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 25, 2010
REINSURANCE GROUP OF AMERICA, INCORPORATED
(Exact Name of Registrant as Specified in its Charter)
 	 	 	 	 	
Missouri	 	1-11848	 	43-1627032	
(State or Other Jurisdiction of
Incorporation)	 	(Commission
File Number)	 	(IRS Employer
Identification Number)	
1370 Timberlake Manor Parkway, Chesterfield, Missouri 63017
(Address of Principal Executive Office)
Registrant’s telephone number, including area code: (636) 736-7000
     Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions ( see  General Instruction A.2. below):
o	 	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)	
 	 	 	
o	 	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)	
 	 	 	
o	 	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))	
 	 	 	
o	 	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 25, 2010, Reinsurance Group of America, Incorporated (the “Company”) issued (1) a press release announcing its earnings for the three-month period ended September 30, 2010, and providing certain additional information, a copy of which is furnished with this report as Exhibit 99.1, and (2) a Quarterly Financial Supplement for the quarter ended September 30, 2010, a copy of which is attached hereto as Exhibit 99.2. The press release also notes that a conference call will be held on October 26, 2010 to discuss the financial and operating results for the three-month period ended September 30, 2010. The press release and Quarterly Financial Supplement are furnished and are not filed pursuant to Instruction B.2 of Form 8-K.
 	 	 	
Item 9.01	 	Financial Statements and Exhibits	

(d)	 	Exhibits.	

Exhibit No.	 	Exhibit	
99.1	 	Press Release of Reinsurance Group of America, Incorporated dated October 25, 2010	
 	 	 	
99.2	 	Quarterly Financial Supplement for the quarter ended September 30, 2010	
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 25, 2010 	By:  	/s/ Jack B. Lay  	 	
 	 	Jack B. Lay 	 	
 	 	Senior Executive Vice President and
Chief Financial Officer 	 	

 
EXHIBIT INDEX
 	 	 	
Exhibit Number	 	Description	
99.1	 	Press Release dated October 25, 2010	
 	 	 	
99.2	 	Quarterly Financial Supplement for the quarter ended September 30, 2010	

Exhibit 99.1

PRESS RELEASE
REINSURANCE GROUP OF AMERICA REPORTS THIRD-QUARTER RESULTS
 	•	 	Third-quarter net income and operating* income per diluted share increase to $1.72	
 	 	 	 	
 	•	 	Premiums up 17 percent to $1.6 billion	
ST. LOUIS, October 25, 2010 — Reinsurance Group of America, Incorporated (NYSE:RGA), a leading global provider of life reinsurance, reported third-quarter net income of $128.2 million, or $1.72 per diluted share, compared to $118.2 million, or $1.61 per diluted share in the prior-year quarter. Operating income* totaled $127.7 million, or $1.72 per diluted share, compared to $114.6 million, or $1.56 per diluted share in the year-ago quarter. Operating income per diluted share increased 10 percent over a solid year-ago quarter.
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Quarterly Results	 	 	Year-to-Date Results	 	
($ in thousands, except per share data)	 	2010	 	 	2009	 	 	2010	 	 	2009	 	
Net premiums	 	$	1,647,300	 	 	$	1,405,179	 	 	$	4,857,781	 	 	$	4,126,407	 	
Net income	 	 	128,232	 	 	 	118,208	 	 	 	377,690	 	 	 	294,677	 	
Net income per diluted share	 	 	1.72	 	 	 	1.61	 	 	 	5.06	 	 	 	4.03	 	
Operating income*	 	 	127,703	 	 	 	114,571	 	 	 	342,610	 	 	 	312,488	 	
Operating income per diluted share*	 	 	1.72	 	 	 	1.56	 	 	 	4.59	 	 	 	4.28	 	
Book value per share	 	 	68.30	 	 	 	51.83	 	 	 	 	 	 	 	 	 	
Book value per share (excl. Accumulated Other Comprehensive Income “AOCI”)*	 	 	53.82	 	 	 	47.47	 	 	 	 	 	 	 	 	 	
Total assets	 	 	28,934,028	 	 	 	24,162,113	 	 	 	 	 	 	 	 	 	

*	 	See ‘Use of Non-GAAP Financial Measures’ below	
Year-to-date net income increased to $377.7 million, or $5.06 per diluted share, from $294.7 million, or $4.03 per diluted share, in the year-ago period. Operating income* totaled $342.6 million, or $4.59 per diluted share, compared with $312.5 million, or $4.28 per diluted share, the year before. Foreign currency fluctuations benefited year-to-date operating income per diluted share by $0.14. Net premiums increased $731.4 million, or 18 percent, and net investment income rose $76.1 million, or 9 percent, compared to the first nine months of 2009. Net premiums for the group reinsurance business acquired at the beginning of the year totaled $227.6 million.
For the quarter, consolidated net premiums were up 17 percent, to $1,647.3 million, including $80.6 million from the group reinsurance business. Holding foreign exchange rates constant, premiums rose 16 percent. Investment income decreased 4 percent to $287.5 million from $299.5 million in the year-earlier quarter, with average investment yields of 5.66 percent and 5.71 percent, respectively. Excluding the change in valuation of option contracts supporting equity-indexed annuities, investment income increased $43.1 million, or 16 percent, to $313.3 million. Stronger foreign currencies contributed approximately $1.2 million after taxes, or $0.02 per share, to operating results when compared to 2009.
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Congress has not passed an extension of the existing active financing exception legislation this year, so the company increased its tax provision by $5.0 million during the quarter, an adverse effect of $0.07 and $0.20 per diluted share for the third quarter and first nine months, respectively.
A. Greig Woodring, president and chief executive officer, commented, “We are pleased with our third-quarter operating results. Our overall claims experience approximated our expectations. In addition, consolidated premiums continued to grow in line with expectations and our book value continued to benefit from consistent earnings contributions and a strengthening investment portfolio. Impairments for the quarter were not significant. Our net unrealized gain position increased by $362.4 million and our book value improved by $555.1 million, or 12 percent, ending the quarter at $68.30 per share.
“Our annualized operating return on equity was 13 percent for the quarter. We continue to evaluate business opportunities and believe we are well-positioned to serve our clients’ needs across the globe. We remain confident in the longer-term performance expectations of our business.”
SEGMENT RESULTS
U.S.
The U.S. Traditional sub-segment reported pre-tax income of $114.1 million for the quarter compared with $63.8 million in the prior year. Pre-tax operating income increased to $101.1 million from $84.7 million the year before, when higher-than-expected mortality experience adversely affected results. Current-quarter mortality experience was generally in line with expectations. The segment’s group business contributed to the increase over the prior-year period. Net premiums were up 16 percent, to $930.1 million from $801.4 million in the prior-year quarter, with the U.S. group reinsurance business accounting for $77.1 million. Excluding the effect of the group reinsurance business, premiums were up 6 percent.
The U.S. Asset Intensive business reported a pre-tax loss of $6.6 million, primarily related to changes in the value of embedded derivatives on funds withheld treaties. A pre-tax gain of $37.9 million was posted in the year-ago quarter. On an operating basis, the business contributed pre-tax operating income of $14.0 million versus a very strong $19.7 million a year ago.
Canada
Canadian operations reported pre-tax net income of $33.5 million, compared to $18.8 million in the third quarter of 2009. Pre-tax operating income increased 28 percent to $28.0 million from last year’s $21.8 million, reflecting favorable mortality in the current quarter. Foreign currency fluctuations benefited pre-tax operating income by approximately $0.3 million. On a Canadian dollar basis, net premiums increased 27 percent. On a U.S. dollar basis, net premiums were up
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$52.2 million, or 34 percent, to $205.6 million from $153.4 million last year. The increase in net premiums primarily reflected a new longevity transaction, which contributed $55.2 million, including a one-time up-front premium of $43.3 million.
Asia Pacific
Asia Pacific reported strong pre-tax net income of $28.5 million compared with a slightly better prior-year result of $30.9 million. Pre-tax operating income totaled $27.4 million compared with $28.0 million a year ago, reflecting favorable claims experience in both periods. Favorable foreign currency exchange of $1.0 million helped the current-quarter pre-tax operating result. Net premiums increased to $273.8 million from $242.4 million in the prior year, with strong production in Australia, Japan and Taiwan. Net premiums, when compared to the prior-year quarter, benefited by approximately $17.7 million due to foreign currency fluctuations.
Europe & South Africa
Europe & South Africa’s third-quarter pre-tax net income increased to $17.5 million from $7.0 million in the year-ago quarter. Pre-tax operating income was $15.7 million compared with $6.7 million last year. Net premiums increased to $233.0 million from $204.2 million in the prior-year quarter. Strong UK results were primarily responsible for the segment’s increases in pre-tax operating income and net premiums. Foreign currency exchange rates had adverse effects totaling $12.5 million and $1.2 million on net premiums and pre-tax operating income, respectively.
Corporate and Other
As indicated earlier, the company’s third-quarter effective tax rate included a $5.0 million provision related to the expiration of active financing exception tax rules. It is possible that Congress will pass an extender package later this year, at which point the cumulative additional tax provision of $14.9 million would be reversed. Interest expense totaled $25.2 million this quarter compared with $5.2 million in the prior-year quarter. The increase is primarily due to a reversal of interest expense in the prior-year period associated with the settlement of an uncertain tax position in a previous tax year. There was no such settlement in the current quarter, but the company expects a similar reversal in a future period when the next tax year is settled.
Dividend Declaration
The company’s board of directors declared a regular quarterly dividend of $0.12, payable November 26 to shareholders of record as of November 5.
Earnings Conference Call
A conference call to discuss the company’s third-quarter results will begin at 9 a.m. Eastern Time on Tuesday, October 26. Interested parties may access the call by dialing 877-723-9523 (domestic) or 719-325-4904 (international). The access code is 8045459. A live audio webcast
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of the conference call will be available on the company’s investor relations website at www.rgare.com. A replay of the conference call will be available at the same address for 90 days following the conference call. A telephonic replay will also be available through November 3 at 888-203-1112 (domestic) or 719-457-0820 (international), access code 8045459.
The company has posted to its website a Quarterly Financial Supplement that includes financial information for all segments as well as information on its investment portfolio. Additionally, the company posts periodic reports, press releases and other useful information on its investor relations website.
Use of Non-GAAP Financial Measures
RGA uses a non-GAAP financial measure called operating income as a basis for analyzing financial results. This measure also serves as a basis for establishing target levels and awards under RGA’s management incentive programs. Management believes that operating income, on a pre-tax and after-tax basis, better measures the ongoing profitability and underlying trends of the company’s continuing operations, primarily because that measure excludes the effect of net investment related gains and losses, as well as changes in the fair value of certain embedded derivatives and related deferred acquisition costs. These items can be volatile, primarily due to the credit market and interest rate environment and are not necessarily indicative of the performance of the company’s underlying businesses. Additionally, operating income excludes any net gain or loss from discontinued operations and the cumulative effect of any accounting changes, which management believes are not indicative of the company’s ongoing operations. The definition of operating income can vary by company and is not considered a substitute for GAAP net income. Reconciliations to GAAP net income are provided in the following tables. Additional financial information can be found in the Quarterly Financial Supplement on RGA’s Investor Relations website at  www.rgare.com in the “Quarterly Results” tab and in the “Featured Report” section.
Book value per share outstanding before impact of AOCI is a non-GAAP financial measure that management believes is important in evaluating the balance sheet in order to ignore the effects of unrealized amounts primarily associated with mark-to-market adjustments on investments and foreign currency translation.
Operating return on equity is a non-GAAP financial measure calculated as operating income divided by average shareholders’ equity excluding AOCI.
About RGA
Reinsurance Group of America, Incorporated is among the largest global providers of life reinsurance with subsidiary companies or offices in Australia, Barbados, Bermuda, Canada, China, France, Germany, Hong Kong, India, Ireland, Italy, Japan, Mexico, the Netherlands, Poland, South Africa, South Korea, Spain, Taiwan, the United Kingdom and the United States. Worldwide, the company has approximately $2.5 trillion of life reinsurance in force, and assets of $28.9 billion.
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Cautionary Statement Regarding Forward-looking Statements
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, among others, statements relating to projections of the earnings, revenues, income or loss, future financial performance and growth potential of Reinsurance Group of America, Incorporated and its subsidiaries (which we refer to in the following paragraphs as “we,” “us” or “our”). The words “intend,” “expect,” “project,” “estimate,” “predict,” “anticipate,” “should,” “believe,” and other similar expressions also are intended to identify forward-looking statements. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Future events and actual results, performance and achievements could differ materially from those set forth in, contemplated by or underlying the forward-looking statements.
Numerous important factors could cause actual results and events to differ materially from those expressed or implied by forward-looking statements including, without limitation, (1) adverse capital and credit market conditions and their impact on our liquidity, access to capital, and cost of capital, (2) the impairment of other financial institutions and its effect on our business, (3) requirements to post collateral or make payments due to declines in market value of assets subject to our collateral arrangements, (4) the fact that the determination of allowances and impairments taken on our investments is highly subjective, (5) adverse changes in mortality, morbidity, lapsation, or claims experience, (6) changes in our financial strength and credit ratings and the effect of such changes on our future results of operations and financial condition, (7) inadequate risk analysis and underwriting, (8) general economic conditions or a prolonged economic downturn affecting the demand for insurance and reinsurance in our current and planned markets, (9) the availability and cost of collateral necessary for regulatory reserves and capital, (10) market or economic conditions that adversely affect the value of our investment securities or result in the impairment of all or a portion of the value of certain of our investment securities, (11) market or economic conditions that adversely affect our ability to make timely sales of investment securities, (12) risks inherent in our risk management and investment strategy, including changes in investment portfolio yields due to interest rate or credit quality changes, (13) fluctuations in U.S. or foreign currency exchange rates, interest rates, or securities and real estate markets, (14) adverse litigation or arbitration results, (15) the adequacy of reserves, resources, and accurate information relating to settlements, awards, and terminated and discontinued lines of business, (16) the stability of and actions by governments and economies in the markets in which we operate, (17) competitive factors and competitors’ responses to our initiatives, (18) the success of our clients, (19) successful execution of our entry into new markets, (20) successful development and introduction of new products and distribution opportunities, (21) our ability to successfully integrate and operate reinsurance business that we acquire, (22) regulatory action that may be taken by state Departments of Insurance with respect to us, (23) our dependence on third parties, including those insurance companies and reinsurers to which we cede some reinsurance, third-party investment managers, and others, (24) the threat of natural disasters, catastrophes, terrorist attacks, epidemics, or pandemics anywhere in the world where we or our clients do business, (25) changes in laws, regulations, and accounting
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standards applicable to us, our subsidiaries, or our business, (26) the effect of our status as an insurance holding company and regulatory restrictions on our ability to pay principal of and interest on our debt obligations, and (27) other risks and uncertainties described in this document and in our other filings with the Securities and Exchange Commission.
Forward-looking statements should be evaluated together with the many risks and uncertainties that affect our business, including those mentioned in this document and described in the periodic reports we file with the Securities and Exchange Commission. These forward-looking statements speak only as of the date on which they are made. We do not undertake any obligations to update these forward-looking statements, even though our situation may change in the future. We qualify all of our forward-looking statements by these cautionary statements. For a discussion of the risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements, you are advised to review the risk factors in our 2009 Form 10-K.
Investor Contact
Jack B. Lay
Senior Executive Vice President and Chief Financial Officer
(636) 736-7000
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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
Reconciliation of Consolidated Net Income to Operating Income
(Dollars in thousands)
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	 	Nine Months Ended	 	
 	 	September 30,	 	 	September 30,	 	
(Unaudited)	 	2010	 	 	2009	 	 	2010	 	 	2009	 	
GAAP net income	 	$	128,232	 	 	$	118,208	 	 	$	377,690	 	 	$	294,677	 	
Reconciliation to operating income:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Capital (gains) losses, derivatives and other, included in investment related (gains) losses, net	 	 	(25,041	)	 	 	13,170	 	 	 	(110,127	)	 	 	153,378	 	
Capital (gains) losses on funds withheld:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Included in investment income	 	 	(4,221	)	 	 	—	 	 	 	(7,920	)	 	 	—	 	
Included in policy acquisition costs and other insurance expenses	 	 	621	 	 	 	—	 	 	 	1,073	 	 	 	—	 	
Embedded derivatives:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Included in investment related (gains) losses, net	 	 	35,676	 	 	 	(40,027	)	 	 	21,776	 	 	 	(183,263	)	
Included in interest credited	 	 	27,996	 	 	 	(3,412	)	 	 	23,165	 	 	 	(16,994	)	
Included in policy acquisition costs and other insurance expenses	 	 	(2,723	)	 	 	124	 	 	 	(1,587	)	 	 	2,108	 	
DAC offset, net	 	 	(32,837	)	 	 	26,508	 	 	 	38,540	 	 	 	87,851	 	
Gain on debt repurchase	 	 	—	 	 	 	—	 	 	 	—	 	 	 	(25,269	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income	 	$	127,703	 	 	$	114,571	 	 	$	342,610	 	 	$	312,488	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Reconciliation of Consolidated Pre-tax Net Income to Pre-tax Operating Income
(Dollars in thousands)
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	 	Nine Months Ended	 	
 	 	September 30,	 	 	September 30,	 	
(Unaudited)	 	2010	 	 	2009	 	 	2010	 	 	2009	 	
Income before income taxes	 	$	197,173	 	 	$	182,551	 	 	$	588,560	 	 	$	432,180	 	
Reconciliation to pre-tax operating income:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Capital (gains) losses, derivatives and other, included in investment related (gains) losses, net	 	 	(37,747	)	 	 	20,616	 	 	 	(168,073	)	 	 	237,722	 	
Capital (gains) losses on funds withheld:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Included in investment income	 	 	(6,494	)	 	 	—	 	 	 	(12,184	)	 	 	—	 	
Included in policy acquisition costs and other insurance expenses	 	 	954	 	 	 	—	 	 	 	1,650	 	 	 	—	 	
Embedded derivatives:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Included in investment related (gains) losses, net	 	 	54,885	 	 	 	(61,581	)	 	 	33,501	 	 	 	(281,943	)	
Included in interest credited	 	 	43,070	 	 	 	(5,248	)	 	 	35,638	 	 	 	(26,144	)	
Included in policy acquisition costs and other insurance expenses	 	 	(4,189	)	 	 	191	 	 	 	(2,442	)	 	 	3,243	 	
DAC offset, net	 	 	(50,519	)	 	 	40,780	 	 	 	59,291	 	 	 	135,155	 	
Gain on debt repurchase	 	 	—	 	 	 	—	 	 	 	—	 	 	 	(38,875	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Pre-tax operating income	 	$	197,133	 	 	$	177,309	 	 	$	535,941	 	 	$	461,338	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
Reconciliation of Pre-tax Net Income to Pre-tax Operating Income
(Dollars in thousands)
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended September 30, 2010	 	
 	 	 	 	 	 	Capital	 	 	Change in	 	 	 	 	
 	 	Pre-tax net	 	 	(gains) losses,	 	 	value of	 	 	Pre-tax	 	
 	 	income	 	 	derivatives	 	 	embedded	 	 	operating	 	
(Unaudited)	 	(loss)	 	 	and other, net	 	 	derivatives, net	 	 	income	 	
U.S. Operations:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Traditional	 	$	114,075	 	 	$	(13,009	)	 	$	—	 	 	$	101,066	 	
Asset Intensive	 	 	(6,606	)	 	 	(19,935	)(1)	 	 	40,530	(2)	 	 	13,989	 	
Financial Reinsurance	 	 	4,317	 	 	 	44	 	 	 	—	 	 	 	4,361	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Total U.S.	 	 	111,786	 	 	 	(32,900	)	 	 	40,530	 	 	 	119,416	 	
Canada Operations	 	 	33,468	 	 	 	(5,431	)	 	 	—	 	 	 	28,037	 	
Europe & South Africa	 	 	17,494	 	 	 	(1,808	)	 	 	—	 	 	 	15,686	 	
Asia Pacific Operations	 	 	28,483	 	 	 	(1,094	)	 	 	—	 	 	 	27,389	 	
Corporate and Other	 	 	5,942	 	 	 	663	 	 	 	—	 	 	 	6,605	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Consolidated	 	$	197,173	 	 	$	(40,570	)	 	$	40,530	 	 	$	197,133	 	

 	 	 	
(1)	 	Asset Intensive is net of $2,717 DAC offset.	
 	 	 	
(2)	 	Asset Intensive is net of $(53,236) DAC offset.	

 	 	Three Months Ended June 30, 2009	 	
 	 	 	 	 	 	Capital	 	 	Change in	 	 	 	 	
 	 	 	 	 	 	(gains) losses,	 	 	value of	 	 	Pre-tax	 	
 	 	Pre-tax net	 	 	derivatives	 	 	embedded	 	 	operating	 	
(Unaudited)	 	income	 	 	and other, net	 	 	derivatives, net	 	 	income	 	
U.S. Operations:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Traditional	 	$	63,783	 	 	$	20,880	 	 	$	—	 	 	$	84,663	 	
Asset Intensive	 	 	37,874	 	 	 	624	(1)	 	 	(18,768	)(2)	 	 	19,730	 	
Financial Reinsurance	 	 	2,749	 	 	 	(2	)	 	 	—	 	 	 	2,747	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Total U.S.	 	 	104,406	 	 	 	21,502	 	 	 	(18,768	)	 	 	107,140	 	
Canada Operations	 	 	18,847	 	 	 	2,975	 	 	 	—	 	 	 	21,822	 	
Europe & South Africa	 	 	6,981	 	 	 	(268	)	 	 	—	 	 	 	6,713	 	
Asia Pacific Operations	 	 	30,925	 	 	 	(2,954	)	 	 	—	 	 	 	27,971	 	
Corporate and Other	 	 	21,392	 	 	 	(7,729	)	 	 	—	 	 	 	13,663	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Consolidated	 	$	182,551	 	 	$	13,526	 	 	$	(18,768	)	 	$	177,309	 	

 	 	 	
(1)	 	Asset Intensive is net of $(7,090) DAC offset.	
 	 	 	
(2)	 	Asset Intensive is net of $47,870 DAC offset.	
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Add Eight
REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
Reconciliation of Pre-tax Net Income to Pre-tax Operating Income
(Dollars in thousands)
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Nine Months Ended September 30, 2010	 	
 	 	 	 	 	 	Capital	 	 	Change in	 	 	 	 	
 	 	 	 	 	 	(gains) losses,	 	 	value of	 	 	Pre-tax	 	
 	 	Pre-tax net	 	 	derivatives	 	 	embedded	 	 	operating	 	
(Unaudited)	 	income	 	 	and other, net	 	 	derivatives, net	 	 	income	 	
U.S. Operations:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Traditional	 	$	276,714	 	 	$	(18,578	)	 	$	—	 	 	$	258,136	 	
Asset Intensive	 	 	75,517	 	 	 	(48,184	)(1)	 	 	18,972	(2)	 	 	46,305	 	
Financial Reinsurance	 	 	11,902	 	 	 	63	 	 	 	—	 	 	 	11,965	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Total U.S.	 	 	364,133	 	 	 	(66,699	)	 	 	18,972	 	 	 	316,406	 	
Canada Operations	 	 	86,189	 	 	 	(9,201	)	 	 	—	 	 	 	76,988	 	
Europe & South Africa	 	 	50,477	 	 	 	(3,614	)	 	 	—	 	 	 	46,863	 	
Asia Pacific Operations	 	 	78,689	 	 	 	(3,051	)	 	 	—	 	 	 	75,638	 	
Corporate and Other	 	 	9,072	 	 	 	10,974	 	 	 	—	 	 	 	20,046	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Consolidated	 	$	588,560	 	 	$	(71,591	)	 	$	18,972	 	 	$	535,941	 	

 	 	 	
(1)	 	Asset Intensive is net of $107,016 DAC offset.	
 	 	 	
(2)	 	Asset Intensive is net of $(47,725) DAC offset.	

 	 	Nine Months Ended September 30, 2009	 	
 	 	 	 	 	 	Capital	 	 	Change in	 	 	 	 	 	 	 	
 	 	 	 	 	 	(gains) losses,	 	 	value of	 	 	Gain on	 	 	Pre-tax	 	
 	 	Pre-tax net	 	 	derivatives	 	 	embedded	 	 	debt	 	 	operating	 	
(Unaudited)	 	income	 	 	and other, net	 	 	derivatives, net	 	 	repurchase	 	 	income	 	
U.S. Operations:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Traditional	 	$	181,420	 	 	$	76,042	 	 	$	—	 	 	$	—	 	 	$	257,462	 	
Asset Intensive	 	 	30,797	 	 	 	(24,982	)(1)	 	 	26,159	(2)	 	 	—	 	 	 	31,974	 	
Financial Reinsurance	 	 	11,264	 	 	 	(72	)	 	 	—	 	 	 	—	 	 	 	11,192	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total U.S.	 	 	223,481	 	 	 	50,988	 	 	 	26,159	 	 	 	—	 	 	 	300,628	 	
Canada Operations	 	 	60,547	 	 	 	(3,405	)	 	 	—	 	 	 	—	 	 	 	57,142	 	
Europe & South Africa	 	 	27,879	 	 	 	(676	)	 	 	—	 	 	 	—	 	 	 	27,203	 	
Asia Pacific Operations	 	 	60,018	 	 	 	(242	)	 	 	—	 	 	 	—	 	 	 	59,776	 	
Corporate and Other	 	 	60,255	 	 	 	(4,791	)	 	 	—	 	 	 	(38,875	)	 	 	16,589	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Consolidated	 	$	432,180	 	 	$	41,874	 	 	$	26,159	 	 	$	(38,875	)	 	$	461,338	 	

 	 	 	
(1)	 	Asset Intensive is net of $(195,848) DAC offset.	
 	 	 	
(2)	 	Asset Intensive is net of $331,003 DAC offset.	
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Add Nine
REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
Per Share and Shares Data
(In thousands, except per share data)
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	 	Nine Months Ended	 	
 	 	September 30,	 	 	September 30,	 	
(Unaudited)	 	2010	 	 	2009	 	 	2010	 	 	2009	 	
Diluted earnings per share from operating income	 	$	1.72	 	 	$	1.56	 	 	$	4.59	 	 	$	4.28	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Earnings per share from net income:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic earnings per share	 	$	1.75	 	 	$	1.62	 	 	$	5.17	 	 	$	4.05	 	
Diluted earnings per share	 	$	1.72	 	 	$	1.61	 	 	$	5.06	 	 	$	4.03	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Weighted average number of common and common equivalent shares outstanding	 	 	74,420	 	 	 	73,286	 	 	 	74,574	 	 	 	73,037	 	

 	 	At or for the Nine Months	 	
 	 	Ended September 30,	 	
(Unaudited)	 	2010	 	 	2009	 	
Treasury shares	 	 	192	 	 	 	573	 	
Common shares outstanding	 	 	73,172	 	 	 	72,790	 	
Book value per share outstanding	 	$	68.30	 	 	$	51.83	 	
Book value per share outstanding, before impact of AOCI	 	$	53.82	 	 	$	47.47	 	
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Add Ten
REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
Condensed Consolidated Statements of Income
(Dollars in thousands)
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	 	Nine Months Ended	 	
 	 	September 30,	 	 	September 30,	 	
(Unaudited)	 	2010	 	 	2009	 	 	2010	 	 	2009	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	1,647,300	 	 	$	1,405,179	 	 	$	4,857,781	 	 	$	4,126,407	 	
Investment income, net of related expenses	 	 	287,504	 	 	 	299,471	 	 	 	883,433	 	 	 	807,303	 	
Investment related gains (losses), net:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Other-than-temporary impairments on fixed maturity securities	 	 	(4,904	)	 	 	(16,945	)	 	 	(15,823	)	 	 	(88,282	)	
Other-than-temporary impairments on fixed maturity securities transferred to (from) accumulated other comprehensive income	 	 	26	 	 	 	(4,000	)	 	 	2,231	 	 	 	12,135	 	
Other investment related gains (losses), net	 	 	(11,902	)	 	 	63,304	 	 	 	150,989	 	 	 	124,432	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Total investment related gains (losses), net	 	 	(16,780	)	 	 	42,359	 	 	 	137,397	 	 	 	48,285	 	
Other revenue	 	 	37,515	 	 	 	31,972	 	 	 	108,990	 	 	 	140,992	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	 	 	1,955,539	 	 	 	1,778,981	 	 	 	5,987,601	 	 	 	5,122,987	 	

Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	 	1,393,891	 	 	 	1,155,811	 	 	 	4,076,310	 	 	 	3,449,251	 	
Interest credited	 	 	94,776	 	 	 	85,153	 	 	 	230,879	 	 	 	194,959	 	
Policy acquisition costs and other insurance expenses	 	 	157,058	 	 	 	271,789	 	 	 	760,509	 	 	 	778,993	 	
Other operating expenses	 	 	85,409	 	 	 	76,403	 	 	 	259,755	 	 	 	214,247	 	
Interest expense	 	 	25,191	 	 	 	5,243	 	 	 	65,781	 	 	 	46,955	 	
Collateral finance facility expense	 	 	2,041	 	 	 	2,031	 	 	 	5,807	 	 	 	6,402	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	 	 	1,758,366	 	 	 	1,596,430	 	 	 	5,399,041	 	 	 	4,690,807	 	

Income before income taxes	 	 	197,173	 	 	 	182,551	 	 	 	588,560	 	 	 	432,180	 	
Income tax expense	 	 	68,941	 	 	 	64,343	 	 	 	210,870	 	 	 	137,503	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	 	$	128,232	 	 	$	118,208	 	 	$	377,690	 	 	$	294,677	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
# # #

Exhibit 99.2

Reinsurance Group of America, Incorporated®
Financial Supplement
Third Quarter 2010
(Unaudited)

 

Reinsurance Group of America, Incorporated®
 	 	 	
World Headquarters	 	Internet address	
1370 Timberlake Manor Parkway	 	www.rgare.com	
Chesterfield, Missouri 63017	 	 	
U.S.A.	 	 	
Current Ratings
 	 	 	 	 	 	 	
 	 	Standard & Poor’s	 	A.M. Best	 	Moody’s	
Financial Strength Ratings	 	 	 	 	 	 	
RGA Reinsurance Company	 	AA-	 	A+	 	A1	
RGA Life Reinsurance Company of Canada	 	AA-	 	A+	 	NR	
RGA International Reinsurance Company Limited	 	AA-	 	NR	 	NR	
RGA Global Reinsurance Company Limited	 	AA-	 	NR	 	NR	
Senior Debt Ratings	 	 	 	 	 	 	
Reinsurance Group of America, Incorporated	 	A-	 	a-	 	Baa1	
Our common stock is traded on the New York Stock Exchange under the symbol “RGA”.
Contacts:
Jack B. Lay
Senior Executive Vice President
and Chief Financial Officer
Phone: (636) 736-7000
e-mail: jlay@rgare.com
John Hayden
Sr. Vice President
Controller & Investor Relations
Phone: (636) 736-7243
e-mail: jhayden@rgare.com
 	 	 	
 	 	Quarterly Financial Supplement	

 
Reinsurance Group of America, Incorporated
Financial Supplement
3rd Quarter 2010
Table of Contents
 	 	 	 	 	
 	 	Page	 	
Non-GAAP Disclosure	 	 	1	 	
Consolidated	 	 	 	 	
Financial Highlights	 	 	2	 	
Consolidated Income Statement (incl. Operating Income Reconciliation)	 	 	3	 	
Consolidated Operating Income Statement	 	 	4	 	
Consolidated Balance Sheets	 	 	5	 	
Segment Pre-tax Operating Income Summaries and Reconciliations to U.S. GAAP	 	 	 	 	
U.S. Operations	 	 	6	 	
Canada Operations	 	 	10	 	
Europe & South Africa Operations	 	 	11	 	
Asia Pacific Operations	 	 	12	 	
Corporate and Other	 	 	13	 	
Summary of Pre-tax Segment Operating Income	 	 	14	 	
Investments	 	 	 	 	
Cash and Invested Assets, Yield Summary	 	 	15	 	
Amortized cost, Gross Unrealized Gains and Losses, Estimated Fair Values of Fixed Maturity and Equity Securities	 	 	16	 	
Corporate Securities by Sector (Fixed Maturities and Equities)	 	 	17	 	
Quality of Fixed Maturity Securities and Structured Fixed Maturity Securities	 	 	18	 	
Subprime Mortgage Exposure (Including Funds Withheld Portfolios)	 	 	19	 	
CMBS Exposure (Including Funds Withheld Portfolios)	 	 	20	 	
Gross Unrealized Losses Aging	 	 	21	 	
Fixed Maturity and Equity Securities Below Amortized Cost	 	 	22	 	
Consolidated Gross Gains and Losses	 	 	23	 	

 	 	Quarterly Financial Supplement	

 
Reinsurance Group of America, Incorporated
Financial Supplement
This Financial Supplement is for information purposes only and includes unaudited figures. This report should be read in conjunction with documents filed by Reinsurance Group of America, Incorporated with the SEC.
Non-GAAP Disclosures
RGA uses a non-GAAP financial measure called operating income as a basis for analyzing financial results. This measure also serves as a basis for establishing target levels and awards under RGA’s management incentive programs. Management believes that operating income, on a pre-tax and after-tax basis, better measures the ongoing profitability and underlying trends of the company’s continuing operations, primarily because that measure excludes the effect of net investment related gains and losses, as well as changes in the fair value of certain embedded derivatives and related deferred acquisition costs. These items can be volatile, primarily due to the credit market and interest rate environment and are not necessarily indicative of the performance of the company’s underlying businesses. Additionally, operating income excludes any net gain or loss from discontinued operations and the cumulative effect of any accounting changes, which management believes are not indicative of the company’s ongoing operations. The definition of operating income can vary by company and is not considered a substitute for GAAP net income. A reconciliation of income before income taxes of the operating segments to pre-tax operating income (loss) is presented herein.
RGA evaluates its stockholder equity position excluding the impact of Accumulated Other Comprehensive Income (“AOCI”) since the net unrealized gains or losses included in AOCI primarily relate to changes in interest rates, credit spreads on its investment securities and foreign currency fluctuations that are not permanent and can fluctuate significantly from period to period.
Additionally, RGA uses a non-GAAP financial measure called operating return on equity, which is calculated as operating income divided by average shareholder’s equity excluding AOCI.
 	 	 	
 	 	Quarterly Financial Supplement	
Page 1

 
Reinsurance Group of America, Incorporated
Financial Highlights
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended or As of	 	 	Current Qtr	 	 	Year-to-Date	 	
 	 	Sept. 30,	 	 	June 30,	 	 	March 31,	 	 	Dec. 31,	 	 	Sept. 30,	 	 	vs. PY	 	 	Sept. 30,	 	 	Sept. 30,	 	 	 	 	
(USD thousands, except inforce & per share data)	 	2010	 	 	2010	 	 	2010	 	 	2009	 	 	2009	 	 	Quarter	 	 	2010	 	 	2009	 	 	Change	 	
Net premiums	 	$	1,647,300	 	 	$	1,582,017	 	 	$	1,628,464	 	 	$	1,598,754	 	 	$	1,405,179	 	 	$	242,121	 	 	$	4,857,781	 	 	$	4,126,407	 	 	$	731,374	 	
Net income — continuing operations	 	 	128,232	 	 	 	127,019	 	 	 	122,439	 	 	 	112,409	 	 	 	118,208	 	 	 	10,024	 	 	 	377,690	 	 	 	294,677	 	 	 	83,013	 	
Operating income	 	 	127,703	 	 	 	121,899	 	 	 	93,008	 	 	 	125,833	 	 	 	114,571	 	 	 	13,132	 	 	 	342,610	 	 	 	312,488	 	 	 	30,122	 	
Operating return on equity (ex AOCI) — annualized	 	 	13.2	%	 	 	13.0	%	 	 	10.2	%	 	 	14.3	%	 	 	13.5	%	 	 	-0.3	%	 	 	 	 	 	 	 	 	 	 	 	 	
Operating return on equity (ex AOCI) — trailing 12 months	 	 	12.7	%	 	 	12.7	%	 	 	13.5	%	 	 	13.1	%	 	 	12.9	%	 	 	-0.2	%	 	 	 	 	 	 	 	 	 	 	 	 	
Total assets	 	 	28,934,028	 	 	 	27,220,606	 	 	 	26,722,458	 	 	 	25,249,501	 	 	 	24,162,113	 	 	 	4,771,915	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Assumed Life Reinsurance in Force (in billions)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
U.S.	 	$	1,339.7	 	 	$	1,334.9	 	 	$	1,318.0	 	 	$	1,290.5	 	 	$	1,281.9	 	 	$	57.8	 	 	 	 	 	 	 	 	 	 	 	 	 	
Canada	 	 	307.0	 	 	 	289.7	 	 	 	293.9	 	 	 	276.8	 	 	 	261.1	 	 	 	45.9	 	 	 	 	 	 	 	 	 	 	 	 	 	
Europe & South Africa	 	 	446.5	 	 	 	401.8	 	 	 	395.6	 	 	 	408.9	 	 	 	388.2	 	 	 	58.3	 	 	 	 	 	 	 	 	 	 	 	 	 	
Asia Pacific	 	 	385.8	 	 	 	340.9	 	 	 	355.6	 	 	 	348.9	 	 	 	343.4	 	 	 	42.4	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Life Reinsurance in Force	 	$	2,479.0	 	 	$	2,367.3	 	 	$	2,363.1	 	 	$	2,325.1	 	 	$	2,274.6	 	 	$	204.4	 	 	 	 	 	 	 	 	 	 	 	 	 	

Assumed New Business Production (in billions)  (1)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
U.S.	 	$	30.3	 	 	$	45.1	 	 	$	40.6	 	 	$	42.5	 	 	$	31.2	 	 	$	(0.9	)	 	$	116.0	 	 	$	92.5	 	 	$	23.5	 	
Canada	 	 	12.2	 	 	 	12.8	 	 	 	13.9	 	 	 	13.9	 	 	 	10.5	 	 	 	1.7	 	 	 	38.9	 	 	 	30.0	 	 	 	8.9	 	
Europe & South Africa	 	 	30.0	 	 	 	23.4	 	 	 	21.7	 	 	 	42.5	 	 	 	19.9	 	 	 	10.1	 	 	 	75.1	 	 	 	78.6	 	 	 	(3.5	)	
Asia Pacific	 	 	4.8	 	 	 	10.1	 	 	 	2.7	 	 	 	5.3	 	 	 	8.6	 	 	 	(3.8	)	 	 	17.6	 	 	 	15.7	 	 	 	1.9	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total New Business Production	 	$	77.3	 	 	$	91.4	 	 	$	78.9	 	 	$	104.2	 	 	$	70.2	 	 	$	7.1	 	 	$	247.6	 	 	$	216.8	 	 	$	30.8	 	

Per Share and Shares Data	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic earnings per share from continuing operations	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	 	$	1.75	 	 	$	1.74	 	 	$	1.68	 	 	$	1.54	 	 	$	1.63	 	 	$	0.12	 	 	$	5.17	 	 	$	4.05	 	 	$	1.12	 	
Operating income	 	$	1.75	 	 	$	1.67	 	 	$	1.27	 	 	$	1.73	 	 	$	1.57	 	 	$	0.18	 	 	$	4.69	 	 	$	4.30	 	 	$	0.39	 	
Diluted earnings per share from continuing operations	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	 	$	1.72	 	 	$	1.70	 	 	$	1.64	 	 	$	1.52	 	 	$	1.61	 	 	$	0.11	 	 	$	5.06	 	 	$	4.03	 	 	$	1.03	 	
Operating income	 	$	1.72	 	 	$	1.63	 	 	$	1.25	 	 	$	1.70	 	 	$	1.56	 	 	$	0.16	 	 	$	4.59	 	 	$	4.28	 	 	$	0.31	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Wgt. average common shares outstanding (basic)	 	 	73,162	 	 	 	73,141	 	 	 	73,046	 	 	 	72,895	 	 	 	72,781	 	 	 	381	 	 	 	73,117	 	 	 	72,754	 	 	 	363	 	
Wgt. average common shares outstanding (diluted)	 	 	74,420	 	 	 	74,721	 	 	 	74,578	 	 	 	74,195	 	 	 	73,286	 	 	 	1,134	 	 	 	74,574	 	 	 	73,037	 	 	 	1,537	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Common shares issued	 	 	73,364	 	 	 	73,364	 	 	 	73,364	 	 	 	73,364	 	 	 	73,363	 	 	 	1	 	 	 	73,364	 	 	 	73,363	 	 	 	1	 	
Treasury shares	 	 	192	 	 	 	210	 	 	 	261	 	 	 	374	 	 	 	573	 	 	 	(381	)	 	 	192	 	 	 	573	 	 	 	(381	)	
Common shares outstanding	 	 	73,172	 	 	 	73,154	 	 	 	73,103	 	 	 	72,990	 	 	 	72,790	 	 	 	382	 	 	 	73,172	 	 	 	72,790	 	 	 	382	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Book value per share	 	$	68.30	 	 	$	60.73	 	 	$	56.98	 	 	$	52.99	 	 	$	51.83	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Per share effect of accumulated other comprehensive income (AOCI)	 	$	14.48	 	 	$	8.59	 	 	$	6.49	 	 	$	4.10	 	 	$	4.36	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Book value per share, excluding AOCI	 	$	53.82	 	 	$	52.14	 	 	$	50.49	 	 	$	48.89	 	 	$	47.47	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

(1)	 	Excludes Group / Life Production from ING	

Quarterly Financial Supplement
Page 2

 
Reinsurance Group of America, Incorporated
Consolidated GAAP Income Statement (incl. Operating Income Reconciliation)
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	 	Current Qtr	 	 	Year-to-Date	 	
 	 	Sept. 30,	 	 	June 30,	 	 	March 31,	 	 	Dec. 31,	 	 	Sept. 30,	 	 	vs. PY	 	 	Sept. 30,	 	 	Sept. 30,	 	 	 	 	
(USD thousands)	 	2010	 	 	2010	 	 	2010	 	 	2009	 	 	2009	 	 	Quarter	 	 	2010	 	 	2009	 	 	Change	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	1,647,300	 	 	$	1,582,017	 	 	$	1,628,464	 	 	$	1,598,754	 	 	$	1,405,179	 	 	$	242,121	 	 	$	4,857,781	 	 	$	4,126,407	 	 	$	731,374	 	
Investment income, net of related expenses	 	 	287,504	 	 	 	291,671	 	 	 	304,258	 	 	 	315,159	 	 	 	299,471	 	 	 	(11,967	)	 	 	883,433	 	 	 	807,303	 	 	 	76,130	 	
Investment related gains (losses), net	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
OTTI on fixed maturity securities	 	 	(4,904	)	 	 	(3,489	)	 	 	(7,430	)	 	 	(40,552	)	 	 	(16,945	)	 	 	12,041	 	 	 	(15,823	)	 	 	(88,282	)	 	 	72,459	 	
OTTI on fixed maturity securities transferred to/from AOCI	 	 	26	 	 	 	(139	)	 	 	2,344	 	 	 	3,910	 	 	 	(4,000	)	 	 	4,026	 	 	 	2,231	 	 	 	12,135	 	 	 	(9,904	)	
Other investment related gains (losses), net	 	 	(11,902	)	 	 	26,620	 	 	 	136,271	 	 	 	22,505	 	 	 	63,304	 	 	 	(75,206	)	 	 	150,989	 	 	 	124,432	 	 	 	26,557	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total investment related gains (losses), net	 	 	(16,780	)	 	 	22,992	 	 	 	131,185	 	 	 	(14,137	)	 	 	42,359	 	 	 	(59,139	)	 	 	137,397	 	 	 	48,285	 	 	 	89,112	 	
Other revenue	 	 	37,515	 	 	 	35,197	 	 	 	36,278	 	 	 	44,059	 	 	 	31,972	 	 	 	5,543	 	 	 	108,990	 	 	 	140,992	 	 	 	(32,002	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	 	 	1,955,539	 	 	 	1,931,877	 	 	 	2,100,185	 	 	 	1,943,835	 	 	 	1,778,981	 	 	 	176,558	 	 	 	5,987,601	 	 	 	5,122,987	 	 	 	864,614	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	 	1,393,891	 	 	 	1,307,239	 	 	 	1,375,180	 	 	 	1,370,175	 	 	 	1,155,811	 	 	 	238,080	 	 	 	4,076,310	 	 	 	3,449,251	 	 	 	627,059	 	
Interest credited	 	 	94,776	 	 	 	79,169	 	 	 	56,934	 	 	 	128,779	 	 	 	85,153	 	 	 	9,623	 	 	 	230,879	 	 	 	194,959	 	 	 	35,920	 	
Policy acquisition costs and other insurance expenses	 	 	157,058	 	 	 	237,149	 	 	 	366,302	 	 	 	179,333	 	 	 	271,789	 	 	 	(114,731	)	 	 	760,509	 	 	 	778,993	 	 	 	(18,484	)	
Other operating expenses	 	 	85,409	 	 	 	83,147	 	 	 	91,199	 	 	 	80,532	 	 	 	76,403	 	 	 	9,006	 	 	 	259,755	 	 	 	214,247	 	 	 	45,508	 	
Interest expense	 	 	25,191	 	 	 	25,141	 	 	 	15,449	 	 	 	22,985	 	 	 	5,243	 	 	 	19,948	 	 	 	65,781	 	 	 	46,955	 	 	 	18,826	 	
Collateral finance facility expense	 	 	2,041	 	 	 	1,960	 	 	 	1,806	 	 	 	1,866	 	 	 	2,031	 	 	 	10	 	 	 	5,807	 	 	 	6,402	 	 	 	(595	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	 	 	1,758,366	 	 	 	1,733,805	 	 	 	1,906,870	 	 	 	1,783,670	 	 	 	1,596,430	 	 	 	161,936	 	 	 	5,399,041	 	 	 	4,690,807	 	 	 	708,234	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes — continuing operations	 	 	197,173	 	 	 	198,072	 	 	 	193,315	 	 	 	160,165	 	 	 	182,551	 	 	 	14,622	 	 	 	588,560	 	 	 	432,180	 	 	 	156,380	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income tax expense	 	 	68,941	 	 	 	71,053	 	 	 	70,876	 	 	 	47,756	 	 	 	64,343	 	 	 	4,598	 	 	 	210,870	 	 	 	137,503	 	 	 	73,367	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income — continuing operations	 	 	128,232	 	 	 	127,019	 	 	 	122,439	 	 	 	112,409	 	 	 	118,208	 	 	 	10,024	 	 	 	377,690	 	 	 	294,677	 	 	 	83,013	 	
Loss from discontinued operations	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	 	$	128,232	 	 	$	127,019	 	 	$	122,439	 	 	$	112,409	 	 	$	118,208	 	 	$	10,024	 	 	$	377,690	 	 	$	294,677	 	 	$	83,013	 	

Pre-tax Operating Income Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes — continuing operations	 	 	197,173	 	 	 	198,072	 	 	 	193,315	 	 	 	160,165	 	 	 	182,551	 	 	 	14,622	 	 	 	588,560	 	 	 	432,180	 	 	 	156,380	 	
Investment and derivative losses (gains) — non-operating (1)	 	 	(37,747	)	 	 	(130,697	)	 	 	371	 	 	 	65,676	 	 	 	20,616	 	 	 	(58,363	)	 	 	(168,073	)	 	 	237,722	 	 	 	(405,795	)	
Change in value of modified coinsurance and funds withheld embedded derivatives  (1)	 	 	38,653	 	 	 	(32,512	)	 	 	(122,635	)	 	 	(3,028	)	 	 	(51,454	)	 	 	90,107	 	 	 	(116,494	)	 	 	(75,366	)	 	 	(41,128	)	
GMXB embedded derivatives  (1)	 	 	16,232	 	 	 	140,934	 	 	 	(7,171	)	 	 	(46,120	)	 	 	(10,127	)	 	 	26,359	 	 	 	149,995	 	 	 	(206,577	)	 	 	356,572	 	
Funds withheld losses (gains) — investment income	 	 	(6,494	)	 	 	(5,772	)	 	 	82	 	 	 	—	 	 	 	—	 	 	 	(6,494	)	 	 	(12,184	)	 	 	—	 	 	 	(12,184	)	
Funds withheld losses (gains) — policy acq. costs	 	 	954	 	 	 	777	 	 	 	(81	)	 	 	—	 	 	 	—	 	 	 	954	 	 	 	1,650	 	 	 	—	 	 	 	1,650	 	
EIA embedded derivatives — interest credited	 	 	43,070	 	 	 	14,990	 	 	 	(22,422	)	 	 	12,563	 	 	 	(5,248	)	 	 	48,318	 	 	 	35,638	 	 	 	(26,144	)	 	 	61,782	 	
EIA embedded derivatives — policy acq. costs	 	 	(4,189	)	 	 	(1,503	)	 	 	3,250	 	 	 	(801	)	 	 	191	 	 	 	(4,380	)	 	 	(2,442	)	 	 	3,243	 	 	 	(5,685	)	
DAC offset, net	 	 	(50,519	)	 	 	6,041	 	 	 	103,769	 	 	 	(5,572	)	 	 	40,780	 	 	 	(91,299	)	 	 	59,291	 	 	 	135,155	 	 	 	(75,864	)	
Gain on debt repurchase	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	(38,875	)	 	 	38,875	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating Income Before Income Taxes	 	$	197,133	 	 	$	190,330	 	 	$	148,478	 	 	$	182,883	 	 	$	177,309	 	 	$	19,824	 	 	$	535,941	 	 	$	461,338	 	 	$	74,603	 	

After-tax Operating Income Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income — continuing operations	 	 	128,232	 	 	 	127,019	 	 	 	122,439	 	 	 	112,409	 	 	 	118,208	 	 	 	10,024	 	 	 	377,690	 	 	 	294,677	 	 	 	83,013	 	
Investment and derivative losses (gains) — non-operating (1)	 	 	(25,041	)	 	 	(85,039	)	 	 	(47	)	 	 	41,347	 	 	 	13,170	 	 	 	(38,211	)	 	 	(110,127	)	 	 	153,378	 	 	 	(263,505	)	
Change in value of modified coinsurance and funds withheld embedded derivatives  (1)	 	 	25,125	 	 	 	(21,133	)	 	 	(79,713	)	 	 	(1,968	)	 	 	(33,445	)	 	 	58,570	 	 	 	(75,721	)	 	 	(48,988	)	 	 	(26,733	)	
GMXB embedded derivatives  (1)	 	 	10,551	 	 	 	91,607	 	 	 	(4,661	)	 	 	(29,978	)	 	 	(6,582	)	 	 	17,133	 	 	 	97,497	 	 	 	(134,275	)	 	 	231,772	 	
Funds withheld losses (gains) — investment income	 	 	(4,221	)	 	 	(3,752	)	 	 	53	 	 	 	—	 	 	 	—	 	 	 	(4,221	)	 	 	(7,920	)	 	 	—	 	 	 	(7,920	)	
Funds withheld losses (gains) — policy acq. costs	 	 	621	 	 	 	505	 	 	 	(53	)	 	 	—	 	 	 	—	 	 	 	621	 	 	 	1,073	 	 	 	—	 	 	 	1,073	 	
EIA embedded derivatives — interest credited	 	 	27,996	 	 	 	9,743	 	 	 	(14,574	)	 	 	8,166	 	 	 	(3,412	)	 	 	31,408	 	 	 	23,165	 	 	 	(16,994	)	 	 	40,159	 	
EIA embedded derivatives — policy acq. costs	 	 	(2,723	)	 	 	(977	)	 	 	2,113	 	 	 	(521	)	 	 	124	 	 	 	(2,847	)	 	 	(1,587	)	 	 	2,108	 	 	 	(3,695	)	
DAC offset, net	 	 	(32,837	)	 	 	3,926	 	 	 	67,451	 	 	 	(3,622	)	 	 	26,508	 	 	 	(59,345	)	 	 	38,540	 	 	 	87,851	 	 	 	(49,311	)	
Gain on debt repurchase	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	(25,269	)	 	 	25,269	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating Income	 	$	127,703	 	 	$	121,899	 	 	$	93,008	 	 	$	125,833	 	 	$	114,571	 	 	$	13,132	 	 	$	342,610	 	 	$	312,488	 	 	$	30,122	 	

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

Quarterly Financial Supplement
Page 3

 
Reinsurance Group of America, Incorporated
Consolidated Operating Income Statement
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	 	Current Qtr	 	 	Year-to-Date	 	
 	 	Sept. 30,	 	 	June 30,	 	 	March 31,	 	 	Dec. 31,	 	 	Sept. 30,	 	 	vs. PY	 	 	Sept. 30,	 	 	Sept. 30,	 	 	 	 	
(USD thousands, except per share data)	 	2010	 	 	2010	 	 	2010	 	 	2009	 	 	2009	 	 	Quarter	 	 	2010	 	 	2009	 	 	Change	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	1,647,300	 	 	$	1,582,017	 	 	$	1,628,464	 	 	$	1,598,754	 	 	$	1,405,179	 	 	$	242,121	 	 	$	4,857,781	 	 	$	4,126,407	 	 	$	731,374	 	
Investment income, net of related expenses	 	 	281,010	 	 	 	285,899	 	 	 	304,340	 	 	 	315,159	 	 	 	299,471	 	 	 	(18,461	)	 	 	871,249	 	 	 	807,303	 	 	 	63,946	 	
Investment related gains (losses), net	 	 	358	 	 	 	717	 	 	 	1,750	 	 	 	2,391	 	 	 	1,394	 	 	 	(1,036	)	 	 	2,825	 	 	 	4,064	 	 	 	(1,239	)	
Other revenue	 	 	37,515	 	 	 	35,197	 	 	 	36,278	 	 	 	44,059	 	 	 	31,972	 	 	 	5,543	 	 	 	108,990	 	 	 	102,117	 	 	 	6,873	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	 	 	1,966,183	 	 	 	1,903,830	 	 	 	1,970,832	 	 	 	1,960,363	 	 	 	1,738,016	 	 	 	228,167	 	 	 	5,840,845	 	 	 	5,039,891	 	 	 	800,954	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	 	1,393,891	 	 	 	1,307,239	 	 	 	1,375,180	 	 	 	1,370,175	 	 	 	1,155,811	 	 	 	238,080	 	 	 	4,076,310	 	 	 	3,449,251	 	 	 	627,059	 	
Interest credited	 	 	51,706	 	 	 	64,179	 	 	 	79,356	 	 	 	116,216	 	 	 	90,401	 	 	 	(38,695	)	 	 	195,241	 	 	 	221,103	 	 	 	(25,862	)	
Policy acquisition costs and other insurance expenses	 	 	210,812	 	 	 	231,834	 	 	 	259,364	 	 	 	185,706	 	 	 	230,818	 	 	 	(20,006	)	 	 	702,010	 	 	 	640,595	 	 	 	61,415	 	
Other operating expenses	 	 	85,409	 	 	 	83,147	 	 	 	91,199	 	 	 	80,532	 	 	 	76,403	 	 	 	9,006	 	 	 	259,755	 	 	 	214,247	 	 	 	45,508	 	
Interest expense	 	 	25,191	 	 	 	25,141	 	 	 	15,449	 	 	 	22,985	 	 	 	5,243	 	 	 	19,948	 	 	 	65,781	 	 	 	46,955	 	 	 	18,826	 	
Collateral finance facility expense	 	 	2,041	 	 	 	1,960	 	 	 	1,806	 	 	 	1,866	 	 	 	2,031	 	 	 	10	 	 	 	5,807	 	 	 	6,402	 	 	 	(595	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	 	 	1,769,050	 	 	 	1,713,500	 	 	 	1,822,354	 	 	 	1,777,480	 	 	 	1,560,707	 	 	 	208,343	 	 	 	5,304,904	 	 	 	4,578,553	 	 	 	726,351	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	 	197,133	 	 	 	190,330	 	 	 	148,478	 	 	 	182,883	 	 	 	177,309	 	 	 	19,824	 	 	 	535,941	 	 	 	461,338	 	 	 	74,603	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income tax expense	 	 	69,430	 	 	 	68,431	 	 	 	55,470	 	 	 	57,050	 	 	 	62,738	 	 	 	6,692	 	 	 	193,331	 	 	 	148,850	 	 	 	44,481	 	

Operating income	 	$	127,703	 	 	$	121,899	 	 	$	93,008	 	 	$	125,833	 	 	$	114,571	 	 	$	13,132	 	 	$	342,610	 	 	$	312,488	 	 	$	30,122	 	

Wgt. Average Common Shares Outstanding (Diluted)	 	 	74,420	 	 	 	74,721	 	 	 	74,578	 	 	 	74,195	 	 	 	73,286	 	 	 	1,134	 	 	 	74,574	 	 	 	73,037	 	 	 	1,537	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Diluted Earnings Per Share — Operating Income	 	$	1.72	 	 	$	1.63	 	 	$	1.25	 	 	$	1.70	 	 	$	1.56	 	 	$	0.16	 	 	$	4.59	 	 	$	4.28	 	 	$	0.31	 	

Foreign currency effect on*:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	15,448	 	 	$	40,445	 	 	$	103,974	 	 	$	81,807	 	 	$	(41,517	)	 	$	56,965	 	 	$	159,867	 	 	$	(289,416	)	 	$	449,283	 	
Operating income before income taxes	 	$	1,998	 	 	$	5,185	 	 	$	9,497	 	 	$	13,321	 	 	$	(1,564	)	 	$	3,562	 	 	$	16,680	 	 	$	(22,223	)	 	$	38,903	 	

*	 	Represents effect as compared to comparable prior year period	

Quarterly Financial Supplement
Page 4

 
Reinsurance Group of America, Incorporated
Consolidated Balance Sheets
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Sept. 30,	 	 	June 30,	 	 	March 31,	 	 	Dec. 31,	 	 	Sept. 30,	 	
(USD thousands)	 	2010	 	 	2010	 	 	2010	 	 	2009	 	 	2009	 	
Assets	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Fixed maturity securities (available for sale):	 	$	14,169,930	 	 	$	13,077,607	 	 	$	12,775,342	 	 	$	11,763,358	 	 	$	10,986,825	 	
Mortgage loans on real estate	 	 	863,873	 	 	 	838,827	 	 	 	797,272	 	 	 	791,668	 	 	 	736,982	 	
Policy loans	 	 	1,173,148	 	 	 	1,173,016	 	 	 	1,162,723	 	 	 	1,136,564	 	 	 	1,079,051	 	
Funds withheld at interest	 	 	5,276,511	 	 	 	5,257,929	 	 	 	5,180,300	 	 	 	4,895,356	 	 	 	4,820,534	 	
Short-term investments	 	 	84,091	 	 	 	63,962	 	 	 	79,160	 	 	 	121,060	 	 	 	89,372	 	
Other invested assets	 	 	738,830	 	 	 	637,827	 	 	 	564,753	 	 	 	516,086	 	 	 	516,079	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total investments	 	 	22,306,383	 	 	 	21,049,168	 	 	 	20,559,550	 	 	 	19,224,092	 	 	 	18,228,843	 	
Cash and cash equivalents	 	 	634,075	 	 	 	557,756	 	 	 	525,360	 	 	 	512,027	 	 	 	546,882	 	
Accrued investment income	 	 	177,250	 	 	 	144,658	 	 	 	140,921	 	 	 	107,447	 	 	 	151,744	 	
Premiums receivable and other reinsurance balances	 	 	987,342	 	 	 	898,522	 	 	 	880,372	 	 	 	850,096	 	 	 	808,719	 	
Reinsurance ceded receivables	 	 	790,889	 	 	 	721,830	 	 	 	731,479	 	 	 	716,480	 	 	 	714,761	 	
Deferred policy acquisition costs	 	 	3,741,534	 	 	 	3,597,865	 	 	 	3,624,846	 	 	 	3,698,972	 	 	 	3,604,148	 	
Other assets	 	 	296,555	 	 	 	250,807	 	 	 	259,930	 	 	 	140,387	 	 	 	107,016	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total assets	 	$	28,934,028	 	 	$	27,220,606	 	 	$	26,722,458	 	 	$	25,249,501	 	 	$	24,162,113	 	

Liabilities and Stockholders’ Equity	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Future policy benefits	 	$	8,906,977	 	 	$	8,518,817	 	 	$	8,540,298	 	 	$	7,748,480	 	 	$	7,405,615	 	
Interest-sensitive contract liabilities	 	 	7,884,874	 	 	 	7,781,407	 	 	 	7,550,168	 	 	 	7,666,002	 	 	 	7,446,900	 	
Other policy claims and benefits	 	 	2,590,014	 	 	 	2,387,579	 	 	 	2,429,147	 	 	 	2,229,083	 	 	 	2,202,428	 	
Other reinsurance balances	 	 	134,066	 	 	 	143,723	 	 	 	211,532	 	 	 	106,706	 	 	 	153,627	 	
Deferred income taxes	 	 	1,064,726	 	 	 	977,873	 	 	 	818,331	 	 	 	613,222	 	 	 	675,679	 	
Other liabilities	 	 	1,129,848	 	 	 	742,940	 	 	 	782,117	 	 	 	792,775	 	 	 	679,347	 	
Short-term debt	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	
Long-term debt	 	 	1,216,320	 	 	 	1,216,230	 	 	 	1,216,140	 	 	 	1,216,052	 	 	 	816,648	 	
Collateral finance facility	 	 	850,026	 	 	 	850,030	 	 	 	850,025	 	 	 	850,037	 	 	 	850,025	 	
Company-obligated mandatorily redeemable preferred securities of subsidiary trust holding solely junior subordinated debentures of the Company	 	 	159,368	 	 	 	159,316	 	 	 	159,266	 	 	 	159,217	 	 	 	159,168	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total liabilities	 	 	23,936,219	 	 	 	22,777,915	 	 	 	22,557,024	 	 	 	21,381,574	 	 	 	20,389,437	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Stockholders’ Equity:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Common stock, at par value	 	 	734	 	 	 	734	 	 	 	734	 	 	 	734	 	 	 	734	 	
Warrants	 	 	66,912	 	 	 	66,912	 	 	 	66,912	 	 	 	66,912	 	 	 	66,912	 	
Additional paid-in-capital	 	 	1,477,011	 	 	 	1,473,305	 	 	 	1,469,807	 	 	 	1,463,101	 	 	 	1,460,361	 	
Retained earnings	 	 	2,402,167	 	 	 	2,282,968	 	 	 	2,165,410	 	 	 	2,055,549	 	 	 	1,952,934	 	
Treasury stock	 	 	(8,774	)	 	 	(9,570	)	 	 	(11,817	)	 	 	(17,578	)	 	 	(25,647	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Accumulated other comprehensive income (AOCI):	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Accumulated currency translation adjustment, net of income taxes	 	 	242,686	 	 	 	173,985	 	 	 	237,549	 	 	 	210,878	 	 	 	185,570	 	
Unrealized appreciation (depreciation) of securities, net of income taxes	 	 	832,756	 	 	 	470,365	 	 	 	252,905	 	 	 	104,457	 	 	 	145,166	 	
Pension and postretirement benefits, net of income taxes	 	 	(15,683	)	 	 	(16,008	)	 	 	(16,066	)	 	 	(16,126	)	 	 	(13,354	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total stockholders’ equity	 	 	4,997,809	 	 	 	4,442,691	 	 	 	4,165,434	 	 	 	3,867,927	 	 	 	3,772,676	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total liabilities and stockholders’ equity	 	$	28,934,028	 	 	$	27,220,606	 	 	$	26,722,458	 	 	$	25,249,501	 	 	$	24,162,113	 	

Total stockholders’ equity, excluding AOCI	 	$	3,938,050	 	 	$	3,814,349	 	 	$	3,691,046	 	 	$	3,568,718	 	 	$	3,455,294	 	

Quarterly Financial Supplement
Page 5

 
Reinsurance Group of America, Incorporated
U.S. Traditional Sub-segment Operating Income
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	 	Current Qtr	 	 	Year-to-Date	 	
 	 	Sept. 30,	 	 	June 30,	 	 	March 31,	 	 	Dec. 31,	 	 	Sept. 30,	 	 	vs. PY	 	 	Sept. 30,	 	 	Sept. 30,	 	 	 	 	
(USD thousands)	 	2010	 	 	2010	 	 	2010	 	 	2009	 	 	2009	 	 	Quarter	 	 	2010	 	 	2009	 	 	Change	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	930,070	 	 	$	933,162	 	 	$	902,961	 	 	$	918,529	 	 	$	801,406	 	 	$	128,664	 	 	$	2,766,193	 	 	$	2,395,335	 	 	$	370,858	 	
Investment income, net of related expenses	 	 	124,596	 	 	 	120,782	 	 	 	113,461	 	 	 	114,276	 	 	 	107,088	 	 	 	17,508	 	 	 	358,839	 	 	 	314,265	 	 	 	44,574	 	
Other revenue	 	 	428	 	 	 	190	 	 	 	598	 	 	 	1,121	 	 	 	586	 	 	 	(158	)	 	 	1,216	 	 	 	2,076	 	 	 	(860	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	 	 	1,055,094	 	 	 	1,054,134	 	 	 	1,017,020	 	 	 	1,033,926	 	 	 	909,080	 	 	 	146,014	 	 	 	3,126,248	 	 	 	2,711,676	 	 	 	414,572	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	 	793,270	 	 	 	788,956	 	 	 	789,775	 	 	 	786,949	 	 	 	686,057	 	 	 	107,213	 	 	 	2,372,001	 	 	 	2,050,859	 	 	 	321,142	 	
Interest credited	 	 	16,698	 	 	 	16,312	 	 	 	16,636	 	 	 	16,261	 	 	 	15,983	 	 	 	715	 	 	 	49,646	 	 	 	46,917	 	 	 	2,729	 	
Policy acquisition costs and other insurance expenses	 	 	125,526	 	 	 	134,470	 	 	 	128,773	 	 	 	134,815	 	 	 	108,685	 	 	 	16,841	 	 	 	388,769	 	 	 	315,543	 	 	 	73,226	 	
Other operating expenses	 	 	18,534	 	 	 	18,303	 	 	 	20,859	 	 	 	13,756	 	 	 	13,692	 	 	 	4,842	 	 	 	57,696	 	 	 	40,895	 	 	 	16,801	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	 	 	954,028	 	 	 	958,041	 	 	 	956,043	 	 	 	951,781	 	 	 	824,417	 	 	 	129,611	 	 	 	2,868,112	 	 	 	2,454,214	 	 	 	413,898	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	 	101,066	 	 	 	96,093	 	 	 	60,977	 	 	 	82,145	 	 	 	84,663	 	 	 	16,403	 	 	 	258,136	 	 	 	257,462	 	 	 	674	 	

Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	 	101,066	 	 	 	96,093	 	 	 	60,977	 	 	 	82,145	 	 	 	84,663	 	 	 	16,403	 	 	 	258,136	 	 	 	257,462	 	 	 	674	 	
Investment and Derivative (losses) gains — non-operating	 	 	13,009	 	 	 	2,721	 	 	 	2,848	 	 	 	(7,842	)	 	 	(20,880	)	 	 	33,889	 	 	 	18,578	 	 	 	(76,042	)	 	 	94,620	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	$	114,075	 	 	$	98,814	 	 	$	63,825	 	 	$	74,303	 	 	$	63,783	 	 	$	50,292	 	 	$	276,714	 	 	$	181,420	 	 	$	95,294	 	

Loss and Expense Ratios:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	 	85.3	%	 	 	84.5	%	 	 	87.5	%	 	 	85.7	%	 	 	85.6	%	 	 	-0.3	%	 	 	85.7	%	 	 	85.6	%	 	 	0.1	%	
Policy acquisition costs and other insurance expenses	 	 	13.5	%	 	 	14.4	%	 	 	14.3	%	 	 	14.7	%	 	 	13.6	%	 	 	-0.1	%	 	 	14.1	%	 	 	13.2	%	 	 	0.9	%	
Other operating expenses	 	 	2.0	%	 	 	2.0	%	 	 	2.3	%	 	 	1.5	%	 	 	1.7	%	 	 	0.3	%	 	 	2.1	%	 	 	1.7	%	 	 	0.4	%	

Quarterly Financial Supplement
Page 6

 
Reinsurance Group of America, Incorporated
U.S. Asset Intensive Sub-segment Operating Income
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	 	Current Qtr	 	 	Year-to-Date	 	
 	 	Sept. 30,	 	 	June 30,	 	 	March 31,	 	 	Dec. 31,	 	 	Sept. 30,	 	 	vs. PY	 	 	Sept. 30,	 	 	Sept. 30,	 	 	 	 	
(USD thousands except account values)	 	2010	 	 	2010	 	 	2010	 	 	2009	 	 	2009	 	 	Quarter	 	 	2010	 	 	2009	 	 	Change	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	2,724	 	 	$	3,128	 	 	$	11,877	 	 	$	1,767	 	 	$	1,744	 	 	$	980	 	 	$	17,729	 	 	$	5,092	 	 	$	12,637	 	
Investment income, net of related expenses	 	 	60,853	 	 	 	77,189	 	 	 	96,449	 	 	 	109,871	 	 	 	115,777	 	 	 	(54,924	)	 	 	234,491	 	 	 	276,771	 	 	 	(42,280	)	
Investment related gains (losses), net	 	 	(18	)	 	 	(18	)	 	 	(18	)	 	 	(18	)	 	 	(19	)	 	 	1	 	 	 	(54	)	 	 	(27	)	 	 	(27	)	
Other revenue	 	 	19,605	 	 	 	21,944	 	 	 	20,893	 	 	 	19,029	 	 	 	19,452	 	 	 	153	 	 	 	62,442	 	 	 	51,537	 	 	 	10,905	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	 	 	83,164	 	 	 	102,243	 	 	 	129,201	 	 	 	130,649	 	 	 	136,954	 	 	 	(53,790	)	 	 	314,608	 	 	 	333,373	 	 	 	(18,765	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	 	(318	)	 	 	2,850	 	 	 	9,610	 	 	 	5,166	 	 	 	872	 	 	 	(1,190	)	 	 	12,142	 	 	 	1,805	 	 	 	10,337	 	
Interest credited	 	 	35,008	 	 	 	47,868	 	 	 	62,706	 	 	 	99,834	 	 	 	74,418	 	 	 	(39,410	)	 	 	145,582	 	 	 	174,111	 	 	 	(28,529	)	
Policy acquisition costs and other insurance expenses	 	 	32,072	 	 	 	33,341	 	 	 	37,150	 	 	 	9,304	 	 	 	39,397	 	 	 	(7,325	)	 	 	102,563	 	 	 	117,783	 	 	 	(15,220	)	
Other operating expenses	 	 	2,413	 	 	 	2,414	 	 	 	3,189	 	 	 	2,476	 	 	 	2,537	 	 	 	(124	)	 	 	8,016	 	 	 	7,700	 	 	 	316	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	 	 	69,175	 	 	 	86,473	 	 	 	112,655	 	 	 	116,780	 	 	 	117,224	 	 	 	(48,049	)	 	 	268,303	 	 	 	301,399	 	 	 	(33,096	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income (loss) before income taxes	 	 	13,989	 	 	 	15,770	 	 	 	16,546	 	 	 	13,869	 	 	 	19,730	 	 	 	(5,741	)	 	 	46,305	 	 	 	31,974	 	 	 	14,331	 	

Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	 	13,989	 	 	 	15,770	 	 	 	16,546	 	 	 	13,869	 	 	 	19,730	 	 	 	(5,741	)	 	 	46,305	 	 	 	31,974	 	 	 	14,331	 	
Investment and derivative (losses) gains — non-operating  (1)	 	 	17,112	 	 	 	124,746	 	 	 	2,808	 	 	 	(50,539	)	 	 	(7,714	)	 	 	24,826	 	 	 	144,666	 	 	 	(170,866	)	 	 	315,532	 	
Change in value of modified coinsurance and funds withheld embedded derivatives  (1)	 	 	(38,653	)	 	 	32,512	 	 	 	122,635	 	 	 	3,028	 	 	 	51,454	 	 	 	(90,107	)	 	 	116,494	 	 	 	75,366	 	 	 	41,128	 	
GMXB embedded derivatives (1)	 	 	(16,232	)	 	 	(140,934	)	 	 	7,171	 	 	 	46,120	 	 	 	10,127	 	 	 	(26,359	)	 	 	(149,995	)	 	 	206,577	 	 	 	(356,572	)	
Funds withheld losses (gains) — investment income	 	 	6,494	 	 	 	5,772	 	 	 	(82	)	 	 	—	 	 	 	—	 	 	 	6,494	 	 	 	12,184	 	 	 	—	 	 	 	12,184	 	
Funds withheld losses (gains) — policy acq. costs	 	 	(954	)	 	 	(777	)	 	 	81	 	 	 	—	 	 	 	—	 	 	 	(954	)	 	 	(1,650	)	 	 	—	 	 	 	(1,650	)	
EIA embedded derivatives — interest credited	 	 	(43,070	)	 	 	(14,990	)	 	 	22,422	 	 	 	(12,563	)	 	 	5,248	 	 	 	(48,318	)	 	 	(35,638	)	 	 	26,144	 	 	 	(61,782	)	
EIA embedded derivatives — policy acq. costs	 	 	4,189	 	 	 	1,503	 	 	 	(3,250	)	 	 	801	 	 	 	(191	)	 	 	4,380	 	 	 	2,442	 	 	 	(3,243	)	 	 	5,685	 	
DAC offset, net	 	 	50,519	 	 	 	(6,041	)	 	 	(103,769	)	 	 	5,572	 	 	 	(40,780	)	 	 	91,299	 	 	 	(59,291	)	 	 	(135,155	)	 	 	75,864	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	$	(6,606	)	 	$	17,561	 	 	$	64,562	 	 	$	6,288	 	 	$	37,874	 	 	$	(44,480	)	 	$	75,517	 	 	$	30,797	 	 	$	44,720	 	

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

Quarterly Financial Supplement
Page 7

 
Reinsurance Group of America, Incorporated
U.S. Asset Intensive Sub-segment
(Cont’d)
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	
 	 	Sept. 30,	 	 	June 30,	 	 	March 31,	 	 	Dec. 31,	 	 	Sept. 30,	 	
(USD millions)	 	2010	 	 	2010	 	 	2010	 	 	2009	 	 	2009	 	
Annuity account values:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Fixed annuities (deferred)	 	$	837	 	 	$	847	 	 	$	861	 	 	$	876	 	 	$	888	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net interest spread (fixed annuities):	 	 	1.5	%	 	 	2.3	%	 	 	2.4	%	 	 	2.4	%	 	 	3.3	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Equity-indexed annuities	 	$	4,210	 	 	$	4,145	 	 	$	4,052	 	 	$	4,031	 	 	$	3,940	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Variable annuities:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
No riders	 	$	1,243	 	 	$	1,190	 	 	$	1,251	 	 	$	1,231	 	 	$	1,195	 	
GMDB only	 	 	87	 	 	 	79	 	 	 	82	 	 	 	79	 	 	 	75	 	
GMIB only	 	 	6	 	 	 	6	 	 	 	6	 	 	 	6	 	 	 	6	 	
GMAB only	 	 	62	 	 	 	58	 	 	 	63	 	 	 	62	 	 	 	60	 	
GMWB only	 	 	1,653	 	 	 	1,517	 	 	 	1,622	 	 	 	1,563	 	 	 	1,501	 	
GMDB / WB	 	 	472	 	 	 	431	 	 	 	455	 	 	 	437	 	 	 	415	 	
Other	 	 	34	 	 	 	32	 	 	 	35	 	 	 	34	 	 	 	33	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total VA account values	 	$	3,557	 	 	$	3,313	 	 	$	3,514	 	 	$	3,412	 	 	$	3,285	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Fair value of liabilities associated with living benefit riders	 	$	174	 	 	$	158	 	 	$	17	 	 	$	24	 	 	$	70	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Other asset-intensive business:	 	$	786	 	 	$	784	 	 	$	783	 	 	$	679	 	 	$	675	 	

Quarterly Financial Supplement
Page 8

 
     
Reinsurance Group of America, Incorporated
U.S. Financial Reinsurance Sub-segment Operating Income
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	 	Current Qtr	 	 	Year-to-Date	 	
 	 	Sept. 30,	 	 	June 30,	 	 	March 31,	 	 	Dec. 31,	 	 	Sept. 30,	 	 	vs. PY	 	 	Sept. 30,	 	 	Sept. 30,	 	 	 	 	
(USD thousands)	 	2010	 	 	2010	 	 	2010	 	 	2009	 	 	2009	 	 	Quarter	 	 	2010	 	 	2009	 	 	Change	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Investment income, net of related expenses	 	$	154	 	 	$	107	 	 	$	(51	)	 	$	(66	)	 	$	(56	)	 	$	210	 	 	$	210	 	 	$	(220	)	 	$	430	 	
Other revenue	 	 	5,608	 	 	 	5,820	 	 	 	5,050	 	 	 	5,736	 	 	 	3,871	 	 	 	1,737	 	 	 	16,478	 	 	 	14,560	 	 	 	1,918	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	 	 	5,762	 	 	 	5,927	 	 	 	4,999	 	 	 	5,670	 	 	 	3,815	 	 	 	1,947	 	 	 	16,688	 	 	 	14,340	 	 	 	2,348	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Policy acquisition costs and other insurance expenses	 	 	461	 	 	 	580	 	 	 	526	 	 	 	299	 	 	 	289	 	 	 	172	 	 	 	1,567	 	 	 	889	 	 	 	678	 	
Other operating expenses	 	 	940	 	 	 	937	 	 	 	1,279	 	 	 	751	 	 	 	779	 	 	 	161	 	 	 	3,156	 	 	 	2,259	 	 	 	897	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	 	 	1,401	 	 	 	1,517	 	 	 	1,805	 	 	 	1,050	 	 	 	1,068	 	 	 	333	 	 	 	4,723	 	 	 	3,148	 	 	 	1,575	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	 	4,361	 	 	 	4,410	 	 	 	3,194	 	 	 	4,620	 	 	 	2,747	 	 	 	1,614	 	 	 	11,965	 	 	 	11,192	 	 	 	773	 	

Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	 	4,361	 	 	 	4,410	 	 	 	3,194	 	 	 	4,620	 	 	 	2,747	 	 	 	1,614	 	 	 	11,965	 	 	 	11,192	 	 	 	773	 	
Investment and Derivative (losses) gains — non-operating	 	 	(44	)	 	 	(10	)	 	 	(9	)	 	 	26	 	 	 	2	 	 	 	(46	)	 	 	(63	)	 	 	72	 	 	 	(135	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	$	4,317	 	 	$	4,400	 	 	$	3,185	 	 	$	4,646	 	 	$	2,749	 	 	$	1,568	 	 	$	11,902	 	 	$	11,264	 	 	$	638	 	

Quarterly Financial Supplement
Page 9

 
Reinsurance Group of America, Incorporated
Canadian Segment Operating Income
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	 	Current Qtr	 	 	Year-to-Date	 	
 	 	Sept. 30,	 	 	June 30,	 	 	March 31,	 	 	Dec. 31,	 	 	Sept. 30,	 	 	vs. PY	 	 	Sept. 30,	 	 	Sept. 30,	 	 	 	 	
(USD thousands)	 	2010	 	 	2010	 	 	2010	 	 	2009	 	 	2009	 	 	Quarter	 	 	2010	 	 	2009	 	 	Change	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	205,552	 	 	$	177,079	 	 	$	208,650	 	 	$	168,483	 	 	$	153,430	 	 	$	52,122	 	 	$	591,281	 	 	$	446,348	 	 	$	144,933	 	
Investment income, net of related expenses	 	 	41,170	 	 	 	42,206	 	 	 	40,228	 	 	 	40,863	 	 	 	34,412	 	 	 	6,758	 	 	 	123,604	 	 	 	96,887	 	 	 	26,717	 	
Investment related gains (losses), net	 	 	938	 	 	 	915	 	 	 	895	 	 	 	919	 	 	 	1,448	 	 	 	(510	)	 	 	2,748	 	 	 	4,143	 	 	 	(1,395	)	
Other revenue	 	 	803	 	 	 	241	 	 	 	43	 	 	 	124	 	 	 	(69	)	 	 	872	 	 	 	1,087	 	 	 	1,010	 	 	 	77	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	 	 	248,463	 	 	 	220,441	 	 	 	249,816	 	 	 	210,389	 	 	 	189,221	 	 	 	59,242	 	 	 	718,720	 	 	 	548,388	 	 	 	170,332	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	 	186,554	 	 	 	145,250	 	 	 	172,516	 	 	 	133,757	 	 	 	123,357	 	 	 	63,197	 	 	 	504,320	 	 	 	367,304	 	 	 	137,016	 	
Interest credited	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	75	 	 	 	(75	)	
Policy acquisition costs and other insurance expenses	 	 	26,901	 	 	 	35,264	 	 	 	54,441	 	 	 	39,312	 	 	 	38,244	 	 	 	(11,343	)	 	 	116,606	 	 	 	107,678	 	 	 	8,928	 	
Other operating expenses	 	 	6,971	 	 	 	6,994	 	 	 	6,841	 	 	 	6,585	 	 	 	5,798	 	 	 	1,173	 	 	 	20,806	 	 	 	16,189	 	 	 	4,617	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	 	 	220,426	 	 	 	187,508	 	 	 	233,798	 	 	 	179,654	 	 	 	167,399	 	 	 	53,027	 	 	 	641,732	 	 	 	491,246	 	 	 	150,486	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	 	28,037	 	 	 	32,933	 	 	 	16,018	 	 	 	30,735	 	 	 	21,822	 	 	 	6,215	 	 	 	76,988	 	 	 	57,142	 	 	 	19,846	 	

Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	 	28,037	 	 	 	32,933	 	 	 	16,018	 	 	 	30,735	 	 	 	21,822	 	 	 	6,215	 	 	 	76,988	 	 	 	57,142	 	 	 	19,846	 	
Investment and Derivative (losses) gains — non-operating	 	 	5,431	 	 	 	815	 	 	 	2,955	 	 	 	15,053	 	 	 	(2,975	)	 	 	8,406	 	 	 	9,201	 	 	 	3,405	 	 	 	5,796	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	$	33,468	 	 	$	33,748	 	 	$	18,973	 	 	$	45,788	 	 	$	18,847	 	 	$	14,621	 	 	$	86,189	 	 	$	60,547	 	 	$	25,642	 	

Loss and Expense Ratios:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Loss ratios (creditor business)	 	 	32.5	%	 	 	40.6	%	 	 	41.2	%	 	 	19.7	%	 	 	37.7	%	 	 	-5.2	%	 	 	39.9	%	 	 	41.1	%	 	 	-1.2	%	
Loss ratios (excluding creditor business)	 	 	96.3	%	 	 	91.9	%	 	 	106.8	%	 	 	98.6	%	 	 	94.9	%	 	 	1.4	%	 	 	97.9	%	 	 	97.6	%	 	 	0.3	%	
Claims and other policy benefits / (net premiums + investment income)	 	 	75.6	%	 	 	66.2	%	 	 	69.3	%	 	 	63.9	%	 	 	65.7	%	 	 	9.9	%	 	 	70.5	%	 	 	67.6	%	 	 	2.9	%	
Policy acquisition costs and other insurance expenses	 	 	13.1	%	 	 	19.9	%	 	 	26.1	%	 	 	23.3	%	 	 	24.9	%	 	 	-11.8	%	 	 	19.7	%	 	 	24.1	%	 	 	-4.4	%	
Other operating expenses	 	 	3.4	%	 	 	3.9	%	 	 	3.3	%	 	 	3.9	%	 	 	3.8	%	 	 	-0.4	%	 	 	3.5	%	 	 	3.6	%	 	 	-0.1	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Foreign currency effect on*:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	10,236	 	 	$	20,670	 	 	$	33,557	 	 	$	21,267	 	 	$	(7,826	)	 	$	18,062	 	 	$	64,463	 	 	$	(63,453	)	 	$	127,916	 	
Operating income before income taxes	 	$	292	 	 	$	4,079	 	 	$	1,373	 	 	$	5,038	 	 	$	(1,048	)	 	$	1,340	 	 	$	5,744	 	 	$	(10,222	)	 	$	15,966	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Creditor reinsurance net premiums	 	$	17,707	 	 	$	34,079	 	 	$	76,712	 	 	$	40,977	 	 	$	38,903	 	 	$	(21,196	)	 	$	128,498	 	 	$	120,696	 	 	$	7,802	 	

Note:	 	The loss ratios on creditor reinsurance business are normally lower than traditional reinsurance, while allowances are normally higher as a percentage of premiums.	
 	 	 	
*	 	Represents effect as compared to comparable prior year period	

Quarterly Financial Supplement
Page 10

 
Reinsurance Group of America, Incorporated
Europe & South Africa Segment Operating Income
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	 	Current Qtr	 	 	Year-to-Date	 	
 	 	Sept. 30,	 	 	June 30,	 	 	March 31,	 	 	Dec. 31,	 	 	Sept. 30,	 	 	vs. PY	 	 	Sept. 30,	 	 	Sept. 30,	 	 	 	 	
(USD thousands)	 	2010	 	 	2010	 	 	2010	 	 	2009	 	 	2009	 	 	Quarter	 	 	2010	 	 	2009	 	 	Change	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	232,962	 	 	$	209,919	 	 	$	217,652	 	 	$	224,510	 	 	$	204,169	 	 	$	28,793	 	 	$	660,533	 	 	$	557,442	 	 	$	103,091	 	
Investment income, net of related expenses	 	 	8,579	 	 	 	8,369	 	 	 	7,832	 	 	 	8,869	 	 	 	8,502	 	 	 	77	 	 	 	24,780	 	 	 	23,371	 	 	 	1,409	 	
Other revenue	 	 	857	 	 	 	108	 	 	 	838	 	 	 	10,536	 	 	 	102	 	 	 	755	 	 	 	1,803	 	 	 	900	 	 	 	903	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	 	 	242,398	 	 	 	218,396	 	 	 	226,322	 	 	 	243,915	 	 	 	212,773	 	 	 	29,625	 	 	 	687,116	 	 	 	581,713	 	 	 	105,403	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	 	193,377	 	 	 	165,827	 	 	 	180,016	 	 	 	201,131	 	 	 	164,118	 	 	 	29,259	 	 	 	539,220	 	 	 	455,354	 	 	 	83,866	 	
Policy acquisition costs and other insurance expenses	 	 	12,137	 	 	 	10,273	 	 	 	13,398	 	 	 	(4,710	)	 	 	21,277	 	 	 	(9,140	)	 	 	35,808	 	 	 	42,463	 	 	 	(6,655	)	
Other operating expenses	 	 	21,198	 	 	 	21,317	 	 	 	22,710	 	 	 	23,608	 	 	 	20,665	 	 	 	533	 	 	 	65,225	 	 	 	56,693	 	 	 	8,532	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	 	 	226,712	 	 	 	197,417	 	 	 	216,124	 	 	 	220,029	 	 	 	206,060	 	 	 	20,652	 	 	 	640,253	 	 	 	554,510	 	 	 	85,743	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	 	15,686	 	 	 	20,979	 	 	 	10,198	 	 	 	23,886	 	 	 	6,713	 	 	 	8,973	 	 	 	46,863	 	 	 	27,203	 	 	 	19,660	 	

Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	 	15,686	 	 	 	20,979	 	 	 	10,198	 	 	 	23,886	 	 	 	6,713	 	 	 	8,973	 	 	 	46,863	 	 	 	27,203	 	 	 	19,660	 	
Investment and Derivative (losses) gains — non-operating	 	 	1,808	 	 	 	1,347	 	 	 	459	 	 	 	576	 	 	 	268	 	 	 	1,540	 	 	 	3,614	 	 	 	676	 	 	 	2,938	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	$	17,494	 	 	$	22,326	 	 	$	10,657	 	 	$	24,462	 	 	$	6,981	 	 	$	10,513	 	 	$	50,477	 	 	$	27,879	 	 	$	22,598	 	

Loss and Expense Ratios:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	 	83.0	%	 	 	79.0	%	 	 	82.7	%	 	 	89.6	%	 	 	80.4	%	 	 	2.6	%	 	 	81.6	%	 	 	81.7	%	 	 	-0.1	%	
Policy acquisition costs and other insurance expenses	 	 	5.2	%	 	 	4.9	%	 	 	6.2	%	 	 	-2.1	%	 	 	10.4	%	 	 	-5.2	%	 	 	5.4	%	 	 	7.6	%	 	 	-2.2	%	
Other operating expenses	 	 	9.1	%	 	 	10.2	%	 	 	10.4	%	 	 	10.5	%	 	 	10.1	%	 	 	-1.0	%	 	 	9.9	%	 	 	10.2	%	 	 	-0.3	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Foreign currency effect on*:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	(12,500	)	 	$	(6,154	)	 	$	20,109	 	 	$	15,308	 	 	$	(24,713	)	 	$	12,213	 	 	$	1,455	 	 	$	(122,798	)	 	$	124,253	 	
Operating income before income taxes	 	$	(1,184	)	 	$	(1,158	)	 	$	334	 	 	$	4,672	 	 	$	(614	)	 	$	(570	)	 	$	(2,008	)	 	$	(6,352	)	 	$	4,344	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Critical illness net premiums	 	$	57,340	 	 	$	52,759	 	 	$	55,874	 	 	$	58,898	 	 	$	54,206	 	 	$	3,134	 	 	$	165,973	 	 	$	153,226	 	 	$	12,747	 	

*	 	Represents effect as compared to comparable prior year period	

Quarterly Financial Supplement
Page 11

 
     
Reinsurance Group of America, Incorporated
Asia Pacific Segment Operating Income
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	 	Current Qtr	 	 	Year-to-Date	 	
 	 	Sept. 30,	 	 	June 30,	 	 	March 31,	 	 	Dec. 31,	 	 	Sept. 30,	 	 	vs. PY	 	 	Sept. 30,	 	 	Sept. 30,	 	 	 	 	
(USD thousands)	 	2010	 	 	2010	 	 	2010	 	 	2009	 	 	2009	 	 	Quarter	 	 	2010	 	 	2009	 	 	Change	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	273,825	 	 	$	256,878	 	 	$	285,818	 	 	$	283,419	 	 	$	242,350	 	 	$	31,475	 	 	$	816,521	 	 	$	715,508	 	 	$	101,013	 	
Investment income, net of related expenses	 	 	17,042	 	 	 	17,249	 	 	 	17,264	 	 	 	18,107	 	 	 	15,654	 	 	 	1,388	 	 	 	51,555	 	 	 	43,228	 	 	 	8,327	 	
Investment related gains (losses), net	 	 	232	 	 	 	(151	)	 	 	707	 	 	 	824	 	 	 	—	 	 	 	232	 	 	 	788	 	 	 	—	 	 	 	788	 	
Other revenue	 	 	7,462	 	 	 	6,128	 	 	 	6,187	 	 	 	5,887	 	 	 	4,942	 	 	 	2,520	 	 	 	19,777	 	 	 	19,142	 	 	 	635	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	 	 	298,561	 	 	 	280,104	 	 	 	309,976	 	 	 	308,237	 	 	 	262,946	 	 	 	35,615	 	 	 	888,641	 	 	 	777,878	 	 	 	110,763	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	 	220,867	 	 	 	204,494	 	 	 	223,096	 	 	 	243,012	 	 	 	182,070	 	 	 	38,797	 	 	 	648,457	 	 	 	574,040	 	 	 	74,417	 	
Policy acquisition costs and other insurance expenses	 	 	27,373	 	 	 	31,661	 	 	 	37,930	 	 	 	17,617	 	 	 	31,833	 	 	 	(4,460	)	 	 	96,964	 	 	 	88,788	 	 	 	8,176	 	
Other operating expenses	 	 	22,932	 	 	 	22,265	 	 	 	22,385	 	 	 	22,811	 	 	 	21,072	 	 	 	1,860	 	 	 	67,582	 	 	 	55,274	 	 	 	12,308	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	 	 	271,172	 	 	 	258,420	 	 	 	283,411	 	 	 	283,440	 	 	 	234,975	 	 	 	36,197	 	 	 	813,003	 	 	 	718,102	 	 	 	94,901	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	 	27,389	 	 	 	21,684	 	 	 	26,565	 	 	 	24,797	 	 	 	27,971	 	 	 	(582	)	 	 	75,638	 	 	 	59,776	 	 	 	15,862	 	

Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	 	27,389	 	 	 	21,684	 	 	 	26,565	 	 	 	24,797	 	 	 	27,971	 	 	 	(582	)	 	 	75,638	 	 	 	59,776	 	 	 	15,862	 	
Investment and Derivative (losses) gains — non-operating	 	 	1,094	 	 	 	2,077	 	 	 	(120	)	 	 	(1,269	)	 	 	2,954	 	 	 	(1,860	)	 	 	3,051	 	 	 	242	 	 	 	2,809	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	$	28,483	 	 	$	23,761	 	 	$	26,445	 	 	$	23,528	 	 	$	30,925	 	 	$	(2,442	)	 	$	78,689	 	 	$	60,018	 	 	$	18,671	 	

Loss and Expense Ratios:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	 	80.7	%	 	 	79.6	%	 	 	78.1	%	 	 	85.7	%	 	 	75.1	%	 	 	5.6	%	 	 	79.4	%	 	 	80.2	%	 	 	-0.8	%	
Policy acquisition costs and other insurance expenses	 	 	10.0	%	 	 	12.3	%	 	 	13.3	%	 	 	6.2	%	 	 	13.1	%	 	 	-3.1	%	 	 	11.9	%	 	 	12.4	%	 	 	-0.5	%	
Other operating expenses	 	 	8.4	%	 	 	8.7	%	 	 	7.8	%	 	 	8.0	%	 	 	8.7	%	 	 	-0.3	%	 	 	8.3	%	 	 	7.7	%	 	 	0.6	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Foreign currency effect on*:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	17,726	 	 	$	25,935	 	 	$	50,307	 	 	$	45,215	 	 	$	(8,996	)	 	$	26,722	 	 	$	93,968	 	 	$	(103,251	)	 	$	197,219	 	
Operating income before income taxes	 	$	978	 	 	$	2,276	 	 	$	3,577	 	 	$	2,864	 	 	$	791	 	 	$	187	 	 	$	6,831	 	 	$	(2,240	)	 	$	9,071	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Critical illness net premiums	 	$	45,954	 	 	$	48,508	 	 	$	39,398	 	 	$	52,311	 	 	$	45,473	 	 	$	481	 	 	$	133,860	 	 	$	128,848	 	 	$	5,012	 	

*	 	Represents effect as compared to comparable prior year period	

Quarterly Financial Supplement
Page 12

 
     
Reinsurance Group of America, Incorporated
Corporate and Other Segment Operating Income
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	 	Current Qtr	 	 	Year-to-Date	 	
 	 	Sept. 30,	 	 	June 30,	 	 	March 31,	 	 	Dec. 31,	 	 	Sept. 30,	 	 	vs. PY	 	 	Sept. 30,	 	 	Sept. 30,	 	 	 	 	
(USD thousands)	 	2010	 	 	2010	 	 	2010	 	 	2009	 	 	2009	 	 	Quarter	 	 	2010	 	 	2009	 	 	Change	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	2,167	 	 	$	1,851	 	 	$	1,506	 	 	$	2,046	 	 	$	2,080	 	 	$	87	 	 	$	5,524	 	 	$	6,682	 	 	$	(1,158	)	
Investment income, net of related expenses	 	 	28,616	 	 	 	19,997	 	 	 	29,157	 	 	 	23,239	 	 	 	18,094	 	 	 	10,522	 	 	 	77,770	 	 	 	53,001	 	 	 	24,769	 	
Investment related gains (losses), net	 	 	(794	)	 	 	(29	)	 	 	166	 	 	 	666	 	 	 	(35	)	 	 	(759	)	 	 	(657	)	 	 	(52	)	 	 	(605	)	
Other revenue	 	 	2,752	 	 	 	766	 	 	 	2,669	 	 	 	1,626	 	 	 	3,088	 	 	 	(336	)	 	 	6,187	 	 	 	12,892	 	 	 	(6,705	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	 	 	32,741	 	 	 	22,585	 	 	 	33,498	 	 	 	27,577	 	 	 	23,227	 	 	 	9,514	 	 	 	88,824	 	 	 	72,523	 	 	 	16,301	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	 	141	 	 	 	(138	)	 	 	167	 	 	 	160	 	 	 	(663	)	 	 	804	 	 	 	170	 	 	 	(111	)	 	 	281	 	
Interest credited	 	 	—	 	 	 	(1	)	 	 	14	 	 	 	121	 	 	 	—	 	 	 	—	 	 	 	13	 	 	 	—	 	 	 	13	 	
Policy acquisition costs and other insurance expenses	 	 	(13,658	)	 	 	(13,755	)	 	 	(12,854	)	 	 	(10,931	)	 	 	(8,907	)	 	 	(4,751	)	 	 	(40,267	)	 	 	(32,549	)	 	 	(7,718	)	
Other operating expenses	 	 	12,421	 	 	 	10,917	 	 	 	13,936	 	 	 	10,545	 	 	 	11,860	 	 	 	561	 	 	 	37,274	 	 	 	35,237	 	 	 	2,037	 	
Interest expense	 	 	25,191	 	 	 	25,141	 	 	 	15,449	 	 	 	22,985	 	 	 	5,243	 	 	 	19,948	 	 	 	65,781	 	 	 	46,955	 	 	 	18,826	 	
Collateral finance facility expense	 	 	2,041	 	 	 	1,960	 	 	 	1,806	 	 	 	1,866	 	 	 	2,031	 	 	 	10	 	 	 	5,807	 	 	 	6,402	 	 	 	(595	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	 	 	26,136	 	 	 	24,124	 	 	 	18,518	 	 	 	24,746	 	 	 	9,564	 	 	 	16,572	 	 	 	68,778	 	 	 	55,934	 	 	 	12,844	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income (loss) before income taxes	 	 	6,605	 	 	 	(1,539	)	 	 	14,980	 	 	 	2,831	 	 	 	13,663	 	 	 	(7,058	)	 	 	20,046	 	 	 	16,589	 	 	 	3,457	 	

Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	 	6,605	 	 	 	(1,539	)	 	 	14,980	 	 	 	2,831	 	 	 	13,663	 	 	 	(7,058	)	 	 	20,046	 	 	 	16,589	 	 	 	3,457	 	
Investment and Derivative (losses) gains — non-operating	 	 	(663	)	 	 	(999	)	 	 	(9,312	)	 	 	(21,681	)	 	 	7,729	 	 	 	(8,392	)	 	 	(10,974	)	 	 	4,791	 	 	 	(15,765	)	
Gain on debt repurchase	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	38,875	 	 	 	(38,875	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	$	5,942	 	 	$	(2,538	)	 	$	5,668	 	 	$	(18,850	)	 	$	21,392	 	 	$	(15,450	)	 	$	9,072	 	 	$	60,255	 	 	$	(51,183	)	

Foreign currency effect on*:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	(14	)	 	$	(6	)	 	$	1	 	 	$	16	 	 	$	18	 	 	$	(32	)	 	$	(19	)	 	$	86	 	 	$	(105	)	
Operating income before income taxes	 	$	1,912	 	 	$	(12	)	 	$	4,213	 	 	$	747	 	 	$	(693	)	 	$	2,605	 	 	$	6,113	 	 	$	(3,409	)	 	$	9,522	 	

*	 	Represents effect as compared to comparable prior year period	

Quarterly Financial Supplement
Page 13

 
     
Reinsurance Group of America, Incorporated
Summary of Pre-tax Segment Operating Income
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	 	Current Qtr	 	 	Year-to-Date	 	
 	 	Sept. 30,	 	 	June 30,	 	 	March 31,	 	 	Dec. 31,	 	 	Sept. 30,	 	 	vs. PY	 	 	Sept. 30,	 	 	Sept. 30,	 	 	 	 	
(USD thousands)	 	2010	 	 	2010	 	 	2010	 	 	2009	 	 	2009	 	 	Quarter	 	 	2010	 	 	2009	 	 	Change	 	
U.S. Traditional	 	$	101,066	 	 	$	96,093	 	 	$	60,977	 	 	$	82,145	 	 	$	84,663	 	 	$	16,403	 	 	$	258,136	 	 	$	257,462	 	 	$	674	 	
U.S. Asset Intensive	 	 	13,989	 	 	 	15,770	 	 	 	16,546	 	 	 	13,869	 	 	 	19,730	 	 	 	(5,741	)	 	 	46,305	 	 	 	31,974	 	 	 	14,331	 	
U.S. Financial Reinsurance	 	 	4,361	 	 	 	4,410	 	 	 	3,194	 	 	 	4,620	 	 	 	2,747	 	 	 	1,614	 	 	 	11,965	 	 	 	11,192	 	 	 	773	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total U.S. Segment	 	 	119,416	 	 	 	116,273	 	 	 	80,717	 	 	 	100,634	 	 	 	107,140	 	 	 	12,276	 	 	 	316,406	 	 	 	300,628	 	 	 	15,778	 	
Canadian Segment	 	 	28,037	 	 	 	32,933	 	 	 	16,018	 	 	 	30,735	 	 	 	21,822	 	 	 	6,215	 	 	 	76,988	 	 	 	57,142	 	 	 	19,846	 	
Europe & South Africa Segment	 	 	15,686	 	 	 	20,979	 	 	 	10,198	 	 	 	23,886	 	 	 	6,713	 	 	 	8,973	 	 	 	46,863	 	 	 	27,203	 	 	 	19,660	 	
Asia Pacific Segment	 	 	27,389	 	 	 	21,684	 	 	 	26,565	 	 	 	24,797	 	 	 	27,971	 	 	 	(582	)	 	 	75,638	 	 	 	59,776	 	 	 	15,862	 	
Corporate and Other	 	 	6,605	 	 	 	(1,539	)	 	 	14,980	 	 	 	2,831	 	 	 	13,663	 	 	 	(7,058	)	 	 	20,046	 	 	 	16,589	 	 	 	3,457	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Consolidated	 	$	197,133	 	 	$	190,330	 	 	$	148,478	 	 	$	182,883	 	 	$	177,309	 	 	$	19,824	 	 	$	535,941	 	 	$	461,338	 	 	$	74,603	 	

Quarterly Financial Supplement
Page 14

 
     
Reinsurance Group of America, Incorporated
Investments
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Cash and Invested Assets	 	
 	 	Sept. 30,	 	 	June 30,	 	 	March 31,	 	 	Dec. 31,	 	 	Sept. 30,	 	
(USD thousands)	 	2010	 	 	2010	 	 	2010	 	 	2009	 	 	2009	 	
Fixed maturity securities, available-for-sale	 	$	14,169,930	 	 	$	13,077,607	 	 	$	12,775,342	 	 	$	11,763,358	 	 	$	10,986,825	 	
Mortgage loans on real estate	 	 	863,873	 	 	 	838,827	 	 	 	797,272	 	 	 	791,668	 	 	 	736,982	 	
Policy loans	 	 	1,173,148	 	 	 	1,173,016	 	 	 	1,162,723	 	 	 	1,136,564	 	 	 	1,079,051	 	
Funds withheld at interest	 	 	5,276,511	 	 	 	5,257,929	 	 	 	5,180,300	 	 	 	4,895,356	 	 	 	4,820,534	 	
Short-term investments	 	 	84,091	 	 	 	63,962	 	 	 	79,160	 	 	 	121,060	 	 	 	89,372	 	
Other invested assets	 	 	738,830	 	 	 	637,827	 	 	 	564,753	 	 	 	516,086	 	 	 	516,079	 	
Cash and cash equivalents	 	 	634,075	 	 	 	557,756	 	 	 	525,360	 	 	 	512,027	 	 	 	546,882	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total cash and invested assets	 	$	22,940,458	 	 	$	21,606,924	 	 	$	21,084,910	 	 	$	19,736,119	 	 	$	18,775,725	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Investment Income and Yield Summary
(Excludes Funds Withheld)
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	 	Current Qtr	 	 	Year-to-Date	 	
 	 	Sept. 30,	 	 	June 30,	 	 	March 31,	 	 	Dec. 31,	 	 	Sept. 30,	 	 	vs. PY	 	 	Sept. 30,	 	 	Sept. 30,	 	 	 	 	
(USD thousands)	 	2010	 	 	2010	 	 	2010	 	 	2009	 	 	2009	 	 	Quarter	 	 	2010	 	 	2009	 	 	Change	 	
Average invested assets at amortized cost	 	$	15,763,396	 	 	$	15,432,369	 	 	$	15,062,452	 	 	$	14,180,733	 	 	$	13,340,365	 	 	$	2,423,031	 	 	$	15,205,358	 	 	$	12,816,614	 	 	$	2,388,744	 	
Net investment income	 	$	218,546	 	 	$	208,303	 	 	$	215,295	 	 	$	203,150	 	 	$	186,457	 	 	$	32,089	 	 	$	642,144	 	 	$	544,580	 	 	$	97,564	 	
Investment yield (ratio of net investment income to average invested assets)	 	 	5.66	%	 	 	5.51	%	 	 	5.84	%	 	 	5.85	%	 	 	5.71	%	 	 	-0.05	%	 	 	5.67	%	 	 	5.71	%	 	 	-0.04	%	

Quarterly Financial Supplement
Page 15

 
     
Reinsurance Group of America, Incorporated
Investments
Amortized cost, gross unrealized gains and losses, and estimated fair values of fixed maturity and equity securities
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
September 30, 2010	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Other-than	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	Estimated	 	 	 	 	 	 	temporary	 	
 	 	Amortized	 	 	Unrealized	 	 	Unrealized	 	 	Fair	 	 	% of	 	 	impairment	 	
(USD thousands)	 	Cost	 	 	Gains	 	 	Losses	 	 	Value	 	 	Total	 	 	in AOCI	 	
Available-for-sale:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
U.S. corporate securities	 	$	4,499,821	 	 	$	433,193	 	 	$	81,964	 	 	$	4,851,050	 	 	 	34.3	%	 	$	—	 	
Canadian and Canadian provincial governments	 	 	2,206,641	 	 	 	727,257	 	 	 	260	 	 	 	2,933,638	 	 	 	20.7	%	 	 	—	 	
Residential mortgage-backed securities	 	 	1,520,269	 	 	 	63,274	 	 	 	22,255	 	 	 	1,561,288	 	 	 	11.0	%	 	 	(1,902	)	
Foreign corporate securities	 	 	2,158,647	 	 	 	170,202	 	 	 	12,797	 	 	 	2,316,052	 	 	 	16.3	%	 	 	—	 	
Asset-backed securities	 	 	457,047	 	 	 	13,697	 	 	 	56,229	 	 	 	414,515	 	 	 	2.9	%	 	 	(5,203	)	
Commercial mortgage-backed securities	 	 	1,257,835	 	 	 	87,145	 	 	 	109,131	 	 	 	1,235,849	 	 	 	8.7	%	 	 	(9,493	)	
U.S. government and agencies	 	 	233,512	 	 	 	21,787	 	 	 	10	 	 	 	255,289	 	 	 	1.8	%	 	 	—	 	
State and political subdivisions	 	 	133,955	 	 	 	1,211	 	 	 	7,718	 	 	 	127,448	 	 	 	0.9	%	 	 	—	 	
Other foreign government securities	 	 	465,389	 	 	 	12,309	 	 	 	2,897	 	 	 	474,801	 	 	 	3.4	%	 	 	—	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total fixed maturity securities	 	$	12,933,116	 	 	$	1,530,075	 	 	$	293,261	 	 	$	14,169,930	 	 	 	100.0	%	 	$	(16,598	)	

Non-redeemable preferred stock	 	 	109,416	 	 	 	5,394	 	 	 	4,507	 	 	 	110,303	 	 	 	73.3	%	 	 	 	 	
Other equity securities	 	 	34,397	 	 	 	6,217	 	 	 	536	 	 	 	40,078	 	 	 	26.7	%	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total equity securities	 	$	143,813	 	 	$	11,611	 	 	$	5,043	 	 	$	150,381	 	 	 	100.0	%	 	 	 	 	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
December 31, 2009	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Other-than	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	Estimated	 	 	 	 	 	 	temporary	 	
 	 	Amortized	 	 	Unrealized	 	 	Unrealized	 	 	Fair	 	 	% of	 	 	impairment	 	
(USD thousands)	 	Cost	 	 	Gains	 	 	Losses	 	 	Value	 	 	Total	 	 	in AOCI	 	
Available-for-sale:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
U.S. corporate securities	 	$	3,689,797	 	 	$	180,635	 	 	$	147,384	 	 	$	3,723,048	 	 	 	31.7	%	 	$	—	 	
Canadian and Canadian provincial governments	 	 	1,984,475	 	 	 	394,498	 	 	 	25,746	 	 	 	2,353,227	 	 	 	20.0	%	 	 	—	 	
Residential mortgage-backed securities	 	 	1,494,021	 	 	 	32,538	 	 	 	70,015	 	 	 	1,456,544	 	 	 	12.4	%	 	 	(7,018	)	
Foreign corporate securities	 	 	1,627,806	 	 	 	77,340	 	 	 	33,398	 	 	 	1,671,748	 	 	 	14.2	%	 	 	—	 	
Asset-backed securities	 	 	522,760	 	 	 	9,307	 	 	 	80,131	 	 	 	451,936	 	 	 	3.8	%	 	 	(2,194	)	
Commercial mortgage-backed securities	 	 	1,177,621	 	 	 	20,670	 	 	 	169,427	 	 	 	1,028,864	 	 	 	8.7	%	 	 	(13,690	)	
U.S. government and agencies	 	 	540,001	 	 	 	1,085	 	 	 	15,027	 	 	 	526,059	 	 	 	4.5	%	 	 	—	 	
State and political subdivisions	 	 	107,233	 	 	 	273	 	 	 	17,744	 	 	 	89,762	 	 	 	0.8	%	 	 	—	 	
Other foreign government securities	 	 	473,243	 	 	 	2,198	 	 	 	13,271	 	 	 	462,170	 	 	 	3.9	%	 	 	—	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total fixed maturity securities	 	$	11,616,957	 	 	$	718,544	 	 	$	572,143	 	 	$	11,763,358	 	 	 	100.0	%	 	$	(22,902	)	

Non-redeemable preferred stock	 	 	123,648	 	 	 	1,878	 	 	 	12,328	 	 	 	113,198	 	 	 	66.0	%	 	 	 	 	
Other equity securities	 	 	58,008	 	 	 	760	 	 	 	409	 	 	 	58,359	 	 	 	34.0	%	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total equity securities	 	$	181,656	 	 	$	2,638	 	 	$	12,737	 	 	$	171,557	 	 	 	100.0	%	 	 	 	 	

Quarterly Financial Supplement
Page 16

 
Reinsurance Group of America, Incorporated
Investments
Corporate Securities by Sector (Fixed Maturities and Equities)
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	September 30, 2010	 	December 31, 2009	
 	 	 	 	 	 	Estimated Fair	 	 	 	 	 	 	Average Credit	 	 	 	 	 	Estimated Fair	 	 	 	 	 	 	Average Credit	
(USD thousands)	 	Amortized Cost	 	 	Value	 	 	% of Total	 	 	Ratings	 	Amortized Cost	 	 	Value	 	 	% of Total	 	 	Ratings	
Financial Institutions	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Banking	 	$	1,682,357	 	 	$	1,730,286	 	 	 	23.6	%	 	A+	 	$	1,372,940	 	 	$	1,334,155	 	 	 	24.0	%	 	A+	
Brokerage	 	 	98,170	 	 	 	105,477	 	 	 	1.4	%	 	A-	 	 	87,168	 	 	 	87,747	 	 	 	1.6	%	 	A-	
Finance Comp.	 	 	209,810	 	 	 	219,372	 	 	 	3.0	%	 	A	 	 	239,659	 	 	 	237,719	 	 	 	4.3	%	 	A+	
Insurance	 	 	395,326	 	 	 	422,576	 	 	 	5.8	%	 	A-	 	 	374,486	 	 	 	366,893	 	 	 	6.6	%	 	A-	
REITs	 	 	187,231	 	 	 	199,406	 	 	 	2.7	%	 	BBB	 	 	138,727	 	 	 	139,455	 	 	 	2.5	%	 	BBB	
Other Finance	 	 	270,923	 	 	 	265,062	 	 	 	3.6	%	 	A-	 	 	204,309	 	 	 	180,684	 	 	 	3.2	%	 	A-	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Financial Institutions	 	 	2,843,817	 	 	 	2,942,179	 	 	 	40.1	%	 	 	 	 	2,417,289	 	 	 	2,346,653	 	 	 	42.2	%	 	 	
Industrials	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic	 	 	311,844	 	 	 	348,042	 	 	 	4.8	%	 	BBB	 	 	244,242	 	 	 	261,135	 	 	 	4.7	%	 	BBB	
Capital Goods	 	 	308,375	 	 	 	345,065	 	 	 	4.7	%	 	BBB+	 	 	235,090	 	 	 	247,594	 	 	 	4.5	%	 	BBB+	
Communications	 	 	583,596	 	 	 	660,222	 	 	 	9.0	%	 	BBB+	 	 	444,939	 	 	 	485,405	 	 	 	8.7	%	 	BBB+	
Consumer Cyclical	 	 	308,913	 	 	 	333,557	 	 	 	4.6	%	 	BBB+	 	 	242,206	 	 	 	247,077	 	 	 	4.4	%	 	BBB	
Consumer Noncyclical	 	 	614,972	 	 	 	689,912	 	 	 	9.4	%	 	A-	 	 	396,739	 	 	 	419,161	 	 	 	7.5	%	 	BBB+	
Energy	 	 	374,877	 	 	 	422,403	 	 	 	5.8	%	 	BBB+	 	 	330,748	 	 	 	356,716	 	 	 	6.4	%	 	BBB+	
Technology	 	 	226,613	 	 	 	246,656	 	 	 	3.4	%	 	A-	 	 	114,795	 	 	 	119,548	 	 	 	2.1	%	 	BBB+	
Transportation	 	 	243,116	 	 	 	262,100	 	 	 	3.6	%	 	BBB	 	 	205,776	 	 	 	209,048	 	 	 	3.8	%	 	BBB	
Other Industrial	 	 	72,167	 	 	 	52,491	 	 	 	0.7	%	 	BBB	 	 	62,175	 	 	 	39,414	 	 	 	0.7	%	 	BBB-	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Industrials	 	 	3,044,473	 	 	 	3,360,448	 	 	 	46.0	%	 	 	 	 	2,276,710	 	 	 	2,385,098	 	 	 	42.8	%	 	 	
Utilities	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Electric	 	 	593,126	 	 	 	647,763	 	 	 	8.9	%	 	BBB+	 	 	512,898	 	 	 	525,379	 	 	 	9.4	%	 	BBB+	
Natural Gas	 	 	276,713	 	 	 	313,332	 	 	 	4.3	%	 	BBB+	 	 	246,329	 	 	 	262,064	 	 	 	4.7	%	 	BBB+	
Other Utility	 	 	29,661	 	 	 	38,678	 	 	 	0.5	%	 	A-	 	 	26,830	 	 	 	27,940	 	 	 	0.5	%	 	A-	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Utilities	 	 	899,500	 	 	 	999,773	 	 	 	13.7	%	 	 	 	 	786,057	 	 	 	815,383	 	 	 	14.6	%	 	 	
Other Sectors	 	 	14,491	 	 	 	15,083	 	 	 	0.2	%	 	AA+	 	 	19,203	 	 	 	19,219	 	 	 	0.4	%	 	AA	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	 	$	6,802,281	 	 	$	7,317,483	 	 	 	100.0	%	 	 	 	$	5,499,259	 	 	$	5,566,353	 	 	 	100.0	%	 	 	

Quarterly Financial Supplement
Page 17

 
Reinsurance Group of America, Incorporated
Investments
Ratings of Fixed Maturity Securities
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	September 30, 2010	 	 	June 30, 2010	 	 	March 31, 2010	 	 	December 31, 2009	 	 	September 30, 2009	 	
(USD thousands)	 	Rating Agency	 	Amortized	 	 	Estimated Fair	 	 	 	 	 	 	Amortized	 	 	Estimated Fair	 	 	 	 	 	 	Amortized	 	 	Estimated Fair	 	 	 	 	 	 	Amortized	 	 	Estimated Fair	 	 	 	 	 	 	Amortized	 	 	Estimated Fair	 	 	 	 	
NAIC Designation	 	Designation	 	Cost	 	 	Value	 	 	% of Total	 	 	Cost	 	 	Value	 	 	% of Total	 	 	Cost	 	 	Value	 	 	% of Total	 	 	Cost	 	 	Value	 	 	% of Total	 	 	Cost	 	 	Value	 	 	% of Total	 	
1	 	AAA	 	$	3,492,193	 	 	$	3,633,780	 	 	 	25.6	%	 	$	3,534,911	 	 	$	3,642,644	 	 	 	27.9	%	 	$	3,669,930	 	 	$	3,668,484	 	 	 	28.7	%	 	$	3,726,020	 	 	$	3,664,665	 	 	 	31.2	%	 	$	3,131,946	 	 	$	3,079,633	 	 	 	28.0	%	
1	 	AA	 	 	3,155,855	 	 	 	3,675,615	 	 	 	25.9	%	 	 	2,860,403	 	 	 	3,177,314	 	 	 	24.3	%	 	 	2,905,244	 	 	 	3,122,295	 	 	 	24.5	%	 	 	2,527,944	 	 	 	2,684,878	 	 	 	22.8	%	 	 	2,394,642	 	 	 	2,613,347	 	 	 	23.8	%	
1	 	A	 	 	2,714,384	 	 	 	3,138,268	 	 	 	22.2	%	 	 	2,512,744	 	 	 	2,773,399	 	 	 	21.2	%	 	 	2,436,385	 	 	 	2,630,133	 	 	 	20.6	%	 	 	2,203,848	 	 	 	2,367,377	 	 	 	20.1	%	 	 	2,143,244	 	 	 	2,319,194	 	 	 	21.1	%	
2	 	BBB	 	 	2,778,394	 	 	 	3,030,667	 	 	 	21.4	%	 	 	2,639,071	 	 	 	2,783,867	 	 	 	21.3	%	 	 	2,561,843	 	 	 	2,658,713	 	 	 	20.8	%	 	 	2,401,885	 	 	 	2,433,144	 	 	 	20.7	%	 	 	2,413,362	 	 	 	2,430,079	 	 	 	22.1	%	
3	 	BB	 	 	471,013	 	 	 	440,012	 	 	 	3.1	%	 	 	479,755	 	 	 	424,060	 	 	 	3.2	%	 	 	472,151	 	 	 	417,253	 	 	 	3.3	%	 	 	455,539	 	 	 	381,242	 	 	 	3.3	%	 	 	391,699	 	 	 	331,939	 	 	 	3.0	%	
4	 	B	 	 	237,136	 	 	 	185,668	 	 	 	1.3	%	 	 	255,530	 	 	 	192,244	 	 	 	1.5	%	 	 	253,930	 	 	 	185,177	 	 	 	1.4	%	 	 	210,252	 	 	 	145,206	 	 	 	1.2	%	 	 	186,547	 	 	 	135,107	 	 	 	1.3	%	
5	 	CCC and lower	 	 	63,033	 	 	 	44,683	 	 	 	0.3	%	 	 	80,415	 	 	 	65,496	 	 	 	0.5	%	 	 	94,537	 	 	 	77,652	 	 	 	0.6	%	 	 	75,486	 	 	 	70,165	 	 	 	0.6	%	 	 	95,973	 	 	 	64,093	 	 	 	0.6	%	
6	 	In or near default	 	 	21,108	 	 	 	21,237	 	 	 	0.2	%	 	 	18,809	 	 	 	18,583	 	 	 	0.1	%	 	 	13,205	 	 	 	15,635	 	 	 	0.1	%	 	 	15,983	 	 	 	16,681	 	 	 	0.1	%	 	 	13,109	 	 	 	13,433	 	 	 	0.1	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	    Total	 	$	12,933,116	 	 	$	14,169,930	 	 	 	 	 	 	$	12,381,638	 	 	$	13,077,607	 	 	 	 	 	 	$	12,407,225	 	 	$	12,775,342	 	 	 	 	 	 	$	11,616,957	 	 	$	11,763,358	 	 	 	 	 	 	$	10,770,522	 	 	$	10,986,825	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Structured Fixed Maturity Securities
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	September 30, 2010	 	 	June 30, 2010	 	 	March 31, 2010	 	 	December 31, 2009	 	 	September 30, 2009	 	
 	 	 	 	 	 	Estimated Fair	 	 	Amortized	 	 	Estimated Fair	 	 	Amortized	 	 	Estimated Fair	 	 	Amortized	 	 	Estimated Fair	 	 	Amortized	 	 	Estimated Fair	 	
(USD thousands)	 	Amortized Cost	 	 	Value	 	 	Cost	 	 	Value	 	 	Cost	 	 	Value	 	 	Cost	 	 	Value	 	 	Cost	 	 	Value	 	
Residential mortgage-backed securities:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Agency	 	$	682,621	 	 	$	728,354	 	 	$	726,078	 	 	$	770,690	 	 	$	744,920	 	 	$	776,013	 	 	$	771,787	 	 	$	797,354	 	 	$	754,676	 	 	$	786,735	 	
Non-agency	 	 	837,648	 	 	 	832,934	 	 	 	828,507	 	 	 	802,670	 	 	 	859,102	 	 	 	800,152	 	 	 	722,234	 	 	 	659,190	 	 	 	595,863	 	 	 	542,333	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total residential mortgage-backed securities	 	 	1,520,269	 	 	 	1,561,288	 	 	 	1,554,585	 	 	 	1,573,360	 	 	 	1,604,022	 	 	 	1,576,165	 	 	 	1,494,021	 	 	 	1,456,544	 	 	 	1,350,539	 	 	 	1,329,068	 	
Commercial mortgage-backed securities	 	 	1,257,835	 	 	 	1,235,849	 	 	 	1,229,237	 	 	 	1,166,937	 	 	 	1,222,346	 	 	 	1,124,736	 	 	 	1,177,621	 	 	 	1,028,864	 	 	 	1,086,558	 	 	 	882,350	 	
Asset-backed securities	 	 	457,047	 	 	 	414,515	 	 	 	496,652	 	 	 	449,623	 	 	 	516,924	 	 	 	458,664	 	 	 	522,760	 	 	 	451,936	 	 	 	545,194	 	 	 	449,252	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	 	$	3,235,151	 	 	$	3,211,652	 	 	$	3,280,474	 	 	$	3,189,920	 	 	$	3,343,292	 	 	$	3,159,565	 	 	$	3,194,402	 	 	$	2,937,344	 	 	$	2,982,291	 	 	$	2,660,670	 	

Quarterly Financial Supplement
Page 18

 
Investments
Subprime Mortgage Exposure
(Includes Funds Withheld Portfolios)
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	September 30, 2010	 	
 	 	AAA	 	 	AA	 	 	A	 	
(USD thousands)	 	 	 	 	 	Estimated Fair	 	 	 	 	 	 	Estimated	 	 	 	 	 	 	Estimated	 	
Underwriting Year	 	Amortized Cost	 	 	Value	 	 	Amortized Cost	 	 	Fair Value	 	 	Amortized Cost	 	 	Fair Value	 	
2005 & Prior	 	$	18,905	 	 	$	17,654	 	 	$	21,115	 	 	$	23,647	 	 	$	9,855	 	 	$	9,085	 	
2006	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	
2007	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	
2008 - 2010	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	 	$	18,905	 	 	$	17,654	 	 	$	21,115	 	 	$	23,647	 	 	$	9,855	 	 	$	9,085	 	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	BBB	 	 	Below Investment Grade	 	 	Total	 	
 	 	 	 	 	 	Estimated Fair	 	 	 	 	 	 	Estimated	 	 	 	 	 	 	Estimated	 	
Underwriting Year	 	Amortized Cost	 	 	Value	 	 	Amortized Cost	 	 	Fair Value	 	 	Amortized Cost	 	 	Fair Value	 	
2005 & Prior	 	$	22,322	 	 	$	18,621	 	 	$	69,082	 	 	$	39,752	 	 	$	141,279	 	 	$	108,759	 	
2006	 	 	—	 	 	 	—	 	 	 	3,300	 	 	 	2,410	 	 	 	3,300	 	 	 	2,410	 	
2007	 	 	—	 	 	 	—	 	 	 	5,399	 	 	 	3,561	 	 	 	5,399	 	 	 	3,561	 	
2008 - 2010	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	 	$	22,322	 	 	$	18,621	 	 	$	77,781	 	 	$	45,723	 	 	$	149,978	 	 	$	114,730	 	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	December 31, 2009	 	
 	 	AAA	 	 	AA	 	 	A	 	
(USD thousands)	 	 	 	 	 	Estimated Fair	 	 	 	 	 	 	Estimated	 	 	 	 	 	 	Estimated	 	
Underwriting Year	 	Amortized Cost	 	 	Value	 	 	Amortized Cost	 	 	Fair Value	 	 	Amortized Cost	 	 	Fair Value	 	
2005 & Prior	 	$	22,816	 	 	$	18,780	 	 	$	39,873	 	 	$	33,014	 	 	$	17,017	 	 	$	9,779	 	
2006	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	
2007	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	
2008 - 2009	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	 	$	22,816	 	 	$	18,780	 	 	$	39,873	 	 	$	33,014	 	 	$	17,017	 	 	$	9,779	 	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	BBB	 	 	Below Investment Grade	 	 	Total	 	
 	 	 	 	 	 	Estimated Fair	 	 	 	 	 	 	Estimated	 	 	 	 	 	 	Estimated	 	
Underwriting Year	 	Amortized Cost	 	 	Value	 	 	Amortized Cost	 	 	Fair Value	 	 	Amortized Cost	 	 	Fair Value	 	
2005 & Prior	 	$	24,394	 	 	$	12,593	 	 	$	39,203	 	 	$	18,686	 	 	$	143,303	 	 	$	92,852	 	
2006	 	 	4,985	 	 	 	1,507	 	 	 	4,566	 	 	 	2,563	 	 	 	9,551	 	 	 	4,070	 	
2007	 	 	—	 	 	 	—	 	 	 	11,709	 	 	 	7,372	 	 	 	11,709	 	 	 	7,372	 	
2008 - 2009	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	 	$	29,379	 	 	$	14,100	 	 	$	55,478	 	 	$	28,621	 	 	$	164,563	 	 	$	104,294	 	

Quarterly Financial Supplement
Page 19

 
Reinsurance Group of America, Incorporated
Investments
CMBS Exposure
(Includes Funds Withheld Portfolios)
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	September 30, 2010	 	
 	 	AAA	 	 	AA	 	 	A	 	
(USD thousands)	 	 	 	 	 	Estimated Fair	 	 	 	 	 	 	Estimated	 	 	 	 	 	 	Estimated Fair	 	
Underwriting Year	 	Amortized Cost	 	 	Value	 	 	Amortized Cost	 	 	Fair Value	 	 	Amortized Cost	 	 	Value	 	
2005 & Prior	 	$	289,974	 	 	$	317,843	 	 	$	93,501	 	 	$	94,950	 	 	$	76,955	 	 	$	70,908	 	
2006	 	 	306,784	 	 	 	325,261	 	 	 	54,545	 	 	 	59,045	 	 	 	47,969	 	 	 	48,061	 	
2007	 	 	243,695	 	 	 	260,372	 	 	 	29,494	 	 	 	23,721	 	 	 	88,789	 	 	 	93,735	 	
2008	 	 	29,089	 	 	 	35,673	 	 	 	45,420	 	 	 	49,867	 	 	 	—	 	 	 	—	 	
2009	 	 	2,773	 	 	 	3,027	 	 	 	3,089	 	 	 	3,672	 	 	 	6,757	 	 	 	9,111	 	
2010	 	 	17,744	 	 	 	18,527	 	 	 	—	 	 	 	—	 	 	 	5,970	 	 	 	6,499	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	 	$	890,059	 	 	$	960,703	 	 	$	226,049	 	 	$	231,255	 	 	$	226,440	 	 	$	228,314	 	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	BBB	 	 	Below Investment Grade	 	 	Total	 	
 	 	 	 	 	 	Estimated Fair	 	 	 	 	 	 	Estimated	 	 	 	 	 	 	Estimated Fair	 	
Underwriting Year	 	Amortized Cost	 	 	Value	 	 	Amortized Cost	 	 	Fair Value	 	 	Amortized Cost	 	 	Value	 	
2005 & Prior	 	$	70,791	 	 	$	65,442	 	 	$	36,149	 	 	$	28,955	 	 	$	567,370	 	 	$	578,098	 	
2006	 	 	34,892	 	 	 	31,465	 	 	 	53,922	 	 	 	33,533	 	 	 	498,112	 	 	 	497,365	 	
2007	 	 	86,680	 	 	 	87,545	 	 	 	133,742	 	 	 	76,628	 	 	 	582,400	 	 	 	542,001	 	
2008	 	 	—	 	 	 	—	 	 	 	23,850	 	 	 	14,593	 	 	 	98,359	 	 	 	100,133	 	
2009	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	12,619	 	 	 	15,810	 	
2010	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	23,714	 	 	 	25,026	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	 	$	192,363	 	 	$	184,452	 	 	$	247,663	 	 	$	153,709	 	 	$	1,782,574	 	 	$	1,758,433	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
NOTE: Totals include directly held investments with amortized cost of $1,257.8 million and fair value of $1,235.8 million as well as investments in funds withheld with amortized cost of $524.7 million and fair value of $522.6 million.
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	December 31, 2009	 	
 	 	AAA	 	 	AA	 	 	A	 	
(USD thousands)	 	 	 	 	 	Estimated Fair	 	 	 	 	 	 	Estimated	 	 	 	 	 	 	Estimated Fair	 	
Underwriting Year	 	Amortized Cost	 	 	Value	 	 	Amortized Cost	 	 	Fair Value	 	 	Amortized Cost	 	 	Value	 	
2005 & Prior	 	$	398,619	 	 	$	403,551	 	 	$	57,602	 	 	$	51,754	 	 	$	75,449	 	 	$	55,124	 	
2006	 	 	292,369	 	 	 	280,475	 	 	 	41,649	 	 	 	34,854	 	 	 	41,128	 	 	 	34,859	 	
2007	 	 	223,827	 	 	 	216,853	 	 	 	6,922	 	 	 	2,267	 	 	 	64,860	 	 	 	56,996	 	
2008	 	 	19,050	 	 	 	19,790	 	 	 	29,211	 	 	 	26,617	 	 	 	—	 	 	 	—	 	
2009	 	 	16,638	 	 	 	16,422	 	 	 	1,485	 	 	 	1,532	 	 	 	—	 	 	 	—	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	 	$	950,503	 	 	$	937,091	 	 	$	136,869	 	 	$	117,024	 	 	$	181,437	 	 	$	146,979	 	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	BBB	 	 	Below Investment Grade	 	 	Total	 	
 	 	 	 	 	 	Estimated Fair	 	 	 	 	 	 	Estimated	 	 	 	 	 	 	Estimated Fair	 	
Underwriting Year	 	Amortized Cost	 	 	Value	 	 	Amortized Cost	 	 	Fair Value	 	 	Amortized Cost	 	 	Value	 	
2005 & Prior	 	$	47,616	 	 	$	33,986	 	 	$	28,298	 	 	$	19,457	 	 	$	607,584	 	 	$	563,872	 	
2006	 	 	26,257	 	 	 	19,091	 	 	 	47,951	 	 	 	22,392	 	 	 	449,354	 	 	 	391,671	 	
2007	 	 	82,460	 	 	 	68,428	 	 	 	128,193	 	 	 	62,440	 	 	 	506,262	 	 	 	406,984	 	
2008	 	 	—	 	 	 	—	 	 	 	25,384	 	 	 	12,204	 	 	 	73,645	 	 	 	58,611	 	
2009	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	18,123	 	 	 	17,954	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	 	$	156,333	 	 	$	121,505	 	 	$	229,826	 	 	$	116,493	 	 	$	1,654,968	 	 	$	1,439,092	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
NOTE: Totals include directly held investments with amortized cost of $1,177.6 million and fair value of $1,028.9 million as well as investments in funds withheld with amortized cost of $477.4 million and fair value of $410.2 million.
Quarterly Financial Supplement
Page 20

 
Reinsurance Group of America, Incorporated
Investments
Gross Unrealized Losses Aging
Fixed Maturity Securities
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	September 30, 2010	 	 	June 30, 2010	 	 	March 31, 2010	 	 	December 31, 2009	 	 	September 30, 2009	 	
 	 	Gross Unrealized	 	 	 	 	 	 	Gross Unrealized	 	 	 	 	 	 	Gross Unrealized	 	 	 	 	 	 	Gross Unrealized	 	 	 	 	 	 	Gross Unrealized	 	 	 	 	
(USD thousands)	 	Losses	 	 	% of Total	 	 	Losses	 	 	% of Total	 	 	Losses	 	 	% of Total	 	 	Losses	 	 	% of Total	 	 	Losses	 	 	% of Total	 	
Less than 20%	 	$	86,770	 	 	 	29.1	%	 	$	132,900	 	 	 	34.4	%	 	$	198,928	 	 	 	42.3	%	 	$	248,145	 	 	 	42.4	%	 	$	219,984	 	 	 	32.0	%	
20% or more for less than six months	 	 	164,591	 	 	 	55.2	%	 	 	54,620	 	 	 	14.1	%	 	 	59,530	 	 	 	12.6	%	 	 	67,435	 	 	 	11.5	%	 	 	67,306	 	 	 	9.8	%	
20% or more for six months or greater	 	 	41,900	 	 	 	14.0	%	 	 	188,398	 	 	 	48.7	%	 	 	204,321	 	 	 	43.4	%	 	 	256,563	 	 	 	43.9	%	 	 	369,459	 	 	 	53.8	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	 	$	293,261	 	 	 	98.3	%	 	$	375,918	 	 	 	97.2	%	 	$	462,779	 	 	 	98.3	%	 	$	572,143	 	 	 	97.8	%	 	$	656,749	 	 	 	95.6	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Equity Securities
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	September 30, 2010	 	 	June 30, 2010	 	 	March 31, 2010	 	 	December 31, 2009	 	 	September 30, 2009	 	
 	 	Gross Unrealized	 	 	 	 	 	 	Gross Unrealized	 	 	 	 	 	 	Gross Unrealized	 	 	 	 	 	 	Gross Unrealized	 	 	 	 	 	 	Gross Unrealized	 	 	 	 	
(USD thousands)	 	Losses	 	 	% of Total	 	 	Losses	 	 	% of Total	 	 	Losses	 	 	% of Total	 	 	Losses	 	 	% of Total	 	 	Losses	 	 	% of Total	 	
Less than 20%	 	$	2,920	 	 	 	1.0	%	 	$	4,888	 	 	 	1.3	%	 	$	4,696	 	 	 	1.0	%	 	$	5,930	 	 	 	1.0	%	 	$	4,748	 	 	 	0.7	%	
20% or more for less than six months	 	 	2,123	 	 	 	0.7	%	 	 	1,808	 	 	 	0.5	%	 	 	1,883	 	 	 	0.4	%	 	 	1,887	 	 	 	0.3	%	 	 	1,819	 	 	 	0.2	%	
20% or more for six months or greater	 	 	—	 	 	 	0.0	%	 	 	4,039	 	 	 	1.0	%	 	 	1,346	 	 	 	0.3	%	 	 	4,920	 	 	 	0.9	%	 	 	23,898	 	 	 	3.5	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	 	$	5,043	 	 	 	1.7	%	 	$	10,735	 	 	 	2.8	%	 	$	7,925	 	 	 	1.7	%	 	$	12,737	 	 	 	2.2	%	 	$	30,465	 	 	 	4.4	%	

Quarterly Financial Supplement
Page 21

 
Reinsurance Group of America, Incorporated
Investments
Fixed Maturities and Equity Securities Below Amortized Cost
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	As of September 30, 2010	 	
 	 	Less than 12 months	 	 	Equal to or greater than 12 months	 	 	Total	 	
 	 	Estimated Fair	 	 	Gross Unrealized	 	 	Estimated Fair	 	 	Gross Unrealized	 	 	Estimated Fair	 	 	Gross Unrealized	 	
(USD thousands) 	 	Value	 	 	Losses	 	 	Value	 	 	Losses	 	 	Value	 	 	Losses	 	
Investment grade securities:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
U.S. corporate securities	 	$	78,777	 	 	$	19,484	 	 	$	276,688	 	 	$	45,918	 	 	$	355,465	 	 	$	65,402	 	
Canadian and Canadian provincial governments	 	 	61,724	 	 	 	243	 	 	 	4,526	 	 	 	17	 	 	 	66,250	 	 	 	260	 	
Residential mortgage-backed securities	 	 	193,986	 	 	 	6,315	 	 	 	120,680	 	 	 	6,346	 	 	 	314,666	 	 	 	12,661	 	
Foreign corporate securities	 	 	165,983	 	 	 	170	 	 	 	147,561	 	 	 	9,219	 	 	 	313,544	 	 	 	9,389	 	
Asset-backed securities	 	 	18,695	 	 	 	1,408	 	 	 	147,091	 	 	 	29,488	 	 	 	165,786	 	 	 	30,896	 	
Commercial mortgage-backed securities	 	 	78,393	 	 	 	9,221	 	 	 	113,820	 	 	 	27,037	 	 	 	192,213	 	 	 	36,258	 	
U.S. government and agencies	 	 	1,817	 	 	 	10	 	 	 	—	 	 	 	—	 	 	 	1,817	 	 	 	10	 	
State and political subdivisions	 	 	13,319	 	 	 	635	 	 	 	30,221	 	 	 	4,873	 	 	 	43,540	 	 	 	5,508	 	
Other foreign government securities	 	 	69,996	 	 	 	183	 	 	 	43,042	 	 	 	2,714	 	 	 	113,038	 	 	 	2,897	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Investment grade securities	 	 	682,690	 	 	 	37,669	 	 	 	883,629	 	 	 	125,612	 	 	 	1,566,319	 	 	 	163,281	 	

Non-investment grade securities:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
U.S. corporate securities	 	 	29,322	 	 	 	6,987	 	 	 	107,501	 	 	 	9,575	 	 	 	136,823	 	 	 	16,562	 	
Asset-backed securities	 	 	2,388	 	 	 	6,192	 	 	 	26,243	 	 	 	19,141	 	 	 	28,631	 	 	 	25,333	 	
Foreign corporate securities	 	 	1,762	 	 	 	3,408	 	 	 	—	 	 	 	—	 	 	 	1,762	 	 	 	3,408	 	
Residential mortgage-backed securities	 	 	51	 	 	 	11	 	 	 	51,812	 	 	 	9,583	 	 	 	51,863	 	 	 	9,594	 	
Commercial mortgage-backed securities	 	 	—	 	 	 	—	 	 	 	70,162	 	 	 	72,873	 	 	 	70,162	 	 	 	72,873	 	
State and political subdivisions	 	 	—	 	 	 	—	 	 	 	5,914	 	 	 	2,210	 	 	 	5,914	 	 	 	2,210	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Non-investment grade securities	 	 	33,523	 	 	 	16,598	 	 	 	261,632	 	 	 	113,382	 	 	 	295,155	 	 	 	129,980	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total fixed maturity securities	 	$	716,213	 	 	$	54,267	 	 	$	1,145,261	 	 	$	238,994	 	 	$	1,861,474	 	 	$	293,261	 	

Non-redeemable preferred stock	 	 	11,396	 	 	 	513	 	 	 	29,019	 	 	 	3,994	 	 	 	40,415	 	 	 	4,507	 	
Other equity securities	 	 	6,606	 	 	 	271	 	 	 	1,044	 	 	 	265	 	 	 	7,650	 	 	 	536	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Equity securities	 	$	18,002	 	 	$	784	 	 	$	30,063	 	 	$	4,259	 	 	$	48,065	 	 	$	5,043	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total number of securities in an unrealized loss position	 	 	203	 	 	 	 	 	 	 	398	 	 	 	 	 	 	 	601	 	 	 	 	 	

 	 	As of December 31, 2009	 	
 	 	Less than 12 months	 	 	Equal to or greater than 12 months	 	 	Total	 	
 	 	Estimated Fair	 	 	Gross Unrealized	 	 	Estimated Fair	 	 	Gross Unrealized	 	 	Estimated Fair	 	 	Gross Unrealized	 	
(USD thousands) 	 	Value	 	 	Losses	 	 	Value	 	 	Losses	 	 	Value	 	 	Losses	 	
Investment grade securities:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
U.S. corporate securities	 	$	373,049	 	 	$	27,625	 	 	$	679,908	 	 	$	89,711	 	 	$	1,052,957	 	 	$	117,336	 	
Canadian and Canadian provincial governments	 	 	494,718	 	 	 	15,374	 	 	 	135,315	 	 	 	10,372	 	 	 	630,033	 	 	 	25,746	 	
Residential mortgage-backed securities	 	 	402,642	 	 	 	23,671	 	 	 	197,320	 	 	 	20,185	 	 	 	599,962	 	 	 	43,856	 	
Foreign corporate securities	 	 	362,406	 	 	 	5,262	 	 	 	182,300	 	 	 	24,693	 	 	 	544,706	 	 	 	29,955	 	
Asset-backed securities	 	 	48,651	 	 	 	1,927	 	 	 	166,603	 	 	 	57,262	 	 	 	215,254	 	 	 	59,189	 	
Commercial mortgage-backed securities	 	 	177,360	 	 	 	10,312	 	 	 	425,793	 	 	 	79,297	 	 	 	603,153	 	 	 	89,609	 	
U.S. government and agencies	 	 	496,514	 	 	 	15,027	 	 	 	—	 	 	 	—	 	 	 	496,514	 	 	 	15,027	 	
State and political subdivisions	 	 	34,612	 	 	 	3,397	 	 	 	40,945	 	 	 	11,437	 	 	 	75,557	 	 	 	14,834	 	
Other foreign government securities	 	 	240,216	 	 	 	8,370	 	 	 	30,321	 	 	 	4,901	 	 	 	270,537	 	 	 	13,271	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Investment grade securities	 	 	2,630,168	 	 	 	110,965	 	 	 	1,858,505	 	 	 	297,858	 	 	 	4,488,673	 	 	 	408,823	 	

Non-investment grade securities:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
U.S. corporate securities	 	 	35,477	 	 	 	11,293	 	 	 	168,375	 	 	 	18,755	 	 	 	203,852	 	 	 	30,048	 	
Asset-backed securities	 	 	6,738	 	 	 	3,256	 	 	 	24,408	 	 	 	17,686	 	 	 	31,146	 	 	 	20,942	 	
Foreign corporate securities	 	 	1,755	 	 	 	17	 	 	 	3,771	 	 	 	3,426	 	 	 	5,526	 	 	 	3,443	 	
Residential mortgage-backed securities	 	 	10,657	 	 	 	1,909	 	 	 	66,756	 	 	 	24,250	 	 	 	77,413	 	 	 	26,159	 	
Commercial mortgage-backed securities	 	 	—	 	 	 	—	 	 	 	57,179	 	 	 	79,818	 	 	 	57,179	 	 	 	79,818	 	
State and political subdivisions	 	 	—	 	 	 	—	 	 	 	5,170	 	 	 	2,910	 	 	 	5,170	 	 	 	2,910	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Non-investment grade securities	 	 	54,627	 	 	 	16,475	 	 	 	325,659	 	 	 	146,845	 	 	 	380,286	 	 	 	163,320	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total fixed maturity securities	 	$	2,684,795	 	 	$	127,440	 	 	$	2,184,164	 	 	$	444,703	 	 	$	4,868,959	 	 	$	572,143	 	

Non-redeemable preferred stock	 	 	8,320	 	 	 	1,263	 	 	 	68,037	 	 	 	11,065	 	 	 	76,357	 	 	 	12,328	 	
Other equity securities	 	 	5	 	 	 	15	 	 	 	7,950	 	 	 	394	 	 	 	7,955	 	 	 	409	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Equity securities	 	$	8,325	 	 	$	1,278	 	 	$	75,987	 	 	$	11,459	 	 	$	84,312	 	 	$	12,737	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total number of securities in an unrealized loss position	 	 	582	 	 	 	 	 	 	 	734	 	 	 	 	 	 	 	1,316	 	 	 	 	 	

 	 	Quarterly Financial Supplement	
Page 22

 
Reinsurance Group of America, Incorporated
Investments
Consolidated Investment Related Gains and Losses
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	 	Current Qtr	 	 	Year-to-Date	 	
 	 	Sept. 30,	 	 	June 30,	 	 	March 31,	 	 	Dec. 31,	 	 	Sept. 30,	 	 	vs. PY	 	 	Sept. 30,	 	 	Sept. 30,	 	 	 	 	
(USD thousands)	 	2010	 	 	2010	 	 	2010	 	 	2009	 	 	2009	 	 	Quarter	 	 	2010	 	 	2009	 	 	Change	 	
Fixed Maturity and Equity Securities:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Other-than-temporary impairment losses on fixed maturities	 	$	(4,904	)	 	$	(3,489	)	 	$	(7,430	)	 	$	(40,552	)	 	$	(16,945	)	 	$	12,041	 	 	$	(15,823	)	 	$	(88,282	)	 	$	72,459	 	
Portion of loss recognized in other accumulated comprehensive income (before taxes)	 	 	26	 	 	 	(139	)	 	 	2,344	 	 	 	3,910	 	 	 	(4,000	)	 	 	4,026	 	 	 	2,231	 	 	 	12,135	 	 	 	(9,904	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net other-than-temporary impairment losses on fixed maturities recognized in earnings	 	 	(4,878	)	 	 	(3,628	)	 	 	(5,086	)	 	 	(36,642	)	 	 	(20,945	)	 	 	16,067	 	 	 	(13,592	)	 	 	(76,147	)	 	 	62,555	 	
Impairment losses on equity securities	 	 	—	 	 	 	(10	)	 	 	(22	)	 	 	(5,628	)	 	 	—	 	 	 	—	 	 	 	(32	)	 	 	(5,430	)	 	 	5,398	 	
Gain on investment activity	 	 	39,371	 	 	 	19,363	 	 	 	16,099	 	 	 	44,538	 	 	 	31,823	 	 	 	7,548	 	 	 	74,833	 	 	 	69,334	 	 	 	5,499	 	
Loss on investment activity	 	 	(7,773	)	 	 	(5,662	)	 	 	(8,532	)	 	 	(10,728	)	 	 	(23,782	)	 	 	16,009	 	 	 	(21,967	)	 	 	(62,259	)	 	 	40,292	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net gain/(loss) on fixed maturity and equity securities	 	 	26,720	 	 	 	10,063	 	 	 	2,459	 	 	 	(8,460	)	 	 	(12,904	)	 	 	39,624	 	 	 	39,242	 	 	 	(74,502	)	 	 	113,744	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Other impairment losses	 	 	(5,087	)	 	 	(1,165	)	 	 	(1,230	)	 	 	(715	)	 	 	(4,790	)	 	 	(297	)	 	 	(7,482	)	 	 	(7,756	)	 	 	274	 	
Other non-derivative gain/(loss), net	 	 	4,643	 	 	 	4,789	 	 	 	(448	)	 	 	1,344	 	 	 	4,003	 	 	 	640	 	 	 	8,984	 	 	 	10,397	 	 	 	(1,413	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Free-standing Derivatives:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Credit Default Swaps	 	 	3,730	 	 	 	(4,060	)	 	 	776	 	 	 	3,358	 	 	 	2,919	 	 	 	811	 	 	 	446	 	 	 	10,296	 	 	 	(9,850	)	
Interest Rate Swaps — non-hedged	 	 	49,825	 	 	 	87,114	 	 	 	11,341	 	 	 	(49,213	)	 	 	26,378	 	 	 	23,447	 	 	 	148,280	 	 	 	(111,502	)	 	 	259,782	 	
Interest Rate Swaps — hedged	 	 	239	 	 	 	168	 	 	 	132	 	 	 	55	 	 	 	152	 	 	 	87	 	 	 	539	 	 	 	161	 	 	 	378	 	
Futures	 	 	(42,269	)	 	 	32,822	 	 	 	(11,745	)	 	 	(9,942	)	 	 	(36,951	)	 	 	(5,318	)	 	 	(21,192	)	 	 	(62,699	)	 	 	41,507	 	
CPI Swaps	 	 	(508	)	 	 	109	 	 	 	923	 	 	 	1,318	 	 	 	61	 	 	 	(569	)	 	 	524	 	 	 	914	 	 	 	(390	)	
Equity options	 	 	(731	)	 	 	127	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	(731	)	 	 	(604	)	 	 	—	 	 	 	(604	)	
Currency Forwards	 	 	1,543	 	 	 	1,447	 	 	 	(829	)	 	 	(1,030	)	 	 	1,910	 	 	 	(367	)	 	 	2,161	 	 	 	1,033	 	 	 	1,128	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total free-standing derivatives	 	 	11,829	 	 	 	117,727	 	 	 	598	 	 	 	(55,454	)	 	 	(5,531	)	 	 	17,360	 	 	 	130,154	 	 	 	(161,797	)	 	 	291,951	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Embedded Derivatives:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Modified coinsurance and funds withheld treaties	 	 	(38,653	)	 	 	32,512	 	 	 	122,635	 	 	 	3,028	 	 	 	51,454	 	 	 	(90,107	)	 	 	116,494	 	 	 	75,366	 	 	 	41,128	 	
GMXB	 	 	(16,232	)	 	 	(140,934	)	 	 	7,171	 	 	 	46,120	 	 	 	10,127	 	 	 	(26,359	)	 	 	(149,995	)	 	 	206,577	 	 	 	(356,572	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total embedded derivatives	 	 	(54,885	)	 	 	(108,422	)	 	 	129,806	 	 	 	49,148	 	 	 	61,581	 	 	 	(116,466	)	 	 	(33,501	)	 	 	281,943	 	 	 	(315,444	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net gain/(loss) on total derivatives	 	 	(43,056	)	 	 	9,305	 	 	 	130,404	 	 	 	(6,306	)	 	 	56,050	 	 	 	(99,106	)	 	 	96,653	 	 	 	120,146	 	 	 	(23,493	)	

Total investment related gains (losses), net	 	$	(16,780	)	 	$	22,992	 	 	$	131,185	 	 	$	(14,137	)	 	$	42,359	 	 	$	(59,139	)	 	$	137,397	 	 	$	48,285	 	 	$	89,112	 	

Quarterly Financial Supplement
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