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

REINSURANCE GROUP OF AMERICA, INCORPORATED

(Exact Name of Registrant as Specified in its Charter)

Missouri		1-11848		43-1627032
(State or Other Jurisdiction of		(Commission		(IRS Employer
Incorporation)		File Number)		Identification Number)

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

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

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

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

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

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

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

 

 

Item 2.02 Results of Operations and Financial Condition

On July 26, 2010, Reinsurance Group of America, Incorporated (the “Company”) issued (1) a press release announcing its earnings for the three-month period ended June 30, 2010, and providing certain additional information, a copy of which is furnished with this report as Exhibit 99.1, and (2) a Quarterly Financial Supplement for the quarter ended June 30, 2010, a copy of which is attached hereto as Exhibit 99.2. The press release also notes that a conference call will be held on July 27, 2010 to discuss the financial and operating results for the three-month period ended June 30, 2010. The press release and Quarterly Financial Supplement are furnished and are not filed pursuant to Instruction B.2 of Form 8-K.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits.

Exhibit No.		Exhibit
99.1		Press Release of Reinsurance Group of America, Incorporated dated July 26, 2010
99.2		Quarterly Financial Supplement for the quarter ended June 30, 2010

SIGNATURE

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

EXHIBIT INDEX

Exhibit Number		Description
99.1		Press Release dated July 26, 2010
99.2		Quarterly Financial Supplement for the quarter ended June 30, 2010

Exhibit 99.1

PRESS RELEASE

REINSURANCE GROUP OF AMERICA REPORTS SECOND-QUARTER RESULTS

	•		Second-quarter earnings per diluted share: net income $1.70; operating income* $1.63
	•		Premiums up 15 percent to $1.6 billion

ST. LOUIS, July 26, 2010 — Reinsurance Group of America, Incorporated (NYSE:RGA), a leading global provider of life reinsurance, reported second-quarter net income of $127.0 million, or $1.70 per diluted share, compared to $153.2 million, or $2.10 per diluted share in the prior-year quarter. Operating income* totaled $121.9 million, or $1.63 per diluted share, compared to $130.6 million, or $1.79 per diluted share in the year-ago quarter.

For the first half of 2010, net income increased to $249.5 million, or $3.34 per diluted share, from $176.5 million, or $2.42 per diluted share, in the year-ago period. Operating income* totaled $214.9 million, or $2.88 per diluted share, compared with $197.9 million, or $2.71 per diluted share, in the prior-year period.

		Quarterly Results								Year-to-Date Results
($ in thousands, except per share data)		2010				2009				2010				2009
Net premiums		$	1,582,017			$	1,375,181			$	3,210,481			$	2,721,228
Net income			127,019				153,179				249,458				176,469
Net income per diluted share			1.70				2.10				3.34				2.42
Operating income*			121,899				130,562				214,907				197,917
Operating income per diluted share*			1.63				1.79				2.88				2.71
Book value per share			60.73				42.59
Book value per share (excl. Accumulated Other Comprehensive Income “AOCI”)*			52.14				45.90
Total assets			27,220,606				22,649,349

For the quarter, consolidated net premiums increased 15 percent, to $1,582.0 million. Holding foreign exchange rates constant, premiums rose 12 percent. Investment income increased modestly to $291.7 million from $284.6 million in the year-earlier quarter, with an average investment yield of 5.5 percent. Excluding the change in valuation of option contracts supporting equity-indexed annuities, investment income increased $33.2 million, or 13 percent, to $298.2 million. Stronger foreign currencies contributed approximately $3.3 million after taxes, or $0.04 per share, to operating results when compared to 2009.

Congress has not passed an extension of the existing active financing exception legislation this year, and as a result, the company posted an additional $5.0 million to its tax provision in the second quarter, an adverse effect of $0.07 per diluted share for the quarter and $0.13 for the first half.

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A. Greig Woodring, president and chief executive officer, commented, “We are pleased to report a solid quarter with good premium growth and operating earnings in line with our expectations. Our book value continues to rise with stable earnings contributions and a strengthening investment portfolio. During the quarter, our net unrealized gain position improved by $217.5 million and our book value increased $277.3 million, up 7 percent on a per-share basis, to $60.73 per share. Our investment portfolio has recovered nicely following last year’s market turmoil, and credit-related impairments of individual securities remain quite manageable.

“The enterprise-wide mortality experience met our expectations, and annualized operating return on equity was 13 percent for the quarter. We remain optimistic about future business opportunities.”

SEGMENT RESULTS

U.S.

The U.S. Traditional sub-segment reported pre-tax income of $98.8 million for the quarter compared with $83.3 million in the prior year. Pre-tax operating income decreased to $96.1 million from $100.2 million the year before, when that business experienced slightly favorable mortality experience. The current quarter claims level was approximately one percent higher-than-expected. Net premiums were up 16 percent to $933.2 million from $807.2 million in the prior-year quarter. Net premiums during the quarter for the group reinsurance business acquired at the beginning of the year totaled $68.5 million. Excluding the effect of the group reinsurance business, premiums increased 7 percent.

The U.S. Asset Intensive business reported pre-tax income of $17.6 million compared with $19.9 million a year ago. On an operating basis, the quarter was solid as pre-tax income totaled $15.8 million versus $16.0 million a year ago.

Canada

Canadian operations reported pre-tax net income of $33.7 million, up 32 percent from $25.5 million in the second quarter of 2009. Pre-tax operating income of $32.9 million nearly doubled last year’s $17.6 million, reflecting favorable mortality in the current quarter and adverse experience last year. Foreign currency fluctuations benefited pre-tax operating income by approximately $4.1 million. On a Canadian dollar basis, net premiums increased slightly compared with a strong year-earlier quarter. On a U.S. dollar basis, net premiums were up 14 percent to $177.1 million from $154.9 million last year.

Asia Pacific

Asia Pacific reported strong pre-tax net income of $23.8 million compared with $25.5 million in the year-ago quarter. Pre-tax operating income totaled $21.7 million compared with $24.7 million a year ago, a difficult comparison due to favorable mortality experience in the prior-year period. The segment’s claims experience in the 2010 quarter met expectations. Favorable foreign currency exchange of $2.3 million helped the current-quarter pre-tax operating

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result. Net premiums increased to $256.9 million from $229.4 million in the prior year. Strong production in Australia was offset, in part, by reduced premiums in South Korea. Net premiums, when compared to the prior-year quarter, benefited by approximately $25.9 million due to foreign currency fluctuations.

Europe & South Africa

Europe & South Africa’s pre-tax net income increased substantially to $22.3 million from $12.4 million in the year-ago quarter. Pre-tax operating income was $21.0 million versus $12.4 million last year. Net premiums increased to $209.9 million from $180.0 million in the prior year. Strong UK results were primarily responsible for the increases in operating income and premiums. Foreign currency exchange rates had adverse effects totaling $6.2 million and $1.2 million on premiums and pre-tax operating income, respectively.

Corporate and Other

Similar to the first quarter, the company’s effective tax rate was higher-than-expected due to the expiration of the active financing exception tax rules on December 31, 2009. Since Congress did not pass an extender package by June 30, 2010, the company reflected an additional tax provision of approximately $5.0 million for the second quarter, increasing the effective tax rate from 33 percent to 36 percent. It is possible that Congress will pass the extender package later this year, at which point the company’s cumulative additional tax provision of $9.9 million would be reversed.

Dividend Declaration

The company’s board of directors declared a regular quarterly dividend of $0.12, payable August 25 to shareholders of record as of August 4.

Earnings Conference Call

A conference call to discuss the company’s second-quarter results will begin at 9 a.m. Eastern Time on Tuesday, July 27. Interested parties may access the call by dialing 877-741-4244 (domestic) or 719-325-4871 (international). The access code is 5964755. A live audio webcast of the conference call will be available on the company’s investor relations website at www.rgare.com. A replay of the conference call will be available at the same address for 90 days following the conference call. A telephonic replay will also be available through August 4 at 888-203-1112 (domestic) or 719-457-0820 (international), access code 5964755.

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

Use of Non-GAAP Financial Measures

RGA uses a non-GAAP financial measure called operating income as a basis for analyzing financial results. This measure also serves as a basis for establishing target levels and awards

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under RGA’s management incentive programs. Management believes that operating income, on a pre-tax and after-tax basis, better measures the ongoing profitability and underlying trends of the company’s continuing operations, primarily because that measure excludes the effect of net investment related gains and losses, as well as changes in the fair value of certain embedded derivatives and related deferred acquisition costs. These items can be volatile, primarily due to the credit market and interest rate environment and are not necessarily indicative of the performance of the company’s underlying businesses. Additionally, operating income excludes any net gain or loss from discontinued operations and the cumulative effect of any accounting changes, which management believes are not indicative of the company’s ongoing operations. The definition of operating income can vary by company and is not considered a substitute for GAAP net income. Reconciliations to GAAP net income are provided in the following tables. Additional financial information can be found in the Quarterly Financial Supplement on RGA’s Investor Relations site at www.rgare.com in the “Quarterly Results” tab and in the “Featured Report” section.

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

Operating return on equity is a non-GAAP financial measure calculated as operating income divided by average shareholders’ equity excluding AOCI.

About RGA

Reinsurance Group of America, Incorporated is among the largest global providers of life reinsurance with subsidiary companies or offices in Australia, Barbados, Bermuda, Canada, China, France, Germany, Hong Kong, India, Ireland, Italy, Japan, Mexico, the Netherlands, Poland, South Africa, South Korea, Spain, Taiwan, the United Kingdom and the United States. Worldwide, the company has approximately $2.4 trillion of life reinsurance in force, and assets of $27.2 billion.

Cautionary Statement Regarding Forward-looking Statements

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

Numerous important factors could cause actual results and events to differ materially from those expressed or implied by forward-looking statements including, without limitation, (1) adverse capital and credit market conditions and their impact on our liquidity, access to capital, and cost

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of capital, (2) the impairment of other financial institutions and its effect on our business, (3) requirements to post collateral or make payments due to declines in market value of assets subject to our collateral arrangements, (4) the fact that the determination of allowances and impairments taken on our investments is highly subjective, (5) adverse changes in mortality, morbidity, lapsation, or claims experience, (6) changes in our financial strength and credit ratings and the effect of such changes on our future results of operations and financial condition, (7) inadequate risk analysis and underwriting, (8) general economic conditions or a prolonged economic downturn affecting the demand for insurance and reinsurance in our current and planned markets, (9) the availability and cost of collateral necessary for regulatory reserves and capital, (10) market or economic conditions that adversely affect the value of our investment securities or result in the impairment of all or a portion of the value of certain of our investment securities, (11) market or economic conditions that adversely affect our ability to make timely sales of investment securities, (12) risks inherent in our risk management and investment strategy, including changes in investment portfolio yields due to interest rate or credit quality changes, (13) fluctuations in U.S. or foreign currency exchange rates, interest rates, or securities and real estate markets, (14) adverse litigation or arbitration results, (15) the adequacy of reserves, resources, and accurate information relating to settlements, awards, and terminated and discontinued lines of business, (16) the stability of and actions by governments and economies in the markets in which we operate, (17) competitive factors and competitors’ responses to our initiatives, (18) the success of our clients, (19) successful execution of our entry into new markets, (20) successful development and introduction of new products and distribution opportunities, (21) our ability to successfully integrate and operate reinsurance business that we acquire, (22) regulatory action that may be taken by state Departments of Insurance with respect to us, (23) our dependence on third parties, including those insurance companies and reinsurers to which we cede some reinsurance, third-party investment managers, and others, (24) the threat of natural disasters, catastrophes, terrorist attacks, epidemics, or pandemics anywhere in the world where we or our clients do business, (25) changes in laws, regulations, and accounting standards applicable to us, our subsidiaries, or our business, (26) the effect of our status as an insurance holding company and regulatory restrictions on our ability to pay principal of and interest on our debt obligations, and (27) other risks and uncertainties described in this document and in our other filings with the Securities and Exchange Commission.

Forward-looking statements should be evaluated together with the many risks and uncertainties that affect our business, including those mentioned in this document and described in the periodic reports we file with the Securities and Exchange Commission. These forward-looking statements speak only as of the date on which they are made. We do not undertake any obligations to update these forward-looking statements, even though our situation may change in the future. We qualify all of our forward-looking statements by these cautionary statements. For a discussion of the risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements, you are advised to review the risk factors in our 2009 Form 10-K.

Investor Contact

Jack B. Lay
Senior Executive Vice President and Chief Financial Officer
(636) 736-7000

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

		Three Months Ended								Six Months Ended
		June 30,								June 30,
(Unaudited)		2010				2009				2010				2009
GAAP net income		$	127,019			$	153,179			$	249,458			$	176,469
Reconciliation to operating income:
Capital (gains) losses, derivatives and other, included in investment related (gains) losses, net			(85,039	)			96,091				(85,086	)			140,208
Capital (gains) losses on funds withheld:
Included in investment income			(3,752	)			—				(3,699	)			—
Included in policy acquisition costs and other insurance expenses			505				—				452				—
Embedded derivatives:
Included in investment related (gains) losses, net			70,474				(146,624	)			(13,900	)			(143,236	)
Included in interest credited			9,743				(8,301	)			(4,831	)			(13,582	)
Included in policy acquisition costs and other insurance expenses			(977	)			1,136				1,136				1,984
DAC offset, net			3,926				60,350				71,377				61,343
Gain on debt repurchase			—				(25,269	)			—				(25,269	)
Operating income		$	121,899			$	130,562			$	214,907			$	197,917

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

		Three Months Ended								Six Months Ended
		June 30,								June 30,
(Unaudited)		2010				2009				2010				2009
Income before income taxes		$	198,072			$	215,423			$	391,387			$	249,629
Reconciliation to pre-tax operating income:
Capital (gains) losses, derivatives and other, included in investment related (gains) losses, net			(130,697	)			148,794				(130,326	)			217,106
Capital (gains) losses on funds withheld:
Included in investment income			(5,772	)			—				(5,690	)			—
Included in policy acquisition costs and other insurance expenses			777				—				696				—
Embedded derivatives:
Included in investment related (gains) losses, net			108,422				(225,574	)			(21,384	)			(220,362	)
Included in interest credited			14,990				(12,772	)			(7,432	)			(20,896	)
Included in policy acquisition costs and other insurance expenses			(1,503	)			1,748				1,747				3,052
DAC offset, net			6,041				92,846				109,810				94,375
Gain on debt repurchase			—				(38,875	)			—				(38,875	)
Pre-tax operating income		$	190,330			$	181,590			$	338,808			$	284,029

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

		Three Months Ended June 30, 2010
						Capital				Change in				Pre-tax
		Pre-tax net				(gains) losses,				value of				operating
		income				derivatives				embedded				income
(Unaudited)		(loss)				and other, net				derivatives, net				(loss)
U.S. Operations:
Traditional		$	98,814			$	(2,721	)		$	—			$	96,093
Asset Intensive			17,561				(17,441	)(1)			15,650	(2)			15,770
Financial Reinsurance			4,400				10				—				4,410
Total U.S.			120,775				(20,152	)			15,650				116,273
Canada Operations			33,748				(815	)			—				32,933
Europe & South Africa			22,326				(1,347	)			—				20,979
Asia Pacific Operations			23,761				(2,077	)			—				21,684
Corporate and Other			(2,538	)			999				—				(1,539	)
Consolidated		$	198,072			$	(23,392	)		$	15,650			$	190,330

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

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

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

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

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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								Six Months Ended
		June 30,								June 30,
(Unaudited)		2010				2009				2010				2009
Diluted earnings per share from operating income		$	1.63			$	1.79			$	2.88			$	2.71
Earnings per share from net income:
Basic earnings per share		$	1.74			$	2.11			$	3.41			$	2.43
Diluted earnings per share		$	1.70			$	2.10			$	3.34			$	2.42
Weighted average number of common and common equivalent shares outstanding			74,721				72,939				74,650				72,912

		At of for the Six Months
		Ended June 30,
(Unaudited)		2010				2009
Treasury shares			210				589
Common shares outstanding			73,154				72,775
Book value per share outstanding		$	60.73			$	42.59
Book value per share outstanding, before impact of AOCI		$	52.14			$	45.90

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

		Three Months Ended								Six Months Ended
		June 30,								June 30,
(Unaudited)		2010				2009				2010				2009
Revenues:
Net premiums		$	1,582,017			$	1,375,181			$	3,210,481			$	2,721,228
Investment income, net of related expenses			291,671				284,636				595,929				507,832
Investment related gains (losses), net:
Other-than-temporary impairments on fixed maturity securities			(3,489	)			(36,942	)			(10,919	)			(71,337	)
Other-than-temporary impairments on fixed maturity securities transferred to (from) accumulated other comprehensive income			(139	)			16,135				2,205				16,135
Other investment related gains (losses), net			26,620				98,995				162,891				61,128
Total investment related gains (losses), net			22,992				78,188				154,177				5,926
Other revenue			35,197				75,161				71,475				109,020
Total revenues			1,931,877				1,813,166				4,032,062				3,344,006
Benefits and expenses:
Claims and other policy benefits			1,307,239				1,123,696				2,682,419				2,293,440
Interest credited			79,169				72,897				136,103				109,806
Policy acquisition costs and other insurance expenses			237,149				308,403				603,451				507,204
Other operating expenses			83,147				71,095				174,346				137,844
Interest expense			25,141				19,595				40,590				41,712
Collateral finance facility expense			1,960				2,057				3,766				4,371
Total benefits and expenses			1,733,805				1,597,743				3,640,675				3,094,377
Income before income taxes			198,072				215,423				391,387				249,629
Income tax expense			71,053				62,244				141,929				73,160
Net income		$	127,019			$	153,179			$	249,458			$	176,469

# # #

Exhibit 99.2

Financial Supplement

Second Quarter 2010

(Unaudited)

World Headquarters		Internet address
1370 Timberlake Manor Parkway		www.rgare.com
Chesterfield, Missouri 63017
U.S.A.

Contacts:
Jack B. Lay
Senior Executive Vice President
and Chief Financial Officer
Phone: (636) 736-7000
e-mail: jlay@rgare.com

John Hayden
Sr. Vice President
Controller & Investor Relations
Phone: (636) 736-7243
e-mail: jhayden@rgare.com

Current Ratings

Standard & Poor’s

A.M. Best

Moody’s

Financial Strength Ratings

RGA Reinsurance Company

AA-

A+

A1

RGA Life Reinsurance Company of Canada

AA-

A+

NR

RGA International Reinsurance Company Limited

AA-

NR

NR

RGA Global Reinsurance Company Limited

AA-

NR

NR

Senior Debt Ratings

Reinsurance Group of America, Incorporated

A-

a-

Baa1

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

Reinsurance Group of America, Incorporated
Financial Supplement
2nd Quarter 2010
Table of Contents

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

Reinsurance Group of America, Incorporated
Financial Supplement

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

Non-GAAP Disclosures

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

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

Additionally, RGA uses a non-GAAP financial measure called operating return on equity, which is calculated as operating income divided by average shareholders’ equity excluding AOCI.

				Page 1

Reinsurance Group of America, Incorporated
Financial Highlights

		Three Months Ended or As of																				Current Qtr					Year-to-Date
		June 30,				March 31,				Dec. 31,				Sept. 30,				June 30,				vs. PY					June 30,				June 30,
(USD thousands, except inforce & per share data)		2010				2010				2009				2009				2009				Quarter					2010				2009				Change
Net premiums		$	1,582,017			$	1,628,464			$	1,598,754			$	1,405,179			$	1,375,181			$	206,836				$	3,210,481			$	2,721,228			$	489,253
Net income — continuing operations			127,019				122,439				112,409				118,208				153,179				(26,160	)				249,458				176,469				72,989
Operating income			121,899				93,008				125,833				114,571				130,562				(8,663	)				214,907				197,917				16,990
Operating return on equity (ex AOCI) — annualized			13.0	%			10.2	%			14.3	%			13.5	%			16.0	%			-3.0	%
Operating return on equity (ex AOCI) — trailing 12 months			12.7	%			13.5	%			13.1	%			12.9	%			13.6	%			-0.9	%
Total assets			27,220,606				26,722,458				25,249,501				24,162,113				22,649,349				4,571,257
Assumed Life Reinsurance in Force (in billions)
U.S.		$	1,334.9			$	1,318.0			$	1,290.5			$	1,281.9			$	1,280.5			$	54.4
Canada			289.7				293.9				276.8				261.1				234.3				55.4
Europe & South Africa			401.8				395.6				408.9				388.2				382.9				18.9
Asia Pacific			340.9				355.6				348.9				343.4				321.6				19.3
Total Life Reinsurance in Force		$	2,367.3			$	2,363.1			$	2,325.1			$	2,274.6			$	2,219.3			$	148.0
Assumed New Business Production (in billions) (1)
U.S.		$	45.1			$	40.6			$	42.5			$	31.2			$	25.8			$	19.3				$	85.7			$	61.3			$	24.4
Canada			12.8				13.9				13.9				10.5				9.6				3.2					26.7				19.5				7.2
Europe & South Africa			23.4				21.7				42.5				19.9				22.7				0.7					45.1				58.7				(13.6	)
Asia Pacific			10.1				2.7				5.3				8.6				3.3				6.8					12.8				7.1				5.7
Total New Business Production		$	91.4			$	78.9			$	104.2			$	70.2			$	61.4			$	30.0				$	170.3			$	146.6			$	23.7
Per Share and Shares Data
Basic earnings per share from continuing operations
Net income		$	1.74			$	1.68			$	1.54			$	1.63			$	2.11			$	(0.37	)			$	3.42			$	2.43			$	0.99
Operating income		$	1.67			$	1.27			$	1.73			$	1.57			$	1.79			$	(0.12	)			$	2.94			$	2.72			$	0.22
Diluted earnings per share from continuing operations
Net income		$	1.70			$	1.64			$	1.52			$	1.61			$	2.10			$	(0.40	)			$	3.34			$	2.42			$	0.92
Operating income		$	1.63			$	1.25			$	1.70			$	1.56			$	1.79			$	(0.16	)			$	2.88			$	2.71			$	0.17
Wgt. average common shares outstanding (basic)			73,141				73,046				72,895				72,781				72,770				371					73,094				72,740				354
Wgt. average common shares outstanding (diluted)			74,721				74,578				74,195				73,286				72,939				1,782					74,650				72,912				1,738
Common shares issued			73,364				73,364				73,364				73,363				73,364				—					73,364				73,364				—
Treasury shares			210				261				374				573				589				(379	)				210				589				(379	)
Common shares outstanding			73,154				73,103				72,990				72,790				72,775				379					73,154				72,775				379
Book value per share		$	60.73			$	56.98			$	52.99			$	51.83			$	42.59
Per share effect of accumulated other comprehensive income (AOCI)		$	8.59			$	6.49			$	4.10			$	4.36			$	(3.31	)
Book value per share, excluding AOCI		$	52.14			$	50.49			$	48.89			$	47.47			$	45.90

				Page 2

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

		Three Months Ended																				Current Qtr					Year-to-Date
		June 30,				March 31,				Dec. 31,				Sept. 30,				June 30,				vs. PY					June 30,				June 30,
(USD thousands)		2010				2010				2009				2009				2009				Quarter					2010				2009				Change
Revenues:
Net premiums		$	1,582,017			$	1,628,464			$	1,598,754			$	1,405,179			$	1,375,181			$	206,836				$	3,210,481			$	2,721,228			$	489,253
Investment income, net of related expenses			291,671				304,258				315,159				299,471				284,636				7,035					595,929				507,832				88,097
Investment related gains (losses), net
OTTI on fixed maturity securities			(3,489	)			(7,430	)			(40,552	)			(16,945	)			(36,942	)			33,453					(10,919	)			(71,337	)			60,418
OTTI on fixed maturity securities transferred to/from AOCI			(139	)			2,344				3,910				(4,000	)			16,135				(16,274	)				2,205				16,135				(13,930	)
Other investment related gains (losses), net			26,620				136,271				22,505				63,304				98,995				(72,375	)				162,891				61,128				101,763
Total investment related gains (losses), net			22,992				131,185				(14,137	)			42,359				78,188				(55,196	)				154,177				5,926				148,251
Other revenue			35,197				36,278				44,059				31,972				75,161				(39,964	)				71,475				109,020				(37,545	)
Total revenues			1,931,877				2,100,185				1,943,835				1,778,981				1,813,166				118,711					4,032,062				3,344,006				688,056
Benefits and expenses:
Claims and other policy benefits			1,307,239				1,375,180				1,370,175				1,155,811				1,123,696				183,543					2,682,419				2,293,440				388,979
Interest credited			79,169				56,934				128,779				85,153				72,897				6,272					136,103				109,806				26,297
Policy acquisition costs and other insurance expenses			237,149				366,302				179,333				271,789				308,403				(71,254	)				603,451				507,204				96,247
Other operating expenses			83,147				91,199				80,532				76,403				71,095				12,052					174,346				137,844				36,502
Interest expense			25,141				15,449				22,985				5,243				19,595				5,546					40,590				41,712				(1,122	)
Collateral finance facility expense			1,960				1,806				1,866				2,031				2,057				(97	)				3,766				4,371				(605	)
Total benefits and expenses			1,733,805				1,906,870				1,783,670				1,596,430				1,597,743				136,062					3,640,675				3,094,377				546,298
Income before income taxes — continuing operations			198,072				193,315				160,165				182,551				215,423				(17,351	)				391,387				249,629				141,758
Income tax expense			71,053				70,876				47,756				64,343				62,244				8,809					141,929				73,160				68,769
Income — continuing operations			127,019				122,439				112,409				118,208				153,179				(26,160	)				249,458				176,469				72,989
Loss from discontinued operations			—				—				—				—				—				—					—				—				—
Net income		$	127,019			$	122,439			$	112,409			$	118,208			$	153,179			$	(26,160	)			$	249,458			$	176,469			$	72,989
Pre-tax Operating Income Reconciliation:
Income before income taxes — continuing operations			198,072				193,315				160,165				182,551				215,423				(17,351	)				391,387				249,629				141,758
Investment and derivative losses (gains) — non-operating (1)			(130,697	)			371				65,676				20,616				148,794				(279,491	)				(130,326	)			217,106				(347,432	)
Change in value of modified coinsurance and funds withheld embedded derivatives (1)			(32,512	)			(122,635	)			(3,028	)			(51,454	)			(64,337	)			31,825					(155,147	)			(23,912	)			(131,235	)
GMXB embedded derivatives (1)			140,934				(7,171	)			(46,120	)			(10,127	)			(161,237	)			302,171					133,763				(196,450	)			330,213
Funds withheld losses (gains) — investment income			(5,772	)			82.00				—				—				—				(5,772	)				(5,690	)			—				(5,690	)
Funds withheld losses (gains) — policy acq. costs			777				(81.00	)			—				—				—				777					696				—				696
EIA embedded derivatives — interest credited			14,990				(22,422	)			12,563				(5,248	)			(12,772	)			27,762					(7,432	)			(20,896	)			13,464
EIA embedded derivatives — policy acq. costs			(1,503	)			3,250				(801	)			191				1,748				(3,251	)				1,747				3,052				(1,305	)
DAC offset, net			6,041				103,769				(5,572	)			40,780				92,846				(86,805	)				109,810				94,375				15,435
Gain on debt repurchase			—				—				—				—				(38,875	)			38,875					—				(38,875	)			38,875
Operating Income Before Income Taxes		$	190,330			$	148,478			$	182,883			$	177,309			$	181,590			$	8,740				$	338,808			$	284,029			$	54,779
After-tax Operating Income Reconciliation:
Income — continuing operations			127,019				122,439				112,409				118,208				153,179				(26,160	)				249,458				176,469				72,989
Investment and derivative losses (gains) — non-operating (1)			(85,039	)			(47	)			41,347				13,170				96,091				(181,130	)				(85,086	)			140,208				(225,294	)
Change in value of modified coinsurance and
funds withheld embedded derivatives (1)			(21,133	)			(79,713	)			(1,968	)			(33,445	)			(41,819	)			20,686					(100,846	)			(15,543	)			(85,303	)
GMXB embedded derivatives (1)			91,607				(4,661	)			(29,978	)			(6,582	)			(104,805	)			196,412					86,946				(127,693	)			214,639
Funds withheld losses (gains) — investment income			(3,752	)			53.00				—				—				—				(3,752	)				(3,699	)			—				(3,699	)
Funds withheld losses (gains) — policy acq. costs			505				(53.00	)			—				—				—				505					452				—				452
EIA embedded derivatives — interest credited			9,743				(14,574	)			8,166				(3,412	)			(8,301	)			18,044					(4,831	)			(13,582	)			8,751
EIA embedded derivatives — policy acq. costs			(977	)			2,113				(521	)			124				1,136				(2,113	)				1,136				1,984				(848	)
DAC offset, net			3,926				67,451				(3,622	)			26,508				60,350				(56,424	)				71,377				61,343				10,034
Gain on debt repurchase			—				—				—				—				(25,269	)			25,269					—				(25,269	)			25,269
Operating Income		$	121,899			$	93,008			$	125,833			$	114,571			$	130,562			$	(8,663	)			$	214,907			$	197,917			$	16,990