SEC Filing | Reinsurance Group of America, Inc

REINSURANCE GROUP OF AMERICA, INCORPORATED

Date: January 31, 2013

/s/ Jack B. Lay

Jack B. Lay

Senior Executive Vice President and Chief Financial Officer

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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 31, 2013

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 31, 2013, 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, 2012, 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, 2012, a copy of which is attached hereto as Exhibit 99.2. The Press Release also notes that a conference call will be held on February 1, 2013 to discuss the financial and operating results for the three-month period ended December 31, 2012. The Press Release and Quarterly Financial Supplement are furnished and are not filed pursuant to Instruction B.2 of Form 8-K.

Item 9.01

Financial Statements and Exhibits

(d)

Exhibits.


Exhibit No.		Exhibit

99.1		Press Release of Reinsurance Group of America, Incorporated dated January 31, 2013

99.2		Quarterly Financial Supplement for the quarter ended December 31, 2012

SIGNATURE

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

EXHIBIT INDEX


Exhibit Number		Description

99.1		Press Release dated January 31, 2013

99.2		Quarterly Financial Supplement for the quarter ended December 31, 2012

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 $3.00, operating income* $2.44

•

Results boosted by strong U.S. individual mortality and Canada segment results

•

Net premiums up seven percent to $2.2 billion

•

Full-year operating return on equity* 12 percent

•

Board of directors approves $200 million stock repurchase program

ST. LOUIS, January 31, 2013 – Reinsurance Group of America, Incorporated (NYSE: RGA), a leading global provider of life reinsurance, reported fourth-quarter net income of $223.0 million, or $3.00 per diluted share, compared to $138.6 million, or $1.88 per diluted share in the prior-year quarter. Operating income* totaled $181.8 million, or $2.44 per diluted share, up from last year’s $120.8 million, or $1.64 per diluted share, an increase of 49 percent on a per-share basis. The current-period results reflect better-than-expected claims experience in the U.S. mortality business, and strong performance in both the U.S. Asset-Intensive line and Canada segment. Certain amounts for 2011 have been adjusted for the retrospective adoption of new accounting guidance for deferred acquisition costs.


	Quarterly Results				Year-to-Date Results
($ in thousands, except per share data)	2012		2011		2012		2011
Net premiums	$	2,179,707	$	2,034,716	$	7,906,596	$	7,335,687
Net income		222,989		138,579		631,893		546,045
Net income per diluted share		3.00		1.88		8.52		7.37
Operating income*		181,830		120,772		516,382		485,596
Operating income per diluted share*		2.44		1.64		6.96		6.55
Book value per share		93.47		79.31
Book value per share (excl. Accumulated Other Comprehensive Income “AOCI”)*		64.95		57.25
Total assets		40,360,438		31,633,973

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

Net income for the year increased to $631.9 million, or $8.52 per diluted share, from $546.0 million, or $7.37 per diluted share, in 2011. Operating income* totaled $516.4 million, or $6.96 per diluted share, compared with $485.6 million, or $6.55 per diluted share, the year before. Net foreign currency fluctuations lowered 2012 operating income per diluted share by $0.06. Consolidated net premiums for 2012 rose $570.9 million, or approximately eight percent including the effects of currency fluctuations, and nine percent without them.

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For the quarter, consolidated net premiums increased seven percent to $2.2 billion from $2.0 billion in the prior-year quarter, including a favorable $14.1 million impact from foreign currency fluctuations. Investment income increased to $370.2 million from $304.5 million in the year-earlier quarter, primarily attributable to investment income associated with a large fixed deferred annuity coinsurance agreement that became effective April 1, 2012.

Excluding the effect of spread-based investment income and changes in value of associated derivatives, investment income increased approximately six percent, or $13.3 million, compared with the fourth quarter of 2011. The average book value of non-spread-based invested assets was up approximately $1.7 billion to $17.5 billion, and the average portfolio yield decreased to 4.83 percent from 5.18 percent in the fourth quarter of 2011. For the year, the average yield dropped 30 basis points as a result of the lower interest rate environment. Current reinvestment rates are approximately 3.7 percent. Net foreign currency fluctuations increased the current quarter’s operating income by approximately $1.2 million after taxes, or $0.02 per diluted share.

The company’s effective tax rate on the full years’ operating income was 30.8 percent and 28.1 percent in 2012 and 2011, respectively. Both years’ tax rates were below management’s expected rate of approximately 33-34 percent, primarily due to the recognition of income tax benefits associated with unfavorable claims experience on certain treaties and changes in foreign jurisdiction tax rates.

A. Greig Woodring, president and chief executive officer, commented, “We are pleased to report a very strong fourth quarter and a solid 2012 overall. Annualized operating return on equity was 16 percent for the quarter, 12 percent for the full year and has averaged 13 percent over the last five years. The fourth quarter benefited primarily from favorable individual mortality and annuity results in the U.S. and strong results in Canada, which more than offset weak results in Australia and the ongoing effects of the low interest rate environment. We reported a modest loss in Australia this quarter and will continue to manage this business in a challenging environment.

“For the year, consolidated claims experience was generally in line with management expectations, aside from the Australia operations where negative claims experience and reserve increases during the year negatively affected earnings. Consolidated premiums were up eight percent this year and operating income was up six percent.

“Book value per share increased 18 percent during 2012 to $93.47. Excluding AOCI, it rose 13 percent to $64.95. Net unrealized capital gains in the investment portfolio increased 32 percent for the year, and totaled $1.9 billion at December 31, 2012. We have a strong balance sheet with deployable excess capital. We continue to consider appropriate uses of that capital. We are well-positioned and remain committed to meeting our clients’ needs in all major life and health reinsurance markets across the globe.”

SEGMENT RESULTS

U.S.

The U.S. Traditional sub-segment reported pre-tax net income of $151.4 million for the quarter, up from $112.6 million last year. Fourth-quarter pre-tax operating income totaled $139.6 million, a 69 percent increase from $82.5 million the year before. This increase was driven by the segment’s

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individual mortality business, where claims experience was approximately $36.0 million better than expected on a pre-tax basis. The group reinsurance business experienced slightly higher-than-expected claims this quarter, which were offset by favorable results in the individual health business. Net premiums rose five percent, to $1,159.1 million from $1,099.4 million a year ago. For the full year, net premiums increased more than eight percent and totaled $4,308.8 million.

The U.S. Asset-Intensive business reported pre-tax income of $86.4 million this quarter, up from $13.3 million last year. The fourth quarter of 2011 reflected unfavorable 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 $40.8 million from $27.3 million last year. The current-period result was better than expected and was driven by strong performance in the equity-indexed and fixed annuity blocks, including the large block of fixed deferred annuities reinsured effective April 1, 2012. Full-year pre-tax operating income totaled $109.1 million and $70.1 million in 2012 and 2011, respectively.

The U.S. Financial Reinsurance business added pre-tax operating income of $8.5 million this quarter, up from $6.9 million last year. For the year, pre-tax income rose 24 percent to $32.9 million. This fee-based business has grown consistently over the past several years.

Canada

Canadian operations reported pre-tax net income of $59.4 million compared with $47.2 million in the fourth quarter of 2011. Pre-tax operating income was $54.0 million this quarter, compared with $40.7 million in the prior-year period, an increase of 33 percent. Both current- and prior-period results benefited from better-than-expected claims experience, while the current period also benefited from a favorable pre-tax reserve adjustment of approximately $16.0 million related to this segment’s creditor reinsurance business. That reserve adjustment was the result of incorporating previously unavailable individual policy level detail into the reserve calculation. Fourth-quarter net premiums were up 11 percent to $248.4 million from $224.8 million last year, including a favorable foreign currency effect of $7.6 million. For the full year, reported net premiums increased 10 percent and totaled $915.8 million. On a Canadian dollar basis, net premiums increased seven percent for the quarter and 11 percent for the full year versus 2011.

Asia Pacific

Asia Pacific reported fourth-quarter pre-tax net income of $5.9 million compared with a pre-tax loss of $9.7 million last year. Pre-tax operating income totaled $8.5 million compared with pre-tax operating losses of $15.0 million in last year’s fourth quarter. Both periods reflect adverse results in Australia. Australia reported an operating pre-tax loss of approximately $5.7 million this quarter. Outside of Australia, all markets in this segment performed well this quarter. Quarterly net premiums rose four percent to $362.6 million from $348.4 million in the prior year. On a local currency basis, net premiums rose two percent for the quarter. For the year, net premiums were up approximately four percent in reported and local currencies.

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Europe & South Africa

Europe & South Africa reported pre-tax net income of $15.6 million compared with $36.0 million in the year-ago quarter. Pre-tax operating income was $14.3 million versus a very strong $33.1 million in the fourth quarter of 2011. While substantially all markets in this segment performed well this quarter, higher-than-expected morbidity claims in the U.K. negatively impacted overall results. Foreign currency fluctuations adversely affected pre-tax operating income by approximately $0.3 million. Net premiums totaled $402.5 million, up 13 percent from $356.3 million the year before, with very little influence from foreign currency fluctuations. For the year, net premiums were up approximately 10 percent on a U.S. dollar basis and 14 percent on an original currency basis.

Corporate and Other

The Corporate and Other segment reported a pre-tax net loss of $6.2 million this quarter, and a pre-tax net loss of $13.0 million in the year-ago period. Pre-tax operating losses were $7.1 million in the current period and $7.4 million last year. For the year, this segment reported pre-tax operating losses of $25.5 million compared to $0.2 million in 2011, primarily due to lower investment income.

Company Guidance

The company has determined it is more meaningful to issue guidance regarding expected intermediate-term earnings growth rates and target operating returns rather than simply a range of expected annual earnings per share for the upcoming year. That determination is driven by the long-term nature of the business and any effects of potential block acquisition transactions, the timing of which can be difficult to project. The company accepts risks over very long periods of time, up to 30 years or longer in some cases. While more predictable over longer-term horizons, the business is subject to inherent short-term volatility. Although no specific 2013 operating earnings per share guidance is being provided, the company expects that near-term growth in premiums and operating income will be consistent with that exhibited over the last several years.

Over the intermediate term, the company targets operating earnings growth in the five to eight percent range, and operating return on equity of 11 to 12 percent. These targets presume no significant changes in the investment environment and the deployment of $200 million to $400 million of excess capital, on average, annually.

Stock Repurchase Authorization

The board of directors authorized a share repurchase program for up to $200 million of the company’s outstanding common stock. The authorization is effective immediately and does not have an expiration date. Repurchases would be made in accordance with applicable securities laws and would be made through market transactions, block trades, privately negotiated transactions or other means or a combination of these methods, with the timing and number of shares repurchased dependent on a variety of factors, including share price, corporate and regulatory requirements and market and business conditions. Repurchases may be commenced or suspended from time to time without prior notice.

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Dividend Declaration

The board of directors declared a regular quarterly dividend of $0.24, payable March 8 to shareholders of record as of February 15.

Earnings Conference Call

A conference call to discuss fourth-quarter results will begin at 9 a.m. Eastern Time on Friday, February 1. Interested parties may access the call by dialing 877-879-6203 (domestic) or 719-325-4824 (international). The access code is 2397564. 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 9 at 888-203-1112 (domestic) or 719-457-0820 (international), access code 2397564.

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

Use of Non-GAAP Financial Measures

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

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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 $2.9 trillion of life reinsurance in force, and assets of $40.4 billion.

Cautionary Statement Regarding Forward-looking Statements

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

Numerous important factors could cause actual results and events to differ materially from those expressed or implied by forward-looking statements including, without limitation, (1) adverse capital and credit market conditions and their impact on our liquidity, access to capital, and cost of capital, (2) the impairment of other financial institutions and its effect on our business, (3) requirements to post collateral or make payments due to declines in market value of assets subject to our collateral arrangements, (4) the fact that the determination of allowances and impairments taken on our investments is highly subjective, (5) adverse changes in mortality, morbidity, lapsation, or claims experience, (6) changes in our financial strength and credit ratings and the effect of such changes on our future results of operations and financial condition, (7) inadequate risk analysis and underwriting, (8) general economic conditions or a prolonged economic downturn affecting the demand for insurance and reinsurance in our current and planned markets, (9) the availability and cost of collateral necessary for regulatory reserves and capital, (10) market or economic conditions that adversely affect the value of our investment securities or result in the impairment of all or a portion of the value of certain of our investment securities, (11) market or economic conditions that adversely affect our ability to make timely sales of investment securities, (12) risks inherent in our risk management and investment strategy, including changes in investment portfolio yields due to interest rate or credit quality changes, (13) fluctuations in U.S. or foreign currency exchange rates, interest rates, or securities and real estate markets, (14) adverse litigation or arbitration results, (15) the adequacy of 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,

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(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 Annual Report on Form 10-K for the year ended December 31, 2011.

Investor Contact

John W. Hayden

Senior Vice President – Controller and Investor Relations

(636) 736-7000

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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

Reconciliation of Consolidated Net Income to Operating Income

(Dollars in thousands)


(Unaudited)	Three Months Ended December 31,						Twelve Months Ended December 31,
	2012			2011			2012			2011
GAAP net income	$	222,989		$	138,579		$	631,893		$	546,045
Reconciliation to operating income:
Capital (gains) losses, derivatives and other, included in investment related (gains) losses, net		(2,801	)		(4,906	)		(21,418	)		(175,911	)
Capital (gains) losses on funds withheld:
Included in investment income		(4,190	)		(126	)		(11,134	)		(3,344	)
Included in policy acquisition costs and other insurance expenses		36			31			350			617
Embedded derivatives:
Included in investment related (gains) losses, net		(68,017	)		36,700			(142,754	)		202,423
Included in interest credited		5,012			6,169			29,314			26,838
Included in policy acquisition costs and other insurance expenses		—			4,490			—			2,675
DAC offset, net		28,801			(53,844	)		30,131			(73,984	)
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	$	181,830		$	120,772		$	516,382		$	485,596

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

(Dollars in thousands)


(Unaudited)	Three Months Ended December 31,						Twelve Months Ended December 31,
	2012			2011			2012			2011
Income before income taxes	$	321,089		$	193,251		$	919,223		$	763,571
Reconciliation to pre-tax operating income:
Capital (gains) losses, derivatives and other, included in investment related (gains) losses, net		(3,404	)		(5,360	)		(28,430	)		(265,607	)
Capital (gains) losses on funds withheld:
Included in investment income		(6,447	)		(194	)		(17,130	)		(5,144	)
Included in policy acquisition costs and other insurance expenses		55			47			538			949
Embedded derivatives:
Included in investment related (gains) losses, net		(104,642	)		56,461			(219,622	)		311,420
Included in interest credited		7,711			9,490			45,098			41,289
Included in policy acquisition costs and other insurance expenses		—			6,908			—			4,115
DAC offset, net		44,308			(82,837	)		46,355			(113,821	)
Gain on repurchase of collateral finance facility securities		—			(9,725	)		—			(65,565	)
Loss on retirement of PIERS		—			—			—			4,391

Pre-tax operating income	$	258,670		$	168,041		$	746,032		$	675,598

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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, 2012
(Unaudited)
	Pre-tax net income (loss)			Capital (gains) losses, derivatives and other, net			Change in value of embedded derivatives, net			Pre-tax operating income (loss)
U.S. Operations:
Traditional	$	151,361		$	(14,476	)	$	2,724		$	139,609
Asset Intensive		86,407			(15,145	)(1)		(30,424	)(2)		40,838
Financial Reinsurance		8,633			(112	)		—			8,521

Total U.S.		246,401			(29,733	)		(27,700	)		188,968
Canada Operations		59,358			(5,320	)		—			54,038
Europe & South Africa		15,584			(1,325	)		—			14,259
Asia Pacific Operations		5,935			2,520			—			8,455
Corporate and Other		(6,189	)		(861	)		—			(7,050	)

Consolidated	$	321,089		$	(34,719	)	$	(27,700	)	$	258,670

(1)	Asset Intensive is net of $(24,923) DAC offset.

(2)	Asset Intensive is net of $69,231 DAC offset.


	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	$	112,583		$	(29,038	)	$	(1,037	)		—		$	82,508
Asset Intensive		13,283			(14,585	)(1)		28,574	(2)		—			27,272
Financial Reinsurance		6,834			87			—			—			6,921

Total U.S.		132,700			(43,536	)		27,537			—			116,701
Canada Operations		47,241			(6,545	)		—			—			40,696
Europe & South Africa		36,013			(2,951	)		—			—			33,062
Asia Pacific Operations		(9,712	)		(5,309	)		—			—			(15,021	)
Corporate and Other		(12,991	)		15,319			—			(9,725	)		(7,397	)

Consolidated	$	193,251		$	(43,022	)	$	27,537		$	(9,725	)	$	168,041

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

(2)	Asset Intensive is net of $(45,322) 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, 2012
(Unaudited)
	Pre-tax net income (loss)			Capital (gains) losses, derivatives and other, net			Change in value of embedded derivatives, net			Pre-tax operating income (loss)
U.S. Operations:
Traditional	$	368,095		$	424		$	2,046		$	370,565
Asset Intensive		235,585			(80,767	)(1)		(45,737	)(2)		109,081
Financial Reinsurance		32,730			141			—			32,871

Total U.S.		636,410			(80,202	)		(43,691	)		512,517
Canada Operations		186,971			(27,625	)		—			159,346
Europe & South Africa		73,947			(11,574	)		—			62,373
Asia Pacific Operations		45,378			(8,035	)		—			37,343
Corporate and Other		(23,483	)		(2,064	)		—			(25,547	)

Consolidated	$	919,223		$	(129,500	)	$	(43,691	)	$	746,032

(1)	Asset Intensive is net of $(84,478) DAC offset.

(2)	Asset Intensive is net of $130,833 DAC offset.


	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 (loss)
U.S. Operations:
Traditional	$	363,964	$	(41,799	)	$	(2,412	)	$	—		$	319,753
Asset Intensive		35,330		(42,327	)(1)		77,117	(2)		—			70,120
Financial Reinsurance		26,343		128			—			—			26,471

Total U.S.		425,637		(83,998	)		74,705			—			416,344
Canada Operations		164,953		(21,798	)		—			—			143,155
Europe & South Africa		83,102		(6,000	)		—			—			77,102
Asia Pacific Operations		42,234		(3,056	)		—			—			39,178
Corporate and Other		47,645		13,348			—			(61,174	)		(181	)

Consolidated	$	763,571	$	(101,504	)	$	74,705		$	(61,174	)	$	675,598

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

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

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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

Per Share and Shares Data

(In thousands, except per share data)


(Unaudited)	Three Months Ended December 31,				Twelve Months Ended December 31,
	2012		2011		2012		2011
Diluted earnings per share from operating income	$	2.44	$	1.64	$	6.96	$	6.55
Earnings per share from net income:
Basic earnings per share	$	3.02	$	1.89	$	8.57	$	7.42
Diluted earnings per share	$	3.00	$	1.88	$	8.52	$	7.37
Weighted average number of common and common equivalent shares outstanding		74,375		73,812		74,153		74,108


(Unaudited)	At December 31,
	2012		2011
Treasury shares		5,211		5,770
Common shares outstanding		73,927		73,368
Book value per share outstanding	$	93.47	$	79.31
Book value per share outstanding, before impact of AOCI	$	64.95	$	57.25

- more -

Add Eleven

REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

Condensed Consolidated Statements of Income

(Dollars in thousands)


(Unaudited)	Three Months Ended December 31,						Twelve Months Ended December 31,
	2012			2011			2012			2011
Revenues:
Net premiums	$	2,179,707		$	2,034,716		$	7,906,596		$	7,335,687
Investment income, net of related expenses		370,151			304,511			1,436,206			1,281,197
Investment related gains (losses), net:
Other-than-temporary impairments on fixed maturity securities		(4,346	)		(11,824	)		(15,908	)		(30,873	)
Other-than-temporary impairments on fixed maturity securities transferred to (from) accumulated other comprehensive income		—			543			(7,618	)		3,924
Other investment related gains (losses), net		115,108			(36,183	)		277,662			(9,107	)

Total investment related gains (losses), net		110,762			(47,464	)		254,136			(36,056	)
Other revenue		62,482			56,456			243,973			248,710

Total revenues		2,723,102			2,348,219			9,840,911			8,829,538

Benefits and expenses:
Claims and other policy benefits		1,797,779			1,720,956			6,665,999			6,225,183
Interest credited		94,835			78,884			379,915			316,394
Policy acquisition costs and other insurance expenses		344,791			204,883			1,306,470			990,021
Other operating expenses		132,334			122,000			451,759			419,340
Interest expense		28,917			25,226			105,348			102,638
Collateral finance facility expense		3,357			3,019			12,197			12,391

Total benefits and expenses		2,402,013			2,154,968			8,921,688			8,065,967

Income before income taxes		321,089			193,251			919,223			763,571
Income tax expense		98,100			54,672			287,330			217,526

Net income	$	222,989		$	138,579		$	631,893		$	546,045

###

EX-99.2

Exhibit 99.2

LOGO

Reinsurance Group of America, Incorporated^®

Financial Supplement

Fourth Quarter 2012

(Unaudited)

LOGO

Reinsurance Group of America, Incorporated^®


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

Current Ratings


	Standard & Poor’s	A.M. Best	Moody’s
Financial Strength Ratings
RGA Reinsurance Company	AA-	A+	A1
RGA Life Reinsurance Company of Canada	AA-	A+	NR
RGA International Reinsurance Company Limited	AA-	NR	NR
RGA Global Reinsurance Company Limited	AA-	NR	NR
RGA Reinsurance Company of Australia Limited	AA-	NR	NR
Senior Debt Ratings
Reinsurance Group of America, Incorporated	A-	a-	Baa1

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

Contacts:

Jack B. Lay

Senior Executive Vice President

and Chief Financial Officer

Phone: (636) 736-7000

e-mail: jlay@rgare.com

John Hayden

Sr. Vice President

Controller & Investor Relations

Phone: (636) 300-8828

e-mail: jhayden@rgare.com


		Quarterly Financial Supplement

Reinsurance Group of America, Incorporated

Financial Supplement

4th Quarter 2012

Table of Contents


	Page

Non-GAAP Disclosure		1

2013 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

CMBS Exposure (Including Funds Withheld Portfolios)		20

Gross Unrealized Losses Aging		21

Fixed Maturity and Equity Securities Below Amortized Cost		22

Consolidated Gross Gains and Losses		23


		Quarterly Financial Supplement

Reinsurance Group of America, Incorporated

Financial Supplement

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

Non-GAAP Disclosures

RGA uses a non-GAAP financial measure called operating income as a basis for analyzing financial results. This measure also serves as a basis for establishing target levels and awards under RGA’s management incentive programs. Management believes that operating income, on a pre-tax and after-tax basis, better measures the ongoing profitability and underlying trends of the company’s continuing operations, primarily because that measure excludes substantially all of 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, the cumulative effect of any accounting changes, and other items that management believes are not indicative of the company’s ongoing operations. The definition of operating income can vary by company and is not considered a substitute for GAAP net income. A reconciliation of income before income taxes of the operating segments to pre-tax operating income (loss) is presented herein.

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

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


				Quarterly Financial Supplement		Page 1

Reinsurance Group of America, Incorporated

Company Guidance

Over the intermediate term, the company targets operating earnings growth in the five to eight percent range, and operating return on equity of 11 to 12 percent. These targets presume no significant changes in the investment environment and the deployment of $200 - $400 million of excess capital, on average, annually.


				Quarterly Financial Supplement		Page 2

Reinsurance Group of America, Incorporated

Financial Highlights


(USD thousands, except inforce & per share data)	Three Months Ended or As of															Current Qtr vs. PY Quarter			Year-to-Date
	Dec. 31, 2012			Sept. 30, 2012			June 30, 2012			March 31, 2012			Dec. 31, 2011⁽¹⁾			Current Qtr vs. PY Quarter			Dec. 31, 2012		Dec. 31, 2011⁽¹⁾		Change
Net premiums	$	2,179,707		$	1,912,746		$	1,950,661		$	1,863,482		$	2,034,716		$	144,991		$	7,906,596	$	7,335,687	$	570,909
Net income		222,989			144,475			141,111			123,318			138,579			84,410			631,893		546,045		85,848
Operating income		181,830			99,902			122,273			112,377			120,772			61,058			516,382		485,596		30,786
Operating return on equity (ex AOCI)—annualized		15.5	%		8.9	%		11.2	%		10.6	%		11.7	%		3.8	%
Operating return on equity (ex AOCI)—trailing 12 months		11.6	%		10.5	%		11.8	%		12.0	%		12.2	%		-0.6	%
Total assets		40,360,438			39,924,013			38,344,323			32,286,082			31,633,973			8,726,465

Assumed Life Reinsurance in Force (in billions)
U.S.	$	1,395.6		$	1,403.3		$	1,405.8		$	1,406.1		$	1,348.5		$	47.1
Canada		389.7			384.8			365.1			364.5			344.9			44.8
Europe & South Africa		602.5			559.4			525.2			529.7			513.4			89.1
Asia Pacific		539.8			533.5			486.2			470.7			457.6			82.2

Total Life Reinsurance in Force	$	2,927.6		$	2,881.0		$	2,782.3		$	2,771.0		$	2,664.4		$	263.2


Assumed New Business Production (in billions)
U.S.	$	19.2		$	23.1		$	24.2		$	84.9		$	24.8		$	(5.6	)	$	151.4	$	110.5	$	40.9
Canada		12.0			11.3			12.6			13.1			11.3			0.7			49.0		51.1		(2.1	)
Europe & South Africa		58.4			37.3			25.5			14.8			24.9			33.5			136.0		148.3		(12.3	)
Asia Pacific		12.8			47.2			24.5			5.7			74.0			(61.2	)		90.2		119.0		(28.8	)

Total New Business Production	$	102.4		$	118.9		$	86.8		$	118.5		$	135.0		$	(32.6	)	$	426.6	$	428.9	$	(2.3	)


Per Share and Shares Data
Basic earnings per share
Net income	$	3.02		$	1.96		$	1.91		$	1.68		$	1.89		$	1.13		$	8.57	$	7.42	$	1.15
Operating income	$	2.46		$	1.35		$	1.66		$	1.53		$	1.65		$	0.81		$	7.00	$	6.60	$	0.40
Diluted earnings per share
Net income	$	3.00		$	1.95		$	1.91		$	1.67		$	1.88		$	1.12		$	8.52	$	7.37	$	1.15
Operating income	$	2.44		$	1.35		$	1.65		$	1.52		$	1.64		$	0.80		$	6.96	$	6.55	$	0.41

Wgt. average common shares outstanding (basic)		73,880			73,776			73,718			73,575			73,304			576			73,737		73,586		151
Wgt. average common shares outstanding (diluted)		74,375			74,138			74,054			74,043			73,812			563			74,153		74,108		45

Common shares issued		79,138			79,138			79,138			79,138			79,138			—			79,138		79,138		—
Treasury shares		5,211			5,286			5,416			5,426			5,770			(559	)		5,211		5,770		(559	)
Common shares outstanding		73,927			73,852			73,722			73,712			73,368			559			73,927		73,368		559

Book value per share	$	93.47		$	91.18		$	84.75		$	80.44		$	79.31
Per share effect of accumulated other comprehensive income (AOCI)	$	28.52		$	29.13		$	24.41		$	21.87		$	22.06
Book value per share, excluding AOCI	$	64.95		$	62.05		$	60.34		$	58.57		$	57.25

Shareholder dividends paid	$	17,724.7		$	17,696.2		$	13,268.6		$	13,255.3		$	13,189.3		$	4,535.4		$	61,944.8	$	44,228.8	$	17,716.0

(1)

Certain amounts in December 2011 have been revised in connection with the retrospective adoption of ASU 2010-26 in the first quarter of 2012.


				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, 2012			Sept. 30, 2012			June 30, 2012			March 31, 2012			Dec. 31, 2011⁽¹⁾			Current Qtr vs. PY Quarter			Dec. 31, 2012			Dec. 31, 2011⁽¹⁾			Change
Revenues:
Net premiums	$	2,179,707		$	1,912,746		$	1,950,661		$	1,863,482		$	2,034,716		$	144,991		$	7,906,596		$	7,335,687		$	570,909
Investment income, net of related expenses		370,151			396,781			328,334			340,940			304,511			65,640			1,436,206			1,281,197			155,009
Investment related gains (losses), net
OTTI on fixed maturity securities		(4,346	)		(1,996	)		(1,959	)		(7,607	)		(11,824	)		7,478			(15,908	)		(30,873	)		14,965
OTTI on fixed maturity securities transferred to/from AOCI		—			(559	)		162			(7,221	)		543			(543	)		(7,618	)		3,924			(11,542	)
Other investment related gains (losses), net		115,108			78,608			25,598			58,348			(36,183	)		151,291			277,662			(9,107	)		286,769

Total investment related gains (losses), net		110,762			76,053			23,801			43,520			(47,464	)		158,226			254,136			(36,056	)		290,192
Other revenue		62,482			63,501			72,957			45,033			56,456			6,026			243,973			248,710			(4,737	)

Total revenues		2,723,102			2,449,081			2,375,753			2,292,975			2,348,219			374,883			9,840,911			8,829,538			1,011,373

Benefits and expenses:
Claims and other policy benefits		1,797,779			1,662,625			1,625,446			1,580,149			1,720,956			76,823			6,665,999			6,225,183			440,816
Interest credited		94,835			130,341			66,697			88,042			78,884			15,951			379,915			316,394			63,521
Policy acquisition costs and other insurance expenses		344,791			318,106			335,939			307,634			204,883			139,908			1,306,470			990,021			316,449
Other operating expenses		132,334			103,786			105,541			110,098			122,000			10,334			451,759			419,340			32,419
Interest expense		28,917			29,749			23,360			23,322			25,226			3,691			105,348			102,638			2,710
Collateral finance facility expense		3,357			2,995			2,878			2,967			3,019			338			12,197			12,391			(194	)

Total benefits and expenses		2,402,013			2,247,602			2,159,861			2,112,212			2,154,968			247,045			8,921,688			8,065,967			855,721

Income before income taxes		321,089			201,479			215,892			180,763			193,251			127,838			919,223			763,571			155,652

Income tax expense		98,100			57,004			74,781			57,445			54,672			43,428			287,330			217,526			69,804

Net income	$	222,989		$	144,475		$	141,111		$	123,318		$	138,579		$	84,410		$	631,893		$	546,045		$	85,848


Pre-tax Operating Income Reconciliation:
Income before income taxes		321,089			201,479			215,892			180,763			193,251			127,838			919,223			763,571			155,652
Investment and derivative losses (gains)—non-operating (2)		(3,404	)		(16,940	)		(102,184	)		94,098			(5,360	)		1,956			(28,430	)		(265,607	)		237,177
Change in value of modified coinsurance and funds withheld embedded derivatives (2)		(74,054	)		(54,836	)		4,453			9,428			85,722			(159,776	)		(115,009	)		87,236			(202,245	)
GMXB embedded derivatives (2)		(30,588	)		(2,579	)		74,929			(146,375	)		(29,261	)		(1,327	)		(104,613	)		224,184			(328,797	)
Funds withheld losses (gains)—investment income		(6,447	)		(6,400	)		(5,323	)		1,040			(194	)		(6,253	)		(17,130	)		(5,144	)		(11,986	)
Funds withheld losses (gains)—policy acq. costs		55			122			152			209			47			8			538			949			(411	)
EIA embedded derivatives—interest credited		7,711			(167	)		(1,685	)		39,239			9,490			(1,779	)		45,098			41,289			3,809
EIA embedded derivatives—policy acq. costs		—			—			—			—			6,908			(6,908	)		—			4,115			(4,115	)
DAC offset, net		44,308			13,705			1,490			(13,148	)		(82,837	)		127,145			46,355			(113,821	)		160,176
Gain on repurchase of collateral finance facility securities		—			—			—			—			(9,725	)		9,725			—			(65,565	)		65,565
Loss on retirement of Preferred Income Equity Redeemable Securities (“PIERS”)		—			—			—			—			—			—			—			4,391			(4,391	)

Operating Income Before Income Taxes	$	258,670		$	134,384		$	187,724		$	165,254		$	168,041		$	90,629		$	746,032		$	675,598		$	70,434


After-tax Operating Income Reconciliation:
Net Income		222,989			144,475			141,111			123,318			138,579			84,410			631,893			546,045			85,848
Investment and derivative losses (gains)—non-operating (2)		(2,801	)		(11,972	)		(66,949	)		60,304			(4,906	)		2,105			(21,418	)		(175,911	)		154,493
Change in value of modified coinsurance and funds withheld embedded derivatives (2)		(48,135	)		(35,644	)		2,895			6,128			55,719			(103,854	)		(74,756	)		56,703			(131,459	)
GMXB embedded derivatives (2)		(19,882	)		(1,676	)		48,704			(95,144	)		(19,019	)		(863	)		(67,998	)		145,720			(213,718	)
Funds withheld losses (gains)—investment income		(4,190	)		(4,160	)		(3,460	)		676			(126	)		(4,064	)		(11,134	)		(3,344	)		(7,790	)
Funds withheld losses (gains)—policy acq. costs		36			79			99			136			31			5			350			617			(267	)
EIA embedded derivatives—interest credited		5,012			(108	)		(1,095	)		25,505			6,169			(1,157	)		29,314			26,838			2,476
EIA embedded derivatives—policy acq. costs		—			—			—			—			4,490			(4,490	)		—			2,675			(2,675	)
DAC offset, net		28,801			8,908			968			(8,546	)		(53,844	)		82,645			30,131			(73,984	)		104,115
Gain on repurchase of collateral finance facility securities		—			—			—			—			(6,321	)		6,321			—			(42,617	)		42,617
Loss on retirement of PIERS		—			—			—			—			—			—			—			2,854			(2,854	)

Operating Income	$	181,830		$	99,902		$	122,273		$	112,377		$	120,772		$	61,058		$	516,382		$	485,596		$	30,786

(1)

Certain amounts in December 2011 have been revised in connection with the retrospective adoption of ASU 2010-26 in the first quarter of 2012.

(2)

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 vs. PY Quarter			Year-to-Date
(USD thousands, except per share data)	Dec. 31, 2012		Sept. 30, 2012			June 30, 2012			March 31, 2012			Dec. 31, 2011⁽¹⁾			Current Qtr vs. PY Quarter			Dec. 31, 2012			Dec. 31, 2011⁽¹⁾		Change
Revenues:
Net premiums	$	2,179,707	$	1,912,746		$	1,950,661		$	1,863,482		$	2,034,716		$	144,991		$	7,906,596		$	7,335,687	$	570,909
Investment income, net of related expenses		363,704		390,381			323,011			341,980			304,317			59,387			1,419,076			1,276,053		143,023
Investment related gains (losses), net		2,716		1,698			999			671			3,637			(921	)		6,084			9,757		(3,673	)
Other revenue		62,482		63,501			72,957			45,033			46,731			15,751			243,973			183,145		60,828

Total revenues		2,608,609		2,368,326			2,347,628			2,251,166			2,389,401			219,208			9,575,729			8,804,642		771,087

Benefits and expenses:
Claims and other policy benefits		1,797,779		1,662,625			1,625,446			1,580,149			1,720,956			76,823			6,665,999			6,225,183		440,816
Interest credited		87,124		130,508			68,382			48,803			69,394			17,730			334,817			275,105		59,712
Policy acquisition costs and other insurance expenses		300,428		304,279			334,297			320,573			280,765			19,663			1,259,577			1,098,778		160,799
Other operating expenses		132,334		103,786			105,541			110,098			122,000			10,334			451,759			414,949		36,810
Interest expense		28,917		29,749			23,360			23,322			25,226			3,691			105,348			102,638		2,710
Collateral finance facility expense		3,357		2,995			2,878			2,967			3,019			338			12,197			12,391		(194	)

Total benefits and expenses		2,349,939		2,233,942			2,159,904			2,085,912			2,221,360			128,579			8,829,697			8,129,044		700,653

Operating income before income taxes		258,670		134,384			187,724			165,254			168,041			90,629			746,032			675,598		70,434

Operating income tax expense		76,840		34,482			65,451			52,877			47,269			29,571			229,650			190,002		39,648

Operating income	$	181,830	$	99,902		$	122,273		$	112,377		$	120,772		$	61,058		$	516,382		$	485,596	$	30,786

Wgt. Average Common Shares Outstanding (Diluted)		74,375		74,138			74,054			74,043			73,812			563			74,153			74,108		45

Diluted Earnings Per Share—Operating Income	$	2.44	$	1.35		$	1.65		$	1.52		$	1.64		$	0.80		$	6.96		$	6.55	$	0.41

Foreign currency effect *(2)*:
Net premiums	$	14,105	$	(25,972	)	$	(45,800	)	$	(4,924	)	$	(5,509	)	$	19,614		$	(62,591	)	$	167,654	$	(230,245	)
Operating income before income taxes	$	1,799	$	(4,165	)	$	(3,471	)	$	(387	)	$	(2,407	)	$	4,206		$	(6,224	)	$	14,786	$	(21,010	)

(1)

Certain amounts in December 2011 have been revised in connection with the retrospective adoption of ASU 2010-26 in the first quarter of 2012.

(2)

Compared to comparable prior year period


				Quarterly Financial Supplement		Page 5

Reinsurance Group of America, Incorporated

Consolidated Balance Sheets


(USD thousands)	Dec. 31, 2012			Sept. 30, 2012			June 30, 2012			March 31, 2012			Dec. 31, 2011⁽¹⁾
Assets
Fixed maturity securities, available-for-sale	$	22,291,614		$	21,658,414		$	17,244,192		$	16,794,057		$	16,200,950
Mortgage loans on real estate		2,300,587			2,256,881			1,157,049			1,040,733			991,731
Policy loans		1,278,175			1,243,498			1,250,238			1,260,070			1,260,400
Funds withheld at interest		5,594,182			5,608,640			5,457,888			5,472,532			5,410,424
Short-term investments		288,082			90,789			49,981			75,425			88,566
Investment receivable		—			—			5,406,898			—			—
Other invested assets		1,159,543			1,236,616			940,605			867,507			1,012,541

Total investments		32,912,183			32,094,838			31,506,851			25,510,324			24,964,612
Cash and cash equivalents		1,259,892			1,603,730			957,341			873,933			962,870
Accrued investment income		201,344			250,048			182,586			173,629			144,334
Premiums receivable and other reinsurance balances		1,356,087			1,179,687			1,104,176			1,131,334			1,059,572
Reinsurance ceded receivables		620,901			623,954			626,734			597,508			626,194
Deferred policy acquisition costs		3,619,274			3,630,877			3,605,008			3,629,424			3,543,925
Other assets		390,757			540,879			361,627			369,930			332,466

Total assets	$	40,360,438		$	39,924,013		$	38,344,323		$	32,286,082		$	31,633,973


Liabilities and Stockholders’ Equity
Future policy benefits	$	11,372,856		$	11,093,483		$	10,725,096		$	10,413,361		$	9,903,886
Interest-sensitive contract liabilities		13,353,502			13,254,859			13,352,601			8,252,995			8,394,468
Other policy claims and benefits		3,160,250			3,132,526			3,026,467			2,984,681			2,841,373
Other reinsurance balances		233,630			218,057			249,336			132,389			118,219
Deferred income taxes		2,120,501			1,806,186			1,785,614			1,728,765			1,679,834
Other liabilities		742,249			1,217,788			890,687			777,678			810,775
Short-term debt		—			—			—			—			—
Long-term debt		1,815,253			1,815,111			1,414,969			1,414,829			1,414,688
Collateral finance facility		652,010			651,968			651,936			652,029			652,032

Total liabilities		33,450,251			33,189,978			32,096,706			26,356,727			25,815,275

Stockholders’ Equity:
Common stock, at par value		791			791			791			791			791
Additional paid-in-capital		1,755,421			1,743,822			1,740,415			1,736,184			1,727,774
Retained earnings		3,357,255			3,154,317			3,033,505			2,906,310			2,818,429
Treasury stock		(312,182	)		(316,542	)		(326,292	)		(325,732	)		(346,449	)

Accumulated other comprehensive income (AOCI):
Accumulated currency translation adjustment, net of income taxes		267,477			273,258			237,010			253,875			229,795
Unrealized appreciation of securities, net of income taxes		1,877,655			1,907,512			1,591,647			1,388,597			1,419,318
Pension and postretirement benefits, net of income taxes		(36,230	)		(29,123	)		(29,459	)		(30,670	)		(30,960	)

Total stockholders’ equity		6,910,187			6,734,035			6,247,617			5,929,355			5,818,698

Total liabilities and stockholders' equity	$	40,360,438		$	39,924,013		$	38,344,323		$	32,286,082		$	31,633,973


Total stockholders’ equity, excluding AOCI	$	4,801,285		$	4,582,388		$	4,448,419		$	4,317,553		$	4,200,545

(1)

Certain amounts in December 2011 have been revised in connection with the retrospective adoption of ASU 2010-26 in the first quarter of 2012.


				Quarterly Financial Supplement		Page 6

Reinsurance Group of America, Incorporated

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


	Three Months Ended															Current Qtr vs. PY Quarter			Year-to-Date
(USD thousands)	Dec. 31, 2012			Sept. 30, 2012			June 30, 2012			March 31, 2012			Dec. 31, 2011⁽¹⁾			Current Qtr vs. PY Quarter			Dec. 31, 2012			Dec. 31, 2011⁽¹⁾			Change
Revenues:
Net premiums	$	1,159,106		$	1,045,767		$	1,082,400		$	1,021,507		$	1,099,409		$	59,697		$	4,308,780		$	3,979,489		$	329,291
Investment income, net of related expenses		133,988			135,532			133,652			132,417			125,528			8,460			535,589			495,650			39,939
Other revenue		2,448			764			401			1,003			1,571			877			4,616			3,401			1,215

Total revenues		1,295,542			1,182,063			1,216,453			1,154,927			1,226,508			69,034			4,848,985			4,478,540			370,445

Benefits and expenses:
Claims and other policy benefits		973,185			917,264			934,807			907,461			952,609			20,576			3,732,717			3,458,279			274,438
Interest credited		11,421			14,637			14,555			15,054			15,174			(3,753	)		55,667			59,891			(4,224	)
Policy acquisition costs and other insurance expenses		145,437			156,995			150,958			145,485			152,246			(6,809	)		598,875			555,511			43,364
Other operating expenses		25,890			20,684			20,586			24,001			23,971			1,919			91,161			85,106			6,055

Total benefits and expenses		1,155,933			1,109,580			1,120,906			1,092,001			1,144,000			11,933			4,478,420			4,158,787			319,633
Operating income before income taxes		139,609			72,483			95,547			62,926			82,508			57,101			370,565			319,753			50,812


Operating to U.S. GAAP Reconciliation:
Operating income before income taxes		139,609			72,483			95,547			62,926			82,508			57,101			370,565			319,753			50,812
Investment and derivative (losses) gains—non-operating		11,752			(1,927	)		789			(13,084	)		30,075			(18,323	)		(2,470	)		44,211			(46,681	)

Income before income taxes	$	151,361		$	70,556		$	96,336		$	49,842		$	112,583		$	38,778		$	368,095		$	363,964		$	4,131


Loss and Expense Ratios:
Claims and other policy benefits		84.0	%		87.7	%		86.4	%		88.8	%		86.6	%		-2.6	%		86.6	%		86.9	%		-0.3	%
Policy acquisition costs and other insurance expenses		12.5	%		15.0	%		13.9	%		14.2	%		13.8	%		-1.3	%		13.9	%		14.0	%		-0.1	%
Other operating expenses		2.2	%		2.0	%		1.9	%		2.3	%		2.2	%		0.0	%		2.1	%		2.1	%		0.0	%

(1)

Certain amounts in December 2011 have been revised in connection with the retrospective adoption of ASU 2010-26 in the first quarter of 2012.


				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)	Dec. 31, 2012			Sept. 30, 2012			June 30, 2012			March 31, 2012			Dec. 31, 2011⁽¹⁾			Current Qtr vs. PY Quarter			Dec. 31, 2012			Dec. 31, 2011⁽¹⁾			Change
Revenues:
Net premiums	$	3,521		$	3,623		$	3,355		$	3,596		$	3,619		$	(98	)	$	14,095		$	13,189		$	906
Investment income, net of related expenses		127,812			154,789			90,527			111,501			79,604			48,208			484,629			357,578			127,051
Investment related gains (losses), net		—			—			(18	)		(30	)		(82	)		82			(48	)		(132	)		84
Other revenue		30,893			31,976			29,254			19,893			20,154			10,739			112,016			87,518			24,498

Total revenues		162,226			190,388			123,118			134,960			103,295			58,931			610,692			458,153			152,539

Benefits and expenses:
Claims and other policy benefits		2,892			2,828			5,102			1,902			2,766			126			12,724			14,277			(1,553	)
Interest credited		74,992			115,645			53,611			33,511			53,965			21,027			277,759			214,065			63,694
Policy acquisition costs and other insurance expenses		39,527			42,200			44,955			72,004			16,858			22,669			198,686			151,474			47,212
Other operating expenses		3,977			2,596			2,807			3,062			2,434			1,543			12,442			8,217			4,225

Total benefits and expenses		121,388			163,269			106,475			110,479			76,023			45,365			501,611			388,033			113,578

Operating income before income taxes		40,838			27,119			16,643			24,481			27,272			13,566			109,081			70,120			38,961


Operating to U.S. GAAP Reconciliation:
Operating income before income taxes		40,838			27,119			16,643			24,481			27,272			13,566			109,081			70,120			38,961
Investment and derivative gains (losses)—non-operating (2)		(13,667	)		2,039			92,008			(96,355	)		(23,077	)		9,410			(15,975	)		206,430			(222,405	)
Change in value of modified coinsurance and funds withheld embedded derivatives (2)		76,778			54,257			(4,593	)		(9,387	)		(86,759	)		163,537			117,055			(89,648	)		206,703
GMXB embedded derivatives (2)		30,588			2,579			(74,929	)		146,375			29,261			1,327			104,613			(224,184	)		328,797
Funds withheld gains (losses)—investment income		3,944			5,652			5,430			(2,224	)		194			3,750			12,802			5,144			7,658
Funds withheld gains (losses)—policy acq. costs		(55	)		(122	)		(152	)		(209	)		(47	)		(8	)		(538	)		(949	)		411
EIA embedded derivatives—interest credited		(7,711	)		167			1,685			(39,239	)		(9,490	)		1,779			(45,098	)		(41,289	)		(3,809	)
EIA embedded derivatives—policy acq. costs		—			—			—			—			(6,908	)		6,908			—			(4,115	)		4,115
DAC offset, net		(44,308	)		(13,705	)		(1,490	)		13,148			82,837			(127,145	)		(46,355	)		113,821			(160,176	)

Income before income taxes	$	86,407		$	77,986		$	34,602		$	36,590		$	13,283		$	73,124		$	235,585		$	35,330		$	200,255

(1)

Certain amounts in December 2011 have been revised in connection with the retrospective adoption of ASU 2010-26 in the first quarter of 2012.

(2)

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, 2012			Sept. 30, 2012			June 30, 2012			March 31, 2012			Dec. 31, 2011

Annuity account values:

Fixed annuities (deferred)	$	5,690		$	5,815		$	5,942		$	897		$	879

Net interest spread (fixed annuities):		2.2	%		1.1	%		1.0	%		2.4	%		2.8	%

Equity-indexed annuities	$	4,833		$	4,882		$	4,867		$	4,895		$	4,881

Variable annuities:
No riders	$	948		$	957		$	944		$	1,040		$	986
GMDB only		79			80			79			82			85
GMIB only		6			6			6			6			6
GMAB only		54			55			54			57			55
GMWB only		1,662			1,667			1,620			1,704			1,538
GMDB / WB		455			461			451			460			498
Other		31			31			30			32			31

Total VA account values	$	3,235		$	3,257		$	3,184		$	3,381		$	3,199

Fair value of liabilities associated with living benefit riders	$	172		$	203		$	205		$	130		$	277

Interest-sensitive contract liabilities associated with:

Guaranteed investment contracts	$	200		$	200		$	200		$	198		$	198

Bank-owned life insurance (BOLI)	$	522		$	519		$	515		$	512		$	508

Other asset-intensive business	$	75		$	76		$	77		$	78		$	78


				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, 2012		Sept. 30, 2012			June 30, 2012		March 31, 2012			Dec. 31, 2011			Current Qtr vs. PY Quarter		Dec. 31, 2012			Dec. 31, 2011			Change
Revenues:
Investment income, net of related expenses	$	361	$	364		$	179	$	164		$	131		$	230	$	1,068		$	164		$	904
Other revenue		13,796		11,565			11,734		8,910			9,558			4,238		46,005			36,373			9,632

Total revenues		14,157		11,929			11,913		9,074			9,689			4,468		47,073			36,537			10,536

Benefits and expenses:
Policy acquisition costs and other insurance expenses		1,081		2,012			704		770			743			338		4,567			3,191			1,376
Other operating expenses		4,555		1,635			1,593		1,852			2,025			2,530		9,635			6,875			2,760

Total benefits and expenses		5,636		3,647			2,297		2,622			2,768			2,868		14,202			10,066			4,136

Operating income before income taxes		8,521		8,282			9,616		6,452			6,921			1,600		32,871			26,471			6,400


Operating to U.S. GAAP Reconciliation:
Operating income before income taxes		8,521		8,282			9,616		6,452			6,921			1,600		32,871			26,471			6,400
Investment and derivative gains (losses)—non-operating		112		(146	)		32		(139	)		(87	)		199		(141	)		(128	)		(13	)

Income before income taxes	$	8,633	$	8,136		$	9,648	$	6,313		$	6,834		$	1,799	$	32,730		$	26,343		$	6,387


				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, 2012			Sept. 30, 2012			June 30, 2012			March 31, 2012			Dec. 31, 2011⁽¹⁾			Current Qtr vs. PY Quarter			Dec. 31, 2012			Dec. 31, 2011⁽¹⁾			Change
Revenues:
Net premiums	$	248,443		$	227,944		$	221,167		$	218,210		$	224,763		$	23,680		$	915,764		$	835,298		$	80,466
Investment income, net of related expenses		45,928			46,016			46,349			47,716			42,604			3,324			186,009			188,304			(2,295	)
Investment related gains (losses), net		1,041			1,003			995			1,323			1,579			(538	)		4,362			5,198			(836	)
Other revenue		41			3,288			3,205			(30	)		(9	)		50			6,504			5,433			1,071

Total revenues		295,453			278,251			271,716			267,219			268,937			26,516			1,112,639			1,034,233			78,406

Benefits and expenses:
Claims and other policy benefits		169,959			191,275			184,857			160,625			165,456			4,503			706,716			673,105			33,611
Interest credited		6			22			—			—			—			6			28			—			28
Policy acquisition costs and other insurance expenses		58,786			49,790			47,476			50,285			52,140			6,646			206,337			180,712			25,625
Other operating expenses		12,664			9,022			8,876			9,650			10,645			2,019			40,212			37,261			2,951

Total benefits and expenses		241,415			250,109			241,209			220,560			228,241			13,174			953,293			891,078			62,215

Operating income before income taxes		54,038			28,142			30,507			46,659			40,696			13,342			159,346			143,155			16,191


Operating to U.S. GAAP Reconciliation:
Operating income before income taxes		54,038			28,142			30,507			46,659			40,696			13,342			159,346			143,155			16,191
Investment and derivative gains (losses)—non-operating		2,817			8,630			4,630			7,220			6,545			(3,728	)		23,297			21,798			1,499
Funds withheld gains (losses)—investment income		2,503			748			(107	)		1,184			—			2,503			4,328			—			4,328

Income before income taxes	$	59,358		$	37,520		$	35,030		$	55,063		$	47,241		$	12,117		$	186,971		$	164,953		$	22,018


Loss and Expense Ratios:
Loss ratios (creditor business)		6.1	%		40.4	%		38.0	%		34.1	%		36.3	%		-30.2	%		28.5	%		37.9	%		-9.4	%
Loss ratios (excluding creditor business)		87.5	%		96.8	%		95.5	%		83.8	%		85.5	%		2.0	%		90.9	%		92.1	%		-1.2	%
Claims and other policy benefits / (net premiums + investment income)		57.7	%		69.8	%		69.1	%		60.4	%		61.9	%		-4.2	%		64.1	%		65.8	%		-1.7	%
Policy acquisition costs and other insurance expenses (creditor business)		60.0	%		58.2	%		58.5	%		57.1	%		59.2	%		0.8	%		58.6	%		56.6	%		2.0	%
Policy acquisition costs and other insurance expenses (excluding creditor business)		12.5	%		11.1	%		11.8	%		14.2	%		10.9	%		1.6	%		12.4	%		11.3	%		1.1	%
Other operating expenses		5.1	%		4.0	%		4.0	%		4.4	%		4.7	%		0.4	%		4.4	%		4.5	%		-0.1	%

Foreign currency effect *(2)*:
Net premiums	$	7,617		$	(3,413	)	$	(9,838	)	$	(3,328	)	$	(2,669	)	$	10,286		$	(8,962	)	$	31,257		$	(40,219	)
Operating income before income taxes	$	1,785		$	919		$	(2,905	)	$	(554	)	$	(641	)	$	2,426		$	(755	)	$	5,404		$	(6,159	)

Creditor reinsurance net premiums	$	58,340		$	52,038		$	45,883		$	44,810		$	54,227		$	4,113		$	201,071		$	177,319		$	23,752

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

(1)

Certain amounts in December 2011 have been revised in connection with the retrospective adoption of ASU 2010-26 in the first quarter of 2012.

(2)

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 vs. PY Quarter			Year-to-Date
(USD thousands)	Dec. 31, 2012			Sept. 30, 2012			June 30, 2012			March 31, 2012			Dec. 31, 2011⁽¹⁾			Current Qtr vs. PY Quarter			Dec. 31, 2012			Dec. 31, 2011⁽¹⁾			Change
Revenues:
Net premiums	$	402,515		$	303,101		$	310,075		$	292,771		$	356,284		$	46,231		$	1,308,462		$	1,194,477		$	113,985
Investment income, net of related expenses		11,560			11,437			11,248			11,331			11,709			(149	)		45,576			44,351			1,225
Other revenue		1,386			1,576			1,464			2,253			1,035			351			6,679			5,031			1,648

Total revenues		415,461			316,114			322,787			306,355			369,028			46,433			1,360,717			1,243,859			116,858

Benefits and expenses:
Claims and other policy benefits		357,190			251,553			263,992			261,484			293,126			64,064			1,134,219			1,001,921			132,298
Policy acquisition costs and other insurance expenses		7,937			14,697			13,550			15,052			13,329			(5,392	)		51,236			59,217			(7,981	)
Other operating expenses		36,075			24,809			26,810			25,195			29,511			6,564			112,889			105,619			7,270

Total benefits and expenses		401,202			291,059			304,352			301,731			335,966			65,236			1,298,344			1,166,757			131,587

Operating income before income taxes		14,259			25,055			18,435			4,624			33,062			(18,803	)		62,373			77,102			(14,729	)


Operating to U.S. GAAP Reconciliation:
Operating income before income taxes		14,259			25,055			18,435			4,624			33,062			(18,803	)		62,373			77,102			(14,729	)
Investment and derivative gains (losses)—non-operating		1,325			7,111			1,156			1,982			2,951			(1,626	)		11,574			6,000			5,574

Income before income taxes	$	15,584		$	32,166		$	19,591		$	6,606		$	36,013		$	(20,429	)	$	73,947		$	83,102		$	(9,155	)


Loss and Expense Ratios:
Claims and other policy benefits		88.7	%		83.0	%		85.1	%		89.3	%		82.3	%		6.4	%		86.7	%		83.9	%		2.8	%
Policy acquisition costs and other insurance expenses		2.0	%		4.8	%		4.4	%		5.1	%		3.7	%		-1.7	%		3.9	%		5.0	%		-1.1	%
Other operating expenses		9.0	%		8.2	%		8.6	%		8.6	%		8.3	%		0.7	%		8.6	%		8.8	%		-0.2	%

Foreign currency effect *(2)*:
Net premiums	$	(129	)	$	(17,157	)	$	(22,973	)	$	(11,362	)	$	(9,136	)	$	9,007		$	(51,621	)	$	31,250		$	(82,871	)
Operating income before income taxes	$	(305	)	$	(2,989	)	$	(1,013	)	$	(1,417	)	$	(1,605	)	$	1,300		$	(5,724	)	$	1,009		$	(6,733	)

Critical illness net premiums	$	66,211		$	58,793		$	62,001		$	61,548		$	61,564		$	4,647		$	248,553		$	244,824		$	3,729

(1)

Certain amounts in December 2011 have been revised in connection with the retrospective adoption of ASU 2010-26 in the first quarter of 2012.

(2)

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 vs. PY Quarter			Year-to-Date
(USD thousands)	Dec. 31, 2012			Sept. 30, 2012			June 30, 2012			March 31, 2012			Dec. 31, 2011⁽¹⁾			Current Qtr vs. PY Quarter			Dec. 31, 2012			Dec. 31, 2011⁽¹⁾			Change
Revenues:
Net premiums	$	362,620		$	330,415		$	331,945		$	325,350		$	348,358		$	14,262		$	1,350,330		$	1,304,490		$	45,840
Investment income, net of related expenses		20,782			19,316			20,711			22,578			21,666			(884	)		83,387			84,837			(1,450	)
Investment related gains (losses), net		1,460			468			(164	)		(809	)		1,237			223			955			3,958			(3,003	)
Other revenue		11,269			10,052			24,109			7,408			9,741			1,528			52,838			34,073			18,765

Total revenues		396,131			360,251			376,601			354,527			381,002			15,129			1,487,510			1,427,358			60,152

Benefits and expenses:
Claims and other policy benefits		294,564			299,782			236,733			248,620			306,802			(12,238	)		1,079,699			1,076,833			2,866
Interest Credited		653			204			216			238			254			399			1,311			1,149			162
Policy acquisition costs and other insurance expenses		58,419			52,779			89,996			50,847			58,713			(294	)		252,041			201,130			50,911
Other operating expenses		34,040			28,234			26,929			27,913			30,254			3,786			117,116			109,068			8,048

Total benefits and expenses		387,676			380,999			353,874			327,618			396,023			(8,347	)		1,450,167			1,388,180			61,987

Operating income (loss) before income taxes		8,455			(20,748	)		22,727			26,909			(15,021	)		23,476			37,343			39,178			(1,835	)


Operating to U.S. GAAP Reconciliation:
Operating income before income taxes		8,455			(20,748	)		22,727			26,909			(15,021	)		23,476			37,343			39,178			(1,835	)
Investment and derivative gains (losses)—non-operating		(2,520	)		4,265			1,132			5,158			5,309			(7,829	)		8,035			3,056			4,979

Income (loss) before income taxes	$	5,935		$	(16,483	)	$	23,859		$	32,067		$	(9,712	)	$	15,647		$	45,378		$	42,234		$	3,144


Loss and Expense Ratios:
Claims and other policy benefits		81.2	%		90.7	%		71.3	%		76.4	%		88.1	%		-6.9	%		80.0	%		82.5	%		-2.5	%
Policy acquisition costs and other insurance expenses		16.1	%		16.0	%		27.1	%		15.6	%		16.9	%		-0.8	%		18.7	%		15.4	%		3.3	%
Other operating expenses		9.4	%		8.5	%		8.1	%		8.6	%		8.7	%		0.7	%		8.7	%		8.4	%		0.3	%

Foreign currency effect *(2)*:
Net premiums	$	6,609		$	(5,401	)	$	(12,998	)	$	9,756		$	6,296		$	313		$	(2,034	)	$	105,251		$	(107,285	)
Operating income before income taxes	$	(508	)	$	(1,280	)	$	(614	)	$	1,529		$	325		$	(833	)	$	(873	)	$	5,816		$	(6,689	)

Critical illness net premiums	$	68,963		$	68,356		$	46,700		$	40,333		$	40,566		$	28,397		$	224,352		$	157,326		$	67,026

(1)

Certain amounts in December 2011 have been revised in connection with the retrospective adoption of ASU 2010-26 in the first quarter of 2012.

(2)

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 vs. PY Quarter			Year-to-Date
(USD thousands)	Dec. 31, 2012			Sept. 30, 2012			June 30, 2012			March 31, 2012			Dec. 31, 2011⁽¹⁾			Current Qtr vs. PY Quarter			Dec. 31, 2012			Dec. 31, 2011⁽¹⁾			Change
Revenues:
Net premiums	$	3,502		$	1,896		$	1,719		$	2,048		$	2,283		$	1,219		$	9,165		$	8,744		$	421
Investment income, net of related expenses		23,273			22,927			20,345			16,273			23,075			198			82,818			105,169			(22,351	)
Investment related gains (losses), net		215			227			186			187			903			(688	)		815			733			82
Other revenue		2,649			4,280			2,790			5,596			4,681			(2,032	)		15,315			11,316			3,999

Total revenues		29,639			29,330			25,040			24,104			30,942			(1,303	)		108,113			125,962			(17,849	)

Benefits and expenses:
Claims and other policy benefits		(11	)		(77	)		(45	)		57			197			(208	)		(76	)		768			(844	)
Interest credited		52			—			—			—			1			51			52			—			52
Policy acquisition costs and other insurance expenses		(10,759	)		(14,194	)		(13,342	)		(13,870	)		(13,264	)		2,505			(52,165	)		(52,457	)		292
Other operating expenses		15,133			16,806			17,940			18,425			23,160			(8,027	)		68,304			62,803			5,501
Interest expense		28,917			29,749			23,360			23,322			25,226			3,691			105,348			102,638			2,710
Collateral finance facility expense		3,357			2,995			2,878			2,967			3,019			338			12,197			12,391			(194	)

Total benefits and expenses		36,689			35,279			30,791			30,901			38,339			(1,650	)		133,660			126,143			7,517

Operating income (loss) before income taxes		(7,050	)		(5,949	)		(5,751	)		(6,797	)		(7,397	)		347			(25,547	)		(181	)		(25,366	)


Operating to U.S. GAAP Reconciliation:
Operating income (loss) before income taxes		(7,050	)		(5,949	)		(5,751	)		(6,797	)		(7,397	)		347			(25,547	)		(181	)		(25,366	)
Investment and derivative gains (losses)—non-operating		861			(2,453	)		2,577			1,079			(15,319	)		16,180			2,064			(13,348	)		15,412
Gain on repurchase of collateral finance facility securities		—			—			—			—			9,725			(9,725	)		—			65,565			(65,565	)
Loss on retirement of PIERS		—			—			—			—			—			—			—			(4,391	)		4,391

Income (loss) before income taxes	$	(6,189	)	$	(8,402	)	$	(3,174	)	$	(5,718	)	$	(12,991	)	$	6,802		$	(23,483	)	$	47,645		$	(71,128	)


Foreign currency effect *(2)*:
Net premiums	$	8		$	(1	)	$	9		$	10		$	—		$	8		$	26		$	(104	)	$	130
Operating income before income taxes	$	827		$	(815	)	$	1,061		$	55		$	(486	)	$	1,313		$	1,128		$	2,557		$	(1,429	)

(1)

Certain amounts in December 2011 have been revised in connection with the retrospective adoption of ASU 2010-26 in the first quarter of 2012.

(2)

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, 2012			Sept. 30, 2012			June 30, 2012			March 31, 2012			Dec. 31, 2011⁽¹⁾			Current Qtr vs. PY Quarter			Dec. 31, 2012			Dec. 31, 2011⁽¹⁾			Change
U.S. Traditional	$	139,609		$	72,483		$	95,547		$	62,926		$	82,508		$	57,101		$	370,565		$	319,753		$	50,812
U.S. Asset Intensive		40,838			27,119			16,643			24,481			27,272			13,566			109,081			70,120			38,961
U.S. Financial Reinsurance		8,521			8,282			9,616			6,452			6,921			1,600			32,871			26,471			6,400

Total U.S. Segment		188,968			107,884			121,806			93,859			116,701			72,267			512,517			416,344			96,173
Canadian Segment		54,038			28,142			30,507			46,659			40,696			13,342			159,346			143,155			16,191
Europe & South Africa Segment		14,259			25,055			18,435			4,624			33,062			(18,803	)		62,373			77,102			(14,729	)
Asia Pacific Segment		8,455			(20,748	)		22,727			26,909			(15,021	)		23,476			37,343			39,178			(1,835	)
Corporate and Other		(7,050	)		(5,949	)		(5,751	)		(6,797	)		(7,397	)		347			(25,547	)		(181	)		(25,366	)

Consolidated	$	258,670		$	134,384		$	187,724		$	165,254		$	168,041		$	90,629		$	746,032		$	675,598		$	70,434

(1)

Certain amounts in December 2011 have been revised in connection with the retrospective adoption of ASU 2010-26 in the first quarter of 2012.


				Quarterly Financial Supplement		Page 15

Reinsurance Group of America, Incorporated

Investments

(USD thousands)

Cash and Invested Assets


	Dec. 31, 2012		Sept. 30, 2012		June 30, 2012		March 31, 2012		Dec. 31, 2011
Fixed maturity securities, available-for-sale	$	22,291,614	$	21,658,414	$	17,244,192	$	16,794,057	$	16,200,950
Mortgage loans on real estate		2,300,587		2,256,881		1,157,049		1,040,733		991,731
Policy loans		1,278,175		1,243,498		1,250,238		1,260,070		1,260,400
Funds withheld at interest		5,594,182		5,608,640		5,457,888		5,472,532		5,410,424
Short-term investments		288,082		90,789		49,981		75,425		88,566
Investment Receivable		—		—		5,406,898		—		—
Other invested assets		1,159,543		1,236,616		940,605		867,507		1,012,541
Cash and cash equivalents		1,259,892		1,603,730		957,341		873,933		962,870

Total cash and invested assets	$	34,172,075	$	33,698,568	$	32,464,192	$	26,384,257	$	25,927,482

Investment Income and Yield Summary

(USD thousands)


	Three Months Ended															Current Qtr vs. PY Quarter			Year-to-Date
	Dec. 31, 2012			Sept. 30, 2012			June 30, 2012			March 31, 2012			Dec. 31, 2011			Current Qtr vs. PY Quarter			Dec. 31, 2012			Dec. 31, 2011			Change
Average invested assets at amortized cost (1)	$	17,510,541		$	17,030,794		$	16,539,380		$	16,342,741		$	15,792,721		$	1,717,820		$	16,555,144		$	15,288,576		$	1,266,568
Net investment income (1)	$	207,567		$	208,346		$	205,471		$	202,603		$	200,702		$	6,865		$	823,987		$	806,655		$	17,332
Annualized investment yield (ratio of net investment income to average invested assets) (1)		4.83	%		4.98	%		5.06	%		5.05	%		5.18	%		-0.35	%		4.98	%		5.28	%		-0.30	%

(1)

Excludes funds withheld and other spread related business (e.g. coinsurance of annuities).


				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, 2012
	Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value		% of Total			Other- than- temporary Impairment in AOCI
Available-for-sale:
Corporate securities	$	11,333,431	$	1,085,973	$	39,333	$	12,380,071		55.5	%	$	—
Canadian and Canadian provincial governments		2,676,777		1,372,731		174		4,049,334		18.2	%		—
Residential mortgage-backed securities		969,267		76,520		3,723		1,042,064		4.7	%		(241	)
Asset-backed securities		700,455		19,898		28,798		691,555		3.1	%		(2,259	)
Commercial mortgage-backed securities		1,608,376		142,369		51,842		1,698,903		7.6	%		(6,125	)
U.S. government and agencies		231,256		33,958		24		265,190		1.2	%		—
State and political subdivisions		270,086		38,058		5,646		302,498		1.4	%		—
Other foreign government, supranational, and foreign government-sponsored enterprises		1,769,784		94,929		2,714		1,861,999		8.3	%		—

Total fixed maturity securities	$	19,559,432	$	2,864,436	$	132,254	$	22,291,614		100.0	%	$	(8,625	)


Non-redeemable preferred stock		68,469		6,542		170		74,841		33.6	%
Other equity securities		148,577		416		1,134		147,859		66.4	%

Total equity securities	$	217,046	$	6,958	$	1,304	$	222,700		100.0	%


	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	%


				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, 2012								December 31, 2011
	Amortized Cost		Estimated Fair Value		% of Total			Average Credit Ratings	Amortized Cost		Estimated Fair Value		% of Total			Average Credit Ratings
Financial Institutions
Banking	$	2,114,425	$	2,260,382		17.9	%	A	$	1,477,638	$	1,454,124		19.2	%	A
Brokerage		120,139		131,664		1.0	%	A-		59,288		63,101		0.8	%	A
Finance Comp.		181,430		193,892		1.5	%	A		158,271		161,992		2.1	%	A
Insurance		592,109		654,647		5.2	%	A-		391,092		413,339		5.5	%	A-
REITs		485,469		523,370		4.2	%	BBB		300,401		316,192		4.2	%	BBB+
Other Finance		342,929		358,897		2.9	%	BBB+		130,984		135,812		1.8	%	A-

Total Financial Institutions		3,836,501		4,122,852		32.7	%			2,517,674		2,544,560		33.6	%
Industrials
Basic		803,353		861,547		6.8	%	BBB		367,323		402,225		5.3	%	BBB+
Capital Goods		637,479		692,218		5.5	%	BBB		360,309		396,150		5.2	%	BBB+
Communications		1,044,374		1,169,000		9.3	%	BBB+		674,182		745,064		9.8	%	BBB+
Consumer Cyclical		727,324		786,726		6.2	%	BBB+		407,873		438,034		5.8	%	BBB+
Consumer Noncyclical		969,589		1,084,295		8.6	%	BBB+		691,245		784,819		10.4	%	A-
Energy		728,354		807,087		6.4	%	BBB+		405,317		454,727		6.0	%	BBB+
Technology		475,697		502,123		4.0	%	BBB		245,954		269,301		3.6	%	BBB+
Transportation		378,808		415,283		3.3	%	BBB+		219,605		234,822		3.1	%	BBB+
Other Industrial		116,989		125,567		1.0	%	BBB		41,266		46,053		0.6	%	BBB

Total Industrials		5,881,967		6,443,846		51.1	%			3,413,074		3,771,195		49.8	%
Utilities
Electric		1,081,451		1,196,527		9.5	%	BBB+		673,725		756,033		10.0	%	BBB+
Natural Gas		656,357		733,422		5.8	%	BBB		398,648		447,617		5.9	%	BBB
Other Utility		61,850		72,662		0.6	%	A-		43,377		51,921		0.7	%	A-

Total Utilities		1,799,658		2,002,611		15.9	%			1,115,750		1,255,571		16.6	%
Other Sectors		32,351		33,462		0.3	%	AA		3,300		3,680		0.0	%	AA-

Total	$	11,550,477	$	12,602,771		100.0	%	BBB+	$	7,049,798	$	7,575,006		100.0	%	BBB+


				Quarterly Financial Supplement		Page 18

Reinsurance Group of America, Incorporated

Investments

(USD thousands)

Ratings of Fixed Maturity Securities

(Excludes Funds Withheld Portfolios)


		December 31, 2012							September 30, 2012							June 30, 2012							March 31, 2012							December 31, 2011
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	$	1,857,190	$	1,980,164		8.9	%	$	2,222,818	$	2,364,081		10.9	%	$	1,979,353	$	2,092,043		12.1	%	$	2,090,606	$	2,196,118		13.1	%	$	2,205,406	$	2,304,991		14.2	%
1	AA		5,286,082		6,541,670		29.4	%		5,265,613		6,572,815		30.4	%		4,578,944		5,708,472		33.1	%		4,727,343		5,764,579		34.3	%		4,675,653		5,815,846		35.9	%
1	A		4,915,882		5,778,737		25.9	%		4,666,113		5,525,476		25.5	%		3,919,020		4,705,816		27.3	%		3,646,110		4,263,802		25.4	%		3,206,553		3,822,796		23.6	%
2	BBB		6,186,536		6,692,929		30.0	%		5,716,281		6,185,558		28.6	%		3,667,640		3,974,486		23.1	%		3,539,967		3,814,367		22.7	%		3,283,937		3,522,411		21.8	%
3	BB		694,349		712,712		3.2	%		583,622		608,439		2.8	%		421,128		428,875		2.5	%		428,543		430,002		2.6	%		446,610		436,001		2.7	%
4	B		444,996		444,035		2.0	%		322,040		306,871		1.4	%		269,970		248,850		1.4	%		240,603		220,924		1.3	%		244,645		210,222		1.3	%
5	CCC and lower		118,738		95,906		0.4	%		92,149		68,193		0.3	%		89,665		64,812		0.4	%		106,637		80,660		0.5	%		95,128		71,410		0.4	%
6	In or near default		55,659		45,461		0.2	%		36,647		26,981		0.1	%		31,445		20,838		0.1	%		35,050		23,605		0.1	%		24,948		17,273		0.1	%

	Total	$	19,559,432	$	22,291,614		100.0	%	$	18,905,283	$	21,658,414		100.0	%	$	14,957,165	$	17,244,192		100.0	%	$	14,814,859	$	16,794,057		100.0	%	$	14,182,880	$	16,200,950		100.0	%

Structured Fixed Maturity Securities


	December 31, 2012				September 30, 2012				June 30, 2012				March 31, 2012				December 31, 2011
	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	$	497,918	$	555,535	$	511,887	$	571,894	$	511,985	$	571,821	$	523,206	$	576,045	$	561,156	$	619,010
Non-agency		471,349		486,529		468,768		483,914		495,808		506,741		551,867		562,183		606,109		608,224

Total residential mortgage-backed securities		969,267		1,042,064		980,655		1,055,808		1,007,793		1,078,562		1,075,073		1,138,228		1,167,265		1,227,234
Commercial mortgage-backed securities		1,608,376		1,698,903		1,663,493		1,740,391		1,308,668		1,348,047		1,302,734		1,342,421		1,233,958		1,242,219
Asset-backed securities		700,455		691,555		588,851		572,700		469,616		441,051		448,688		414,527		443,974		401,991

Total	$	3,278,098	$	3,432,522	$	3,232,999	$	3,368,899	$	2,786,077	$	2,867,660	$	2,826,495	$	2,895,176	$	2,845,197	$	2,871,444


				Quarterly Financial Supplement		Page 19

Reinsurance Group of America, Incorporated

Investments

(USD thousands)

CMBS Exposure

(Includes Funds Withheld Portfolios)


	December 31, 2012
	AAA				AA				A
Underwriting Year	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value

2005 & Prior	$	69,810	$	75,706	$	129,430	$	141,189	$	99,840	$	103,112
2006		243,222		270,756		59,773		66,862		85,198		93,688
2007		182,456		201,131		32,810		37,542		69,266		77,657
2008		7,674		7,672		53,510		67,624		14,387		17,098
2009		1,655		1,820		17,399		19,483		3,463		5,599
2010		27,984		29,956		47,085		53,027		13,273		14,405
2011		15,748		16,411		16,069		18,184		40,546		42,726
2012		28,324		29,080		36,340		36,925		58,376		59,595

Total	$	576,873	$	632,532	$	392,416	$	440,836	$	384,349	$	413,880


	BBB				Below Investment Grade				Total
Underwriting Year	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value

2005 & Prior	$	110,887	$	113,801	$	42,838	$	37,720	$	452,805	$	471,528
2006		83,565		84,689		67,131		65,645		538,889		581,640
2007		93,414		108,902		115,028		91,505		492,974		516,737
2008		—		—		22,416		17,386		97,987		109,780
2009		3,880		5,547		—		—		26,397		32,449
2010		—		—		—		—		88,342		97,388
2011		33,242		33,757		—		—		105,605		111,078
2012		43,346		43,811		—		—		166,386		169,411

Total	$	368,334	$	390,507	$	247,413	$	212,256	$	1,969,385	$	2,090,011

NOTE: Totals include directly held investments with amortized cost of $1,608.4 million and fair value of $1,698.9 million as well as investments in funds withheld with amortized cost of $361.0 million and fair value of $391.1 million.


	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.


				Quarterly Financial Supplement		Page 20

Reinsurance Group of America, Incorporated

Investments

(USD thousands)

Gross Unrealized Losses Aging

Fixed Maturity Securities


	December 31, 2012					September 30, 2012					June 30, 2012					March 31, 2012					December 31, 2011
	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%	$	53,648		40.2	%	$	55,097		35.9	%	$	75,539		38.5	%	$	88,526		41.3	%	$	126,250		43.1	%

20% or more for less than six months		734		0.5	%		509		0.3	%		5,924		3.0	%		9,803		4.6	%		46,386		15.9	%

20% or more for six months or greater		77,872		58.3	%		97,260		63.3	%		112,362		57.2	%		111,830		52.2	%		109,330		37.4	%

Total	$	132,254		99.0	%	$	152,866		99.5	%	$	193,825		98.7	%	$	210,159		98.1	%	$	281,966		96.4	%

Equity Securities


	December 31, 2012					September 30, 2012					June 30, 2012					March 31, 2012					December 31, 2011
	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%	$	1,303		1.0	%	$	833		0.5	%	$	1,659		0.9	%	$	3,511		1.6	%	$	4,905		1.7	%

20% or more for less than six months		—		0.0	%		—		0.0	%		815		0.4	%		183		0.1	%		5,117		1.7	%

20% or more for six months or greater		1		0.0	%		1		0.0	%		—		0.0	%		499		0.2	%		498		0.2	%

Total	$	1,304		1.0	%	$	834		0.5	%	$	2,474		1.3	%	$	4,193		1.9	%	$	10,520		3.6	%


				Quarterly Financial Supplement		Page 21

Reinsurance Group of America, Incorporated

Investments

(USD thousands)

Fixed Maturities and Equity Securities Below Amortized Cost

(Excludes Funds Withheld Portfolios)


	As of December 31, 2012
	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	$	786,203	$	13,276	$	108,187	$	17,386	$	894,390	$	30,662
Canadian and Canadian provincial governments		12,349		174		—		—		12,349		174
Residential mortgage-backed securities		22,288		97		19,394		3,199		41,682		3,296
Asset-backed securities		59,119		449		96,179		9,508		155,298		9,957
Commercial mortgage-backed securities		89,507		797		29,181		7,974		118,688		8,771
U.S. government and agencies		7,272		24		—		—		7,272		24
State and political subdivisions		20,602		1,514		11,736		4,132		32,338		5,646
Other foreign government, supranational, and foreign government-sponsored enterprises		244,817		1,953		7,435		761		252,252		2,714

Investment grade securities		1,242,157		18,284		272,112		42,960		1,514,269		61,244


Non-investment grade securities:
Corporate securities		181,168		3,170		39,123		5,501		220,291		8,671
Residential mortgage-backed securities		15,199		80		2,633		347		17,832		427
Asset-backed securities		3,421		26		31,938		18,815		35,359		18,841
Commercial mortgage-backed securities		3,317		764		68,405		42,307		71,722		43,071
State and political subdivisions		—		—		—		—		—		—

Non-investment grade securities		203,105		4,040		142,099		66,970		345,204		71,010
Total fixed maturity securities	$	1,445,262	$	22,324	$	414,211	$	109,930	$	1,859,473	$	132,254


Non-redeemable preferred stock		5,577		52		5,679		118		11,256		170
Other equity securities		85,374		1,134		—		—		85,374		1,134

Total Equity securities	$	90,951	$	1,186	$	5,679	$	118	$	96,630	$	1,304


	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


				Quarterly Financial Supplement		Page 22

Reinsurance Group of America, Incorporated

Investments

(USD thousands)

Consolidated Investment Related Gains and Losses


	Three Months Ended															Current Qtr vs. PY Quarter			Year-to-Date
	Dec. 31, 2012			Sept. 30, 2012			June 30, 2012			March 31, 2012			Dec. 31, 2011			Current Qtr vs. PY Quarter			Dec. 31, 2012			Dec. 31, 2011			Change
Fixed Maturity and Equity Securities:
Other-than-temporary impairment losses on fixed maturities	$	(4,346	)	$	(1,996	)	$	(1,959	)	$	(7,607	)	$	(11,824	)	$	7,478		$	(15,908	)	$	(30,873	)	$	14,965
Portion of loss recognized in accumulated other comprehensive income (before taxes)		—			(559	)		162			(7,221	)		543			(543	)		(7,618	)		3,924			(11,542	)

Net other-than-temporary impairment losses on fixed maturities recognized in earnings		(4,346	)		(2,555	)		(1,797	)		(14,828	)		(11,281	)		6,935			(23,526	)		(26,949	)		3,423
Impairment losses on equity securities		—			—			(2,186	)		(839	)		(436	)		436			(3,025	)		(4,116	)		1,091
Gain on investment activity		43,190			53,173			26,593			22,312			39,622			3,568			145,268			132,045			13,223
Loss on investment activity		(4,384	)		(6,668	)		(8,918	)		(7,504	)		(6,247	)		1,863			(27,474	)		(26,996	)		(478	)

Net gain/(loss) on fixed maturity and equity securities		34,460			43,950			13,692			(859	)		21,658			12,802			91,243			73,984			17,259

Other impairment losses and change in mortgage loan provision		(2,220	)		(10,301	)		1,762			(5,843	)		(5,258	)		3,038			(16,602	)		(10,238	)		(6,364	)
Other non-derivative gain/(loss), net		4,868			5,563			5,628			6,641			7,318			(2,450	)		22,700			22,357			343

Free-standing Derivatives:
Credit Default Swaps		3,523			7,819			(4,794	)		11,813			8,075			(4,552	)		18,361			(63	)		18,424
Interest Rate Swaps—non-hedged		(9,866	)		(1,437	)		73,342			(47,352	)		20,818			(30,684	)		14,687			178,338			(163,651	)
Interest Rate Swaps—hedged		(40	)		(4	)		29			(26	)		28			(68	)		(41	)		617			(658	)
Futures		(9,932	)		(3,977	)		11,073			(17,408	)		(22,866	)		12,934			(20,244	)		(945	)		(19,299	)
CPI Swaps		1,543			422			(1,431	)		(802	)		726			817			(268	)		1,821			(2,089	)
Equity options		(11,146	)		(23,916	)		3,367			(37,983	)		(22,063	)		10,917			(69,678	)		7,818			(77,496	)
Currency Forwards		(5,070	)		519			515			(1,608	)		561			(5,631	)		(5,644	)		1,675			(7,319	)

Total free-standing derivatives		(30,988	)		(20,574	)		82,101			(93,366	)		(14,721	)		(16,267	)		(62,827	)		189,261			(252,088	)

Embedded Derivatives:
Modified coinsurance and funds withheld treaties		74,054			54,836			(4,453	)		(9,428	)		(85,722	)		159,776			115,009			(87,236	)		202,245
GMXB		30,588			2,579			(74,929	)		146,375			29,261			1,327			104,613			(224,184	)		328,797

Total embedded derivatives		104,642			57,415			(79,382	)		136,947			(56,461	)		161,103			219,622			(311,420	)		531,042

Net gain/(loss) on total derivatives		73,654			36,841			2,719			43,581			(71,182	)		144,836			156,795			(122,159	)		278,954


Total investment related gains / (losses), net	$	110,762		$	76,053		$	23,801		$	43,520		$	(47,464	)	$	158,226		$	254,136		$	(36,056	)	$	290,192


				Quarterly Financial Supplement		Page 23