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 (State or Other Jurisdiction of Incorporation)		1-11848 (Commission File Number)		43-1627032 (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 April 25, 2011, Reinsurance Group of America, Incorporated (the “Company”) issued (1) a press release announcing its earnings for the three-month period ended March 31, 2011, 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 March 31, 2011, a copy of which is attached hereto as Exhibit 99.2. The press release also notes that a conference call will be held on April 26, 2011 to discuss the financial and operating results for the three-month period ended March 31, 2011. 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 April 25, 2011
99.2		Quarterly Financial Supplement for the quarter ended March 31, 2011

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 April 25, 2011
99.2		Quarterly Financial Supplement for the quarter ended March 31, 2011

Exhibit 99.1

PRESS RELEASE

REINSURANCE GROUP OF AMERICA REPORTS FIRST-QUARTER RESULTS

•

Earnings per diluted share rose to $2.18 (net income) and $1.61 (operating income*)

•

Premiums up 7 percent to $1.7 billion

•

$6.5 million estimated net claims for earthquakes in Japan and New Zealand

ST. LOUIS, April 25, 2011 — Reinsurance Group of America, Incorporated (NYSE:RGA), a leading global provider of life reinsurance, reported first-quarter net income of $160.8 million, or $2.18 per diluted share, compared to $122.4 million, or $1.64 per diluted share in the prior-year quarter. Operating income* totaled $118.8 million, or $1.61 per diluted share, compared to $93.0 million, or $1.25 per diluted share in the year-ago quarter. Operating income per diluted share increased 29 percent over the year-ago quarter.

		Quarterly Results
($ in thousands, except per share data)		2011				2010
Net premiums		$	1,736,130			$	1,628,464
Net income			160,816				122,439
Net income per diluted share			2.18				1.64
Operating income*			118,827				93,008
Operating income per diluted share*			1.61				1.25
Book value per share			68.06				56.98
Book value per share (excl. Accumulated Other Comprehensive Income “AOCI”)*			55.88				50.49
Total assets			29,510,019				26,722,458

Consolidated net premiums increased 7 percent to $1,736.1 million from $1,628.5 million in the prior-year period, including a 3 percent contribution from changes in foreign currency exchange rates. Investment income rose 22 percent to $371.0 million from $304.3 million in the year-earlier quarter, primarily due to a significant increase in the fair value of option contracts supporting equity-indexed annuities. Investment income was flat without these option contracts as average invested assets increased approximately $1.7 billion and average yields decreased from 5.84 percent to 5.35 percent quarter over quarter. The average investment yield in the fourth quarter of 2010 was 5.43 percent. Net foreign currency fluctuations contributed $3.0 million, after taxes, to operating income.

A. Greig Woodring, president and chief executive officer, commented, “RGA’s first quarter of 2011 was eventful on several fronts as it included capital refinement activity, natural disasters in the Asia Pacific region and RGA’s first investor day conference. As outlined at that conference, we executed several capital refinement strategies, including redeeming a convertible security and purchasing 5.5 million shares, which collectively lowered shareholders’ equity by approximately $178 million and our diluted share count by roughly 1.9 million shares. Our capital and liquidity positions remain strong, and our investment portfolio is appropriately positioned. Investment impairments were not material this quarter.

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“Overall, claims experience for the quarter was in line with our expectations, including somewhat elevated levels of claims in the U.S. related to first-quarter seasonality. Importantly, our international operations performed well, despite providing $6.5 million for estimated net claims related to the earthquakes in Japan and New Zealand.

“Despite the mortality seasonality and the anticipated losses from the Asia Pacific natural disasters, we generated an annualized operating return on equity of 11.5 percent this quarter. We continue to target an enterprise-wide return of 13 percent in the intermediate term. RGA is appropriately capitalized, and we continue to evaluate capital deployment opportunities. We purposefully lowered our excess capital position this quarter to a more efficient level and, at the same time, eliminated the source of significant future share dilution embedded in the convertible securities we redeemed in March. Should the need arise, we are confident in our ability to raise capital for any attractive large block transactions or acquisitions. We are well-positioned to serve our clients in all major life reinsurance markets across the globe.”

SEGMENT RESULTS

U.S.

The U.S. Traditional sub-segment reported pre-tax net income of $78.4 million for the quarter, up from $63.8 million last year. Pre-tax operating income increased to $69.5 million from $61.0 million the year before. Net premiums were up 4 percent to $935.1 million from $903.0 million in the prior-year quarter. RGA continues to be a dominant player in the U.S. market with the number one market share of recurring business. According to the recently released reinsurance market survey sponsored by the Society of Actuaries (SOA), RGA’s number one market position represented 26 percent of recurring production in the U.S. in 2010, up from 22 percent in 2009. Further, U.S. market share as measured by reinsurance in force increased to 18 percent.

The U.S. Asset Intensive business reported strong pre-tax income of $66.4 million compared with $64.6 million a year ago. Both periods benefited from market-driven changes in the fair values of various free-standing and embedded derivatives. Excluding the impact of those derivatives, pre-tax operating income increased to $20.8 million from $16.5 million a year ago. Strong equity market performance contributed to the better-than-expected results this quarter.

Canada

Canadian operations reported pre-tax net income of $30.7 million compared with $19.0 million in the first quarter of 2010. Pre-tax operating income increased to $26.3 million from $16.0 million in the prior-year period, reflecting improved mortality experience. Foreign currency fluctuations benefited pre-tax operating income by approximately $0.5 million. Premiums increased 3 percent to $215.0 million from $208.7 million last year. On a Canadian dollar basis, net premiums decreased 2 percent, primarily due to client reporting volatility associated with creditor reinsurance business. Excluding the creditor business, local currency premiums rose 17 percent. According to the SOA survey referenced above, RGA increased its leading recurring market share in Canada to 34 percent in 2010, and its in force market share totaled 25 percent.

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Asia Pacific

Asia Pacific reported pre-tax net income of $25.3 million compared with $26.4 million in the first quarter of 2010. Pre-tax operating income was slightly lower at $25.7 million versus $26.6 million a year ago, primarily attributable to the $6.5 million in estimated net losses from the Japan and New Zealand earthquakes. Foreign currency fluctuations added $1.6 million to the current period pre-tax operating result. Premiums increased 9 percent to $311.5 million from $285.8 million in the prior year. On a local currency basis, premiums were relatively flat.

Europe & South Africa

Europe & South Africa pre-tax net income increased to $26.3 million from $10.7 million in the year-ago quarter. Pre-tax operating income increased to $26.0 million from $10.2 million last year due to improved claims experience, primarily in South Africa and Continental Europe. Net premiums totaled $269.1 million, up 24 percent from $217.7 million in the prior-year quarter, primarily reflecting strong production in the UK and several other European markets. On a local currency basis, net premiums were up 21 percent this quarter. Foreign currency fluctuations did not materially affect pre-tax operating income.

Corporate and Other

Corporate and Other reported pre-tax net income of $8.6 million and pre-tax operating income of $3.6 million for the quarter. Results from this segment include investment income and realized gains and losses associated with unallocated assets, debt servicing costs and other corporate-related activities.

Dividend Declaration

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

Earnings Conference Call

A conference call to discuss first-quarter results will begin at 9 a.m. Eastern Time on Tuesday, April 26. Interested parties may access the call by dialing 877-604-9670 (domestic) or 719-325-4792 (international). The access code is 4306690. 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 May 4 at 888-203-1112 (domestic) or 719-457-0820 (international), access code 4306690.

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 website 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 $2.6 trillion of life reinsurance in force, and assets of $29.5 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

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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) action by regulators who have authority over our reinsurance operations in the jurisdictions in which we operate, (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 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 2010 Form 10-K.

Investor Contact

John W. Hayden
Senior Vice President — Controller and 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)

		Three Months Ended
		March 31,
(Unaudited)		2011				2010
GAAP net income		$	160,816			$	122,439
Reconciliation to operating income:
Capital (gains) losses, derivatives and other, included in investment related (gains) losses, net			191				(47	)
Capital (gains) losses on funds withheld:
Included in investment income			7,827				53
Included in policy acquisition costs and other insurance expenses			(1,251	)			(53	)
Embedded derivatives:
Included in investment related (gains) losses, net			(80,073	)			(84,374	)
Included in interest credited			(17,388	)			(14,574	)
Included in policy acquisition costs and other insurance expenses			1,914				2,113
DAC offset, net			47,168				67,451
Gain on repurchase of collateral finance facility securities			(3,231	)			—
Loss on retirement of Preferred Income Equity Redeemable Securities (“PIERS”)			2,854				—
Operating income		$	118,827			$	93,008

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

		Three Months Ended
		March 31,
(Unaudited)		2011				2010
Income before income taxes		$	241,849			$	193,315
Reconciliation to pre-tax operating income:
Capital (gains) losses, derivatives and other, included in investment related (gains) losses, net			1,099				371
Capital (gains) losses on funds withheld:
Included in investment income			12,041				82
Included in policy acquisition costs and other insurance expenses			(1,925	)			(81	)
Embedded derivatives:
Included in investment related (gains) losses, net			(123,189	)			(129,806	)
Included in interest credited			(26,751	)			(22,422	)
Included in policy acquisition costs and other insurance expenses			2,944				3,250
DAC offset, net			72,567				103,769
Gain on repurchase of collateral finance facility securities			(4,971	)			—
Loss on retirement of PIERS			4,391				—
Pre-tax operating income		$	178,055			$	148,478

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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 March 31, 2011
														Net (gain)
														loss on
						Capital				Change in				repurchase
						(gains) losses,				value of				and				Pre-tax
		Pre-tax net				derivatives				embedded				retirement				operating
(Unaudited)		income				and other, net				derivatives, net				of securities				income
U.S. Operations:
Traditional		$	78,399			$	(8,875	)		$	—			$	—			$	69,524
Asset Intensive			66,378				6,136	(1)			(51,745	)(2)			—				20,769
Financial Reinsurance			6,120				35				—				—				6,155
Total U.S.			150,897				(2,704	)			(51,745	)			—				96,448
Canada Operations			30,671				(4,389	)			—				—				26,282
Europe & South Africa			26,319				(293	)			—				—				26,026
Asia Pacific Operations			25,328				330				—				—				25,658
Corporate and Other			8,634				(4,413	)			—				(580	)			3,641
Consolidated		$	241,849			$	(11,469	)		$	(51,745	)			(580	)		$	178,055
(1)     Asset Intensive is net of $(22,684) DAC offset. (2)     Asset Intensive is net of $95,251 DAC offset.
						Three Months Ended March 31, 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						$	63,825			$	(2,848	)		$	—			$	60,977
Asset Intensive							64,562				(10,808	)(1)			(37,208	)(2)			16,546
Financial Reinsurance							3,185				9				—				3,194
Total U.S.							131,572				(13,647	)			(37,208	)			80,717
Canada Operations							18,973				(2,955	)			—				16,018
Europe & South Africa							10,657				(459	)			—				10,198
Asia Pacific Operations							26,445				120				—				26,565
Corporate and Other							5,668				9,312				—				14,980
Consolidated						$	193,315			$	(7,629	)		$	(37,208	)		$	148,478

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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
		March 31,
(Unaudited)		2011				2010
Diluted earnings per share from operating income		$	1.61			$	1.25
Earnings per share from net income:
Basic earnings per share		$	2.20			$	1.68
Diluted earnings per share		$	2.18			$	1.64
Weighted average number of common and common equivalent shares outstanding			73,836				74,578

		At or for the Three Months
		Ended March 31,
(Unaudited)		2011				2010
Treasury shares			5,341				261
Common shares outstanding			73,797				73,103
Book value per share outstanding		$	68.06			$	56.98
Book value per share outstanding, before impact of AOCI		$	55.88			$	50.49

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

		Three Months Ended
		March 31,
(Unaudited)		2011				2010
Revenues:
Net premiums		$	1,736,130			$	1,628,464
Investment income, net of related expenses			371,040				304,258
Investment related gains (losses), net:
Other-than-temporary impairments on fixed maturity securities			(1,556	)			(7,430	)
Other-than-temporary impairments on fixed maturity securities transferred to (from) accumulated other comprehensive income			—				2,344
Other investment related gains (losses), net			125,176				136,271
Total investment related gains (losses), net			123,620				131,185
Other revenue			51,645				36,278
Total revenues			2,282,435				2,100,185
Benefits and expenses:
Claims and other policy benefits			1,469,449				1,375,180
Interest credited			106,063				56,934
Policy acquisition costs and other insurance expenses			331,153				366,302
Other operating expenses			106,150				91,199
Interest expense			24,569				15,449
Collateral finance facility expense			3,202				1,806
Total benefits and expenses			2,040,586				1,906,870
Income before income taxes			241,849				193,315
Income tax expense			81,033				70,876
Net income		$	160,816			$	122,439

# # #

Exhibit 99.2

Financial Supplement

First Quarter 2011

(Unaudited)

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

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”.

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

Reinsurance Group of America, Incorporated
Financial Supplement
1st Quarter 2011
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 shareholder’s equity excluding AOCI.

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Reinsurance Group of America, Incorporated
Financial Highlights

		Three Months Ended or As of																				Current Qtr
		March 31,				Dec. 31,				Sept. 30,				June 30,				March 31,				vs. PY
(USD thousands, except inforce & per share data)		2011				2010				2010				2010				2010				Quarter
Net premiums		$	1,736,130			$	1,801,899			$	1,647,300			$	1,582,017			$	1,628,464			$	107,666
Net income			160,816				196,712				128,232				127,019				122,439				38,377
Operating income			118,827				161,419				127,703				121,899				93,008				25,819
Operating return on equity (ex AOCI) — annualized			11.5	%			16.0	%			13.2	%			13.0	%			10.2	%			1.3	%
Operating return on equity (ex AOCI) — trailing 12 months			13.4	%			13.2	%			12.7	%			12.7	%			13.5	%			-0.1	%
Total assets			29,510,019				29,081,908				28,934,028				27,220,606				26,722,458				2,787,561
Assumed Life Reinsurance in Force (in billions)
U.S.		$	1,343.2			$	1,340.5			$	1,339.7			$	1,334.9			$	1,318.0			$	25.2
Canada			339.2				324.1				307.0				289.7				293.9				45.3
Europe & South Africa			497.8				467.6				446.5				401.8				395.6				102.2
Asia Pacific			407.7				408.1				385.8				340.9				355.6				52.1
Total Life Reinsurance in Force		$	2,587.9			$	2,540.3			$	2,479.0			$	2,367.3			$	2,363.1			$	224.8
Assumed New Business Production (in billions)
U.S.		$	31.3			$	26.2			$	30.3			$	45.1			$	40.6	(1)		$	(9.3	)
Canada			12.4				12.2				12.2				12.8				13.9				(1.5	)
Europe & South Africa			37.1				28.5				30.0				23.4				21.7				15.4
Asia Pacific			7.4				13.1				4.8				10.1				2.7				4.7
Total New Business Production		$	88.2			$	80.0			$	77.3			$	91.4			$	78.9			$	9.3
Per Share and Shares Data
Basic earnings per share
Net income		$	2.20			$	2.68			$	1.75			$	1.74			$	1.68			$	0.52
Operating income		$	1.62			$	2.20			$	1.75			$	1.67			$	1.27			$	0.35
Diluted earnings per share
Net income		$	2.18			$	2.62			$	1.72			$	1.70			$	1.64			$	0.54
Operating income		$	1.61			$	2.15			$	1.72			$	1.63			$	1.25			$	0.36
Wgt. average common shares outstanding (basic)			73,213				73,277				73,162				73,141				73,046				167
Wgt. average common shares outstanding (diluted)			73,836				75,052				74,420				74,721				74,578				(742	)
Common shares issued			79,138				73,364				73,364				73,364				73,364				5,774
Treasury shares			5,341				1				192				210				261				5,080
Common shares outstanding			73,797				73,363				73,172				73,154				73,103				694
Book value per share		$	68.06			$	68.71			$	68.30			$	60.73			$	56.98
Per share effect of accumulated other comprehensive income (AOCI)		$	12.18			$	12.37			$	14.48			$	8.59			$	6.49
Book value per share, excluding AOCI		$	55.88			$	56.34			$	53.82			$	52.14			$	50.49

				Page 2

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

		Three Months Ended																				Current Qtr
		March 31,				Dec. 31,				Sept. 30,				June 30,				March 31,				vs. PY
(USD thousands)		2011				2010				2010				2010				2010				Quarter
Revenues:
Net premiums		$	1,736,130			$	1,801,899			$	1,647,300			$	1,582,017			$	1,628,464			$	107,666
Investment income, net of related expenses			371,040				355,227				287,504				291,671				304,258				66,782
Investment related gains (losses), net
OTTI on fixed maturity securities			(1,556	)			(16,097	)			(4,904	)			(3,489	)			(7,430	)			5,874
OTTI on fixed maturity securities transferred to/from AOCI			—				(186	)			26				(139	)			2,344				(2,344	)
Other investment related gains (losses), net			125,176				90,916				(11,902	)			26,620				136,271				(11,095	)
Total investment related gains (losses), net			123,620				74,633				(16,780	)			22,992				131,185				(7,565	)
Other revenue			51,645				42,370				37,515				35,197				36,278				15,367
Total revenues			2,282,435				2,274,129				1,955,539				1,931,877				2,100,185				182,250
Benefits and expenses:
Claims and other policy benefits			1,469,449				1,470,845				1,393,891				1,307,239				1,375,180				94,269
Interest credited			106,063				79,103				94,776				79,169				56,934				49,129
Policy acquisition costs and other insurance expenses			331,153				319,444				157,058				237,149				366,302				(35,149	)
Other operating expenses			106,150				102,216				85,409				83,147				91,199				14,951
Interest expense			24,569				25,215				25,191				25,141				15,449				9,120
Collateral finance facility expense			3,202				2,049				2,041				1,960				1,806				1,396
Total benefits and expenses			2,040,586				1,998,872				1,758,366				1,733,805				1,906,870				133,716
Income before income taxes			241,849				275,257				197,173				198,072				193,315				48,534
Income tax expense			81,033				78,545				68,941				71,053				70,876				10,157
Net income		$	160,816			$	196,712			$	128,232			$	127,019			$	122,439			$	38,377
Pre-tax Operating Income Reconciliation:
Income before income taxes — continuing operations			241,849				275,257				197,173				198,072				193,315				48,534
Investment and derivative losses (gains) — non-operating (1)			1,099				91,401				(37,747	)			(130,697	)			371				728
Change in value of modified coinsurance and funds withheld embedded derivatives (1)			(90,535	)			(43,780	)			38,653				(32,512	)			(122,635	)			32,100
GMXB embedded derivatives (1)			(32,654	)			(121,209	)			16,232				140,934				(7,171	)			(25,483	)
Funds withheld losses (gains) — investment income			12,041				(8,240	)			(6,494	)			(5,772	)			82				11,959
Funds withheld losses (gains) — policy acq. costs			(1,925	)			793				954				777				(81	)			(1,844	)
EIA embedded derivatives — interest credited			(26,751	)			(25,741	)			43,070				14,990				(22,422	)			(4,329	)
EIA embedded derivatives — policy acq. costs			2,944				3,008				(4,189	)			(1,503	)			3,250				(306	)
DAC offset, net			72,567				49,618				(50,519	)			6,041				103,769				(31,202	)
Gain on repurchase of collateral finance facility securities			(4,971	)			—				—				—				—				(4,971	)
Loss on retirement of Preferred Income Equity Redeemable Securities (“PIERS”)			4,391				—				—				—				—				4,391
Operating Income Before Income Taxes		$	178,055			$	221,107			$	197,133			$	190,330			$	148,478			$	29,577
After-tax Operating Income Reconciliation:
Income — continuing operations			160,816				196,712				128,232				127,019				122,439				38,377
Investment and derivative losses (gains) — non-operating (1)			191				59,317				(25,041	)			(85,039	)			(47	)			238
Change in value of modified coinsurance and funds withheld embedded derivatives (1)			(58,848	)			(28,457	)			25,125				(21,133	)			(79,713	)			20,865
GMXB embedded derivatives (1)			(21,225	)			(78,786	)			10,551				91,607				(4,661	)			(16,564	)
Funds withheld losses (gains) — investment income			7,827				(5,356	)			(4,221	)			(3,752	)			53				7,774
Funds withheld losses (gains) — policy acq. costs			(1,251	)			515				621				505				(53	)			(1,198	)
EIA embedded derivatives — interest credited			(17,388	)			(16,732	)			27,996				9,743				(14,574	)			(2,814	)
EIA embedded derivatives — policy acq. costs			1,914				1,955				(2,723	)			(977	)			2,113				(199	)
DAC offset, net			47,168				32,251				(32,837	)			3,926				67,451				(20,283	)
Gain on repurchase of collateral finance facility securities			(3,231	)			—				—				—				—				(3,231	)
Loss on retirement of PIERS			2,854				—				—				—				—				2,854
Operating Income		$	118,827			$	161,419			$	127,703			$	121,899			$	93,008			$	25,819

				Page 3

Reinsurance Group of America, Incorporated
Consolidated Operating Income Statement

		Three Months Ended																				Current Qtr
		March 31,				Dec. 31,				Sept. 30,				June 30,				March 31,				vs. PY
(USD thousands, except per share data)		2011				2010				2010				2010				2010				Quarter
Revenues:
Net premiums		$	1,736,130			$	1,801,899			$	1,647,300			$	1,582,017			$	1,628,464			$	107,666
Investment income, net of related expenses			383,081				346,987				281,010				285,899				304,340				78,741
Investment related gains (losses), net			1,530				1,045				358				717				1,750				(220	)
Other revenue			46,674				42,370				37,515				35,197				36,278				10,396
Total revenues			2,167,415				2,192,301				1,966,183				1,903,830				1,970,832				196,583
Benefits and expenses:
Claims and other policy benefits			1,469,449				1,470,845				1,393,891				1,307,239				1,375,180				94,269
Interest credited			132,814				104,844				51,706				64,179				79,356				53,458
Policy acquisition costs and other insurance expenses			257,567				266,025				210,812				231,834				259,364				(1,797	)
Other operating expenses			101,759				102,216				85,409				83,147				91,199				10,560
Interest expense			24,569				25,215				25,191				25,141				15,449				9,120
Collateral finance facility expense			3,202				2,049				2,041				1,960				1,806				1,396
Total benefits and expenses			1,989,360				1,971,194				1,769,050				1,713,500				1,822,354				167,006
Operating income before income taxes			178,055				221,107				197,133				190,330				148,478				29,577
Operating income tax expense			59,228				59,688				69,430				68,431				55,470				3,758
Operating income		$	118,827			$	161,419			$	127,703			$	121,899			$	93,008			$	25,819
Wgt. Average Common Shares Outstanding (Diluted)			73,836				75,052				74,420				74,721				74,578				(742	)
Diluted Earnings Per Share — Operating Income		$	1.61			$	2.15			$	1.72			$	1.63			$	1.25			$	0.36
Foreign currency effect*:
Net premiums		$	42,487			$	23,933			$	15,448			$	40,445			$	103,974			$	(61,487	)
Operating income before income taxes		$	4,634			$	1,580			$	1,998			$	5,185			$	9,497			$	(4,863	)

				Page 4

Reinsurance Group of America, Incorporated
Consolidated Balance Sheets

		March 31,				Dec. 31,				Sept. 30,				June 30,				March 31,
(USD thousands)		2011				2010				2010				2010				2010
Assets
Fixed maturity securities, available-for-sale		$	14,531,154			$	14,304,597			$	14,169,930			$	13,077,607			$	12,775,342
Mortgage loans on real estate			906,869				885,811				863,873				838,827				797,272
Policy loans			1,222,016				1,228,418				1,173,148				1,173,016				1,162,723
Funds withheld at interest			5,595,146				5,421,952				5,276,511				5,257,929				5,180,300
Short-term investments			74,902				118,387				84,091				63,962				79,160
Other invested assets			756,377				707,403				738,830				637,827				564,753
Total investments			23,086,464				22,666,568				22,306,383				21,049,168				20,559,550
Cash and cash equivalents			467,672				463,661				634,075				557,756				525,360
Accrued investment income			155,182				127,874				177,250				144,658				140,921
Premiums receivable and other reinsurance balances			986,658				1,037,679				987,342				898,522				880,372
Reinsurance ceded receivables			807,929				769,699				790,889				721,830				731,479
Deferred policy acquisition costs			3,679,075				3,726,443				3,741,534				3,597,865				3,624,846
Other assets			327,039				289,984				296,555				250,807				259,930
Total assets		$	29,510,019			$	29,081,908			$	28,934,028			$	27,220,606			$	26,722,458
Liabilities and Stockholders’ Equity
Future policy benefits		$	9,438,432			$	9,274,789			$	8,906,977			$	8,518,817			$	8,540,298
Interest-sensitive contract liabilities			7,747,203				7,774,481				7,884,874				7,781,407				7,550,168
Other policy claims and benefits			2,728,122				2,597,941				2,590,014				2,387,579				2,429,147
Other reinsurance balances			184,958				133,590				134,066				143,723				211,532
Deferred income taxes			1,415,333				1,396,747				1,064,726				977,873				818,331
Other liabilities			701,799				637,923				1,129,848				742,940				782,117
Short-term debt			255,989				199,985				—				—				—
Long-term debt			1,016,510				1,016,425				1,216,320				1,216,230				1,216,140
Collateral finance facility			839,354				850,039				850,026				850,030				850,025
Company-obligated mandatorily redeemable preferred securities of subsidiary trust holding solely junior subordinated debentures of the Company			159,455				159,421				159,368				159,316				159,266
Total liabilities			24,487,155				24,041,341				23,936,219				22,777,915				22,557,024
Stockholders’ Equity:
Common stock, at par value			791				734				734				734				734
Warrants			—				66,912				66,912				66,912				66,912
Additional paid-in-capital			1,708,096				1,478,398				1,477,011				1,473,305				1,469,807
Retained earnings			2,738,868				2,587,403				2,402,167				2,282,968				2,165,410
Treasury stock			(323,689	)			(295	)			(8,774	)			(9,570	)			(11,817	)
Accumulated other comprehensive income (AOCI):
Accumulated currency translation adjustment, net of income taxes			297,513				270,526				242,686				173,985				237,549
Unrealized appreciation of securities, net of income taxes			615,631				651,449				832,756				470,365				252,905
Pension and postretirement benefits, net of income taxes			(14,346	)			(14,560	)			(15,683	)			(16,008	)			(16,066	)
Total stockholders’ equity			5,022,864				5,040,567				4,997,809				4,442,691				4,165,434
Total liabilities and stockholders’ equity		$	29,510,019			$	29,081,908			$	28,934,028			$	27,220,606			$	26,722,458
Total stockholders’ equity, excluding AOCI		$	4,124,066			$	4,133,152			$	3,938,050			$	3,814,349			$	3,691,046