,928	
 	 	 	 	 	 	 	
Net gains (losses) on fixed maturity & equity securities	 	

 	

 	 	

 	

 	 	 	 	

 	

 	 	 	 	 	 	 	
   available for sale	 	16,581	
 	 	37,292	
 	 	30,213	
 	 	(18,412	)	 	(29,164	)	 	45,745	
 	 	 	 	65,674	
 	 	(56,194	)	 	121,868	

Other impairment losses and change in mortgage loan provision	 	(8,895	)	 	(262	)	 	211	
 	 	(2,060	)	 	(2,292	)	 	(6,603	)	 	 	 	(11,006	)	 	(6,953	)	 	(4,053	)	 	 	 	 	 	 	
Other non-derivative gaines (losses), net	 	4,987	
 	 	4,754	
 	 	5,123	
 	 	4,057	
 	 	11,824	
 	 	(6,837	)	 	 	 	18,921	
 	 	28,169	
 	 	(9,248	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Free-standing derivatives:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Credit default swaps	 	4,564	
 	 	6,672	
 	 	3,518	
 	 	3,346	
 	 	1,253	
 	 	3,311	
 	 	 	 	18,100	
 	 	(4,683	)	 	22,783	
 	 	 	 	 	 	 	
Interest rate swaps - non-hedged	 	(100,500	)	 	4,122	
 	 	41,500	
 	 	62,527	
 	 	(9,271	)	 	(91,229	)	 	 	 	7,649	
 	 	20,358	
 	 	(12,709	)	 	 	 	 	 	 	
Interest rate swaps - hedged	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	 	 	—	
 	 	7	
 	 	(7	)	 	 	 	 	 	 	
Foreign currency swaps - hedged (1)	 	5,766	
 	 	1,606	
 	 	(2,395	)	 	(4,562	)	 	2,983	
 	 	2,783	
 	 	 	 	415	
 	 	848	
 	 	(433	)	 	 	 	 	 	 	
Futures	 	(9,957	)	 	(11,677	)	 	(7,557	)	 	(11,051	)	 	(6,822	)	 	(3,135	)	 	 	 	(40,242	)	 	319	
 	 	(40,561	)	 	 	 	 	 	 	
CPI swaps	 	223	
 	 	76	
 	 	(520	)	 	(180	)	 	(55	)	 	278	
 	 	 	 	(401	)	 	(208	)	 	(193	)	 	 	 	 	 	 	
Equity options	 	(8,694	)	 	(13,648	)	 	(3,225	)	 	(2,703	)	 	(21,376	)	 	12,682	
 	 	 	 	(28,270	)	 	(16,899	)	 	(11,371	)	 	 	 	 	 	 	
Currency forwards	 	(4,954	)	 	507	
 	 	3,577	
 	 	2,500	
 	 	(214	)	 	(4,740	)	 	 	 	1,630	
 	 	(1,160	)	 	2,790	
 	 	 	 	 	 	 	
Bond forwards	 	(225	)	 	116	
 	 	(1,010	)	 	841	
 	 	(911	)	 	686	
 	 	 	 	(278	)	 	354	
 	 	(632	)	 	 	 	 	 	 	
Interest rate options	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	 	 	—	
 	 	3,276	
 	 	(3,276	)	 	 	 	 	 	 	
Total free-standing derivatives	 	(113,777	)	 	(12,226	)	 	33,888	
 	 	50,718	
 	 	(34,413	)	 	(79,364	)	 	 	 	(41,397	)	 	2,212	
 	 	(43,609	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Embedded derivatives:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Modified coinsurance and funds withheld treaties	 	20,374	
 	 	49,078	
 	 	76,966	
 	 	(92,249	)	 	(27,201	)	 	47,575	
 	 	 	 	54,169	
 	 	(98,793	)	 	152,962	
 	 	 	 	 	 	 	
GMXB	 	90,923	
 	 	7,988	
 	 	(28,137	)	 	(62,940	)	 	36,437	
 	 	54,486	
 	 	 	 	7,834	
 	 	(33,191	)	 	41,025	
 	 	 	 	 	 	 	
Total embedded derivatives	 	111,297	
 	 	57,066	
 	 	48,829	
 	 	(155,189	)	 	9,236	
 	 	102,061	
 	 	 	 	62,003	
 	 	(131,984	)	 	193,987	

Net gain (loss) on total derivatives	 	(2,480	)	 	44,840	
 	 	82,717	
 	 	(104,471	)	 	(25,177	)	 	22,697	
 	 	 	 	20,606	
 	 	(129,772	)	 	150,378	

Total investment related gains (losses), net	 	$	10,193	
 	 	$	86,624	
 	 	$	118,264	
 	 	$	(120,886	)	 	$	(44,809	)	 	$	55,002	
 	 	 	 	$	94,195	
 	 	$	(164,750	)	
 	$	258,945	

(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 37

Appendix	

 	 	 	 	 	
Reconciliations of GAAP Income Statements to Operating Income Statements	

 	 	 	 	 	

 	 	 	 	 	

                                        

 	 	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	
 	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	 	Dec. 31,	 	vs. PY	 	 	 	Dec. 31,	 	Dec. 31,	 	 	
 	 	2016	 	2016	 	2016	 	2016	 	2015	 	Quarter	 	 	 	2016	 	2015	 	Change	
U.S. & Latin America Traditional	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	$	131,492	
 	 	$	77,081	
 	 	$	111,430	
 	 	$	51,098	
 	 	$	79,483	
 	 	$	52,009	
 	 	 	 	$	371,101	
 	 	$	235,771	
 	 	$	135,330	
 	
Investment and derivative gains (losses) - non-operating (1)	 	(336	)	 	(69	)	 	1	
 	 	65	
 	 	203	
 	 	(539	)	 	 	 	(339	)	 	201	
 	 	(540	)	
Change in value of modified coinsurance and	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
funds withheld embedded derivatives (1)	 	(1,811	)	 	3,463	
 	 	881	
 	 	2,035	
 	 	(696	)	 	(1,115	)	 	 	 	4,568	
 	 	(2,507	)	 	7,075	
 	
Operating income before income taxes	 	$	129,345	
 	 	$	80,475	
 	 	$	112,312	
 	 	$	53,198	
 	 	$	78,990	
 	 	$	50,355	
 	 	 	 	$	375,330	
 	 	$	233,465	
 	 	$	141,865	

U.S. & Latin America Asset Intensive	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income (loss) before income taxes	 	$	72,261	
 	 	$	88,732	
 	 	$	93,979	
 	 	$	(30,830	)	 	$	30,874	
 	 	$	41,387	
 	 	 	 	$	224,142	
 	 	$	152,946	
 	 	$	71,196	
 	
Investment and derivative gains (losses) - non-operating (1)	 	103,778	
 	 	867	
 	 	(27,119	)	 	(24,603	)	 	39,757	
 	 	64,021	
 	 	 	 	52,923	
 	 	(16,009	)	 	68,932	
 	
Change in value of modified coinsurance and	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
funds withheld embedded derivatives (1)	 	(18,563	)	 	(52,541	)	 	(77,847	)	 	90,214	
 	 	27,897	
 	 	(46,460	)	 	 	 	(58,737	)	 	101,300	
 	 	(160,037	)	
GMXB embedded derivatives   (1)	 	(90,923	)	 	(7,988	)	 	28,137	
 	 	62,940	
 	 	(36,437	)	 	(54,486	)	 	 	 	(7,834	)	 	33,191	
 	 	(41,025	)	
Funds withheld gains (losses) - investment income	 	(7,516	)	 	(2,295	)	 	(10,304	)	 	(4,624	)	 	59	
 	 	(7,575	)	 	 	 	(24,739	)	 	(10,059	)	 	(14,680	)	
EIA embedded derivatives - interest credited	 	(39,964	)	 	42	
 	 	(17,364	)	 	29,149	
 	 	(1,412	)	 	(38,552	)	 	 	 	(28,137	)	 	(12,582	)	 	(15,555	)	
DAC offset, net	 	27,625	
 	 	31,876	
 	 	64,841	
 	 	(76,978	)	 	(13,142	)	 	40,767	
 	 	 	 	47,364	
 	 	(49,225	)	 	96,589	
 	
Operating income before income taxes	 	$	46,698	
 	 	$	58,693	
 	 	$	54,323	
 	 	$	45,268	
 	 	$	47,596	
 	 	$	(898	)	 	 	 	$	204,982	
 	 	$	199,562	
 	 	$	5,420	

U.S. & Latin America Financial Reinsurance	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	$	14,447	
 	 	$	13,982	
 	 	$	14,875	
 	 	$	15,934	
 	 	$	15,936	
 	 	$	(1,489	)	 	 	 	$	59,238	
 	 	$	55,017	
 	 	$	4,221	
 	
Operating income before income taxes	 	$	14,447	
 	 	$	13,982	
 	 	$	14,875	
 	 	$	15,934	
 	 	$	15,936	
 	 	$	(1,489	)	 	 	 	$	59,238	
 	 	$	55,017	
 	 	$	4,221	

Total U.S. & Latin America	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	$	218,200	
 	 	$	179,795	
 	 	$	220,284	
 	 	$	36,202	
 	 	$	126,293	
 	 	$	91,907	
 	 	 	 	$	654,481	
 	 	$	443,734	
 	 	$	210,747	
 	
Investment and derivative gains (losses) - non-operating (1)	 	103,442	
 	 	798	
 	 	(27,118	)	 	(24,538	)	 	39,960	
 	 	63,482	
 	 	 	 	52,584	
 	 	(15,808	)	 	68,392	
 	
Change in value of modified coinsurance and	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
funds withheld embedded derivatives (1)	 	(20,374	)	 	(49,078	)	 	(76,966	)	 	92,249	
 	 	27,201	
 	 	(47,575	)	 	 	 	(54,169	)	 	98,793	
 	 	(152,962	)	
GMXB embedded derivatives (1)	 	(90,923	)	 	(7,988	)	 	28,137	
 	 	62,940	
 	 	(36,437	)	 	(54,486	)	 	 	 	(7,834	)	 	33,191	
 	 	(41,025	)	
Funds withheld gains (losses) - investment income	 	(7,516	)	 	(2,295	)	 	(10,304	)	 	(4,624	)	 	59	
 	 	(7,575	)	 	 	 	(24,739	)	 	(10,059	)	 	(14,680	)	
EIA embedded derivatives - interest credited	 	(39,964	)	 	42	
 	 	(17,364	)	 	29,149	
 	 	(1,412	)	 	(38,552	)	 	 	 	(28,137	)	 	(12,582	)	 	(15,555	)	
DAC offset, net	 	27,625	
 	 	31,876	
 	 	64,841	
 	 	(76,978	)	 	(13,142	)	 	40,767	
 	 	 	 	47,364	
 	 	(49,225	)	 	96,589	
 	
Operating income before income taxes	 	$	190,490	
 	 	$	153,150	
 	 	$	181,510	
 	 	$	114,400	
 	 	$	142,522	
 	 	$	47,968	
 	 	 	 	$	639,550	
 	 	$	488,044	
 	 	$	151,506	

(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	
 	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	 	Dec. 31,	 	vs. PY	 	 	 	Dec. 31,	 	Dec. 31,	 	 	
 	 	2016	 	2016	 	2016	 	2016	 	2015	 	Quarter	 	 	 	2016	 	2015	 	Change	
Canada Traditional	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	$	37,026	
 	 	$	34,275	
 	 	$	43,309	
 	 	$	20,095	
 	 	$	44,640	
 	 	$	(7,614	)	 	 	 	$	134,705	
 	 	$	124,175	
 	 	$	10,530	
 	
Investment and derivative gains (losses) - non-operating (1)	 	(1,550	)	 	(2,624	)	 	(1,049	)	 	(372	)	 	259	
 	 	(1,809	)	 	 	 	(5,595	)	 	5,947	
 	 	(11,542	)	
Funds withheld gains (losses) - investment income	 	(722	)	 	(1,027	)	 	(1,353	)	 	(359	)	 	187	
 	 	(909	)	 	 	 	(3,461	)	 	(6,311	)	 	2,850	
 	
Operating income before income taxes	 	$	34,754	
 	 	$	30,624	
 	 	$	40,907	
 	 	$	19,364	
 	 	$	45,086	
 	 	$	(10,332	)	 	 	 	$	125,649	
 	 	$	123,811	
 	 	$	1,838	

Canada Financial Solutions	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	$	4,065	
 	 	$	1,160	
 	 	$	2,128	
 	 	$	592	
 	 	$	3,420	
 	 	$	645	
 	 	 	 	$	7,945	
 	 	$	13,902	
 	 	$	(5,957	)	
Operating income before income taxes	 	$	4,065	
 	 	$	1,160	
 	 	$	2,128	
 	 	$	592	
 	 	$	3,420	
 	 	$	645	
 	 	 	 	$	7,945	
 	 	$	13,902	
 	 	$	(5,957	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Europe, Middle East and Africa Traditional	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income (loss) before income taxes	 	$	15,826	
 	 	$	8,515	
 	 	$	6,834	
 	 	$	(1,116	)	 	$	12,859	
 	 	$	2,967	
 	 	 	 	$	30,059	
 	 	$	48,410	
 	 	$	(18,351	)	
Investment and derivative gains (losses) - non-operating (1)	 	—	
 	 	—	
 	 	—	
 	 	(5	)	 	—	
 	 	—	
 	 	 	 	(5	)	 	(338	)	 	333	
 	
Operating income (loss) before income taxes	 	$	15,826	
 	 	$	8,515	
 	 	$	6,834	
 	 	$	(1,121	)	 	$	12,859	
 	 	$	2,967	
 	 	 	 	$	30,054	
 	 	$	48,072	
 	 	$	(18,018	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Europe, Middle East and Africa Financial Solutions	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	$	41,328	
 	 	$	43,786	
 	 	$	27,469	
 	 	$	25,424	
 	 	$	28,145	
 	 	$	13,183	
 	 	 	 	$	138,007	
 	 	$	108,445	
 	 	$	29,562	
 	
Investment and derivative gains (losses) - non-operating (1)	 	(4,914	)	 	(8,159	)	 	(1,468	)	 	1,004	
 	 	(9,261	)	 	4,347	
 	 	 	 	(13,537	)	 	(10,170	)	 	(3,367	)	
Investment income on unit-linked variable annuities	 	(4,217	)	 	(5,540	)	 	(2,966	)	 	(408	)	 	—	
 	 	(4,217	)	 	 	 	(13,131	)	 	—	
 	 	(13,131	)	
Interest credited on unit-linked variable annuities	 	4,217	
 	 	5,540	
 	 	2,966	
 	 	408	
 	 	—	
 	 	4,217	
 	 	 	 	13,131	
 	 	—	
 	 	13,131	
 	
Non-investment derivatives	 	314	
 	 	(1,682	)	 	127	
 	 	(817	)	 	(105	)	 	419	
 	 	 	 	(2,058	)	 	(189	)	 	(1,869	)	
Operating income before income taxes	 	$	36,728	
 	 	$	33,945	
 	 	$	26,128	
 	 	$	25,611	
 	 	$	18,779	
 	 	$	17,949	
 	 	 	 	$	122,412	
 	 	$	98,086	
 	 	$	24,326	

Asia Pacific Traditional	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	$	18,464	
 	 	$	19,822	
 	 	$	34,482	
 	 	$	41,160	
 	 	$	37,415	
 	 	$	(18,951	)	 	 	 	$	113,928	
 	 	$	105,654	
 	 	$	8,274	
 	
Investment and derivative gains (losses) - non-operating (1)	 	—	
 	 	—	
 	 	—	
 	 	(16	)	 	(1,706	)	 	1,706	
 	 	 	 	(16	)	 	—	
 	 	(16	)	
Operating income before income taxes	 	$	18,464	
 	 	$	19,822	
 	 	$	34,482	
 	 	$	41,144	
 	 	$	35,709	
 	 	$	(17,245	)	 	 	 	$	113,912	
 	 	$	105,654	
 	 	$	8,258	

Asia Pacific Financial Solutions	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income (loss) before income taxes	 	$	(11,966	)	 	$	7,549	
 	 	$	(73	)	 	$	8,553	
 	 	$	5,467	
 	 	$	(17,433	)	 	 	 	$	4,063	
 	 	$	19,619	
 	 	$	(15,556	)	
Investment and derivative gains (losses) - non-operating (1)	 	5,846	
 	 	(5,283	)	 	(5,925	)	 	(1,111	)	 	(17	)	 	5,863	
 	 	 	 	(6,473	)	 	2,899	
 	 	(9,372	)	
Operating income (loss) before income taxes	 	$	(6,120	)	 	$	2,266	
 	 	$	(5,998	)	 	$	7,442	
 	 	$	5,450	
 	 	$	(11,570	)	 	 	 	$	(2,410	)	 	$	22,518	
 	 	$	(24,928	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(1) Included in "Investment related gains (losses), net" on Consolidated GAAP Income Statement.	 	 	 	 	 	 	 	 	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

 	
 	 	 	
 	 	Page 40

Reinsurance Group of America, Incorporated
Reconciliation of GAAP Income Statements to Operating Income Statements
(USD thousands)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	Current Qtr	 	 	 	Year-to-Date	
 	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	 	Dec. 31,	 	vs. PY	 	 	 	Dec. 31,	 	Dec. 31,	 	 	
 	 	2016	 	2016	 	2016	 	2016	 	2015	 	Quarter	 	 	 	2016	 	2015	 	Change	
Corporate and Other Segment	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income (loss) before income taxes	 	$	(27,400	)	 	$	(7,302	)	 	$	18,790	
 	 	$	(23,330	)	 	$	(51,496	)	 	$	24,096	
 	 	 	 	$	(39,242	)	 	$	(119,144	)	 	$	79,902	
 	
Investment and derivative gains (losses) - non-operating (1)	 	1,120	
 	 	(11,690	)	 	(31,540	)	 	(6,930	)	 	34,799	
 	 	(33,679	)	 	 	 	(49,040	)	 	67,056	
 	 	(116,096	)	
Non-investment derivatives	 	(25	)	 	(23	)	 	(17	)	 	(14	)	 	(15	)	 	(10	)	 	 	 	(79	)	 	71	
 	 	(150	)	
Operating income (loss) before income taxes	 	$	(26,305	)	 	$	(19,015	)	 	$	(12,767	)	 	$	(30,274	)	 	$	(16,712	)	 	$	(9,593	)	 	 	 	$	(88,361	)	 	$	(52,017	)	 	$	(36,344	)	
 	 	 	 	 	 	 	 	 	
Consolidated	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	$	295,543	
 	 	$	287,600	
 	 	$	353,223	
 	 	$	107,580	
 	 	$	206,743	
 	 	$	88,800	
 	 	 	 	$	1,043,946	
 	 	$	744,795	
 	 	$	299,151	
 	
Investment and derivative gains (losses) - non-operating (1)	 	103,944	
 	 	(26,958	)	 	(67,100	)	 	(31,968	)	 	64,034	
 	 	39,910	
 	 	 	 	(22,082	)	 	49,586	
 	 	(71,668	)	
Change in value of modified coinsurance and	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
funds withheld embedded derivatives (1)	 	(20,374	)	 	(49,078	)	 	(76,966	)	 	92,249	
 	 	27,201	
 	 	(47,575	)	 	 	 	(54,169	)	 	98,793	
 	 	(152,962	)	
GMXB embedded derivatives (1)	 	(90,923	)	 	(7,988	)	 	28,137	
 	 	62,940	
 	 	(36,437	)	 	(54,486	)	 	 	 	(7,834	)	 	33,191	
 	 	(41,025	)	
Funds withheld gains (losses) - investment income	 	(8,238	)	 	(3,322	)	 	(11,657	)	 	(4,983	)	 	246	
 	 	(8,484	)	 	 	 	(28,200	)	 	(16,370	)	 	(11,830	)	
EIA embedded derivatives - interest credited	 	(39,964	)	 	42	
 	 	(17,364	)	 	29,149	
 	 	(1,412	)	 	(38,552	)	 	 	 	(28,137	)	 	(12,582	)	 	(15,555	)	
DAC offset, net	 	27,625	
 	 	31,876	
 	 	64,841	
 	 	(76,978	)	 	(13,142	)	 	40,767	
 	 	 	 	47,364	
 	 	(49,225	)	 	96,589	
 	
Investment income on unit-linked variable annuities	 	(4,217	)	 	(5,540	)	 	(2,966	)	 	(408	)	 	—	
 	 	(4,217	)	 	 	 	(13,131	)	 	—	
 	 	(13,131	)	
Interest credited on unit-linked variable annuities	 	4,217	
 	 	5,540	
 	 	2,966	
 	 	408	
 	 	—	
 	 	4,217	
 	 	 	 	13,131	
 	 	—	
 	 	13,131	
 	
Non-investment derivatives	 	289	
 	 	(1,705	)	 	110	
 	 	(831	)	 	(120	)	 	409	
 	 	 	 	(2,137	)	 	(118	)	 	(2,019	)	
Operating income before income taxes	 	$	267,902	
 	 	$	230,467	
 	 	$	273,224	
 	 	$	177,158	
 	 	$	247,113	
 	 	$	20,789	
 	 	 	 	$	948,751	
 	 	$	848,070	
 	 	$	100,681	

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

                                        

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