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): July 28, 2016
 REINSURANCE GROUP OF AMERICA, INCORPORATED
(Exact Name of Registrant as Specified in its Charter)

 	 	 	 	 	
Missouri	 	1-11848	 	43-1627032	
(State or Other Jurisdiction
of Incorporation)	 	(Commission
File Number)	 	(IRS Employer
Identification Number)	
16600 Swingley Ridge Road, Chesterfield, Missouri 63017
(Address of Principal Executive Office)

Registrant’s telephone number, including area code: (636) 736-7000

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions ( see  General Instruction A.2. below):

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

 	
 	 	
Item 2.02	Results of Operations and Financial Condition.	
On July 28, 2016, Reinsurance Group of America, Incorporated issued (1) a press release (the “Press Release”) announcing its earnings for the three-month period ended June 30, 2016, and providing certain additional information, a copy of which is furnished with this report as Exhibit 99.1, and (2) a quarterly financial supplement (the "Quarterly Financial Supplement") for the quarter ended June 30, 2016, a copy of which is attached hereto as Exhibit 99.2. The Press Release also notes that a conference call will be held on July 29, 2016 to discuss the financial and operating results for the three-month period ended June 30, 2016. The information set forth in this Current Report on Form 8-K, including the Press Release and Quarterly Financial Supplement, is being furnished and shall not be deemed to be "filed", as described in Instruction B.2 of Form 8-K.

 	
 	 	
Item 9.01	Financial Statements and Exhibits	
(d) Exhibits.

 	 	 	
 	 	 	
Exhibit No.	  	Exhibit	
99.1	  	Press Release of Reinsurance Group of America, Incorporated dated July 28, 2016	
 	 	
99.2	  	Quarterly Financial Supplement for the quarter ended June 30, 2016	

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: July 28, 2016	 	 	By:	 	  /s/ Todd C. Larson	
 	 	 	 	 	Todd C. Larson	
 	 	 	 	 	Senior Executive Vice President and Chief Financial Officer	

EXHIBIT INDEX

 	 	 	
Exhibit Number	  	Description	
 	 	
99.1	  	Press Release dated July 28, 2016	
 	 	
99.2	  	Quarterly Financial Supplement for the quarter ended June 30, 2016	

Exhibit 99.1

 PRESS RELEASE

REINSURANCE GROUP OF AMERICA REPORTS SECOND-QUARTER RESULTS

•	Earnings per diluted share: $3.64 from net income, $2.80 from operating income*	
 	 	
•	ROE 8 percent and Operating ROE* 11 percent for the trailing twelve months	
 	 	
•	Reported net premiums increased 10 percent	
 	 	
•	Quarterly shareholder dividend raised 11 percent	

ST. LOUIS, July 28, 2016 - Reinsurance Group of America, Incorporated (NYSE: RGA), a leading global provider of life reinsurance, reported net income of $236.1 million, or $3.64 per diluted share, compared with $130.4 million, or $1.94 per diluted share, in the prior-year quarter. Operating income* totaled $181.2 million, or $2.80 per diluted share, compared to $130.3 million, or $1.94 per diluted share, the year before. Net foreign currency fluctuations had an adverse effect of $0.06 per diluted share on net income, and $0.04 per diluted share on operating income. A tax-related adjustment added $0.12 per diluted share in the quarter.

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Quarterly Results	 	Year-to-Date Results	
($ in thousands, except per share data)	 	2016	 	2015	 	2016	 	2015	
Net premiums	 	$	2,346,945	
 	 	$	2,129,043	
 	 	$	4,503,950	
 	 	$	4,152,895	
 	
Net income	 	236,103	
 	 	130,391	
 	 	312,575	
 	 	255,505	
 	
Net income per diluted share	 	3.64	
 	 	1.94	
 	 	4.81	
 	 	3.76	
 	
Operating income*	 	181,228	
 	 	130,270	
 	 	301,978	
 	 	252,048	
 	
Operating income per diluted share*	 	2.80	
 	 	1.94	
 	 	4.65	
 	 	3.70	
 	
Book value per share	 	118.32	
 	 	97.61	
 	 	 	 	 	
Book value per share, excluding Accumulated Other Comprehensive Income (AOCI)*	 	87.33	
 	 	80.30	
 	 	 	 	 	
Total assets	 	53,876,703	
 	 	47,435,240	

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

Consolidated net premiums totaled $2.3 billion this quarter, up 10 percent from last year’s second quarter, primarily due to organic growth and in-force transactions. Current-period premiums reflect net adverse foreign currency effects of approximately $45.7 million. Excluding spread-based businesses and the value of associated derivatives, investment income increased 7 percent over year-ago levels, reflecting an increase in average invested assets of approximately 10 percent, offset by the impact of lower yield on new money and reinvested assets. The average investment yield, excluding spread businesses, was down 17 basis points to 4.71 percent from the second quarter of 2015, but was 25 basis points higher than the first-quarter yield. Variable investment income was strong in both this quarter and the year-ago period, whereas it was weak in the first quarter of this year.

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The effective tax rate was approximately 33.2 percent on net income, and was approximately 33.7 percent on operating income this quarter, slightly below an expected range of 34 percent to 35 percent. This was primarily due to generating a greater-than-expected portion of earnings in jurisdictions that have lower income tax rates than the U.S. statutory rate. The $0.12 per diluted share tax adjustment primarily affected interest expense; see further explanation in the Corporate section.

Greig Woodring, chief executive officer, commented, “We are pleased with the quarter in practically all respects, as the bottom-line number was very strong. In addition, there were positive developments in many areas across segments and geographies, and our investment results reflected higher-than-normal variable investment income. After a solid first quarter, our year-to-date EPS and operating EPS were up considerably over the year-ago period, despite ongoing macroeconomic headwinds from lower interest rates and relatively weak foreign currencies. The negative effect of foreign currency translation on earnings year-to-date was equal to $0.14 per diluted share.

“Highlights of the quarter included improvement in Canada due to favorable mortality, continued momentum in our U.S. Asset-Intensive business, and another good quarter from Asia Pacific. Our U.S. Traditional operations reported its best quarter in some time, based upon strong variable investment income and mortality results that were in line with expectations. Finally, top-line growth was particularly strong this quarter, based upon solid organic growth and in-force transactions.

“We repurchased approximately 120,000 RGA common shares during the quarter, and we continue to pursue a balanced approach to capital management in terms of deployment into in-force and other attractive transactions, share repurchases, and shareholder dividend increases over time. The board of directors increased the quarterly dividend 11 percent to $0.41 per share. We closed some smaller in-force transactions during the quarter, and the pipeline continues to be healthy. Our deployable, excess capital position was approximately $1.0 billion at June 30, and included the effects of our senior notes and subordinated debentures offering. Ending book value per share this quarter was $118.32 including AOCI, and $87.33 excluding AOCI, a 9 percent increase over that of a year ago.

“Looking forward, the macroeconomic environment remains challenging overall, but we continue to see good demand from clients for our solutions. We expect to continue to execute in both our traditional and transactional businesses.”

SEGMENT RESULTS

U.S. and Latin America

Traditional

The U.S. and Latin America Traditional segment reported pre-tax net income of $111.4 million, compared with $82.8 million in the second quarter of 2015. Pre-tax operating income totaled $112.3 million for the quarter, compared with $79.4 million in last year’s second quarter. The current-period results reflected higher-than-normal variable investment income, the additive impact of in-force transactions and mortality experience that was in line with expectations, whereas last year’s second quarter was affected by elevated individual mortality claims.

Traditional net premiums increased 12 percent from last year's second quarter to $1,307.4 million.
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Non-Traditional

The Asset-Intensive business reported pre-tax net income of $94.0 million compared with $55.8 million last year. Second-quarter pre-tax operating income totaled $54.3 million compared with $56.4 million last year. Results were strong in both periods due to favorable investment spreads, while the current quarter benefited from the impact of a recently added new in-force block as well.

The Financial Reinsurance business continued to perform well, reporting pre-tax net income and pre-tax operating income of $14.9 million, up slightly from $14.6 million the year before.

Canada

Traditional

The Canada Traditional segment reported pre-tax net income of $43.3 million compared with $22.7 million in the second quarter of 2015. Pre-tax operating income totaled $40.9 million compared with $23.8 million in the second quarter of 2015. The current-quarter's very strong results were primarily due to favorable mortality experience. The negative effect of a weaker Canadian dollar adversely affected pre-tax net income by $2.2 million and pre-tax operating income by $2.1 million.

Reported net premiums increased 7 percent to $240.1 million. Net premiums suffered adverse effects from foreign currency exchange rates totaling $11.6 million.

Non-Traditional

The Canada Non-Traditional business segment, which consists of longevity and fee-based transactions, reported pre-tax net income and pre-tax operating income of $2.1 million this quarter versus $3.1 million in the prior-year quarter. Pre-tax net income and pre-tax operating income included an adverse effect of $0.1 million due to a relatively weaker Canadian dollar.

Europe, Middle East and Africa (EMEA)

Traditional

The EMEA Traditional segment reported pre-tax net income and pre-tax operating income of $6.8 million versus $9.2 million in last year’s second quarter, reflecting unfavorable claims experience, most notably in the U.K.

Net reported premiums increased 4 percent and totaled $286.9 million, compared with $275.7 million in last year's second quarter. Foreign currency exchange rates adversely affected net premiums by $20.2 million.

Non-Traditional

The EMEA Non-Traditional business segment includes longevity, asset-intensive and fee-based transactions. Pre-tax net income totaled $27.5 million compared with $31.4 million in the year-ago period. Pre-tax operating income decreased to $26.1 million compared with a strong $31.8 million in the year-ago

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period. The current-period results showed continued favorable experience in both the asset-intensive and
longevity business, while the year-ago period experience was unusually favorable. Net foreign currency fluctuations adversely affected pre-tax net income by $2.0 million and pre-tax operating income by $1.8 million.

Asia Pacific

Traditional

The Asia Pacific Traditional segment's pre-tax net income and pre-tax operating income rose to $34.5 million, from $4.3 million in the prior-year period. This quarter reflected solid results collectively across the Asian operations, most notably Hong Kong. Additionally, this year's results were modestly profitable in Australia, a significant improvement versus the year-ago period that reflected poor results in individual and group morbidity product lines. Net foreign currency exchange rate fluctuations had a favorable effect of $0.5 million on pre-tax net income and pre-tax operating income.

Reported net premiums rose 16 percent to $454.6 million from $390.5 million in the prior-year period, attributable to strong overall results in Hong Kong and the effects of new business, newer treaties in particular. Net premiums reflected a negative effect of $7.7 million from foreign currency exchange rates.

Non-Traditional

The Asia Pacific Non-Traditional business segment includes asset-intensive, fee-based and other various transactions. Pre-tax net loss in this segment totaled $0.1 million compared with a pre-tax loss of $1.4 million last year. Pre-tax operating losses were $6.0 million this quarter versus pre-tax operating income of $0.7 million in the prior-year quarter, primarily attributable to poor results in a small number of treaties. Net foreign currency exchange rate fluctuations had a favorable effect of $0.2 million on pre-tax net income and an adverse effect of $0.1 million on pre-tax operating income.

Corporate and Other

The Corporate and Other segment’s pre-tax net income increased to $18.8 million contrasted with a pre-tax net loss of $8.7 million the year before. Pre-tax operating losses were $12.8 million, moderately higher than the year-ago pre-tax loss of $9.9 million, but less than a more typical run rate of approximately $20 million, attributable mainly to a reduction in tax-related interest expense resulting from the effective settlement of uncertain tax positions during the quarter.

Dividend Declaration

The board of directors increased the quarterly dividend 11 percent, to $0.41 from $0.37, payable August 30 to shareholders of record as of August 9.

Earnings Conference Call

A conference call to discuss second-quarter results will begin at 11 a.m. Eastern Time on Friday, July 29. Interested parties may access the call by dialing 877-718-5099 (domestic) or 719-325-4784 (international). The access code is 1371535. A live audio webcast of the conference call will be available

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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 also will be available through Saturday, August 6 at 888-203-1112 (domestic) or 719-457-0820 (international), access code 1371535.

The Company has posted to its website a Quarterly Financial Supplement that includes financial information for all segments as well as information on its investment portfolio. Additionally, the Company posts periodic reports, press releases and other useful information on its Investor Relations website.

Use of Non-GAAP Financial Measures

RGA uses a non-GAAP financial measure called operating income as a basis for analyzing financial results. This measure also serves as a basis for establishing target levels and awards under RGA’s management incentive programs. Management believes that operating income, on a pre-tax and after‑tax basis, better measures the ongoing profitability and underlying trends of the Company’s continuing operations, primarily because that measure excludes substantially all of the effect of net investment related gains and losses, as well as changes in the fair value of certain embedded derivatives and related deferred acquisition costs. These items can be volatile, primarily due to the credit market and interest rate environment, and are not necessarily indicative of the performance of the Company’s underlying businesses. Additionally, operating income excludes any net gain or loss from discontinued operations, the cumulative effect of any accounting changes, and other items that management believes are not indicative of the Company’s ongoing operations. The definition of operating income can vary by company and is not considered a substitute for GAAP net income.

Reconciliations to GAAP net income are provided in the following tables. Additional financial information can be found in the Quarterly Financial Supplement on RGA’s Investor Relations
website at www.rgare.com in the “Quarterly Results” tab and in the “Featured Report” section.

Book value per share excluding the impact of AOCI is a non-GAAP financial measure that management believes is important in evaluating the balance sheet in order to ignore the effects of unrealized amounts primarily associated with mark-to-market adjustments on investments and foreign currency translation.

Operating income per diluted share is a non-GAAP financial measure calculated as operating income divided by weighted average diluted shares outstanding. 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, Brazil, 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, RGA has assumed approximately $3.1 trillion of life reinsurance in force, and total assets of $53.9 billion.

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Cautionary Statement Regarding Forward-looking Statements

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, among others, statements relating to projections of the earnings, revenues, income or loss, ratios, future financial performance and growth potential of Reinsurance Group of America, Incorporated and its subsidiaries (which we refer to in the previous paragraphs as “we,” “us” or
“our”). The words “intend,” “expect,” “project,” “estimate,” “predict,” “anticipate,” “should,” “believe,” and other similar expressions also are intended to identify forward-looking statements. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Future events and actual results, performance and achievements could differ materially from those set forth in, contemplated by or underlying the forward-looking statements.

Numerous important factors could cause actual results and events to differ materially from those expressed or implied by forward-looking statements including, without limitation, (1) adverse capital and credit market conditions and their impact on the Company’s liquidity, access to capital and cost
of capital, (2) the impairment of other financial institutions and its effect on the Company’s business,
(3) requirements to post collateral or make payments due to declines in market value of assets subject to the Company’s collateral arrangements, (4) the fact that the determination of allowances and impairments taken on the Company’s investments is highly subjective, (5) adverse changes in mortality, morbidity, lapsation or claims experience, (6) changes in the Company’s financial strength and credit ratings and the effect of such changes on the Company’s future results of operations and financial condition, (7) inadequate risk analysis and underwriting, (8) general economic conditions or a prolonged economic downturn affecting the demand for insurance and reinsurance in the Company’s current and planned markets, (9) the availability and cost of collateral necessary for regulatory reserves and capital, (10) market or economic conditions that adversely affect the value of the Company’s investment securities or result in the impairment of all or a portion of the value of certain of the Company’s investment securities, that in turn could affect regulatory capital, (11) market or economic conditions that adversely affect the Company’s ability to make timely sales of investment securities, (12) risks inherent in the Company’s risk management and investment strategy, including changes in investment portfolio yields due to interest rate or credit quality changes, (13) fluctuations in U.S. or foreign currency exchange rates, interest rates, or securities and real estate markets, (14) adverse litigation or arbitration results, (15) the adequacy of reserves, resources and accurate information relating to settlements, awards and terminated and discontinued lines of business, (16) the stability of and actions by governments and economies in the markets in which the Company operates, including ongoing uncertainties regarding the amount of United States sovereign debt and the credit ratings thereof, (17) competitive factors and competitors’ responses to the Company’s initiatives, (18) the success of the Company’s clients, (19) successful execution of the Company’s entry into new markets, (20) successful development and introduction of new products and distribution opportunities, (21) the Company’s ability to successfully integrate acquired blocks of business and entities, (22) action by regulators who have authority over the Company’s reinsurance operations in the jurisdictions in which it operates, (23) the Company’s dependence on third parties, including those insurance companies and reinsurers to which the Company cedes some reinsurance, third-party investment managers and others, (24) the threat of natural disasters, catastrophes, terrorist attacks, epidemics or pandemics anywhere in the world where the Company or its clients do business, (25) interruption or failure of the Company’s telecommunication, information technology or other operational systems, or the Company’s failure to maintain adequate security to protect the confidentiality or privacy of personal or

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sensitive data stored on such systems, (26) changes in laws, regulations, and accounting standards
applicable to the Company, its subsidiaries, or its business, (27) the effect of the Company’s status as an
insurance holding company and regulatory restrictions on its ability to pay principal of and interest on its debt obligations, and (28) other risks and uncertainties described in this document and in the Company’s other filings with the Securities and Exchange Commission.

Forward-looking statements should be evaluated together with the many risks and uncertainties that affect our business, including those mentioned in this document and described in the periodic reports we file
with the Securities and Exchange Commission. These forward-looking statements speak only as of the date on which they are made. We do not undertake any obligations to update these forward-looking statements, even though our situation may change in the future. We qualify all of our forward-looking statements by these cautionary statements. For a discussion of the risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements, you are advised to review the risk factors in our Annual Report on Form 10-K for the year ended December 31, 2015.

Investor Contact
Jeff Hopson
Senior Vice President - Investor Relations
(636) 736-7000

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

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(Unaudited)	Three Months Ended 
 June 30,	 	Six Months Ended 
 June 30,	
 	2016	 	2015	 	2016	 	2015	
Net income	$	236,103	
 	 	$	130,391	
 	 	$	312,575	
 	 	$	255,505	
 	
Reconciliation to operating income:	 	 	 	 	 	 	 	
Capital (gains) losses, derivatives and other, included in investment related (gains) losses, net	(46,490	)	 	27,152	
 	 	(68,217	)	 	12,567	
 	
Capital (gains) losses on funds withheld, included in investment income, net of related expenses	(7,577	)	 	(1,951	)	 	(10,816	)	 	(9,363	)	
Embedded derivatives:	 	 	 	 	 	 	 	
Included in investment related (gains) losses, net	(31,739	)	 	(18,056	)	 	69,134	
 	 	(209	)	
Included in interest credited	(11,287	)	 	(6,817	)	 	7,660	
 	 	(114	)	
DAC offset, net	42,147	
 	 	(770	)	 	(7,889	)	 	(6,589	)	
Investment income on unit-linked variable annuities	(1,928	)	 	—	
 	 	(2,193	)	 	—	
 	
Interest credited on unit-linked variable annuities	1,928	
 	 	—	
 	 	2,193	
 	 	—	
 	
Non-investment derivatives	71	
 	 	321	
 	 	(469	)	 	251	
 	
Operating income	$	181,228	
 	 	$	130,270	
 	 	$	301,978	
 	 	$	252,048	

Reconciliation of Consolidated Income before Income Taxes to Pre-tax Operating Income
(Dollars in thousands)

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(Unaudited)	Three Months Ended 
 June 30,	 	Six Months Ended 
 June 30,	
 	2016	 	2015	 	2016	 	2015	
Income before income taxes	$	353,223	
 	 	$	213,790	
 	 	$	460,803	
 	 	$	397,915	
 	
Reconciliation to pre-tax operating income:	 	 	 	 	 	 	 	
Capital (gains) losses, derivatives and other, included in investment related (gains) losses, net	(67,100	)	 	41,526	
 	 	(99,068	)	 	20,580	
 	
Capital (gains) losses on funds withheld, included in investment income, net of related expenses	(11,657	)	 	(3,002	)	 	(16,640	)	 	(14,404	)	
Embedded derivatives:	 	 	 	 	 	 	 	
Included in investment related (gains) losses, net	(48,829	)	 	(27,780	)	 	106,360	
 	 	(322	)	
Included in interest credited	(17,364	)	 	(10,488	)	 	11,785	
 	 	(175	)	
DAC offset, net	64,841	
 	 	(1,187	)	 	(12,137	)	 	(10,138	)	
Investment income on unit-linked variable annuities	(2,966	)	 	—	
 	 	(3,374	)	 	—	
 	
Interest credited on unit-linked variable annuities	2,966	
 	 	—	
 	 	3,374	
 	 	—	
 	
Non-investment derivatives	110	
 	 	493	
 	 	(721	)	 	385	
 	
Pre-tax operating income	$	273,224	
 	 	$	213,352	
 	 	$	450,382	
 	 	$	393,841	

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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)

(Unaudited)	Three Months Ended June 30, 2016	
 	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. and Latin America:	 	 	 	 	 	 	 	
Traditional	$	111,430	
 	 	$	1	
 	 	$	881	
 	 	$	112,312	
 	
Non-Traditional:	 	 	 	 	 	 	
 	
Asset Intensive	93,979	
 	 	(64,277	)	(1) 	24,621	
 	(2) 	54,323	
 	
Financial Reinsurance	14,875	
 	 	—	
 	 	—	
 	 	14,875	
 	
Total U.S. and Latin America	220,284	
 	 	(64,276	)	 	25,502	
 	 	181,510	
 	
Canada Traditional	43,309	
 	 	(2,402	)	 	—	
 	 	40,907	
 	
Canada Non-Traditional	2,128	
 	 	—	
 	 	—	
 	 	2,128	
 	
Total Canada	45,437	
 	 	(2,402	)	 	—	
 	 	43,035	
 	
EMEA Traditional	6,834	
 	 	—	
 	 	—	
 	 	6,834	
 	
EMEA Non-Traditional	27,469	
 	 	(1,341	)	 	—	
 	 	26,128	
 	
Total EMEA	34,303	
 	 	(1,341	)	 	—	
 	 	32,962	
 	
Asia Pacific Traditional	34,482	
 	 	—	
 	 	—	
 	 	34,482	
 	
Asia Pacific Non-Traditional	(73	)	 	(5,925	)	 	—	
 	 	(5,998	)	
Total Asia Pacific	34,409	
 	 	(5,925	)	 	—	
 	 	28,484	
 	
Corporate and Other	18,790	
 	 	(31,557	)	 	—	
 	 	(12,767	)	
Consolidated	$	353,223	
 	 	$	(105,501	)	 	$	25,502	
 	 	$	273,224	

(1)	Asset Intensive is net of $(26,854) DAC offset.	
 	 	
(2)	Asset Intensive is net of $91,695 DAC offset.	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(Unaudited)	Three Months Ended June 30, 2015	
 	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. and Latin America:	 	 	 	 	 	 	 	
Traditional	$	82,793	
 	 	$	(2	)	 	$	(3,358	)	 	$	79,433	
 	
Non-Traditional:	 	 	 	 	 	 	 	
Asset Intensive	55,750	
 	 	25,739	
 	(1) 	(25,087	)	(2) 	56,402	
 	
Financial Reinsurance	14,643	
 	 	—	
 	 	—	
 	 	14,643	
 	
Total U.S. and Latin America	153,186	
 	 	25,737	
 	 	(28,445	)	 	150,478	
 	
Canada Traditional	22,736	
 	 	1,023	
 	 	—	
 	 	23,759	
 	
Canada Non-Traditional	3,094	
 	 	—	
 	 	—	
 	 	3,094	
 	
Total Canada	25,830	
 	 	1,023	
 	 	—	
 	 	26,853	
 	
EMEA Traditional	9,159	
 	 	—	
 	 	—	
 	 	9,159	
 	
EMEA Non-Traditional	31,432	
 	 	402	
 	 	—	
 	 	31,834	
 	
Total EMEA	40,591	
 	 	402	
 	 	—	
 	 	40,993	
 	
Asia Pacific Traditional	4,315	
 	 	—	
 	 	—	
 	 	4,315	
 	
Asia Pacific Non-Traditional	(1,405	)	 	2,056	
 	 	—	
 	 	651	
 	
Total Asia Pacific	2,910	
 	 	2,056	
 	 	—	
 	 	4,966	
 	
Corporate and Other	(8,727	)	 	(1,211	)	 	—	
 	 	(9,938	)	
Consolidated	$	213,790	
 	 	$	28,007	
 	 	$	(28,445	)	 	$	213,352	

(1)	Asset Intensive is net of $(11,010) DAC offset.	
 	 	
(2)	Asset Intensive is net of $9,823 DAC offset.	

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

(Unaudited)	Six Months Ended June 30, 2016	
 	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. and Latin America:	 	 	 	 	 	 	 	
Traditional	$	162,528	
 	 	$	66	
 	 	$	2,916	
 	 	$	165,510	
 	
Non-Traditional:	 	 	 	 	 	 	 	
Asset Intensive	63,149	
 	 	(80,359	)	(1) 	116,801	
 	(2) 	99,591	
 	
Financial Reinsurance	30,809	
 	 	—	
 	 	—	
 	 	30,809	
 	
Total U.S. and Latin America	256,486	
 	 	(80,293	)	 	119,717	
 	 	295,910	
 	
Canada Traditional	63,404	
 	 	(3,133	)	 	—	
 	 	60,271	
 	
Canada Non-Traditional	2,720	
 	 	—	
 	 	—	
 	 	2,720	
 	
Total Canada	66,124	
 	 	(3,133	)	 	—	
 	 	62,991	
 	
EMEA Traditional	5,718	
 	 	(5	)	 	—	
 	 	5,713	
 	
EMEA Non-Traditional	52,893	
 	 	(1,154	)	 	—	
 	 	51,739	
 	
Total EMEA	58,611	
 	 	(1,159	)	 	—	
 	 	57,452	
 	
Asia Pacific Traditional	75,642	
 	 	(16	)	 	—	
 	 	75,626	
 	
Asia Pacific Non-Traditional	8,480	
 	 	(7,036	)	 	—	
 	 	1,444	
 	
Total Asia Pacific	84,122	
 	 	(7,052	)	 	—	
 	 	77,070	
 	
Corporate and Other	(4,540	)	 	(38,501	)	 	—	
 	 	(43,041	)	
Consolidated	$	460,803	
 	 	$	(130,138	)	 	$	119,717	
 	 	$	450,382	

(1)	Asset Intensive is net of $(13,709) DAC offset.	
 	 	
(2)	Asset Intensive is net of $1,572 DAC offset.	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(Unaudited)	Six Months Ended June 30, 2015	
 	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. and Latin America:	 	 	 	 	 	 	 	
Traditional	$	100,636	
 	 	$	(1	)	 	$	(886	)	 	$	99,749	
 	
Non-Traditional:	 	 	 	 	 	 	 	
Asset Intensive	97,890	
 	 	2,347	
 	(1) 	(3,501	)	(2) 	96,736	
 	
Financial Reinsurance	27,008	
 	 	—	
 	 	—	
 	 	27,008	
 	
Total U.S. and Latin America	225,534	
 	 	2,346	
 	 	(4,387	)	 	223,493	
 	
Canada Traditional	45,463	
 	 	(4,531	)	 	—	
 	 	40,932	
 	
Canada Non-Traditional	7,225	
 	 	—	
 	 	—	
 	 	7,225	
 	
Total Canada	52,688	
 	 	(4,531	)	 	—	
 	 	48,157	
 	
EMEA Traditional	19,641	
 	 	(49	)	 	—	
 	 	19,592	
 	
EMEA Non-Traditional	51,066	
 	 	(597	)	 	—	
 	 	50,469	
 	
Total EMEA	70,707	
 	 	(646	)	 	—	
 	 	70,061	
 	
Asia Pacific Traditional	56,963	
 	 	—	
 	 	—	
 	 	56,963	
 	
Asia Pacific Non-Traditional	8,740	
 	 	2,035	
 	 	—	
 	 	10,775	
 	
Total Asia Pacific	65,703	
 	 	2,035	
 	 	—	
 	 	67,738	
 	
Corporate and Other	(16,717	)	 	1,109	
 	 	—	
 	 	(15,608	)	
Consolidated	$	397,915	
 	 	$	313	
 	 	$	(4,387	)	 	$	393,841	

(1)	Asset Intensive is net of $(6,248) DAC offset.	
 	 	
(2)	Asset Intensive is net of $(3,890) 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 
 June 30,	 	Six Months Ended 
 June 30,	
 	2016	 	2015	 	2016	 	2015	
Earnings per share from net income:	 	 	 	 	 	 	 	
Basic earnings per share	$	3.68	
 	 	$	1.97	
 	 	$	4.86	
 	 	$	3.80	
 	
Diluted earnings per share	$	3.64	
 	 	$	1.94	
 	 	$	4.81	
 	 	$	3.76	

Diluted earnings per share from operating income	$	2.80	
 	 	$	1.94	
 	 	$	4.65	
 	 	$	3.70	
 	
Weighted average number of common and common equivalent shares outstanding	64,796	
 	 	67,120	
 	 	65,008	
 	 	68,030	

 	
 	 	 	 	 	 	 	 	
(Unaudited)	At June 30,	
 	2016	 	2015	
Treasury shares	15,068	
 	 	12,716	
 	
Common shares outstanding	64,070	
 	 	66,422	
 	
Book value per share outstanding	$	118.32	
 	 	$	97.61	
 	
Book value per share outstanding, before impact of AOCI	$	87.33	
 	 	$	80.30	

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Add Eleven
REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
Condensed Consolidated Statements of Income
(Dollars in thousands)

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(Unaudited)	Three Months Ended 
 June 30,	 	Six Months Ended 
 June 30,	
 	2016	 	2015	 	2016	 	2015	
Revenues:	 	 	 	 	 	 	 	
Net premiums	$	2,346,945	
 	 	$	2,129,043	
 	 	$	4,503,950	
 	 	$	4,152,895	
 	
Investment income, net of related expenses	507,666	
 	 	450,539	
 	 	924,932	
 	 	877,430	
 	
Investment related gains (losses), net:	 	 	 	 	 	 	 	
Other-than-temporary impairments on fixed maturity securities	(846	)	 	(4,137	)	 	(34,663	)	 	(6,664	)	
Other investment related gains (losses), net	119,110	
 	 	(12,041	)	 	32,041	
 	 	(1,931	)	
Total investment related gains (losses), net	118,264	
 	 	(16,178	)	 	(2,622	)	 	(8,595	)	
Other revenue	66,193	
 	 	66,936	
 	 	125,376	
 	 	129,223	
 	
Total revenues	3,039,068	
 	 	2,630,340	
 	 	5,551,636	
 	 	5,150,953	
 	
Benefits and expenses:	 	 	 	 	 	 	 	
Claims and other policy benefits	1,997,502	
 	 	1,866,183	
 	 	3,884,266	
 	 	3,641,634	
 	
Interest credited	95,849	
 	 	77,246	
 	 	183,754	
 	 	197,924	
 	
Policy acquisition costs and other insurance expenses	405,681	
 	 	300,412	
 	 	639,444	
 	 	577,455	
 	
Other operating expenses	159,895	
 	 	131,600	
 	 	317,319	
 	 	253,218	
 	
Interest expense	20,331	
 	 	35,851	
 	 	53,138	
 	 	71,478	
 	
Collateral finance and securitization expense	6,587	
 	 	5,258	
 	 	12,912	
 	 	11,329	
 	
Total benefits and expenses	2,685,845	
 	 	2,416,550	
 	 	5,090,833	
 	 	4,753,038	
 	
Income before income taxes	353,223	
 	 	213,790	
 	 	460,803	
 	 	397,915	
 	
Provision for income taxes	117,120	
 	 	83,399	
 	 	148,228	
 	 	142,410	
 	
Net income	$	236,103	
 	 	$	130,391	
 	 	$	312,575	
 	 	$	255,505	
 	
# # #

Exhibit 99.2

Financial Supplement
Second Quarter 2016
(Unaudited)

World Headquarters	  	Internet Address	 	Contacts	
16600 Swingley Ridge Road	  	www.rgare.com	 	Todd C. Larson	
Chesterfield, Missouri 63017 U.S.A.	  	 	 	Senior Executive Vice President	
 	 	 	 	and Chief Financial Officer	
 	 	 	 	Phone: (636) 736-7000	
 	 	 	 	e-mail: tlarson@rgare.com	
 	 	 	 	 	
 	 	 	 	Jeff Hopson	
 	 	 	 	Sr. Vice President, Investor Relations	
 	 	 	 	Phone: (636) 736-2068	
 	 	 	 	e-mail: jhopson@rgare.com	

 	
 	 	 	 	 	 	 	
Current Ratings	
 	 	 	 	
 	 	Standard & Poor’s	 	A.M. Best	 	Moody’s	
Financial Strength Ratings	 	 	 	 	 	 	
RGA Reinsurance Company	 	AA-	 	A+	 	A1	
RGA Life Reinsurance Company of Canada	 	AA-	 	A+	 	NR	
RGA International Reinsurance Company Limited	 	AA-	 	NR	 	NR	
RGA Global Reinsurance Company Limited	 	AA-	 	NR	 	NR	
RGA Reinsurance Company of Australia Limited	 	AA-	 	NR	 	NR	
RGA Americas Reinsurance Company, Ltd.	 	AA-	 	A+	 	NR	
RGA Atlantic Reinsurance Company Ltd.	 	NR	 	A+	 	NR	
Senior Debt Ratings	 	 	 	 	 	 	
Reinsurance Group of America, Incorporated	 	A-	 	a-	 	Baa1	
Our common stock is traded on the New York Stock Exchange under the symbol “RGA”.

 

Reinsurance Group of America, Incorporated
Financial Supplement
2nd Quarter 2016
Table of Contents

 	Page	
Non-GAAP Disclosures	1	
 	 	
2016 Notes	2	
 	 	
Consolidated	 	
 	 	
Financial Highlights	3	
 	 	
Consolidated GAAP Income Statement (incl. Operating Income Reconciliations)	4	
 	 	
Consolidated Operating Income Statements	5	
 	 	
Consolidated Balance Sheets	6	
 	 	
Segment Summaries of GAAP Income Statements and Operating Income Statements	 	
 	 	
U.S. and Latin America Operations	7	
 	 	
Canada Traditional Segment	14	
 	 	
Canada Non-Traditional Segment	16	
 	 	
Europe, Middle East and Africa Traditional Segment	18	
 	 	
Europe, Middle East and Africa Non-Traditional Segment	20	
 	 	
Asia Pacific Traditional Segment	22	
 	 	
Asia Pacific Non-Traditional Segment	24	
 	 	
Corporate and Other Segment	26	
 	 	
Summary of GAAP Income Statements	28	
 	 	
Summary of Operating Income Statements	29	
 	 	
Investments	 	
 	 	
Cash and Invested Assets, Investment Income and Yield Summary	30	
 	 	
Amortized Cost, Gross Unrealized Gains and Losses, and Estimated Fair Values of Fixed Maturity and Equity Securities	31	
 	 	
Corporate Fixed Maturities by Sector	32	
 	 	
Ratings of Fixed Maturity Securities and Structured Fixed Maturity Securities	33	
 	 	
Gross Unrealized Losses Aging	34	
 	 	
Fixed Maturities and Equity Securities Below Amortized Cost	35	
 	 	
Consolidated Investment Related Gains and Losses	36	
 	 	
Appendix	 	
 	 	
Reconciliations of GAAP Income Statements to Operating Income Statements	38	

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 ("RGA") with the SEC.
Non-GAAP Disclosures
RGA uses a non-GAAP financial measure called operating income as a basis for analyzing financial results. This measure also serves as a basis for establishing target levels and awards under RGA’s management incentive programs. Management believes that operating income, on a pre-tax and after-tax basis, better measures the ongoing profitability and underlying trends of the Company’s continuing operations, primarily because that measure excludes substantially all of the effect of net investment related gains and losses, as well as changes in the fair value of certain embedded derivatives and related deferred acquisition costs. These items can be volatile, primarily due to the credit market and interest rate environment and are not necessarily indicative of the performance of the Company’s underlying businesses. Additionally, operating income excludes any net gain or loss from discontinued operations, the cumulative effect of any accounting changes, and other items that management believes are not indicative of the Company’s ongoing operations. The definition of operating income can vary by company and is not considered a substitute for GAAP net income. A reconciliation of income before income taxes of the operating segments to pre-tax operating income is presented in the appendix.
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.
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.

Additionally, RGA uses a non-GAAP financial measure called book value per share excluding the impact of AOCI that management believes is important in evaluating the balance sheet in order to ignore the effects of unrealized amounts primarily associated with mark-to-market adjustments on investments and foreign currency translation.

                                        

 	 	Page 1

Reinsurance Group of America, Incorporated
Financial Supplement
2016 Notes

PRIOR PERIOD RECLASSIFICATIONS

Effective December 31, 2015, prior period balances were updated to reflect the adoption of the accounting standard update "Simplifying the Presentation of Debt Issuance Costs".

 

                                        

 	 	Page 2

Reinsurance Group of America, Incorporated
Financial Highlights	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	Current Qtr vs. PY Quarter	 	 	 	Year-to Date	 	
(USD thousands, except in force & per share data)	 	June 30,	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	 	 	 	 	June 30,	 	June 30,	 	 	 	 	 	 	
 	 	2016	 	2016	 	2015	 	2015	 	2015	 	 	 	 	 	2016	 	2015	 	Change	 	 	 	 	 	 	
Net premiums	 	$	2,346,945	
 	 	$	2,157,005	
 	 	$	2,328,501	
 	 	$	2,089,345	
 	 	$	2,129,043	
 	 	$	217,902	
 	 	 	 	$	4,503,950	
 	 	$	4,152,895	
 	 	$	351,055	
 	 	 	 	 	 	 	
Net income	 	236,103	
 	 	76,472	
 	 	163,127	
 	 	83,534	
 	 	130,391	
 	 	105,712	
 	 	 	 	312,575	
 	 	255,505	
 	 	57,070	
 	 	 	 	 	 	 	
Operating income	 	181,228	
 	 	120,750	
 	 	187,950	
 	 	127,086	
 	 	130,270	
 	 	50,958	
 	 	 	 	301,978	
 	 	252,048	
 	 	49,930	
 	 	 	 	 	 	 	
Operating return on equity (ex AOCI) -	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Annualized	 	13.2	%	 	8.9	%	 	14.0	%	 	9.5	%	 	9.8	%	 	3.4	 %	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Trailing 12 months	 	11.4	%	 	10.6	%	 	10.6	%	 	11.1	%	 	11.8	%	 	(0.4	)%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total assets (1)	 	$	53,876,703	
 	 	$	52,186,624	
 	 	$	50,383,152	
 	 	$	47,581,959	
 	 	$	47,435,240	
 	 	$	6,441,463	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Assumed Life Reinsurance In Force (in billions)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
U.S. and Latin America Traditional	 	$	1,612.9	
 	 	$	1,609.3	
 	 	$	1,594.3	
 	 	$	1,476.1	
 	 	$	1,475.6	
 	 	$	137.3	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
U.S. and Latin America Non-Traditional	 	2.1	
 	 	2.1	
 	 	2.1	
 	 	2.2	
 	 	2.1	
 	 	—	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Canada Traditional	 	361.8	
 	 	349.0	
 	 	333.0	
 	 	343.0	
 	 	360.7	
 	 	1.1	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Europe, Middle East and Africa Traditional	 	608.3	
 	 	624.2	
 	 	602.7	
 	 	566.0	
 	 	573.9	
 	 	34.4	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Asia Pacific Traditional	 	504.8	
 	 	483.5	
 	 	462.7	
 	 	461.8	
 	 	512.7	
 	 	(7.9	)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Asia Pacific Non-Traditional	 	0.4	
 	 	0.3	
 	 	0.3	
 	 	0.3	
 	 	0.3	
 	 	0.1	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Assumed Life Reinsurance In Force	 	$	3,090.3	
 	 	$	3,068.4	
 	 	$	2,995.1	
 	 	$	2,849.4	
 	 	$	2,925.3	
 	 	$	165.0	

 	 	

 	
 	 	 	 	 	 	 	
Assumed New Business Production (in billions)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
U.S. and Latin America Traditional	 	$	32.0	
 	 	$	41.3	
 	 	$	142.1	
 	(2)	$	26.4	
 	 	$	15.7	
 	 	$	16.3	
 	 	 	 	$	73.3	
 	 	$	35.4	
 	 	$	37.9	
 	 	 	 	 	 	 	
Canada Traditional	 	8.2	
 	 	8.2	
 	 	8.7	
 	 	9.1	
 	 	11.1	
 	 	(2.9	)	 	 	 	16.4	
 	 	20.8	
 	 	(4.4	)	 	 	 	 	 	 	
Europe, Middle East and Africa Traditional	 	49.1	
 	 	44.7	
 	 	66.0	
 	(2)	24.7	
 	 	32.3	
 	 	16.8	
 	 	 	 	93.8	
 	 	80.9	
 	 	12.9	
 	 	 	 	 	 	 	
Asia Pacific Traditional	 	18.0	
 	 	13.6	
 	 	12.1	
 	 	24.4	
 	 	12.6	
 	 	5.4	
 	 	 	 	31.6	
 	 	40.4	
 	 	(8.8	)	 	 	 	 	 	 	
Total Assumed New Business Production	 	$	107.3	
 	 	$	107.8	
 	 	$	228.9	
 	 	$	84.6	
 	 	$	71.7	
 	 	$	35.6	
 	 	 	 	$	215.1	
 	 	$	177.5	
 	 	$	37.6	
 	 	 	 	 	 	 	
Per Share and Shares Data	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic earnings per share	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	 	$	3.68	
 	 	$	1.18	
 	 	$	2.49	
 	 	$	1.26	
 	 	$	1.97	
 	 	$	1.71	
 	 	 	 	$	4.86	
 	 	$	3.80	
 	 	$	1.06	
 	 	 	 	 	 	 	
Operating income	 	$	2.83	
 	 	$	1.87	
 	 	$	2.87	
 	 	$	1.92	
 	 	$	1.96	
 	 	$	0.87	
 	 	 	 	$	4.69	
 	 	$	3.75	
 	 	$	0.94	
 	 	 	 	 	 	 	
Diluted earnings per share	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	 	$	3.64	
 	 	$	1.17	
 	 	$	2.46	
 	 	$	1.25	
 	 	$	1.94	
 	 	$	1.70	
 	 	 	 	$	4.81	
 	 	$	3.76	
 	 	$	1.05	
 	 	 	 	 	 	 	
Operating income	 	$	2.80	
 	 	$	1.85	
 	 	$	2.84	
 	 	$	1.90	
 	 	$	1.94	
 	 	$	0.86	
 	 	 	 	$	4.65	
 	 	$	3.70	
 	 	$	0.95	

Wgt. average common shares outstanding	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic	 	64,126	
 	 	64,568	
 	 	65,535	
 	 	66,205	
 	 	66,351	
 	 	(2,225	)	 	 	 	64,348	
 	 	67,246	
 	 	(2,898	)	 	 	 	 	 	 	
Diluted	 	64,796	
 	 	65,217	
 	 	66,247	
 	 	66,882	
 	 	67,120	
 	 	(2,324	)	 	 	 	65,008	
 	 	68,030	
 	 	(3,022	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Common shares issued	 	79,138	
 	 	79,138	
 	 	79,138	
 	 	79,138	
 	 	79,138	
 	 	—	
 	 	 	 	79,138	
 	 	79,138	
 	 	—	
 	 	 	 	 	 	 	
Treasury shares	 	15,068	
 	 	15,073	
 	 	13,933	
 	 	13,389	
 	 	12,716	
 	 	2,352	
 	 	 	 	15,068	
 	 	12,716	
 	 	2,352	
 	 	 	 	 	 	 	
Common shares outstanding	 	64,070	
 	 	64,065	
 	 	65,205	
 	 	65,749	
 	 	66,422	
 	 	(2,352	)	 	 	 	64,070	
 	 	66,422	
 	 	(2,352	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Book value per share	 	$	118.32	
 	 	$	104.88	
 	 	$	94.09	
 	 	$	94.92	
 	 	$	97.61	

Per share effect of AOCI	 	$	30.99	
 	 	$	20.77	
 	 	$	10.86	
 	 	$	13.78	
 	 	$	17.31	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Book value per share, excluding AOCI	 	$	87.33	
 	 	$	84.11	
 	 	$	83.23	
 	 	$	81.14	
 	 	$	80.30	

Shareholder dividends paid	 	$	23,727.2	
 	 	$	24,018.6	
 	 	$	24,269.1	
 	 	$	24,592.1	
 	 	$	21,850.5	
 	 	$	1,876.7	
 	 	 	 	$	47,745.8	
 	 	$	44,519.3	
 	 	$	3,226.5	
 	 	 	 	 	 	 	
        (1) Effective December 31, 2015, prior period balances have been updated to conform with current period presentation for the adoption of the accounting standard update "Simplifying the Presentation of Debt Issuance Costs".	 	 	 	 	 	 	
        (2) Includes the effect of significant in force transactions.	 	 	 	 	 	 	

 	
 	 	 	
 	 	Page 3

Reinsurance Group of America, Incorporated
Consolidated GAAP Income Statements (incl. Operating Income Reconciliations)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	Current Qtr	 	 	 	Year-to Date	
 	 	June 30,	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	vs. PY	 	 	 	June 30,	 	June 30,	 	 	
(USD thousands)	 	2016	 	2016	 	2015	 	2015	 	2015	 	Quarter	 	 	 	2016	 	2015	 	Change	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	2,346,945	
 	 	$	2,157,005	
 	 	$	2,328,501	
 	 	$	2,089,345	
 	 	$	2,129,043	
 	 	$	217,902	
 	 	 	 	$	4,503,950	
 	 	$	4,152,895	
 	 	$	351,055	
 	
Investment income, net of related expenses	 	507,666	
 	 	417,266	
 	 	467,468	
 	 	389,597	
 	 	450,539	
 	 	57,127	
 	 	 	 	924,932	
 	 	877,430	
 	 	47,502	
 	
Investment related gains (losses), net	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
OTTI on fixed maturity securities	 	(846	)	 	(33,817	)	 	(27,605	)	 	(23,111	)	 	(4,137	)	 	3,291	
 	 	 	 	(34,663	)	 	(6,664	)	 	(27,999	)	
Other investment related gains (losses), net	 	119,110	
 	 	(87,069	)	 	(17,204	)	 	(88,235	)	 	(12,041	)	 	131,151	
 	 	 	 	32,041	
 	 	(1,931	)	 	33,972	
 	
Total investment related gains (losses), net	 	118,264	
 	 	(120,886	)	 	(44,809	)	 	(111,346	)	 	(16,178	)	 	134,442	
 	 	 	 	(2,622	)	 	(8,595	)	 	5,973	
 	
Other revenue	 	66,193	
 	 	59,183	
 	 	77,431	
 	 	71,038	
 	 	66,936	
 	 	(743	)	 	 	 	125,376	
 	 	129,223	
 	 	(3,847	)	
Total revenues	 	3,039,068	
 	 	2,512,568	
 	 	2,828,591	
 	 	2,438,634	
 	 	2,630,340	
 	 	408,728	
 	 	 	 	5,551,636	
 	 	5,150,953	
 	 	400,683	
 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	

Claims and other policy benefits	 	1,997,502	
 	 	1,886,764	
 	 	2,015,929	
 	 	1,831,819	
 	 	1,866,183	
 	 	131,319	
 	 	 	 	3,884,266	
 	 	3,641,634	
 	 	242,632	
 	
Interest credited	 	95,849	
 	 	87,905	
 	 	105,032	
 	 	34,008	
 	 	77,246	
 	 	18,603	
 	 	 	 	183,754	
 	 	197,924	
 	 	(14,170	)	
Policy acquisition costs and other insurance expenses	 	405,681	
 	 	233,763	
 	 	300,329	
 	 	249,702	
 	 	300,412	
 	 	105,269	
 	 	 	 	639,444	
 	 	577,455	
 	 	61,989	
 	
Other operating expenses	 	159,895	
 	 	157,424	
 	 	158,556	
 	 	142,270	
 	 	131,600	
 	 	28,295	
 	 	 	 	317,319	
 	 	253,218	
 	 	64,101	
 	
Interest expense	 	20,331	
 	 	32,807	
 	 	35,820	
 	 	35,565	
 	 	35,851	
 	 	(15,520	)	 	 	 	53,138	
 	 	71,478	
 	 	(18,340	)	
Collateral finance and securitization expense	 	6,587	
 	 	6,325	
 	 	6,182	
 	 	5,133	
 	 	5,258	
 	 	1,329	
 	 	 	 	12,912	
 	 	11,329	
 	 	1,583	
 	
Total benefits and expenses	 	2,685,845	
 	 	2,404,988	
 	 	2,621,848	
 	 	2,298,497	
 	 	2,416,550	
 	 	269,295	
 	 	 	 	5,090,833	
 	 	4,753,038	
 	 	337,795	
 	
Income before income taxes	 	353,223	
 	 	107,580	
 	 	206,743	
 	 	140,137	
 	 	213,790	
 	 	139,433	
 	 	 	 	460,803	
 	 	397,915	
 	 	62,888	
 	
Income tax expense	 	117,120	
 	 	31,108	
 	 	43,616	
 	 	56,603	
 	 	83,399	
 	 	33,721	
 	 	 	 	148,228	
 	 	142,410	
 	 	5,818	
 	
Net income	 	$	236,103	
 	 	$	76,472	
 	 	$	163,127	
 	 	$	83,534	
 	 	$	130,391	
 	 	$	105,712	
 	 	 	 	$	312,575	
 	 	$	255,505	
 	 	$	57,070	
 	
Pre-tax Operating Income Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	$	353,223	
 	 	$	107,580	
 	 	$	206,743	
 	 	$	140,137	
 	 	$	213,790	
 	 	$	139,433	
 	 	 	 	$	460,803	
 	 	$	397,915	
 	 	$	62,888	
 	
Investment and derivative losses (gains)—	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
non-operating (1)	 	(67,100	)	 	(31,968	)	 	64,034	
 	 	(35,028	)	 	41,526	
 	 	(108,626	)	 	 	 	(99,068	)	 	20,580	
 	 	(119,648	)	
Change in value of modified coinsurance and	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
funds withheld embedded derivatives (1)	 	(76,966	)	 	92,249	
 	 	27,201	
 	 	46,169	
 	 	23,098	
 	 	(100,064	)	 	 	 	15,283	
 	 	25,423	
 	 	(10,140	)	
GMXB embedded derivatives  (1)	 	28,137	
 	 	62,940	
 	 	(36,437	)	 	95,373	
 	 	(50,878	)	 	79,015	
 	 	 	 	91,077	
 	 	(25,745	)	 	116,822	
 	
Funds withheld losses (gains)—investment income	 	(11,657	)	 	(4,983	)	 	246	
 	 	(2,212	)	 	(3,002	)	 	(8,655	)	 	 	 	(16,640	)	 	(14,404	)	 	(2,236	)	
EIA embedded derivatives—interest credited	 	(17,364	)	 	29,149	
 	 	(1,412	)	 	(10,995	)	 	(10,488	)	 	(6,876	)	 	 	 	11,785	
 	 	(175	)	 	11,960	
 	
DAC offset, net	 	64,841	
 	 	(76,978	)	 	(13,142	)	 	(25,945	)	 	(1,187	)	 	66,028	
 	 	 	 	(12,137	)	 	(10,138	)	 	(1,999	)	
Investment income on unit-linked variable annuities	 	(2,966	)	 	(408	)	 	—	
 	 	—	
 	 	—	
 	 	(2,966	)	 	 	 	(3,374	)	 	—	
 	 	(3,374	)	
Interest credited on unit-linked variable annuities	 	2,966	
 	 	408	
 	 	—	
 	 	—	
 	 	—	
 	 	2,966	
 	 	 	 	3,374	
 	 	—	
 	 	3,374	
 	
Non-investment derivatives	 	110	
 	 	(831	)	 	(120	)	 	(383	)	 	493	
 	 	(383	)	 	 	 	(721	)	 	385	
 	 	(1,106	)	
Operating Income Before Income Taxes	 	$	273,224	
 	 	$	177,158	
 	 	$	247,113	
 	 	$	207,116	
 	 	$	213,352	
 	 	$	59,872	
 	 	 	 	$	450,382	
 	 	$	393,841	
 	 	$	56,541	
 	
After-tax Operating Income Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net Income	 	$	236,103	
 	 	$	76,472	
 	 	$	163,127	
 	 	$	83,534	
 	 	$	130,391	
 	 	$	105,712	
 	 	 	 	$	312,575	
 	 	$	255,505	
 	 	$	57,070	
 	
Investment and derivative losses (gains)—	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

non-operating (1)	 	(46,490	)	 	(21,727	)	 	40,203	
 	 	(22,750	)	 	27,152	
 	 	(73,642	)	 	 	 	(68,217	)	 	12,567	
 	 	(80,784	)	
Change in value of modified coinsurance and	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
funds withheld embedded derivatives (1)	 	(50,028	)	 	59,962	
 	 	17,680	
 	 	30,010	
 	 	15,014	
 	 	(65,042	)	 	 	 	9,934	
 	 	16,525	
 	 	(6,591	)	
GMXB embedded derivatives  (1)	 	18,289	
 	 	40,911	
 	 	(23,684	)	 	61,992	
 	 	(33,070	)	 	51,359	
 	 	 	 	59,200	
 	 	(16,734	)	 	75,934	
 	
Funds withheld losses (gains)—investment income	 	(7,577	)	 	(3,239	)	 	161	
 	 	(1,438	)	 	(1,951	)	 	(5,626	)	 	 	 	(10,816	)	 	(9,363	)	 	(1,453	)	
EIA embedded derivatives—interest credited	 	(11,287	)	 	18,947	
 	 	(917	)	 	(7,147	)	 	(6,817	)	 	(4,470	)	 	 	 	7,660	
 	 	(114	)	 	7,774	
 	
DAC offset, net	 	42,147	
 	 	(50,036	)	 	(8,542	)	 	(16,865	)	 	(770	)	 	42,917	
 	 	 	 	(7,889	)	 	(6,589	)	 	(1,300	)	
Investment income on unit-linked variable annuities	 	(1,928	)	 	(265	)	 	—	
 	 	—	
 	 	—	
 	 	(1,928	)	 	 	 	(2,193	)	 	—	
 	 	(2,193	)	
Interest credited on unit-linked variable annuities	 	1,928	
 	 	265	
 	 	—	
 	 	—	
 	 	—	
 	 	1,928	
 	 	 	 	2,193	
 	 	—	
 	 	2,193	
 	
Non-investment derivatives	 	71	
 	 	(540	)	 	(78	)	 	(250	)	 	321	
 	 	(250	)	 	 	 	(469	)	 	251	
 	 	(720	)	
Operating Income	 	$	181,228	
 	 	$	120,750	
 	 	$	187,950	
 	 	$	127,086	
 	 	$	130,270	
 	 	$	50,958	
 	 	 	 	$	301,978	
 	 	$	252,048	
 	 	$	49,930	

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

 	
 	 	 	
 	 	Page 4

Reinsurance Group of America, Incorporated
Consolidated Operating Income Statements

 	 	Three Months Ended	 	Current Qtr
vs. PY
Quarter	 	 	 	Year-to-Date	 	
 	 	June 30,	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	 	 	 	 	June 30,	 	June 30,	 	 	 	 	 	 	
(USD thousands, except per share data)	 	2016	 	2016	 	2015	 	2015	 	2015	 	 	 	 	 	2016	 	2015	 	Change	 	 	 	 	 	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	2,346,945	
 	 	$	2,157,005	
 	 	$	2,328,501	
 	 	$	2,089,345	
 	 	$	2,129,043	
 	 	$	217,902	
 	 	 	 	$	4,503,950	
 	 	$	4,152,895	
 	 	$	351,055	
 	 	 	 	 	 	 	
Investment income, net of related expenses	 	493,043	
 	 	411,875	
 	 	467,714	
 	 	387,385	
 	 	447,537	
 	 	45,506	
 	 	 	 	904,918	
 	 	863,026	
 	 	41,892	
 	 	 	 	 	 	 	
Investment related gains (losses), net	 	2,335	
 	 	2,335	
 	 	9,989	
 	 	(4,832	)	 	(2,432	)	 	4,767	
 	 	 	 	4,670	
 	 	11,663	
 	 	(6,993	)	 	 	 	 	 	 	
Other revenue	 	66,303	
 	 	58,352	
 	 	77,311	
 	 	70,655	
 	 	67,429	
 	 	(1,126	)	 	 	 	124,655	
 	 	129,608	
 	 	(4,953	)	 	 	 	 	 	 	
Total revenues	 	2,908,626	
 	 	2,629,567	
 	 	2,883,515	
 	 	2,542,553	
 	 	2,641,577	
 	 	267,049	
 	 	 	 	5,538,193	
 	 	5,157,192	
 	 	381,001	

Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	1,997,502	
 	 	1,886,764	
 	 	2,015,929	
 	 	1,831,819	
 	 	1,866,183	
 	 	131,319	
 	 	 	 	3,884,266	
 	 	3,641,634	
 	 	242,632	
 	 	 	 	 	 	 	
Interest credited	 	110,247	
 	 	58,348	
 	 	106,444	
 	 	45,003	
 	 	87,734	
 	 	22,513	
 	 	 	 	168,595	
 	 	198,099	
 	 	(29,504	)	 	 	 	 	 	 	
Policy acquisition costs and other insurance expenses	 	340,840	
 	 	310,741	
 	 	313,471	
 	 	275,647	
 	 	301,599	
 	 	39,241	
 	 	 	 	651,581	
 	 	587,593	
 	 	63,988	
 	 	 	 	 	 	 	
Other operating expenses	 	159,895	
 	 	157,424	
 	 	158,556	
 	 	142,270	
 	 	131,600	
 	 	28,295	
 	 	 	 	317,319	
 	 	253,218	
 	 	64,101	
 	 	 	 	 	 	 	
Interest expense	 	20,331	
 	 	32,807	
 	 	35,820	
 	 	35,565	
 	 	35,851	
 	 	(15,520	)	 	 	 	53,138	
 	 	71,478	
 	 	(18,340	)	 	 	 	 	 	 	
Collateral finance and securitization expense	 	6,587	
 	 	6,325	
 	 	6,182	
 	 	5,133	
 	 	5,258	
 	 	1,329	
 	 	 	 	12,912	
 	 	11,329	
 	 	1,583	
 	 	 	 	 	 	 	
Total benefits and expenses	 	2,635,402	
 	 	2,452,409	
 	 	2,636,402	
 	 	2,335,437	
 	 	2,428,225	
 	 	207,177	
 	 	 	 	5,087,811	
 	 	4,763,351	
 	 	324,460	

Operating income before income taxes	 	273,224	
 	 	177,158	
 	 	247,113	
 	 	207,116	
 	 	213,352	
 	 	59,872	
 	 	 	 	450,382	
 	 	393,841	
 	 	56,541	

Operating income tax expense	 	91,996	
 	 	56,408	
 	 	59,163	
 	 	80,030	
 	 	83,082	
 	 	8,914	
 	 	 	 	148,404	
 	 	141,793	
 	 	6,611	

Operating income	 	$	181,228	
 	 	$	120,750	
 	 	$	187,950	
 	 	$	127,086	
 	 	$	130,270	
 	 	$	50,958	
 	 	 	 	$	301,978	
 	 	$	252,048	
 	 	$	49,930	

Wgt. average common shares outstanding (diluted)	 	64,796	
 	 	65,217	
 	 	66,247	
 	 	66,882	
 	 	67,120	
 	 	(2,324)	
 	 	 	 	65,008	
 	 	68,030	
 	 	(3,022)	

Diluted earnings per share—operating income	 	$	2.80	
 	 	$	1.85	
 	 	$	2.84	
 	 	$	1.90	
 	 	$	1.94	
 	 	$	0.86	
 	 	 	 	$	4.65	
 	 	$	3.70	
 	 	$	0.95	

Foreign currency effect   (1) :	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	(43,422	)	 	$	(69,340	)	 	$	(106,556	)	 	$	(145,047	)	 	$	(121,287	)	 	$	77,865	
 	 	 	 	$	(112,762	)	 	$	(217,311	)	 	$	104,549	
 	 	 	 	 	 	 	
Operating income before income taxes	 	$	(4,057	)	 	$	(9,742	)	 	$	(18,726	)	 	$	(15,526	)	 	$	(8,700	)	 	$	4,643	
 	 	 	 	$	(13,799	)	 	$	(20,533	)	 	$	6,734	

(1) Compared to comparable prior year period.	 	 	 	 	 	 	

                                        

 	 	Page 5

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

 	 	June 30,	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	
 	 	2016	 	2016	 	2015	 	2015	 	2015	
Assets	 	 	 	 	 	 	 	 	 	 	
Fixed maturity securities, available-for-sale	 	$	33,160,976	
 	 	$	31,148,714	
 	 	$	29,642,905	
 	 	$	27,411,788	
 	 	$	28,063,975	
 	
Mortgage loans on real estate	 	3,377,039	
 	 	3,292,496	
 	 	3,129,951	
 	 	3,170,002	
 	 	3,073,313	
 	
Policy loans	 	1,445,410	
 	 	1,451,857	
 	 	1,468,796	
 	 	1,444,009	
 	 	1,438,156	
 	
Funds withheld at interest	 	5,899,289	
 	 	5,797,183	
 	 	5,880,203	
 	 	5,675,174	
 	 	5,840,076	
 	
Short-term investments	 	195,979	
 	 	431,535	
 	 	558,284	
 	 	58,200	
 	 	76,118	
 	
Other invested assets	 	1,682,143	
 	 	1,368,544	
 	 	1,298,120	
 	 	1,187,504	
 	 	1,110,107	
 	
Total investments	 	45,760,836	
 	 	43,490,329	
 	 	41,978,259	
 	 	38,946,677	
 	 	39,601,745	
 	
Cash and cash equivalents	 	1,034,329	
 	 	1,502,082	
 	 	1,525,275	
 	 	1,747,692	
 	 	1,335,661	
 	
Accrued investment income	 	368,926	
 	 	364,432	
 	 	339,452	
 	 	342,088	
 	 	322,069	
 	
Premiums receivable and other reinsurance balances	 	1,917,844	
 	 	1,886,293	
 	 	1,797,504	
 	 	1,553,093	
 	 	1,518,208	
 	
Reinsurance ceded receivables	 	681,425	
 	 	688,491	
 	 	637,859	
 	 	661,185	
 	 	711,463	
 	
Deferred policy acquisition costs	 	3,401,935	
 	 	3,490,509	
 	 	3,392,437	
 	 	3,311,086	
 	 	3,299,541	
 	
Other assets (1)	 	711,408	
 	 	764,488	
 	 	712,366	
 	 	1,020,138	
 	 	646,553	
 	
Total assets (1)	 	$	53,876,703	
 	 	$	52,186,624	
 	 	$	50,383,152	
 	 	$	47,581,959	
 	 	$	47,435,240	

Liabilities and Stockholders’ Equity	 	 	 	 	 	 	 	 	 	 	
Future policy benefits	 	$	19,605,021	
 	 	$	19,811,921	
 	 	$	19,612,251	
 	 	$	16,574,783	
 	 	$	16,773,035	
 	
Interest-sensitive contract liabilities	 	14,024,012	
 	 	14,087,081	
 	 	13,663,873	
 	 	13,699,896	
 	 	13,516,059	
 	
Other policy claims and benefits	 	4,305,219	
 	 	4,384,072	
 	 	4,094,640	
 	 	3,892,036	
 	 	3,857,610	
 	
Other reinsurance balances	 	344,527	
 	 	397,375	
 	 	296,899	
 	 	280,093	
 	 	311,388	
 	
Deferred income taxes	 	2,901,264	
 	 	2,483,584	
 	 	2,218,328	
 	 	2,285,066	
 	 	2,246,086	
 	
Other liabilities	 	1,157,252	
 	 	1,106,531	
 	 	1,165,071	
 	 	1,405,675	
 	 	1,032,980	
 	
Short-term debt	 	299,807	
 	 	299,739	
 	 	—	
 	 	—	
 	 	—	
 	
Long-term debt (1)	 	2,788,473	
 	 	1,997,970	
 	 	2,297,548	
 	 	2,297,592	
 	 	2,297,629	
 	
Collateral finance and securitization notes (1)	 	870,482	
 	 	899,482	
 	 	899,161	
 	 	905,752	
 	 	917,220	
 	
Total liabilities (1)	 	46,296,057	
 	 	45,467,755	
 	 	44,247,771	
 	 	41,340,893	
 	 	40,952,007	

Stockholders’ Equity:	 	 	 	 	 	 	 	 	 	 	
Common stock, at par value	 	791	
 	 	791	
 	 	791	
 	 	791	
 	 	791	
 	
Additional paid-in-capital	 	1,834,995	
 	 	1,827,646	
 	 	1,816,142	
 	 	1,812,377	
 	 	1,805,858	
 	
Retained earnings	 	4,870,711	
 	 	4,668,588	
 	 	4,620,303	
 	 	4,482,709	
 	 	4,425,302	
 	
Treasury stock	 	(1,111,225	)	 	(1,108,539	)	 	(1,010,139	)	 	(961,290	)	 	(898,082	)	
Accumulated other comprehensive income (AOCI):	 	 	 	 	 	 	 	 	 	 	
Accumulated currency translation adjustment, net of income taxes	 	(93,476	)	 	(103,418	)	 	(181,151	)	 	(119,493	)	 	(13,989	)	
Unrealized appreciation of securities, net of income taxes	 	2,126,815	
 	 	1,482,922	
 	 	935,697	
 	 	1,071,990	
 	 	1,211,056	
 	
Pension and postretirement benefits, net of income taxes	 	(47,965	)	 	(49,121	)	 	(46,262	)	 	(46,018	)	 	(47,703	)	
Total stockholders’ equity	 	7,580,646	
 	 	6,718,869	
 	 	6,135,381	
 	 	6,241,066	
 	 	6,483,233	
 	
Total liabilities and stockholders’ equity (1)	 	$	53,876,703	
 	 	$	52,186,624	
 	 	$	50,383,152	
 	 	$	47,581,959	
 	 	$	47,435,240	

Total stockholders’ equity, excluding AOCI	 	$	5,595,272	
 	 	$	5,388,486	
 	 	$	5,427,097	
 	 	$	5,334,587	
 	 	$	5,333,869	

(1) Effective December 31, 2015, prior period balances have been updated to conform with current period presentation for the adoption of the accounting standard update "Simplifying the Presentation of Debt	
     Issuance Costs".	 	 	 	 	 	 	 	 	 	 	

                                        

 	 	Page 6

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

 	 	Three Months Ended	 	Current	 	 	 	Year-to-Date	
 	 	June 30,	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	Qtr vs. PY	 	 	 	June 30,	 	June 30,	 	 	
 	 	2016	 	2016	 	2015	 	2015	 	2015	 	Quarter	 	 	 	2016	 	2015	 	Change	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	1,307,395	
 	 	$	1,234,394	
 	 	$	1,370,745	
 	 	$	1,150,936	
 	 	$	1,170,931	
 	 	$	136,464	
 	 	 	 	$	2,541,789	
 	 	$	2,285,025	
 	 	$	256,764	
 	
Investment income, net of related expenses	 	182,238	
 	 	165,023	
 	 	176,174	
 	 	154,210	
 	 	163,390	
 	 	18,848	
 	 	 	 	347,261	
 	 	306,395	
 	 	40,866	
 	
Investment related gains (losses), net	 	(882	)	 	(2,100	)	 	493	
 	 	926	
 	 	3,360	
 	 	(4,242	)	 	 	 	(2,982	)	 	887	
 	 	(3,869	)	
Other revenue	 	5,252	
 	 	3,500	
 	 	7,438	
 	 	6,566	
 	 	4,567	
 	 	685	
 	 	 	 	8,752	
 	 	5,231	
 	 	3,521	
 	
Total revenues	 	1,494,003	
 	 	1,400,817	
 	 	1,554,850	
 	 	1,312,638	
 	 	1,342,248	
 	 	151,755	
 	 	 	 	2,894,820	
 	 	2,597,538	
 	 	297,282	

Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	1,149,665	
 	 	1,119,442	
 	 	1,235,926	
 	 	1,049,973	
 	 	1,041,390	
 	 	108,275	
 	 	 	 	2,269,107	
 	 	2,080,797	
 	 	188,310	
 	
Interest credited	 	20,845	
 	 	21,400	
 	 	21,682	
 	 	20,999	
 	 	21,875	
 	 	(1,030	)	 	 	 	42,245	
 	 	34,819	
 	 	7,426	
 	
Policy acquisition costs and other insurance expenses	 	182,285	
 	 	177,078	
 	 	187,277	
 	 	158,452	
 	 	169,035	
 	 	13,250	
 	 	 	 	359,363	
 	 	327,602	
 	 	31,761	
 	
Other operating expenses	 	29,778	
 	 	31,799	
 	 	30,482	
 	 	27,562	
 	 	27,155	
 	 	2,623	
 	 	 	 	61,577	
 	 	53,684	
 	 	7,893	
 	
Total benefits and expenses	 	1,382,573	
 	 	1,349,719	
 	 	1,475,367	
 	 	1,256,986	
 	 	1,259,455	
 	 	123,118	
 	 	 	 	2,732,292	
 	 	2,496,902	
 	 	235,390	

Income before income taxes	 	$	111,430	
 	 	$	51,098	
 	 	$	79,483	
 	 	$	55,652	
 	 	$	82,793	
 	 	$	28,637	
 	 	 	 	$	162,528	
 	 	$	100,636	
 	 	$	61,892	

Loss and expense ratios:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	87.9	%	 	90.7	%	 	90.2	%	 	91.2	%	 	88.9	%	 	(1.0	)%	 	 	 	89.3	%	 	91.1	%	 	(1.8	)%	
Policy acquisition costs and other insurance expenses	 	13.9	%	 	14.3	%	 	13.7	%	 	13.8	%	 	14.4	%	 	(0.5	)%	 	 	 	14.1	%	 	14.3	%	 	(0.2	)%	
Other operating expenses	 	2.3	%	 	2.6	%	 	2.2	%	 	2.4	%	 	2.3	%	 	—	 %	 	 	 	2.4	%	 	2.3	%	 	0.1	 %	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
See appendix for reconciliation of GAAP income before income taxes to operating income before income taxes.	 	 	 	 	 	 	 	 	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

                                        

 	 	Page 7

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

 	 	Three Months Ended	 	Current	 	 	 	Year-to-Date	
 	 	June 30,	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	Qtr vs. PY	 	 	 	June 30,	 	June 30,	 	 	
 	 	2016	 	2016	 	2015	 	2015	 	2015	 	Quarter	 	 	 	2016	 	2015	 	Change	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	1,307,395	
 	 	$	1,234,394	
 	 	$	1,370,745	
 	 	$	1,150,936	
 	 	$	1,170,931	
 	 	$	136,464	
 	 	 	 	$	2,541,789	
 	 	$	2,285,025	
 	 	$	256,764	
 	
Investment income, net of related expenses	 	182,238	
 	 	165,023	
 	 	176,174	
 	 	154,210	
 	 	163,390	
 	 	18,848	
 	 	 	 	347,261	
 	 	306,395	
 	 	40,866	
 	
Other revenue	 	5,252	
 	 	3,500	
 	 	7,438	
 	 	6,566	
 	 	4,567	
 	 	685	
 	 	 	 	8,752	
 	 	5,231	
 	 	3,521	
 	
Total revenues	 	1,494,885	
 	 	1,402,917	
 	 	1,554,357	
 	 	1,311,712	
 	 	1,338,888	
 	 	155,997	
 	 	 	 	2,897,802	
 	 	2,596,651	
 	 	301,151	

Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	1,149,665	
 	 	1,119,442	
 	 	1,235,926	
 	 	1,049,973	
 	 	1,041,390	
 	 	108,275	
 	 	 	 	2,269,107	
 	 	2,080,797	
 	 	188,310	
 	
Interest credited	 	20,845	
 	 	21,400	
 	 	21,682	
 	 	20,999	
 	 	21,875	
 	 	(1,030	)	 	 	 	42,245	
 	 	34,819	
 	 	7,426	
 	
Policy acquisition costs and other insurance expenses	 	182,285	
 	 	177,078	
 	 	187,277	
 	 	158,452	
 	 	169,035	
 	 	13,250	
 	 	 	 	359,363	
 	 	327,602	
 	 	31,761	
 	
Other operating expenses	 	29,778	
 	 	31,799	
 	 	30,482	
 	 	27,562	
 	 	27,155	
 	 	2,623	
 	 	 	 	61,577	
 	 	53,684	
 	 	7,893	
 	
Total benefits and expenses	 	1,382,573	
 	 	1,349,719	
 	 	1,475,367	
 	 	1,256,986	
 	 	1,259,455	
 	 	123,118	
 	 	 	 	2,732,292	
 	 	2,496,902	
 	 	235,390	

Operating income before income taxes	 	$	112,312	
 	 	$	53,198	
 	 	$	78,990	
 	 	$	54,726	
 	 	$	79,433	
 	 	$	32,879	
 	 	 	 	$	165,510	
 	 	$	99,749	
 	 	$	65,761	

Loss and expense ratios:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	87.9	%	 	90.7	%	 	90.2	%	 	91.2	%	 	88.9	%	 	(1.0	)%	 	 	 	89.3	%	 	91.1	%	 	(1.8	)%	
Policy acquisition costs and other insurance expenses	 	13.9	%	 	14.3	%	 	13.7	%	 	13.8	%	 	14.4	%	 	(0.5	)%	 	 	 	14.1	%	 	14.3	%	 	(0.2	)%	
Other operating expenses	 	2.3	%	 	2.6	%	 	2.2	%	 	2.4	%	 	2.3	%	 	—	 %	 	 	 	2.4	%	 	2.3	%	 	0.1	 %	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
See appendix for reconciliation of GAAP income before income taxes to operating income before income taxes.	 	 	 	 	 	 	 	 	

 	
 	 	 	
 	 	Page 8

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

 	 	Three Months Ended	 	Current	 	 	 	Year-to-Date	
 	 	June 30,	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	Qtr vs. PY	 	 	 	June 30,	 	June 30,	 	 	
 	 	2016	 	2016	 	2015	 	2015	 	2015	 	Quarter	 	 	 	2016	 	2015	 	Change	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	5,662	
 	 	$	6,219	
 	 	$	6,018	
 	 	$	5,177	
 	 	$	5,941	
 	 	$	(279	)	 	 	 	$	11,881	
 	 	$	10,982	
 	 	$	899	
 	
Investment income, net of related expenses	 	177,681	
 	 	117,215	
 	 	153,445	
 	 	104,055	
 	 	155,364	
 	 	22,317	
 	 	 	 	294,896	
 	 	303,201	
 	 	(8,305	)	
Investment related gains (losses), net	 	76,830	
 	 	(128,551	)	 	(31,218	)	 	(68,990	)	 	(15,075	)	 	91,905	
 	 	 	 	(51,721	)	 	(18,274	)	 	(33,447	)	
Other revenue	 	24,555	
 	 	22,834	
 	 	23,238	
 	 	28,973	
 	 	26,634	
 	 	(2,079	)	 	 	 	47,389	
 	 	53,178	
 	 	(5,789	)	
Total revenues	 	284,728	
 	 	17,717	
 	 	151,483	
 	 	69,215	
 	 	172,864	
 	 	111,864	
 	 	 	 	302,445	
 	 	349,087	
 	 	(46,642	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	19,507	
 	 	19,833	
 	 	22,605	
 	 	16,832	
 	 	19,983	
 	 	(476	)	 	 	 	39,340	
 	 	26,709	
 	 	12,631	
 	
Interest credited	 	68,436	
 	 	62,558	
 	 	71,756	
 	 	18,535	
 	 	59,042	
 	 	9,394	
 	 	 	 	130,994	
 	 	154,027	
 	 	(23,033	)	
Policy acquisition costs and other insurance expenses	 	97,078	
 	 	(39,656	)	 	19,957	
 	 	4,773	
 	 	32,976	
 	 	64,102	
 	 	 	 	57,422	
 	 	61,030	
 	 	(3,608	)	
Other operating expenses	 	5,728	
 	 	5,812	
 	 	6,291	
 	 	4,893	
 	 	5,113	
 	 	615	
 	 	 	 	11,540	
 	 	9,431	
 	 	2,109	
 	
Total benefits and expenses	 	190,749	
 	 	48,547	
 	 	120,609	
 	 	45,033	
 	 	117,114	
 	 	73,635	
 	 	 	 	239,296	
 	 	251,197	
 	 	(11,901	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	$	93,979	
 	 	$	(30,830	)	 	$	30,874	
 	 	$	24,182	
 	 	$	55,750	
 	 	$	38,229	
 	 	 	 	$	63,149	
 	 	$	97,890	
 	 	$	(34,741	)	

 	 	

 	 	

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

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

 	
 	 	 	
 	 	Page 9

Reinsurance Group of America, Incorporated
U.S. and Latin America Non-Traditional Segment - Asset Intensive Reinsurance
Operating Income Statements
(USD thousands)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	Current Qtr	 	 	 	Year-to-Date	
 	 	June 30,	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	vs. PY	 	 	 	June 30,	 	June 30,	 	 	
 	 	2016	 	2016	 	2015	 	2015	 	2015	 	Quarter	 	 	 	2016	 	2015	 	Change	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	5,662	
 	 	$	6,219	
 	 	$	6,018	
 	 	$	5,177	
 	 	$	5,941	
 	 	$	(279	)	 	 	 	$	11,881	
 	 	$	10,982	
 	 	$	899	
 	
Investment income, net of related expenses	 	167,377	
 	 	112,591	
 	 	153,504	
 	 	103,052	
 	 	152,616	
 	 	14,761	
 	 	 	 	279,968	
 	 	294,086	
 	 	(14,118	)	
Investment related gains (losses), net	 	1	
 	 	—	
 	 	(1	)	 	1	
 	 	—	
 	 	1	
 	 	 	 	1	
 	 	—	
 	 	1	
 	
Other revenue	 	24,555	
 	 	22,834	
 	 	23,238	
 	 	28,973	
 	 	26,634	
 	 	(2,079	)	 	 	 	47,389	
 	 	53,178	
 	 	(5,789	)	
Total revenues	 	197,595	
 	 	141,644	
 	 	182,759	
 	 	137,203	
 	 	185,191	
 	 	12,404	
 	 	 	 	339,239	
 	 	358,246	
 	 	(19,007	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	19,507	
 	 	19,833	
 	 	22,605	
 	 	16,832	
 	 	19,983	
 	 	(476	)	 	 	 	39,340	
 	 	26,709	
 	 	12,631	
 	
Interest credited	 	85,800	
 	 	33,409	
 	 	73,168	
 	 	29,530	
 	 	69,530	
 	 	16,270	
 	 	 	 	119,209	
 	 	154,202	
 	 	(34,993	)	
Policy acquisition costs and other insurance expenses	 	32,237	
 	 	37,322	
 	 	33,099	
 	 	30,718	
 	 	34,163	
 	 	(1,926	)	 	 	 	69,559	
 	 	71,168	
 	 	(1,609	)	
Other operating expenses	 	5,728	
 	 	5,812	
 	 	6,291	
 	 	4,893	
 	 	5,113	
 	 	615	
 	 	 	 	11,540	
 	 	9,431	
 	 	2,109	
 	
Total benefits and expenses	 	143,272	
 	 	96,376	
 	 	135,163	
 	 	81,973	
 	 	128,789	
 	 	14,483	
 	 	 	 	239,648	
 	 	261,510	
 	 	(21,862	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	$	54,323	
 	 	$	45,268	
 	 	$	47,596	
 	 	$	55,230	
 	 	$	56,402	
 	 	$	(2,079	)	 	 	 	$	99,591	
 	 	$	96,736	
 	 	$	2,855	

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

 	
 	 	 	
 	 	Page 10

Reinsurance Group of America, Incorporated
U.S. and Latin America Non-Traditional Segment - Asset Intensive Reinsurance (Cont'd)
(USD millions)	

 	 	Three Months Ended	
 	 	June 30,	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	
 	 	2016	 	2016	 	2015	 	2015	 	2015	
Annuity account values:	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	
Fixed annuities (deferred)	 	$	5,189	
 	 	$	5,210	
 	 	$	4,843	
 	 	$	4,883	
 	 	$	5,004	

Net interest spread (fixed annuities):	 	2.5	%	 	2.1	%	 	2.7	%	 	2.5	%	 	2.5	%	
 	 	 	 	 	 	 	 	 	 	 	
Equity-indexed annuities	 	$	4,402	
 	 	$	4,448	
 	 	$	4,509	
 	 	$	4,536	
 	 	$	4,622	

Variable annuities:	 	 	 	 	 	 	 	 	 	 	
No riders	 	$	732	
 	 	$	753	
 	 	$	782	
 	 	$	791	
 	 	$	843	
 	
GMDB only	 	58	
 	 	60	
 	 	62	
 	 	63	
 	 	69	
 	
GMIB only	 	5	
 	 	5	
 	 	5	
 	 	5	
 	 	5	
 	
GMAB only	 	29	
 	 	31	
 	 	33	
 	 	33	
 	 	38	
 	
GMWB only	 	1,367	
 	 	1,386	
 	 	1,425	
 	 	1,426	
 	 	1,540	
 	
GMDB / WB	 	341	
 	 	349	
 	 	359	
 	 	361	
 	 	391	
 	
Other	 	20	
 	 	21	
 	 	22	
 	 	22	
 	 	24	
 	
Total VA account values	 	$	2,552	
 	 	$	2,605	
 	 	$	2,688	
 	 	$	2,701	
 	 	$	2,910	

Fair value of liabilities associated with living benefit riders	 	$	284	
 	 	$	255	
 	 	$	192	
 	 	$	229	
 	 	$	134	

Interest-sensitive contract liabilities associated with:	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	
Guaranteed investment contracts	 	$	354	
 	 	$	368	
 	 	$	322	
 	 	$	313	
 	 	$	325	

Bank-owned life insurance (BOLI)	 	$	565	
 	 	$	562	
 	 	$	559	
 	 	$	556	
 	 	$	554	

Other asset-intensive business	 	$	66	
 	 	$	66	
 	 	$	66	
 	 	$	67	
 	 	$	67	

Future policy benefits associated with:	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	
Payout annuities	 	$	1,978	
 	 	$	1,949	
 	 	$	1,960	
 	 	$	1,919	
 	 	$	1,952	

                                        

 	 	Page 11

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

 	 	Three Months Ended	 	Current	 	 	 	Year-to-Date	
 	 	June 30,	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	Qtr vs. PY	 	 	 	June 30,	 	June 30,	 	 	
 	 	2016	 	2016	 	2015	 	2015	 	2015	 	Quarter	 	 	 	2016	 	2015	 	Change	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Investment income, net of related expenses	 	$	2,386	
 	 	$	2,607	
 	 	$	1,702	
 	 	$	1,438	
 	 	$	1,194	
 	 	$	1,192	
 	 	 	 	$	4,993	
 	 	$	2,339	
 	 	$	2,654	
 	
Other revenue	 	17,963	
 	 	18,581	
 	 	19,133	
 	 	16,446	
 	 	17,717	
 	 	246	
 	 	 	 	36,544	
 	 	33,022	
 	 	3,522	
 	
Total revenues	 	20,349	
 	 	21,188	
 	 	20,835	
 	 	17,884	
 	 	18,911	
 	 	1,438	
 	 	 	 	41,537	
 	 	35,361	
 	 	6,176	

 	 	 	 	 	 	 	 	
 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	

Policy acquisition costs and other insurance expenses	 	3,085	
 	 	2,568	
 	 	2,720	
 	 	2,535	
 	 	2,522	
 	 	563	
 	 	 	 	5,653	
 	 	4,938	
 	 	715	
 	
Other operating expenses	 	2,389	
 	 	2,686	
 	 	2,179	
 	 	3,276	
 	 	1,746	
 	 	643	
 	 	 	 	5,075	
 	 	3,415	
 	 	1,660	
 	
Total benefits and expenses	 	5,474	
 	 	5,254	
 	 	4,899	
 	 	5,811	
 	 	4,268	
 	 	1,206	
 	 	 	 	10,728	
 	 	8,353	
 	 	2,375	

 	 	

 	 	

 	 	

Income before income taxes	 	$	14,875	
 	 	$	15,934	
 	 	$	15,936	
 	 	$	12,073	
 	 	$	14,643	
 	 	$	232	
 	 	 	 	$	30,809	
 	 	$	27,008	
 	 	$	3,801	

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

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

                                        

 	 	Page 12

Reinsurance Group of America, Incorporated
U.S. and Latin America Non-Traditional Segment - Financial Reinsurance
Operating Income Statements
(USD thousands)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	Current Qtr	 	 	 	Year-to-Date	
 	 	June 30,	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	vs. PY	 	 	 	June 30,	 	June 30,	 	 	
 	 	2016	 	2016	 	2015	 	2015	 	2015	 	Quarter	 	 	 	2016	 	2015	 	Change	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Investment income, net of related expenses	 	$	2,386	
 	 	$	2,607	
 	 	$	1,702	
 	 	$	1,438	
 	 	$	1,194	
 	 	$	1,192	
 	 	 	 	$	4,993	
 	 	$	2,339	
 	 	$	2,654	
 	
Other revenue	 	17,963	
 	 	18,581	
 	 	19,133	
 	 	16,446	
 	 	17,717	
 	 	246	
 	 	 	 	36,544	
 	 	33,022	
 	 	3,522	
 	
Total revenues	 	20,349	
 	 	21,188	
 	 	20,835	
 	 	17,884	
 	 	18,911	
 	 	1,438	
 	 	 	 	41,537	
 	 	35,361	
 	 	6,176	

Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Policy acquisition costs and other insurance expenses	 	3,085	
 	 	2,568	
 	 	2,720	
 	 	2,535	
 	 	2,522	
 	 	563	
 	 	 	 	5,653	
 	 	4,938	
 	 	715	
 	
Other operating expenses	 	2,389	
 	 	2,686	
 	 	2,179	
 	 	3,276	
 	 	1,746	
 	 	643	
 	 	 	 	5,075	
 	 	3,415	
 	 	1,660	
 	
Total benefits and expenses	 	5,474	
 	 	5,254	
 	 	4,899	
 	 	5,811	
 	 	4,268	
 	 	1,206	
 	 	 	 	10,728	
 	 	8,353	
 	 	2,375	

Operating income before income taxes	 	$	14,875	
 	 	$	15,934	
 	 	$	15,936	
 	 	$	12,073	
 	 	$	14,643	
 	 	$	232	
 	 	 	 	$	30,809	
 	 	$	27,008	
 	 	$	3,801	

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

                                        

 	 	Page 13

Reinsurance Group of America, Incorporated
Canada Traditional Segment
GAAP Income Statements
(USD thousands)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	Current	 	 	 	Year-to-Date	
 	 	June 30,	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	Qtr vs. PY	 	 	 	June 30,	 	June 30,	 	 	
 	 	2016	 	2016	 	2015	 	2015	 	2015	 	Quarter	 	 	 	2016	 	2015	 	Change	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	240,107	
 	 	$	215,463	
 	 	$	201,384	
 	 	$	200,000	
 	 	$	224,960	
 	 	$	15,147	
 	 	 	 	$	455,570	
 	 	$	437,510	
 	 	$	18,060	
 	
Investment income, net of related expenses	 	46,859	
 	 	42,023	
 	 	42,938	
 	 	44,492	
 	 	45,751	
 	 	1,108	
 	 	 	 	88,882	
 	 	95,191	
 	 	(6,309	)	
Investment related gains (losses), net	 	2,285	
 	 	1,640	
 	 	1,027	
 	 	(3,821	)	 	(167	)	 	2,452	
 	 	 	 	3,925	
 	 	1,291	
 	 	2,634	
 	
Other revenue	 	(339	)	 	(1,126	)	 	1,131	
 	 	767	
 	 	(454	)	 	115	
 	 	 	 	(1,465	)	 	1,102	
 	 	(2,567	)	
Total revenues	 	288,912	
 	 	258,000	
 	 	246,480	
 	 	241,438	
 	 	270,090	
 	 	18,822	
 	 	 	 	546,912	
 	 	535,094	
 	 	11,818	

Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	176,478	
 	 	172,401	
 	 	148,543	
 	 	152,640	
 	 	185,742	
 	 	(9,264	)	 	 	 	348,879	
 	 	369,276	
 	 	(20,397	)	
Interest credited	 	7	
 	 	2	
 	 	4	
 	 	5	
 	 	5	
 	 	2	
 	 	 	 	9	
 	 	9	
 	 	—	
 	
Policy acquisition costs and other insurance expenses	 	60,021	
 	 	57,138	
 	 	43,226	
 	 	46,581	
 	 	53,371	
 	 	6,650	
 	 	 	 	117,159	
 	 	102,922	
 	 	14,237	
 	
Other operating expenses	 	9,097	
 	 	8,364	
 	 	10,067	
 	 	8,140	
 	 	8,236	
 	 	861	
 	 	 	 	17,461	
 	 	17,424	
 	 	37	
 	
Total benefits and expenses	 	245,603	
 	 	237,905	
 	 	201,840	
 	 	207,366	
 	 	247,354	
 	 	(1,751	)	 	 	 	483,508	
 	 	489,631	
 	 	(6,123	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	$	43,309	
 	 	$	20,095	
 	 	$	44,640	
 	 	$	34,072	
 	 	$	22,736	
 	 	$	20,573	
 	 	 	 	$	63,404	
 	 	$	45,463	
 	 	$	17,941	

Loss and expense ratios:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Loss ratios (creditor business)	 	32.2	%	 	25.8	%	 	28.2	%	 	34.4	%	 	31.8	%	 	0.4	 %	 	 	 	29.1	%	 	30.7	%	 	(1.6	)%	
Loss ratios (excluding creditor business)	 	87.4	%	 	98.5	%	 	82.5	%	 	86.6	%	 	95.9	%	 	(8.5	)%	 	 	 	92.6	%	 	98.5	%	 	(5.9	)%	
Claims and other policy benefits / (net premiums + investment income)	 	61.5	%	 	67.0	%	 	60.8	%	 	62.4	%	 	68.6	%	 	(7.1	)%	 	 	 	64.1	%	 	69.3	%	 	(5.2	)%	
Policy acquisition costs and other insurance expenses (creditor business)	 	64.3	%	 	66.9	%	 	66.2	%	 	62.1	%	 	64.0	%	 	0.3	 %	 	 	 	65.5	%	 	63.5	%	 	2.0	 %	
Policy acquisition costs and other insurance expenses (excluding creditor business)	 	11.8	%	 	12.7	%	 	12.9	%	 	13.7	%	 	13.2	%	 	(1.4	)%	 	 	 	12.2	%	 	13.1	%	 	(0.9	)%	
Other operating expenses	 	3.8	%	 	3.9	%	 	5.0	%	 	4.1	%	 	3.7	%	 	0.1	 %	 	 	 	3.8	%	 	4.0	%	 	(0.2	)%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Foreign currency effect on  (1) :	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	(11,615	)	 	$	(22,010	)	 	$	(35,018	)	 	$	(40,371	)	 	$	(28,850	)	 	$	17,235	
 	 	 	 	$	(33,625	)	 	$	(54,971	)	 	$	21,346	
 	
Income before income taxes	 	$	(2,247	)	 	$	(3,129	)	 	$	(7,658	)	 	$	(6,880	)	 	$	(2,915	)	 	$	668	
 	 	 	 	$	(5,376	)	 	$	(5,800	)	 	$	424	

Creditor reinsurance net premiums	 	$	60,275	
 	 	$	54,854	
 	 	$	32,484	
 	 	$	39,462	
 	 	$	46,629	
 	 	$	13,646	
 	 	 	 	$	115,129	
 	 	$	90,683	
 	 	$	24,446	

See appendix for reconciliation of GAAP income before income taxes to operating income before income taxes.	 	 	 	 	
Note: The loss ratios on creditor reinsurance business are normally lower than traditional reinsurance, while allowances are normally higher as a percentage of premiums.	
(1) Compared to comparable prior year period.	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

                                        

 	 	Page 14

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

 	 	Three Months Ended	 	Current	 	 	 	Year-to-Date	
 	 	June 30,	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	Qtr vs. PY	 	 	 	June 30,	 	June 30,	 	 	
 	 	2016	 	2016	 	2015	 	2015	 	2015	 	Quarter	 	 	 	2016	 	2015	 	Change	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	240,107	
 	 	$	215,463	
 	 	$	201,384	
 	 	$	200,000	
 	 	$	224,960	
 	 	$	15,147	
 	 	 	 	$	455,570	
 	 	$	437,510	
 	 	$	18,060	
 	
Investment income, net of related expenses	 	45,506	
 	 	41,664	
 	 	43,125	
 	 	43,283	
 	 	45,497	
 	 	9	
 	 	 	 	87,170	
 	 	89,902	
 	 	(2,732	)	
Investment related gains (losses), net	 	1,236	
 	 	1,268	
 	 	1,286	
 	 	1,109	
 	 	1,110	
 	 	126	
 	 	 	 	2,504	
 	 	2,049	
 	 	455	
 	
Other revenue	 	(339	)	 	(1,126	)	 	1,131	
 	 	767	
 	 	(454	)	 	115	
 	 	 	 	(1,465	)	 	1,102	
 	 	(2,567	)	
Total revenues	 	286,510	
 	 	257,269	
 	 	246,926	
 	 	245,159	
 	 	271,113	
 	 	15,397	
 	 	 	 	543,779	
 	 	530,563	
 	 	13,216	

Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	176,478	
 	 	172,401	
 	 	148,543	
 	 	152,640	
 	 	185,742	
 	 	(9,264	)	 	 	 	348,879	
 	 	369,276	
 	 	(20,397	)	
Interest credited	 	7	
 	 	2	
 	 	4	
 	 	5	
 	 	5	
 	 	2	
 	 	 	 	9	
 	 	9	
 	 	—	
 	
Policy acquisition costs and other insurance expenses	 	60,021	
 	 	57,138	
 	 	43,226	
 	 	46,581	
 	 	53,371	
 	 	6,650	
 	 	 	 	117,159	
 	 	102,922	
 	 	14,237	
 	
Other operating expenses	 	9,097	
 	 	8,364	
 	 	10,067	
 	 	8,140	
 	 	8,236	
 	 	861	
 	 	 	 	17,461	
 	 	17,424	
 	 	37	
 	
Total benefits and expenses	 	245,603	
 	 	237,905	
 	 	201,840	
 	 	207,366	
 	 	247,354	
 	 	(1,751	)	 	 	 	483,508	
 	 	489,631	
 	 	(6,123	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	$	40,907	
 	 	$	19,364	
 	 	$	45,086	
 	 	$	37,793	
 	 	$	23,759	
 	 	$	17,148	
 	 	 	 	$	60,271	
 	 	$	40,932	
 	 	$	19,339	

Loss and expense ratios:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Loss ratios (creditor business)	 	32.2	%	 	25.8	%	 	28.2	%	 	34.4	%	 	31.8	%	 	0.4	 %	 	 	 	29.1	%	 	30.7	%	 	(1.6	)%	
Loss ratios (excluding creditor business)	 	87.4	%	 	98.5	%	 	82.5	%	 	86.6	%	 	95.9	%	 	(8.5	)%	 	 	 	92.6	%	 	98.5	%	 	(5.9	)%	
Claims and other policy benefits / (net premiums + investment income)	 	61.8	%	 	67.0	%	 	60.8	%	 	62.7	%	 	68.7	%	 	(6.9	)%	 	 	 	64.3	%	 	70.0	%	 	(5.7	)%	
Policy acquisition costs and other insurance expenses (creditor business)	 	64.3	%	 	66.9	%	 	66.2	%	 	62.1	%	 	64.0	%	 	0.3	 %	 	 	 	65.5	%	 	63.5	%	 	2.0	 %	
Policy acquisition costs and other insurance expenses (excluding creditor business)	 	11.8	%	 	12.7	%	 	12.9	%	 	13.7	%	 	13.2	%	 	(1.4	)%	 	 	 	12.2	%	 	13.1	%	 	(0.9	)%	
Other operating expenses	 	3.8	%	 	3.9	%	 	5.0	%	 	4.1	%	 	3.7	%	 	0.1	 %	 	 	 	3.8	%	 	4.0	%	 	(0.2	)%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Foreign currency effect on  (1) :	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	(11,615	)	 	$	(22,010	)	 	$	(35,018	)	 	$	(40,371	)	 	$	(28,850	)	 	$	17,235	
 	 	 	 	$	(33,625	)	 	$	(54,971	)	 	$	21,346	
 	
Operating income before income taxes	 	$	(2,130	)	 	$	(3,701	)	 	$	(7,795	)	 	$	(7,644	)	 	$	(3,065	)	 	$	935	
 	 	 	 	$	(5,831	)	 	$	(5,212	)	 	$	(619	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Creditor reinsurance net premiums	 	$	60,275	
 	 	$	54,854	
 	 	$	32,484	
 	 	$	39,462	
 	 	$	46,629	
 	 	$	13,646	
 	 	 	 	$	115,129	
 	 	$	90,683	
 	 	$	24,446	

See appendix for reconciliation of GAAP income before income taxes to operating income before income taxes.	 	 	 	 	 	 	 	 	
Note: The loss ratios on creditor reinsurance business are normally lower than traditional reinsurance, while allowances are normally higher as a percentage of premiums.	
(1) Compared to comparable prior year period.	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

 	
 	 	 	
 	 	Page 15

Reinsurance Group of America, Incorporated
Canada Non-Traditional Segment (1)
GAAP Income Statements
(USD thousands)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	Current	 	 	 	Year-to-Date	
 	 	June 30,	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	Qtr vs. PY	 	 	 	June 30,	 	June 30,	 	 	
 	 	2016	 	2016	 	2015	 	2015	 	2015	 	Quarter	 	 	 	2016	 	2015	 	Change	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	10,192	
 	 	$	8,951	
 	 	$	9,002	
 	 	$	9,275	
 	 	$	9,725	
 	 	$	467	
 	 	 	 	$	19,143	
 	 	$	19,692	
 	 	$	(549	)	
Investment income, net of related expenses	 	228	
 	 	384	
 	 	328	
 	 	230	
 	 	328	
 	 	(100	)	 	 	 	612	
 	 	878	
 	 	(266	)	
Other revenue	 	1,434	
 	 	1,349	
 	 	1,332	
 	 	1,535	
 	 	1,405	
 	 	29	
 	 	 	 	2,783	
 	 	2,762	
 	 	21	
 	
Total revenues	 	11,854	
 	 	10,684	
 	 	10,662	
 	 	11,040	
 	 	11,458	
 	 	396	
 	 	 	 	22,538	
 	 	23,332	
 	 	(794	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	8,834	
 	 	9,604	
 	 	6,708	
 	 	7,340	
 	 	7,904	
 	 	930	
 	 	 	 	18,438	
 	 	15,203	
 	 	3,235	
 	
Policy acquisition costs and other insurance expenses	 	513	
 	 	204	
 	 	145	
 	 	152	
 	 	148	
 	 	365	
 	 	 	 	717	
 	 	255	
 	 	462	
 	
Other operating expenses	 	379	
 	 	284	
 	 	389	
 	 	291	
 	 	312	
 	 	67	
 	 	 	 	663	
 	 	649	
 	 	14	
 	
Total benefits and expenses	 	9,726	
 	 	10,092	
 	 	7,242	
 	 	7,783	
 	 	8,364	
 	 	1,362	
 	 	 	 	19,818	
 	 	16,107	
 	 	3,711	

Income before income taxes	 	$	2,128	
 	 	$	592	
 	 	$	3,420	
 	 	$	3,257	
 	 	$	3,094	
 	 	$	(966	)	 	 	 	$	2,720	
 	 	$	7,225	
 	 	$	(4,505	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Foreign currency effect on (2) :	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	(491	)	 	$	(915	)	 	$	(1,570	)	 	$	(1,872	)	 	$	(1,234	)	 	$	743	
 	 	 	 	$	(1,406	)	 	$	(2,536	)	 	$	1,130	
 	
Income before income taxes	 	$	(106	)	 	$	(575	)	 	$	(623	)	 	$	(659	)	 	$	(397	)	 	$	291	
 	 	 	 	$	(681	)	 	$	(648	)	 	$	(33	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
See appendix for reconciliation of GAAP income before income taxes to operating income before income taxes.	 	 	 	 	 	 	 	 	
(1) The Canada non-traditional segment includes longevity and financial reinsurance transactions.	 	 	 	 	 	 	 	 	 	 	 	 	
(2) Compared to comparable prior year period.	 	 	 	 	 	 	 	 	 	 	 	 	

                                        

 	 	Page 16

Reinsurance Group of America, Incorporated
Canada Non-Traditional Segment (1)
 Operating Income Statements
(USD thousands)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	Current	 	 	 	Year-to-Date	
 	 	June 30,	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	Qtr vs. PY	 	 	 	June 30,	 	June 30,	 	 	
 	 	2016	 	2016	 	2015	 	2015	 	2015	 	Quarter	 	 	 	2016	 	2015	 	Change	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	10,192	
 	 	$	8,951	
 	 	$	9,002	
 	 	$	9,275	
 	 	$	9,725	
 	 	$	467	
 	 	 	 	$	19,143	
 	 	$	19,692	
 	 	$	(549	)	
Investment income, net of related expenses	 	228	
 	 	384	
 	 	328	
 	 	230	
 	 	328	
 	 	(100	)	 	 	 	612	
 	 	878	
 	 	(266	)	
Other revenue	 	1,434	
 	 	1,349	
 	 	1,332	
 	 	1,535	
 	 	1,405	
 	 	29	
 	 	 	 	2,783	
 	 	2,762	
 	 	21	
 	
Total revenues	 	11,854	
 	 	10,684	
 	 	10,662	
 	 	11,040	
 	 	11,458	
 	 	396	
 	 	 	 	22,538	
 	 	23,332	
 	 	(794	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	8,834	
 	 	9,604	
 	 	6,708	
 	 	7,340	
 	 	7,904	
 	 	930	
 	 	 	 	18,438	
 	 	15,203	
 	 	3,235	
 	
Policy acquisition costs and other insurance expenses	 	513	
 	 	204	
 	 	145	
 	 	152	
 	 	148	
 	 	365	
 	 	 	 	717	
 	 	255	
 	 	462	
 	
Other operating expenses	 	379	
 	 	284	
 	 	389	
 	 	291	
 	 	312	
 	 	67	
 	 	 	 	663	
 	 	649	
 	 	14	
 	
Total benefits and expenses	 	9,726	
 	 	10,092	
 	 	7,242	
 	 	7,783	
 	 	8,364	
 	 	1,362	
 	 	 	 	19,818	
 	 	16,107	
 	 	3,711	

Operating income before income taxes	 	$	2,128	
 	 	$	592	
 	 	$	3,420	
 	 	$	3,257	
 	 	$	3,094	
 	 	$	(966	)	 	 	 	$	2,720	
 	 	$	7,225	
 	 	$	(4,505	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Foreign currency effect on (2) :	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	(491	)	 	$	(915	)	 	$	(1,570	)	 	$	(1,872	)	 	$	(1,234	)	 	$	743	
 	 	 	 	$	(1,406	)	 	$	(2,536	)	 	$	1,130	
 	
Operating income before income taxes	 	$	(106	)	 	$	(575	)	 	$	(623	)	 	$	(659	)	 	$	(397	)	 	$	291	
 	 	 	 	$	(681	)	 	$	(648	)	 	$	(33	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
See appendix for reconciliation of GAAP income before income taxes to operating income before income taxes.	 	 	 	 	 	 	 	 	
(1) The Canada non-traditional segment includes longevity and financial reinsurance transactions.	 	 	 	 	 	 	 	 	 	 	
(2) Compared to comparable prior year period.	 	 	 	 	 	 	 	 	 	

                                        

 	 	Page 17

Reinsurance Group of America, Incorporated
Europe, Middle East and Africa Traditional Segment
GAAP Income Statements
(USD thousands)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	Current	 	 	 	Year-to-Date	
 	 	June 30,	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	Qtr vs. PY	 	 	 	June 30,	 	June 30,	 	 	
 	 	2016	 	2016	 	2015	 	2015	 	2015	 	Quarter	 	 	 	2016	 	2015	 	Change	
Revenues:	 	 	 	 	 	 	 	 	 	

Net premiums	 	$	286,861	
 	 	$	276,435	
 	 	$	299,938	
 	 	$	276,111	
 	 	$	275,745	
 	 	$	11,116	
 	 	 	 	$	563,296	
 	 	$	545,491	
 	 	$	17,805	
 	
Investment income, net of related expenses	 	13,321	
 	 	12,168	
 	 	14,123	
 	 	12,066	
 	 	13,092	
 	 	229	
 	 	 	 	25,489	
 	 	25,181	
 	 	308	
 	
Investment related gains (losses), net	 	—	
 	 	5	
 	 	7,527	
 	 	(6,878	)	 	(4,509	)	 	4,509	
 	 	 	 	5	
 	 	7,748	
 	 	(7,743	)	
Other revenue	 	1,460	
 	 	1,026	
 	 	5,380	
 	 	3,051	
 	 	(136	)	 	1,596	
 	 	
 	 	2,486	
 	 	1,004	
 	 	1,482	
 	
Total revenues	 	301,642	
 	 	289,634	
 	 	326,968	
 	 	284,350	
 	 	284,192	
 	 	17,450	
 	 	 	 	591,276	
 	 	579,424	
 	 	11,852	

Benefits and expenses:	 	 	 	 	 	 	 	 	 	

Claims and other policy benefits	 	252,336	
 	 	251,243	
 	 	260,874	
 	 	232,473	
 	 	240,942	
 	 	11,394	
 	 	 	 	503,579	
 	 	476,249	
 	 	27,330	
 	
Interest credited	 	—	
 	 	—	
 	 	8,126	
 	 	(6,798	)	 	(4,048	)	 	4,048	
 	 	 	 	—	
 	 	8,301	
 	 	(8,301	)	
Policy acquisition costs and other insurance expenses	 	17,550	
 	 	14,782	
 	 	19,171	
 	 	17,680	
 	 	14,183	
 	 	3,367	
 	 	 	 	32,332	
 	 	26,191	
 	 	6,141	
 	
Other operating expenses	 	24,922	
 	 	24,725	
 	 	25,938	
 	 	25,085	
 	 	23,956	
 	 	966	
 	 	
 	 	49,647	
 	 	49,042	
 	 	605	
 	
Total benefits and expenses	 	294,808	
 	 	290,750	
 	 	314,109	
 	 	268,440	
 	 	275,033	
 	 	19,775	
 	 	 	 	585,558	
 	 	559,783	
 	 	25,775	

Income before income taxes	 	$	6,834	
 	 	$	(1,116	)	 	$	12,859	
 	 	$	15,910	
 	 	$	9,159	
 	 	$	(2,325	)	 	
 	 	$	5,718	
 	 	$	19,641	
 	 	$	(13,923	)	

 	 	 	
Loss and expense ratios:	 	

 	

 	 	 	 	

 	 	 	
Claims and other policy benefits	 	88.0	%	 	90.9	%	 	87.0	%	 	84.2	%	 	87.4	%	 	0.6	%	 	 	 	89.4	%	 	87.3	%	 	2.1	 %	
Policy acquisition costs and other insurance expenses	 	6.1	%	 	5.3	%	 	6.4	%	 	6.4	%	 	5.1	%	 	1.0	%	 	 	 	5.7	%	 	4.8	%	 	0.9	 %	
Other operating expenses	 	8.7	%	 	8.9	%	 	8.6	%	 	9.1	%	 	8.7	%	 	—	%	 	 	 	8.8	%	 	9.0	%	 	(0.2	)%	

 	 	 	

 	 	 	
Foreign currency effect on  (1) :	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	(20,223	)	 	$	(23,009	)	 	$	(24,499	)	 	$	(29,879	)	 	$	(35,426	)	 	$	15,203	
 	 	 	 	$	(43,232	)	 	$	(64,856	)	 	$	21,624	
 	
Income before income taxes	 	$	45	
 	 	$	(184	)	 	$	(1,285	)	 	$	(783	)	 	$	(769	)	 	$	814	
 	 	 	 	$	(139	)	 	$	(2,084	)	 	$	1,945	

 	 	 	 	 	 	 	 	
 	 	 	
Critical illness net premiums	 	$	53,805	
 	 	$	53,643	
 	 	$	58,610	
 	 	$	58,069	
 	 	$	58,278	
 	 	$	(4,473	)	 	 	 	$	107,448	
 	 	$	116,497	
 	 	$	(9,049	)	

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

                                        

 	 	Page 18

Reinsurance Group of America, Incorporated
Europe, Middle East and Africa Traditional Segment
Operating Income Statements
(USD thousands)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	Current	 	 	 	Year-to-Date	
 	 	June 30,	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	Qtr vs. PY	 	 	 	June 30,	 	June 30,	 	 	
 	 	2016	 	2016	 	2015	 	2015	 	2015	 	Quarter	 	 	 	2016	 	2015	 	Change	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	286,861	
 	 	$	276,435	
 	 	$	299,938	
 	 	$	276,111	
 	 	$	275,745	
 	 	$	11,116	
 	 	 	 	$	563,296	
 	 	$	545,491	
 	 	$	17,805	
 	
Investment income, net of related expenses	 	13,321	
 	 	12,168	
 	 	14,123	
 	 	12,066	
 	 	13,092	
 	 	229	
 	 	 	 	25,489	
 	 	25,181	
 	 	308	
 	
Investment related gains (losses), net	 	—	
 	 	—	
 	 	7,527	
 	 	(7,167	)	 	(4,509	)	 	4,509	
 	 	 	 	—	
 	 	7,699	
 	 	(7,699	)	
Other revenue	 	1,460	
 	 	1,026	
 	 	5,380	
 	 	3,051	
 	 	(136	)	 	1,596	
 	 	 	 	2,486	
 	 	1,004	
 	 	1,482	
 	
Total revenues	 	301,642	
 	 	289,629	
 	 	326,968	
 	 	284,061	
 	 	284,192	
 	 	17,450	
 	 	 	 	591,271	
 	 	579,375	
 	 	11,896	

Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	252,336	
 	 	251,243	
 	 	260,874	
 	 	232,473	
 	 	240,942	
 	 	11,394	
 	 	 	 	503,579	
 	 	476,249	
 	 	27,330	
 	
Interest credited	 	—	
 	 	—	
 	 	8,126	
 	 	(6,798	)	 	(4,048	)	 	4,048	
 	 	 	 	—	
 	 	8,301	
 	 	(8,301	)	
Policy acquisition costs and other insurance expenses	 	17,550	
 	 	14,782	
 	 	19,171	
 	 	17,680	
 	 	14,183	
 	 	3,367	
 	 	 	 	32,332	
 	 	26,191	
 	 	6,141	
 	
Other operating expenses	 	24,922	
 	 	24,725	
 	 	25,938	
 	 	25,085	
 	 	23,956	
 	 	966	
 	 	 	 	49,647	
 	 	49,042	
 	 	605	
 	
Total benefits and expenses	 	294,808	
 	 	290,750	
 	 	314,109	
 	 	268,440	
 	 	275,033	
 	 	19,775	
 	 	 	 	585,558	
 	 	559,783	
 	 	25,775	

Operating income before income taxes	 	$	6,834	
 	 	$	(1,121	)	 	$	12,859	
 	 	$	15,621	
 	 	$	9,159	
 	 	$	(2,325	)	 	 	 	$	5,713	
 	 	$	19,592	
 	 	$	(13,879	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Loss and expense ratios:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	88.0	%	 	90.9	%	 	87.0	%	 	84.2	%	 	87.4	%	 	0.6	%	 	 	 	89.4	%	 	87.3	%	 	2.1	 %	
Policy acquisition costs and other insurance expenses	 	6.1	%	 	5.3	%	 	6.4	%	 	6.4	%	 	5.1	%	 	1.0	%	 	 	 	5.7	%	 	4.8	%	 	0.9	 %	
Other operating expenses	 	8.7	%	 	8.9	%	 	8.6	%	 	9.1	%	 	8.7	%	 	—	%	 	 	 	8.8	%	 	9.0	%	 	(0.2	)%	

Foreign currency effect on  (1) :	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	(20,223	)	 	$	(23,009	)	 	$	(24,499	)	 	$	(29,879	)	 	$	(35,426	)	 	$	15,203	
 	 	 	 	$	(43,232	)	 	$	(64,856	)	 	$	21,624	
 	
Operating income before income taxes	 	$	46	
 	 	$	(194	)	 	$	(1,285	)	 	$	(716	)	 	$	(770	)	 	$	816	
 	 	 	 	$	(148	)	 	$	(2,071	)	 	$	1,923	

 	 	 	 	 	 	 	 	 	 	 	 	

Critical illness net premiums	 	$	53,805	
 	 	$	53,643	
 	 	$	58,610	
 	 	$	58,069	
 	 	$	58,278	
 	 	$	(4,473	)	 	 	 	$	107,448	
 	 	$	116,497	
 	 	$	(9,049	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
See appendix for reconciliation of GAAP income before income taxes to operating income before income taxes.	 	 	 	 	 	 	 	 	
(1) Compared to comparable prior year period.	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

                                        

 	 	Page 19

Reinsurance Group of America, Incorporated
Europe, Middle East and Africa Non-Traditional Segment (1)
GAAP Income Statements
(USD thousands)

 	 	Three Months Ended	 	Current	 	 	 	Year-to-Date	
 	 	June 30,	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	Qtr vs. PY	 	 	 	June 30,	 	June 30,	 	 	
 	 	2016	 	2016	 	2015	 	2015	 	2015	 	Quarter	 	 	 	2016	 	2015	 	Change	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	43,484	
 	 	$	35,606	
 	 	$	47,152	
 	 	$	44,584	
 	 	$	50,234	
 	 	$	(6,750	)	 	 	 	$	79,090	
 	 	$	80,094	
 	 	$	(1,004	)	
Investment income, net of related expenses	 	33,417	
 	 	28,684	
 	 	23,468	
 	 	17,305	
 	 	15,782	
 	 	17,635	
 	 	 	 	62,101	
 	 	32,659	
 	 	29,442	
 	
Investment related gains (losses), net	 	1,468	
 	 	(1,004	)	 	9,261	
 	 	8	
 	 	50	
 	 	1,418	
 	 	 	 	464	
 	 	901	
 	 	(437	)	
Other revenue	 	2,608	
 	 	4,470	
 	 	6,863	
 	 	7,341	
 	 	9,242	
 	 	(6,634	)	 	 	 	7,078	
 	 	17,030	
 	 	(9,952	)	
Total revenues	 	80,977	
 	 	67,756	
 	 	86,744	
 	 	69,238	
 	 	75,308	
 	 	5,669	
 	 	 	 	148,733	
 	 	130,684	
 	 	18,049	

Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	

Claims and other policy benefits	 	44,004	
 	 	36,443	
 	 	52,064	
 	 	37,923	
 	 	39,849	
 	 	4,155	
 	 	 	 	80,447	
 	 	71,930	
 	 	8,517	
 	
Interest credited	 	2,966	
 	 	408	
 	 	—	
 	 	—	
 	 	—	
 	 	2,966	
 	 	 	 	3,374	
 	 	—	
 	 	3,374	
 	
Policy acquisition costs and other insurance expenses	 	723	
 	 	(193	)	 	(325	)	 	(511	)	 	266	
 	 	457	
 	 	 	 	530	
 	 	(264	)	 	794	
 	
Other operating expenses	 	5,815	
 	 	5,674	
 	 	6,860	
 	 	2,592	
 	 	3,761	
 	 	2,054	
 	 	 	 	11,489	
 	 	7,952	
 	 	3,537	
 	
Total benefits and expenses	 	53,508	
 	 	42,332	
 	
 	58,599	
 	 	40,004	
 	 	43,876	
 	 	9,632	
 	 	 	 	95,840	
 	 	79,618	
 	 	16,222	

Income before income taxes	 	$	27,469	
 	 	$	25,424	
 	 	$	28,145	
 	 	$	29,234	
 	 	$	31,432	
 	 	$	(3,963	)	 	 	 	$	52,893	
 	 	$	51,066	
 	 	$	1,827	

 	 	 	 	 	 	 	 	
 	
Foreign currency effect on  (2) :	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	
Net premiums	 	$	(3,127	)	 	$	(2,022	)	 	$	(2,062	)	 	$	(3,394	)	 	$	(4,779	)	 	$	1,652	
 	 	 	 	$	(5,149	)	 	$	(7,106	)	 	$	1,957	
 	
Income before income taxes	 	$	(1,991	)	 	$	(1,924	)	 	$	(1,807	)	 	$	(2,854	)	 	$	(769	)	 	$	(1,222	)	 	 	 	$	(3,915	)	 	$	(6,611	)	 	$	2,696	

 	 	

 	 	

 	 	

See appendix for reconciliation of GAAP income before income taxes to operating income before income taxes.	 	 	 	 	 	 	 	 	
(1) The Europe, Middle East and Africa's Non-Traditional segment includes asset intensive, financial reinsurance, capital motivated and longevity closed block business.	
(2) Compared to comparable prior year period.	

                                        

 	 	Page 20

Reinsurance Group of America, Incorporated
Europe, Middle East and Africa Non-Traditional Segment (1)
Operating Income Statements
(USD thousands)

 	 	Three Months Ended	 	Current	 	 	 	Year-to-Date	
 	 	June 30,	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	Qtr vs. PY	 	 	 	June 30,	 	June 30,	 	 	
 	 	2016	 	2016	 	2015	 	2015	 	2015	 	Quarter	 	 	 	2016	 	2015	 	Change	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	43,484	
 	 	$	35,606	
 	 	$	47,152	
 	 	$	44,584	
 	 	$	50,234	
 	 	$	(6,750	)	 	 	 	$	79,090	
 	 	$	80,094	
 	 	$	(1,004	)	
Investment income, net of related expenses	 	30,451	
 	 	28,276	
 	 	23,468	
 	 	17,305	
 	 	15,782	
 	 	14,669	
 	 	 	 	58,727	
 	 	32,659	
 	 	26,068	
 	
Other revenue	 	2,735	
 	 	3,653	
 	 	6,758	
 	 	6,953	
 	 	9,694	
 	 	(6,959	)	 	 	 	6,388	
 	 	17,334	
 	 	(10,946	)	
Total revenues	 	76,670	
 	 	67,535	
 	 	77,378	
 	 	68,842	
 	 	75,710	
 	 	960	
 	 	 	 	144,205	
 	 	130,087	
 	 	14,118	

Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	44,004	
 	 	36,443	
 	 	52,064	
 	 	37,923	
 	 	39,849	
 	 	4,155	
 	 	 	 	80,447	
 	 	71,930	
 	 	8,517	
 	
Policy acquisition costs and other insurance expenses	 	723	
 	 	(193	)	 	(325	)	 	(511	)	 	266	
 	 	457	
 	 	 	 	530	
 	 	(264	)	 	794	
 	
Other operating expenses	 	5,815	
 	 	5,674	
 	 	6,860	
 	 	2,592	
 	 	3,761	
 	 	2,054	
 	 	 	 	11,489	
 	 	7,952	
 	 	3,537	
 	
Total benefits and expenses	 	50,542	
 	 	41,924	
 	 	58,599	
 	 	40,004	
 	 	43,876	
 	 	6,666	
 	 	 	 	92,466	
 	 	79,618	
 	 	12,848	

Operating income before income taxes	 	$	26,128	
 	 	$	25,611	
 	 	$	18,779	
 	 	$	28,838	
 	 	$	31,834	
 	 	$	(5,706	)	 	 	 	$	51,739	
 	 	$	50,469	
 	 	$	1,270	

Foreign currency effect on  (2) :	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	(3,127	)	 	$	(2,022	)	 	$	(2,062	)	 	$	(3,394	)	 	$	(4,779	)	 	$	1,652	
 	 	 	 	$	(5,149	)	 	$	(7,106	)	 	$	1,957	
 	
Operating income before income taxes	 	$	(1,819	)	 	$	(1,978	)	 	$	(1,441	)	 	$	(2,780	)	 	$	(4,214	)	 	$	2,395	
 	 	 	 	$	(3,797	)	 	$	(6,607	)	 	$	2,810	

See appendix for reconciliation of GAAP income before income taxes to operating income before income taxes.	 	 	 	 	 	 	 	 	
(1) The Europe, Middle East and Africa's non-traditional segment includes asset intensive, financial reinsurance, capital motivated and longevity closed block business.	
(2) Compared to comparable prior year period.	

                                        

 	 	Page 21

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

 	 	Three Months Ended	 	Current	 	 	 	Year-to-Date	
 	 	June 30,	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	Qtr vs. PY	 	 	 	June 30,	 	June 30,	 	 	
 	 	2016	 	2016	 	2015	 	2015	 	2015	 	Quarter	 	 	 	2016	 	2015	 	Change	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	454,629	
 	 	$	374,142	
 	 	$	388,663	
 	 	$	400,322	
 	 	$	390,456	
 	 	$	64,173	
 	 	 	 	$	828,771	
 	 	$	762,601	
 	 	$	66,170	
 	
Investment income, net of related expenses	 	20,461	
 	 	19,867	
 	 	20,276	
 	 	19,626	
 	 	20,043	
 	 	418	
 	 	 	 	40,328	
 	 	40,647	
 	 	(319	)	
Investment related gains (losses), net	 	—	
 	 	14	
 	 	1,706	
 	 	(1,706	)	 	—	
 	 	—	
 	 	 	 	14	
 	 	—	
 	 	14	
 	
Other revenue	 	2,481	
 	 	176	
 	 	553	
 	 	3,728	
 	 	815	
 	 	1,666	
 	 	 	 	2,657	
 	 	1,941	
 	 	716	
 	
Total revenues	 	477,571	
 	 	394,199	
 	 	411,198	
 	 	421,970	
 	 	411,314	
 	 	66,257	
 	 	 	 	871,770	
 	 	805,189	
 	 	66,581	

Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	338,447	
 	 	274,298	
 	 	284,269	
 	 	333,739	
 	 	325,667	
 	 	12,780	
 	 	 	 	612,745	
 	 	590,976	
 	 	21,769	
 	
Policy acquisition costs and other insurance expenses	 	67,908	
 	 	44,367	
 	 	49,747	
 	 	41,982	
 	 	49,335	
 	 	18,573	
 	 	 	 	112,275	
 	 	96,247	
 	 	16,028	
 	
Other operating expenses	 	36,734	
 	 	34,374	
 	 	39,767	
 	 	34,973	
 	 	31,997	
 	 	4,737	
 	 	 	 	71,108	
 	 	61,003	
 	 	10,105	
 	
Total benefits and expenses	 	443,089	
 	 	353,039	
 	 	373,783	
 	 	410,694	
 	 	406,999	
 	 	36,090	
 	 	 	 	796,128	
 	 	748,226	
 	 	47,902	

Income before income taxes	 	$	34,482	
 	 	$	41,160	
 	 	$	37,415	
 	 	$	11,276	
 	 	$	4,315	
 	 	$	30,167	
 	 	 	 	$	75,642	
 	 	$	56,963	
 	 	$	18,679	

Loss and Expense Ratios:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	74.4	%	 	73.3	%	 	73.1	%	 	83.4	%	 	83.4	%	 	(9.0	)%	 	 	 	73.9	%	 	77.5	%	 	(3.6	)%	
Policy acquisition costs and other insurance expenses	 	14.9	%	 	11.9	%	 	12.8	%	 	10.5	%	 	12.6	%	 	2.3	 %	 	 	 	13.5	%	 	12.6	%	 	0.9	 %	
Other operating expenses	 	8.1	%	 	9.2	%	 	10.2	%	 	8.7	%	 	8.2	%	 	(0.1	)%	 	 	 	8.6	%	 	8.0	%	 	0.6	 %	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Foreign currency effect on  (1) :	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	(7,741	)	 	$	(21,627	)	 	$	(43,034	)	 	$	(69,139	)	 	$	(50,842	)	 	$	43,101	
 	 	 	 	$	(29,368	)	 	$	(86,000	)	 	$	56,632	
 	
Income before income taxes	 	$	506	
 	 	$	(2,735	)	 	$	(4,686	)	 	$	(119	)	 	$	1,533	
 	 	$	(1,027	)	 	 	 	$	(2,229	)	 	$	(3,229	)	 	$	1,000	

Critical illness net premiums	 	$	113,297	
 	 	$	98,389	
 	 	$	81,271	
 	 	$	86,341	
 	 	$	75,120	
 	 	$	38,177	
 	 	 	 	$	211,686	
 	 	$	144,987	
 	 	$	66,699	

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

                                        

 	 	Page 22

Reinsurance Group of America, Incorporated
Asia Pacific Traditional Segment
Operating Income Statements
(USD thousands)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	Current	 	 	 	Year-to-Date	
 	 	June 30,	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	Qtr vs. PY	 	 	 	June 30,	 	June 30,	 	 	
 	 	2016	 	2016	 	2015	 	2015	 	2015	 	Quarter	 	 	 	2016	 	2015	 	Change	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	454,629	
 	 	$	374,142	
 	 	$	388,663	
 	 	$	400,322	
 	 	$	390,456	
 	 	$	64,173	
 	 	 	 	$	828,771	
 	 	$	762,601	
 	 	$	66,170	
 	
Investment income, net of related expenses	 	20,461	
 	 	19,867	
 	 	20,276	
 	 	19,626	
 	 	20,043	
 	 	418	
 	 	 	 	40,328	
 	 	40,647	
 	 	(319	)	
Investment related gains (losses), net	 	—	
 	 	(2	)	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	 	 	(2	)	 	—	
 	 	(2	)	
Other revenue	 	2,481	
 	 	176	
 	 	553	
 	 	3,728	
 	 	815	
 	 	1,666	
 	 	 	 	2,657	
 	 	1,941	
 	 	716	
 	
Total revenues	 	477,571	
 	 	394,183	
 	 	409,492	
 	 	423,676	
 	 	411,314	
 	 	66,257	
 	 	 	 	871,754	
 	 	805,189	
 	 	66,565	

Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	338,447	
 	 	274,298	
 	 	284,269	
 	 	333,739	
 	 	325,667	
 	 	12,780	
 	 	 	 	612,745	
 	 	590,976	
 	 	21,769	
 	
Policy acquisition costs and other insurance expenses	 	67,908	
 	 	44,367	
 	 	49,747	
 	 	41,982	
 	 	49,335	
 	 	18,573	
 	 	 	 	112,275	
 	 	96,247	
 	 	16,028	
 	
Other operating expenses	 	36,734	
 	 	34,374	
 	 	39,767	
 	 	34,973	
 	 	31,997	
 	 	4,737	
 	 	 	 	71,108	
 	 	61,003	
 	 	10,105	
 	
Total benefits and expenses	 	443,089	
 	 	353,039	
 	 	373,783	
 	 	410,694	
 	 	406,999	
 	 	36,090	
 	 	 	 	796,128	
 	 	748,226	
 	 	47,902	

Operating income before income taxes	 	$	34,482	
 	 	$	41,144	
 	 	$	35,709	
 	 	$	12,982	
 	 	$	4,315	
 	 	$	30,167	
 	 	 	 	$	75,626	
 	 	$	56,963	
 	 	$	18,663	

Loss and Expense Ratios:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	74.4	%	 	73.3	%	 	73.1	%	 	83.4	%	 	83.4	%	 	(9.0	)%	 	 	 	73.9	%	 	77.5	%	 	(3.6	)%	
Policy acquisition costs and other insurance expenses	 	14.9	%	 	11.9	%	 	12.8	%	 	10.5	%	 	12.6	%	 	2.3	 %	 	 	 	13.5	%	 	12.6	%	 	0.9	 %	
Other operating expenses	 	8.1	%	 	9.2	%	 	10.2	%	 	8.7	%	 	8.2	%	 	(0.1	)%	 	 	 	8.6	%	 	8.0	%	 	0.6	 %	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Foreign currency effect on  (1) :	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	(7,741	)	 	$	(21,627	)	 	$	(43,034	)	 	$	(69,139	)	 	$	(50,842	)	 	$	43,101	
 	 	 	 	$	(29,368	)	 	$	(86,000	)	 	$	56,632	
 	
Operating income before income taxes	 	$	506	
 	 	$	(2,748	)	 	$	(4,204	)	 	$	(601	)	 	$	1,533	
 	 	$	(1,027	)	 	 	 	$	(2,242	)	 	$	(3,229	)	 	$	987	

Critical illness net premiums	 	$	113,297	
 	 	$	98,389	
 	 	$	81,271	
 	 	$	86,341	
 	 	$	75,120	
 	 	$	38,177	
 	 	 	 	$	211,686	
 	 	$	144,987	
 	 	$	66,699	

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

                                        

 	 	Page 23

Reinsurance Group of America, Incorporated
Asia Pacific Non-Traditional Segment (1)
GAAP Income Statements
(USD thousands)	

 	 	Three Months Ended	 	Current	 	 	 	Year-to-Date	
 	 	June 30,	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	Qtr vs. PY	 	 	 	June 30,	 	June 30,	 	 	
 	 	2016	 	2016	 	2015	 	2015	 	2015	 	Quarter	 	 	 	2016	 	2015	 	Change	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	(1,493	)	 	$	5,686	
 	 	$	5,487	
 	 	$	2,807	
 	 	$	898	
 	 	$	(2,391	)	 	 	 	$	4,193	
 	 	$	11,180	
 	 	$	(6,987	)	
Investment income, net of related expenses	 	5,885	
 	 	6,374	
 	 	6,659	
 	 	4,482	
 	 	3,888	
 	 	1,997	
 	 	 	 	12,259	
 	 	7,537	
 	 	4,722	
 	
Investment related gains (losses), net	 	6,527	
 	 	1,687	
 	 	671	
 	 	(175	)	 	(1,549	)	 	8,076	
 	 	 	 	8,214	
 	 	(1,027	)	 	9,241	
 	
Other revenue	 	6,126	
 	 	6,324	
 	 	5,698	
 	 	4,306	
 	 	3,839	
 	 	2,287	
 	 	 	 	12,450	
 	 	8,956	
 	 	3,494	
 	
Total revenues	 	17,045	
 	 	20,071	
 	 	18,515	
 	 	11,420	
 	 	7,076	
 	 	9,969	
 	 	 	 	37,116	
 	 	26,646	
 	 	10,470	

Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	8,237	
 	 	3,473	
 	 	4,951	
 	 	903	
 	 	4,706	
 	 	3,531	
 	 	 	 	11,710	
 	 	10,441	
 	 	1,269	
 	
Interest credited	 	3,136	
 	 	3,030	
 	 	3,095	
 	 	1,023	
 	 	169	
 	 	2,967	
 	 	 	 	6,166	
 	 	353	
 	 	5,813	
 	
Policy acquisition costs and other insurance expenses	 	1,667	
 	 	1,287	
 	 	1,297	
 	 	292	
 	 	419	
 	 	1,248	
 	 	 	 	2,954	
 	 	965	
 	 	1,989	
 	
Other operating expenses	 	4,078	
 	 	3,728	
 	 	3,705	
 	 	3,790	
 	 	3,187	
 	 	891	
 	 	 	 	7,806	
 	 	6,147	
 	 	1,659	
 	
Total benefits and expenses	 	17,118	
 	 	11,518	
 	 	13,048	
 	 	6,008	
 	 	8,481	
 	 	8,637	
 	 	 	 	28,636	
 	 	17,906	
 	 	10,730	

Income before income taxes	 	$	(73	)	 	$	8,553	
 	 	$	5,467	
 	 	$	5,412	
 	 	$	(1,405	)	 	$	1,332	
 	 	 	 	$	8,480	
 	 	$	8,740	
 	 	$	(260	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Foreign currency effect on (2) :	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	(225	)	 	$	243	
 	 	$	(373	)	 	$	(392	)	 	$	(156	)	 	$	(69	)	 	 	 	$	18	
 	 	$	(1,842	)	 	$	1,860	
 	
Income before income taxes	 	$	233	
 	 	$	778	
 	 	$	(587	)	 	$	(1,624	)	 	$	1,533	
 	 	$	(1,300	)	 	 	 	$	1,011	
 	 	$	(696	)	 	$	1,707	

See appendix for reconciliation of GAAP income before income taxes to operating income before income taxes.	 	 	 	 	 	 	 	 	
(1) The Asia Pacific non-traditional segment includes asset intensive, financial reinsurance, and disabled life closed block business.	 	 	 	 	 	 	 	 	
(2) Compared to comparable prior year period.	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

                                        

 	 	Page 24

Reinsurance Group of America, Incorporated
Asia Pacific Non-Traditional Segment(1)
Operating Income Statements
(USD thousands)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	Current	 	 	 	Year-to-Date	
 	 	June 30,	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	Qtr vs. PY	 	 	 	June 30,	 	June 30,	 	 	
 	 	2016	 	2016	 	2015	 	2015	 	2015	 	Quarter	 	 	 	2016	 	2015	 	Change	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	(1,493	)	 	$	5,686	
 	 	$	5,487	
 	 	$	2,807	
 	 	$	898	
 	 	$	(2,391	)	 	 	 	$	4,193	
 	 	$	11,180	
 	 	$	(6,987	)	
Investment income, net of related expenses	 	5,885	
 	 	6,374	
 	 	6,659	
 	 	4,482	
 	 	3,888	
 	 	1,997	
 	 	 	 	12,259	
 	 	7,537	
 	 	4,722	
 	
Investment related gains (losses), net	 	602	
 	 	576	
 	 	654	
 	 	706	
 	 	507	
 	 	95	
 	 	 	 	1,178	
 	 	1,008	
 	 	170	
 	
Other revenue	 	6,126	
 	 	6,324	
 	 	5,698	
 	 	4,306	
 	 	3,839	
 	 	2,287	
 	 	 	 	12,450	
 	 	8,956	
 	 	3,494	
 	
Total revenues	 	11,120	
 	 	18,960	
 	 	18,498	
 	 	12,301	
 	 	9,132	
 	 	1,988	
 	 	 	 	30,080	
 	 	28,681	
 	 	1,399	

Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	8,237	
 	 	3,473	
 	 	4,951	
 	 	903	
 	 	4,706	
 	 	3,531	
 	 	 	 	11,710	
 	 	10,441	
 	 	1,269	
 	
Interest credited	 	3,136	
 	 	3,030	
 	 	3,095	
 	 	1,023	
 	 	169	
 	 	2,967	
 	 	 	 	6,166	
 	 	353	
 	 	5,813	
 	
Policy acquisition costs and other insurance expenses	 	1,667	
 	 	1,287	
 	 	1,297	
 	 	292	
 	 	419	
 	 	1,248	
 	 	 	 	2,954	
 	 	965	
 	 	1,989	
 	
Other operating expenses	 	4,078	
 	 	3,728	
 	 	3,705	
 	 	3,790	
 	 	3,187	
 	 	891	
 	 	 	 	7,806	
 	 	6,147	
 	 	1,659	
 	
Total benefits and expenses	 	17,118	
 	 	11,518	
 	 	13,048	
 	 	6,008	
 	 	8,481	
 	 	8,637	
 	 	 	 	28,636	
 	 	17,906	
 	 	10,730	

Operating Income before income taxes	 	$	(5,998	)	 	$	7,442	
 	 	$	5,450	
 	 	$	6,293	
 	 	$	651	
 	 	$	(6,649	)	 	 	 	$	1,444	
 	 	$	10,775	
 	 	$	(9,331	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Foreign currency effect on ( 2) :	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	(225	)	 	$	243	
 	 	$	(373	)	 	$	(392	)	 	$	(156	)	 	$	(69	)	 	 	 	$	18	
 	 	$	(1,842	)	 	$	1,860	
 	
Operating income before income taxes	 	$	(113	)	 	$	323	
 	 	$	(774	)	 	$	(1,719	)	 	$	(614	)	 	$	501	
 	 	 	 	$	210	
 	 	$	(1,065	)	 	$	1,275	

See appendix for reconciliation of GAAP income before income taxes to operating income before income taxes.	 	 	 	 	 	 	 	 	
(1) The Asia Pacific non-traditional segment includes asset intensive, financial reinsurance, and disabled life closed block business.	 	 	 	 	 	 	 	 	
(2) Compared to comparable prior year period.	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

                                        

 	 	Page 25

Reinsurance Group of America, Incorporated
Corporate and Other Segment
GAAP Income Statements
(USD thousands)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	Current	 	 	 	Year-to-Date	
 	 	June 30,	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	Qtr vs. PY	 	 	 	June 30,	 	June 30,	 	 	
 	 	2016	 	2016	 	2015	 	2015	 	2015	 	Quarter	 	 	 	2016	 	2015	 	Change	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	108	
 	 	$	109	
 	 	$	112	
 	 	$	133	
 	 	$	153	
 	 	$	(45	)	 	 	 	$	217	
 	 	$	320	
 	 	$	(103	)	
Investment income, net of related expenses	 	25,190	
 	 	22,921	
 	 	28,355	
 	 	31,693	
 	 	31,707	
 	 	(6,517	)	 	 	 	48,111	
 	 	63,402	
 	 	(15,291	)	
Investment related gains (losses), net	 	32,036	
 	 	7,423	
 	 	(34,276	)	 	(30,710	)	 	1,712	
 	 	30,324	
 	 	 	 	39,459	
 	 	(121	)	 	39,580	
 	
Other revenue	 	4,653	
 	 	2,049	
 	 	6,665	
 	 	(1,675	)	 	3,307	
 	 	1,346	
 	 	 	 	6,702	
 	 	4,997	
 	 	1,705	
 	
Total revenues	 	61,987	
 	 	32,502	
 	 	856	
 	 	(559	)	 	36,879	
 	 	25,108	
 	 	 	 	94,489	
 	 	68,598	
 	 	25,891	

Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	(6	)	 	27	
 	 	(11	)	 	(4	)	 	—	
 	 	(6	)	 	 	 	21	
 	 	53	
 	 	(32	)	
Interest credited	 	459	
 	 	507	
 	 	369	
 	 	244	
 	 	203	
 	 	256	
 	 	 	 	966	
 	 	415	
 	 	551	
 	
Policy acquisition costs and other insurance income	 	(25,149	)	 	(23,812	)	 	(22,886	)	 	(22,234	)	 	(21,843	)	 	(3,306	)	 	 	 	(48,961	)	 	(42,431	)	 	(6,530	)	
Other operating expenses	 	40,975	
 	 	39,978	
 	 	32,878	
 	 	31,668	
 	 	26,137	
 	 	14,838	
 	 	 	 	80,953	
 	 	44,471	
 	 	36,482	
 	
Interest expense	 	20,331	
 	 	32,807	
 	 	35,820	
 	 	35,565	
 	 	35,851	
 	 	(15,520	)	 	 	 	53,138	
 	 	71,478	
 	 	(18,340	)	
Collateral finance and securitization expense	 	6,587	
 	 	6,325	
 	 	6,182	
 	 	5,133	
 	 	5,258	
 	 	1,329	
 	 	 	 	12,912	
 	 	11,329	
 	 	1,583	
 	
Total benefits and expenses	 	43,197	
 	 	55,832	
 	 	52,352	
 	 	50,372	
 	 	45,606	
 	 	(2,409	)	 	 	 	99,029	
 	 	85,315	
 	 	13,714	

Income before income taxes	 	$	18,790	
 	 	$	(23,330	)	 	$	(51,496	)	 	$	(50,931	)	 	$	(8,727	)	 	$	27,517	
 	 	 	 	$	(4,540	)	 	$	(16,717	)	
 	$	12,177	

Foreign currency effect   (1) :	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	$	(1,941	)	 	$	(1,409	)	 	$	(2,642	)	 	$	(1,122	)	 	$	(1,036	)	 	$	(905	)	 	 	 	$	(3,350	)	 	$	(2,314	)	 	$	(1,036	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
See appendix for reconciliation of GAAP income before income taxes to operating income before income taxes.	 	 	 	 	 	 	 	 	
(1) Compared to comparable prior year period.	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

                                        

 	 	Page 26

Reinsurance Group of America, Incorporated
Corporate and Other Segment
Operating Income Statements
(USD thousands)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	Current	 	 	 	Year-to-Date	
 	 	June 30,	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	Qtr vs. PY	 	 	 	June 30,	 	June 30,	 	 	
 	 	2016	 	2016	 	2015	 	2015	 	2015	 	Quarter	 	 	 	2016	 	2015	 	Change	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	108	
 	 	$	109	
 	 	$	112	
 	 	$	133	
 	 	$	153	
 	 	$	(45	)	 	 	 	$	217	
 	 	$	320	
 	 	$	(103	)	
Investment income, net of related expenses	 	25,190	
 	 	22,921	
 	 	28,355	
 	 	31,693	
 	 	31,707	
 	 	(6,517	)	 	 	 	48,111	
 	 	63,402	
 	 	(15,291	)	
Investment related gains (losses), net	 	496	
 	 	493	
 	 	523	
 	 	519	
 	 	460	
 	 	36	
 	 	 	 	989	
 	 	907	
 	 	82	
 	
Other revenue	 	4,636	
 	 	2,035	
 	 	6,650	
 	 	(1,670	)	 	3,348	
 	 	1,288	
 	 	 	 	6,671	
 	 	5,078	
 	 	1,593	
 	
Total revenues	 	30,430	
 	 	25,558	
 	 	35,640	
 	 	30,675	
 	 	35,668	
 	 	(5,238	)	 	 	 	55,988	
 	 	69,707	
 	 	(13,719	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	(6	)	 	27	
 	 	(11	)	 	(4	)	 	—	
 	 	(6	)	 	 	 	21	
 	 	53	
 	 	(32	)	
Interest credited	 	459	
 	 	507	
 	 	369	
 	 	244	
 	 	203	
 	 	256	
 	 	 	 	966	
 	 	415	
 	 	551	
 	
Policy acquisition costs and other insurance income	 	(25,149	)	 	(23,812	)	 	(22,886	)	 	(22,234	)	 	(21,843	)	 	(3,306	)	 	 	 	(48,961	)	 	(42,431	)	 	(6,530	)	
Other operating expenses	 	40,975	
 	 	39,978	
 	 	32,878	
 	 	31,668	
 	 	26,137	
 	 	14,838	
 	 	 	 	80,953	
 	 	44,471	
 	 	36,482	
 	
Interest expense	 	20,331	
 	 	32,807	
 	 	35,820	
 	 	35,565	
 	 	35,851	
 	 	(15,520	)	 	 	 	53,138	
 	 	71,478	
 	 	(18,340	)	
Collateral finance and securitization expense	 	6,587	
 	 	6,325	
 	 	6,182	
 	 	5,133	
 	 	5,258	
 	 	1,329	
 	 	 	 	12,912	
 	 	11,329	
 	 	1,583	
 	
Total benefits and expenses	 	43,197	
 	 	55,832	
 	 	52,352	
 	 	50,372	
 	 	45,606	
 	 	(2,409	)	 	 	 	99,029	
 	 	85,315	
 	 	13,714	

Operating income before income taxes	 	(12,767	)	 	(30,274	)	 	(16,712	)	 	(19,697	)	 	(9,938	)	 	(2,829	)	 	 	 	(43,041	)	 	(15,608	)	 	(27,433	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Foreign currency effect   (1) :	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	$	(442	)	 	$	(868	)	 	$	(2,604	)	 	$	(1,407	)	 	$	(1,173	)	 	$	731	
 	 	 	 	$	(1,310	)	 	$	(1,701	)	 	$	391	

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

                                        

 	 	Page 27

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

 	 	Three Months Ended	 	Current Qtr
vs. PY
Quarter	 	 	 	Year-to-date	 	
 	 	June 30,	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	 	 	 	 	June 30,	 	June 30,	 	 	 	 	 	 	
 	 	2016	 	2016	 	2015	 	2015	 	2015	 	 	 	 	 	2016	 	2015	 	Change	 	 	 	 	 	 	
U.S. and Latin America:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Traditional	 	$	111,430	
 	 	$	51,098	
 	 	$	79,483	
 	 	$	55,652	
 	 	$	82,793	
 	 	$	28,637	
 	 	 	 	$	162,528	
 	 	$	100,636	
 	 	$	61,892	
 	 	 	 	 	 	 	
Non-Traditional:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Asset Intensive	 	93,979	
 	 	(30,830	)	 	30,874	
 	 	24,182	
 	 	55,750	
 	 	38,229	
 	 	 	 	63,149	
 	 	97,890	
 	 	(34,741	)	 	 	 	 	 	 	
Financial Reinsurance	 	14,875	
 	 	15,934	
 	 	15,936	
 	 	12,073	
 	 	14,643	
 	 	232	
 	 	 	 	30,809	
 	 	27,008	
 	 	3,801	
 	 	 	 	 	 	 	
Total U.S. and Latin America	 	220,284	
 	 	36,202	
 	 	126,293	
 	 	91,907	
 	 	153,186	
 	 	67,098	
 	 	 	 	256,486	
 	 	225,534	
 	 	30,952	
 	 	 	 	 	 	 	
Canada:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Canada Traditional	 	43,309	
 	 	20,095	
 	 	44,640	
 	 	34,072	
 	 	22,736	
 	 	20,573	
 	 	 	 	63,404	
 	 	45,463	
 	 	17,941	
 	 	 	 	 	 	 	
Canada Non-Traditional	 	2,128	
 	 	592	
 	 	3,420	
 	 	3,257	
 	 	3,094	
 	 	(966	)	 	 	 	2,720	
 	 	7,225	
 	 	(4,505	)	 	 	 	 	 	 	
Total Canada	 	45,437	
 	 	20,687	
 	 	48,060	
 	 	37,329	
 	 	25,830	
 	 	19,607	
 	 	 	 	66,124	
 	 	52,688	
 	 	13,436	
 	 	 	 	 	 	 	
Europe, Middle East and Africa:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Europe, Middle East and Africa Traditional	 	6,834	
 	 	(1,116	)	 	12,859	
 	 	15,910	
 	 	9,159	
 	 	(2,325	)	 	 	 	5,718	
 	 	19,641	
 	 	(13,923	)	 	 	 	 	 	 	
Europe, Middle East and Africa Non-Traditional	 	27,469	
 	 	25,424	
 	 	28,145	
 	 	29,234	
 	 	31,432	
 	 	(3,963	)	 	 	 	52,893	
 	 	51,066	
 	 	1,827	
 	 	 	 	 	 	 	
Total Europe, Middle East and Africa	 	34,303	
 	 	24,308	
 	 	41,004	
 	 	45,144	
 	 	40,591	
 	 	(6,288	)	 	 	 	58,611	
 	 	70,707	
 	 	(12,096	)	 	 	 	 	 	 	
Asia Pacific:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Asia Pacific Traditional	 	34,482	
 	 	41,160	
 	 	37,415	
 	 	11,276	
 	 	4,315	
 	 	30,167	
 	 	 	 	75,642	
 	 	56,963	
 	 	18,679	
 	 	 	 	 	 	 	
Asia Pacific Non-Traditional	 	(73	)	 	8,553	
 	 	5,467	
 	 	5,412	
 	 	(1,405	)	 	1,332	
 	 	 	 	8,480	
 	 	8,740	
 	 	(260	)	 	 	 	 	 	 	
Total Asia Pacific	 	34,409	
 	 	49,713	
 	 	42,882	
 	 	16,688	
 	 	2,910	
 	 	31,499	
 	 	 	 	84,122	
 	 	65,703	
 	 	18,419	
 	 	 	 	 	 	 	
Corporate and Other	 	18,790	
 	 	(23,330	)	 	(51,496	)	 	(50,931	)	 	(8,727	)	 	27,517	
 	 	 	 	(4,540	)	 	(16,717	)	 	12,177	
 	 	 	 	 	 	 	
Consolidated Income before Income Taxes	 	$	353,223	
 	 	$	107,580	
 	 	$	206,743	
 	 	$	140,137	
 	 	$	213,790	
 	 	$	139,433	
 	 	 	 	$	460,803	
 	 	$	397,915	
 	 	$	62,888	

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

                                        

 	 	Page 28

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

 	 	Three Months Ended	 	Current Qtr
vs. PY
Quarter	 	 	 	Year-to-date	 	
 	 	June 30,	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	 	 	 	 	June 30,	 	June 30,	 	 	 	 	 	 	
 	 	2016	 	2016	 	2015	 	2015	 	2015	 	 	 	 	 	2016	 	2015	 	Change	 	 	 	 	 	 	
U.S. and Latin America:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Traditional	 	$	112,312	
 	 	$	53,198	
 	 	$	78,990	
 	 	$	54,726	
 	 	$	79,433	
 	 	$	32,879	
 	 	 	 	$	165,510	
 	 	$	99,749	
 	 	$	65,761	
 	 	 	 	 	 	 	
Non-Traditional:	 	 	 	 	 	 	 	 	 	 	 	

Asset Intensive	 	54,323	
 	 	45,268	
 	 	47,596	
 	 	55,230	
 	 	56,402	
 	 	(2,079	)	 	 	 	99,591	
 	 	96,736	
 	 	2,855	
 	 	 	 	 	 	 	
Financial Reinsurance	 	14,875	
 	 	15,934	
 	 	15,936	
 	 	12,073	
 	 	14,643	
 	 	232	
 	 	 	 	30,809	
 	 	27,008	
 	 	3,801	
 	 	 	 	 	 	 	
Total U.S. and Latin America	 	181,510	
 	 	114,400	
 	 	142,522	
 	 	122,029	
 	 	150,478	
 	 	31,032	
 	 	 	 	295,910	
 	 	223,493	
 	 	72,417	
 	 	 	 	 	 	 	
Canada:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Canada Traditional	 	40,907	
 	 	19,364	
 	 	45,086	
 	 	37,793	
 	 	23,759	
 	 	17,148	
 	 	 	 	60,271	
 	 	40,932	
 	 	19,339	
 	 	 	 	 	 	 	
Canada Non-Traditional	 	2,128	
 	 	592	
 	 	3,420	
 	 	3,257	
 	 	3,094	
 	 	(966	)	 	 	 	2,720	
 	 	7,225	
 	 	(4,505	)	 	 	 	 	 	 	
Total Canada	 	43,035	
 	 	19,956	
 	 	48,506	
 	 	41,050	
 	 	26,853	
 	 	16,182	
 	 	 	 	62,991	
 	 	48,157	
 	 	14,834	
 	 	 	 	 	 	 	
Europe, Middle East and Africa:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Europe, Middle East and Africa Traditional	 	6,834	
 	 	(1,121	)	 	12,859	
 	 	15,621	
 	 	9,159	
 	 	(2,325	)	 	 	 	5,713	
 	 	19,592	
 	 	(13,879	)	 	 	 	 	 	 	
Europe, Middle East and Africa Non-Traditional	 	26,128	
 	 	25,611	
 	 	18,779	
 	 	28,838	
 	 	31,834	
 	 	(5,706	)	 	 	 	51,739	
 	 	50,469	
 	 	1,270	
 	 	 	 	 	 	 	
Total Europe, Middle East and Africa	 	32,962	
 	 	24,490	
 	 	31,638	
 	 	44,459	
 	 	40,993	
 	 	(8,031	)	 	 	 	57,452	
 	 	70,061	
 	 	(12,609	)	 	 	 	 	 	 	
Asia Pacific:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Asia Pacific Traditional	 	34,482	
 	 	41,144	
 	 	35,709	
 	 	12,982	
 	 	4,315	
 	 	30,167	
 	 	 	 	75,626	
 	 	56,963	
 	 	18,663	
 	 	 	 	 	 	 	
Asia Pacific Non-Traditional	 	(5,998	)	 	7,442	
 	 	5,450	
 	 	6,293	
 	 	651	
 	 	(6,649	)	 	 	 	1,444	
 	 	10,775	
 	 	(9,331	)	 	 	 	 	 	 	
Total Asia Pacific	 	28,484	
 	 	48,586	
 	 	41,159	
 	 	19,275	
 	 	4,966	
 	 	23,518	
 	 	 	 	77,070	
 	 	67,738	
 	 	9,332	
 	 	 	 	 	 	 	
Corporate and Other	 	(12,767	)	 	(30,274	)	 	(16,712	)	 	(19,697	)	 	(9,938	)	 	(2,829	)	 	 	 	(43,041	)	 	(15,608	)	 	(27,433	)	 	 	 	 	 	 	
Consolidated Operating Income before Income Taxes	 	$	273,224	
 	 	$	177,158	
 	 	$	247,113	
 	 	$	207,116	
 	 	$	213,352	
 	 	$	59,872	
 	 	 	 	$	450,382	
 	 	$	393,841	
 	 	$	56,541	

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

                                        

 	 	Page 29

 
Reinsurance Group of America, Incorporated
Investments
(USD thousands)

Cash and Invested Assets	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	June 30,	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	
 	 	2016	 	2016	 	2015	 	2015	 	2015	
Fixed maturity securities, available-for-sale	 	$	33,160,976	
 	 	$	31,148,714	
 	 	$	29,642,905	
 	 	$	27,411,788	
 	 	$	28,063,975	
 	
Mortgage loans on real estate	 	3,377,039	
 	 	3,292,496	
 	 	3,129,951	
 	 	3,170,002	
 	 	3,073,313	
 	
Policy loans	 	1,445,410	
 	 	1,451,857	
 	 	1,468,796	
 	 	1,444,009	
 	 	1,438,156	
 	
Funds withheld at interest	 	5,899,289	
 	 	5,797,183	
 	 	5,880,203	
 	 	5,675,174	
 	 	5,840,076	
 	
Short-term investments	 	195,979	
 	 	431,535	
 	 	558,284	
 	 	58,200	
 	 	76,118	
 	
Other invested assets	 	1,682,143	
 	 	1,368,544	
 	 	1,298,120	
 	 	1,187,504	
 	 	1,110,107	
 	
Cash and cash equivalents	 	1,034,329	
 	 	1,502,082	
 	 	1,525,275	
 	 	1,747,692	
 	 	1,335,661	
 	
Total cash and invested assets	 	$	46,795,165	
 	 	$	44,992,411	
 	 	$	43,503,534	
 	 	$	40,694,369	
 	 	$	40,937,406	

 
Investment Income and Yield Summary	 	

 	 	Three Months Ended	 	Current Qtr
vs. PY
Quarter	 	 	 	Year-to-Date	 	
 	 	June 30,	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	 	 	 	 	June 30,	 	June 30,	 	 	 	 	 	 	
 	 	2016	 	2016	 	2015	 	2015	 	2015	 	 	 	 	 	2016	 	2015	 	Change	 	 	 	 	 	 	
Average invested assets at amortized cost  (1)	 	$	23,216,459	
 	 	$	22,379,003	
 	 	$	21,552,560	
 	 	$	20,988,046	
 	 	$	21,029,197	
 	 	$	2,187,262	
 	 	 	 	$	22,669,219	
 	 	$	20,926,385	
 	 	$	1,742,834	
 	 	 	 	 	 	 	
Net investment income  (1)	 	$	268,747	
 	 	$	245,299	
 	 	$	262,660	
 	 	$	240,168	
 	 	$	252,131	
 	 	$	16,616	
 	 	 	 	$	514,046	
 	 	$	499,369	
 	 	$	14,677	
 	 	 	 	 	 	 	
Annualized investment yield (ratio of net investment income to average invested assets)  (1)	 	4.71	%	 	4.46	%	 	4.96	%	(2	)	4.66	%	 	4.88	%	 	(0.17	)%	 	 	 	4.59	%	 	4.83	%	 	(0.24	)%	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(1) Excludes spread-related business (e.g. coinsurance of annuities).	 	 	 	 	 	 	
(2) Includes the cumulative effective of income related to a funds withheld transaction executed in the fourth quarter of 2015, retroactive to the beginning of the year.	 	 	 	 	 	 	

                                        

 	 	Page 30

Reinsurance Group of America, Incorporated
Investments
(USD thousands)

Amortized Cost, Gross Unrealized Gains and Losses, and Estimated Fair Values of Fixed Maturity and Equity Securities
(Excludes Funds Withheld Portfolios)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
June 30, 2016	
 	 	Amortized
Cost	 	Unrealized
Gains	 	Unrealized
Losses	 	Estimated Fair
Value	 	% of
Total	 	Other-than-
temporary
Impairment
in AOCI	
Available-for-sale:	 	 	 	 	 	 	 	 	 	 	 	 	
Corporate securities	 	$	18,417,375	
 	 	$	1,260,330	
 	 	$	134,468	
 	 	$	19,543,237	
 	 	58.9	%	 	$	—	
 	
Canadian and Canadian provincial governments	 	2,607,276	
 	 	1,497,998	
 	 	—	
 	 	4,105,274	
 	 	12.4	%	 	—	
 	
Residential mortgage-backed securities	 	1,225,718	
 	 	72,733	
 	 	5,673	
 	 	1,292,778	
 	 	3.9	%	 	(300	)	
Asset-backed securities	 	1,377,736	
 	 	11,054	
 	 	32,113	
 	 	1,356,677	
 	 	4.1	%	 	275	
 	
Commercial mortgage-backed securities	 	1,441,091	
 	 	67,727	
 	 	1,125	
 	 	1,507,693	
 	 	4.5	%	 	(1,609	)	
U.S. government and agencies	 	1,907,648	
 	 	99,690	
 	 	—	
 	 	2,007,338	
 	 	6.1	%	 	—	
 	
State and political subdivisions	 	538,037	
 	 	74,042	
 	 	6,137	
 	 	605,942	
 	 	1.8	%	 	—	
 	
Other foreign government, supranational, and foreign	 	 	 	 	 	 	 	 	 	 	 	 	
 government-sponsored enterprises	 	2,562,003	
 	 	190,688	
 	 	10,654	
 	 	2,742,037	
 	 	8.3	%	 	—	
 	
Total fixed maturity securities	 	$	30,076,884	
 	 	$	3,274,262	
 	 	$	190,170	
 	 	$	33,160,976	
 	 	100.0	%	 	$	(1,634	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Non-redeemable preferred stock	 	$	66,464	
 	 	$	2,575	
 	 	$	7,936	
 	 	$	61,103	
 	 	14.6	%	 	 	
Other equity securities	 	349,577	
 	 	7,952	
 	 	446	
 	 	357,083	
 	 	85.4	%	 	 	
Total equity securities	 	$	416,041	
 	 	$	10,527	
 	 	$	8,382	
 	 	$	418,186	
 	 	100.0	%	 	 	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
December 31, 2015	
 	 	Amortized
Cost	 	Unrealized
Gains	 	Unrealized
Losses	 	Estimated Fair
Value	 	% of
Total	 	Other-than-
temporary
Impairment
in AOCI	
Available-for-sale:	 	 	 	 	 	 	 	 	 	 	 	 	
Corporate securities	 	$	17,575,507	
 	 	$	599,718	
 	 	$	467,069	
 	 	$	17,708,156	
 	 	59.7	%	 	$	—	
 	
Canadian and Canadian provincial governments	 	2,469,009	
 	 	1,110,282	
 	 	2,532	
 	 	3,576,759	
 	 	12.1	%	 	—	
 	
Residential mortgage-backed securities	 	1,277,998	
 	 	45,152	
 	 	11,673	
 	 	1,311,477	
 	 	4.4	%	 	(300	)	
Asset-backed securities	 	1,219,000	
 	 	12,052	
 	 	18,376	
 	 	1,212,676	
 	 	4.1	%	 	354	
 	
Commercial mortgage-backed securities	 	1,456,848	
 	 	37,407	
 	 	11,168	
 	 	1,483,087	
 	 	5.0	%	 	(1,609	)	
U.S. government and agencies	 	1,423,791	
 	 	15,586	
 	 	57,718	
 	 	1,381,659	
 	 	4.7	%	 	—	
 	
State and political subdivisions	 	480,067	
 	 	40,014	
 	 	9,067	
 	 	511,014	
 	 	1.7	%	 	—	
 	
Other foreign government, supranational, and foreign	 	 	 	 	 	 	 	 	 	 	 	 	
 government-sponsored enterprises	 	2,420,757	
 	 	78,964	
 	 	41,644	
 	 	2,458,077	
 	 	8.3	%	 	—	
 	
Total fixed maturity securities	 	$	28,322,977	
 	 	$	1,939,175	
 	 	$	619,247	
 	 	$	29,642,905	
 	 	100.0	%	 	$	(1,555	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Non-redeemable preferred stock	 	$	85,645	
 	 	$	7,837	
 	 	$	5,962	
 	 	$	87,520	
 	 	69.5	%	 	 	
Other equity securities	 	40,584	
 	 	—	
 	 	2,242	
 	 	38,342	
 	 	30.5	%	 	 	
Total equity securities	 	$	126,229	
 	 	$	7,837	
 	 	$	8,204	
 	 	$	125,862	
 	 	100.0	%	 	 	

 	
 	 	 	
 	 	Page 31

Reinsurance Group of America, Incorporated
Investments
(USD thousands)

Corporate Fixed Maturities Securities by Sector
(Excludes Funds Withheld Portfolios)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	June 30, 2016	 	December 31, 2015	
 	 	Amortized
Cost	 	Estimated Fair
Value	 	% of
Total	 	Average
Credit
Ratings (1)	 	Amortized
Cost	 	Estimated Fair
Value	 	% of
Total	 	Average
Credit
Ratings (1)	
Financial institutions	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Banking	 	$	3,985,263	
 	 	$	4,153,930	
 	 	21.5	%	 	A-	 	$	3,557,406	
 	 	$	3,641,125	
 	 	20.5	%	 	 A-	
Brokerage/asset managers/exchanges	 	388,968	
 	 	414,342	
 	 	2.1	%	 	A	 	315,848	
 	 	327,477	
 	 	1.8	%	 	 A	
Finance companies	 	109,785	
 	 	116,392	
 	 	0.6	%	 	A+	 	68,996	
 	 	70,947	
 	 	0.4	%	 	 BBB-	
Insurance	 	1,129,787	
 	 	1,200,471	
 	 	6.1	%	 	A-	 	877,691	
 	 	908,752	
 	 	5.1	%	 	 A-	
REITs	 	556,903	
 	 	590,731	
 	 	3.0	%	 	BBB+	 	524,424	
 	 	540,120	
 	 	3.1	%	 	 BBB+	
Other Finance	 	97,824	
 	 	102,123	
 	 	0.5	%	 	A-	 	64,426	
 	 	66,623	
 	 	0.4	%	 	 A-	
Total financial institutions	 	$	6,268,530	
 	 	$	6,577,989	
 	 	33.8	%	 	 	 	$	5,408,791	
 	 	$	5,555,044	
 	 	31.3	%	 	 	
Industrials	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic	 	$	891,944	
 	 	$	933,433	
 	 	4.8	%	 	BBB	 	$	937,498	
 	 	$	894,466	
 	 	5.1	%	 	BBB	
Capital goods	 	1,016,462	
 	 	1,064,913	
 	 	5.4	%	 	BBB+	 	1,090,670	
 	 	1,091,523	
 	 	6.2	%	 	BBB+	
Communications	 	1,861,878	
 	 	1,987,032	
 	 	10.2	%	 	BBB	 	1,891,983	
 	 	1,912,375	
 	 	10.8	%	 	BBB	
Consumer cyclical	 	1,036,091	
 	 	1,097,738	
 	 	5.6	%	 	BBB+	 	1,015,183	
 	 	1,028,521	
 	 	5.8	%	 	BBB+	
Consumer noncyclical	 	1,801,046	
 	 	1,965,929	
 	 	10.1	%	 	A-	 	1,762,018	
 	 	1,805,347	
 	 	10.2	%	 	A-	
Energy	 	2,021,372	
 	 	2,095,655	
 	 	10.7	%	 	BBB	 	2,064,824	
 	 	1,922,366	
 	 	10.9	%	 	BBB+	
Technology	 	619,012	
 	 	654,432	
 	 	3.3	%	 	A-	 	569,174	
 	 	574,280	
 	 	3.2	%	 	A-	
Transportation	 	828,064	
 	 	885,756	
 	 	4.5	%	 	A-	 	763,055	
 	 	777,939	
 	 	4.4	%	 	A-	
Other industrial	 	116,596	
 	 	126,870	
 	 	0.6	%	 	BBB+	 	117,021	
 	 	123,100	
 	 	0.7	%	 	BBB+	
Total industrials	 	$	10,192,465	
 	 	$	10,811,758	
 	 	55.2	%	 	 	 	$	10,211,426	
 	 	$	10,129,917	
 	 	57.3	%	 	 	
Utilities	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Electric	 	$	1,400,329	
 	 	$	1,537,201	
 	 	7.9	%	 	A-	 	$	1,395,335	
 	 	$	1,444,368	
 	 	8.2	%	 	 BBB+	
Natural gas	 	329,475	
 	 	358,597	
 	 	1.8	%	 	A-	 	315,826	
 	 	323,206	
 	 	1.8	%	 	 A-	
Other utility	 	226,576	
 	 	257,692	
 	 	1.3	%	 	A-	 	244,129	
 	 	255,621	
 	 	1.4	%	 	 A-	
Total utilities	 	$	1,956,380	
 	 	$	2,153,490	
 	 	11.0	%	 	 	 	$	1,955,290	
 	 	$	2,023,195	
 	 	11.4	%	 	 	
Total	 	$	18,417,375	
 	 	$	19,543,237	
 	 	100.0	%	 	BBB+	 	$	17,575,507	
 	 	$	17,708,156	
 	 	100.0	%	 	BBB+	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(1) The Average Credit Rating designations are based on the weighted average ratings from nationally recognized rating organizations (NRSRO), primarily those assigned by S&P. In instances where a S&P	
rating is not available, the Company will reference the rating provided by Moody’s, and in the absence of both the Company will assign equivalent ratings based on information from the NAIC.	

                                        

 	 	Page 32

Reinsurance Group of America, Incorporated
Investments
(USD thousands)

Ratings of Fixed Maturity Securities
(Excludes Funds Withheld Portfolios)

 	 	 	 	June 30, 2016	 	March 31, 2016	 	December 31, 2015	 	September 30, 2015	 	June 30, 2015	
NAIC
Designation (1)	 	Rating Agency
Designation   (2)	 	Amortized
Cost	 	Estimated
Fair Value	 	% of
Total	 	Amortized
Cost	 	Estimated
Fair Value	 	% of
Total	 	Amortized
Cost	 	Estimated
Fair Value	 	% of
Total	 	Amortized
Cost	 	Estimated
Fair Value	 	% of
Total	 	Amortized
Cost	 	Estimated
Fair Value	 	% of
Total	
1	 	AAA/AA/A	 	$	19,755,011	
 	 	$	22,392,311	
 	 	67.5	%	 	$	18,511,837	
 	 	$	20,516,462	
 	 	65.9	%	 	$	17,801,017	
 	 	$	19,231,535	
 	 	64.8	%	 	$	16,479,884	
 	 	$	18,012,729	
 	 	65.7	%	 	$	16,880,974	
 	 	$	18,443,284	
 	 	65.7	%	
2	 	BBB	 	8,679,819	
 	 	9,130,971	
 	 	27.5	%	 	8,813,991	
 	 	9,005,192	
 	 	28.9	%	 	8,838,444	
 	 	8,830,172	
 	 	29.8	%	 	7,567,172	
 	 	7,691,301	
 	 	28.1	%	 	7,686,514	
 	 	7,881,514	
 	 	28.1	%	
3	 	BB	 	1,012,092	
 	 	1,018,629	
 	 	3.1	%	 	1,096,165	
 	 	1,057,763	
 	 	3.4	%	 	1,054,449	
 	 	1,001,614	
 	 	3.4	%	 	1,061,245	
 	 	1,015,762	
 	 	3.7	%	 	932,629	
 	 	950,069	
 	 	3.4	%	
4	 	B	 	456,457	
 	 	431,649	
 	 	1.3	%	 	402,872	
 	 	372,795	
 	 	1.2	%	 	399,417	
 	 	359,591	
 	 	1.2	%	 	414,775	
 	 	389,089	
 	 	1.4	%	 	510,894	
 	 	504,272	
 	 	1.8	%	
5	 	CCC	 	143,675	
 	 	135,927	
 	 	0.4	%	 	178,537	
 	 	165,491	
 	 	0.5	%	 	207,351	
 	 	197,498	
 	 	0.7	%	 	261,015	
 	 	246,211	
 	 	0.9	%	 	246,203	
 	 	242,930	
 	 	0.9	%	
6	 	In or near default	 	29,830	
 	 	51,489	
 	 	0.2	%	 	31,872	
 	 	31,011	
 	 	0.1	%	 	22,299	
 	 	22,495	
 	 	0.1	%	 	60,704	
 	 	56,696	
 	 	0.2	%	 	48,118	
 	 	41,906	
 	 	0.1	%	
 	 	Total	 	$	30,076,884	
 	 	$	33,160,976	
 	
 	100.0	%	
 	$	29,035,274	
 	
 	$	31,148,714	
 	
 	100.0	%	
 	$	28,322,977	
 	
 	$	29,642,905	
 	
 	100.0	%	
 	$	25,844,795	
 	
 	$	27,411,788	
 	
 	100.0	%	
 	$	26,305,332	
 	
 	$	28,063,975	
 	
 	100.0	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(1) Structured securities held by the Company’s insurance subsidiaries that maintain the National Association of Insurance Commissioners (NAIC) statutory basis of accounting that meet the definition of SSAP No. 43R utilize the	
      NAIC rating methodology. All other securities will continue to utilize the NRSRO ratings, as available, or equivalent rating based on information from the NAIC.	
(2) The Rating Agency Designation includes all “+” or “-” at that rating level (e. g. ‘BBB’ includes ‘BBB+’, ‘BBB’, and ‘BBB-’).	

Structured Fixed Maturity Securities	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	June 30, 2016	 	March 31, 2016	 	December 31, 2015	 	September 30, 2015	 	June 30, 2015	
 	 	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	 	$	601,728	
 	 	$	659,526	
 	 	$	593,662	
 	 	$	642,617	
 	 	$	602,524	
 	 	$	634,077	
 	 	$	614,272	
 	 	$	657,066	
 	 	$	626,139	
 	 	$	656,940	
 	
Non-agency	 	623,990	
 	 	633,252	
 	 	737,232	
 	 	738,280	
 	 	675,474	
 	 	677,400	
 	 	619,886	
 	 	626,394	
 	 	528,593	
 	 	533,939	
 	
Total residential mortgage-backed securities	 	1,225,718	
 	 	1,292,778	
 	 	1,330,894	
 	 	1,380,897	
 	 	1,277,998	
 	 	1,311,477	
 	 	1,234,158	
 	 	1,283,460	
 	 	1,154,732	
 	 	1,190,879	
 	
Commercial mortgage-backed securities	 	1,441,091	
 	 	1,507,693	
 	 	1,466,500	
 	 	1,508,183	
 	 	1,456,848	
 	 	1,483,087	
 	 	1,441,845	
 	 	1,491,951	
 	 	1,471,419	
 	 	1,525,469	
 	
Asset-backed securities	 	1,377,736	
 	 	1,356,677	
 	 	1,319,616	
 	 	1,289,381	
 	 	1,219,000	
 	 	1,212,676	
 	 	1,055,760	
 	 	1,061,372	
 	 	1,051,093	
 	 	1,062,624	
 	
Total	 	$	4,044,545	
 	 	$	4,157,148	
 	 	$	4,117,010	
 	 	$	4,178,461	
 	 	$	3,953,846	
 	 	$	4,007,240	
 	 	$	3,731,763	
 	 	$	3,836,783	
 	 	$	3,677,244	
 	 	$	3,778,972	

                                        

 	 	Page 33

 
Reinsurance Group of America, Incorporated
Investments
(USD thousands)

Gross Unrealized Losses Aging

Fixed Maturity Securities	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	June 30, 2016	 	March 31, 2016	 	December 31, 2015	 	September 30, 2015	 	June 30, 2015	
 	 	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%	 	$	148,844	
 	 	74.9	%	 	$	272,450	
 	 	70.5	%	 	$	458,676	
 	 	73.1	%	 	$	359,324	
 	 	79.5	%	 	$	369,658	
 	 	94.0	%	
20% or more for less than six months	 	7,248	
 	 	3.7	%	 	68,067	
 	 	17.6	%	 	140,568	
 	 	22.4	%	 	69,197	
 	 	15.3	%	 	9,253	
 	 	2.3	%	
20% or more for six months or greater	 	34,078	
 	 	17.2	%	 	36,949	
 	 	9.6	%	 	20,003	
 	 	3.2	%	 	14,480	
 	 	3.2	%	 	10,328	
 	 	2.6	%	
Total	 	$	190,170	
 	
 	95.8	%	
 	$	377,466	
 	
 	97.7	%	
 	$	619,247	
 	
 	98.7	%	
 	$	443,001	
 	
 	98.0	%	
 	$	389,239	
 	
 	98.9	%	

Equity Securities	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	June 30, 2016	 	March 31, 2016	 	December 31, 2015	 	September 30, 2015	 	June 30, 2015	
 	 	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%	 	$	1,794	
 	 	0.9	%	 	$	2,678	
 	 	0.7	%	 	$	4,433	
 	 	0.7	%	 	$	4,127	
 	 	0.9	%	 	$	3,654	
 	 	0.9	%	
20% or more for less than six months	 	1,685	
 	 	0.8	%	 	1,672	
 	 	0.4	%	 	1,927	
 	 	0.3	%	 	3,687	
 	 	0.8	%	 	948	
 	 	0.2	%	
20% or more for six months or greater	 	4,903	
 	 	2.5	%	 	4,714	
 	 	1.2	%	 	1,844	
 	 	0.3	%	 	1,243	
 	 	0.3	%	 	—	
 	 	0.0	%	
Total	 	$	8,382	
 	
 	4.2	%	
 	$	9,064	
 	
 	2.3	%	
 	$	8,204	
 	
 	1.3	%	
 	$	9,057	
 	
 	2.0	%	
 	$	4,602	
 	
 	1.1	%	

                                        

 	 	Page 34

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

 	 	As of June 30, 2016	
 	 	Less than 12 months	 	Equal to or greater than 12 months	 	Total	
 	 	Estimated Fair
Value	 	Gross Unrealized
Losses	 	Estimated Fair
Value	 	Gross Unrealized
Losses	 	Estimated Fair
Value	 	Gross Unrealized
Losses	
Investment grade securities:	 	 	 	 	 	 	 	 	 	 	 	 	
Corporate securities	 	$	649,275	
 	 	$	15,424	
 	 	$	1,208,939	
 	 	$	59,206	
 	 	$	1,858,214	
 	 	$	74,630	
 	
Canadian and Canadian provincial governments	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	—	
 	
Residential mortgage-backed securities	 	67,472	
 	 	1,672	
 	 	120,431	
 	 	3,990	
 	 	187,903	
 	 	5,662	
 	
Asset-backed securities	 	534,180	
 	 	18,943	
 	 	258,828	
 	 	10,507	
 	 	793,008	
 	 	29,450	
 	
Commercial mortgage-backed securities	 	78,002	
 	 	423	
 	 	41,399	
 	 	702	
 	 	119,401	
 	 	1,125	
 	
U.S. government and agencies	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	—	
 	
State and political subdivisions	 	9,697	
 	 	443	
 	 	56,930	
 	 	5,694	
 	 	66,627	
 	 	6,137	
 	
Other foreign government, supranational, and
foreign government-sponsored enterprises	 	99,330	
 	 	1,135	
 	 	79,592	
 	 	3,677	
 	 	178,922	
 	 	4,812	
 	
Total investment grade securities	 	1,437,956	
 	 	38,040	
 	 	1,766,119	
 	 	83,776	
 	 	3,204,075	
 	 	121,816	

Below investment grade securities:	 	 	 	 	 	 	 	 	 	 	 	 	
Corporate securities	 	282,830	
 	 	14,077	
 	 	335,351	
 	 	45,761	
 	 	618,181	
 	 	59,838	
 	
Residential mortgage-backed securities	 	—	
 	 	—	
 	 	379	
 	 	11	
 	 	379	
 	 	11	
 	
Asset-backed securities	 	5,858	
 	 	1,118	
 	 	8,623	
 	 	1,545	
 	 	14,481	
 	 	2,663	
 	
Commercial mortgage-backed securities	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	—	
 	
Other foreign government, supranational, and
foreign government-sponsored enterprises	 	2,328	
 	 	23	
 	 	59,437	
 	 	5,819	
 	 	61,765	
 	 	5,842	
 	
Total below investment grade securities	 	291,016	
 	 	15,218	
 	 	403,790	
 	 	53,136	
 	 	694,806	
 	 	68,354	
 	
Total fixed maturity securities	 	$	1,728,972	
 	 	$	53,258	
 	 	$	2,169,909	
 	 	$	136,912	
 	 	$	3,898,881	
 	 	$	190,170	

Equity securities:	 	 	 	 	 	 	 	 	 	 	 	 	
Non-redeemable preferred stock	 	3,248	
 	 	261	
 	 	24,247	
 	 	7,675	
 	 	27,495	
 	 	7,936	
 	
Other equity securities	 	—	
 	 	—	
 	 	6,606	
 	 	446	
 	 	6,606	
 	 	446	
 	
Total equity securities	 	$	3,248	
 	 	$	261	
 	 	$	30,853	
 	 	$	8,121	
 	 	$	34,101	
 	 	$	8,382	

 	 	 	 	 	 	 	 	 	 	 	 	 	

 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	As of December 31, 2015	
 	 	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	 	$	6,388,148	
 	 	$	323,961	
 	 	$	294,755	
 	 	$	40,861	
 	 	$	6,682,903	
 	 	$	364,822	
 	
Canadian and Canadian provincial governments	 	122,746	
 	 	2,532	
 	 	—	
 	 	—	
 	 	122,746	
 	 	2,532	
 	
Residential mortgage-backed securities	 	452,297	
 	 	7,036	
 	 	82,314	
 	 	4,057	
 	 	534,611	
 	 	11,093	
 	
Asset-backed securities	 	581,701	
 	 	9,825	
 	 	199,298	
 	 	7,100	
 	 	780,999	
 	 	16,925	
 	
Commercial mortgage-backed securities	 	514,877	
 	 	9,806	
 	 	31,177	
 	 	997	
 	 	546,054	
 	 	10,803	
 	
U.S. government and agencies	 	1,010,387	
 	 	57,718	
 	 	—	
 	 	—	
 	 	1,010,387	
 	 	57,718	
 	
State and political subdivisions	 	157,837	
 	 	5,349	
 	 	13,016	
 	 	3,718	
 	 	170,853	
 	 	9,067	
 	
Other foreign government, supranational, and foreign government-sponsored enterprises	 	702,962	
 	 	18,279	
 	 	38,379	
 	 	4,206	
 	 	741,341	
 	 	22,485	
 	
Total investment grade securities	 	$	9,930,955	
 	 	$	434,506	
 	 	$	658,939	
 	 	$	60,939	
 	 	$	10,589,894	
 	 	$	495,445	

Below investment grade securities:	 	 	 	 	 	 	 	 	 	 	 	 	
Corporate securities	 	$	554,688	
 	 	$	71,171	
 	 	$	114,427	
 	 	$	31,076	
 	 	$	669,115	
 	 	$	102,247	
 	
Residential mortgage-backed securities	 	22,646	
 	 	282	
 	 	7,679	
 	 	298	
 	 	30,325	
 	 	580	
 	
Asset-backed securities	 	6,772	
 	 	201	
 	 	9,335	
 	 	1,250	
 	 	16,107	
 	 	1,451	
 	
Commercial mortgage-backed securities	 	3,253	
 	 	248	
 	 	767	
 	 	117	
 	 	4,020	
 	 	365	
 	
Other foreign government, supranational, and
foreign government-sponsored enterprises	 	60,668	
 	 	7,356	
 	 	31,693	
 	 	11,803	
 	 	92,361	
 	 	19,159	
 	
Total below investment grade securities	 	648,027	
 	 	79,258	
 	 	163,901	
 	 	44,544	
 	 	811,928	
 	 	123,802	
 	
Total fixed maturity securities	 	$	10,578,982	
 	 	$	513,764	
 	 	$	822,840	
 	 	$	105,483	
 	 	$	11,401,822	
 	 	$	619,247	

Equity securities:	 	 	 	 	 	 	 	 	 	 	 	 	
Non-redeemable preferred stock	 	$	12,331	
 	 	$	2,175	
 	 	$	12,191	
 	 	$	3,787	
 	 	$	24,522	
 	 	$	5,962	
 	
Other equity securities	 	38,327	
 	 	2,242	
 	 	—	
 	 	—	
 	 	38,327	
 	 	2,242	
 	
Total equity securities	 	$	50,658	
 	 	$	4,417	
 	 	$	12,191	
 	 	$	3,787	
 	 	$	62,849	
 	 	$	8,204	

                                        

 	 	Page 35

Reinsurance Group of America, Incorporated
Investments
(USD thousands)

Consolidated Investment Related Gains and Losses	 	

 	 	Three Months Ended	 	Current Qtr
vs. PY
Quarter	 	 	 	Year-to-date	 	
 	 	June 30,	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	 	 	 	 	June 30,	 	June 30,	 	 	 	 	 	 	
 	 	2016	 	2016	 	2015	 	2015	 	2015	 	 	 	 	 	2016	 	2015	 	Change	 	 	 	 	 	 	
Fixed maturity and equity securities:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Other-than-temporary impairment losses on fixed maturities	 	$	(846	)	 	$	(33,817	)	 	$	(27,605	)	 	$	(23,111	)	 	$	(4,137	)	 	$	3,291	
 	 	 	 	$	(34,663	)	 	$	(6,664	)	 	$	(27,999	)	 	 	 	 	 	 	
Gain on investment activity	 	53,615	
 	 	27,192	
 	 	20,077	
 	 	13,792	
 	 	20,009	
 	 	33,606	
 	 	 	 	80,807	
 	 	39,210	
 	 	41,597	
 	 	 	 	 	 	 	
Loss on investment activity	 	(22,556	)	 	(11,787	)	 	(21,636	)	 	(22,186	)	 	(14,475	)	 	(8,081	)	 	 	 	(34,343	)	 	(28,071	)	 	(6,272	)	 	 	 	 	 	 	
Net gain (loss) on fixed maturity and equity securities	 	30,213	
 	 	(18,412	)	 	(29,164	)	 	(31,505	)	 	1,397	
 	 	28,816	
 	 	 	 	11,801	
 	 	4,475	
 	 	7,326	

Other impairment losses and change in mortgage loan provision	 	211	
 	 	(2,060	)	 	(2,292	)	 	(636	)	 	143	
 	 	68	
 	 	 	 	(1,849	)	 	(4,025	)	 	2,176	
 	 	 	 	 	 	 	
Other non-derivative gain (loss), net	 	5,123	
 	 	4,057	
 	 	11,824	
 	 	(2,006	)	 	976	
 	 	4,147	
 	 	 	 	9,180	
 	 	18,351	
 	 	(9,171	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Free-standing derivatives:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Credit default swaps	 	3,518	
 	 	3,346	
 	 	1,253	
 	 	(8,407	)	 	(187	)	 	3,705	
 	 	 	 	6,864	
 	 	2,471	
 	 	4,393	
 	 	 	 	 	 	 	
Interest rate swaps - non-hedged	 	41,500	
 	 	62,527	
 	 	(9,271	)	 	42,014	
 	 	(41,729	)	 	83,229	
 	 	 	 	104,027	
 	 	(12,385	)	 	116,412	
 	 	 	 	 	 	 	
Interest rate swaps - hedged	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	 	 	—	
 	 	7	
 	 	(7	)	 	 	 	 	 	 	
Foreign currency swaps - hedged (1)	 	(2,395	)	 	(4,562	)	 	2,983	
 	 	(2,135	)	 	—	
 	 	(2,395	)	 	 	 	(6,957	)	 	—	
 	 	(6,957	)	 	 	 	 	 	 	
Futures	 	(7,557	)	 	(11,051	)	 	(6,822	)	 	16,655	
 	 	(2,183	)	 	(5,374	)	 	 	 	(18,608	)	 	(9,514	)	 	(9,094	)	 	 	 	 	 	 	
CPI swaps	 	(520	)	 	(180	)	 	(55	)	 	(250	)	 	168	
 	 	(688	)	 	 	 	(700	)	 	97	
 	 	(797	)	 	 	 	 	 	 	
Equity options	 	(3,225	)	 	(2,703	)	 	(21,376	)	 	15,149	
 	 	(2,605	)	 	(620	)	 	 	 	(5,928	)	 	(10,672	)	 	4,744	
 	 	 	 	 	 	 	
Currency forwards	 	3,577	
 	 	2,500	
 	 	(214	)	 	707	
 	 	(1,433	)	 	5,010	
 	 	 	 	6,077	
 	 	(1,653	)	 	7,730	
 	 	 	 	 	 	 	
Bond forwards	 	(1,010	)	 	841	
 	 	(911	)	 	610	
 	 	1,495	
 	 	(2,505	)	 	 	 	(169	)	 	655	
 	 	(824	)	 	 	 	 	 	 	
Interest rate options	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	 	 	—	
 	 	3,276	
 	 	(3,276	)	 	 	 	 	 	 	
Total free-standing derivatives	 	33,888	
 	 	50,718	
 	 	(34,413	)	 	64,343	
 	 	(46,474	)	 	80,362	
 	 	 	 	84,606	
 	 	(27,718	)	 	112,324	

Embedded derivatives:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Modified coinsurance and funds withheld treaties	 	76,966	
 	 	(92,249	)	 	(27,201	)	 	(46,169	)	 	(23,098	)	 	100,064	
 	 	 	 	(15,283	)	 	(25,423	)	 	10,140	
 	 	 	 	 	 	 	
GMXB	 	(28,137	)	 	(62,940	)	 	36,437	
 	 	(95,373	)	 	50,878	
 	 	(79,015	)	 	 	 	(91,077	)	 	25,745	
 	 	(116,822	)	 	 	 	 	 	 	
Total embedded derivatives	 	48,829	
 	 	(155,189	)	 	9,236	
 	 	(141,542	)	 	27,780	
 	 	21,049	
 	 	 	 	(106,360	)	 	322	
 	 	(106,682	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net gain (loss) on total derivatives	 	82,717	
 	 	(104,471	)	 	(25,177	)	 	(77,199	)	 	(18,694	)	 	101,411	
 	 	 	 	(21,754	)	 	(27,396	)	 	5,642	

Total investment related gains (losses), net	 	$	118,264	
 	 	$	(120,886	)	 	$	(44,809	)	 	$	(111,346	)	 	$	(16,178	)	 	$	134,442	
 	 	 	 	$	(2,622	)	 	$	(8,595	)	 	$	5,973	

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

                                        

 	 	Page 36

Appendix	

 	 	 	 	 	
Reconciliations of GAAP Income Statements to Operating Income Statements	

 	 	 	 	 	

 	 	 	 	 	

                                        

 	 	Page 37

Reinsurance Group of America, Incorporated
Reconciliation of GAAP Income Statements to Operating Income Statements
(USD thousands)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	Current Qtr	 	 	 	Year-to-Date	
 	 	June 30,	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	vs. PY	 	 	 	June 30,	 	June 30,	 	 	
 	 	2016	 	2016	 	2015	 	2015	 	2015	 	Quarter	 	 	 	2016	 	2015	 	Change	
U.S. & Latin America Traditional	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	$	111,430	
 	 	$	51,098	
 	 	$	79,483	
 	 	$	55,652	
 	 	$	82,793	
 	 	$	28,637	
 	 	 	 	$	162,528	
 	 	$	100,636	
 	 	$	61,892	
 	
Investment and derivative gains (losses) - non-operating (1)	 	1	
 	 	65	
 	 	203	
 	 	(1	)	 	(2	)	 	3	
 	 	 	 	66	
 	 	(1	)	 	67	
 	
Change in value of modified coinsurance and	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
funds withheld embedded derivatives (1)	 	881	
 	 	2,035	
 	 	(696	)	 	(925	)	 	(3,358	)	 	4,239	
 	 	 	 	2,916	
 	 	(886	)	 	3,802	
 	
Operating income before income taxes	 	$	112,312	
 	 	$	53,198	
 	 	$	78,990	
 	 	$	54,726	
 	 	$	79,433	
 	 	$	32,879	
 	 	 	 	$	165,510	
 	 	$	99,749	
 	 	$	65,761	

U.S. & Latin America Asset Intensive	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	$	93,979	
 	 	$	(30,830	)	 	$	30,874	
 	 	$	24,182	
 	 	$	55,750	
 	 	$	38,229	
 	 	 	 	$	63,149	
 	 	$	97,890	
 	 	$	(34,741	)	
Investment and derivative gains (losses) - non-operating (1)	 	(27,119	)	 	(24,603	)	 	39,757	
 	 	(73,476	)	 	39,497	
 	 	(66,616	)	 	 	 	(51,722	)	 	17,710	
 	 	(69,432	)	
Change in value of modified coinsurance and	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
funds withheld embedded derivatives (1)	 	(77,847	)	 	90,214	
 	 	27,897	
 	 	47,094	
 	 	26,456	
 	 	(104,303	)	 	 	 	12,367	
 	 	26,309	
 	 	(13,942	)	
GMXB embedded derivatives   (1)	 	28,137	
 	 	62,940	
 	 	(36,437	)	 	95,373	
 	 	(50,878	)	 	79,015	
 	 	 	 	91,077	
 	 	(25,745	)	 	116,822	
 	
Funds withheld gains (losses) - investment income	 	(10,304	)	 	(4,624	)	 	59	
 	 	(1,003	)	 	(2,748	)	 	(7,556	)	 	 	 	(14,928	)	 	(9,115	)	 	(5,813	)	
EIA embedded derivatives - interest credited	 	(17,364	)	 	29,149	
 	 	(1,412	)	 	(10,995	)	 	(10,488	)	 	(6,876	)	 	 	 	11,785	
 	 	(175	)	 	11,960	
 	
DAC offset, net	 	64,841	
 	 	(76,978	)	 	(13,142	)	 	(25,945	)	 	(1,187	)	 	66,028	
 	 	 	 	(12,137	)	 	(10,138	)	 	(1,999	)	
Operating income before income taxes	 	$	54,323	
 	 	$	45,268	
 	 	$	47,596	
 	 	$	55,230	
 	 	$	56,402	
 	 	$	(2,079	)	 	 	 	$	99,591	
 	 	$	96,736	
 	 	$	2,855	

U.S. & Latin America Financial Reinsurance	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	$	14,875	
 	 	$	15,934	
 	 	$	15,936	
 	 	$	12,073	
 	 	$	14,643	
 	 	$	232	
 	 	 	 	$	30,809	
 	 	$	27,008	
 	 	$	3,801	
 	
Operating income before income taxes	 	$	14,875	
 	 	$	15,934	
 	 	$	15,936	
 	 	$	12,073	
 	 	$	14,643	
 	 	$	232	
 	 	 	 	$	30,809	
 	 	$	27,008	
 	 	$	3,801	

Total U.S. & Latin America	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	$	220,284	
 	 	$	36,202	
 	 	$	126,293	
 	 	$	91,907	
 	 	$	153,186	
 	 	$	67,098	
 	 	 	 	$	256,486	
 	 	$	225,534	
 	 	$	30,952	
 	
Investment and derivative gains (losses) - non-operating (1)	 	(27,118	)	 	(24,538	)	 	39,960	
 	 	(73,477	)	 	39,495	
 	 	(66,613	)	 	 	 	(51,656	)	 	17,709	
 	 	(69,365	)	
Change in value of modified coinsurance and	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
funds withheld embedded derivatives (1)	 	(76,966	)	 	92,249	
 	 	27,201	
 	 	46,169	
 	 	23,098	
 	 	(100,064	)	 	 	 	15,283	
 	 	25,423	
 	 	(10,140	)	
GMXB embedded derivatives (1)	 	28,137	
 	 	62,940	
 	 	(36,437	)	 	95,373	
 	 	(50,878	)	 	79,015	
 	 	 	 	91,077	
 	 	(25,745	)	 	116,822	
 	
Funds withheld gains (losses) - investment income	 	(10,304	)	 	(4,624	)	 	59	
 	 	(1,003	)	 	(2,748	)	 	(7,556	)	 	 	 	(14,928	)	 	(9,115	)	 	(5,813	)	
EIA embedded derivatives - interest credited	 	(17,364	)	 	29,149	
 	 	(1,412	)	 	(10,995	)	 	(10,488	)	 	(6,876	)	 	 	 	11,785	
 	 	(175	)	 	11,960	
 	
DAC offset, net	 	64,841	
 	 	(76,978	)	 	(13,142	)	 	(25,945	)	 	(1,187	)	 	66,028	
 	 	 	 	(12,137	)	 	(10,138	)	 	(1,999	)	
Operating income before income taxes	 	$	181,510	
 	 	$	114,400	
 	 	$	142,522	
 	 	$	122,029	
 	 	$	150,478	
 	 	$	31,032	
 	 	 	 	$	295,910	
 	 	$	223,493	
 	 	$	72,417	

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

 	 	 	 	 	 	 	 	 	 	 	 	 	

 	
 	 	 	
 	 	Page 38

Reinsurance Group of America, Incorporated
Reconciliation of GAAP Income Statements to Operating Income Statements
(USD thousands)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	Current Qtr	 	 	 	Year-to-Date	
 	 	June 30,	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	vs. PY	 	 	 	June 30,	 	June 30,	 	 	
 	 	2016	 	2016	 	2015	 	2015	 	2015	 	Quarter	 	 	 	2016	 	2015	 	Change	
Canada Traditional	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	$	43,309	
 	 	$	20,095	
 	 	$	44,640	
 	 	$	34,072	
 	 	$	22,736	
 	 	$	20,573	
 	 	 	 	$	63,404	
 	 	$	45,463	
 	 	$	17,941	
 	
Investment and derivative gains (losses) - non-operating (1)	 	(1,049	)	 	(372	)	 	259	
 	 	4,930	
 	 	1,277	
 	 	(2,326	)	 	 	 	(1,421	)	 	758	
 	 	(2,179	)	
Funds withheld gains (losses) - investment income	 	(1,353	)	 	(359	)	 	187	
 	 	(1,209	)	 	(254	)	 	(1,099	)	 	 	 	(1,712	)	 	(5,289	)	 	3,577	
 	
Operating income before income taxes	 	$	40,907	
 	 	$	19,364	
 	 	$	45,086	
 	 	$	37,793	
 	 	$	23,759	
 	 	$	17,148	
 	 	 	 	$	60,271	
 	 	$	40,932	
 	 	$	19,339	

Canada Non-Traditional	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	$	2,128	
 	 	$	592	
 	 	$	3,420	
 	 	$	3,257	
 	 	$	3,094	
 	 	$	(966	)	 	 	 	$	2,720	
 	 	$	7,225	
 	 	$	(4,505	)	
Operating income before income taxes	 	$	2,128	
 	 	$	592	
 	 	$	3,420	
 	 	$	3,257	
 	 	$	3,094	
 	 	$	(966	)	 	 	 	$	2,720	
 	 	$	7,225	
 	 	$	(4,505	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Europe, Middle East and Africa Traditional	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	$	6,834	
 	 	$	(1,116	)	 	$	12,859	
 	 	$	15,910	
 	 	$	9,159	
 	 	$	(2,325	)	 	 	 	$	5,718	
 	 	$	19,641	
 	 	$	(13,923	)	
Investment and derivative gains (losses) - non-operating (1)	 	—	
 	 	(5	)	 	—	
 	 	(289	)	 	—	
 	 	—	
 	 	 	 	(5	)	 	(49	)	 	44	
 	
Operating income before income taxes	 	$	6,834	
 	 	$	(1,121	)	 	$	12,859	
 	 	$	15,621	
 	 	$	9,159	
 	 	$	(2,325	)	 	 	 	$	5,713	
 	 	$	19,592	
 	 	$	(13,879	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Europe, Middle East and Africa Non-Traditional	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	$	27,469	
 	 	$	25,424	
 	 	$	28,145	
 	 	$	29,234	
 	 	$	31,432	
 	 	$	(3,963	)	 	 	 	$	52,893	
 	 	$	51,066	
 	 	$	1,827	
 	
Investment and derivative gains (losses) - non-operating (1)	 	(1,468	)	 	1,004	
 	 	(9,261	)	 	(8	)	 	(50	)	 	(1,418	)	 	 	 	(464	)	 	(901	)	 	437	
 	
Investment income on unit-linked variable annuities	 	(2,966	)	 	(408	)	 	—	
 	 	—	
 	 	—	
 	 	(2,966	)	 	 	 	(3,374	)	 	—	
 	 	(3,374	)	
Interest credited on unit-linked variable annuities	 	2,966	
 	 	408	
 	 	—	
 	 	—	
 	 	—	
 	 	2,966	
 	 	 	 	3,374	
 	 	—	
 	 	3,374	
 	
Non-investment derivatives	 	127	
 	 	(817	)	 	(105	)	 	(388	)	 	452	
 	 	(325	)	 	 	 	(690	)	 	304	
 	 	(994	)	
Operating income before income taxes	 	$	26,128	
 	 	$	25,611	
 	 	$	18,779	
 	 	$	28,838	
 	 	$	31,834	
 	 	$	(5,706	)	 	 	 	$	51,739	
 	 	$	50,469	
 	 	$	1,270	

Asia Pacific Traditional	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	$	34,482	
 	 	$	41,160	
 	 	$	37,415	
 	 	$	11,276	
 	 	$	4,315	
 	 	$	30,167	
 	 	 	 	$	75,642	
 	 	$	56,963	
 	 	$	18,679	
 	
Investment and derivative gains (losses) - non-operating (1)	 	—	
 	 	(16	)	 	(1,706	)	 	1,706	
 	 	—	
 	 	—	
 	 	 	 	(16	)	 	—	
 	 	(16	)	
Operating income before income taxes	 	$	34,482	
 	 	$	41,144	
 	 	$	35,709	
 	 	$	12,982	
 	 	$	4,315	
 	 	$	30,167	
 	 	 	 	$	75,626	
 	 	$	56,963	
 	 	$	18,663	

Asia Pacific Non-Traditional	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	$	(73	)	 	$	8,553	
 	 	$	5,467	
 	 	$	5,412	
 	 	$	(1,405	)	 	$	1,332	
 	 	 	 	$	8,480	
 	 	$	8,740	
 	 	$	(260	)	
Investment and derivative gains (losses) - non-operating (1)	 	(5,925	)	 	(1,111	)	 	(17	)	 	881	
 	 	2,056	
 	 	(7,981	)	 	 	 	(7,036	)	 	2,035	
 	 	(9,071	)	
Operating income before income taxes	 	$	(5,998	)	 	$	7,442	
 	 	$	5,450	
 	 	$	6,293	
 	 	$	651	
 	 	$	(6,649	)	 	 	 	$	1,444	
 	 	$	10,775	
 	 	$	(9,331	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(1) Included in "Investment related gains (losses), net" on Consolidated GAAP Income Statement.	 	 	 	 	 	 	 	 	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

 	
 	 	 	
 	 	Page 39

Reinsurance Group of America, Incorporated
Reconciliation of GAAP Income Statements to Operating Income Statements
(USD thousands)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	Current Qtr	 	 	 	Year-to-Date	
 	 	June 30,	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	vs. PY	 	 	 	June 30,	 	June 30,	 	 	
 	 	2016	 	2016	 	2015	 	2015	 	2015	 	Quarter	 	 	 	2016	 	2015	 	Change	
Corporate and Other Segment	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	$	18,790	
 	 	$	(23,330	)	 	$	(51,496	)	 	$	(50,931	)	 	$	(8,727	)	 	$	27,517	
 	 	 	 	$	(4,540	)	 	$	(16,717	)	 	$	12,177	
 	
Investment and derivative gains (losses) - non-operating (1)	 	(31,540	)	 	(6,930	)	 	34,799	
 	 	31,229	
 	 	(1,252	)	 	(30,288	)	 	 	 	(38,470	)	 	1,028	
 	 	(39,498	)	
Non-investment derivatives	 	(17	)	 	(14	)	 	(15	)	 	5	
 	 	41	
 	 	(58	)	 	 	 	(31	)	 	81	
 	 	(112	)	
Operating income before income taxes	 	$	(12,767	)	 	$	(30,274	)	 	$	(16,712	)	 	$	(19,697	)	 	$	(9,938	)	 	$	(2,829	)	 	 	 	$	(43,041	)	 	$	(15,608	)	 	$	(27,433	)	
 	 	 	 	 	 	 	 	 	
Consolidated	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	$	353,223	
 	 	$	107,580	
 	 	$	206,743	
 	 	$	140,137	
 	 	$	213,790	
 	 	$	139,433	
 	 	 	 	$	460,803	
 	 	$	397,915	
 	 	$	62,888	
 	
Investment and derivative gains (losses) - non-operating (1)	 	(67,100	)	 	(31,968	)	 	64,034	
 	 	(35,028	)	 	41,526	
 	 	(108,626	)	 	 	 	(99,068	)	 	20,580	
 	 	(119,648	)	
Change in value of modified coinsurance and	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
funds withheld embedded derivatives (1)	 	(76,966	)	 	92,249	
 	 	27,201	
 	 	46,169	
 	 	23,098	
 	 	(100,064	)	 	 	 	15,283	
 	 	25,423	
 	 	(10,140	)	
GMXB embedded derivatives (1)	 	28,137	
 	 	62,940	
 	 	(36,437	)	 	95,373	
 	 	(50,878	)	 	79,015	
 	 	 	 	91,077	
 	 	(25,745	)	 	116,822	
 	
Funds withheld gains (losses) - investment income	 	(11,657	)	 	(4,983	)	 	246	
 	 	(2,212	)	 	(3,002	)	 	(8,655	)	 	 	 	(16,640	)	 	(14,404	)	 	(2,236	)	
EIA embedded derivatives - interest credited	 	(17,364	)	 	29,149	
 	 	(1,412	)	 	(10,995	)	 	(10,488	)	 	(6,876	)	 	 	 	11,785	
 	 	(175	)	 	11,960	
 	
DAC offset, net	 	64,841	
 	 	(76,978	)	 	(13,142	)	 	(25,945	)	 	(1,187	)	 	66,028	
 	 	 	 	(12,137	)	 	(10,138	)	 	(1,999	)	
Investment income on unit-linked variable annuities	 	(2,966	)	 	(408	)	 	—	
 	 	—	
 	 	—	
 	 	(2,966	)	 	 	 	(3,374	)	 	—	
 	 	(3,374	)	
Interest credited on unit-linked variable annuities	 	2,966	
 	 	408	
 	 	—	
 	 	—	
 	 	—	
 	 	2,966	
 	 	 	 	3,374	
 	 	—	
 	 	3,374	
 	
Non-investment derivatives	 	110	
 	 	(831	)	 	(120	)	 	(383	)	 	493	
 	 	(383	)	 	 	 	(721	)	 	385	
 	 	(1,106	)	
Operating income before income taxes	 	$	273,224	
 	 	$	177,158	
 	 	$	247,113	
 	 	$	207,116	
 	 	$	213,352	
 	 	$	59,872	
 	 	 	 	$	450,382	
 	 	$	393,841	
 	 	$	56,541	

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

                                        

 	 	Page 40