SEC Filing | Reinsurance Group of America, Inc

REINSURANCE GROUP OF AMERICA, INCORPORATED

Date: October 24, 2011

/S/ JACK B. LAY

Jack B. Lay

Senior Executive Vice President and

Chief Financial Officer

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Form 8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): October 24, 2011

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):

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

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

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

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

Item 2.02

Results of Operations and Financial Condition

On October 24, 2011, Reinsurance Group of America, Incorporated (the “Company”) issued (1) a press release announcing its earnings for the three-month period ended September 30, 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 September 30, 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 October 25, 2011 to discuss the financial and operating results for the three-month period ended September 30, 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 October 24, 2011

99.2		Quarterly Financial Supplement for the quarter ended September 30, 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 October 24, 2011

99.2		Quarterly Financial Supplement for the quarter ended September 30, 2011

Exhibit 99.1

Exhibit 99.1

LOGO

PRESS RELEASE

REINSURANCE GROUP OF AMERICA REPORTS THIRD-QUARTER RESULTS

•

Earnings per diluted share increased to $1.98 (net income) and $2.04 (operating income*), including a $0.44 favorable impact related to a Canadian tax rate change

•

Premiums up 8 percent to $1.8 billion

•

Operating return on equity* 13 percent for trailing 12 months

ST. LOUIS, October 24, 2011 – Reinsurance Group of America, Incorporated (NYSE:RGA), a leading global provider of life reinsurance, reported third-quarter net income of $147.4 million, or $1.98 per diluted share, compared to $128.2 million, or $1.72 per diluted share in the prior-year quarter. Operating income* totaled $151.6 million, or $2.04 per diluted share, compared to $127.7 million, or $1.72 per diluted share in the year-ago quarter.

For the first nine months of 2011, net income increased to $441.1 million, or $5.94 per diluted share, from $377.7 million, or $5.06 per diluted share, in the year-ago period. Operating income* totaled $398.4 million, or $5.37 per diluted share, compared with $342.6 million, or $4.59 per diluted share, the year before.


	Quarterly Results				Year-to-Date Results
($ in thousands, except per share data)	2011		2010		2011		2010
Net premiums	$	1,776,165	$	1,647,300	$	5,300,971	$	4,857,781
Net income		147,385		128,232		441,089		377,690
Net income per diluted share		1.98		1.72		5.94		5.06
Operating income*		151,618		127,703		398,446		342,610
Operating income per diluted share*		2.04		1.72		5.37		4.59
Book value per share		77.29		68.30
Book value per share (excl. Accumulated Other Comprehensive Income “AOCI”)*		59.48		53.82
Total assets		31,183,454		28,934,028

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

For the quarter, consolidated net premiums increased 8 percent to $1,776.2 million from $1,647.3 million in the prior-year period. Net of the effects of changes in foreign currency exchange rates, net premiums were up 5 percent. The prior-year period benefited from an advance premium of $43.3 million associated with a new longevity transaction in Canada. Excluding that transaction, premiums rose 11 percent with the currency effect and 7 percent without it. Investment income decreased 7 percent to $268.2 million from $287.5 million in the year-earlier quarter, including a decline in fair value of option contracts supporting equity-indexed annuities. Excluding the effects of these option contracts, investment income was up $19.2 million, or 6 percent. Average invested assets

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increased approximately $1.9 billion to $17.7 billion and average yields, excluding the funds withheld assets, decreased 37 basis points to 5.29 percent quarter over quarter. The average investment yield in each of the first two quarters of 2011 was 5.35 percent. Net foreign currency fluctuations contributed $4.5 million, after taxes, to operating income, or $0.06 per diluted share.

During the third quarter, the company recognized an income tax benefit associated with previously enacted reductions in federal and provincial statutory tax rates in Canada. The impact of the decrease in rates on the deferred income tax liability was a benefit of $32.5 million, or $0.44 per diluted share.

A. Greig Woodring, president and chief executive officer, commented, “Enterprise-wide claims experience was slightly elevated, most notably in our U.S. and Europe & South Africa segments. Nonetheless, that claims volatility was within our expected range. The S&P 500 index and benchmark interest rates were down during the third quarter and, as a result, our asset intensive business earned $1 million pre-tax operating income, well below its normalized quarterly run rate of $15 million to $16 million. However, for the first nine months of 2011, that business has generally performed as expected. Consolidated premium growth was slightly below our expectations for the quarter.

“Historically low interest rates continued to put pressure on our investment yield, but our reserves and capital remain strong. Even if interest rates remain at current levels for the next five years, we project our reserves to be sufficient, and we would not expect to write down deferred acquisition costs or be required to take any actions to augment capital. Under that same scenario, our investment yield would gradually drop by an estimated 50 basis points over that five-year period, which would, in turn, reduce operating returns on equity as excess cash flows would be reinvested at lower yields. All else equal, those projected returns would decline between 15 and 20 basis points in 2012 and around 50 basis points by the end of 2016. While we have felt the pressures of sustained low interest rates and volatile equity markets and may continue to do so, our business is not overly sensitive to these risks due to our relatively low levels of asset leverage and annuity business.

“We generated an annualized operating return on equity of 14 percent this quarter, and 13 percent over the last 12 months. We continue to invest actively in business opportunities and 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 $88.2 million for the quarter, down from $114.1 million last year. Pre-tax operating income decreased to $83.1 million from $101.1 million in 2010. Mortality claims were slightly higher-than-expected this quarter, reflecting normal volatility, and accounted for the majority of the decrease. Net premiums rose 4 percent to $971.2 million from $930.1 million a year ago, attributable to the ongoing pressure on cession rates.

The U.S. Asset Intensive business reported a pre-tax loss of $61.0 million compared with a pre-tax loss of $6.6 million a year ago, including changes in the fair values of various free-standing and embedded derivatives. Pre-tax operating income, which excludes the impact of those derivatives, decreased to

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$1.0 million from $14.0 million a year ago, primarily reflecting poor equity market performance and the related impact on equity-indexed and variable annuities. The expected level of pre-tax operating income for this business is $15 million to $16 million per quarter.

The U.S. Financial Reinsurance business performed well this quarter and added $6.4 million of pre-tax income compared with $4.3 million last year, primarily due to higher fee income from new business.

Canada

Canadian operations reported pre-tax net income of $44.4 million compared with $33.5 million in the third quarter of 2010. Pre-tax operating income increased 28 percent to $35.7 million from $28.0 million in the prior-year period, reflecting better-than-expected mortality experience.

A stronger Canadian dollar relative to the third quarter of 2010 benefited pre-tax operating income by approximately $2.6 million. Premiums decreased 10 percent to $185.8 million from $205.6 million last year, which benefited from an advance premium of $43.3 million. Excluding that advance premium, premiums rose 14 percent in the current quarter, including a favorable foreign currency effect of $10.3 million.

Asia Pacific

Asia Pacific reported pre-tax net income of $29.8 million compared with $28.5 million in the third quarter of 2010. Pre-tax operating income increased 15 percent to $31.4 million from $27.4 million a year ago. Favorable results in Japan, Hong Kong and Southeast Asia were offset, in part, by higher-than-expected claims in Australia. Foreign currency fluctuations added $3.4 million to the current period pre-tax operating income. Premiums increased 20 percent to $328.3 million from $273.8 million in the prior year. On a local currency basis, premiums rose more than 7 percent.

Europe & South Africa

Europe & South Africa pre-tax net income decreased to $15.9 million from $17.5 million in the year-ago quarter. Pre-tax operating income decreased to $13.9 million from $15.7 million last year. Results in the segment’s primary operations in the UK were in line with expectations, but adverse claims results in other markets drove the overall segment decline. Foreign currency fluctuations increased pre-tax operating income by $0.7 million. Net premiums totaled $286.1 million, up 23 percent from $233.0 million in the prior-year quarter. On a local currency basis, net premiums were up 19 percent.

Corporate and Other

The Corporate and Other segment reported pre-tax net income of $48.0 million in the third quarter versus $5.9 million in the year-ago period. Current period pre-tax net income included a $50.9 million gain associated with the repurchase of $156.8 million of collateral finance facility securities. That gain is excluded from pre-tax operating income, which totaled $8.2 million in the current quarter and $6.6 million in the third quarter of 2010.

During the quarter, the company repurchased 838,362 shares of its common stock at a weighted average price of $51.39 per share.

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Deferred Acquisition Costs – New Accounting Guidance

The company expects to retrospectively apply the new accounting guidance on deferred acquisition costs, effective January 1, 2012. The adoption of the new accounting guidance is expected to result in a 6 to 9 percent decrease in book value, excluding AOCI, and a 6 to 10 percent decrease in reported operating income in prior-year periods and 2012. This accounting change does not alter the cash flows or lifetime profitability of the company’s business, rather, the change accelerates the timing of non-commission oriented acquisition expense recognition compared with current guidance. The estimates of the impact are preliminary and therefore subject to change.

Dividend Declaration

The board of directors declared a regular quarterly dividend of $0.18, payable November 25 to shareholders of record as of November 4.

Earnings Conference Call

A conference call to discuss third-quarter results will begin at 9 a.m. Eastern Time on Tuesday, October 25. Interested parties may access the call by dialing 877-741-4245 (domestic) or 719-325-4858 (international). The access code is 1723475. 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 November 2 at 888-203-1112 (domestic) or 719-457-0820 (international), access code 1723475.

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

Use of Non-GAAP Financial Measures

RGA uses a non-GAAP financial measure called operating income as a basis for analyzing financial results. This measure also serves as a basis for establishing target levels and awards under RGA’s management incentive programs. Management believes that operating income, on a pre-tax and after-tax basis, better measures the ongoing profitability and underlying trends of the company’s continuing operations, primarily because that measure excludes 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.

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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 $31.2 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 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

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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, including ongoing uncertainties regarding the amount of United States sovereign debt and the credit ratings thereof, (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)


(Unaudited)	Three Months Ended September 30,						Nine Months Ended September 30,
	2011			2010			2011			2010
GAAP net income	$	147,385		$	128,232		$	441,089		$	377,690
Reconciliation to operating income:
Capital (gains) losses, derivatives and other, included in investment related (gains) losses, net		(144,836	)		(25,041	)		(171,006	)		(110,127	)
Capital (gains) losses on funds withheld:
Included in investment income		(6,374	)		(4,221	)		(3,218	)		(7,920	)
Included in policy acquisition costs and other insurance expenses		672			621			586			1,073
Embedded derivatives:
Included in investment related (gains) losses, net		235,828			35,676			165,723			21,776
Included in interest credited		24,400			27,996			20,669			23,165
Included in policy acquisition costs and other insurance expenses		(2,381	)		(2,723	)		(1,815	)		(1,587	)
DAC offset, net		(70,011	)		(32,837	)		(20,140	)		38,540
Gain on repurchase of collateral finance facility securities		(33,065	)		—			(36,296	)		—
Loss on retirement of Preferred Income Equity Redeemable Securities (“PIERS”)		—			—			2,854			—

Operating income	$	151,618		$	127,703		$	398,446		$	342,610

Reconciliation of Consolidated Pre-tax Net Income to Pre-tax Operating Income

(Dollars in thousands)


(Unaudited)	Three Months Ended September 30,						Nine Months Ended September 30,
	2011			2010			2011			2010
Income before income taxes	$	171,540		$	197,173		$	613,795		$	588,560
Reconciliation to pre-tax operating income:
Capital (gains) losses, derivatives and other, included in investment related (gains) losses, net		(221,194	)		(37,747	)		(260,247	)		(168,073	)
Capital (gains) losses on funds withheld:
Included in investment income		(9,806	)		(6,494	)		(4,950	)		(12,184	)
Included in policy acquisition costs and other insurance expenses		1,034			954			902			1,650
Embedded derivatives:
Included in investment related (gains) losses, net		362,813			54,885			254,959			33,501
Included in interest credited		37,539			43,070			31,799			35,638
Included in policy acquisition costs and other insurance expenses		(3,664	)		(4,189	)		(2,793	)		(2,442	)
DAC offset, net		(107,709	)		(50,519	)		(30,984	)		59,291
Gain on repurchase of collateral finance facility securities		(50,869	)		—			(55,840	)		—
Loss on retirement of PIERS		—			—			4,391			—

Pre-tax operating income	$	179,684		$	197,133		$	551,032		$	535,941

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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 September 30, 2011
(Unaudited)
	Pre-tax net income (loss)			Capital (gains) losses, derivatives and other, net			Change in value of embedded derivatives, net			Net (gain) loss on repurchase and retirement of securities			Pre-tax operating income
U.S. Operations:
Traditional	$	88,167		$	(3,681	)	$	(1,375	)	$	—		$	83,111
Asset Intensive		(61,035	)		(25,501	)(1)		87,553	(2)		—			1,017
Financial Reinsurance		6,392			13			—			—			6,405

Total U.S.		33,524			(29,169	)		86,178			—			90,533
Canada Operations		44,406			(8,729	)		—			—			35,677
Europe & South Africa		15,881			(2,000	)		—			—			13,881
Asia Pacific Operations		29,750			1,625			—			—			31,375
Corporate and Other		47,979			11,108			—			(50,869	)		8,218

Consolidated	$	171,540		$	(27,165	)	$	86,178		$	(50,869	)	$	179,684

(1)	Asset Intensive is net of $202,801 DAC offset.

(2)	Asset Intensive is net of $(310,510) DAC offset.


	Three Months Ended September 30, 2010
(Unaudited)
	Pre-tax net income (loss)			Capital (gains) losses, derivatives and other, net			Change in value of embedded derivatives, net			Pre-tax operating income
U.S. Operations:
Traditional	$	114,075		$	(13,009	)	$	—		$	101,066
Asset Intensive		(6,606	)		(19,935	)(1)		40,530	(2)		13,989
Financial Reinsurance		4,317			44			—			4,361

Total U.S.		111,786			(32,900	)		40,530			119,416
Canada Operations		33,468			(5,431	)		—			28,037
Europe & South Africa		17,494			(1,808	)		—			15,686
Asia Pacific Operations		28,483			(1,094	)		—			27,389
Corporate and Other		5,942			663			—			6,605

Consolidated	$	197,173		$	(40,570	)	$	40,530		$	197,133

(1)	Asset Intensive is net of $2,717 DAC offset.

(2)	Asset Intensive is net of $(53,236) DAC offset.

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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

Reconciliation of Pre-tax Net Income to Pre-tax Operating Income

(Dollars in thousands)


	Nine Months Ended September 30, 2011
(Unaudited)
	Pre-tax net income		Capital (gains) losses, derivatives and other, net			Change in value of embedded derivatives, net			Net (gain) loss on repurchase and retirement of securities			Pre-tax operating income
U.S. Operations:
Traditional	$	260,112	$	(12,761	)	$	(1,375	)	$	—		$	245,976
Asset Intensive		20,971		(27,742	)(1)		48,543	(2)		—			41,772
Financial Reinsurance		19,509		41			—			—			19,550

Total U.S.		300,592		(40,462	)		47,168			—			307,298
Canada Operations		119,069		(15,253	)		—						103,816
Europe & South Africa		58,441		(3,049	)		—			—			55,392
Asia Pacific Operations		62,992		2,253			—			—			65,245
Corporate and Other		72,701		(1,971	)		—			(51,449	)		19,281

Consolidated	$	613,795	$	(58,482	)	$	47,168		$	(51,449	)	$	551,032

(1)	Asset Intensive is net of $205,813 DAC offset.

(2)	Asset Intensive is net of $(236,797) DAC offset.


	Nine Months Ended September 30, 2010
(Unaudited)
	Pre-tax net income		Capital (gains) losses, derivatives and other, net			Change in value of embedded derivatives, net			Pre-tax operating income
U.S. Operations:
Traditional	$	276,714	$	(18,578	)	$	—		$	258,136
Asset Intensive		75,517		(48,184	)(1)		18,972	(2)		46,305
Financial Reinsurance		11,902		63			—			11,965

Total U.S.		364,133		(66,699	)		18,972			316,406
Canada Operations		86,189		(9,201	)		—			76,988
Europe & South Africa		50,477		(3,614	)		—			46,863
Asia Pacific Operations		78,689		(3,051	)		—			75,638
Corporate and Other		9,072		10,974			—			20,046

Consolidated	$	588,560	$	(71,591	)	$	18,972		$	535,941

(1)	Asset Intensive is net of $107,016 DAC offset.

(2)	Asset Intensive is net of $(47,725) DAC offset.

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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

Per Share and Shares Data

(In thousands, except per share data)


(Unaudited)	Three Months Ended September 30,				Nine Months Ended September 30,
	2011		2010		2011		2010
Diluted earnings per share from operating income	$	2.04	$	1.72	$	5.37	$	4.59
Earnings per share from net income:
Basic earnings per share	$	2.00	$	1.75	$	5.99	$	5.17
Diluted earnings per share	$	1.98	$	1.72	$	5.94	$	5.06
Weighted average number of common and common equivalent shares outstanding		74,254		74,420		74,207		74,574


(Unaudited)	At or For the Nine Months Ended September 30,
	2011		2010
Treasury shares		5,871		192
Common shares outstanding		73,267		73,172
Book value per share outstanding	$	77.29	$	68.30
Book value per share outstanding, before impact of AOCI	$	59.48	$	53.82

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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

Condensed Consolidated Statements of Income

(Dollars in thousands)


(Unaudited)	Three Months Ended September 30,						Nine Months Ended September 30,
	2011			2010			2011			2010
Revenues:
Net premiums	$	1,776,165		$	1,647,300		$	5,300,971		$	4,857,781
Investment income, net of related expenses		268,210			287,504			976,686			883,433
Investment related gains (losses), net:
Other-than-temporary impairments on fixed maturity securities		(11,911	)		(4,904	)		(19,049	)		(15,823	)
Other-than-temporary impairments on fixed maturity securities transferred to (from) accumulated other comprehensive income		3,089			26			3,381			2,231
Other investment related gains (losses), net		(130,778	)		(11,902	)		27,076			150,989

Total investment related gains (losses), net		(139,600	)		(16,780	)		11,408			137,397
Other revenue		90,132			37,515			192,254			108,990

Total revenues		1,994,907			1,955,539			6,481,319			5,987,601

Benefits and expenses:
Claims and other policy benefits		1,514,765			1,393,891			4,504,227			4,076,310
Interest credited		35,251			94,776			237,510			230,879
Policy acquisition costs and other insurance expenses		149,228			157,058			741,663			760,509
Other operating expenses		94,029			85,409			297,340			259,755
Interest expense		27,025			25,191			77,412			65,781
Collateral finance facility expense		3,069			2,041			9,372			5,807

Total benefits and expenses		1,823,367			1,758,366			5,867,524			5,399,041

Income before income taxes		171,540			197,173			613,795			588,560
Income tax expense		24,155			68,941			172,706			210,870

Net income	$	147,385		$	128,232		$	441,089		$	377,690

# # #

Exhibit 99.2

Exhibit 99.2

LOGO

Financial Supplement

Third Quarter 2011

(Unaudited)

LOGO


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
		e-mail: jlay@rgare.com

		John Hayden
		Sr. Vice President
		Controller & Investor Relations
		Phone: (636) 300-8828
		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”.


		Quarterly Financial Supplement

Reinsurance Group of America, Incorporated

Financial Supplement

3rd 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


		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.

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.


		Quarterly Financial Supplement		Page 1

Reinsurance Group of America, Incorporated

Financial Highlights


(USD thousands, except inforce & per share data)	Three Months Ended or As of															Current Qtr vs. PY Quarter			Year-to-Date
(USD thousands, except inforce & per share data)	Sept. 30, 2011			June 30, 2011			March 31, 2011			Dec. 31, 2010			Sept. 30, 2010			Current Qtr vs. PY Quarter			Sept. 30, 2011		Sept. 30, 2010		Change
Net premiums	$	1,776,165		$	1,788,676		$	1,736,130		$	1,801,899		$	1,647,300		$	128,865		$	5,300,971	$	4,857,781	$	443,190
Net income		147,385			132,888			160,816			196,712			128,232			19,153			441,089		377,690		63,399
Operating income		151,618			128,001			118,827			161,419			127,703			23,915			398,446		342,610		55,836
Operating return on equity (ex AOCI) - annualized		14.1	%		12.2	%		11.5	%		16.0	%		13.2	%		0.9	%
Operating return on equity (ex AOCI) - trailing 12 months		13.5	%		13.2	%		13.4	%		13.2	%		12.7	%		0.8	%
Total assets		31,183,454			30,659,277			29,510,019			29,081,908			28,934,028			2,249,426
Assumed Life Reinsurance in Force (in billions)
U.S.	$	1,347.9		$	1,343.2		$	1,343.2		$	1,340.5		$	1,339.7		$	8.2
Canada		329.5			350.3			339.2			324.1			307.0			22.5
Europe & South Africa		515.0			529.7			497.8			467.6			446.5			68.5
Asia Pacific		422.8			435.6			407.7			408.1			385.8			37.0

Total Life Reinsurance in Force	$	2,615.2		$	2,658.8		$	2,587.9		$	2,540.3		$	2,479.0		$	136.2

Assumed New Business Production (in billions)
U.S.	$	30.1		$	24.3		$	31.3		$	26.2		$	30.3		$	(0.2	)	$	85.7	$	116.0	$	(30.3	)
Canada		14.0			13.4			12.4			12.2			12.2			1.8			39.8		38.9		0.9
Europe & South Africa		38.7			47.6			37.1			28.5			30.0			8.7			123.4		75.1		48.3
Asia Pacific		27.9			9.7			7.4			13.1			4.8			23.1			45.0		17.6		27.4

Total New Business Production	$	110.7		$	95.0		$	88.2		$	80.0		$	77.3		$	33.4		$	293.9	$	247.6	$	46.3

Per Share and Shares Data
Basic earnings per share
Net income	$	2.00		$	1.80		$	2.20		$	2.68		$	1.75		$	0.25		$	5.99	$	5.17	$	0.82
Operating income	$	2.05		$	1.73		$	1.62		$	2.20		$	1.75		$	0.30		$	5.41	$	4.69	$	0.72
Diluted earnings per share
Net income	$	1.98		$	1.78		$	2.18		$	2.62		$	1.72		$	0.26		$	5.94	$	5.06	$	0.88
Operating income	$	2.04		$	1.72		$	1.61		$	2.15		$	1.72		$	0.32		$	5.37	$	4.59	$	0.78
Wgt. average common shares outstanding (basic)		73,856			73,971			73,213			73,277			73,162			694			73,680		73,117		563
Wgt. average common shares outstanding (diluted)		74,254			74,530			73,836			75,052			74,420			(166	)		74,207		74,574		(367	)
Common shares issued		79,138			79,138			79,138			73,364			73,364			5,774			79,138		73,364		5,774
Treasury shares		5,871			5,062			5,341			1			192			5,679			5,871		192		5,679
Common shares outstanding		73,267			74,076			73,797			73,363			73,172			95			73,267		73,172		95
Book value per share	$	77.29		$	71.88		$	68.06		$	68.71		$	68.30
Per share effect of accumulated other comprehensive income (AOCI)	$	17.81		$	14.37		$	12.18		$	12.37		$	14.48
Book value per share, excluding AOCI	$	59.48		$	57.51		$	55.88		$	56.34		$	53.82
Shareholder dividends paid	$	13,336.6		$	8,870.7		$	8,832.2		$	8,830.3		$	8,778.5		$	4,558.1		$	31,039.4	$	26,339.7	$	4,699.7


		Quarterly Financial Supplement		Page 2

Reinsurance Group of America, Incorporated

Consolidated GAAP Income Statement (incl. Operating Income Reconciliations)


	Three Months Ended															Current Qtr vs. PY Quarter			Year-to-Date
(USD thousands)	Sept. 30, 2011			June 30, 2011			March 31, 2011			Dec. 31, 2010			Sept. 30, 2010			Current Qtr vs. PY Quarter			Sept. 30, 2011			Sept. 30, 2010			Change
Revenues:
Net premiums	$	1,776,165		$	1,788,676		$	1,736,130		$	1,801,899		$	1,647,300		$	128,865		$	5,300,971		$	4,857,781		$	443,190
Investment income, net of related expenses		268,210			337,436			371,040			355,227			287,504			(19,294	)		976,686			883,433			93,253
Investment related gains (losses), net
OTTI on fixed maturity securities		(11,911	)		(5,582	)		(1,556	)		(16,097	)		(4,904	)		(7,007	)		(19,049	)		(15,823	)		(3,226	)
OTTI on fixed maturity securities transferred to/from AOCI		3,089			292			—			(186	)		26			3,063			3,381			2,231			1,150
Other investment related gains (losses), net		(130,778	)		32,678			125,176			90,916			(11,902	)		(118,876	)		27,076			150,989			(123,913	)

Total investment related gains (losses), net		(139,600	)		27,388			123,620			74,633			(16,780	)		(122,820	)		11,408			137,397			(125,989	)
Other revenue		90,132			50,477			51,645			42,370			37,515			52,617			192,254			108,990			83,264

Total revenues		1,994,907			2,203,977			2,282,435			2,274,129			1,955,539			39,368			6,481,319			5,987,601			493,718
Benefits and expenses:
Claims and other policy benefits		1,514,765			1,520,013			1,469,449			1,470,845			1,393,891			120,874			4,504,227			4,076,310			427,917
Interest credited		35,251			96,196			106,063			79,103			94,776			(59,525	)		237,510			230,879			6,631
Policy acquisition costs and other insurance expenses		149,228			261,282			331,153			319,444			157,058			(7,830	)		741,663			760,509			(18,846	)
Other operating expenses		94,029			97,161			106,150			102,216			85,409			8,620			297,340			259,755			37,585
Interest expense		27,025			25,818			24,569			25,215			25,191			1,834			77,412			65,781			11,631
Collateral finance facility expense		3,069			3,101			3,202			2,049			2,041			1,028			9,372			5,807			3,565

Total benefits and expenses		1,823,367			2,003,571			2,040,586			1,998,872			1,758,366			65,001			5,867,524			5,399,041			468,483
Income before income taxes		171,540			200,406			241,849			275,257			197,173			(25,633	)		613,795			588,560			25,235
Income tax expense		24,155			67,518			81,033			78,545			68,941			(44,786	)		172,706			210,870			(38,164	)

Net income	$	147,385		$	132,888		$	160,816		$	196,712		$	128,232		$	19,153		$	441,089		$	377,690		$	63,399

Pre-tax Operating Income Reconciliation:
Income before income taxes		171,540			200,406			241,849			275,257			197,173			(25,633	)		613,795			588,560			25,235
Investment and derivative losses (gains) - non-operating (1)		(221,194	)		(40,152	)		1,099			91,401			(37,747	)		(183,447	)		(260,247	)		(168,073	)		(92,174	)
Change in value of modified coinsurance and funds withheld embedded derivatives (1)		102,574			(10,525	)		(90,535	)		(43,780	)		38,653			63,921			1,514			(116,494	)		118,008
GMXB embedded derivatives (1)		260,239			25,860			(32,654	)		(121,209	)		16,232			244,007			253,445			149,995			103,450
Funds withheld losses (gains) - investment income		(9,806	)		(7,185	)		12,041			(8,240	)		(6,494	)		(3,312	)		(4,950	)		(12,184	)		7,234
Funds withheld losses (gains) - policy acq. costs		1,034			1,793			(1,925	)		793			954			80			902			1,650			(748	)
EIA embedded derivatives - interest credited		37,539			21,011			(26,751	)		(25,741	)		43,070			(5,531	)		31,799			35,638			(3,839	)
EIA embedded derivatives - policy acq. costs		(3,664	)		(2,073	)		2,944			3,008			(4,189	)		525			(2,793	)		(2,442	)		(351	)
DAC offset, net		(107,709	)		4,158			72,567			49,618			(50,519	)		(57,190	)		(30,984	)		59,291			(90,275	)
Gain on repurchase of collateral finance facility securities		(50,869	)		—			(4,971	)		—			—			(50,869	)		(55,840	)		—			(55,840	)
Loss on retirement of Preferred Income Equity Redeemable Securities (“PIERS”)		—			—			4,391			—			—			—			4,391			—			4,391

Operating Income Before Income Taxes	$	179,684		$	193,293		$	178,055		$	221,107		$	197,133		$	(17,449	)	$	551,032		$	535,941		$	15,091

After-tax Operating Income Reconciliation:
Net Income		147,385			132,888			160,816			196,712			128,232			19,153			441,089			377,690			63,399
Investment and derivative losses (gains) - non-operating (1)		(144,836	)		(26,361	)		191			59,317			(25,041	)		(119,795	)		(171,006	)		(110,127	)		(60,879	)
Change in value of modified coinsurance and funds withheld embedded derivatives (1)		66,673			(6,841	)		(58,848	)		(28,457	)		25,125			41,548			984			(75,721	)		76,705
GMXB embedded derivatives (1)		169,155			16,809			(21,225	)		(78,786	)		10,551			158,604			164,739			97,497			67,242
Funds withheld losses (gains) - investment income		(6,374	)		(4,671	)		7,827			(5,356	)		(4,221	)		(2,153	)		(3,218	)		(7,920	)		4,702
Funds withheld losses (gains) - policy acq. costs		672			1,165			(1,251	)		515			621			51			586			1,073			(487	)
EIA embedded derivatives - interest credited		24,400			13,657			(17,388	)		(16,732	)		27,996			(3,596	)		20,669			23,165			(2,496	)
EIA embedded derivatives - policy acq. costs		(2,381	)		(1,348	)		1,914			1,955			(2,723	)		342			(1,815	)		(1,587	)		(228	)
DAC offset, net		(70,011	)		2,703			47,168			32,251			(32,837	)		(37,174	)		(20,140	)		38,540			(58,680	)
Gain on repurchase of collateral finance facility securities		(33,065	)		—			(3,231	)		—			—			(33,065	)		(36,296	)		—			(36,296	)
Loss on retirement of PIERS		—			—			2,854			—			—			—			2,854			—			2,854

Operating Income	$	151,618		$	128,001		$	118,827		$	161,419		$	127,703		$	23,915		$	398,446		$	342,610		$	55,836

(1)

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


		Quarterly Financial Supplement		Page 3

Reinsurance Group of America, Incorporated

Consolidated Operating Income Statement


	Three Months Ended											Current Qtr vs. PY Quarter			Year-to-Date
(USD thousands, except per share data)	Sept. 30, 2011			June 30, 2011		March 31, 2011		Dec. 31, 2010		Sept. 30, 2010		Current Qtr vs. PY Quarter			Sept. 30, 2011		Sept. 30, 2010		Change
Revenues:
Net premiums	$	1,776,165		$	1,788,676	$	1,736,130	$	1,801,899	$	1,647,300	$	128,865		$	5,300,971	$	4,857,781	$	443,190
Investment income, net of related expenses		258,404			330,251		383,081		346,987		281,010		(22,606	)		971,736		871,249		100,487
Investment related gains (losses), net		2,019			2,571		1,530		1,045		358		1,661			6,120		2,825		3,295
Other revenue		39,263			50,477		46,674		42,370		37,515		1,748			136,414		108,990		27,424

Total revenues		2,075,851			2,171,975		2,167,415		2,192,301		1,966,183		109,668			6,415,241		5,840,845		574,396
Benefits and expenses:
Claims and other policy benefits		1,514,765			1,520,013		1,469,449		1,470,845		1,393,891		120,874			4,504,227		4,076,310		427,917
Interest credited		(2,288	)		75,185		132,814		104,844		51,706		(53,994	)		205,711		195,241		10,470
Policy acquisition costs and other insurance expenses		259,567			257,404		257,567		266,025		210,812		48,755			774,538		702,010		72,528
Other operating expenses		94,029			97,161		101,759		102,216		85,409		8,620			292,949		259,755		33,194
Interest expense		27,025			25,818		24,569		25,215		25,191		1,834			77,412		65,781		11,631
Collateral finance facility expense		3,069			3,101		3,202		2,049		2,041		1,028			9,372		5,807		3,565

Total benefits and expenses		1,896,167			1,978,682		1,989,360		1,971,194		1,769,050		127,117			5,864,209		5,304,904		559,305
Operating income before income taxes		179,684			193,293		178,055		221,107		197,133		(17,449	)		551,032		535,941		15,091
Operating income tax expense		28,066			65,292		59,228		59,688		69,430		(41,364	)		152,586		193,331		(40,745	)

Operating income	$	151,618		$	128,001	$	118,827	$	161,419	$	127,703	$	23,915		$	398,446	$	342,610	$	55,836

Wgt. Average Common Shares Outstanding (Diluted)		74,254			74,530		73,836		75,052		74,420		(166	)		74,207		74,574		(367	)

Diluted Earnings Per Share - Operating Income	$	2.04		$	1.72	$	1.61	$	2.15	$	1.72	$	0.32		$	5.37	$	4.59	$	0.78

*Foreign currency effect:**
Net premiums	$	53,399		$	77,277	$	42,487	$	23,933	$	15,448	$	37,951		$	173,163	$	159,867	$	13,296
Operating income before income taxes	$	6,846		$	5,713	$	4,634	$	1,580	$	1,998	$	4,848		$	17,193	$	16,680	$	513

*	Compared to comparable prior year period


		Quarterly Financial Supplement		Page 4

Reinsurance Group of America, Incorporated

Consolidated Balance Sheets


(USD thousands)	Sept. 30, 2011			June 30, 2011			March 31, 2011			Dec. 31, 2010			Sept. 30, 2010
Assets
Fixed maturity securities, available-for-sale	$	15,557,032		$	15,153,807		$	14,531,154		$	14,304,597		$	14,169,930
Mortgage loans on real estate		934,694			908,048			906,869			885,811			863,873
Policy loans		1,228,890			1,229,663			1,222,016			1,228,418			1,173,148
Funds withheld at interest		5,445,886			5,671,844			5,595,146			5,421,952			5,276,511
Short-term investments		81,747			125,618			74,902			118,387			84,091
Other invested assets		1,020,043			799,341			756,377			707,403			738,830

Total investments		24,268,292			23,888,321			23,086,464			22,666,568			22,306,383
Cash and cash equivalents		802,651			710,973			467,672			463,661			634,075
Accrued investment income		190,298			160,436			155,182			127,874			177,250
Premiums receivable and other reinsurance balances		1,060,631			1,045,131			986,658			1,037,679			987,342
Reinsurance ceded receivables		727,290			781,006			807,929			769,699			790,889
Deferred policy acquisition costs		3,787,257			3,733,686			3,679,075			3,726,443			3,741,534
Other assets		347,035			339,724			327,039			289,984			296,555

Total assets	$	31,183,454		$	30,659,277		$	29,510,019		$	29,081,908		$	28,934,028

Liabilities and Stockholders’ Equity
Future policy benefits		9,445,222		$	9,642,814		$	9,438,432		$	9,274,789		$	8,906,977
Interest-sensitive contract liabilities		8,378,159			8,100,608			7,747,203			7,774,481			7,884,874
Other policy claims and benefits		2,826,297			2,774,031			2,728,122			2,597,941			2,590,014
Other reinsurance balances		136,298			159,340			184,958			133,590			134,066
Deferred income taxes		1,662,806			1,421,480			1,415,333			1,396,747			1,064,726
Other liabilities		776,239			784,291			701,799			637,923			1,129,848
Short-term debt		199,997			199,993			255,989			199,985			—
Long-term debt		1,414,546			1,414,406			1,016,510			1,016,425			1,216,320
Collateral finance facility		681,004			837,789			839,354			850,039			850,026
Company-obligated mandatorily redeemable preferred securities of subsidiary trust holding solely junior subordinated debentures of the Company		—			—			159,455			159,421			159,368

Total liabilities		25,520,568			25,334,752			24,487,155			24,041,341			23,936,219
Stockholders’ Equity:
Common stock, at par value		791			791			791			734			734
Warrants		—			—			—			66,912			66,912
Additional paid-in-capital		1,719,683			1,713,893			1,708,096			1,478,398			1,477,011
Retained earnings		2,989,231			2,856,009			2,738,868			2,587,403			2,402,167
Treasury stock		(352,106	)		(310,856	)		(323,689	)		(295	)		(8,774	)

Accumulated other comprehensive income (AOCI):
Accumulated currency translation adjustment, net of income taxes		198,843			311,653			297,513			270,526			242,686
Unrealized appreciation of securities, net of income taxes		1,119,724			767,023			615,631			651,449			832,756
Pension and postretirement benefits, net of income taxes		(13,280	)		(13,988	)		(14,346	)		(14,560	)		(15,683	)

Total stockholders’ equity		5,662,886			5,324,525			5,022,864			5,040,567			4,997,809

Total liabilities and stockholders’ equity	$	31,183,454		$	30,659,277		$	29,510,019		$	29,081,908		$	28,934,028

Total stockholders’ equity, excluding AOCI	$	4,357,599		$	4,259,837		$	4,124,066		$	4,133,152		$	3,938,050


		Quarterly Financial Supplement		Page 5

Reinsurance Group of America, Incorporated

U.S. Traditional Sub-segment Pre-tax Operating Income


	Three Months Ended															Current Qtr vs. PY Quarter			Year-to-Date
(USD thousands)	Sept. 30, 2011			June 30, 2011			March 31, 2011			Dec. 31, 2010			Sept. 30, 2010			Current Qtr vs. PY Quarter			Sept. 30, 2011			Sept. 30, 2010			Change
Revenues:
Net premiums	$	971,190		$	973,837		$	935,053		$	1,009,758		$	930,070		$	41,120		$	2,880,080		$	2,766,193		$	113,887
Investment income, net of related expenses		122,687			124,564			119,781			117,272			124,596			(1,909	)		367,032			358,839			8,193
Other revenue		599			738			493			504			428			171			1,830			1,216			614

Total revenues		1,094,476			1,099,139			1,055,327			1,127,534			1,055,094			39,382			3,248,942			3,126,248			122,694
Benefits and expenses:
Claims and other policy benefits		844,090			839,173			822,407			842,335			793,270			50,820			2,505,670			2,372,001			133,669
Interest credited		15,166			14,967			14,584			14,826			16,698			(1,532	)		44,717			49,646			(4,929	)
Policy acquisition costs and other insurance expenses		131,810			132,172			127,462			142,057			125,526			6,284			391,444			388,769			2,675
Other operating expenses		20,299			19,486			21,350			21,221			18,534			1,765			61,135			57,696			3,439

Total benefits and expenses		1,011,365			1,005,798			985,803			1,020,439			954,028			57,337			3,002,966			2,868,112			134,854
Operating income before income taxes		83,111			93,341			69,524			107,095			101,066			(17,955	)		245,976			258,136			(12,160	)

Operating to U.S. GAAP Reconciliation:
Operating income before income taxes		83,111			93,341			69,524			107,095			101,066			(17,955	)		245,976			258,136			(12,160	)
Investment and derivative (losses) gains - non-operating		5,056			205			8,875			6,246			13,009			(7,953	)		14,136			18,578			(4,442	)

Income before income taxes	$	88,167		$	93,546		$	78,399		$	113,341		$	114,075		$	(25,908	)	$	260,112		$	276,714		$	(16,602	)

Loss and Expense Ratios:
Claims and other policy benefits		86.9	%		86.2	%		88.0	%		83.4	%		85.3	%		1.6	%		87.0	%		85.7	%		1.3	%
Policy acquisition costs and other insurance expenses		13.6	%		13.6	%		13.6	%		14.1	%		13.5	%		0.1	%		13.6	%		14.1	%		-0.5	%
Other operating expenses		2.1	%		2.0	%		2.3	%		2.1	%		2.0	%		0.1	%		2.1	%		2.1	%		0.0	%


		Quarterly Financial Supplement		Page 6

Reinsurance Group of America, Incorporated

U.S. Asset Intensive Sub-segment Pre-tax Operating Income


	Three Months Ended															Current Qtr vs. PY Quarter			Year-to-Date
(USD thousands except account values)	Sept. 30, 2011			June 30, 2011			March 31, 2011			Dec. 31, 2010			Sept. 30, 2010			Current Qtr vs. PY Quarter			Sept. 30, 2011			Sept. 30, 2010			Change
Revenues:
Net premiums	$	2,786		$	3,459		$	3,325		$	3,401		$	2,724		$	62		$	9,570		$	17,729		$	(8,159	)
Investment income, net of related expenses		20,238			97,944			159,414			129,985			60,853			(40,615	)		277,596			234,491			43,105
Investment related gains (losses), net		(14	)		(20	)		(16	)		(18	)		(18	)		4			(50	)		(54	)		4
Other revenue		19,827			23,536			24,001			24,156			19,605			222			67,364			62,442			4,922

Total revenues		42,837			124,919			186,724			157,524			83,164			(40,327	)		354,480			314,608			39,872
Benefits and expenses:
Claims and other policy benefits		4,431			4,264			2,816			3,131			(318	)		4,749			11,511			12,142			(631	)
Interest credited		(17,733	)		59,603			118,230			90,017			35,008			(52,741	)		160,100			145,582			14,518
Policy acquisition costs and other insurance expenses		53,236			39,323			42,755			41,614			32,072			21,164			135,314			102,563			32,751
Other operating expenses		1,886			1,743			2,154			2,781			2,413			(527	)		5,783			8,016			(2,233	)

Total benefits and expenses		41,820			104,933			165,955			137,543			69,175			(27,355	)		312,708			268,303			44,405
Operating income (loss) before income taxes		1,017			19,986			20,769			19,981			13,989			(12,972	)		41,772			46,305			(4,533	)

Operating to U.S. GAAP Reconciliation:
Operating income before income taxes		1,017			19,986			20,769			19,981			13,989			(12,972	)		41,772			46,305			(4,533	)
Investment and derivative (losses) gains - non-operating (1)		219,530			28,681			(18,704	)		(109,171	)		17,112			202,418			229,507			144,666			84,841
Change in value of modified coinsurance and funds withheld embedded derivatives (1)		(103,949	)		10,525			90,535			43,780			(38,653	)		(65,296	)		(2,889	)		116,494			(119,383	)
GMXB embedded derivatives (1)		(260,239	)		(25,860	)		32,654			121,209			(16,232	)		(244,007	)		(253,445	)		(149,995	)		(103,450	)
Funds withheld losses (gains) - investment income		9,806			7,185			(12,041	)		8,240			6,494			3,312			4,950			12,184			(7,234	)
Funds withheld losses (gains) - policy acq. costs		(1,034	)		(1,793	)		1,925			(793	)		(954	)		(80	)		(902	)		(1,650	)		748
EIA embedded derivatives - interest credited		(37,539	)		(21,011	)		26,751			25,741			(43,070	)		5,531			(31,799	)		(35,638	)		3,839
EIA embedded derivatives - policy acq. costs		3,664			2,073			(2,944	)		(3,008	)		4,189			(525	)		2,793			2,442			351
DAC offset, net		107,709			(4,158	)		(72,567	)		(49,618	)		50,519			57,190			30,984			(59,291	)		90,275

Income before income taxes	$	(61,035	)	$	15,628		$	66,378		$	56,361		$	(6,606	)	$	(54,429	)	$	20,971		$	75,517		$	(54,546	)

(1)

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


		Quarterly Financial Supplement		Page 7

Reinsurance Group of America, Incorporated

U.S. Asset Intensive Sub-segment

(Cont’d)


	Three Months Ended
(USD millions)	Sept. 30, 2011			June 30, 2011			March 31, 2011			Dec. 31, 2010			Sept. 30, 2010
Annuity account values:
Fixed annuities (deferred)	$	856		$	835		$	804		$	822		$	837
Net interest spread (fixed annuities):		2.7	%		2.2	%		2.7	%		2.4	%		1.5	%
Equity-indexed annuities	$	4,327		$	4,324		$	4,258		$	4,239		$	4,210
Variable annuities:
No riders	$	979		$	1,114		$	1,172		$	1,156		$	1,243
GMDB only		76			89			91			90			87
GMIB only		5			6			6			6			6
GMAB only		54			63			64			64			62
GMWB only		1,524			1,751			1,773			1,735			1,653
GMDB / WB		428			493			500			492			472
Other		30			35			36			36			34

Total VA account values	$	3,096		$	3,551		$	3,642		$	3,579		$	3,557
Fair value of liabilities associated with living benefit riders	$	306		$	46		$	20		$	53		$	174
Interest-sensitive contract liabilities associated with:
Guaranteed investment contracts	$	199		$	199		$	199		$	199		$	199
Bank-owned life insurance (BOLI)	$	505		$	502		$	498		$	494		$	491
Other asset-intensive business	$	79		$	85		$	87		$	90		$	96


		Quarterly Financial Supplement		Page 8

Reinsurance Group of America, Incorporated

U.S. Financial Reinsurance Sub-segment Pre-tax Operating Income


	Three Months Ended														Current Qtr vs. PY Quarter		Year-to-Date
	Sept. 30,			June 30,		March 31,			Dec. 31,			Sept. 30,					Sept. 30,			Sept. 30,
(USD thousands)	2011			2011		2011			2010			2010					2011			2010			Change
Revenues:
Investment income, net of related expenses	$	168		$	62	$	(197	)	$	63		$	154		$	14	$	33		$	210		$	(177	)
Other revenue		8,619			9,194		9,002			7,029			5,608			3,011		26,815			16,478			10,337

Total revenues		8,787			9,256		8,805			7,092			5,762			3,025		26,848			16,688			10,160
Benefits and expenses:
Policy acquisition costs and other insurance expenses		798			797		853			447			461			337		2,448			1,567			881
Other operating expenses		1,584			1,469		1,797			1,067			940			644		4,850			3,156			1,694

Total benefits and expenses		2,382			2,266		2,650			1,514			1,401			981		7,298			4,723			2,575
Operating income before income taxes		6,405			6,990		6,155			5,578			4,361			2,044		19,550			11,965			7,585

Operating to U.S. GAAP Reconciliation:
Operating income before income taxes		6,405			6,990		6,155			5,578			4,361			2,044		19,550			11,965			7,585
Investment and derivative (losses) gains - non-operating		(13	)		7		(35	)		(23	)		(44	)		31		(41	)		(63	)		22

Income before income taxes	$	6,392		$	6,997	$	6,120		$	5,555		$	4,317		$	2,075	$	19,509		$	11,902		$	7,607


		Quarterly Financial Supplement		Page 9

Reinsurance Group of America, Incorporated

Canadian Segment Pre-tax Operating Income


	Three Months Ended															Current Qtr vs. PY Quarter			Year-to-Date
(USD thousands)	Sept. 30, 2011			June 30, 2011			March 31, 2011			Dec. 31, 2010			Sept. 30, 2010			Current Qtr vs. PY Quarter			Sept. 30, 2011			Sept. 30, 2010			Change
Revenues:
Net premiums	$	185,790		$	209,717		$	215,028		$	205,925		$	205,552		$	(19,762	)	$	610,535		$	591,281		$	19,254
Investment income, net of related expenses		52,611			45,052			44,901			41,534			41,170			11,441			142,564			123,604			18,960
Investment related gains (losses), net		1,267			1,183			1,169			1,187			938			329			3,619			2,748			871
Other revenue		440			4,980			22			59			803			(363	)		5,442			1,087			4,355

Total revenues		240,108			260,932			261,120			248,705			248,463			(8,355	)		762,160			718,720			43,440
Benefits and expenses:
Claims and other policy benefits		162,734			165,860			179,055			152,038			186,554			(23,820	)		507,649			504,320			3,329
Interest credited		—			—			—			—			—			—			—			—			—
Policy acquisition costs and other insurance expenses		32,568			44,422			47,089			50,966			26,901			5,667			124,079			116,606			7,473
Other operating expenses		9,129			8,793			8,694			9,058			6,971			2,158			26,616			20,806			5,810

Total benefits and expenses		204,431			219,075			234,838			212,062			220,426			(15,995	)		658,344			641,732			16,612
Operating income before income taxes		35,677			41,857			26,282			36,643			28,037			7,640			103,816			76,988			26,828

Operating to U.S. GAAP Reconciliation:
Operating income before income taxes		35,677			41,857			26,282			36,643			28,037			7,640			103,816			76,988			26,828
Investment and derivative (losses) gains - non-operating		8,729			2,135			4,389			(454	)		5,431			3,298			15,253			9,201			6,052

Income before income taxes	$	44,406		$	43,992		$	30,671		$	36,189		$	33,468		$	10,938		$	119,069		$	86,189		$	32,880

Loss and Expense Ratios:
Loss ratios (creditor business)		38.4	%		39.7	%		37.7	%		39.1	%		32.5	%		5.9	%		38.6	%		39.9	%		-1.3	%
Loss ratios (excluding creditor business)		96.9	%		88.8	%		97.6	%		84.3	%		96.3	%		0.6	%		94.4	%		97.9	%		-3.5	%
Claims and other policy benefits / (net premiums + investment income)		68.3	%		65.1	%		68.9	%		61.4	%		75.6	%		-7.3	%		67.4	%		70.5	%		-3.1	%
Policy acquisition costs and other insurance expenses (creditor business)		52.8	%		57.3	%		55.3	%		56.4	%		55.6	%		-2.8	%		55.4	%		53.1	%		2.3	%
Policy acquisition costs and other insurance expenses (excluding creditor business)		10.9	%		12.2	%		11.3	%		15.3	%		9.1	%		1.8	%		11.5	%		10.5	%		1.0	%
Other operating expenses		4.9	%		4.2	%		4.0	%		4.4	%		3.4	%		1.5	%		4.4	%		3.5	%		0.9	%
*Foreign currency effect:**
Net premiums	$	10,269		$	12,409		$	11,248		$	8,357		$	10,236		$	33		$	33,926		$	64,463		$	(30,537	)
Operating income before income taxes	$	2,571		$	3,021		$	453		$	1,858		$	292		$	2,279		$	6,045		$	5,744		$	301
Creditor reinsurance net premiums	$	29,895		$	41,613		$	51,584		$	47,467		$	17,707		$	12,188		$	123,092		$	128,498		$	(5,406	)

Note: The loss ratios on creditor reinsurance business are normally lower than traditional reinsurance, while allowances are normally higher as a percentage of premiums.

*	Compared to comparable prior year period


		Quarterly Financial Supplement		Page 10

Reinsurance Group of America, Incorporated

Europe & South Africa Segment Pre-tax Operating Income


	Three Months Ended															Current			Year-to-Date
(USD thousands)	Sept. 30, 2011			June 30, 2011			March 31, 2011			Dec. 31, 2010			Sept. 30, 2010			Qtr vs. PY Quarter			Sept. 30, 2011			Sept. 30, 2010			Change
Revenues:
Net premiums	$	286,054		$	283,019		$	269,120		$	257,980		$	232,962		$	53,092		$	838,193		$	660,533		$	177,660
Investment income, net of related expenses		10,552			10,174			9,854			9,737			8,579			1,973			30,580			24,780			5,800
Other revenue		1,196			1,745			1,055			296			857			339			3,996			1,803			2,193

Total revenues		297,802			294,938			280,029			268,013			242,398			55,404			872,769			687,116			185,653
Benefits and expenses:
Claims and other policy benefits		248,890			242,973			216,932			195,172			193,377			55,513			708,795			539,220			169,575
Policy acquisition costs and other insurance expenses		10,462			9,953			12,059			8,153			12,137			(1,675	)		32,474			35,808			(3,334	)
Other operating expenses		24,569			26,527			25,012			28,301			21,198			3,371			76,108			65,225			10,883

Total benefits and expenses		283,921			279,453			254,003			231,626			226,712			57,209			817,377			640,253			177,124
Operating income before income taxes		13,881			15,485			26,026			36,387			15,686			(1,805	)		55,392			46,863			8,529

Operating to U.S. GAAP Reconciliation:
Operating income before income taxes		13,881			15,485			26,026			36,387			15,686			(1,805	)		55,392			46,863			8,529
Investment and derivative (losses) gains - non-operating		2,000			756			293			(1,030	)		1,808			192			3,049			3,614			(565	)

Income before income taxes	$	15,881		$	16,241		$	26,319		$	35,357		$	17,494		$	(1,613	)	$	58,441		$	50,477		$	7,964

Loss and Expense Ratios:
Claims and other policy benefits		87.0	%		85.9	%		80.6	%		75.7	%		83.0	%		4.0	%		84.6	%		81.6	%		3.0	%
Policy acquisition costs and other insurance expenses		3.7	%		3.5	%		4.5	%		3.2	%		5.2	%		-1.5	%		3.9	%		5.4	%		-1.5	%
Other operating expenses		8.6	%		9.4	%		9.3	%		11.0	%		9.1	%		-0.5	%		9.1	%		9.9	%		-0.8	%
*Foreign currency effect:**
Net premiums	$	9,234		$	24,686		$	6,466		$	(5,502	)	$	(12,500	)	$	21,734		$	40,386		$	1,455		$	38,931
Operating income before income taxes	$	669		$	1,712		$	233		$	(704	)	$	(1,184	)	$	1,853		$	2,614		$	(2,008	)	$	4,622
Critical illness net premiums	$	59,679		$	63,320		$	60,261		$	58,102		$	57,340		$	2,339		$	183,260		$	165,973		$	17,287

*	Compared to comparable prior year period


		Quarterly Financial Supplement		Page 11

Reinsurance Group of America, Incorporated

Asia Pacific Segment Pre-tax Operating Income


	Three Months Ended															Current Qtr			Year-to-Date
(USD thousands)	Sept. 30, 2011			June 30, 2011			March 31, 2011			Dec. 31, 2010			Sept. 30, 2010			vs. PY Quarter			Sept. 30, 2011			Sept. 30, 2010			Change
Revenues:
Net premiums	$	328,259		$	316,356		$	311,517		$	322,544		$	273,825		$	54,434		$	956,132		$	816,521		$	139,611
Investment income, net of related expenses		21,133			21,402			19,634			18,997			17,042			4,091			62,169			51,555			10,614
Investment related gains (losses), net		1,452			1,377			(108	)		365			232			1,220			2,721			788			1,933
Other revenue		8,557			7,283			8,492			6,642			7,462			1,095			24,332			19,777			4,555

Total revenues		359,401			346,418			339,535			348,548			298,561			60,840			1,045,354			888,641			156,713
Benefits and expenses:
Claims and other policy benefits		254,739			267,362			247,930			277,926			220,867			33,872			770,031			648,457			121,574
Interest Credited		280			615			—			—			—			280			895			—			895
Policy acquisition costs and other insurance expenses		45,409			44,140			40,820			36,336			27,373			18,036			130,369			96,964			33,405
Other operating expenses		27,598			26,089			25,127			26,164			22,932			4,666			78,814			67,582			11,232

Total benefits and expenses		328,026			338,206			313,877			340,426			271,172			56,854			980,109			813,003			167,106
Operating income before income taxes		31,375			8,212			25,658			8,122			27,389			3,986			65,245			75,638			(10,393	)

Operating to U.S. GAAP Reconciliation:
Operating income before income taxes		31,375			8,212			25,658			8,122			27,389			3,986			65,245			75,638			(10,393	)
Investment and derivative (losses) gains - non-operating		(1,625	)		(298	)		(330	)		1,949			1,094			(2,719	)		(2,253	)		3,051			(5,304	)

Income before income taxes	$	29,750		$	7,914		$	25,328		$	10,071		$	28,483		$	1,267		$	62,992		$	78,689		$	(15,697	)

Loss and Expense Ratios:
Claims and other policy benefits		77.6	%		84.5	%		79.6	%		86.2	%		80.7	%		-3.1	%		80.5	%		79.4	%		1.1	%
Policy acquisition costs and other insurance expenses		13.8	%		14.0	%		13.1	%		11.3	%		10.0	%		3.8	%		13.6	%		11.9	%		1.7	%
Other operating expenses		8.4	%		8.2	%		8.1	%		8.1	%		8.4	%		0.0	%		8.2	%		8.3	%		-0.1	%
*Foreign currency effect:**
Net premiums	$	33,908		$	40,222		$	24,825		$	21,020		$	17,726		$	16,182		$	98,955		$	93,968		$	4,987
Operating income before income taxes	$	3,379		$	557		$	1,555		$	487		$	978		$	2,401		$	5,491		$	6,831		$	(1,340	)
Critical illness net premiums	$	30,135		$	41,003		$	45,622		$	52,386		$	45,954		$	(15,819	)	$	116,760		$	133,860		$	(17,100	)

*	Compared to comparable prior year period


		Quarterly Financial Supplement		Page 12

Reinsurance Group of America, Incorporated

Corporate and Other Segment Pre-tax Operating Income


	Three Months Ended															Current			Year-to-Date
(USD thousands)	Sept. 30, 2011			June 30, 2011			March 31, 2011			Dec. 31, 2010			Sept. 30, 2010			Qtr vs. PY Quarter			Sept. 30, 2011			Sept. 30, 2010			Change
Revenues:
Net premiums	$	2,086		$	2,288		$	2,087		$	2,291		$	2,167		$	(81	)	$	6,461		$	5,524		$	937
Investment income, net of related expenses		31,015			31,053			29,694			29,399			28,616			2,399			91,762			77,770			13,992
Investment related gains (losses), net		(686	)		31			485			(489	)		(794	)		108			(170	)		(657	)		487
Other revenue		25			3,001			3,609			3,684			2,752			(2,727	)		6,635			6,187			448

Total revenues		32,440			36,373			35,875			34,885			32,741			(301	)		104,688			88,824			15,864
Benefits and expenses:
Claims and other policy benefits		(119	)		381			309			243			141			(260	)		571			170			401
Interest credited		(1	)		—			—			1			—			(1	)		(1	)		13			(14	)
Policy acquisition costs and other insurance expenses		(14,716	)		(13,403	)		(13,471	)		(13,548	)		(13,658	)		(1,058	)		(41,590	)		(40,267	)		(1,323	)
Other operating expenses		8,964			13,054			17,625			13,624			12,421			(3,457	)		39,643			37,274			2,369
Interest expense		27,025			25,818			24,569			25,215			25,191			1,834			77,412			65,781			11,631
Collateral finance facility expense		3,069			3,101			3,202			2,049			2,041			1,028			9,372			5,807			3,565

Total benefits and expenses		24,222			28,951			32,234			27,584			26,136			(1,914	)		85,407			68,778			16,629
Operating income (loss) before income taxes		8,218			7,422			3,641			7,301			6,605			1,613			19,281			20,046			(765	)

Operating to U.S. GAAP Reconciliation:
Operating income before income taxes		8,218			7,422			3,641			7,301			6,605			1,613			19,281			20,046			(765	)
Investment and derivative (losses) gains - non-operating		(11,108	)		8,666			4,413			11,082			(663	)		(10,445	)		1,971			(10,974	)		12,945
Gain on repurchase of collateral finance facility securities		50,869			—			4,971			—			—			50,869			55,840			—			55,840
Loss on retirement of PIERS		—			—			(4,391	)		—			—			—			(4,391	)		—			(4,391	)

Income before income taxes	$	47,979		$	16,088		$	8,634		$	18,383		$	5,942		$	42,037		$	72,701		$	9,072		$	63,629

*Foreign currency effect:**
Net premiums	$	(12	)	$	(40	)	$	(52	)	$	58		$	(14	)	$	2		$	(104	)	$	(19	)	$	(85	)
Operating income before income taxes	$	227		$	423		$	2,393		$	(61	)	$	1,912		$	(1,685	)	$	3,043		$	6,113		$	(3,070	)

*	Compared to comparable prior year period


		Quarterly Financial Supplement		Page 13

Reinsurance Group of America, Incorporated

Summary of Pre-tax Segment Operating Income


	Three Months Ended										Current			Year-to-Date
(USD thousands)	Sept. 30, 2011		June 30, 2011		March 31, 2011		Dec. 31, 2010		Sept. 30, 2010		Qtr vs. PY Quarter			Sept. 30, 2011		Sept. 30, 2010		Change
U.S. Traditional	$	83,111	$	93,341	$	69,524	$	107,095	$	101,066	$	(17,955	)	$	245,976	$	258,136	$	(12,160	)
U.S. Asset Intensive		1,017		19,986		20,769		19,981		13,989		(12,972	)		41,772		46,305		(4,533	)
U.S. Financial Reinsurance		6,405		6,990		6,155		5,578		4,361		2,044			19,550		11,965		7,585

Total U.S. Segment		90,533		120,317		96,448		132,654		119,416		(28,883	)		307,298		316,406		(9,108	)
Canadian Segment		35,677		41,857		26,282		36,643		28,037		7,640			103,816		76,988		26,828
Europe & South Africa Segment		13,881		15,485		26,026		36,387		15,686		(1,805	)		55,392		46,863		8,529
Asia Pacific Segment		31,375		8,212		25,658		8,122		27,389		3,986			65,245		75,638		(10,393	)
Corporate and Other		8,218		7,422		3,641		7,301		6,605		1,613			19,281		20,046		(765	)

Consolidated	$	179,684	$	193,293	$	178,055	$	221,107	$	197,133	$	(17,449	)	$	551,032	$	535,941	$	15,091


		Quarterly Financial Supplement		Page 14

Reinsurance Group of America, Incorporated

Investments

(USD thousands)

Cash and Invested Assets


	Sept. 30, 2011		June 30, 2011		March 31, 2011		Dec. 31, 2010		Sept. 30, 2010
Fixed maturity securities, available-for-sale	$	15,557,032	$	15,153,807	$	14,531,154	$	14,304,597	$	14,169,930
Mortgage loans on real estate		934,694		908,048		906,869		885,811		863,873
Policy loans		1,228,890		1,229,663		1,222,016		1,228,418		1,173,148
Funds withheld at interest		5,445,886		5,671,844		5,595,146		5,421,952		5,276,511
Short-term investments		81,747		125,618		74,902		118,387		84,091
Other invested assets		1,020,043		799,341		756,377		707,403		738,830
Cash and cash equivalents		802,651		710,973		467,672		463,661		634,075

Total cash and invested assets	$	25,070,943	$	24,599,294	$	23,554,136	$	23,130,229	$	22,940,458

Investment Income and Yield Summary

(Excludes Funds Withheld Portfolios)


	Three Months Ended															Current Qtr vs. PY Quarter			Year-to-Date
	Sept. 30, 2011			June 30, 2011			March 31, 2011			Dec. 31, 2010			Sept. 30, 2010			Current Qtr vs. PY Quarter			Sept. 30, 2011			Sept. 30, 2010			Change
Average invested assets at amortized cost	$	17,683,301		$	17,446,168		$	16,762,725		$	16,257,365		$	15,763,396		$	1,919,905		$	17,071,468		$	15,205,358		$	1,866,110
Net investment income	$	229,373		$	228,728		$	219,908		$	216,176		$	218,546		$	10,827		$	678,009		$	642,144		$	35,865
Annualized investment yield (ratio of net investment income to average invested assets)		5.29	%		5.35	%		5.35	%		5.43	%		5.66	%		-0.37	%		5.33	%		5.67	%		-0.34	%


		Quarterly Financial Supplement		Page 15

Reinsurance Group of America, Incorporated

Investments

(USD thousands)

Amortized cost, gross unrealized gains and losses, and estimated fair values of fixed maturity and equity securities

(Excludes Funds Withheld Portfolios)

September 30, 2011


	Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value		% of Total			Other-than- temporary Impairment in AOCI
Available-for-sale:
Corporate securities	$	7,277,255	$	642,734	$	139,062	$	7,780,927		50.0	%
Canadian and Canadian provincial governments		2,371,738		1,021,793		17		3,393,514		21.8	%
Residential mortgage-backed securities		1,238,863		84,856		15,945		1,307,774		8.4	%		(740	)
Asset-backed securities		412,468		12,638		52,149		372,957		2.4	%		(5,602	)
Commercial mortgage-backed securities		1,330,302		79,539		82,847		1,326,994		8.5	%		(11,638	)
U.S. government and agencies		224,704		33,444		65		258,083		1.7	%
State and political subdivisions		182,570		23,061		2,297		203,334		1.3	%
Other foreign government securities		888,999		25,943		1,493		913,449		5.9	%

Total fixed maturity securities	$	13,926,899	$	1,924,008	$	293,875	$	15,557,032		100.0	%	$	(17,980	)

Non-redeemable preferred stock		97,391		3,599		7,399		93,591		73.9	%
Other equity securities		33,604		963		1,566		33,001		26.1	%

Total equity securities	$	130,995	$	4,562	$	8,965	$	126,592		100.0	%

December 31, 2010


	Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value		% of Total			Other-than- temporary Impairment in AOCI
Available-for-sale:
Corporate securities	$	6,826,937	$	436,384	$	107,816	$	7,155,505		50.0	%	$	—
Canadian and Canadian provincial governments		2,354,418		672,951		3,886		3,023,483		21.1	%		—
Residential mortgage-backed securities		1,443,892		55,765		26,580		1,473,077		10.3	%		(1,650	)
Asset-backed securities		440,752		12,001		61,544		391,209		2.7	%		(4,963	)
Commercial mortgage-backed securities		1,353,279		81,839		97,265		1,337,853		9.4	%		(10,010	)
U.S. government and agencies		199,129		7,795		708		206,216		1.4	%		—
State and political subdivisions		170,479		2,098		8,117		164,460		1.2	%		—
Other foreign government securities		556,136		4,304		7,646		552,794		3.9	%		—

Total fixed maturity securities	$	13,345,022	$	1,273,137	$	313,562	$	14,304,597		100.0	%	$	(16,623	)

Non-redeemable preferred stock		100,718		4,130		5,298		99,550		71.0	%
Other equity securities		34,832		6,100		271		40,661		29.0	%

Total equity securities	$	135,550	$	10,230	$	5,569	$	140,211		100.0	%


		Quarterly Financial Supplement		Page 16

Reinsurance Group of America, Incorporated

Investments

(USD thousands)

Corporate Securities by Sector (Fixed Maturities and Equities)

(Excludes Funds Withheld Portfolios)


	September 30, 2011								December 31, 2010
	Amortized Cost		Estimated Fair Value		% of Total			Average Credit Ratings	Amortized Cost		Estimated Fair Value		% of Total			Average Credit Ratings
Financial Institutions
Banking	$	1,700,912	$	1,685,275		21.3	%	A+	$	1,739,077	$	1,740,978		23.9	%	A+
Brokerage		94,147		99,298		1.3	%	A–		98,351		103,902		1.4	%	A–
Finance Comp.		169,258		172,719		2.2	%	A		216,212		224,729		3.1	%	A
Insurance		368,764		389,934		4.9	%	A–		403,557		422,996		5.8	%	A–
REITs		276,607		286,257		3.6	%	BBB+		178,106		187,587		2.6	%	BBB+
Other Finance		239,192		247,631		3.1	%	A–		253,794		259,092		3.5	%	A–

Total Financial Institutions		2,848,880		2,881,114		36.4	%			2,889,097		2,939,284		40.3	%
Industrials
Basic		364,780		394,453		5.0	%	BBB		349,522		376,723		5.2	%	BBB
Capital Goods		328,245		362,043		4.6	%	BBB+		349,526		372,557		5.1	%	BBB+
Communications		671,062		732,510		9.3	%	BBB+		586,179		634,557		8.7	%	BBB+
Consumer Cyclical		441,577		477,740		6.0	%	BBB+		309,255		324,648		4.4	%	BBB+
Consumer Noncyclical		662,423		749,420		9.5	%	A–		646,383		693,785		9.5	%	A–
Energy		397,719		443,579		5.6	%	BBB+		383,293		414,592		5.7	%	BBB+
Technology		241,418		260,122		3.3	%	BBB+		228,702		238,975		3.3	%	BBB+
Transportation		253,922		272,272		3.4	%	BBB+		242,719		255,910		3.5	%	BBB+
Other Industrial		58,542		61,285		0.8	%	BBB		50,679		53,767		0.7	%	BBB

Total Industrials		3,419,688		3,753,424		47.5	%			3,146,258		3,365,514		46.1	%
Utilities
Electric		698,200		776,132		9.8	%	BBB+		612,790		642,177		8.8	%	BBB+
Natural Gas		394,853		441,666		5.6	%	BBB		276,402		303,679		4.2	%	BBB+
Other Utility		38,202		46,042		0.6	%	A		23,002		29,700		0.4	%	A–

Total Utilities		1,131,255		1,263,840		16.0	%			912,194		975,556		13.4	%
Other Sectors		8,427		9,141		0.1	%	AA		14,938		15,362		0.2	%	AA+

Total	$	7,408,250	$	7,907,519		100.0	%	A–	$	6,962,487	$	7,295,716		100.0	%	A–


		Quarterly Financial Supplement		Page 17

Reinsurance Group of America, Incorporated

Investments

(USD thousands)

Ratings of Fixed Maturity Securities

(Excludes Funds Withheld Portfolios)


		September 30, 2011							June 30, 2011							March 31, 2011							December 31, 2010							September 30, 2010
NAIC Designation	Rating Agency Designation	Amortized Cost		Estimated Fair Value		% of Total			Amortized Cost		Estimated Fair Value		% of Total			Amortized Cost		Estimated Fair Value		% of Total			Amortized Cost		Estimated Fair Value		% of Total			Amortized Cost		Estimated Fair Value		% of Total
1	AAA	$	2,375,876	$	2,459,503		15.8	%	$	3,261,242	$	3,360,370		22.2	%	$	3,397,610	$	3,470,262		23.9	%	$	3,516,872	$	3,592,987		25.1	%	$	3,492,193	$	3,633,780		25.6	%
1	AA		4,351,791		5,254,456		33.8	%		3,593,909		4,103,688		27.0	%		3,369,423		3,765,275		25.9	%		3,284,387		3,758,523		26.3	%		3,155,855		3,675,615		25.9	%
1	A		3,231,583		3,736,883		24.0	%		3,250,321		3,587,885		23.7	%		3,206,317		3,480,683		24.0	%		2,896,256		3,205,431		22.4	%		2,714,384		3,138,268		22.2	%
2	BBB		3,187,296		3,402,993		21.9	%		3,129,518		3,330,600		22.0	%		2,863,853		3,041,200		20.9	%		2,860,603		3,035,593		21.2	%		2,778,394		3,030,667		21.4	%
3	BB		444,042		423,559		2.7	%		464,363		466,393		3.1	%		492,097		497,056		3.4	%		460,675		450,368		3.2	%		471,013		440,012		3.1	%
4	B		229,658		196,617		1.3	%		248,242		229,591		1.5	%		218,541		203,594		1.4	%		239,604		191,287		1.3	%		237,136		185,668		1.3	%
5	CCC and lower		78,310		60,014		0.4	%		65,181		49,540		0.3	%		67,395		50,231		0.3	%		63,859		47,493		0.3	%		63,033		44,683		0.3	%
6	In or near default		28,343		23,007		0.1	%		28,571		25,740		0.2	%		21,747		22,853		0.2	%		22,766		22,915		0.2	%		21,108		21,237		0.2	%

	Total	$	13,926,899	$	15,557,032				$	14,041,347	$	15,153,807				$	13,636,983	$	14,531,154				$	13,345,022	$	14,304,597				$	12,933,116	$	14,169,930

Structured Fixed Maturity Securities


	September 30, 2011				June 30, 2011				March 31, 2011				December 31, 2010				September 30, 2010
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Residential mortgage-backed securities:
Agency	$	596,072	$	660,833	$	637,806	$	674,599	$	662,505	$	690,577	$	636,931	$	668,405	$	682,621	$	728,354
Non-agency		642,791		646,941		682,952		691,185		712,661		725,551		806,961		804,672		837,648		832,934

Total residential mortgage-backed securities		1,238,863		1,307,774		1,320,758		1,365,784		1,375,166		1,416,128		1,443,892		1,473,077		1,520,269		1,561,288
Commercial mortgage-backed securities		1,330,302		1,326,994		1,333,832		1,359,105		1,344,194		1,365,715		1,353,279		1,337,853		1,257,835		1,235,849
Asset-backed securities		412,468		372,957		415,637		376,920		420,028		377,573		440,752		391,209		457,047		414,515

Total	$	2,981,633	$	3,007,725	$	3,070,227	$	3,101,809	$	3,139,388	$	3,159,416	$	3,237,923	$	3,202,139	$	3,235,151	$	3,211,652


		Quarterly Financial Supplement		Page 18

Investments

(USD thousands)

Subprime Mortgage Exposure

(Includes Funds Withheld Portfolios)


	September 30, 2011
	AAA				AA				A
Underwriting Year	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
2005 & Prior	$	6,924	$	6,196	$	23,312	$	21,468	$	9,599	$	8,773
2006		—		—		2,271		2,109		—		—
2007		—		—		—		—		—		—
2008 - 2011		—		—		—		—		—		—

Total	$	6,924	$	6,196	$	25,583	$	23,577	$	9,599	$	8,773


	BBB				Below Investment Grade				Total
Underwriting Year	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
2005 & Prior	$	15,199	$	13,253	$	72,718	$	41,815	$	127,752	$	91,505
2006		—		—		2,074		3,088		4,345		5,197
2007		—		—		4,602		2,643		4,602		2,643
2008 - 2011		6,893		6,748		—		—		6,893		6,748

Total	$	22,092	$	20,001	$	79,394	$	47,546	$	143,592	$	106,093


	December 31, 2010
	AAA				AA				A
Underwriting Year	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
2005 & Prior	$	13,343	$	12,079	$	29,809	$	27,746	$	10,504	$	9,573
2006		—		—		—		—		—		—
2007		—		—		—		—		—		—
2008 - 2010		—		—		—		—		—		—

Total	$	13,343	$	12,079	$	29,809	$	27,746	$	10,504	$	9,573


	BBB				Below Investment Grade				Total
Underwriting Year	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
2005 & Prior	$	22,608	$	19,213	$	71,582	$	41,308	$	147,846	$	109,919
2006		—		—		2,152		2,508		2,152		2,508
2007		—		—		5,279		3,329		5,279		3,329
2008 - 2010		—		—		—		—		—		—

Total	$	22,608	$	19,213	$	79,013	$	47,145	$	155,277	$	115,756


		Quarterly Financial Supplement		Page 19

Reinsurance Group of America, Incorporated

Investments

(USD thousands)

CMBS Exposure

(Includes Funds Withheld Portfolios)


	September 30, 2011
	AAA				AA				A
Underwriting Year	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
2005 & Prior	$	144,277	$	152,768	$	105,813	$	116,562	$	34,150	$	33,030
2006		275,552		287,943		55,990		61,997		54,778		55,814
2007		213,210		225,289		28,104		23,053		118,465		120,281
2008		9,133		9,261		54,813		64,141		7,577		8,256
2009		—		—		12,379		13,541		6,997		9,354
2010		27,939		28,206		56,262		60,540		19,475		20,737
2011		20,048		19,348		11,922		12,917		5,761		5,961

Total	$	690,159	$	722,815	$	325,283	$	352,751	$	247,203	$	253,433


	BBB				Below Investment Grade				Total
Underwriting Year	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
2005 & Prior	$	32,416	$	30,680	$	52,459	$	40,472	$	369,115	$	373,512
2006		27,841		25,093		55,134		45,747		469,295		476,594
2007		102,387		104,444		116,843		85,783		579,009		558,850
2008		—		—		24,682		17,481		96,205		99,139
2009		—		—		—		—		19,376		22,895
2010		—		—		—		—		103,676		109,483
2011		—		—		—		—		37,731		38,226

Total	$	162,644	$	160,217	$	249,118	$	189,483	$	1,674,407	$	1,678,699

NOTE: Totals include directly held investments with amortized cost of $1,330.3 million and fair value of $1,327.0 million as well as investments in funds withheld with amortized cost of $344.1 million and fair value of $351.7 million.


	December 31, 2010
	AAA				AA				A
Underwriting Year	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
2005 & Prior	$	261,763	$	282,522	$	81,795	$	85,675	$	63,234	$	63,491
2006		314,043		328,422		46,372		50,217		48,851		49,949
2007		255,589		270,731		29,493		23,512		92,910		96,790
2008		29,547		33,115		37,291		39,657		7,495		7,886
2009		8,020		7,877		3,088		3,505		6,834		9,675
2010		69,580		68,879		5,193		4,800		10,970		10,928

Total	$	938,542	$	991,546	$	203,232	$	207,366	$	230,294	$	238,719


	BBB				Below Investment Grade				Total
Underwriting Year	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
2005 & Prior	$	67,341	$	66,392	$	56,882	$	44,770	$	531,015	$	542,850
2006		32,651		31,646		56,636		39,127		498,553		499,361
2007		99,796		105,962		125,123		77,459		602,911		574,454
2008		—		—		24,085		15,234		98,418		95,892
2009		—		—		—		—		17,942		21,057
2010		—		—		—		—		85,743		84,607

Total	$	199,788	$	204,000	$	262,726	$	176,590	$	1,834,582	$	1,818,221

NOTE: Totals include directly held investments with amortized cost of $1,353.3 million and fair value of $1,337.9 million as well as investments in funds withheld with amortized cost of $481.3 million and fair value of $480.4 million.


		Quarterly Financial Supplement		Page 20

Reinsurance Group of America, Incorporated

Investments

(USD thousands)

Gross Unrealized Losses Aging

Fixed Maturity Securities


	September 30, 2011					June 30, 2011					March 31, 2011					December 31, 2010					September 30, 2010
	Gross Unrealized Losses		% of Total			Gross Unrealized Losses		% of Total			Gross Unrealized Losses		% of Total			Gross Unrealized Losses		% of Total			Gross Unrealized Losses		% of Total
Less than 20%	$	139,671		46.1	%	$	120,770		51.7	%	$	142,936		53.4	%	$	143,451		44.9	%	$	86,770		29.1	%
20% or more for less than six months		49,034		16.2	%		7,742		3.3	%		7,229		2.7	%		17,293		5.4	%		45,706		15.3	%
20% or more for six months or greater		105,170		34.7	%		102,017		43.6	%		110,349		41.2	%		152,818		47.9	%		160,785		53.9	%

Total	$	293,875		97.0	%	$	230,529		98.6	%	$	260,514		97.3	%	$	313,562		98.2	%	$	293,261		98.3	%


Equity Securities

	September 30, 2011					June 30, 2011					March 31, 2011					December 31, 2010					September 30, 2010
	Gross Unrealized Losses		% of Total			Gross Unrealized Losses		% of Total			Gross Unrealized Losses		% of Total			Gross Unrealized Losses		% of Total			Gross Unrealized Losses		% of Total
Less than 20%	$	4,774		1.6	%	$	3,019		1.3	%	$	5,196		1.9	%	$	2,953		0.9	%	$	2,921		1.0	%
20% or more for less than six months		4,142		1.4	%		223		0.1	%		691		0.3	%		821		0.3	%		265		0.1	%
20% or more for six months or greater		49		0.0	%		48		0.0	%		1,304		0.5	%		1,795		0.6	%		1,857		0.6	%

Total	$	8,965		3.0	%	$	3,290		1.4	%	$	7,191		2.7	%	$	5,569		1.8	%	$	5,043		1.7	%


		Quarterly Financial Supplement		Page 21

Reinsurance Group of America, Incorporated

Investments

(USD thousands)

Fixed Maturities and Equity Securities Below Amortized Cost

(Excludes Funds Withheld Portfolios)


	As of September 30, 2011
	Less than 12 months				Equal to or greater than 12 months				Total
	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
Investment grade securities:
Corporate securities	$	928,293	$	43,765	$	304,544	$	70,847	$	1,232,837	$	114,612
Canadian and Canadian provincial governments		1,982		17		—		—		1,982		17
Residential mortgage-backed securities		117,719		3,135		57,179		10,396		174,898		13,531
Asset-backed securities		63,953		1,558		80,006		30,065		143,959		31,623
Commercial mortgage-backed securities		156,938		10,681		68,236		23,134		225,174		33,815
U.S. government and agencies		1,164		62		—		3		1,164		65
State and political subdivisions		13,811		967		12,476		1,067		26,287		2,034
Other foreign government securities		85,992		657		30,493		836		116,485		1,493

Investment grade securities	$	1,369,852	$	60,842	$	552,934	$	136,348	$	1,922,786	$	197,190

Non-investment grade securities:
Corporate securities		271,597		15,453		72,395		8,997		343,992		24,450
Residential mortgage-backed securities		13,809		1,149		10,824		1,265		24,633		2,414
Asset-backed securities		2,542		719		21,943		19,807		24,485		20,526
Commercial mortgage-backed securities		32,657		6,571		69,674		42,461		102,331		49,032
State and political subdivisions		3,965		263		—		—		3,965		263
Other foreign government securities		—		—		—		—		—		—

Non-investment grade securities	$	324,570	$	24,155	$	174,836	$	72,530	$	499,406	$	96,685

Total fixed maturity securities	$	1,694,422	$	84,997	$	727,770	$	208,878	$	2,422,192	$	293,875

Non-redeemable preferred stock		20,705		2,565		18,453		4,834		39,158		7,399
Other equity securities		2,184		806		6,081		760		8,265		1,566

Total Equity securities	$	22,889	$	3,371	$	24,534	$	5,594	$	47,423	$	8,965

Total number of securities in an unrealized loss position		606				405				1,011

	As of December 31, 2010
	Less than 12 months				Equal to or greater than 12 months				Total
	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
Investment grade securities:
Corporate securities	$	1,170,016	$	34,097	$	368,128	$	61,945	$	1,538,144	$	96,042
Canadian and Canadian provincial governments		118,585		3,886		—		—		118,585		3,886
Residential mortgage-backed securities		195,406		4,986		105,601		13,607		301,007		18,593
Asset-backed securities		23,065		570		131,172		38,451		154,237		39,021
Commercial mortgage-backed securities		132,526		4,143		109,158		29,059		241,684		33,202
U.S. government and agencies		11,839		708		—		—		11,839		708
State and political subdivisions		68,229		2,890		31,426		5,227		99,655		8,117
Other foreign government securities		322,363		3,142		43,796		4,504		366,159		7,646

Investment grade securities		2,042,029		54,422		789,281		152,793		2,831,310		207,215

Non-investment grade securities:
Corporate securities		58,420		1,832		91,205		9,942		149,625		11,774
Residential mortgage-backed securities		1,162		605		38,206		7,382		39,368		7,987
Asset-backed securities		—		—		23,356		22,523		23,356		22,523
Commercial mortgage-backed securities		—		—		89,170		64,063		89,170		64,063
State and political subdivisions		—		—		—		—		—		—

Non-investment grade securities		59,582		2,437		241,937		103,910		301,519		106,347

Total fixed maturity securities	$	2,101,611	$	56,859	$	1,031,218	$	256,703	$	3,132,829	$	313,562

Non-redeemable preferred stock		15,987		834		28,549		4,464		44,536		5,298
Other equity securities		6,877		271		318		—		7,195		271

Total Equity securities	$	22,864	$	1,105	$	28,867	$	4,464	$	51,731	$	5,569

Total number of securities in an unrealized loss position		520				508				1,028


		Quarterly Financial Supplement		Page 22

Reinsurance Group of America, Incorporated

Investments

(USD thousands)

Consolidated Investment Related Gains and Losses


	Three Months Ended															Current Qtr vs. PY Quarter			Year-to-Date
	Sept. 30, 2011			June 30, 2011			March 31, 2011			Dec. 31, 2010			Sept. 30, 2010			Current Qtr vs. PY Quarter			Sept. 30, 2011			Sept. 30, 2010			Change
Fixed Maturity and Equity Securities:
Other-than-temporary impairment losses on fixed maturities	$	(11,911	)	$	(5,582	)	$	(1,556	)	$	(16,097	)	$	(4,904	)	$	(7,007	)	$	(19,049	)	$	(15,823	)	$	(3,226	)
Portion of loss recognized in accumulated other comprehensive income (before taxes)		3,089			292			—			(186	)		26			3,063			3,381			2,231			1,150

Net other-than-temporary impairment losses on fixed maturities recognized in earnings		(8,822	)		(5,290	)		(1,556	)		(16,283	)		(4,878	)		(3,944	)		(15,668	)		(13,592	)		(2,076	)
Impairment losses on equity securities		—			(3,680	)		—			—			—			—			(3,680	)		(32	)		(3,648	)
Gain on investment activity		34,840			28,207			29,376			26,124			39,371			(4,531	)		92,423			74,833			17,590
Loss on investment activity		(7,182	)		(6,653	)		(6,914	)		(6,763	)		(7,773	)		591			(20,749	)		(21,967	)		1,218

Net gain/(loss) on fixed maturity and equity securities		18,836			12,584			20,906			3,078			26,720			(7,884	)		52,326			39,242			13,084
Other impairment losses and change in mortgage loan provision		(2,370	)		(3,186	)		576			1,506			(5,087	)		2,717			(4,980	)		(7,482	)		2,502
Other non-derivative gain/(loss), net		5,698			4,645			4,696			4,751			4,644			1,054			15,039			8,984			6,055
Free-standing Derivatives:
Credit Default Swaps		(10,018	)		988			892			4,340			3,730			(13,748	)		(8,138	)		446			(8,584	)
Interest Rate Swaps - non-hedged		142,907			25,343			(10,730	)		(79,546	)		49,825			93,082			157,520			148,280			9,240
Interest Rate Swaps - hedged		258			205			126			19			239			19			589			539			50
Futures		36,217			(2,873	)		(11,423	)		(23,766	)		(42,270	)		78,487			21,921			(21,192	)		43,113
CPI Swaps		(219	)		503			811			438			(508	)		289			1,095			524			571
Equity options		30,530			3,919			(4,568	)		(2,402	)		(731	)		31,261			29,881			(604	)		30,485
Currency Forwards		1,374			595			(855	)		1,226			1,543			(169	)		1,114			2,161			(1,047	)

Total free-standing derivatives		201,049			28,680			(25,747	)		(99,691	)		11,828			189,221			203,982			130,154			73,828
Embedded Derivatives:
Modified coinsurance and funds withheld treaties		(102,574	)		10,525			90,535			43,780			(38,653	)		(63,921	)		(1,514	)		116,494			(118,008	)
GMXB		(260,239	)		(25,860	)		32,654			121,209			(16,232	)		(244,007	)		(253,445	)		(149,995	)		(103,450	)

Total embedded derivatives		(362,813	)		(15,335	)		123,189			164,989			(54,885	)		(307,928	)		(254,959	)		(33,501	)		(221,458	)
Net gain/(loss) on total derivatives		(161,764	)		13,345			97,442			65,298			(43,057	)		(118,707	)		(50,977	)		96,653			(147,630	)

Total investment related gains / (losses), net	$	(139,600	)	$	27,388		$	123,620		$	74,633		$	(16,780	)	$	(122,820	)	$	11,408		$	137,397		$	(125,989	)


		Quarterly Financial Supplement		Page 23