SEC Filing | Reinsurance Group of America, Inc

REINSURANCE GROUP OF AMERICA,

INCORPORATED

Date: April 25, 2013

/s/ Jack B. Lay

Jack B. Lay

Senior Executive Vice President and

Chief Financial Officer

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FORM 8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): April 25, 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 April 25, 2013, Reinsurance Group of America, Incorporated (the “Company”) issued (1) a press release announcing its earnings for the three-month period ended March 31, 2013, and providing certain additional information, a copy of which is furnished with this report as Exhibit 99.1, and (2) a Quarterly Financial Supplement for the quarter ended March 31, 2013, a copy of which is attached hereto as Exhibit 99.2. The press release also notes that a conference call will be held on April 26, 2013 to discuss the financial and operating results for the three-month period ended March 31, 2013.

Item 9.01

Financial Statements and Exhibits

(d)

Exhibits.


Exhibit No.		Exhibit
99.1		Press Release of Reinsurance Group of America, Incorporated dated April 25, 2013

99.2		Quarterly Financial Supplement for the quarter ended March 31, 2013

The information contained in this Current Report on Form 8-K (this “Current Report”), including the accompanying Exhibit 99.1 and Exhibit 99.2, is being furnished pursuant to Item 2.02 of Form 8-K and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section. The information contained in this Current Report, including the accompanying Exhibit 99.1 and Exhibit 99.2, shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date hereof, except as shall be expressly set forth by specific reference in such a filing.

SIGNATURE

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

EXHIBIT INDEX


Exhibit Number		Description
99.1		Press Release dated April 25, 2013

99.2		Quarterly Financial Supplement for the quarter ended March 31, 2013

EX-99.1

Exhibit 99.1

LOGO

PRESS RELEASE

REINSURANCE GROUP OF AMERICA REPORTS FIRST-QUARTER RESULTS

•

Earnings per diluted share: net income $2.49, operating income* $1.65

•

Consolidated net premiums increased six percent to $2.0 billion

•

Board of directors increases stock repurchase authority from $200 million to $300 million

•

Repurchased $100 million in shares, or approximately 1.7 million shares year-to-date

ST. LOUIS, April 25, 2013 – Reinsurance Group of America, Incorporated (NYSE: RGA), a leading global provider of life reinsurance, reported first-quarter net income of $185.5 million, or $2.49 per diluted share, compared to $123.3 million, or $1.67 per diluted share in the prior-year quarter. Operating income* increased nine percent and totaled $122.8 million, or $1.65 per diluted share, up from last year’s $112.4 million, or $1.52 per diluted share.


	Quarterly Results
($ in thousands, except per share data)	2013		2012
Net premiums	$	1,979,693	$	1,863,482
Net income		185,535		123,318
Net income per diluted share		2.49		1.67
Operating income*		122,847		112,377
Operating income per diluted share*		1.65		1.52
Book value per share		94.34		80.44
Book value per share (excl. Accumulated Other Comprehensive Income “AOCI”)*		67.37		58.57
Total assets		40,197,101		32,286,082

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

Consolidated net premiums increased six percent to $1,979.7 million from $1,863.5 million in the prior-year quarter, including an adverse effect of $19.6 million from foreign currency fluctuations. Investment income increased 25 percent to $425.1 million from $340.9 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 spread-based investment income and changes in value of associated derivatives, the average portfolio yield decreased to 4.83 percent from 5.05 percent in the first quarter of 2012, reflecting the ongoing low interest rate environment. Net foreign currency fluctuations adversely affected the current quarter’s operating income by approximately $1.8 million after taxes, or $0.02 per diluted share, primarily driven by the relatively weaker Japanese yen versus the U.S. dollar.

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The company’s effective tax rate on operating income of 32.8 percent was below the expected ongoing rate of approximately 34.0 percent, reflecting benefits associated with the tax treatment of certain foreign transactions, changes in foreign jurisdiction tax rates and Congress’ retroactive extension of the active financing exception legislation.

A. Greig Woodring, president and chief executive officer, commented, “Overall, we are pleased with our first-quarter results. Strong results from our asset-intensive business helped offset slightly elevated claims experience in certain markets. Premium growth was in line with expectations. Annualized operating return on equity was 10 percent for the quarter, a reasonable result given the low interest rate environment and first-quarter claims seasonality. Additionally, we continue to work through a challenging environment in Australia. On a trailing 12-month basis, operating return on equity was 11 percent.

“Book value per share increased to $94.34. Excluding AOCI, book value per share was up $2.42 this quarter to $67.37. Net unrealized capital gains in the investment portfolio totaled $1.7 billion, or about $24.00 per share. We remain well capitalized and continue to consider appropriate uses of our deployable capital. During the first quarter, we repurchased approximately 815 thousand shares at a cost of roughly $47.6 million, primarily during March. In April, we repurchased an additional 892 thousand shares at a cost of $52.4 million. Along with the opportunity to repurchase shares at attractive prices, we continue to evaluate opportunities to deploy capital into our business as well, and expect the relatively active deal environment to continue for some time.”

SEGMENT RESULTS

U.S.

The U.S. Traditional sub-segment reported pre-tax income of $76.8 million for the quarter, up from $49.8 million last year. Pre-tax operating income increased 10 percent to $69.5 million from $62.9 million the year before. Individual mortality claims were generally in line with expectations this quarter. The individual health business contributed good premium and earnings growth, which offset slightly adverse results in group reinsurance. Net premiums increased to $1,046.0 million from $1,021.5 million last year.

The U.S. Asset-Intensive business reported pre-tax income of $89.5 million this quarter, up from $36.6 million last year, reflecting significant changes in the fair values of various free-standing and embedded derivatives and the addition of a large block of fixed deferred annuities, effective April 1, 2012. Pre-tax operating income, which excludes the impact of the derivatives, increased to $45.6 million from $24.5 million last year. Both quarters were better than expected, driven in part by strong equity markets, which bolstered the equity-indexed and variable annuity blocks. Fixed annuities also performed well this quarter, with the current quarter benefiting from the previously mentioned large block of fixed deferred annuities acquired last year.

The U.S. Financial Reinsurance business continued its trend of producing strong fee income and added pre-tax operating income of $8.0 million this quarter, up from $6.5 million last year.

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Canada

Canadian operations reported pre-tax income of $36.3 million compared with $55.1 million in last year’s first quarter. Pre-tax operating income decreased to $32.9 million from $46.7 million in the prior-year period, a difficult comparison given very favorable claims experience coupled with a $6.3 million pickup from a recaptured block of business in the first quarter of 2012. In the current period, claims experience was slightly worse than expected and a relatively weaker Canadian dollar versus the U.S. dollar adversely affected pre-tax operating income by $0.5 million. Net premiums increased 12 percent to $243.3 million from $218.2 million last year, including an adverse foreign currency effect of $1.6 million.

Asia Pacific

Asia Pacific reported pre-tax income of $14.5 million this quarter, down from $32.1 million last year. Pre-tax operating income totaled $19.4 million compared with a relatively strong $26.9 million in last year’s first quarter. The current period includes an adverse impact of $1.8 million from foreign currency fluctuations. Results in the segment’s Australian operations were slightly better than expected this quarter, but significantly below the prior-year level. Net favorable claims experience in the Asian markets, particularly in Japan, helped produce better-than-expected results overall. Net reported premiums increased 12 percent to $363.6 million from $325.4 million in the prior year, including an adverse foreign currency impact of $8.1 million. On a local currency basis, net premiums rose 14 percent for the quarter.

Europe & South Africa

Europe & South Africa reported pre-tax income of $17.4 million compared with $6.6 million in the year-ago quarter. Pre-tax operating income was $15.6 million versus $4.6 million in the first quarter of 2012. Although results were significantly stronger than last year’s first quarter, this segment did experience some adverse claims experience, primarily critical illness claims in the U.K., and to a lesser extent, adverse claims in South Africa. Those claims were offset in part by favorable claims experience in several other markets. Net foreign currency fluctuations decreased pre-tax operating income by $0.6 million. Net premiums totaled $323.9 million, up 11 percent from $292.8 million the year before, including an adverse effect of $9.9 million from foreign currency fluctuations.

Corporate and Other

The Corporate and Other segment reported pre-tax income of $36.2 million this quarter, and a pre-tax net loss of $5.7 million in the year-ago period. The current period result included a $46.5 million gain associated with the repurchase of $160.0 million of collateral finance facility securities. That gain is not included in the operating results. Pre-tax operating losses in this segment were $8.1 million in the current period and $6.8 million last year.

Stock Repurchase Authorization

The board of directors authorized an increase of $100 million to the share repurchase program announced on January 31, 2013. Effective April 18, 2013, the total amount of the company’s outstanding common stock authorized for repurchase is $300 million. To date, $100 million of shares under this authorization have been repurchased. The authorization does not have an expiration date.

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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.

Dividend Declaration

The board of directors declared a regular quarterly dividend of $0.24, payable May 31 to shareholders of record as of May 10.

Earnings Conference Call

A conference call to discuss first-quarter results will begin at 9 a.m. Eastern Time on Friday, April 26. Interested parties may access the call by dialing 877-591-4953 (domestic) or 719-325-4876 (international). The access code is 7145963. A live audio webcast of the conference call will be available on the company’s investor relations website at www.rgare.com. A replay of the conference call will be available at the same address for 90 days following the conference call. A telephonic replay will also be available through May 4 at 888-203-1112 (domestic) or 719-457-0820 (international), access code 7145963.

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.

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

About RGA

Reinsurance Group of America, Incorporated is among the largest global providers of life reinsurance, with operations in Australia, Barbados, Bermuda, Canada, China, France, Germany, Hong Kong, India, Ireland, Italy, Japan, Malaysia, Mexico, the Netherlands, New Zealand, Poland, Singapore, South Africa, South Korea, Spain, Taiwan, the United Arab Emirates, the United Kingdom and the United States. Worldwide, the company has approximately $2.9 trillion of life reinsurance in force, and assets of $40.2 billion.

Cautionary Statement Regarding Forward-looking Statements

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

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

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initiatives, (18) the success of our clients, (19) successful execution of our entry into new markets, (20) successful development and introduction of new products and distribution opportunities, (21) our ability to successfully integrate and operate reinsurance business that we acquire, (22) action by regulators who have authority over our reinsurance operations in the jurisdictions in which we operate, (23) our dependence on third parties, including those insurance companies and reinsurers to which we cede some reinsurance, third-party investment managers, and others, (24) the threat of natural disasters, catastrophes, terrorist attacks, epidemics, or pandemics anywhere in the world where we or our clients do business, (25) changes in laws, regulations, and accounting standards applicable to us, our subsidiaries, or our business, (26) the effect of our status as an insurance holding company and regulatory restrictions on our ability to pay principal and interest on our debt obligations, and (27) other risks and uncertainties described in this document and in our other filings with the Securities and Exchange Commission.

Forward-looking statements should be evaluated together with the many risks and uncertainties that affect our business, including those mentioned in this document and described in the periodic reports we file with the Securities and Exchange Commission. These forward-looking statements speak only as of the date on which they are made. We do not undertake any obligations to update these forward-looking statements, even though our situation may change in the future. We qualify all of our forward-looking statements by these cautionary statements. For a discussion of the risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements, you are advised to review the risk factors in our Annual Report on Form 10-K for the year ended December 31, 2012.

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
	March 31,
	2013			2012
GAAP net income	$	185,535		$	123,318
Reconciliation to operating income:
Capital (gains) losses, derivatives and other, included in investment related (gains) losses, net		31,434			60,304
Capital (gains) losses on funds withheld:
Included in investment income		(1,321	)		676
Included in policy acquisition costs and other insurance expenses		—			136
Embedded derivatives:
Included in investment related (gains) losses, net		(92,022	)		(89,016	)
Included in interest credited		(12,552	)		25,505
DAC offset, net		42,002			(8,546	)
Gain on repurchase of collateral finance facility securities		(30,229	)		—

Operating income	$	122,847		$	112,377

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

(Dollars in thousands)


(Unaudited)	Three Months Ended
	March 31,
	2013			2012
Income before income taxes	$	278,827		$	180,763
Reconciliation to pre-tax operating income:
Capital (gains) losses, derivatives and other, included in investment related (gains) losses, net		48,842			94,098
Capital (gains) losses on funds withheld:
Included in investment income		(2,031	)		1,040
Included in policy acquisition costs and other insurance expenses		—			209
Embedded derivatives:
Included in investment related (gains) losses, net		(141,572	)		(136,947	)
Included in interest credited		(19,311	)		39,239
DAC offset, net		64,618			(13,148	)
Gain on repurchase of collateral finance facility securities		(46,506	)		—

Pre-tax operating income	$	182,867		$	165,254

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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)


(Unaudited)	Three Months Ended March 31, 2013
	Pre-tax net income		Capital (gains) losses, derivatives and other, net			Change in value of embedded derivatives, net			Gain on debt repurchase			Pre-tax operating income
U.S. Operations:
Traditional	$	76,845	$	(7,241	)	$	(56	)	$	—		$	69,548
Asset Intensive		89,523		14,888	(1)		(58,815	)(2)		—			45,596
Financial Reinsurance		8,041		(34	)		—			—			8,007

Total U.S.		174,409		7,613			(58,871	)		—			123,151
Canada Operations		36,308		(3,431	)		—			—			32,877
Europe & South Africa		17,385		(1,810	)		—			—			15,575
Asia Pacific Operations		14,518		4,847			—			—			19,365
Corporate and Other		36,207		2,198			—			(46,506	)		(8,101	)

Consolidated	$	278,827	$	9,417		$	(58,871	)	$	(46,506	)	$	182,867

(1)	Asset Intensive is net of $(37,394) DAC offset.

(2)	Asset Intensive is net of $102,012 DAC offset.


(Unaudited)	Three Months Ended March 31, 2012
	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	$	49,842		$	13,043		$	41		$	62,926
Asset Intensive		36,590			15,946	(1)		(28,055	)(2)		24,481
Financial Reinsurance		6,313			139			—			6,452

Total U.S.		92,745			29,128			(28,014	)		93,859
Canada Operations		55,063			(8,404	)		—			46,659
Europe & South Africa		6,606			(1,982	)		—			4,624
Asia Pacific Operations		32,067			(5,158	)		—			26,909
Corporate and Other		(5,718	)		(1,079	)		—			(6,797	)

Consolidated	$	180,763		$	12,505		$	(28,014	)	$	165,254

(1)	Asset Intensive is net of $(82,842) DAC offset.

(2)	Asset Intensive is net of $69,694 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
	March 31,
	2013		2012
Diluted earnings per share from operating income	$	1.65	$	1.52
Earnings per share from net income:
Basic earnings per share	$	2.51	$	1.68
Diluted earnings per share	$	2.49	$	1.67
Weighted average number of common and common equivalent shares outstanding		74,389		74,043

(Unaudited)	At or for the Three Months
	Ended March 31,
	2013		2012
Treasury shares		5,837		5,426
Common shares outstanding		73,301		73,712
Book value per share outstanding	$	94.34	$	80.44
Book value per share outstanding, before impact of AOCI	$	67.37	$	58.57

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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

Condensed Consolidated Statements of Income

(Dollars in thousands)


(Unaudited)	Three Months Ended
	March 31,
	2013			2012
Revenues:
Net premiums	$	1,979,693		$	1,863,482
Investment income, net of related expenses		425,131			340,940
Investment related gains (losses), net:
Other-than-temporary impairments on fixed maturity securities		(202	)		(7,607	)
Other-than-temporary impairments on fixed maturity securities transferred to (from) accumulated other comprehensive income		—			(7,221	)
Other investment related gains (losses), net		94,573			58,348

Total investment related gains (losses), net		94,371			43,520
Other revenue		101,907			45,033

Total revenues		2,601,102			2,292,975

Benefits and expenses:
Claims and other policy benefits		1,688,910			1,580,149
Interest credited		125,483			88,042
Policy acquisition costs and other insurance expenses		357,357			307,634
Other operating expenses		119,501			110,098
Interest expense		28,486			23,322
Collateral finance facility expense		2,538			2,967

Total benefits and expenses		2,322,275			2,112,212

Income before income taxes		278,827			180,763
Income tax expense		93,292			57,445

Net income	$	185,535		$	123,318

# # #

EX-99.2

Exhibit 99.2

LOGO

Financial Supplement

First Quarter 2013

(Unaudited)

LOGO


World Headquarters	Internet address	Contacts:
1370 Timberlake Manor Parkway	www.rgare.com	Jack B. Lay
Chesterfield, Missouri 63017		Senior Executive Vice President
U.S.A.		and Chief Financial Officer
		Phone: (636) 736-7000
		e-mail: jlay@rgare.com

		John Hayden
		Sr. Vice President
		Controller & Investor Relations
		Phone: (636) 300-8828
		e-mail: jhayden@rgare.com

Current Ratings


	Standard & Poor’s	A.M. Best	Moody’s
Financial Strength Ratings
RGA Reinsurance Company	AA-	A+	A1
RGA Life Reinsurance Company of Canada	AA-	A+	NR
RGA International Reinsurance Company Limited	AA-	NR	NR
RGA Global Reinsurance Company Limited	AA-	NR	NR
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”.

Reinsurance Group of America, Incorporated

Financial Supplement

1st Quarter 2013

Table of Contents


	Page
Non-GAAP Disclosure		1

Consolidated

Financial Highlights		2

Consolidated Income Statement (incl. Operating Income Reconciliation)		3

Consolidated Operating Income Statement		4

Consolidated Balance Sheets		5

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

U.S. Operations		6

Canada Operations		10

Europe & South Africa Operations		11

Asia Pacific Operations		12

Corporate and Other		13

Summary of Pre-tax Segment Operating Income		14

Investments

Cash and Invested Assets, Yield Summary		15

Amortized cost, Gross Unrealized Gains and Losses, Estimated Fair Values of Fixed Maturity and Equity Securities		16

Corporate Securities by Sector (Fixed Maturities and Equities)		17

Quality of Fixed Maturity Securities and Structured Fixed Maturity Securities		18

CMBS Exposure (Including Funds Withheld Portfolios)		19

Gross Unrealized Losses Aging		20

Fixed Maturity and Equity Securities Below Amortized Cost		21

Consolidated Gross Gains and Losses		22

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.


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Reinsurance Group of America, Incorporated

Financial Highlights


(USD thousands, except inforce & per share data)	Three Months Ended or As of															Current Qtr
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,			vs. PY
	2013			2012			2012			2012			2012			Quarter
Net premiums	$	1,979,693		$	2,179,707		$	1,912,746		$	1,950,661		$	1,863,482		$	116,211
Net income		185,535			222,989			144,475			141,111			123,318			62,217
Operating income		122,847			181,830			99,902			122,273			112,377			10,470
Operating return on equity (ex AOCI)—annualized		10.1	%		15.5	%		8.9	%		11.2	%		10.6	%		-0.5	%
Operating return on equity (ex AOCI)—trailing 12 months		11.4	%		11.6	%		10.5	%		11.8	%		12.0	%		-0.6	%
Total assets		40,197,101			40,360,438			39,924,013			38,344,323			32,286,082			7,911,019
Assumed Life Reinsurance in Force (in billions)
U.S.	$	1,395.6		$	1,395.6		$	1,403.3		$	1,405.8		$	1,406.1		$	(10.5	)
Canada		382.8			389.7			384.8			365.1			364.5			18.3
Europe & South Africa		581.8			602.5			559.4			525.2			529.7			52.1
Asia Pacific		512.6			539.8			533.5			486.2			470.7			41.9

Total Life Reinsurance in Force	$	2,872.8		$	2,927.6		$	2,881.0		$	2,782.3		$	2,771.0		$	101.8

Assumed New Business Production (in billions)
U.S.	$	25.7		$	19.2		$	23.1		$	24.2		$	84.9		$	(59.2	)
Canada		12.9			12.0			11.3			12.6			13.1			(0.2	)
Europe & South Africa		45.7			58.4			37.3			25.5			14.8			30.9
Asia Pacific		11.6			12.8			47.2			24.5			5.7			5.9

Total New Business Production	$	95.9		$	102.4		$	118.9		$	86.8		$	118.5		$	(22.6	)

Per Share and Shares Data
Basic earnings per share
Net income	$	2.51		$	3.02		$	1.96		$	1.91		$	1.68		$	0.83
Operating income	$	1.66		$	2.46		$	1.35		$	1.66		$	1.53		$	0.13
Diluted earnings per share
Net income	$	2.49		$	3.00		$	1.95		$	1.91		$	1.67		$	0.82
Operating income	$	1.65		$	2.44		$	1.35		$	1.65		$	1.52		$	0.13
Wgt. average common shares outstanding (basic)		73,838			73,880			73,776			73,718			73,575			263
Wgt. average common shares outstanding (diluted)		74,389			74,375			74,138			74,054			74,043			346
Common shares issued		79,138			79,138			79,138			79,138			79,138			—
Treasury shares		5,837			5,211			5,286			5,416			5,426			411
Common shares outstanding		73,301			73,927			73,852			73,722			73,712			(411	)
Book value per share	$	94.34		$	93.47		$	91.18		$	84.75		$	80.44
Per share effect of accumulated other comprehensive income (AOCI)	$	26.97		$	28.52		$	29.13		$	24.41		$	21.87
Book value per share, excluding AOCI	$	67.37		$	64.95		$	62.05		$	60.34		$	58.57
Shareholder dividends paid	$	17,752.7		$	17,724.7		$	17,696.2		$	13,268.6		$	13,255.3		$	4,497.4


					Page 2

Reinsurance Group of America, Incorporated

Consolidated GAAP Income Statement (incl. Operating Income Reconciliations)


	Three Months Ended															Current Qtr
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,			vs. PY
(USD thousands)	2013			2012			2012			2012			2012			Quarter
Revenues:
Net premiums	$	1,979,693		$	2,179,707		$	1,912,746		$	1,950,661		$	1,863,482		$	116,211
Investment income, net of related expenses		425,131			370,151			396,781			328,334			340,940			84,191
Investment related gains (losses), net
OTTI on fixed maturity securities		(202	)		(4,346	)		(1,996	)		(1,959	)		(7,607	)		7,405
OTTI on fixed maturity securities transferred to/from AOCI		—			—			(559	)		162			(7,221	)		7,221
Other investment related gains (losses), net		94,573			115,108			78,608			25,598			58,348			36,225

Total investment related gains (losses), net		94,371			110,762			76,053			23,801			43,520			50,851
Other revenue		101,907			62,482			63,501			72,957			45,033			56,874

Total revenues		2,601,102			2,723,102			2,449,081			2,375,753			2,292,975			308,127
Benefits and expenses:
Claims and other policy benefits		1,688,910			1,797,779			1,662,625			1,625,446			1,580,149			108,761
Interest credited		125,483			94,835			130,341			66,697			88,042			37,441
Policy acquisition costs and other insurance expenses		357,357			344,791			318,106			335,939			307,634			49,723
Other operating expenses		119,501			132,334			103,786			105,541			110,098			9,403
Interest expense		28,486			28,917			29,749			23,360			23,322			5,164
Collateral finance facility expense		2,538			3,357			2,995			2,878			2,967			(429	)

Total benefits and expenses		2,322,275			2,402,013			2,247,602			2,159,861			2,112,212			210,063
Income before income taxes		278,827			321,089			201,479			215,892			180,763			98,064
Income tax expense		93,292			98,100			57,004			74,781			57,445			35,847

Net income	$	185,535		$	222,989		$	144,475		$	141,111		$	123,318		$	62,217

Pre-tax Operating Income Reconciliation:
Income before income taxes		278,827			321,089			201,479			215,892			180,763			98,064
Investment and derivative losses (gains)—non-operating (1)		48,842			(3,404	)		(16,940	)		(102,184	)		94,098			(45,256	)
Change in value of modified coinsurance and funds withheld embedded derivatives (1)		(90,258	)		(74,054	)		(54,836	)		4,453			9,428			(99,686	)
GMXB embedded derivatives (1)		(51,314	)		(30,588	)		(2,579	)		74,929			(146,375	)		95,061
Funds withheld losses (gains)—investment income		(2,031	)		(6,447	)		(6,400	)		(5,323	)		1,040			(3,071	)
Funds withheld losses (gains)—policy acq. costs		—			55			122			152			209			(209	)
EIA embedded derivatives—interest credited		(19,311	)		7,711			(167	)		(1,685	)		39,239			(58,550	)
EIA embedded derivatives—policy acq. costs		—			—			—			—			—			—
DAC offset, net		64,618			44,308			13,705			1,490			(13,148	)		77,766
Gain on repurchase of collateral finance facility securities		(46,506	)		—			—			—			—			(46,506	)

Operating Income Before Income Taxes	$	182,867		$	258,670		$	134,384		$	187,724		$	165,254		$	17,613

After-tax Operating Income Reconciliation:
Net Income		185,535			222,989			144,475			141,111			123,318			62,217
Investment and derivative losses (gains)—non-operating (1)		31,434			(2,801	)		(11,972	)		(66,949	)		60,304			(28,870	)
Change in value of modified coinsurance and funds withheld embedded derivatives (1)		(58,668	)		(48,135	)		(35,644	)		2,895			6,128			(64,796	)
GMXB embedded derivatives (1)		(33,354	)		(19,882	)		(1,676	)		48,704			(95,144	)		61,790
Funds withheld losses (gains)—investment income		(1,321	)		(4,190	)		(4,160	)		(3,460	)		676			(1,997	)
Funds withheld losses (gains)—policy acq. costs		—			36			79			99			136			(136	)
EIA embedded derivatives—interest credited		(12,552	)		5,012			(108	)		(1,095	)		25,505			(38,057	)
EIA embedded derivatives—policy acq. costs		—			—			—			—			—			—
DAC offset, net		42,002			28,801			8,908			968			(8,546	)		50,548
Gain on repurchase of collateral finance facility securities		(30,229	)		—			—			—			—			(30,229	)

Operating Income	$	122,847		$	181,830		$	99,902		$	122,273		$	112,377		$	10,470

(1)

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


					Page 3

Reinsurance Group of America, Incorporated

Consolidated Operating Income Statement


	Three Months Ended														Current Qtr
	March 31,			Dec. 31,		Sept. 30,			June 30,			March 31,			vs. PY
(USD thousands, except per share data)	2013			2012		2012			2012			2012			Quarter
Revenues:
Net premiums	$	1,979,693		$	2,179,707	$	1,912,746		$	1,950,661		$	1,863,482		$	116,211
Investment income, net of related expenses		423,100			363,704		390,381			323,011			341,980			81,120
Investment related gains, net		1,641			2,716		1,698			999			671			970
Other revenue		55,401			62,482		63,501			72,957			45,033			10,368

Total revenues		2,459,835			2,608,609		2,368,326			2,347,628			2,251,166			208,669
Benefits and expenses:
Claims and other policy benefits		1,688,910			1,797,779		1,662,625			1,625,446			1,580,149			108,761
Interest credited		144,794			87,124		130,508			68,382			48,803			95,991
Policy acquisition costs and other insurance expenses		292,739			300,428		304,279			334,297			320,573			(27,834	)
Other operating expenses		119,501			132,334		103,786			105,541			110,098			9,403
Interest expense		28,486			28,917		29,749			23,360			23,322			5,164
Collateral finance facility expense		2,538			3,357		2,995			2,878			2,967			(429	)

Total benefits and expenses		2,276,968			2,349,939		2,233,942			2,159,904			2,085,912			191,056
Operating income before income taxes		182,867			258,670		134,384			187,724			165,254			17,613
Operating income tax expense		60,020			76,840		34,482			65,451			52,877			7,143

Operating income	$	122,847		$	181,830	$	99,902		$	122,273		$	112,377		$	10,470

Wgt. Average Common Shares Outstanding (Diluted)		74,389			74,375		74,138			74,054			74,043			346

Diluted Earnings Per Share—Operating Income	$	1.65		$	2.44	$	1.35		$	1.65		$	1.52		$	0.13

Foreign currency effect *(1)*:
Net premiums	$	(19,599	)	$	14,105	$	(25,972	)	$	(45,800	)	$	(4,924	)	$	(14,675	)
Operating income before income taxes	$	(2,798	)	$	1,799	$	(4,165	)	$	(3,471	)	$	(387	)	$	(2,411	)

(1)

Compared to comparable prior year period


					Page 4

Reinsurance Group of America, Incorporated

Consolidated Balance Sheets


	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,
(USD thousands)	2013			2012			2012			2012			2012
Assets
Fixed maturity securities, available-for-sale	$	22,401,659		$	22,291,614		$	21,658,414		$	17,244,192		$	16,794,057
Mortgage loans on real estate		2,325,191			2,300,587			2,256,881			1,157,049			1,040,733
Policy loans		1,245,812			1,278,175			1,243,498			1,250,238			1,260,070
Funds withheld at interest		5,698,594			5,594,182			5,608,640			5,457,888			5,472,532
Short-term investments		180,707			288,082			90,789			49,981			75,425
Investment receivable		—			—			—			5,406,898			—
Other invested assets		1,129,651			1,159,543			1,236,616			940,605			867,507

Total investments		32,981,614			32,912,183			32,094,838			31,506,851			25,510,324
Cash and cash equivalents		1,001,841			1,259,892			1,603,730			957,341			873,933
Accrued investment income		230,269			201,344			250,048			182,586			173,629
Premiums receivable and other reinsurance balances		1,259,281			1,356,087			1,179,687			1,104,176			1,131,334
Reinsurance ceded receivables		602,373			620,901			623,954			626,734			597,508
Deferred policy acquisition costs		3,545,063			3,619,274			3,630,877			3,605,008			3,629,424
Other assets		576,660			390,757			540,879			361,627			369,930

Total assets	$	40,197,101		$	40,360,438		$	39,924,013		$	38,344,323		$	32,286,082

Liabilities and Stockholders’ Equity
Future policy benefits	$	11,355,882		$	11,372,856		$	11,093,483		$	10,725,096		$	10,413,361
Interest-sensitive contract liabilities		13,141,402			13,353,502			13,254,859			13,352,601			8,252,995
Other policy claims and benefits		3,243,948			3,160,250			3,132,526			3,026,467			2,984,681
Other reinsurance balances		250,606			233,630			218,057			249,336			132,389
Deferred income taxes		2,105,391			2,120,501			1,806,186			1,785,614			1,728,765
Other liabilities		877,405			742,249			1,217,788			890,687			777,678
Short-term debt		—			—			—			—			—
Long-term debt		1,815,392			1,815,253			1,815,111			1,414,969			1,414,829
Collateral finance facility		491,987			652,010			651,968			651,936			652,029

Total liabilities		33,282,013			33,450,251			33,189,978			32,096,706			26,356,727
Stockholders’ Equity:
Common stock, at par value		791			791			791			791			791
Additional paid-in-capital		1,765,255			1,755,421			1,743,822			1,740,415			1,736,184
Retained earnings		3,521,492			3,357,255			3,154,317			3,033,505			2,906,310
Treasury stock		(349,190	)		(312,182	)		(316,542	)		(326,292	)		(325,732	)

Accumulated other comprehensive income (AOCI):
Accumulated currency translation adjustment, net of income taxes		253,370			267,475			273,258			237,010			253,875
Unrealized appreciation of securities, net of income taxes		1,758,775			1,877,657			1,907,512			1,591,647			1,388,597
Pension and postretirement benefits, net of income taxes		(35,405	)		(36,230	)		(29,123	)		(29,459	)		(30,670	)

Total stockholders’ equity		6,915,088			6,910,187			6,734,035			6,247,617			5,929,355

Total liabilities and stockholders’ equity	$	40,197,101		$	40,360,438		$	39,924,013		$	38,344,323		$	32,286,082

Total stockholders’ equity, excluding AOCI	$	4,938,348		$	4,801,285		$	4,582,388		$	4,448,419		$	4,317,553


					Page 5

Reinsurance Group of America, Incorporated

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


	Three Months Ended															Current Qtr
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,			vs. PY
(USD thousands)	2013			2012			2012			2012			2012			Quarter
Revenues:
Net premiums	$	1,046,049		$	1,159,106		$	1,045,767		$	1,082,400		$	1,021,507		$	24,542
Investment income, net of related expenses		132,289			133,988			135,532			133,652			132,417			(128	)
Other revenue		529			2,448			764			401			1,003			(474	)

Total revenues		1,178,867			1,295,542			1,182,063			1,216,453			1,154,927			23,940
Benefits and expenses:
Claims and other policy benefits		929,680			973,185			917,264			934,807			907,461			22,219
Interest credited		16,150			11,421			14,637			14,555			15,054			1,096
Policy acquisition costs and other insurance expenses		139,968			145,437			156,995			150,958			145,485			(5,517	)
Other operating expenses		23,521			25,890			20,684			20,586			24,001			(480	)

Total benefits and expenses		1,109,319			1,155,933			1,109,580			1,120,906			1,092,001			17,318
Operating income before income taxes		69,548			139,609			72,483			95,547			62,926			6,622

Operating to U.S. GAAP Reconciliation:
Operating income before income taxes		69,548			139,609			72,483			95,547			62,926			6,622
Investment and derivative (losses) gains—non-operating		7,297			11,752			(1,927	)		789			(13,084	)		20,381

Income before income taxes	$	76,845		$	151,361		$	70,556		$	96,336		$	49,842		$	27,003

Loss and Expense Ratios:
Claims and other policy benefits		88.9	%		84.0	%		87.7	%		86.4	%		88.8	%		0.1	%
Policy acquisition costs and other insurance expenses		13.4	%		12.5	%		15.0	%		13.9	%		14.2	%		-0.8	%
Other operating expenses		2.2	%		2.2	%		2.0	%		1.9	%		2.3	%		-0.1	%


					Page 6

Reinsurance Group of America, Incorporated

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


	Three Months Ended															Current Qtr
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,			vs. PY
(USD thousands)	2013			2012			2012			2012			2012			Quarter
Revenues:
Net premiums	$	3,838		$	3,521		$	3,623		$	3,355		$	3,596		$	242
Investment income, net of related expenses		178,719			127,812			154,789			90,527			111,501			67,218
Investment related gains (losses), net		—			—			—			(18	)		(30	)		30
Other revenue		28,881			30,893			31,976			29,254			19,893			8,988

Total revenues		211,438			162,226			190,388			123,118			134,960			76,478
Benefits and expenses:
Claims and other policy benefits		3,588			2,892			2,828			5,102			1,902			1,686
Interest credited		128,096			74,992			115,645			53,611			33,511			94,585
Policy acquisition costs and other insurance expenses		30,045			39,527			42,200			44,955			72,004			(41,959	)
Other operating expenses		4,113			3,977			2,596			2,807			3,062			1,051

Total benefits and expenses		165,842			121,388			163,269			106,475			110,479			55,363
Operating income before income taxes		45,596			40,838			27,119			16,643			24,481			21,115

Operating to U.S. GAAP Reconciliation:
Operating income before income taxes		45,596			40,838			27,119			16,643			24,481			21,115
Investment and derivative gains (losses)—non-operating (1)		(52,932	)		(13,667	)		2,039			92,008			(96,355	)		43,423
Change in value of modified coinsurance and funds withheld embedded derivatives (1)		90,202			76,778			54,257			(4,593	)		(9,387	)		99,589
GMXB embedded derivatives (1)		51,314			30,588			2,579			(74,929	)		146,375			(95,061	)
Funds withheld gains (losses)—investment income		650			3,944			5,652			5,430			(2,224	)		2,874
Funds withheld gains (losses)—policy acq. costs		—			(55	)		(122	)		(152	)		(209	)		209
EIA embedded derivatives—interest credited		19,311			(7,711	)		167			1,685			(39,239	)		58,550
EIA embedded derivatives—policy acq. costs		—			—			—			—			—			—
DAC offset, net		(64,618	)		(44,308	)		(13,705	)		(1,490	)		13,148			(77,766	)

Income before income taxes	$	89,523		$	86,407		$	77,986		$	34,602		$	36,590		$	52,933

(1)

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


					Page 7

Reinsurance Group of America, Incorporated

U.S. Asset Intensive Sub-segment

(Cont’d)


	Three Months Ended
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,
(USD millions)	2013			2012			2012			2012			2012
Annuity account values:
Fixed annuities (deferred)	$	5,357		$	5,690		$	5,815		$	5,942		$	897
Net interest spread (fixed annuities):		2.2	%		2.2	%		1.1	%		1.0	%		2.4	%
Equity-indexed annuities	$	4,809		$	4,833		$	4,882		$	4,867		$	4,895
Variable annuities:
No riders	$	960		$	948		$	957		$	944		$	1,040
GMDB only		80			79			80			79			82
GMIB only		6			6			6			6			6
GMAB only		54			54			55			54			57
GMWB only		1,707			1,662			1,667			1,620			1,704
GMDB / WB		465			455			461			451			460
Other		32			31			31			30			32

Total VA account values	$	3,304		$	3,235		$	3,257		$	3,184		$	3,381

Fair value of liabilities associated with living benefit riders	$	121		$	172		$	203		$	205		$	130
Interest-sensitive contract liabilities associated with:
Guaranteed investment contracts	$	200		$	200		$	200		$	200		$	198
Bank-owned life insurance (BOLI)	$	525		$	522		$	519		$	515		$	512
Other asset-intensive business	$	75		$	75		$	76		$	77		$	78


					Page 8

Reinsurance Group of America, Incorporated

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


	Three Months Ended												Current Qtr
	March 31,		Dec. 31,		Sept. 30,			June 30,		March 31,			vs. PY
(USD thousands)	2013		2012		2012			2012		2012			Quarter
Revenues:
Investment income, net of related expenses	$	597	$	361	$	364		$	179	$	164		$	433
Other revenue		12,797		13,796		11,565			11,734		8,910			3,887

Total revenues		13,394		14,157		11,929			11,913		9,074			4,320
Benefits and expenses:
Policy acquisition costs and other insurance expenses		3,440		1,081		2,012			704		770			2,670
Other operating expenses		1,947		4,555		1,635			1,593		1,852			95

Total benefits and expenses		5,387		5,636		3,647			2,297		2,622			2,765
Operating income before income taxes		8,007		8,521		8,282			9,616		6,452			1,555

Operating to U.S. GAAP Reconciliation:
Operating income before income taxes		8,007		8,521		8,282			9,616		6,452			1,555
Investment and derivative gains (losses)—non-operating		34		112		(146	)		32		(139	)		173

Income before income taxes	$	8,041	$	8,633	$	8,136		$	9,648	$	6,313		$	1,728


					Page 9

Reinsurance Group of America, Incorporated

Canadian Segment Pre-tax Operating Income


	Three Months Ended															Current Qtr
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,			vs. PY
(USD thousands)	2013			2012			2012			2012			2012			Quarter
Revenues:
Net premiums	$	243,271		$	248,443		$	227,944		$	221,167		$	218,210		$	25,061
Investment income, net of related expenses		49,174			45,928			46,016			46,349			47,716			1,458
Investment related gains (losses), net		1,005			1,041			1,003			995			1,323			(318	)
Other revenue		208			41			3,288			3,205			(30	)		238

Total revenues		293,658			295,453			278,251			271,716			267,219			26,439
Benefits and expenses:
Claims and other policy benefits		189,698			169,959			191,275			184,857			160,625			29,073
Interest credited		12			6			22			—			—			12
Policy acquisition costs and other insurance expenses		60,832			58,786			49,790			47,476			50,285			10,547
Other operating expenses		10,239			12,664			9,022			8,876			9,650			589

Total benefits and expenses		260,781			241,415			250,109			241,209			220,560			40,221
Operating income before income taxes		32,877			54,038			28,142			30,507			46,659			(13,782	)

Operating to U.S. GAAP Reconciliation:
Operating income before income taxes		32,877			54,038			28,142			30,507			46,659			(13,782	)
Investment and derivative gains (losses)—non-operating		2,050			2,817			8,630			4,630			7,220			(5,170	)
Funds withheld gains (losses)—investment income		1,381			2,503			748			(107	)		1,184			197

Income before income taxes	$	36,308		$	59,358		$	37,520		$	35,030		$	55,063		$	(18,755	)

Loss and Expense Ratios:
Loss ratios (creditor business)		32.7	%		6.1	%		40.4	%		38.0	%		34.1	%		-1.4	%
Loss ratios (excluding creditor business)		93.2	%		87.5	%		96.8	%		95.5	%		83.8	%		9.4	%
Claims and other policy benefits / (net premiums + investment income)		64.9	%		57.7	%		69.8	%		69.1	%		60.4	%		4.5	%
Policy acquisition costs and other insurance expenses (creditor business)		61.0	%		60.0	%		58.2	%		58.5	%		57.1	%		3.9	%
Policy acquisition costs and other insurance expenses (excluding creditor business)		12.9	%		12.5	%		11.1	%		11.8	%		14.2	%		-1.3	%
Other operating expenses		4.2	%		5.1	%		4.0	%		4.0	%		4.4	%		-0.2	%
Foreign currency effect *(1)*:
Net premiums	$	(1,562	)	$	7,617		$	(3,413	)	$	(9,838	)	$	(3,328	)	$	1,766
Operating income before income taxes	$	(521	)	$	1,785		$	919		$	(2,905	)	$	(554	)	$	33
Creditor reinsurance net premiums	$	61,114		$	58,340		$	52,038		$	45,883		$	44,810		$	16,304

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)

Compared to comparable prior year period


					Page 10

Reinsurance Group of America, Incorporated

Europe & South Africa Segment Pre-tax Operating Income


	Three Months Ended															Current Qtr
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,			vs. PY
(USD thousands)	2013			2012			2012			2012			2012			Quarter
Revenues:
Net premiums	$	323,908		$	402,515		$	303,101		$	310,075		$	292,771		$	31,137
Investment income, net of related expenses		12,224			11,560			11,437			11,248			11,331			893
Other revenue		1,287			1,386			1,576			1,464			2,253			(966	)

Total revenues		337,419			415,461			316,114			322,787			306,355			31,064
Benefits and expenses:
Claims and other policy benefits		283,915			357,190			251,553			263,992			261,484			22,431
Policy acquisition costs and other insurance expenses		11,734			7,937			14,697			13,550			15,052			(3,318	)
Other operating expenses		26,195			36,075			24,809			26,810			25,195			1,000

Total benefits and expenses		321,844			401,202			291,059			304,352			301,731			20,113
Operating income before income taxes		15,575			14,259			25,055			18,435			4,624			10,951

Operating to U.S. GAAP Reconciliation:
Operating income before income taxes		15,575			14,259			25,055			18,435			4,624			10,951
Investment and derivative gains (losses)—non-operating		1,810			1,325			7,111			1,156			1,982			(172	)

Income before income taxes	$	17,385		$	15,584		$	32,166		$	19,591		$	6,606		$	10,779

Loss and Expense Ratios:
Claims and other policy benefits		87.7	%		88.7	%		83.0	%		85.1	%		89.3	%		-1.6	%
Policy acquisition costs and other insurance expenses		3.6	%		2.0	%		4.8	%		4.4	%		5.1	%		-1.5	%
Other operating expenses		8.1	%		9.0	%		8.2	%		8.6	%		8.6	%		-0.5	%
Foreign currency effect *(1)*:
Net premiums	$	(9,915	)	$	(129	)	$	(17,157	)	$	(22,973	)	$	(11,362	)	$	1,447
Operating income before income taxes	$	(642	)	$	(305	)	$	(2,989	)	$	(1,013	)	$	(1,417	)	$	775
Critical illness net premiums	$	63,639		$	66,211		$	58,793		$	62,001		$	61,548		$	2,091

(1)

Compared to comparable prior year period


					Page 11

Reinsurance Group of America, Incorporated

Asia Pacific Segment Pre-tax Operating Income


	Three Months Ended															Current Qtr
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,			vs. PY
(USD thousands)	2013			2012			2012			2012			2012			Quarter
Revenues:
Net premiums	$	363,604		$	362,620		$	330,415		$	331,945		$	325,350		$	38,254
Investment income, net of related expenses		22,081			20,782			19,316			20,711			22,578			(497	)
Investment related gains (losses), net		382			1,460			468			(164	)		(809	)		1,191
Other revenue		7,749			11,269			10,052			24,109			7,408			341

Total revenues		393,816			396,131			360,251			376,601			354,527			39,289
Benefits and expenses:
Claims and other policy benefits		281,945			294,564			299,782			236,733			248,620			33,325
Interest Credited		311			653			204			216			238			73
Policy acquisition costs and other insurance expenses		62,063			58,419			52,779			89,996			50,847			11,216
Other operating expenses		30,132			34,040			28,234			26,929			27,913			2,219

Total benefits and expenses		374,451			387,676			380,999			353,874			327,618			46,833
Operating income (loss) before income taxes		19,365			8,455			(20,748	)		22,727			26,909			(7,544	)

Operating to U.S. GAAP Reconciliation:
Operating income before income taxes		19,365			8,455			(20,748	)		22,727			26,909			(7,544	)
Investment and derivative gains (losses)—non-operating		(4,847	)		(2,520	)		4,265			1,132			5,158			(10,005	)

Income (loss) before income taxes	$	14,518		$	5,935		$	(16,483	)	$	23,859		$	32,067		$	(17,549	)

Loss and Expense Ratios:
Claims and other policy benefits		77.5	%		81.2	%		90.7	%		71.3	%		76.4	%		1.1	%
Policy acquisition costs and other insurance expenses		17.1	%		16.1	%		16.0	%		27.1	%		15.6	%		1.5	%
Other operating expenses		8.3	%		9.4	%		8.5	%		8.1	%		8.6	%		-0.3	%
Foreign currency effect *(1)*:
Net premiums	$	(8,122	)	$	6,609		$	(5,401	)	$	(12,998	)	$	9,756		$	(17,878	)
Operating income before income taxes	$	(1,775	)	$	(508	)	$	(1,280	)	$	(614	)	$	1,529		$	(3,304	)
Critical illness net premiums	$	54,508		$	68,963		$	68,356		$	46,700		$	40,333		$	14,175

(1)

Compared to comparable prior year period


					Page 12

Reinsurance Group of America, Incorporated

Corporate and Other Segment Pre-tax Operating Income


	Three Months Ended															Current Qtr
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,			vs. PY
(USD thousands)	2013			2012			2012			2012			2012			Quarter
Revenues:
Net premiums	$	(977	)	$	3,502		$	1,896		$	1,719		$	2,048		$	(3,025	)
Investment income, net of related expenses		28,016			23,273			22,927			20,345			16,273			11,743
Investment related gains (losses), net		254			215			227			186			187			67
Other revenue		3,950			2,649			4,280			2,790			5,596			(1,646	)

Total revenues		31,243			29,639			29,330			25,040			24,104			7,139
Benefits and expenses:
Claims and other policy benefits		84			(11	)		(77	)		(45	)		57			27
Interest credited		225			52			—			—			—			225
Policy acquisition costs and other insurance expenses		(15,343	)		(10,759	)		(14,194	)		(13,342	)		(13,870	)		(1,473	)
Other operating expenses		23,354			15,133			16,806			17,940			18,425			4,929
Interest expense		28,486			28,917			29,749			23,360			23,322			5,164
Collateral finance facility expense		2,538			3,357			2,995			2,878			2,967			(429	)

Total benefits and expenses		39,344			36,689			35,279			30,791			30,901			8,443
Operating income (loss) before income taxes		(8,101	)		(7,050	)		(5,949	)		(5,751	)		(6,797	)		(1,304	)

Operating to U.S. GAAP Reconciliation:
Operating income (loss) before income taxes		(8,101	)		(7,050	)		(5,949	)		(5,751	)		(6,797	)		(1,304	)
Investment and derivative gains (losses)—non-operating		(2,198	)		861			(2,453	)		2,577			1,079			(3,277	)
Gain on repurchase of collateral finance facility securities		46,506			—			—			—			—			46,506

Income (loss) before income taxes	$	36,207		$	(6,189	)	$	(8,402	)	$	(3,174	)	$	(5,718	)	$	41,925

Foreign currency effect *(1)*:
Net premiums	$	—		$	8		$	(1	)	$	9		$	10		$	(10	)
Operating income before income taxes	$	140		$	827		$	(815	)	$	1,061		$	55		$	85

(1)

Compared to comparable prior year period


					Page 13

Reinsurance Group of America, Incorporated

Summary of Pre-tax Segment Operating Income


	Three Months Ended															Current Qtr
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,			vs. PY
(USD thousands)	2013			2012			2012			2012			2012			Quarter
U.S. Traditional	$	69,548		$	139,609		$	72,483		$	95,547		$	62,926		$	6,622
U.S. Asset Intensive		45,596			40,838			27,119			16,643			24,481			21,115
U.S. Financial Reinsurance		8,007			8,521			8,282			9,616			6,452			1,555

Total U.S. Segment		123,151			188,968			107,884			121,806			93,859			29,292
Canadian Segment		32,877			54,038			28,142			30,507			46,659			(13,782	)
Europe & South Africa Segment		15,575			14,259			25,055			18,435			4,624			10,951
Asia Pacific Segment		19,365			8,455			(20,748	)		22,727			26,909			(7,544	)
Corporate and Other		(8,101	)		(7,050	)		(5,949	)		(5,751	)		(6,797	)		(1,304	)

Consolidated	$	182,867		$	258,670		$	134,384		$	187,724		$	165,254		$	17,613


					Page 14

Reinsurance Group of America, Incorporated

Investments

(USD thousands)

Cash and Invested Assets


	March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,
	2013		2012		2012		2012		2012
Fixed maturity securities, available-for-sale	$	22,401,659	$	22,291,614	$	21,658,414	$	17,244,192	$	16,794,057
Mortgage loans on real estate		2,325,191		2,300,587		2,256,881		1,157,049		1,040,733
Policy loans		1,245,812		1,278,175		1,243,498		1,250,238		1,260,070
Funds withheld at interest		5,698,594		5,594,182		5,608,640		5,457,888		5,472,532
Short-term investments		180,707		288,082		90,789		49,981		75,425
Investment Receivable		—		—		—		5,406,898		—
Other invested assets		1,129,651		1,159,543		1,236,616		940,605		867,507
Cash and cash equivalents		1,001,841		1,259,892		1,603,730		957,341		873,933

Total cash and invested assets	$	33,983,455	$	34,172,075	$	33,698,568	$	32,464,192	$	26,384,257

Investment Income and Yield Summary


	Three Months Ended															Current Qtr
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,			vs. PY
	2013			2012			2012			2012			2012			Quarter
Average invested assets at amortized cost (1)	$	17,992,152		$	17,510,541		$	17,030,794		$	16,539,380		$	16,342,741		$	1,649,411
Net investment income (1)	$	213,322		$	207,567		$	208,346		$	205,471		$	202,603		$	10,719
Annualized investment yield (ratio of net investment income to average invested assets) (1)		4.83	%		4.83	%		4.98	%		5.06	%		5.05	%		-0.22	%

(1)

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


					Page 15

Reinsurance Group of America, Incorporated

Investments

(USD thousands)

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

(Excludes Funds Withheld Portfolios)


March 31, 2013
												Other-than-
							Estimated					temporary
	Amortized		Unrealized		Unrealized		Fair		% of			Impairment
	Cost		Gains		Losses		Value		Total			in AOCI
Available-for-sale:
Corporate securities	$	11,464,082	$	1,022,512	$	45,093	$	12,441,501		55.5	%	$	—
Canadian and Canadian provincial governments		2,681,603		1,261,728		1,133		3,942,198		17.6	%		—
Residential mortgage-backed securities		1,005,232		75,579		4,041		1,076,770		4.8	%		(241	)
Asset-backed securities		752,280		23,333		19,069		756,544		3.4	%		(2,259	)
Commercial mortgage-backed securities		1,596,659		143,381		41,896		1,698,144		7.6	%		(5,431	)
U.S. government and agencies		299,395		31,938		132		331,201		1.5	%		—
State and political subdivisions		281,215		37,628		5,746		313,097		1.4	%		—
Other foreign government, supranational, and foreign government-sponsored enterprises		1,758,483		87,306		3,585		1,842,204		8.2	%		—

Total fixed maturity securities	$	19,838,949	$	2,683,405	$	120,695	$	22,401,659		100.0	%	$	(7,931	)

Non-redeemable preferred stock		76,179		7,940		8		84,111		38.1	%
Other equity securities		138,088		295		1,829		136,554		61.9	%

Total equity securities	$	214,267	$	8,235	$	1,837	$	220,665		100.0	%


December 31, 2012
												Other-than-
							Estimated					temporary
	Amortized		Unrealized		Unrealized		Fair		% of			Impairment
	Cost		Gains		Losses		Value		Total			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	%


					Page 16

Reinsurance Group of America, Incorporated

Investments

(USD thousands)

Corporate Securities by Sector (Fixed Maturities and Equities)

(Excludes Funds Withheld Portfolios)


	March 31, 2013								December 31, 2012
	Amortized Cost		Estimated Fair Value		% of Total			Average Credit Ratings (1)	Amortized Cost		Estimated Fair Value		% of Total			Average Credit Ratings (1)
Financial Institutions
Banking	$	2,144,219	$	2,288,188		18.1	%	A	$	2,114,425	$	2,260,382		17.9	%	A
Brokerage		130,795		144,069		1.1	%	A-		120,139		131,664		1.0	%	A-
Finance Comp.		186,778		200,299		1.6	%	A		181,430		193,892		1.5	%	A
Insurance		645,962		711,948		5.6	%	A-		592,109		654,647		5.2	%	A-
REITs		486,105		526,504		4.2	%	BBB+		485,469		523,370		4.2	%	BBB
Other Finance		307,597		322,315		2.5	%	BBB+		342,929		358,897		2.9	%	BBB+

Total Financial Institutions		3,901,456		4,193,323		33.1	%			3,836,501		4,122,852		32.7	%
Industrials
Basic		818,089		870,860		6.9	%	BBB		803,353		861,547		6.8	%	BBB
Capital Goods		627,224		680,465		5.4	%	BBB		637,479		692,218		5.5	%	BBB
Communications		1,089,019		1,195,777		9.5	%	BBB+		1,044,374		1,169,000		9.3	%	BBB+
Consumer Cyclical		742,197		794,649		6.3	%	BBB+		727,324		786,726		6.2	%	BBB+
Consumer Noncyclical		1,043,968		1,146,692		9.1	%	BBB+		969,589		1,084,295		8.6	%	BBB+
Energy		708,830		778,488		6.1	%	BBB+		728,354		807,087		6.4	%	BBB+
Technology		464,941		486,573		3.8	%	BBB		475,697		502,123		4.0	%	BBB
Transportation		362,825		398,470		3.1	%	BBB+		378,808		415,283		3.3	%	BBB+
Other Industrial		120,053		128,054		1.0	%	BBB		116,989		125,567		1.0	%	BBB

Total Industrials		5,977,146		6,480,028		51.2	%			5,881,967		6,443,846		51.1	%
Utilities
Electric		1,050,949		1,158,508		9.1	%	BBB+		1,081,451		1,196,527		9.5	%	BBB+
Natural Gas		652,497		722,356		5.7	%	BBB		656,357		733,422		5.8	%	BBB
Other Utility		66,438		77,296		0.6	%	A-		61,850		72,662		0.6	%	A-

Total Utilities		1,769,884		1,958,160		15.4	%			1,799,658		2,002,611		15.9	%
Other Sectors		29,863		30,655		0.3	%	AA		32,351		33,462		0.3	%	AA

Total	$	11,678,349	$	12,662,166		100.0	%	BBB+	$	11,550,477	$	12,602,771		100.0	%	BBB+

(1)

The Average Credit Rating designations are based on the weighted average ratings from nationally recognized rating organizations, primarily those assigned by S&P. In instances where a S&P rating is not available, the Company will reference the rating provided by Moody’s, and in the absence of both the Company will assign equivalent ratings based on information from the NAIC.


					Page 17

Reinsurance Group of America, Incorporated

Investments

(USD thousands)

Ratings of Fixed Maturity Securities

(Excludes Funds Withheld Portfolios)


		March 31, 2013							December 31, 2012							September 30, 2012							June 30, 2012							March 31, 2012
NAIC Designation	Rating Agency Designation (1)	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	$	1,784,693	$	1,891,675		8.4	%	$	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	%
1	AA		5,408,086		6,565,513		29.3	%		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	%
1	A		5,140,174		5,962,302		26.6	%		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	%
2	BBB		6,058,221		6,524,007		29.1	%		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	BB		731,136		757,948		3.4	%		694,349		712,712		3.2	%		583,622		608,439		2.8	%		421,128		428,875		2.5	%		428,543		430,002		2.6	%
4	B		497,504		507,879		2.3	%		444,996		444,035		2.0	%		322,040		306,871		1.4	%		269,970		248,850		1.4	%		240,603		220,924		1.3	%
5	CCC		98,290		79,039		0.4	%		118,738		95,906		0.4	%		92,149		68,193		0.3	%		89,665		64,812		0.4	%		106,637		80,660		0.5	%
6	In or near default		120,845		113,296		0.5	%		55,659		45,461		0.2	%		36,647		26,981		0.1	%		31,445		20,838		0.1	%		35,050		23,605		0.1	%

	Total	$	19,838,949	$	22,401,659		100.0	%	$	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	%

(1)

The Rating Agency Designation includes all “+” or “-” at that rating level (e. g. ‘BBB’ includes ‘BBB+’, ‘BBB’, and ‘BBB-’).

Structured Fixed Maturity Securities


	March 31, 2013				December 31, 2012				September 30, 2012				June 30, 2012				March 31, 2012
	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	$	520,081	$	575,274	$	497,918	$	555,535	$	511,887	$	571,894	$	511,985	$	571,821	$	523,206	$	576,045
Non-agency		485,151		501,496		471,349		486,529		468,768		483,914		495,808		506,741		551,867		562,183

Total residential mortgage-backed securities		1,005,232		1,076,770		969,267		1,042,064		980,655		1,055,808		1,007,793		1,078,562		1,075,073		1,138,228
Commercial mortgage-backed securities		1,596,659		1,698,144		1,608,376		1,698,903		1,663,493		1,740,391		1,308,668		1,348,047		1,302,734		1,342,421
Asset-backed securities		752,280		756,544		700,455		691,555		588,851		572,700		469,616		441,051		448,688		414,527

Total	$	3,354,171	$	3,531,458	$	3,278,098	$	3,432,522	$	3,232,999	$	3,368,899	$	2,786,077	$	2,867,660	$	2,826,495	$	2,895,176


					Page 18

Reinsurance Group of America, Incorporated

Investments

(USD thousands)

CMBS Exposure

(Includes Funds Withheld Portfolios)


	March 31, 2013
	AAA				AA				A
Underwriting Year	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
2006 & Prior	$	308,039	$	337,453	$	179,472	$	196,947	$	181,203	$	194,364
2007		170,423		187,147		32,850		37,343		68,910		76,582
2008		—		—		53,671		66,143		18,677		21,049
2009		1,653		1,806		12,346		13,672		3,476		5,680
2010		27,988		29,651		47,138		52,872		19,321		21,007
2011		15,746		16,262		18,157		20,876		40,504		43,494
2012		28,334		28,686		35,130		36,159		58,334		60,064
2013		32,060		32,029		4,118		4,115		—		—

Total	$	584,243	$	633,034	$	382,882	$	428,127	$	390,425	$	422,240


	BBB				Below Investment Grade				Total
Underwriting Year	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
2006 & Prior	$	193,417	$	199,964	$	102,560	$	99,160	$	964,691	$	1,027,888
2007		93,610		109,051		115,537		101,711		481,330		511,834
2008		—		—		22,642		18,935		94,990		106,127
2009		3,941		5,516		—		—		21,416		26,674
2010		—		—		—		—		94,447		103,530
2011		33,198		34,035		—		—		107,605		114,667
2012		43,354		43,993		—		—		165,152		168,902
2013		—		—		—		—		36,178		36,144

Total	$	367,520	$	392,559	$	240,739	$	219,806	$	1,965,809	$	2,095,766


NOTE: Totals include directly held investments with amortized cost of $1,596.7 million and fair value of $1,698.1 million as well as investments in funds withheld with amortized cost of $369.1 million and fair value of $397.7 million.

	December 31, 2012
	AAA				AA				A
Underwriting Year	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
2006 & Prior	$	313,032	$	346,462	$	189,203	$	208,051	$	185,038	$	196,800
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
2006 & Prior	$	194,452	$	198,490	$	109,969	$	103,365	$	991,694	$	1,053,168
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.


					Page 19

Reinsurance Group of America, Incorporated

Investments

(USD thousands)

Gross Unrealized Losses Aging

Fixed Maturity Securities


	March 31, 2013					December 31, 2012					September 30, 2012					June 30, 2012					March 31, 2012
	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%	$	64,399		52.6	%	$	53,648		40.2	%	$	55,097		35.9	%	$	75,539		38.5	%	$	88,526		41.3	%
20% or more for less than six months		—		0.0	%		734		0.5	%		509		0.3	%		5,924		3.0	%		9,803		4.6	%
20% or more for six months or greater		56,296		45.9	%		77,872		58.3	%		97,260		63.3	%		112,362		57.2	%		111,830		52.2	%

Total	$	120,695		98.5	%	$	132,254		99.0	%	$	152,866		99.5	%	$	193,825		98.7	%	$	210,159		98.1	%


Equity Securities

	March 31, 2013					December 31, 2012					September 30, 2012					June 30, 2012					March 31, 2012
	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%	$	1,836		1.5	%	$	1,303		1.0	%	$	833		0.5	%	$	1,659		0.9	%	$	3,511		1.6	%
20% or more for less than six months		—		0.0	%		—		0.0	%		—		0.0	%		815		0.4	%		183		0.1	%
20% or more for six months or greater		1		0.0	%		1		0.0	%		1		0.0	%		—		0.0	%		499		0.2	%

Total	$	1,837		1.5	%	$	1,304		1.0	%	$	834		0.5	%	$	2,474		1.3	%	$	4,193		1.9	%


					Page 20

Reinsurance Group of America, Incorporated

Investments

(USD thousands)

Fixed Maturities and Equity Securities Below Amortized Cost

(Excludes Funds Withheld Portfolios)


	As of March 31, 2013
	Less than 12 months				Equal to or greater than 12 months				Total
	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
Investment grade securities:
Corporate securities	$	1,187,238	$	25,066	$	89,284	$	11,614	$	1,276,522	$	36,680
Canadian and Canadian provincial governments		59,042		1,133		—		—		59,042		1,133
Residential mortgage-backed securities		54,738		469		17,664		2,920		72,402		3,389
Asset-backed securities		91,530		672		86,661		7,216		178,191		7,888
Commercial mortgage-backed securities		79,509		471		21,920		6,521		101,429		6,992
U.S. government and agencies		56,975		132		—		—		56,975		132
State and political subdivisions		30,734		266		11,463		5,480		42,197		5,746
Other foreign government, supranational, and foreign government-sponsored enterprises		335,216		2,809		7,375		744		342,591		3,553

Investment grade securities		1,894,982		31,018		234,367		34,495		2,129,349		65,513

Non-investment grade securities:
Corporate securities		155,261		2,961		30,763		5,452		186,024		8,413
Residential mortgage-backed securities		18,215		298		4,681		354		22,896		652
Asset-backed securities		10,138		171		29,370		11,010		39,508		11,181
Commercial mortgage-backed securities		—		—		66,674		34,904		66,674		34,904
State and political subdivisions		—		—		—		—		—		—
Other foreign government, supranational, and foreign government-sponsored enterprises		1,034		32		—		—		1,034		32

Non-investment grade securities		184,648		3,462		131,488		51,720		316,136		55,182

Total fixed maturity securities	$	2,079,630	$	34,480	$	365,855	$	86,215	$	2,445,485	$	120,695

Non-redeemable preferred stock		7,885		7		1		1		7,886		8
Other equity securities		110,187		1,829		—		—		110,187		1,829

Total Equity securities	$	118,072	$	1,836	$	1	$	1	$	118,073	$	1,837


	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


					Page 21

Reinsurance Group of America, Incorporated

Investments

(USD thousands)

Consolidated Investment Related Gains and Losses


	Three Months Ended															Current Qtr
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,			vs. PY
	2013			2012			2012			2012			2012			Quarter
Fixed Maturity and Equity Securities:
Other-than-temporary impairment losses on fixed maturities	$	(202	)	$	(4,346	)	$	(1,996	)	$	(1,959	)	$	(7,607	)	$	7,405
Portion of loss recognized in accumulated other comprehensive income (before taxes)		—			—			(559	)		162			(7,221	)		7,221

Net other-than-temporary impairment losses on fixed maturities recognized in earnings		(202	)		(4,346	)		(2,555	)		(1,797	)		(14,828	)		14,626
Impairment losses on equity securities		—			—			—			(2,186	)		(839	)		839
Gain on investment activity		21,680			43,190			53,173			26,593			22,312			(632	)
Loss on investment activity		(11,212	)		(4,384	)		(6,668	)		(8,918	)		(7,504	)		(3,708	)

Net gain/(loss) on fixed maturity and equity securities		10,266			34,460			43,950			13,692			(859	)		11,125
Other impairment losses and change in mortgage loan provision		(1,626	)		(2,220	)		(10,301	)		1,762			(5,843	)		4,217
Other non-derivative gain/(loss), net		4,589			4,868			5,563			5,628			6,641			(2,052	)
Free-standing Derivatives:
Credit Default Swaps		3,904			3,523			7,819			(4,794	)		11,813			(7,909	)
Interest Rate Swaps—non-hedged		(22,265	)		(9,866	)		(1,437	)		73,342			(47,352	)		25,087
Interest Rate Swaps—hedged		(17	)		(40	)		(4	)		29			(26	)		9
Futures		(6,881	)		(9,932	)		(3,977	)		11,073			(17,408	)		10,527
CPI Swaps		(871	)		1,543			422			(1,431	)		(802	)		(69	)
Equity options		(30,623	)		(11,146	)		(23,916	)		3,367			(37,983	)		7,360
Currency Forwards		(5,659	)		(5,070	)		519			515			(1,608	)		(4,051	)
Interest Rate Options		1,982			—			—			—			—			1,982

Total free-standing derivatives		(60,430	)		(30,988	)		(20,574	)		82,101			(93,366	)		32,936
Embedded Derivatives:
Modified coinsurance and funds withheld treaties		90,258			74,054			54,836			(4,453	)		(9,428	)		99,686
GMXB		51,314			30,588			2,579			(74,929	)		146,375			(95,061	)

Total embedded derivatives		141,572			104,642			57,415			(79,382	)		136,947			4,625
Net gain/(loss) on total derivatives		81,142			73,654			36,841			2,719			43,581			37,561

Total investment related gains / (losses), net	$	94,371		$	110,762		$	76,053		$	23,801		$	43,520		$	50,851


					Page 22