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 23, 2009

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)

1370 Timberlake Manor Parkway, Chesterfield, Missouri 63017
(Address of Principal Executive Office)

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

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

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

Item 2.02    Results of Operations and Financial Condition

On January 26, 2009, Reinsurance Group of America, Incorporated (the “Company”) issued (1) a press release announcing its earnings for the three-month period ended December 31, 2008, and providing certain additional information, a copy of which is furnished with this report as Exhibit 99.1, and (2) a Quarterly Financial Supplement for the quarter ended December 31, 2008, 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 27, 2009 to discuss the financial and operating results for the three-month period ended December 31, 2008. The press release and Quarterly Financial Supplement are furnished and not filed pursuant to Instruction B.2 of Form 8-K.

Item 5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers; Compensatory Arrangements of Certain Officers.

On January 26, 2009, the Company issued a press release announcing that on January 23, 2009, the Board of Directors elected Arnoud W.A. Boot, Professor of Corporate Finance and Financial Markets at the University of Amsterdam, and John F. Danahy, Retired Chairman and Chief Operating Officer of May Merchandising Company and May Department Stores International, as directors to fill two vacancies created on September 12, 2008 by the resignations of three former directors affiliated with MetLife, Inc., the Company’s former majority shareholder. Committee assignments for Messrs. Boot and Danahy will be determined at a later date. A copy of the press release is attached hereto as Exhibit 99.1.

The Company is not aware of any transactions, proposed transactions, or series of either to which the Company or any of its subsidiaries was or is to be a participant since January 1, 2008, in which the amount involved exceeds $120,000 and in which Messrs. Boot and Danahy had, or will have, a direct or indirect material interest.

Item 9.01 Financial Statements and Exhibits

     (d) Exhibits

Exhibit No.		Exhibit
99.1		Press Release of Reinsurance Group of America, Incorporated dated January 26, 2009
99.2		Quarterly Financial Supplement for the quarter ended December 31, 2008

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.

Exhibit Index

Exhibit No.		Exhibit
99.1		Press Release of Reinsurance Group of America, Incorporated dated January 26, 2009.
99.2		Quarterly Financial Supplement for the quarter ended December 31, 2008

EXHIBIT 99.1

		For further information, contact Jack B. Lay Senior Executive Vice President and Chief Financial Officer (636) 736-7000

FOR IMMEDIATE RELEASE

REINSURANCE GROUP OF AMERICA REPORTS FOURTH-QUARTER RESULTS;
PROVIDES GUIDANCE FOR FULL-YEAR 2009

     ST. LOUIS, January 26, 2009 – Reinsurance Group of America, Incorporated (NYSE:RGA), a leading global provider of life reinsurance, reported net income for the fourth quarter of $9.4 million, or $0.14 per diluted share, compared to $63.6 million, or $0.99 per diluted share, in the prior-year quarter. RGA uses a non-GAAP financial measure called operating income as a basis for analyzing financial results. The definition of operating income and reconciliations to GAAP net income are provided in the following tables. Additional financial information can be found in the Quarterly Financial Supplement on RGA’s Investor Relations site at www.rgare.com in the “Quarterly Results” tab and in the “Featured Report” section. Operating income increased to $100.0 million, or $1.45 per diluted share, from $91.2 million, or $1.42 per diluted share in the year-ago quarter, attributable to improved Canadian and international operations. The quarter’s earnings per share included dilution of $0.14 from the company’s 10,235,000-share common stock offering in early November. Weaker foreign currencies also negatively affected the 2008 results by approximately $0.16 per share. Fourth-quarter net premiums rose 3 percent, to $1,389.1 million, from $1,348.0 million a year ago. Excluding the impact of foreign currency translation, premiums increased approximately 11 percent for the quarter. Net investment income totaled $196.6 million versus $226.8 million the year before.

     Net income for the 2008 quarter included approximately $16.1 million, pre-tax, in investment impairments. Additionally, net income included unrealized losses of $74.5 million, after taxes and adjustments to deferred acquisition costs (DAC), due to the decline in the fair value of embedded derivatives associated with treaties structured on a modified coinsurance and

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funds withheld basis. This non-cash, unrealized loss is due to widening credit spreads on the investment portfolios underlying certain funds withheld annuity reinsurance treaties.

     For the full year, net income totaled $176.8 million or $2.71 per diluted share, compared to $293.8 million, or $4.57 per diluted share, for 2007. Operating income increased to $399.2 million, or $6.12 per diluted share, compared to $353.5 million, or $5.50 per diluted share, in the prior-year period, an 11-percent increase on a per-share basis and within the guidance range established by the company in January 2008. Consolidated net premiums were up 9 percent, to $5,349.3 million from $4,909.0 million.

     A. Greig Woodring, president and chief executive officer, commented, “Overall, we are pleased with the quarter and full-year results given the turmoil in worldwide financial markets, the relative dilution in earnings per share until we can deploy proceeds from our recent stock offering, and the impact of the relative depreciation in several major foreign currencies, notably the Canadian dollar, Australian dollar and British pound sterling. Although the financial markets’ turmoil continues to put pressure on investment values, our write-downs for the quarter were relatively modest at $16.1 million. Gross unrealized losses on investment securities increased to $1,416.4 million from $960.6 million at September 30, primarily due to credit spread widening. Although the environment is volatile, we believe our portfolio remains appropriately positioned. We have posted to our Web site a Quarterly Financial Supplement that includes information on our investments, including exposures to subprime, Alt-A, and other structured securities. Our investment profile is largely unchanged, with 97 percent of our fixed maturity securities held in the investment grade categories. Additionally, we have further enhanced our already strong liquidity position, which is prudent in the current environment.”

     Woodring continued, “Our operating results were mixed, somewhat weak in the U.S., but much stronger in Canada and internationally. The U.S. reported a pre-tax loss of $47.1 million for the quarter versus pre-tax income of $82.4 million the year before. The current-quarter results include approximately $114.5 million, pre-tax and after DAC, in unrealized losses associated with embedded derivatives for treaties structured under a modified coinsurance and funds withheld basis. Pre-tax operating income totaled $77.5 million compared to $110.7 million the year before, a reflection of approximately $24.0 million in adverse mortality experience and weak results in our asset intensive business. The level of mortality variance, driven primarily by an increase in large claims, also had a negative effect on the U.S. segment for

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the entire year as well as the fourth quarter. We experienced a favorable mortality variance in last year’s fourth quarter. The negative mortality variance for the year comes after two very stable years. We have not identified any systemic issue and attribute this variance to the statistical volatility that can present itself in any reporting period. Net premiums were up 11 percent to $875.9 million from $791.4 million in the prior-year quarter. For the year, net premiums increased 8 percent, the midpoint of our guidance range of 7 to 9 percent.

     “The U.S. Asset Intensive business reported a pre-tax loss of $120.6 million compared to a pre-tax loss of $17.4 million last year. The impact of wider credit spreads on the fair value of the B36 embedded derivatives associated with treaties structured on a modified coinsurance and funds withheld basis continues to drive the negative impact. Over time, we expect these losses to reverse. As expected in the current environment, net income was also adversely affected by losses associated with variable annuity business. To date, those losses have been largely offset by DAC adjustments. On an operating basis, this business reported a pre-tax loss of $2.8 million compared to pre-tax income of $7.4 million a year ago. The current-period loss was primarily driven by realized investment losses of $13.8 million, pre-tax and before DAC, in the funds withheld portfolios. Due to the structure of those treaties, the realized losses are included in operating income.

     “Our Canada operations reported another strong quarter on favorable mortality experience, with pre-tax net income of $22.1 million compared to $19.5 million a year ago. Pre-tax operating income totaled $23.3 million versus $19.5 million a year ago, representing a 19-percent increase. Foreign currency fluctuations negatively affected pre-tax operating income by approximately $6.2 million in the current quarter. Net premiums decreased 10 percent on a U.S. dollar basis to $126.8 million from $141.4 million in the prior year. On a Canadian dollar basis, premiums increased approximately 11 percent for the quarter. For the year, premiums were up 10 percent on a U.S. dollar basis, in line with our guidance.

     “Asia Pacific reported a strong quarter with pre-tax net income of $24.5 million compared with $16.9 million in the year-ago quarter. Pre-tax operating income totaled $22.3 million compared with $17.5 million a year ago attributable to favorable mortality in several of our key markets. Foreign currency fluctuations negatively affected pre-tax operating income in the quarter by approximately $2.0 million. Net premiums totaled $227.7 million compared to $238.3 million. The current-period figure was negatively affected by approximately

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$39.0 million due to foreign currency fluctuations. For the year, net premiums exceeded $1.0 billion, a noteworthy accomplishment.

     “Europe and South Africa results were strong. Pre-tax net income increased to $21.8 million from $2.8 million a year ago when we experienced high claim levels in the U.K. Pre-tax operating income climbed to $26.4 million versus $3.3 million last year, with solid mortality results across all locations. The British pound sterling and the South African rand weakened considerably during the quarter and adversely affected pre-tax operating income by approximately $7.8 million. Net premiums declined to $156.9 million from $175.2 million due to weaker foreign currencies that had a negative effect of approximately $43.2 million. Premiums for the year were up 4 percent on a U.S. dollar basis and approximately 11 percent on an original currency basis.”

     Woodring observed, “Although the earnings dilution from the stock offering and the unrealized foreign currency fluctuations made comparisons difficult with the year-earlier fourth quarter, our operations overall remain robust and have consistently provided increases in retained capital and positive cash flow. We continue to be in a position to hold our investment securities until recovery, provided we are comfortable with the credit. Our operations do not rely on short-term funding or commercial paper, and therefore, to date, we have experienced no liquidity pressure, nor do we anticipate such pressure in the foreseeable future.

     “Despite the volatile conditions, we believe we are well-positioned and our common equity offering in the fourth quarter further enhances our strength and flexibility. We continue to evaluate a significant number of new business opportunities, but have not yet deployed a meaningful amount of that new capital. We expect the activity on these opportunities to increase during the first half of 2009 and will deploy our capital in a disciplined fashion, taking advantage of opportunities that meet our return requirements.

     “Excluding the impact of dilution from our common equity offering, operating income per share for the year increased 14 percent. We remain optimistic about our business and market opportunities over the next several years; however, we will be challenged on a number of fronts in 2009. In particular, the volatile financial markets, the potential for weaker foreign currencies in several key markets, and the uncertainty associated with the rate of deployment of the proceeds from our recent equity offering make it more difficult to project 2009 earnings. With that in mind, we project 2009 operating income per share to be within a range of $5.75 to $6.25 per

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diluted share. This guidance reflects a negative impact from foreign currency of approximately $0.35 per share and approximately $0.50 per share in dilution from our recent common stock offering. Our guidance also assumes an expected level of death claims, which are prone to normal short-term statistical fluctuations that can significantly affect our results on a quarterly and annual basis.

     “On a U.S. dollar basis, we expect consolidated net premiums to increase by approximately 10 percent. As with operating earnings, we expect reported premiums for non-U.S. operations will be negatively affected by weaker foreign currencies. At the segment level, we expect a 6 to 8 percent increase in the U.S., and 11 to 13 percent in Canada on a Canadian dollar basis. For Asia Pacific, we expect a 10 to 15 percent increase on an original currency basis and for Europe and South Africa, we expect a 15 to 20 percent increase on an original currency basis. We continue to expect significant growth opportunities in select Asian markets, and will continue our inroads into European markets.”

     The company announced that its board of directors declared a regular quarterly dividend of $0.09, payable February 26 to shareholders of record as of February 5.

     The company also announced that its board of directors elected Arnoud W.A. Boot, professor of corporate finance and financial markets at the University of Amsterdam, and John F. Danahy, retired chairman and chief operating officer of May Merchandising Company and May Department Stores International, as directors to fill two vacancies created on September 12, 2008 by the resignations of three former directors affiliated with MetLife, Inc., RGA’s former majority shareholder.

     A conference call to discuss the company’s fourth-quarter results will begin at 9 a.m. Eastern Time on Tuesday, January 27. Interested parties may access the call by dialing 877-852-6543 (domestic) or 719-325-4760 (international). The access code is 3486951. A live audio webcast of the conference call will be available on the company’s investor relations Web page at www.rgare.com. A replay of the conference call will be available at the same address for 90 days following the conference call. A telephonic replay will also be available through February 3 at 888-203-1112 (domestic) or 719-457-0820, access code 3486951.

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     Reinsurance Group of America, Incorporated is among the largest global providers of life reinsurance with subsidiary companies or offices in Australia, Barbados, Bermuda, Canada, China, France, Germany, Hong Kong, India, Ireland, Italy, Japan, Mexico, Poland, South Africa, South Korea, Spain, Taiwan, the United Kingdom and the United States. Worldwide, the company has approximately $2.1 trillion of life reinsurance in force, and assets of $21.7 billion.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

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

     Numerous important factors could cause actual results and events to differ materially from those expressed or implied by forward-looking statements including, without limitation, (1) adverse capital and credit market conditions and their impact on our liquidity, access to capital, and cost of capital, (2) the impairment of other financial institutions and its effect on our business, (3) requirements to post collateral or make payments due to declines in market value of assets subject to our collateral arrangements, (4) the fact that the determination of allowances and impairments taken on our investments is highly subjective, (5) adverse changes in mortality, morbidity, lapsation, or claims experience, (6) changes in our financial strength and credit ratings and the effect of such changes on our future results of operations and financial condition, (7) inadequate risk analysis and underwriting, (8) general economic conditions or a prolonged economic downturn affecting the demand for insurance and reinsurance in our current and planned markets, (9) the availability and cost of collateral necessary for regulatory reserves and capital, (10) market or economic conditions that adversely affect the value of our investment securities or result in the impairment of all or a portion of the value of certain of our investment

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securities, (11) market or economic conditions that adversely affect our ability to make timely sales of investment securities, (12) risks inherent in our risk management and investment strategy, including changes in investment portfolio yields due to interest rate or credit quality changes, (13) fluctuations in U.S. or foreign currency exchange rates, interest rates, or securities and real estate markets, (14) adverse litigation or arbitration results, (15) the adequacy of reserves, resources, and accurate information relating to settlements, awards, and terminated and discontinued lines of business, (16) the stability of and actions by governments and economies in the markets in which we operate, (17) competitive factors and competitors’ responses to our initiatives, (18) the success of our clients, (19) successful execution of our entry into new markets, (20) successful development and introduction of new products and distribution opportunities, (21) our ability to successfully integrate and operate reinsurance business that we acquire, (22) regulatory action that may be taken by state Departments of Insurance with respect to us, (23) our dependence on third parties, including those insurance companies and reinsurers to which we cede some reinsurance, third-party investment managers, and others, (24) the threat of natural disasters, catastrophes, terrorist attacks, epidemics, or pandemics anywhere in the world where we or our clients do business, (25) changes in laws, regulations, and accounting standards applicable to us, our subsidiaries, or our business, (26) the effect of our status as an insurance holding company and regulatory restrictions on our ability to pay principal of and interest on our debt obligations, and (27) other risks and uncertainties described in this document and in our other filings with the Securities and Exchange Commission.

Forward-looking statements should be evaluated together with the many risks and uncertainties that affect our business, including those mentioned in this document and described in the periodic reports we file with the Securities and Exchange Commission. These forward-looking statements speak only as of the date on which they are made. We do not undertake any obligations to update these forward-looking statements, even though our situation may change in the future. We qualify all of our forward-looking statements by these cautionary statements. For a discussion of the risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements, you are advised to review the risk factors in our 2007 Form 10-K and our Form 10-Q for the period ending September 30, 2008.

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Operating Income

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

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

		Three Months Ended								Twelve Months Ended
		December 31,								December 31,
(Unaudited)		2008				2007				2008				2007
GAAP net income-continuing operations		$	15,170			$	71,501			$	187,815			$	308,273
Reconciliation to operating income:
Capital (gains)losses, derivatives and other, net included in investment related losses, net			(95,289	)			3,276				(28,491	)			18,952
Embedded Derivatives:
Included in investment related losses, net			254,667				59,788				451,932				98,065
Included in interest credited			31,782				—				39,171				—
Included in policy acquisition costs and other insurance expenses			(3,703	)			—				(4,630	)			—
DAC offset, net			(102,661	)			(43,348	)			(246,644	)			(71,779	)
Operating income		$	99,966			$	91,217			$	399,153			$	353,511

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

		Three Months Ended								Twelve Months Ended
		December 31,								December 31,
(Unaudited)		2008				2007				2008				2007
Income from continuing operations before income taxes		$	20,194			$	110,245			$	280,392			$	474,918
Reconciliation to pre-tax operating income:
Capital (gains)losses, derivatives and other, net included in investment related losses, net			(146,818	)			5,067				(44,193	)			28,654
Embedded Derivatives:
Included in investment related losses, net			391,796				91,982				695,280				150,869
Included in interest credited			48,896				—				60,263				—
Included in policy acquisition costs and other insurance expenses			(5,697	)			—				(7,123	)			—
DAC offset, net			(157,941	)			(66,689	)			(379,453	)			(110,428	)
Pre-tax operating income		$	150,430			$	140,605			$	605,166			$	544,013

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

		Three Months Ended December 31, 2008
						Capital
						(gains)				Change in
		Pre-tax				losses,				value of				Pre-tax
		net				derivatives				embedded				operating
		income				and other,				derivatives,				income
(Unaudited)		(loss)				net				net				(loss)
U.S. Operations:
Traditional		$	69,971			$	6,694			$	—			$	76,665
Asset Intensive			(120,595	)			(13,916	)(1)			131,694	(2)			(2,817	)
Financial Reinsurance			3,550				110				—				3,660
Total U.S.			(47,074	)			(7,112	)			131,694				77,508
Canada Operations			22,084				1,244				—				23,328
Europe & South Africa			21,811				4,598				—				26,409
Asia Pacific Operations			24,465				(2,156	)			—				22,309
Corporate and Other			(1,092	)			1,968				—				876
Consolidated		$	20,194			$	(1,458	)		$	131,694			$	150,430

		Three Months Ended December 31, 2007
						Capital
						(gains)				Change in
		Pre-tax				losses,				value of				Pre-tax
		net				derivatives				embedded				operating
		income				and other,				derivatives,				income
(Unaudited)		(loss)				net				net				(loss)
U.S. Operations:
Traditional		$	97,227			$	3,478			$	—			$	100,705
Asset Intensive			(17,424	)			(5,332	)(1)			30,202	(2)			7,446
Financial Reinsurance			2,581				(2	)			—				2,579
Total U.S.			82,384				(1,856	)			30,202				110,730
Canada Operations			19,509				2				—				19,511
Europe & South Africa			2,808				466				—				3,274
Asia Pacific Operations			16,909				592				—				17,501
Corporate & Other			(11,365	)			954				—				(10,411	)
Consolidated		$	110,245			$	158			$	30,202			$	140,605

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

		Twelve Months Ended December 31, 2008
						Capital
						(gains)				Change in
		Pre-tax				losses,				value of				Pre-tax
		net				derivatives				embedded				operating
		income				and other,				derivatives,				income
(Unaudited)		(loss)				net				net				(loss)
U.S. Operations:
Traditional		$	230,993			$	71,904			$	—			$	302,897
Asset Intensive			(176,746	)			(9,583	)(1)			206,668	(2)			20,339
Financial Reinsurance			11,841				249				—				12,090
Total U.S.			66,088				62,570				206,668				335,326
Canada Operations			102,266				4,971				—				107,237
Europe & South Africa			65,686				8,687				—				74,373
Asia Pacific Operations			85,509				2,661				—				88,170
Corporate and Other			(39,157	)			39,217				—				60
Consolidated		$	280,392			$	118,106			$	206,668			$	605,166

		Twelve Months Ended December 31, 2007
						Capital
						(gains)				Change in
		Pre-tax				losses,				value of				Pre-tax
		net				derivatives				embedded				operating
		income				and other,				derivatives,				income
(Unaudited)		(loss)				net				net				(loss)
U.S. Operations:
Traditional		$	337,624			$	13,770			$	—			$	351,394
Asset Intensive			(22,329	)			(758	)(1)			46,488	(2)			23,401
Financial Reinsurance			12,633				7				—				12,640
Total U.S.			327,928				13,019				46,488				387,435
Canada Operations			81,543				(6,646	)			—				74,897
Europe & South Africa			47,467				2,183				—				49,650
Asia Pacific Operations			60,090				1,529				—				61,619
Corporate & Other			(42,110	)			12,522				—				(29,588	)
Consolidated		$	474,918			$	22,607			$	46,488			$	544,013

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

		Three Months Ended								Twelve Months Ended
		December 31,								December 31,
(Unaudited)		2008				2007				2008				2007
Earnings per share from continuing operations:
Basic earnings per share		$	0.22			$	1.15			$	2.94			$	4.98
Diluted earnings per share		$	0.22			$	1.11			$	2.88			$	4.80
Diluted earnings per share from operating income		$	1.45			$	1.42			$	6.12			$	5.50
Earnings per share from net income:
Basic earnings per share		$	0.14			$	1.03			$	2.77			$	4.75
Diluted earnings per share		$	0.14			$	0.99			$	2.71			$	4.57
Weighted average number of common and common equivalent shares outstanding			69,176				64,270				65,271				64,231

		At or For the
		Twelve Months Ended
		December 31,
(Unaudited)		2008				2007
Treasury shares			741				1,097
Common shares outstanding			72,622				62,031
Book value per share outstanding		$	36.03			$	51.42
Book value per share outstanding, before impact of AOCI*		$	43.58			$	42.93

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

		Three Months Ended								Twelve Months Ended
		December 31,								December 31,
(Unaudited)		2008				2007				2008			2007
Revenues:
Net premiums		$	1,389,091			$	1,348,023			$	5,349,301			$	4,909,026
Investment income, net of related expenses			196,634				226,801				871,276				907,904
Investment related losses, net			(243,559	)			(96,739	)			(647,205	)			(178,716	)
Other revenues			25,869				18,510				107,831				80,147
Total revenues			1,368,035				1,496,595				5,681,203				5,718,361
Benefits and expenses:
Claims and other policy benefits			1,150,645				1,093,984				4,461,932				3,983,996
Interest credited			86,989				40,873				233,179				246,066
Policy acquisition costs and other insurance expenses			27,529				147,754				357,899				647,832
Other operating expenses			53,694				67,287				242,917				236,612
Interest expense			21,552				23,361				76,161				76,906
Collateral finance facility expense			7,432				13,091				28,723				52,031
Total benefits and expenses			1,347,841				1,386,350				5,400,811				5,243,443
Income from continuing operations before income taxes			20,194				110,245				280,392				474,918
Provision for income taxes			5,024				38,744				92,577				166,645
Income from continuing operations			15,170				71,501				187,815				308,273
Discontinued operations:
Loss from discontinued accident and health operations, net of income taxes			(5,809	)			(7,915	)			(11,019	)			(14,439	)
Net income		$	9,361			$	63,586			$	176,796			$	293,834

# # #

EXHIBIT 99.2

Reinsurance Group of America, Incorporated^®

Financial Supplement

Fourth Quarter 2008

(Unaudited)

Reinsurance Group of America, Incorporated^®

World Headquarters		Internet address		Contacts:
1370 Timberlake Manor Parkway		www.rgare.com		Jack B. Lay
Chesterfield, Missouri 63017				Senior Executive Vice President
U.S.A.				and Chief Financial Officer
				Phone: (636) 736-7000
				John Hayden
				Vice President
				Investor Relations
				Phone: (636) 736-7243

Current Ratings

Standard & Poor’s

A.M. Best

Moody’s

Financial Strength Ratings

RGA Reinsurance Company

AA-

A+

A1

RGA Life Reinsurance Company of Canada

AA-

A+

NR

RGA International Reinsurance Company Limited

AA-

NR

NR

RGA Global Reinsurance Company Limited

AA-

NR

NR

Senior Debt Ratings

Reinsurance Group of America, Incorporated

A-

a-

Baa1

Our common stock is traded on the New York Stock Exchange under the symbol “RGA.”

 Quarterly Financial Supplement

Reinsurance Group of America, Incorporated
Financial Supplement
4th Quarter 2008
Table of Contents

		Page
Non-GAAP Disclosure			1
Investor News and Updates			2
Consolidated
Financial Highlights			3
Consolidated Operating Income Statement			4
Consolidated Income Statement (incl. Operating Income Reconciliation)			5
Consolidated Balance Sheets			6
Segment Pre-tax Operating Income Summaries
U.S. Operations			7
Canada Operations			11
Europe & South Africa Operations			12
Asia Pacific Operations			13
Corporate and Other			14
Summary of Pre-tax Segment Operating Income			15
Investments
Cash and Invested Assets, Yield Summary			16
Amortized cost, Gross Unrealized Gains and Losses, Estimated Fair Values of Fixed Maturity and Equity Securities			17
Corporate Securities by Sector (Fixed Maturities and Equities)			18
Quality of Fixed Maturity Securities and Structured Fixed Maturity Securities			19
Subprime Mortgage Exposure			20
CMBS Exposure			21
Gross Unrealized Losses Aging			22
Fixed Maturity and Equity Securities Below Amortized Cost			23
Consolidated Gross Gains and Losses			24

 Quarterly Financial Supplement

Reinsurance Group of America, Incorporated
Financial Supplement

This Financial Supplement is for information purposes only and includes unaudited figures. This report should be read in conjunction with documents filed by Reinsurance Group of America, Incorporated with the SEC.

Non-GAAP Disclosures

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

Additionally, RGA evaluates its stockholder equity position excluding the impact of Accumulated Other Comprehensive Income (“AOCI”) since the net unrealized gains or losses included in AOCI primarily relate to changes in interest rates, credit spreads on its investment securities and foreign currency fluctuations that are not permanent and can fluctuate significantly from period to period.

 Quarterly Financial Supplement

Page 1

Reinsurance Group of America, Incorporated
Investor News and Updates
Fourth Quarter 2008

2009 Full-year Consolidated Earnings per Share Guidance

We project 2009 operating income per share to be within a range of $5.75 to $6.25 per diluted share. This guidance reflects a negative impact from foreign currency of approximately $0.35 per share and approximately $0.50 per share in dilution from our recent common stock offering. Our guidance also assumes an expected level of death claims, which are prone to normal short-term statistical fluctuations that can significantly affect our results on a quarterly and annual basis.

2009 Full-year Premium Growth Guidance

		Original Currency
Segment		Basis
U.S.			6% - 8%
Canada			11% - 13%
Asia Pacific			10% - 15%
Europe & South Africa			15% - 20%

Consolidated ($USD basis) approximately 10%

2009 Full-year Projected Foreign Currency Premium

Foreign Currency		Millions
Australian Dollar			515 - 536
Canadian Dollar			627 - 653
Euro Dollar			70 - 73
British Pound Sterling			354 - 368
Japanese Yen			23,025 - 23,965
Korean Won			242,690 - 252,596
New Zealand Dollar			64 - 67
Taiwanese Dollar			1,875 - 1,951
South African Rand			566 - 589

 Quarterly Financial Supplement

Page 2

Reinsurance Group of America, Incorporated
Financial Highlights
Fourth Quarter 2008

						Three Months Ended or As of																Current Qtr									Year-to-Date
		Dec. 31,				Sept. 30,				June 30,				March 31,				Dec. 31,				vs. PY					Dec. 31,				Dec. 31,
(USD thousands, except inforce & per share data)		2008				2008				2008				2008				2007				Quarter					2008				2007				Change
Net premiums		$	1,389,091			$	1,303,590			$	1,358,555			$	1,298,065			$	1,348,023			$	41,068				$	5,349,301			$	4,909,026			$	440,275
Net income — continuing operations			15,170				25,250				110,806				36,589				71,501				(56,331	)				187,815				308,273				(120,458	)
Operating income			99,966				118,542				109,688				70,957				91,217				8,749					399,153				353,511				45,642
Total assets			21,658,818				21,844,347				22,410,167				21,812,508				21,598,009				60,809
Assumed Ordinary Life Reinsurance in Force (in billions)
U.S.		$	1,274.5			$	1,265.6			$	1,258.6			$	1,247.0			$	1,232.3			$	42.2				$	1,274.5			$	1,232.3			$	42.2
Canada			209.5				231.4				230.9				221.2				217.7				(8.2	)				209.5				217.7				(8.2	)
Europe & South Africa			325.2				368.9				419.4				383.0				380.4				(55.2	)				325.2				380.4				(55.2	)
Asia Pacific			298.9				310.6				330.6				351.6				289.5				9.4					298.9				289.5				9.4
Assumed New Business Production (in billions)
U.S.		$	33.7			$	30.5			$	35.5			$	34.7			$	43.3			$	(9.6	)			$	134.4			$	164.2			$	(29.8	)
Canada			12.1				14.5				11.7				12.9				13.1				(1.0	)				51.2				46.8				4.4
Europe & South Africa			28.2				21.4				19.4				18.5				19.1				9.1					87.5				61.3				26.2
Asia Pacific			9.2				7.5				4.9				10.3				2.4				6.8					31.9				30.1				1.8
Per Share and Shares Data
Basic earnings per share from continuing operations
Net income		$	0.22			$	0.41			$	1.78			$	0.59			$	1.15			$	(0.93	)			$	2.94			$	4.98			$	(2.04	)
Operating income		$	1.45			$	1.90			$	1.76			$	1.14			$	1.47			$	(0.02	)			$	6.24			$	5.71			$	0.53
Diluted earnings per share from continuing operations
Net income		$	0.22			$	0.40			$	1.73			$	0.57			$	1.11			$	(0.89	)			$	2.88			$	4.80			$	(1.92	)
Operating income		$	1.45			$	1.86			$	1.71			$	1.10			$	1.42			$	0.03				$	6.12			$	5.50			$	0.62
Wgt. average common shares outstanding (basic)			68,831				62,323				62,284				62,146				62,009				6,822					63,918				61,857				2,061
Wgt. average common shares outstanding (diluted)			69,176				63,607				63,982				64,230				64,270				4,906					65,271				64,231				1,040
Common shares issued			73,363				63,128				63,128				63,128				63,128				10,235
Treasury shares			741				803				813				894				1,097				(356	)
Common shares outstanding			72,622				62,325				62,315				62,234				62,031				10,591
Book value per share		$	36.03			$	41.83			$	49.13			$	49.15			$	51.42
Per share effect of accumulated other comprehensive income (AOCI)		$	(7.55	)		$	(3.56	)		$	4.09			$	5.83			$	8.49
Book value per share, excluding AOCI		$	43.58			$	45.39			$	45.04			$	43.32			$	42.93

 Quarterly Financial Supplement

Page 3

Reinsurance Group of America, Incorporated
Consolidated Operating Income Statement

		Three Months Ended																				Current Qtr					Year-to-Date
		Dec. 31,				Sept. 30,				June 30,				March 31,				Dec. 31,				vs. PY					Dec. 31,				Dec. 31,
(USD thousands, except per share data)		2008				2008				2008				2008				2007				Quarter					2008				2007				Change
Revenues:
Net premiums		$	1,389,091			$	1,303,590			$	1,358,555			$	1,298,065			$	1,348,023			$	41,068				$	5,349,301			$	4,909,026			$	440,275
Investment income, net of related expenses			196,634				220,248				254,868				199,526				226,801				(30,167	)				871,276				907,904				(36,628	)
Investment related gains (losses), net			1,419				1,063				978				422				310				1,109					3,882				807				3,075
Other revenue			25,869				27,764				36,262				17,936				18,510				7,359					107,831				80,147				27,684
Total revenues			1,613,013				1,552,665				1,650,663				1,515,949				1,593,644				19,369					6,332,290				5,897,884				434,406
Benefits and expenses:
Claims and other policy benefits			1,150,645				1,062,948				1,128,827				1,119,512				1,093,984				56,661					4,461,932				3,983,996				477,936
Interest credited			38,093				53,164				72,248				9,411				40,873				(2,780	)				172,916				246,066				(73,150	)
Policy acquisition costs and other insurance expenses			191,167				179,956				189,699				183,653				214,443				(23,276	)				744,475				758,260				(13,785	)
Other operating expenses			53,694				63,886				61,997				63,340				67,287				(13,593	)				242,917				236,612				6,305
Interest expense			21,552				9,935				21,580				23,094				23,361				(1,809	)				76,161				76,906				(745	)
Collateral finance facility expense			7,432				6,851				6,966				7,474				13,091				(5,659	)				28,723				52,031				(23,308	)
Total benefits and expenses			1,462,583				1,376,740				1,481,317				1,406,484				1,453,039				9,544					5,727,124				5,353,871				373,253
Operating income before income taxes			150,430				175,925				169,346				109,465				140,605				9,825					605,166				544,013				61,153
Operating income tax expense			50,464				57,383				59,658				38,508				49,388				1,076					206,013				190,502				15,511
Operating income		$	99,966			$	118,542			$	109,688			$	70,957			$	91,217			$	8,749				$	399,153			$	353,511			$	45,642
Diluted Earnings Per Share — Operating Income		$	1.45			$	1.86			$	1.71			$	1.10			$	1.42			$	0.03				$	6.12			$	5.50			$	0.61
Foreign currency effect on*:
Net premiums		$	(111,668	)		$	(5,676	)		$	20,565			$	46,462			$	48,414			$	(160,082	)			$	(50,317	)		$	116,138			$	(166,455	)
Operating income before income taxes		$	(17,349	)		$	(1,337	)		$	5,608			$	7,871			$	5,685			$	(23,034	)			$	(5,207	)		$	12,362			$	(17,569	)

Quarterly Financial Supplement

Reinsurance Group of America, Incorporated
Consolidated GAAP Income Statement (incl. Operating Income Reconciliation)

		Three Months Ended																				Current Qtr					Year-to-Date
		Dec. 31,				Sept. 30,				June 30,				March 31,				Dec. 31,				vs. PY					Dec. 31,				Dec. 31,
(USD thousands)		2008				2008				2008				2008				2007				Quarter					2008				2007				Change
Revenues:
Net premiums		$	1,389,091			$	1,303,590			$	1,358,555			$	1,298,065			$	1,348,023			$	41,068				$	5,349,301			$	4,909,026			$	440,275
Investment income, net of related expenses			196,634				220,248				254,868				199,526				226,801				(30,167	)				871,276				907,904				(36,628	)
Investment related gains (losses), net			(243,559	)			(241,307	)			(7,079	)			(155,260	)			(96,739	)			(146,820	)				(647,205	)			(178,716	)			(468,489	)
Other revenue			25,869				27,764				36,262				17,936				18,510				7,359					107,831				80,147				27,684
Total revenues			1,368,035				1,310,295				1,642,606				1,360,267				1,496,595				(128,560	)				5,681,203				5,718,361				(37,158	)
Benefits and expenses:
Claims and other policy benefits			1,150,645				1,062,948				1,128,827				1,119,512				1,093,984				56,661					4,461,932				3,983,996				477,936
Interest credited			86,989				9,293				63,000				73,897				40,873				46,116					233,179				246,066				(12,887	)
Policy acquisition costs and other insurance expenses			27,529				124,836				189,272				16,262				147,754				(120,225	)				357,899				647,832				(289,933	)
Other operating expenses			53,694				63,886				61,997				63,340				67,287				(13,593	)				242,917				236,612				6,305
Interest expense			21,552				9,935				21,580				23,094				23,361				(1,809	)				76,161				76,906				(745	)
Collateral finance facility expense			7,432				6,851				6,966				7,474				13,091				(5,659	)				28,723				52,031				(23,308	)
Total benefits and expenses			1,347,841				1,277,749				1,471,642				1,303,579				1,386,350				(38,509	)				5,400,811				5,243,443				157,368
Income before income taxes — continuing operations			20,194				32,546				170,964				56,688				110,245				(90,051	)				280,392				474,918				(194,526	)
Income tax expense			5,024				7,296				60,158				20,099				38,744				(33,720	)				92,577				166,645				(74,068	)
Income — continuing operations			15,170				25,250				110,806				36,589				71,501				(56,331	)				187,815				308,273				(120,458	)
Loss from discontinued operations			(5,809	)			(22	)			(104	)			(5,084	)			(7,915	)			2,106					(11,019	)			(14,439	)			3,420
Net income		$	9,361			$	25,228			$	110,702			$	31,505			$	63,586			$	(54,225	)			$	176,796			$	293,834			$	(117,038	)
Pre-tax Operating Income Reconciliation:
Income before income taxes — continuing operations			20,194				32,546				170,964				56,688				110,245				(90,051	)				280,392				474,918				(194,526	)
Investment and Derivative losses (gains) - non-operating (1)			(146,818	)			99,801				1,962				862				5,067				(151,885	)				(44,193	)			28,654				(72,847	)
Change in value of B36 embedded derivatives (1)			161,021				106,797				11,452				148,528				84,642				76,379					427,798				141,905				285,893
GMXB embedded derivatives (1)			230,775				35,772				(5,357	)			6,292				7,340				223,435					267,482				8,964				258,518
EIA embedded derivatives — interest credited			48,896				(43,871	)			(9,248	)			64,486				—				48,896					60,263				—				60,263
EIA embedded derivatives — policy acq. costs			(5,697	)			8,274				2,390				(12,090	)			—				(5,697	)				(7,123	)			—				(7,123	)
DAC offset, net			(157,941	)			(63,394	)			(2,817	)			(155,301	)			(66,689	)			(91,252	)				(379,453	)			(110,428	)			(269,025	)
Operating Income Before Income Taxes			150,430				175,925				169,346				109,465				140,605				9,825					605,166				544,013				61,153
After-tax Operating Income Reconciliation:
Income — continuing operations			15,170				25,250				110,806				36,589				71,501				(56,331	)				187,815				308,273				(120,458	)
Investment and Derivative losses (gains) - non-operating (1)			(95,289	)			64,967				1,207				624				2,220				(97,509	)				(28,491	)			18,952				(47,443	)
Change in value of B36 embedded derivatives (1)			104,664				69,418				7,444				96,543				55,017				49,647					278,069				92,238				185,831
GMXB embedded derivatives (1)			150,003				23,252				(3,482	)			4,090				5,827				144,176					173,863				5,827				168,036
EIA embedded derivatives — interest credited			31,782				(28,516	)			(6,011	)			41,916				—				31,782					39,171				—				39,171
EIA embedded derivatives — policy acq. costs			(3,703	)			5,378				1,554				(7,859	)			—				(3,703	)				(4,630	)			—				(4,630	)
DAC offset, net			(102,661	)			(41,207	)			(1,830	)			(100,946	)			(43,348	)			(59,313	)				(246,644	)			(71,779	)			(174,865	)
Operating Income			99,966				118,542				109,688				70,957				91,217				8,749					399,153				353,511				45,642