UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of Earliest Event Reported): October 23, 2006 REINSURANCE GROUP OF AMERICA, INCORPORATED (Exact Name of Registrant as Specified in its Charter) MISSOURI 1-11848 43-1627032 (State or Other Jurisdiction (Commission (IRS Employer of Incorporation) File Number) Identification Number) 1370 TIMBERLAKE MANOR PARKWAY, CHESTERFIELD, MISSOURI 63017 (Address of Principal Executive Office) Registrant's telephone number, including area code: (636) 736-7000 Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION On October 23, 2006, Reinsurance Group of America, Incorporated issued a press release announcing its earnings for the three-month period ended September 30, 2006 and providing certain additional information. The press release also notes that a conference call will be held on October 24, 2006 to discuss the financial and operating results for the three-month period ended September 30, 2006. A copy of the press release is furnished with this report as Exhibit 99.1 and shall not be deemed filed pursuant to Instruction B.2 of Form 8-K. ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS (d) Exhibits Exhibit No. Exhibit ----------- ------- 99.1 Press Release of Reinsurance Group of America, Incorporated October 23, 2006 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: October 23, 2006 By: /s/ Jack B. Lay ---------------------------------- Jack B. Lay Executive Vice President and Chief Financial Officer

EXHIBIT INDEX Exhibit No. Exhibit ----------- ------- 99.1 Press Release of Reinsurance Group of America, Incorporated dated October 23, 2006.

[RGA logo] For further information, contact Jack B. Lay Executive Vice President and Chief Financial Officer (636) 736-7000 FOR IMMEDIATE RELEASE - --------------------- REINSURANCE GROUP OF AMERICA REPORTS ------------------------------------ THIRD-QUARTER RESULTS --------------------- ST. LOUIS, October 23, 2006 - Reinsurance Group of America, Incorporated (NYSE:RGA), a leading global provider of life reinsurance, reported net income for the third quarter of $74.0 million, or $1.17 per diluted share, compared to $67.6 million, or $1.06 per diluted share, in the prior-year quarter. RGA uses a non-GAAP financial measure called operating income as a basis for analyzing financial results. The definition of operating income and reconciliations to GAAP net income are provided in the following tables. Operating income increased to $74.7 million, or $1.18 per diluted share, from $71.8 million, or $1.13 per diluted share in the year-ago quarter. Third-quarter net premiums rose 11 percent, to $1,076.2 million, from $973.5 million a year ago. Net investment income totaled $183.4 million versus $166.5 million the year before. A. Greig Woodring, president and chief executive officer, commented, "We are pleased with the results for the quarter. Each of our operating segments contributed to solid top and bottom-line results and our international operations continue to increase their contribution to the consolidated results. "The U.S. segment reported solid earnings with pre-tax net income totaling $84.8 million for the quarter versus $85.8 million the year before. Pre-tax operating income totaled $84.9 million versus $86.7 million the year before. Prior-year results were quite strong, with favorable mortality. Mortality experience for the current quarter was within our range of expectations. Net premiums were up 6 percent to $648.1 million from $611.4 million in the prior-year quarter, when premium levels were quite strong. Through nine months, premiums increased 10 percent, at the top end of our expected range." - more -

Add One For the first nine months of 2006, consolidated net income totaled $206.7 million, or $3.29 per diluted share, compared to $156.0 million, or $2.45 per diluted share, in the year-ago period. Operating income increased 39 percent to $212.2 million, or $3.38 per diluted share, from $152.3 million, or $2.39 per diluted share in the prior-year period. Consolidated premiums were up 12 percent, to $3,145.2 million from $2,806.7 million. Woodring commented, "Year-to-date results are tracking well as we enter the fourth quarter. We do not anticipate any meaningful changes in competition or the pricing environment during the remainder of the year. "Turning back to the third-quarter results, our Canada operations reported pre-tax net income of $13.5 million compared to $11.7 million a year ago. Pre-tax operating income increased to $12.1 million from $11.1 million. Claims flow returned to more normalized levels compared to the first six months of the year. Net premiums increased 16 percent to $103.3 million from $89.1 million. Net premiums and pre-tax operating income for the 2006 period benefited from a favorable currency exchange rate relative to the prior year by approximately $6.8 million and $1.2 million, respectively. "Other International operations, which include our Asia Pacific and Europe and South Africa segments, were mixed, with strong results in Asia Pacific more than offsetting weaker-than-expected results in Europe and South Africa. "Asia Pacific reported pre-tax net income and pre-tax operating income of $20.4 million, compared with $1.4 million in the year-ago quarter. Segment-wide claims experience was good during the current quarter, while the prior-year quarter claims experience was unfavorable which led to the increased earnings level. Stronger premium flow also contributed to the bottom line as net premiums increased 32 percent to $178.5 million from $135.3 million. Foreign currency fluctuations favorably affected net premiums and pre-tax operating income by approximately $1.7 million and $0.1 million, respectively. "Europe and South Africa results were down for the quarter, with pre-tax net income totaling $8.8 million compared to $15.7 million a year ago, when mortality experience was quite favorable. Pre-tax operating income totaled $8.9 million versus $15.7 million last year. Net premiums increased 6 percent for the quarter to $145.8 million. Foreign currency exchange fluctuations favorably affected reported net premiums and pre-tax operating income by approximately $4.6 million and $0.3 million, respectively. Year-to-date, however, Europe and South Africa results were very strong." - more -

Add Two Woodring concluded, "Our performance so far this year has been very gratifying and reflects RGA's continued evolution toward a global leadership franchise in life reinsurance. We have also created significant shareholder value with year-over-year book value per share growth that exceeds 12 percent." The company also announced that its board of directors declared a regular quarterly dividend of $0.09, payable November 29 to shareholders of record as of November 8. A conference call to discuss the company's third-quarter results will begin at 9 a.m. Eastern Time on Tuesday, October 24. Interested parties may access the call by dialing 800-210-9006 (domestic) or 719-457-2621 (international). The access code is 1559244. A live audio webcast of the conference call will be available on the company's investor relations web page at www.rgare.com. A replay of the conference call will be available at the same address for three months following the conference call. A replay of the conference call will also be available via telephone through October 31 at 888-203-1112 (domestic) or 719-457-0820, access code 1559244. Reinsurance Group of America, Incorporated, through its subsidiaries, RGA Reinsurance Company and RGA Life Reinsurance Company of Canada, is among the largest global providers of life reinsurance. In addition to its U.S. and Canadian operations, Reinsurance Group of America, Incorporated has subsidiary companies or offices in Australia, Barbados, Bermuda, China, Hong Kong, India, Ireland, Japan, Mexico, South Africa, South Korea, Spain, Taiwan, and the United Kingdom. Worldwide, the company has approximately $1.9 trillion of life reinsurance in force, and assets of $18.5 billion. MetLife, Inc. is the beneficial owner of approximately 53 percent of RGA's outstanding shares. CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS - --------------------------------------------------------- This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, among others, statements relating to projections of the earnings, revenues, income or loss, future financial performance and growth potential of Reinsurance Group of America, Incorporated and its subsidiaries (which we refer to in the following paragraphs as "we," "us" or "our"). The words "intend," "expect," "project," "estimate," "predict," "anticipate," "should," "believe," and other similar expressions also are intended to identify forward-looking statements. Forward-looking statements are inherently - more -

Add Three 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 changes in mortality, morbidity or claims experience, (2) changes in our financial strength and credit ratings or those of MetLife, Inc. ("MetLife"), the beneficial owner of a majority of our common shares, or its subsidiaries, and the effect of such changes on our future results of operations and financial condition, (3) inadequate risk analysis and underwriting, (4) general economic conditions or a prolonged economic downturn affecting the demand for insurance and reinsurance in our current and planned markets, (5) the availability and cost of collateral necessary for regulatory reserves and capital, (6) market or economic conditions that adversely affect our ability to make timely sales of investment securities, (7) risks inherent in our risk management and investment strategy, including changes in investment portfolio yields due to interest rate or credit quality changes, (8) fluctuations in U.S. or foreign currency exchange rates, interest rates, or securities and real estate markets, (9) adverse litigation or arbitration results, (10) the adequacy of reserves, resources and accurate information relating to settlements, awards and terminated and discontinued lines of business, (11) the stability of and actions by governments and economies in the markets in which we operate, (12) competitive factors and competitors' responses to our initiatives, (13) the success of our clients, (14) successful execution of our entry into new markets, (15) successful development and introduction of new products and distribution opportunities, (16) our ability to successfully integrate and operate reinsurance business that we acquire, (17) regulatory action that may be taken by state Departments of Insurance with respect to us, MetLife, or its subsidiaries, (18) our dependence on third parties, including those insurance companies and reinsurers to which we cede some reinsurance, third-party investment managers and others, (19) the threat of natural disasters, catastrophes, terrorist attacks, epidemics or pandemics anywhere in the world where we or our clients do business, (20) changes in laws, regulations, and accounting standards applicable to us, our subsidiaries, or our business, (21) the effect of our status as a holding company and regulatory restrictions on our ability to pay principal of and interest on our debt obligations, and (22) other risks and uncertainties described in this document and in our other filings with the Securities and Exchange Commission. - more -

Add Four 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. - tables attached -

Add Five Operating Income RGA uses a non-GAAP financial measure called operating income as a basis for analyzing financial results. This measure also serves as a basis for establishing target levels and awards under RGA's management incentive programs. Management believes that operating income, on a pre-tax and after-tax basis, better measures the ongoing profitability and underlying trends of the company's continuing operations, primarily because that measure excludes the effect of investment related gains and losses, as well as changes in the fair value of embedded derivatives and related deferred acquisition costs. These items tend to be highly variable, primarily due to the credit market and interest rate environment and are not necessarily indicative of the performance of the company's underlying businesses. Additionally, operating income excludes any net gain or loss from discontinued operations and the cumulative effect of any accounting changes, which management believes are not indicative of the company's ongoing operations. The definition of operating income can vary by company and is not considered a substitute for GAAP net income. REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES Reconciliation of Net Income From Continuing Operations to Operating Income (Dollars in thousands) (Unaudited) Three Months Ended Nine Months Ended September 30, September 30, --------------------------------------- 2006 2005 2006 2005 ---- ---- ---- ---- GAAP net income-continuing operations $ 75,574 $ 73,519 $209,943 $165,943 Investment related (gains)/losses 185 (2,014) 3,267 (16,740) Change in value of embedded derivatives (2,776) (2,298) 1,463 (4,017) DAC offset for embedded derivatives and investment related (gains)/losses, net 1,706 2,613 (2,463) 7,162 --------------------------------------- Operating income $ 74,689 $ 71,820 $212,210 $152,348 - more -

Add Six REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES Reconciliation of Pre-tax Net Income From Continuing Operations to Pre-tax Operating Income (Dollars in thousands) (Unaudited) Three Months Ended September 30, 2006 Investment Change in Pre-tax related value of Pre-tax net (gains)/ embedded operating income losses, derivatives, income (loss) net net (loss) ------- ---------- ------------ --------- U.S. Operations: Traditional $ 75,757 $ (200) $ -- $ 75,557 Asset Intensive 5,277 1,736(1) (1,386)(2) 5,627 Financial Reinsurance 3,768 (4) -- 3,764 ---------------------------------------------- Total U.S. 84,802 1,532 (1,386) 84,948 Canada Operations 13,462 (1,312) -- 12,150 Asia Pacific Operations 20,378 46 -- 20,424 Europe & South Africa 8,813 91 -- 8,904 ---------------------------------------------- Other Intl Operations 29,191 137 -- 29,328 Corporate & Other (9,886) (387) -- (10,273) ---------------------------------------------- Consolidated $117,569 $ (30) $ (1,386) $116,153 ============================================== (1) Asset Intensive is net of $(262)DAC offset. (2) Asset Intensive is net of DAC offsets of $2,886 included in change in deferred acquisition cost associated with change in value of embedded derivative. (Unaudited) Three Months Ended September 30, 2005 Investment Change in Pre-tax related value of Pre-tax net (gains)/ embedded operating income losses, derivatives, income (loss) net net (loss) ------- ---------- ------------ --------- U.S. Operations: Traditional $ 79,676 $ 861 $ -- $ 80,537 Asset Intensive 2,702 (243)(1) 322(2) 2,781 Financial Reinsurance 3,413 3 -- 3,416 ---------------------------------------------- Total U.S. 85,791 621 322 86,734 Canada Operations 11,690 (618) -- 11,072 Asia Pacific Operations 1,416 (21) -- 1,395 Europe & South Africa 15,727 16 -- 15,743 ---------------------------------------------- Other Intl Operations 17,143 (5) -- 17,138 Corporate & Other (1,062) (2,435) -- (3,497) ---------------------------------------------- Consolidated $113,562 $ (2,437) $ 322 $111,447 ============================================== (1) Asset Intensive is net of $162 DAC offset. (2) Asset Intensive is net of DAC offsets of $3,858 included in change in deferred acquisition cost associated with change in value of embedded derivative. - more -

Add Seven REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES Reconciliation of Pre-tax Net Income From Continuing Operations to Pre-tax Operating Income (Dollars in thousands) (Unaudited) Nine Months Ended September 30, 2006 Pre-tax Investment Change in Pre-tax net related value of operating income (gains)/ embedded income (loss) losses, net derivative (loss) ------- ----------- ---------- --------- U.S. Operations: Traditional $212,487 $ 3,535 $ -- $216,022 Asset Intensive 12,284 6,391(1) (88)(2) 18,587 Financial Reinsurance 11,302 (4) -- 11,298 --------------------------------------------- Total U.S. 236,073 9,922 (88) 245,907 Canada Operations 32,967 (3,307) -- 29,660 Asia Pacific Operations 34,717 123 -- 34,840 Europe & South Africa 40,879 238 -- 41,117 --------------------------------------------- Other Intl Operations 75,596 361 -- 75,957 Corporate & Other (21,433) (3,362) -- (24,795) --------------------------------------------- Consolidated $323,203 $ 3,614 $ (88) $326,729 ============================================= (1) Asset Intensive is net of $(1,451)DAC offset. (2) Asset Intensive is net of DAC offsets of $(2,339) included in change in deferred acquisition cost associated with change in value of embedded derivative. (Unaudited) Nine Months Ended September 30, 2005 Pre-tax Investment Change in Pre-tax net related value of operating income (gains)/ embedded income (loss) losses, net derivative (loss) ------- ----------- ---------- -------- U.S. Operations: Traditional $158,366 $ 4,525 $ -- $162,891 Asset Intensive 12,828 (1,672)(1) (218)(2) 10,938 Financial Reinsurance 10,355 10 -- 10,365 ---------------------------------------------- Total U.S. 181,549 2,863 (218) 184,194 Canada Operations 38,149 (2,901) -- 35,248 Asia Pacific Operations 15,702 (75) -- 15,627 Europe & South Africa 23,396 182 -- 23,578 --------------------------------------------- Other Intl Operations 39,098 107 -- 39,205 Corporate & Other (12,090) (16,163)(3) -- (28,253) --------------------------------------------- Consolidated $246,706 $(16,094) $ (218) $230,394 ============================================= (1) Asset Intensive is net of $367 DAC offset. (2) Asset Intensive is net of DAC offsets of $5,962 included in change in deferred acquisition cost associated with change in value of embedded derivative. (3) Corporate & Other is net of DAC offsets of $3,048 included in policy acquisition costs and other insurance expenses. - more -

Add Eight REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES Condensed Consolidated Statements of Income (Dollars in thousands) Three Months Ended Nine Months Ended (Unaudited) September 30, September 30, - -------------------------------------------------------------------------- 2006 2005 2006 2005 ---- ---- ---- ---- Revenues: Net premiums $1,076,191 $973,532 $3,145,236 $2,806,706 Investment income, net of related expenses 183,357 166,456 538,903 469,793 Investment related gains/(losses), net (125) 2,659 (4,807) 19,588 Change in value of embedded derivatives 4,272 3,536 (2,251) 6,180 Other revenues 18,788 12,234 47,035 43,698 --------------------- ---------------------- Total revenues 1,282,483 1,158,417 3,724,116 3,345,965 Benefits and expenses: Claims and other policy benefits 846,908 774,336 2,532,952 2,340,319 Interest credited 43,582 59,919 149,843 153,587 Policy acquisition costs and other insurance expenses 188,731 158,698 513,235 460,529 Change in deferred acquisition cost associated with change in value of embedded derivatives 2,886 3,858 (2,339) 5,962 Other operating expenses 54,568 37,992 146,925 109,030 Collateral finance facilities expense 13,136 -- 13,413 -- Interest expense 15,103 10,052 46,884 29,832 --------------------- ---------------------- Total benefits and expenses 1,164,914 1,044,855 3,400,913 3,099,259 --------------------- ---------------------- Income from continuing operations before income taxes 117,569 113,562 323,203 246,706 Provision for income taxes 41,995 40,043 113,260 80,763 --------------------- ---------------------- Income from continuing operations 75,574 73,519 209,943 165,943 Discontinued operations: Loss from discontinued accident and health operations, net of income taxes (1,539) (5,890) (3,207) (9,940) --------------------- ---------------------- Net income $ 74,035 $67,629 $ 206,736 $ 156,003 ===================== ====================== - more -

Add Nine REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES Condensed Consolidated Statements of Income (In thousands, except per share data) Three Months Ended Nine Months Ended (Unaudited) September 30, September 30, ---------------------------------------------------------------------- 2006 2005 2006 2005 ---- ---- ---- ---- Earnings per share from continuing operations: Basic earnings per share $ 1.23 $ 1.17 $ 3.43 $ 2.65 Diluted earnings per share $ 1.20 $ 1.15 $ 3.34 $ 2.60 Diluted earnings before investment related gains/ (losses), change in value of embedded derivatives, and related deferred acquisition costs $ 1.18 $ 1.13 $ 3.38 $ 2.39 Earnings per share from net income: Basic earnings per share $ 1.21 $ 1.08 $ 3.38 $ 2.49 Diluted earnings per share $ 1.17 $ 1.06 $ 3.29 $ 2.45 Weighted average number of common and common equivalent shares outstanding 63,105 63,653 62,811 63,756 - more -

Add Ten REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES Condensed Consolidated Business Summary At or For the Nine Months Ended (Unaudited) September 30, - ---------------------------------------------------------------------- 2006 2005 ---- ---- Gross life reinsurance in force (in billions) North American business $1,299.7 $1,189.5 International business $ 599.4 $ 467.7 Gross life reinsurance written (in billions) North American business $ 160.8 $ 161.4 International business $ 118.8 $ 101.6 Consolidated cash and invested assets (in millions) $14,351.3 $11,756.1 Invested asset book yield - trailing three months excluding funds withheld 5.79% 5.89% Investment portfolio mix Cash and short-term investments 2.05% 1.50% Fixed maturity securities 57.77% 55.29% Mortgage loans 4.67% 5.39% Policy loans 6.72% 7.95% Funds withheld at interest 27.26% 27.88% Other invested assets 1.53% 1.99% Collateral finance facilities (in millions) $ 850.3 $ -- Short-term debt (in millions) $ 28.1 $ 126.6 Long-term debt (in millions) $ 674.7 $ 276.4 Company-obligated mandatorily redeemable preferred securities of subsidiary (in millions) $ 158.7 $ 158.5 Book value per share outstanding $ 45.22 $ 40.33 Book value per share outstanding, before impact of FAS 115* $ 39.29 $ 34.81 Total stockholders' equity (in millions) 2,775.0 2,526.3 Total stockholders' equity, before impact of FAS 115* (in millions) 2,411.0 2,180.7 Treasury shares 1,761,365 487,640 Common stock outstanding 61,366,908 62,640,633 * Book value per share outstanding and total stockholders' equity, before impact of FAS 115, are non-GAAP financial measures that management believes are important in evaluating the balance sheet ignoring the effect of mark-to-market adjustments that primarily relate to changes in interest rates and credit spreads on investment securities since they were acquired. - more -

Add Eleven REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES U.S. OPERATIONS (Dollars in thousands) (Unaudited) Three Months Ended September 30, 2006 Asset Financial Total Revenues: Traditional Intensive Reinsurance U.S. ----------- --------- ----------- ----- Net premiums $ 646,529 $ 1,559 $ -- $ 648,088 Investment income, net of related expenses 76,900 48,473 (7) 125,366 Investment related gains/(losses), net 200 (1,998) 4 (1,794) Change in value of embedded derivatives -- 4,272 -- 4,272 Other revenues 271 7,263 7,584 15,118 ---------------------------------------------- Total revenues 723,900 59,569 7,581 791,050 Benefits and expenses: Claims and other policy benefits 514,259 1,069 3 515,331 Interest credited 12,337 30,824 -- 43,161 Policy acquisition costs and other insurance expenses 109,213 17,644 2,392 129,249 Change in deferred ac- quisition cost associated with change in value of embedded derivatives -- 2,886 -- 2,886 Other operating expenses 12,334 1,869 1,418 15,621 ---------------------------------------------- Total benefits and expenses 648,143 54,292 3,813 706,248 Income before income taxes $ 75,757 $ 5,277 $ 3,768 $ 84,802 ========== ========= ======== ========== (Unaudited) Three Months Ended September 30, 2005 Asset Financial Total Revenues: Traditional Intensive Reinsurance U.S. ----------- --------- ----------- ----- Net premiums $ 610,242 $ 1,147 $ -- $ 611,389 Investment income, net of related expenses 69,011 59,776 157 128,944 Investment related gains/(losses),net (861) 405 (3) (459) Change in value of embedded derivatives -- 3,536 -- 3,536 Other revenues 185 2,116 6,654 8,955 ---------------------------------------------- Total revenues 678,577 66,980 6,808 752,365 Benefits and expenses: Claims and other policy benefits 484,493 860 3 485,356 Interest credited 13,553 45,828 -- 59,381 Policy acquisition costs and other insurance expenses 90,696 12,559 2,105 105,360 Change in deferred ac- quisition cost associated with change in value of embedded derivatives -- 3,858 -- 3,858 Other operating expenses 10,159 1,173 1,287 12,619 ---------------------------------------------- Total benefits and expenses 598,901 64,278 3,395 666,574 Income before income taxes $ 79,676 $ 2,702 $ 3,413 $ 85,791 ========== ======== ========= ========== - more -

Add Twelve REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES U.S. OPERATIONS (Dollars in thousands) (Unaudited) Nine Months Ended September 30, 2006 Asset Financial Total Revenues: Traditional Intensive Reinsurance U.S. ----------- --------- ----------- ----- Net premiums $ 1,920,667 $ 4,638 $ -- $1,925,305 Investment income, net of related expenses 222,599 167,794 (162) 390,231 Investment related gains/(losses), net (3,535) (7,842) 4 (11,373) Change in value of embedded derivatives -- (2,251) -- (2,251) Other revenues 227 14,460 22,390 37,077 ------------------------------------------------ Total revenues 2,139,958 176,799 22,232 2,338,989 Benefits and expenses: Claims and other policy benefits 1,568,045 927 4 1,568,976 Interest credited 35,620 112,291 -- 147,911 Policy acquisition costs and other insurance expenses 292,614 48,578 7,052 348,244 Change in deferred ac- quisition cost associated with change in value of embedded derivatives -- (2,339) -- (2,339) Other operating expenses 31,192 5,058 3,874 40,124 ------------------------------------------------ Total benefits and expenses 1,927,471 164,515 10,930 2,102,916 Income before income taxes $ 212,487 $ 12,284 $ 11,302 $ 236,073 =========== ========= ======== ========== (Unaudited) Nine Months Ended September 30, 2005 Asset Financial Total Revenues: Traditional Intensive Reinsurance U.S. ----------- --------- ----------- ----- Net premiums $1,751,731 $ 3,488 $ -- $1,755,219 Investment income, net of related expenses 198,508 157,471 319 356,298 Investment related gains/(losses),net (4,525) 2,039 (10) (2,496) Change in value of embedded derivatives -- 6,180 -- 6,180 Other revenues 896 5,960 20,299 27,155 ------------------------------------------------ Total revenues 1,946,610 175,138 20,608 2,142,356 Benefits and expenses: Claims and other policy benefits 1,464,774 4,109 5 1,468,888 Interest credited 41,863 109,809 -- 151,672 Policy acquisition costs and other insurance expenses 252,151 38,683 6,179 297,013 Change in deferred ac- quisition cost associated with change in value of embedded derivatives -- 5,962 -- 5,962 Other operating expenses 29,456 3,747 4,069 37,272 ------------------------------------------------ Total benefits and expenses 1,788,244 162,310 10,253 1,960,807 Income before income taxes $ 158,366 $12,828 $ 10,355 $ 181,549 ========== ======= ======== ========== - more -

Add Thirteen REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES CANADIAN OPERATIONS (Dollars in thousands) Three Months Ended (Unaudited) September 30, - --------------------------------------------------------------------- 2006 2005 ---- ---- Revenues: Net premiums $103,316 $ 89,074 Investment income, net of related expenses 27,578 22,728 Investment related gains, net 1,419 678 Other revenues (452) (319) ------- -------- Total revenues 131,861 112,161 Benefits and expenses: Claims and other policy benefits 95,854 73,810 Interest credited 211 266 Policy acquisition costs and other insurance expenses 18,146 22,474 Other operating expenses 4,188 3,921 -------- -------- Total benefits and expenses 118,399 100,471 Income before income taxes $ 13,462 $ 11,690 ======== ======== Nine Months Ended (Unaudited) September 30, - --------------------------------------------------------------------- 2006 2005 ---- ---- Revenues: Net premiums $294,838 $239,684 Investment income, net of related expenses 78,881 67,637 Investment related gains, net 3,565 2,980 Other revenues 315 (266) -------- -------- Total revenues 377,599 310,035 Benefits and expenses: Claims and other policy benefits 280,382 216,707 Interest credited 623 875 Policy acquisition costs and other insurance expenses 51,735 43,304 Other operating expenses 11,892 11,000 --------- -------- Total benefits and expenses 344,632 271,886 Income before income taxes $ 32,967 $ 38,149 ======== ======== - more -

Add Fourteen REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES Europe & South Africa (Dollars in thousands) Three Months Ended (Unaudited) September 30, - --------------------------------------------------------------------- 2006 2005 ---- ---- Revenues: Net premiums $145,769 $137,145 Investment income, net of related expenses 4,210 3,184 Investment related losses, net (91) (16) Other revenues 206 88 -------- --------- Total revenues 150,094 140,401 Benefits and expenses: Claims and other policy benefits 101,492 97,039 Interest credited 133 109 Policy acquisition costs and other insurance expenses 28,110 20,262 Other operating expenses 11,546 7,264 -------- -------- Total benefits and expenses 141,281 124,674 Income before income taxes $ 8,813 $ 15,727 ======== ======== Nine Months Ended (Unaudited) September 30, - --------------------------------------------------------------------- 2006 2005 ---- ---- Revenues: Net premiums $436,993 $411,475 Investment income, net of related expenses 11,475 8,214 Investment related losses, net (238) (182) Other revenues 119 258 -------- -------- Total revenues 448,349 419,765 Benefits and expenses: Claims and other policy benefits 308,172 305,488 Interest credited 479 662 Policy acquisition costs and other insurance expenses 69,188 70,177 Other operating expenses 29,631 20,042 -------- -------- Total benefits and expenses 407,470 396,369 Income before income taxes $ 40,879 $ 23,396 ======== ======== - more -

Add Fifteen REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES Asia Pacific (Dollars in thousands) Three Months Ended (Unaudited) September 30, - --------------------------------------------------------------------- 2006 2005 ---- ---- Revenues: Net premiums $178,550 $135,336 Investment income, net of related expenses 7,036 5,409 Investment related gains/(losses), net (46) 21 Other revenues 1,243 699 -------- -------- Total revenues 186,783 141,465 Benefits and expenses: Claims and other policy benefits 134,177 114,059 Policy acquisition costs and other insurance expenses 20,658 18,758 Other operating expenses 11,570 7,232 -------- -------- Total benefits and expenses 166,405 140,049 Income before income taxes $ 20,378 $ 1,416 ======== ======== Nine Months Ended (Unaudited) September 30, - --------------------------------------------------------------------- 2006 2005 ---- ---- Revenues: Net premiums $486,615 $398,562 Investment income, net of related expenses 20,354 15,418 Investment related gains/(losses), net (123) 75 Other revenues 4,734 2,647 -------- -------- Total revenues 511,580 416,702 Benefits and expenses: Claims and other policy benefits 376,399 315,336 Policy acquisition costs and other insurance expenses 70,230 66,599 Other operating expenses 30,234 19,065 -------- -------- Total benefits and expenses 476,863 401,000 Income before income taxes $ 34,717 $ 15,702 ======== ======== - more -

Add Sixteen REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES CORPORATE AND OTHER (Dollars in thousands) Three Months Ended (Unaudited) September 30, - -------------------------------------------------------------------- 2006 2005 ---- ---- Revenues: Net premiums $ 468 $ 588 Investment income, net of related expenses 19,167 6,191 Investment related gains, net 387 2,435 Other revenues 2,673 2,811 -------- -------- Total revenues 22,695 12,025 Benefits and expenses: Claims and other policy benefits 54 4,072 Interest credited 77 163 Policy acquisition costs and other insurance expenses (7,432) (8,156) Other operating expenses 11,643 6,956 Collateral finance facilities expense 13,136 -- Interest expense 15,103 10,052 -------- -------- Total benefits and expenses 32,581 13,087 Income before income taxes $ (9,886) $ (1,062) ======== ======== Nine Months Ended (Unaudited) September 30, - -------------------------------------------------------------------- 2006 2005 ---- ---- Revenues: Net premiums $ 1,485 $ 1,766 Investment income, net of related expenses 37,962 22,226 Investment related gains, net 3,362 19,211 Other revenues 4,790 13,904 -------- -------- Total revenues 47,599 57,107 Benefits and expenses: Claims and other policy benefits (977) 33,900 Interest credited 830 378 Policy acquisition costs and other insurance expenses (26,162) (16,564) Other operating expenses 35,044 21,651 Collateral finance facilities expense 13,413 -- Interest expense 46,884 29,832 -------- -------- Total benefits and expenses 69,032 69,197 Income before income taxes $(21,433) $(12,090) ======== ======== # # #