SEC Filing | Reinsurance Group of America, Inc

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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): January 26, 2012

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 January 30, 2012, Reinsurance Group of America, Incorporated (the “Company”) issued (1) a press release (the “Press Release”) announcing its earnings for the three-month period ended December 31, 2011, and providing certain additional information, a copy of which is furnished with this report as Exhibit 99.1, and (2) a Quarterly Financial Supplement for the quarter ended December 31, 2011, a copy of which is attached hereto as Exhibit 99.2. The Press Release also notes that a conference call will be held on January 31, 2012 to discuss the financial and operating results for the three-month period ended December 31, 2011. The Press Release and Quarterly Financial Supplement are furnished and are not filed pursuant to Instruction B.2 of Form 8-K.

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

The Press Release also announced that on January 26, 2012 Stanley B. Tulin, retired Vice Chairman and Chief Financial Officer of AXA Financial, Inc., was elected to the Board of Directors and appointed to the Audit Committee and the Compensation Committee. The Company is not aware of any transactions, proposed transactions, or series of either to which the Company or any of its subsidiaries was or is to be a participant since January 1, 2010, in which the amount involved exceeds $120,000 and in which Mr. Tulin had, or will have, a direct or indirect material interest.

Pursuant to the mandatory retirement provisions of the Company’s Corporate Governance Guidelines, Stuart I. Greenbaum’s retirement from the Board of Directors, effective December 31, 2011, was accepted on January 26, 2012.

Item 9.01 Financial Statements and Exhibits

(d)

Exhibits.


Exhibit No.		Exhibit

99.1		Press Release of Reinsurance Group of America, Incorporated dated January 30, 2012

99.2		Quarterly Financial Supplement for the quarter ended December 31, 2011

SIGNATURE

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


	REINSURANCE GROUP OF AMERICA, INCORPORATED

Date: January 30, 2012	By:	/s/ Jack B. Lay
		Jack B. Lay
		Senior Executive Vice President and Chief Financial Officer

EXHIBIT INDEX


Exhibit Number		Description

99.1		Press Release dated January 30, 2012

99.2		Quarterly Financial Supplement for the quarter ended December 31, 2011

EX-99.1

Exhibit 99.1

LOGO

PRESS RELEASE

REINSURANCE GROUP OF AMERICA REPORTS FOURTH-QUARTER RESULTS

•

Fourth-quarter earnings per diluted share: net income $2.15, operating income* $1.91

•

Net premiums up 13 percent to $2.0 billion for the quarter

•

Full-year operating return on equity* 13 percent

•

Five-year average operating return on equity* 13 percent

ST. LOUIS, January 30, 2012 – Reinsurance Group of America, Incorporated (NYSE:RGA), a leading global provider of life reinsurance, reported fourth-quarter net income of $158.5 million, or $2.15 per diluted share, compared to $196.7 million, or $2.62 per diluted share in the prior-year quarter. Operating income* totaled $140.7 million, or $1.91 per diluted share, compared to $161.4 million, or $2.15 per diluted share in the year-ago quarter.


	Quarterly Results				Year-to-Date Results
($ in thousands, except per share data)	2011		2010		2011		2010
Net premiums	$	2,034,716	$	1,801,899	$	7,335,687	$	6,659,680
Net income		158,531		196,712		599,620		574,402
Net income per diluted share		2.15		2.62		8.09		7.69
Operating income*		140,726		161,419		539,172		504,029
Operating income per diluted share*		1.91		2.15		7.28		6.75
Book value per share		83.65		68.71
Book value per share (excl. Accumulated Other Comprehensive Income “AOCI”)*		61.53		56.34
Total assets		32,104,032		29,081,908

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

Net income for the year increased to $599.6 million, or $8.09 per diluted share, from $574.4 million, or $7.69 per diluted share, in 2010. Operating income* totaled $539.2 million, or $7.28 per diluted share, compared with $504.0 million, or $6.75 per diluted share, the year before. Both measures benefited from lower effective tax rates. Net foreign currency fluctuations increased 2011 operating income per diluted share by $0.13, including $0.05 in the Canadian segment. Net premiums increased $676.0 million, or 10 percent, including the effects of currency fluctuations and 8 percent without them.

For the quarter, consolidated net premiums increased 13 percent to $2,034.7 million from $1,801.9 million in the prior-year period. In aggregate, changes in foreign currency exchange rates did not materially affect net premiums. Investment income decreased 14 percent to $304.5 million from $355.2 million in the year-earlier quarter, including a $51.0 million decline in fair value of option contracts, which are included in funds withheld at interest and support equity-indexed annuities. Excluding the effects of these option contracts, investment income was flat. Excluding funds withheld assets, average book value of invested assets increased approximately $1.5 billion to $17.8 billion, and average yields decreased 24 basis points to 5.19 percent quarter over quarter. Net foreign currency fluctuations lowered after-tax operating income $1.6 million, or $0.02 per diluted share.

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During the fourth quarter, the company recognized additional income tax benefits associated with unfavorable claims experience on certain treaties, deferred tax refinements, and other items. For the entire year, the company’s effective tax rate of approximately 28 percent was lower than its expected rate of approximately 33 percent. The primary reason for the lower effective rate in 2011 relates to third-quarter adjustments of deferred tax liabilities associated with previously enacted reductions in federal and provincial statutory tax rates in Canada.

A. Greig Woodring, president and chief executive officer, commented, “Global claims experience was somewhat higher than our expectations for the quarter, reflecting higher-than-expected disability claims in Australia and U.S. group reinsurance, offset in part by strong results in most of our other markets. Our asset intensive business also performed well. Overall net premium growth was better-than-expected, and our book value per share continues to climb with consistent earnings contributions.

“Our annualized operating return on equity was 13 percent for the quarter and year, and operating income per diluted share was up 8 percent year over year. Our operating return on equity has averaged 13 percent over the past five years, despite the global market and economic disruptions. RGA’s balance sheet and capitalization remain strong, as does our positioning and outlook for future global growth. We continue to be highly focused on meeting our clients’ needs in all markets.”

SEGMENT RESULTS

U.S.

The U.S. Traditional sub-segment reported pre-tax net income of $116.1 million for the quarter, up slightly from $113.3 million last year. Pre-tax operating income decreased to $86.0 million from $107.1 million in the fourth quarter of 2010, when that business reported better-than-expected claims experience. Mortality claims were in line with expectations this quarter; however, the segment’s group disability reinsurance business reported approximately $10.8 million in adverse underwriting experience. Net premiums rose 9 percent to $1,099.4 million from $1,009.8 million a year ago. For the full year, net premiums increased more than 5 percent and totaled $3,979.5 million.

The U.S. Asset Intensive business reported pre-tax income of $13.2 million, down from $56.4 million a year ago, attributable primarily to changes in the fair values of various free-standing and embedded derivatives. Pre-tax operating income, which excludes the impact of those derivatives, increased to $27.2 million from $20.0 million a year ago, when strong equity market performance and a $3.8 million recapture fee contributed to better-than-expected results. The current period pre-tax operating income includes a $14.0 million increase associated with the recapture of a retroceded annuity treaty. Full-year pre-tax operating income totaled $68.9 million and $66.3 million in 2011 and 2010, respectively.

The U.S. Financial Reinsurance business continued to perform well this quarter and added $6.8 million of pre-tax income compared with $5.6 million last year, primarily due to higher fee income from new business. For the year, pre-tax income rose 51 percent to $26.3 million.

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Canada

Canadian operations reported pre-tax net income of $47.5 million compared with $36.2 million in the fourth quarter of 2010. Pre-tax operating income increased 12 percent to $41.0 million from $36.6 million in the prior-year period, reflecting better-than-expected mortality experience. A relatively weaker Canadian dollar relative to the fourth quarter of 2010 adversely affected pre-tax operating income by approximately $0.6 million. Fourth-quarter net premiums increased 9 percent to $224.8 million from $205.9 million last year, including an adverse foreign currency effect of $2.7 million. On a Canadian dollar basis, net premiums increased 10 percent. For the year, net premiums rose 5 percent over 2010, which benefited from a single premium of $43.3 million. Excluding that advance premium, net premiums rose 11 percent year over year, including a favorable foreign currency effect of $31.3 million.

Asia Pacific

Asia Pacific reported pre-tax net income of $4.1 million compared with $10.1 million in the fourth quarter of 2010. The segment reported a pre-tax operating loss of $1.2 million compared to pre-tax operating income of $8.1 million a year ago. Similar to the fourth quarter of 2010, disability experience in Australia was unfavorable. Liabilities in Australia were strengthened by approximately $24.0 million, of which approximately $16.1 million was associated with lower-than-anticipated termination rates on disability claims. Foreign currency fluctuations added $0.3 million to the current period pre-tax operating income. Net premiums increased 8 percent to $348.4 million from $322.5 million in the prior year. On a local currency basis, net premiums rose 6 percent. For the year, net premiums were up 15 percent on a U.S. dollar basis and 5 percent on an original currency basis.

Europe & South Africa

Europe & South Africa pre-tax net income rose sharply to $41.6 million from $35.4 million in the year-ago quarter. Pre-tax operating income increased 6 percent to $38.7 million from $36.4 million last year, when claims experience was particularly favorable. Better-than-expected results were spread across most locations, including the UK and South Africa. Foreign currency fluctuations adversely affected pre-tax operating income by $1.6 million. Net premiums totaled $356.3 million, up 38 percent from $258.0 million in the prior-year quarter. On a local currency basis, net premiums were up 42 percent. The current-quarter net premiums include approximately $64.7 million associated with a single premium in-force transaction in Italy. For the year, net premiums were up 30 percent on a U.S. dollar basis and 27 percent on an original currency basis.

Corporate and Other

The Corporate and Other segment reported a pre-tax net loss of $8.8 million in the fourth quarter versus pre-tax net income of $18.4 million in the year-ago period. The current quarter result includes $14.4 million in net investment related losses compared to $10.6 million in net investment related gains in the prior-year period. Fourth-quarter pre-tax operating income was approximately $10.5 million lower than last year, primarily due to higher other operating expenses.

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2012 Guidance

Management projects 2012 operating income per diluted share to be within a range of $6.70 to $7.30. This guidance assumes an expected level of death claims, which are prone to normal short-term statistical fluctuations that can significantly affect results on quarterly and annual bases. Additionally, the guidance reflects adverse effects of approximately $0.55 and $0.15 per diluted share related to the adoption of new deferred acquisition cost accounting guidance and lower anticipated investment yields in 2012, respectively. Finally, the guidance assumes that Congress will pass an extension of the active financing exception legislation this year. If that legislation is not extended for any reason, the company estimates its tax provision would increase by approximately $15 million for the year, reducing earnings by approximately $0.20 per diluted share. On a U.S. dollar basis, the company expects consolidated net premiums to increase by approximately 7 to 9 percent.

Board of Directors

The company announced that Stanley B. Tulin, retired vice chairman and chief financial officer of AXA Financial, Inc., was elected to the board of directors effective January 26, 2012. Tulin will serve as a member of the Audit and Compensation Committees. The company also announced that Stuart Greenbaum retired from the board of directors.

Dividend Declaration

The board of directors declared a regular quarterly dividend of $0.18, payable March 2 to shareholders of record as of February 10.

Earnings Conference Call

A conference call to discuss fourth-quarter results will begin at 9 a.m. Eastern Time on Tuesday, January 31. Interested parties may access the call by dialing 877-419-6590 (domestic) or 719-325-4778 (international). The access code is 8994796. 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 February 8 at 888-203-1112 (domestic) or 719-457-0820 (international), access code 8994796.

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

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

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

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

About RGA

Reinsurance Group of America, Incorporated is among the largest global providers of life reinsurance, with operations in Australia, Barbados, Bermuda, Canada, China, France, Germany, Hong Kong, India, Ireland, Italy, Japan, Malaysia, Mexico, the Netherlands, New Zealand, Poland, Singapore, South Africa, South Korea, Spain, Taiwan, the United Arab Emirates, the United Kingdom and the United States. Worldwide, the company has approximately $2.7 trillion of life reinsurance in force, and assets of $32.1 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

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investments is highly subjective, (5) adverse changes in mortality, morbidity, lapsation, or claims experience, (6) changes in our financial strength and credit ratings and the effect of such changes on our future results of operations and financial condition, (7) inadequate risk analysis and underwriting, (8) general economic conditions or a prolonged economic downturn affecting the demand for insurance and reinsurance in our current and planned markets, (9) the availability and cost of collateral necessary for regulatory reserves and capital, (10) market or economic conditions that adversely affect the value of our investment securities or result in the impairment of all or a portion of the value of certain of our investment securities, (11) market or economic conditions that adversely affect our ability to make timely sales of investment securities, (12) risks inherent in our risk management and investment strategy, including changes in investment portfolio yields due to interest rate or credit quality changes, (13) fluctuations in U.S. or foreign currency exchange rates, interest rates, or securities and real estate markets, (14) adverse litigation or arbitration results, (15) the adequacy of reserves, resources, and accurate information relating to settlements, awards, and terminated and discontinued lines of business, (16) the stability of and actions by governments and economies in the markets in which we operate, 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)


	Three Months Ended						Twelve Months Ended
	December 31,						December 31,
(Unaudited)	2011			2010			2011			2010
GAAP net income	$	158,531		$	196,712		$	599,620		$	574,402
Reconciliation to operating income:
Capital (gains) losses, derivatives and other, included in investment related (gains) losses, net		(4,904	)		59,317			(175,910	)		(50,810	)
Capital (gains) losses on funds withheld:
Included in investment income		(126	)		(5,356	)		(3,344	)		(13,276	)
Included in policy acquisition costs and other insurance expenses		31			515			617			1,588
Embedded derivatives:
Included in investment related (gains) losses, net		36,700			(107,243	)		202,423			(85,467	)
Included in interest credited		6,169			(16,732	)		26,838			6,433
Included in policy acquisition costs and other insurance expenses		4,490			1,955			2,675			368
DAC offset, net		(53,844	)		32,251			(73,984	)		70,791
Gain on repurchase of collateral finance facility securities		(6,321	)		—			(42,617	)		—
Loss on retirement of Preferred Income Equity Redeemable Securities (“PIERS”)		—			—			2,854			—

Operating income	$	140,726		$	161,419		$	539,172		$	504,029

Reconciliation of Consolidated Pre-tax Net Income to Pre-tax Operating Income (Dollars in thousands)
	Three Months Ended						Twelve Months Ended
	December 31,						December 31,
(Unaudited)	2011			2010			2011			2010
Income before income taxes	$	220,585		$	275,257		$	834,380		$	863,817
Reconciliation to pre-tax operating income:
Capital (gains) losses, derivatives and other, included in investment related (gains) losses, net		(5,360	)		91,401			(265,607	)		(76,672	)
Capital (gains) losses on funds withheld:
Included in investment income		(194	)		(8,240	)		(5,144	)		(20,424	)
Included in policy acquisition costs and other insurance expenses		47			793			949			2,443
Embedded derivatives:
Included in investment related (gains) losses, net		56,461			(164,989	)		311,420			(131,488	)
Included in interest credited		9,490			(25,741	)		41,289			9,897
Included in policy acquisition costs and other insurance expenses		6,908			3,008			4,115			566
DAC offset, net		(82,837	)		49,618			(113,821	)		108,909
Gain on repurchase of collateral finance facility securities		(9,725	)		—			(65,565	)		—
Loss on retirement of PIERS		—			—			4,391			—

Pre-tax operating income	$	195,375		$	221,107		$	746,407		$	757,048

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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 December 31, 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 (loss)
U.S. Operations:
Traditional	$	116,096		$	(29,038	)	$	(1,037	)	$	—		$	86,021
Asset Intensive		13,187			(14,585	)(1)		28,574	(2)		—			27,176
Financial Reinsurance		6,834			87			—			—			6,921

Total U.S.		136,117			(43,536	)		27,537			—			120,118
Canada Operations		47,544			(6,545	)		—			—			40,999
Europe & South Africa		41,602			(2,951	)		—			—			38,651
Asia Pacific Operations		4,128			(5,309	)		—			—			(1,181	)
Corporate and Other		(8,806	)		15,319			—			(9,725	)		(3,212	)

Consolidated	$	220,585		$	(43,022	)	$	27,537		$	(9,725	)	$	195,375

(1)	Asset Intensive is net of $(37,515) DAC offset.

(2)	Asset Intensive is net of $(45,322) DAC offset.


	Three Months Ended December 31, 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	$	113,341	$	(6,246	)	$	—		$	107,095
Asset Intensive		56,361		13,303	(1)		(49,683	)(2)		19,981
Financial Reinsurance		5,555		23			—			5,578

Total U.S.		175,257		7,080			(49,683	)		132,654
Canada Operations		36,189		454			—			36,643
Europe & South Africa		35,357		1,030			—			36,387
Asia Pacific Operations		10,071		(1,949	)		—			8,122
Corporate and Other		18,383		(11,082	)		—			7,301

Consolidated	$	275,257	$	(4,467	)	$	(49,683	)	$	221,107

(1)	Asset Intensive is net of $(88,421) DAC offset.

(2)	Asset Intensive is net of $138,039 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)


	Twelve Months Ended December 31, 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	$	376,208	$	(41,799	)	$	(2,412	)	$	—		$	331,997
Asset Intensive		34,158		(42,327	)(1)		77,117	(2)		—			68,948
Financial Reinsurance		26,343		128			—			—			26,471

Total U.S.		436,709		(83,998	)		74,705			—			427,416
Canada Operations		166,613		(21,798	)		—			—			144,815
Europe & South Africa		100,043		(6,000	)		—			—			94,043
Asia Pacific Operations		67,120		(3,056	)		—			—			64,064
Corporate and Other		63,895		13,348			—			(61,174	)		16,069

Consolidated	$	834,380	$	(101,504	)	$	74,705		$	(61,174	)	$	746,407

(1)	Asset Intensive is net of $168,298 DAC offset.

(2)	Asset Intensive is net of $(282,119) DAC offset.


	Twelve Months Ended December 31, 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	$	390,055	$	(24,824	)	$	—		$	365,231
Asset Intensive		131,878		(34,881	)(1)		(30,711	)(2)		66,286
Financial Reinsurance		17,457		86			—			17,543

Total U.S.		539,390		(59,619	)		(30,711	)		449,060
Canada Operations		122,378		(8,747	)		—			113,631
Europe & South Africa		85,834		(2,584	)		—			83,250
Asia Pacific Operations		88,760		(5,000	)		—			83,760
Corporate and Other		27,455		(108	)		—			27,347

Consolidated	$	863,817	$	(76,058	)	$	(30,711	)	$	757,048

(1)	Asset Intensive is net of $18,595 DAC offset.

(2)	Asset Intensive is net of $90,314 DAC offset.

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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

Per Share and Shares Data

(In thousands, except per share data)


	Three Months Ended December 31,				Twelve Months Ended December 31,
(Unaudited)	2011		2010		2011		2010
Diluted earnings per share from operating income	$	1.91	$	2.15	$	7.28	$	6.75

Earnings per share from net income:
Basic earnings per share	$	2.16	$	2.68	$	8.15	$	7.85
Diluted earnings per share	$	2.15	$	2.62	$	8.09	$	7.69

Weighted average number of common and common equivalent shares outstanding		73,812		75,052		74,108		74,694


	At December 31,
(Unaudited)	2011		2010
Treasury shares		5,770		—
Common shares outstanding		73,368		73,363
Book value per share outstanding	$	83.65	$	68.71
Book value per share outstanding, before impact of AOCI	$	61.53	$	56.34

- more -

Add Ten

REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

Condensed Consolidated Statements of Income

(Dollars in thousands)


	Three Months Ended December 31,						Twelve Months Ended December 31,
(Unaudited)	2011			2010			2011			2010
Revenues:
Net premiums	$	2,034,716		$	1,801,899		$	7,335,687		$	6,659,680
Investment income, net of related expenses		304,511			355,227			1,281,197			1,238,660
Investment related gains (losses), net:
Other-than-temporary impairments on fixed maturity securities		(11,824	)		(16,097	)		(30,873	)		(31,920	)
Other-than-temporary impairments on fixed maturity securities transferred to (from) accumulated other comprehensive income		543			(186	)		3,924			2,045
Other investment related gains (losses), net		(36,183	)		90,916			(9,107	)		241,905

Total investment related gains (losses), net		(47,464	)		74,633			(36,056	)		212,030
Other revenue		56,456			42,370			248,710			151,360

Total revenues		2,348,219			2,274,129			8,829,538			8,261,730


Benefits and expenses:
Claims and other policy benefits		1,720,573			1,470,845			6,224,800			5,547,155
Interest credited		78,884			79,103			316,394			309,982
Policy acquisition costs and other insurance expenses		177,932			319,444			919,595			1,079,953
Other operating expenses		122,000			102,216			419,340			361,971
Interest expense		25,226			25,215			102,638			90,996
Collateral finance facility expense		3,019			2,049			12,391			7,856

Total benefits and expenses		2,127,634			1,998,872			7,995,158			7,397,913


Income before income taxes		220,585			275,257			834,380			863,817
Income tax expense		62,054			78,545			234,760			289,415

Net income	$	158,531		$	196,712		$	599,620		$	574,402

# # #

EX-99.2

Exhibit 99.2

LOGO

Reinsurance Group of America, Incorporated^®

Financial Supplement

Fourth 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
Current Ratings					e-mail: jlay@rgare.com

		Standard & Poor’s	A.M. Best	Moody’s	John Hayden Sr. Vice President Controller & Investor Relations Phone: (636) 300-8828 e-mail: jhayden@rgare.com
Financial Strength Ratings
RGA Reinsurance Company		AA-	A+	A1
RGA Life Reinsurance Company of Canada		AA-	A+	NR
RGA International Reinsurance Company Limited		AA-	NR	NR
RGA Global Reinsurance Company Limited		AA-	NR	NR
Senior Debt Ratings
Reinsurance Group of America, Incorporated		A-	a-	Baa1

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


		Quarterly Financial Supplement

Reinsurance Group of America, Incorporated

Financial Supplement

4th Quarter 2011

Table of Contents


	Page
Non-GAAP Disclosure		1

2012 Management Guidance		2

Consolidated

Financial Highlights		3

Consolidated Income Statement (incl. Operating Income Reconciliation)		4

Consolidated Operating Income Statement		5

Consolidated Balance Sheets		6

Segment Pre-tax Operating Income Summaries and Reconciliations to U.S. GAAP

U.S. Operations		7

Canada Operations		11

Europe & South Africa Operations		12

Asia Pacific Operations		13

Corporate and Other		14

Summary of Pre-tax Segment Operating Income		15

Investments

Cash and Invested Assets, Yield Summary		16

Amortized cost, Gross Unrealized Gains and Losses, Estimated Fair Values of Fixed Maturity and Equity Securities		17

Corporate Securities by Sector (Fixed Maturities and Equities)		18

Quality of Fixed Maturity Securities and Structured Fixed Maturity Securities		19

Subprime Mortgage Exposure (Including Funds Withheld Portfolios)		20

CMBS Exposure (Including Funds Withheld Portfolios)		21

Gross Unrealized Losses Aging		22

Fixed Maturity and Equity Securities Below Amortized Cost		23

Consolidated Gross Gains and Losses		24


		Quarterly Financial Supplement

Reinsurance Group of America, Incorporated

Financial Supplement

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

Non-GAAP Disclosures

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

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

2012 Management Guidance

2012 Full-year Consolidated Operating Earnings per Diluted Share Guidance

2012 Full-year Premium Growth Guidance


Segment		Original Currency Basis
U.S.		5% - 7%
Canada		7% - 9%
Asia Pacific		6% - 8%
Europe & South Africa		4% - 6%

Consolidated ($USD basis)		7% - 9%

2012 Full-year Projected Premium for Select Foreign Currencies


Foreign Currency		Millions
Australian Dollar		735 - 773
Canadian Dollar		892 - 938
Euro Dollar		125 - 131
British Pound Sterling		515 - 541
Japanese Yen		11,028 - 11,594
Korean Won		191,816 - 201,652
New Zealand Dollar		86 - 90
Taiwanese Dollar		2,341 - 2,461
South African Rand		776 - 816


		Quarterly Financial Supplement		Page 2

Reinsurance Group of America, Incorporated

Financial Highlights


	Three Months Ended or As of															Current Qtr vs. PY Quarter			Year-to-Date
(USD thousands, except inforce & per share data)	Dec. 31, 2011			Sept. 30, 2011			June 30, 2011			March 31, 2011			Dec. 31, 2010			Current Qtr vs. PY Quarter			Dec. 31, 2011		Dec. 31, 2010		Change
Net premiums	$	2,034,716		$	1,776,165		$	1,788,676		$	1,736,130		$	1,801,899		$	232,817		$	7,335,687	$	6,659,680	$	676,007
Net income		158,531			147,385			132,888			160,816			196,712			(38,181	)		599,620		574,402		25,218
Operating income		140,726			151,618			128,001			118,827			161,419			(20,693	)		539,172		504,029		35,143
Operating return on equity (ex AOCI) - annualized		12.7	%		14.1	%		12.2	%		11.5	%		16.0	%		-3.3	%
Operating return on equity (ex AOCI) - trailing 12 months		12.6	%		13.5	%		13.2	%		13.4	%		13.2	%		-0.6	%
Total assets		32,104,032			31,183,454			30,659,277			29,510,019			29,081,908			3,022,124

Assumed Life Reinsurance in Force (in billions)
U.S.	$	1,348.5		$	1,347.9		$	1,343.2		$	1,343.2		$	1,340.5		$	8.0
Canada		344.9			329.5			350.3			339.2			324.1			20.8
Europe & South Africa		513.4			515.0			529.7			497.8			467.6			45.8
Asia Pacific		457.6			422.8			435.6			407.7			408.1			49.5

Total Life Reinsurance in Force	$	2,664.4		$	2,615.2		$	2,658.8		$	2,587.9		$	2,540.3		$	124.1


Assumed New Business Production (in billions)
U.S.	$	24.8		$	30.1		$	24.3		$	31.3		$	26.2		$	(1.4	)	$	110.5	$	142.2	$	(31.7	)
Canada		11.3			14.0			13.4			12.4			12.2			(0.9	)		51.1		51.1		—
Europe & South Africa		24.9			38.7			47.6			37.1			28.5			(3.6	)		148.3		103.6		44.7
Asia Pacific		74.0			27.9			9.7			7.4			13.1			60.9			119.0		30.7		88.3

Total New Business Production	$	135.0		$	110.7		$	95.0		$	88.2		$	80.0		$	55.0		$	428.9	$	327.6	$	101.3


Per Share and Shares Data
Basic earnings per share
Net income	$	2.16		$	2.00		$	1.80		$	2.20		$	2.68		$	(0.52	)	$	8.15	$	7.85	$	0.30
Operating income	$	1.92		$	2.05		$	1.73		$	1.62		$	2.20		$	(0.28	)	$	7.33	$	6.89	$	0.44
Diluted earnings per share
Net income	$	2.15		$	1.98		$	1.78		$	2.18		$	2.62		$	(0.47	)	$	8.09	$	7.69	$	0.40
Operating income	$	1.91		$	2.04		$	1.72		$	1.61		$	2.15		$	(0.24	)	$	7.28	$	6.75	$	0.53

Wgt. average common shares outstanding (basic)		73,304			73,856			73,971			73,213			73,277			27			73,586		73,157		429
Wgt. average common shares outstanding (diluted)		73,812			74,254			74,530			73,836			75,052			(1,240	)		74,108		74,694		(586	)

Common shares issued		79,138			79,138			79,138			79,138			73,364			5,774			79,138		73,364		5,774
Treasury shares		5,770			5,871			5,062			5,341			1			5,769			5,770		1		5,769
Common shares outstanding		73,368			73,267			74,076			73,797			73,363			5			73,368		73,363		5

Book value per share	$	83.65		$	77.29		$	71.88		$	68.06		$	68.71
Per share effect of accumulated other comprehensive income (AOCI)	$	22.12		$	17.81		$	14.37		$	12.18		$	12.37
Book value per share, excluding AOCI	$	61.53		$	59.48		$	57.51		$	55.88		$	56.34

Shareholder dividends paid	$	13,189.3		$	13,336.6		$	8,870.7		$	8,832.2		$	8,830.3		$	4,359.0		$	44,228.8	$	35,170.0	$	9,058.8


		Quarterly Financial Supplement		Page 3

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)	Dec. 31, 2011			Sept. 30, 2011			June 30, 2011			March 31, 2011			Dec. 31, 2010			Current Qtr vs. PY Quarter			Dec. 31, 2011			Dec. 31, 2010			Change
Revenues:
Net premiums	$	2,034,716		$	1,776,165		$	1,788,676		$	1,736,130		$	1,801,899		$	232,817		$	7,335,687		$	6,659,680		$	676,007
Investment income, net of related expenses		304,511			268,210			337,436			371,040			355,227			(50,716	)		1,281,197			1,238,660			42,537
Investment related gains (losses), net
OTTI on fixed maturity securities		(11,824	)		(11,911	)		(5,582	)		(1,556	)		(16,097	)		4,273			(30,873	)		(31,920	)		1,047
OTTI on fixed maturity securities transferred to/from AOCI		543			3,089			292			—			(186	)		729			3,924			2,045			1,879
Other investment related gains (losses), net		(36,183	)		(130,778	)		32,678			125,176			90,916			(127,099	)		(9,107	)		241,905			(251,012	)

Total investment related gains (losses), net		(47,464	)		(139,600	)		27,388			123,620			74,633			(122,097	)		(36,056	)		212,030			(248,086	)
Other revenue		56,456			90,132			50,477			51,645			42,370			14,086			248,710			151,360			97,350

Total revenues		2,348,219			1,994,907			2,203,977			2,282,435			2,274,129			74,090			8,829,538			8,261,730			567,808

Benefits and expenses:
Claims and other policy benefits		1,720,573			1,514,765			1,520,013			1,469,449			1,470,845			249,728			6,224,800			5,547,155			677,645
Interest credited		78,884			35,251			96,196			106,063			79,103			(219	)		316,394			309,982			6,412
Policy acquisition costs and other insurance expenses		177,932			149,228			261,282			331,153			319,444			(141,512	)		919,595			1,079,953			(160,358	)
Other operating expenses		122,000			94,029			97,161			106,150			102,216			19,784			419,340			361,971			57,369
Interest expense		25,226			27,025			25,818			24,569			25,215			11			102,638			90,996			11,642
Collateral finance facility expense		3,019			3,069			3,101			3,202			2,049			970			12,391			7,856			4,535

Total benefits and expenses		2,127,634			1,823,367			2,003,571			2,040,586			1,998,872			128,762			7,995,158			7,397,913			597,245
Income before income taxes		220,585			171,540			200,406			241,849			275,257			(54,672	)		834,380			863,817			(29,437	)

Income tax expense		62,054			24,155			67,518			81,033			78,545			(16,491	)		234,760			289,415			(54,655	)

Net income	$	158,531		$	147,385		$	132,888		$	160,816		$	196,712		$	(38,181	)	$	599,620		$	574,402		$	25,218

Pre-tax Operating Income Reconciliation:
Income before income taxes		220,585			171,540			200,406			241,849			275,257			(54,672	)		834,380			863,817			(29,437	)
Investment and derivative losses (gains) - non-operating (1)		(5,360	)		(221,194	)		(40,152	)		1,099			91,401			(96,761	)		(265,607	)		(76,672	)		(188,935	)
Change in value of modified coinsurance andfunds withheld embedded derivatives (1)		85,722			102,574			(10,525	)		(90,535	)		(43,780	)		129,502			87,236			(160,274	)		247,510
GMXB embedded derivatives (1)		(29,261	)		260,239			25,860			(32,654	)		(121,209	)		91,948			224,184			28,786			195,398
Funds withheld losses (gains) - investment income		(194	)		(9,806	)		(7,185	)		12,041			(8,240	)		8,046			(5,144	)		(20,424	)		15,280
Funds withheld losses (gains) - policy acq. costs		47			1,034			1,793			(1,925	)		793			(746	)		949			2,443			(1,494	)
EIA embedded derivatives - interest credited		9,490			37,539			21,011			(26,751	)		(25,741	)		35,231			41,289			9,897			31,392
EIA embedded derivatives - policy acq. costs		6,908			(3,664	)		(2,073	)		2,944			3,008			3,900			4,115			566			3,549
DAC offset, net		(82,837	)		(107,709	)		4,158			72,567			49,618			(132,455	)		(113,821	)		108,909			(222,730	)
Gain on repurchase of collateral finance facility securities		(9,725	)		(50,869	)		—			(4,971	)		—			(9,725	)		(65,565	)		—			(65,565	)
Loss on retirement of Preferred Income Equity Redeemable Securities (“PIERS”)		—			—			—			4,391			—			—			4,391			—			4,391

Operating Income Before Income Taxes	$	195,375		$	179,684		$	193,293		$	178,055		$	221,107		$	(25,732	)	$	746,407		$	757,048		$	(10,641	)

After-tax Operating Income Reconciliation:
Net Income		158,531			147,385			132,888			160,816			196,712			(38,181	)		599,620			574,402			25,218
Investment and derivative losses (gains) - non-operating (1)		(4,904	)		(144,836	)		(26,361	)		191			59,317			(64,221	)		(175,910	)		(50,810	)		(125,100	)
Change in value of modified coinsurance andfunds withheld embedded derivatives (1)		55,719			66,673			(6,841	)		(58,848	)		(28,457	)		84,176			56,703			(104,178	)		160,881
GMXB embedded derivatives (1)		(19,019	)		169,155			16,809			(21,225	)		(78,786	)		59,767			145,720			18,711			127,009
Funds withheld losses (gains) - investment income		(126	)		(6,374	)		(4,671	)		7,827			(5,356	)		5,230			(3,344	)		(13,276	)		9,932
Funds withheld losses (gains) - policy acq. costs		31			672			1,165			(1,251	)		515			(484	)		617			1,588			(971	)
EIA embedded derivatives - interest credited		6,169			24,400			13,657			(17,388	)		(16,732	)		22,901			26,838			6,433			20,405
EIA embedded derivatives - policy acq. costs		4,490			(2,381	)		(1,348	)		1,914			1,955			2,535			2,675			368			2,307
DAC offset, net		(53,844	)		(70,011	)		2,703			47,168			32,251			(86,095	)		(73,984	)		70,791			(144,775	)
Gain on repurchase of collateral finance facility securities		(6,321	)		(33,065	)		—			(3,231	)		—			(6,321	)		(42,617	)		—			(42,617	)
Loss on retirement of PIERS		—			—			—			2,854			—			—			2,854			—			2,854

Operating Income	$	140,726		$	151,618		$	128,001		$	118,827		$	161,419		$	(20,693	)	$	539,172		$	504,029		$	35,143

(1)

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


		Quarterly Financial Supplement		Page 4

Reinsurance Group of America, Incorporated

Consolidated Operating Income Statement


	Three Months Ended												Current Qtr			Year-to-Date
(USD thousands, except per share data)	Dec. 31, 2011			Sept. 30, 2011			June 30, 2011		March 31, 2011		Dec. 31, 2010		vs. PY Quarter			Dec. 31, 2011		Dec. 31, 2010		Change
Revenues:
Net premiums	$	2,034,716		$	1,776,165		$	1,788,676	$	1,736,130	$	1,801,899	$	232,817		$	7,335,687	$	6,659,680	$	676,007
Investment income, net of related expenses		304,317			258,404			330,251		383,081		346,987		(42,670	)		1,276,053		1,218,236		57,817
Investment related gains (losses), net		3,637			2,019			2,571		1,530		1,045		2,592			9,757		3,870		5,887
Other revenue		46,731			39,263			50,477		46,674		42,370		4,361			183,145		151,360		31,785

Total revenues		2,389,401			2,075,851			2,171,975		2,167,415		2,192,301		197,100			8,804,642		8,033,146		771,496

Benefits and expenses:
Claims and other policy benefits		1,720,573			1,514,765			1,520,013		1,469,449		1,470,845		249,728			6,224,800		5,547,155		677,645
Interest credited		69,394			(2,288	)		75,185		132,814		104,844		(35,450	)		275,105		300,085		(24,980	)
Policy acquisition costs and other insurance expenses		253,814			259,567			257,404		257,567		266,025		(12,211	)		1,028,352		968,035		60,317
Other operating expenses		122,000			94,029			97,161		101,759		102,216		19,784			414,949		361,971		52,978
Interest expense		25,226			27,025			25,818		24,569		25,215		11			102,638		90,996		11,642
Collateral finance facility expense		3,019			3,069			3,101		3,202		2,049		970			12,391		7,856		4,535

Total benefits and expenses		2,194,026			1,896,167			1,978,682		1,989,360		1,971,194		222,832			8,058,235		7,276,098		782,137

Operating income before income taxes		195,375			179,684			193,293		178,055		221,107		(25,732	)		746,407		757,048		(10,641	)

Operating income tax expense		54,649			28,066			65,292		59,228		59,688		(5,039	)		207,235		253,019		(45,784	)

Operating income	$	140,726		$	151,618		$	128,001	$	118,827	$	161,419	$	(20,693	)	$	539,172	$	504,029	$	35,143


Wgt. Average Common Shares Outstanding (Diluted)		73,812			74,254			74,530		73,836		75,052		(1,240	)		74,108		74,694		(586	)

Diluted Earnings Per Share - Operating Income	$	1.91		$	2.04		$	1.72	$	1.61	$	2.15	$	(0.24	)	$	7.28	$	6.75	$	0.53

*Foreign currency effect:**
Net premiums	$	(5,509	)	$	53,399		$	77,277	$	42,487	$	23,933	$	(29,442	)	$	167,654	$	183,800	$	(16,146	)
Operating income before income taxes	$	(2,407	)	$	6,846		$	5,713	$	4,634	$	1,580	$	(3,987	)	$	14,786	$	18,260	$	(3,474	)

*	Compared to comparable prior year period


		Quarterly Financial Supplement		Page 5

Reinsurance Group of America, Incorporated

Consolidated Balance Sheets


(USD thousands)	Dec. 31, 2011			Sept. 30, 2011			June 30, 2011			March 31, 2011			Dec. 31, 2010
Assets
Fixed maturity securities, available-for-sale	$	16,200,950		$	15,557,032		$	15,153,807		$	14,531,154		$	14,304,597
Mortgage loans on real estate		991,731			934,694			908,048			906,869			885,811
Policy loans		1,260,400			1,228,890			1,229,663			1,222,016			1,228,418
Funds withheld at interest		5,410,424			5,445,886			5,671,844			5,595,146			5,421,952
Short-term investments		88,566			81,747			125,618			74,902			118,387
Other invested assets		1,012,541			1,020,043			799,341			756,377			707,403

Total investments		24,964,612			24,268,292			23,888,321			23,086,464			22,666,568
Cash and cash equivalents		962,870			802,651			710,973			467,672			463,661
Accrued investment income		144,334			190,298			160,436			155,182			127,874
Premiums receivable and other reinsurance balances		1,059,572			1,060,631			1,045,131			986,658			1,037,679
Reinsurance ceded receivables		626,194			727,290			781,006			807,929			769,699
Deferred policy acquisition costs		4,013,984			3,787,257			3,733,686			3,679,075			3,726,443
Other assets		332,466			347,035			339,724			327,039			289,984

Total assets	$	32,104,032		$	31,183,454		$	30,659,277		$	29,510,019		$	29,081,908


Liabilities and Stockholders’ Equity
Future policy benefits		9,903,503		$	9,445,222		$	9,642,814		$	9,438,432		$	9,274,789
Interest-sensitive contract liabilities		8,394,468			8,378,159			8,100,608			7,747,203			7,774,481
Other policy claims and benefits		2,841,373			2,826,297			2,774,031			2,728,122			2,597,941
Other reinsurance balances		118,219			136,298			159,340			184,958			133,590
Deferred income taxes		1,831,869			1,662,806			1,421,480			1,415,333			1,396,747
Other liabilities		810,775			776,239			784,291			701,799			637,923
Short-term debt		—			199,997			199,993			255,989			199,985
Long-term debt		1,414,688			1,414,546			1,414,406			1,016,510			1,016,425
Collateral finance facility		652,032			681,004			837,789			839,354			850,039
Company-obligated mandatorily redeemable preferred securities of subsidiary trust holding solely junior subordinated debentures of the Company		—			—			—			159,455			159,421

Total liabilities		25,966,927			25,520,568			25,334,752			24,487,155			24,041,341

Stockholders’ Equity:
Common stock, at par value		791			791			791			791			734
Warrants		—			—			—			—			66,912
Additional paid-in-capital		1,727,774			1,719,683			1,713,893			1,708,096			1,478,398
Retained earnings		3,131,934			2,989,231			2,856,009			2,738,868			2,587,403
Treasury stock		(346,449	)		(352,106	)		(310,856	)		(323,689	)		(295	)

Accumulated other comprehensive income (AOCI):
Accumulated currency translation adjustment, net of income taxes		234,697			198,843			311,653			297,513			270,526
Unrealized appreciation of securities, net of income taxes		1,419,318			1,119,724			767,023			615,631			651,449
Pension and postretirement benefits, net of income taxes		(30,960	)		(13,280	)		(13,988	)		(14,346	)		(14,560	)

Total stockholders’ equity		6,137,105			5,662,886			5,324,525			5,022,864			5,040,567

Total liabilities and stockholders’ equity	$	32,104,032		$	31,183,454		$	30,659,277		$	29,510,019		$	29,081,908


Total stockholders’ equity, excluding AOCI	$	4,514,050		$	4,357,599		$	4,259,837		$	4,124,066		$	4,133,152


		Quarterly Financial Supplement		Page 6

Reinsurance Group of America, Incorporated

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


	Three Months Ended															Current Qtr			Year-to-Date
(USD thousands)	Dec. 31, 2011			Sept. 30, 2011			June 30, 2011			March 31, 2011			Dec. 31, 2010			vs. PY Quarter			Dec. 31, 2011			Dec. 31, 2010			Change

Revenues:
Net premiums	$	1,099,409		$	971,190		$	973,837		$	935,053		$	1,009,758		$	89,651		$	3,979,489		$	3,775,951		$	203,538
Investment income, net of related expenses		124,432			122,687			124,564			119,781			117,272			7,160			491,464			476,111			15,353
Other revenue		1,571			599			738			493			504			1,067			3,401			1,720			1,681

Total revenues		1,225,412			1,094,476			1,099,139			1,055,327			1,127,534			97,878			4,474,354			4,253,782			220,572

Benefits and expenses:
Claims and other policy benefits		952,226			844,090			839,173			822,407			842,335			109,891			3,457,896			3,214,336			243,560
Interest credited		15,174			15,166			14,967			14,584			14,826			348			59,891			64,472			(4,581	)
Policy acquisition costs and other insurance expenses		148,020			131,810			132,172			127,462			142,057			5,963			539,464			530,826			8,638
Other operating expenses		23,971			20,299			19,486			21,350			21,221			2,750			85,106			78,917			6,189

Total benefits and expenses		1,139,391			1,011,365			1,005,798			985,803			1,020,439			118,952			4,142,357			3,888,551			253,806
Operating income before income taxes		86,021			83,111			93,341			69,524			107,095			(21,074	)		331,997			365,231			(33,234	)


Operating to U.S. GAAP Reconciliation:
Operating income before income taxes		86,021			83,111			93,341			69,524			107,095			(21,074	)		331,997			365,231			(33,234	)
Investment and derivative (losses) gains - non-operating		30,075			5,056			205			8,875			6,246			23,829			44,211			24,824			19,387

Income before income taxes	$	116,096		$	88,167		$	93,546		$	78,399		$	113,341		$	2,755		$	376,208		$	390,055		$	(13,847	)


Loss and Expense Ratios:
Claims and other policy benefits		86.6	%		86.9	%		86.2	%		88.0	%		83.4	%		3.2	%		86.9	%		85.1	%		1.8	%
Policy acquisition costs and other insurance expenses		13.5	%		13.6	%		13.6	%		13.6	%		14.1	%		-0.6	%		13.6	%		14.1	%		-0.5	%
Other operating expenses		2.2	%		2.1	%		2.0	%		2.3	%		2.1	%		0.1	%		2.1	%		2.1	%		0.0	%


		Quarterly Financial Supplement		Page 7

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)	Dec. 31, 2011			Sept. 30, 2011			June 30, 2011			March 31, 2011			Dec. 31, 2010			Current Qtr vs. PY Quarter			Dec. 31, 2011			Dec. 31, 2010			Change
Revenues:
Net premiums	$	3,619		$	2,786		$	3,459		$	3,325		$	3,401		$	218		$	13,189		$	21,130		$	(7,941	)
Investment income, net of related expenses		79,479			20,238			97,944			159,414			129,985			(50,506	)		357,075			364,476			(7,401	)
Investment related gains (losses), net		(82	)		(14	)		(20	)		(16	)		(18	)		(64	)		(132	)		(72	)		(60	)
Other revenue		20,154			19,827			23,536			24,001			24,156			(4,002	)		87,518			86,598			920

Total revenues		103,170			42,837			124,919			186,724			157,524			(54,354	)		457,650			472,132			(14,482	)

Benefits and expenses:
Claims and other policy benefits		2,766			4,431			4,264			2,816			3,131			(365	)		14,277			15,273			(996	)
Interest credited		53,965			(17,733	)		59,603			118,230			90,017			(36,052	)		214,065			235,599			(21,534	)
Policy acquisition costs and other insurance expenses		16,829			53,236			39,323			42,755			41,614			(24,785	)		152,143			144,177			7,966
Other operating expenses		2,434			1,886			1,743			2,154			2,781			(347	)		8,217			10,797			(2,580	)

Total benefits and expenses		75,994			41,820			104,933			165,955			137,543			(61,549	)		388,702			405,846			(17,144	)

Operating income (loss) before income taxes		27,176			1,017			19,986			20,769			19,981			7,195			68,948			66,286			2,662


Operating to U.S. GAAP Reconciliation:
Operating income before income taxes		27,176			1,017			19,986			20,769			19,981			7,195			68,948			66,286			2,662
Investment and derivative (losses) gains - non-operating (1)		(23,077	)		219,530			28,681			(18,704	)		(109,171	)		86,094			206,430			35,495			170,935
Change in value of modified coinsurance and funds withheld embedded derivatives (1)		(86,759	)		(103,949	)		10,525			90,535			43,780			(130,539	)		(89,648	)		160,274			(249,922	)
GMXB embedded derivatives (1)		29,261			(260,239	)		(25,860	)		32,654			121,209			(91,948	)		(224,184	)		(28,786	)		(195,398	)
Funds withheld losses (gains) - investment income		194			9,806			7,185			(12,041	)		8,240			(8,046	)		5,144			20,424			(15,280	)
Funds withheld losses (gains) - policy acq. costs		(47	)		(1,034	)		(1,793	)		1,925			(793	)		746			(949	)		(2,443	)		1,494
EIA embedded derivatives - interest credited		(9,490	)		(37,539	)		(21,011	)		26,751			25,741			(35,231	)		(41,289	)		(9,897	)		(31,392	)
EIA embedded derivatives - policy acq. costs		(6,908	)		3,664			2,073			(2,944	)		(3,008	)		(3,900	)		(4,115	)		(566	)		(3,549	)
DAC offset, net		82,837			107,709			(4,158	)		(72,567	)		(49,618	)		132,455			113,821			(108,909	)		222,730

Income before income taxes	$	13,187		$	(61,035	)	$	15,628		$	66,378		$	56,361		$	(43,174	)	$	34,158		$	131,878		$	(97,720	)

(1)

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


		Quarterly Financial Supplement		Page 8

Reinsurance Group of America, Incorporated

U.S. Asset Intensive Sub-segment

(Cont’d)


	Three Months Ended
(USD millions)	Dec. 31, 2011			Sept. 30, 2011			June 30, 2011			March 31, 2011			Dec. 31, 2010
Annuity account values:

Fixed annuities (deferred)	$	879		$	856		$	835		$	804		$	822

Net interest spread (fixed annuities):		2.8	%		2.7	%		2.2	%		2.7	%		2.4	%

Equity-indexed annuities	$	4,881		$	4,327		$	4,324		$	4,258		$	4,239

Variable annuities:
No riders	$	986		$	979		$	1,114		$	1,172		$	1,156
GMDB only		85			76			89			91			90
GMIB only		6			5			6			6			6
GMAB only		55			54			63			64			64
GMWB only		1,538			1,524			1,751			1,773			1,735
GMDB / WB		498			428			493			500			492
Other		31			30			35			36			36

Total VA account values	$	3,199		$	3,096		$	3,551		$	3,642		$	3,579

Fair value of liabilities associated with living benefit riders	$	277		$	306		$	46		$	20		$	53

Interest-sensitive contract liabilities associated with:

Guaranteed investment contracts	$	198		$	199		$	199		$	199		$	199

Bank-owned life insurance (BOLI)	$	508		$	505		$	502		$	498		$	494

Other asset-intensive business	$	78		$	79		$	85		$	87		$	90


		Quarterly Financial Supplement		Page 9

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
(USD thousands)	Dec. 31, 2011			Sept. 30, 2011			June 30, 2011		March 31, 2011			Dec. 31, 2010			Current Qtr vs. PY Quarter			Dec. 31, 2011			Dec. 31, 2010			Change
Revenues:
Investment income, net of related expenses	$	131		$	168		$	62	$	(197	)	$	63		$	68		$	164		$	273		$	(109	)
Other revenue		9,558			8,619			9,194		9,002			7,029			2,529			36,373			23,507			12,866

Total revenues		9,689			8,787			9,256		8,805			7,092			2,597			36,537			23,780			12,757
Benefits and expenses:
Policy acquisition costs and other insurance expenses		743			798			797		853			447			296			3,191			2,014			1,177
Other operating expenses		2,025			1,584			1,469		1,797			1,067			958			6,875			4,223			2,652

Total benefits and expenses		2,768			2,382			2,266		2,650			1,514			1,254			10,066			6,237			3,829
Operating income before income taxes		6,921			6,405			6,990		6,155			5,578			1,343			26,471			17,543			8,928

Operating to U.S. GAAP Reconciliation:
Operating income before income taxes		6,921			6,405			6,990		6,155			5,578			1,343			26,471			17,543			8,928
Investment and derivative (losses) gains - non-operating		(87	)		(13	)		7		(35	)		(23	)		(64	)		(128	)		(86	)		(42	)

Income before income taxes	$	6,834		$	6,392		$	6,997	$	6,120		$	5,555		$	1,279		$	26,343		$	17,457		$	8,886


		Quarterly Financial Supplement		Page 10

Reinsurance Group of America, Incorporated

Canadian Segment Pre-tax Operating Income


	Three Months Ended															Current Qtr vs. PY Quarter			Year-to-Date
(USD thousands)	Dec. 31, 2011			Sept. 30, 2011			June 30, 2011			March 31, 2011			Dec. 31, 2010			Current Qtr vs. PY Quarter			Dec. 31, 2011			Dec. 31, 2010			Change
Revenues:
Net premiums	$	224,763		$	185,790		$	209,717		$	215,028		$	205,925		$	18,838		$	835,298		$	797,206		$	38,092
Investment income, net of related expenses		41,537			52,611			45,052			44,901			41,534			3			184,101			165,138			18,963
Investment related gains (losses), net		1,579			1,267			1,183			1,169			1,187			392			5,198			3,935			1,263
Other revenue		(9	)		440			4,980			22			59			(68	)		5,433			1,146			4,287

Total revenues		267,870			240,108			260,932			261,120			248,705			19,165			1,030,030			967,425			62,605

Benefits and expenses:
Claims and other policy benefits		165,456			162,734			165,860			179,055			152,038			13,418			673,105			656,358			16,747
Interest credited		—			—			—			—			—			—			—			—			—
Policy acquisition costs and other insurance expenses		50,770			32,568			44,422			47,089			50,966			(196	)		174,849			167,572			7,277
Other operating expenses		10,645			9,129			8,793			8,694			9,058			1,587			37,261			29,864			7,397

Total benefits and expenses		226,871			204,431			219,075			234,838			212,062			14,809			885,215			853,794			31,421

Operating income before income taxes		40,999			35,677			41,857			26,282			36,643			4,356			144,815			113,631			31,184


Operating to U.S. GAAP Reconciliation:
Operating income before income taxes		40,999			35,677			41,857			26,282			36,643			4,356			144,815			113,631			31,184
Investment and derivative (losses) gains - non-operating		6,545			8,729			2,135			4,389			(454	)		6,999			21,798			8,747			13,051

Income before income taxes	$	47,544		$	44,406		$	43,992		$	30,671		$	36,189		$	11,355		$	166,613		$	122,378		$	44,235


Loss and Expense Ratios:
Loss ratios (creditor business)		36.3	%		38.4	%		39.7	%		37.7	%		39.1	%		-2.8	%		37.9	%		39.6	%		-1.7	%
Loss ratios (excluding creditor business)		85.5	%		96.9	%		88.8	%		97.6	%		84.3	%		1.2	%		92.1	%		94.4	%		-2.3	%
Claims and other policy benefits / (net premiums + investment income)		62.1	%		68.3	%		65.1	%		68.9	%		61.4	%		0.7	%		66.0	%		68.2	%		-2.2	%
Policy acquisition costs and other insurance expenses (creditor business)		59.2	%		52.8	%		57.3	%		55.3	%		56.4	%		2.8	%		56.6	%		54.0	%		2.6	%
Policy acquisition costs and other insurance expenses (excluding creditor business)		10.9	%		10.9	%		12.2	%		11.3	%		15.3	%		(4.4	%)		11.3	%		11.7	%		-0.4	%
Other operating expenses		4.7	%		4.9	%		4.2	%		4.0	%		4.4	%		0.3	%		4.5	%		3.7	%		0.8	%

*Foreign currency effect:**
Net premiums	$	(2,669	)	$	10,269		$	12,409		$	11,248		$	8,357		$	(11,026	)	$	31,257		$	72,820		$	(41,563	)
Operating income before income taxes	$	(641	)	$	2,571		$	3,021		$	453		$	1,858		$	(2,499	)	$	5,404		$	7,602		$	(2,198	)

Creditor reinsurance net premiums	$	54,227		$	29,895		$	41,613		$	51,584		$	47,467		$	6,760		$	177,319		$	175,965		$	1,354

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 11

Reinsurance Group of America, Incorporated

Europe & South Africa Segment Pre-tax Operating Income


	Three Months Ended															Current Qtr			Year-to-Date
(USD thousands)	Dec. 31, 2011			Sept. 30, 2011			June 30, 2011			March 31, 2011			Dec. 31, 2010			vs. PY Quarter			Dec. 31, 2011			Dec. 31, 2010			Change
Revenues:
Net premiums	$	356,284		$	286,054		$	283,019		$	269,120		$	257,980		$	98,304		$	1,194,477		$	918,513		$	275,964
Investment income, net of related expenses		10,977			10,552			10,174			9,854			9,737			1,240			41,557			34,517			7,040
Other revenue		1,035			1,196			1,745			1,055			296			739			5,031			2,099			2,932

Total revenues		368,296			297,802			294,938			280,029			268,013			100,283			1,241,065			955,129			285,936

Benefits and expenses:
Claims and other policy benefits		293,126			248,890			242,973			216,932			195,172			97,954			1,001,921			734,392			267,529
Policy acquisition costs and other insurance expenses		7,008			10,462			9,953			12,059			8,153			(1,145	)		39,482			43,961			(4,479	)
Other operating expenses		29,511			24,569			26,527			25,012			28,301			1,210			105,619			93,526			12,093

Total benefits and expenses		329,645			283,921			279,453			254,003			231,626			98,019			1,147,022			871,879			275,143
Operating income before income taxes		38,651			13,881			15,485			26,026			36,387			2,264			94,043			83,250			10,793


Operating to U.S. GAAP Reconciliation:
Operating income before income taxes		38,651			13,881			15,485			26,026			36,387			2,264			94,043			83,250			10,793
Investment and derivative (losses) gains - non-operating		2,951			2,000			756			293			(1,030	)		3,981			6,000			2,584			3,416

Income before income taxes	$	41,602		$	15,881		$	16,241		$	26,319		$	35,357		$	6,245		$	100,043		$	85,834		$	14,209


Loss and Expense Ratios:
Claims and other policy benefits		82.3	%		87.0	%		85.9	%		80.6	%		75.7	%		6.6	%		83.9	%		80.0	%		3.9	%
Policy acquisition costs and other insurance expenses		2.0	%		3.7	%		3.5	%		4.5	%		3.2	%		-1.2	%		3.3	%		4.8	%		-1.5	%
Other operating expenses		8.3	%		8.6	%		9.4	%		9.3	%		11.0	%		-2.7	%		8.8	%		10.2	%		-1.4	%

*Foreign currency effecteffect::**
Net premiums	$	(9,136	)	$	9,234		$	24,686		$	6,466		$	(5,502	)	$	(3,634	)	$	31,250		$	(4,047	)	$	35,297
Operating income before income taxes	$	(1,605	)	$	669		$	1,712		$	233		$	(704	)	$	(901	)	$	1,009		$	(2,712	)	$	3,721

Critical illness net premiums	$	61,564		$	59,679		$	63,320		$	60,261		$	58,102		$	3,462		$	244,824		$	224,075		$	20,749

*	Compared to comparable prior year period


		Quarterly Financial Supplement		Page 12

Reinsurance Group of America, Incorporated

Asia Pacific Segment Pre-tax Operating Income


	Three Months Ended															Current Qtr			Year-to-Date
(USD thousands)	Dec. 31, 2011			Sept. 30, 2011			June 30, 2011			March 31, 2011			Dec. 31, 2010			vs. PY Quarter			Dec. 31, 2011			Dec. 31, 2010			Change
Revenues:
Net premiums	$	348,358		$	328,259		$	316,356		$	311,517		$	322,544		$	25,814		$	1,304,490		$	1,139,065		$	165,425
Investment income, net of related expenses		21,346			21,133			21,402			19,634			18,997			2,349			83,515			70,552			12,963
Investment related gains (losses), net		1,237			1,452			1,377			(108	)		365			872			3,958			1,153			2,805
Other revenue		9,741			8,557			7,283			8,492			6,642			3,099			34,073			26,419			7,654

Total revenues		380,682			359,401			346,418			339,535			348,548			32,134			1,426,036			1,237,189			188,847

Benefits and expenses:
Claims and other policy benefits		306,802			254,739			267,362			247,930			277,926			28,876			1,076,833			926,383			150,450
Interest Credited		254			280			615			—			—			254			1,149			—			1,149
Policy acquisition costs and other insurance expenses		44,553			45,409			44,140			40,820			36,336			8,217			174,922			133,300			41,622
Other operating expenses		30,254			27,598			26,089			25,127			26,164			4,090			109,068			93,746			15,322

Total benefits and expenses		381,863			328,026			338,206			313,877			340,426			41,437			1,361,972			1,153,429			208,543

Operating income before income taxes		(1,181	)		31,375			8,212			25,658			8,122			(9,303	)		64,064			83,760			(19,696	)


Operating to U.S. GAAP Reconciliation:
Operating income before income taxes		(1,181	)		31,375			8,212			25,658			8,122			(9,303	)		64,064			83,760			(19,696	)
Investment and derivative (losses) gains - non-operating		5,309			(1,625	)		(298	)		(330	)		1,949			3,360			3,056			5,000			(1,944	)

Income before income taxes	$	4,128		$	29,750		$	7,914		$	25,328		$	10,071		$	(5,943	)	$	67,120		$	88,760		$	(21,640	)


Loss and Expense Ratios:
Claims and other policy benefits		88.1	%		77.6	%		84.5	%		79.6	%		86.2	%		1.9	%		82.5	%		81.3	%		1.2	%
Policy acquisition costs and other insurance expenses		12.8	%		13.8	%		14.0	%		13.1	%		11.3	%		1.5	%		13.4	%		11.7	%		1.7	%
Other operating expenses		8.7	%		8.4	%		8.2	%		8.1	%		8.1	%		0.6	%		8.4	%		8.2	%		0.2	%

*Foreign currency effect:**
Net premiums	$	6,296		$	33,908		$	40,222		$	24,825		$	21,020		$	(14,724	)	$	105,251		$	114,988		$	(9,737	)
Operating income before income taxes	$	325		$	3,379		$	557		$	1,555		$	487		$	(162	)	$	5,816		$	7,318		$	(1,502	)

Critical illness net premiums	$	40,566		$	30,135		$	41,003		$	45,622		$	52,386		$	(11,820	)	$	157,326		$	186,246		$	(28,920	)

*	Compared to comparable prior year period


		Quarterly Financial Supplement		Page 13

Reinsurance Group of America, Incorporated

Corporate and Other Segment Pre-tax Operating Income


	Three Months Ended															Current Qtr			Year-to-Date
(USD thousands)	Dec. 31, 2011			Sept. 30, 2011			June 30, 2011			March 31, 2011			Dec. 31, 2010			vs. PY Quarter			Dec. 31, 2011			Dec. 31, 2010			Change
Revenues:
Net premiums	$	2,283		$	2,086		$	2,288		$	2,087		$	2,291		$	(8	)	$	8,744		$	7,815		$	929
Investment income, net of related expenses		26,415			31,015			31,053			29,694			29,399			(2,984	)		118,177			107,169			11,008
Investment related gains (losses), net		903			(686	)		31			485			(489	)		1,392			733			(1,146	)		1,879
Other revenue		4,681			25			3,001			3,609			3,684			997			11,316			9,871			1,445

Total revenues		34,282			32,440			36,373			35,875			34,885			(603	)		138,970			123,709			15,261

Benefits and expenses:
Claims and other policy benefits		197			(119	)		381			309			243			(46	)		768			413			355
Interest credited		1			(1	)		—			—			1			—			—			14			(14	)
Policy acquisition costs and other insurance expenses		(14,109	)		(14,716	)		(13,403	)		(13,471	)		(13,548	)		(561	)		(55,699	)		(53,815	)		(1,884	)
Other operating expenses		23,160			8,964			13,054			17,625			13,624			9,536			62,803			50,898			11,905
Interest expense		25,226			27,025			25,818			24,569			25,215			11			102,638			90,996			11,642
Collateral finance facility expense		3,019			3,069			3,101			3,202			2,049			970			12,391			7,856			4,535

Total benefits and expenses		37,494			24,222			28,951			32,234			27,584			9,910			122,901			96,362			26,539

Operating income (loss) before income taxes		(3,212	)		8,218			7,422			3,641			7,301			(10,513	)		16,069			27,347			(11,278	)


Operating to U.S. GAAP Reconciliation:
Operating income before income taxes		(3,212	)		8,218			7,422			3,641			7,301			(10,513	)		16,069			27,347			(11,278	)
Investment and derivative (losses) gains - non-operating		(15,319	)		(11,108	)		8,666			4,413			11,082			(26,401	)		(13,348	)		108			(13,456	)
Gain on repurchase of collateral finance facility securities		9,725			50,869			—			4,971			—			9,725			65,565			—			65,565
Loss on retirement of PIERS		—			—			—			(4,391	)		—			—			(4,391	)		—			(4,391	)

Income before income taxes	$	(8,806	)	$	47,979		$	16,088		$	8,634		$	18,383		$	(27,189	)	$	63,895		$	27,455		$	36,440


*Foreign currency effect:**
Net premiums	$	—		$	(12	)	$	(40	)	$	(52	)	$	58		$	(58	)	$	(104	)	$	39		$	(143	)
Operating income before income taxes	$	(486	)	$	227		$	423		$	2,393		$	(61	)	$	(425	)	$	2,557		$	6,052		$	(3,495	)

*	Compared to comparable prior year period


		Quarterly Financial Supplement		Page 14

Reinsurance Group of America, Incorporated

Summary of Pre-tax Segment Operating Income


	Three Months Ended											Current Qtr vs. PY Quarter			Year-to-Date
(USD thousands)	Dec. 31, 2011			Sept. 30, 2011		June 30, 2011		March 31, 2011		Dec. 31, 2010		Current Qtr vs. PY Quarter			Dec. 31, 2011		Dec. 31, 2010		Change
U.S. Traditional	$	86,021		$	83,111	$	93,341	$	69,524	$	107,095	$	(21,074	)	$	331,997	$	365,231	$	(33,234	)
U.S. Asset Intensive		27,176			1,017		19,986		20,769		19,981		7,195			68,948		66,286		2,662
U.S.FinancialReinsurance		6,921			6,405		6,990		6,155		5,578		1,343			26,471		17,543		8,928

Total U.S. Segment		120,118			90,533		120,317		96,448		132,654		(12,536	)		427,416		449,060		(21,644	)
Canadian Segment		40,999			35,677		41,857		26,282		36,643		4,356			144,815		113,631		31,184
Europe & South Africa Segment		38,651			13,881		15,485		26,026		36,387		2,264			94,043		83,250		10,793
Asia Pacific Segment		(1,181	)		31,375		8,212		25,658		8,122		(9,303	)		64,064		83,760		(19,696	)
Corporate and Other		(3,212	)		8,218		7,422		3,641		7,301		(10,513	)		16,069		27,347		(11,278	)

Consolidated	$	195,375		$	179,684	$	193,293	$	178,055	$	221,107	$	(25,732	)	$	746,407	$	757,048	$	(10,641	)


		Quarterly Financial Supplement		Page 15

Reinsurance Group of America, Incorporated

Investments


	(USD thousands)

Cash and Invested Assets
	Dec. 31, 2011		Sept. 30, 2011		June 30, 2011		March 31, 2011		Dec. 31, 2010
Fixed maturity securities, available-for-sale	$	16,200,950	$	15,557,032	$	15,153,807	$	14,531,154	$	14,304,597
Mortgage loans on real estate		991,731		934,694		908,048		906,869		885,811
Policy loans		1,260,400		1,228,890		1,229,663		1,222,016		1,228,418
Funds withheld at interest		5,410,424		5,445,886		5,671,844		5,595,146		5,421,952
Short-term investments		88,566		81,747		125,618		74,902		118,387
Other invested assets		1,012,541		1,020,043		799,341		756,377		707,403
Cash and cash equivalents		962,870		802,651		710,973		467,672		463,661

Total cash and invested assets	$	25,927,482	$	25,070,943	$	24,599,294	$	23,554,136	$	23,130,229

Investment Income and Yield Summary

(Excludes Funds Withheld Portfolios)


	Three Months Ended															Current Qtr vs. PY Quarter			Year-to-Date
	Dec. 31, 2011			Sept. 30, 2011			June 30, 2011			March 31, 2011			Dec. 31, 2010			Current Qtr vs. PY Quarter			Dec. 31, 2011			Dec. 31, 2010			Change
Average invested assets at amortized cost	$	17,765,960		$	17,683,301		$	17,446,168		$	16,762,725		$	16,257,365		$	1,508,595		$	17,075,561		$	15,283,113		$	1,792,448
Net investment income	$	226,077		$	229,373		$	228,728		$	219,908		$	216,176		$	9,901		$	904,086		$	858,320		$	45,766

Annualized investment yield(ratio of net investment income to average invested assets)		5.19	%		5.29	%		5.35	%		5.35	%		5.43	%		-0.24	%		5.29	%		5.62	%		-0.33	%


		Quarterly Financial Supplement		Page 16

Reinsurance Group of America, Incorporated

Investments

(USD thousands)

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

(Excludes Funds Withheld Portfolios)


December 31, 2011
	Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value		% of Total			Other-than- temporary Impairment in AOCI
Available-for-sale:
Corporate securities	$	6,931,958	$	654,519	$	125,371	$	7,461,106		46.0	%	$	—
Canadian and Canadian provincial governments		2,507,802		1,362,160		29		3,869,933		23.9	%		—
Residential mortgage-backed securities		1,167,265		76,393		16,424		1,227,234		7.6	%		(1,042	)
Asset-backed securities		443,974		11,692		53,675		401,991		2.5	%		(5,256	)
Commercial mortgage-backed securities		1,233,958		87,750		79,489		1,242,219		7.7	%		(12,225	)
U.S. government and agencies		341,087		32,976		61		374,002		2.3	%		—
State and political subdivisions		184,308		24,419		3,341		205,386		1.3	%		—
Other foreign government, supranational, and foreign government-sponsored enterprises		1,372,528		50,127		3,576		1,419,079		8.7	%		—

Total fixed maturity securities	$	14,182,880	$	2,300,036	$	281,966	$	16,200,950		100.0	%	$	(18,523	)

Non-redeemable preferred stock		82,488		4,677		8,982		78,183		68.6	%
Other equity securities		35,352		1,903		1,538		35,717		31.4	%

Total equity securities	$	117,840	$	6,580	$	10,520	$	113,900		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	$	6,384,262	$	426,933	$	100,751	$	6,710,444		46.9	%	$	—
Canadian and Canadian provincial governments		2,386,428		675,132		3,993		3,057,567		21.4	%		—
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, supranational, and foreign government-sponsored enterprises		966,801		11,574		14,604		963,771		6.7	%		—

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 17

Reinsurance Group of America, Incorporated

Investments

(USD thousands)

Corporate Securities by Sector (Fixed Maturities and Equities)

(Excludes Funds Withheld Portfolios)


	December 31, 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	$	1,477,638	$	1,454,124		19.2	%	A	$	1,441,053	$	1,445,457		21.1	%	A
Brokerage		59,288		63,101		0.8	%	A		98,351		103,902		1.5	%	A-
Finance Comp.		158,271		161,992		2.1	%	A		186,214		195,869		2.9	%	A-
Insurance		391,092		413,339		5.5	%	A-		403,557		422,996		6.2	%	A-
REITs		300,401		316,192		4.2	%	BBB+		178,106		187,587		2.7	%	BBB+
Other Finance		130,984		135,812		1.8	%	A-		246,366		251,609		3.7	%	A-

Total Financial Institutions		2,517,674		2,544,560		33.6	%			2,553,647		2,607,420		38.1	%
Industrials
Basic		367,323		402,225		5.3	%	BBB+		349,522		376,723		5.5	%	BBB
Capital Goods		360,309		396,150		5.2	%	BBB+		349,526		372,557		5.4	%	BBB+
Communications		674,182		745,064		9.8	%	BBB+		583,173		631,659		9.2	%	BBB+
Consumer Cyclical		407,873		438,034		5.8	%	BBB+		309,255		324,648		4.7	%	BBB+
Consumer Noncyclical		691,245		784,819		10.4	%	A-		646,383		693,785		10.1	%	A-
Energy		405,317		454,727		6.0	%	BBB+		360,875		390,743		5.7	%	BBB+
Technology		245,954		269,301		3.6	%	BBB+		228,702		238,975		3.5	%	BBB+
Transportation		219,605		234,822		3.1	%	BBB+		213,873		225,189		3.3	%	BBB
Other Industrial		41,266		46,053		0.6	%	BBB		48,711		51,386		0.8	%	BBB

Total Industrials		3,413,074		3,771,195		49.8	%			3,090,020		3,305,665		48.2	%
Utilities
Electric		673,725		756,033		10.0	%	BBB+		592,022		620,470		9.1	%	BBB+
Natural Gas		398,648		447,617		5.9	%	BBB		256,815		282,673		4.1	%	BBB+
Other Utility		43,377		51,921		0.7	%	A-		23,002		29,700		0.4	%	A-

Total Utilities		1,115,750		1,255,571		16.6	%			871,839		932,843		13.6	%
Other Sectors		3,300		3,680		0.0	%	AA-		4,306		4,727		0.1	%	AA-

Total	$	7,049,798	$	7,575,006		100.0	%	BBB+	$	6,519,812	$	6,850,655		100.0	%	A-


		Quarterly Financial Supplement		Page 18

Reinsurance Group of America, Incorporated

Investments

(USD thousands)

Ratings of Fixed Maturity Securities

(Excludes Funds Withheld Portfolios)


		December 31, 2011							September 30, 2011							June 30, 2011							March 31, 2011							December 31, 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	$	2,205,406	$	2,304,991		14.2	%	$	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	%
1	AA		4,675,653		5,815,846		35.9	%		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	%
1	A		3,206,553		3,822,796		23.6	%		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	BBB		3,283,937		3,522,411		21.8	%		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	%
3	BB		446,610		436,001		2.7	%		444,042		423,559		2.7	%		464,363		466,393		3.1	%		492,097		497,056		3.4	%		460,675		450,368		3.2	%
4	B		244,645		210,222		1.3	%		229,658		196,617		1.3	%		248,242		229,591		1.5	%		218,541		203,594		1.4	%		239,604		191,287		1.3	%
5	CCC and lower		95,128		71,410		0.4	%		78,310		60,014		0.4	%		65,181		49,540		0.3	%		67,395		50,231		0.3	%		63,859		47,493		0.3	%
6	In or near default		24,948		17,273		0.1	%		28,343		23,007		0.1	%		28,571		25,740		0.2	%		21,747		22,853		0.2	%		22,766		22,915		0.2	%

	Total	$	14,182,880	$	16,200,950		100.0	%	$	13,926,899	$	15,557,032		100.0	%	$	14,041,347	$	15,153,807		100.0	%	$	13,636,983	$	14,531,154		100.0	%	$	13,345,022	$	14,304,597		100.0	%

Structured Fixed Maturity Securities


	December 31, 2011				September 30, 2011				June 30, 2011				March 31, 2011				December 31, 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	$	561,156	$	619,010	$	596,072	$	660,833	$	637,806	$	674,599	$	662,505	$	690,577	$	636,931	$	668,405
Non-agency		606,109		608,224		642,791		646,941		682,952		691,185		712,661		725,551		806,961		804,672

Total residential mortgage-backed securities		1,167,265		1,227,234		1,238,863		1,307,774		1,320,758		1,365,784		1,375,166		1,416,128		1,443,892		1,473,077
Commercial mortgage-backed securities		1,233,958		1,242,219		1,330,302		1,326,994		1,333,832		1,359,105		1,344,194		1,365,715		1,353,279		1,337,853
Asset-backed securities		443,974		401,991		412,468		372,957		415,637		376,920		420,028		377,573		440,752		391,209

Total	$	2,845,197	$	2,871,444	$	2,981,633	$	3,007,725	$	3,070,227	$	3,101,809	$	3,139,388	$	3,159,416	$	3,237,923	$	3,202,139


		Quarterly Financial Supplement		Page 19

Investments

(USD thousands)

Subprime Mortgage Exposure

(Includes Funds Withheld Portfolios)


	December 31, 2011
	AAA				AA				A
Underwriting Year	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
2005 & Prior	$	6,179	$	5,587	$	22,819	$	21,477	$	8,631	$	8,425
2006		—		—		2,151		2,000		—		—
2007		—		—		—		—		—		—
2008 - 2011		—		—		—		—		—		—

Total	$	6,179	$	5,587	$	24,970	$	23,477	$	8,631	$	8,425


	BBB				Below Investment Grade				Total
Underwriting Year	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
2005 & Prior	$	14,528	$	12,996	$	69,056	$	39,864	$	121,213	$	88,349
2006		—		—		2,045		2,980		4,196		4,980
2007		—		—		4,498		2,566		4,498		2,566
2008 - 2011		6,812		6,757		—		—		6,812		6,757

Total	$	21,340	$	19,753	$	75,599	$	45,410	$	136,719	$	102,652


	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 20

Reinsurance Group of America, Incorporated

Investments

(USD thousands)

CMBS Exposure

(Includes Funds Withheld Portfolios)


	December 31, 2011
	AAA				AA				A
Underwriting Year	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
2005 & Prior	$	92,275	$	98,213	$	130,890	$	143,609	$	32,504	$	31,187
2006		260,765		277,959		52,883		59,727		52,805		55,074
2007		201,228		214,510		23,565		18,700		116,898		122,945
2008		8,975		9,053		48,818		59,536		17,012		19,237
2009		1,664		1,709		12,367		13,684		7,060		9,515
2010		27,946		28,872		49,323		53,480		19,434		20,727
2011		20,047		20,002		11,146		12,079		7,563		7,594

Total	$	612,900	$	650,318	$	328,992	$	360,815	$	253,276	$	266,279


	BBB				Below Investment Grade				Total
Underwriting Year	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
2005 & Prior	$	24,750	$	24,295	$	52,475	$	40,753	$	332,894	$	338,057
2006		27,995		26,563		53,205		43,559		447,653		462,882
2007		102,604		108,047		113,946		77,718		558,241		541,920
2008		—		—		24,916		17,554		99,721		105,380
2009		—		—		—		—		21,091		24,908
2010		—		—		—		—		96,703		103,079
2011		—		—		—		—		38,756		39,675

Total	$	155,349	$	158,905	$	244,542	$	179,584	$	1,595,059	$	1,615,901

NOTE: Totals include directly held investments with amortized cost of $1,234.0 million and fair value of $1,242.2 million as well as investments in funds withheld with amortized cost of $361.1 million and fair value of $373.7 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 21

Reinsurance Group of America, Incorporated

Investments

(USD thousands)

Gross Unrealized Losses Aging

Fixed Maturity Securities


	December 31, 2011					September 30, 2011					June 30, 2011					March 31, 2011					December 31, 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%	$	126,250		43.1	%	$	139,671		46.1	%	$	120,770		51.7	%	$	142,936		53.4	%	$	143,451		44.9	%
20% or more for less than six months		46,386		15.9	%		49,034		16.2	%		7,742		3.3	%		7,229		2.7	%		17,293		5.4	%
20% or more for six months or greater		109,330		37.4	%		105,170		34.7	%		102,017		43.6	%		110,349		41.2	%		152,818		47.9	%

Total	$	281,966		96.4	%	$	293,875		97.0	%	$	230,529		98.6	%	$	260,514		97.3	%	$	313,562		98.2	%


Equity Securities

	December 31, 2011					September 30, 2011					June 30, 2011					March 31, 2011					December 31, 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%	$	4,905		1.7	%	$	4,774		1.6	%	$	3,019		1.3	%	$	5,196		1.9	%	$	2,953		0.9	%
20% or more for less than six months		5,117		1.7	%		4,142		1.4	%		223		0.1	%		691		0.3	%		821		0.3	%
20% or more for six months or greater		498		0.2	%		49		0.0	%		48		0.0	%		1,304		0.5	%		1,795		0.6	%

Total	$	10,520		3.6	%	$	8,965		3.0	%	$	3,290		1.4	%	$	7,191		2.7	%	$	5,569		1.8	%


		Quarterly Financial Supplement		Page 22

Reinsurance Group of America, Incorporated

Investments

(USD thousands)

Fixed Maturities and Equity Securities Below Amortized Cost

(Excludes Funds Withheld Portfolios)


	As of December 31, 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	$	790,758	$	40,180	$	286,244	$	63,117	$	1,077,002	$	103,297
Canadian and Canadian provincial governments		3,094		29		—		—		3,094		29
Residential mortgage-backed securities		128,622		3,549		58,388		10,382		187,010		13,931
Asset-backed securities		101,263		3,592		93,910		29,036		195,173		32,628
Commercial mortgage-backed securities		109,455		3,538		58,979		22,001		168,434		25,539
U.S. government and agencies		1,764		61		—		—		1,764		61
State and political subdivisions		21,045		1,845		12,273		1,268		33,318		3,113
Other foreign government, supranational, and foreign government-sponsored enterprises		148,416		1,085		16,588		2,491		165,004		3,576

Investment grade securities	$	1,304,417	$	53,879	$	526,382	$	128,295	$	1,830,799	$	182,174

Non-investment grade securities
Corporate securities		212,795		10,852		47,310		11,222		260,105		22,074
Residential mortgage-backed securities		23,199		712		10,459		1,781		33,658		2,493
Asset-backed securities		2,363		940		21,275		20,107		23,638		21,047
Commercial mortgage-backed securities		34,918		7,220		62,357		46,730		97,275		53,950
State and political subdivisions		4,000		228		—		—		4,000		228

Non-investment grade securities	$	277,275	$	19,952	$	141,401	$	79,840	$	418,676	$	99,792

Total fixed maturity securities	$	1,581,692	$	73,831	$	667,783	$	208,135	$	2,249,475	$	281,966

Non-redeemable preferred stock		19,516		4,478		15,694		4,504		35,210		8,982
Other equity securities		1,662		602		5,905		936		7,567		1,538

Total Equity securities	$	21,178	$	5,080	$	21,599	$	5,440	$	42,777	$	10,520

Total number of securities in an unrealized loss position		575				340				915

	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	$	1,020,784	$	30,438	$	329,109	$	58,539	$	1,349,893	$	88,977
Canadian and Canadian provincial governments		127,908		3,993		—		—		127,908		3,993
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, supranational, and foreign government-sponsored enterprises		462,272		6,694		82,815		7,910		545,087		14,604

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 23

Reinsurance Group of America, Incorporated

Investments

(USD thousands)

Consolidated Investment Related Gains and Losses


	Three Months Ended															Current Qtr			Year-to-Date
	Dec. 31, 2011			Sept. 30, 2011			June 30, 2011			March 31, 2011			Dec. 31, 2010			vs. PY Quarter			Dec. 31, 2011			Dec. 31, 2010			Change
Fixed Maturity and Equity Securities:
Other-than-temporary impairment losses on fixed maturities	$	(11,824	)	$	(11,911	)	$	(5,582	)	$	(1,556	)	$	(16,097	)	$	4,273		$	(30,873	)	$	(31,920	)	$	1,047
Portion of loss recognized in accumulated other comprehensive income (before taxes)		543			3,089			292			—			(186	)		729			3,924			2,045			1,879

Net other-than-temporary impairment losses on fixed maturities recognized in earnings		(11,281	)		(8,822	)		(5,290	)		(1,556	)		(16,283	)		5,002			(26,949	)		(29,875	)		2,926
Impairment losses on equity securities		(436	)		—			(3,680	)		—			—			(436	)		(4,116	)		(32	)		(4,084	)
Gain on investment activity		39,622			34,840			28,207			29,376			26,124			13,498			132,045			100,957			31,088
Loss on investment activity		(6,247	)		(7,182	)		(6,653	)		(6,914	)		(6,763	)		516			(26,996	)		(28,730	)		1,734

Net gain/(loss) on fixed maturity and equity securities		21,658			18,836			12,584			20,906			3,078			18,580			73,984			42,320			31,664

Other impairment losses and change in mortgage loan provision		(5,258	)		(2,370	)		(3,186	)		576			1,506			(6,764	)		(10,238	)		(5,976	)		(4,262	)
Other non-derivative gain/(loss), net		7,318			5,698			4,645			4,696			4,751			2,567			22,357			13,736			8,621

Free-standing Derivatives:
Credit Default Swaps		8,075			(10,018	)		988			892			4,340			3,735			(63	)		4,786			(4,849	)
Interest Rate Swaps - non-hedged		20,818			142,907			25,343			(10,730	)		(79,546	)		100,364			178,338			68,734			109,604
Interest Rate Swaps - hedged		28			258			205			126			19			9			617			558			59
Futures		(22,866	)		36,217			(2,873	)		(11,423	)		(23,766	)		900			(945	)		(44,959	)		44,014
CPI Swaps		726			(219	)		503			811			438			288			1,821			962			859
Equity options		(22,063	)		30,530			3,919			(4,568	)		(2,402	)		(19,661	)		7,818			(3,006	)		10,824
Currency Forwards		561			1,374			595			(855	)		1,226			(665	)		1,675			3,387			(1,712	)

Total free-standing derivatives		(14,721	)		201,049			28,680			(25,747	)		(99,691	)		84,970			189,261			30,462			158,799

Embedded Derivatives:
Modified coinsurance and funds withheld treaties		(85,722	)		(102,574	)		10,525			90,535			43,780			(129,502	)		(87,236	)		160,274			(247,510	)
GMXB		29,261			(260,239	)		(25,860	)		32,654			121,209			(91,948	)		(224,184	)		(28,786	)		(195,398	)

Total embedded derivatives		(56,461	)		(362,813	)		(15,335	)		123,189			164,989			(221,450	)		(311,420	)		131,488			(442,908	)

Net gain/(loss) on total derivatives		(71,182	)		(161,764	)		13,345			97,442			65,298			(136,480	)		(122,159	)		161,950			(284,109	)

Total investment related gains / (losses), net	$	(47,464	)	$	(139,600	)	$	27,388		$	123,620		$	74,633		$	(122,097	)	$	(36,056	)	$	212,030		$	(248,086	)


		Quarterly Financial Supplement		Page 24