UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): January 30, 2014

REINSURANCE GROUP OF AMERICA, INCORPORATED
(Exact Name of Registrant as Specified in its Charter)

 
 	 	 	 	 	
Missouri	 	1-11848	 	43-1627032	
(State or Other Jurisdiction
of Incorporation)	 	(Commission
File Number)	 	(IRS Employer
Identification Number)	
1370 Timberlake Manor Parkway, Chesterfield, Missouri 63017
(Address of Principal Executive Office)
Registrant’s telephone number, including area code: (636) 736-7000

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions ( see  General Instruction A.2. below):
 
 	¨	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)	
 
 	¨	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)	
 
 	¨	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))	
 
 	¨	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))	

 

Item 2.02	Results of Operations and Financial Condition.	
On January 30, 2014, Reinsurance Group of America, Incorporated (the “Company”) issued (1) a press release (the “Press Release”) announcing its earnings for the three-month period ended December 31, 2013, and providing certain additional information, a copy of which is furnished with this report as Exhibit 99.1, and (2) a Quarterly Financial Supplement for the quarter ended December 31, 2013, a copy of which is attached hereto as Exhibit 99.2. The Press Release also notes that a conference call will be held on January 31, 2014 to discuss the financial and operating results for the three-month period ended December 31, 2013. The Press Release and Quarterly Financial Supplement are furnished and are not filed pursuant to Instruction B.2 of Form 8-K.
 
Item 9.01	Financial Statements and Exhibits	
 
(d)	Exhibits.	

Exhibit No.	  	Exhibit	
 	 	
99.1	  	Press Release of Reinsurance Group of America, Incorporated dated January 30, 2014	
 	 	
99.2	  	Quarterly Financial Supplement for the quarter ended December 31, 2013	

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

 	 	 	 	REINSURANCE GROUP OF AMERICA, INCORPORATED	
 	 	 	 	
Date: January 30, 2014	 	 	 	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 January 30, 2014	
 	 	
99.2	 	Quarterly Financial Supplement for the quarter ended December 31, 2013	

Exhibit 99.1

PRESS RELEASE
REINSURANCE GROUP OF AMERICA REPORTS FOURTH-QUARTER RESULTS
 
 	•	 	Earnings per diluted share: net income $2.03, operating income* $2.17	
 
 	•	 	Reported net premiums up 1.5 percent; four percent in original currencies	
 
 	•	 	Strong results in U.S. individual mortality and asset-intensive businesses	
 
 	•	 	2013 revenues exceeded $10 billion	
ST. LOUIS, January 30, 2014 – Reinsurance Group of America, Incorporated (NYSE: RGA), a leading global provider of life reinsurance, reported fourth-quarter net income of $145.0 million, or $2.03 per diluted share, compared with $223.0 million, or $3.00 per diluted share in the prior-year quarter. Operating income* totaled $154.5 million, or $2.17 per diluted share, a difficult comparison versus last year’s $181.8 million, or $2.44 per diluted share. Last year’s fourth-quarter results benefited from a lower effective tax rate and a reserve reduction in Canada. Both periods reflect favorable individual mortality experience in the U.S. and Canada, as well as a strong performance in the U.S. asset-intensive sub-segment. The current period also reflects a strong result in Asia Pacific.

 	  	Quarterly Results	 	  	Year-to-Date Results	 	
($ in thousands, except per share data)	  	2013	 	  	2012	 	  	2013	 	  	2012	 	
Net premiums	  	$	2,212,998	  	  	$	2,179,707	  	  	$	8,254,027	  	  	$	7,906,596	  	
Net income	  	 	144,959	  	  	 	222,989	  	  	 	418,837	  	  	 	631,893	  	
Net income per diluted share	  	 	2.03	  	  	 	3.00	  	  	 	5.78	  	  	 	8.52	  	
Operating income*	  	 	154,509	  	  	 	181,830	  	  	 	358,446	  	  	 	516,382	  	
Operating income per diluted share*	  	 	2.17	  	  	 	2.44	  	  	 	4.95	  	  	 	6.96	  	
Book value per share	  	 	83.87	  	  	 	93.47	  	  	 	 	 	  	 	 	 	
Book value per share (excl. Accumulated Other Comprehensive Income “AOCI”)*	  	 	69.66	  	  	 	64.95	  	  	 	 	 	  	 	 	 	
Total assets	  	 	39,674,473	  	  	 	40,360,438	  	  	 	 	 	  	 	 	 	
 
*	See ‘Use of Non-GAAP Financial Measures’ below	
Full-year 2013 net income totaled $418.8 million, or $5.78 per diluted share, a decrease from $631.9 million, or $8.52 per diluted share, in 2012. Operating income* decreased to $358.4 million, or $4.95 per diluted share, from $516.4 million, or $6.96 per diluted share, the year before. Excluding the $184 million after-tax increase in Australian claim liabilities during the second quarter of 2013, operating income per diluted share increased eight percent over 2012. Net foreign currency fluctuations reduced 2013 operating income per share by $0.03. Reported net premiums rose more than four percent for the current year. In original currencies, net premiums increased six percent.
 
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For the quarter, reported net premiums increased 1.5 percent to $2.2 billion. On a local currency basis, net premiums were up four percent over the fourth quarter of 2012. Investment income increased 25 percent to $461.1 million from $370.2 million in the year-earlier quarter, primarily attributable to a rise in fair value of options contracts that are included in funds withheld at interest on the consolidated balance sheet and support the crediting rates for equity-indexed annuities. Excluding spread-based investment income and changes in value of associated derivatives, investment income rose five percent. The average portfolio yield decreased 15 basis points to 4.68 percent compared with the fourth quarter of 2012, reflecting the downward trend in interest rates. The portfolio yield was down seven basis points relative to the third quarter of this year, as rates continue to stabilize in the shorter term. A generally stronger U.S. dollar reduced fourth-quarter operating income by approximately $5.7 million after taxes, or $0.08 per diluted share.
The company’s 2013 effective tax rate on operating income was 36.8 percent and 34.2 percent for the fourth quarter and full year, respectively. The fourth-quarter effective tax rate was higher than expected due to several factors, most notably a rise in current U.S. taxable income associated with certain foreign statutory reserve adjustments, an anomaly that is expected to be short-term in nature. Going forward, management expects an intermediate effective tax rate of 34 percent to 35 percent, reflecting, in part, a slight shift in earnings contribution from lower tax rate jurisdictions.
A. Greig Woodring, president and chief executive officer, commented, “This was a strong quarter, with a range of business units contributing to the above-average results. Along with a very good third quarter, we finished the second half of 2013 on a high note, and have good momentum heading into 2014. While operating earnings per share of $2.17 were down from the unusually good quarter a year ago, this was a strong result on its own, reflecting solid core mortality results on a global basis and another very good quarter in our asset-intensive business. Aside from the aforementioned second-quarter charge in Australia, full-year results were relatively strong in 2013, including record revenues in excess of $10 billion. Our ending book value per share for the quarter was $83.87 including AOCI, and $69.66 excluding AOCI.
“We will continue to execute our capital management strategy, which includes constant evaluation of opportunistic share repurchases along with block acquisition opportunities. We have more than $600 million in deployable, excess capital. We did not repurchase shares during the fourth quarter, leaving $138.7 million of capacity remaining under our current $400 million share repurchase authorization. We will continue to evaluate the level of that authorization along with other capital deployment strategies.”
SEGMENT RESULTS
U.S.
The U.S. Traditional sub-segment reported fourth-quarter pre-tax operating income of $121.3 million versus a very strong $139.6 million in the prior-year period, which benefited from very favorable mortality experience. Individual mortality claims experience was better than expected this quarter as well. Traditional net premiums rose seven percent to $1,235.2 million from $1,159.1 million a year ago, reflecting stable growth across all product lines in this segment. For the full year, net premiums increased five percent and totaled $4,518.1 million. Pre-tax net income totaled $120.5 million for the quarter, compared with $151.4 million in the fourth quarter of 2012.
 
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The U.S. Asset Intensive business reported pre-tax operating income of $42.3 million this quarter compared with $40.8 million last year. Results in both periods were better than expected, benefiting primarily from strong equity markets and favorable credit spreads. Equity-indexed and fixed annuity blocks continued to perform well this quarter, as they did for the entire year. Full-year pre-tax operating income totaled $166.1 million, a strong result for this sub-segment. Fourth-quarter pre-tax net income decreased to $31.8 million from $86.4 million a year ago, primarily due to significant changes in the fair values of various embedded derivatives.
The U.S. Financial Reinsurance business reported another quarter of strong fee income and added pre-tax operating income of $14.3 million, up from $8.5 million last year, benefiting from the cumulative effect of accelerated growth in the number of treaties in this business. For the year, pre-tax operating income rose 39 percent to $45.7 million.
Canada
Canadian operations reported pre-tax operating income of $47.2 million this quarter versus a very strong $54.0 million in the prior-year period. Better-than-expected claims experience lifted results in both periods while the prior-year period also benefited from a $16.2 million pre-tax reserve adjustment. Further, a relatively weaker Canadian dollar adversely affected pre-tax operating income by approximately $3.3 million compared to last year’s fourth quarter. Reported net premiums were down slightly this period, but on a Canadian dollar basis, premiums were up four percent. For the full year, net premiums increased five percent in reported U.S. dollars and eight percent in Canadian dollars. Fourth-quarter pre-tax net income totaled $50.5 million compared with $59.4 million in the fourth quarter of 2012.
Asia Pacific
Asia Pacific quarterly pre-tax operating income increased to $27.0 million from $8.5 million last year. Last year’s fourth quarter reflected adverse results in the Australian operation. The current period includes a break-even result in Australia and strong results in all of the Asian markets, particularly Japan and the operations in Hong Kong and Southeast Asia.
Asia Pacific net premiums increased three percent to $372.7 million from $362.6 million in the prior year. Foreign currency fluctuations adversely affected premiums by approximately $33.1 million this period. Original currency premiums rose 12 percent over the fourth quarter of 2012 with strong growth in Hong Kong and Southeast Asia. Foreign currency fluctuations adversely affected pre-tax operating income by approximately $5.3 million this quarter. For the full year, reported net premiums increased five percent over 2012 and net premiums on a local currency basis increased 11 percent. This segment reported pre-tax net income of $23.6 million compared with $5.9 million in the fourth quarter of 2012.
Europe & South Africa
Europe & South Africa operations reported pre-tax operating income of $14.3 million, even with last year’s fourth quarter. Adverse morbidity experience in the U.K. hampered results in both periods. Outside the U.K., results in this segment’s other markets were generally favorable, highlighted by strong performances in Spain and Italy. Foreign currency fluctuations adversely affected pre-tax operating income by approximately $0.3 million. Net premiums totaled $358.6 million, down from
 
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$402.5 million the year before, including an adverse currency effect of $2.1 million. The prior period included the effect of large single premium inforce transactions in Italy. For the year, net premiums were up two percent on a U.S. dollar basis and four percent in original currencies. Pre-tax net income totaled $14.4 million versus $15.6 million in the year-ago quarter.
Corporate and Other
Pre-tax operating losses in the Corporate and Other segment increased to $21.9 million from $7.1 million in the fourth quarter of 2012, attributable primarily to lower investment income associated with a higher level of internal allocations. Additionally, interest expense was greater due to the $400 million senior note offering in September, and other operating expenses were up over year-ago levels. Pre-tax net losses were $25.5 million this quarter and $6.2 million in the year-ago period.
Company Guidance
The company provides financial guidance based upon the intermediate term rather than giving a range of annual earnings per share for an upcoming year. This better reflects the long-term nature of the business and the difficulty in predicting the timing of shorter-term or periodic events such as block transactions. The company accepts risks over very long periods of time, up to 30 years or longer in some cases. While more predictable over longer-term horizons, RGA’s business is subject to inherent short-term volatility. The guidance is unchanged versus that provided a year ago.
Over the intermediate term, the company targets growth in operating income per share in the five to eight percent range, and operating return on equity of 11 to 12 percent. These targets presume no significant changes in the investment environment from current levels and the deployment of $200 million to $400 million of excess capital, on average, annually. The ranges provided are unaffected by the charge recorded in the Australia operations in 2013’s second quarter, as the guidance is based upon “normalized” results.
Dividend Declaration
The board of directors declared a regular quarterly dividend of $0.30, payable March 7 to shareholders of record as of February 14.
Earnings Conference Call
A conference call to discuss fourth-quarter results will begin at 9 a.m. Eastern Time on Friday, January 31. Interested parties may access the call by dialing 888-505-4347 (domestic) or 719-325-2108 (international). The access code is 9352988. A live audio webcast of the conference call will be available on the company’s investor relations website at  www.rgare.com . A replay of the conference call will be available at the same address for 90 days following the conference call. A telephonic replay will also be available through February 8 at 888-203-1112 (domestic) or 719-457-0820 (international), access code 9352988.
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.
 
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Use of Non-GAAP Financial Measures
RGA uses a non-GAAP financial measure called operating income as a basis for analyzing financial results. This measure also serves as a basis for establishing target levels and awards under RGA’s management incentive programs. Management believes that operating income, on a pre-tax and after-tax basis, better measures the ongoing profitability and underlying trends of the company’s continuing operations, primarily because that measure excludes substantially all of the effect of net investment related gains and losses, as well as changes in the fair value of certain embedded derivatives and related deferred acquisition costs. These items can be volatile, primarily due to the credit market and interest rate environment, and are not necessarily indicative of the performance of the company’s underlying businesses. Additionally, operating income excludes any net gain or loss from discontinued operations, the cumulative effect of any accounting changes, and other items that management believes are not indicative of the company’s ongoing operations. The definition of operating income can vary by company and is not considered a substitute for GAAP net income. Reconciliations to GAAP net income are provided in the following tables. Additional financial information can be found in the Quarterly Financial Supplement on RGA’s Investor Relations website at  www.rgare.com  in the “Quarterly Results” tab and in the “Featured Report” section.
Book value per share outstanding before impact of AOCI is a non-GAAP financial measure that management believes is important in evaluating the balance sheet in order to ignore the effects of unrealized amounts primarily associated with mark-to-market adjustments on investments and foreign currency translation.
Operating return on equity is a non-GAAP financial measure calculated as operating income divided by average shareholders’ equity excluding AOCI.
About RGA
Reinsurance Group of America, Incorporated is among the largest global providers of life reinsurance, with operations in Australia, Barbados, Bermuda, Canada, China, France, Germany, Hong Kong, India, Ireland, Italy, Japan, Malaysia, Mexico, the Netherlands, New Zealand, Poland, Singapore, South Africa, South Korea, Spain, Taiwan, Turkey, the United Arab Emirates, the United Kingdom and the United States. Worldwide, the company has approximately $2.9 trillion of life reinsurance in force, and assets of $39.7 billion.
Cautionary Statement Regarding Forward-looking Statements
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, among others, statements relating to projections of the earnings, revenues, income or loss, future financial performance and growth potential of Reinsurance Group of America, Incorporated and its subsidiaries (which we refer to in the following paragraphs as “we,” “us” or “our”). The words “intend,” “expect,” “project,” “estimate,” “predict,” “anticipate,” “should,” “believe,” and other similar expressions also are intended to identify forward-looking statements. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Future events and actual results, performance and achievements could differ materially from those set forth in, contemplated by or underlying the forward-looking statements.
 
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Numerous important factors could cause actual results and events to differ materially from those expressed or implied by forward-looking statements including, without limitation, (1) adverse capital and credit market conditions and their impact on our liquidity, access to capital, and cost of capital, (2) the impairment of other financial institutions and its effect on our business, (3) requirements to post collateral or make payments due to declines in market value of assets subject to our collateral arrangements, (4) the fact that the determination of allowances and impairments taken on our investments is highly subjective, (5) adverse changes in mortality, morbidity, lapsation, or claims experience, (6) changes in our financial strength and credit ratings and the effect of such changes on our future results of operations and financial condition, (7) inadequate risk analysis and underwriting, (8) general economic conditions or a prolonged economic downturn affecting the demand for insurance and reinsurance in our current and planned markets, (9) the availability and cost of collateral necessary for regulatory reserves and capital, (10) market or economic conditions that adversely affect the value of our investment securities or result in the impairment of all or a portion of the value of certain of our investment securities, (11) market or economic conditions that adversely affect our ability to make timely sales of investment securities, (12) risks inherent in our risk management and investment strategy, including changes in investment portfolio yields due to interest rate or credit quality changes, (13) fluctuations in U.S. or foreign currency exchange rates, interest rates, or securities and real estate markets, (14) adverse litigation or arbitration results, (15) the adequacy of reserves, resources, and accurate information relating to settlements, awards, and terminated and discontinued lines of business, (16) the stability of and actions by governments and economies in the markets in which we operate, including ongoing uncertainties regarding the amount of United States sovereign debt and the credit ratings thereof, (17) competitive factors and competitors’ responses to our initiatives, (18) the success of our clients, (19) successful execution of our entry into new markets, (20) successful development and introduction of new products and distribution opportunities, (21) our ability to successfully integrate and operate reinsurance business that we acquire, (22) action by regulators who have authority over our reinsurance operations in the jurisdictions in which we operate, (23) our dependence on third parties, including those insurance companies and reinsurers to which we cede some reinsurance, third-party investment managers, and others, (24) the threat of natural disasters, catastrophes, terrorist attacks, epidemics, or pandemics anywhere in the world where we or our clients do business, (25) changes in laws, regulations, and accounting standards applicable to us, our subsidiaries, or our business, (26) the effect of our status as an insurance holding company and regulatory restrictions on our ability to pay principal and interest on our debt obligations, and (27) other risks and uncertainties described in this document and in our other filings with the Securities and Exchange Commission.
Forward-looking statements should be evaluated together with the many risks and uncertainties that affect our business, including those mentioned in this document and described in the periodic reports we file with the Securities and Exchange Commission. These forward-looking statements speak only as of the date on which they are made. We do not undertake any obligations to update these forward-looking statements, even though our situation may change in the future. We qualify all of our forward-looking statements by these cautionary statements. For a discussion of the risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements, you are advised to review the risk factors in our Annual Report on Form 10-K for the year ended December 31, 2012.
Investor Contact
Jeff Hopson
Senior Vice President – Investor Relations
(636) 736-7000
 
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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
Reconciliation of Consolidated Net Income to Operating Income
(Dollars in thousands)

(Unaudited)	  	Three Months Ended
December 31,	 	 	Twelve Months Ended
December 31,	 	 	
 	  	2013	 	 	2012	 	 	2013	 	 	2012	 	 	
GAAP net income	  	$	144,959	  	 	$	222,989	  	 	$	418,837	  	 	$	631,893	  	 	
Reconciliation to operating income:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Capital (gains) losses, derivatives and other, included in investment related (gains) losses, net	  	 	29,161	  	 	 	(2,801	) 	 	 	103,495	  	 	 	(21,418	) 	 	
Capital (gains) losses on funds withheld:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Included in investment income	  	 	(1,651	) 	 	 	(4,190	) 	 	 	(8,345	) 	 	 	(11,134	) 	 	
Included in policy acquisition costs and other insurance expenses	  	 	—  	  	 	 	36	  	 	 	—  	  	 	 	350	  	 	
Embedded derivatives:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Included in investment related (gains) losses, net	  	 	(22,595	) 	 	 	(68,017	) 	 	 	(137,948	) 	 	 	(142,754	) 	 	
Included in interest credited	  	 	1,817	  	 	 	5,012	  	 	 	(51,330	) 	 	 	29,314	  	 	
DAC offset, net	  	 	2,818	  	 	 	28,801	  	 	 	63,966	  	 	 	30,131	  	 	
Gain on repurchase of collateral finance facility securities	  	 	—  	  	 	 	—  	  	 	 	(30,229	) 	 	 	—  	  	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income	  	$	154,509	  	 	$	181,830	  	 	$	358,446	  	 	$	516,382	  	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Reconciliation of Consolidated Pre-tax Net Income to Pre-tax Operating Income
(Dollars in thousands)

(Unaudited)	  	Three Months Ended
December 31,	 	 	Twelve Months Ended
December 31,	 	 	
 	  	2013	 	 	2012	 	 	2013	 	 	2012	 	 	
Income before income taxes	  	$	229,490	  	 	$	321,089	  	 	$	635,254	  	 	$	919,223	  	 	
Reconciliation to pre-tax operating income:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Capital (gains) losses, derivatives and other, included in investment related (gains) losses, net	  	 	45,090	  	 	 	(3,404	) 	 	 	161,502	  	 	 	(28,430	) 	 	
Capital (gains) losses on funds withheld:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Included in investment income	  	 	(2,540	) 	 	 	(6,447	) 	 	 	(12,839	) 	 	 	(17,130	) 	 	
Included in policy acquisition costs and other insurance expenses	  	 	—  	  	 	 	55	  	 	 	—  	  	 	 	538	  	 	
Embedded derivatives:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Included in investment related (gains) losses, net	  	 	(34,761	) 	 	 	(104,642	) 	 	 	(212,227	) 	 	 	(219,622	) 	 	
Included in interest credited	  	 	2,795	  	 	 	7,711	  	 	 	(78,969	) 	 	 	45,098	  	 	
DAC offset, net	  	 	4,334	  	 	 	44,308	  	 	 	98,408	  	 	 	46,355	  	 	
Gain on repurchase of collateral finance facility securities	  	 	—  	  	 	 	—  	  	 	 	(46,506	) 	 	 	—  	  	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Pre-tax operating income	  	$	244,408	  	 	$	258,670	  	 	$	544,623	  	 	$	746,032	  	 	

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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
Reconciliation of Pre-tax Net Income to Pre-tax Operating Income
(Dollars in thousands)

 	  	Three Months Ended December 31, 2013	 	
(Unaudited)	  	Pre-tax net
income
(loss)	 	 	Capital
(gains) losses,
derivatives
and other, net	 	 	Change in
value of
embedded
derivatives, net	 	 	Pre-tax
operating
income
(loss)	 	
U.S. Operations:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Traditional	  	$	120,455	  	 	$	78	  	 	$	799	  	 	$	121,332	  	
Asset Intensive	  	 	31,767	  	 	 	35,668	 (1) 	 	 	(25,169	) (2) 	 	 	42,266	  	
Financial Reinsurance	  	 	14,271	  	 	 	5	  	 	 	—  	  	 	 	14,276	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total U.S.	  	 	166,493	  	 	 	35,751	  	 	 	(24,370	) 	 	 	177,874	  	
Canada Operations	  	 	50,482	  	 	 	(3,329	) 	 	 	—  	  	 	 	47,153	  	
Europe & South Africa	  	 	14,366	  	 	 	(36	) 	 	 	—  	  	 	 	14,330	  	
Asia Pacific Operations	  	 	23,607	  	 	 	3,345	  	 	 	—  	  	 	 	26,952	  	
Corporate and Other	  	 	(25,458	) 	 	 	3,557	  	 	 	—  	  	 	 	(21,901	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Consolidated	  	$	229,490	  	 	$	39,288	  	 	$	(24,370	) 	 	$	244,408	  	

(1)	Asset Intensive is net of $(3,262) DAC offset.	
(2)	Asset Intensive is net of $7,596 DAC offset.	

 	  	Three Months Ended December 31, 2012	 	
(Unaudited)	  	Pre-tax net
income
(loss)	 	 	Capital
(gains) losses,
derivatives
and other, net	 	 	Change in
value of
embedded
derivatives, net	 	 	Pre-tax
operating
income
(loss)	 	
U.S. Operations:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Traditional	  	$	151,361	  	 	$	(14,476	) 	 	$	2,724	  	 	$	139,609	  	
Asset Intensive	  	 	86,407	  	 	 	(15,145	) (1) 	 	 	(30,424	) (2) 	 	 	40,838	  	
Financial Reinsurance	  	 	8,633	  	 	 	(112	) 	 	 	—  	  	 	 	8,521	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total U.S.	  	 	246,401	  	 	 	(29,733	) 	 	 	(27,700	) 	 	 	188,968	  	
Canada Operations	  	 	59,358	  	 	 	(5,320	) 	 	 	—  	  	 	 	54,038	  	
Europe & South Africa	  	 	15,584	  	 	 	(1,325	) 	 	 	—  	  	 	 	14,259	  	
Asia Pacific Operations	  	 	5,935	  	 	 	2,520	  	 	 	—  	  	 	 	8,455	  	
Corporate and Other	  	 	(6,189	) 	 	 	(861	) 	 	 	—  	  	 	 	(7,050	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Consolidated	  	$	321,089	  	 	$	(34,719	) 	 	$	(27,700	) 	 	$	258,670	  	

(1)	Asset Intensive is net of $(24,923) DAC offset.	
(2)	Asset Intensive is net of $69,231 DAC offset.	
 
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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)

 	  	Twelve Months Ended December 31, 2013	 	
(Unaudited)	  	Pre-tax net
income
(loss)	 	 	Capital
(gains) losses,
derivatives
and other, net	 	 	Change in
value of
embedded
derivatives, net	 	 	Gain on debt
repurchase	 	 	Pre-tax
operating
income
(loss)	 	
U.S. Operations:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Traditional	  	$	371,563	  	 	$	(2,967	) 	 	$	(1,891	) 	 	$	—  	  	 	$	366,705	  	
Asset Intensive	  	 	200,348	  	 	 	130,971	 (1) 	 	 	(165,181	) (2) 	 	 	—  	  	 	 	166,138	  	
Financial Reinsurance	  	 	45,301	  	 	 	392	  	 	 	—  	  	 	 	—  	  	 	 	45,693	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total U.S.	  	 	617,212	  	 	 	128,396	  	 	 	(167,072	) 	 	 	—  	  	 	 	578,536	  	
Canada Operations	  	 	164,318	  	 	 	(16,626	) 	 	 	—  	  	 	 	—  	  	 	 	147,692	  	
Europe & South Africa	  	 	89,122	  	 	 	(3,666	) 	 	 	—  	  	 	 	—  	  	 	 	85,456	  	
Asia Pacific Operations	  	 	(235,211	) 	 	 	8,411	  	 	 	—  	  	 	 	—  	  	 	 	(226,800	) 	
Corporate and Other	  	 	(187	) 	 	 	6,432	  	 	 	—  	  	 	 	(46,506	) 	 	 	(40,261	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Consolidated	  	$	635,254	  	 	$	122,947	  	 	$	(167,072	) 	 	$	(46,506	) 	 	$	544,623	  	

(1)	Asset Intensive is net of $(25,716) DAC offset.	
(2)	Asset Intensive is net of $124,124 DAC offset.	

 	  	Twelve Months Ended December 31, 2012	 	
(Unaudited)	  	Pre-tax net
income
(loss)	 	 	Capital
(gains) losses,
derivatives
and other, net	 	 	Change in
value of
embedded
derivatives, net	 	 	Pre-tax
operating
income
(loss)	 	
U.S. Operations:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Traditional	  	$	368,095	  	 	$	424	  	 	$	2,046	  	 	$	370,565	  	
Asset Intensive	  	 	235,585	  	 	 	(80,767	) (1) 	 	 	(45,737	) (2) 	 	 	109,081	  	
Financial Reinsurance	  	 	32,730	  	 	 	141	  	 	 	—  	  	 	 	32,871	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total U.S.	  	 	636,410	  	 	 	(80,202	) 	 	 	(43,691	) 	 	 	512,517	  	
Canada Operations	  	 	186,971	  	 	 	(27,625	) 	 	 	—  	  	 	 	159,346	  	
Europe & South Africa	  	 	73,947	  	 	 	(11,574	) 	 	 	—  	  	 	 	62,373	  	
Asia Pacific Operations	  	 	45,378	  	 	 	(8,035	) 	 	 	—  	  	 	 	37,343	  	
Corporate and Other	  	 	(23,483	) 	 	 	(2,064	) 	 	 	—  	  	 	 	(25,547	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Consolidated	  	$	919,223	  	 	$	(129,500	) 	 	$	(43,691	) 	 	$	746,032	  	

(1)	Asset Intensive is net of $(84,478) DAC offset.	
(2)	Asset Intensive is net of $130,833 DAC offset.	
 
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Add Nine
REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
Per Share and Shares Data
(In thousands, except per share data)

(Unaudited)	  	Three Months Ended
December 31,	 	  	Twelve Months Ended
December 31,	 	 	
 	  	2013	 	  	2012	 	  	2013	 	  	2012	 	 	
Diluted earnings per share from operating income	  	$	2.17	  	  	$	2.44	  	  	$	4.95	  	  	$	6.96	  	 	
Earnings per share from net income:	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	
Basic earnings per share	  	$	2.05	  	  	$	3.02	  	  	$	5.82	  	  	$	8.57	  	 	
Diluted earnings per share	  	$	2.03	  	  	$	3.00	  	  	$	5.78	  	  	$	8.52	  	 	
Weighted average number of common and common equivalent shares outstanding	  	 	71,332	  	  	 	74,375	  	  	 	72,461	  	  	 	74,153	  	 	

(Unaudited)	  	At December 31,	 	 	
 	  	2013	 	  	2012	 	 	
Treasury shares	  	 	8,370	  	  	 	5,211	  	 	
Common shares outstanding	  	 	70,768	  	  	 	73,927	  	 	
Book value per share outstanding	  	$	83.87	  	  	$	93.47	  	 	
Book value per share outstanding, before impact of AOCI	  	$	69.66	  	  	$	64.95	  	 	
 
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Add Ten
REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
Condensed Consolidated Statements of Income
(Dollars in thousands)

(Unaudited)	  	Three Months Ended
December 31,	 	 	Twelve Months Ended
December 31,	 	 	
 	  	2013	 	 	2012	 	 	2013	 	 	2012	 	 	
Revenues:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	  	$	2,212,998	  	 	$	2,179,707	  	 	$	8,254,027	  	 	$	7,906,596	  	 	
Investment income, net of related expenses	  	 	461,134	  	 	 	370,151	  	 	 	1,699,865	  	 	 	1,436,206	  	 	
Investment related gains (losses), net:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Other-than-temporary impairments on fixed maturity securities	  	 	(2,258	) 	 	 	(4,346	) 	 	 	(12,654	) 	 	 	(15,908	) 	 	
Other-than-temporary impairments on fixed maturity securities transferred to (from) accumulated other comprehensive income	  	 	—  	  	 	 	—  	  	 	 	(247	) 	 	 	(7,618	) 	 	
Other investment related gains, net	  	 	99	  	 	 	115,108	  	 	 	76,891	  	 	 	277,662	  	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total investment related gains (losses), net	  	 	(2,159	) 	 	 	110,762	  	 	 	63,990	  	 	 	254,136	  	 	
Other revenue	  	 	64,821	  	 	 	62,482	  	 	 	300,471	  	 	 	243,973	  	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	  	 	2,736,794	  	 	 	2,723,102	  	 	 	10,318,353	  	 	 	9,840,911	  	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	  	 	1,869,949	  	 	 	1,797,779	  	 	 	7,304,332	  	 	 	6,665,999	  	 	
Interest credited	  	 	172,747	  	 	 	94,835	  	 	 	476,514	  	 	 	379,915	  	 	
Policy acquisition costs and other insurance expenses	  	 	304,837	  	 	 	344,791	  	 	 	1,300,780	  	 	 	1,306,470	  	 	
Other operating expenses	  	 	122,136	  	 	 	132,334	  	 	 	466,717	  	 	 	451,759	  	 	
Interest expense	  	 	35,072	  	 	 	28,917	  	 	 	124,307	  	 	 	105,348	  	 	
Collateral finance facility expense	  	 	2,563	  	 	 	3,357	  	 	 	10,449	  	 	 	12,197	  	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	  	 	2,507,304	  	 	 	2,402,013	  	 	 	9,683,099	  	 	 	8,921,688	  	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	  	 	229,490	  	 	 	321,089	  	 	 	635,254	  	 	 	919,223	  	 	
Income tax expense	  	 	84,531	  	 	 	98,100	  	 	 	216,417	  	 	 	287,330	  	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	  	$	144,959	  	 	$	222,989	  	 	$	418,837	  	 	$	631,893	  	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
# # #

Exhibit 99.2

Reinsurance Group of America, Incorporated®
Financial Supplement
Fourth Quarter 2013
(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	
RGA Reinsurance Company of Australia Limited	  	AA-	  	NR	  	NR	
Senior Debt Ratings	  	 	  	 	  	 	
Reinsurance Group of America, Incorporated	  	A-	  	a-	  	Baa1	
Our common stock is traded on the New York Stock Exchange under the symbol “RGA”.
Contacts:
Jack B. Lay
Senior Executive Vice President
and Chief Financial Officer
Phone: (636) 736-7000
e-mail: jlay@rgare.com
Jeff Hopson
Sr. Vice President
Investor Relations
Phone: (636) 300-6106
e-mail: jhopson@rgare.com

 	 	 	 	 	
 	 	  Quarterly Financial Supplement	 	 	

Reinsurance Group of America, Incorporated
Financial Supplement
4th Quarter 2013
Table of Contents

 	  	Page	 	
Non-GAAP Disclosure	  	 	1	  	
 	 	
2013 Management Guidance	  	 	2	  	
 	 	
Consolidated	  	 	 	 	
 	 	
Financial Highlights	  	 	3	  	
 	 	
Consolidated Income Statement (incl. Operating Income Reconciliation)	  	 	4	  	
 	 	
Consolidated Operating Income Statement	  	 	5	  	
 	 	
Consolidated Balance Sheets	  	 	6	  	
 	 	
Segment Pre-tax Operating Income Summaries and Reconciliations to U.S. GAAP	  	 	 	 	
 	 	
U.S. Operations	  	 	7	  	
 	 	
Canada Operations	  	 	11	  	
 	 	
Europe & South Africa Operations	  	 	12	  	
 	 	
Asia Pacific Operations	  	 	13	  	
 	 	
Corporate and Other	  	 	14	  	
 	 	
Summary of Pre-tax Segment Operating Income	  	 	15	  	
 	 	
Investments	  	 	 	 	
 	 	
Cash and Invested Assets, Yield Summary	  	 	16	  	
 	 	
Amortized cost, Gross Unrealized Gains and Losses, Estimated Fair Values of Fixed Maturity and Equity Securities	  	 	17	  	
 	 	
Corporate Securities by Sector (Fixed Maturities and Equities)	  	 	18	  	
 	 	
Quality of Fixed Maturity Securities and Structured Fixed Maturity Securities	  	 	19	  	
 	 	
CMBS Exposure (Including Funds Withheld Portfolios)	  	 	20	  	
 	 	
Gross Unrealized Losses Aging	  	 	21	  	
 	 	
Fixed Maturity and Equity Securities Below Amortized Cost	  	 	22	  	
 	 	
Consolidated Gross Gains and Losses	  	 	23	  	

 	 	  Quarterly Financial Supplement	 	 	

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

 	 	  Quarterly Financial Supplement	 	Page 1	

Reinsurance Group of America, Incorporated
Company Guidance
The company provides financial guidance based upon the intermediate term rather than giving a range of annual earnings per share for an upcoming year. This better reflects the long-term nature of the business and the difficulty in predicting the timing of shorter-term or periodic events such as block transactions. The company accepts risks over very long periods of time, up to 30 years or longer in some cases. While more predictable over longer-term horizons, RGA’s business is subject to inherent short-term volatility. The guidance is unchanged versus that provided a year ago.
Over the intermediate term, the company targets growth in operating income per share in the five to eight percent range, and operating return on equity of 11 to 12 percent. These targets presume no significant changes in the investment environment from current levels and the deployment of $200 million to $400 million of excess capital, on average, annually. The ranges provided are unaffected by the charge recorded in the Australia operations in 2013’s second quarter, as the guidance is based upon “normalized” results.

 	 	 	 	Page 2	

Reinsurance Group of America, Incorporated
Financial Highlights

 	 	Three Months Ended or As of	 	 	Current Qtr	 	 	Year-to-Date	 	 	
(USD thousands, except inforce & per share data)	 	Dec. 31,	 	 	Sept. 30,	 	 	June 30,	 	 	March 31,	 	 	Dec. 31,	 	 	vs. PY	 	 	Dec. 31,	 	 	Dec. 31,	 	 	 	 	 	
 	 	2013	 	 	2013	 	 	2013	 	 	2013	 	 	2012	 	 	Quarter	 	 	2013	 	 	2012	 	 	Change	 	 	
Net premiums	 	$	2,212,998	  	 	$	2,026,180	  	 	$	2,035,156	  	 	$	1,979,693	  	 	$	2,179,707	  	 	$	33,291	  	 	$	8,254,027	  	 	$	7,906,596	  	 	$	347,431	  	 	
Net income (loss)	 	 	144,959	  	 	 	137,955	  	 	 	(49,612	) 	 	 	185,535	  	 	 	222,989	  	 	 	(78,030	) 	 	 	418,837	  	 	 	631,893	  	 	 	(213,056	) 	 	
Operating income (loss)	 	 	154,509	  	 	 	152,887	  	 	 	(71,797	) 	 	 	122,847	  	 	 	181,830	  	 	 	(27,321	) 	 	 	358,446	  	 	 	516,382	  	 	 	(157,936	) 	 	
Operating return on equity (ex AOCI)—annualized	 	 	12.7	% 	 	 	12.9	% 	 	 	-6.0	% 	 	 	10.1	% 	 	 	15.5	% 	 	 	-2.8	% 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating return on equity (ex AOCI)—trailing 12 months	 	 	7.4	% 	 	 	8.1	% 	 	 	7.1	% 	 	 	11.4	% 	 	 	11.6	% 	 	 	-4.2	% 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total assets	 	 	39,674,473	  	 	 	39,526,555	  	 	 	38,790,621	  	 	 	40,197,101	  	 	 	40,360,438	  	 	 	(685,965	) 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Assumed Life Reinsurance in Force (in billions)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
U.S.	 	$	1,387.8	  	 	$	1,392.1	  	 	$	1,392.3	  	 	$	1,395.6	  	 	$	1,395.6	  	 	$	(7.8	) 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Canada	 	 	386.3	  	 	 	391.1	  	 	 	376.4	  	 	 	382.8	  	 	 	389.7	  	 	 	(3.4	) 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Europe & South Africa	 	 	629.8	  	 	 	626.5	  	 	 	584.9	  	 	 	581.8	  	 	 	602.5	  	 	 	27.3	  	 	 	 	 	 	 	 	 	 	 	 	 	 	
Asia Pacific	 	 	486.0	  	 	 	494.1	  	 	 	470.2	  	 	 	512.6	  	 	 	539.8	  	 	 	(53.8	) 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Life Reinsurance in Force	 	$	2,889.9	  	 	$	2,903.8	  	 	$	2,823.8	  	 	$	2,872.8	  	 	$	2,927.6	  	 	$	(37.7	) 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Assumed New Business Production (in billions )	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
U.S.	 	$	20.2	  	 	$	22.0	  	 	$	21.8	  	 	$	25.7	  	 	$	19.2	  	 	$	1.0	  	 	$	89.7	  	 	$	151.4	  	 	$	(61.7	) 	 	
Canada	 	 	10.4	  	 	 	11.6	  	 	 	11.1	  	 	 	12.9	  	 	 	12.0	  	 	 	(1.6	) 	 	 	46.0	  	 	 	49.0	  	 	 	(3.0	) 	 	
Europe & South Africa	 	 	31.7	  	 	 	27.0	  	 	 	28.4	  	 	 	45.7	  	 	 	58.4	  	 	 	(26.7	) 	 	 	132.8	  	 	 	136.0	  	 	 	(3.2	) 	 	
Asia Pacific	 	 	16.6	  	 	 	31.0	  	 	 	42.7	  	 	 	11.6	  	 	 	12.8	  	 	 	3.8	  	 	 	101.9	  	 	 	90.2	  	 	 	11.7	  	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total New Business Production	 	$	78.9	  	 	$	91.6	  	 	$	104.0	  	 	$	95.9	  	 	$	102.4	  	 	$	(23.5	) 	 	$	370.4	  	 	$	426.6	  	 	$	(56.2	) 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Per Share and Shares Data	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic earnings per share	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income (loss)	 	$	2.05	  	 	$	1.95	  	 	$	(0.69	) 	 	$	2.51	  	 	$	3.02	  	 	$	(0.97	) 	 	$	5.82	  	 	$	8.57	  	 	$	(2.75	) 	 	
Operating income (loss)	 	$	2.19	  	 	$	2.16	  	 	$	(0.99	) 	 	$	1.66	  	 	$	2.46	  	 	$	(0.27	) 	 	$	4.98	  	 	$	7.00	  	 	$	(2.02	) 	 	
Diluted earnings per share  (1)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income (loss)	 	$	2.03	  	 	$	1.93	  	 	$	(0.69	) 	 	$	2.49	  	 	$	3.00	  	 	$	(0.97	) 	 	$	5.78	  	 	$	8.52	  	 	$	(2.74	) 	 	
Operating income (loss)	 	$	2.17	  	 	$	2.14	  	 	$	(0.99	) 	 	$	1.65	  	 	$	2.44	  	 	$	(0.27	) 	 	$	4.95	  	 	$	6.96	  	 	$	(2.01	) 	 	
Wgt. average common shares outstanding (basic)	 	 	70,650	  	 	 	70,865	  	 	 	72,350	  	 	 	73,838	  	 	 	73,880	  	 	 	(3,230	) 	 	 	71,917	  	 	 	73,737	  	 	 	(1,820	) 	 	
Wgt. average common shares outstanding (diluted)	 	 	71,332	  	 	 	71,391	  	 	 	72,769	  	 	 	74,389	  	 	 	74,375	  	 	 	(3,043	) 	 	 	72,461	  	 	 	74,153	  	 	 	(1,692	) 	 	
Common shares issued	 	 	79,138	  	 	 	79,138	  	 	 	79,138	  	 	 	79,138	  	 	 	79,138	  	 	 	—  	  	 	 	79,138	  	 	 	79,138	  	 	 	—  	  	 	
Treasury shares	 	 	8,370	  	 	 	8,595	  	 	 	8,170	  	 	 	5,837	  	 	 	5,211	  	 	 	3,159	  	 	 	8,370	  	 	 	5,211	  	 	 	3,159	  	 	
Common shares outstanding	 	 	70,768	  	 	 	70,543	  	 	 	70,968	  	 	 	73,301	  	 	 	73,927	  	 	 	(3,159	) 	 	 	70,768	  	 	 	73,927	  	 	 	(3,159	) 	 	
Book value per share	 	$	83.87	  	 	$	83.58	  	 	$	82.97	  	 	$	94.34	  	 	$	93.47	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Per share effect of accumulated other comprehensive income (AOCI)	 	$	14.21	  	 	$	15.60	  	 	$	16.66	  	 	$	26.97	  	 	$	28.52	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Book value per share, excluding AOCI	 	$	69.66	  	 	$	67.98	  	 	$	66.31	  	 	$	67.37	  	 	$	64.95	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Shareholder dividends paid	 	$	21,177.3	  	 	$	21,296.2	  	 	$	17,415.9	  	 	$	17,752.7	  	 	$	17,724.7	  	 	$	3,452.6	  	 	$	77,642.1	  	 	$	61,944.8	  	 	$	15,697.3	  	 	
 
(1)	As a result of anti-dilutive impact, in periods of a loss, weighted average common shares outstanding (basic) are used in the calculation of diluted earnings per share	

 	 	  Quarterly Financial Supplement	 	Page 3	

Reinsurance Group of America, Incorporated
Consolidated GAAP Income Statement (incl. Operating Income Reconciliations)

 	 	Three Months Ended or As of	 	 	Current Qtr	 	 	Year-to-Date	 	
 	 	Dec. 31,	 	 	Sept. 30,	 	 	June 30,	 	 	March 31,	 	 	Dec. 31,	 	 	vs. PY	 	 	Dec. 31,	 	 	Dec. 31,	 	 	 	 	
(USD thousands)	 	2013	 	 	2013	 	 	2013	 	 	2013	 	 	2012	 	 	Quarter	 	 	2013	 	 	2012	 	 	Change	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	2,212,998	  	 	$	2,026,180	  	 	$	2,035,156	  	 	$	1,979,693	  	 	$	2,179,707	  	 	$	33,291	  	 	$	8,254,027	  	 	$	7,906,596	  	 	$	347,431	  	
Investment income, net of related expenses	 	 	461,134	  	 	 	369,366	  	 	 	444,234	  	 	 	425,131	  	 	 	370,151	  	 	 	90,983	  	 	 	1,699,865	  	 	 	1,436,206	  	 	 	263,659	  	
Investment related gains (losses), net	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
OTTI on fixed maturity securities	 	 	(2,258	) 	 	 	(391	) 	 	 	(9,803	) 	 	 	(202	) 	 	 	(4,346	) 	 	 	2,088	  	 	 	(12,654	) 	 	 	(15,908	) 	 	 	3,254	  	
OTTI on fixed maturity securities transferred to/from AOCI	 	 	—  	  	 	 	59	  	 	 	(306	) 	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	(247	) 	 	 	(7,618	) 	 	 	7,371	  	
Other investment related gains (losses), net	 	 	99	  	 	 	(76,133	) 	 	 	58,352	  	 	 	94,573	  	 	 	115,108	  	 	 	(115,009	) 	 	 	76,891	  	 	 	277,662	  	 	 	(200,771	) 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total investment related gains (losses), net	 	 	(2,159	) 	 	 	(76,465	) 	 	 	48,243	  	 	 	94,371	  	 	 	110,762	  	 	 	(112,921	) 	 	 	63,990	  	 	 	254,136	  	 	 	(190,146	) 	
Other revenue	 	 	64,821	  	 	 	70,734	  	 	 	63,009	  	 	 	101,907	  	 	 	62,482	  	 	 	2,339	  	 	 	300,471	  	 	 	243,973	  	 	 	56,498	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	 	 	2,736,794	  	 	 	2,389,815	  	 	 	2,590,642	  	 	 	2,601,102	  	 	 	2,723,102	  	 	 	13,692	  	 	 	10,318,353	  	 	 	9,840,911	  	 	 	477,442	  	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	 	1,869,949	  	 	 	1,714,899	  	 	 	2,030,574	  	 	 	1,688,910	  	 	 	1,797,779	  	 	 	72,170	  	 	 	7,304,332	  	 	 	6,665,999	  	 	 	638,333	  	
Interest credited	 	 	172,747	  	 	 	59,939	  	 	 	118,345	  	 	 	125,483	  	 	 	94,835	  	 	 	77,912	  	 	 	476,514	  	 	 	379,915	  	 	 	96,599	  	
Policy acquisition costs and other insurance expenses	 	 	304,837	  	 	 	268,081	  	 	 	370,505	  	 	 	357,357	  	 	 	344,791	  	 	 	(39,954	) 	 	 	1,300,780	  	 	 	1,306,470	  	 	 	(5,690	) 	
Other operating expenses	 	 	122,136	  	 	 	111,672	  	 	 	113,408	  	 	 	119,501	  	 	 	132,334	  	 	 	(10,198	) 	 	 	466,717	  	 	 	451,759	  	 	 	14,958	  	
Interest expense	 	 	35,072	  	 	 	30,831	  	 	 	29,918	  	 	 	28,486	  	 	 	28,917	  	 	 	6,155	  	 	 	124,307	  	 	 	105,348	  	 	 	18,959	  	
Collateral finance facility expense	 	 	2,563	  	 	 	2,698	  	 	 	2,650	  	 	 	2,538	  	 	 	3,357	  	 	 	(794	) 	 	 	10,449	  	 	 	12,197	  	 	 	(1,748	) 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	 	 	2,507,304	  	 	 	2,188,120	  	 	 	2,665,400	  	 	 	2,322,275	  	 	 	2,402,013	  	 	 	105,291	  	 	 	9,683,099	  	 	 	8,921,688	  	 	 	761,411	  	
Income (loss) before income taxes	 	 	229,490	  	 	 	201,695	  	 	 	(74,758	) 	 	 	278,827	  	 	 	321,089	  	 	 	(91,599	) 	 	 	635,254	  	 	 	919,223	  	 	 	(283,969	) 	
Income tax expense (benefit)	 	 	84,531	  	 	 	63,740	  	 	 	(25,146	) 	 	 	93,292	  	 	 	98,100	  	 	 	(13,569	) 	 	 	216,417	  	 	 	287,330	  	 	 	(70,913	) 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income (loss)	 	$	144,959	  	 	$	137,955	  	 	$	(49,612	) 	 	$	185,535	  	 	$	222,989	  	 	$	(78,030	) 	 	$	418,837	  	 	$	631,893	  	 	$	(213,056	) 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Pre-tax Operating Income (Loss) Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income (loss) before income taxes	 	 	229,490	  	 	 	201,695	  	 	 	(74,758	) 	 	 	278,827	  	 	 	321,089	  	 	 	(91,599	) 	 	 	635,254	  	 	 	919,223	  	 	 	(283,969	) 	
Investment and derivative losses (gains)—non-operating (1)	 	 	45,090	  	 	 	30,513	  	 	 	37,057	  	 	 	48,842	  	 	 	(3,404	) 	 	 	48,494	  	 	 	161,502	  	 	 	(28,430	) 	 	 	189,932	  	
Change in value of modified coinsurance and funds withheld embedded derivatives (1)	 	 	337	  	 	 	67,460	  	 	 	(47,716	) 	 	 	(90,258	) 	 	 	(74,054	) 	 	 	74,391	  	 	 	(70,177	) 	 	 	(115,009	) 	 	 	44,832	  	
GMXB embedded derivatives  (1)	 	 	(35,098	) 	 	 	(19,829	) 	 	 	(35,809	) 	 	 	(51,314	) 	 	 	(30,588	) 	 	 	(4,510	) 	 	 	(142,050	) 	 	 	(104,613	) 	 	 	(37,437	) 	
Funds withheld losses (gains)—investment income	 	 	(2,540	) 	 	 	3,465	  	 	 	(11,733	) 	 	 	(2,031	) 	 	 	(6,447	) 	 	 	3,907	  	 	 	(12,839	) 	 	 	(17,130	) 	 	 	4,291	  	
Funds withheld losses (gains)—policy acq. costs	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	55	  	 	 	(55	) 	 	 	—  	  	 	 	538	  	 	 	(538	) 	
EIA embedded derivatives—interest credited	 	 	2,795	  	 	 	(30,292	) 	 	 	(32,161	) 	 	 	(19,311	) 	 	 	7,711	  	 	 	(4,916	) 	 	 	(78,969	) 	 	 	45,098	  	 	 	(124,067	) 	
DAC offset, net	 	 	4,334	  	 	 	(27,330	) 	 	 	56,786	  	 	 	64,618	  	 	 	44,308	  	 	 	(39,974	) 	 	 	98,408	  	 	 	46,355	  	 	 	52,053	  	
Gain on repurchase of collateral finance facility securities	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	(46,506	) 	 	 	—  	  	 	 	—  	  	 	 	(46,506	) 	 	 	—  	  	 	 	(46,506	) 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating Income (loss) Before Income Taxes	 	$	244,408	  	 	$	225,682	  	 	$	(108,334	) 	 	$	182,867	  	 	$	258,670	  	 	$	(14,262	) 	 	$	544,623	  	 	$	746,032	  	 	$	(201,409	) 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
After-tax Operating Income (Loss) Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net Income (loss)	 	 	144,959	  	 	 	137,955	  	 	 	(49,612	) 	 	 	185,535	  	 	 	222,989	  	 	 	(78,030	) 	 	 	418,837	  	 	 	631,893	  	 	 	(213,056	) 	
Investment and derivative losses (gains)—non-operating (1)	 	 	29,161	  	 	 	19,174	  	 	 	23,726	  	 	 	31,434	  	 	 	(2,801	) 	 	 	31,962	  	 	 	103,495	  	 	 	(21,418	) 	 	 	124,913	  	
Change in value of modified coinsurance and funds withheld embedded derivatives (1)	 	 	219	  	 	 	43,849	  	 	 	(31,015	) 	 	 	(58,668	) 	 	 	(48,135	) 	 	 	48,354	  	 	 	(45,615	) 	 	 	(74,756	) 	 	 	29,141	  	
GMXB embedded derivatives  (1)	 	 	(22,814	) 	 	 	(12,889	) 	 	 	(23,276	) 	 	 	(33,354	) 	 	 	(19,882	) 	 	 	(2,932	) 	 	 	(92,333	) 	 	 	(67,998	) 	 	 	(24,335	) 	
Funds withheld losses (gains)—investment income	 	 	(1,651	) 	 	 	2,252	  	 	 	(7,625	) 	 	 	(1,321	) 	 	 	(4,190	) 	 	 	2,539	  	 	 	(8,345	) 	 	 	(11,134	) 	 	 	2,789	  	
Funds withheld losses (gains)—policy acq. costs	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	36	  	 	 	(36	) 	 	 	—  	  	 	 	350	  	 	 	(350	) 	
EIA embedded derivatives—interest credited	 	 	1,817	  	 	 	(19,690	) 	 	 	(20,905	) 	 	 	(12,552	) 	 	 	5,012	  	 	 	(3,195	) 	 	 	(51,330	) 	 	 	29,314	  	 	 	(80,644	) 	
DAC offset, net	 	 	2,818	  	 	 	(17,764	) 	 	 	36,910	  	 	 	42,002	  	 	 	28,801	  	 	 	(25,983	) 	 	 	63,966	  	 	 	30,131	  	 	 	33,835	  	
Gain on repurchase of collateral finance facility securities	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	(30,229	) 	 	 	—  	  	 	 	—  	  	 	 	(30,229	) 	 	 	—  	  	 	 	(30,229	) 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating Income (loss)	 	$	154,509	  	 	$	152,887	  	 	$	(71,797	) 	 	$	122,847	  	 	$	181,830	  	 	$	(27,321	) 	 	$	358,446	  	 	$	516,382	  	 	$	(157,936	) 	

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

 	 	  Quarterly Financial Supplement	 	Page 4	

Reinsurance Group of America, Incorporated
Consolidated Operating Income Statement

 	 	Three Months Ended or As of	 	 	Current Qtr	 	 	Year-to-Date	 	
 	 	Dec. 31,	 	 	Sept. 30,	 	 	June 30,	 	 	March 31,	 	 	Dec. 31,	 	 	vs. PY	 	 	Dec. 31,	 	 	Dec. 31,	 	 	 	 	
(USD thousands, except per share data)	 	2013	 	 	2013	 	 	2013	 	 	2013	 	 	2012	 	 	Quarter	 	 	2013	 	 	2012	 	 	Change	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	2,212,998	  	 	$	2,026,180	  	 	$	2,035,156	  	 	$	1,979,693	  	 	$	2,179,707	  	 	$	33,291	  	 	$	8,254,027	  	 	$	7,906,596	  	 	$	347,431	  	
Investment income, net of related expenses	 	 	458,594	  	 	 	372,831	  	 	 	432,501	  	 	 	423,100	  	 	 	363,704	  	 	 	94,890	  	 	 	1,687,026	  	 	 	1,419,076	  	 	 	267,950	  	
Investment related gains (losses), net	 	 	8,170	  	 	 	1,679	  	 	 	1,775	  	 	 	1,641	  	 	 	2,716	  	 	 	5,454	  	 	 	13,265	  	 	 	6,084	  	 	 	7,181	  	
Other revenue	 	 	64,821	  	 	 	70,734	  	 	 	63,009	  	 	 	55,401	  	 	 	62,482	  	 	 	2,339	  	 	 	253,965	  	 	 	243,973	  	 	 	9,992	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	 	 	2,744,583	  	 	 	2,471,424	  	 	 	2,532,441	  	 	 	2,459,835	  	 	 	2,608,609	  	 	 	135,974	  	 	 	10,208,283	  	 	 	9,575,729	  	 	 	632,554	  	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	 	1,869,949	  	 	 	1,714,899	  	 	 	2,030,574	  	 	 	1,688,910	  	 	 	1,797,779	  	 	 	72,170	  	 	 	7,304,332	  	 	 	6,665,999	  	 	 	638,333	  	
Interest credited	 	 	169,952	  	 	 	90,231	  	 	 	150,506	  	 	 	144,794	  	 	 	87,124	  	 	 	82,828	  	 	 	555,483	  	 	 	334,817	  	 	 	220,666	  	
Policy acquisition costs and other insurance expenses	 	 	300,503	  	 	 	295,411	  	 	 	313,719	  	 	 	292,739	  	 	 	300,428	  	 	 	75	  	 	 	1,202,372	  	 	 	1,259,577	  	 	 	(57,205	) 	
Other operating expenses	 	 	122,136	  	 	 	111,672	  	 	 	113,408	  	 	 	119,501	  	 	 	132,334	  	 	 	(10,198	) 	 	 	466,717	  	 	 	451,759	  	 	 	14,958	  	
Interest expense	 	 	35,072	  	 	 	30,831	  	 	 	29,918	  	 	 	28,486	  	 	 	28,917	  	 	 	6,155	  	 	 	124,307	  	 	 	105,348	  	 	 	18,959	  	
Collateral finance facility expense	 	 	2,563	  	 	 	2,698	  	 	 	2,650	  	 	 	2,538	  	 	 	3,357	  	 	 	(794	) 	 	 	10,449	  	 	 	12,197	  	 	 	(1,748	) 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	 	 	2,500,175	  	 	 	2,245,742	  	 	 	2,640,775	  	 	 	2,276,968	  	 	 	2,349,939	  	 	 	150,236	  	 	 	9,663,660	  	 	 	8,829,697	  	 	 	833,963	  	
Operating income (loss) before income taxes	 	 	244,408	  	 	 	225,682	  	 	 	(108,334	) 	 	 	182,867	  	 	 	258,670	  	 	 	(14,262	) 	 	 	544,623	  	 	 	746,032	  	 	 	(201,409	) 	
Operating income tax expense (benefit)	 	 	89,899	  	 	 	72,795	  	 	 	(36,537	) 	 	 	60,020	  	 	 	76,840	  	 	 	13,059	  	 	 	186,177	  	 	 	229,650	  	 	 	(43,473	) 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income (loss)	 	$	154,509	  	 	$	152,887	  	 	$	(71,797	) 	 	$	122,847	  	 	$	181,830	  	 	$	(27,321	) 	 	$	358,446	  	 	$	516,382	  	 	$	(157,936	) 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Wgt. Average Common Shares Outstanding (Diluted)  (1)	 	 	71,332	  	 	 	71,391	  	 	 	72,769	  	 	 	74,389	  	 	 	74,375	  	 	 	(3,043	) 	 	 	72,461	  	 	 	74,153	  	 	 	(1,692	) 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Diluted Earnings Per Share—Operating Income  (1)	 	$	2.17	  	 	$	2.14	  	 	$	(0.99	) 	 	$	1.65	  	 	$	2.44	  	 	$	(0.27	) 	 	$	4.95	  	 	$	6.96	  	 	$	(2.01	) 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Foreign currency effect (2):	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	(49,479	) 	 	$	(51,698	) 	 	$	(21,173	) 	 	$	(19,599	) 	 	$	14,105	  	 	$	(63,584	) 	 	$	(141,949	) 	 	$	(62,591	) 	 	$	(79,358	) 	
Operating income before income taxes	 	$	(8,743	) 	 	$	(4,920	) 	 	$	13,624	  	 	$	(2,798	) 	 	$	1,799	  	 	$	(10,542	) 	 	$	(2,837	) 	 	$	(6,224	) 	 	$	3,387	  	
 
(1)	As a result of anti-dilutive impact, in periods of a loss, weighted average common shares outstanding (basic) are used in the calculation of diluted earnings per share	
(2)	Compared to comparable prior year period	

 	 	  Quarterly Financial Supplement	 	Page 5	

Reinsurance Group of America, Incorporated
Consolidated Balance Sheets

(USD thousands)	  	Dec. 31,
2013	 	 	Sept. 30,
2013	 	 	June 30,
2013	 	 	March 31,
2013	 	 	Dec. 31,
2012	 	
Assets	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Fixed maturity securities, available-for-sale	  	$	21,474,136	  	 	$	21,289,108	  	 	$	21,284,216	  	 	$	22,401,659	  	 	$	22,291,614	  	
Mortgage loans on real estate	  	 	2,486,680	  	 	 	2,488,582	  	 	 	2,377,246	  	 	 	2,325,191	  	 	 	2,300,587	  	
Policy loans	  	 	1,244,469	  	 	 	1,244,878	  	 	 	1,245,252	  	 	 	1,245,812	  	 	 	1,278,175	  	
Funds withheld at interest	  	 	5,771,467	  	 	 	5,739,872	  	 	 	5,777,395	  	 	 	5,698,594	  	 	 	5,594,182	  	
Short-term investments	  	 	139,395	  	 	 	44,192	  	 	 	38,601	  	 	 	180,707	  	 	 	288,082	  	
Other invested assets	  	 	1,324,960	  	 	 	1,116,391	  	 	 	1,035,809	  	 	 	1,129,651	  	 	 	1,159,543	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total investments	  	 	32,441,107	  	 	 	31,923,023	  	 	 	31,758,519	  	 	 	32,981,614	  	 	 	32,912,183	  	
Cash and cash equivalents	  	 	923,647	  	 	 	1,423,235	  	 	 	973,619	  	 	 	1,001,841	  	 	 	1,259,892	  	
Accrued investment income	  	 	267,908	  	 	 	262,330	  	 	 	233,153	  	 	 	230,269	  	 	 	201,344	  	
Premiums receivable and other reinsurance balances	  	 	1,439,528	  	 	 	1,252,610	  	 	 	1,314,004	  	 	 	1,259,281	  	 	 	1,356,087	  	
Reinsurance ceded receivables	  	 	594,515	  	 	 	592,948	  	 	 	585,555	  	 	 	602,373	  	 	 	620,901	  	
Deferred policy acquisition costs	  	 	3,517,796	  	 	 	3,533,932	  	 	 	3,453,513	  	 	 	3,545,063	  	 	 	3,619,274	  	
Other assets	  	 	489,972	  	 	 	538,477	  	 	 	472,258	  	 	 	576,660	  	 	 	390,757	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total assets	  	$	39,674,473	  	 	$	39,526,555	  	 	$	38,790,621	  	 	$	40,197,101	  	 	$	40,360,438	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Liabilities and Stockholders’ Equity	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Future policy benefits	  	$	11,866,776	  	 	$	11,873,306	  	 	$	11,491,692	  	 	$	11,355,882	  	 	$	11,372,856	  	
Interest-sensitive contract liabilities	  	 	12,947,557	  	 	 	12,868,425	  	 	 	12,991,981	  	 	 	13,141,402	  	 	 	13,353,502	  	
Other policy claims and benefits	  	 	3,571,761	  	 	 	3,440,371	  	 	 	3,316,727	  	 	 	3,243,948	  	 	 	3,160,250	  	
Other reinsurance balances	  	 	275,138	  	 	 	264,023	  	 	 	254,815	  	 	 	250,606	  	 	 	233,630	  	
Deferred income taxes	  	 	1,837,577	  	 	 	1,975,819	  	 	 	1,839,909	  	 	 	2,105,391	  	 	 	2,120,501	  	
Other liabilities	  	 	541,035	  	 	 	510,079	  	 	 	584,488	  	 	 	877,405	  	 	 	742,249	  	
Short-term debt	  	 	—  	  	 	 	—  	  	 	 	120,000	  	 	 	—  	  	 	 	—  	  	
Long-term debt	  	 	2,214,350	  	 	 	2,214,170	  	 	 	1,815,533	  	 	 	1,815,392	  	 	 	1,815,253	  	
Collateral finance facility	  	 	484,752	  	 	 	484,712	  	 	 	487,556	  	 	 	491,987	  	 	 	652,010	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total liabilities	  	 	33,738,946	  	 	 	33,630,905	  	 	 	32,902,701	  	 	 	33,282,013	  	 	 	33,450,251	  	
Stockholders’ Equity:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Common stock, at par value	  	 	791	  	 	 	791	  	 	 	791	  	 	 	791	  	 	 	791	  	
Additional paid-in-capital	  	 	1,777,906	  	 	 	1,778,307	  	 	 	1,772,811	  	 	 	1,765,255	  	 	 	1,755,421	  	
Retained earnings	  	 	3,659,938	  	 	 	3,544,632	  	 	 	3,428,646	  	 	 	3,521,492	  	 	 	3,357,255	  	
Treasury stock	  	 	(508,715	) 	 	 	(528,081	) 	 	 	(496,462	) 	 	 	(349,190	) 	 	 	(312,182	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Accumulated other comprehensive income (AOCI):	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Accumulated currency translation adjustment, net of income taxes	  	 	207,083	  	 	 	191,677	  	 	 	164,538	  	 	 	253,370	  	 	 	267,477	  	
Unrealized appreciation of securities, net of income taxes	  	 	820,245	  	 	 	942,337	  	 	 	1,052,126	  	 	 	1,758,775	  	 	 	1,877,655	  	
Pension and postretirement benefits, net of income taxes	  	 	(21,721	) 	 	 	(34,013	) 	 	 	(34,530	) 	 	 	(35,405	) 	 	 	(36,230	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total stockholders’ equity	  	 	5,935,527	  	 	 	5,895,650	  	 	 	5,887,920	  	 	 	6,915,088	  	 	 	6,910,187	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total liabilities and stockholders’ equity	  	$	39,674,473	  	 	$	39,526,555	  	 	$	38,790,621	  	 	$	40,197,101	  	 	$	40,360,438	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total stockholders’ equity, excluding AOCI	  	$	4,929,920	  	 	$	4,795,649	  	 	$	4,705,786	  	 	$	4,938,348	  	 	$	4,801,285	  	

 	 	 	 	 	
 	 	  Quarterly Financial Supplement	 	Page 6	

Reinsurance Group of America, Incorporated
U.S. Traditional Sub-segment Pre-tax Operating Income

 	 	Three Months Ended or As of	 	 	Current Qtr
vs. PY
Quarter	 	 	Year-to-Date	 	 	
(USD thousands)	 	Dec. 31,
2013	 	 	Sept. 30,
2013	 	 	June 30,
2013	 	 	March 31,
2013	 	 	Dec. 31,
2012	 	 	 	 	 	Dec. 31,
2013	 	 	Dec. 31,
2012	 	 	Change	 	 	 	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	1,235,184	  	 	$	1,112,526	  	 	$	1,124,292	  	 	$	1,046,049	  	 	$	1,159,106	  	 	$	76,078	  	 	$	4,518,051	  	 	$	4,308,780	  	 	$	209,271	  	 	 	 	
Investment income, net of related expenses	 	 	138,963	  	 	 	138,146	  	 	 	133,259	  	 	 	132,289	  	 	 	133,988	  	 	 	4,975	  	 	 	542,657	  	 	 	535,589	  	 	 	7,068	  	 	 	 	
Other revenue	 	 	742	  	 	 	651	  	 	 	1,144	  	 	 	529	  	 	 	2,448	  	 	 	(1,706	) 	 	 	3,066	  	 	 	4,616	  	 	 	(1,550	) 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	 	 	1,374,889	  	 	 	1,251,323	  	 	 	1,258,695	  	 	 	1,178,867	  	 	 	1,295,542	  	 	 	79,347	  	 	 	5,063,774	  	 	 	4,848,985	  	 	 	214,789	  	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	 	1,063,826	  	 	 	961,746	  	 	 	972,739	  	 	 	929,680	  	 	 	973,185	  	 	 	90,641	  	 	 	3,927,991	  	 	 	3,732,717	  	 	 	195,274	  	 	 	 	
Interest credited	 	 	9,886	  	 	 	13,659	  	 	 	13,590	  	 	 	16,150	  	 	 	11,421	  	 	 	(1,535	) 	 	 	53,285	  	 	 	55,667	  	 	 	(2,382	) 	 	 	 	
Policy acquisition costs and other insurance expenses	 	 	156,322	  	 	 	162,443	  	 	 	164,393	  	 	 	139,968	  	 	 	145,437	  	 	 	10,885	  	 	 	623,126	  	 	 	598,875	  	 	 	24,251	  	 	 	 	
Other operating expenses	 	 	23,523	  	 	 	23,397	  	 	 	22,226	  	 	 	23,521	  	 	 	25,890	  	 	 	(2,367	) 	 	 	92,667	  	 	 	91,161	  	 	 	1,506	  	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	 	 	1,253,557	  	 	 	1,161,245	  	 	 	1,172,948	  	 	 	1,109,319	  	 	 	1,155,933	  	 	 	97,624	  	 	 	4,697,069	  	 	 	4,478,420	  	 	 	218,649	  	 	 	 	
Operating income before income taxes	 	 	121,332	  	 	 	90,078	  	 	 	85,747	  	 	 	69,548	  	 	 	139,609	  	 	 	(18,277	) 	 	 	366,705	  	 	 	370,565	  	 	 	(3,860	) 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	 	121,332	  	 	 	90,078	  	 	 	85,747	  	 	 	69,548	  	 	 	139,609	  	 	 	(18,277	) 	 	 	366,705	  	 	 	370,565	  	 	 	(3,860	) 	 	 	 	
Investment and derivative (losses) gains—non-operating	 	 	(877	) 	 	 	(5,262	) 	 	 	3,700	  	 	 	7,297	  	 	 	11,752	  	 	 	(12,629	) 	 	 	4,858	  	 	 	(2,470	) 	 	 	7,328	  	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	$	120,455	  	 	$	84,816	  	 	$	89,447	  	 	$	76,845	  	 	$	151,361	  	 	$	(30,906	) 	 	$	371,563	  	 	$	368,095	  	 	$	3,468	  	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Loss and Expense Ratios:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	 	86.1	% 	 	 	86.4	% 	 	 	86.5	% 	 	 	88.9	% 	 	 	84.0	% 	 	 	2.1	% 	 	 	86.9	% 	 	 	86.6	% 	 	 	0.3	% 	 	 	 	
Policy acquisition costs and other insurance expenses	 	 	12.7	% 	 	 	14.6	% 	 	 	14.6	% 	 	 	13.4	% 	 	 	12.5	% 	 	 	0.2	% 	 	 	13.8	% 	 	 	13.9	% 	 	 	-0.1	% 	 	 	 	
Other operating expenses	 	 	1.9	% 	 	 	2.1	% 	 	 	2.0	% 	 	 	2.2	% 	 	 	2.2	% 	 	 	-0.3	% 	 	 	2.1	% 	 	 	2.1	% 	 	 	0.0	% 	 	 	 	

 	 	  Quarterly Financial Supplement	 	Page 7	

Reinsurance Group of America, Incorporated
U.S. Asset Intensive Sub-segment Pre-tax Operating Income

 	 	Three Months Ended or As of	 	 	Current Qtr	 	 	Year-to-Date	 	
 	 	Dec. 31,	 	 	Sept. 30,	 	 	June 30,	 	 	March 31,	 	 	Dec. 31,	 	 	vs. PY	 	 	Dec. 31,	 	 	Dec. 31,	 	 	 	 	
(USD thousands)	 	2013	 	 	2013	 	 	2013	 	 	2013	 	 	2012	 	 	Quarter	 	 	2013	 	 	2012	 	 	Change	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	3,754	  	 	$	3,800	  	 	$	11,129	  	 	$	3,838	  	 	$	3,521	  	 	$	233	  	 	$	22,521	  	 	$	14,095	  	 	$	8,426	  	
Investment income, net of related expenses	 	 	209,847	  	 	 	128,563	  	 	 	190,296	  	 	 	178,719	  	 	 	127,812	  	 	 	82,035	  	 	 	707,425	  	 	 	484,629	  	 	 	222,796	  	
Investment related gains (losses), net	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	(48	) 	 	 	48	  	
Other revenue	 	 	26,761	  	 	 	28,519	  	 	 	29,937	  	 	 	28,881	  	 	 	30,893	  	 	 	(4,132	) 	 	 	114,098	  	 	 	112,016	  	 	 	2,082	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	 	 	240,362	  	 	 	160,882	  	 	 	231,362	  	 	 	211,438	  	 	 	162,226	  	 	 	78,136	  	 	 	844,044	  	 	 	610,692	  	 	 	233,352	  	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	 	4,674	  	 	 	8,899	  	 	 	11,083	  	 	 	3,588	  	 	 	2,892	  	 	 	1,782	  	 	 	28,244	  	 	 	12,724	  	 	 	15,520	  	
Interest credited	 	 	153,501	  	 	 	76,097	  	 	 	136,424	  	 	 	128,096	  	 	 	74,992	  	 	 	78,509	  	 	 	494,118	  	 	 	277,759	  	 	 	216,359	  	
Policy acquisition costs and other insurance expenses	 	 	36,819	  	 	 	33,642	  	 	 	40,747	  	 	 	30,045	  	 	 	39,527	  	 	 	(2,708	) 	 	 	141,253	  	 	 	198,686	  	 	 	(57,433	) 	
Other operating expenses	 	 	3,102	  	 	 	4,198	  	 	 	2,878	  	 	 	4,113	  	 	 	3,977	  	 	 	(875	) 	 	 	14,291	  	 	 	12,442	  	 	 	1,849	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	 	 	198,096	  	 	 	122,836	  	 	 	191,132	  	 	 	165,842	  	 	 	121,388	  	 	 	76,708	  	 	 	677,906	  	 	 	501,611	  	 	 	176,295	  	
Operating income before income taxes	 	 	42,266	  	 	 	38,046	  	 	 	40,230	  	 	 	45,596	  	 	 	40,838	  	 	 	1,428	  	 	 	166,138	  	 	 	109,081	  	 	 	57,057	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	 	42,266	  	 	 	38,046	  	 	 	40,230	  	 	 	45,596	  	 	 	40,838	  	 	 	1,428	  	 	 	166,138	  	 	 	109,081	  	 	 	57,057	  	
Investment and derivative gains (losses)—non-operating (1)	 	 	(40,727	) 	 	 	(33,190	) 	 	 	(39,071	) 	 	 	(52,932	) 	 	 	(13,667	) 	 	 	(27,060	) 	 	 	(165,920	) 	 	 	(15,975	) 	 	 	(149,945	) 	
Change in value of modified coinsurance and funds withheld embedded derivatives  (1)	 	 	462	  	 	 	(68,703	) 	 	 	46,325	  	 	 	90,202	  	 	 	76,778	  	 	 	(76,316	) 	 	 	68,286	  	 	 	117,055	  	 	 	(48,769	) 	
GMXB embedded derivatives  (1)	 	 	35,098	  	 	 	19,829	  	 	 	35,809	  	 	 	51,314	  	 	 	30,588	  	 	 	4,510	  	 	 	142,050	  	 	 	104,613	  	 	 	37,437	  	
Funds withheld gains (losses)—investment income	 	 	1,797	  	 	 	(3,755	) 	 	 	10,541	  	 	 	650	  	 	 	3,944	  	 	 	(2,147	) 	 	 	9,233	  	 	 	12,802	  	 	 	(3,569	) 	
Funds withheld gains (losses)—policy acq. costs	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	(55	) 	 	 	55	  	 	 	—  	  	 	 	(538	) 	 	 	538	  	
EIA embedded derivatives—interest credited	 	 	(2,795	) 	 	 	30,292	  	 	 	32,161	  	 	 	19,311	  	 	 	(7,711	) 	 	 	4,916	  	 	 	78,969	  	 	 	(45,098	) 	 	 	124,067	  	
DAC offset, net	 	 	(4,334	) 	 	 	27,330	  	 	 	(56,786	) 	 	 	(64,618	) 	 	 	(44,308	) 	 	 	39,974	  	 	 	(98,408	) 	 	 	(46,355	) 	 	 	(52,053	) 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	$	31,767	  	 	$	9,849	  	 	$	69,209	  	 	$	89,523	  	 	$	86,407	  	 	$	(54,640	) 	 	$	200,348	  	 	$	235,585	  	 	$	(35,237	) 	

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

 	 	  Quarterly Financial Supplement	 	Page 8	

Reinsurance Group of America, Incorporated
U.S. Asset Intensive Sub-segment
(Cont’d)

 	  	Three Months Ended or As of	 	
 	  	Dec. 31,	 	 	Sept. 30,	 	 	June 30,	 	 	March 31,	 	 	Dec. 31,	 	
(USD millions)	  	2013	 	 	2013	 	 	2013	 	 	2013	 	 	2012	 	
Annuity account values:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Fixed annuities (deferred)	  	$	5,079	  	 	$	5,180	  	 	$	5,264	  	 	$	5,357	  	 	$	5,690	  	
Net interest spread (fixed annuities):	  	 	2.3	% 	 	 	2.5	% 	 	 	2.3	% 	 	 	2.2	% 	 	 	2.2	% 	
Equity-indexed annuities	  	$	4,768	  	 	$	4,724	  	 	$	4,795	  	 	$	4,809	  	 	$	4,833	  	
Variable annuities:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
No riders	  	$	961	  	 	$	950	  	 	$	946	  	 	$	960	  	 	$	948	  	
GMDB only	  	 	86	  	 	 	83	  	 	 	56	  	 	 	80	  	 	 	79	  	
GMIB only	  	 	6	  	 	 	6	  	 	 	6	  	 	 	6	  	 	 	6	  	
GMAB only	  	 	52	  	 	 	52	  	 	 	52	  	 	 	54	  	 	 	54	  	
GMWB only	  	 	1,752	  	 	 	1,704	  	 	 	1,660	  	 	 	1,707	  	 	 	1,662	  	
GMDB / WB	  	 	467	  	 	 	459	  	 	 	450	  	 	 	465	  	 	 	455	  	
Other	  	 	31	  	 	 	31	  	 	 	30	  	 	 	32	  	 	 	31	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total VA account values	  	$	3,355	  	 	$	3,285	  	 	$	3,200	  	 	$	3,304	  	 	$	3,235	  	
Fair value of liabilities associated with living benefit riders	  	$	30	  	 	$	65	  	 	$	85	  	 	$	121	  	 	$	172	  	
Interest-sensitive contract liabilities associated with:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Guaranteed investment contracts	  	$	297	  	 	$	236	  	 	$	200	  	 	$	200	  	 	$	200	  	
Bank-owned life insurance (BOLI)	  	$	534	  	 	$	531	  	 	$	529	  	 	$	525	  	 	$	522	  	
Other asset-intensive business	  	$	72	  	 	$	73	  	 	$	73	  	 	$	75	  	 	$	75	  	

 	 	  Quarterly Financial Supplement	 	Page 9	

Reinsurance Group of America, Incorporated
U.S. Financial Reinsurance Sub-segment Pre-tax Operating Income

 	  	Three Months Ended or As of	 	  	Current Qtr	 	 	Year-to-Date	 	
 	  	Dec. 31,	 	 	Sept. 30,	 	 	June 30,	 	 	March 31,	 	  	Dec. 31,	 	  	vs. PY	 	 	Dec. 31,	 	 	Dec. 31,	 	 	 	 	
(USD thousands)	  	2013	 	 	2013	 	 	2013	 	 	2013	 	  	2012	 	  	Quarter	 	 	2013	 	 	2012	 	 	Change	 	
Revenues:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Investment income, net of related expenses	  	$	2,048	  	 	$	1,160	  	 	$	819	  	 	$	597	  	  	$	361	  	  	$	1,687	  	 	$	4,624	  	 	$	1,068	  	 	$	3,556	  	
Other revenue	  	 	16,191	  	 	 	15,599	  	 	 	16,306	  	 	 	12,797	  	  	 	13,796	  	  	 	2,395	  	 	 	60,893	  	 	 	46,005	  	 	 	14,888	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	  	 	18,239	  	 	 	16,759	  	 	 	17,125	  	 	 	13,394	  	  	 	14,157	  	  	 	4,082	  	 	 	65,517	  	 	 	47,073	  	 	 	18,444	  	
Benefits and expenses:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Policy acquisition costs and other insurance expenses	  	 	2,501	  	 	 	3,228	  	 	 	3,602	  	 	 	3,440	  	  	 	1,081	  	  	 	1,420	  	 	 	12,771	  	 	 	4,567	  	 	 	8,204	  	
Other operating expenses	  	 	1,462	  	 	 	2,008	  	 	 	1,636	  	 	 	1,947	  	  	 	4,555	  	  	 	(3,093	) 	 	 	7,053	  	 	 	9,635	  	 	 	(2,582	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	  	 	3,963	  	 	 	5,236	  	 	 	5,238	  	 	 	5,387	  	  	 	5,636	  	  	 	(1,673	) 	 	 	19,824	  	 	 	14,202	  	 	 	5,622	  	
Operating income before income taxes	  	 	14,276	  	 	 	11,523	  	 	 	11,887	  	 	 	8,007	  	  	 	8,521	  	  	 	5,755	  	 	 	45,693	  	 	 	32,871	  	 	 	12,822	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating to U.S. GAAP Reconciliation:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	  	 	14,276	  	 	 	11,523	  	 	 	11,887	  	 	 	8,007	  	  	 	8,521	  	  	 	5,755	  	 	 	45,693	  	 	 	32,871	  	 	 	12,822	  	
Investment and derivative gains (losses)—non-operating	  	 	(5	) 	 	 	(321	) 	 	 	(100	) 	 	 	34	  	  	 	112	  	  	 	(117	) 	 	 	(392	) 	 	 	(141	) 	 	 	(251	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	  	$	14,271	  	 	$	11,202	  	 	$	11,787	  	 	$	8,041	  	  	$	8,633	  	  	$	5,638	  	 	$	45,301	  	 	$	32,730	  	 	$	12,571	  	

 	 	 	 	 	
 	 	  Quarterly Financial Supplement	 	Page 10	

Reinsurance Group of America, Incorporated
Canadian Segment Pre-tax Operating Income

 	 	Three Months Ended or As of	 	 	Current Qtr	 	 	Year-to-Date	 	
 	 	Dec. 31,	 	 	Sept. 30,	 	 	June 30,	 	 	March 31,	 	 	Dec. 31,	 	 	vs. PY	 	 	Dec. 31,	 	 	Dec. 31,	 	 	 	 	
(USD thousands)	 	2013	 	 	2013	 	 	2013	 	 	2013	 	 	2012	 	 	Quarter	 	 	2013	 	 	2012	 	 	Change	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	243,340	  	 	$	236,067	  	 	$	239,633	  	 	$	243,271	  	 	$	248,443	  	 	$	(5,103	) 	 	$	962,311	  	 	$	915,764	  	 	$	46,547	  	
Investment income, net of related expenses	 	 	51,750	  	 	 	49,871	  	 	 	50,450	  	 	 	49,174	  	 	 	45,928	  	 	 	5,822	  	 	 	201,245	  	 	 	186,009	  	 	 	15,236	  	
Investment related gains (losses), net	 	 	1,149	  	 	 	866	  	 	 	970	  	 	 	1,005	  	 	 	1,041	  	 	 	108	  	 	 	3,990	  	 	 	4,362	  	 	 	(372	) 	
Other revenue	 	 	531	  	 	 	(196	) 	 	 	302	  	 	 	208	  	 	 	41	  	 	 	490	  	 	 	845	  	 	 	6,504	  	 	 	(5,659	) 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	 	 	296,770	  	 	 	286,608	  	 	 	291,355	  	 	 	293,658	  	 	 	295,453	  	 	 	1,317	  	 	 	1,168,391	  	 	 	1,112,639	  	 	 	55,752	  	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	 	187,226	  	 	 	185,011	  	 	 	196,584	  	 	 	189,698	  	 	 	169,959	  	 	 	17,267	  	 	 	758,519	  	 	 	706,716	  	 	 	51,803	  	
Interest credited	 	 	9	  	 	 	19	  	 	 	6	  	 	 	12	  	 	 	6	  	 	 	3	  	 	 	46	  	 	 	28	  	 	 	18	  	
Policy acquisition costs and other insurance expenses	 	 	53,119	  	 	 	55,553	  	 	 	52,134	  	 	 	60,832	  	 	 	58,786	  	 	 	(5,667	) 	 	 	221,638	  	 	 	206,337	  	 	 	15,301	  	
Other operating expenses	 	 	9,263	  	 	 	10,052	  	 	 	10,942	  	 	 	10,239	  	 	 	12,664	  	 	 	(3,401	) 	 	 	40,496	  	 	 	40,212	  	 	 	284	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	 	 	249,617	  	 	 	250,635	  	 	 	259,666	  	 	 	260,781	  	 	 	241,415	  	 	 	8,202	  	 	 	1,020,699	  	 	 	953,293	  	 	 	67,406	  	
Operating income before income taxes	 	 	47,153	  	 	 	35,973	  	 	 	31,689	  	 	 	32,877	  	 	 	54,038	  	 	 	(6,885	) 	 	 	147,692	  	 	 	159,346	  	 	 	(11,654	) 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	 	47,153	  	 	 	35,973	  	 	 	31,689	  	 	 	32,877	  	 	 	54,038	  	 	 	(6,885	) 	 	 	147,692	  	 	 	159,346	  	 	 	(11,654	) 	
Investment and derivative gains (losses)—non-operating	 	 	2,586	  	 	 	5,606	  	 	 	2,778	  	 	 	2,050	  	 	 	2,817	  	 	 	(231	) 	 	 	13,020	  	 	 	23,297	  	 	 	(10,277	) 	
Funds withheld gains (losses)—investment income	 	 	743	  	 	 	290	  	 	 	1,192	  	 	 	1,381	  	 	 	2,503	  	 	 	(1,760	) 	 	 	3,606	  	 	 	4,328	  	 	 	(722	) 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	$	50,482	  	 	$	41,869	  	 	$	35,659	  	 	$	36,308	  	 	$	59,358	  	 	$	(8,876	) 	 	$	164,318	  	 	$	186,971	  	 	$	(22,653	) 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Loss and Expense Ratios:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Loss ratios (creditor business)	 	 	18.3	% 	 	 	30.5	% 	 	 	33.0	% 	 	 	32.7	% 	 	 	6.1	% 	 	 	12.2	% 	 	 	29.2	% 	 	 	28.5	% 	 	 	0.7	% 	
Loss ratios (excluding creditor business)	 	 	89.4	% 	 	 	92.3	% 	 	 	94.5	% 	 	 	93.2	% 	 	 	87.5	% 	 	 	1.9	% 	 	 	92.3	% 	 	 	90.9	% 	 	 	1.4	% 	
Claims and other policy benefits / (net premiums + investment income)	 	 	63.4	% 	 	 	64.7	% 	 	 	67.8	% 	 	 	64.9	% 	 	 	57.7	% 	 	 	5.7	% 	 	 	65.2	% 	 	 	64.1	% 	 	 	1.1	% 	
Policy acquisition costs and other insurance expenses (creditor business)	 	 	70.7	% 	 	 	61.3	% 	 	 	59.0	% 	 	 	61.0	% 	 	 	60.0	% 	 	 	10.7	% 	 	 	62.7	% 	 	 	58.6	% 	 	 	4.1	% 	
Policy acquisition costs and other insurance expenses (excluding creditor business)	 	 	11.5	% 	 	 	12.5	% 	 	 	12.3	% 	 	 	12.9	% 	 	 	12.5	% 	 	 	-1.0	% 	 	 	12.3	% 	 	 	12.4	% 	 	 	-0.1	% 	
Other operating expenses	 	 	3.8	% 	 	 	4.3	% 	 	 	4.6	% 	 	 	4.2	% 	 	 	5.1	% 	 	 	-1.3	% 	 	 	4.2	% 	 	 	4.4	% 	 	 	-0.2	% 	
Foreign currency effect (1):	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	(14,338	) 	 	$	(10,348	) 	 	$	(3,144	) 	 	$	(1,562	) 	 	$	7,617	  	 	$	(21,955	) 	 	$	(29,392	) 	 	$	(8,962	) 	 	$	(20,430	) 	
Operating income before income taxes	 	$	(3,315	) 	 	$	(1,819	) 	 	$	(434	) 	 	$	(521	) 	 	$	1,785	  	 	$	(5,100	) 	 	$	(6,089	) 	 	$	(755	) 	 	$	(5,334	) 	
Creditor reinsurance net premiums	 	$	42,558	  	 	$	53,021	  	 	$	48,618	  	 	$	61,114	  	 	$	58,340	  	 	$	(15,782	) 	 	$	205,311	  	 	$	201,071	  	 	$	4,240	  	
Note: The loss ratios on creditor reinsurance business are normally lower than traditional reinsurance, while allowances are normally higher as a percentage of premiums.
 
(1)	Compared to comparable prior year period	

 	 	  Quarterly Financial Supplement	 	Page 11	

Reinsurance Group of America, Incorporated
Europe & South Africa Segment Pre-tax Operating Income

 	 	Three Months Ended or As of	 	 	Current Qtr	 	 	Year-to-Date	 	
 	 	Dec. 31,	 	 	Sept. 30,	 	 	June 30,	 	 	March 31,	 	 	Dec. 31,	 	 	vs. PY	 	 	Dec. 31,	 	 	Dec. 31,	 	 	 	 	
(USD thousands)	 	2013	 	 	2013	 	 	2013	 	 	2013	 	 	2012	 	 	Quarter	 	 	2013	 	 	2012	 	 	Change	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	358,571	  	 	$	329,705	  	 	$	319,375	  	 	$	323,908	  	 	$	402,515	  	 	$	(43,944	) 	 	$	1,331,559	  	 	$	1,308,462	  	 	$	23,097	  	
Investment income, net of related expenses	 	 	15,215	  	 	 	13,708	  	 	 	14,457	  	 	 	12,224	  	 	 	11,560	  	 	 	3,655	  	 	 	55,604	  	 	 	45,576	  	 	 	10,028	  	
Investment related gains (losses), net	 	 	5,495	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	5,495	  	 	 	5,495	  	 	 	—  	  	 	 	5,495	  	
Other revenue	 	 	5,236	  	 	 	14,033	  	 	 	4,608	  	 	 	1,287	  	 	 	1,386	  	 	 	3,850	  	 	 	25,164	  	 	 	6,679	  	 	 	18,485	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	 	 	384,517	  	 	 	357,446	  	 	 	338,440	  	 	 	337,419	  	 	 	415,461	  	 	 	(30,944	) 	 	 	1,417,822	  	 	 	1,360,717	  	 	 	57,105	  	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	 	315,864	  	 	 	276,309	  	 	 	283,230	  	 	 	283,915	  	 	 	357,190	  	 	 	(41,326	) 	 	 	1,159,318	  	 	 	1,134,219	  	 	 	25,099	  	
Interest credited	 	 	6,114	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	6,114	  	 	 	6,114	  	 	 	—  	  	 	 	6,114	  	
Policy acquisition costs and other insurance expenses	 	 	17,971	  	 	 	13,596	  	 	 	11,753	  	 	 	11,734	  	 	 	7,937	  	 	 	10,034	  	 	 	55,054	  	 	 	51,236	  	 	 	3,818	  	
Other operating expenses	 	 	30,238	  	 	 	27,338	  	 	 	28,109	  	 	 	26,195	  	 	 	36,075	  	 	 	(5,837	) 	 	 	111,880	  	 	 	112,889	  	 	 	(1,009	) 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	 	 	370,187	  	 	 	317,243	  	 	 	323,092	  	 	 	321,844	  	 	 	401,202	  	 	 	(31,015	) 	 	 	1,332,366	  	 	 	1,298,344	  	 	 	34,022	  	
Operating income before income taxes	 	 	14,330	  	 	 	40,203	  	 	 	15,348	  	 	 	15,575	  	 	 	14,259	  	 	 	71	  	 	 	85,456	  	 	 	62,373	  	 	 	23,083	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	 	14,330	  	 	 	40,203	  	 	 	15,348	  	 	 	15,575	  	 	 	14,259	  	 	 	71	  	 	 	85,456	  	 	 	62,373	  	 	 	23,083	  	
Investment and derivative gains (losses)—non-operating	 	 	36	  	 	 	1,350	  	 	 	470	  	 	 	1,810	  	 	 	1,325	  	 	 	(1,289	) 	 	 	3,666	  	 	 	11,574	  	 	 	(7,908	) 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	$	14,366	  	 	$	41,553	  	 	$	15,818	  	 	$	17,385	  	 	$	15,584	  	 	$	(1,218	) 	 	$	89,122	  	 	$	73,947	  	 	$	15,175	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Loss and Expense Ratios:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	 	88.1	% 	 	 	83.8	% 	 	 	88.7	% 	 	 	87.7	% 	 	 	88.7	% 	 	 	-0.6	% 	 	 	87.1	% 	 	 	86.7	% 	 	 	0.4	% 	
Policy acquisition costs and other insurance expenses	 	 	5.0	% 	 	 	4.1	% 	 	 	3.7	% 	 	 	3.6	% 	 	 	2.0	% 	 	 	3.0	% 	 	 	4.1	% 	 	 	3.9	% 	 	 	0.2	% 	
Other operating expenses	 	 	8.4	% 	 	 	8.3	% 	 	 	8.8	% 	 	 	8.1	% 	 	 	9.0	% 	 	 	-0.6	% 	 	 	8.4	% 	 	 	8.6	% 	 	 	-0.2	% 	
Foreign currency effect (1):	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	(2,082	) 	 	$	(8,301	) 	 	$	(9,962	) 	 	$	(9,915	) 	 	$	(129	) 	 	$	(1,953	) 	 	$	(30,260	) 	 	$	(51,621	) 	 	$	21,361	  	
Operating income before income taxes	 	$	(276	) 	 	$	(423	) 	 	$	(959	) 	 	$	(642	) 	 	$	(305	) 	 	$	29	  	 	$	(2,300	) 	 	$	(5,724	) 	 	$	3,424	  	
Critical illness net premiums	 	$	65,384	  	 	$	62,518	  	 	$	63,918	  	 	$	63,639	  	 	$	66,211	  	 	$	(827	) 	 	$	255,459	  	 	$	248,553	  	 	$	6,906	  	
 
(1)	Compared to comparable prior year period	

 	 	  Quarterly Financial Supplement	 	Page 12	

Reinsurance Group of America, Incorporated
Asia Pacific Segment Pre-tax Operating Income

 	 	Three Months Ended or As of	 	 	Current Qtr	 	 	Year-to-Date	 	
 	 	Dec. 31,	 	 	Sept. 30,	 	 	June 30,	 	 	March 31,	 	 	Dec. 31,	 	 	vs. PY	 	 	Dec. 31,	 	 	Dec. 31,	 	 	 	 	
(USD thousands)	 	2013	 	 	2013	 	 	2013	 	 	2013	 	 	2012	 	 	Quarter	 	 	2013	 	 	2012	 	 	Change	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	372,680	  	 	$	343,078	  	 	$	340,466	  	 	$	363,604	  	 	$	362,620	  	 	$	10,060	  	 	$	1,419,828	  	 	$	1,350,330	  	 	$	69,498	  	
Investment income, net of related expenses	 	 	26,085	  	 	 	22,359	  	 	 	21,402	  	 	 	22,081	  	 	 	20,782	  	 	 	5,303	  	 	 	91,927	  	 	 	83,387	  	 	 	8,540	  	
Investment related gains (losses), net	 	 	1,287	  	 	 	576	  	 	 	570	  	 	 	382	  	 	 	1,460	  	 	 	(173	) 	 	 	2,815	  	 	 	955	  	 	 	1,860	  	
Other revenue	 	 	10,681	  	 	 	6,409	  	 	 	10,461	  	 	 	7,749	  	 	 	11,269	  	 	 	(588	) 	 	 	35,300	  	 	 	52,838	  	 	 	(17,538	) 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	 	 	410,733	  	 	 	372,422	  	 	 	372,899	  	 	 	393,816	  	 	 	396,131	  	 	 	14,602	  	 	 	1,549,870	  	 	 	1,487,510	  	 	 	62,360	  	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	 	298,356	  	 	 	282,904	  	 	 	567,050	  	 	 	281,945	  	 	 	294,564	  	 	 	3,792	  	 	 	1,430,255	  	 	 	1,079,699	  	 	 	350,556	  	
Interest Credited	 	 	263	  	 	 	270	  	 	 	274	  	 	 	311	  	 	 	653	  	 	 	(390	) 	 	 	1,118	  	 	 	1,311	  	 	 	(193	) 	
Policy acquisition costs and other insurance expenses	 	 	53,304	  	 	 	47,303	  	 	 	60,163	  	 	 	62,063	  	 	 	58,419	  	 	 	(5,115	) 	 	 	222,833	  	 	 	252,041	  	 	 	(29,208	) 	
Other operating expenses	 	 	31,858	  	 	 	29,340	  	 	 	31,134	  	 	 	30,132	  	 	 	34,040	  	 	 	(2,182	) 	 	 	122,464	  	 	 	117,116	  	 	 	5,348	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	 	 	383,781	  	 	 	359,817	  	 	 	658,621	  	 	 	374,451	  	 	 	387,676	  	 	 	(3,895	) 	 	 	1,776,670	  	 	 	1,450,167	  	 	 	326,503	  	
Operating income (loss) before income taxes	 	 	26,952	  	 	 	12,605	  	 	 	(285,722	) 	 	 	19,365	  	 	 	8,455	  	 	 	18,497	  	 	 	(226,800	) 	 	 	37,343	  	 	 	(264,143	) 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	 	26,952	  	 	 	12,605	  	 	 	(285,722	) 	 	 	19,365	  	 	 	8,455	  	 	 	18,497	  	 	 	(226,800	) 	 	 	37,343	  	 	 	(264,143	) 	
Investment and derivative gains (losses)—non-operating	 	 	(3,345	) 	 	 	4,507	  	 	 	(4,726	) 	 	 	(4,847	) 	 	 	(2,520	) 	 	 	(825	) 	 	 	(8,411	) 	 	 	8,035	  	 	 	(16,446	) 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income (loss) before income taxes	 	$	23,607	  	 	$	17,112	  	 	$	(290,448	) 	 	$	14,518	  	 	$	5,935	  	 	$	17,672	  	 	$	(235,211	) 	 	$	45,378	  	 	$	(280,589	) 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Loss and Expense Ratios:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	 	80.1	% 	 	 	82.5	% 	 	 	166.6	% 	 	 	77.5	% 	 	 	81.2	% 	 	 	-1.1	% 	 	 	100.7	% 	 	 	80.0	% 	 	 	20.7	% 	
Policy acquisition costs and other insurance expenses	 	 	14.3	% 	 	 	13.8	% 	 	 	17.7	% 	 	 	17.1	% 	 	 	16.1	% 	 	 	-1.8	% 	 	 	15.7	% 	 	 	18.7	% 	 	 	-3.0	% 	
Other operating expenses	 	 	8.5	% 	 	 	8.6	% 	 	 	9.1	% 	 	 	8.3	% 	 	 	9.4	% 	 	 	-0.9	% 	 	 	8.6	% 	 	 	8.7	% 	 	 	-0.1	% 	
Foreign currency effect (1):	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	(33,059	) 	 	$	(33,049	) 	 	$	(8,067	) 	 	$	(8,122	) 	 	$	6,609	  	 	$	(39,668	) 	 	$	(82,297	) 	 	$	(2,034	) 	 	$	(80,263	) 	
Operating income before income taxes	 	$	(5,250	) 	 	$	(2,187	) 	 	$	15,112	  	 	$	(1,775	) 	 	$	(508	) 	 	$	(4,742	) 	 	$	5,900	  	 	$	(873	) 	 	$	6,773	  	
Critical illness net premiums	 	$	66,684	  	 	$	74,109	  	 	$	51,249	  	 	$	54,508	  	 	$	68,963	  	 	$	(2,279	) 	 	$	246,550	  	 	$	224,352	  	 	$	22,198	  	
 
(1)	Compared to comparable prior year period	

 	 	  Quarterly Financial Supplement	 	Page 13	

Reinsurance Group of America, Incorporated
Corporate and Other Segment Pre-tax Operating Income

 	 	Three Months Ended or As of	 	 	Current Qtr	 	 	Year-to-Date	 	
 	 	Dec. 31,	 	 	Sept. 30,	 	 	June 30,	 	 	March 31,	 	 	Dec. 31,	 	 	vs. PY	 	 	Dec. 31,	 	 	Dec. 31,	 	 	 	 	
(USD thousands)	 	2013	 	 	2013	 	 	2013	 	 	2013	 	 	2012	 	 	Quarter	 	 	2013	 	 	2012	 	 	Change	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	(531	) 	 	$	1,004	  	 	$	261	  	 	$	(977	) 	 	$	3,502	  	 	$	(4,033	) 	 	$	(243	) 	 	$	9,165	  	 	$	(9,408	) 	
Investment income, net of related expenses	 	 	14,686	  	 	 	19,024	  	 	 	21,818	  	 	 	28,016	  	 	 	23,273	  	 	 	(8,587	) 	 	 	83,544	  	 	 	82,818	  	 	 	726	  	
Investment related gains (losses), net	 	 	239	  	 	 	237	  	 	 	235	  	 	 	254	  	 	 	215	  	 	 	24	  	 	 	965	  	 	 	815	  	 	 	150	  	
Other revenue	 	 	4,679	  	 	 	5,719	  	 	 	251	  	 	 	3,950	  	 	 	2,649	  	 	 	2,030	  	 	 	14,599	  	 	 	15,315	  	 	 	(716	) 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	 	 	19,073	  	 	 	25,984	  	 	 	22,565	  	 	 	31,243	  	 	 	29,639	  	 	 	(10,566	) 	 	 	98,865	  	 	 	108,113	  	 	 	(9,248	) 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	 	3	  	 	 	30	  	 	 	(112	) 	 	 	84	  	 	 	(11	) 	 	 	14	  	 	 	5	  	 	 	(76	) 	 	 	81	  	
Interest credited	 	 	179	  	 	 	186	  	 	 	212	  	 	 	225	  	 	 	52	  	 	 	127	  	 	 	802	  	 	 	52	  	 	 	750	  	
Policy acquisition costs and other insurance expenses	 	 	(19,533	) 	 	 	(20,354	) 	 	 	(19,073	) 	 	 	(15,343	) 	 	 	(10,759	) 	 	 	(8,774	) 	 	 	(74,303	) 	 	 	(52,165	) 	 	 	(22,138	) 	
Other operating expenses	 	 	22,690	  	 	 	15,339	  	 	 	16,483	  	 	 	23,354	  	 	 	15,133	  	 	 	7,557	  	 	 	77,866	  	 	 	68,304	  	 	 	9,562	  	
Interest expense	 	 	35,072	  	 	 	30,831	  	 	 	29,918	  	 	 	28,486	  	 	 	28,917	  	 	 	6,155	  	 	 	124,307	  	 	 	105,348	  	 	 	18,959	  	
Collateral finance facility expense	 	 	2,563	  	 	 	2,698	  	 	 	2,650	  	 	 	2,538	  	 	 	3,357	  	 	 	(794	) 	 	 	10,449	  	 	 	12,197	  	 	 	(1,748	) 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	 	 	40,974	  	 	 	28,730	  	 	 	30,078	  	 	 	39,344	  	 	 	36,689	  	 	 	4,285	  	 	 	139,126	  	 	 	133,660	  	 	 	5,466	  	
Operating income (loss) before income taxes	 	 	(21,901	) 	 	 	(2,746	) 	 	 	(7,513	) 	 	 	(8,101	) 	 	 	(7,050	) 	 	 	(14,851	) 	 	 	(40,261	) 	 	 	(25,547	) 	 	 	(14,714	) 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income (loss) before income taxes	 	 	(21,901	) 	 	 	(2,746	) 	 	 	(7,513	) 	 	 	(8,101	) 	 	 	(7,050	) 	 	 	(14,851	) 	 	 	(40,261	) 	 	 	(25,547	) 	 	 	(14,714	) 	
Investment and derivative gains (losses)—non-operating	 	 	(3,557	) 	 	 	(1,960	) 	 	 	1,283	  	 	 	(2,198	) 	 	 	861	  	 	 	(4,418	) 	 	 	(6,432	) 	 	 	2,064	  	 	 	(8,496	) 	
Gain on repurchase of collateral finance facility securities	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	46,506	  	 	 	—  	  	 	 	—  	  	 	 	46,506	  	 	 	—  	  	 	 	46,506	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income (loss) before income taxes	 	$	(25,458	) 	 	$	(4,706	) 	 	$	(6,230	) 	 	$	36,207	  	 	$	(6,189	) 	 	$	(19,269	) 	 	$	(187	) 	 	$	(23,483	) 	 	$	23,296	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Foreign currency effect (1):	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	—  	  	 	$	8	  	 	$	(8	) 	 	$	—  	  	 	$	26	  	 	$	(26	) 	
Operating income before income taxes	 	$	98	  	 	$	(491	) 	 	$	(95	) 	 	$	140	  	 	$	827	  	 	$	(729	) 	 	$	(348	) 	 	$	1,128	  	 	$	(1,476	) 	
 
(1)	Compared to comparable prior year period	

 	 	  Quarterly Financial Supplement	 	Page 14	

Reinsurance Group of America, Incorporated
Summary of Pre-tax Segment Operating Income (Loss)

 	 	Three Months Ended or As of	 	 	Current Qtr	 	 	Year-to-Date	 	
 	 	Dec. 31,	 	 	Sept. 30,	 	 	June 30,	 	 	March 31,	 	 	Dec. 31,	 	 	vs. PY	 	 	Dec. 31,	 	 	Dec. 31,	 	 	 	 	
(USD thousands)	 	2013	 	 	2013	 	 	2013	 	 	2013	 	 	2012	 	 	Quarter	 	 	2013	 	 	2012	 	 	Change	 	
U.S. Traditional	 	$	121,332	  	 	$	90,078	  	 	$	85,747	  	 	$	69,548	  	 	$	139,609	  	 	$	(18,277	) 	 	$	366,705	  	 	$	370,565	  	 	$	(3,860	) 	
U.S. Asset Intensive	 	 	42,266	  	 	 	38,046	  	 	 	40,230	  	 	 	45,596	  	 	 	40,838	  	 	 	1,428	  	 	 	166,138	  	 	 	109,081	  	 	 	57,057	  	
U.S. Financial Reinsurance	 	 	14,276	  	 	 	11,523	  	 	 	11,887	  	 	 	8,007	  	 	 	8,521	  	 	 	5,755	  	 	 	45,693	  	 	 	32,871	  	 	 	12,822	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total U.S. Segment	 	 	177,874	  	 	 	139,647	  	 	 	137,864	  	 	 	123,151	  	 	 	188,968	  	 	 	(11,094	) 	 	 	578,536	  	 	 	512,517	  	 	 	66,019	  	
Canadian Segment	 	 	47,153	  	 	 	35,973	  	 	 	31,689	  	 	 	32,877	  	 	 	54,038	  	 	 	(6,885	) 	 	 	147,692	  	 	 	159,346	  	 	 	(11,654	) 	
Europe & South Africa Segment	 	 	14,330	  	 	 	40,203	  	 	 	15,348	  	 	 	15,575	  	 	 	14,259	  	 	 	71	  	 	 	85,456	  	 	 	62,373	  	 	 	23,083	  	
Asia Pacific Segment	 	 	26,952	  	 	 	12,605	  	 	 	(285,722	) 	 	 	19,365	  	 	 	8,455	  	 	 	18,497	  	 	 	(226,800	) 	 	 	37,343	  	 	 	(264,143	) 	
Corporate and Other	 	 	(21,901	) 	 	 	(2,746	) 	 	 	(7,513	) 	 	 	(8,101	) 	 	 	(7,050	) 	 	 	(14,851	) 	 	 	(40,261	) 	 	 	(25,547	) 	 	 	(14,714	) 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Consolidated	 	$	244,408	  	 	$	225,682	  	 	$	(108,334	) 	 	$	182,867	  	 	$	258,670	  	 	$	(14,262	) 	 	$	544,623	  	 	$	746,032	  	 	$	(201,409	) 	

 	 	 	 	 	
 	 	  Quarterly Financial Supplement	 	Page 15	

Reinsurance Group of America, Incorporated
Investments
(USD thousands)

Cash and Invested Assets	 	
 	  	Dec. 31,	 	  	Sept. 30,	 	  	June 30,	 	  	March 31,	 	  	Dec. 31,	 	
 	  	2013	 	  	2013	 	  	2013	 	  	2013	 	  	2012	 	
Fixed maturity securities, available-for-sale	  	$	21,474,136	  	  	$	21,289,108	  	  	$	21,284,216	  	  	$	22,401,659	  	  	$	22,291,614	  	
Mortgage loans on real estate	  	 	2,486,680	  	  	 	2,488,582	  	  	 	2,377,246	  	  	 	2,325,191	  	  	 	2,300,587	  	
Policy loans	  	 	1,244,469	  	  	 	1,244,878	  	  	 	1,245,252	  	  	 	1,245,812	  	  	 	1,278,175	  	
Funds withheld at interest	  	 	5,771,467	  	  	 	5,739,872	  	  	 	5,777,395	  	  	 	5,698,594	  	  	 	5,594,182	  	
Short-term investments	  	 	139,395	  	  	 	44,192	  	  	 	38,601	  	  	 	180,707	  	  	 	288,082	  	
Other invested assets	  	 	1,324,960	  	  	 	1,116,391	  	  	 	1,035,809	  	  	 	1,129,651	  	  	 	1,159,543	  	
Cash and cash equivalents	  	 	923,647	  	  	 	1,423,235	  	  	 	973,619	  	  	 	1,001,841	  	  	 	1,259,892	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total cash and invested assets	  	$	33,364,754	  	  	$	33,346,258	  	  	$	32,732,138	  	  	$	33,983,455	  	  	$	34,172,075	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Investment Income and Yield Summary

 	 	Three Months Ended or As of	 	 	Current Qtr	 	 	Year-to-Date	 	
 	 	Dec. 31,	 	 	Sept. 30,	 	 	June 30,	 	 	March 31,	 	 	Dec. 31,	 	 	vs. PY	 	 	Dec. 31,	 	 	Dec. 31,	 	 	 	 	
 	 	2013	 	 	2013	 	 	2013	 	 	2013	 	 	2012	 	 	Quarter	 	 	2013	 	 	2012	 	 	Change	 	
Average invested assets at amortized cost  (1)	 	$	18,954,561	  	 	$	18,263,880	  	 	$	18,112,841	  	 	$	17,992,152	  	 	$	17,510,541	  	 	$	1,444,020	  	 	$	18,124,333	  	 	$	16,555,144	  	 	$	1,569,189	  	
Net investment income (1)	 	$	217,928	  	 	$	213,318	  	 	$	212,047	  	 	$	213,322	  	 	$	207,567	  	 	$	10,361	  	 	$	856,615	  	 	$	823,987	  	 	$	32,628	  	
Annualized investment yield (ratio of net investment income to average invested assets)  (1)	 	 	4.68	% 	 	 	4.75	% 	 	 	4.77	% 	 	 	4.83	% 	 	 	4.83	% 	 	 	-0.15	% 	 	 	4.73	% 	 	 	4.98	% 	 	 	-0.25	% 	
 
(1)	Excludes funds withheld and spread related businesses (e.g. coinsurance of annuities).	

 	 	  Quarterly Financial Supplement	 	Page 16	

Reinsurance Group of America, Incorporated
Investments
(USD thousands)
Amortized cost, gross unrealized gains and losses, and estimated fair values of fixed maturity and equity securities
(Excludes Funds Withheld Portfolios)

December 31, 2013	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Other-than-	 	
 	 	Amortized
Cost	 	 	Unrealized
Gains	 	 	Unrealized
Losses	 	 	Estimated
Fair Value	 	 	% of
Total	 	 	temporary
Impairment
in AOCI	 	
Available-for-sale:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Corporate securities	 	$	11,697,394	  	 	$	616,147	  	 	$	202,786	  	 	$	12,110,755	  	 	 	56.4	% 	 	$	—  	  	
Canadian and Canadian provincial governments	 	 	2,728,111	  	 	 	669,762	  	 	 	16,848	  	 	 	3,381,025	  	 	 	15.7	% 	 	 	—  	  	
Residential mortgage-backed securities	 	 	970,434	  	 	 	38,126	  	 	 	18,917	  	 	 	989,643	  	 	 	4.6	% 	 	 	(300	) 	
Asset-backed securities	 	 	891,751	  	 	 	18,893	  	 	 	15,812	  	 	 	894,832	  	 	 	4.2	% 	 	 	(2,259	) 	
Commercial mortgage-backed securities	 	 	1,314,782	  	 	 	91,651	  	 	 	17,487	  	 	 	1,388,946	  	 	 	6.5	% 	 	 	(1,609	) 	
U.S. government and agencies	 	 	489,631	  	 	 	16,468	  	 	 	4,748	  	 	 	501,351	  	 	 	2.3	% 	 	 	—  	  	
State and political subdivisions	 	 	313,252	  	 	 	21,907	  	 	 	14,339	  	 	 	320,820	  	 	 	1.5	% 	 	 	—  	  	
Other foreign government, supranational, and foreign government-sponsored enterprises	 	 	1,865,379	  	 	 	45,347	  	 	 	23,962	  	 	 	1,886,764	  	 	 	8.8	% 	 	 	—  	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total fixed maturity securities	 	$	20,270,734	  	 	$	1,518,301	  	 	$	314,899	  	 	$	21,474,136	  	 	 	100.0	% 	 	$	(4,168	) 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Non-redeemable preferred stock	 	 	81,993	  	 	 	5,342	  	 	 	5,481	  	 	 	81,854	  	 	 	20.2	% 	 	 	 	 	
Other equity securities	 	 	327,479	  	 	 	618	  	 	 	4,220	  	 	 	323,877	  	 	 	79.8	% 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total equity securities	 	$	409,472	  	 	$	5,960	  	 	$	9,701	  	 	$	405,731	  	 	 	100.0	% 	 	 	 	 	

December 31, 2012	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Other-than-	 	
 	 	Amortized
Cost	 	 	Unrealized
Gains	 	 	Unrealized
Losses	 	 	Estimated
Fair Value	 	 	% of
Total	 	 	temporary
Impairment
in AOCI	 	
Available-for-sale:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Corporate securities	 	$	11,333,431	  	 	$	1,085,973	  	 	$	39,333	  	 	$	12,380,071	  	 	 	55.5	% 	 	$	—  	  	
Canadian and Canadian provincial governments	 	 	2,676,777	  	 	 	1,372,731	  	 	 	174	  	 	 	4,049,334	  	 	 	18.2	% 	 	 	—  	  	
Residential mortgage-backed securities	 	 	969,267	  	 	 	76,520	  	 	 	3,723	  	 	 	1,042,064	  	 	 	4.7	% 	 	 	(241	) 	
Asset-backed securities	 	 	700,455	  	 	 	19,898	  	 	 	28,798	  	 	 	691,555	  	 	 	3.1	% 	 	 	(2,259	) 	
Commercial mortgage-backed securities	 	 	1,608,376	  	 	 	142,369	  	 	 	51,842	  	 	 	1,698,903	  	 	 	7.6	% 	 	 	(6,125	) 	
U.S. government and agencies	 	 	231,256	  	 	 	33,958	  	 	 	24	  	 	 	265,190	  	 	 	1.2	% 	 	 	—  	  	
State and political subdivisions	 	 	270,086	  	 	 	38,058	  	 	 	5,646	  	 	 	302,498	  	 	 	1.4	% 	 	 	—  	  	
Other foreign government, supranational, and foreign government-sponsored enterprises	 	 	1,769,784	  	 	 	94,929	  	 	 	2,714	  	 	 	1,861,999	  	 	 	8.3	% 	 	 	—  	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total fixed maturity securities	 	$	19,559,432	  	 	$	2,864,436	  	 	$	132,254	  	 	$	22,291,614	  	 	 	100.0	% 	 	$	(8,625	) 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Non-redeemable preferred stock	 	 	68,469	  	 	 	6,542	  	 	 	170	  	 	 	74,841	  	 	 	33.6	% 	 	 	 	 	
Other equity securities	 	 	148,577	  	 	 	416	  	 	 	1,134	  	 	 	147,859	  	 	 	66.4	% 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total equity securities	 	$	217,046	  	 	$	6,958	  	 	$	1,304	  	 	$	222,700	  	 	 	100.0	% 	 	 	 	 	

 	 	 	 	 	
 	 	  Quarterly Financial Supplement	 	Page 17	

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

 	 	December 31, 2013	 	December 31, 2012	
 	 	Amortized
Cost	 	 	Estimated
Fair Value	 	 	% of
Total	 	 	Average Credit
Ratings (1)	 	Amortized
Cost	 	 	Estimated
Fair Value	 	 	% of
Total	 	 	Average Credit
Ratings (1)	
Financial Institutions	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Banking	 	$	2,328,148	  	 	$	2,408,741	  	 	 	19.2	% 	 	A-	 	$	2,114,425	  	 	$	2,260,382	  	 	 	17.9	% 	 	A	
Brokerage	 	 	158,777	  	 	 	164,922	  	 	 	1.3	% 	 	A-	 	 	120,139	  	 	 	131,664	  	 	 	1.0	% 	 	A-	
Finance Comp.	 	 	151,129	  	 	 	158,859	  	 	 	1.3	% 	 	A	 	 	181,430	  	 	 	193,892	  	 	 	1.5	% 	 	A	
Insurance	 	 	665,252	  	 	 	693,516	  	 	 	5.5	% 	 	A-	 	 	592,109	  	 	 	654,647	  	 	 	5.2	% 	 	A-	
REITs	 	 	476,830	  	 	 	491,058	  	 	 	3.9	% 	 	BBB+	 	 	485,469	  	 	 	523,370	  	 	 	4.2	% 	 	BBB	
Other Finance	 	 	454,822	  	 	 	460,661	  	 	 	3.7	% 	 	BBB	 	 	342,929	  	 	 	358,897	  	 	 	2.9	% 	 	BBB+	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Financial Institutions	 	$	4,234,958	  	 	$	4,377,757	  	 	 	34.9	% 	 	 	 	$	3,836,501	  	 	$	4,122,852	  	 	 	32.7	% 	 	 	
Industrials	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic	 	 	847,764	  	 	 	858,886	  	 	 	6.9	% 	 	BBB	 	 	803,353	  	 	 	861,547	  	 	 	6.8	% 	 	BBB	
Capital Goods	 	 	574,108	  	 	 	596,150	  	 	 	4.8	% 	 	BBB	 	 	637,479	  	 	 	692,218	  	 	 	5.5	% 	 	BBB	
Communications	 	 	1,163,875	  	 	 	1,205,796	  	 	 	9.6	% 	 	BBB+	 	 	1,044,374	  	 	 	1,169,000	  	 	 	9.3	% 	 	BBB+	
Consumer Cyclical	 	 	701,664	  	 	 	721,933	  	 	 	5.8	% 	 	BBB	 	 	727,324	  	 	 	786,726	  	 	 	6.2	% 	 	BBB+	
Consumer Noncyclical	 	 	1,062,238	  	 	 	1,107,972	  	 	 	8.9	% 	 	BBB+	 	 	969,589	  	 	 	1,084,295	  	 	 	8.6	% 	 	BBB+	
Energy	 	 	658,870	  	 	 	691,306	  	 	 	5.5	% 	 	BBB+	 	 	728,354	  	 	 	807,087	  	 	 	6.4	% 	 	BBB+	
Technology	 	 	455,081	  	 	 	456,505	  	 	 	3.6	% 	 	BBB+	 	 	475,697	  	 	 	502,123	  	 	 	4.0	% 	 	BBB	
Transportation	 	 	365,233	  	 	 	380,249	  	 	 	3.0	% 	 	A-	 	 	378,808	  	 	 	415,283	  	 	 	3.3	% 	 	BBB+	
Other Industrial	 	 	114,520	  	 	 	119,353	  	 	 	1.0	% 	 	A-	 	 	116,989	  	 	 	125,567	  	 	 	1.0	% 	 	BBB	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Industrials	 	$	5,943,353	  	 	$	6,138,150	  	 	 	49.1	% 	 	 	 	$	5,881,967	  	 	$	6,443,846	  	 	 	51.1	% 	 	 	
Utilities	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Electric	 	 	1,077,167	  	 	 	1,121,373	  	 	 	9.0	% 	 	BBB+	 	 	1,081,451	  	 	 	1,196,527	  	 	 	9.5	% 	 	BBB+	
Natural Gas	 	 	777,395	  	 	 	800,971	  	 	 	6.4	% 	 	BBB	 	 	656,357	  	 	 	733,422	  	 	 	5.8	% 	 	BBB	
Other Utility	 	 	62,768	  	 	 	67,471	  	 	 	0.5	% 	 	BBB+	 	 	61,850	  	 	 	72,662	  	 	 	0.6	% 	 	A-	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Utilities	 	$	1,917,330	  	 	$	1,989,815	  	 	 	15.9	% 	 	 	 	$	1,799,658	  	 	$	2,002,611	  	 	 	15.9	% 	 	 	
Other Sectors	 	 	11,225	  	 	 	10,764	  	 	 	0.1	% 	 	AA	 	 	32,351	  	 	 	33,462	  	 	 	0.3	% 	 	AA	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	 	$	12,106,866	  	 	$	12,516,486	  	 	 	100.0	% 	 	BBB+	 	$	11,550,477	  	 	$	12,602,771	  	 	 	100.0	% 	 	BBB+	

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

 	 	  Quarterly Financial Supplement	 	Page 18	

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

 	 	 	 	December 31, 2013	 	 	September 30, 2013	 	 	June 30, 2013	 	 	March 31, 2013	 	 	December 31, 2012	 	
NAIC Designation	 	Rating Agency
Designation (1)	 	Amortized
Cost	 	 	Estimated
Fair Value	 	 	% of
Total	 	 	Amortized
Cost	 	 	Estimated
Fair Value	 	 	% of
Total	 	 	Amortized
Cost	 	 	Estimated
Fair Value	 	 	% of
Total	 	 	Amortized
Cost	 	 	Estimated
Fair Value	 	 	% of
Total	 	 	Amortized
Cost	 	 	Estimated
Fair Value	 	 	% of
Total	 	
1	 	AAA	 	$	1,637,796	  	 	$	1,676,644	  	 	 	7.8	% 	 	$	1,693,789	  	 	$	1,746,576	  	 	 	8.2	% 	 	$	1,739,749	  	 	$	1,802,645	  	 	 	8.5	% 	 	$	1,784,693	  	 	$	1,891,675	  	 	 	8.4	% 	 	$	1,857,190	  	 	$	1,980,164	  	 	 	8.9	% 	
1	 	AA	 	$	6,057,485	  	 	$	6,638,777	  	 	 	30.9	% 	 	 	5,756,355	  	 	 	6,438,199	  	 	 	30.2	% 	 	 	5,457,184	  	 	 	6,223,632	  	 	 	29.2	% 	 	 	5,408,086	  	 	 	6,565,513	  	 	 	29.3	% 	 	 	5,286,082	  	 	 	6,541,670	  	 	 	29.4	% 	
1	 	A	 	$	5,172,780	  	 	$	5,552,163	  	 	 	25.9	% 	 	 	5,010,236	  	 	 	5,458,720	  	 	 	25.7	% 	 	 	5,110,947	  	 	 	5,617,495	  	 	 	26.4	% 	 	 	5,140,174	  	 	 	5,962,302	  	 	 	26.6	% 	 	 	4,915,882	  	 	 	5,778,737	  	 	 	25.9	% 	
2	 	BBB	 	$	6,072,604	  	 	$	6,255,451	  	 	 	29.1	% 	 	 	6,117,081	  	 	 	6,298,628	  	 	 	29.6	% 	 	 	5,997,232	  	 	 	6,189,030	  	 	 	29.1	% 	 	 	6,058,221	  	 	 	6,524,007	  	 	 	29.1	% 	 	 	6,186,536	  	 	 	6,692,929	  	 	 	30.0	% 	
3	 	BB	 	$	725,733	  	 	$	740,465	  	 	 	3.4	% 	 	 	652,300	  	 	 	655,000	  	 	 	3.1	% 	 	 	723,316	  	 	 	728,014	  	 	 	3.4	% 	 	 	731,136	  	 	 	757,948	  	 	 	3.4	% 	 	 	694,349	  	 	 	712,712	  	 	 	3.2	% 	
4	 	B	 	$	387,687	  	 	$	400,775	  	 	 	1.9	% 	 	 	499,580	  	 	 	512,325	  	 	 	2.4	% 	 	 	519,789	  	 	 	530,990	  	 	 	2.5	% 	 	 	497,504	  	 	 	507,879	  	 	 	2.3	% 	 	 	444,996	  	 	 	444,035	  	 	 	2.0	% 	
5	 	CCC and lower	 	$	106,619	  	 	$	106,873	  	 	 	0.5	% 	 	 	87,364	  	 	 	86,644	  	 	 	0.4	% 	 	 	90,970	  	 	 	84,157	  	 	 	0.4	% 	 	 	98,290	  	 	 	79,039	  	 	 	0.4	% 	 	 	118,738	  	 	 	95,906	  	 	 	0.4	% 	
6	 	In or near default	 	$	110,030	  	 	$	102,988	  	 	 	0.5	% 	 	 	100,645	  	 	 	93,016	  	 	 	0.4	% 	 	 	118,134	  	 	 	108,253	  	 	 	0.5	% 	 	 	120,845	  	 	 	113,296	  	 	 	0.5	% 	 	 	55,659	  	 	 	45,461	  	 	 	0.2	% 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Total	 	$	20,270,734	  	 	$	21,474,136	  	 	 	100.0	% 	 	$	19,917,350	  	 	$	21,289,108	  	 	 	100.0	% 	 	$	19,757,321	  	 	$	21,284,216	  	 	 	100.0	% 	 	$	19,838,949	  	 	$	22,401,659	  	 	 	100.0	% 	 	$	19,559,432	  	 	$	22,291,614	  	 	 	100.0	% 	

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

 	 	December 31, 2013	 	 	September 30, 2013	 	 	June 30, 2013	 	 	March 31, 2013	 	 	December 31, 2012	 	
 	 	Amortized
Cost	 	 	Estimated
Fair Value	 	 	Amortized
Cost	 	 	Estimated
Fair Value	 	 	Amortized
Cost	 	 	Estimated
Fair Value	 	 	Amortized
Cost	 	 	Estimated
Fair Value	 	 	Amortized
Cost	 	 	Estimated
Fair Value	 	
Residential mortgage-backed securities:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Agency	 	$	567,113	  	 	$	580,855	  	 	$	517,517	  	 	$	541,870	  	 	$	546,603	  	 	$	579,317	  	 	$	520,081	  	 	$	575,274	  	 	$	497,918	  	 	$	555,535	  	
Non-agency	 	 	403,321	  	 	 	408,788	  	 	 	405,064	  	 	 	409,968	  	 	 	468,552	  	 	 	475,651	  	 	 	485,151	  	 	 	501,496	  	 	 	471,349	  	 	 	486,529	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total residential mortgage-backed securities	 	 	970,434	  	 	 	989,643	  	 	 	922,581	  	 	 	951,838	  	 	 	1,015,155	  	 	 	1,054,968	  	 	 	1,005,232	  	 	 	1,076,770	  	 	 	969,267	  	 	 	1,042,064	  	
Commercial mortgage-backed securities	 	 	1,314,782	  	 	 	1,388,946	  	 	 	1,371,473	  	 	 	1,453,114	  	 	 	1,564,924	  	 	 	1,638,632	  	 	 	1,596,659	  	 	 	1,698,144	  	 	 	1,608,376	  	 	 	1,698,903	  	
Asset-backed securities	 	 	891,751	  	 	 	894,832	  	 	 	883,495	  	 	 	885,278	  	 	 	789,849	  	 	 	790,310	  	 	 	752,280	  	 	 	756,544	  	 	 	700,455	  	 	 	691,555	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	 	$	3,176,967	  	 	$	3,273,421	  	 	$	3,177,549	  	 	$	3,290,230	  	 	$	3,369,928	  	 	$	3,483,910	  	 	$	3,354,171	  	 	$	3,531,458	  	 	$	3,278,098	  	 	$	3,432,522	  	

 	 	 	 	 	
 	 	  Quarterly Financial Supplement	 	Page 19	

Reinsurance Group of America, Incorporated
Investments
(USD thousands)
CMBS Exposure
(Includes Funds Withheld Portfolios)

 	  	December 31, 2013	 	
 	  	AAA	 	  	AA	 	  	A	 	
Underwriting Year	  	Amortized Cost	 	  	Estimated
Fair Value	 	  	Amortized Cost	 	  	Estimated
Fair Value	 	  	Amortized Cost	 	  	Estimated
Fair Value	 	
2006 & Prior	  	$	249,757	  	  	$	267,589	  	  	$	163,831	  	  	$	171,565	  	  	$	125,939	  	  	$	133,371	  	
2007	  	 	147,160	  	  	 	157,539	  	  	 	32,962	  	  	 	35,786	  	  	 	54,440	  	  	 	59,787	  	
2008	  	 	—  	  	  	 	—  	  	  	 	54,511	  	  	 	62,106	  	  	 	18,176	  	  	 	19,412	  	
2009	  	 	1,669	  	  	 	1,753	  	  	 	7,165	  	  	 	7,771	  	  	 	—  	  	  	 	—  	  	
2010	  	 	28,003	  	  	 	29,360	  	  	 	45,258	  	  	 	46,857	  	  	 	19,198	  	  	 	20,050	  	
2011	  	 	15,037	  	  	 	15,327	  	  	 	20,957	  	  	 	22,233	  	  	 	9,825	  	  	 	10,382	  	
2012	  	 	39,154	  	  	 	37,821	  	  	 	60,407	  	  	 	59,225	  	  	 	19,377	  	  	 	19,052	  	
2013	  	 	60,534	  	  	 	58,738	  	  	 	164,397	  	  	 	162,896	  	  	 	8,301	  	  	 	8,139	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total	  	$	541,314	  	  	$	568,127	  	  	$	549,488	  	  	$	568,439	  	  	$	255,256	  	  	$	270,193	  	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	  	BBB	 	  	Below Investment Grade	 	  	Total	 	
Underwriting Year	  	Amortized Cost	 	  	Estimated
Fair Value	 	  	Amortized Cost	 	  	Estimated
Fair Value	 	  	Amortized Cost	 	  	Estimated
Fair Value	 	
2006 & Prior	  	$	95,812	  	  	$	98,568	  	  	$	74,447	  	  	$	78,917	  	  	$	709,786	  	  	$	750,010	  	
2007	  	 	87,555	  	  	 	99,183	  	  	 	64,023	  	  	 	61,681	  	  	 	386,140	  	  	 	413,976	  	
2008	  	 	—  	  	  	 	—  	  	  	 	3,168	  	  	 	5,035	  	  	 	75,855	  	  	 	86,553	  	
2009	  	 	7,638	  	  	 	10,866	  	  	 	—  	  	  	 	—  	  	  	 	16,472	  	  	 	20,390	  	
2010	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	92,459	  	  	 	96,267	  	
2011	  	 	6,073	  	  	 	6,122	  	  	 	—  	  	  	 	—  	  	  	 	51,892	  	  	 	54,064	  	
2012	  	 	17,474	  	  	 	17,085	  	  	 	—  	  	  	 	—  	  	  	 	136,412	  	  	 	133,183	  	
2013	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	233,232	  	  	 	229,773	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total	  	$	214,552	  	  	$	231,824	  	  	$	141,638	  	  	$	145,633	  	  	$	1,702,248	  	  	$	1,784,216	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
NOTE: Totals include directly held investments with amortized cost of $1,314.8 million and fair value of $1,388.9 million as well as investments in funds withheld with amortized cost of $387.4 million and fair value of $395.3 million.

 	  	December 31, 2012	 	
 	  	AAA	 	  	AA	 	  	A	 	
Underwriting Year	  	Amortized Cost	 	  	Estimated
Fair Value	 	  	Amortized Cost	 	  	Estimated
Fair Value	 	  	Amortized Cost	 	  	Estimated
Fair Value	 	
2006 & Prior	  	$	313,032	  	  	$	346,462	  	  	$	189,203	  	  	$	208,051	  	  	$	185,038	  	  	$	196,800	  	
2007	  	 	182,456	  	  	 	201,131	  	  	 	32,810	  	  	 	37,542	  	  	 	69,266	  	  	 	77,657	  	
2008	  	 	7,674	  	  	 	7,672	  	  	 	53,510	  	  	 	67,624	  	  	 	14,387	  	  	 	17,098	  	
2009	  	 	1,655	  	  	 	1,820	  	  	 	17,399	  	  	 	19,483	  	  	 	3,463	  	  	 	5,599	  	
2010	  	 	27,984	  	  	 	29,956	  	  	 	47,085	  	  	 	53,027	  	  	 	13,273	  	  	 	14,405	  	
2011	  	 	15,748	  	  	 	16,411	  	  	 	16,069	  	  	 	18,184	  	  	 	40,546	  	  	 	42,726	  	
2012	  	 	28,324	  	  	 	29,080	  	  	 	36,340	  	  	 	36,925	  	  	 	58,376	  	  	 	59,595	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total	  	$	576,873	  	  	$	632,532	  	  	$	392,416	  	  	$	440,836	  	  	$	384,349	  	  	$	413,880	  	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	  	BBB	 	  	Below Investment Grade	 	  	Total	 	
Underwriting Year	  	Amortized Cost	 	  	Estimated
Fair Value	 	  	Amortized Cost	 	  	Estimated
Fair Value	 	  	Amortized Cost	 	  	Estimated
Fair Value	 	
2006 & Prior	  	$	194,452	  	  	$	198,490	  	  	$	109,969	  	  	$	103,365	  	  	$	991,694	  	  	$	1,053,168	  	
2007	  	 	93,414	  	  	 	108,902	  	  	 	115,028	  	  	 	91,505	  	  	 	492,974	  	  	 	516,737	  	
2008	  	 	—  	  	  	 	—  	  	  	 	22,416	  	  	 	17,386	  	  	 	97,987	  	  	 	109,780	  	
2009	  	 	3,880	  	  	 	5,547	  	  	 	—  	  	  	 	—  	  	  	 	26,397	  	  	 	32,449	  	
2010	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	88,342	  	  	 	97,388	  	
2011	  	 	33,242	  	  	 	33,757	  	  	 	—  	  	  	 	—  	  	  	 	105,605	  	  	 	111,078	  	
2012	  	 	43,346	  	  	 	43,811	  	  	 	—  	  	  	 	—  	  	  	 	166,386	  	  	 	169,411	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total	  	$	368,334	  	  	$	390,507	  	  	$	247,413	  	  	$	212,256	  	  	$	1,969,385	  	  	$	2,090,011	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
NOTE: Totals include directly held investments with amortized cost of $1,608.4 million and fair value of $1,698.9 million as well as investments in funds withheld with amortized cost of $361.0 million and fair value of $391.1 million.

 	 	  Quarterly Financial Supplement	 	Page 20	

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

Fixed Maturity Securities	  	 	 	  	 	 	 	 	 	  	 	 	 	 	 	  	 	 	 	 	 	  	 	 	 	 	 	  	 	 	
 	 	 	 	 	 	
 	  	December 31,
2013	 	 	September 30,
2013	 	 	June 30, 2013	 	 	March 31, 2013	 	 	December 31,
2012	 	
 	  	Gross
Unrealized
Losses	 	  	% of
Total	 	 	Gross
Unrealized
Losses	 	  	% of
Total	 	 	Gross
Unrealized
Losses	 	  	% of
Total	 	 	Gross
Unrealized
Losses	 	  	% of
Total	 	 	Gross
Unrealized
Losses	 	  	% of
Total	 	
Less than 20%	  	$	287,032	  	  	 	88.4	% 	 	$	279,211	  	  	 	87.6	% 	 	$	261,628	  	  	 	84.2	% 	 	$	64,399	  	  	 	52.6	% 	 	$	53,648	  	  	 	40.2	% 	
20% or more for less than six months	  	 	6,444	  	  	 	2.0	% 	 	 	6,325	  	  	 	2.0	% 	 	 	5,629	  	  	 	1.8	% 	 	 	—  	  	  	 	0.0	% 	 	 	734	  	  	 	0.5	% 	
20% or more for six months or greater	  	 	21,423	  	  	 	6.6	% 	 	 	25,940	  	  	 	8.1	% 	 	 	37,338	  	  	 	12.0	% 	 	 	56,296	  	  	 	45.9	% 	 	 	77,872	  	  	 	58.3	% 	
 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	
Total	  	$	314,899	  	  	 	97.0	% 	 	$	311,476	  	  	 	97.7	% 	 	$	304,595	  	  	 	98.0	% 	 	$	120,695	  	  	 	98.5	% 	 	$	132,254	  	  	 	99.0	% 	

Equity Securities	  	 	 	  	 	 	 	 	 	  	 	 	 	 	 	  	 	 	 	 	 	  	 	 	 	 	 	  	 	 	
 	 	 	 	 	 	
 	  	December 31,
2013	 	 	September 30,
2013	 	 	June 30, 2013	 	 	March 31, 2013	 	 	December 31,
2012	 	
 	  	Gross
Unrealized
Losses	 	  	% of
Total	 	 	Gross
Unrealized
Losses	 	  	% of
Total	 	 	Gross
Unrealized
Losses	 	  	% of
Total	 	 	Gross
Unrealized
Losses	 	  	% of
Total	 	 	Gross
Unrealized
Losses	 	  	% of
Total	 	
Less than 20%	  	$	9,699	  	  	 	3.0	% 	 	$	7,383	  	  	 	2.3	% 	 	$	6,137	  	  	 	2.0	% 	 	$	1,836	  	  	 	1.5	% 	 	$	1,303	  	  	 	1.0	% 	
20% or more for less than six months	  	 	—  	  	  	 	0.0	% 	 	 	—  	  	  	 	0.0	% 	 	 	—  	  	  	 	0.0	% 	 	 	—  	  	  	 	0.0	% 	 	 	—  	  	  	 	0.0	% 	
20% or more for six months or greater	  	 	2	  	  	 	0.0	% 	 	 	2	  	  	 	0.0	% 	 	 	2	  	  	 	0.0	% 	 	 	1	  	  	 	0.0	% 	 	 	1	  	  	 	0.0	% 	
 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	
Total	  	$	9,701	  	  	 	3.0	% 	 	$	7,385	  	  	 	2.3	% 	 	$	6,139	  	  	 	2.0	% 	 	$	1,837	  	  	 	1.5	% 	 	$	1,304	  	  	 	1.0	% 	

 	 	 	 	 	
 	 	  Quarterly Financial Supplement	 	Page 21	

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

 	 	As of December 31, 2013	 	
 	 	Less than 12 months	 	 	Equal to or greater than 12 months	 	 	Total	 	
 	 	Estimated
Fair Value	 	 	Gross Unrealized
Losses	 	 	Estimated
Fair Value	 	 	Gross Unrealized Losses	 	 	Estimated
Fair Value	 	 	Gross Unrealized
Losses	 	
Investment grade securities:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Corporate securities	 	$	3,141,179	  	 	$	148,895	  	 	$	301,303	  	 	$	40,548	  	 	$	3,442,482	  	 	$	189,443	  	
Canadian and Canadian provincial governments	 	 	188,491	  	 	 	14,419	  	 	 	12,029	  	 	 	2,429	  	 	 	200,520	  	 	 	16,848	  	
Residential mortgage-backed securities	 	 	283,967	  	 	 	15,900	  	 	 	23,068	  	 	 	1,688	  	 	 	307,035	  	 	 	17,588	  	
Asset-backed securities	 	 	255,656	  	 	 	4,916	  	 	 	56,668	  	 	 	4,983	  	 	 	312,324	  	 	 	9,899	  	
Commercial mortgage-backed securities	 	 	219,110	  	 	 	3,725	  	 	 	20,068	  	 	 	5,745	  	 	 	239,178	  	 	 	9,470	  	
U.S. government and agencies	 	 	133,697	  	 	 	4,469	  	 	 	4,406	  	 	 	279	  	 	 	138,103	  	 	 	4,748	  	
State and political subdivisions	 	 	120,193	  	 	 	9,723	  	 	 	15,202	  	 	 	4,616	  	 	 	135,395	  	 	 	14,339	  	
Other foreign government, supranational, and foreign government-sponsored enterprises	 	 	665,313	  	 	 	21,075	  	 	 	36,212	  	 	 	2,847	  	 	 	701,525	  	 	 	23,922	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Investment grade securities	 	 	5,007,606	  	 	 	223,122	  	 	 	468,956	  	 	 	63,135	  	 	 	5,476,562	  	 	 	286,257	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Non-investment grade securities :	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Corporate securities	 	 	283,603	  	 	 	9,451	  	 	 	38,256	  	 	 	3,892	  	 	 	321,859	  	 	 	13,343	  	
Residential mortgage-backed securities	 	 	62,146	  	 	 	1,075	  	 	 	3,945	  	 	 	254	  	 	 	66,091	  	 	 	1,329	  	
Asset-backed securities	 	 	28,670	  	 	 	415	  	 	 	32,392	  	 	 	5,498	  	 	 	61,062	  	 	 	5,913	  	
Commercial mortgage-backed securities	 	 	15,762	  	 	 	81	  	 	 	10,980	  	 	 	7,936	  	 	 	26,742	  	 	 	8,017	  	
State and political subdivisions	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	
Other foreign government, supranational, and foreign government-sponsored enterprises	 	 	9,403	  	 	 	40	  	 	 	—  	  	 	 	—  	  	 	 	9,403	  	 	 	40	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Non-investment grade securities	 	 	399,584	  	 	 	11,062	  	 	 	85,573	  	 	 	17,580	  	 	 	485,157	  	 	 	28,642	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total fixed maturity securities	 	$	5,407,190	  	 	$	234,184	  	 	$	554,529	  	 	$	80,715	  	 	$	5,961,719	  	 	$	314,899	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Non-redeemable preferred stock	 	 	51,386	  	 	 	5,479	  	 	 	1	  	 	 	2	  	 	 	51,387	  	 	 	5,481	  	
Other equity securities	 	 	218,834	  	 	 	1,748	  	 	 	32,550	  	 	 	2,472	  	 	 	251,384	  	 	 	4,220	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Equity securities	 	$	270,220	  	 	$	7,227	  	 	$	32,551	  	 	$	2,474	  	 	$	302,771	  	 	$	9,701	  	

 	 	As of December 31, 2012	 	
 	 	Less than 12 months	 	 	Equal to or greater than 12 months	 	 	Total	 	
 	 	Estimated
Fair Value	 	 	Gross Unrealized
Losses	 	 	Estimated
Fair Value	 	 	Gross Unrealized Losses	 	 	Estimated
Fair Value	 	 	Gross Unrealized
Losses	 	
Investment grade securities:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Corporate securities	 	$	786,203	  	 	$	13,276	  	 	$	108,187	  	 	$	17,386	  	 	$	894,390	  	 	$	30,662	  	
Canadian and Canadian provincial governments	 	 	12,349	  	 	 	174	  	 	 	—  	  	 	 	—  	  	 	 	12,349	  	 	 	174	  	
Residential mortgage-backed securities	 	 	22,288	  	 	 	97	  	 	 	19,394	  	 	 	3,199	  	 	 	41,682	  	 	 	3,296	  	
Asset-backed securities	 	 	59,119	  	 	 	449	  	 	 	96,179	  	 	 	9,508	  	 	 	155,298	  	 	 	9,957	  	
Commercial mortgage-backed securities	 	 	89,507	  	 	 	797	  	 	 	29,181	  	 	 	7,974	  	 	 	118,688	  	 	 	8,771	  	
U.S. government and agencies	 	 	7,272	  	 	 	24	  	 	 	—  	  	 	 	—  	  	 	 	7,272	  	 	 	24	  	
State and political subdivisions	 	 	20,602	  	 	 	1,514	  	 	 	11,736	  	 	 	4,132	  	 	 	32,338	  	 	 	5,646	  	
Other foreign government, supranational, and foreign government-sponsored enterprises	 	 	244,817	  	 	 	1,953	  	 	 	7,435	  	 	 	761	  	 	 	252,252	  	 	 	2,714	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Investment grade securities	 	 	1,242,157	  	 	 	18,284	  	 	 	272,112	  	 	 	42,960	  	 	 	1,514,269	  	 	 	61,244	  	

Non-investment grade securities:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Corporate securities	 	 	181,168	  	 	 	3,170	  	 	 	39,123	  	 	 	5,501	  	 	 	220,291	  	 	 	8,671	  	
Residential mortgage-backed securities	 	 	15,199	  	 	 	80	  	 	 	2,633	  	 	 	347	  	 	 	17,832	  	 	 	427	  	
Asset-backed securities	 	 	3,421	  	 	 	26	  	 	 	31,938	  	 	 	18,815	  	 	 	35,359	  	 	 	18,841	  	
Commercial mortgage-backed securities	 	 	3,317	  	 	 	764	  	 	 	68,405	  	 	 	42,307	  	 	 	71,722	  	 	 	43,071	  	
State and political subdivisions	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Non-investment grade securities	 	 	203,105	  	 	 	4,040	  	 	 	142,099	  	 	 	66,970	  	 	 	345,204	  	 	 	71,010	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total fixed maturity securities	 	$	1,445,262	  	 	$	22,324	  	 	$	414,211	  	 	$	109,930	  	 	$	1,859,473	  	 	$	132,254	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Non-redeemable preferred stock	 	 	5,577	  	 	 	52	  	 	 	5,679	  	 	 	118	  	 	 	11,256	  	 	 	170	  	
Other equity securities	 	 	85,374	  	 	 	1,134	  	 	 	—  	  	 	 	—  	  	 	 	85,374	  	 	 	1,134	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Equity securities	 	$	90,951	  	 	$	1,186	  	 	$	5,679	  	 	$	118	  	 	$	96,630	  	 	$	1,304	  	

 	 	 	 	 	
 	 	  Quarterly Financial Supplement	 	Page 22	

Reinsurance Group of America, Incorporated
Investments
(USD thousands)
Consolidated Investment Related Gains and Losses

 	 	Three Months Ended or As of	 	 	Current Qtr	 	 	Year-to-Date	 	
 	 	Dec. 31,	 	 	Sept. 30,	 	 	June 30,	 	 	March 31,	 	 	Dec. 31,	 	 	vs. PY	 	 	Dec. 31,	 	 	Dec. 31,	 	 	 	 	
 	 	2013	 	 	2013	 	 	2013	 	 	2013	 	 	2012	 	 	Quarter	 	 	2013	 	 	2012	 	 	Change	 	
Fixed Maturity and Equity Securities:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Other-than-temporary impairment losses on fixed maturities	 	$	(2,258	) 	 	$	(391	) 	 	$	(9,803	) 	 	$	(202	) 	 	$	(4,346	) 	 	$	2,088	  	 	$	(12,654	) 	 	$	(15,908	) 	 	$	3,254	  	
Portion of loss recognized in accumulated other comprehensive income (before taxes)	 	 	—  	  	 	 	59	  	 	 	(306	) 	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	(247	) 	 	 	(7,618	) 	 	 	7,371	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net other-than-temporary impairment losses on fixed maturities recognized in earnings	 	 	(2,258	) 	 	 	(332	) 	 	 	(10,109	) 	 	 	(202	) 	 	 	(4,346	) 	 	 	2,088	  	 	 	(12,901	) 	 	 	(23,526	) 	 	 	10,625	  	
Impairment losses on equity securities	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	(3,025	) 	 	 	3,025	  	
Gain on investment activity	 	 	12,659	  	 	 	21,560	  	 	 	26,845	  	 	 	21,680	  	 	 	43,190	  	 	 	(30,531	) 	 	 	82,744	  	 	 	145,268	  	 	 	(62,524	) 	
Loss on investment activity	 	 	(12,169	) 	 	 	(30,434	) 	 	 	(6,760	) 	 	 	(11,212	) 	 	 	(4,384	) 	 	 	(7,785	) 	 	 	(60,575	) 	 	 	(27,474	) 	 	 	(33,101	) 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net gain/(loss) on fixed maturity and equity securities	 	 	(1,768	) 	 	 	(9,206	) 	 	 	9,976	  	 	 	10,266	  	 	 	34,460	  	 	 	(36,228	) 	 	 	9,268	  	 	 	91,243	  	 	 	(81,975	) 	
Other impairment losses and change in mortgage loan provision	 	 	(5,665	) 	 	 	233	  	 	 	125	  	 	 	(1,626	) 	 	 	(2,220	) 	 	 	(3,445	) 	 	 	(6,933	) 	 	 	(16,602	) 	 	 	9,669	  	
Other non-derivative gain/(loss), net	 	 	10,536	  	 	 	4,594	  	 	 	6,962	  	 	 	4,589	  	 	 	4,868	  	 	 	5,668	  	 	 	26,681	  	 	 	22,700	  	 	 	3,981	  	
Free-standing Derivatives:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Credit Default Swaps	 	 	7,051	  	 	 	10,805	  	 	 	2,428	  	 	 	3,904	  	 	 	3,523	  	 	 	3,528	  	 	 	24,188	  	 	 	18,361	  	 	 	5,827	  	
Interest Rate Swaps—non-hedged	 	 	(15,498	) 	 	 	(8,221	) 	 	 	(38,414	) 	 	 	(22,265	) 	 	 	(9,866	) 	 	 	(5,632	) 	 	 	(84,398	) 	 	 	14,687	  	 	 	(99,085	) 	
Interest Rate Swaps—hedged	 	 	(5	) 	 	 	(3	) 	 	 	31	  	 	 	(17	) 	 	 	(40	) 	 	 	35	  	 	 	6	  	 	 	(41	) 	 	 	47	  	
Futures	 	 	(3,851	) 	 	 	(1,139	) 	 	 	714	  	 	 	(6,881	) 	 	 	(9,932	) 	 	 	6,081	  	 	 	(11,157	) 	 	 	(20,244	) 	 	 	9,087	  	
CPI Swaps	 	 	85	  	 	 	(39	) 	 	 	(1,117	) 	 	 	(871	) 	 	 	1,543	  	 	 	(1,458	) 	 	 	(1,942	) 	 	 	(268	) 	 	 	(1,674	) 	
Equity options	 	 	(19,447	) 	 	 	(24,112	) 	 	 	(5,049	) 	 	 	(30,623	) 	 	 	(11,146	) 	 	 	(8,301	) 	 	 	(79,231	) 	 	 	(69,678	) 	 	 	(9,553	) 	
Currency Forwards	 	 	(5,213	) 	 	 	629	  	 	 	(2,958	) 	 	 	(5,659	) 	 	 	(5,070	) 	 	 	(143	) 	 	 	(13,201	) 	 	 	(5,644	) 	 	 	(7,557	) 	
Interest Rate Options	 	 	(3,145	) 	 	 	(2,375	) 	 	 	(7,980	) 	 	 	1,982	  	 	 	—  	  	 	 	(3,145	) 	 	 	(11,518	) 	 	 	—  	  	 	 	(11,518	) 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total free-standing derivatives	 	 	(40,023	) 	 	 	(24,455	) 	 	 	(52,345	) 	 	 	(60,430	) 	 	 	(30,988	) 	 	 	(9,035	) 	 	 	(177,253	) 	 	 	(62,827	) 	 	 	(114,426	) 	
Embedded Derivatives:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Modified coinsurance and funds withheld treaties	 	 	(337	) 	 	 	(67,460	) 	 	 	47,716	  	 	 	90,258	  	 	 	74,054	  	 	 	(74,391	) 	 	 	70,177	  	 	 	115,009	  	 	 	(44,832	) 	
GMXB	 	 	35,098	  	 	 	19,829	  	 	 	35,809	  	 	 	51,314	  	 	 	30,588	  	 	 	4,510	  	 	 	142,050	  	 	 	104,613	  	 	 	37,437	  	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total embedded derivatives	 	 	34,761	  	 	 	(47,631	) 	 	 	83,525	  	 	 	141,572	  	 	 	104,642	  	 	 	(69,881	) 	 	 	212,227	  	 	 	219,622	  	 	 	(7,395	) 	
Net gain/(loss) on total derivatives	 	 	(5,262	) 	 	 	(72,086	) 	 	 	31,180	  	 	 	81,142	  	 	 	73,654	  	 	 	(78,916	) 	 	 	34,974	  	 	 	156,795	  	 	 	(121,821	) 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total investment related gains / (losses), net	 	$	(2,159	) 	 	$	(76,465	) 	 	$	48,243	  	 	$	94,371	  	 	$	110,762	  	 	$	(112,921	) 	 	$	63,990	  	 	$	254,136	  	 	$	(190,146	) 	

 	 	 	 	 	
 	 	  Quarterly Financial Supplement	 	Page 23