REINSURANCE GROUP OF AMERICA INC - FORM 8-K - EX-99.2

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Exhibit 99.2

Reinsurance Group of America, Incorporated^®

Financial Supplement

Third Quarter 2009

(Unaudited)

Reinsurance Group of America, Incorporated^®


World Headquarters	Internet address	Contacts:
1370 Timberlake Manor Parkway	www.rgare.com	Jack B. Lay
Chesterfield, Missouri 63017		Senior Executive Vice President
U.S.A.		and Chief Financial Officer
		Phone: (636) 736-7000
		e-mail: jlay@rgare.com

		John Hayden
		Sr. Vice President
		Controller & Investor Relations
		Phone: (636) 736-7243
		e-mail: jhayden@rgare.com

Current Ratings

Standard & Poor’s

A.M. Best

Moody’s

Financial Strength Ratings

RGA Reinsurance Company

AA-

A+

RGA Life Reinsurance Company of Canada

AA-

A+

RGA International Reinsurance Company Limited

AA-

RGA Global Reinsurance Company Limited

AA-

Senior Debt Ratings

Reinsurance Group of America, Incorporated

A-

Baa1

Our common stock is traded on the New York Stock Exchange under the symbol “RGA.”

Quarterly Financial Supplement

Reinsurance Group of America, Incorporated
Financial Supplement
3rd Quarter 2009
Table of Contents


	Page
Non-GAAP Disclosure		1

Consolidated

Financial Highlights		2

Consolidated Income Statement (incl. Operating Income Reconciliation)		3

Consolidated Operating Income Statement		4

Consolidated Balance Sheets		5

Segment Pre-tax Operating Income Summaries and Reconciliations to U.S. GAAP

U.S. Operations		6

Canada Operations		10

Europe & South Africa Operations		11

Asia Pacific Operations		12

Corporate and Other		13

Summary of Pre-tax Segment Operating Income		14

Investments

Cash and Invested Assets, Yield Summary		15

Amortized cost, Gross Unrealized Gains and Losses, Estimated Fair Values of Fixed Maturity and Equity Securities		16

Corporate Securities by Sector (Fixed Maturities and Equities)		17

Quality of Fixed Maturity Securities and Structured Fixed Maturity Securities		18

Subprime Mortgage Exposure (Including Funds Withheld Portfolios)		19

CMBS Exposure (Including Funds Withheld Portfolios)		20

Gross Unrealized Losses Aging		21

Fixed Maturity and Equity Securities Below Amortized Cost		22

Consolidated Gross Gains and Losses		23

Quarterly Financial Supplement

Reinsurance Group of America, Incorporated
Financial Supplement

This Financial Supplement is for information purposes only and includes unaudited figures. This report should be read in conjunction with documents filed by Reinsurance Group of America, Incorporated with the SEC.

Non-GAAP Disclosures

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

Additionally, 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.

Quarterly Financial Supplement

Page 1

Reinsurance Group of America, Incorporated
Financial Highlights
Third Quarter 2009


	Three Months Ended or As of														Current Qtr			Year-to-Date
	Sept. 30,		June 30,			March 31,			Dec. 31,			Sept. 30,			vs. PY			Sept. 30,		Sept. 30,
(USD thousands, except inforce & per share data)	2009		2009			2009			2008			2008			Quarter			2009		2008		Change
Net premiums	$	1,405,179	$	1,375,181		$	1,346,047		$	1,389,091		$	1,303,590		$	101,589		$	4,126,407	$	3,960,210	$	166,197
Net income — continuing operations		118,208		153,179			23,290			15,170			25,250			92,958			294,677		172,645		122,032
Operating income		114,571		130,562			67,355			99,966			118,542			(3,971	)		312,488		299,187		13,301
Total assets		24,162,113		22,649,349			21,634,314			21,658,818			21,844,347			2,317,766

Assumed Ordinary Life Reinsurance in Force (in billions)
U.S.	$	1,281.9	$	1,280.5		$	1,285.6		$	1,274.5		$	1,265.6		$	16.3		$	1,281.9	$	1,265.6	$	16.3
Canada		261.1		234.3			209.9			209.5			231.4			29.7			261.1		231.4		29.7
Europe & South Africa		388.2		382.9			332.8			325.2			368.9			19.3			388.2		368.9		19.3
Asia Pacific		343.4		321.6			293.0			298.9			310.6			32.8			343.4		310.6		32.8

Total Life Reinsurance in Force	$	2,274.6	$	2,219.3		$	2,121.3		$	2,108.1		$	2,176.5		$	98.1		$	2,274.6	$	2,176.5	$	98.1


Assumed New Business Production (in billions)
U.S.	$	31.2	$	25.8		$	35.5		$	33.7		$	30.5		$	0.7		$	92.5	$	100.7	$	(8.2	)
Canada		10.5		9.6			9.9			12.1			14.5			(4.0	)		30.0		39.1		(9.1	)
Europe & South Africa		19.9		22.7			36.0			28.2			21.4			(1.5	)		78.6		59.3		19.3
Asia Pacific		8.6		3.3			3.8			9.2			7.5			1.1			15.7		22.7		(7.0	)

Total New Business Production	$	70.2	$	61.4		$	85.2		$	83.2		$	73.9		$	(3.7	)	$	216.8	$	221.8	$	(5.0	)


Per Share and Shares Data
Basic earnings per share from continuing operations
Net income	$	1.62	$	2.11		$	0.32		$	0.22		$	0.41		$	1.21		$	4.05	$	2.77	$	1.28
Operating income	$	1.57	$	1.79		$	0.93		$	1.45		$	1.90		$	(0.33	)	$	4.30	$	4.81	$	(0.51	)
Diluted earnings per share from continuing operations
Net income	$	1.61	$	2.10		$	0.32		$	0.22		$	0.40		$	1.21		$	4.03	$	2.70	$	1.33
Operating income	$	1.56	$	1.79		$	0.92		$	1.45		$	1.86		$	(0.30	)	$	4.28	$	4.68	$	(0.40	)

Wgt. average common shares outstanding (basic)		72,781		72,770			72,710			68,831			62,323			10,458			72,754		62,251		10,503
Wgt. average common shares outstanding (diluted)		73,286		72,939			72,884			69,176			63,607			9,679			73,037		63,940		9,097

Common shares issued		73,363		73,364			73,363			73,363			63,128			10,235			73,363		63,128
Treasury shares		573		589			600			741			803			(230	)		573		803
Common shares outstanding		72,790		72,775			72,763			72,622			62,325			10,465			72,790		62,325

Book value per share	$	51.83	$	42.59		$	33.99		$	36.03		$	41.83
Per share effect of accumulated other comprehensive income (AOCI)	$	4.36	$	(3.31	)	$	(9.79	)	$	(7.55	)	$	(3.56	)
Book value per share, excluding AOCI	$	47.47	$	45.90		$	43.78		$	43.58		$	45.39

Quarterly Financial Supplement

Page 2

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


	Three Months Ended															Current Qtr			Year-to-Date
	Sept. 30,			June 30,			March 31,			Dec. 31,			Sept. 30,			vs. PY			Sept. 30,			Sept. 30,
(USD thousands)	2009			2009			2009			2008			2008			Quarter			2009			2008			Change
Revenues:
Net premiums	$	1,405,179		$	1,375,181		$	1,346,047		$	1,389,091		$	1,303,590		$	101,589		$	4,126,407		$	3,960,210		$	166,197
Investment income, net of related expenses		299,471			284,636			223,196			196,634			220,248			79,223			807,303			674,642			132,661
Investment related gains (losses), net
OTTI on fixed maturity securities		(16,945	)		(36,942	)		(34,395	)		(15,226	)		(92,388	)		75,443			(88,282	)		(98,087	)		9,805
OTTI on fixed maturity securities transferred to/from AOCI		(4,000	)		16,135			—			—			—			(4,000	)		12,135			—			12,135
Other investment related gains (losses), net		63,304			98,995			(37,867	)		(228,333	)		(148,919	)		212,223			124,432			(305,559	)		429,991

Total investment related gains (losses), net		42,359			78,188			(72,262	)		(243,559	)		(241,307	)		283,666			48,285			(403,646	)		451,931
Other revenue		31,972			75,161			33,859			25,869			27,764			4,208			140,992			81,962			59,030

Total revenues		1,778,981			1,813,166			1,530,840			1,368,035			1,310,295			468,686			5,122,987			4,313,168			809,819

Benefits and expenses:
Claims and other policy benefits		1,155,811			1,123,696			1,169,744			1,150,645			1,062,948			92,863			3,449,251			3,311,287			137,964
Interest credited		85,153			72,897			36,909			86,989			9,293			75,860			194,959			146,190			48,769
Policy acquisition costs and other insurance expenses		271,789			308,403			198,801			27,529			124,836			146,953			778,993			330,370			448,623
Other operating expenses		76,403			71,095			66,749			53,694			63,886			12,517			214,247			189,223			25,024
Interest expense		5,243			19,595			22,117			21,552			9,935			(4,692	)		46,955			54,609			(7,654	)
Collateral finance facility expense		2,031			2,057			2,314			7,432			6,851			(4,820	)		6,402			21,291			(14,889	)

Total benefits and expenses		1,596,430			1,597,743			1,496,634			1,347,841			1,277,749			318,681			4,690,807			4,052,970			637,837

Income before income taxes — continuing operations		182,551			215,423			34,206			20,194			32,546			150,005			432,180			260,198			171,982

Income tax expense		64,343			62,244			10,916			5,024			7,296			57,047			137,503			87,553			49,950

Income — continuing operations		118,208			153,179			23,290			15,170			25,250			92,958			294,677			172,645			122,032
Loss from discontinued operations		—			—			—			(5,809	)		(22	)		22			—			(5,210	)		5,210

Net income	$	118,208		$	153,179		$	23,290		$	9,361		$	25,228		$	92,980		$	294,677		$	167,435		$	127,242


Pre-tax Operating Income Reconciliation:
Income before income taxes — continuing operations		182,551			215,423			34,206			20,194			32,546			150,005			432,180			260,198			171,982
Investment and derivative losses (gains) — non-operating (1)		20,616			148,794			68,312			(146,818	)		99,801			(79,185	)		237,722			102,625			135,097
Change in value of modified coinsurance and funds withheld embedded derivatives (1)		(51,454	)		(64,337	)		40,425			161,021			106,797			(158,251	)		(75,366	)		266,777			(342,143	)
GMXB embedded derivatives (1)		(10,127	)		(161,237	)		(35,213	)		230,775			35,772			(45,899	)		(206,577	)		36,707			(243,284	)
EIA embedded derivatives — interest credited		(5,248	)		(12,772	)		(8,124	)		48,896			(43,871	)		38,623			(26,144	)		11,367			(37,511	)
EIA embedded derivatives — policy acq. costs		191			1,748			1,304			(5,697	)		8,274			(8,083	)		3,243			(1,426	)		4,669
DAC offset, net		40,780			92,846			1,529			(157,941	)		(63,394	)		104,174			135,155			(221,512	)		356,667
Gain on debt repurchase		—			(38,875	)		—			—			—			—			(38,875	)		—			(38,875	)

Operating Income Before Income Taxes	$	177,309		$	181,590		$	102,439		$	150,430		$	175,925		$	1,384		$	461,338		$	454,736		$	6,602


After-tax Operating Income Reconciliation:
Income — continuing operations		118,208			153,179			23,290			15,170			25,250			92,958			294,677			172,645			122,032
Investment and derivative losses (gains) — non-operating (1)		13,170			96,091			44,117			(95,289	)		64,967			(51,797	)		153,378			66,798			86,580
Change in value of modified coinsurance and funds withheld embedded derivatives (1)		(33,445	)		(41,819	)		26,276			104,664			69,418			(102,863	)		(48,988	)		173,405			(222,393	)
GMXB embedded derivatives (1)		(6,582	)		(104,805	)		(22,888	)		150,003			23,252			(29,834	)		(134,275	)		23,860			(158,135	)
EIA embedded derivatives — interest credited		(3,412	)		(8,301	)		(5,281	)		31,782			(28,516	)		25,104			(16,994	)		7,389			(24,383	)
EIA embedded derivatives — policy acq. costs		124			1,136			848			(3,703	)		5,378			(5,254	)		2,108			(927	)		3,035
DAC offset, net		26,508			60,350			993			(102,661	)		(41,207	)		67,715			87,851			(143,983	)		231,834
Gain on debt repurchase		—			(25,269	)		—			—			—			—			(25,269	)		—			(25,269	)

Operating Income	$	114,571		$	130,562		$	67,355		$	99,966		$	118,542		$	(3,971	)	$	312,488		$	299,187		$	13,301


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

Quarterly Financial Supplement

Page 3

Reinsurance Group of America, Incorporated
Consolidated Operating Income Statement


	Three Months Ended															Current Qtr			Year-to-Date
	Sept. 30,			June 30,			March 31,			Dec. 31,			Sept. 30,			vs. PY			Sept. 30,			Sept. 30,
(USD thousands, except per share data)	2009			2009			2009			2008			2008			Quarter			2009			2008		Change
Revenues:
Net premiums	$	1,405,179		$	1,375,181		$	1,346,047		$	1,389,091		$	1,303,590		$	101,589		$	4,126,407		$	3,960,210	$	166,197
Investment income, net of related expenses		299,471			284,636			223,196			196,634			220,248			79,223			807,303			674,642		132,661
Investment related gains (losses), net		1,394			1,408			1,262			1,419			1,063			331			4,064			2,463		1,601
Other revenue		31,972			36,286			33,859			25,869			27,764			4,208			102,117			81,962		20,155

Total revenues		1,738,016			1,697,511			1,604,364			1,613,013			1,552,665			185,351			5,039,891			4,719,277		320,614

Benefits and expenses:
Claims and other policy benefits		1,155,811			1,123,696			1,169,744			1,150,645			1,062,948			92,863			3,449,251			3,311,287		137,964
Interest credited		90,401			85,669			45,033			38,093			53,164			37,237			221,103			134,823		86,280
Policy acquisition costs and other insurance expenses		230,818			213,809			195,968			191,167			179,956			50,862			640,595			553,308		87,287
Other operating expenses		76,403			71,095			66,749			53,694			63,886			12,517			214,247			189,223		25,024
Interest expense		5,243			19,595			22,117			21,552			9,935			(4,692	)		46,955			54,609		(7,654	)
Collateral finance facility expense		2,031			2,057			2,314			7,432			6,851			(4,820	)		6,402			21,291		(14,889	)

Total benefits and expenses		1,560,707			1,515,921			1,501,925			1,462,583			1,376,740			183,967			4,578,553			4,264,541		314,012

Operating income before income taxes		177,309			181,590			102,439			150,430			175,925			1,384			461,338			454,736		6,602

Operating income tax expense		62,738			51,028			35,084			50,464			57,383			5,355			148,850			155,549		(6,699	)




Operating income	$	114,571		$	130,562		$	67,355		$	99,966		$	118,542		$	(3,971	)	$	312,488		$	299,187	$	13,301


Wgt. Average Common Shares Outstanding (Diluted)		73,286			72,939			72,884			69,176			63,607			9,679			73,037			63,940		9,097


Diluted Earnings Per Share — Operating Income	$	1.56		$	1.79		$	0.92		$	1.45		$	1.86		$	(0.30	)	$	4.28		$	4.68	$	(0.40	)


*Foreign currency effect on:**
Net premiums	$	(41,517	)	$	(103,209	)	$	(144,690	)	$	(111,669	)	$	(5,676	)	$	(35,841	)	$	(289,416	)	$	61,351	$	(350,767	)
Operating income before income taxes	$	(1,564	)	$	(9,666	)	$	(10,993	)	$	(17,348	)	$	(1,337	)	$	(227	)	$	(22,223	)	$	12,141	$	(34,364	)


*		Represents effect as compared to comparable prior year period



		Quarterly Financial Supplement		Page 4

Reinsurance Group of America, Incorporated
Consolidated Balance Sheets


	Sept. 30,			June 30,			March 31,			Dec. 31,			Sept. 30,
(USD thousands)	2009			2009			2009			2008			2008
Assets
Fixed maturity securities (available for sale):	$	10,986,825		$	9,842,793		$	8,831,920		$	8,531,804		$	9,121,953
Mortgage loans on real estate		736,982			757,501			764,038			775,050			782,282
Policy loans		1,079,051			1,085,752			1,081,030			1,096,713			1,048,517
Funds withheld at interest		4,820,534			4,675,191			4,505,054			4,520,398			4,806,642
Short-term investments		89,372			53,953			54,552			58,123			32,520
Other invested assets		516,079			482,028			582,784			628,649			432,982

Total investments		18,228,843			16,897,218			15,819,378			15,610,737			16,224,896
Cash and cash equivalents		546,882			416,947			586,542			875,403			412,255
Accrued investment income		151,744			119,411			118,140			87,424			138,414
Premiums receivable and other reinsurance balances		808,719			743,643			657,647			640,235			691,120
Reinsurance ceded receivables		714,761			738,926			746,736			735,155			746,790
Deferred policy acquisition costs		3,604,148			3,615,456			3,602,857			3,610,334			3,498,152
Other assets		107,016			117,748			103,014			99,530			132,720

Total assets	$	24,162,113		$	22,649,349		$	21,634,314		$	21,658,818		$	21,844,347


Liabilities and Stockholders’ Equity
Future policy benefits	$	7,405,615		$	7,054,930		$	6,636,919		$	6,431,530		$	6,552,508
Interest-sensitive contract liabilities		7,446,900			7,454,907			7,613,489			7,690,942			7,517,782
Other policy claims and benefits		2,202,428			2,046,887			1,956,834			1,923,018			2,064,578
Other reinsurance balances		153,627			144,234			197,695			173,645			127,021
Deferred income taxes		675,679			456,701			251,261			310,360			399,669
Other liabilities		679,347			566,805			577,909			585,199			548,844
Short-term debt		—			—			—			—			95,000
Long-term debt		816,648			816,575			917,913			918,246			922,994
Collateral finance facility		850,025			850,014			850,019			850,035			850,094
Company-obligated mandatorily redeemable preferred securities of subsidiary trust holding solely junior subordinated debentures of the Company		159,168			159,123			159,081			159,035			158,990

Total liabilities		20,389,437			19,550,176			19,161,120			19,042,010			19,237,480

Stockholders’ Equity:
Common stock, at par value		734			734			734			734			631
Warrants		66,912			66,912			66,912			66,914			66,915
Additional paid-in-capital		1,460,361			1,457,711			1,455,022			1,450,041			1,118,288
Retained earnings		1,952,934			1,841,497			1,691,292			1,682,087			1,679,568
Accumulated other comprehensive income (AOCI):
Accumulated currency translation adjustment, net of income taxes		185,570			105,631			(3,050	)		19,794			143,729
Unrealized appreciation (depreciation) of securities, net of income taxes		145,166			(332,664	)		(695,070	)		(553,407	)		(358,273	)
Pension and postretirement benefits, net of income taxes		(13,354	)		(14,373	)		(14,456	)		(14,658	)		(7,790	)

Total stockholders’ equity before treasury stock		3,798,323			3,125,448			2,501,384			2,651,505			2,643,068
Less treasury shares		(25,647	)		(26,275	)		(28,190	)		(34,697	)		(36,201	)

Total stockholders’ equity		3,772,676			3,099,173			2,473,194			2,616,808			2,606,867

Total liabilities and stockholders’ equity	$	24,162,113		$	22,649,349		$	21,634,314		$	21,658,818		$	21,844,347


Total stockholders’ equity, excluding AOCI	$	3,455,294		$	3,340,579		$	3,185,770		$	3,165,079		$	2,829,201



		Quarterly Financial Supplement		Page 5

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


	Three Months Ended															Current Qtr			Year-to-Date
	Sept. 30,			June 30,			March 31,			Dec. 31,			Sept. 30,			vs. PY			Sept. 30,			Sept. 30,
(USD thousands)	2009			2009			2009			2008			2008			Quarter			2009			2008			Change
Revenues:
Net premiums	$	801,406		$	807,181		$	786,748		$	874,348		$	740,502		$	60,904		$	2,395,335		$	2,218,726		$	176,609
Investment income, net of related expenses		107,088			104,616			102,561			100,033			99,991			7,097			314,265			294,884			19,381
Other revenue		586			920			570			(193	)		(42	)		628			2,076			570			1,506

Total revenues		909,080			912,717			889,879			974,188			840,451			68,629			2,711,676			2,514,180			197,496

Benefits and expenses:
Claims and other policy benefits		686,057			668,870			695,932			753,545			632,258			53,799			2,050,859			1,908,418			142,441
Interest credited		15,983			15,701			15,233			15,513			15,221			762			46,917			44,935			1,982
Policy acquisition costs and other insurance expenses		108,685			115,325			91,533			118,637			107,199			1,486			315,543			296,480			19,063
Other operating expenses		13,692			12,600			14,603			9,828			12,756			936			40,895			38,115			2,780

Total benefits and expenses		824,417			812,496			817,301			897,523			767,434			56,983			2,454,214			2,287,948			166,266

Operating income before income taxes		84,663			100,221			72,578			76,665			73,017			11,646			257,462			226,232			31,230


Operating to U.S. GAAP Reconciliation:
Operating income before income taxes		84,663			100,221			72,578			76,665			73,017			11,646			257,462			226,232			31,230
Investment and Derivative (losses) gains — non-operating		(20,880	)		(16,934	)		(38,228	)		(6,694	)		(62,065	)		41,185			(76,042	)		(65,210	)		(10,832	)

Income before income taxes	$	63,783		$	83,287		$	34,350		$	69,971		$	10,952		$	52,831		$	181,420		$	161,022		$	20,398


Loss and Expense Ratios:
Claims and other policy benefits		85.6	%		82.9	%		88.5	%		86.2	%		85.4	%		0.2	%		85.6	%		86.0	%		-0.4	%
Policy acquisition costs and other insurance expenses		13.6	%		14.3	%		11.6	%		13.6	%		14.5	%		-0.9	%		13.2	%		13.4	%		-0.2	%
Other operating expenses		1.7	%		1.6	%		1.9	%		1.1	%		1.7	%		0.0	%		1.7	%		1.7	%		0.0	%



		Quarterly Financial Supplement		Page 6

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


	Three Months Ended															Current Qtr			Year-to-Date
	Sept. 30,			June 30,			March 31,			Dec. 31,			Sept. 30,			vs. PY			Sept. 30,			Sept. 30,
(USD thousands except account values)	2009			2009			2009			2008			2008			Quarter			2009			2008			Change
Revenues:
Net premiums	$	1,744		$	1,639		$	1,709		$	1,584		$	1,719		$	25		$	5,092		$	4,974		$	118
Investment income, net of related expenses		115,777			105,167			55,827			26,428			43,727			72,050			276,771			149,678			127,093
Investment related gains (losses), net		(19	)		(8	)		—			—			—			(19	)		(27	)		—			(27	)
Other revenue		19,452			16,962			15,123			16,018			15,051			4,401			51,537			40,757			10,780

Total revenues		136,954			123,760			72,659			44,030			60,497			76,457			333,373			195,409			137,964

Benefits and expenses:
Claims and other policy benefits		872			(341	)		1,274			8,151			2,040			(1,168	)		1,805			3,090			(1,285	)
Interest credited		74,418			69,941			29,752			22,512			37,866			36,552			174,111			89,591			84,520
Policy acquisition costs and other insurance expenses		39,397			35,910			42,476			14,535			10,077			29,320			117,783			73,231			44,552
Other operating expenses		2,537			2,265			2,898			1,649			2,167			370			7,700			6,341			1,359

Total benefits and expenses		117,224			107,775			76,400			46,847			52,150			65,074			301,399			172,253			129,146

Operating income before income taxes		19,730			15,985			(3,741	)		(2,817	)		8,347			11,383			31,974			23,156			8,818


Operating to U.S. GAAP Reconciliation:
Operating income before income taxes		19,730			15,985			(3,741	)		(2,817	)		8,347			11,383			31,974			23,156			8,818
Investment and derivative (losses) gains — non- operating (1)		(7,714	)		(139,792	)		(23,360	)		159,276			10,289			(18,003	)		(170,866	)		12,606			(183,472	)
Change in value of modified coinsurance and funds withheld embedded derivatives (1)		51,454			64,337			(40,425	)		(161,021	)		(106,797	)		158,251			75,366			(266,777	)		342,143
GMXB embedded derivatives (1)		10,127			161,237			35,213			(230,775	)		(35,772	)		45,899			206,577			(36,707	)		243,284
EIA embedded derivatives — interest credited		5,248			12,772			8,124			(48,896	)		43,871			(38,623	)		26,144			(11,367	)		37,511
EIA embedded derivatives — policy acq. costs		(191	)		(1,748	)		(1,304	)		5,697			(8,274	)		8,083			(3,243	)		1,426			(4,669	)
DAC offset, net		(40,780	)		(92,846	)		(1,529	)		157,941			63,394			(104,174	)		(135,155	)		221,512			(356,667	)

Income before income taxes	$	37,874		$	19,945		$	(27,022	)	$	(120,595	)	$	(24,942	)	$	62,816		$	30,797		$	(56,151	)	$	86,948


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



		Quarterly Financial Supplement		Page 7

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


	Three Months Ended
	Sept. 30,			June 30,			March 31,			Dec. 31,			Sept. 30,
	2009			2009			2009			2008			2008
Annuity account values (in millions):

Fixed annuities (deferred)	$	1,364		$	1,374		$	1,406		$	1,625		$	1,670

Net interest spread (fixed annuities)		2.8	%		2.7	%		2.4	%		1.9	%		1.9	%

Equity-indexed annuities	$	3,940		$	3,885		$	3,813		$	3,806		$	3,677

Variable annuities:
No riders	$	1,195		$	1,090		$	1,041		$	1,063		$	1,251
GMDB only		75			65			58			54			49
GMIB only		6			5			4			4			4
GMAB only		60			54			48			44			45
GMWB only		1,501			1,327			1,180			795			708
GMDB / WB		415			361			316			287			257
Other		33			30			26			24			26

Total VA account values	$	3,285		$	2,932		$	2,673		$	2,271		$	2,340

Fair value of living benefit riders	$	70		$	80		$	241		$	276		$	46

Other annuities	$	199		$	199		$	199		$	199		$	199



				Page 8

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


	Three Months Ended															Current Qtr			Year-to-Date
	Sept. 30,			June 30,			March 31,			Dec. 31,			Sept. 30,			vs. PY			Sept. 30,			Sept. 30,
(USD thousands)	2009			2009			2009			2008			2008			Quarter			2009			2008			Change
Revenues:
Investment income, net of related expenses	$	(56	)	$	(99	)	$	(65	)	$	—		$	192		$	(248	)	$	(220	)	$	588		$	(808	)
Other revenue		3,871			4,118			6,571			4,578			3,644			227			14,560			10,702			3,858

Total revenues		3,815			4,019			6,506			4,578			3,836			(21	)		14,340			11,290			3,050

Benefits and expenses:
Policy acquisition costs and other insurance expenses		289			262			338			341			252			37			889			700			189
Other operating expenses		779			801			679			577			747			32			2,259			2,160			99

Total benefits and expenses		1,068			1,063			1,017			918			999			69			3,148			2,860			288

Operating income before income taxes		2,747			2,956			5,489			3,660			2,837			(90	)		11,192			8,430			2,762


Operating to U.S. GAAP Reconciliation:
Operating income before income taxes		2,747			2,956			5,489			3,660			2,837			(90	)		11,192			8,430			2,762
Investment and Derivative (losses) gains — non-operating		2			38			32			(110	)		(136	)		138			72			(139	)		211

Income before income taxes	$	2,749		$	2,994		$	5,521		$	3,550		$	2,701		$	48		$	11,264		$	8,291		$	2,973



		Quarterly Financial Supplement		Page 9

Reinsurance Group of America, Incorporated
Canadian Segment Operating Income


	Three Months Ended															Current Qtr			Year-to-Date
	Sept. 30,			June 30,			March 31,			Dec. 31,			Sept. 30,			vs. PY			Sept. 30,			Sept. 30,
(USD thousands)	2009			2009			2009			2008			2008			Quarter			2009			2008			Change
Revenues:
Net premiums	$	153,430		$	154,862		$	138,056		$	126,819		$	128,930		$	24,500		$	446,348		$	407,452		$	38,896
Investment income, net of related expenses		34,412			32,115			30,360			32,873			35,836			(1,424	)		96,887			107,561			(10,674	)
Investment related gains (losses), net		1,448			1,433			1,262			1,419			1,063			385			4,143			2,463			1,680
Other revenue		(69	)		(618	)		1,697			826			4,289			(4,358	)		1,010			17,506			(16,496	)

Total revenues		189,221			187,792			171,375			161,937			170,118			19,103			548,388			534,982			13,406

Benefits and expenses:
Claims and other policy benefits		123,357			128,312			115,635			102,316			104,339			19,018			367,304			353,756			13,548
Interest credited		—			27			48			68			77			(77	)		75			297			(222	)
Policy acquisition costs and other insurance expenses		38,244			36,367			33,067			30,634			27,591			10,653			107,678			79,543			28,135
Other operating expenses		5,798			5,523			4,868			5,591			6,132			(334	)		16,189			17,477			(1,288	)

Total benefits and expenses		167,399			170,229			153,618			138,609			138,139			29,260			491,246			451,073			40,173

Operating income before income taxes		21,822			17,563			17,757			23,328			31,979			(10,157	)		57,142			83,909			(26,767	)


Operating to U.S. GAAP Reconciliation:
Operating income before income taxes		21,822			17,563			17,757			23,328			31,979			(10,157	)		57,142			83,909			(26,767	)
Investment and Derivative (losses) gains — non-operating		(2,975	)		7,951			(1,571	)		(1,244	)		(2,246	)		(729	)		3,405			(3,727	)		7,132

Income before income taxes	$	18,847		$	25,514		$	16,186		$	22,084		$	29,733		$	(10,886	)	$	60,547		$	80,182		$	(19,635	)


Loss and Expense Ratios:
Loss ratios (creditor business)		37.7	%		44.1	%		41.2	%		35.5	%		42.3	%		-4.6	%		41.1	%		57.4	%		-16.3	%
Loss ratios (excluding creditor business)		94.9	%		98.6	%		99.4	%		91.4	%		89.1	%		5.8	%		97.6	%		93.3	%		4.3	%
Claims and other policy benefits / (net premiums + investment income)		65.7	%		68.6	%		68.7	%		64.1	%		63.3	%		2.4	%		67.6	%		68.7	%		-1.1	%
Policy acquisition costs and other insurance expenses		24.9	%		23.5	%		24.0	%		24.2	%		21.4	%		3.5	%		24.1	%		19.5	%		4.6	%
Other operating expenses		3.8	%		3.6	%		3.5	%		4.4	%		4.8	%		-1.0	%		3.6	%		4.3	%		-0.7	%

Note: The loss ratios on creditor reinsurance business are normally lower than traditional reinsurance, while allowances are normally higher as a percentage of premiums.

*Foreign currency effect on:**
Net premiums	$	(7,826	)	$	(22,954	)	$	(32,673	)	$	(29,546	)	$	626		$	(8,452	)	$	(63,453	)	$	31,778		$	(95,231	)
Operating income before income taxes	$	(1,048	)	$	(3,697	)	$	(5,477	)	$	(6,164	)	$	(264	)	$	(784	)	$	(10,222	)	$	6,848		$	(17,070	)


*		Represents effect as compared to comparable prior year period



		Quarterly Financial Supplement		Page 10

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


	Three Months Ended															Current Qtr			Year-to-Date
	Sept. 30,			June 30,			March 31,			Dec. 31,			Sept. 30,			vs. PY			Sept. 30,			Sept. 30,
(USD thousands)	2009			2009			2009			2008			2008			Quarter			2009			2008			Change
Revenues:
Net premiums	$	204,169		$	180,017		$	173,256		$	156,898		$	176,184		$	27,985		$	557,442		$	550,870		$	6,572
Investment income, net of related expenses		8,502			8,120			6,749			7,599			9,065			(563	)		23,371			25,394			(2,023	)
Other revenue		102			538			260			240			33			69			900			161			739

Total revenues		212,773			188,675			180,265			164,737			185,282			27,491			581,713			576,425			5,288

Benefits and expenses:
Claims and other policy benefits		164,118			147,018			144,218			106,776			122,521			41,597			455,354			425,516			29,838
Policy acquisition costs and other insurance expenses		21,277			10,369			10,817			14,607			21,559			(282	)		42,463			54,815			(12,352	)
Other operating expenses		20,665			18,911			17,117			16,945			15,708			4,957			56,693			48,130			8,563

Total benefits and expenses		206,060			176,298			172,152			138,328			159,788			46,272			554,510			528,461			26,049

Operating income before income taxes		6,713			12,377			8,113			26,409			25,494			(18,781	)		27,203			47,964			(20,761	)


Operating to U.S. GAAP Reconciliation:
Operating income before income taxes		6,713			12,377			8,113			26,409			25,494			(18,781	)		27,203			47,964			(20,761	)
Investment and Derivative (losses) gains — non-operating		268			(14	)		422			(4,598	)		(4,703	)		4,971			676			(4,089	)		4,765

Income before income taxes	$	6,981		$	12,363		$	8,535		$	21,811		$	20,791		$	(13,810	)	$	27,879		$	43,875		$	(15,996	)


Loss and Expense Ratios:
Claims and other policy benefits		80.4	%		81.7	%		83.2	%		68.1	%		69.5	%		10.9	%		81.7	%		77.2	%		4.5	%
Policy acquisition costs and other insurance expenses		10.4	%		5.8	%		6.2	%		9.3	%		12.2	%		-1.8	%		7.6	%		10.0	%		-2.4	%
Other operating expenses		10.1	%		10.5	%		9.9	%		10.8	%		8.9	%		1.2	%		10.2	%		8.7	%		1.5	%

*Foreign currency effect on:**
Net premiums	$	(24,713	)	$	(41,195	)	$	(56,890	)	$	(43,150	)	$	(9,380	)	$	(15,333	)	$	(122,798	)	$	(4,545	)	$	(118,253	)
Operating income before income taxes	$	(614	)	$	(1,747	)	$	(3,991	)	$	(7,816	)	$	(2,015	)	$	1,401		$	(6,352	)	$	(738	)	$	(5,614	)

Critical illness net premiums	$	54,206		$	52,697		$	46,323		$	49,471		$	59,227		$	(5,021	)	$	153,226		$	186,953		$	(33,727	)


*		Represents effect as compared to comparable prior year period



		Quarterly Financial Supplement		Page 11

Reinsurance Group of America, Incorporated
Asia Pacific Segment Operating Income


	Three Months Ended															Current Qtr			Year-to-Date
	Sept. 30,			June 30,			March 31,			Dec. 31,			Sept. 30,			vs. PY			Sept. 30,			Sept. 30,
(USD thousands)	2009			2009			2009			2008			2008			Quarter			2009			2008			Change
Revenues:
Net premiums	$	242,350		$	229,430		$	243,728		$	227,666		$	254,497		$	(12,147	)	$	715,508		$	773,148		$	(57,640	)
Investment income, net of related expenses		15,654			14,877			12,697			11,317			12,272			3,382			43,228			36,083			7,145
Other revenue		4,942			4,471			9,729			5,106			2,811			2,131			19,142			7,214			11,928

Total revenues		262,946			248,778			266,154			244,089			269,580			(6,634	)		777,878			816,445			(38,567	)

Benefits and expenses:
Claims and other policy benefits		182,070			179,556			212,414			178,989			201,707			(19,637	)		574,040			620,387			(46,347	)
Policy acquisition costs and other insurance expenses		31,833			26,526			30,429			25,556			25,053			6,780			88,788			81,520			7,268
Other operating expenses		21,072			18,031			16,171			17,235			17,774			3,298			55,274			48,677			6,597

Total benefits and expenses		234,975			224,113			259,014			221,780			244,534			(9,559	)		718,102			750,584			(32,482	)

Operating income before income taxes		27,971			24,665			7,140			22,309			25,046			2,925			59,776			65,861			(6,085	)


Operating to U.S. GAAP Reconciliation:
Operating income before income taxes		27,971			24,665			7,140			22,309			25,046			2,925			59,776			65,861			(6,085	)
Investment and Derivative (losses) gains — non-operating		2,954			855			(3,567	)		2,156			(3,821	)		6,775			242			(4,817	)		5,059

Income before income taxes	$	30,925		$	25,520		$	3,573		$	24,465		$	21,225		$	9,700		$	60,018		$	61,044		$	(1,026	)


Loss and Expense Ratios:
Claims and other policy benefits		75.1	%		78.3	%		87.2	%		78.6	%		79.3	%		-4.2	%		80.2	%		80.2	%		0.0	%
Policy acquisition costs and other insurance expenses		13.1	%		11.6	%		12.5	%		11.2	%		9.8	%		3.3	%		12.4	%		10.5	%		1.9	%
Other operating expenses		8.7	%		7.9	%		6.6	%		7.6	%		7.0	%		1.7	%		7.7	%		6.3	%		1.4	%

*Foreign currency effect on:**
Net premiums	$	(8,996	)	$	(39,082	)	$	(55,173	)	$	(39,028	)	$	3,036		$	(12,032	)	$	(103,251	)	$	34,021		$	(137,272	)
Operating income before income taxes	$	791		$	(2,785	)	$	(246	)	$	(1,972	)	$	1,078		$	(287	)	$	(2,240	)	$	5,500		$	(7,740	)

Critical illness net premiums	$	45,473		$	29,223		$	54,152		$	48,591		$	51,979		$	(6,506	)	$	128,848		$	165,190		$	(36,342	)


*		Represents effect as compared to comparable prior year period



		Quarterly Financial Supplement		Page 12

Reinsurance Group of America, Incorporated
Corporate and Other Segment Operating Income
(Includes A&H beginning 1/1/09)


	Three Months Ended															Current Qtr			Year-to-Date
	Sept. 30,			June 30,			March 31,			Dec. 31,			Sept. 30,			vs. PY			Sept. 30,			Sept. 30,
(USD thousands)	2009			2009			2009			2008			2008			Quarter			2009			2008			Change
Revenues:
Net premiums	$	2,080		$	2,052		$	2,550		$	1,776		$	1,758		$	322		$	6,682		$	5,040		$	1,642
Investment income, net of related expenses		18,094			19,840			15,067			18,384			19,165			(1,071	)		53,001			60,454			(7,453	)
Investment related gains (losses), net		(35	)		(17	)		—			—			—			(35	)		(52	)		—			(52	)
Other revenue		3,088			9,895			(91	)		(706	)		1,978			1,110			12,892			5,052			7,840

Total revenues		23,227			31,770			17,526			19,454			22,901			326			72,523			70,546			1,977

Benefits and expenses:
Claims and other policy benefits		(663	)		281			271			868			83			(746	)		(111	)		120			(231	)
Policy acquisition costs and other insurance expenses		(8,907	)		(10,950	)		(12,692	)		(13,143	)		(11,775	)		2,868			(32,549	)		(32,981	)		432
Other operating expenses		11,860			12,964			10,413			1,869			8,602			3,258			35,237			28,323			6,914
Interest expense		5,243			19,595			22,117			21,552			9,935			(4,692	)		46,955			54,609			(7,654	)
Collateral finance facility expense		2,031			2,057			2,314			7,432			6,851			(4,820	)		6,402			21,291			(14,889	)

Total benefits and expenses		9,564			23,947			22,423			18,578			13,696			(4,132	)		55,934			71,362			(15,428	)

Operating income before income taxes		13,663			7,823			(4,897	)		876			9,205			4,458			16,589			(816	)		17,405


Operating to U.S. GAAP Reconciliation:
Operating income before income taxes		13,663			7,823			(4,897	)		876			9,205			4,458			16,589			(816	)		17,405
Investment and Derivative (losses) gains — non-operating		7,729			(898	)		(2,040	)		(1,968	)		(37,119	)		44,848			4,791			(37,249	)		42,040
Gain on debt repurchase		—			38,875			—			—			—			—			38,875			—			38,875

Income before income taxes	$	21,392		$	45,800		$	(6,937	)	$	(1,092	)	$	(27,914	)	$	49,306		$	60,255		$	(38,065	)	$	98,320


*Foreign currency effect on:**
Net premiums	$	18		$	22		$	46		$	55		$	42		$	(24	)	$	86		$	97		$	(11	)
Operating income before income taxes	$	(693	)	$	(1,437	)	$	(1,279	)	$	(1,396	)	$	(136	)	$	(557	)	$	(3,409	)	$	531		$	(3,940	)


*		Represents effect as compared to comparable prior year period



		Quarterly Financial Supplement		Page 13

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


	Three Months Ended												Current Qtr			Year-to-Date
	Sept. 30,		June 30,		March 31,			Dec. 31,			Sept. 30,		vs. PY			Sept. 30,		Sept. 30,
(USD thousands)	2009		2009		2009			2008			2008		Quarter			2009		2008			Change
U.S. Traditional	$	84,663	$	100,221	$	72,578		$	76,665		$	73,017	$	11,646		$	257,462	$	226,232		$	31,230
U.S. Asset Intensive		19,730		15,985		(3,741	)		(2,817	)		8,347		11,383			31,974		23,156			8,818
U.S. Financial Reinsurance		2,747		2,956		5,489			3,660			2,837		(90	)		11,192		8,430			2,762

Total U.S. Segment		107,140		119,162		74,326			77,508			84,201		22,939			300,628		257,818			42,810
Canadian Segment		21,822		17,563		17,757			23,328			31,979		(10,157	)		57,142		83,909			(26,767	)
Europe & South Africa Segment		6,713		12,377		8,113			26,409			25,494		(18,781	)		27,203		47,964			(20,761	)
Asia Pacific Segment		27,971		24,665		7,140			22,309			25,046		2,925			59,776		65,861			(6,085	)
Corporate and Other		13,663		7,823		(4,897	)		876			9,205		4,458			16,589		(816	)		17,405

Consolidated	$	177,309	$	181,590	$	102,439		$	150,430		$	175,925	$	1,384		$	461,338	$	454,736		$	6,602



		Quarterly Financial Supplement		Page 14

Reinsurance Group of America, Incorporated
Investments


Cash and Invested Assets
	Sept. 30,		June 30,		March 31,		Dec. 31,		Sept. 30,
(USD thousands)	2009		2009		2009		2008		2008
Fixed maturity securities, available-for-sale	$	10,986,825	$	9,842,793	$	8,831,920	$	8,531,804	$	9,121,953
Mortgage loans on real estate		736,982		757,501		764,038		775,050		782,282
Policy loans		1,079,051		1,085,752		1,081,030		1,096,713		1,048,517
Funds withheld at interest		4,820,534		4,675,191		4,505,054		4,520,398		4,806,642
Short-term investments		89,372		53,953		54,552		58,123		32,520
Other invested assets		516,079		482,028		582,784		628,649		432,982
Cash and cash equivalents		546,882		416,947		586,542		875,403		412,255

Total cash and invested assets	$	18,775,725	$	17,314,165	$	16,405,920	$	16,486,140	$	16,637,151

Investment Income and Yield Summary
(Excludes Funds Withheld)


	Three Months Ended															Current Qtr			Year-to-Date
	Sept. 30,			June 30,			March 31,			Dec. 31,			Sept. 30,			vs. PY			Sept. 30,			Sept. 30,
(USD thousands)	2009			2009			2009			2008			2008			Quarter			2009			2008			Change
Average invested assets at amortized cost	$	13,340,365		$	12,976,510		$	12,776,598		$	12,245,727		$	12,185,216		$	1,155,149		$	12,816,614		$	11,632,451		$	1,184,163
Net investment income	$	186,457		$	183,823		$	174,300		$	177,358		$	179,193		$	7,264		$	544,580		$	523,681		$	20,899
Investment yield (ratio of net investment income to average invested assets)		5.71	%		5.79	%		5.57	%		5.92	%		6.01	%		-0.30	%		5.71	%		6.05	%		-0.34	%



Quarterly Financial Supplement		Page 15

Reinsurance Group of America, Incorporated
Investments

Amortized cost, gross unrealized gains and losses, and estimated fair values of fixed maturity and
equity securities


September 30, 2009												Other-than
							Estimated					temporary
	Amortized		Unrealized		Unrealized		Fair		% of			impairment
(USD thousands)	Cost		Gains		Losses		Value		Total			in AOCI
Available-for-sale:
U.S. corporate securities	$	3,703,343	$	204,678	$	203,884	$	3,704,137		33.7	%
Canadian and Canadian provincial governments		1,859,671		498,065		4,925		2,352,811		21.4	%		—
Residential mortgage-backed securities		1,350,539		39,341		60,812		1,329,068		12.1	%		(12,038	)
Foreign corporate securities		1,572,534		93,221		36,536		1,629,219		14.8	%		—
Asset-backed securities		545,194		10,656		106,598		449,252		4.1	%		(2,628	)
Commercial mortgage-backed securities		1,086,558		16,769		220,977		882,350		8.0	%		(4,333	)
U.S. government and agencies		93,058		2,782		131		95,709		0.9	%		—
State and political subdivisions		107,450		2,043		10,115		99,378		0.9	%		—
Other foreign government securities		452,175		5,497		12,771		444,901		4.1	%		—

Total fixed maturity securities	$	10,770,522	$	873,052	$	656,749	$	10,986,825		100.0	%	$	(18,999	)


Non-redeemable preferred stock		157,341		2,637		29,212		130,766		74.4	%
Common stock		44,670		1,615		1,253		45,032		25.6	%

Total equity securities	$	202,011	$	4,252	$	30,465	$	175,798		100.0	%


December 31, 2008
							Estimated
	Amortized		Unrealized		Unrealized		Fair		% of
(USD thousands)	Cost		Gains		Losses		Value		Total
Available-for-sale:
U.S. corporate securities	$	3,577,116	$	34,262	$	598,745	$	3,012,633		35.3	%
Canadian and Canadian provincial governments		1,500,511		397,899		7,171		1,891,239		22.2	%
Residential mortgage-backed securities		1,231,123		24,838		106,776		1,149,185		13.5	%
Foreign corporate securities		1,112,018		14,335		152,920		973,433		11.4	%
Asset-backed securities		484,577		2,098		147,297		339,378		4.0	%
Commercial mortgage-backed securities		1,085,062		2,258		326,730		760,590		8.9	%
U.S. government and agencies		7,555		876		—		8,431		0.1	%
State and political subdivisions		46,537		—		7,883		38,654		0.4	%
Other foreign government securities		338,349		20,062		150		358,261		4.2	%


Total fixed maturity securities	$	9,382,848	$	496,628	$	1,347,672	$	8,531,804		100.0	%


Non-redeemable preferred stock		187,510		49		64,160		123,399		77.4	%
Common stock		40,582		—		4,607		35,975		22.6	%

Total equity securities	$	228,092	$	49	$	68,767	$	159,374		100.0	%



Quarterly Financial Supplement		Page 16

Reinsurance Group of America, Incorporated
Investments

Corporate Securities by Sector (Fixed Maturities and Equities)


	September 30, 2009									December 31, 2008
			Estimated Fair					Average Credit				Estimated Fair					Average Credit
(USD thousands)	Amortized Cost		Value		% of Total			Ratings		Amortized Cost		Value		% of Total			Ratings
Financial Institutions
Banking	$	1,333,801	$	1,256,795		22.8	%		A	$	1,138,663	$	924,098		22.2	%		A
Brokerage		77,934		76,595		1.4	%		BBB+		104,169		96,516		2.3	%		A
Finance Comp.		249,085		241,981		4.4	%		A		278,132		228,659		5.5	%		A+
Insurance		381,626		363,956		6.6	%		A-		309,703		222,116		5.4	%		A-
REITs		176,056		172,821		3.1	%		BBB		153,626		110,172		2.7	%		BBB+
Other Finance		208,016		183,901		3.3	%		A-		191,650		140,161		3.4	%		A

Total Financial Institutions		2,426,518		2,296,049		41.6	%				2,175,943		1,721,722		41.5	%
Industrials
Basic		259,082		272,126		4.9	%		BBB		213,540		173,826		4.2	%		BBB+
Capital Goods		215,790		229,028		4.2	%		BBB+		187,041		172,958		4.2	%		A-
Communications		477,163		527,670		9.6	%		BBB+		449,334		425,633		10.3	%		BBB+
Consumer Cyclical		243,525		244,337		4.5	%		BBB		244,476		198,485		4.8	%		BBB+
Consumer Noncyclical		374,946		405,596		7.4	%		BBB+		341,126		323,239		7.8	%		BBB+
Energy		333,446		358,931		6.5	%		BBB+		248,579		215,634		5.2	%		BBB+
Technology		87,266		95,969		1.7	%		BBB+		55,043		43,998		1.1	%		BBB+
Transportation		214,674		217,541		3.9	%		BBB		217,515		190,303		4.6	%		BBB+
Other Industrial		61,764		38,668		0.7	%		BBB-		55,898		28,314		0.7	%		BBB+

Total Industrials		2,267,656		2,389,866		43.4	%				2,012,552		1,772,390		42.9	%
Utilities
Electric		491,433		510,247		9.3	%		BBB+		446,048		399,235		9.6	%		BBB+
Natural Gas		241,566		260,304		4.7	%		BBB+		200,636		174,308		4.2	%		BBB+
Other Utility		27,323		28,996		0.5	%		A-		22,320		20,447		0.5	%		A-

Total Utilities		760,322		799,547		14.5	%				669,004		593,990		14.3	%
Other Sectors		23,392		23,692		0.5	%		AA		59,728		57,338		1.3	%		AA

Total	$	5,477,888	$	5,509,154		100.0	%			$	4,917,227	$	4,145,440		100.0	%



Quarterly Financial Supplement		Page 17

Reinsurance Group of America, Incorporated
Investments

Ratings of Fixed Maturity Securities


			September 30, 2009							June 30, 2009							March 31, 2009							December 31, 2008							September 30, 2008
(USD thousands)		Rating Agency			Estimated Fair					Amortized		Estimated Fair					Amortized		Estimated Fair					Amortized		Estimated					Amortized		Estimated
NAIC Designation		Designation	Amortized Cost		Value		% of Total			Cost		Value		% of Total			Cost		Value		% of Total			Cost		Fair Value		% of Total			Cost		Fair Value		% of Total
	1	AAA	$	3,131,946	$	3,079,633		28.0	%	$	2,936,383	$	2,750,636		27.9	%	$	2,887,693	$	2,631,984		29.8	%	$	2,851,818	$	2,594,429		30.4	%	$	2,931,176	$	2,780,454		30.5	%
	1	AA		2,394,642		2,613,347		23.8	%		2,346,453		2,372,392		24.1	%		2,205,621		2,188,305		24.8	%		2,147,187		2,161,537		25.3	%		2,601,007		2,624,357		28.8	%
	1	A		2,143,244		2,319,194		21.1	%		2,051,459		2,030,369		20.6	%		1,952,386		1,777,195		20.1	%		2,002,963		1,851,764		21.7	%		1,947,355		1,779,129		19.5	%
	2	BBB		2,413,362		2,430,079		22.1	%		2,377,473		2,212,591		22.5	%		2,284,836		1,877,063		21.3	%		1,991,276		1,649,513		19.3	%		1,817,281		1,632,806		17.9	%
	3	BB		391,699		331,939		3.0	%		413,840		322,158		3.3	%		386,137		260,276		2.9	%		268,276		195,088		2.3	%		253,665		231,706		2.5	%
	4	B		186,547		135,107		1.3	%		134,827		94,647		1.0	%		88,213		53,946		0.6	%		77,830		50,064		0.6	%		58,868		43,503		0.5	%
	5	CCC and lower		95,973		64,093		0.6	%		79,407		53,901		0.5	%		61,502		36,804		0.4	%		33,945		22,538		0.3	%		31,336		27,361		0.3	%
	6	In or near default		13,109		13,433		0.1	%		6,018		6,099		0.1	%		7,061		6,347		0.1	%		9,553		6,871		0.1	%		2,636		2,637		0.0	%

		Total	$	10,770,522	$	10,986,825				$	10,345,860	$	9,842,793				$	9,873,449	$	8,831,920				$	9,382,848	$	8,531,804				$	9,643,324	$	9,121,953

Structured Fixed Maturity Securities


	September 30, 2009				June 30, 2009				March 31, 2009				December 31, 2008				September 30, 2008
			Estimated Fair		Amortized		Estimated Fair				Estimated Fair		Amortized		Estimated Fair		Amortized		Estimated Fair
(USD thousands)	Amortized Cost		Value		Cost		Value		Amortized Cost		Value		Cost		Value		Cost		Value
Residential mortgage-backed securities:
Agency	$	754,676	$	786,735	$	736,056	$	760,316	$	796,869	$	829,447	$	851,507	$	868,479	$	859,530	$	857,249
Non-agency		595,863		542,333		466,832		397,988		447,844		377,842		379,616		280,706		443,461		405,466

Total residential mortgage-backed securities		1,350,539		1,329,068		1,202,888		1,158,304		1,244,713		1,207,289		1,231,123		1,149,185		1,302,991		1,262,715
Commercial mortgage-backed securities		1,086,558		882,350		1,086,649		812,312		1,087,722		721,992		1,085,062		760,590		1,029,457		905,431
Asset-backed securities		545,194		449,252		503,191		377,382		511,088		385,205		484,577		339,378		483,308		395,907

Total	$	2,982,291	$	2,660,670	$	2,792,728	$	2,347,998	$	2,843,523	$	2,314,486	$	2,800,762	$	2,249,153	$	2,815,756	$	2,564,053



		Quarterly Financial Supplement		Page 18

Reinsurance Group of America, Incorporated
Investments

Subprime Mortgage Exposure
(Includes Funds Withheld Portfolios)


	September 30, 2009
	AAA				AA				A
(USD thousands)			Estimated Fair				Estimated				Estimated
Underwriting Year	Amortized Cost		Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value
2003 & Prior	$	6,869	$	5,323	$	1,920	$	1,465	$	6,219	$	3,539
2004		—		—		21,102		14,084		—		—
2005		16,141		12,698		26,816		17,291		6,507		2,223
2006		—		—		—		—		—		—
2007		—		—		—		—		—		—
2008		—		—		—		—		—		—
2009		—		—		—		—		—		—

Total	$	23,010	$	18,021	$	49,838	$	32,840	$	12,726	$	5,762


	BBB				Below Investment Grade				Total
			Estimated Fair				Estimated				Estimated
Underwriting Year	Amortized Cost		Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value
2003 & Prior	$	—	$	—	$	2,800	$	1,249	$	17,808	$	11,576
2004		—		—		23,447		14,072		44,549		28,156
2005		23,271		10,071		30,069		8,924		102,804		51,207
2006		9,485		4,089		543		66		10,028		4,155
2007		886		329		12,249		7,287		13,135		7,616
2008		—		—		—		—		—		—
2009		—		—		—		—		—		—

Total	$	33,642	$	14,489	$	69,108	$	31,598	$	188,324	$	102,710


	December 31, 2008
	AAA				AA				A
(USD thousands)			Estimated Fair				Estimated				Estimated
Underwriting Year	Amortized Cost		Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value
2003 & Prior	$	11,007	$	9,116	$	6,509	$	4,320	$	1,813	$	1,227
2004		—		—		21,220		13,437		33,728		26,228
2005		37,134		27,793		36,424		26,471		6,514		2,582
2006		135		134		4,500		2,076		4,998		1,991
2007		—		—		888		283		—		—
2008		—		—		—		—		—		—

Total	$	48,276	$	37,043	$	69,541	$	46,587	$	47,053	$	32,028


	BBB				Below Investment Grade				Total
			Estimated Fair				Estimated				Estimated
Underwriting Year	Amortized Cost		Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value
2003 & Prior	$	413	$	77	$	807	$	106	$	20,549	$	14,846
2004		—		—		7,900		5,727		62,848		45,392
2005		11,908		6,529		17,905		5,739		109,885		69,114
2006		3,442		2,618		3,287		449		16,362		7,268
2007		—		—		19,588		10,880		20,476		11,163
2008		—		—		—		—		—		—

Total	$	15,763	$	9,224	$	49,487	$	22,901	$	230,120	$	147,783



		Quarterly Financial Supplement		Page 19

Reinsurance Group of America, Incorporated
Investments

CMBS Exposure
(Includes Funds Withheld Portfolios)


	September 30, 2009
(USD thousands)	AAA				AA				A
			Estimated Fair				Estimated				Estimated Fair
Underwriting Year	Amortized Cost		Value		Amortized Cost		Fair Value		Amortized Cost		Value
2003 & Prior	$	251,993	$	263,042	$	23,517	$	20,966	$	18,270	$	11,427
2004		53,264		51,074		444		215		11,589		4,879
2005		170,141		151,826		18,657		12,312		39,490		20,580
2006		268,897		242,019		21,748		12,953		44,178		34,119
2007		271,457		240,520		27,794		7,062		67,929		33,864
2008		35,709		36,529		27,584		20,048		3,034		543
2009		3,158		3,338		—		—		—		—

Total	$	1,054,619	$	988,348	$	119,744	$	73,556	$	184,490	$	105,412


	BBB				Below Investment Grade				Total
			Estimated Fair				Estimated				Estimated Fair
Underwriting Year	Amortized Cost		Value		Amortized Cost		Fair Value		Amortized Cost		Value
2003 & Prior	$	24,081	$	16,695	$	—	$	—	$	317,861	$	312,130
2004		1,914		1,048		—		—		67,211		57,216
2005		15,833		8,313		27,624		16,561		271,745		209,592
2006		16,662		10,112		30,682		17,045		382,167		316,248
2007		47,633		38,444		65,630		28,984		480,443		348,874
2008		—		—		15,279		3,216		81,606		60,336
2009		—		—		—		—		3,158		3,338

Total	$	106,123	$	74,612	$	139,215	$	65,806	$	1,604,191	$	1,307,734

NOTE: Totals include directly held investments with amortized cost of $1,086.6 million and fair value of $882.3 million as well as investments in funds withheld with amortized cost of $517.6 million and fair value of $425.4 million.


	December 31, 2008
(USD thousands)	AAA				AA				A
			Estimated Fair				Estimated				Estimated Fair
Underwriting Year	Amortized Cost		Value		Amortized Cost		Fair Value		Amortized Cost		Value
2003 & Prior	$	250,720	$	254,690	$	24,276	$	17,518	$	28,432	$	16,744
2004		50,245		46,737		2,147		999		10,603		3,835
2005		200,140		136,101		2,530		682		54,173		30,079
2006		306,478		234,575		16,219		6,074		45,346		31,379
2007		362,226		256,163		50,648		14,343		59,013		20,636
2008		30,017		28,501		23,387		10,698		18,342		11,186

Total	$	1,199,826	$	956,767	$	119,207	$	50,314	$	215,909	$	113,859


	BBB				Below Investment Grade				Total
			Estimated Fair				Estimated				Estimated Fair
Underwriting Year	Amortized Cost		Value		Amortized Cost		Fair Value		Amortized Cost		Value
2003 & Prior	$	18,144	$	11,938	$	—	$	—	$	321,572	$	300,890
2004		—		—		—		—		62,995		51,571
2005		3,679		776		—		—		260,522		167,638
2006		15,283		8,709		1,305		941		384,631		281,678
2007		—		—		—		—		471,887		291,142
2008		—		—		—		—		71,746		50,385

Total	$	37,106	$	21,423	$	1,305	$	941	$	1,573,353	$	1,143,304

NOTE: Totals include directly held investments with amortized cost of $1,085.1 million and fair value of $760.6 million as well as investments in funds withheld with amortized cost of $488.3 million and fair value of $382.7 million.



		Quarterly Financial Supplement		Page 20

Reinsurance Group of America, Incorporated
Investments

Gross Unrealized Losses Aging

Fixed Maturity Securities


	September 30, 2009					June 30, 2009					March 31, 2009					December 31, 2008					September 30, 2008
	Gross Unrealized					Gross Unrealized					Gross Unrealized					Gross Unrealized					Gross Unrealized
(USD thousands)	Losses		% of Total			Losses		% of Total			Losses		% of Total			Losses		% of Total			Losses		% of Total
Less than 20%	$	219,984		32.0	%	$	304,595		28.6	%	$	320,296		20.6	%	$	322,159		22.7	%	$	466,855		48.5	%
20% or more for less than six months		67,306		9.8	%		152,606		14.4	%		406,885		26.2	%		766,789		54.1	%		323,511		33.7	%
20% or more for six months or greater		369,459		53.8	%		556,117		52.3	%		735,831		47.4	%		258,724		18.3	%		94,982		9.9	%

Total	$	656,749		95.6	%	$	1,013,318		95.3	%	$	1,463,012		94.2	%	$	1,347,672		95.1	%	$	885,348		92.1	%

Equity Securities


	September 30, 2009					June 30, 2009					March 31, 2009					December 31, 2008					September 30, 2008
	Gross Unrealized					Gross Unrealized					Gross Unrealized					Gross Unrealized					Gross Unrealized
(USD thousands)	Losses		% of Total			Losses		% of Total			Losses		% of Total			Losses		% of Total			Losses		% of Total
Less than 20%	$	4,748		0.7	%	$	5,452		0.5	%	$	1,070		0.1	%	$	2,231		0.2	%	$	5,293		0.6	%
20% or more for less than six months		1,819		0.2	%		3,951		0.4	%		10,675		0.7	%		29,958		2.1	%		57,710		6.0	%
20% or more for six months or greater		23,898		3.5	%		40,910		3.8	%		78,062		5.0	%		36,578		2.6	%		12,291		1.3	%

Total	$	30,465		4.4	%	$	50,313		4.7	%	$	89,807		5.8	%	$	68,767		4.9	%	$	75,294		7.9	%



		Quarterly Financial Supplement		Page 21

Reinsurance Group of America, Incorporated
Investments

Fixed Maturities and Equity Securities Below Amortized Cost


	As of September 30, 2009
	Less than 12 months				Equal to or greater than 12 months				Total
	Estimated Fair		Gross Unrealized		Estimated Fair		Gross Unrealized		Estimated Fair		Gross Unrealized
(USD thousands)	Value		Losses		Value		Losses		Value		Losses
Investment grade securities:
U.S. corporate securities	$	98,012	$	26,450	$	900,618	$	127,413	$	998,630	$	153,863
Canadian and Canadian provincial governments		36,958		1,394		136,521		3,532		173,479		4,926
Residential mortgage-backed securities		245,299		13,887		217,167		19,063		462,466		32,950
Foreign corporate securities		223,515		9,395		151,591		20,156		375,106		29,551
Asset-backed securities		31,893		7,005		169,722		76,358		201,615		83,363
Commercial mortgage-backed securities		24,783		13,621		548,066		162,913		572,849		176,534
U.S. government and agencies		24,375		131		—		—		24,375		131
State and political subdivisions		19,726		861		46,893		5,493		66,619		6,354
Other foreign government securities		246,323		12,397		4,102		374		250,425		12,771

Investment grade securities		950,884		85,141		2,174,680		415,302		3,125,564		500,443


Non-investment grade securities:
U.S. corporate securities		30,159		13,228		184,881		36,794		215,040		50,022
Asset-backed securities		5,006		3,960		12,086		19,274		17,092		23,234
Foreign corporate securities		—		—		6,959		6,985		6,959		6,985
Residential mortgage-backed securities		9,342		1,001		60,430		26,860		69,772		27,861
Commercial mortgage-backed securities		—		—		17,594		44,443		17,594		44,443
State and political subdivisions		—		—		4,300		3,761		4,300		3,761

Non-investment grade securities		44,507		18,189		286,250		138,117		330,757		156,306

Total fixed maturity securities	$	995,391	$	103,330	$	2,460,930	$	553,419	$	3,456,321	$	656,749


Non-redeemable preferred stock		3,612		971		99,408		28,241		103,020		29,212
Common stock		6,597		80		4,562		1,173		11,159		1,253

Equity securities	$	10,209	$	1,051	$	103,970	$	29,414	$	114,179	$	30,465

Total number of securities in an unrealized loss position		226				849				1,075


	As of December 31, 2008
	Less than 12 months				Equal to or greater than 12 months				Total
	Estimated Fair		Gross Unrealized		Estimated Fair		Gross Unrealized		Estimated Fair		Gross Unrealized
(USD thousands)	Value		Losses		Value		Losses		Value		Losses
Investment grade securities:
U.S. corporate securities	$	1,407,547	$	240,299	$	810,115	$	281,947	$	2,217,662	$	522,246
Canadian and Canadian provincial governments		114,754		2,751		89,956		4,420		204,710		7,171
Residential mortgage-backed securities		190,525		58,026		213,310		39,794		403,835		97,820
Foreign corporate securities		508,102		82,490		140,073		59,816		648,175		142,306
Asset-backed securities		118,608		40,139		173,505		99,147		292,113		139,286
Commercial mortgage-backed securities		523,475		200,567		188,638		126,163		712,113		326,730
U.S. government and agencies		—		—		—		—		—		—
State and political subdivisions		20,403		1,947		18,250		5,936		38,653		7,883
Other foreign government securities		16,419		33		4,125		117		20,544		150

Investment grade securities		2,899,833		626,252		1,637,972		617,340		4,537,805		1,243,592


Non-investment grade securities:
U.S. corporate securities		140,426		36,615		60,378		39,884		200,804		76,499
Asset-backed securities		3,465		2,060		11,156		5,951		14,621		8,011
Foreign corporate securities		24,637		7,227		2,032		3,387		26,669		10,614
Residential mortgage-backed securities		8,089		5,944		4,496		3,012		12,585		8,956

Non-investment grade securities		176,617		51,846		78,062		52,234		254,679		104,080

Total fixed maturity securities	$	3,076,450	$	678,098	$	1,716,034	$	669,574	$	4,792,484	$	1,347,672


Non-redeemable preferred stock		49,376		22,316		61,249		41,844		110,625		64,160
Common stock		11,804		4,607		—		—		11,804		4,607

Equity securities	$	61,180	$	26,923	$	61,249	$	41,844	$	122,429	$	68,767

Total number of securities in an unrealized loss position		1,039				677				1,716



		Quarterly Financial Supplement		Page 22

Reinsurance Group of America, Incorporated
Investments

Consolidated Investment Related Gains and Losses


	Three Months Ended															Current Qtr			Year-to-Date
	Sept. 30,			June 30,			March 31,			Dec. 31,			Sept. 30,			vs. PY			Sept. 30,			Sept. 30,
(USD thousands)	2009			2009			2009			2008			2008			Quarter			2009			2008			Change
Fixed Maturity and Equity Securities:
Other-than-temporary impairment losses on fixed maturities	$	(16,945	)	$	(36,942	)	$	(34,395	)	$	(15,226	)	$	(92,388	)	$	75,443		$	(88,282	)	$	(98,087	)	$	9,805
Portion of loss recognized in other accumulated comprehensive income (before taxes)		(4,000	)		16,135			—			—			—			(4,000	)		12,135			—			12,135

Net other-than-temporary impairment losses on fixed maturities recognized in earnings		(20,945	)		(20,807	)		(34,395	)		(15,226	)		(92,388	)		71,443			(76,147	)		(98,087	)		21,940
Impairment losses on equity securities		—			—			(5,430	)		(337	)		(16,895	)		16,895			(5,430	)		(16,895	)		11,465
Gain on investment activity		31,823			25,281			12,230			10,204			6,169			25,654			69,334			22,178			47,156
Loss on investment activity		(23,782	)		(18,828	)		(19,649	)		(5,759	)		(8,564	)		(15,218	)		(62,259	)		(18,303	)		(43,956	)

Net gain/(loss) on fixed maturity and equity securities		(12,904	)		(14,354	)		(47,244	)		(11,118	)		(111,678	)		98,774			(74,502	)		(111,107	)		36,605

Other non-derivative gain/(loss), net		(787	)		2,998			430			1,481			1,376			(2,163	)		2,641			3,279			(638	)

Free-standing Derivatives:
Credit Default Swaps		2,919			9,288			(1,911	)		(6,732	)		(2,526	)		5,445			10,296			(7,601	)		17,897
Interest Rate Swaps		26,378			(99,016	)		(38,864	)		152,098			7,681			18,697			(111,502	)		6,736			(118,238	)
Futures		(36,951	)		(48,059	)		22,311			10,870			6,120			(43,071	)		(62,699	)		8,229			(70,928	)
Other		213			592			270			—			—			213			1,075			—			1,075
Currency Forwards		1,910			1,165			(2,042	)		1,638			289			1,621			1,033			302			731

Total free-standing derivatives		(5,531	)		(136,030	)		(20,236	)		157,874			11,564			(17,095	)		(161,797	)		7,666			(169,463	)

Embedded Derivatives:
Modified coinsurance and funds withheld treaties		51,454			64,337			(40,425	)		(161,021	)		(106,797	)		158,251			75,366			(266,777	)		342,143
GMXB		10,127			161,237			35,213			(230,775	)		(35,772	)		45,899			206,577			(36,707	)		243,284

Total embedded derivatives		61,581			225,574			(5,212	)		(391,796	)		(142,569	)		204,150			281,943			(303,484	)		585,427

Net gain/(loss) on total derivatives		56,050			89,544			(25,448	)		(233,922	)		(131,005	)		187,055			120,146			(295,818	)		415,964


Total investment related losses, net	$	42,359		$	78,188		$	(72,262	)	$	(243,559	)	$	(241,307	)	$	283,666		$	48,285		$	(403,646	)	$	451,931



		Quarterly Financial Supplement		Page 23

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