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): April 23, 2015
 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 April 23, 2015, Reinsurance Group of America, Incorporated (the “Company”) issued (1) a press release (the “Press Release”) announcing its earnings for the three-month period ended March 31, 2015, and providing certain additional information, a copy of which is furnished with this report as Exhibit 99.1, and (2) a Quarterly Financial Supplement for the quarter ended March 31, 2015, a copy of which is attached hereto as Exhibit 99.2. The Press Release also notes that a conference call will be held on April 24, 2015 to discuss the financial and operating results for the three-month period ended March 31, 2015. The Press Release and Quarterly Financial Supplement are furnished and are not filed pursuant to Instruction B.2 of Form 8-K.

 	
 	 	
Item 9.01	Financial Statements and Exhibits	
(d) Exhibits.

 	 	 	
 	 	 	
Exhibit No.	  	Exhibit	
99.1	  	Press Release of Reinsurance Group of America, Incorporated dated April 23, 2015	
 	 	
99.2	  	Quarterly Financial Supplement for the quarter ended March 31, 2015	

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: April 23, 2015	 	 	By:	 	  /s/ Jack B. Lay	
 	 	 	 	 	Jack B. Lay	
 	 	 	 	 	Senior Executive Vice President and Chief Financial Officer	

EXHIBIT INDEX

 	 	 	
Exhibit Number	  	Description	
 	 	
99.1	  	Press Release dated April 23, 2015	
 	 	
99.2	  	Quarterly Financial Supplement for the quarter ended March 31, 2015	

Exhibit 99.1

 PRESS RELEASE

REINSURANCE GROUP OF AMERICA REPORTS FIRST-QUARTER RESULTS

•	Earnings per diluted share: operating income* up 10 percent to $1.77, net income $1.81	
 	 	
•	Results pressured by high mortality claims in North America; Asia Pacific posts strong results	
 	 	
•	Reported net premiums decreased four percent; up six percent net of foreign currency and the effect of fourth-quarter 2014 retrocession transaction	
 	 	
•	Approximately 2.5 million shares repurchased for $230 million during the quarter	

ST. LOUIS, April 23, 2015 - Reinsurance Group of America, Incorporated (NYSE: RGA), a leading global provider of life reinsurance, reported operating income* of $121.8 million, or $1.77 per diluted share, compared with $114.8 million, or $1.61 per diluted share, in the prior-year quarter. Net income totaled $125.1 million, or $1.81 per diluted share, compared with $136.7 million, or $1.92 per diluted share, the year before. The current period reflects higher-than-expected mortality claims in North America, offset, in part, by favorable results in Asia Pacific. A relatively stronger U.S. dollar versus all major foreign currencies adversely affected this quarter by $0.11 per share. The company has enhanced its international segment reporting to now include traditional and non-traditional components.

 	 	 	 	 	 	 	 	 	
 	 	Quarterly Results	
($ in thousands, except per share data)	 	2015	 	2014	
Net premiums	 	$	2,023,852	
 	 	$	2,100,637	
 	
Net income	 	125,114	
 	 	136,664	
 	
Net income per diluted share	 	1.81	
 	 	1.92	
 	
Operating income*	 	121,778	
 	 	114,807	
 	
Operating income per diluted share*	 	1.77	
 	 	1.61	
 	
Book value per share	 	107.62	
 	 	89.92	
 	
Book value per share (excl. Accumulated Other Comprehensive Income “AOCI”)*	 	79.26	
 	 	71.51	
 	
Total assets	 	44,691,268	
 	 	40,541,581	

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

Consolidated net premiums totaled $2.0 billion this quarter, down four percent from last year’s first quarter. Current-period premiums reflect a $112 million reduction associated with the previously announced fourth-quarter 2014 U.S. retrocession agreement, along with adverse foreign currency effects of approximately $97 million. Excluding those effects, premiums increased six percent versus the prior-year quarter. Investment income increased six percent to $426.9 million this period, primarily due to a larger average invested asset base. Excluding spread-based businesses and the value of associated derivatives, investment income increased eight percent over year-ago levels. The average

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investment yield was up four basis points to 4.78 percent over the first quarter of 2014, and 16 basis points lower than the fourth-quarter yield, which was influenced by a high level of mortgage loan prepayments and bond make-whole premiums.

The effective tax rate on operating income was 32.5 percent this quarter, slightly below management’s expected range of 33 percent to 34 percent. The company generated a greater-than-expected portion of earnings in jurisdictions that have lower income tax rates than the U.S. statutory rate, which, along with other adjustments, resulted in the lower-than-expected effective rate this quarter.

Greig Woodring, president and chief executive officer, commented, “Our operating results improved versus a year ago, but were somewhat below our expectations, and reflect some elevated volatility in our segment results, with the U.S. Traditional business being unusually weak, and our Asia Pacific results unusually strong. On a positive note, we continue to have good balance overall, as our global model and diversified sources of earnings again served us well. Mortality claims in North America were considerably higher-than-expected, similar to last year, but to a greater extent. The strong international results continued the recent trends, in spite of material currency headwinds, due to broadly favorable results across Asia Pacific and materially favorable results in Australia.

“While there is typically a seasonal effect on our first-quarter results, the impact in North America was more extreme this year than in recent years. In the U.S., the higher claims this quarter were broad-based, with an influence from both frequency (claim count) and severity (average claim size), while last year there was a concentration in large claims in our facultative book. Some industry data would point to the severe winter weather and flu season as likely influences, but we do not yet have enough supporting information relative to this quarter’s claims flow to determine their precise effects. As we have emphasized in the past, we generally expect short-term claims volatility to moderate over time, and we have not changed our intermediate-term expectations.

“Given our strong excess capital position, we were fairly aggressive in repurchasing our stock in the quarter, as we repurchased approximately 2.5 million shares for a total cost of $230 million. After closing the Aurora National acquisition on April 1, our current deployable excess capital position is approximately $800 million, and we expect to continue to take a balanced approach to capital management as we consider in-force acquisitions, share repurchases, and shareholder dividend increases, or some combination of all of these. Our ending book value per share for the quarter was $107.62 including AOCI, and $79.26 excluding AOCI.”

SEGMENT RESULTS

U.S. and Latin America

Traditional

The U.S. and Latin America Traditional segment reported pre-tax operating income of $20.3 million, compared with $48.2 million in the first quarter of 2014, with results in both periods reflecting poor mortality experience. A higher-than-expected number and average size of individual mortality claims contributed to this quarter’s adverse experience, whereas last year’s first quarter was primarily affected by the amount of claims exceeding $1 million. The number of those large claims was in line with expectations this quarter, but the average claim size was higher. Traditional net premiums decreased
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two percent to $1,114.1 million, including the retrocession agreement effective in last year’s fourth quarter, and increased seven percent excluding that agreement. Pre-tax net income totaled $17.8 million for the quarter, compared with $51.0 million in last year’s first quarter.
Non-Traditional

The Asset-Intensive business reported pre-tax operating income of $40.3 million compared with $41.0 million last year. Current-period results were in line with management expectations and reflected favorable net interest rate spreads. First-quarter pre-tax net income decreased to $42.1 million from $70.6 million a year ago, attributable to changes in the fair value of various embedded derivatives.

The Financial Reinsurance business continued to perform well, posting pre-tax operating income of $12.4 million for the current and year-earlier quarters. Pre-tax net income totaled $12.4 million in the current period and $12.5 million in last year’s first quarter.

Canada

Traditional

The Canada Traditional business reported pre-tax operating income of $17.2 million this quarter, down from $21.5 million the year before. Individual mortality claims were higher-than-expected and a weaker Canadian dollar adversely affected pre-tax operating income. Similar to the U.S. business, the first quarter is generally seasonably weak, and there were higher-than-expected mortality claims in the year ago quarter as well. There were higher-than-expected large claims in both periods, while this year's quarter was also influenced by a higher frequency of claims on policies under $1 million. Reported net premiums decreased six percent to $212.6 million, also including an adverse currency effect. Pre-tax net income totaled $22.7 million compared with $19.4 million in the first quarter of 2014.

Non-Traditional

The Canada Non-Traditional business segment, which consists of longevity and fee-based transactions, posted pre-tax operating income and pre-tax net income of $4.1 million this quarter and $0.6 million in the prior-year quarter. The current-period result includes the effect of the longevity transaction announced in March.

In total, an adverse foreign currency fluctuation lowered pre-tax operating income in the Canada segment by approximately $2.4 million during the quarter, and net premiums included an adverse effect of $27.4 million. In Canadian dollars, premiums increased eight percent over the first quarter of 2014.

Europe, Middle East and Africa (EMEA)

Traditional

The EMEA Traditional segment reported pre-tax operating income of $10.4 million versus a pre-tax operating loss of $2.1 million in last year’s first quarter. The current-period results include improved experience in the U.K. individual mortality business. Net reported premiums decreased eight percent

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and totaled $269.7 million, compared with $291.8 million last year. Net foreign currency fluctuations adversely affected pre-tax operating income and premiums this quarter. First-quarter pre-tax net income totaled $10.5 million versus a pre-tax net loss of $1.0 million in the year-ago quarter.

Non-Traditional

The EMEA Non-Traditional segment includes asset-intensive, longevity and fee-based transactions. Pre-tax operating income increased 16 percent, to $18.6 million from $16.1 million a year ago. The stronger current period results reflect favorable longevity experience in the U.K. and the effect of transactions added in 2014. Pre-tax net income totaled $19.6 million this quarter, compared with $16.2 million in last year’s first quarter.

In total, adverse foreign currency fluctuations reduced net premiums and pre-tax operating income by $31.8 million and $3.7 million, respectively.

Asia Pacific

Traditional

Asia Pacific’s Traditional business reported very strong results with pre-tax operating income of $52.6 million, a significant increase over the prior-year result of $18.7 million. Performance was strong across Asia Pacific operations, including our operations in Australia, Hong Kong & Southeast Asia, and Japan. In Australia, the first quarter is typically a seasonably strong one. This quarter’s results were unusually good, with favorable experience in several product areas. Reported net premiums rose two percent, to $372.1 million from $366.1 million in the prior-year period. First-quarter pre-tax net income totaled $52.6 million compared with $18.9 million in last year’s first quarter

Non-Traditional

Asia Pacific’s Non-Traditional business includes asset-intensive, fee-based and other various transactions. Pre-tax operating income in this segment increased to $10.1 million from $5.9 million last year. Pre-tax net income totaled $10.1 million this quarter and $7.4 million in the year-ago period.

In total, Asia Pacific reported premiums included an adverse foreign currency effect of $36.8 million. Local currency premiums increased 10 percent over the prior-year quarter. Pre-tax operating income was adversely affected by $5.2 million from currency fluctuations.

Corporate and Other

The Corporate and Other segment reported a pre-tax operating loss of $5.7 million versus pre-tax operating income of $3.3 million for the first quarter of 2014, which benefited from certain accrual adjustments. Current-quarter results were slightly better than expected due primarily to lower expense levels. Pre-tax net losses were $8.0 million this quarter compared with pre-tax net income of $3.8 million a year ago.

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Dividend Declaration

The board of directors declared a regular quarterly dividend of $0.33, payable May 28 to shareholders of record as of May 7.

Earnings Conference Call

A conference call to discuss first-quarter results will begin at 9 a.m. Eastern Time on Friday, April 24. Interested parties may access the call by dialing 1-877-397-0292 (domestic) or 719-325-4915 (international). The access code is 9568678. A live audio webcast of the conference call will be available on the company’s investor relations website at  www.rgare.com . A replay of the conference call will be available at the same address for 90 days following the conference call. A telephonic replay also will be available through May 2 at 888-203-1112 (domestic) or 719-457-0820 (international), access code 9568678.

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

Operating 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.

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About RGA
Reinsurance Group of America, Incorporated is among the largest global providers of life reinsurance, with operations in Australia, Barbados, Bermuda, Canada, China, France, Germany, Hong Kong, India, Ireland, Italy, Japan, Malaysia, Mexico, the Netherlands, New Zealand, Poland, Singapore, South Africa, South Korea, Spain, Taiwan, Turkey, the United Arab Emirates, the United Kingdom and the United States. Worldwide, the company has approximately $2.8 trillion of life reinsurance in force, and assets of $44.7 billion.

Cautionary Statement Regarding Forward-looking Statements

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

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,
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(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 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 SEC.

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, 2014.

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 
 March 31,	
 	2015	 	2014	
GAAP net income	$	125,114	
 	 	$	136,664	
 	
Reconciliation to operating income:	 	 	 	
Capital (gains) losses, derivatives and other, included in investment related (gains) losses, net	(14,585	)	 	(17,007	)	
Capital (gains) losses on funds withheld, included in investment income	(7,412	)	 	(253	)	
Embedded derivatives:	 	 	 	
Included in investment related (gains) losses, net	17,847	
 	 	(34,827	)	
Included in interest credited	6,703	
 	 	(4,264	)	
DAC offset, net	(5,819	)	 	34,494	
 	
Non-investment derivatives	(70	)	 	—	
 	
Operating income	$	121,778	
 	 	$	114,807	

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

 	 	 	 	 	 	 	 	
(Unaudited)	Three Months Ended 
 March 31,	
 	2015	 	2014	
Income before income taxes	$	184,125	
 	 	$	199,440	
 	
Reconciliation to pre-tax operating income:	 	 	 	
Capital (gains) losses, derivatives and other, included in investment related (gains) losses, net	(20,946	)	 	(26,306	)	
Capital (gains) losses on funds withheld, included in investment income	(11,402	)	 	(389	)	
Embedded derivatives:	 	 	 	
Included in investment related (gains) losses, net	27,458	
 	 	(53,580	)	
Included in interest credited	10,313	
 	 	(6,560	)	
DAC offset, net	(8,951	)	 	53,068	
 	
Non-investment derivatives	(108	)	 	—	
 	
Pre-tax operating income	$	180,489	
 	 	$	165,673	

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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 March 31, 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 Operations:	 	 	 	 	 	 	 	
Traditional	$	17,843	
 	 	$	1	
 	 	$	2,472	
 	 	$	20,316	
 	
Non-Traditional:	 	 	 	 	 	 	 	
Asset Intensive	42,140	
 	 	(23,392	)	(1) 	21,586	
 	(2) 	40,334	
 	
Financial Reinsurance	12,365	
 	 	—	
 	 	—	
 	 	12,365	
 	
Total U.S. and Latin America	72,348	
 	 	(23,391	)	 	24,058	
 	 	73,015	
 	
Canada Operations Traditional	22,727	
 	 	(5,554	)	 	—	
 	 	17,173	
 	
Canada Operations Non-Traditional	4,131	
 	 	—	
 	 	—	
 	 	4,131	
 	
Canada Operations	26,858	
 	 	(5,554	)	 	—	
 	 	21,304	
 	
EMEA Traditional	10,482	
 	 	(49	)	 	—	
 	 	10,433	
 	
EMEA Non-Traditional	19,634	
 	 	(999	)	 	—	
 	 	18,635	
 	
EMEA Operations	30,116	
 	 	(1,048	)	 	—	
 	 	29,068	
 	
Asia Pacific Traditional	52,648	
 	 	—	
 	 	—	
 	 	52,648	
 	
Asia Pacific Non-Traditional	10,145	
 	 	(21	)	 	—	
 	 	10,124	
 	
Asia Pacific Operations	62,793	
 	 	(21	)	 	—	
 	 	62,772	
 	
Corporate and Other	(7,990	)	 	2,320	
 	 	—	
 	 	(5,670	)	
Consolidated	$	184,125	
 	 	$	(27,694	)	 	$	24,058	
 	 	$	180,489	

(1)	Asset Intensive is net of $4,762 DAC offset.	
 	 	
(2)	Asset Intensive is net of $(13,713) DAC offset.	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(Unaudited)	Three Months Ended March 31, 2014	
 	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 Operations:	 	 	 	 	 	 	 	
Traditional	$	50,972	
 	 	$	(4,224	)	 	$	1,455	
 	 	$	48,203	
 	
Non-Traditional:	 	 	 	 	 	 	 	
Asset Intensive	70,615	
 	 	(19,239	)	(1) 	(10,371	)	(2) 	41,005	
 	
Financial Reinsurance	12,509	
 	 	(83	)	 	—	
 	 	12,426	
 	
Total U.S. and Latin America	134,096	
 	 	(23,546	)	 	(8,916	)	 	101,634	
 	
Canada Operations Traditional	19,433	
 	 	2,100	
 	 	—	
 	 	21,533	
 	
Canada Operations Non-Traditional	631	
 	 	(41	)	 	—	
 	 	590	
 	
Canada Operations	20,064	
 	 	2,059	
 	 	—	
 	 	22,123	
 	
EMEA Traditional	(992	)	 	(1,131	)	 	—	
 	 	(2,123	)	
EMEA Non-Traditional	16,197	
 	 	(98	)	 	—	
 	 	16,099	
 	
EMEA Operations	15,205	
 	 	(1,229	)	 	—	
 	 	13,976	
 	
Asia Pacific Traditional	18,867	
 	 	(120	)	 	—	
 	 	18,747	
 	
Asia Pacific Non-Traditional	7,444	
 	 	(1,533	)	 	—	
 	 	5,911	
 	
Asia Pacific Operations	26,311	
 	 	(1,653	)	 	—	
 	 	24,658	
 	
Corporate and Other	3,764	
 	 	(482	)	 	—	
 	 	3,282	
 	
Consolidated	$	199,440	
 	 	$	(24,851	)	 	$	(8,916	)	 	$	165,673	

(1)	Asset Intensive is net of $1,844 DAC offset.	
 	 	
(2)	Asset Intensive is net of $51,224 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 
 March 31,	
 	2015	 	2014	
Diluted earnings per share from operating income	$	1.77	
 	 	$	1.61	
 	
Earnings per share from net income:	 	 	 	
Basic earnings per share	$	1.84	
 	 	$	1.94	
 	
Diluted earnings per share	$	1.81	
 	 	$	1.92	
 	
Weighted average number of common and common equivalent shares outstanding	68,942	
 	 	71,264	

 	
 	 	 	 	 	 	 	 	
(Unaudited)	At or for the Three Months
Ended March 31,	
 	2015	 	2014	
Treasury shares	12,699	
 	 	9,624	
 	
Common shares outstanding	66,439	
 	 	69,514	
 	
Book value per share outstanding	$	107.62	
 	 	$	89.92	
 	
Book value per share outstanding, before impact of AOCI	$	79.26	
 	 	$	71.51	

- more -

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

 	 	 	 	 	 	 	 	
(Unaudited)	Three Months Ended 
 March 31,	
 	2015	 	2014	
Revenues:	 	 	 	
Net premiums	$	2,023,852	
 	 	$	2,100,637	
 	
Investment income, net of related expenses	426,891	
 	 	404,375	
 	
Investment related gains (losses), net:	 	 	 	
Other-than-temporary impairments on fixed maturity securities	(2,527	)	 	(303	)	
Other-than-temporary impairments on fixed maturity securities transferred to (from) accumulated other comprehensive income	—	
 	 	—	
 	
Other investment related gains (losses), net	10,110	
 	 	84,874	
 	
Total investment related gains (losses), net	7,583	
 	 	84,571	
 	
Other revenue	62,287	
 	 	67,590	
 	
Total revenues	2,520,613	
 	 	2,657,173	
 	
Benefits and expenses:	 	 	 	
Claims and other policy benefits	1,775,451	
 	 	1,843,677	
 	
Interest credited	120,678	
 	 	110,594	
 	
Policy acquisition costs and other insurance expenses	277,043	
 	 	354,873	
 	
Other operating expenses	121,618	
 	 	110,936	
 	
Interest expense	35,627	
 	 	35,084	
 	
Collateral finance and securitization expense	6,071	
 	 	2,569	
 	
Total benefits and expenses	2,336,488	
 	 	2,457,733	
 	
Income before income taxes	184,125	
 	 	199,440	
 	
Income tax expense	59,011	
 	 	62,776	
 	
Net income	$	125,114	
 	 	$	136,664	
 	
# # #

Exhibit 99.2

Financial Supplement
First Quarter 2015
(Unaudited)

World Headquarters	  	Internet address	 	Contacts:	
16600 Swingley Ridge Road	  	www.rgare.com	 	Jack B. Lay	
Chesterfield, Missouri 63017 U.S.A.	  	 	 	Senior Executive Vice President	
 	 	 	 	and Chief Financial Officer	
 	 	 	 	Phone: (636) 736-7000	
 	 	 	 	e-mail: jlay@rgare.com	
 	 	 	 	 	
 	 	 	 	Jeff Hopson	
 	 	 	 	Sr. Vice President, Investor Relations	
 	 	 	 	Phone: (636) 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
1st Quarter 2015
Table of Contents

 	 	
 	Page	
Non-GAAP Disclosure	1	
 	 	
2015 Notes	2	
 	 	
Consolidated	 	
 	 	
Financial Highlights	3	
 	 	
Consolidated Income Statement (incl. Operating Income Reconciliation)	4	
 	 	
Consolidated Operating Income Statement	5	
 	 	
Consolidated Balance Sheets	6	
 	 	
Segment Pre-tax Operating Income Summaries and Reconciliations to U.S. GAAP	 	
 	 	
U.S. and Latin America Operations	7	
 	 	
Canada Operations	11	
 	 	
Europe, Middle East & Africa Operations	13	
 	 	
Asia Pacific Operations	15	
 	 	
Corporate and Other	17	
 	 	
Summary of Pre-tax Segment Operating Income	18	
 	 	
Investments	 	
 	 	
Cash and Invested Assets, Yield Summary	19	
 	 	
Amortized Cost, Gross Unrealized Gains and Losses, Estimated Fair Values of Fixed Maturity and Equity Securities	20	
 	 	
Corporate Securities by Sector	21	
 	 	
Quality of Fixed Maturity Securities and Structured Fixed Maturity Securities	22	
 	 	
Gross Unrealized Losses Aging	23	
 	 	
Fixed Maturity and Equity Securities Below Amortized Cost	24	
 	 	
Consolidated Gross Gains and Losses	25	

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 (loss) is presented herein.
RGA evaluates its stockholder equity position excluding the impact of Accumulated Other Comprehensive Income (“AOCI”) since the net unrealized gains or losses included in AOCI primarily relate to changes in interest rates, credit spreads on its investment securities and foreign currency fluctuations that are not permanent and can fluctuate significantly from period to period.
Additionally, RGA uses a non-GAAP financial measure called operating return on equity, which is calculated as operating income divided by average shareholders’
equity excluding AOCI.

                                        

 	 	Page 1

Reinsurance Group of America, Incorporated

PRIOR PERIOD RECLASSIFICATIONS
Effective January 1, 2015, the Company further segmented the Canada; Europe, Middle East and Africa; and Asia Pacific segments into traditional and non-traditional businesses to reflect the expanded product offerings within its geographic-based segments. The prior-period presentation has been adjusted to conform to the new segment reporting structure.

 

                                        

 	 	Page 2

Reinsurance Group of America, Incorporated
Financial Highlights	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	Current Qtr vs. PY Quarter	
(USD thousands, except inforce & per share data)	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	 	 	
 	 	2015	 	2014	 	2014	 	2014	 	2014	 	 	
Net premiums	 	$	2,023,852	
 	 	$	2,217,772	
 	 	$	2,168,285	
 	 	$	2,183,160	
 	 	$	2,100,637	
 	 	$	(76,785	)	
Net income	 	125,114	
 	 	191,091	
 	 	157,996	
 	 	198,296	
 	 	136,664	
 	 	(11,550	)	
Operating income	 	121,778	
 	 	208,288	
 	 	159,823	
 	 	155,131	
 	 	114,807	
 	 	6,971	
 	
Operating return on equity (ex AOCI) -	 	 	 	 	 	 	 	 	 	 	 	 	
annualized	 	9.2	%	 	15.8	%	 	12.5	%	 	12.4	%	 	9.3	%	 	(0.1	)%	
trailing 12 months	 	12.5	%	 	12.5	%	 	11.7	%	 	11.8	%	 	7.2	%	 	5.3	 %	
Total assets	 	44,691,268	
 	 	44,679,611	
 	 	42,910,363	
 	 	43,171,051	
 	 	40,541,581	
 	 	4,149,687	
 	
Assumed Life Reinsurance in Force (in billions)	 	 	 	 	 	 	 	 	 	 	 	 	
U.S. and Latin America Traditional	 	$	1,479.4	
 	 	$	1,483.9	
 	 	$	1,387.2	
 	 	$	1,393.1	
 	 	$	1,393.2	
 	 	$	86.2	
 	
U.S. and Latin America Non-Traditional	 	2.1	
 	 	1.4	
 	 	2.2	
 	 	2.2	
 	 	2.2	
 	 	(0.1	)	
Canada Traditional	 	349.0	
 	 	402.8	
 	 	383.9	
 	 	395.8	
 	 	376.7	
 	 	(27.7	)	
Europe, Middle East and Africa Traditional	 	553.3	
 	 	561.1	
 	 	573.0	
 	 	626.1	
 	 	587.6	
 	 	(34.3	)	
Asia Pacific Traditional	 	460.6	
 	 	494.0	
 	 	577.0	
 	 	616.9	
 	 	595.3	
 	 	(134.7	)	
Asia Pacific Non-Traditional	 	0.3	
 	 	0.3	
 	 	0.3	
 	 	0.3	
 	 	0.3	
 	 	—	
 	
Total Life Reinsurance in Force	 	$	2,844.7	
 	 	$	2,943.5	
 	 	$	2,923.6	
 	 	$	3,034.4	
 	 	$	2,955.3	
 	 	$	(110.6	)	
Assumed New Business Production (in billions)	 	 	 	 	 	 	 	 	 	 	 	 	
U.S. and Latin America Traditional	 	$	19.7	
 	 	$	118.1	
 	(1)	$	16.6	
 	 	$	21.8	
 	 	$	20.4	
 	 	$	(0.7	)	
U.S. and Latin America Non-Traditional	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	—	
 	
Canada Traditional	 	9.7	
 	 	13.9	
 	 	11.6	
 	 	10.4	
 	 	12.4	
 	 	(2.7	)	
Europe, Middle East and Africa Traditional	 	48.6	
 	 	38.5	
 	 	22.5	
 	 	67.7	
 	 	46.5	
 	 	2.1	
 	
Asia Pacific Traditional	 	27.8	
 	 	22.4	
 	 	21.1	
 	 	18.5	
 	 	19.6	
 	 	8.2	
 	
Total New Business Production	 	$	105.8	
 	 	$	192.9	
 	 	$	71.8	
 	 	$	118.4	
 	 	$	98.9	
 	 	$	6.9	
 	
Per Share and Shares Data	 	 	 	 	 	 	 	 	 	 	 	 	
Basic earnings per share	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	 	$	1.84	
 	 	$	2.78	
 	 	$	2.30	
 	 	$	2.87	
 	 	$	1.94	
 	 	$	(0.10	)	
Operating income	 	$	1.79	
 	 	$	3.03	
 	 	$	2.33	
 	 	$	2.25	
 	 	$	1.63	
 	 	$	0.16	
 	
Diluted earnings per share	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	 	$	1.81	
 	 	$	2.75	
 	 	$	2.28	
 	 	$	2.84	
 	 	$	1.92	
 	 	$	(0.11	)	
Operating income	 	$	1.77	
 	 	$	2.99	
 	 	$	2.31	
 	 	$	2.23	
 	 	$	1.61	
 	 	$	0.16	

Wgt. average common shares outstanding	 	 	 	 	 	 	 	 	 	 	 	 	
(basic)	 	68,141	
 	 	68,718	
 	 	68,642	
 	 	69,076	
 	 	70,574	
 	 	(2,433	)	
(diluted)	 	68,942	
 	 	69,550	
 	 	69,335	
 	 	69,718	
 	 	71,264	
 	 	(2,322	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Common shares issued	 	79,138	
 	 	79,138	
 	 	79,138	
 	 	79,138	
 	 	79,138	
 	 	—	
 	
Treasury shares	 	12,699	
 	 	10,365	
 	 	10,472	
 	 	10,328	
 	 	9,624	
 	 	3,075	
 	
Common shares outstanding	 	66,439	
 	 	68,773	
 	 	68,666	
 	 	68,810	
 	 	69,514	
 	 	(3,075	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Book value per share	 	$	107.62	
 	 	$	102.13	
 	 	$	97.28	
 	 	$	97.21	
 	 	$	89.92	
 	 	 	
Per share effect of accumulated other	 	 	 	 	 	 	 	 	 	 	 	 	
comprehensive income (AOCI)	 	$	28.36	
 	 	$	24.10	
 	 	$	21.84	
 	 	$	23.67	
 	 	$	18.41	
 	 	 	
Book value per share, excluding AOCI	 	$	79.26	
 	 	$	78.03	
 	 	$	75.44	
 	 	$	73.54	
 	 	$	71.51	

Shareholder dividends paid	 	$	22,668.8	
 	 	$	22,669.4	
 	 	$	22,632.1	
 	 	$	20,711.1	
 	 	$	21,243.6	
 	 	$	1,425.2	
 	
(1) Increase in new business production related to the Voya Financial transaction that closed during the 4th quarter.	

 	
 	 	 	
 	 	Page 3

Reinsurance Group of America, Incorporated
Consolidated GAAP Income Statement (incl. Operating Income Reconciliations)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	Current Qtr	
 	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	 	vs. PY	
(USD thousands)	 	2015	 	2014	 	2014	 	2014	 	2014	 	Quarter	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	2,023,852	
 	 	$	2,217,772	
 	 	$	2,168,285	
 	 	$	2,183,160	
 	 	$	2,100,637	
 	 	$	(76,785	)	
Investment income, net of related expenses	 	426,891	
 	 	451,603	
 	 	447,106	
 	 	410,607	
 	 	404,375	
 	 	22,516	
 	
Investment related gains (losses), net	 	 	 	 	 	 	 	 	 	 	 	 	
OTTI on fixed maturity securities	 	(2,527	)	 	(6,347	)	 	(246	)	 	(870	)	 	(303	)	 	(2,224	)	
OTTI on fixed maturity securities transferred	 	 	 	 	 	 	 	 	 	 	 	 	
to/from AOCI	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	—	
 	
Other investment related gains (losses), net	 	10,110	
 	 	(32,876	)	 	22,564	
 	 	119,397	
 	 	84,874	
 	 	(74,764	)	
Total investment related gains (losses), net	 	7,583	
 	 	(39,223	)	 	22,318	
 	 	118,527	
 	 	84,571	
 	 	(76,988	)	
Other revenue	 	62,287	
 	 	67,261	
 	 	78,879	
 	 	120,726	
 	 	67,590	
 	 	(5,303	)	
Total revenues	 	2,520,613	
 	 	2,697,413	
 	 	2,716,588	
 	 	2,833,020	
 	 	2,657,173	
 	 	(136,560	)	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	

Claims and other policy benefits	 	1,775,451	
 	 	1,866,042	
 	 	1,855,037	
 	 	1,841,885	
 	 	1,843,677	
 	 	(68,226	)	
Interest credited	 	120,678	
 	 	103,523	
 	 	120,952	
 	 	115,962	
 	 	110,594	
 	 	10,084	
 	
Policy acquisition costs and other insurance expenses	 	277,043	
 	 	290,775	
 	 	336,411	
 	 	409,374	
 	 	354,873	
 	 	(77,830	)	
Other operating expenses	 	121,618	
 	 	166,280	
 	 	133,737	
 	 	127,462	
 	 	110,936	
 	 	10,682	
 	
Interest expense	 	35,627	
 	 	(9,660	)	 	36,065	
 	 	35,211	
 	 	35,084	
 	 	543	
 	
Collateral finance and securitization expense	 	6,071	
 	 	3,710	
 	 	2,571	
 	 	2,591	
 	 	2,569	
 	 	3,502	
 	
Total benefits and expenses	 	2,336,488	
 	 	2,420,670	
 	 	2,484,773	
 	 	2,532,485	
 	 	2,457,733	
 	 	(121,245	)	
Income before income taxes	 	184,125	
 	 	276,743	
 	 	231,815	
 	 	300,535	
 	 	199,440	
 	 	(15,315	)	
Income tax expense	 	59,011	
 	 	85,652	
 	 	73,819	
 	 	102,239	
 	 	62,776	
 	 	(3,765	)	
Net income	 	$	125,114	
 	 	$	191,091	
 	 	$	157,996	
 	 	$	198,296	
 	 	$	136,664	
 	 	$	(11,550	)	
Pre-tax Operating Income Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	 	184,125	
 	 	276,743	
 	 	231,815	
 	 	300,535	
 	 	199,440	
 	 	(15,315	)	
Investment and derivative losses (gains)—	 	 	 	 	 	 	 	 	 	 	 	 	
non-operating (1)	 	(20,946	)	 	(22,453	)	 	(8,413	)	 	(38,136	)	 	(26,306	)	 	5,360	
 	
Change in value of modified coinsurance and	 	 	 	 	 	 	 	 	 	 	 	 	
funds withheld embedded derivatives (1)	 	2,325	
 	 	14,523	
 	 	(56,812	)	 	(78,835	)	 	(77,241	)	 	79,566	
 	
GMXB embedded derivatives (1)	 	25,133	
 	 	52,901	
 	 	47,479	
 	 	5,183	
 	 	23,661	
 	 	1,472	
 	
Funds withheld losses (gains)—investment income	 	(11,402	)	 	(1,371	)	 	(5,501	)	 	(5,954	)	 	(389	)	 	(11,013	)	
EIA embedded derivatives—interest credited	 	10,313	
 	 	(362	)	 	(415	)	 	6,916	
 	 	(6,560	)	 	16,873	
 	
DAC offset, net	 	(8,951	)	 	(15,253	)	 	26,521	
 	 	47,543	
 	 	53,068	
 	 	(62,019	)	
Non-investment derivatives	 	(108	)	 	(472	)	 	28	
 	 	—	
 	 	—	
 	 	(108	)	
Operating Income Before Income Taxes	 	$	180,489	
 	 	$	304,256	
 	 	$	234,702	
 	 	$	237,252	
 	 	$	165,673	
 	 	$	14,816	
 	
After-tax Operating Income Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	
Net Income	 	125,114	
 	 	191,091	
 	 	157,996	
 	 	198,296	
 	 	136,664	
 	 	(11,550	)	
Investment and derivative losses (gains)—	 	 	 	 	 	 	 	 	 	 	 	 	
non-operating (1)	 	(14,585	)	 	(15,281	)	 	(5,517	)	 	(26,820	)	 	(17,007	)	 	2,422	
 	
Change in value of modified coinsurance	 	 	 	 	 	 	 	 	 	 	 	 	
and funds withheld embedded derivatives (1)	 	1,511	
 	 	9,440	
 	 	(36,928	)	 	(51,242	)	 	(50,207	)	 	51,718	
 	
GMXB embedded derivatives (1)	 	16,336	
 	 	34,386	
 	 	30,861	
 	 	3,369	
 	 	15,380	
 	 	956	
 	
Funds withheld losses (gains)—investment income	 	(7,412	)	 	(891	)	 	(3,576	)	 	(3,870	)	 	(253	)	 	(7,159	)	
EIA embedded derivatives—interest credited	 	6,703	
 	 	(236	)	 	(269	)	 	4,495	
 	 	(4,264	)	 	10,967	
 	
DAC offset, net	 	(5,819	)	 	(9,914	)	 	17,238	
 	 	30,903	
 	 	34,494	
 	 	(40,313	)	
Non-investment derivatives	 	(70	)	 	(307	)	 	18	
 	 	—	
 	 	—	
 	 	(70	)	
Operating Income	 	$	121,778	
 	 	$	208,288	
 	 	$	159,823	
 	 	$	155,131	
 	 	$	114,807	
 	 	$	6,971	

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

                                        

 	 	Page 4

Reinsurance Group of America, Incorporated
Consolidated Operating Income Statement	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	Current Qtr
vs. PY
Quarter	
 	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	 	 	
(USD thousands, except per share data)	 	2015	 	2014	 	2014	 	2014	 	2014	 	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	2,023,852	
 	 	$	2,217,772	
 	 	$	2,168,285	
 	 	$	2,183,160	
 	 	$	2,100,637	
 	 	$	(76,785	)	
Investment income, net of related expenses	 	415,489	
 	 	450,232	
 	 	441,605	
 	 	404,653	
 	 	403,986	
 	 	11,503	
 	
Investment related gains (losses), net	 	14,095	
 	 	5,748	
 	 	4,572	
 	 	6,739	
 	 	4,685	
 	 	9,410	
 	
Other revenue	 	62,179	
 	 	66,789	
 	 	78,907	
 	 	120,726	
 	 	67,590	
 	 	(5,411	)	
Total revenues	 	2,515,615	
 	 	2,740,541	
 	 	2,693,369	
 	 	2,715,278	
 	 	2,576,898	
 	 	(61,283	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	1,775,451	
 	 	1,866,042	
 	 	1,855,037	
 	 	1,841,885	
 	 	1,843,677	
 	 	(68,226	)	
Interest credited	 	110,365	
 	 	103,885	
 	 	121,367	
 	 	109,046	
 	 	117,154	
 	 	(6,789	)	
Policy acquisition costs and other insurance expenses	 	285,994	
 	 	306,028	
 	 	309,890	
 	 	361,831	
 	 	301,805	
 	 	(15,811	)	
Other operating expenses	 	121,618	
 	 	166,280	
 	 	133,737	
 	 	127,462	
 	 	110,936	
 	 	10,682	
 	
Interest expense	 	35,627	
 	 	(9,660	)	 	36,065	
 	 	35,211	
 	 	35,084	
 	 	543	
 	
Collateral finance and securitization expense	 	6,071	
 	 	3,710	
 	 	2,571	
 	 	2,591	
 	 	2,569	
 	 	3,502	
 	
Total benefits and expenses	 	2,335,126	
 	 	2,436,285	
 	 	2,458,667	
 	 	2,478,026	
 	 	2,411,225	
 	 	(76,099	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	180,489	
 	 	304,256	
 	 	234,702	
 	 	237,252	
 	 	165,673	
 	 	14,816	

Operating income tax expense	 	58,711	
 	 	95,968	
 	 	74,879	
 	 	82,121	
 	 	50,866	
 	 	7,845	

Operating income	 	$	121,778	
 	 	$	208,288	
 	 	$	159,823	
 	 	$	155,131	
 	 	$	114,807	
 	 	$	6,971	

Wgt. Average Common Shares Outstanding (Diluted)	 	68,942	
 	 	69,550	
 	 	69,335	
 	 	69,718	
 	 	71,264	
 	 	(2,322)	

Diluted Earnings Per Share—Operating Income	 	$	1.77	
 	 	$	2.99	
 	 	$	2.31	
 	 	$	2.23	
 	 	$	1.61	
 	 	$	0.16	

Foreign currency effect (1):	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	(96,024	)	 	$	(61,093	)	 	$	5,906	
 	 	$	(4,964	)	 	$	(50,225	)	 	$	(45,799	)	
Operating income before income taxes	 	$	(11,833	)	 	$	(9,276	)	 	$	(2,016	)	 	$	(809	)	 	$	(6,605	)	 	$	(5,228	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
(1) Compared to comparable prior year period	

                                        

 	 	Page 5

 
Reinsurance Group of America, Incorporated
Consolidated Balance Sheets	

 	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	
(USD thousands)	 	2015	 	2014	 	2014	 	2014	 	2014	
Assets	 	 	 	 	 	 	 	 	 	 	
Fixed maturity securities, available-for-sale	 	$	25,801,223	
 	 	$	25,480,972	
 	 	$	24,475,451	
 	 	$	24,480,396	
 	 	$	22,157,182	
 	
Mortgage loans on real estate	 	2,913,486	
 	 	2,712,238	
 	 	2,617,091	
 	 	2,555,800	
 	 	2,526,228	
 	
Policy loans	 	1,284,085	
 	 	1,284,284	
 	 	1,249,948	
 	 	1,250,635	
 	 	1,296,897	
 	
Funds withheld at interest	 	5,841,554	
 	 	5,922,561	
 	 	5,969,006	
 	 	5,940,521	
 	 	5,814,231	
 	
Short-term investments	 	89,136	
 	 	97,694	
 	 	44,437	
 	 	45,596	
 	 	118,789	
 	
Other invested assets	 	1,243,033	
 	 	1,198,319	
 	 	1,165,021	
 	 	1,128,375	
 	 	1,234,779	
 	
Total investments	 	37,172,517	
 	 	36,696,068	
 	 	35,520,954	
 	 	35,401,323	
 	 	33,148,106	
 	
Cash and cash equivalents	 	1,083,179	
 	 	1,645,669	
 	 	1,118,745	
 	 	1,378,117	
 	 	1,127,132	
 	
Accrued investment income	 	283,665	
 	 	261,096	
 	 	305,880	
 	 	279,368	
 	 	233,816	
 	
Premiums receivable and other reinsurance balances	 	1,509,810	
 	 	1,527,729	
 	 	1,491,993	
 	 	1,559,526	
 	 	1,454,959	
 	
Reinsurance ceded receivables	 	665,797	
 	 	578,206	
 	 	596,704	
 	 	614,203	
 	 	594,794	
 	
Deferred policy acquisition costs	 	3,286,348	
 	 	3,342,575	
 	 	3,297,616	
 	 	3,368,343	
 	 	3,450,523	
 	
Other assets	 	689,952	
 	 	628,268	
 	 	578,471	
 	 	570,171	
 	 	532,251	
 	
Total assets	 	$	44,691,268	
 	 	$	44,679,611	
 	 	$	42,910,363	
 	 	$	43,171,051	
 	 	$	40,541,581	

Liabilities and Stockholders’ Equity	 	 	 	 	 	 	 	 	 	 	
Future policy benefits	 	$	14,152,780	
 	 	$	14,476,637	
 	 	$	13,541,687	
 	 	$	13,785,532	
 	 	$	11,887,951	
 	
Interest-sensitive contract liabilities	 	12,508,201	
 	 	12,591,497	
 	 	12,638,117	
 	 	12,686,025	
 	 	12,809,003	
 	
Other policy claims and benefits	 	3,822,699	
 	 	3,824,069	
 	 	3,861,060	
 	 	3,996,737	
 	 	3,899,004	
 	
Other reinsurance balances	 	320,950	
 	 	306,915	
 	 	276,314	
 	 	258,023	
 	 	283,249	
 	
Deferred income taxes	 	2,529,733	
 	 	2,365,817	
 	 	2,149,076	
 	 	2,232,821	
 	 	2,023,588	
 	
Other liabilities	 	1,118,645	
 	 	994,230	
 	 	967,303	
 	 	716,157	
 	 	638,967	
 	
Short-term debt	 	—	
 	 	—	
 	 	—	
 	 	110,000	
 	 	50,000	
 	
Long-term debt	 	2,313,884	
 	 	2,314,293	
 	 	2,314,693	
 	 	2,214,705	
 	 	2,214,526	
 	
Collateral finance and securitization notes	 	774,351	
 	 	782,701	
 	 	482,115	
 	 	482,092	
 	 	484,747	
 	
Total liabilities	 	37,541,243	
 	 	37,656,159	
 	 	36,230,365	
 	 	36,482,092	
 	 	34,291,035	

Stockholders’ Equity:	 	 	 	 	 	 	 	 	 	 	
Common stock, at par value	 	791	
 	 	791	
 	 	791	
 	 	791	
 	 	791	
 	
Additional paid-in-capital	 	1,802,774	
 	 	1,798,279	
 	 	1,784,818	
 	 	1,783,856	
 	 	1,782,838	
 	
Retained earnings	 	4,339,028	
 	 	4,239,647	
 	 	4,074,047	
 	 	3,941,777	
 	 	3,772,776	
 	
Treasury stock	 	(876,804	)	 	(672,394	)	 	(679,265	)	 	(666,125	)	 	(585,358	)	
Accumulated other comprehensive income (AOCI):	 	 	 	 	 	 	 	 	 	 	
Accumulated currency translation adjustment, net of income taxes	 	(35,924	)	 	81,847	
 	 	131,936	
 	 	207,043	
 	 	164,400	
 	
Unrealized appreciation of securities, net of income taxes	 	1,968,697	
 	 	1,624,773	
 	 	1,387,957	
 	 	1,442,324	
 	 	1,136,079	
 	
Pension and postretirement benefits, net of income taxes	 	(48,537	)	 	(49,491	)	 	(20,286	)	 	(20,707	)	 	(20,980	)	
Total stockholders’ equity	 	7,150,025	
 	 	7,023,452	
 	 	6,679,998	
 	 	6,688,959	
 	 	6,250,546	
 	
Total liabilities and stockholders’ equity	 	$	44,691,268	
 	 	$	44,679,611	
 	 	$	42,910,363	
 	 	$	43,171,051	
 	 	$	40,541,581	

Total stockholders’ equity, excluding AOCI	 	$	5,265,789	
 	 	$	5,366,323	
 	 	$	5,180,391	
 	 	$	5,060,299	
 	 	$	4,971,047	

 	 	 	 	 	 	 	 	 	 	 	

                                        

 	 	Page 6

 
Reinsurance Group of America, Incorporated
U.S. and Latin America Traditional Segment Pre-tax Operating Income	

 	 	 	Three Months Ended	 	Current Qtr
vs. PY
Quarter	
 	 	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	 	 	
 	(USD thousands)	 	2015	 	2014	 	2014	 	2014	 	2014	 	 	
 	Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	
 	Net premiums	 	$	1,114,094	
 	 	$	1,221,862	
 	 	$	1,171,916	
 	 	$	1,189,822	
 	 	$	1,141,905	
 	 	$	(27,811	)	
 	Investment income, net of related expenses	 	143,005	
 	 	142,753	
 	 	139,272	
 	 	137,404	
 	 	133,376	
 	 	9,629	
 	
 	Other revenue	 	664	
 	 	1,323	
 	 	783	
 	 	767	
 	 	642	
 	 	22	
 	
 	Total revenues	 	1,257,763	
 	 	1,365,938	
 	 	1,311,971	
 	 	1,327,993	
 	 	1,275,923	
 	 	(18,160	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	
 	Claims and other policy benefits	 	1,039,407	
 	 	1,021,046	
 	 	1,030,525	
 	 	1,045,030	
 	 	1,033,707	
 	 	5,700	
 	
 	Interest credited	 	12,944	
 	 	13,101	
 	 	12,993	
 	 	12,818	
 	 	12,272	
 	 	672	
 	
 	Policy acquisition costs and other insurance expenses	 	158,567	
 	 	168,395	
 	 	161,120	
 	 	156,270	
 	 	156,000	
 	 	2,567	
 	
 	Other operating expenses	 	26,529	
 	 	29,276	
 	 	28,408	
 	 	24,921	
 	 	25,741	
 	 	788	
 	
 	Total benefits and expenses	 	1,237,447	
 	 	1,231,818	
 	 	1,233,046	
 	 	1,239,039	
 	 	1,227,720	
 	 	9,727	

 	Operating income before income taxes	 	20,316	
 	 	134,120	
 	 	78,925	
 	 	88,954	
 	 	48,203	
 	 	(27,887	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	
 	Operating income before income taxes	 	20,316	
 	 	134,120	
 	 	78,925	
 	 	88,954	
 	 	48,203	
 	 	(27,887	)	
 	Investment and derivative (losses) gains - non-operating	 	(2,473	)	 	(5,268	)	 	(1,092	)	 	5,034	
 	 	2,769	
 	 	(5,242	)	
 	Income before income taxes	 	$	17,843	
 	 	$	128,852	
 	 	$	77,833	
 	 	$	93,988	
 	 	$	50,972	
 	 	$	(33,129	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	Loss and Expense Ratios:	 	 	 	 	 	 	 	 	 	 	 	 	
 	Claims and other policy benefits	 	93.3	%	 	83.6	%	 	87.9	%	 	87.8	%	 	90.5	%	 	2.8	%	
 	Policy acquisition costs and other insurance expenses	 	14.2	%	 	13.8	%	 	13.7	%	 	13.1	%	 	13.7	%	 	0.5	%	
 	Other operating expenses	 	2.4	%	 	2.4	%	 	2.4	%	 	2.1	%	 	2.3	%	 	0.1	%	

 	 	

 

                                        

 	 	Page 7

Reinsurance Group of America, Incorporated
U.S. and Latin America Non-Traditional Segment—Asset Intensive Reinsurance Pre-tax Operating Income	

 	 	Three Months Ended	 	Current Qtr
vs. PY
Quarter	
 	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	 	 	
(USD thousands)	 	2015	 	2014	 	2014	 	2014	 	2014	 	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	5,041	
 	 	$	4,747	
 	 	$	5,168	
 	 	$	4,984	
 	 	$	5,180	
 	 	$	(139	)	
Investment income, net of related expenses	 	141,470	
 	 	155,557	
 	 	170,608	
 	 	143,927	
 	 	158,619	
 	 	(17,149	)	
Investment related gains (losses), net	 	—	
 	 	1	
 	 	(2	)	 	1	
 	 	—	
 	 	—	
 	
Other revenue	 	26,544	
 	 	28,436	
 	 	28,944	
 	 	29,376	
 	 	28,276	
 	 	(1,732	)	
Total revenues	 	173,055	
 	 	188,741	
 	 	204,718	
 	 	178,288	
 	 	192,075	
 	 	(19,020	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	6,726	
 	 	5,289	
 	 	5,586	
 	 	4,713	
 	 	4,260	
 	 	2,466	
 	
Interest credited	 	84,672	
 	 	86,294	
 	 	104,985	
 	 	90,037	
 	 	101,644	
 	 	(16,972	)	
Policy acquisition costs and other insurance expenses	 	37,005	
 	 	36,380	
 	 	31,960	
 	 	35,698	
 	 	41,072	
 	 	(4,067	)	
Other operating expenses	 	4,318	
 	 	4,764	
 	 	4,211	
 	 	3,813	
 	 	4,094	
 	 	224	
 	
Total benefits and expenses	 	132,721	
 	 	132,727	
 	 	146,742	
 	 	134,261	
 	 	151,070	
 	 	(18,349	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	40,334	
 	 	56,014	
 	 	57,976	
 	 	44,027	
 	 	41,005	
 	 	(671	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	40,334	
 	 	56,014	
 	 	57,976	
 	 	44,027	
 	 	41,005	
 	 	(671	)	
Investment and derivative gains (losses) - non-operating (1)	 	21,787	
 	 	28,086	
 	 	18,001	
 	 	12,412	
 	 	21,300	
 	 	487	
 	
Change in value of modified coinsurance and funds withheld embedded derivatives  (1)	 	147	
 	 	(13,490	)	 	56,490	
 	 	79,768	
 	 	78,696	
 	 	(78,549	)	
GMXB embedded derivatives (1)	 	(25,133	)	 	(52,901	)	 	(47,479	)	 	(5,183	)	 	(23,661	)	 	(1,472	)	
Funds withheld gains (losses) - investment income	 	6,367	
 	 	1,154	
 	 	4,914	
 	 	5,232	
 	 	(217	)	 	6,584	
 	
EIA embedded derivatives - interest credited	 	(10,313	)	 	362	
 	 	415	
 	 	(6,916	)	 	6,560	
 	 	(16,873	)	
DAC offset, net	 	8,951	
 	 	15,253	
 	 	(26,521	)	 	(47,543	)	 	(53,068	)	 	62,019	
 	
Income before income taxes	 	$	42,140	
 	 	$	34,478	
 	 	$	63,796	
 	 	$	81,797	
 	 	$	70,615	
 	 	$	(28,475	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
(1) Included in “Investment related gains (losses), net” on Consolidated GAAP Income Statement

 

                                        

 	 	Page 8

Reinsurance Group of America, Incorporated
U.S. and Latin America Non-Traditional Segment—Asset Intensive Reinsurance Pre-tax Operating Income
(Cont’d)

 	 	 	
 	 	Three Months Ended	
 	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	
(USD millions)	 	2015	 	2014	 	2014	 	2014	 	2014	
Annuity account values:	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	
Fixed annuities (deferred)	 	$	4,779	
 	 	$	4,859	
 	 	$	4,919	
 	 	$	5,030	
 	 	$	5,156	

Net interest spread (fixed annuities):	 	2.3	%	 	3.5	%	 	3.2	%	 	2.3	%	 	2.5	%	
 	 	 	 	 	 	 	 	 	 	 	
Equity-indexed annuities	 	$	4,666	
 	 	$	4,695	
 	 	$	4,716	
 	 	$	4,725	
 	 	$	4,741	

Variable annuities:	 	 	 	 	 	 	 	 	 	 	
No riders	 	$	864	
 	 	$	881	
 	 	$	899	
 	 	$	941	
 	 	$	943	
 	
GMDB only	 	71	
 	 	75	
 	 	79	
 	 	84	
 	 	85	
 	
GMIB only	 	5	
 	 	5	
 	 	6	
 	 	6	
 	 	6	
 	
GMAB only	 	41	
 	 	44	
 	 	46	
 	 	50	
 	 	51	
 	
GMWB only	 	1,600	
 	 	1,636	
 	 	1,676	
 	 	1,741	
 	 	1,733	
 	
GMDB / WB	 	410	
 	 	427	
 	 	427	
 	 	462	
 	 	459	
 	
Other	 	26	
 	 	27	
 	 	28	
 	 	30	
 	 	30	
 	
Total VA account values	 	$	3,017	
 	 	$	3,095	
 	 	$	3,161	
 	 	$	3,314	
 	 	$	3,307	

Fair value of liabilities associated with living benefit riders	 	$	184	
 	 	$	159	
 	 	$	106	
 	 	$	59	
 	 	$	54	

Interest-sensitive contract liabilities associated with:	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	
Guaranteed investment contracts	 	$	336	
 	 	$	336	
 	 	$	336	
 	 	$	301	
 	 	$	301	

Bank-owned life insurance (BOLI)	 	$	551	
 	 	$	548	
 	 	$	544	
 	 	$	541	
 	 	$	538	

Other asset-intensive business	 	$	68	
 	 	$	69	
 	 	$	69	
 	 	$	71	
 	 	$	71	

                                        

 	 	Page 9

 
Reinsurance Group of America, Incorporated
U.S. and Latin America Non-Traditional Segment—Financial Reinsurance Pre-tax Operating Income	

 	 	Three Months Ended	 	Current Qtr
vs. PY
Quarter	
 	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	 	 	
(USD thousands)	 	2015	 	2014	 	2014	 	2014	 	2014	 	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	
Investment income, net of related expenses	 	$	1,145	
 	 	$	1,155	
 	 	$	1,003	
 	 	$	1,086	
 	 	$	1,247	
 	 	$	(102	)	
Other revenue	 	15,305	
 	 	18,363	
 	 	23,581	
 	 	21,777	
 	 	19,098	
 	 	(3,793	)	
Total revenues	 	16,450	
 	 	19,518	
 	 	24,584	
 	 	22,863	
 	 	20,345	
 	 	(3,895	)	

Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	
 	
Policy acquisition costs and other insurance expenses	 	2,416	
 	 	4,112	
 	 	8,458	
 	 	6,944	
 	 	5,742	
 	 	(3,326	)	
Other operating expenses	 	1,669	
 	 	2,876	
 	 	2,322	
 	 	2,310	
 	 	2,177	
 	 	(508	)	
Total benefits and expenses	 	4,085	
 	 	6,988	
 	 	10,780	
 	 	9,254	
 	 	7,919	
 	 	(3,834	)	

 	
Operating income before income taxes	 	12,365	
 	 	12,530	
 	 	13,804	
 	 	13,609	
 	 	12,426	
 	 	(61	)	

 	
Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	
 	
Operating income before income taxes	 	12,365	
 	 	12,530	
 	 	13,804	
 	 	13,609	
 	 	12,426	
 	 	(61	)	
Investment and derivative gains (losses) - non-operating	 	—	
 	 	(162	)	 	(100	)	 	68	
 	 	83	
 	 	(83	)	
Income before income taxes	 	$	12,365	
 	 	$	12,368	
 	 	$	13,704	
 	 	$	13,677	
 	 	$	12,509	
 	 	$	(144	)	

 

                                        

 	 	Page 10

Reinsurance Group of America, Incorporated
Canadian Traditional Segment Pre-tax Operating Income	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	Current Qtr
vs. PY
Quarter	
 	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	 	 	
(USD thousands)	 	2015	 	2014	 	2014	 	2014	 	2014	 	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	212,550	
 	 	$	240,409	
 	 	$	239,645	
 	 	$	248,031	
 	 	$	225,304	
 	 	$	(12,754	)	
Investment income, net of related expenses	 	44,405	
 	 	47,442	
 	 	49,060	
 	 	48,703	
 	 	46,273	
 	 	(1,868	)	
Investment related gains (losses), net	 	939	
 	 	937	
 	 	907	
 	 	621	
 	 	1,006	
 	 	(67	)	
Other revenue	 	1,556	
 	 	569	
 	 	761	
 	 	(220	)	 	961	
 	 	595	
 	
Total revenues	 	259,450	
 	 	289,357	
 	 	290,373	
 	 	297,135	
 	 	273,544	
 	 	(14,094	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	183,534	
 	 	200,620	
 	 	195,162	
 	 	199,084	
 	 	189,571	
 	 	(6,037	)	
Interest credited	 	4	
 	 	14	
 	 	10	
 	 	9	
 	 	—	
 	 	4	
 	
Policy acquisition costs and other insurance expenses	 	49,551	
 	 	60,699	
 	 	60,260	
 	 	60,687	
 	 	52,953	
 	 	(3,402	)	
Other operating expenses	 	9,188	
 	 	9,826	
 	 	10,086	
 	 	9,612	
 	 	9,487	
 	 	(299	)	
Total benefits and expenses	 	242,277	
 	 	271,159	
 	 	265,518	
 	 	269,392	
 	 	252,011	
 	 	(9,734	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	17,173	
 	 	18,198	
 	 	24,855	
 	 	27,743	
 	 	21,533	
 	 	(4,360	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	17,173	
 	 	18,198	
 	 	24,855	
 	 	27,743	
 	 	21,533	
 	 	(4,360	)	
Investment and derivative gains (losses) - non-operating	 	519	
 	 	1,418	
 	 	(1,282	)	 	3,544	
 	 	(2,706	)	 	3,225	
 	
Funds withheld gains (losses) - investment income	 	5,035	
 	 	217	
 	 	587	
 	 	722	
 	 	606	
 	 	4,429	
 	
Income before income taxes	 	$	22,727	
 	 	$	19,833	
 	 	$	24,160	
 	 	$	32,009	
 	 	$	19,433	
 	 	$	3,294	

Loss and Expense Ratios:	 	 	 	 	 	 	 	 	 	 	 	 	
Loss ratios (creditor business)	 	29.5	%	 	31.3	%	 	28.0	%	 	27.5	%	 	31.5	%	 	(2.0	)%	
Loss ratios (excluding creditor business)	 	101.2	%	 	100.6	%	 	98.3	%	 	97.1	%	 	98.2	%	 	3.0	 %	
Claims and other policy benefits / (net premiums + investment income)	 	71.4	%	 	69.7	%	 	67.6	%	 	67.1	%	 	69.8	%	 	1.6	 %	
Policy acquisition costs and other insurance expenses (creditor business)	 	63.0	%	 	65.8	%	 	65.2	%	 	66.6	%	 	58.1	%	 	4.9	 %	
Policy acquisition costs and other insurance expenses (excluding creditor business)	 	12.9	%	 	11.9	%	 	12.5	%	 	11.0	%	 	14.3	%	 	(1.4	)%	
Other operating expenses	 	4.3	%	 	4.1	%	 	4.2	%	 	3.9	%	 	4.2	%	 	0.1	 %	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Foreign currency effect (1):	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	(26,121	)	 	$	(18,820	)	 	$	(11,917	)	 	$	(16,401	)	 	$	(21,650	)	 	$	(4,471	)	
Operating income before income taxes	 	$	(2,147	)	 	$	(1,750	)	 	$	(1,556	)	 	$	(1,743	)	 	$	(2,272	)	 	$	125	

 	
 	
Creditor reinsurance net premiums	 	$	44,054	
 	 	$	59,451	
 	 	$	57,412	
 	 	$	60,013	
 	 	$	47,344	
 	 	$	(3,290	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
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 11

Reinsurance Group of America, Incorporated
Canadian Non-Traditional Segment Pre-tax Operating Income (1)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended	 	Current Qtr
vs. PY
Quarter	
 	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	 	 	
(USD thousands)	 	2015	 	2014	 	2014	 	2014	 	2014	 	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	9,967	
 	 	$	4,615	
 	 	$	5,491	
 	 	$	5,546	
 	 	$	5,540	
 	 	$	4,427	
 	
Investment income, net of related expenses	 	550	
 	 	616	
 	 	600	
 	 	655	
 	 	724	
 	 	(174	)	
Other revenue	 	1,357	
 	 	1,432	
 	 	1,568	
 	 	1,483	
 	 	—	
 	 	1,357	
 	
Total revenues	 	11,874	
 	 	6,663	
 	 	7,659	
 	 	7,684	
 	 	6,264	
 	 	5,610	

Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	7,299	
 	 	4,451	
 	 	6,271	
 	 	4,209	
 	 	5,185	
 	 	2,114	
 	
Policy acquisition costs and other insurance expenses	 	107	
 	 	131	
 	 	149	
 	 	150	
 	 	151	
 	 	(44	)	
Other operating expenses	 	337	
 	 	350	
 	 	358	
 	 	342	
 	 	338	
 	 	(1	)	
Total benefits and expenses	 	7,743	
 	 	4,932	
 	 	6,778	
 	 	4,701	
 	 	5,674	
 	 	2,069	

Operating income (loss) before income taxes	 	4,131	
 	 	1,731	
 	 	881	
 	 	2,983	
 	 	590	
 	 	3,541	

Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	4,131	
 	 	1,731	
 	 	881	
 	 	2,983	
 	 	590	
 	 	3,541	
 	
Investment and derivative gains (losses) - non-operating	 	—	
 	 	8	
 	 	3	
 	 	28	
 	 	41	
 	 	(41	)	
Income before income taxes	 	$	4,131	
 	 	$	1,739	
 	 	$	884	
 	 	$	3,011	
 	 	$	631	
 	 	$	3,500	

Foreign currency effect (2):	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	(1,302	)	 	$	(1,390	)	 	$	(29	)	 	$	(43	)	 	$	(68	)	 	$	(1,234	)	
Operating income (loss) before income taxes	 	$	(251	)	 	$	(146	)	 	$	(49	)	 	$	(200	)	 	$	(61	)	 	$	(190	)	

 	

 	 	

 	

 	 	

 	 	 	 	 	 	 	 	 	 	 	 	 	
(1) The Canadian non-traditional segment includes longevity and financial reinsurance.	 	 	 	 	 	 	 	 	 	 	 	 	
(2) Compared to comparable prior year period	 	 	 	 	 	 	 	 	 	 	 	 	

                                        

 	 	Page 12

Reinsurance Group of America, Incorporated
Europe, Middle East and Africa Traditional Segment Pre-tax Operating Income

 	 	Three Months Ended	 	Current Qtr
vs. PY
Quarter	
 	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	 	 	
(USD thousands)	 	2015	 	2014	 	2014	 	2014	 	2014	 	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	269,746	
 	 	$	288,191	
 	 	$	291,015	
 	 	$	286,403	
 	 	$	291,798	
 	 	$	(22,052	)	
Investment income, net of related expenses	 	12,089	
 	 	15,099	
 	 	13,050	
 	 	12,113	
 	 	11,824	
 	 	265	
 	
Investment related gains (losses), net	 	12,208	
 	 	3,678	
 	 	2,550	
 	 	5,183	
 	 	2,593	
 	 	9,615	
 	
Other revenue	 	1,140	
 	 	(582	)	 	2,878	
 	 	(336	)	 	404	
 	 	736	
 	
Total revenues	 	295,183	
 	 	306,386	
 	 	309,493	
 	 	303,363	
 	 	306,619	
 	 	(11,436	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	235,307	
 	 	247,959	
 	 	244,010	
 	 	236,540	
 	 	269,251	
 	 	(33,944	)	
Interest credited	 	12,349	
 	 	4,076	
 	 	2,959	
 	 	5,750	
 	 	2,786	
 	 	9,563	
 	
Policy acquisition costs and other insurance expenses	 	12,008	
 	 	14,038	
 	 	17,205	
 	 	11,994	
 	 	13,735	
 	 	(1,727	)	
Other operating expenses	 	25,086	
 	 	30,414	
 	 	25,028	
 	 	26,029	
 	 	22,970	
 	 	2,116	
 	
Total benefits and expenses	 	284,750	
 	 	296,487	
 	 	289,202	
 	 	280,313	
 	 	308,742	
 	 	(23,992	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income (loss) before income taxes	 	10,433	
 	 	9,899	
 	 	20,291	
 	 	23,050	
 	 	(2,123	)	 	12,556	

Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income (loss) before income taxes	 	10,433	
 	 	9,899	
 	 	20,291	
 	 	23,050	
 	 	(2,123	)	 	12,556	
 	
Investment and derivative gains (losses) - non-operating	 	49	
 	 	3,330	
 	 	990	
 	 	3,737	
 	 	1,131	
 	 	(1,082	)	
Income (loss) before income taxes	 	$	10,482	
 	 	$	13,229	
 	 	$	21,281	
 	
 	$	26,787	
 	 	$	(992	)	 	$	11,474	

Loss and Expense Ratios:	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	87.2	%	 	86.0	%	 	83.8	%	 	82.6	%	 	92.3	%	 	(5.1	)%	
Policy acquisition costs and other insurance expenses	 	4.5	%	 	4.9	%	 	5.9	%	 	4.2	%	 	4.7	%	 	(0.2	)%	
Other operating expenses	 	9.3	%	 	10.6	%	 	8.6	%	 	9.1	%	 	7.9	%	 	1.4	 %	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Foreign currency effect (1):	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	(29,430	)	 	$	(24,435	)	 	$	13,415	
 	 	$	20,767	
 	 	$	9,302	
 	 	$	(38,732	)	
Operating income (loss) before income taxes	 	$	(1,301	)	 	$	(905	)	 	$	1,157	
 	 	$	2,031	
 	 	$	(840	)	 	$	(461	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Critical illness net premiums	 	$	58,219	
 	 	$	62,511	
 	 	$	63,303	
 	 	$	66,257	
 	 	$	65,678	
 	 	$	(7,459	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
(1) Compared to comparable prior year period	

 	
 	 	 	
 	 	Page 13

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

 	 	Three Months Ended	 	Current Qtr
vs. PY
Quarter	
 	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	 	 	
(USD thousands)	 	2015	 	2014	 	2014	 	2014	 	2014	 	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	29,860	
 	 	$	57,694	
 	 	$	55,442	
 	 	$	54,481	
 	 	$	48,945	
 	 	$	(19,085	)	
Investment income, net of related expenses	 	16,877	
 	 	28,799	
 	 	16,141	
 	 	8,558	
 	 	1,545	
 	 	15,332	
 	
Other revenue	 	7,640	
 	 	8,725	
 	 	10,640	
 	 	8,275	
 	 	7,519	
 	 	121	
 	
Total revenues	 	54,377	
 	 	95,218	
 	 	82,223	
 	 	71,314	
 	 	58,009	
 	 	(3,632	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	32,081	
 	 	66,032	
 	 	53,982	
 	 	46,006	
 	 	38,090	
 	 	(6,009	)	
Policy acquisition costs and other insurance expenses	 	(530	)	 	(646	)	 	(738	)	 	(502	)	 	(470	)	 	(60	)	
Other operating expenses	 	4,191	
 	 	5,948	
 	 	5,290	
 	 	4,179	
 	 	4,290	
 	 	(99	)	
Total benefits and expenses	 	35,742	
 	 	71,334	
 	 	58,534	
 	 	49,683	
 	 	41,910	
 	 	(6,168	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	18,635	
 	 	23,884	
 	 	23,689	
 	 	21,631	
 	 	16,099	
 	 	2,536	

Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	18,635	
 	 	23,884	
 	 	23,689	
 	 	21,631	
 	 	16,099	
 	 	2,536	
 	
Investment and derivative gains (losses) - non-operating	 	851	
 	 	2,314	
 	 	206	
 	 	12,904	
 	 	98	
 	 	753	
 	
Non-investment derivatives	 	148	
 	 	512	
 	 	—	
 	 	—	
 	 	—	
 	 	148	
 	
Income before income taxes	 	$	19,634	
 	 	$	26,710	
 	 	$	23,895	
 	 	$	34,535	
 	 	$	16,197	
 	 	$	3,437	

Foreign currency effect (2):	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	(2,327	)	 	$	9,345	
 	 	$	1,026	
 	 	$	437	
 	 	$	(612	)	 	$	(1,715	)	
Operating income before income taxes	 	$	(2,393	)	 	$	(1,510	)	 	$	929	
 	 	$	1,679	
 	 	$	1,234	
 	 	$	(3,627	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
(1) The Europe, Middle East and Africa non-traditional segment includes asset intensive, financial reinsurance, capital motivated and longevity closed block business.	
(2) Compared to comparable prior year period	

                                        

 	 	Page 14

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

 	 	Three Months Ended	 	Current Qtr
vs. PY
Quarter	
 	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	 	 	
(USD thousands)	 	2015	 	2014	 	2014	 	2014	 	2014	 	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	372,145	
 	 	$	390,652	
 	 	$	393,665	
 	 	$	390,494	
 	 	$	366,099	
 	 	$	6,046	
 	
Investment income, net of related expenses	 	20,604	
 	 	20,785	
 	 	21,899	
 	 	21,502	
 	 	20,303	
 	 	301	
 	
Investment related gains (losses), net	 	—	
 	 	(1	)	 	1	
 	 	(1	)	 	1	
 	 	(1	)	
Other revenue	 	1,126	
 	 	3,363	
 	 	2,776	
 	 	51,593	
 	 	366	
 	 	760	
 	
Total revenues	 	393,875	
 	 	414,799	
 	 	418,341	
 	 	463,588	
 	 	386,769	
 	 	7,106	
 	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	265,309	
 	 	312,540	
 	 	309,648	
 	 	299,747	
 	 	286,676	
 	 	(21,367	)	
Interest Credited	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	—	
 	
Policy acquisition costs and other insurance expenses	 	46,912	
 	 	46,691	
 	 	51,249	
 	 	107,293	
 	 	53,579	
 	 	(6,667	)	
Other operating expenses	 	29,006	
 	 	37,541	
 	 	32,818	
 	 	30,285	
 	 	27,767	
 	 	1,239	
 	
Total benefits and expenses	 	341,227	
 	 	396,772	
 	 	393,715	
 	 	437,325	
 	 	368,022	
 	 	(26,795	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	52,648	
 	 	18,027	
 	 	24,626	
 	 	26,263	
 	 	18,747	
 	 	33,901	

Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	52,648	
 	 	18,027	
 	 	24,626	
 	 	26,263	
 	 	18,747	
 	 	33,901	
 	
Investment and derivative gains (losses) - non-operating	 	—	
 	 	1,193	
 	 	(324	)	 	1,950	
 	 	120	
 	 	(120	)	
Income before income taxes	 	$	52,648	
 	 	$	19,220	
 	 	$	24,302	
 	 	$	28,213	
 	 	$	18,867	
 	 	$	33,781	

Loss and Expense Ratios:	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	71.3	%	 	80.0	%	 	78.7	%	 	76.8	%	 	78.3	%	 	(7.0	)%	
Policy acquisition costs and other insurance expenses	 	12.6	%	 	12.0	%	 	13.0	%	 	27.5	%	 	14.6	%	 	(2.0	)%	
Other operating expenses	 	7.8	%	 	9.6	%	 	8.3	%	 	7.8	%	 	7.6	%	 	0.2	 %	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Foreign currency effect (1):	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	(35,158	)	 	$	(23,238	)	 	$	3,459	
 	 	$	(9,483	)	 	$	(36,576	)	 	$	1,418	
 	
Operating income before income taxes	 	$	(4,762	)	 	$	(2,414	)	 	$	(658	)	 	$	(1,193	)	 	$	(2,258	)	 	$	(2,504	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Critical illness net premiums	 	$	69,867	
 	 	$	76,231	
 	 	$	67,105	
 	 	$	71,928	
 	 	$	60,398	
 	 	$	9,469	

(1) Compared to comparable prior year period	

                                        

 	 	Page 15

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

 	 	Three Months Ended	 	Current Qtr
vs. PY
Quarter	
 	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	 	 	
(USD thousands)	 	2015	 	2014	 	2014	 	2014	 	2014	 	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	10,282	
 	 	$	9,429	
 	 	$	5,757	
 	 	$	3,193	
 	 	$	15,651	
 	 	$	(5,369	)	
Investment income, net of related expenses	 	3,649	
 	 	4,264	
 	 	4,546	
 	 	4,823	
 	 	4,339	
 	 	(690	)	
Investment related gains (losses), net	 	501	
 	 	665	
 	 	645	
 	 	685	
 	 	860	
 	 	(359	)	
Other revenue	 	5,117	
 	 	5,539	
 	 	6,174	
 	 	5,281	
 	 	5,757	
 	 	(640	)	
Total revenues	 	19,549	
 	 	19,897	
 	 	17,122	
 	 	13,982	
 	 	26,607	
 	 	(7,058	)	
Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	5,735	
 	 	8,103	
 	 	9,859	
 	 	6,573	
 	 	16,920	
 	 	(11,185	)	
Interest Credited	 	184	
 	 	195	
 	 	221	
 	 	234	
 	 	246	
 	 	(62	)	
Policy acquisition costs and other insurance expenses	 	546	
 	 	367	
 	 	603	
 	 	616	
 	 	710	
 	 	(164	)	
Other operating expenses	 	2,960	
 	 	4,006	
 	 	3,621	
 	 	3,495	
 	 	2,820	
 	 	140	
 	
Total benefits and expenses	 	9,425	
 	 	12,671	
 	 	14,304	
 	 	10,918	
 	 	20,696	
 	 	(11,271	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	10,124	
 	 	7,226	
 	 	2,818	
 	 	3,064	
 	 	5,911	
 	 	4,213	

Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income before income taxes	 	10,124	
 	 	7,226	
 	 	2,818	
 	 	3,064	
 	 	5,911	
 	 	4,213	
 	
Investment and derivative gains (losses) - non-operating	 	21	
 	 	(5,803	)	 	(6,707	)	 	3,651	
 	 	1,533	
 	 	(1,512	)	
Income (loss) before income taxes	 	$	10,145	
 	 	$	1,423	
 	 	$	(3,889	)	 	$	6,715	
 	 	$	7,444	
 	 	$	2,701	

Foreign currency effect (2):	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	(1,686	)	 	$	(2,555	)	 	$	(48	)	 	$	(241	)	 	$	(621	)	 	$	(1,065	)	
Operating income (loss) before income taxes	 	$	(451	)	 	$	(1,355	)	 	$	(436	)	 	$	(120	)	 	$	(702	)	 	$	251	

(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 16

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

 	 	Three Months Ended	 	Current Qtr
vs. PY
Quarter	
 	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	 	 	
(USD thousands)	 	2015	 	2014	 	2014	 	2014	 	2014	 	 	
Revenues:	 	 	 	 	 	 	 	 	 	 	 	 	
Net premiums	 	$	167	
 	 	$	173	
 	 	$	186	
 	 	$	206	
 	 	$	215	
 	 	$	(48	)	
Investment income, net of related expenses	 	31,695	
 	 	33,762	
 	 	25,426	
 	 	25,882	
 	 	25,736	
 	 	5,959	
 	
Investment related gains (losses), net	 	447	
 	 	468	
 	 	471	
 	 	250	
 	 	225	
 	 	222	
 	
Other revenue	 	1,730	
 	 	(379	)	 	802	
 	 	2,730	
 	 	4,567	
 	 	(2,837	)	
Total revenues	 	34,039	
 	 	34,024	
 	 	26,885	
 	 	29,068	
 	 	30,743	
 	 	3,296	

Benefits and expenses:	 	 	 	 	 	 	 	 	 	 	 	 	
Claims and other policy benefits	 	53	
 	 	2	
 	 	(6	)	 	(17	)	 	17	
 	 	36	
 	
Interest credited	 	212	
 	 	205	
 	 	199	
 	 	198	
 	 	206	
 	 	6	
 	
Policy acquisition costs and other insurance expenses	 	(20,588	)	 	(24,139	)	 	(20,376	)	 	(17,319	)	 	(21,667	)	 	1,079	
 	
Other operating expenses	 	18,334	
 	 	41,279	
 	 	21,595	
 	 	22,476	
 	 	11,252	
 	 	7,082	
 	
Interest expense	 	35,627	
 	 	(9,660	)	 	36,065	
 	 	35,211	
 	 	35,084	
 	 	543	
 	
Collateral finance and securitization expense	 	6,071	
 	 	3,710	
 	 	2,571	
 	 	2,591	
 	 	2,569	
 	 	3,502	
 	
Total benefits and expenses	 	39,709	
 	 	11,397	
 	 	40,048	
 	 	43,140	
 	 	27,461	
 	 	12,248	

Operating income (loss) before income taxes	 	(5,670	)	 	22,627	
 	 	(13,163	)	 	(14,072	)	 	3,282	
 	 	(8,952	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating to U.S. GAAP Reconciliation:	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income (loss) before income taxes	 	(5,670	)	 	22,627	
 	 	(13,163	)	 	(14,072	)	 	3,282	
 	 	(8,952	)	
Investment and derivative gains (losses) - non-operating	 	(2,280	)	 	(3,696	)	 	(960	)	 	(6,125	)	 	482	
 	 	(2,762	)	
Non-investment derivatives	 	(40	)	 	(40	)	 	(28	)	 	—	
 	 	—	
 	 	(40	)	
Income (loss) before income taxes	 	$	(7,990	)	 	$	18,891	
 	 	$	(14,151	)	 	$	(20,197	)	 	$	3,764	
 	 	$	(11,754	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Foreign currency effect (1):	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income (loss) before income taxes	 	$	(528	)	 	$	(1,196	)	 	$	(1,403	)	 	$	(1,263	)	 	$	(1,706	)	 	$	1,178	

(1) Compared to comparable prior year period	

 

 	
 	 	 	
 	 	Page 17

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

 	 	Three Months Ended	 	Current Qtr
vs. PY
Quarter	
 	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	 	 	
(USD thousands)	 	2015	 	2014	 	2014	 	2014	 	2014	 	 	
U.S. and Latin America:	 	 	 	 	 	 	 	 	 	 	 	 	
Traditional	 	$	20,316	
 	 	$	134,120	
 	 	$	78,925	
 	 	$	88,954	
 	 	$	48,203	
 	 	$	(27,887	)	
Non-Traditional:	 	 	 	 	 	 	 	 	 	 	 	
 	
Asset Intensive	 	40,334	
 	 	56,014	
 	 	57,976	
 	 	44,027	
 	 	41,005	
 	 	(671	)	
Financial Reinsurance	 	12,365	
 	 	12,530	
 	 	13,804	
 	 	13,609	
 	 	12,426	
 	 	(61	)	
Total U.S. and Latin America	 	73,015	
 	 	202,664	
 	 	150,705	
 	 	146,590	
 	 	101,634	
 	 	(28,619	)	
Canada:	 	 	 	 	 	 	 	 	 	 	 	 	
Canadian Traditional	 	17,173	
 	 	18,198	
 	 	24,855	
 	 	27,743	
 	 	21,533	
 	 	(4,360	)	
Canadian Non-Traditional	 	4,131	
 	 	1,731	
 	 	881	
 	 	2,983	
 	 	590	
 	 	3,541	
 	
Total Canadian	 	21,304	
 	 	19,929	
 	 	25,736	
 	 	30,726	
 	 	22,123	
 	 	(819	)	
Europe, Middle East and Africa:	 	 	 	 	 	 	 	 	 	 	 	 	
Europe, Middle East and Africa Traditional	 	10,433	
 	 	9,899	
 	 	20,291	
 	 	23,050	
 	 	(2,123	)	 	12,556	
 	
Europe, Middle East and Africa Non-Traditional	 	18,635	
 	 	23,884	
 	 	23,689	
 	 	21,631	
 	 	16,099	
 	 	2,536	
 	
Total Europe, Middle East and Africa	 	29,068	
 	 	33,783	
 	 	43,980	
 	 	44,681	
 	 	13,976	
 	 	15,092	
 	
Asia Pacific:	 	 	 	 	 	 	 	 	 	 	 	 	
Asia Pacific Traditional	 	52,648	
 	 	18,027	
 	 	24,626	
 	 	26,263	
 	 	18,747	
 	 	33,901	
 	
Asia Pacific Non-Traditional	 	10,124	
 	 	7,226	
 	 	2,818	
 	 	3,064	
 	 	5,911	
 	 	4,213	
 	
Total Asia Pacific	 	62,772	
 	 	25,253	
 	 	27,444	
 	 	29,327	
 	 	24,658	
 	 	38,114	
 	
Corporate and Other	 	(5,670	)	 	22,627	
 	 	(13,163	)	 	(14,072	)	 	3,282	
 	 	(8,952	)	
Consolidated	 	$	180,489	
 	 	$	304,256	
 	 	$	234,702	
 	 	$	237,252	
 	 	$	165,673	
 	 	$	14,816	

 	 	 	 	 	 	 	 	 	 	 	 	 	

                                        

 	 	Page 18

 
Reinsurance Group of America, Incorporated
Investments
(USD thousands)

Cash and Invested Assets	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	
 	 	2015	 	2014	 	2014	 	2014	 	2014	
Fixed maturity securities, available-for-sale	 	$	25,801,223	
 	 	$	25,480,972	
 	 	$	24,475,451	
 	 	$	24,480,396	
 	 	$	22,157,182	
 	
Mortgage loans on real estate	 	2,913,486	
 	 	2,712,238	
 	 	2,617,091	
 	 	2,555,800	
 	 	2,526,228	
 	
Policy loans	 	1,284,085	
 	 	1,284,284	
 	 	1,249,948	
 	 	1,250,635	
 	 	1,296,897	
 	
Funds withheld at interest	 	5,841,554	
 	 	5,922,561	
 	 	5,969,006	
 	 	5,940,521	
 	 	5,814,231	
 	
Short-term investments	 	89,136	
 	 	97,694	
 	 	44,437	
 	 	45,596	
 	 	118,789	
 	
Other invested assets	 	1,243,033	
 	 	1,198,319	
 	 	1,165,021	
 	 	1,128,375	
 	 	1,234,779	
 	
Cash and cash equivalents	 	1,083,179	
 	 	1,645,669	
 	 	1,118,745	
 	 	1,378,117	
 	 	1,127,132	
 	
Total cash and invested assets	 	$	38,255,696	
 	 	$	38,341,737	
 	 	$	36,639,699	
 	 	$	36,779,440	
 	 	$	34,275,238	

 
Investment Income and Yield Summary	

 	 	Three Months Ended	 	Current Qtr
vs. PY
Quarter	
 	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	 	 	
 	 	2015	 	2014	 	2014	 	2014	 	2014	 	 	
Average invested assets at amortized cost (1)	 	$	21,073,262	
 	 	$	20,672,245	
 	 	$	20,424,141	
 	 	$	20,121,261	
 	 	$	19,726,037	
 	 	$	1,347,225	
 	
Net investment income (1)	 	$	247,239	
 	 	$	250,757	
 	 	$	240,877	
 	 	$	236,604	
 	 	$	229,644	
 	 	$	17,595	
 	
Annualized investment yield (ratio of net investment income to average invested assets)  (1)	 	4.78	%	 	4.94	%	 	4.80	%	 	4.79	%	 	4.74	%	 	0.04	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	
(1) Excludes spread-related business (e.g. coinsurance of annuities)	

                                        

 	 	Page 19

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)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
March 31, 2015	
 	 	Amortized
Cost	 	Unrealized
Gains	 	Unrealized
Losses	 	Estimated Fair
Value	 	% of
Total	 	Other-than-
temporary
Impairment
in AOCI	
Available-for-sale:	 	 	 	 	 	 	 	 	 	 	 	 	
Corporate securities	 	$	14,084,589	
 	 	$	1,159,377	
 	 	$	64,831	
 	 	$	15,179,135	
 	 	58.8	%	 	$	—	
 	
Canadian and Canadian provincial governments	 	2,477,703	
 	 	1,416,036	
 	 	—	
 	 	3,893,739	
 	 	15.1	%	 	—	
 	
Residential mortgage-backed securities	 	1,072,415	
 	 	60,491	
 	 	5,232	
 	 	1,127,674	
 	 	4.4	%	 	(300	)	
Asset-backed securities	 	1,082,883	
 	 	23,322	
 	 	8,093	
 	 	1,098,112	
 	 	4.3	%	 	354	
 	
Commercial mortgage-backed securities	 	1,448,372	
 	 	93,304	
 	 	7,402	
 	 	1,534,274	
 	 	5.9	%	 	(1,609	)	
U.S. government and agencies	 	444,529	
 	 	28,879	
 	 	—	
 	 	473,408	
 	 	1.8	%	 	—	
 	
State and political subdivisions	 	378,403	
 	 	54,496	
 	 	3,128	
 	 	429,771	
 	 	1.7	%	 	—	
 	
Other foreign government, supranational, and foreign	 	 	 	 	 	 	 	 	 	 	 	 	
 government-sponsored enterprises	 	1,944,822	
 	 	129,615	
 	 	9,327	
 	 	2,065,110	
 	 	8.0	%	 	—	
 	
Total fixed maturity securities	 	$	22,933,716	
 	 	$	2,965,520	
 	 	$	98,013	
 	 	$	25,801,223	
 	 	100.0	%	 	$	(1,555	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Non-redeemable preferred stock	 	90,643	
 	 	5,136	
 	 	1,405	
 	 	94,374	
 	 	70.1	%	 	 	
Other equity securities	 	39,395	
 	 	894	
 	 	44	
 	 	40,245	
 	 	29.9	%	 	 	
Total equity securities	 	$	130,038	
 	 	$	6,030	
 	 	$	1,449	
 	 	$	134,619	
 	 	100.0	%	 	 	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
December 31, 2014	
 	 	Amortized
Cost	 	Unrealized
Gains	 	Unrealized
Losses	 	Estimated Fair
Value	 	% of
Total	 	Other-than-
temporary
Impairment
in AOCI	
Available-for-sale:	 	 	 	 	 	 	 	 	 	 	 	 	
Corporate securities	 	$	14,010,604	
 	 	$	965,523	
 	 	$	90,544	
 	 	$	14,885,583	
 	 	58.4	%	 	$	—	
 	
Canadian and Canadian provincial governments	 	2,668,852	
 	 	1,196,420	
 	 	7	
 	 	3,865,265	
 	 	15.2	%	 	—	
 	
Residential mortgage-backed securities	 	991,867	
 	 	52,640	
 	 	6,611	
 	 	1,037,896	
 	 	4.1	%	 	(300	)	
Asset-backed securities	 	1,059,660	
 	 	20,301	
 	 	10,375	
 	 	1,069,586	
 	 	4.2	%	 	354	
 	
Commercial mortgage-backed securities	 	1,453,657	
 	 	87,593	
 	 	8,659	
 	 	1,532,591	
 	 	6.0	%	 	(1,609	)	
U.S. government and agencies	 	501,352	
 	 	25,014	
 	 	515	
 	 	525,851	
 	 	2.0	%	 	—	
 	
State and political subdivisions	 	378,457	
 	 	51,117	
 	 	3,498	
 	 	426,076	
 	 	1.7	%	 	—	
 	
Other foreign government, supranational, and foreign	 	 	 	 	 	 	 	 	 	 	 	 	
 government-sponsored enterprises	 	2,041,148	
 	 	110,065	
 	 	13,089	
 	 	2,138,124	
 	 	8.4	%	 	—	
 	
Total fixed maturity securities	 	$	23,105,597	
 	 	$	2,508,673	
 	 	$	133,298	
 	 	$	25,480,972	
 	 	100.0	%	 	$	(1,555	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Non-redeemable preferred stock	 	93,540	
 	 	7,350	
 	 	1,527	
 	 	99,363	
 	 	78.3	%	 	 	
Other equity securities	 	26,994	
 	 	597	
 	 	94	
 	 	27,497	
 	 	21.7	%	 	 	
Total equity securities	 	$	120,534	
 	 	$	7,947	
 	 	$	1,621	
 	 	$	126,860	
 	 	100.0	%	 	 	

 	
 	 	 	
 	 	Page 20

Reinsurance Group of America, Incorporated
Investments
(USD thousands)

Corporate Fixed Maturities Securities by Sector
(Excludes Funds Withheld Portfolios)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	March 31, 2015	 	December 31, 2014	
 	 	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	 	$	3,115,769	
 	 	$	3,300,931	
 	 	21.8	%	 	A-	 	$	3,085,645	
 	 	$	3,227,988	
 	 	21.6	%	 	 A-	
Brokerage/Asset Managers/Exchanges	 	263,043	
 	 	287,320	
 	 	1.9	%	 	A	 	247,955	
 	 	268,439	
 	 	1.8	%	 	 A	
Finance Comp.	 	185,879	
 	 	200,368	
 	 	1.3	%	 	A+	 	187,055	
 	 	199,781	
 	 	1.3	%	 	 A+	
Insurance	 	702,210	
 	 	781,853	
 	 	5.2	%	 	A-	 	692,464	
 	 	758,825	
 	 	5.1	%	 	 A-	
REITs	 	512,522	
 	 	547,830	
 	 	3.6	%	 	BBB+	 	513,412	
 	 	544,302	
 	 	3.7	%	 	 BBB+	
Other Finance	 	62,834	
 	 	68,159	
 	 	0.4	%	 	BBB+	 	63,037	
 	 	67,073	
 	 	0.5	%	 	 BBB+	
Total Financial Institutions	 	$	4,842,257	
 	 	$	5,186,461	
 	 	34.2	%	 	 	 	$	4,789,568	
 	 	$	5,066,408	
 	 	34.0	%	 	 	
Industrials	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic	 	877,393	
 	 	916,134	
 	 	6.0	%	 	BBB	 	893,754	
 	 	921,843	
 	 	6.2	%	 	 BBB	
Capital Goods	 	660,529	
 	 	705,809	
 	 	4.6	%	 	BBB	 	657,388	
 	 	694,700	
 	 	4.7	%	 	 BBB	
Communications	 	1,410,865	
 	 	1,554,810	
 	 	10.2	%	 	BBB	 	1,448,054	
 	 	1,572,181	
 	 	10.6	%	 	 BBB+	
Consumer Cyclical	 	631,495	
 	 	685,719	
 	 	4.5	%	 	BBB+	 	665,675	
 	 	709,100	
 	 	4.8	%	 	 BBB+	
Consumer Noncyclical	 	1,279,436	
 	 	1,395,621	
 	 	9.2	%	 	BBB+	 	1,299,879	
 	 	1,397,510	
 	 	9.4	%	 	 BBB+	
Energy	 	1,741,193	
 	 	1,830,451	
 	 	12.1	%	 	BBB	 	1,647,847	
 	 	1,699,885	
 	 	11.2	%	 	 BBB	
Technology	 	503,207	
 	 	530,636	
 	 	3.5	%	 	BBB+	 	465,256	
 	 	485,833	
 	 	3.3	%	 	 BBB+	
Transportation	 	488,873	
 	 	533,408	
 	 	3.5	%	 	A-	 	453,106	
 	 	486,736	
 	 	3.3	%	 	 A-	
Other Industrial	 	106,945	
 	 	118,090	
 	 	0.8	%	 	A-	 	108,371	
 	 	118,279	
 	 	0.8	%	 	 A-	
Total Industrials	 	$	7,699,936	
 	 	$	8,270,678	
 	 	54.4	%	 	 	 	$	7,639,330	
 	 	$	8,086,067	
 	 	54.3	%	 	 	
Utilities	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Electric	 	1,166,561	
 	 	1,303,023	
 	 	8.6	%	 	BBB+	 	1,192,487	
 	 	1,309,874	
 	 	8.8	%	 	 BBB+	
Natural Gas	 	219,925	
 	 	240,253	
 	 	1.6	%	 	A-	 	234,761	
 	 	251,110	
 	 	1.7	%	 	 A-	
Other Utility	 	155,910	
 	 	178,720	
 	 	1.2	%	 	BBB+	 	154,458	
 	 	172,124	
 	 	1.2	%	 	 A-	
Total Utilities	 	$	1,542,396	
 	 	$	1,721,996	
 	 	11.4	%	 	 	 	$	1,581,706	
 	 	$	1,733,108	
 	 	11.7	%	 	 	
Total	 	$	14,084,589	
 	 	$	15,179,135	
 	 	100.0	%	 	BBB+	 	$	14,010,604	
 	 	$	14,885,583	
 	 	100.0	%	 	BBB+	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(1) The Average Credit Rating designations are based on the weighted average ratings from nationally recognized rating organizations, primarily those assigned by S&P. In instances where a S&P rating is not available, the Company will reference the rating provided by Moody’s, and in the absence of both the Company will assign equivalent ratings based on information from the NAIC.	

                                        

 	 	Page 21

Reinsurance Group of America, Incorporated
Investments
(USD thousands)

Ratings of Fixed Maturity Securities
(Excludes Funds Withheld Portfolios)

 	 	 	 	March 31, 2015	 	December 31, 2014	 	September 30, 2014	 	June 30, 2014	 	March 31, 2014	
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	 	$	14,515,363	
 	 	$	16,887,466	
 	 	65.4	%	 	$	14,855,946	
 	 	$	16,866,777	
 	 	66.1	%	 	$	14,590,478	
 	 	$	16,236,196	
 	 	66.3	%	 	$	14,646,888	
 	 	$	16,304,796	
 	 	66.6	%	 	$	13,519,276	
 	 	$	14,859,087	
 	 	67.0	%	
2	 	BBB	 	6,957,089	
 	 	7,450,140	
 	 	28.9	%	 	6,880,383	
 	 	7,258,299	
 	 	28.5	%	 	6,530,399	
 	 	6,895,202	
 	 	28.2	%	 	6,527,092	
 	 	6,942,290	
 	 	28.3	%	 	5,882,308	
 	 	6,177,731	
 	 	27.9	%	
3	 	BB	 	799,090	
 	 	825,796	
 	 	3.2	%	 	750,152	
 	 	760,531	
 	 	3.0	%	 	729,311	
 	 	751,110	
 	 	3.1	%	 	669,569	
 	 	706,926	
 	 	2.9	%	 	637,814	
 	 	666,571	
 	 	3.0	%	
4	 	B	 	419,277	
 	 	404,081	
 	 	1.6	%	 	387,456	
 	 	372,375	
 	 	1.5	%	 	425,094	
 	 	421,100	
 	 	1.7	%	 	362,960	
 	 	364,395	
 	 	1.5	%	 	379,529	
 	 	379,688	
 	 	1.7	%	
5	 	CCC	 	219,271	
 	 	214,370	
 	 	0.8	%	 	212,905	
 	 	208,346	
 	 	0.8	%	 	152,363	
 	 	150,845	
 	 	0.6	%	 	143,292	
 	 	142,805	
 	 	0.6	%	 	60,003	
 	 	60,427	
 	 	0.3	%	
6	 	In or near default	 	23,626	
 	 	19,370	
 	 	0.1	%	 	18,755	
 	 	14,644	
 	 	0.1	%	 	25,296	
 	 	20,998	
 	 	0.1	%	 	23,545	
 	 	19,184	
 	 	0.1	%	 	18,594	
 	 	13,678	
 	 	0.1	%	
 	 	Total	 	$	22,933,716	
 	 	$	25,801,223	
 	
 	100.0	%	
 	$	23,105,597	
 	
 	$	25,480,972	
 	
 	100.0	%	
 	$	22,452,941	
 	
 	$	24,475,451	
 	
 	100.0	%	
 	$	22,373,346	
 	
 	$	24,480,396	
 	
 	100.0	%	
 	$	20,497,524	
 	
 	$	22,157,182	
 	
 	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 Nationally Recognized Statistical Rating Organizations (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	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	March 31, 2015	 	December 31, 2014	 	September 30, 2014	 	June 30, 2014	 	March 31, 2014	
 	 	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	 	$	644,367	
 	 	$	692,101	
 	 	$	639,936	
 	 	$	677,352	
 	 	$	597,413	
 	 	$	625,070	
 	 	$	564,397	
 	 	$	594,042	
 	 	$	569,064	
 	 	$	591,515	
 	
Non-agency	 	428,048	
 	 	435,573	
 	 	351,931	
 	 	360,544	
 	 	367,023	
 	 	375,647	
 	 	382,034	
 	 	392,097	
 	 	400,880	
 	 	410,356	
 	
Total residential mortgage-backed securities	 	1,072,415	
 	 	1,127,674	
 	 	991,867	
 	 	1,037,896	
 	 	964,436	
 	 	1,000,717	
 	 	946,431	
 	 	986,139	
 	 	969,944	
 	 	1,001,871	
 	
Commercial mortgage-backed securities	 	1,448,372	
 	 	1,534,274	
 	 	1,453,657	
 	 	1,532,591	
 	 	1,404,648	
 	 	1,481,822	
 	 	1,380,622	
 	 	1,474,620	
 	 	1,367,205	
 	 	1,450,503	
 	
Asset-backed securities	 	1,082,883	
 	 	1,098,112	
 	 	1,059,660	
 	 	1,069,586	
 	 	993,028	
 	 	1,006,048	
 	 	993,116	
 	 	1,008,375	
 	 	933,130	
 	 	944,579	
 	
Total	 	$	3,603,670	
 	 	$	3,760,060	
 	 	$	3,505,184	
 	 	$	3,640,073	
 	 	$	3,362,112	
 	 	$	3,488,587	
 	 	$	3,320,169	
 	 	$	3,469,134	
 	 	$	3,270,279	
 	 	$	3,396,953	

                                        

 	 	Page 22

 
Reinsurance Group of America, Incorporated
Investments
(USD thousands)

Gross Unrealized Losses Aging

Fixed Maturity Securities	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	March 31, 2015	 	December 31, 2014	 	September 30, 2014	 	June 30, 2014	 	March 31, 2014	
 	 	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%	 	$	71,886	
 	 	72.3	%	 	$	110,346	
 	 	81.8	%	 	$	107,731	
 	 	89.1	%	 	$	96,330	
 	 	85.8	%	 	$	157,050	
 	 	87.6	%	
20% or more for less than six months	 	14,581	
 	 	14.7	%	 	13,698	
 	 	10.1	%	 	683	
 	 	0.6	%	 	2,479	
 	 	2.2	%	 	163	
 	 	0.1	%	
20% or more for six months or greater	 	11,546	
 	 	11.6	%	 	9,254	
 	 	6.9	%	 	9,510	
 	 	7.9	%	 	10,936	
 	 	9.7	%	 	17,771	
 	 	9.9	%	
Total	 	$	98,013	
 	
 	98.6	%	
 	$	133,298	
 	
 	98.8	%	
 	$	117,924	
 	
 	97.6	%	
 	$	109,745	
 	
 	97.7	%	
 	$	174,984	
 	
 	97.6	%	

Equity Securities	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	March 31, 2015	 	December 31, 2014	 	September 30, 2014	 	June 30, 2014	 	March 31, 2014	
 	 	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%	 	$	712	
 	 	0.7	%	 	$	1,619	
 	 	1.2	%	 	$	2,926	
 	 	2.4	%	 	$	2,555	
 	 	2.3	%	 	$	4,321	
 	 	2.4	%	
20% or more for less than six months	 	737	
 	 	0.7	%	 	—	
 	 	0.0	%	 	—	
 	 	0.0	%	 	—	
 	 	0.0	%	 	—	
 	 	0.0	%	
20% or more for six months or greater	 	—	
 	 	0.0	%	 	2	
 	 	0.0	%	 	2	
 	 	0.0	%	 	2	
 	 	0.0	%	 	2	
 	 	0.0	%	
Total	 	$	1,449	
 	
 	1.4	%	
 	$	1,621	
 	
 	1.2	%	
 	$	2,928	
 	
 	2.4	%	
 	$	2,557	
 	
 	2.3	%	
 	$	4,323	
 	
 	2.4	%	

                                        

 	 	Page 23

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

 	 	As of March 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	 	$	805,091	
 	 	$	18,419	
 	 	$	227,150	
 	 	$	15,576	
 	 	$	1,032,241	
 	 	$	33,995	
 	
Canadian and Canadian provincial governments	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	—	
 	
Residential mortgage-backed securities	 	100,937	
 	 	1,507	
 	 	62,201	
 	 	3,228	
 	 	163,138	
 	 	4,735	
 	
Asset-backed securities	 	285,839	
 	 	2,774	
 	 	99,896	
 	 	3,381	
 	 	385,735	
 	 	6,155	
 	
Commercial mortgage-backed securities	 	49,304	
 	 	162	
 	 	20,733	
 	 	1,590	
 	 	70,037	
 	 	1,752	
 	
U.S. government and agencies	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	—	
 	
State and political subdivisions	 	—	
 	 	—	
 	 	13,647	
 	 	3,128	
 	 	13,647	
 	 	3,128	
 	
Other foreign government, supranational, and foreign
government-sponsored enterprises	 	109,347	
 	 	5,560	
 	 	36,737	
 	 	1,494	
 	 	146,084	
 	 	7,054	
 	
Investment grade securities	 	1,350,518	
 	 	28,422	
 	 	460,364	
 	 	28,397	
 	 	1,810,882	
 	 	56,819	

Below investment grade securities:	 	 	 	 	 	 	 	 	 	 	 	 	
Corporate securities	 	357,118	
 	 	28,279	
 	 	25,560	
 	 	2,557	
 	 	382,678	
 	 	30,836	
 	
Residential mortgage-backed securities	 	10,308	
 	 	83	
 	 	12,033	
 	 	414	
 	 	22,341	
 	 	497	
 	
Asset-backed securities	 	14,478	
 	 	231	
 	 	6,715	
 	 	1,707	
 	 	21,193	
 	 	1,938	
 	
Commercial mortgage-backed securities	 	6,739	
 	 	240	
 	 	5,522	
 	 	5,410	
 	 	12,261	
 	 	5,650	
 	
State and political subdivisions	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	—	
 	
Other foreign government, supranational, and
foreign government-sponsored enterprises	 	15,375	
 	 	2,145	
 	 	2,910	
 	 	128	
 	 	18,285	
 	 	2,273	
 	
Below investment grade securities	 	404,018	
 	 	30,978	
 	 	52,740	
 	 	10,216	
 	 	456,758	
 	 	41,194	
 	
Total fixed maturity securities	 	$	1,754,536	
 	 	$	59,400	
 	 	$	513,104	
 	 	$	38,613	
 	 	$	2,267,640	
 	 	$	98,013	

Non-redeemable preferred stock	 	20,885	
 	 	501	
 	 	6,649	
 	 	904	
 	 	27,534	
 	 	1,405	
 	
Other equity securities	 	8,597	
 	 	44	
 	 	—	
 	 	—	
 	 	8,597	
 	 	44	
 	
Total equity securities	 	$	29,482	
 	 	$	545	
 	 	$	6,649	
 	 	$	904	
 	 	$	36,131	
 	 	$	1,449	

 	 	 	 	 	 	 	 	 	 	 	 	 	

 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	As of December 31, 2014	
 	 	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	 	$	1,225,767	
 	 	$	27,784	
 	 	$	614,294	
 	 	$	30,040	
 	 	$	1,840,061	
 	 	$	57,824	
 	
Canadian and Canadian provincial governments	 	—	
 	 	—	
 	 	1,235	
 	 	7	
 	 	1,235	
 	 	7	
 	
Residential mortgage-backed securities	 	78,864	
 	 	846	
 	 	135,414	
 	 	5,247	
 	 	214,278	
 	 	6,093	
 	
Asset-backed securities	 	332,785	
 	 	4,021	
 	 	109,411	
 	 	4,289	
 	 	442,196	
 	 	8,310	
 	
Commercial mortgage-backed securities	 	78,632	
 	 	564	
 	 	28,375	
 	 	2,461	
 	 	107,007	
 	 	3,025	
 	
U.S. government and agencies	 	81,317	
 	 	89	
 	 	32,959	
 	 	426	
 	 	114,276	
 	 	515	
 	
State and political subdivisions	 	13,780	
 	 	17	
 	 	18,998	
 	 	3,438	
 	 	32,778	
 	 	3,455	
 	
Other foreign government, supranational, and foreign government-sponsored enterprises	 	156,725	
 	 	7,007	
 	 	76,111	
 	 	2,946	
 	 	232,836	
 	 	9,953	
 	
Investment grade securities	 	1,967,870	
 	 	40,328	
 	 	1,016,797	
 	 	48,854	
 	 	2,984,667	
 	 	89,182	

Below investment grade securities:	 	 	 	 	 	 	 	 	 	 	 	 	
Corporate securities	 	415,886	
 	 	29,316	
 	 	32,567	
 	 	3,404	
 	 	448,453	
 	 	32,720	
 	
Residential mortgage-backed securities	 	22,836	
 	 	293	
 	 	6,284	
 	 	225	
 	 	29,120	
 	 	518	
 	
Asset-backed securities	 	12,448	
 	 	274	
 	 	7,108	
 	 	1,791	
 	 	19,556	
 	 	2,065	
 	
Commercial mortgage-backed securities	 	3,288	
 	 	249	
 	 	5,580	
 	 	5,385	
 	 	8,868	
 	 	5,634	
 	
State and political subdivisions	 	964	
 	 	43	
 	 	—	
 	 	—	
 	 	964	
 	 	43	
 	
Other foreign government, supranational, and
foreign government-sponsored enterprises	 	13,986	
 	 	3,136	
 	 	—	
 	 	—	
 	 	13,986	
 	 	3,136	
 	
Below investment grade securities	 	469,408	
 	 	33,311	
 	 	51,539	
 	 	10,805	
 	 	520,947	
 	 	44,116	
 	
Total fixed maturity securities	 	$	2,437,278	
 	 	$	73,639	
 	 	$	1,068,336	
 	 	$	59,659	
 	 	$	3,505,614	
 	 	$	133,298	

Non-redeemable preferred stock	 	11,619	
 	 	235	
 	 	19,100	
 	 	1,292	
 	 	30,719	
 	 	1,527	
 	
Other equity securities	 	—	
 	 	—	
 	 	3,545	
 	 	94	
 	 	3,545	
 	 	94	
 	
Total equity securities	 	$	11,619	
 	 	$	235	
 	 	$	22,645	
 	 	$	1,386	
 	 	$	34,264	
 	 	$	1,621	

                                        

 	 	Page 24

Reinsurance Group of America, Incorporated
Investments
(USD thousands)

Consolidated Investment Related Gains and Losses	

 	 	Three Months Ended	 	Current Qtr
vs. PY
Quarter	
 	 	March 31,	 	Dec. 31,	 	Sept. 30,	 	June 30,	 	March 31,	 	 	
 	 	2015	 	2014	 	2014	 	2014	 	2014	 	 	
Fixed Maturity and Equity Securities:	 	 	 	 	 	 	 	 	 	 	 	 	
Other-than-temporary impairment losses on fixed maturities	 	$	(2,527	)	 	$	(6,347	)	 	$	(246	)	 	$	(870	)	 	$	(303	)	 	$	(2,224	)	
Portion of loss recognized in accumulated other
comprehensive income (before taxes)	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	—	
 	
Net other-than-temporary impairment losses on fixed
maturities recognized in earnings	 	(2,527	)	 	(6,347	)	 	(246	)	 	(870	)	 	(303	)	 	(2,224	)	
Gain on investment activity	 	19,201	
 	 	13,662	
 	 	8,819	
 	 	34,887	
 	 	8,067	
 	 	11,134	
 	
Loss on investment activity	 	(13,596	)	 	(11,480	)	 	(6,355	)	 	(6,877	)	 	(6,583	)	 	(7,013	)	
Net gain/(loss) on fixed maturity and equity securities	 	3,078	
 	 	(4,165	)	 	2,218	
 	 	27,140	
 	 	1,181	
 	 	1,897	

Other impairment losses and change in mortgage loan provision	 	(4,168	)	 	371	
 	 	(2,041	)	 	(5,309	)	 	1,664	
 	 	(5,832	)	
Other non-derivative gain/(loss), net	 	17,375	
 	 	2,759	
 	 	2,298	
 	 	9,197	
 	 	8,368	
 	 	9,007	

Free-standing Derivatives:	 	 	 	 	 	 	 	 	 	 	 	 	
Credit default swaps	 	2,658	
 	 	2,658	
 	 	(1,389	)	 	4,783	
 	 	(2,114	)	 	4,772	
 	
Interest rate swaps - non-hedged	 	29,344	
 	 	33,812	
 	 	9,114	
 	 	22,244	
 	 	29,659	
 	 	(315	)	
Interest rate swaps - hedged	 	7	
 	 	10	
 	 	8	
 	 	7	
 	 	(6	)	 	13	
 	
Futures	 	(7,331	)	 	(6,728	)	 	6,446	
 	 	(7,684	)	 	(1,584	)	 	(5,747	)	
CPI swaps	 	(71	)	 	(536	)	 	(274	)	 	115	
 	 	352	
 	 	(423	)	
Equity options	 	(8,067	)	 	(5,724	)	 	1,017	
 	 	(8,800	)	 	(8,965	)	 	898	
 	
Currency forwards	 	(220	)	 	(5,746	)	 	(5,277	)	 	1,178	
 	 	1,154	
 	 	(1,374	)	
Bond forwards	 	(840	)	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	(840	)	
Interest rate options	 	3,276	
 	 	11,490	
 	 	865	
 	 	2,004	
 	 	1,282	
 	 	1,994	
 	
Total free-standing derivatives	 	18,756	
 	 	29,236	
 	 	10,510	
 	 	13,847	
 	 	19,778	
 	 	(1,022	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Embedded Derivatives:	 	 	 	 	 	 	 	 	 	 	 	 	
Modified coinsurance and funds withheld treaties	 	(2,325	)	 	(14,523	)	 	56,812	
 	 	78,835	
 	 	77,241	
 	 	(79,566	)	
GMXB	 	(25,133	)	 	(52,901	)	 	(47,479	)	 	(5,183	)	 	(23,661	)	 	(1,472	)	
Total embedded derivatives	 	(27,458	)	 	(67,424	)	 	9,333	
 	 	73,652	
 	 	53,580	
 	 	(81,038	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Net gain/(loss) on total derivatives	 	(8,702	)	 	(38,188	)	 	19,843	
 	 	87,499	
 	 	73,358	
 	 	(82,060	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Total investment related gains / (losses), net	 	$	7,583	
 	 	$	(39,223	)	 	$	22,318	
 	 	$	118,527	
 	 	$	84,571	
 	 	$	(76,988	)	

 

 	
 	 	 	
 	 	Page 25