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

FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of Earliest Event Reported): October 17, 2012

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 October 17, 2012, Reinsurance Group of America, Incorporated (the “Company”) issued (1) a press release announcing its earnings for the three-month period ended September 30, 2012, and providing certain additional information, a copy of which is furnished with this report as Exhibit 99.1, and (2) a Quarterly Financial Supplement for the quarter ended September 30, 2012, a copy of which is attached hereto as Exhibit 99.2. The press release also notes that a conference call will be held on October 18, 2012 to discuss the financial and operating results for the three-month period ended September 30, 2012.
 
Item 9.01	Financial Statements and Exhibits	
 
(d)	Exhibits.	

Exhibit No.	  	Exhibit	
99.1	  	Press Release of Reinsurance Group of America, Incorporated dated October 17, 2012	
 	 	
99.2	  	Quarterly Financial Supplement for the quarter ended September 30, 2012	
The information contained in this Current Report on Form 8-K (this “Current Report”), including the accompanying Exhibit 99.1 and Exhibit 99.2, is being furnished pursuant to Item 2.02 of Form 8-K and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section. The information contained in this Current Report, including the accompanying Exhibit 99.1 and Exhibit 99.2, shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date hereof, except as shall be expressly set forth by specific reference in such a filing.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 	 	 	 	REINSURANCE GROUP OF AMERICA,
INCORPORATED	
 	 	 	 	
Date: October 17, 2012	 	 	 	By:	 	/s/ Jack B. Lay	
 	 	 	 	 	 	Jack B. Lay	
 	 	 	 	 	 	Senior Executive Vice President and Chief
Financial Officer	

EXHIBIT INDEX

Exhibit Number	  	Description	
 	 	
99.1	  	Press Release dated October 17, 2012	
 	 	
99.2	  	Quarterly Financial Supplement for the quarter ended September 30, 2012	

Exhibit 99.1

PRESS RELEASE
REINSURANCE GROUP OF AMERICA REPORTS THIRD-QUARTER RESULTS
 
 	•	 	Higher-than-expected U.S. and Australia claims significantly reduced income levels	
 	•	 	Earnings per diluted share: net income $1.95, operating income* $1.35	
 	•	 	Net premiums up eight percent to $1.9 billion	
 	•	 	Year-to-date operating return on equity* 10 percent	
ST. LOUIS, October 17, 2012 – Reinsurance Group of America, Incorporated (NYSE: RGA), a leading global provider of life reinsurance, reported third-quarter net income of $144.5 million, or $1.95 per diluted share, compared to $134.6 million, or $1.81 per diluted share in the prior-year quarter. Operating income* of $99.9 million, or $1.35 per diluted share, decreased from last year’s $138.8 million, or $1.87 per diluted share, primarily due to higher-than-expected claims in the U.S. and Australia markets as well as a claims liability increase in Australia. Certain amounts for 2011 have been adjusted for the retrospective adoption of new accounting guidance for deferred acquisition costs.

 	  	Quarterly Results	 	  	Year-to-Date Results	 	
($ in thousands, except per share data)	  	2012	 	  	2011	 	  	2012	 	  	2011	 	
Net premiums	  	$	1,912,746	  	  	$	1,776,165	  	  	$	5,726,889	  	  	$	5,300,971	  	
Net income	  	 	144,475	  	  	 	134,602	  	  	 	408,904	  	  	 	407,466	  	
Net income per diluted share	  	 	1.95	  	  	 	1.81	  	  	 	5.52	  	  	 	5.49	  	
Operating income*	  	 	99,902	  	  	 	138,837	  	  	 	334,552	  	  	 	364,824	  	
Operating income per diluted share*	  	 	1.35	  	  	 	1.87	  	  	 	4.52	  	  	 	4.92	  	
Book value per share	  	 	91.18	  	  	 	73.15	  	  	 	 	 	  	 	 	 	
Book value per share (excl. Accumulated Other Comprehensive Income “AOCI”)*	  	 	62.05	  	  	 	55.47	  	  	 	 	 	  	 	 	 	
Total assets	  	 	39,924,013	  	  	 	30,736,591	  	  	 	 	 	  	 	 	 	
 
*	See ‘Use of Non-GAAP Financial Measures’ below	
Consolidated net premiums increased eight percent to $1,912.7 million from $1,776.2 million in the prior-year quarter, including an adverse effect of $26.0 million from changes in foreign currency exchange rates in the current period. Investment income increased significantly to $396.8 million from $268.2 million in the year-earlier quarter, primarily attributable to a $96.2 million increase in fair value of option contracts, which are included in funds withheld at interest and support the crediting rates for equity-indexed annuities. Additionally, investment income associated with a large fixed deferred annuity coinsurance agreement, which became effective April 1, 2012, contributed to the increase.
 
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Excluding the effect of spread-based investment income and changes in value of associated derivatives, investment income increased slightly compared with the third quarter of 2011, with declining new money yields mostly offsetting a growing invested asset base. The average book value of non-spread-based invested assets was up approximately $1.3 billion to $17.0 billion, and the average portfolio yield decreased to 4.98 percent from 5.29 percent in the third quarter of 2011. In addition to the impact from the lower interest rate environment, the current-quarter average yield was adversely affected by a higher average amount of short-term investments in the third quarter, partly due to the timing of investing the proceeds from the $400 million subordinated debt offering in August. The portfolio yield averaged about 5.05 percent over the first two quarters of 2012. Net foreign currency fluctuations adversely affected operating income by $2.7 million after taxes, or $0.04 per diluted share.
A. Greig Woodring, president and chief executive officer, commented, “Our operating earnings were depressed this quarter, primarily as a result of high claims in the U.S. and Australia, including a large claim liability increase for our Australian group business. The combined after-tax adverse effect of these items, relative to expectations, was about $0.66 per diluted share. Aside from these businesses, our other operations generally performed as expected or better during the third quarter.
“In Australia, adverse individual mortality and disability claims contributed to a poor quarter. We continue to monitor that business closely. Additionally, we have performed a detailed review of our Australian group reinsurance business and, as a result of the emerging experience, strengthened Australia’s group business claim liabilities by $27.9 million. Those group contracts typically have a duration of three years.
“In the U.S., both the individual mortality and group reinsurance businesses were adversely affected this quarter by higher-than-expected claims. A thorough analysis of the individual mortality experience revealed claims frequency was more prominent than severity this quarter. We expect the volatility in recent quarters to level out over longer horizons. Our U.S. group reinsurance business also experienced higher-than-expected claims in its disability, medical / managed care and life coverages. That business has mostly performed in line with expectations on a year-to-date basis with the exception of the medical / managed care line, which is prone to large claim volatility.
“Consolidated premium growth was solid, rising eight percent on a reported basis and over nine percent in original currencies. Consolidated operating income totaled $99.9 million, or $1.35 per diluted share. Our operating effective tax rate was lower than anticipated this quarter, primarily due to tax-related adjustments for claims experience on certain treaties and other refinements of tax accruals. Book value per share increased to $91.18, including AOCI, and totaled $62.05, excluding AOCI. Our net unrealized capital gains are now $1.9 billion, up 20 percent since June 30, 2012. A relatively stronger equity market helped our asset-intensive operations this quarter as well.
“Annualized operating return on equity was nine percent for the quarter and 10 percent year-to-date. Both of those return levels are lower than our expected rate of return. Historically, our returns have been fairly stable, and we face some degree of headwinds from the current investment environment. Our balance sheet remains strong as does our level of deployable capital. We continue to evaluate a significant number of block and other reinsurance opportunities across the globe.”
 
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SEGMENT RESULTS
U.S.
The U.S. Traditional sub-segment pre-tax net income decreased to $70.6 million from $85.2 million in last year’s third quarter. Pre-tax operating income totaled $72.5 million, a 10 percent decrease from $80.2 million the year before. Current-quarter results included higher-than-expected claims in both individual mortality and group reinsurance operations. Individual mortality claims experience was approximately $14.2 million, pre-tax, adverse, and group reinsurance results were approximately $12.0 million, pre-tax, below expected levels. The adverse results in group reinsurance included disability, medical/managed care and life coverages. Net premiums rose eight percent, to $1,045.8 million from $971.2 million a year ago, benefiting in part from a 2012 in force transaction.
The U.S. Asset-Intensive business reported pre-tax income of $78.0 million this quarter versus a pre-tax loss of $60.5 million last year, which reflected unfavorable changes in the fair values of various free-standing and embedded derivatives. Pre-tax operating income, which excludes the impact of those derivatives, increased to $27.1 million from $1.5 million last year. The current-period result benefited from favorable equity market performance and the addition of a large block of fixed deferred annuities, effective April 1, 2012.
The U.S. Financial Reinsurance business added pre-tax operating income of $8.3 million this quarter, up about 30 percent from $6.4 million last year. This business continues to contribute strong fee income to the bottom line.
Canada
Canadian operations reported pre-tax net income of $37.5 million compared with $43.7 million in the third quarter of 2011. Pre-tax operating income was $28.1 million this quarter, compared with $35.0 million in the prior-year period. Claims experience was in line with expectations this quarter and was better than expected in the third quarter of 2011. Reported net premiums were up 23 percent to $227.9 million from $185.8 million last year, including an adverse foreign currency effect of $3.4 million. On a Canadian dollar basis, net premiums increased 25 percent.
Asia Pacific
Asia Pacific reported a $16.5 million pre-tax loss this quarter compared with a pre-tax gain of $25.6 million in last year’s third quarter. Pre-tax operating losses totaled $20.7 million compared with pre-tax operating income of $27.3 million last year. Current-period results reflect adverse individual and group claims experience in Australia as well as a $27.9 million increase in claim liabilities for Australia’s group reinsurance operations. That increase was recorded to address emerging adverse claims experience. Net premiums were up slightly to $330.4 million from $328.3 million in the prior year. Foreign currency fluctuations adversely affected premiums and pre-tax operating income by approximately $5.4 million and $1.3 million, respectively, this period. Original currency premiums rose two percent over the third quarter of 2011.
 
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Europe & South Africa
Europe & South Africa reported pre-tax net income of $32.2 million, up from $12.0 million in the year-ago quarter. Pre-tax operating income was $25.1 million, more than doubling the $10.0 million result a year ago. Nearly all markets in this segment outperformed expectations, including the largest operation in the U.K., which reported favorable mortality and morbidity experience. Foreign currency fluctuations adversely affected pre-tax operating income by approximately $3.0 million. Net premiums totaled $303.1 million, up six percent from $286.1 million the year before, including an adverse currency effect of $17.2 million. On a local currency basis, net premiums increased 12 percent.
Corporate and Other
The Corporate and Other segment reported a pre-tax net loss of $8.4 million in the third quarter, contrasted with pre-tax net income of $43.9 million in the year-ago period. Pre-tax operating losses were $5.9 million in the current period compared with pre-tax operating income of $4.2 million last year. Interest expense for the quarter includes the impact of the $400 million, 6.2 percent, subordinated debt offering in August. The prior-year period pre-tax net income included a $50.9 million gain associated with the repurchase of collateral finance facility securities.
Dividend Declaration
The board of directors declared a regular quarterly dividend of $0.24, payable November 30 to shareholders of record as of November 9.
Earnings Conference Call
The Company’s conference call, previously scheduled for October 23, will be held tomorrow, October 18, at 9 a.m. Eastern Time. Interested parties may access the call by dialing 877-857-6144 (domestic) or 719-325-4819 (international). The access code is 7423266. 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 October 26 at 888-203-1112 (domestic) or 719-457-0820 (international), access code 7423266.
The company has posted to its website a Quarterly Financial Supplement that includes financial information for all segments as well as information on its investment portfolio. Additionally, the company posts periodic reports, press releases and other useful information on its investor relations website.
Use of Non-GAAP Financial Measures
RGA uses a non-GAAP financial measure called operating income as a basis for analyzing financial results. This measure also serves as a basis for establishing target levels and awards under RGA’s
 
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management incentive programs. Management believes that operating income, on a pre-tax and after-tax basis, better measures the ongoing profitability and underlying trends of the company’s continuing operations, primarily because that measure excludes the effect of net investment related gains and losses, as well as changes in the fair value of certain embedded derivatives and related deferred acquisition costs. These items can be volatile, primarily due to the credit market and interest rate environment, and are not necessarily indicative of the performance of the company’s underlying businesses. Additionally, operating income excludes any net gain or loss from discontinued operations and the cumulative effect of any accounting changes, which management believes are not indicative of the company’s ongoing operations. The definition of operating income can vary by company and is not considered a substitute for GAAP net income. Reconciliations to GAAP net income are provided in the following tables. Additional financial information can be found in the Quarterly Financial Supplement on RGA’s Investor Relations website at  www.rgare.com  in the “Quarterly Results” tab and in the “Featured Report” section.
Book value per share outstanding before impact of AOCI is a non-GAAP financial measure that management believes is important in evaluating the balance sheet in order to ignore the effects of unrealized amounts primarily associated with mark-to-market adjustments on investments and foreign currency translation.
Operating return on equity is a non-GAAP financial measure calculated as operating income divided by average shareholders’ equity excluding AOCI.
About RGA
Reinsurance Group of America, Incorporated is among the largest global providers of life reinsurance, with operations in Australia, Barbados, Bermuda, Canada, China, France, Germany, Hong Kong, India, Ireland, Italy, Japan, Malaysia, Mexico, the Netherlands, New Zealand, Poland, Singapore, South Africa, South Korea, Spain, Taiwan, the United Arab Emirates, the United Kingdom and the United States. Worldwide, the company has approximately $2.9 trillion of life reinsurance in force, and assets of $39.9 billion.
Cautionary Statement Regarding Forward-looking Statements
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, among others, statements relating to projections of the earnings, revenues, income or loss, future financial performance and growth potential of Reinsurance Group of America, Incorporated and its subsidiaries (which we refer to in the following paragraphs as “we,” “us” or “our”). The words “intend,” “expect,” “project,” “estimate,” “predict,” “anticipate,” “should,” “believe,” and other similar expressions also are intended to identify forward-looking statements. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Future events and actual results, performance and achievements could differ materially from those set forth in, contemplated by or underlying the forward-looking statements.
Numerous important factors could cause actual results and events to differ materially from those expressed or implied by forward-looking statements including, without limitation, (1) adverse capital and credit market conditions and their impact on our liquidity, access to capital, and cost of capital,
 
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(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, 2011.
Investor Contact
John W. Hayden
Senior Vice President – Controller and Investor Relations
(636) 736-7000
 
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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
Reconciliation of Consolidated Net Income to Operating Income
(Dollars in thousands)

(Unaudited)	  	Three Months Ended
September 30,	 	 	Nine Months Ended
September 30,	 	
 	  	2012	 	 	2011	 	 	2012	 	 	2011	 	
GAAP net income	  	$	144,475	  	 	$	134,602	  	 	$	408,904	  	 	$	407,466	  	
Reconciliation to operating income:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Capital (gains) losses, derivatives and other, included in investment related (gains) losses, net	  	 	(11,972	) 	 	 	(144,834	) 	 	 	(18,617	) 	 	 	(171,005	) 	
Capital (gains) losses on funds withheld:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Included in investment income	  	 	(4,160	) 	 	 	(6,374	) 	 	 	(6,944	) 	 	 	(3,218	) 	
Included in policy acquisition costs and other insurance expenses	  	 	79	  	 	 	672	  	 	 	314	  	 	 	586	  	
Embedded derivatives:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Included in investment related (gains) losses, net	  	 	(37,320	) 	 	 	235,828	  	 	 	(74,737	) 	 	 	165,723	  	
Included in interest credited	  	 	(108	) 	 	 	24,400	  	 	 	24,302	  	 	 	20,669	  	
Included in policy acquisition costs and other insurance expenses	  	 	—  	  	 	 	(2,381	) 	 	 	—  	  	 	 	(1,815	) 	
DAC offset, net	  	 	8,908	  	 	 	(70,011	) 	 	 	1,330	  	 	 	(20,140	) 	
Gain on repurchase of collateral finance facility securities	  	 	—  	  	 	 	(33,065	) 	 	 	—  	  	 	 	(36,296	) 	
Loss on retirement of Preferred Income Equity Redeemable Securities (“PIERS”)	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	2,854	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income	  	$	99,902	  	 	$	138,837	  	 	$	334,552	  	 	$	364,824	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Reconciliation of Consolidated Pre-tax Net Income to Pre-tax Operating Income
(Dollars in thousands)

(Unaudited)	  	Three Months Ended
September 30,	 	 	Nine Months Ended
September 30,	 	
 	  	2012	 	 	2011	 	 	2012	 	 	2011	 	
Income before income taxes	  	$	201,479	  	 	$	156,396	  	 	$	598,134	  	 	$	570,320	  	
Reconciliation to pre-tax operating income:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Capital (gains) losses, derivatives and other, included in investment related (gains) losses, net	  	 	(16,940	) 	 	 	(221,194	) 	 	 	(25,026	) 	 	 	(260,247	) 	
Capital (gains) losses on funds withheld:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Included in investment income	  	 	(6,400	) 	 	 	(9,806	) 	 	 	(10,683	) 	 	 	(4,950	) 	
Included in policy acquisition costs and other insurance expenses	  	 	122	  	 	 	1,034	  	 	 	483	  	 	 	902	  	
Embedded derivatives:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Included in investment related (gains) losses, net	  	 	(57,415	) 	 	 	362,813	  	 	 	(114,980	) 	 	 	254,959	  	
Included in interest credited	  	 	(167	) 	 	 	37,539	  	 	 	37,387	  	 	 	31,799	  	
Included in policy acquisition costs and other insurance expenses	  	 	—  	  	 	 	(3,664	) 	 	 	—  	  	 	 	(2,793	) 	
DAC offset, net	  	 	13,705	  	 	 	(107,709	) 	 	 	2,047	  	 	 	(30,984	) 	
Gain on repurchase of collateral finance facility securities	  	 	—  	  	 	 	(50,869	) 	 	 	—  	  	 	 	(55,840	) 	
Loss on retirement of PIERS	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	4,391	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Pre-tax operating income	  	$	134,384	  	 	$	164,540	  	 	$	487,362	  	 	$	507,557	  	

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

 	  	Three Months Ended September 30, 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	  	$	70,556	  	 	$	2,506	  	 	$	(579	) 	 	$	72,483	  	
Asset Intensive	  	 	77,986	  	 	 	(32,792	) (1) 	 	 	(18,075	) (2) 	 	 	27,119	  	
Financial Reinsurance	  	 	8,136	  	 	 	146	  	 	 	—  	  	 	 	8,282	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total U.S.	  	 	156,678	  	 	 	(30,140	) 	 	 	(18,654	) 	 	 	107,884	  	
Canada Operations	  	 	37,520	  	 	 	(9,378	) 	 	 	—  	  	 	 	28,142	  	
Europe & South Africa	  	 	32,166	  	 	 	(7,111	) 	 	 	—  	  	 	 	25,055	  	
Asia Pacific Operations	  	 	(16,483	) 	 	 	(4,265	) 	 	 	—  	  	 	 	(20,748	) 	
Corporate and Other	  	 	(8,402	) 	 	 	2,453	  	 	 	—  	  	 	 	(5,949	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Consolidated	  	$	201,479	  	 	$	(48,441	) 	 	$	(18,654	) 	 	$	134,384	  	

(1)	Asset Intensive is net of $(25,223) DAC offset.	
(2)	Asset Intensive is net of $38,928 DAC offset.	

 	  	Three Months Ended September 30, 2011	 	
(Unaudited)	  	 	 	
 	  	Pre-tax net
income
(loss)	 	 	Capital
(gains) losses,
derivatives
and other, net	 	 	Change in
value of
embedded
derivatives, net	 	 	Net (gain) loss
on repurchase
and retirement
of securities	 	 	Pre-tax
operating
income	 	
U.S. Operations:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Traditional	  	$	85,229	  	 	$	(3,681	) 	 	$	(1,375	) 	 	 	—  	  	 	$	80,173	  	
Asset Intensive	  	 	(60,530	) 	 	 	(25,501	) (1) 	 	 	87,553	 (2) 	 	 	—  	  	 	 	1,522	  	
Financial Reinsurance	  	 	6,392	  	 	 	13	  	 	 	—  	  	 	 	—  	  	 	 	6,405	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total U.S.	  	 	31,091	  	 	 	(29,169	) 	 	 	86,178	  	 	 	—  	  	 	 	88,100	  	
Canada Operations	  	 	43,711	  	 	 	(8,729	) 	 	 	—  	  	 	 	—  	  	 	 	34,982	  	
Europe & South Africa	  	 	12,029	  	 	 	(2,000	) 	 	 	—  	  	 	 	—  	  	 	 	10,029	  	
Asia Pacific Operations	  	 	25,644	  	 	 	1,625	  	 	 	—  	  	 	 	—  	  	 	 	27,269	  	
Corporate and Other	  	 	43,921	  	 	 	11,108	  	 	 	—  	  	 	 	(50,869	) 	 	 	4,160	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Consolidated	  	$	156,396	  	 	$	(27,165	) 	 	$	86,178	  	 	$	(50,869	) 	 	$	164,540	  	

(1)	Asset Intensive is net of $202,801 DAC offset.	
(2)	Asset Intensive is net of $(310,510) DAC offset.	
 
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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)

 	  	Nine Months Ended September 30, 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	  	$	216,734	  	 	$	14,900	  	 	$	(678	) 	 	$	230,956	  	
Asset Intensive	  	 	149,178	  	 	 	(65,622	) (1) 	 	 	(15,313	) (2) 	 	 	68,243	  	
Financial Reinsurance	  	 	24,097	  	 	 	253	  	 	 	—  	  	 	 	24,350	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total U.S.	  	 	390,009	  	 	 	(50,469	) 	 	 	(15,991	) 	 	 	323,549	  	
Canada Operations	  	 	127,613	  	 	 	(22,305	) 	 	 	—  	  	 	 	105,308	  	
Europe & South Africa	  	 	58,363	  	 	 	(10,249	) 	 	 	—  	  	 	 	48,114	  	
Asia Pacific Operations	  	 	39,443	  	 	 	(10,555	) 	 	 	—  	  	 	 	28,888	  	
Corporate and Other	  	 	(17,294	) 	 	 	(1,203	) 	 	 	—  	  	 	 	(18,497	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Consolidated	  	$	598,134	  	 	$	(94,781	) 	 	$	(15,991	) 	 	$	487,362	  	

(1)	Asset Intensive is net of $(59,555) DAC offset.	
(2)	Asset Intensive is net of $61,602 DAC offset.	

 	  	Nine Months Ended September 30, 2011	 	
(Unaudited)	  	 	 	  	 	 	 	 	 	 	 	 	 	 	 	
 	  	Pre-tax net
income	 	  	Capital
(gains) losses,
derivatives
and other, net	 	 	Change in
value of
embedded
derivatives, net	 	 	Net (gain) loss
on repurchase
and retirement
of securities	 	 	Pre-tax
operating
income	 	
U.S. Operations:	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Traditional	  	$	251,381	  	  	$	(12,761	) 	 	$	(1,375	) 	 	$	—  	  	 	$	237,245	  	
Asset Intensive	  	 	22,047	  	  	 	(27,742	) (1) 	 	 	48,543	 (2) 	 	 	—  	  	 	 	42,848	  	
Financial Reinsurance	  	 	19,509	  	  	 	41	  	 	 	—  	  	 	 	—  	  	 	 	19,550	  	
 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total U.S.	  	 	292,937	  	  	 	(40,462	) 	 	 	47,168	  	 	 	—  	  	 	 	299,643	  	
Canada Operations	  	 	117,712	  	  	 	(15,253	) 	 	 	—  	  	 	 	—  	  	 	 	102,459	  	
Europe & South Africa	  	 	47,089	  	  	 	(3,049	) 	 	 	—  	  	 	 	—  	  	 	 	44,040	  	
Asia Pacific Operations	  	 	51,946	  	  	 	2,253	  	 	 	—  	  	 	 	—  	  	 	 	54,199	  	
Corporate and Other	  	 	60,636	  	  	 	(1,971	) 	 	 	—  	  	 	 	(51,449	) 	 	 	7,216	  	
 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Consolidated	  	$	570,320	  	  	$	(58,482	) 	 	$	47,168	  	 	$	(51,449	) 	 	$	507,557	  	

(1)	Asset Intensive is net of $205,813 DAC offset.	
(2)	Asset Intensive is net of $(236,797) DAC offset.	
 
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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
Per Share and Shares Data
(In thousands, except per share data)

(Unaudited)	  	Three Months Ended
September 30,	 	  	Nine Months Ended
September 30,	 	
 	  	2012	 	  	2011	 	  	2012	 	  	2011	 	
Diluted earnings per share from operating income	  	 	$1.35	  	  	 	$1.87	  	  	 	$4.52	  	  	 	$4.92	  	
 	 	 	 	 	
Earnings per share from net income:	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Basic earnings per share	  	 	$1.96	  	  	 	$1.82	  	  	 	$5.55	  	  	 	$5.53	  	
Diluted earnings per share	  	 	$1.95	  	  	 	$1.81	  	  	 	$5.52	  	  	 	$5.49	  	
 	 	 	 	 	
Weighted average number of common
and common equivalent shares outstanding	  	 	74,138	  	  	 	74,254	  	  	 	74,078	  	  	 	74,207	  	
 	 	 	 	
(Unaudited)	  	At or For the Nine Months
Ended September 30,	 	  	 	 	  	 	 	
 	  	    2012    	 	  	    2011    	 	  	 	 	  	 	 	
Treasury shares	  	 	5,286	  	  	 	5,871	  	  	 	 	 	  	 	 	 	
Common shares outstanding	  	 	73,852	  	  	 	73,267	  	  	 	 	 	  	 	 	 	
Book value per share outstanding	  	 	$91.18	  	  	 	$73.15	  	  	 	 	 	  	 	 	 	
Book value per share outstanding, before impact of AOCI	  	 	$62.05	  	  	 	$55.47	  	  	 	 	 	  	 	 	 	
 
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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
Condensed Consolidated Statements of Income
(Dollars in thousands)

(Unaudited)	  	Three Months Ended
September 30,	 	 	Nine Months Ended
September 30,	 	
 	  	2012	 	 	2011	 	 	2012	 	 	2011	 	
Revenues:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	  	$	1,912,746	  	 	$	1,776,165	  	 	$	5,726,889	  	 	$	5,300,971	  	
Investment income, net of related expenses	  	 	396,781	  	 	 	268,210	  	 	 	1,066,055	  	 	 	976,686	  	
Investment related gains (losses), net:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Other-than-temporary impairments on fixed maturity securities	  	 	(1,996	) 	 	 	(11,911	) 	 	 	(11,562	) 	 	 	(19,049	) 	
Other-than-temporary impairments on fixed maturity securities transferred to (from) accumulated other comprehensive income	  	 	(559	) 	 	 	3,089	  	 	 	(7,618	) 	 	 	3,381	  	
Other investment related gains (losses), net	  	 	78,608	  	 	 	(130,778	) 	 	 	162,554	  	 	 	27,076	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total investment related gains (losses), net	  	 	76,053	  	 	 	(139,600	) 	 	 	143,374	  	 	 	11,408	  	
Other revenue	  	 	63,501	  	 	 	90,132	  	 	 	181,491	  	 	 	192,254	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	  	 	2,449,081	  	 	 	1,994,907	  	 	 	7,117,809	  	 	 	6,481,319	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	  	 	1,662,625	  	 	 	1,514,765	  	 	 	4,868,220	  	 	 	4,504,227	  	
Interest credited	  	 	130,341	  	 	 	35,251	  	 	 	285,080	  	 	 	237,510	  	
Policy acquisition costs and other insurance expenses	  	 	318,106	  	 	 	164,372	  	 	 	961,679	  	 	 	785,138	  	
Other operating expenses	  	 	103,786	  	 	 	94,029	  	 	 	319,425	  	 	 	297,340	  	
Interest expense	  	 	29,749	  	 	 	27,025	  	 	 	76,431	  	 	 	77,412	  	
Collateral finance facility expense	  	 	2,995	  	 	 	3,069	  	 	 	8,840	  	 	 	9,372	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	  	 	2,247,602	  	 	 	1,838,511	  	 	 	6,519,675	  	 	 	5,910,999	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	  	 	201,479	  	 	 	156,396	  	 	 	598,134	  	 	 	570,320	  	
Income tax expense	  	 	57,004	  	 	 	21,794	  	 	 	189,230	  	 	 	162,854	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	  	$	144,475	  	 	$	134,602	  	 	$	408,904	  	 	$	407,466	  	

# # #

Exhibit 99.2

Financial Supplement
Third Quarter 2012
(Unaudited)

 

 	 	 	 	 	 	 	 	 	
World Headquarters	  	Internet address	  	 	  	 	  	Contacts:	
1370 Timberlake Manor Parkway	  	www.rgare.com	  	 	  	 	  	Jack B. Lay	
Chesterfield, Missouri 63017	  	 	  	 	  	 	  	Senior Executive Vice President	
U.S.A.	  	 	  	 	  	 	  	and Chief Financial Officer	
 	  	 	  	 	  	 	  	Phone: (636) 736-7000	
Current Ratings	  	e-mail: jlay@rgare.com	
 	 	 	 	 	
 	  	Standard & Poor's	  	A.M. Best	  	Moody's	  	John Hayden
Sr. Vice President
Controller & Investor Relations
Phone: (636) 300-8828
e-mail: jhayden@rgare.com	
Financial Strength Ratings	  	 	  	 	  	 	  	 	
RGA Reinsurance Company	  	AA-	  	A+	  	A1	  	 	
RGA Life Reinsurance Company of Canada	  	AA-	  	A+	  	NR	  	 	
RGA International Reinsurance Company Limited	  	AA-	  	NR	  	NR	  	 	
RGA Global Reinsurance Company Limited	  	AA-	  	NR	  	NR	  	 	
RGA Reinsurance Company of Australia Limited	  	AA-	  	NR	  	NR	  	 	
Senior Debt Ratings	  	 	  	 	  	 	  	 	
Reinsurance Group of America, Incorporated	  	A-	  	a-	  	Baa1	  	 	
Our common stock is traded on the New York Stock Exchange under the symbol "RGA".

Reinsurance Group of America, Incorporated
Financial Supplement
3rd Quarter 2012
Table of Contents

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

 	  	 	  	 	

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

 	  	 	  	Page 1	

Reinsurance Group of America, Incorporated
Financial Highlights (1)

(USD thousands, except
inforce & per share data)	 	Three Months Ended or As of	 	 	Current Qtr
vs. PY
Quarter	 	 	Year-to-Date	 	 	
 	 	Sept. 30,
2012	 	 	June 30,
2012	 	 	March 31,
2012	 	 	Dec. 31,
2011	 	 	Sept. 30,
2011	 	 	 	 	 	Sept. 30,
2012	 	 	Sept. 30,
2011	 	 	Change	 	 	 	 	
Net premiums	 	$	1,912,746	  	 	$	1,950,661	  	 	$	1,863,482	  	 	$	2,034,716	  	 	$	1,776,165	  	 	$	136,581	  	 	$	5,726,889	  	 	$	5,300,971	  	 	$	425,918	  	 	 	 	
Net income	 	 	144,475	  	 	 	141,111	  	 	 	123,318	  	 	 	138,579	  	 	 	134,602	  	 	 	9,873	  	 	 	408,904	  	 	 	407,466	  	 	 	1,438	  	 	 	 	
Operating income	 	 	99,902	  	 	 	122,273	  	 	 	112,377	  	 	 	120,772	  	 	 	138,837	  	 	 	(38,935	) 	 	 	334,552	  	 	 	364,824	  	 	 	(30,272	) 	 	 	 	
Operating return on equity (ex AOCI) - annualized	 	 	8.9	% 	 	 	11.2	% 	 	 	10.6	% 	 	 	11.7	% 	 	 	13.8	% 	 	 	-4.9	% 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating return on equity (ex AOCI) - trailing 12 months	 	 	10.5	% 	 	 	11.8	% 	 	 	12.0	% 	 	 	12.2	% 	 	 	13.2	% 	 	 	-2.7	% 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total assets	 	 	39,924,013	  	 	 	38,344,323	  	 	 	32,286,082	  	 	 	31,633,973	  	 	 	30,736,591	  	 	 	9,187,422	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Assumed Life Reinsurance in Force (in billions)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
U.S.	 	$	1,403.3	  	 	$	1,405.8	  	 	$	1,406.1	  	 	$	1,348.5	  	 	$	1,347.9	  	 	$	55.4	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Canada	 	 	384.8	  	 	 	365.1	  	 	 	364.5	  	 	 	344.9	  	 	 	329.5	  	 	 	55.3	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Europe & South Africa	 	 	559.4	  	 	 	525.2	  	 	 	529.7	  	 	 	513.4	  	 	 	515.0	  	 	 	44.4	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Asia Pacific	 	 	533.5	  	 	 	486.2	  	 	 	470.7	  	 	 	457.6	  	 	 	422.8	  	 	 	110.7	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Life Reinsurance in Force	 	$	2,881.0	  	 	$	2,782.3	  	 	$	2,771.0	  	 	$	2,664.4	  	 	$	2,615.2	  	 	$	265.8	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Assumed New Business Production (in billions)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
U.S.	 	$	23.1	  	 	$	24.2	  	 	$	84.9	  	 	$	24.8	  	 	$	30.1	  	 	$	(7.0	) 	 	$	132.2	  	 	$	85.7	  	 	$	46.5	  	 	 	 	
Canada	 	 	11.3	  	 	 	12.6	  	 	 	13.1	  	 	 	11.3	  	 	 	14.0	  	 	 	(2.7	) 	 	 	37.0	  	 	 	39.8	  	 	 	(2.8	) 	 	 	 	
Europe & South Africa	 	 	37.3	  	 	 	25.5	  	 	 	14.8	  	 	 	24.9	  	 	 	38.7	  	 	 	(1.4	) 	 	 	77.6	  	 	 	123.4	  	 	 	(45.8	) 	 	 	 	
Asia Pacific	 	 	47.2	  	 	 	24.5	  	 	 	5.7	  	 	 	74.0	  	 	 	27.9	  	 	 	19.3	  	 	 	77.4	  	 	 	45.0	  	 	 	32.4	  	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total New Business Production	 	$	118.9	  	 	$	86.8	  	 	$	118.5	  	 	$	135.0	  	 	$	110.7	  	 	$	8.2	  	 	$	324.2	  	 	$	293.9	  	 	$	30.3	  	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Per Share and Shares Data	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic earnings per share	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	 	$	1.96	  	 	$	1.91	  	 	$	1.68	  	 	$	1.89	  	 	$	1.82	  	 	$	0.14	  	 	$	5.55	  	 	$	5.53	  	 	$	0.02	  	 	 	 	
Operating income	 	$	1.35	  	 	$	1.66	  	 	$	1.53	  	 	$	1.65	  	 	$	1.88	  	 	$	(0.53	) 	 	$	4.54	  	 	$	4.95	  	 	$	(0.41	) 	 	 	 	
Diluted earnings per share	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	 	$	1.95	  	 	$	1.91	  	 	$	1.67	  	 	$	1.88	  	 	$	1.81	  	 	$	0.14	  	 	$	5.52	  	 	$	5.49	  	 	$	0.03	  	 	 	 	
Operating income	 	$	1.35	  	 	$	1.65	  	 	$	1.52	  	 	$	1.64	  	 	$	1.87	  	 	$	(0.52	) 	 	$	4.52	  	 	$	4.92	  	 	$	(0.40	) 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Wgt. average common shares outstanding (basic)	 	 	73,776	  	 	 	73,718	  	 	 	73,575	  	 	 	73,304	  	 	 	73,856	  	 	 	(80	) 	 	 	73,690	  	 	 	73,680	  	 	 	10	  	 	 	 	
Wgt. average common shares outstanding (diluted)	 	 	74,138	  	 	 	74,054	  	 	 	74,043	  	 	 	73,812	  	 	 	74,254	  	 	 	(116	) 	 	 	74,078	  	 	 	74,207	  	 	 	(129	) 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Common shares issued	 	 	79,138	  	 	 	79,138	  	 	 	79,138	  	 	 	79,138	  	 	 	79,138	  	 	 	—  	  	 	 	79,138	  	 	 	79,138	  	 	 	—  	  	 	 	 	
Treasury shares	 	 	5,286	  	 	 	5,416	  	 	 	5,426	  	 	 	5,770	  	 	 	5,871	  	 	 	(585	) 	 	 	5,286	  	 	 	5,871	  	 	 	(585	) 	 	 	 	
Common shares outstanding	 	 	73,852	  	 	 	73,722	  	 	 	73,712	  	 	 	73,368	  	 	 	73,267	  	 	 	585	  	 	 	73,852	  	 	 	73,267	  	 	 	585	  	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Book value per share	 	$	91.18	  	 	$	84.75	  	 	$	80.44	  	 	$	79.31	  	 	$	73.15	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Per share effect of accumulated other comprehensive income (AOCI)	 	$	29.13	  	 	$	24.41	  	 	$	21.87	  	 	$	22.06	  	 	$	17.68	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Book value per share, excluding AOCI	 	$	62.05	  	 	$	60.34	  	 	$	58.57	  	 	$	57.25	  	 	$	55.47	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Shareholder dividends paid	 	$	17,696.2	  	 	$	13,268.6	  	 	$	13,255.3	  	 	$	13,189.3	  	 	$	13,336.6	  	 	$	4,359.6	  	 	$	44,220.1	  	 	$	31,039.4	  	 	$	13,180.7	  	 	 	 	
 
(1)	Certain amounts in the prior periods have been revised in connection with the retrospective adoption of ASU 2010-26 in the first quarter of 2012.	

 	 	 	 	 	
 	  	 	  	Page 2	

Reinsurance Group of America, Incorporated
Consolidated GAAP Income Statement (incl. Operating Income Reconciliations) (1)

 	 	Three Months Ended	 	 	Current Qtr
vs. PY
Quarter	 	 	Year-to-Date	 	 	
(USD thousands)	 	Sept. 30,
2012	 	 	June 30,
2012	 	 	March 31,
2012	 	 	Dec. 31,
2011	 	 	Sept. 30,
2011	 	 	 	 	 	Sept. 30,
2012	 	 	Sept. 30,
2011	 	 	Change	 	 	 	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	1,912,746	  	 	$	1,950,661	  	 	$	1,863,482	  	 	$	2,034,716	  	 	$	1,776,165	  	 	$	136,581	  	 	$	5,726,889	  	 	$	5,300,971	  	 	$	425,918	  	 	 	 	
Investment income, net of related expenses	 	 	396,781	  	 	 	328,334	  	 	 	340,940	  	 	 	304,511	  	 	 	268,210	  	 	 	128,571	  	 	 	1,066,055	  	 	 	976,686	  	 	 	89,369	  	 	 	 	
Investment related gains (losses), net	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
OTTI on fixed maturity securities	 	 	(1,996	) 	 	 	(1,959	) 	 	 	(7,607	) 	 	 	(11,824	) 	 	 	(11,911	) 	 	 	9,915	  	 	 	(11,562	) 	 	 	(19,049	) 	 	 	7,487	  	 	 	 	
OTTI on fixed maturity securities transferred to/from AOCI	 	 	(559	) 	 	 	162	  	 	 	(7,221	) 	 	 	543	  	 	 	3,089	  	 	 	(3,648	) 	 	 	(7,618	) 	 	 	3,381	  	 	 	(10,999	) 	 	 	 	
Other investment related gains (losses), net	 	 	78,608	  	 	 	25,598	  	 	 	58,348	  	 	 	(36,183	) 	 	 	(130,778	) 	 	 	209,386	  	 	 	162,554	  	 	 	27,076	  	 	 	135,478	  	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total investment related gains (losses), net	 	 	76,053	  	 	 	23,801	  	 	 	43,520	  	 	 	(47,464	) 	 	 	(139,600	) 	 	 	215,653	  	 	 	143,374	  	 	 	11,408	  	 	 	131,966	  	 	 	 	
Other revenue	 	 	63,501	  	 	 	72,957	  	 	 	45,033	  	 	 	56,456	  	 	 	90,132	  	 	 	(26,631	) 	 	 	181,491	  	 	 	192,254	  	 	 	(10,763	) 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	 	 	2,449,081	  	 	 	2,375,753	  	 	 	2,292,975	  	 	 	2,348,219	  	 	 	1,994,907	  	 	 	454,174	  	 	 	7,117,809	  	 	 	6,481,319	  	 	 	636,490	  	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	 	1,662,625	  	 	 	1,625,446	  	 	 	1,580,149	  	 	 	1,720,956	  	 	 	1,514,765	  	 	 	147,860	  	 	 	4,868,220	  	 	 	4,504,227	  	 	 	363,993	  	 	 	 	
Interest credited	 	 	130,341	  	 	 	66,697	  	 	 	88,042	  	 	 	78,884	  	 	 	35,251	  	 	 	95,090	  	 	 	285,080	  	 	 	237,510	  	 	 	47,570	  	 	 	 	
Policy acquisition costs and other insurance expenses	 	 	318,106	  	 	 	335,939	  	 	 	307,634	  	 	 	204,883	  	 	 	164,372	  	 	 	153,734	  	 	 	961,679	  	 	 	785,138	  	 	 	176,541	  	 	 	 	
Other operating expenses	 	 	103,786	  	 	 	105,541	  	 	 	110,098	  	 	 	122,000	  	 	 	94,029	  	 	 	9,757	  	 	 	319,425	  	 	 	297,340	  	 	 	22,085	  	 	 	 	
Interest expense	 	 	29,749	  	 	 	23,360	  	 	 	23,322	  	 	 	25,226	  	 	 	27,025	  	 	 	2,724	  	 	 	76,431	  	 	 	77,412	  	 	 	(981	) 	 	 	 	
Collateral finance facility expense	 	 	2,995	  	 	 	2,878	  	 	 	2,967	  	 	 	3,019	  	 	 	3,069	  	 	 	(74	) 	 	 	8,840	  	 	 	9,372	  	 	 	(532	) 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	 	 	2,247,602	  	 	 	2,159,861	  	 	 	2,112,212	  	 	 	2,154,968	  	 	 	1,838,511	  	 	 	409,091	  	 	 	6,519,675	  	 	 	5,910,999	  	 	 	608,676	  	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	 	201,479	  	 	 	215,892	  	 	 	180,763	  	 	 	193,251	  	 	 	156,396	  	 	 	45,083	  	 	 	598,134	  	 	 	570,320	  	 	 	27,814	  	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Income tax expense	 	 	57,004	  	 	 	74,781	  	 	 	57,445	  	 	 	54,672	  	 	 	21,794	  	 	 	35,210	  	 	 	189,230	  	 	 	162,854	  	 	 	26,376	  	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	 	$	144,475	  	 	$	141,111	  	 	$	123,318	  	 	$	138,579	  	 	$	134,602	  	 	$	9,873	  	 	$	408,904	  	 	$	407,466	  	 	$	1,438	  	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Pre-tax Operating Income Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	 	201,479	  	 	 	215,892	  	 	 	180,763	  	 	 	193,251	  	 	 	156,396	  	 	 	45,083	  	 	 	598,134	  	 	 	570,320	  	 	 	27,814	  	 	 	 	
Investment and derivative losses (gains) - non-operating  (2)	 	 	(16,940	) 	 	 	(102,184	) 	 	 	94,098	  	 	 	(5,360	) 	 	 	(221,194	) 	 	 	204,254	  	 	 	(25,026	) 	 	 	(260,247	) 	 	 	235,221	  	 	 	 	
Change in value of modified coinsurance and funds withheld embedded derivatives  (2)	 	 	(54,836	) 	 	 	4,453	  	 	 	9,428	  	 	 	85,722	  	 	 	102,574	  	 	 	(157,410	) 	 	 	(40,955	) 	 	 	1,514	  	 	 	(42,469	) 	 	 	 	
GMXB embedded derivatives  (2)	 	 	(2,579	) 	 	 	74,929	  	 	 	(146,375	) 	 	 	(29,261	) 	 	 	260,239	  	 	 	(262,818	) 	 	 	(74,025	) 	 	 	253,445	  	 	 	(327,470	) 	 	 	 	
Funds withheld losses (gains) - investment income	 	 	(6,400	) 	 	 	(5,323	) 	 	 	1,040	  	 	 	(194	) 	 	 	(9,806	) 	 	 	3,406	  	 	 	(10,683	) 	 	 	(4,950	) 	 	 	(5,733	) 	 	 	 	
Funds withheld losses (gains) - policy acq. costs	 	 	122	  	 	 	152	  	 	 	209	  	 	 	47	  	 	 	1,034	  	 	 	(912	) 	 	 	483	  	 	 	902	  	 	 	(419	) 	 	 	 	
EIA embedded derivatives - interest credited	 	 	(167	) 	 	 	(1,685	) 	 	 	39,239	  	 	 	9,490	  	 	 	37,539	  	 	 	(37,706	) 	 	 	37,387	  	 	 	31,799	  	 	 	5,588	  	 	 	 	
EIA embedded derivatives - policy acq. costs	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	6,908	  	 	 	(3,664	) 	 	 	3,664	  	 	 	—  	  	 	 	(2,793	) 	 	 	2,793	  	 	 	 	
DAC offset, net	 	 	13,705	  	 	 	1,490	  	 	 	(13,148	) 	 	 	(82,837	) 	 	 	(107,709	) 	 	 	121,414	  	 	 	2,047	  	 	 	(30,984	) 	 	 	33,031	  	 	 	 	
Gain on repurchase of collateral finance facility securities	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	(9,725	) 	 	 	(50,869	) 	 	 	50,869	  	 	 	—  	  	 	 	(55,840	) 	 	 	55,840	  	 	 	 	
Loss on retirement of Preferred Income Equity Redeemable Securities (“PIERS”)	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	4,391	  	 	 	(4,391	) 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating Income Before Income Taxes	 	$	134,384	  	 	$	187,724	  	 	$	165,254	  	 	$	168,041	  	 	$	164,540	  	 	$	(30,156	) 	 	$	487,362	  	 	$	507,557	  	 	$	(20,195	) 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
After-tax Operating Income Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net Income	 	 	144,475	  	 	 	141,111	  	 	 	123,318	  	 	 	138,579	  	 	 	134,602	  	 	 	9,873	  	 	 	408,904	  	 	 	407,466	  	 	 	1,438	  	 	 	 	
Investment and derivative losses (gains) - non-operating  (2)	 	 	(11,972	) 	 	 	(66,949	) 	 	 	60,304	  	 	 	(4,906	) 	 	 	(144,834	) 	 	 	132,862	  	 	 	(18,617	) 	 	 	(171,005	) 	 	 	152,388	  	 	 	 	
Change in value of modified coinsurance and funds withheld embedded derivatives  (2)	 	 	(35,644	) 	 	 	2,895	  	 	 	6,128	  	 	 	55,719	  	 	 	66,673	  	 	 	(102,317	) 	 	 	(26,621	) 	 	 	984	  	 	 	(27,605	) 	 	 	 	
GMXB embedded derivatives  (2)	 	 	(1,676	) 	 	 	48,704	  	 	 	(95,144	) 	 	 	(19,019	) 	 	 	169,155	  	 	 	(170,831	) 	 	 	(48,116	) 	 	 	164,739	  	 	 	(212,855	) 	 	 	 	
Funds withheld losses (gains) - investment income	 	 	(4,160	) 	 	 	(3,460	) 	 	 	676	  	 	 	(126	) 	 	 	(6,374	) 	 	 	2,214	  	 	 	(6,944	) 	 	 	(3,218	) 	 	 	(3,726	) 	 	 	 	
Funds withheld losses (gains) - policy acq. costs	 	 	79	  	 	 	99	  	 	 	136	  	 	 	31	  	 	 	672	  	 	 	(593	) 	 	 	314	  	 	 	586	  	 	 	(272	) 	 	 	 	
EIA embedded derivatives - interest credited	 	 	(108	) 	 	 	(1,095	) 	 	 	25,505	  	 	 	6,169	  	 	 	24,400	  	 	 	(24,508	) 	 	 	24,302	  	 	 	20,669	  	 	 	3,633	  	 	 	 	
EIA embedded derivatives - policy acq. costs	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	4,490	  	 	 	(2,381	) 	 	 	2,381	  	 	 	—  	  	 	 	(1,815	) 	 	 	1,815	  	 	 	 	
DAC offset, net	 	 	8,908	  	 	 	968	  	 	 	(8,546	) 	 	 	(53,844	) 	 	 	(70,011	) 	 	 	78,919	  	 	 	1,330	  	 	 	(20,140	) 	 	 	21,470	  	 	 	 	
Gain on repurchase of collateral finance facility securities	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	(6,321	) 	 	 	(33,065	) 	 	 	33,065	  	 	 	—  	  	 	 	(36,296	) 	 	 	36,296	  	 	 	 	
Loss on retirement of PIERS	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	2,854	  	 	 	(2,854	) 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating Income	 	$	99,902	  	 	$	122,273	  	 	$	112,377	  	 	$	120,772	  	 	$	138,837	  	 	$	(38,935	) 	 	$	334,552	  	 	$	364,824	  	 	$	(30,272	) 	 	 	 	

(1)	Certain amounts in the prior periods have been revised in connection with the retrospective adoption of ASU 2010-26 in the first quarter of 2012.	
(2)	Included in “Investment related gains (losses), net” on Consolidated GAAP Income Statement	

 	  	 	  	Page 3	

Reinsurance Group of America, Incorporated
Consolidated Operating Income Statement (1)

 	  	Three Months Ended	 	 	Current Qtr
vs. PY
Quarter	 	 	Year-to-Date	 	 	
(USD thousands, except per share data)	  	Sept. 30,
2012	 	 	June 30,
2012	 	 	March 31,
2012	 	 	Dec. 31,
2011	 	 	Sept. 30,
2011	 	 	 	 	 	Sept. 30,
2012	 	 	Sept. 30,
2011	 	  	Change	 	 	 	 	
Revenues:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	
Net premiums	  	$	1,912,746	  	 	$	1,950,661	  	 	$	1,863,482	  	 	$	2,034,716	  	 	$	1,776,165	  	 	$	136,581	  	 	$	5,726,889	  	 	$	5,300,971	  	  	$	425,918	  	 	 	 	
Investment income, net of related expenses	  	 	390,381	  	 	 	323,011	  	 	 	341,980	  	 	 	304,317	  	 	 	258,404	  	 	 	131,977	  	 	 	1,055,372	  	 	 	971,736	  	  	 	83,636	  	 	 	 	
Investment related gains (losses), net	  	 	1,698	  	 	 	999	  	 	 	671	  	 	 	3,637	  	 	 	2,019	  	 	 	(321	) 	 	 	3,368	  	 	 	6,120	  	  	 	(2,752	) 	 	 	 	
Other revenue	  	 	63,501	  	 	 	72,957	  	 	 	45,033	  	 	 	46,731	  	 	 	39,263	  	 	 	24,238	  	 	 	181,491	  	 	 	136,414	  	  	 	45,077	  	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	
Total revenues	  	 	2,368,326	  	 	 	2,347,628	  	 	 	2,251,166	  	 	 	2,389,401	  	 	 	2,075,851	  	 	 	292,475	  	 	 	6,967,120	  	 	 	6,415,241	  	  	 	551,879	  	 	 	 	
Benefits and expenses:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	
Claims and other policy benefits	  	 	1,662,625	  	 	 	1,625,446	  	 	 	1,580,149	  	 	 	1,720,956	  	 	 	1,514,765	  	 	 	147,860	  	 	 	4,868,220	  	 	 	4,504,227	  	  	 	363,993	  	 	 	 	
Interest credited	  	 	130,508	  	 	 	68,382	  	 	 	48,803	  	 	 	69,394	  	 	 	(2,288	) 	 	 	132,796	  	 	 	247,693	  	 	 	205,711	  	  	 	41,982	  	 	 	 	
Policy acquisition costs and other insurance expenses	  	 	304,279	  	 	 	334,297	  	 	 	320,573	  	 	 	280,765	  	 	 	274,711	  	 	 	29,568	  	 	 	959,149	  	 	 	818,013	  	  	 	141,136	  	 	 	 	
Other operating expenses	  	 	103,786	  	 	 	105,541	  	 	 	110,098	  	 	 	122,000	  	 	 	94,029	  	 	 	9,757	  	 	 	319,425	  	 	 	292,949	  	  	 	26,476	  	 	 	 	
Interest expense	  	 	29,749	  	 	 	23,360	  	 	 	23,322	  	 	 	25,226	  	 	 	27,025	  	 	 	2,724	  	 	 	76,431	  	 	 	77,412	  	  	 	(981	) 	 	 	 	
Collateral finance facility expense	  	 	2,995	  	 	 	2,878	  	 	 	2,967	  	 	 	3,019	  	 	 	3,069	  	 	 	(74	) 	 	 	8,840	  	 	 	9,372	  	  	 	(532	) 	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	
Total benefits and expenses	  	 	2,233,942	  	 	 	2,159,904	  	 	 	2,085,912	  	 	 	2,221,360	  	 	 	1,911,311	  	 	 	322,631	  	 	 	6,479,758	  	 	 	5,907,684	  	  	 	572,074	  	 	 	 	
Operating income before income taxes	  	 	134,384	  	 	 	187,724	  	 	 	165,254	  	 	 	168,041	  	 	 	164,540	  	 	 	(30,156	) 	 	 	487,362	  	 	 	507,557	  	  	 	(20,195	) 	 	 	 	
Operating income tax expense	  	 	34,482	  	 	 	65,451	  	 	 	52,877	  	 	 	47,269	  	 	 	25,703	  	 	 	8,779	  	 	 	152,810	  	 	 	142,733	  	  	 	10,077	  	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	
Operating income	  	$	99,902	  	 	$	122,273	  	 	$	112,377	  	 	$	120,772	  	 	$	138,837	  	 	$	(38,935	) 	 	$	334,552	  	 	$	364,824	  	  	$	(30,272	) 	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	
Wgt. Average Common Shares Outstanding (Diluted)	  	 	74,138	  	 	 	74,054	  	 	 	74,043	  	 	 	73,812	  	 	 	74,254	  	 	 	(116	) 	 	 	74,078	  	 	 	74,207	  	  	 	(129	) 	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	
Diluted Earnings Per Share - Operating Income	  	$	1.35	  	 	$	1.65	  	 	$	1.52	  	 	$	1.64	  	 	$	1.87	  	 	$	(0.52	) 	 	$	4.52	  	 	$	4.92	  	  	$	(0.40	) 	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	
Foreign currency effect (2):	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	
Net premiums	  	$	(25,972	) 	 	$	(45,800	) 	 	$	(4,924	) 	 	$	(5,509	) 	 	$	53,399	  	 	$	(79,371	) 	 	$	(76,696	) 	 	$	173,163	  	  	$	(249,859	) 	 	 	 	
Operating income before income taxes	  	$	(4,165	) 	 	$	(3,471	) 	 	$	(387	) 	 	$	(2,407	) 	 	$	6,846	  	 	$	(11,011	) 	 	$	(8,023	) 	 	$	17,193	  	  	$	(25,216	) 	 	 	 	
 
(1)	Certain amounts in the prior periods have been revised in connection with the retrospective adoption of ASU 2010-26 in the first quarter of 2012.	
(2)	Compared to comparable prior year period	

 	  	 	  	Page 4	

Reinsurance Group of America, Incorporated
Consolidated Balance Sheets (1)

(USD thousands)	  	Sept. 30,
2012	 	 	June 30,
2012	 	 	March 31,
2012	 	 	Dec. 31,
2011	 	 	Sept. 30,
2011	 	
Assets	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Fixed maturity securities, available-for-sale	  	$	21,658,414	  	 	$	17,244,192	  	 	$	16,794,057	  	 	$	16,200,950	  	 	$	15,557,032	  	
Mortgage loans on real estate	  	 	2,256,881	  	 	 	1,157,049	  	 	 	1,040,733	  	 	 	991,731	  	 	 	934,694	  	
Policy loans	  	 	1,243,498	  	 	 	1,250,238	  	 	 	1,260,070	  	 	 	1,260,400	  	 	 	1,228,890	  	
Funds withheld at interest	  	 	5,608,640	  	 	 	5,457,888	  	 	 	5,472,532	  	 	 	5,410,424	  	 	 	5,445,886	  	
Short-term investments	  	 	90,789	  	 	 	49,981	  	 	 	75,425	  	 	 	88,566	  	 	 	81,747	  	
Investment receivable	  	 	—  	  	 	 	5,406,898	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	
Other invested assets	  	 	1,236,616	  	 	 	940,605	  	 	 	867,507	  	 	 	1,012,541	  	 	 	1,020,043	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total investments	  	 	32,094,838	  	 	 	31,506,851	  	 	 	25,510,324	  	 	 	24,964,612	  	 	 	24,268,292	  	
Cash and cash equivalents	  	 	1,603,730	  	 	 	957,341	  	 	 	873,933	  	 	 	962,870	  	 	 	802,651	  	
Accrued investment income	  	 	250,048	  	 	 	182,586	  	 	 	173,629	  	 	 	144,334	  	 	 	190,298	  	
Premiums receivable and other reinsurance balances	  	 	1,179,687	  	 	 	1,104,176	  	 	 	1,131,334	  	 	 	1,059,572	  	 	 	1,060,631	  	
Reinsurance ceded receivables	  	 	623,954	  	 	 	626,734	  	 	 	597,508	  	 	 	626,194	  	 	 	727,290	  	
Deferred policy acquisition costs	  	 	3,630,877	  	 	 	3,605,008	  	 	 	3,629,424	  	 	 	3,543,925	  	 	 	3,340,394	  	
Other assets	  	 	540,879	  	 	 	361,627	  	 	 	369,930	  	 	 	332,466	  	 	 	347,035	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total assets	  	$	39,924,013	  	 	$	38,344,323	  	 	$	32,286,082	  	 	$	31,633,973	  	 	$	30,736,591	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Liabilities and Stockholders’ Equity	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Future policy benefits	  	$	11,093,483	  	 	$	10,725,096	  	 	$	10,413,361	  	 	$	9,903,886	  	 	$	9,445,222	  	
Interest-sensitive contract liabilities	  	 	13,254,859	  	 	 	13,352,601	  	 	 	8,252,995	  	 	 	8,394,468	  	 	 	8,378,159	  	
Other policy claims and benefits	  	 	3,132,526	  	 	 	3,026,467	  	 	 	2,984,681	  	 	 	2,841,373	  	 	 	2,826,297	  	
Other reinsurance balances	  	 	218,057	  	 	 	249,336	  	 	 	132,389	  	 	 	118,219	  	 	 	136,298	  	
Deferred income taxes	  	 	1,806,186	  	 	 	1,785,614	  	 	 	1,728,765	  	 	 	1,679,834	  	 	 	1,518,990	  	
Other liabilities	  	 	1,217,788	  	 	 	890,687	  	 	 	777,678	  	 	 	810,775	  	 	 	776,239	  	
Short-term debt	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	199,997	  	
Long-term debt	  	 	1,815,111	  	 	 	1,414,969	  	 	 	1,414,829	  	 	 	1,414,688	  	 	 	1,414,546	  	
Collateral finance facility	  	 	651,968	  	 	 	651,936	  	 	 	652,029	  	 	 	652,032	  	 	 	681,004	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total liabilities	  	 	33,189,978	  	 	 	32,096,706	  	 	 	26,356,727	  	 	 	25,815,275	  	 	 	25,376,752	  	
Stockholders’ Equity:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Common stock, at par value	  	 	791	  	 	 	791	  	 	 	791	  	 	 	791	  	 	 	791	  	
Additional paid-in-capital	  	 	1,743,822	  	 	 	1,740,415	  	 	 	1,736,184	  	 	 	1,727,774	  	 	 	1,719,683	  	
Retained earnings	  	 	3,154,317	  	 	 	3,033,505	  	 	 	2,906,310	  	 	 	2,818,429	  	 	 	2,695,680	  	
Treasury stock	  	 	(316,542	) 	 	 	(326,292	) 	 	 	(325,732	) 	 	 	(346,449	) 	 	 	(352,106	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Accumulated other comprehensive income (AOCI):	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Accumulated currency translation adjustment, net of income taxes	  	 	273,258	  	 	 	237,010	  	 	 	253,875	  	 	 	229,795	  	 	 	189,347	  	
Unrealized appreciation of securities, net of income taxes	  	 	1,907,512	  	 	 	1,591,647	  	 	 	1,388,597	  	 	 	1,419,318	  	 	 	1,119,724	  	
Pension and postretirement benefits, net of income taxes	  	 	(29,123	) 	 	 	(29,459	) 	 	 	(30,670	) 	 	 	(30,960	) 	 	 	(13,280	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total stockholders’ equity	  	 	6,734,035	  	 	 	6,247,617	  	 	 	5,929,355	  	 	 	5,818,698	  	 	 	5,359,839	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total liabilities and stockholders’ equity	  	$	39,924,013	  	 	$	38,344,323	  	 	$	32,286,082	  	 	$	31,633,973	  	 	$	30,736,591	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total stockholders’ equity, excluding AOCI	  	$	4,582,388	  	 	$	4,448,419	  	 	$	4,317,553	  	 	$	4,200,545	  	 	$	4,064,048	  	
 
(1)	Certain amounts in the prior periods have been revised in connection with the retrospective adoption of ASU 2010-26 in the first quarter of 2012.	

 	  	 	  	Page 5	

Reinsurance Group of America, Incorporated
U.S. Traditional Sub-segment Pre-tax Operating Income (1)

  	 	Three Months Ended	 	 	Current Qtr
vs. PY
Quarter	 	 	Year-to-Date	 	 	
(USD thousands)	 	Sept. 30,
2012	 	 	June 30,
2012	 	 	March 31,
2012	 	 	Dec. 31,
2011	 	 	Sept. 30,
2011	 	 	 	 	 	Sept. 30,
2012	 	 	Sept. 30,
2011	 	 	Change	 	 	 	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	1,045,767	  	 	$	1,082,400	  	 	$	1,021,507	  	 	$	1,099,409	  	 	$	971,190	  	 	$	74,577	  	 	$	3,149,674	  	 	$	2,880,080	  	 	$	269,594	  	 	 	 	
Investment income, net of related expenses	 	 	135,532	  	 	 	133,652	  	 	 	132,417	  	 	 	125,528	  	 	 	123,686	  	 	 	11,846	  	 	 	401,601	  	 	 	370,122	  	 	 	31,479	  	 	 	 	
Other revenue	 	 	764	  	 	 	401	  	 	 	1,003	  	 	 	1,571	  	 	 	599	  	 	 	165	  	 	 	2,168	  	 	 	1,830	  	 	 	338	  	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	 	 	1,182,063	  	 	 	1,216,453	  	 	 	1,154,927	  	 	 	1,226,508	  	 	 	1,095,475	  	 	 	86,588	  	 	 	3,553,443	  	 	 	3,252,032	  	 	 	301,411	  	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	 	917,264	  	 	 	934,807	  	 	 	907,461	  	 	 	952,609	  	 	 	844,090	  	 	 	73,174	  	 	 	2,759,532	  	 	 	2,505,670	  	 	 	253,862	  	 	 	 	
Interest credited	 	 	14,637	  	 	 	14,555	  	 	 	15,054	  	 	 	15,174	  	 	 	15,166	  	 	 	(529	) 	 	 	44,246	  	 	 	44,717	  	 	 	(471	) 	 	 	 	
Policy acquisition costs and other insurance expenses	 	 	156,995	  	 	 	150,958	  	 	 	145,485	  	 	 	152,246	  	 	 	135,747	  	 	 	21,248	  	 	 	453,438	  	 	 	403,265	  	 	 	50,173	  	 	 	 	
Other operating expenses	 	 	20,684	  	 	 	20,586	  	 	 	24,001	  	 	 	23,971	  	 	 	20,299	  	 	 	385	  	 	 	65,271	  	 	 	61,135	  	 	 	4,136	  	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	 	 	1,109,580	  	 	 	1,120,906	  	 	 	1,092,001	  	 	 	1,144,000	  	 	 	1,015,302	  	 	 	94,278	  	 	 	3,322,487	  	 	 	3,014,787	  	 	 	307,700	  	 	 	 	
Operating income before income taxes	 	 	72,483	  	 	 	95,547	  	 	 	62,926	  	 	 	82,508	  	 	 	80,173	  	 	 	(7,690	) 	 	 	230,956	  	 	 	237,245	  	 	 	(6,289	) 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	 	72,483	  	 	 	95,547	  	 	 	62,926	  	 	 	82,508	  	 	 	80,173	  	 	 	(7,690	) 	 	 	230,956	  	 	 	237,245	  	 	 	(6,289	) 	 	 	 	
Investment and derivative (losses) gains - non-operating	 	 	(1,927	) 	 	 	789	  	 	 	(13,084	) 	 	 	30,075	  	 	 	5,056	  	 	 	(6,983	) 	 	 	(14,222	) 	 	 	14,136	  	 	 	(28,358	) 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	$	70,556	  	 	$	96,336	  	 	$	49,842	  	 	$	112,583	  	 	$	85,229	  	 	$	(14,673	) 	 	$	216,734	  	 	$	251,381	  	 	$	(34,647	) 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Loss and Expense Ratios:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	 	87.7	% 	 	 	86.4	% 	 	 	88.8	% 	 	 	86.6	% 	 	 	86.9	% 	 	 	0.8	% 	 	 	87.6	% 	 	 	87.0	% 	 	 	0.6	% 	 	 	 	
Policy acquisition costs and other insurance expenses	 	 	15.0	% 	 	 	13.9	% 	 	 	14.2	% 	 	 	13.8	% 	 	 	14.0	% 	 	 	1.0	% 	 	 	14.4	% 	 	 	14.0	% 	 	 	0.4	% 	 	 	 	
Other operating expenses	 	 	2.0	% 	 	 	1.9	% 	 	 	2.3	% 	 	 	2.2	% 	 	 	2.1	% 	 	 	-0.1	% 	 	 	2.1	% 	 	 	2.1	% 	 	 	0.0	% 	 	 	 	
 
(1)	Certain amounts in the prior periods have been revised in connection with the retrospective adoption of ASU 2010-26 in the first quarter of 2012.	

 	  	 	  	Page 6	

Reinsurance Group of America, Incorporated
U.S. Asset Intensive Sub-segment Pre-tax Operating Income (1)

 	  	Three Months Ended	 	 	Current Qtr
vs. PY
Quarter	 	 	Year-to-Date	 	 	
(USD thousands)	  	Sept. 30,
2012	 	 	June 30,
2012	 	 	March 31,
2012	 	 	Dec. 31,
2011	 	 	Sept. 30,
2011	 	 	 	 	 	Sept. 30,
2012	 	 	Sept. 30,
2011	 	 	Change	 	 	 	 	
Revenues:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	  	$	3,623	  	 	$	3,355	  	 	$	3,596	  	 	$	3,619	  	 	$	2,786	  	 	$	837	  	 	$	10,574	  	 	$	9,570	  	 	$	1,004	  	 	 	 	
Investment income, net of related expenses	  	 	154,789	  	 	 	90,527	  	 	 	111,501	  	 	 	79,604	  	 	 	20,361	  	 	 	134,428	  	 	 	356,817	  	 	 	277,974	  	 	 	78,843	  	 	 	 	
Investment related gains (losses), net	  	 	—  	  	 	 	(18	) 	 	 	(30	) 	 	 	(82	) 	 	 	(14	) 	 	 	14	  	 	 	(48	) 	 	 	(50	) 	 	 	2	  	 	 	 	
Other revenue	  	 	31,976	  	 	 	29,254	  	 	 	19,893	  	 	 	20,154	  	 	 	19,827	  	 	 	12,149	  	 	 	81,123	  	 	 	67,364	  	 	 	13,759	  	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	  	 	190,388	  	 	 	123,118	  	 	 	134,960	  	 	 	103,295	  	 	 	42,960	  	 	 	147,428	  	 	 	448,466	  	 	 	354,858	  	 	 	93,608	  	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	  	 	2,828	  	 	 	5,102	  	 	 	1,902	  	 	 	2,766	  	 	 	4,431	  	 	 	(1,603	) 	 	 	9,832	  	 	 	11,511	  	 	 	(1,679	) 	 	 	 	
Interest credited	  	 	115,645	  	 	 	53,611	  	 	 	33,511	  	 	 	53,965	  	 	 	(17,733	) 	 	 	133,378	  	 	 	202,767	  	 	 	160,100	  	 	 	42,667	  	 	 	 	
Policy acquisition costs and other insurance expenses	  	 	42,200	  	 	 	44,955	  	 	 	72,004	  	 	 	16,858	  	 	 	52,854	  	 	 	(10,654	) 	 	 	159,159	  	 	 	134,616	  	 	 	24,543	  	 	 	 	
Other operating expenses	  	 	2,596	  	 	 	2,807	  	 	 	3,062	  	 	 	2,434	  	 	 	1,886	  	 	 	710	  	 	 	8,465	  	 	 	5,783	  	 	 	2,682	  	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	  	 	163,269	  	 	 	106,475	  	 	 	110,479	  	 	 	76,023	  	 	 	41,438	  	 	 	121,831	  	 	 	380,223	  	 	 	312,010	  	 	 	68,213	  	 	 	 	
Operating income before income taxes	  	 	27,119	  	 	 	16,643	  	 	 	24,481	  	 	 	27,272	  	 	 	1,522	  	 	 	25,597	  	 	 	68,243	  	 	 	42,848	  	 	 	25,395	  	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating to U.S. GAAP Reconciliation:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	  	 	27,119	  	 	 	16,643	  	 	 	24,481	  	 	 	27,272	  	 	 	1,522	  	 	 	25,597	  	 	 	68,243	  	 	 	42,848	  	 	 	25,395	  	 	 	 	
Investment and derivative gains (losses) - non-operating  (2)	  	 	2,039	  	 	 	92,008	  	 	 	(96,355	) 	 	 	(23,077	) 	 	 	219,530	  	 	 	(217,491	) 	 	 	(2,308	) 	 	 	229,507	  	 	 	(231,815	) 	 	 	 	
Change in value of modified coinsurance and funds withheld embedded derivatives  (2)	  	 	54,257	  	 	 	(4,593	) 	 	 	(9,387	) 	 	 	(86,759	) 	 	 	(103,949	) 	 	 	158,206	  	 	 	40,277	  	 	 	(2,889	) 	 	 	43,166	  	 	 	 	
GMXB embedded derivatives  (2)	  	 	2,579	  	 	 	(74,929	) 	 	 	146,375	  	 	 	29,261	  	 	 	(260,239	) 	 	 	262,818	  	 	 	74,025	  	 	 	(253,445	) 	 	 	327,470	  	 	 	 	
Funds withheld gains (losses) - investment income	  	 	5,652	  	 	 	5,430	  	 	 	(2,224	) 	 	 	194	  	 	 	9,806	  	 	 	(4,154	) 	 	 	8,858	  	 	 	4,950	  	 	 	3,908	  	 	 	 	
Funds withheld gains (losses) - policy acq. costs	  	 	(122	) 	 	 	(152	) 	 	 	(209	) 	 	 	(47	) 	 	 	(1,034	) 	 	 	912	  	 	 	(483	) 	 	 	(902	) 	 	 	419	  	 	 	 	
EIA embedded derivatives - interest credited	  	 	167	  	 	 	1,685	  	 	 	(39,239	) 	 	 	(9,490	) 	 	 	(37,539	) 	 	 	37,706	  	 	 	(37,387	) 	 	 	(31,799	) 	 	 	(5,588	) 	 	 	 	
EIA embedded derivatives - policy acq. costs	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	(6,908	) 	 	 	3,664	  	 	 	(3,664	) 	 	 	—  	  	 	 	2,793	  	 	 	(2,793	) 	 	 	 	
DAC offset, net	  	 	(13,705	) 	 	 	(1,490	) 	 	 	13,148	  	 	 	82,837	  	 	 	107,709	  	 	 	(121,414	) 	 	 	(2,047	) 	 	 	30,984	  	 	 	(33,031	) 	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income (loss) before income taxes	  	$	77,986	  	 	$	34,602	  	 	$	36,590	  	 	$	13,283	  	 	$	(60,530	) 	 	$	138,516	  	 	$	149,178	  	 	$	22,047	  	 	$	127,131	  	 	 	 	

(1)	Certain amounts in the prior periods have been revised in connection with the retrospective adoption of ASU 2010-26 in the first quarter of 2012.	
(2)	Included in "Investment related gains (losses), net" on Consolidated GAAP Income Statement	

 	  	 	  	Page 7	

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

 	  	Three Months Ended	 	
(USD millions)	  	Sept. 30,
2012	 	 	June 30,
2012	 	 	March 31,
2012	 	 	Dec. 31,
2011	 	 	Sept. 30,
2011	 	
Annuity account values:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	
Fixed annuities (deferred)	  	$	5,815	  	 	$	5,942	  	 	$	897	  	 	$	879	  	 	$	856	  	
 	 	 	 	 	 	
Net interest spread (fixed annuities):	  	 	1.1	% 	 	 	1.0	% 	 	 	2.4	% 	 	 	2.8	% 	 	 	2.7	% 	
 	 	 	 	 	 	
Equity-indexed annuities	  	$	4,882	  	 	$	4,867	  	 	$	4,895	  	 	$	4,881	  	 	$	4,327	  	
 	 	 	 	 	 	
Variable annuities:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
No riders	  	$	957	  	 	$	944	  	 	$	1,040	  	 	$	986	  	 	$	979	  	
GMDB only	  	 	80	  	 	 	79	  	 	 	82	  	 	 	85	  	 	 	76	  	
GMIB only	  	 	6	  	 	 	6	  	 	 	6	  	 	 	6	  	 	 	5	  	
GMAB only	  	 	55	  	 	 	54	  	 	 	57	  	 	 	55	  	 	 	54	  	
GMWB only	  	 	1,667	  	 	 	1,620	  	 	 	1,704	  	 	 	1,538	  	 	 	1,524	  	
GMDB / WB	  	 	461	  	 	 	451	  	 	 	460	  	 	 	498	  	 	 	428	  	
Other	  	 	31	  	 	 	30	  	 	 	32	  	 	 	31	  	 	 	30	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total VA account values	  	$	3,257	  	 	$	3,184	  	 	$	3,381	  	 	$	3,199	  	 	$	3,096	  	
 	 	 	 	 	 	
Fair value of liabilities associated with living benefit riders	  	$	203	  	 	$	205	  	 	$	130	  	 	$	277	  	 	$	306	  	
 	 	 	 	 	 	
Interest-sensitive contract liabilities associated with:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	
Guaranteed investment contracts	  	$	200	  	 	$	200	  	 	$	198	  	 	$	198	  	 	$	199	  	
 	 	 	 	 	 	
Bank-owned life insurance (BOLI)	  	$	519	  	 	$	515	  	 	$	512	  	 	$	508	  	 	$	505	  	
 	 	 	 	 	 	
Other asset-intensive business	  	$	76	  	 	$	77	  	 	$	78	  	 	$	78	  	 	$	79	  	

 	  	 	  	Page 8	

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

 	  	Three Months Ended	 	 	Current Qtr
vs.  PY
Quarter	 	 	Year-to-Date	 	 	
(USD thousands)	  	Sept. 30,
2012	 	 	June 30,
2012	 	  	March 31,
2012	 	 	Dec. 31,
2011	 	 	Sept. 30,
2011	 	 	 	 	 	Sept. 30,
2012	 	 	Sept. 30,
2011	 	 	Change	 	 	 	 	
Revenues:	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Investment income, net of related expenses	  	$	364	  	 	$	179	  	  	$	164	  	 	$	131	  	 	$	168	  	 	$	196	  	 	$	707	  	 	$	33	  	 	$	674	  	 	 	 	
Other revenue	  	 	11,565	  	 	 	11,734	  	  	 	8,910	  	 	 	9,558	  	 	 	8,619	  	 	 	2,946	  	 	 	32,209	  	 	 	26,815	  	 	 	5,394	  	 	 	 	
 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	  	 	11,929	  	 	 	11,913	  	  	 	9,074	  	 	 	9,689	  	 	 	8,787	  	 	 	3,142	  	 	 	32,916	  	 	 	26,848	  	 	 	6,068	  	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Policy acquisition costs and other insurance expenses	  	 	2,012	  	 	 	704	  	  	 	770	  	 	 	743	  	 	 	798	  	 	 	1,214	  	 	 	3,486	  	 	 	2,448	  	 	 	1,038	  	 	 	 	
Other operating expenses	  	 	1,635	  	 	 	1,593	  	  	 	1,852	  	 	 	2,025	  	 	 	1,584	  	 	 	51	  	 	 	5,080	  	 	 	4,850	  	 	 	230	  	 	 	 	
 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	  	 	3,647	  	 	 	2,297	  	  	 	2,622	  	 	 	2,768	  	 	 	2,382	  	 	 	1,265	  	 	 	8,566	  	 	 	7,298	  	 	 	1,268	  	 	 	 	
Operating income before income taxes	  	 	8,282	  	 	 	9,616	  	  	 	6,452	  	 	 	6,921	  	 	 	6,405	  	 	 	1,877	  	 	 	24,350	  	 	 	19,550	  	 	 	4,800	  	 	 	 	
 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating to U.S. GAAP Reconciliation:	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	  	 	8,282	  	 	 	9,616	  	  	 	6,452	  	 	 	6,921	  	 	 	6,405	  	 	 	1,877	  	 	 	24,350	  	 	 	19,550	  	 	 	4,800	  	 	 	 	
Investment and derivative gains (losses) - non-operating	  	 	(146	) 	 	 	32	  	  	 	(139	) 	 	 	(87	) 	 	 	(13	) 	 	 	(133	) 	 	 	(253	) 	 	 	(41	) 	 	 	(212	) 	 	 	 	
 	  	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	  	$	8,136	  	 	$	9,648	  	  	$	6,313	  	 	$	6,834	  	 	$	6,392	  	 	$	1,744	  	 	$	24,097	  	 	$	19,509	  	 	$	4,588	  	 	 	 	

 	 	 	 	 	
 	  	 	  	Page 9	

Reinsurance Group of America, Incorporated
Canadian Segment Pre-tax Operating Income (1)

 	  	Three Months Ended	 	 	Current Qtr
vs. PY
Quarter	 	 	Year-to-Date	 	 	
(USD thousands)	  	Sept. 30,
2012	 	 	June 30,
2012	 	 	March 31,
2012	 	 	Dec. 31,
2011	 	 	Sept. 30,
2011	 	 	 	 	 	Sept. 30,
2012	 	 	Sept. 30,
2011	 	 	Change	 	 	 	 	
Revenues:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	  	$	227,944	  	 	$	221,167	  	 	$	218,210	  	 	$	224,763	  	 	$	185,790	  	 	$	42,154	  	 	$	667,321	  	 	$	610,535	  	 	$	56,786	  	 	 	 	
Investment income, net of related expenses	  	 	46,016	  	 	 	46,349	  	 	 	47,716	  	 	 	42,604	  	 	 	53,698	  	 	 	(7,682	) 	 	 	140,081	  	 	 	145,700	  	 	 	(5,619	) 	 	 	 	
Investment related gains (losses), net	  	 	1,003	  	 	 	995	  	 	 	1,323	  	 	 	1,579	  	 	 	1,267	  	 	 	(264	) 	 	 	3,321	  	 	 	3,619	  	 	 	(298	) 	 	 	 	
Other revenue	  	 	3,288	  	 	 	3,205	  	 	 	(30	) 	 	 	(9	) 	 	 	440	  	 	 	2,848	  	 	 	6,463	  	 	 	5,442	  	 	 	1,021	  	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	  	 	278,251	  	 	 	271,716	  	 	 	267,219	  	 	 	268,937	  	 	 	241,195	  	 	 	37,056	  	 	 	817,186	  	 	 	765,296	  	 	 	51,890	  	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	  	 	191,275	  	 	 	184,857	  	 	 	160,625	  	 	 	165,456	  	 	 	162,734	  	 	 	28,541	  	 	 	536,757	  	 	 	507,649	  	 	 	29,108	  	 	 	 	
Interest credited	  	 	22	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	22	  	 	 	22	  	 	 	—  	  	 	 	22	  	 	 	 	
Policy acquisition costs and other insurance expenses	  	 	49,790	  	 	 	47,476	  	 	 	50,285	  	 	 	52,140	  	 	 	34,350	  	 	 	15,440	  	 	 	147,551	  	 	 	128,572	  	 	 	18,979	  	 	 	 	
Other operating expenses	  	 	9,022	  	 	 	8,876	  	 	 	9,650	  	 	 	10,645	  	 	 	9,129	  	 	 	(107	) 	 	 	27,548	  	 	 	26,616	  	 	 	932	  	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	  	 	250,109	  	 	 	241,209	  	 	 	220,560	  	 	 	228,241	  	 	 	206,213	  	 	 	43,896	  	 	 	711,878	  	 	 	662,837	  	 	 	49,041	  	 	 	 	
Operating income before income taxes	  	 	28,142	  	 	 	30,507	  	 	 	46,659	  	 	 	40,696	  	 	 	34,982	  	 	 	(6,840	) 	 	 	105,308	  	 	 	102,459	  	 	 	2,849	  	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating to U.S. GAAP Reconciliation:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	  	 	28,142	  	 	 	30,507	  	 	 	46,659	  	 	 	40,696	  	 	 	34,982	  	 	 	(6,840	) 	 	 	105,308	  	 	 	102,459	  	 	 	2,849	  	 	 	 	
Investment and derivative gains (losses) - non-operating	  	 	8,630	  	 	 	4,630	  	 	 	7,220	  	 	 	6,545	  	 	 	8,729	  	 	 	(99	) 	 	 	20,480	  	 	 	15,253	  	 	 	5,227	  	 	 	 	
Funds withheld gains (losses) - investment income	  	 	748	  	 	 	(107	) 	 	 	1,184	  	 	 	—  	  	 	 	—  	  	 	 	748	  	 	 	1,825	  	 	 	—  	  	 	 	1,825	  	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	  	$	37,520	  	 	$	35,030	  	 	$	55,063	  	 	$	47,241	  	 	$	43,711	  	 	$	(6,191	) 	 	$	127,613	  	 	$	117,712	  	 	$	9,901	  	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Loss and Expense Ratios:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Loss ratios (creditor business)	  	 	40.4	% 	 	 	38.0	% 	 	 	34.1	% 	 	 	36.3	% 	 	 	38.4	% 	 	 	2.0	% 	 	 	37.7	% 	 	 	38.6	% 	 	 	-0.9	% 	 	 	 	
Loss ratios (excluding creditor business)	  	 	96.8	% 	 	 	95.5	% 	 	 	83.8	% 	 	 	85.5	% 	 	 	96.9	% 	 	 	-0.1	% 	 	 	92.1	% 	 	 	94.4	% 	 	 	-2.3	% 	 	 	 	
Claims and other policy benefits / (net premiums + investment income)	  	 	69.8	% 	 	 	69.1	% 	 	 	60.4	% 	 	 	61.9	% 	 	 	68.0	% 	 	 	1.8	% 	 	 	66.5	% 	 	 	67.1	% 	 	 	-0.6	% 	 	 	 	
Policy acquisition costs and other insurance expenses (creditor business)	  	 	58.2	% 	 	 	58.5	% 	 	 	57.1	% 	 	 	59.2	% 	 	 	52.8	% 	 	 	5.4	% 	 	 	58.0	% 	 	 	55.4	% 	 	 	2.6	% 	 	 	 	
Policy acquisition costs and other insurance expenses (excluding creditor business)	  	 	11.1	% 	 	 	11.8	% 	 	 	14.2	% 	 	 	10.9	% 	 	 	10.9	% 	 	 	0.2	% 	 	 	12.4	% 	 	 	11.5	% 	 	 	0.9	% 	 	 	 	
Other operating expenses	  	 	4.0	% 	 	 	4.0	% 	 	 	4.4	% 	 	 	4.7	% 	 	 	4.9	% 	 	 	-0.9	% 	 	 	4.1	% 	 	 	4.4	% 	 	 	-0.3	% 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Foreign currency effect  (2) :	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	  	$	(3,413	) 	 	$	(9,838	) 	 	$	(3,328	) 	 	$	(2,669	) 	 	$	10,269	  	 	$	(13,682	) 	 	$	(16,579	) 	 	$	33,926	  	 	$	(50,505	) 	 	 	 	
Operating income before income taxes	  	$	919	  	 	$	(2,905	) 	 	$	(554	) 	 	$	(641	) 	 	$	2,571	  	 	$	(1,652	) 	 	$	(2,540	) 	 	$	6,045	  	 	$	(8,585	) 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Creditor reinsurance net premiums	  	$	52,038	  	 	$	45,883	  	 	$	44,810	  	 	$	54,227	  	 	$	29,895	  	 	$	22,143	  	 	$	142,731	  	 	$	123,092	  	 	$	19,639	  	 	 	 	
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)	Certain amounts in the prior periods have been revised in connection with the retrospective adoption of ASU 2010-26 in the first quarter of 2012.	
(2)	Compared to comparable prior year period	

 	  	 	  	Page 10	

Reinsurance Group of America, Incorporated
Europe & South Africa Segment Pre-tax Operating Income (1)

 	  	Three Months Ended	 	 	Current Qtr
vs.  PY
Quarter	 	 	Year-to-Date	 	 	
(USD thousands)	  	Sept. 30,
2012	 	 	June 30,
2012	 	 	March 31,
2012	 	 	Dec. 31,
2011	 	 	Sept. 30,
2011	 	 	 	 	 	Sept. 30,
2012	 	 	Sept. 30,
2011	 	 	Change	 	 	 	 	
Revenues:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	  	$	303,101	  	 	$	310,075	  	 	$	292,771	  	 	$	356,284	  	 	$	286,054	  	 	$	17,047	  	 	$	905,947	  	 	$	838,193	  	 	$	67,754	  	 	 	 	
Investment income, net of related expenses	  	 	11,437	  	 	 	11,248	  	 	 	11,331	  	 	 	11,709	  	 	 	11,242	  	 	 	195	  	 	 	34,016	  	 	 	32,642	  	 	 	1,374	  	 	 	 	
Other revenue	  	 	1,576	  	 	 	1,464	  	 	 	2,253	  	 	 	1,035	  	 	 	1,196	  	 	 	380	  	 	 	5,293	  	 	 	3,996	  	 	 	1,297	  	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	  	 	316,114	  	 	 	322,787	  	 	 	306,355	  	 	 	369,028	  	 	 	298,492	  	 	 	17,622	  	 	 	945,256	  	 	 	874,831	  	 	 	70,425	  	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	  	 	251,553	  	 	 	263,992	  	 	 	261,484	  	 	 	293,126	  	 	 	248,890	  	 	 	2,663	  	 	 	777,029	  	 	 	708,795	  	 	 	68,234	  	 	 	 	
Policy acquisition costs and other insurance expenses	  	 	14,697	  	 	 	13,550	  	 	 	15,052	  	 	 	13,329	  	 	 	15,004	  	 	 	(307	) 	 	 	43,299	  	 	 	45,888	  	 	 	(2,589	) 	 	 	 	
Other operating expenses	  	 	24,809	  	 	 	26,810	  	 	 	25,195	  	 	 	29,511	  	 	 	24,569	  	 	 	240	  	 	 	76,814	  	 	 	76,108	  	 	 	706	  	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	  	 	291,059	  	 	 	304,352	  	 	 	301,731	  	 	 	335,966	  	 	 	288,463	  	 	 	2,596	  	 	 	897,142	  	 	 	830,791	  	 	 	66,351	  	 	 	 	
Operating income before income taxes	  	 	25,055	  	 	 	18,435	  	 	 	4,624	  	 	 	33,062	  	 	 	10,029	  	 	 	15,026	  	 	 	48,114	  	 	 	44,040	  	 	 	4,074	  	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating to U.S. GAAP Reconciliation:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	  	 	25,055	  	 	 	18,435	  	 	 	4,624	  	 	 	33,062	  	 	 	10,029	  	 	 	15,026	  	 	 	48,114	  	 	 	44,040	  	 	 	4,074	  	 	 	 	
Investment and derivative gains (losses) - non-operating	  	 	7,111	  	 	 	1,156	  	 	 	1,982	  	 	 	2,951	  	 	 	2,000	  	 	 	5,111	  	 	 	10,249	  	 	 	3,049	  	 	 	7,200	  	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	  	$	32,166	  	 	$	19,591	  	 	$	6,606	  	 	$	36,013	  	 	$	12,029	  	 	$	20,137	  	 	$	58,363	  	 	$	47,089	  	 	$	11,274	  	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Loss and Expense Ratios:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	  	 	83.0	% 	 	 	85.1	% 	 	 	89.3	% 	 	 	82.3	% 	 	 	87.0	% 	 	 	-4.0	% 	 	 	85.8	% 	 	 	84.6	% 	 	 	1.2	% 	 	 	 	
Policy acquisition costs and other insurance expenses	  	 	4.8	% 	 	 	4.4	% 	 	 	5.1	% 	 	 	3.7	% 	 	 	5.2	% 	 	 	-0.4	% 	 	 	4.8	% 	 	 	5.5	% 	 	 	-0.7	% 	 	 	 	
Other operating expenses	  	 	8.2	% 	 	 	8.6	% 	 	 	8.6	% 	 	 	8.3	% 	 	 	8.6	% 	 	 	-0.4	% 	 	 	8.5	% 	 	 	9.1	% 	 	 	-0.6	% 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Foreign currency effect  (2) :	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	  	$	(17,157	) 	 	$	(22,973	) 	 	$	(11,362	) 	 	$	(9,136	) 	 	$	9,234	  	 	$	(26,391	) 	 	$	(51,492	) 	 	$	40,386	  	 	$	(91,878	) 	 	 	 	
Operating income before income taxes	  	$	(2,989	) 	 	$	(1,013	) 	 	$	(1,417	) 	 	$	(1,605	) 	 	$	669	  	 	$	(3,658	) 	 	$	(5,419	) 	 	$	2,614	  	 	$	(8,033	) 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Critical illness net premiums	  	$	58,793	  	 	$	62,001	  	 	$	61,548	  	 	$	61,564	  	 	$	59,679	  	 	$	(886	) 	 	$	182,342	  	 	$	183,260	  	 	$	(918	) 	 	 	 	
 
(1)	Certain amounts in the prior periods have been revised in connection with the retrospective adoption of ASU 2010-26 in the first quarter of 2012.	
(2)	Compared to comparable prior year period	

 	  	 	  	Page 11	

Reinsurance Group of America, Incorporated
Asia Pacific Segment Pre-tax Operating Income (1)

 	  	Three Months Ended	 	 	Current Qtr
vs. PY
Quarter	 	 	Year-to-Date	 	 	
(USD thousands)	  	Sept. 30,
2012	 	 	June 30,
2012	 	 	March 31,
2012	 	 	Dec. 31,
2011	 	 	Sept. 30,
2011	 	 	 	 	 	Sept. 30,
2012	 	 	Sept. 30,
2011	 	 	Change	 	 	 	 	
Revenues:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	  	$	330,415	  	 	$	331,945	  	 	$	325,350	  	 	$	348,358	  	 	$	328,259	  	 	$	2,156	  	 	$	987,710	  	 	$	956,132	  	 	$	31,578	  	 	 	 	
Investment income, net of related expenses	  	 	19,316	  	 	 	20,711	  	 	 	22,578	  	 	 	21,666	  	 	 	21,472	  	 	 	(2,156	) 	 	 	62,605	  	 	 	63,171	  	 	 	(566	) 	 	 	 	
Investment related gains (losses), net	  	 	468	  	 	 	(164	) 	 	 	(809	) 	 	 	1,237	  	 	 	1,452	  	 	 	(984	) 	 	 	(505	) 	 	 	2,721	  	 	 	(3,226	) 	 	 	 	
Other revenue	  	 	10,052	  	 	 	24,109	  	 	 	7,408	  	 	 	9,741	  	 	 	8,557	  	 	 	1,495	  	 	 	41,569	  	 	 	24,332	  	 	 	17,237	  	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	  	 	360,251	  	 	 	376,601	  	 	 	354,527	  	 	 	381,002	  	 	 	359,740	  	 	 	511	  	 	 	1,091,379	  	 	 	1,046,356	  	 	 	45,023	  	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	  	 	299,782	  	 	 	236,733	  	 	 	248,620	  	 	 	306,802	  	 	 	254,739	  	 	 	45,043	  	 	 	785,135	  	 	 	770,031	  	 	 	15,104	  	 	 	 	
Interest Credited	  	 	204	  	 	 	216	  	 	 	238	  	 	 	254	  	 	 	280	  	 	 	(76	) 	 	 	658	  	 	 	895	  	 	 	(237	) 	 	 	 	
Policy acquisition costs and other insurance expenses	  	 	52,779	  	 	 	89,996	  	 	 	50,847	  	 	 	58,713	  	 	 	49,854	  	 	 	2,925	  	 	 	193,622	  	 	 	142,417	  	 	 	51,205	  	 	 	 	
Other operating expenses	  	 	28,234	  	 	 	26,929	  	 	 	27,913	  	 	 	30,254	  	 	 	27,598	  	 	 	636	  	 	 	83,076	  	 	 	78,814	  	 	 	4,262	  	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	  	 	380,999	  	 	 	353,874	  	 	 	327,618	  	 	 	396,023	  	 	 	332,471	  	 	 	48,528	  	 	 	1,062,491	  	 	 	992,157	  	 	 	70,334	  	 	 	 	
Operating income (loss) before income taxes	  	 	(20,748	) 	 	 	22,727	  	 	 	26,909	  	 	 	(15,021	) 	 	 	27,269	  	 	 	(48,017	) 	 	 	28,888	  	 	 	54,199	  	 	 	(25,311	) 	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating to U.S. GAAP Reconciliation:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	  	 	(20,748	) 	 	 	22,727	  	 	 	26,909	  	 	 	(15,021	) 	 	 	27,269	  	 	 	(48,017	) 	 	 	28,888	  	 	 	54,199	  	 	 	(25,311	) 	 	 	 	
Investment and derivative gains (losses) - non-operating	  	 	4,265	  	 	 	1,132	  	 	 	5,158	  	 	 	5,309	  	 	 	(1,625	) 	 	 	5,890	  	 	 	10,555	  	 	 	(2,253	) 	 	 	12,808	  	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income (loss) before income taxes	  	$	(16,483	) 	 	$	23,859	  	 	$	32,067	  	 	$	(9,712	) 	 	$	25,644	  	 	$	(42,127	) 	 	$	39,443	  	 	$	51,946	  	 	$	(12,503	) 	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Loss and Expense Ratios:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	  	 	90.7	% 	 	 	71.3	% 	 	 	76.4	% 	 	 	88.1	% 	 	 	77.6	% 	 	 	13.1	% 	 	 	79.5	% 	 	 	80.5	% 	 	 	-1.0	% 	 	 	 	
Policy acquisition costs and other insurance expenses	  	 	16.0	% 	 	 	27.1	% 	 	 	15.6	% 	 	 	16.9	% 	 	 	15.2	% 	 	 	0.8	% 	 	 	19.6	% 	 	 	14.9	% 	 	 	4.7	% 	 	 	 	
Other operating expenses	  	 	8.5	% 	 	 	8.1	% 	 	 	8.6	% 	 	 	8.7	% 	 	 	8.4	% 	 	 	0.1	% 	 	 	8.4	% 	 	 	8.2	% 	 	 	0.2	% 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Foreign currency effect  (2) :	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	  	$	(5,401	) 	 	$	(12,998	) 	 	$	9,756	  	 	$	6,296	  	 	$	33,908	  	 	$	(39,309	) 	 	$	(8,643	) 	 	$	98,955	  	 	$	(107,598	) 	 	 	 	
Operating income before income taxes	  	$	(1,280	) 	 	$	(614	) 	 	$	1,529	  	 	$	325	  	 	$	3,379	  	 	$	(4,659	) 	 	$	(365	) 	 	$	5,491	  	 	$	(5,856	) 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Critical illness net premiums	  	$	68,356	  	 	$	46,700	  	 	$	40,333	  	 	$	40,566	  	 	$	30,135	  	 	$	38,221	  	 	$	155,389	  	 	$	116,760	  	 	$	38,629	  	 	 	 	
 
(1)	Certain amounts in the prior periods have been revised in connection with the retrospective adoption of ASU 2010-26 in the first quarter of 2012.	
(2)	Compared to comparable prior year period	

 	  	 	  	Page 12	

Reinsurance Group of America, Incorporated
Corporate and Other Segment Pre-tax Operating Income (1)

 	  	Three Months Ended	 	 	Current Qtr
vs.  PY
Quarter	 	 	Year-to-Date	 	 	
(USD thousands)	  	Sept. 30,
2012	 	 	June 30,
2012	 	 	March 31,
2012	 	 	Dec. 31,
2011	 	 	Sept. 30,
2011	 	 	 	 	 	Sept. 30,
2012	 	 	Sept. 30,
2011	 	 	Change	 	 	 	 	
Revenues:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	  	$	1,896	  	 	$	1,719	  	 	$	2,048	  	 	$	2,283	  	 	$	2,086	  	 	$	(190	) 	 	$	5,663	  	 	$	6,461	  	 	$	(798	) 	 	 	 	
Investment income, net of related expenses	  	 	22,927	  	 	 	20,345	  	 	 	16,273	  	 	 	23,075	  	 	 	27,777	  	 	 	(4,850	) 	 	 	59,545	  	 	 	82,094	  	 	 	(22,549	) 	 	 	 	
Investment related gains (losses), net	  	 	227	  	 	 	186	  	 	 	187	  	 	 	903	  	 	 	(686	) 	 	 	913	  	 	 	600	  	 	 	(170	) 	 	 	770	  	 	 	 	
Other revenue	  	 	4,280	  	 	 	2,790	  	 	 	5,596	  	 	 	4,681	  	 	 	25	  	 	 	4,255	  	 	 	12,666	  	 	 	6,635	  	 	 	6,031	  	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	  	 	29,330	  	 	 	25,040	  	 	 	24,104	  	 	 	30,942	  	 	 	29,202	  	 	 	128	  	 	 	78,474	  	 	 	95,020	  	 	 	(16,546	) 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	  	 	(77	) 	 	 	(45	) 	 	 	57	  	 	 	197	  	 	 	(119	) 	 	 	42	  	 	 	(65	) 	 	 	571	  	 	 	(636	) 	 	 	 	
Interest credited	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	1	  	 	 	(1	) 	 	 	1	  	 	 	—  	  	 	 	(1	) 	 	 	1	  	 	 	 	
Policy acquisition costs and other insurance expenses	  	 	(14,194	) 	 	 	(13,342	) 	 	 	(13,870	) 	 	 	(13,264	) 	 	 	(13,896	) 	 	 	(298	) 	 	 	(41,406	) 	 	 	(39,193	) 	 	 	(2,213	) 	 	 	 	
Other operating expenses	  	 	16,806	  	 	 	17,940	  	 	 	18,425	  	 	 	23,160	  	 	 	8,964	  	 	 	7,842	  	 	 	53,171	  	 	 	39,643	  	 	 	13,528	  	 	 	 	
Interest expense	  	 	29,749	  	 	 	23,360	  	 	 	23,322	  	 	 	25,226	  	 	 	27,025	  	 	 	2,724	  	 	 	76,431	  	 	 	77,412	  	 	 	(981	) 	 	 	 	
Collateral finance facility expense	  	 	2,995	  	 	 	2,878	  	 	 	2,967	  	 	 	3,019	  	 	 	3,069	  	 	 	(74	) 	 	 	8,840	  	 	 	9,372	  	 	 	(532	) 	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total benefits and expenses	  	 	35,279	  	 	 	30,791	  	 	 	30,901	  	 	 	38,339	  	 	 	25,042	  	 	 	10,237	  	 	 	96,971	  	 	 	87,804	  	 	 	9,167	  	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income (loss) before income taxes	  	 	(5,949	) 	 	 	(5,751	) 	 	 	(6,797	) 	 	 	(7,397	) 	 	 	4,160	  	 	 	(10,109	) 	 	 	(18,497	) 	 	 	7,216	  	 	 	(25,713	) 	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating to U.S. GAAP Reconciliation:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income (loss) before income taxes	  	 	(5,949	) 	 	 	(5,751	) 	 	 	(6,797	) 	 	 	(7,397	) 	 	 	4,160	  	 	 	(10,109	) 	 	 	(18,497	) 	 	 	7,216	  	 	 	(25,713	) 	 	 	 	
Investment and derivative gains (losses) - non-operating	  	 	(2,453	) 	 	 	2,577	  	 	 	1,079	  	 	 	(15,319	) 	 	 	(11,108	) 	 	 	8,655	  	 	 	1,203	  	 	 	1,971	  	 	 	(768	) 	 	 	 	
Gain on repurchase of collateral finance facility securities	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	9,725	  	 	 	50,869	  	 	 	(50,869	) 	 	 	—  	  	 	 	55,840	  	 	 	(55,840	) 	 	 	 	
Loss on retirement of PIERS	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	(4,391	) 	 	 	4,391	  	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income (loss) before income taxes	  	$	(8,402	) 	 	$	(3,174	) 	 	$	(5,718	) 	 	$	(12,991	) 	 	$	43,921	  	 	$	(52,323	) 	 	$	(17,294	) 	 	$	60,636	  	 	$	(77,930	) 	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Foreign currency effect  (2) :	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	  	$	(1	) 	 	$	9	  	 	$	10	  	 	$	—  	  	 	$	(12	) 	 	$	11	  	 	$	18	  	 	$	(104	) 	 	$	122	  	 	 	 	
Operating income before income taxes	  	$	(815	) 	 	$	1,061	  	 	$	55	  	 	$	(486	) 	 	$	227	  	 	$	(1,042	) 	 	$	301	  	 	$	3,043	  	 	$	(2,742	) 	 	 	 	
 
(1)	Certain amounts in the prior periods have been revised in connection with the retrospective adoption of ASU 2010-26 in the first quarter of 2012.	
(2)	Compared to comparable prior year period	

 	  	 	  	Page 13	

Reinsurance Group of America, Incorporated
Summary of Pre-tax Segment Operating Income (1)

 	  	Three Months Ended	 	  	Current Qtr
vs. PY
Quarter	 	 	Year-to-Date	 	 	
(USD thousands)	  	Sept. 30,
2012	 	 	June 30,
2012	 	 	March 31,
2012	 	 	Dec. 31,
2011	 	 	Sept. 30,
2011	 	  	 	 	 	Sept. 30,
2012	 	 	Sept. 30,
2011	 	  	Change	 	 	 	 	
U.S. Traditional	  	$	72,483	  	 	$	95,547	  	 	$	62,926	  	 	$	82,508	  	 	$	80,173	  	  	$	(7,690	) 	 	$	230,956	  	 	$	237,245	  	  	$	(6,289	) 	 	 	 	
U.S. Asset Intensive	  	 	27,119	  	 	 	16,643	  	 	 	24,481	  	 	 	27,272	  	 	 	1,522	  	  	 	25,597	  	 	 	68,243	  	 	 	42,848	  	  	 	25,395	  	 	 	 	
U.S. Financial Reinsurance	  	 	8,282	  	 	 	9,616	  	 	 	6,452	  	 	 	6,921	  	 	 	6,405	  	  	 	1,877	  	 	 	24,350	  	 	 	19,550	  	  	 	4,800	  	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	
Total U.S. Segment	  	 	107,884	  	 	 	121,806	  	 	 	93,859	  	 	 	116,701	  	 	 	88,100	  	  	 	19,784	  	 	 	323,549	  	 	 	299,643	  	  	 	23,906	  	 	 	 	
Canadian Segment	  	 	28,142	  	 	 	30,507	  	 	 	46,659	  	 	 	40,696	  	 	 	34,982	  	  	 	(6,840	) 	 	 	105,308	  	 	 	102,459	  	  	 	2,849	  	 	 	 	
Europe & South Africa Segment	  	 	25,055	  	 	 	18,435	  	 	 	4,624	  	 	 	33,062	  	 	 	10,029	  	  	 	15,026	  	 	 	48,114	  	 	 	44,040	  	  	 	4,074	  	 	 	 	
Asia Pacific Segment	  	 	(20,748	) 	 	 	22,727	  	 	 	26,909	  	 	 	(15,021	) 	 	 	27,269	  	  	 	(48,017	) 	 	 	28,888	  	 	 	54,199	  	  	 	(25,311	) 	 	 	 	
Corporate and Other	  	 	(5,949	) 	 	 	(5,751	) 	 	 	(6,797	) 	 	 	(7,397	) 	 	 	4,160	  	  	 	(10,109	) 	 	 	(18,497	) 	 	 	7,216	  	  	 	(25,713	) 	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	 	 	 	
Consolidated	  	$	134,384	  	 	$	187,724	  	 	$	165,254	  	 	$	168,041	  	 	$	164,540	  	  	$	(30,156	) 	 	$	487,362	  	 	$	507,557	  	  	$	(20,195	) 	 	 	 	

(1)	Certain amounts in the prior periods have been revised in connection with the retrospective adoption of ASU 2010-26 in the first quarter of 2012.	

 	  	 	  	Page 14	

Reinsurance Group of America, Incorporated
Investments

Cash and Invested Assets	 	
(USD thousands)	  	Sept. 30,
2012	 	  	June 30,
2012	 	  	March 31,
2012	 	  	Dec. 31,
2011	 	  	Sept. 30,
2011	 	
Fixed maturity securities, available-for-sale	  	$	21,658,414	  	  	$	17,244,192	  	  	$	16,794,057	  	  	$	16,200,950	  	  	$	15,557,032	  	
Mortgage loans on real estate	  	 	2,256,881	  	  	 	1,157,049	  	  	 	1,040,733	  	  	 	991,731	  	  	 	934,694	  	
Policy loans	  	 	1,243,498	  	  	 	1,250,238	  	  	 	1,260,070	  	  	 	1,260,400	  	  	 	1,228,890	  	
Funds withheld at interest	  	 	5,608,640	  	  	 	5,457,888	  	  	 	5,472,532	  	  	 	5,410,424	  	  	 	5,445,886	  	
Short-term investments	  	 	90,789	  	  	 	49,981	  	  	 	75,425	  	  	 	88,566	  	  	 	81,747	  	
Investment Receivable	  	 	—  	  	  	 	5,406,898	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	
Other invested assets	  	 	1,236,616	  	  	 	940,605	  	  	 	867,507	  	  	 	1,012,541	  	  	 	1,020,043	  	
Cash and cash equivalents	  	 	1,603,730	  	  	 	957,341	  	  	 	873,933	  	  	 	962,870	  	  	 	802,651	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total cash and invested assets	  	$	33,698,568	  	  	$	32,464,192	  	  	$	26,384,257	  	  	$	25,927,482	  	  	$	25,070,943	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Investment Income and Yield Summary

 	 	Three Months Ended	 	 	Current Qtr
vs. PY
Quarter	 	 	Year-to-Date	 	 	
 	 	Sept. 30,
2012	 	 	June 30,
2012	 	 	March 31,
2012	 	 	Dec. 31,
2011	 	 	Sept. 30,
2011	 	 	 	 	 	Sept. 30,
2012	 	 	Sept. 30,
2011	 	 	Change	 	 	 	 	
Average invested assets at amortized cost  (1)	 	$	17,030,794	  	 	$	16,539,380	  	 	$	16,342,741	  	 	$	15,792,721	  	 	$	15,779,896	  	 	$	1,250,898	  	 	$	16,432,165	  	 	$	15,321,870	  	 	$	1,110,295	  	 	 	 	
Net investment income  (1)	 	$	208,346	  	 	$	205,471	  	 	$	202,603	  	 	$	200,702	  	 	$	204,719	  	 	$	3,627	  	 	$	616,420	  	 	$	605,954	  	 	$	10,466	  	 	 	 	
Annualized investment yield (ratio of net investment income to average invested assets)  (1)	 	 	4.98	% 	 	 	5.06	% 	 	 	5.05	% 	 	 	5.18	% 	 	 	5.29	% 	 	 	-0.31	% 	 	 	5.03	% 	 	 	5.31	% 	 	 	-0.28	% 	 	 	 	
 
(1)	Excludes funds withheld and other spread related business (e.g. coinsurance of annuities).	

 	  	 	  	Page 15	

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

 	  	September 30, 2012	 	 	 	 	
 	  	Amortized
Cost	 	  	Unrealized
Gains	 	  	Unrealized
Losses	 	  	Estimated
Fair
Value	 	  	% of
Total	 	 	Other-than-
temporary
Impairment
in AOCI	 	
Available-for-sale:	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Corporate securities	  	$	10,885,071	  	  	$	1,059,275	  	  	$	44,624	  	  	$	11,899,722	  	  	 	55.0	% 	 	$	—  	  	
Canadian and Canadian provincial governments	  	 	2,653,761	  	  	 	1,438,124	  	  	 	2	  	  	 	4,091,883	  	  	 	18.9	% 	 	 	—  	  	
Residential mortgage-backed securities	  	 	980,655	  	  	 	80,614	  	  	 	5,461	  	  	 	1,055,808	  	  	 	4.9	% 	 	 	(477	) 	
Asset-backed securities	  	 	588,851	  	  	 	18,050	  	  	 	34,201	  	  	 	572,700	  	  	 	2.6	% 	 	 	(2,295	) 	
Commercial mortgage-backed securities	  	 	1,663,493	  	  	 	137,153	  	  	 	60,255	  	  	 	1,740,391	  	  	 	8.0	% 	 	 	(6,111	) 	
U.S. government and agencies	  	 	251,417	  	  	 	33,458	  	  	 	18	  	  	 	284,857	  	  	 	1.3	% 	 	 	—  	  	
State and political subdivisions	  	 	254,845	  	  	 	38,784	  	  	 	6,212	  	  	 	287,417	  	  	 	1.3	% 	 	 	—  	  	
Other foreign government, supranational, and foreign government-sponsored enterprises	  	 	1,627,190	  	  	 	100,539	  	  	 	2,093	  	  	 	1,725,636	  	  	 	8.0	% 	 	 	—  	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Total fixed maturity securities	  	$	18,905,283	  	  	$	2,905,997	  	  	$	152,866	  	  	$	21,658,414	  	  	 	100.0	% 	 	$	(8,883	) 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Non-redeemable preferred stock	  	 	69,182	  	  	 	6,332	  	  	 	834	  	  	 	74,680	  	  	 	35.7	% 	 	 	 	 	
Other equity securities	  	 	133,037	  	  	 	1,555	  	  	 	—  	  	  	 	134,592	  	  	 	64.3	% 	 	 	 	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Total equity securities	  	$	202,219	  	  	$	7,887	  	  	$	834	  	  	$	209,272	  	  	 	100.0	% 	 	 	 	 	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	  	December 31, 2011	 	 	 	 	
 	  	Amortized
Cost	 	  	Unrealized
Gains	 	  	Unrealized
Losses	 	  	Estimated
Fair
Value	 	  	% of
Total	 	 	Other-than-
temporary
Impairment
in AOCI	 	
Available-for-sale:	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Corporate securities	  	$	6,931,958	  	  	$	654,519	  	  	$	125,371	  	  	$	7,461,106	  	  	 	46.0	% 	 	$	—  	  	
Canadian and Canadian provincial governments	  	 	2,507,802	  	  	 	1,362,160	  	  	 	29	  	  	 	3,869,933	  	  	 	23.9	% 	 	 	—  	  	
Residential mortgage-backed securities	  	 	1,167,265	  	  	 	76,393	  	  	 	16,424	  	  	 	1,227,234	  	  	 	7.6	% 	 	 	(1,042	) 	
Asset-backed securities	  	 	443,974	  	  	 	11,692	  	  	 	53,675	  	  	 	401,991	  	  	 	2.5	% 	 	 	(5,256	) 	
Commercial mortgage-backed securities	  	 	1,233,958	  	  	 	87,750	  	  	 	79,489	  	  	 	1,242,219	  	  	 	7.7	% 	 	 	(12,225	) 	
U.S. government and agencies	  	 	341,087	  	  	 	32,976	  	  	 	61	  	  	 	374,002	  	  	 	2.3	% 	 	 	—  	  	
State and political subdivisions	  	 	184,308	  	  	 	24,419	  	  	 	3,341	  	  	 	205,386	  	  	 	1.3	% 	 	 	—  	  	
Other foreign government, supranational, and foreign government-sponsored enterprises	  	 	1,372,528	  	  	 	50,127	  	  	 	3,576	  	  	 	1,419,079	  	  	 	8.7	% 	 	 	—  	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Total fixed maturity securities	  	$	14,182,880	  	  	$	2,300,036	  	  	$	281,966	  	  	$	16,200,950	  	  	 	100.0	% 	 	$	(18,523	) 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Non-redeemable preferred stock	  	 	82,488	  	  	 	4,677	  	  	 	8,982	  	  	 	78,183	  	  	 	68.6	% 	 	 	 	 	
Other equity securities	  	 	35,352	  	  	 	1,903	  	  	 	1,538	  	  	 	35,717	  	  	 	31.4	% 	 	 	 	 	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Total equity securities	  	$	117,840	  	  	$	6,580	  	  	$	10,520	  	  	$	113,900	  	  	 	100.0	% 	 	 	 	 	

 	 	 	 	 	
 	  	 	  	Page 16	

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

 	 	September 30, 2012	 	December 31, 2011	
 	 	Amortized
Cost	 	 	Estimated Fair
Value	 	 	% of Total	 	 	Average Credit
Ratings	 	Amortized Cost	 	 	Estimated Fair
Value	 	 	% of Total	 	 	Average Credit
Ratings	
Financial Institutions	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Banking	 	$	2,118,048	  	 	$	2,236,653	  	 	 	18.5	% 	 	A	 	$	1,477,638	  	 	$	1,454,124	  	 	 	19.2	% 	 	A	
Brokerage	 	 	87,137	  	 	 	97,478	  	 	 	0.8	% 	 	A	 	 	59,288	  	 	 	63,101	  	 	 	0.8	% 	 	A	
Finance Comp.	 	 	211,751	  	 	 	225,109	  	 	 	1.9	% 	 	A	 	 	158,271	  	 	 	161,992	  	 	 	2.1	% 	 	A	
Insurance	 	 	591,559	  	 	 	648,986	  	 	 	5.4	% 	 	A-	 	 	391,092	  	 	 	413,339	  	 	 	5.5	% 	 	A-	
REITs	 	 	476,487	  	 	 	517,964	  	 	 	4.3	% 	 	BBB	 	 	300,401	  	 	 	316,192	  	 	 	4.2	% 	 	BBB+	
Other Finance	 	 	268,619	  	 	 	286,033	  	 	 	2.4	% 	 	A+	 	 	130,984	  	 	 	135,812	  	 	 	1.8	% 	 	A-	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Financial Institutions	 	 	3,753,601	  	 	 	4,012,223	  	 	 	33.3	% 	 	 	 	 	2,517,674	  	 	 	2,544,560	  	 	 	33.6	% 	 	 	
Industrials	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic	 	 	769,994	  	 	 	822,844	  	 	 	6.8	% 	 	BBB	 	 	367,323	  	 	 	402,225	  	 	 	5.3	% 	 	BBB+	
Capital Goods	 	 	592,007	  	 	 	645,392	  	 	 	5.3	% 	 	BBB+	 	 	360,309	  	 	 	396,150	  	 	 	5.2	% 	 	BBB+	
Communications	 	 	995,240	  	 	 	1,118,108	  	 	 	9.2	% 	 	BBB+	 	 	674,182	  	 	 	745,064	  	 	 	9.8	% 	 	BBB+	
Consumer Cyclical	 	 	715,321	  	 	 	780,013	  	 	 	6.4	% 	 	BBB+	 	 	407,873	  	 	 	438,034	  	 	 	5.8	% 	 	BBB+	
Consumer Noncyclical	 	 	920,933	  	 	 	1,040,701	  	 	 	8.6	% 	 	BBB+	 	 	691,245	  	 	 	784,819	  	 	 	10.4	% 	 	A-	
Energy	 	 	719,572	  	 	 	792,312	  	 	 	6.5	% 	 	BBB+	 	 	405,317	  	 	 	454,727	  	 	 	6.0	% 	 	BBB+	
Technology	 	 	395,658	  	 	 	425,991	  	 	 	3.5	% 	 	BBB	 	 	245,954	  	 	 	269,301	  	 	 	3.6	% 	 	BBB+	
Transportation	 	 	369,964	  	 	 	406,829	  	 	 	3.4	% 	 	BBB+	 	 	219,605	  	 	 	234,822	  	 	 	3.1	% 	 	BBB+	
Other Industrial	 	 	104,851	  	 	 	113,879	  	 	 	0.9	% 	 	BBB+	 	 	41,266	  	 	 	46,053	  	 	 	0.6	% 	 	BBB	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Industrials	 	 	5,583,540	  	 	 	6,146,069	  	 	 	50.6	% 	 	 	 	 	3,413,074	  	 	 	3,771,195	  	 	 	49.8	% 	 	 	
Utilities	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Electric	 	 	1,010,795	  	 	 	1,125,780	  	 	 	9.3	% 	 	BBB+	 	 	673,725	  	 	 	756,033	  	 	 	10.0	% 	 	BBB+	
Natural Gas	 	 	642,651	  	 	 	715,671	  	 	 	5.9	% 	 	BBB	 	 	398,648	  	 	 	447,617	  	 	 	5.9	% 	 	BBB	
Other Utility	 	 	62,067	  	 	 	73,358	  	 	 	0.6	% 	 	A-	 	 	43,377	  	 	 	51,921	  	 	 	0.7	% 	 	A-	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Utilities	 	 	1,715,513	  	 	 	1,914,809	  	 	 	15.8	% 	 	 	 	 	1,115,750	  	 	 	1,255,571	  	 	 	16.6	% 	 	 	
Other Sectors	 	 	34,636	  	 	 	35,893	  	 	 	0.3	% 	 	AA-	 	 	3,300	  	 	 	3,680	  	 	 	0.0	% 	 	AA-	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	 	$	11,087,290	  	 	$	12,108,994	  	 	 	100.0	% 	 	BBB+	 	$	7,049,798	  	 	$	7,575,006	  	 	 	100.0	% 	 	BBB+	

 	 	 	 	 	
 	  	 	  	Page 17	

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

  	 	 	 	September 30, 2012	 	 	June 30, 2012	 	 	March 31, 2012	 	 	December 31, 2011	 	 	September 30, 2011	 	
NAIC
Designation	 	Rating
Agency
Designation	 	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	 	$	2,222,818	  	 	$	2,364,081	  	 	 	10.9	% 	 	$	1,979,353	  	 	$	2,092,043	  	 	 	12.1	% 	 	$	2,090,606	  	 	$	2,196,118	  	 	 	13.1	% 	 	$	2,205,406	  	 	$	2,304,991	  	 	 	14.2	% 	 	$	2,375,876	  	 	$	2,459,503	  	 	 	15.8	% 	
1	 	AA	 	 	5,265,613	  	 	 	6,572,815	  	 	 	30.4	% 	 	 	4,578,944	  	 	 	5,708,472	  	 	 	33.1	% 	 	 	4,727,343	  	 	 	5,764,579	  	 	 	34.3	% 	 	 	4,675,653	  	 	 	5,815,846	  	 	 	35.9	% 	 	 	4,351,791	  	 	 	5,254,456	  	 	 	33.8	% 	
1	 	A	 	 	4,666,113	  	 	 	5,525,476	  	 	 	25.5	% 	 	 	3,919,020	  	 	 	4,705,816	  	 	 	27.3	% 	 	 	3,646,110	  	 	 	4,263,802	  	 	 	25.4	% 	 	 	3,206,553	  	 	 	3,822,796	  	 	 	23.6	% 	 	 	3,231,583	  	 	 	3,736,883	  	 	 	24.0	% 	
2	 	BBB	 	 	5,716,281	  	 	 	6,185,558	  	 	 	28.6	% 	 	 	3,667,640	  	 	 	3,974,486	  	 	 	23.1	% 	 	 	3,539,967	  	 	 	3,814,367	  	 	 	22.7	% 	 	 	3,283,937	  	 	 	3,522,411	  	 	 	21.8	% 	 	 	3,187,296	  	 	 	3,402,993	  	 	 	21.9	% 	
3	 	BB	 	 	583,622	  	 	 	608,439	  	 	 	2.8	% 	 	 	421,128	  	 	 	428,875	  	 	 	2.5	% 	 	 	428,543	  	 	 	430,002	  	 	 	2.6	% 	 	 	446,610	  	 	 	436,001	  	 	 	2.7	% 	 	 	444,042	  	 	 	423,559	  	 	 	2.7	% 	
4	 	B	 	 	322,040	  	 	 	306,871	  	 	 	1.4	% 	 	 	269,970	  	 	 	248,850	  	 	 	1.4	% 	 	 	240,603	  	 	 	220,924	  	 	 	1.3	% 	 	 	244,645	  	 	 	210,222	  	 	 	1.3	% 	 	 	229,658	  	 	 	196,617	  	 	 	1.3	% 	
5	 	CCC and lower	 	 	92,149	  	 	 	68,193	  	 	 	0.3	% 	 	 	89,665	  	 	 	64,812	  	 	 	0.4	% 	 	 	106,637	  	 	 	80,660	  	 	 	0.5	% 	 	 	95,128	  	 	 	71,410	  	 	 	0.4	% 	 	 	78,310	  	 	 	60,014	  	 	 	0.4	% 	
6	 	In or near default	 	 	36,647	  	 	 	26,981	  	 	 	0.1	% 	 	 	31,445	  	 	 	20,838	  	 	 	0.1	% 	 	 	35,050	  	 	 	23,605	  	 	 	0.1	% 	 	 	24,948	  	 	 	17,273	  	 	 	0.1	% 	 	 	28,343	  	 	 	23,007	  	 	 	0.1	% 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Total	 	$	18,905,283	  	 	$	21,658,414	  	 	 	100.0	% 	 	$	14,957,165	  	 	$	17,244,192	  	 	 	100.0	% 	 	$	14,814,859	  	 	$	16,794,057	  	 	 	100.0	% 	 	$	14,182,880	  	 	$	16,200,950	  	 	 	100.0	% 	 	$	13,926,899	  	 	$	15,557,032	  	 	 	100.0	% 	

Structured Fixed Maturity Securities

 	  	September 30, 2012	 	  	June 30, 2012	 	  	March 31, 2012	 	  	December 31, 2011	 	  	September 30, 2011	 	
 	  	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	  	$	511,887	  	  	$	571,894	  	  	$	511,985	  	  	$	571,821	  	  	$	523,206	  	  	$	576,045	  	  	$	561,156	  	  	$	619,010	  	  	$	596,072	  	  	$	660,833	  	
Non-agency	  	 	468,768	  	  	 	483,914	  	  	 	495,808	  	  	 	506,741	  	  	 	551,867	  	  	 	562,183	  	  	 	606,109	  	  	 	608,224	  	  	 	642,791	  	  	 	646,941	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total residential mortgage-backed securities	  	 	980,655	  	  	 	1,055,808	  	  	 	1,007,793	  	  	 	1,078,562	  	  	 	1,075,073	  	  	 	1,138,228	  	  	 	1,167,265	  	  	 	1,227,234	  	  	 	1,238,863	  	  	 	1,307,774	  	
Commercial mortgage-backed securities	  	 	1,663,493	  	  	 	1,740,391	  	  	 	1,308,668	  	  	 	1,348,047	  	  	 	1,302,734	  	  	 	1,342,421	  	  	 	1,233,958	  	  	 	1,242,219	  	  	 	1,330,302	  	  	 	1,326,994	  	
Asset-backed securities	  	 	588,851	  	  	 	572,700	  	  	 	469,616	  	  	 	441,051	  	  	 	448,688	  	  	 	414,527	  	  	 	443,974	  	  	 	401,991	  	  	 	412,468	  	  	 	372,957	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total	  	$	3,232,999	  	  	$	3,368,899	  	  	$	2,786,077	  	  	$	2,867,660	  	  	$	2,826,495	  	  	$	2,895,176	  	  	$	2,845,197	  	  	$	2,871,444	  	  	$	2,981,633	  	  	$	3,007,725	  	

 	 	 	 	 	
 	  	 	  	Page 18	

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

 	  	September 30, 2012	 	
 	  	AAA	 	  	AA	 	  	A	 	
Underwriting Year	  	Amortized Cost	 	  	Estimated
Fair Value	 	  	Amortized Cost	 	  	Estimated
Fair Value	 	  	Amortized Cost	 	  	Estimated
Fair Value	 	
2005 & Prior	  	$	210,908	  	  	$	218,327	  	  	$	132,108	  	  	$	143,785	  	  	$	97,311	  	  	$	99,438	  	
2006	  	 	245,431	  	  	 	273,176	  	  	 	60,760	  	  	 	67,989	  	  	 	78,858	  	  	 	84,663	  	
2007	  	 	177,192	  	  	 	194,352	  	  	 	19,048	  	  	 	21,752	  	  	 	109,263	  	  	 	121,310	  	
2008	  	 	7,750	  	  	 	7,821	  	  	 	48,514	  	  	 	61,261	  	  	 	14,330	  	  	 	16,690	  	
2009	  	 	1,647	  	  	 	1,778	  	  	 	17,307	  	  	 	19,229	  	  	 	3,450	  	  	 	5,414	  	
2010	  	 	27,968	  	  	 	29,778	  	  	 	45,882	  	  	 	52,122	  	  	 	13,270	  	  	 	14,466	  	
2011	  	 	16,848	  	  	 	17,372	  	  	 	16,060	  	  	 	18,282	  	  	 	35,419	  	  	 	36,708	  	
2012	  	 	20,009	  	  	 	20,617	  	  	 	27,226	  	  	 	27,553	  	  	 	24,892	  	  	 	25,389	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total	  	$	707,753	  	  	$	763,221	  	  	$	366,905	  	  	$	411,973	  	  	$	376,793	  	  	$	404,078	  	

 	  	BBB	 	  	Below Investment Grade	 	  	Total	 	
Underwriting Year	  	Amortized Cost	 	  	Estimated
Fair Value	 	  	Amortized Cost	 	  	Estimated
Fair Value	 	  	Amortized Cost	 	  	Estimated
Fair Value	 	
2005 & Prior	  	$	118,379	  	  	$	119,048	  	  	$	45,671	  	  	$	39,819	  	  	$	604,377	  	  	$	620,417	  	
2006	  	 	83,778	  	  	 	81,072	  	  	 	47,481	  	  	 	42,885	  	  	 	516,308	  	  	 	549,785	  	
2007	  	 	99,814	  	  	 	114,742	  	  	 	116,312	  	  	 	87,728	  	  	 	521,629	  	  	 	539,884	  	
2008	  	 	—  	  	  	 	—  	  	  	 	22,210	  	  	 	15,903	  	  	 	92,804	  	  	 	101,675	  	
2009	  	 	3,821	  	  	 	5,070	  	  	 	—  	  	  	 	—  	  	  	 	26,225	  	  	 	31,491	  	
2010	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	87,120	  	  	 	96,366	  	
2011	  	 	6,100	  	  	 	6,379	  	  	 	—  	  	  	 	—  	  	  	 	74,427	  	  	 	78,741	  	
2012	  	 	7,637	  	  	 	7,910	  	  	 	—  	  	  	 	—  	  	  	 	79,764	  	  	 	81,469	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total	  	$	319,529	  	  	$	334,221	  	  	$	231,674	  	  	$	186,335	  	  	$	2,002,654	  	  	$	2,099,828	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
NOTE: Totals include directly held investments with amortized cost of $1,663.5 million and fair value of $1,740.4 million as well as
investments in funds withheld with amortized cost of $339.2 million and fair value of $359.4 million.

 	  	December 31, 2011	 	
 	  	AAA	 	  	AA	 	  	A	 	
Underwriting Year	  	Amortized Cost	 	  	Estimated
Fair Value	 	  	Amortized Cost	 	  	Estimated
Fair Value	 	  	Amortized Cost	 	  	Estimated
Fair Value	 	
2005 & Prior	  	$	92,275	  	  	$	98,213	  	  	$	130,890	  	  	$	143,609	  	  	$	32,504	  	  	$	31,187	  	
2006	  	 	260,765	  	  	 	277,959	  	  	 	52,883	  	  	 	59,727	  	  	 	52,805	  	  	 	55,074	  	
2007	  	 	201,228	  	  	 	214,510	  	  	 	23,565	  	  	 	18,700	  	  	 	116,898	  	  	 	122,945	  	
2008	  	 	8,975	  	  	 	9,053	  	  	 	48,818	  	  	 	59,536	  	  	 	17,012	  	  	 	19,237	  	
2009	  	 	1,664	  	  	 	1,709	  	  	 	12,367	  	  	 	13,684	  	  	 	7,060	  	  	 	9,515	  	
2010	  	 	27,946	  	  	 	28,872	  	  	 	49,323	  	  	 	53,480	  	  	 	19,434	  	  	 	20,727	  	
2011	  	 	20,047	  	  	 	20,002	  	  	 	11,146	  	  	 	12,079	  	  	 	7,563	  	  	 	7,594	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total	  	$	612,900	  	  	$	650,318	  	  	$	328,992	  	  	$	360,815	  	  	$	253,276	  	  	$	266,279	  	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	  	BBB	 	  	Below Investment Grade	 	  	Total	 	
Underwriting Year	  	Amortized Cost	 	  	Estimated
Fair Value	 	  	Amortized Cost	 	  	Estimated
Fair Value	 	  	Amortized Cost	 	  	Estimated
Fair Value	 	
2005 & Prior	  	$	24,750	  	  	$	24,295	  	  	$	52,475	  	  	$	40,753	  	  	$	332,894	  	  	$	338,057	  	
2006	  	 	27,995	  	  	 	26,563	  	  	 	53,205	  	  	 	43,559	  	  	 	447,653	  	  	 	462,882	  	
2007	  	 	102,604	  	  	 	108,047	  	  	 	113,946	  	  	 	77,718	  	  	 	558,241	  	  	 	541,920	  	
2008	  	 	—  	  	  	 	—  	  	  	 	24,916	  	  	 	17,554	  	  	 	99,721	  	  	 	105,380	  	
2009	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	21,091	  	  	 	24,908	  	
2010	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	96,703	  	  	 	103,079	  	
2011	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	38,756	  	  	 	39,675	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total	  	$	155,349	  	  	$	158,905	  	  	$	244,542	  	  	$	179,584	  	  	$	1,595,059	  	  	$	1,615,901	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
NOTE: Totals include directly held investments with amortized cost of $1,234.0 million and fair value of $1,242.2 million as well as
investments in funds withheld with amortized cost of $361.1 million and fair value of $373.7 million.

 	 	 	 	 	
 	  	 	  	Page 19	

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

 	 	September 30, 2012	 	 	June 30, 2012	 	 	March 31, 2012	 	 	December 31, 2011	 	 	September 30, 2011	 	
 	 	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%	 	$	55,097	  	 	 	35.9	% 	 	$	75,539	  	 	 	38.5	% 	 	$	88,526	  	 	 	41.3	% 	 	$	126,250	  	 	 	43.1	% 	 	$	139,671	  	 	 	46.1	% 	
20% or more for less than six months	 	 	509	  	 	 	0.3	% 	 	 	5,924	  	 	 	3.0	% 	 	 	9,803	  	 	 	4.6	% 	 	 	46,386	  	 	 	15.9	% 	 	 	49,034	  	 	 	16.2	% 	
20% or more for six months or greater	 	 	97,260	  	 	 	63.3	% 	 	 	112,362	  	 	 	57.2	% 	 	 	111,830	  	 	 	52.2	% 	 	 	109,330	  	 	 	37.4	% 	 	 	105,170	  	 	 	34.7	% 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	 	$	152,866	  	 	 	99.5	% 	 	$	193,825	  	 	 	98.7	% 	 	$	210,159	  	 	 	98.1	% 	 	$	281,966	  	 	 	96.4	% 	 	$	293,875	  	 	 	97.0	% 	

Equity Securities	  	
 	 	 	 	 	 	
 	 	September 30, 2012	 	 	June 30, 2012	 	 	March 31, 2012	 	 	December 31, 2011	 	 	September 30, 2011	 	
 	 	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%	 	$	833	  	 	 	0.5	% 	 	$	1,659	  	 	 	0.9	% 	 	$	3,511	  	 	 	1.6	% 	 	$	4,905	  	 	 	1.7	% 	 	$	4,774	  	 	 	1.6	% 	
20% or more for less than six months	 	 	—  	  	 	 	0.0	% 	 	 	815	  	 	 	0.4	% 	 	 	183	  	 	 	0.1	% 	 	 	5,117	  	 	 	1.7	% 	 	 	4,142	  	 	 	1.4	% 	
20% or more for six months or greater	 	 	1	  	 	 	0.0	% 	 	 	—  	  	 	 	0.0	% 	 	 	499	  	 	 	0.2	% 	 	 	498	  	 	 	0.2	% 	 	 	49	  	 	 	0.0	% 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	 	$	834	  	 	 	0.5	% 	 	$	2,474	  	 	 	1.3	% 	 	$	4,193	  	 	 	1.9	% 	 	$	10,520	  	 	 	3.6	% 	 	$	8,965	  	 	 	3.0	% 	

 	 	 	 	 	
 	  	 	  	Page 20	

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

 	  	As of September 30, 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	  	$	436,908	  	  	$	7,947	  	  	$	168,366	  	  	$	26,006	  	  	$	605,274	  	  	$	33,953	  	
Canadian and Canadian provincial governments	  	 	589	  	  	 	2	  	  	 	—  	  	  	 	—  	  	  	 	589	  	  	 	2	  	
Residential mortgage-backed securities	  	 	21,365	  	  	 	113	  	  	 	21,236	  	  	 	4,763	  	  	 	42,601	  	  	 	4,876	  	
Asset-backed securities	  	 	55,260	  	  	 	1,286	  	  	 	101,691	  	  	 	20,960	  	  	 	156,951	  	  	 	22,246	  	
Commercial mortgage-backed securities	  	 	117,736	  	  	 	1,350	  	  	 	40,110	  	  	 	9,546	  	  	 	157,846	  	  	 	10,896	  	
U.S. government and agencies	  	 	6,715	  	  	 	18	  	  	 	—  	  	  	 	—  	  	  	 	6,715	  	  	 	18	  	
State and political subdivisions	  	 	2,885	  	  	 	1,272	  	  	 	18,409	  	  	 	4,940	  	  	 	21,294	  	  	 	6,212	  	
Other foreign government, supranational, and foreign government-sponsored enterprises	  	 	53,671	  	  	 	1,068	  	  	 	16,589	  	  	 	1,025	  	  	 	70,260	  	  	 	2,093	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Investment grade securities	  	 	695,129	  	  	 	13,056	  	  	 	366,401	  	  	 	67,240	  	  	 	1,061,530	  	  	 	80,296	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Non-investment grade securities:	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Corporate securities	  	 	133,893	  	  	 	4,330	  	  	 	63,817	  	  	 	6,341	  	  	 	197,710	  	  	 	10,671	  	
Residential mortgage-backed securities	  	 	7,774	  	  	 	55	  	  	 	4,304	  	  	 	530	  	  	 	12,078	  	  	 	585	  	
Asset-backed securities	  	 	—  	  	  	 	—  	  	  	 	18,244	  	  	 	11,955	  	  	 	18,244	  	  	 	11,955	  	
Commercial mortgage-backed securities	  	 	12,157	  	  	 	492	  	  	 	60,373	  	  	 	48,867	  	  	 	72,530	  	  	 	49,359	  	
State and political subdivisions	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	
Other foreign government, supranational, and foreign government-sponsored enterprises	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Non-investment grade securities	  	 	153,824	  	  	 	4,877	  	  	 	146,738	  	  	 	67,693	  	  	 	300,562	  	  	 	72,570	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total fixed maturity securities	  	$	848,953	  	  	$	17,933	  	  	$	513,139	  	  	$	134,933	  	  	$	1,362,092	  	  	$	152,866	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Non-redeemable preferred stock	  	 	734	  	  	 	6	  	  	 	6,744	  	  	 	828	  	  	 	7,478	  	  	 	834	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total Equity securities	  	$	734	  	  	$	6	  	  	$	6,744	  	  	$	828	  	  	$	7,478	  	  	$	834	  	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	  	As of December 31, 2011	 	
 	  	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	  	$	790,758	  	  	$	40,180	  	  	$	286,244	  	  	$	63,117	  	  	$	1,077,002	  	  	$	103,297	  	
Canadian and Canadian provincial governments	  	 	3,094	  	  	 	29	  	  	 	—  	  	  	 	—  	  	  	 	3,094	  	  	 	29	  	
Residential mortgage-backed securities	  	 	128,622	  	  	 	3,549	  	  	 	58,388	  	  	 	10,382	  	  	 	187,010	  	  	 	13,931	  	
Asset-backed securities	  	 	101,263	  	  	 	3,592	  	  	 	93,910	  	  	 	29,036	  	  	 	195,173	  	  	 	32,628	  	
Commercial mortgage-backed securities	  	 	109,455	  	  	 	3,538	  	  	 	58,979	  	  	 	22,001	  	  	 	168,434	  	  	 	25,539	  	
U.S. government and agencies	  	 	1,764	  	  	 	61	  	  	 	—  	  	  	 	—  	  	  	 	1,764	  	  	 	61	  	
State and political subdivisions	  	 	21,045	  	  	 	1,845	  	  	 	12,273	  	  	 	1,268	  	  	 	33,318	  	  	 	3,113	  	
Other foreign government, supranational, and foreign government-sponsored enterprises	  	 	148,416	  	  	 	1,085	  	  	 	16,588	  	  	 	2,491	  	  	 	165,004	  	  	 	3,576	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Investment grade securities	  	 	1,304,417	  	  	 	53,879	  	  	 	526,382	  	  	 	128,295	  	  	 	1,830,799	  	  	 	182,174	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Non-investment grade securities:	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Corporate securities	  	 	212,795	  	  	 	10,852	  	  	 	47,310	  	  	 	11,222	  	  	 	260,105	  	  	 	22,074	  	
Residential mortgage-backed securities	  	 	23,199	  	  	 	712	  	  	 	10,459	  	  	 	1,781	  	  	 	33,658	  	  	 	2,493	  	
Asset-backed securities	  	 	2,363	  	  	 	940	  	  	 	21,275	  	  	 	20,107	  	  	 	23,638	  	  	 	21,047	  	
Commercial mortgage-backed securities	  	 	34,918	  	  	 	7,220	  	  	 	62,357	  	  	 	46,730	  	  	 	97,275	  	  	 	53,950	  	
State and political subdivisions	  	 	4,000	  	  	 	228	  	  	 	—  	  	  	 	—  	  	  	 	4,000	  	  	 	228	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Non-investment grade securities	  	 	277,275	  	  	 	19,952	  	  	 	141,401	  	  	 	79,840	  	  	 	418,676	  	  	 	99,792	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total fixed maturity securities	  	$	1,581,692	  	  	$	73,831	  	  	$	667,783	  	  	$	208,135	  	  	$	2,249,475	  	  	$	281,966	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Non-redeemable preferred stock	  	 	19,516	  	  	 	4,478	  	  	 	15,694	  	  	 	4,504	  	  	 	35,210	  	  	 	8,982	  	
Other equity securities	  	 	1,662	  	  	 	602	  	  	 	5,905	  	  	 	936	  	  	 	7,567	  	  	 	1,538	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total Equity securities	  	$	21,178	  	  	$	5,080	  	  	$	21,599	  	  	$	5,440	  	  	$	42,777	  	  	$	10,520	  	

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

 	  	Three Months Ended	 	 	Current Qtr
vs. PY
Quarter	 	 	Year-to-Date	 	 	
 	  	Sept. 30,
2012	 	 	June 30,
2012	 	 	March 31,
2012	 	 	Dec. 31,
2011	 	 	Sept. 30,
2011	 	 	 	 	 	Sept. 30,
2012	 	 	Sept. 30,
2011	 	 	Change	 	 	 	 	
Fixed Maturity and Equity Securities:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Other-than-temporary impairment losses on fixed maturities	  	$	(1,996	) 	 	$	(1,959	) 	 	$	(7,607	) 	 	$	(11,824	) 	 	$	(11,911	) 	 	$	9,915	  	 	$	(11,562	) 	 	$	(19,049	) 	 	$	7,487	  	 	 	 	
Portion of loss recognized in accumulated other comprehensive income (before taxes)	  	 	(559	) 	 	 	162	  	 	 	(7,221	) 	 	 	543	  	 	 	3,089	  	 	 	(3,648	) 	 	 	(7,618	) 	 	 	3,381	  	 	 	(10,999	) 	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net other-than-temporary impairment losses on fixed maturities recognized in earnings	  	 	(2,555	) 	 	 	(1,797	) 	 	 	(14,828	) 	 	 	(11,281	) 	 	 	(8,822	) 	 	 	6,267	  	 	 	(19,180	) 	 	 	(15,668	) 	 	 	(3,512	) 	 	 	 	
Impairment losses on equity securities	  	 	—  	  	 	 	(2,186	) 	 	 	(839	) 	 	 	(436	) 	 	 	—  	  	 	 	—  	  	 	 	(3,025	) 	 	 	(3,680	) 	 	 	655	  	 	 	 	
Gain on investment activity	  	 	53,173	  	 	 	26,593	  	 	 	22,312	  	 	 	39,622	  	 	 	34,840	  	 	 	18,333	  	 	 	102,078	  	 	 	92,423	  	 	 	9,655	  	 	 	 	
Loss on investment activity	  	 	(6,668	) 	 	 	(8,918	) 	 	 	(7,504	) 	 	 	(6,247	) 	 	 	(7,182	) 	 	 	514	  	 	 	(23,090	) 	 	 	(20,749	) 	 	 	(2,341	) 	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net gain/(loss) on fixed maturity and equity securities	  	 	43,950	  	 	 	13,692	  	 	 	(859	) 	 	 	21,658	  	 	 	18,836	  	 	 	25,114	  	 	 	56,783	  	 	 	52,326	  	 	 	4,457	  	 	 	 	
Other impairment losses and change in mortgage loan provision	  	 	(10,301	) 	 	 	1,762	  	 	 	(5,843	) 	 	 	(5,258	) 	 	 	(2,370	) 	 	 	(7,931	) 	 	 	(14,382	) 	 	 	(4,980	) 	 	 	(9,402	) 	 	 	 	
Other non-derivative gain/(loss), net	  	 	5,563	  	 	 	5,628	  	 	 	6,641	  	 	 	7,318	  	 	 	5,698	  	 	 	(135	) 	 	 	17,832	  	 	 	15,039	  	 	 	2,793	  	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Free-standing Derivatives:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Credit Default Swaps	  	 	7,819	  	 	 	(4,794	) 	 	 	11,813	  	 	 	8,075	  	 	 	(10,018	) 	 	 	17,837	  	 	 	14,838	  	 	 	(8,138	) 	 	 	22,976	  	 	 	 	
Interest Rate Swaps - non-hedged	  	 	(1,437	) 	 	 	73,342	  	 	 	(47,352	) 	 	 	20,818	  	 	 	142,907	  	 	 	(144,344	) 	 	 	24,553	  	 	 	157,520	  	 	 	(132,967	) 	 	 	 	
Interest Rate Swaps - hedged	  	 	(4	) 	 	 	29	  	 	 	(26	) 	 	 	28	  	 	 	258	  	 	 	(262	) 	 	 	(1	) 	 	 	589	  	 	 	(590	) 	 	 	 	
Futures	  	 	(3,977	) 	 	 	11,073	  	 	 	(17,408	) 	 	 	(22,866	) 	 	 	36,217	  	 	 	(40,194	) 	 	 	(10,312	) 	 	 	21,921	  	 	 	(32,233	) 	 	 	 	
CPI Swaps	  	 	422	  	 	 	(1,431	) 	 	 	(802	) 	 	 	726	  	 	 	(219	) 	 	 	641	  	 	 	(1,811	) 	 	 	1,095	  	 	 	(2,906	) 	 	 	 	
Equity options	  	 	(23,916	) 	 	 	3,367	  	 	 	(37,983	) 	 	 	(22,063	) 	 	 	30,530	  	 	 	(54,446	) 	 	 	(58,532	) 	 	 	29,881	  	 	 	(88,413	) 	 	 	 	
Currency Forwards	  	 	519	  	 	 	515	  	 	 	(1,608	) 	 	 	561	  	 	 	1,374	  	 	 	(855	) 	 	 	(574	) 	 	 	1,114	  	 	 	(1,688	) 	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total free-standing derivatives	  	 	(20,574	) 	 	 	82,101	  	 	 	(93,366	) 	 	 	(14,721	) 	 	 	201,049	  	 	 	(221,623	) 	 	 	(31,839	) 	 	 	203,982	  	 	 	(235,821	) 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Embedded Derivatives:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Modified coinsurance and funds withheld treaties	  	 	54,836	  	 	 	(4,453	) 	 	 	(9,428	) 	 	 	(85,722	) 	 	 	(102,574	) 	 	 	157,410	  	 	 	40,955	  	 	 	(1,514	) 	 	 	42,469	  	 	 	 	
GMXB	  	 	2,579	  	 	 	(74,929	) 	 	 	146,375	  	 	 	29,261	  	 	 	(260,239	) 	 	 	262,818	  	 	 	74,025	  	 	 	(253,445	) 	 	 	327,470	  	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total embedded derivatives	  	 	57,415	  	 	 	(79,382	) 	 	 	136,947	  	 	 	(56,461	) 	 	 	(362,813	) 	 	 	420,228	  	 	 	114,980	  	 	 	(254,959	) 	 	 	369,939	  	 	 	 	
Net gain/(loss) on total derivatives	  	 	36,841	  	 	 	2,719	  	 	 	43,581	  	 	 	(71,182	) 	 	 	(161,764	) 	 	 	198,605	  	 	 	83,141	  	 	 	(50,977	) 	 	 	134,118	  	 	 	 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total investment related gains / (losses), net	  	$	76,053	  	 	$	23,801	  	 	$	43,520	  	 	$	(47,464	) 	 	$	(139,600	) 	 	$	215,653	  	 	$	143,374	  	 	$	11,408	  	 	$	131,966	  	 	 	 	

 	 	 	 	 	
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