SEC Filing | Reinsurance Group of America, Inc

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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 29, 2018

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)

16600 Swingley Ridge Road, 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):



r	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
r	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
r	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
r	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter):



r	Emerging growth company
r	If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.



Item 2.02	Results of Operations and Financial Condition.

On January 29, 2018, Reinsurance Group of America, Incorporated issued (1) a press release (the "Press Release") announcing its earnings for the three-month period ended December 31, 2017, and providing certain additional information, a copy of which is furnished with this report as Exhibit 99.1, and (2) a quarterly financial supplement (the "Quarterly Financial Supplement") for the quarter ended December 31, 2017, a copy of which is attached hereto as Exhibit 99.2. The Press Release also notes that a conference call will be held on January 30, 2018 to discuss the financial and operating results for the three-month period ended December 31, 2017. The information set forth in this Current Report on Form 8-K, including the Press Release and Quarterly Financial Supplement, is being furnished and shall not be deemed to be "filed", as described in 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 29, 2018

99.2		Quarterly Financial Supplement for the quarter ended December 31, 2017

SIGNATURE

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




	REINSURANCE GROUP OF AMERICA, INCORPORATED

Date: January 29, 2018	By:	/s/ Todd C. Larson
		Todd C. Larson
		Senior Executive Vice President and Chief Financial Officer

Exhibit

Exhibit 99.1

PRESS RELEASE

REINSURANCE GROUP OF AMERICA REPORTS FOURTH-QUARTER RESULTS


•	Earnings per diluted share: $18.49 from net income, $2.60 from adjusted operating income*


•	Full-year earnings per diluted share: $27.71 from net income, $10.84 from adjusted operating income*


•	Tax Cuts and Jobs Act of 2017 tax benefit estimate of $1.0 billion, or net income per diluted share of $15.71 for the quarter


•	ROE 22.7 percent and adjusted operating ROE* 11.0 percent for the full year

ST. LOUIS, January 29, 2018 - Reinsurance Group of America, Incorporated (NYSE: RGA), a leading global provider of life reinsurance, reported fourth-quarter net income of $1,216.9 million, or $18.49 per diluted share, compared with $190.1 million, or $2.92 per diluted share, in the prior-year quarter. Adjusted operating income* totaled $170.9 million, or $2.60 per diluted share, compared with $171.3 million, or $2.63 per diluted share, the year before. Net foreign currency fluctuations had a favorable effect of $0.06 per diluted share on net income and on adjusted operating income.

The Tax Cut and Jobs Act of 2017 (“U.S. Tax Reform”) was enacted on December 22, 2017, reducing the statutory federal income tax rate from 35 percent to 21 percent, effective January 1, 2018. The estimated impact of U.S. Tax Reform was a tax benefit, recognized in net income during the fourth quarter, of approximately $1.0 billion, or $15.71 per diluted share. The estimated impact primarily relates to the rate change on the Company’s net deferred tax liabilities existing at the date of enactment, and did not affect RGA’s adjusted operating income, a non-GAAP financial measure. The impact of U.S. Tax Reform may differ from this estimate, and is based on the best information currently available and may change as a result of changes in interpretations and the Company's assumptions.



	Quarterly Results				Year-to-Date Results
($ in thousands, except per share data)	2017		2016		2017		2016
Net premiums	$	2,505,186	$	2,493,163	$	9,841,130	$	9,248,871
Net income	1,216,888		190,149		1,822,181		701,443
Net income per diluted share	18.49		2.92		27.71		10.79
Adjusted operating income*	170,899		171,259		712,686		632,598
Adjusted operating income per diluted share*	2.60		2.63		10.84		9.73
Book value per share	148.48		110.31
Book value per share, excluding accumulated other comprehensive income (AOCI)*	118.88		92.59
Total assets	60,514,818		53,097,879



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

Book value per share at December 31, 2017, totaled $148.48 including accumulated other comprehensive income (“AOCI”), and $118.88 excluding AOCI*. RGA expects to adopt in its issued financial statements

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a reclassification between AOCI and retained earnings related to a proposed Accounting Standard Update (“ASU”) issued by the Financial Accounting Standards Board on January 18, 2018. The anticipated impact of adopting the proposed ASU will be an increase in AOCI and a reduction in retained earnings of approximately $156.4 million resulting in a reduction in book value per share, excluding AOCI, of $2.42.

Full-year 2017 net income totaled $1,822.2 million, or $27.71 per diluted share, versus $701.4 million, or $10.79 per diluted share in 2016. The effect of the reduced U.S. corporate tax rate on 2017 net income totaled $1.0 billion, or $15.72 per diluted share. Adjusted operating income for the full year increased to $712.7 million, or $10.84 per diluted share, from $632.6 million, or $9.73 per diluted share, the year before. The reduced U.S. corporate tax rate benefit did not affect adjusted operating income, a non-GAAP financial measure. Net foreign currency fluctuations had an immaterial effect on net income and adjusted operating income. Net premiums totaled $9.8 billion, increasing 6 percent in 2017. Full-year premiums reflected favorable foreign currency effects of $25.9 million.

In the fourth quarter, consolidated net premiums totaled $2.5 billion, up slightly from last year’s fourth quarter, with favorable net foreign currency effects of $43.2 million. Excluding spread-based businesses and the value of associated derivatives, investment income rose slightly over year-ago levels, as a 7 percent increase in average invested assets was offset by the effect of lower yields on new money and reinvested assets, and lower variable investment income. The average investment yield, excluding spread businesses, was down 31 basis points from the fourth quarter of 2016 to 4.38 percent, reflecting lower yields on new money and reinvested assets, and lower variable investment income. The average investment yield was 43 basis points lower than the third-quarter yield due primarily to a lower level of variable investment income.

Primarily as a result of U.S. Tax Reform, the effective tax rate on pre-tax net income was (376.3) percent for the fourth quarter, and (59.5) percent for the full year. The effective tax rate was approximately 30.4 percent on pre-tax adjusted operating income for the fourth quarter. The Company's effective tax rate on pre-tax adjusted operating income was below the expected effective rate of 33 to 34 percent due to the recognized income tax benefits associated with an adjustment to prior-period tax accruals, as well as the tax treatment of uncertain tax positions related to foreign jurisdictions. For the full year, the effective tax rate was 31.4 percent on pre-tax adjusted operating income.

Anna Manning, president and chief executive officer, commented, “U.S. Tax Reform and a number of unusual items contributed to a noisy fourth quarter, but if you strip away the noise, it was a solid quarter, capping off an excellent year.

“In the quarter, we continued to benefit from good earnings diversity, as strong results in the EMEA region and Canada, offset modest weakness in U.S. and Asia Traditional business. Corporate expenses were elevated this quarter due to the write-off of certain capitalized project costs and accelerated pension benefits that together reduced pre-tax adjusted operating income by approximately $30 million. Premiums were up slightly in the quarter, negatively affected by certain treaty recaptures in Australia and the modification of a large health treaty in the U.S. and Latin America segment. Underlying momentum remained favorable overall.

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“U.S. Tax Reform resulted in a one-time increase to our net income and stockholders' equity in the quarter. More importantly, we expect ongoing benefits from this legislation because of a lower effective tax rate for RGA and a more level playing field, as compared with our global competitors.

“We closed a number of in-force and other transactions during the quarter, bringing total deployment for the year to approximately $225 million. We ended the year with an excess capital position of approximately $1.4 billion.

“Looking forward, we remain optimistic about the future and our business prospects. RGA is well positioned in its markets, we have a proven strategy, and a long track record of successful execution. We anticipate ongoing change in the life insurance industry, and RGA continues to innovate and add to its capabilities in order to help our clients successfully address these industry challenges and opportunities.”

SEGMENT RESULTS

U.S. and Latin America

Traditional

The U.S. and Latin America Traditional segment reported pre-tax income of $92.4 million, compared with $131.5 million in the fourth quarter of 2016. Pre-tax adjusted operating income totaled $93.8 million for the quarter, compared with $129.3 million in last year’s fourth quarter. Results for the current quarter reflected modestly unfavorable claims experience in the Individual Mortality segment, and poor performance in Group. The year-ago period benefited from higher variable investment income and moderately favorable claims results in the Individual Mortality line of business. For the full year, pre-tax income increased to $373.4 million from $371.1 million and pre-tax adjusted operating income totaled $375.0 million compared with $375.3 million in 2016. Mortality experience for the full year of 2017 was in line with management's expectations.

Traditional net premiums decreased 3 percent from last year’s fourth quarter to $1,389.5 million due to the negotiated modification of an existing health treaty that effectively reduced premiums in the quarter by about $55 million with limited impact on income. Net premiums increased 2 percent for the full year, totaling $5,356.3 million.

Financial Solutions

The Asset-Intensive business reported pre-tax income of $80.8 million compared with $72.3 million last year. Fourth-quarter pre-tax adjusted operating income improved to $55.3 million from $46.7 million in the prior-year period, due to the addition of income from a new in-force transaction written earlier this year, as well as the impact of favorable equity markets. Full-year pre-tax income totaled $320.7 million, up from $224.1 million in 2016. Pre-tax adjusted operating income increased to $229.4 million from $205.0 million for the full year.

The Financial Reinsurance business reported pre-tax income and pre-tax adjusted operating income of $21.1 million, up from $14.4 million the year before, due to strong, recent new business volumes. For the full year, pre-tax income and pre-tax adjusted operating income totaled $80.9 million compared with $59.2 million in 2016.

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Canada

Traditional

The Canada Traditional segment reported pre-tax income of $39.3 million, compared with $37.0 million the year before. Pre-tax adjusted operating income totaled $38.6 million, compared with $34.8 million in the fourth quarter of 2016. The current quarter reflected favorable individual mortality experience. Foreign currency exchange rates had a favorable effect of $1.9 million on pre-tax income and $1.8 million on pre-tax adjusted operating income. For the full year, pre-tax income totaled $120.2 million compared with $134.7 million and pre-tax adjusted operating income totaled $113.9 million versus $125.6 million the year before. Foreign currency exchange rates favorably affected pre-tax income and pre-tax adjusted operating income by $3.2 million for the full year.

Reported net premiums totaled $239.0 million for the quarter, slightly down from $241.9 million in the year-ago period due to the continued effects of the previously disclosed lost creditor business treaty. Net foreign currency fluctuations had a favorable effect of $11.5 million on net premiums. Net premiums for the full year totaled $902.0 million compared with $928.6 million in 2016. Net foreign currency fluctuations favorably affected net premiums by $18.5 million for the full year.

Financial Solutions

The Canada Financial Solutions business segment, which consists of longevity and fee-based transactions, reported fourth-quarter pre-tax income and pre-tax adjusted operating income of $4.2 million, compared with $4.1 million a year ago, with both periods reflecting favorable longevity experience. Net foreign currency fluctuations favorably affected pre-tax income and pre-tax adjusted operating income by $0.2 million. Pre-tax income and pre-tax adjusted operating income totaled $16.6 million for the full year, up from $7.9 million in 2016. For the full year, foreign currency exchange rates favorably affected pre-tax income and pre-tax adjusted operating income by $0.4 million.

Europe, Middle East and Africa (EMEA)

Traditional

The EMEA Traditional segment reported pre-tax income and pre-tax adjusted operating income of $29.7 million, up from $15.8 million in last year’s fourth quarter. The current-period results were driven by favorable mortality and morbidity experience, primarily in the U.K. Net foreign currency fluctuations favorably affected pre-tax income and pre-tax adjusted operating income by $2.0 million. For the full year, pre-tax income totaled $70.5 million compared with $30.1 million and pre-tax adjusted operating income totaled $70.4 million compared with $30.1 in the prior year. Full-year net foreign currency fluctuations favorably affected pre-tax income and pre-tax adjusted operating income by $1.5 million.

Reported net premiums increased 7 percent from the prior-year period to $321.9 million due to new business across the segment and growth of existing treaties. Foreign currency exchange rates favorably affected net premiums by $19.5 million. For the full year, net premiums totaled $1,301.6 million, with an adverse effect of $8.3 million from foreign currency exchange rates.

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Financial Solutions

The EMEA Financial Solutions business segment includes longevity, asset-intensive and fee-based transactions. Pre-tax income totaled $31.7 million, compared with $41.3 million in the year-ago period. Pre-tax adjusted operating income totaled $34.5 million, compared with $36.7 million the year before. Current-period results reflected favorable longevity experience, while the prior year reflected favorable experience in both asset-intensive and longevity. Net foreign currency fluctuations favorably affected pre-tax income by $2.1 million and pre-tax adjusted operating income by $2.3 million. For the full year, pre-tax income totaled $123.5 million compared with $138.0 million in 2016. Pre-tax adjusted operating income for the year totaled $118.2 million versus $122.4 million the year before. Net foreign currency fluctuations adversely affected full-year pre-tax income by $5.8 million and pre-tax adjusted operating income by $4.6 million.

Asia Pacific

Traditional

The Asia Pacific Traditional segment reported pre-tax income and pre-tax adjusted operating income of $27.2 million, up from $18.5 million in the prior-year period. The increase versus the year-ago period reflected an improvement in Australia, from a loss in the year-ago period to a modest profit in the current quarter. In Asia, which excludes Australia, the current period reflected modestly unfavorable experience versus favorable experience in the year-ago period. Net foreign currency fluctuations had an adverse effect of $1.1 million on pre-tax income and pre-tax adjusted operating income. For the full year, pre-tax income and pre-tax adjusted operating income totaled $148.8 million compared with $113.9 million in 2016. Net foreign currency fluctuations had an adverse effect of $1.4 million on pre-tax income and pre-tax adjusted operating income for the full year.

Reported net premiums rose 11 percent to $495.4 million, with strong growth across Asia, primarily from new and existing treaties in Hong Kong and Southeast Asia. The strong premium growth in Asia was offset by a material reduction in premiums in Australia due to the recapture of several treaties. Foreign currency exchange rates had a favorable effect of $8.5 million on net premiums. For the full year, net premiums totaled $2,053.0 million, an increase of 22 percent over the prior year. Net foreign currency fluctuations had a favorable effect of $22.7 million on net premiums for the full year.

Financial Solutions

The Asia Pacific Financial Solutions business segment includes asset-intensive and fee-based transactions. Pre-tax income totaled $2.1 million, compared with pre-tax losses of $12.0 million in the prior-year period. Pre-tax adjusted operating income totaled $0.7 million, compared with pre-tax adjusted operating losses of $6.1 million in the prior-year quarter. Current-period results reflected better-than-expected results from a treaty that is in runoff, with the prior-year period losses due to unfavorable results on the same treaty. Net foreign currency fluctuations had a favorable effect of $0.2 million on pre-tax losses and pre-tax adjusted operating losses. Pre-tax income for the full year totaled $13.1 million compared with $4.1 million in 2016. Pre-tax adjusted operating income was $2.6 million for the year versus pre-tax operating losses of $2.4 million a year ago. Foreign currency exchange rates had a favorable effect of $0.3 million on pre-tax net income and $0.2 million on pre-tax adjusted operating income for the full year.

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Corporate and Other

The Corporate and Other segment’s pre-tax losses totaled $73.0 million, compared with $27.4 million the year before. Pre-tax adjusted operating losses were $59.6 million versus year-ago pre-tax adjusted operating losses of $26.3 million. General expenses were higher this period, due to numerous items, including the write-off of capitalized project costs, increased pension expense, and higher incentive-based compensation expenses. For the full year, pre-tax losses totaled $125.0 million compared with $39.2 million in 2016. Pre-tax adjusted operating losses were $117.4 million versus $88.4 million in the prior year.

Company Guidance

On an annual basis, the Company provides financial guidance based upon the intermediate term rather than giving a range of annual earnings per share for an upcoming year. This better reflects the long-term nature of the business, as 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, RGA's business is subject to inherent short-term volatility, primarily due to mortality and morbidity experience.

Over the intermediate term, the Company continues to target growth in adjusted operating earnings per share in the 5 to 8 percent range, and adjusted operating return on equity of 10 to 12 percent. It is presumed that there are no significant changes in the investment environment from current levels, and the Company will deploy $300 to $400 million of excess capital, on average, annually. These guidance ranges are based upon “normalized” results. The Company currently estimates that as a result of tax reform, its effective tax rate for 2018 and thereafter will be in the range of 21 percent to 24 percent. The forward guidance for adjusted operating earnings per share is assumed to be on an equivalent tax basis, using 21 percent to 24 percent for all years, including 2017 on a pro forma basis.

Todd C. Larson, senior executive vice president and chief financial officer, commented, “We believe that our adjusted operating EPS range is appropriate, and we expect the combination of organic growth, execution of block transactions and effective capital management to allow us to reach our financial targets. We have faced significant macro headwinds in terms of weak foreign currencies and sustained low interest rates over the past several years, and we assume that there will be some level of ongoing headwinds for the foreseeable future. Nevertheless, we expect that we can overcome these challenges and achieve our goals.”

Dividend Declaration

The board of directors declared a regular dividend of $0.50, payable March 1 to shareholders of record as of February 8.

Earnings Conference Call

A conference call to discuss fourth-quarter results will begin at 11 a.m. Eastern Time on Tuesday, January 30. Interested parties may access the call by dialing 877-604-9674 (domestic) or 719-325-4917 (international). The access code is 4138948. 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.

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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 adjusted 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 adjusted 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, adjusted operating income excludes any net gain or loss from discontinued operations, the cumulative effect of any accounting changes, tax reform and other items that management believes are not indicative of the Company’s ongoing operations. The definition of adjusted operating income can vary by company and is not considered a substitute for GAAP net income.

Book value per share excluding the 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.

Adjusted operating income per diluted share is a non-GAAP financial measure calculated as adjusted operating income divided by weighted average diluted shares outstanding. Adjusted operating return on equity is a non-GAAP financial measure calculated as adjusted operating income divided by average stockholders’ equity excluding AOCI. Similar to adjusted operating income, management believes these non-GAAP financial measures better reflect the ongoing profitability and underlying trends of the Company’s continuing operations, they also serve as a basis for establishing target levels and awards under RGA’s management incentive programs.

Reconciliations from GAAP net income, book value per share, net income per diluted share and average stockholders’ equity 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 “Financial Information” section.

About RGA

Reinsurance Group of America, Incorporated (RGA), a Fortune 500 company, is among the leading global providers of life reinsurance and financial solutions, with approximately $3.3 trillion of life reinsurance in force and assets of $60.5 billion as of December 31, 2017. Founded in 1973, RGA today is recognized for its deep technical expertise in risk and capital management, innovative solutions, and commitment to serving its clients. With headquarters in St. Louis, Missouri, and operations around the world, RGA delivers expert solutions in individual life reinsurance, individual living benefits reinsurance, group reinsurance, health reinsurance, facultative underwriting, product development, and financial solutions. To learn more about RGA and its businesses, visit the company’s website at www.rgare.com.

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Cautionary Note 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, ratios, future financial performance, and growth potential of Reinsurance Group of America, Incorporated and its subsidiaries (which we refer to in the previous 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 the Company’s liquidity, access to capital, and cost of capital, (2) the impairment of other financial institutions and its effect on the Company’s business,

(3) requirements to post collateral or make payments due to declines in market value of assets subject to the Company’s collateral arrangements, (4) the fact that the determination of allowances and impairments

taken on the Company’s investments is highly subjective, (5) adverse changes in mortality, morbidity, lapsation, or claims experience, (6) changes in the Company’s financial strength and credit ratings and the effect of such changes on the Company’s 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 the Company’s 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 the Company’s investment securities or result in the impairment of all or a portion of the value of certain of the Company’s investment securities, that in turn could affect regulatory capital, (11) market or economic conditions that adversely affect the Company’s ability to make timely sales of investment securities, (12) risks inherent in the Company’s 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 the Company operates, including ongoing uncertainties regarding the amount of United States sovereign debt and the credit ratings thereof, (17) competitive factors and competitors’ responses to the Company’s initiatives, (18) the success of the Company’s clients, (19) successful execution of the Company’s entry into new markets, (20) successful development and introduction of new products and distribution opportunities, (21) the Company’s ability to successfully integrate acquired blocks of business and entities, (22) action by regulators who have authority over the Company’s reinsurance operations in the jurisdictions in which it operates, (23) the Company’s dependence on third parties, including those insurance companies and reinsurers to which the Company cedes 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 the Company or its clients do business, (25) interruption or failure of the Company’s telecommunication, information technology, or other operational systems, or the

Company’s failure to maintain adequate security to protect the confidentiality or privacy of personal or

sensitive data stored on such systems, (26) changes in laws, regulations, and accounting standards

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Tax Cuts and Jobs Act of 2017 may be different than expected, (28) the effect of the Company’s status as an insurance holding company and regulatory restrictions on its ability to pay principal of and interest on its debt obligations and (29) other risks and uncertainties described in this document and in the Company’s 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 see Item 1A - “Risk Factors” in the 2016 Annual Report.

Investor Contact

Jeff Hopson

Senior Vice President - Investor Relations

(636) 736-7000

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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

Reconciliation of Consolidated Net Income to Adjusted Operating Income

(Dollars in thousands, except per share data)



(Unaudited)	Three Months Ended December 31,
	2017						2016
				Diluted Earnings Per Share						Diluted Earnings Per Share
Net income	$	1,216,888		$	18.49		$	190,149		$	2.92
Reconciliation to adjusted operating income:
Capital (gains) losses, derivatives and other, included in investment related gains/losses, net	17,806			0.28			66,640			1.02
Capital (gains) losses on funds withheld, included in investment income, net of related expenses	(2,036		)	(0.03		)	(5,355		)	(0.08		)
Embedded derivatives:
Included in investment related gains/losses, net	(34,787		)	(0.53		)	(72,343		)	(1.11		)
Included in interest credited	(2,337		)	(0.04		)	(25,977		)	(0.40		)
DAC offset, net	14,449			0.22			17,957			0.28
Investment (income) loss on unit-linked variable annuities	(3,108		)	(0.05		)	(2,741		)	(0.04		)
Interest credited on unit-linked variable annuities	3,108			0.05			2,741			0.04
Non-investment derivatives	27			—			188			—
Statutory tax rate changes	(1,039,111		)	(15.79		)	—			—
Adjusted operating income	$	170,899		$	2.60		$	171,259		$	2.63



(Unaudited)	Twelve Months Ended December 31,
	2017						2016
				Diluted Earnings Per Share						Diluted Earnings Per Share
Net income	$	1,822,181		$	27.71		$	701,443		$	10.79
Reconciliation to adjusted operating income:
Capital (gains) losses, derivatives and other, included in investment related gains/losses, net	10,385			0.16			(21,322		)	(0.33		)
Capital (gains) losses on funds withheld, included in investment income, net of related expenses	(10,070		)	(0.15		)	(18,330		)	(0.28		)
Embedded derivatives:
Included in investment related gains/losses, net	(114,979		)	(1.75		)	(40,302		)	(0.62		)
Included in interest credited	(26,169		)	(0.40		)	(18,289		)	(0.28		)
DAC offset, net	70,382			1.07			30,787			0.47
Investment (income) loss on unit-linked variable annuities	(7,201		)	(0.11		)	(8,535		)	(0.13		)
Interest credited on unit-linked variable annuities	7,201			0.11			8,535			0.13
Non-investment derivatives	67			—			(1,389		)	(0.02		)
Statutory tax rate changes	(1,039,111		)	(15.80		)	—			—
Adjusted operating income	$	712,686		$	10.84		$	632,598		$	9.73

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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

Reconciliation of Consolidated Effective Income Tax Rates

(Dollars in thousands)



(Unaudited)	Three Months Ended December 31, 2017
	Pre-tax Income			Income Taxes			Effective Tax Rate
GAAP income	$	255,494		$	(961,394	)	(376.3	)%
Reconciliation to adjusted operating income:
Capital (gains) losses, derivatives and other, included in investment related gains/losses, net	27,908			10,102
Capital (gains) losses on funds withheld, included in investment income, net of related expenses	(3,133		)	(1,097		)
Embedded derivatives:
Included in investment related gains/losses, net	(53,518		)	(18,731		)
Included in interest credited	(3,595		)	(1,258		)
DAC offset, net	22,230			7,781
Investment (income) loss on unit-linked variable annuities	(4,781		)	(1,673		)
Interest credited on unit-linked variable annuities	4,781			1,673
Non-investment derivatives	41			14
Statutory tax rate changes	—			1,039,111
Adjusted operating income	$	245,427		$	74,528		30.4	%

Reconciliation of Consolidated Income before Income Taxes to Pre-tax Adjusted Operating Income

(Dollars in thousands)



(Unaudited)	Three Months Ended December 31,						Twelve Months Ended December 31,
	2017			2016			2017			2016
Income before income taxes	$	255,494		$	295,543		$	1,142,815		$	1,043,946
Reconciliation to pre-tax adjusted operating income:
Capital (gains) losses, derivatives and other, included in investment related gains/losses, net	27,908			103,944			19,969			(22,082		)
Capital (gains) losses on funds withheld, included in investment income, net of related expenses	(3,133		)	(8,238		)	(15,493		)	(28,200		)
Embedded derivatives:
Included in investment related gains/losses, net	(53,518		)	(111,297		)	(176,890		)	(62,003		)
Included in interest credited	(3,595		)	(39,964		)	(40,260		)	(28,137		)
DAC offset, net	22,230			27,625			108,280			47,364
Investment (income) loss on unit-linked variable annuities	(4,781		)	(4,217		)	(11,078		)	(13,131		)
Interest credited on unit-linked variable annuities	4,781			4,217			11,078			13,131
Non-investment derivatives	41			289			103			(2,137		)
Pre-tax adjusted operating income	$	245,427		$	267,902		$	1,038,524		$	948,751

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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

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

(Dollars in thousands)



(Unaudited)	Three Months Ended December 31, 2017
	Pre-tax income (loss)			Capital (gains) losses, derivatives and other, net				Change in value of embedded derivatives, net				Pre-tax adjusted operating income (loss)
U.S. and Latin America:
Traditional	$	92,368		$	(6	)		$	1,420			$	93,782
Financial Solutions:
Asset-Intensive	80,810			30,413			⁽¹⁾	(55,934		)	⁽²⁾	55,289
Financial Reinsurance	21,085			—				—				21,085
Total U.S. and Latin America	194,263			30,407				(54,514		)		170,156
Canada Traditional	39,265			(647		)		—				38,618
Canada Financial Solutions	4,154			—				—				4,154
Total Canada	43,419			(647		)		—				42,772
EMEA Traditional	29,735			(45		)		—				29,690
EMEA Financial Solutions	31,738			2,779				—				34,517
Total EMEA	61,473			2,734				—				64,207
Asia Pacific Traditional	27,212			15				—				27,227
Asia Pacific Financial Solutions	2,110			(1,408		)		—				702
Total Asia Pacific	29,322			(1,393		)		—				27,929
Corporate and Other	(72,983		)	13,346				—				(59,637		)
Consolidated	$	255,494		$	44,447			$	(54,514	)		$	245,427


(1)	Asset-Intensive is net of $19,631 DAC offset.


(2)	Asset-Intensive is net of $2,599 DAC offset.



(Unaudited)	Three Months Ended December 31, 2016
	Pre-tax income (loss)			Capital (gains) losses, derivatives and other, net				Change in value of embedded derivatives, net				Pre-tax adjusted operating income (loss)
U.S. and Latin America:
Traditional	$	131,492		$	(336	)		$	(1,811	)		$	129,345
Financial Solutions:
Asset-Intensive	72,261			35,800			⁽¹⁾	(61,363		)	⁽²⁾	46,698
Financial Reinsurance	14,447			—				—				14,447
Total U.S. and Latin America	218,200			35,464				(63,174		)		190,490
Canada Traditional	37,026			(2,272		)		—				34,754
Canada Financial Solutions	4,065			—				—				4,065
Total Canada	41,091			(2,272		)		—				38,819
EMEA Traditional	15,826			—				—				15,826
EMEA Financial Solutions	41,328			(4,600		)		—				36,728
Total EMEA	57,154			(4,600		)		—				52,554
Asia Pacific Traditional	18,464			—				—				18,464
Asia Pacific Financial Solutions	(11,966		)	5,846				—				(6,120		)
Total Asia Pacific	6,498			5,846				—				12,344
Corporate and Other	(27,400		)	1,095				—				(26,305		)
Consolidated	$	295,543		$	35,533			$	(63,174	)		$	267,902


(1)	Asset-Intensive is net of $(60,462) DAC offset.


(2)	Asset-Intensive is net of $88,087 DAC offset.

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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

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

(Dollars in thousands)



(Unaudited)	Twelve Months Ended December 31, 2017
	Pre-tax income (loss)			Capital (gains) losses, derivatives and other, net				Change in value of embedded derivatives, net				Pre-tax adjusted operating income (loss)
U.S. and Latin America:
Traditional	$	373,434		$	1			$	1,605			$	375,040
Financial Solutions:
Asset-Intensive	320,708			81,620			⁽¹⁾	(172,930		)	⁽²⁾	229,398
Financial Reinsurance	80,876			—				—				80,876
Total U.S. and Latin America	775,018			81,621				(171,325		)		685,314
Canada Traditional	120,218			(6,285		)		—				113,933
Canada Financial Solutions	16,643			—				—				16,643
Total Canada	136,861			(6,285		)		—				130,576
EMEA Traditional	70,486			(52		)		—				70,434
EMEA Financial Solutions	123,514			(5,323		)		—				118,191
Total EMEA	194,000			(5,375		)		—				188,625
Asia Pacific Traditional	148,786			15				—				148,801
Asia Pacific Financial Solutions	13,130			(10,498		)		—				2,632
Total Asia Pacific	161,916			(10,483		)		—				151,433
Corporate and Other	(124,980		)	7,556				—				(117,424		)
Consolidated	$	1,142,815		$	67,034			$	(171,325	)		$	1,038,524


(1)	Asset-Intensive is net of $62,455 DAC offset.


(2)	Asset-Intensive is net of $45,825 DAC offset.



(Unaudited)	Twelve Months Ended December 31, 2016
	Pre-tax income (loss)			Capital (gains) losses, derivatives and other, net				Change in value of embedded derivatives, net			Pre-tax adjusted operating income (loss)
U.S. and Latin America:
Traditional	$	371,101		$	(339	)		$	4,568		$	375,330
Financial Solutions:
Asset-Intensive	224,142			(52,840		)	⁽¹⁾	33,680		⁽²⁾	204,982
Financial Reinsurance	59,238			—				—			59,238
Total U.S. and Latin America	654,481			(53,179		)		38,248			639,550
Canada Traditional	134,705			(9,056		)		—			125,649
Canada Financial Solutions	7,945			—				—			7,945
Total Canada	142,650			(9,056		)		—			133,594
EMEA Traditional	30,059			(5		)		—			30,054
EMEA Financial Solutions	138,007			(15,595		)		—			122,412
Total EMEA	168,066			(15,600		)		—			152,466
Asia Pacific Traditional	113,928			(16		)		—			113,912
Asia Pacific Financial Solutions	4,063			(6,473		)		—			(2,410		)
Total Asia Pacific	117,991			(6,489		)		—			111,502
Corporate and Other	(39,242		)	(49,119		)		—			(88,361		)
Consolidated	$	1,043,946		$	(133,443	)		$	38,248		$	948,751


(1)	Asset-Intensive is net of $(81,024) DAC offset.


(2)	Asset-Intensive is net of $128,388 DAC offset.

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Add Thirteen

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,
	2017		2016		2017		2016
Earnings per share from net income:
Basic earnings per share	$	18.89	$	2.96	$	28.28	$	10.91
Diluted earnings per share	$	18.49	$	2.92	$	27.71	$	10.79

Diluted earnings per share from adjusted operating income	$	2.60	$	2.63	$	10.84	$	9.73
Weighted average number of common and common equivalent shares outstanding	65,806		65,124		65,753		64,989



(Unaudited)	At December 31,
	2017		2016
Treasury shares	14,686		14,835
Common shares outstanding	64,452		64,303
Book value per share outstanding	$	148.48	$	110.31
Book value per share outstanding, before impact of AOCI	$	118.88	$	92.59

Reconciliation of Book Value Per Share to Book Value Per Share Excluding AOCI



(Unaudited)	At December 31,
	2017			2016
Book value per share outstanding	$	148.48		$	110.31
Less effect of AOCI:
Accumulated currency translation adjustments	(1.60		)	(2.68		)
Unrealized appreciation of securities	31.85			21.07
Pension and postretirement benefits	(0.65		)	(0.67		)
Book value per share outstanding, before impact of AOCI	$	118.88		$	92.59

Reconciliation of Stockholders' Average Equity to Stockholders' Average Equity Excluding AOCI

(Dollars in thousands)



(Unaudited)	Twelve Months Ended
	December 31, 2017
Stockholders' average equity	$	8,030,184
Less effect of AOCI:
Accumulated currency translation adjustments	(145,271		)
Unrealized appreciation of securities	1,720,335
Pension and postretirement benefits	(41,984		)
Stockholders' average equity, excluding AOCI	$	6,497,104

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Add Fourteen

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,
	2017			2016			2017			2016
Revenues:
Net premiums	$	2,505,186		$	2,493,163		$	9,841,130		$	9,248,871
Investment income, net of related expenses	564,831			497,227			2,154,651			1,911,886
Investment related gains (losses), net:
Other-than-temporary impairments on fixed maturity securities	(21,659		)	(4,142		)	(42,639		)	(38,805		)
Other-than-temporary impairments on fixed maturity securities transferred to other comprehensive income	—			74			—			74
Other investment related gains (losses), net	50,068			14,261			210,519			132,926
Total investment related gains (losses), net	28,409			10,193			167,880			94,195
Other revenue	134,017			68,715			352,108			266,559
Total revenues	3,232,443			3,069,298			12,515,769			11,521,511
Benefits and expenses:
Claims and other policy benefits	2,147,729			2,116,045			8,518,917			7,993,375
Interest credited	152,972			64,089			502,040			364,691
Policy acquisition costs and other insurance expenses	402,001			370,134			1,466,646			1,310,540
Other operating expenses	229,411			175,634			710,690			645,509
Interest expense	37,435			41,422			146,025			137,623
Collateral finance and securitization expense	7,401			6,431			28,636			25,827
Total benefits and expenses	2,976,949			2,773,755			11,372,954			10,477,565
Income before income taxes	255,494			295,543			1,142,815			1,043,946
Provision for income taxes	(961,394		)	105,394			(679,366		)	342,503
Net income	$	1,216,888		$	190,149		$	1,822,181		$	701,443

# # #

Exhibit

Exhibit 99.2

https://cdn.kscope.io/521bad619468be220ab65de9e693a354-rgalogospelledoutaa01a10.jpg

Financial Supplement

Fourth Quarter 2017

(Unaudited)



World Headquarters	Internet Address	Contacts
16600 Swingley Ridge Road	www.rgare.com	Todd C. Larson
Chesterfield, Missouri 63017 U.S.A.		Senior Executive Vice President
		and Chief Financial Officer
		Phone: (636) 736-7000
		e-mail: tlarson@rgare.com

		Jeff Hopson
		Senior Vice President, Investor Relations
		Phone: (636) 736-2068
		e-mail: jhopson@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 dac	AA-	NR	NR
RGA Global Reinsurance Company, Ltd.	AA-	NR	NR
RGA Reinsurance Company of Australia Limited	AA-	NR	NR
RGA Americas Reinsurance Company, Ltd.	AA-	A+	NR
RGA Atlantic Reinsurance Company Ltd.	NR	A+	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

4th Quarter 2017

Table of Contents



	Page
Non-GAAP Disclosures	1

2017 Notes	2

2018 Guidance	3

Consolidated

Financial Highlights	4

Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations)	5

Consolidated Balance Sheets	6

Segment Summaries of GAAP Income Statements and Adjusted Operating Income Statements

U.S. and Latin America Operations	7

Canada Traditional	14

Canada Financial Solutions	16

Europe, Middle East and Africa Traditional	18

Europe, Middle East and Africa Financial Solutions	20

Asia Pacific Traditional	22

Asia Pacific Financial Solutions	24

Corporate and Other	26

Summary of Segment GAAP Income	28

Summary of Segment Adjusted Operating Income	29

Investments

Cash and Invested Assets, Investment Income and Yield Summary	30

Amortized Cost, Gross Unrealized Gains and Losses, and Estimated Fair Values of Fixed Maturity and Equity Securities	31

Corporate Fixed Maturity Securities by Sector	32

Ratings of Fixed Maturity Securities and Structured Fixed Maturity Securities	33

Gross Unrealized Losses Aging - Fixed Maturity and Equity Securities	34

Fixed Maturity and Equity Securities Below Amortized Cost	35

Consolidated Investment Related Gains and Losses	36

Appendix

Reconciliations of GAAP to Non-GAAP Measures	37

Reinsurance Group of America, Incorporated

Quarterly Financial Supplement

Non-GAAP Disclosures

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 ("RGA") with the SEC.

Non-GAAP Disclosures

Effective with the first quarter of 2017, the Company modified the labeling of its non-GAAP measure "operating income" to "adjusted operating income".

RGA uses a non-GAAP financial measure called adjusted 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 adjusted 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, adjusted operating income excludes any net gain or loss from discontinued operations, the cumulative effect of any accounting changes, tax reform and other items that management believes are not indicative of the Company’s ongoing operations. The definition of adjusted 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 adjusted operating income before income taxes is presented in the appendix.

RGA evaluates its stockholders' 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.

RGA uses a non-GAAP financial measure called adjusted operating return on equity, which is calculated as adjusted operating income divided by average stockholders’ equity excluding AOCI. Additionally, RGA uses a non-GAAP financial measure called book value per share excluding the impact of AOCI 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. A reconciliation of stockholders' equity before and after the impact of AOCI is presented in the appendix.



		Page 1

Reinsurance Group of America, Incorporated

Financial Supplement

2017 Notes

The Company expects to record a reclassification between AOCI and retained earnings for stranded tax effects from the reduced tax rate enacted under the Tax Cuts and Jobs Act of 2017 when it issues its consolidated financial statements for the year ended December 31, 2017. This reclassification is based on the proposed Accounting Standard Update ("ASU") issued by the Financial Accounting Standards Board on January 18, 2018. The Company expects the final ASU will be issued prior to the issuance of its 2017 consolidated financial statements, and if that is the case, the Company will early adopt the ASU, as permitted under the provisions of the ASU. The anticipated impact of early adopting the proposed ASU will be an increase in AOCI and a reduction in retained earnings of approximately $156.4 million resulting in a reduction in book value per share, excluding AOCI, of $2.42.



		Page 2

Reinsurance Group of America, Incorporated

Financial Supplement

2018 Guidance



		Page 3

Reinsurance Group of America, Incorporated Financial Highlights

	Three Months Ended															Current Qtr vs. PY Quarter			Year-to Date
(USD thousands, except in force & per share data)	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,						Dec. 31,		Dec. 31,
	2017			2017			2017			2017			2016						2017		2016		Change
Net premiums	$	2,505,186		$	2,489,797		$	2,480,451		$	2,365,696		$	2,493,163		$	12,023		$	9,841,130	$	9,248,871	$	592,259
Net income	1,216,888			227,591			232,190			145,512			190,149			1,026,739			1,822,181		701,443		1,120,738
Adjusted operating income	170,899			226,048			193,674			122,065			171,259			(360		)	712,686		632,598		80,088
Return on equity - annualized	55.1		%	11.3		%	12.1		%	8.0		%	10.1		%	45.0		%
Return on equity - trailing 12 months	22.7		%	10.3		%	10.1		%	10.5		%	9.9		%	12.8		%
Adjusted operating return on equity (ex AOCI):
Annualized	9.7		%	14.2		%	12.5		%	8.1		%	11.7		%	(2.0		)%
Trailing 12 months	11.0		%	11.6		%	10.9		%	11.0		%	11.2		%	(0.2		)%
Total assets	$	60,514,818		$	58,694,031		$	58,138,072		$	53,805,820		$	53,097,879		$	7,416,939
Assumed Life Reinsurance In Force (in billions)
U.S. and Latin America Traditional	$	1,609.8		$	1,610.0		$	1,612.2		$	1,610.0		$	1,609.3		$	0.5
U.S. and Latin America Financial Solutions	2.1			2.1			2.1			2.1			2.1			—
Canada Traditional	393.9			385.1			368.7			363.6			355.7			38.2
Europe, Middle East and Africa Traditional	739.0			719.3			688.2			642.6			603.0			136.0
Asia Pacific Traditional	552.3			581.0			561.5			518.1			492.2			60.1
Asia Pacific Financial Solutions	0.2			0.4			0.4			0.4			0.2			—
Total assumed life reinsurance in force	$	3,297.3		$	3,297.9		$	3,233.1		$	3,136.8		$	3,062.5		$	234.8
Assumed New Business Production (in billions)
U.S. and Latin America Traditional	$	24.3		$	24.8		$	23.5		$	26.8		$	33.4		$	(9.1	)	$	99.4	$	126.4	$	(27.0	)
Canada Traditional	9.1			7.7			8.5			10.3			9.1			—			35.6		34.9		0.7
Europe, Middle East and Africa Traditional	45.0			41.0			53.4			42.1			44.3			0.7			181.5		169.8		11.7
Asia Pacific Traditional	12.2			17.2			37.1			12.4			21.6			(9.4		)	78.9		73.7		5.2
Total assumed new business production	$	90.6		$	90.7		$	122.5		$	91.6		$	108.4		$	(17.8	)	$	395.4	$	404.8	$	(9.4	)
Per Share and Shares Data
Basic earnings per share
Net income	$	18.89		$	3.53		$	3.60		$	2.26		$	2.96		$	15.93		$	28.28	$	10.91	$	17.37
Adjusted operating income	$	2.65		$	3.51		$	3.01		$	1.90		$	2.67		$	(0.02	)	$	11.06	$	9.84	$	1.22
Diluted earnings per share
Net income	$	18.49		$	3.47		$	3.54		$	2.22		$	2.92		$	15.57		$	27.71	$	10.79	$	16.92
Adjusted operating income	$	2.60		$	3.44		$	2.95		$	1.86		$	2.63		$	(0.03	)	$	10.84	$	9.73	$	1.11

Wgt. average common shares outstanding
Basic	64,414			64,488			64,449			64,353			64,251			163			64,427		64,274		153
Diluted	65,806			65,653			65,608			65,671			65,124			682			65,753		64,989		764

Common shares issued	79,138			79,138			79,138			79,138			79,138			—			79,138		79,138		—
Treasury shares	14,686			14,770			14,646			14,749			14,835			(149		)	14,686		14,835		(149		)
Common shares outstanding	64,452			64,368			64,492			64,389			64,303			149			64,452		64,303		149

Book value per share	$	148.48		$	125.79		$	123.60		$	115.24		$	110.31		$	38.17

Per share effect of AOCI	$	29.60		$	25.25		$	25.92		$	20.52		$	17.72		$	11.88
Book value per share, excluding AOCI	$	118.88		$	100.54		$	97.68		$	94.72		$	92.59		$	26.29

Stockholders' dividends paid	$	32,205.0		$	32,270.7		$	26,433.9		$	26,380.9		$	26,337.3		$	5,867.7		$	117,290.5	$	100,371.4	$	16,919.1



		Page 4

Reinsurance Group of America, Incorporated Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations) (USD in thousands)

	Three Months Ended															Current Qtr			Year-to Date
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
Revenues:	2017			2017			2017			2017			2016			Quarter			2017			2016			Change

Net premiums	$	2,505,186		$	2,489,797		$	2,480,451		$	2,365,696		$	2,493,163		$	12,023		$	9,841,130		$	9,248,871		$	592,259
Investment income, net of related expenses	564,831			556,918			518,538			514,364			497,227			67,604			2,154,651			1,911,886			242,765
Investment related gains (losses), net
OTTI on fixed maturity securities	(21,659		)	(390		)	(3,401		)	(17,189		)	(4,142		)	(17,517		)	(42,639		)	(38,805		)	(3,834		)
OTTI on fixed maturity securities transferred to OCI	—			—			—			—			74			(74		)	—			74			(74		)
Other investment related gains (losses), net	50,068			23,043			59,696			77,712			14,261			35,807			210,519			132,926			77,593
Total investment related gains (losses), net	28,409			22,653			56,295			60,523			10,193			18,216			167,880			94,195			73,685
Other revenue	134,017			75,942			73,992			68,157			68,715			65,302			352,108			266,559			85,549
Total revenues	3,232,443			3,145,310			3,129,276			3,008,740			3,069,298			163,145			12,515,769			11,521,511			994,258
Benefits and expenses:
Claims and other policy benefits	2,147,729			2,100,680			2,164,363			2,106,145			2,116,045			31,684			8,518,917			7,993,375			525,542
Interest credited	152,972			126,099			115,285			107,684			64,089			88,883			502,040			364,691			137,349
Policy acquisition costs and other insurance expenses	402,001			365,424			319,832			379,389			370,134			31,867			1,466,646			1,310,540			156,106
Other operating expenses	229,411			168,417			154,356			158,506			175,634			53,777			710,690			645,509			65,181
Interest expense	37,435			36,836			29,352			42,402			41,422			(3,987		)	146,025			137,623			8,402
Collateral finance and securitization expense	7,401			7,692			6,773			6,770			6,431			970			28,636			25,827			2,809
Total benefits and expenses	2,976,949			2,805,148			2,789,961			2,800,896			2,773,755			203,194			11,372,954			10,477,565			895,389
Income before income taxes	255,494			340,162			339,315			207,844			295,543			(40,049		)	1,142,815			1,043,946			98,869
Provision for income taxes	(961,394		)	112,571			107,125			62,332			105,394			(1,066,788		)	(679,366		)	342,503			(1,021,869		)
Net income	$	1,216,888		$	227,591		$	232,190		$	145,512		$	190,149		$	1,026,739		$	1,822,181		$	701,443		$	1,120,738
Pre-tax Adjusted Operating Income Reconciliation:
Income before income taxes	$	255,494		$	340,162		$	339,315		$	207,844		$	295,543		$	(40,049	)	$	1,142,815		$	1,043,946		$	98,869
Investment and derivative losses (gains) (1)	27,908			(3,113		)	(38,098		)	33,272			103,944			(76,036		)	19,969			(22,082		)	42,051
Change in value of modified coinsurance and
funds withheld embedded derivatives (1)	(37,870		)	(23,044		)	(15,108		)	(68,702		)	(20,374		)	(17,496		)	(144,724		)	(54,169		)	(90,555		)
GMXB embedded derivatives (1)	(15,648		)	6,205			(360		)	(22,363		)	(90,923		)	75,275			(32,166		)	(7,834		)	(24,332		)
Funds withheld losses (gains) - investment income	(3,133		)	(7,443		)	(4,263		)	(654		)	(8,238		)	5,105			(15,493		)	(28,200		)	12,707
EIA embedded derivatives - interest credited	(3,595		)	(1,367		)	(7,340		)	(27,958		)	(39,964		)	36,369			(40,260		)	(28,137		)	(12,123		)
DAC offset, net	22,230			26,845			6,865			52,340			27,625			(5,395		)	108,280			47,364			60,916
Investment (income) loss on unit-linked variable annuities	(4,781		)	(2,475		)	291			(4,113		)	(4,217		)	(564		)	(11,078		)	(13,131		)	2,053
Interest credited on unit-linked variable annuities	4,781			2,475			(291		)	4,113			4,217			564			11,078			13,131			(2,053		)
Non-investment derivatives	41			(102		)	58			106			289			(248		)	103			(2,137		)	2,240
Adjusted operating income before income taxes	$	245,427		$	338,143		$	281,069		$	173,885		$	267,902		$	(22,475	)	$	1,038,524		$	948,751		$	89,773


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





	Three Months Ended															Current Qtr			Year-to Date
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
	2017			2017			2017			2017			2016			Quarter			2017			2016			Change
After-tax Adjusted Operating Income Reconciliation:
Net Income	$	1,216,888		$	227,591		$	232,190		$	145,512		$	190,149		$	1,026,739		$	1,822,181		$	701,443		$	1,120,738
Investment and derivative losses (gains) (1)	17,806			(2,255		)	(25,419		)	20,253			66,640			(48,834		)	10,385			(21,322		)	31,707
Change in value of modified coinsurance and
funds withheld embedded derivatives (1)	(24,616		)	(14,978		)	(9,821		)	(44,656		)	(13,243		)	(11,373		)	(94,071		)	(35,210		)	(58,861		)
GMXB embedded derivatives (1)	(10,171		)	4,033			(234		)	(14,536		)	(59,100		)	48,929			(20,908		)	(5,092		)	(15,816		)
Funds withheld losses (gains) - investment income	(2,036		)	(4,838		)	(2,771		)	(425		)	(5,355		)	3,319			(10,070		)	(18,330		)	8,260
EIA embedded derivatives - interest credited	(2,337		)	(888		)	(4,771		)	(18,173		)	(25,977		)	23,640			(26,169		)	(18,289		)	(7,880		)
DAC offset, net	14,449			17,450			4,462			34,021			17,957			(3,508		)	70,382			30,787			39,595
Investment (income) loss on unit-linked variable annuities	(3,108		)	(1,609		)	189			(2,673		)	(2,741		)	(367		)	(7,201		)	(8,535		)	1,334
Interest credited on unit-linked variable annuities	3,108			1,609			(189		)	2,673			2,741			367			7,201			8,535			(1,334		)
Non-investment derivatives	27			(67		)	38			69			188			(161		)	67			(1,389		)	1,456
Statutory tax rate changes	(1,039,111		)	—			—			—			—			(1,039,111		)	(1,039,111		)	—			(1,039,111		)
Adjusted operating income	$	170,899		$	226,048		$	193,674		$	122,065		$	171,259		$	(360	)	$	712,686		$	632,598		$	80,088


Wgt. average common shares outstanding (diluted)	65,806			65,653			65,608			65,671			65,124			682			65,753			64,989			764

Diluted earnings per share - adjusted operating income	$	2.60		$	3.44		$	2.95		$	1.86		$	2.63		$	(0.03	)	$	10.84		$	9.73		$	1.11

Foreign currency effect on (2):
Net premiums	$	43,226		$	18,343		$	(30,464	)	$	(5,173	)	$	(35,247	)	$	78,473		$	25,932		$	(172,168	)	$	198,100
Adjusted operating income before income taxes	$	5,988		$	1,970		$	(6,057	)	$	(2,266	)	$	(7,911	)	$	13,899		$	(365	)	$	(25,156	)	$	24,791


(1) Included in “Investment related gains (losses), net” on Consolidated GAAP Income Statement.
(2) Compared to comparable prior year period.



		Page 5

Reinsurance Group of America, Incorporated Consolidated Balance Sheets (USD thousands)


	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,
	2017			2017			2017			2017			2016
Assets
Fixed maturity securities, available-for-sale	$	38,150,820		$	36,381,742		$	36,345,426		$	32,694,793		$	32,093,625
Mortgage loans on real estate	4,400,533			4,322,329			4,104,487			3,871,309			3,775,522
Policy loans	1,357,624			1,340,146			1,406,774			1,402,940			1,427,602
Funds withheld at interest	6,083,388			6,020,336			5,968,856			5,943,450			5,875,919
Short-term investments	93,304			80,582			123,308			54,288			76,710
Other invested assets	1,605,484			1,532,523			1,498,370			1,429,175			1,591,940
Total investments	51,691,153			49,677,658			49,447,221			45,395,955			44,841,318
Cash and cash equivalents	1,303,524			1,204,590			1,123,350			1,178,114			1,200,718
Accrued investment income	392,721			420,111			388,008			360,225			347,173
Premiums receivable and other reinsurance balances	2,338,481			2,411,777			2,205,631			2,008,409			1,930,755
Reinsurance ceded receivables	782,027			779,118			798,365			760,715			683,972
Deferred policy acquisition costs	3,239,824			3,315,237			3,334,094			3,300,548			3,338,605
Other assets	767,088			885,540			841,403			801,854			755,338
Total assets	$	60,514,818		$	58,694,031		$	58,138,072		$	53,805,820		$	53,097,879

Liabilities and Stockholders’ Equity
Future policy benefits	$	22,363,241		$	21,084,562		$	20,665,256		$	19,832,483		$	19,581,573
Interest-sensitive contract liabilities	16,227,642			16,370,090			16,440,873			14,039,919			14,029,354
Other policy claims and benefits	4,992,074			4,899,367			4,809,780			4,649,192			4,263,026
Other reinsurance balances	488,739			415,692			399,517			390,019			388,989
Deferred income taxes	2,198,309			3,180,545			3,162,666			2,863,744			2,770,640
Other liabilities	1,102,975			1,061,352			1,077,223			996,288			1,041,880
Long-term debt	2,788,365			2,788,480			2,788,494			2,788,619			3,088,635
Collateral finance and securitization notes	783,938			796,825			823,108			825,526			840,700
Total liabilities	50,945,283			50,596,913			50,166,917			46,385,790			46,004,797

Stockholders’ Equity:
Common stock, at par value	791			791			791			791			791
Additional paid-in-capital	1,870,906			1,865,699			1,860,001			1,858,226			1,848,611
Retained earnings	6,892,637			5,712,590			5,523,622			5,329,464			5,199,130
Treasury stock	(1,102,058		)	(1,107,719		)	(1,085,157		)	(1,089,606		)	(1,094,779		)
Accumulated other comprehensive income (AOCI)
Accumulated currency translation adjustment, net of income taxes	(103,415		)	(104,456		)	(151,189		)	(194,754		)	(172,541		)
Unrealized appreciation of securities, net of income taxes	2,053,112			1,770,903			1,864,477			1,558,148			1,355,033
Pension and postretirement benefits, net of income taxes	(42,438		)	(40,690		)	(41,390		)	(42,239		)	(43,163		)
Total stockholders’ equity	9,569,535			8,097,118			7,971,155			7,420,030			7,093,082
Total liabilities and stockholders’ equity	$	60,514,818		$	58,694,031		$	58,138,072		$	53,805,820		$	53,097,879

Total stockholders’ equity, excluding AOCI	$	7,662,276		$	6,471,361		$	6,299,257		$	6,098,875		$	5,953,753

See appendix for a reconciliation of total stockholders' equity before and after the impact of AOCI.



		Page 6

Reinsurance Group of America, Incorporated U.S. and Latin America Traditional GAAP Income Statements (USD thousands)


	Three Months Ended															Current Qtr			Year-to-Date
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
	2017			2017			2017			2017			2016			Quarter			2017			2016			Change
Revenues:
Net premiums	$	1,389,479		$	1,327,181		$	1,335,316		$	1,304,345		$	1,430,291		$	(40,812	)	$	5,356,321		$	5,249,571		$	106,750
Investment income, net of related expenses	173,461			191,904			183,713			178,995			184,674			(11,213		)	728,073			699,833			28,240
Investment related gains (losses), net	(1,414		)	(1,503		)	(654		)	1,965			2,147			(3,561		)	(1,606		)	(4,229		)	2,623
Other revenue	6,061			3,801			4,323			3,198			8,119			(2,058		)	17,383			19,793			(2,410		)
Total revenues	1,567,587			1,521,383			1,522,698			1,488,503			1,625,231			(57,644		)	6,100,171			5,964,968			135,203

Benefits and expenses:
Claims and other policy benefits	1,221,236			1,118,401			1,194,917			1,225,640			1,232,207			(10,971		)	4,760,194			4,632,821			127,373
Interest credited	20,418			20,673			20,838			20,289			22,156			(1,738		)	82,218			85,029			(2,811		)
Policy acquisition costs and other insurance expenses	196,860			189,291			186,375			180,810			205,358			(8,498		)	753,336			749,487			3,849
Other operating expenses	36,705			32,506			29,974			31,804			34,018			2,687			130,989			126,530			4,459
Total benefits and expenses	1,475,219			1,360,871			1,432,104			1,458,543			1,493,739			(18,520		)	5,726,737			5,593,867			132,870

Income before income taxes	$	92,368		$	160,512		$	90,594		$	29,960		$	131,492		$	(39,124	)	$	373,434		$	371,101		$	2,333

Loss and expense ratios:
Claims and other policy benefits	87.9		%	84.3		%	89.5		%	94.0		%	86.2		%	1.7		%	88.9		%	88.3		%	0.6		%
Policy acquisition costs and other insurance expenses	14.2		%	14.3		%	14.0		%	13.9		%	14.4		%	(0.2		)%	14.1		%	14.3		%	(0.2		)%
Other operating expenses	2.6		%	2.4		%	2.2		%	2.4		%	2.4		%	0.2		%	2.4		%	2.4		%	—		%

Foreign currency effect on (1):
Net premiums	$	386		$	582		$	(199	)	$	(959	)	$	(1,372	)	$	1,758		$	(190	)	$	(5,617	)	$	5,427
Income before income taxes	$	(114	)	$	(106	)	$	(84	)	$	(160	)	$	159		$	(273	)	$	(464	)	$	(92	)	$	(372	)

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period.



		Page 7

Reinsurance Group of America, Incorporated U.S. and Latin America Traditional Adjusted Operating Income Statements (USD thousands)


	Three Months Ended															Current			Year-to-Date
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			Qtr vs. PY			Dec. 31,			Dec. 31,
	2017			2017			2017			2017			2016			Quarter			2017			2016			Change
Revenues:
Net premiums	$	1,389,479		$	1,327,181		$	1,335,316		$	1,304,345		$	1,430,291		$	(40,812	)	$	5,356,321		$	5,249,571		$	106,750
Investment income, net of related expenses	173,461			191,904			183,713			178,995			184,674			(11,213		)	728,073			699,833			28,240
Investment related gains (losses), net	—			—			(1		)	1			—			—			—			—			—
Other revenue	6,061			3,801			4,323			3,198			8,119			(2,058		)	17,383			19,793			(2,410		)
Total revenues	1,569,001			1,522,886			1,523,351			1,486,539			1,623,084			(54,083		)	6,101,777			5,969,197			132,580

Benefits and expenses:
Claims and other policy benefits	1,221,236			1,118,401			1,194,917			1,225,640			1,232,207			(10,971		)	4,760,194			4,632,821			127,373
Interest credited	20,418			20,673			20,838			20,289			22,156			(1,738		)	82,218			85,029			(2,811		)
Policy acquisition costs and other insurance expenses	196,860			189,291			186,375			180,810			205,358			(8,498		)	753,336			749,487			3,849
Other operating expenses	36,705			32,506			29,974			31,804			34,018			2,687			130,989			126,530			4,459
Total benefits and expenses	1,475,219			1,360,871			1,432,104			1,458,543			1,493,739			(18,520		)	5,726,737			5,593,867			132,870

Adjusted operating income before income taxes	$	93,782		$	162,015		$	91,247		$	27,996		$	129,345		$	(35,563	)	$	375,040		$	375,330		$	(290	)

Loss and expense ratios:
Claims and other policy benefits	87.9		%	84.3		%	89.5		%	94.0		%	86.2		%	1.7		%	88.9		%	88.3		%	0.6		%
Policy acquisition costs and other insurance expenses	14.2		%	14.3		%	14.0		%	13.9		%	14.4		%	(0.2		)%	14.1		%	14.3		%	(0.2		)%
Other operating expenses	2.6		%	2.4		%	2.2		%	2.4		%	2.4		%	0.2		%	2.4		%	2.4		%	—		%

Foreign currency effect on (1):
Net premiums	$	386		$	582		$	(199	)	$	(959	)	$	(1,372	)	$	1,758		$	(190	)	$	(5,617	)	$	5,427
Adjusted operating income before income taxes	$	(114	)	$	(106	)	$	(84	)	$	(160	)	$	159		$	(273	)	$	(464	)	$	(92	)	$	(372	)

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period.



		Page 8

Reinsurance Group of America, Incorporated U.S. and Latin America Financial Solutions - Asset Intensive GAAP Income Statements (USD thousands)


	Three Months Ended										Current Qtr			Year-to-Date
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,		vs. PY			Dec. 31,		Dec. 31,
	2017		2017		2017		2017		2016		Quarter			2017		2016		Change
Revenues:
Net premiums	$	5,497	$	6,423	$	7,128	$	4,635	$	7,099	$	(1,602	)	$	23,683	$	24,349	$	(666	)
Investment income, net of related expenses	216,646		188,176		177,957		187,153		161,395		55,251			769,932		623,974		145,958
Investment related gains, net	41,114		12,832		32,626		57,771		5,708		35,406			144,343		13,648		130,695
Other revenue	22,458		26,899		26,211		23,214		22,808		(350		)	98,782		93,614		5,168
Total revenues	285,715		234,330		243,922		272,773		197,010		88,705			1,036,740		755,585		281,155

Benefits and expenses:
Claims and other policy benefits	24,449		11,959		24,503		17,536		23,593		856			78,447		81,860		(3,413		)
Interest credited	118,980		94,120		87,664		79,157		33,511		85,469			379,921		251,247		128,674
Policy acquisition costs and other insurance expenses	53,201		54,441		38,211		83,653		60,306		(7,105		)	229,506		174,225		55,281
Other operating expenses	8,275		6,684		6,542		6,657		7,339		936			28,158		24,111		4,047
Total benefits and expenses	204,905		167,204		156,920		187,003		124,749		80,156			716,032		531,443		184,589

Income before income taxes	$	80,810	$	67,126	$	87,002	$	85,770	$	72,261	$	8,549		$	320,708	$	224,142	$	96,566

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.



		Page 9

Reinsurance Group of America, Incorporated U.S. and Latin America Financial Solutions - Asset Intensive Adjusted Operating Income Statements (USD thousands)

	Three Months Ended										Current Qtr			Year-to-Date
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,		vs. PY			Dec. 31,		Dec. 31,
	2017		2017		2017		2017		2016		Quarter			2017		2016		Change
Revenues:
Net premiums	$	5,497	$	6,423	$	7,128	$	4,635	$	7,099	$	(1,602	)	$	23,683	$	24,349	$	(666	)
Investment income, net of related expenses	213,604		180,985		173,947		186,409		153,879		59,725			754,945		599,235		155,710
Other revenue	22,458		26,899		26,211		23,214		22,808		(350		)	98,782		93,614		5,168
Total revenues	241,559		214,307		207,286		214,258		183,786		57,773			877,410		717,198		160,212

Benefits and expenses:
Claims and other policy benefits	24,449		11,959		24,503		17,536		23,593		856			78,447		81,860		(3,413		)
Interest credited	122,575		95,487		95,004		107,115		73,475		49,100			420,181		279,384		140,797
Policy acquisition costs and other insurance expenses	30,971		27,596		31,346		31,313		32,681		(1,710		)	121,226		126,861		(5,635		)
Other operating expenses	8,275		6,684		6,542		6,657		7,339		936			28,158		24,111		4,047
Total benefits and expenses	186,270		141,726		157,395		162,621		137,088		49,182			648,012		512,216		135,796

Adjusted operating income before income taxes	$	55,289	$	72,581	$	49,891	$	51,637	$	46,698	$	8,591		$	229,398	$	204,982	$	24,416

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.



		Page 10

Reinsurance Group of America, Incorporated U.S. and Latin America Financial Solutions - Asset Intensive (Continued) (USD millions)


	Three Months Ended
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,
	2017			2017			2017			2017			2016
Annuity account values:

Fixed annuities (deferred)	$	6,607		$	6,692		$	6,762		$	5,072		$	5,091

Net interest spread (fixed annuities)	2.3		%	2.0		%	1.8		%	2.2		%	2.4		%

Equity-indexed annuities	$	4,126		$	4,144		$	4,188		$	4,238		$	4,291

Variable annuities account values
No riders	$	950		$	940		$	939		$	727		$	731
GMDB only	182			180			179			58			58
GMIB only	24			23			23			5			5
GMAB only	22			25			28			29			28
GMWB only	1,366			1,361			1,358			1,354			1,334
GMDB / WB	343			340			339			339			335
Other	31			33			35			20			19
Total variable annuities account values	$	2,918		$	2,902		$	2,901		$	2,532		$	2,510

Fair value of liabilities associated with living benefit riders	$	152		$	168		$	162		$	162		$	185

Interest-sensitive contract liabilities associated with:

Guaranteed investment contracts	$	858		$	872		$	825		$	675		$	554

Bank-owned life insurance (BOLI)	$	584		$	581		$	577		$	575		$	571

Other asset-intensive business	$	62		$	63		$	64		$	64		$	65

Future policy benefits associated with:

Payout annuities	$	2,271		$	2,284		$	2,287		$	1,950		$	1,964



		Page 11

Reinsurance Group of America, Incorporated U.S. and Latin America Financial Solutions - Financial Reinsurance GAAP Income Statements (USD thousands)


	Three Months Ended										Current Qtr			Year-to-Date
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,		vs. PY			Dec. 31,		Dec. 31,
	2017		2017		2017		2017		2016		Quarter			2017		2016		Change
Revenues:
Investment income, net of related expenses	$	2,040	$	2,984	$	1,853	$	1,664	$	1,092	$	948		$	8,541	$	7,123	$	1,418
Other revenue	27,631		26,856		26,201		24,409		22,227		5,404			105,097		77,738		27,359
Total revenues	29,671		29,840		28,054		26,073		23,319		6,352			113,638		84,861		28,777

Benefits and expenses:
Policy acquisition costs and other insurance expenses	5,570		5,674		5,619		5,941		5,505		65			22,804		14,650		8,154
Other operating expenses	3,016		2,174		2,452		2,316		3,367		(351		)	9,958		10,973		(1,015		)
Total benefits and expenses	8,586		7,848		8,071		8,257		8,872		(286		)	32,762		25,623		7,139

Income before income taxes	$	21,085	$	21,992	$	19,983	$	17,816	$	14,447	$	6,638		$	80,876	$	59,238	$	21,638

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.



		Page 12

Reinsurance Group of America, Incorporated U.S. and Latin America Financial Solutions - Financial Reinsurance Adjusted Operating Income Statements (USD thousands)

	Three Months Ended										Current Qtr			Year-to-Date
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,		vs. PY			Dec. 31,		Dec. 31,
	2017		2017		2017		2017		2016		Quarter			2017		2016		Change
Revenues:
Investment income, net of related expenses	$	2,040	$	2,984	$	1,853	$	1,664	$	1,092	$	948		$	8,541	$	7,123	$	1,418
Other revenue	27,631		26,856		26,201		24,409		22,227		5,404			105,097		77,738		27,359
Total revenues	29,671		29,840		28,054		26,073		23,319		6,352			113,638		84,861		28,777

Benefits and expenses:
Policy acquisition costs and other insurance expenses	5,570		5,674		5,619		5,941		5,505		65			22,804		14,650		8,154
Other operating expenses	3,016		2,174		2,452		2,316		3,367		(351		)	9,958		10,973		(1,015		)
Total benefits and expenses	8,586		7,848		8,071		8,257		8,872		(286		)	32,762		25,623		7,139

Adjusted operating income before income taxes	$	21,085	$	21,992	$	19,983	$	17,816	$	14,447	$	6,638		$	80,876	$	59,238	$	21,638

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.



		Page 13

Reinsurance Group of America, Incorporated Canada Traditional GAAP Income Statements (USD thousands)

	Three Months Ended															Current Qtr			Year-to-Date
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
	2017			2017			2017			2017			2016			Quarter			2017			2016			Change
Revenues:
Net premiums	$	238,993		$	225,841		$	221,380		$	215,762		$	241,918		$	(2,925	)	$	901,976		$	928,642		$	(26,666	)
Investment income, net of related expenses	48,089			51,593			44,830			44,506			44,806			3,283			189,018			178,927			10,091
Investment related gains, net	1,798			2,380			2,598			3,843			2,771			(973		)	10,619			10,528			91
Other revenue	(3		)	1,281			465			164			638			(641		)	1,907			(93		)	2,000
Total revenues	288,877			281,095			269,273			264,275			290,133			(1,256		)	1,103,520			1,118,004			(14,484		)

Benefits and expenses:
Claims and other policy benefits	191,665			193,978			181,197			191,052			182,912			8,753			757,892			707,409			50,483
Interest credited	5			6			5			4			2			3			20			19			1
Policy acquisition costs and other insurance expenses	48,881			50,023			47,597			45,682			60,074			(11,193		)	192,183			238,252			(46,069		)
Other operating expenses	9,061			8,299			7,638			8,209			10,119			(1,058		)	33,207			37,619			(4,412		)
Total benefits and expenses	249,612			252,306			236,437			244,947			253,107			(3,495		)	983,302			983,299			3

Income before income taxes	$	39,265		$	28,789		$	32,836		$	19,328		$	37,026		$	2,239		$	120,218		$	134,705		$	(14,487	)

Loss and expense ratios:
Loss ratios (creditor business)	24.6		%	22.8		%	27.8		%	27.1		%	22.5		%	2.1		%	25.5		%	26.9		%	(1.4		)%
Loss ratios (excluding creditor business)	90.6		%	99.2		%	92.8		%	100.7		%	92.2		%	(1.6		)%	95.7		%	92.6		%	3.1		%
Claims and other policy benefits / (net premiums + investment income)	66.8		%	69.9		%	68.1		%	73.4		%	63.8		%	3.0		%	69.5		%	63.9		%	5.6		%
Policy acquisition costs and other insurance expenses (creditor business)	69.2		%	66.7		%	65.3		%	66.0		%	67.5		%	1.7		%	66.8		%	66.1		%	0.7		%
Policy acquisition costs and other insurance expenses (excluding creditor business)	11.3		%	12.7		%	12.6		%	12.3		%	11.5		%	(0.2		)%	12.2		%	12.2		%	—		%
Other operating expenses	3.8		%	3.7		%	3.5		%	3.8		%	4.2		%	(0.4		)%	3.7		%	4.1		%	(0.4		)%

Foreign currency effect on (1):
Net premiums	$	11,467		$	8,992		$	(9,540	)	$	7,551		$	(108	)	$	11,575		$	18,470		$	(33,009	)	$	51,479
Income before income taxes	$	1,852		$	1,508		$	(1,308	)	$	1,187		$	(483	)	$	2,335		$	3,239		$	(5,755	)	$	8,994

Creditor reinsurance net premiums	$	37,819		$	39,445		$	37,299		$	35,564		$	57,471		$	(19,652	)	$	150,127		$	232,583		$	(82,456	)

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
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 14

Reinsurance Group of America, Incorporated Canada Traditional Adjusted Operating Income Statements (USD thousands)


	Three Months Ended															Current Qtr			Year-to-Date
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
	2017			2017			2017			2017			2016			Quarter			2017			2016			Change
Revenues:
Net premiums	$	238,993		$	225,841		$	221,380		$	215,762		$	241,918		$	(2,925	)	$	901,976		$	928,642		$	(26,666	)
Investment income, net of related expenses	47,998			51,341			44,577			44,596			44,084			3,914			188,512			175,466			13,046
Investment related gains, net	1,242			1,204			1,203			1,191			1,221			21			4,840			4,933			(93		)
Other revenue	(3		)	1,281			465			164			638			(641		)	1,907			(93		)	2,000
Total revenues	288,230			279,667			267,625			261,713			287,861			369			1,097,235			1,108,948			(11,713		)

Benefits and expenses:
Claims and other policy benefits	191,665			193,978			181,197			191,052			182,912			8,753			757,892			707,409			50,483
Interest credited	5			6			5			4			2			3			20			19			1
Policy acquisition costs and other insurance expenses	48,881			50,023			47,597			45,682			60,074			(11,193		)	192,183			238,252			(46,069		)
Other operating expenses	9,061			8,299			7,638			8,209			10,119			(1,058		)	33,207			37,619			(4,412		)
Total benefits and expenses	249,612			252,306			236,437			244,947			253,107			(3,495		)	983,302			983,299			3

Adjusted operating income before income taxes	$	38,618		$	27,361		$	31,188		$	16,766		$	34,754		$	3,864		$	113,933		$	125,649		$	(11,716	)

Loss and expense ratios:
Loss ratios (creditor business)	24.6		%	22.8		%	27.8		%	27.1		%	22.5		%	2.1		%	25.5		%	26.9		%	(1.4		)%
Loss ratios (excluding creditor business)	90.6		%	99.2		%	92.8		%	100.7		%	92.2		%	(1.6		)%	95.7		%	92.6		%	3.1		%
Claims and other policy benefits / (net premiums + investment income)	66.8		%	70.0		%	68.1		%	73.4		%	64.0		%	2.8		%	69.5		%	64.1		%	5.4		%
Policy acquisition costs and other insurance expenses (creditor business)	69.2		%	66.7		%	65.3		%	66.0		%	67.5		%	1.7		%	66.8		%	66.1		%	0.7		%
Policy acquisition costs and other insurance expenses (excluding creditor business)	11.3		%	12.7		%	12.6		%	12.3		%	11.5		%	(0.2		)%	12.2		%	12.2		%	—		%
Other operating expenses	3.8		%	3.7		%	3.5		%	3.8		%	4.2		%	(0.4		)%	3.7		%	4.1		%	(0.4		)%

Foreign currency effect on (1):
Net premiums	$	11,467		$	8,992		$	(9,540	)	$	7,551		$	(108	)	$	11,575		$	18,470		$	(33,009	)	$	51,479
Adjusted operating income before income taxes	$	1,820		$	1,433		$	(1,232	)	$	1,130		$	(505	)	$	2,325		$	3,151		$	(6,232	)	$	9,383

Creditor reinsurance net premiums	$	37,819		$	39,445		$	37,299		$	35,564		$	57,471		$	(19,652	)	$	150,127		$	232,583		$	(82,456	)

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
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 15

Reinsurance Group of America, Incorporated Canada Financial Solutions (1) GAAP Income Statements (USD thousands)

	Three Months Ended												Current Qtr			Year-to-Date
	Dec. 31,		Sept. 30,		June 30,			March 31,		Dec. 31,			vs. PY			Dec. 31,		Dec. 31,
	2017		2017		2017			2017		2016			Quarter			2017		2016			Change
Revenues:
Net premiums	$	9,631	$	9,874	$	9,314		$	9,410	$	9,612		$	19		$	38,229	$	38,701		$	(472	)
Investment income, net of related expenses	1,600		1,120		1,351			1,044		1,043			557			5,115		2,692			2,423
Other revenue	1,467		1,436		1,338			1,353		1,386			81			5,594		5,545			49
Total revenues	12,698		12,430		12,003			11,807		12,041			657			48,938		46,938			2,000

Benefits and expenses:
Claims and other policy benefits	7,751		7,170		7,099			7,619		7,270			481			29,639		36,275			(6,636		)
Policy acquisition costs and other insurance expenses	218		221		206			144		229			(11		)	789		1,231			(442		)
Other operating expenses	575		567		273			452		477			98			1,867		1,487			380
Total benefits and expenses	8,544		7,958		7,578			8,215		7,976			568			32,295		38,993			(6,698		)

Income before income taxes	$	4,154	$	4,472	$	4,425		$	3,592	$	4,065		$	89		$	16,643	$	7,945		$	8,698

Foreign currency effect on (2):
Net premiums	$	462	$	387	$	(403	)	$	436	$	(3	)	$	465		$	882	$	(1,376	)	$	2,258
Income before income taxes	$	195	$	159	$	(185	)	$	244	$	13		$	182		$	413	$	(677	)	$	1,090

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Canada Financial Solutions operations includes longevity and financial reinsurance transactions.
(2) Compared to comparable prior year period.



		Page 16

Reinsurance Group of America, Incorporated Canada Financial Solutions (1) Adjusted Operating Income Statements (USD thousands)

	Three Months Ended												Current Qtr			Year-to-Date
	Dec. 31,		Sept. 30,		June 30,			March 31,		Dec. 31,			vs. PY			Dec. 31,		Dec. 31,
	2017		2017		2017			2017		2016			Quarter			2017		2016			Change
Revenues:
Net premiums	$	9,631	$	9,874	$	9,314		$	9,410	$	9,612		$	19		$	38,229	$	38,701		$	(472	)
Investment income, net of related expenses	1,600		1,120		1,351			1,044		1,043			557			5,115		2,692			2,423
Other revenue	1,467		1,436		1,338			1,353		1,386			81			5,594		5,545			49
Total revenues	12,698		12,430		12,003			11,807		12,041			657			48,938		46,938			2,000

Benefits and expenses:
Claims and other policy benefits	7,751		7,170		7,099			7,619		7,270			481			29,639		36,275			(6,636		)
Policy acquisition costs and other insurance expenses	218		221		206			144		229			(11		)	789		1,231			(442		)
Other operating expenses	575		567		273			452		477			98			1,867		1,487			380
Total benefits and expenses	8,544		7,958		7,578			8,215		7,976			568			32,295		38,993			(6,698		)

Adjusted operating income before income taxes	$	4,154	$	4,472	$	4,425		$	3,592	$	4,065		$	89		$	16,643	$	7,945		$	8,698

Foreign currency effect on (2):
Net premiums	$	462	$	387	$	(403	)	$	436	$	(3	)	$	465		$	882	$	(1,376	)	$	2,258
Adjusted operating income before income taxes	$	195	$	159	$	(185	)	$	244	$	13		$	182		$	413	$	(677	)	$	1,090

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Canada Financial Solutions operations includes longevity and financial reinsurance transactions.
(2) Compared to comparable prior year period.



		Page 17

Reinsurance Group of America, Incorporated Europe, Middle East and Africa Traditional GAAP Income Statements (USD thousands)

	Three Months Ended															Current Qtr			Year-to-Date
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
	2017			2017			2017			2017			2016			Quarter			2017			2016			Change
Revenues:
Net premiums	$	321,907		$	344,211		$	330,850		$	304,672		$	301,252		$	20,655		$	1,301,640		$	1,140,062		$	161,578
Investment income, net of related expenses	14,479			14,727			13,585			12,720			11,745			2,734			55,511			50,301			5,210
Investment related gains (losses), net	45			—			—			7			—			45			52			5			47
Other revenue	666			2,034			1,485			687			1,806			(1,140		)	4,872			4,781			91
Total revenues	337,097			360,972			345,920			318,086			314,803			22,294			1,362,075			1,195,149			166,926

Benefits and expenses:
Claims and other policy benefits	249,735			285,071			295,004			266,401			253,663			(3,928		)	1,096,211			999,005			97,206
Policy acquisition costs and other insurance expenses	25,880			35,751			15,349			15,163			17,383			8,497			92,143			63,848			28,295
Other operating expenses	31,747			24,729			24,213			22,546			27,931			3,816			103,235			102,237			998
Total benefits and expenses	307,362			345,551			334,566			304,110			298,977			8,385			1,291,589			1,165,090			126,499

Income before income taxes	$	29,735		$	15,421		$	11,354		$	13,976		$	15,826		$	13,909		$	70,486		$	30,059		$	40,427

Loss and expense ratios:
Claims and other policy benefits	77.6		%	82.8		%	89.2		%	87.4		%	84.2		%	(6.6		)%	84.2		%	87.6		%	(3.4		)%
Policy acquisition costs and other insurance expenses	8.0		%	10.4		%	4.6		%	5.0		%	5.8		%	2.2		%	7.1		%	5.6		%	1.5		%
Other operating expenses	9.9		%	7.2		%	7.3		%	7.4		%	9.3		%	0.6		%	7.9		%	9.0		%	(1.1		)%


Foreign currency effect on (1):
Net premiums	$	19,482		$	7,297		$	(17,249	)	$	(17,859	)	$	(37,351	)	$	56,833		$	(8,329	)	$	(113,147	)	$	104,818
Income before income taxes	$	2,037		$	703		$	(522	)	$	(721	)	$	(1,021	)	$	3,058		$	1,497		$	(1,003	)	$	2,500

Critical illness net premiums	$	47,322		$	48,985		$	49,211		$	45,976		$	46,455		$	867		$	191,494		$	203,434		$	(11,940	)

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period.



		Page 18

Reinsurance Group of America, Incorporated Europe, Middle East and Africa Traditional Adjusted Operating Income Statements (USD thousands)

	Three Months Ended															Current Qtr			Year-to-Date
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
	2017			2017			2017			2017			2016			Quarter			2017			2016			Change
Revenues:
Net premiums	$	321,907		$	344,211		$	330,850		$	304,672		$	301,252		$	20,655		$	1,301,640		$	1,140,062		$	161,578
Investment income, net of related expenses	14,479			14,727			13,585			12,720			11,745			2,734			55,511			50,301			5,210
Other revenue	666			2,034			1,485			687			1,806			(1,140		)	4,872			4,781			91
Total revenues	337,052			360,972			345,920			318,079			314,803			22,249			1,362,023			1,195,144			166,879

Benefits and expenses:
Claims and other policy benefits	249,735			285,071			295,004			266,401			253,663			(3,928		)	1,096,211			999,005			97,206
Policy acquisition costs and other insurance expenses	25,880			35,751			15,349			15,163			17,383			8,497			92,143			63,848			28,295
Other operating expenses	31,747			24,729			24,213			22,546			27,931			3,816			103,235			102,237			998
Total benefits and expenses	307,362			345,551			334,566			304,110			298,977			8,385			1,291,589			1,165,090			126,499

Adjusted operating income before income taxes	$	29,690		$	15,421		$	11,354		$	13,969		$	15,826		$	13,864		$	70,434		$	30,054		$	40,380

Loss and expense ratios:
Claims and other policy benefits	77.6		%	82.8		%	89.2		%	87.4		%	84.2		%	(6.6		)%	84.2		%	87.6		%	(3.4		)%
Policy acquisition costs and other insurance expenses	8.0		%	10.4		%	4.6		%	5.0		%	5.8		%	2.2		%	7.1		%	5.6		%	1.5		%
Other operating expenses	9.9		%	7.2		%	7.3		%	7.4		%	9.3		%	0.6		%	7.9		%	9.0		%	(1.1		)%


Foreign currency effect on (1):
Net premiums	$	19,482		$	7,297		$	(17,249	)	$	(17,859	)	$	(37,351	)	$	56,833		$	(8,329	)	$	(113,147	)	$	104,818
Adjusted operating income before income taxes	$	2,033		$	704		$	(522	)	$	(721	)	$	(1,021	)	$	3,054		$	1,494		$	(1,012	)	$	2,506

Critical illness net premiums	$	47,322		$	48,985		$	49,211		$	45,976		$	46,455		$	867		$	191,494		$	203,434		$	(11,940	)

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period.



		Page 19

Reinsurance Group of America, Incorporated Europe, Middle East and Africa Financial Solutions (1) GAAP Income Statements (USD thousands)

	Three Months Ended														Current Qtr			Year-to-Date
	Dec. 31,			Sept. 30,		June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
	2017			2017		2017			2017			2016			Quarter			2017			2016			Change
Revenues:
Net premiums	$	43,911		$	39,294	$	38,520		$	41,995		$	54,163		$	(10,252	)	$	163,720		$	180,271		$	(16,551	)
Investment income, net of related expenses	34,656			30,892		28,029			29,681			29,994			4,662			123,258			125,282			(2,024		)
Investment related gains (losses), net	(2,738		)	1,192		2,458			4,575			4,914			(7,652		)	5,487			13,537			(8,050		)
Other revenue	4,807			5,663		4,398			3,738			2,962			1,845			18,606			21,428			(2,822		)
Total revenues	80,636			77,041		73,405			79,989			92,033			(11,397		)	311,071			340,518			(29,447		)

Benefits and expenses:
Claims and other policy benefits	34,415			35,648		36,797			35,936			38,631			(4,216		)	142,796			164,883			(22,087		)
Interest credited	4,781			2,475		(291		)	4,113			4,217			564			11,078			13,131			(2,053		)
Policy acquisition costs and other insurance expenses	763			327		454			289			(220		)	983			1,833			6			1,827
Other operating expenses	8,939			7,638		7,540			7,733			8,077			862			31,850			24,491			7,359
Total benefits and expenses	48,898			46,088		44,500			48,071			50,705			(1,807		)	187,557			202,511			(14,954		)

Income before income taxes	$	31,738		$	30,953	$	28,905		$	31,918		$	41,328		$	(9,590	)	$	123,514		$	138,007		$	(14,493	)

Foreign currency effect on (2):
Net premiums	$	2,922		$	56	$	(4,378	)	$	(6,169	)	$	(9,059	)	$	11,981		$	(7,569	)	$	(22,470	)	$	14,901
Income before income taxes	$	2,108		$	130	$	(3,327	)	$	(4,730	)	$	(9,274	)	$	11,382		$	(5,819	)	$	(19,382	)	$	13,563

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Europe, Middle East and Africa Financial Solutions operations includes asset intensive, financial reinsurance, capital motivated and longevity closed block business.
(2) Compared to comparable prior year period.



		Page 20

Reinsurance Group of America, Incorporated Europe, Middle East and Africa Financial Solutions (1) Adjusted Operating Income Statements (USD thousands)

	Three Months Ended													Current Qtr			Year-to-Date
	Dec. 31,		Sept. 30,		June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
	2016		2017		2017			2017			2016			Quarter			2017			2016			Change
Revenues:
Net premiums	$	43,911	$	39,294	$	38,520		$	41,995		$	54,163		$	(10,252	)	$	163,720		$	180,271		$	(16,551	)
Investment income, net of related expenses	29,875		28,417		28,320			25,568			25,777			4,098			112,180			112,151			29
Other revenue	4,848		5,570		4,482			3,870			3,276			1,572			18,770			19,370			(600		)
Total revenues	78,634		73,281		71,322			71,433			83,216			(4,582		)	294,670			311,792			(17,122		)

Benefits and expenses:
Claims and other policy benefits	34,415		35,648		36,797			35,936			38,631			(4,216		)	142,796			164,883			(22,087		)
Policy acquisition costs and other insurance expenses	763		327		454			289			(220		)	983			1,833			6			1,827
Other operating expenses	8,939		7,638		7,540			7,733			8,077			862			31,850			24,491			7,359
Total benefits and expenses	44,117		43,613		44,791			43,958			46,488			(2,371		)	176,479			189,380			(12,901		)

Adjusted operating income before income taxes	$	34,517	$	29,668	$	26,531		$	27,475		$	36,728		$	(2,211	)	$	118,191		$	122,412		$	(4,221	)

Foreign currency effect on (2):
Net premiums	$	2,922	$	56	$	(4,378	)	$	(6,169	)	$	(9,059	)	$	11,981		$	(7,569	)	$	(22,470	)	$	14,901
Adjusted operating income before income taxes	$	2,311	$	136	$	(3,043	)	$	(4,006	)	$	(8,168	)	$	10,479		$	(4,602	)	$	(16,707	)	$	12,105

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Europe, Middle East and Africa Financial Solutions operations includes asset intensive, financial reinsurance, capital motivated and longevity closed block business.
(2) Compared to comparable prior year period.



		Page 21

Reinsurance Group of America, Incorporated Asia Pacific Traditional GAAP Income Statements (USD thousands)


	Three Months Ended															Current Qtr			Year-to-Date
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
	2017			2017			2017			2017			2016			Quarter			2017			2016			Change
Revenues:
Net premiums	$	495,439		$	536,931		$	537,352		$	483,307		$	448,283		$	47,156		$	2,053,029		$	1,681,505		$	371,524
Investment income, net of related expenses	23,570			23,858			22,345			21,902			21,448			2,122			91,675			83,049			8,626
Investment related gains (losses), net	(10		)	—			—			—			—			(10		)	(10		)	14			(24		)
Other revenue	63,268			871			1,832			21			2,002			61,266			65,992			6,582			59,410
Total revenues	582,267			561,660			561,529			505,230			471,733			110,534			2,210,686			1,771,150			439,536

Benefits and expenses:
Claims and other policy benefits	414,637			442,358			423,294			355,439			368,091			46,546			1,635,728			1,345,951			289,777
Policy acquisition costs and other insurance expenses	97,575			55,891			51,259			72,857			46,604			50,971			277,582			163,036			114,546
Other operating expenses	42,843			36,847			33,654			35,246			38,574			4,269			148,590			148,235			355
Total benefits and expenses	555,055			535,096			508,207			463,542			453,269			101,786			2,061,900			1,657,222			404,678

Income before income taxes	$	27,212		$	26,564		$	53,322		$	41,688		$	18,464		$	8,748		$	148,786		$	113,928		$	34,858

Loss and Expense Ratios:
Claims and other policy benefits	83.7		%	82.4		%	78.8		%	73.5		%	82.1		%	1.6		%	79.7		%	80.0		%	(0.3		)%
Policy acquisition costs and other insurance expenses	19.7		%	10.4		%	9.5		%	15.1		%	10.4		%	9.3		%	13.5		%	9.7		%	3.8		%
Other operating expenses	8.6		%	6.9		%	6.3		%	7.3		%	8.6		%	—		%	7.2		%	8.8		%	(1.6		)%

Foreign currency effect on (1):
Net premiums	$	8,512		$	1,030		$	1,321		$	11,810		$	12,575		$	(4,063	)	$	22,673		$	3,302		$	19,371
Income before income taxes	$	(1,066	)	$	(954	)	$	(261	)	$	851		$	1,143		$	(2,209	)	$	(1,430	)	$	(755	)	$	(675	)

Critical illness net premiums	$	136,246		$	158,612		$	174,304		$	141,883		$	85,931		$	50,315		$	611,045		$	398,258		$	212,787

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period.



		Page 22

Reinsurance Group of America, Incorporated Asia Pacific Traditional Adjusted Operating Income Statements (USD thousands)

	Three Months Ended															Current Qtr			Year-to-Date
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
	2017			2017			2017			2017			2016			Quarter			2017			2016			Change
Revenues:
Net premiums	$	495,439		$	536,931		$	537,352		$	483,307		$	448,283		$	47,156		$	2,053,029		$	1,681,505		$	371,524
Investment income, net of related expenses	23,570			23,858			22,345			21,902			21,448			2,122			91,675			83,049			8,626
Investment related gains (losses), net	5			—			—			—			—			5			5			(2		)	7
Other revenue	63,268			871			1,832			21			2,002			61,266			65,992			6,582			59,410
Total revenues	582,282			561,660			561,529			505,230			471,733			110,549			2,210,701			1,771,134			439,567

Benefits and expenses:
Claims and other policy benefits	414,637			442,358			423,294			355,439			368,091			46,546			1,635,728			1,345,951			289,777
Policy acquisition costs and other insurance expenses	97,575			55,891			51,259			72,857			46,604			50,971			277,582			163,036			114,546
Other operating expenses	42,843			36,847			33,654			35,246			38,574			4,269			148,590			148,235			355
Total benefits and expenses	555,055			535,096			508,207			463,542			453,269			101,786			2,061,900			1,657,222			404,678

Adjusted operating income before income taxes	$	27,227		$	26,564		$	53,322		$	41,688		$	18,464		$	8,763		$	148,801		$	113,912		$	34,889

Loss and Expense Ratios:
Claims and other policy benefits	83.7		%	82.4		%	78.8		%	73.5		%	82.1		%	1.6		%	79.7		%	80.0		%	(0.3		)%
Policy acquisition costs and other insurance expenses	19.7		%	10.4		%	9.5		%	15.1		%	10.4		%	9.3		%	13.5		%	9.7		%	3.8		%
Other operating expenses	8.6		%	6.9		%	6.3		%	7.3		%	8.6		%	—		%	7.2		%	8.8		%	(1.6		)%

Foreign currency effect on (1):
Net premiums	$	8,512		$	1,030		$	1,321		$	11,810		$	12,575		$	(4,063	)	$	22,673		$	3,302		$	19,371
Adjusted operating income before income taxes	$	(1,059	)	$	(954	)	$	(261	)	$	851		$	1,144		$	(2,203	)	$	(1,423	)	$	(767	)	$	(656	)

Critical illness net premiums	$	136,246		$	158,612		$	174,304		$	141,883		$	85,931		$	50,315		$	611,045		$	398,258		$	212,787

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period.



		Page 23

Reinsurance Group of America, Incorporated Asia Pacific Financial Solutions (1) GAAP Income Statements (USD thousands)


	Three Months Ended														Current Qtr			Year-to-Date
	Dec. 31,			Sept. 30,			June 30,			March 31,		Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
	2017			2017			2017			2017		2016			Quarter			2017			2016		Change
Revenues:
Net premiums	$	325		$	19		$	549		$	1,526	$	492		$	(167	)	$	2,419		$	5,428	$	(3,009	)
Investment income, net of related expenses	9,867			10,556			8,570			5,536		5,562			4,305			34,529			23,648		10,881
Investment related gains (losses), net	2,413			758			3,582			7,185		(4,886		)	7,299			13,938			9,436		4,502
Other revenue	5,802			5,599			5,283			6,205		6,061			(259		)	22,889			24,870		(1,981		)
Total revenues	18,407			16,932			17,984			20,452		7,229			11,178			73,775			63,382		10,393

Benefits and expenses:
Claims and other policy benefits	3,850			6,110			1,565			6,495		9,693			(5,843		)	18,020			25,180		(7,160		)
Interest credited	6,852			7,026			5,572			2,997		3,322			3,530			22,447			12,796		9,651
Policy acquisition costs and other insurance expenses	1,000			653			1,541			1,917		1,635			(635		)	5,111			6,071		(960		)
Other operating expenses	4,595			3,372			3,929			3,171		4,545			50			15,067			15,272		(205		)
Total benefits and expenses	16,297			17,161			12,607			14,580		19,195			(2,898		)	60,645			59,319		1,326

Income (loss) before income taxes	$	2,110		$	(229	)	$	5,377		$	5,872	$	(11,966	)	$	14,076		$	13,130		$	4,063	$	9,067

Foreign currency effect on (2):
Net premiums	$	(5	)	$	(1	)	$	(16	)	$	17	$	71		$	(76	)	$	(5	)	$	149	$	(154	)
Income (loss) before income taxes	$	242		$	139		$	(114	)	$	77	$	(464	)	$	706		$	344		$	1,464	$	(1,120	)

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Asia Pacific Financial Solutions operations includes asset intensive, financial reinsurance, and disabled life closed block business.
(2) Compared to comparable prior year period.



		Page 24

Reinsurance Group of America, Incorporated Asia Pacific Financial Solutions (1) Adjusted Operating Income Statements (USD thousands)

	Three Months Ended															Current Qtr			Year-to-Date
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
	2017			2017			2017			2017			2016			Quarter			2017			2016			Change
Revenues:
Net premiums	$	325		$	19		$	549		$	1,526		$	492		$	(167	)	$	2,419		$	5,428		$	(3,009	)
Investment income, net of related expenses	9,867			10,556			8,570			5,536			5,562			4,305			34,529			23,648			10,881
Investment related gains, net	1,005			742			832			861			960			45			3,440			2,963			477
Other revenue	5,802			5,599			5,283			6,205			6,061			(259		)	22,889			24,870			(1,981		)
Total revenues	16,999			16,916			15,234			14,128			13,075			3,924			63,277			56,909			6,368

Benefits and expenses:
Claims and other policy benefits	3,850			6,110			1,565			6,495			9,693			(5,843		)	18,020			25,180			(7,160		)
Interest credited	6,852			7,026			5,572			2,997			3,322			3,530			22,447			12,796			9,651
Policy acquisition costs and other insurance expenses	1,000			653			1,541			1,917			1,635			(635		)	5,111			6,071			(960		)
Other operating expenses	4,595			3,372			3,929			3,171			4,545			50			15,067			15,272			(205		)
Total benefits and expenses	16,297			17,161			12,607			14,580			19,195			(2,898		)	60,645			59,319			1,326

Adjusted operating income (loss) before income taxes	$	702		$	(245	)	$	2,627		$	(452	)	$	(6,120	)	$	6,822		$	2,632		$	(2,410	)	$	5,042

Foreign currency effect on (2):
Net premiums	$	(5	)	$	(1	)	$	(16	)	$	17		$	71		$	(76	)	$	(5	)	$	149		$	(154	)
Adjusted operating income (loss) before income taxes	$	158		$	181		$	(63	)	$	(102	)	$	100		$	58		$	174		$	761		$	(587	)

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Asia Pacific Financial Solutions operations includes asset intensive, financial reinsurance, and disabled life closed block business.
(2) Compared to comparable prior year period.



		Page 25

Reinsurance Group of America, Incorporated Corporate and Other GAAP Income Statements (USD thousands)

	Three Months Ended															Current Qtr			Year-to-Date
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
	2017			2017			2017			2017			2016			Quarter			2017			2016			Change
Revenues:
Net premiums	$	4		$	23		$	42		$	44		$	53		$	(49	)	$	113		$	342		$	(229	)
Investment income, net of related expenses	40,423			41,108			36,305			31,163			35,468			4,955			148,999			117,057			31,942
Investment related gains (losses), net	(12,799		)	6,994			15,685			(14,823		)	(461		)	(12,338		)	(4,943		)	51,256			(56,199		)
Other revenue	1,860			1,502			2,456			5,168			706			1,154			10,986			12,301			(1,315		)
Total revenues	29,488			49,627			54,488			21,552			35,766			(6,278		)	155,155			180,956			(25,801		)

Benefits and expenses:
Claims and other policy benefits	(9		)	(15		)	(13		)	27			(15		)	6			(10		)	(9		)	(1		)
Interest credited	1,936			1,799			1,497			1,124			881			1,055			6,356			2,469			3,887
Policy acquisition costs and other insurance income	(27,947		)	(26,848		)	(26,779		)	(27,067		)	(26,740		)	(1,207		)	(108,641		)	(100,266		)	(8,375		)
Other operating expenses	83,655			45,601			38,141			40,372			41,187			42,468			207,769			154,554			53,215
Interest expense	37,435			36,836			29,352			42,402			41,422			(3,987		)	146,025			137,623			8,402
Collateral finance and securitization expense	7,401			7,692			6,773			6,770			6,431			970			28,636			25,827			2,809
Total benefits and expenses	102,471			65,065			48,971			63,628			63,166			39,305			280,135			220,198			59,937

Income (loss) before income taxes	$	(72,983	)	$	(15,438	)	$	5,517		$	(42,076	)	$	(27,400	)	$	(45,583	)	$	(124,980	)	$	(39,242	)	$	(85,738	)

Foreign currency effect (1):
Income (loss) before income taxes	$	766		$	379		$	(734	)	$	448		$	401		$	365		$	859		$	(2,655	)	$	3,514

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period.



		Page 26

Reinsurance Group of America, Incorporated Corporate and Other Adjusted Operating Income Statements (USD thousands)

	Three Months Ended															Current Qtr			Year-to-Date
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
	2017			2017			2017			2017			2016			Quarter			2017			2016			Change
Revenues:
Net premiums	$	4		$	23		$	42		$	44		$	53		$	(49	)	$	113		$	342		$	(229	)
Investment income, net of related expenses	40,423			41,108			36,305			31,163			35,468			4,955			148,999			117,057			31,942
Investment related gains, net	547			755			695			677			659			(112		)	2,674			2,216			458
Other revenue	1,860			1,493			2,430			5,142			681			1,179			10,925			12,222			(1,297		)
Total revenues	42,834			43,379			39,472			37,026			36,861			5,973			162,711			131,837			30,874

Benefits and expenses:
Claims and other policy benefits	(9		)	(15		)	(13		)	27			(15		)	6			(10		)	(9		)	(1		)
Interest credited	1,936			1,799			1,497			1,124			881			1,055			6,356			2,469			3,887
Policy acquisition costs and other insurance income	(27,947		)	(26,848		)	(26,779		)	(27,067		)	(26,740		)	(1,207		)	(108,641		)	(100,266		)	(8,375		)
Other operating expenses	83,655			45,601			38,141			40,372			41,187			42,468			207,769			154,554			53,215
Interest expense	37,435			36,836			29,352			42,402			41,422			(3,987		)	146,025			137,623			8,402
Collateral finance and securitization expense	7,401			7,692			6,773			6,770			6,431			970			28,636			25,827			2,809
Total benefits and expenses	102,471			65,065			48,971			63,628			63,166			39,305			280,135			220,198			59,937

Adjusted operating income (loss) before income taxes	$	(59,637	)	$	(21,686	)	$	(9,499	)	$	(26,602	)	$	(26,305	)	$	(33,332	)	$	(117,424	)	$	(88,361	)	$	(29,063	)

Foreign currency effect (1):
Adjusted operating income (loss) before income taxes	$	644		$	417		$	(667	)	$	498		$	367		$	277		$	892		$	(430	)	$	1,322

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period.



		Page 27

Reinsurance Group of America, Incorporated Summary of Segment GAAP Income (USD thousands)


	Three Months Ended														Current Qtr vs. PY Quarter			Year-to-date
	Dec. 31,			Sept. 30,			June 30,		March 31,			Dec. 31,						Dec. 31,			Dec. 31,
	2017			2017			2017		2017			2016						2017			2016			Change
U.S. and Latin America:
Traditional	$	92,368		$	160,512		$	90,594	$	29,960		$	131,492		$	(39,124	)	$	373,434		$	371,101		$	2,333
Financial Solutions:
Asset Intensive	80,810			67,126			87,002		85,770			72,261			8,549			320,708			224,142			96,566
Financial Reinsurance	21,085			21,992			19,983		17,816			14,447			6,638			80,876			59,238			21,638
Total U.S. and Latin America	194,263			249,630			197,579		133,546			218,200			(23,937		)	775,018			654,481			120,537
Canada:
Canada Traditional	39,265			28,789			32,836		19,328			37,026			2,239			120,218			134,705			(14,487		)
Canada Financial Solutions	4,154			4,472			4,425		3,592			4,065			89			16,643			7,945			8,698
Total Canada	43,419			33,261			37,261		22,920			41,091			2,328			136,861			142,650			(5,789		)
Europe, Middle East and Africa:
Europe, Middle East and Africa Traditional	29,735			15,421			11,354		13,976			15,826			13,909			70,486			30,059			40,427
Europe, Middle East and Africa Financial Solutions	31,738			30,953			28,905		31,918			41,328			(9,590		)	123,514			138,007			(14,493		)
Total Europe, Middle East and Africa	61,473			46,374			40,259		45,894			57,154			4,319			194,000			168,066			25,934
Asia Pacific:
Asia Pacific Traditional	27,212			26,564			53,322		41,688			18,464			8,748			148,786			113,928			34,858
Asia Pacific Financial Solutions	2,110			(229		)	5,377		5,872			(11,966		)	14,076			13,130			4,063			9,067
Total Asia Pacific	29,322			26,335			58,699		47,560			6,498			22,824			161,916			117,991			43,925
Corporate and Other	(72,983		)	(15,438		)	5,517		(42,076		)	(27,400		)	(45,583		)	(124,980		)	(39,242		)	(85,738		)
Consolidated income before income taxes	$	255,494		$	340,162		$	339,315	$	207,844		$	295,543		$	(40,049	)	$	1,142,815		$	1,043,946		$	98,869

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.



		Page 28

Reinsurance Group of America, Incorporated Summary of Segment Adjusted Operating Income (USD thousands)


	Three Months Ended															Current Qtr vs. PY Quarter			Year-to-date
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,						Dec. 31,			Dec. 31,
	2017			2017			2017			2017			2016						2017			2016			Change
U.S. and Latin America:
Traditional	$	93,782		$	162,015		$	91,247		$	27,996		$	129,345		$	(35,563	)	$	375,040		$	375,330		$	(290	)
Financial Solutions:
Asset Intensive	55,289			72,581			49,891			51,637			46,698			8,591			229,398			204,982			24,416
Financial Reinsurance	21,085			21,992			19,983			17,816			14,447			6,638			80,876			59,238			21,638
Total U.S. and Latin America	170,156			256,588			161,121			97,449			190,490			(20,334		)	685,314			639,550			45,764
Canada:
Canada Traditional	38,618			27,361			31,188			16,766			34,754			3,864			113,933			125,649			(11,716		)
Canada Financial Solutions	4,154			4,472			4,425			3,592			4,065			89			16,643			7,945			8,698
Total Canada	42,772			31,833			35,613			20,358			38,819			3,953			130,576			133,594			(3,018		)
Europe, Middle East and Africa:
Europe, Middle East and Africa Traditional	29,690			15,421			11,354			13,969			15,826			13,864			70,434			30,054			40,380
Europe, Middle East and Africa Financial Solutions	34,517			29,668			26,531			27,475			36,728			(2,211		)	118,191			122,412			(4,221		)
Total Europe, Middle East and Africa	64,207			45,089			37,885			41,444			52,554			11,653			188,625			152,466			36,159
Asia Pacific:
Asia Pacific Traditional	27,227			26,564			53,322			41,688			18,464			8,763			148,801			113,912			34,889
Asia Pacific Financial Solutions	702			(245		)	2,627			(452		)	(6,120		)	6,822			2,632			(2,410		)	5,042
Total Asia Pacific	27,929			26,319			55,949			41,236			12,344			15,585			151,433			111,502			39,931
Corporate and Other	(59,637		)	(21,686		)	(9,499		)	(26,602		)	(26,305		)	(33,332		)	(117,424		)	(88,361		)	(29,063		)
Consolidated adjusted operating income before income taxes	$	245,427		$	338,143		$	281,069		$	173,885		$	267,902		$	(22,475	)	$	1,038,524		$	948,751		$	89,773

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.



		Page 29

Reinsurance Group of America, Incorporated Investments (USD thousands) Cash and Invested Assets

	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,
	2017		2017		2017		2017		2016
Fixed maturity securities, available-for-sale (1)	$	38,150,820	$	36,381,742	$	36,345,426	$	32,694,793	$	32,093,625
Mortgage loans on real estate	4,400,533		4,322,329		4,104,487		3,871,309		3,775,522
Policy loans	1,357,624		1,340,146		1,406,774		1,402,940		1,427,602
Funds withheld at interest	6,083,388		6,020,336		5,968,856		5,943,450		5,875,919
Short-term investments	93,304		80,582		123,308		54,288		76,710
Other invested assets	1,605,484		1,532,523		1,498,370		1,429,175		1,591,940
Cash and cash equivalents	1,303,524		1,204,590		1,123,350		1,178,114		1,200,718
Total cash and invested assets	$	52,994,677	$	50,882,248	$	50,570,571	$	46,574,069	$	46,042,036

(1) The Company holds the various types of fixed maturity securities available-for-sale and classifies them as corporate securities (“Corporate”), Canadian and Canadian provincial government securities (“Canadian
government”), residential mortgage-backed securities (“RMBS”), asset-backed securities (“ABS”), commercial mortgage-backed securities (“CMBS”), U.S. government and agencies (“U.S. government”), state and
political subdivisions, and other foreign government, supernational and foreign government-sponsored enterprises (“Other foreign government”).

Investment Income and Yield Summary


	Three Months Ended															Current Qtr vs. PY Quarter			Year-to-Date
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,						Dec. 31,			Dec. 31,
	2017			2017			2017			2017			2016						2017			2016			Change
Average invested assets at amortized cost (1)	$	26,351,089		$	25,887,338		$	25,172,367		$	25,212,377		$	24,621,939		$	1,729,150		$	25,225,400		$	23,188,717		$	2,036,683
Net investment income (1)	$	283,989		$	305,632		$	284,884		$	273,208		$	283,484		$	505		$	1,147,713		$	1,060,641		$	87,072
Annualized investment yield (ratio of net investment income to average invested assets at amortized cost) (1)	4.38		%	4.81		%	4.60		%	4.41		%	4.69		%	-0.31		%	4.55		%	4.57		%	-0.02		%

(1) Excludes spread-related business (e.g. coinsurance of annuities).



		Page 30

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, 2017
	Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value		% of Total		Other-than- temporary Impairment in AOCI
Available-for-sale:
Corporate	$	21,966,803	$	1,299,594	$	55,429	$	23,210,968	60.9	%	$	—
Canadian governments	2,843,273		1,378,510		1,707		4,220,076		11.1	%	—
RMBS	1,695,126		36,632		11,878		1,719,880		4.5	%	—
ABS	1,634,758		18,798		5,194		1,648,362		4.3	%	275
CMBS	1,285,594		22,627		4,834		1,303,387		3.4	%	—
U.S. government	1,953,436		12,089		21,933		1,943,592		5.1	%	—
State and political subdivisions	647,727		59,997		4,296		703,428		1.8	%	—
Other foreign government	3,254,695		154,507		8,075		3,401,127		8.9	%	—
Total fixed maturity securities	$	35,281,412	$	2,982,754	$	113,346	$	38,150,820	100.0	%	$	275

Non-redeemable preferred stock	$	41,553	$	479	$	2,226	$	39,806	39.7	%
Other equity securities	61,288		479		1,421		60,346		60.3	%
Total equity securities	$	102,841	$	958	$	3,647	$	100,152	100.0	%



December 31, 2016
	Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value		% of Total		Other-than- temporary Impairment in AOCI
Available-for-sale:
Corporate	$	18,924,711	$	911,618	$	217,245	$	19,619,084	61.1	%	$	—
Canadian governments	2,561,605		1,085,982		3,541		3,644,046		11.4	%	—
RMBS	1,258,039		33,917		13,380		1,278,576		4.0	%	(375		)
ABS	1,443,822		9,350		23,828		1,429,344		4.5	%	275
CMBS	1,342,440		28,973		7,759		1,363,654		4.2	%	—
U.S. government	1,518,702		12,644		63,044		1,468,302		4.6	%	—
State and political subdivisions	566,761		37,499		12,464		591,796		1.8	%	—
Other foreign government	2,595,707		123,054		19,938		2,698,823		8.4	%	—
Total fixed maturity securities	$	30,211,787	$	2,243,037	$	361,199	$	32,093,625	100.0	%	$	(100	)

Non-redeemable preferred stock	$	55,812	$	1,648	$	6,337	$	51,123	18.6	%
Other equity securities	229,767		1,792		7,321		224,238		81.4	%
Total equity securities	$	285,579	$	3,440	$	13,658	$	275,361	100.0	%



		Page 31

Reinsurance Group of America, Incorporated Investments (USD thousands) Corporate Fixed Maturity Securities by Sector (Excludes Funds Withheld Portfolios)

	December 31, 2017							December 31, 2016
	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	$	4,353,995	$	4,549,003	19.6	%	A-	$	4,167,029	$	4,255,932	21.9	%	A-
Brokerage/asset managers/exchanges	529,100		556,022		2.4	%	A-	403,014		413,699		2.1	%	A
Finance companies	219,289		226,733		1.0	%	BBB+	120,782		127,327		0.6	%	A-
Insurance	1,864,357		1,989,990		8.6	%	A-	1,314,077		1,353,008		6.9	%	A-
REITs	714,489		738,979		3.2	%	BBB+	582,157		598,366		3.0	%	BBB+
Other finance	296,655		302,047		1.3	%	A	138,140		140,636		0.7	%	A-
Total financial institutions	$	7,977,885	$	8,362,774	36.1	%		$	6,725,199	$	6,888,968	35.2	%
Industrials
Basic	$	1,075,380	$	1,137,668	4.9	%	BBB	$	887,179	$	923,839	4.7	%	BBB
Capital goods	1,151,629		1,202,609		5.2	%	BBB+	998,749		1,027,098		5.2	%	BBB+
Communications	2,006,383		2,133,924		9.2	%	BBB	1,841,904		1,928,261		9.8	%	BBB
Consumer cyclical	1,249,776		1,301,978		5.6	%	A-	1,081,091		1,116,933		5.7	%	BBB+
Consumer noncyclical	2,243,126		2,396,115		10.3	%	BBB+	1,957,052		2,050,927		10.5	%	A-
Energy	1,871,898		1,994,951		8.6	%	BBB+	1,867,072		1,941,301		9.9	%	BBB+
Technology	676,245		705,682		3.0	%	A	644,474		660,200		3.4	%	A
Transportation	1,065,994		1,122,892		4.8	%	A-	854,681		887,911		4.5	%	A-
Other industrial	194,735		203,514		0.9	%	BBB+	96,611		103,143		0.5	%	A-
Total industrials	$	11,535,166	$	12,199,333	52.5	%		$	10,228,813	$	10,639,613	54.2	%
Utilities
Electric	$	1,818,459	$	1,951,774	8.4	%	A-	$	1,432,641	$	1,498,919	7.6	%	A-
Natural gas	354,958		381,873		1.6	%	A-	316,447		338,253		1.7	%	A-
Other utility	280,335		315,214		1.4	%	BBB+	221,611		253,331		1.3	%	A-
Total utilities	$	2,453,752	$	2,648,861	11.4	%		$	1,970,699	$	2,090,503	10.6	%
Total	$	21,966,803	$	23,210,968	100.0	%	BBB+	$	18,924,711	$	19,619,084	100.0	%	BBB+

(1) The Average Credit Rating designations are based on the ratings from nationally recognized statistical rating organizations (NRSRO), primarily those assigned by Moody's, S&P and Fitch.



		Page 32

Reinsurance Group of America, Incorporated

Investments

(USD thousands)

Ratings of Fixed Maturity Securities (Excludes Funds Withheld Portfolios)

		December 31, 2017						September 30, 2017						June 30, 2017						March 31, 2017						December 31, 2016
NAIC Designation (1)	Rating Agency Designation (2)	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/AA/A	$	23,534,574	$	25,762,103	67.5	%	$	22,095,642	$	23,989,873	66.0	%	$	22,039,025	$	24,093,110	66.4	%	$	19,816,139	$	21,521,758	65.8	%	$	19,813,653	$	21,369,081	66.5	%
2	BBB	10,115,008		10,709,170		28.1	%	10,233,331		10,792,989		29.7	%	10,097,673		10,626,154		29.2	%	9,159,294		9,571,666		29.3	%	8,834,469		9,162,483		28.5	%
3	BB	1,139,200		1,173,639		3.1	%	1,107,086		1,143,449		3.1	%	1,140,073		1,167,968		3.2	%	1,079,371		1,109,172		3.4	%	944,839		955,735		3.0	%
4	B	408,990		420,284		1.1	%	360,643		374,478		1.0	%	358,668		369,794		1.0	%	383,254		377,469		1.2	%	414,087		411,138		1.3	%
5	CCC	78,143		79,747		0.2	%	86,984		74,093		0.2	%	94,473		79,662		0.2	%	91,245		105,749		0.3	%	187,744		177,481		0.6	%
6	In or near default	5,497		5,877		—	%	6,282		6,860		—	%	8,422		8,738		—	%	11,264		8,979		—	%	16,995		17,707		0.1	%
	Total	$	35,281,412	$	38,150,820	100.0	%	$	33,889,968	$	36,381,742	100.0	%	$	33,738,334	$	36,345,426	100.0	%	$	30,540,567	$	32,694,793	100.0	%	$	30,211,787	$	32,093,625	100.0	%

(1) Structured securities held by the Company’s insurance subsidiaries that maintain the NAIC statutory basis of accounting that meet the definition of SSAP No. 43R utilize the NAIC rating methodology.
All other securities will continue to utilize the NRSRO ratings, as available, or equivalent rating based on information from the NAIC.
(2) The Rating Agency Designation includes all “+” or “-” at that rating level (e. g. ‘BBB’ includes ‘BBB+’, ‘BBB’, and ‘BBB-’).

Structured Fixed Maturity Securities

	December 31, 2017				September 30, 2017				June 30, 2017				March 31, 2017				December 31, 2016
	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
RMBS
Agency	$	878,559	$	896,977	$	891,508	$	917,589	$	784,648	$	813,463	$	584,067	$	608,066	$	579,686	$	602,549
Non-agency	816,567		822,903		753,871		761,716		720,826		725,836		697,104		695,811		678,353		676,027
Total	1,695,126		1,719,880		1,645,379		1,679,305		1,505,474		1,539,299		1,281,171		1,303,877		1,258,039		1,278,576
CMBS	1,285,594		1,303,387		1,293,296		1,313,322		1,558,035		1,582,028		1,272,020		1,289,338		1,342,440		1,363,654
ABS	1,634,758		1,648,362		1,680,918		1,694,568		1,630,499		1,641,841		1,379,251		1,380,590		1,443,822		1,429,344
Total	$	4,615,478	$	4,671,629	$	4,619,593	$	4,687,195	$	4,694,008	$	4,763,168	$	3,932,442	$	3,973,805	$	4,044,301	$	4,071,574



		Page 33

Reinsurance Group of America, Incorporated Investments (USD thousands) Gross Unrealized Losses Aging Fixed Maturity Securities

	December 31, 2017				September 30, 2017				June 30, 2017				March 31, 2017				December 31, 2016
	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%	$	110,508	94.5	%	$	135,907	83.3	%	$	147,319	82.4	%	$	245,923	88.6	%	$	328,691	87.7	%
20% or more for less than six months	—		—	%	3,407		2.1	%	5,051		2.8	%	4,113		1.5	%	18,733		5.0	%
20% or more for six months or greater	2,838		2.4	%	19,490		11.9	%	20,073		11.2	%	21,164		7.6	%	13,775		3.7	%
Total	$	113,346	96.9	%	$	158,804	97.3	%	$	172,443	96.4	%	$	271,200	97.7	%	$	361,199	96.4	%

Equity Securities

	December 31, 2017				September 30, 2017				June 30, 2017				March 31, 2017				December 31, 2016
	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%	$	2,958	2.5	%	$	4,406	2.7	%	$	3,443	1.8	%	$	5,717	2.1	%	$	9,140	2.4	%
20% or more for less than six months	689		0.6	%	—		—	%	2,542		1.4	%	—		—	%	705		0.2	%
20% or more for six months or greater	—		—	%	—		—	%	653		0.4	%	688		0.2	%	3,813		1.0	%
Total	$	3,647	3.1	%	$	4,406	2.7	%	$	6,638	3.6	%	$	6,405	2.3	%	$	13,658	3.6	%



		Page 34

Reinsurance Group of America, Incorporated Investments (USD thousands) Fixed Maturity and Equity Securities Below Amortized Cost (Excludes Funds Withheld Portfolios)

	As of December 31, 2017
	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	$	1,886,212	$	17,099	$	1,009,750	$	28,080	$	2,895,962	$	45,179
Canadian governments	18,688		91		111,560		1,596		130,248		1,687
RMBS	566,699		5,852		224,439		6,004		791,138		11,856
ABS	434,274		2,707		168,524		2,434		602,798		5,141
CMBS	220,401		1,914		103,269		2,920		323,670		4,834
U.S. government	800,298		6,177		767,197		15,756		1,567,495		21,933
State and political subdivisions	43,510		242		68,666		4,054		112,176		4,296
Other foreign government	369,717		2,707		191,265		4,704		560,982		7,411
Total investment grade securities	$	4,339,799	$	36,789	$	2,644,670	$	65,548	$	6,984,469	$	102,337

Below investment grade securities:
Corporate	$	194,879	$	3,317	$	75,731	$	6,933	$	270,610	$	10,250
Canadian governments	1,995		20		—		—		1,995		20
RMBS	—		—		1,369		22		1,369		22
ABS	—		—		1,489		53		1,489		53
Other foreign government	28,600		113		15,134		551		43,734		664
Total below investment grade securities	$	225,474	$	3,450	$	93,723	$	7,559	$	319,197	$	11,009
Total fixed maturity securities	$	4,565,273	$	40,239	$	2,738,393	$	73,107	$	7,303,666	$	113,346

Equity securities:
Non-redeemable preferred stock	$	82	$	1	$	26,471	$	2,225	$	26,553	$	2,226
Other equity securities	5,820		1,023		47,251		398		53,071		1,421
Total equity securities	$	5,902	$	1,024	$	73,722	$	2,623	$	79,624	$	3,647



	As of December 31, 2016
	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	$	4,661,706	$	124,444	$	549,273	$	43,282	$	5,210,979	$	167,726
Canadian governments	101,578		3,541		—		—		101,578		3,541
RMBS	490,473		9,733		112,216		3,635		602,689		13,368
ABS	563,259		12,010		257,166		9,653		820,425		21,663
CMBS	368,465		6,858		10,853		166		379,318		7,024
U.S. government	1,056,101		63,044		—		—		1,056,101		63,044
State and political subdivisions	187,194		9,396		13,635		3,068		200,829		12,464
Other foreign government	524,236		13,372		51,097		2,981		575,333		16,353
Total investment grade securities	$	7,953,012	$	242,398	$	994,240	$	62,785	$	8,947,252	$	305,183

Below investment grade securities:
Corporate	$	330,757	$	7,914	$	163,152	$	41,605	$	493,909	$	49,519
RMBS	—		—		412		12		412		12
ABS	5,904		700		12,581		1,465		18,485		2,165
CMBS	5,815		735		—		—		5,815		735
Other foreign government	32,355		1,258		39,763		2,327		72,118		3,585
Total below investment grade securities	$	374,831	$	10,607	$	215,908	$	45,409	$	590,739	$	56,016
Total fixed maturity securities	$	8,327,843	$	253,005	$	1,210,148	$	108,194	$	9,537,991	$	361,199

Equity securities:
Non-redeemable preferred stock	$	10,831	$	831	$	21,879	$	5,506	$	32,710	$	6,337
Other equity securities	202,068		7,020		6,751		301		208,819		7,321
Total equity securities	$	212,899	$	7,851	$	28,630	$	5,807	$	241,529	$	13,658



		Page 35

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,			Sept. 30,			June 30,			March 31,			Dec. 31,						Dec. 31,			Dec. 31,
	2017			2017			2017			2017			2016						2017			2016			Change
Fixed maturity and equity securities:
Other-than-temporary impairment losses on fixed maturities	$	(21,659	)	$	(390	)	$	(3,401	)	$	(17,189	)	$	(4,142	)	$	(17,517	)	$	(42,639	)	$	(38,805	)	$	(3,834	)
Portion of loss recognized in other comprehensive
income (before taxes)	—			—			—			—			74			(74		)	—			74			(74		)
Net other-than-temporary impairment losses on fixed
maturities recognized in earnings	(21,659		)	(390		)	(3,401		)	(17,189		)	(4,068		)	(17,591		)	(42,639		)	(38,731		)	(3,908		)
Impairment losses on equity securities	(313		)	(889		)	—			—			—			(313		)	(1,202		)	—			(1,202		)
Gain on investment activity	18,934			19,522			54,220			17,893			27,217			(8,283		)	110,569			154,370			(43,801		)
Loss on investment activity	(10,967		)	(7,678		)	(10,471		)	(12,563		)	(6,568		)	(4,399		)	(41,679		)	(49,965		)	8,286
Net gains (losses) on fixed maturity & equity securities	(14,005		)	10,565			40,348			(11,859		)	16,581			(30,586		)	25,049			65,674			(40,625		)

Other impairment losses and change in mortgage loan provision	(277		)	(2,446		)	(6,675		)	(99		)	(8,895		)	8,618			(9,497		)	(11,006		)	1,509
Other non-derivative gains (losses), net	3,988			9,464			5,587			4,712			4,987			(999		)	23,751			18,921			4,830

Free-standing derivatives:
Credit default swaps	2,744			4,137			3,879			7,358			4,564			(1,820		)	18,118			18,100			18
Interest rate swaps - non-hedged	(1,040		)	641			14,289			(2,612		)	(100,500		)	99,460			11,278			7,649			3,629
Interest rate swaps - hedged	156			(9		)	(3		)	(8		)	—			156			136			—			136
Foreign currency swaps - hedged (1)	1,216			220			(487		)	1,031			5,766			(4,550		)	1,980			415			1,565
Futures	(8,053		)	(8,890		)	(6,442		)	(12,775		)	(9,957		)	1,904			(36,160		)	(40,242		)	4,082
CPI swaps	(2,289		)	220			(4		)	(5		)	223			(2,512		)	(2,078		)	(401		)	(1,677		)
Equity options	(8,196		)	(8,295		)	(9,273		)	(17,189		)	(8,694		)	498			(42,953		)	(28,270		)	(14,683		)
Currency forwards	14			24			(351		)	904			(4,954		)	4,968			591			1,630			(1,039		)
Bond forwards	633			183			(41		)	—			(225		)	858			775			(278		)	1,053
Total free-standing derivatives	(14,815		)	(11,769		)	1,567			(23,296		)	(113,777		)	98,962			(48,313		)	(41,397		)	(6,916		)

Embedded derivatives:
Modified coinsurance and funds withheld treaties	37,870			23,044			15,108			68,702			20,374			17,496			144,724			54,169			90,555
GMXB	15,648			(6,205		)	360			22,363			90,923			(75,275		)	32,166			7,834			24,332
Total embedded derivatives	53,518			16,839			15,468			91,065			111,297			(57,779		)	176,890			62,003			114,887

Net gain (loss) on total derivatives	38,703			5,070			17,035			67,769			(2,480		)	41,183			128,577			20,606			107,971

Total investment related gains (losses), net	$	28,409		$	22,653		$	56,295		$	60,523		$	10,193		$	18,216		$	167,880		$	94,195		$	73,685

(1) The Company recognizes gains and losses on derivatives and the related hedged items in fair value hedges within net gains (losses) on total derivatives.



		Page 36

Appendix



Reconciliations of GAAP to Non-GAAP Measures



		Page 37

Reinsurance Group of America, Incorporated Reconciliations of GAAP Income to Adjusted Operating Income (USD thousands)

	Three Months Ended															Current Qtr			Year-to-Date
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
	2017			2017			2017			2017			2016			Quarter			2017			2016			Change
U.S. & Latin America Traditional
Income before income taxes	$	92,368		$	160,512		$	90,594		$	29,960		$	131,492		$	(39,124	)	$	373,434		$	371,101		$	2,333
Investment and derivative (gains) losses (1)	(6		)	8			(1		)	—			(336		)	330			1			(339		)	340
Change in value of modified coinsurance and
funds withheld embedded derivatives (1)	1,420			1,495			654			(1,964		)	(1,811		)	3,231			1,605			4,568			(2,963		)
Adjusted operating income before income taxes	$	93,782		$	162,015		$	91,247		$	27,996		$	129,345		$	(35,563	)	$	375,040		$	375,330		$	(290	)

U.S. & Latin America Asset Intensive
Income before income taxes	$	80,810		$	67,126		$	87,002		$	85,770		$	72,261		$	8,549		$	320,708		$	224,142		$	96,566
Investment and derivative (gains) losses (1)	13,824			5,502			(16,504		)	31,330			103,778			(89,954		)	34,152			52,923			(18,771		)
Change in value of modified coinsurance and
funds withheld embedded derivatives (1)	(39,290		)	(24,539		)	(15,762		)	(66,738		)	(18,563		)	(20,727		)	(146,329		)	(58,737		)	(87,592		)
GMXB embedded derivatives (1)	(15,648		)	6,205			(360		)	(22,363		)	(90,923		)	75,275			(32,166		)	(7,834		)	(24,332		)
Funds withheld (gains) losses- investment income	(3,042		)	(7,191		)	(4,010		)	(744		)	(7,516		)	4,474			(14,987		)	(24,739		)	9,752
EIA embedded derivatives - interest credited	(3,595		)	(1,367		)	(7,340		)	(27,958		)	(39,964		)	36,369			(40,260		)	(28,137		)	(12,123		)
DAC offset, net	22,230			26,845			6,865			52,340			27,625			(5,395		)	108,280			47,364			60,916
Adjusted operating income before income taxes	$	55,289		$	72,581		$	49,891		$	51,637		$	46,698		$	8,591		$	229,398		$	204,982		$	24,416

U.S. & Latin America Financial Reinsurance
Income before income taxes	$	21,085		$	21,992		$	19,983		$	17,816		$	14,447		$	6,638		$	80,876		$	59,238		$	21,638
Adjusted operating income before income taxes	$	21,085		$	21,992		$	19,983		$	17,816		$	14,447		$	6,638		$	80,876		$	59,238		$	21,638

Total U.S. & Latin America
Income before income taxes	$	194,263		$	249,630		$	197,579		$	133,546		$	218,200		$	(23,937	)	$	775,018		$	654,481		$	120,537
Investment and derivative (gains) losses (1)	13,818			5,510			(16,505		)	31,330			103,442			(89,624		)	34,153			52,584			(18,431		)
Change in value of modified coinsurance and
funds withheld embedded derivatives (1)	(37,870		)	(23,044		)	(15,108		)	(68,702		)	(20,374		)	(17,496		)	(144,724		)	(54,169		)	(90,555		)
GMXB embedded derivatives (1)	(15,648		)	6,205			(360		)	(22,363		)	(90,923		)	75,275			(32,166		)	(7,834		)	(24,332		)
Funds withheld (gains) losses - investment income	(3,042		)	(7,191		)	(4,010		)	(744		)	(7,516		)	4,474			(14,987		)	(24,739		)	9,752
EIA embedded derivatives - interest credited	(3,595		)	(1,367		)	(7,340		)	(27,958		)	(39,964		)	36,369			(40,260		)	(28,137		)	(12,123		)
DAC offset, net	22,230			26,845			6,865			52,340			27,625			(5,395		)	108,280			47,364			60,916
Adjusted operating income before income taxes	$	170,156		$	256,588		$	161,121		$	97,449		$	190,490		$	(20,334	)	$	685,314		$	639,550		$	45,764

(1) Included in "Investment related gains (losses), net" on Consolidated GAAP Income Statement.



		Page 38

Reinsurance Group of America, Incorporated Reconciliations of GAAP Income to Adjusted Operating Income (USD thousands)


	Three Months Ended															Current Qtr			Year-to-Date
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
	2017			2017			2017			2017			2016			Quarter			2017			2016			Change
Canada Traditional
Income before income taxes	$	39,265		$	28,789		$	32,836		$	19,328		$	37,026		$	2,239		$	120,218		$	134,705		$	(14,487	)
Investment and derivative (gains) losses (1)	(556		)	(1,176		)	(1,395		)	(2,652		)	(1,550		)	994			(5,779		)	(5,595		)	(184		)
Funds withheld (gains) losses - investment income	(91		)	(252		)	(253		)	90			(722		)	631			(506		)	(3,461		)	2,955
Adjusted operating income before income taxes	$	38,618		$	27,361		$	31,188		$	16,766		$	34,754		$	3,864		$	113,933		$	125,649		$	(11,716	)

Canada Financial Solutions
Income before income taxes	$	4,154		$	4,472		$	4,425		$	3,592		$	4,065		$	89		$	16,643		$	7,945		$	8,698
Adjusted operating income before income taxes	$	4,154		$	4,472		$	4,425		$	3,592		$	4,065		$	89		$	16,643		$	7,945		$	8,698

Europe, Middle East and Africa Traditional
Income before income taxes	$	29,735		$	15,421		$	11,354		$	13,976		$	15,826		$	13,909		$	70,486		$	30,059		$	40,427
Investment and derivative (gains) losses (1)	(45		)	—			—			(7		)	—			(45		)	(52		)	(5		)	(47		)
Adjusted operating income before income taxes	$	29,690		$	15,421		$	11,354		$	13,969		$	15,826		$	13,864		$	70,434		$	30,054		$	40,380

Europe, Middle East and Africa Financial Solutions
Income before income taxes	$	31,738		$	30,953		$	28,905		$	31,918		$	41,328		$	(9,590	)	$	123,514		$	138,007		$	(14,493	)
Investment and derivative (gains) losses (1)	2,738			(1,192		)	(2,458		)	(4,575		)	(4,914		)	7,652			(5,487		)	(13,537		)	8,050
Investment (income) loss on unit-linked variable annuities	(4,781		)	(2,475		)	291			(4,113		)	(4,217		)	(564		)	(11,078		)	(13,131		)	2,053
Interest credited on unit-linked variable annuities	4,781			2,475			(291		)	4,113			4,217			564			11,078			13,131			(2,053		)
Non-investment derivatives	41			(93		)	84			132			314			(273		)	164			(2,058		)	2,222
Adjusted operating income before income taxes	$	34,517		$	29,668		$	26,531		$	27,475		$	36,728		$	(2,211	)	$	118,191		$	122,412		$	(4,221	)

Asia Pacific Traditional
Income before income taxes	$	27,212		$	26,564		$	53,322		$	41,688		$	18,464		$	8,748		$	148,786		$	113,928		$	34,858
Investment and derivative (gains) losses (1)	15			—			—			—			—			15			15			(16		)	31
Adjusted operating income before income taxes	$	27,227		$	26,564		$	53,322		$	41,688		$	18,464		$	8,763		$	148,801		$	113,912		$	34,889

Asia Pacific Financial Solutions
Income (loss) before income taxes	$	2,110		$	(229	)	$	5,377		$	5,872		$	(11,966	)	$	14,076		$	13,130		$	4,063		$	9,067
Investment and derivative (gains) losses (1)	(1,408		)	(16		)	(2,750		)	(6,324		)	5,846			(7,254		)	(10,498		)	(6,473		)	(4,025		)
Adjusted operating income (loss) before income taxes	$	702		$	(245	)	$	2,627		$	(452	)	$	(6,120	)	$	6,822		$	2,632		$	(2,410	)	$	5,042

(1) Included in "Investment related gains (losses), net" on Consolidated GAAP Income Statement.



		Page 39

Reinsurance Group of America, Incorporated Reconciliations of GAAP Income to Adjusted Operating Income (USD thousands)



	Three Months Ended															Current Qtr			Year-to-Date
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
	2017			2017			2017			2017			2016			Quarter			2017			2016			Change
Corporate and Other
Income (loss) before income taxes	$	(72,983	)	$	(15,438	)	$	5,517		$	(42,076	)	$	(27,400	)	$	(45,583	)	$	(124,980	)	$	(39,242	)	$	(85,738	)
Investment and derivative (gains) losses (1)	13,346			(6,239		)	(14,990		)	15,500			1,120			12,226			7,617			(49,040		)	56,657
Non-investment derivatives	—			(9		)	(26		)	(26		)	(25		)	25			(61		)	(79		)	18
Adjusted operating income (loss) before income taxes	$	(59,637	)	$	(21,686	)	$	(9,499	)	$	(26,602	)	$	(26,305	)	$	(33,332	)	$	(117,424	)	$	(88,361	)	$	(29,063	)

Consolidated
Income before income taxes	$	255,494		$	340,162		$	339,315		$	207,844		$	295,543		$	(40,049	)	$	1,142,815		$	1,043,946		$	98,869
Investment and derivative (gains) losses (1)	27,908			(3,113		)	(38,098		)	33,272			103,944			(76,036		)	19,969			(22,082		)	42,051
Change in value of modified coinsurance and
funds withheld embedded derivatives (1)	(37,870		)	(23,044		)	(15,108		)	(68,702		)	(20,374		)	(17,496		)	(144,724		)	(54,169		)	(90,555		)
GMXB embedded derivatives (1)	(15,648		)	6,205			(360		)	(22,363		)	(90,923		)	75,275			(32,166		)	(7,834		)	(24,332		)
Funds withheld (gains) losses - investment income	(3,133		)	(7,443		)	(4,263		)	(654		)	(8,238		)	5,105			(15,493		)	(28,200		)	12,707
EIA embedded derivatives - interest credited	(3,595		)	(1,367		)	(7,340		)	(27,958		)	(39,964		)	36,369			(40,260		)	(28,137		)	(12,123		)
DAC offset, net	22,230			26,845			6,865			52,340			27,625			(5,395		)	108,280			47,364			60,916
Investment (income) loss on unit-linked variable annuities	(4,781		)	(2,475		)	291			(4,113		)	(4,217		)	(564		)	(11,078		)	(13,131		)	2,053
Interest credited on unit-linked variable annuities	4,781			2,475			(291		)	4,113			4,217			564			11,078			13,131			(2,053		)
Non-investment derivatives	41			(102		)	58			106			289			(248		)	103			(2,137		)	2,240
Adjusted operating income before income taxes	$	245,427		$	338,143		$	281,069		$	173,885		$	267,902		$	(22,475	)	$	1,038,524		$	948,751		$	89,773

(1) Included in "Investment related gains (losses), net" on Consolidated GAAP Income Statement.



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Reinsurance Group of America, Incorporated Reconciliations of Stockholders' Equity to Stockholders' Equity Excluding AOCI (USD thousands except per share data)

		Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,
		2017			2017			2017			2017			2016

Stockholders' equity		$	9,569,535		$	8,097,118		$	7,971,155		$	7,420,030		$	7,093,082
Less effect of AOCI:
	Accumulated currency translation adjustments	(103,415		)	(104,456		)	(151,189		)	(194,754		)	(172,541		)
	Unrealized appreciation of securities	2,053,112			1,770,903			1,864,477			1,558,148			1,355,033
	Pension and postretirement benefits	(42,438		)	(40,690		)	(41,390		)	(42,239		)	(43,163		)
Stockholders' equity, excluding AOCI		$	7,662,276		$	6,471,361		$	6,299,257		$	6,098,875		$	5,953,753



Reconciliation of Book Value Per Share to Book Value Per Share Excluding AOCI
		Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,
		2017			2017			2017			2017			2016

Book value per share outstanding		$	148.48		$	125.79		$	123.60		$	115.24		$	110.31
Less effect of AOCI:
	Accumulated currency translation adjustments	(1.60		)	(1.62		)	(2.34		)	(3.02		)	(2.68		)
	Unrealized appreciation of securities	31.85			27.51			28.91			24.20			21.07
	Pension and postretirement benefits	(0.65		)	(0.64		)	(0.65		)	(0.66		)	(0.67		)
Book value per share outstanding, before impact of AOCI		$	118.88		$	100.54		$	97.68		$	94.72		$	92.59



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