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

Fourth Quarter 2009

(Unaudited)

Reinsurance Group of America, Incorporated^®


World Headquarters		Internet address
1370 Timberlake Manor Parkway		www.rgare.com
Chesterfield, Missouri 63017
U.S.A.

Current Ratings

Standard & Poor's

A.M. Best

Moody's

Financial Strength Ratings

RGA Reinsurance Company

AA-

A+

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.”

Contacts:
Jack B. Lay
Senior Executive Vice President
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


		Quarterly Financial Supplement

Reinsurance Group of America, Incorporated
Financial Supplement
4th Quarter 2009
Table of Contents


	Page
Non-GAAP Disclosure		1
2010 Management Guidance		2
Consolidated
Financial Highlights		3
Consolidated Income Statement (incl. Operating Income Reconciliation)		4
Consolidated Operating Income Statement		5
Consolidated Balance Sheets		6
Segment Pre-tax Operating Income Summaries and Reconciliations to U.S. GAAP
U.S. Operations		7
Canada Operations		11
Europe & South Africa Operations		12
Asia Pacific Operations		13
Corporate and Other		14
Summary of Pre-tax Segment Operating Income		15
Investments
Cash and Invested Assets, Yield Summary		16
Amortized cost, Gross Unrealized Gains and Losses, Estimated Fair Values of Fixed Maturity and Equity Securities		17
Corporate Securities by Sector (Fixed Maturities and Equities)		18
Quality of Fixed Maturity Securities and Structured Fixed Maturity Securities		19
Subprime Mortgage Exposure (Including Funds Withheld Portfolios)		20
CMBS Exposure (Including Funds Withheld Portfolios)		21
Gross Unrealized Losses Aging		22
Fixed Maturity and Equity Securities Below Amortized Cost		23
Consolidated Gross Gains and Losses		24


		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
2010 Management Guidance

2010 Full-year Consolidated Earnings per Share Guidance

Management projects 2010 operating income per diluted share to be within a range of $6.30 to $6.90. This guidance assumes an expected level of death claims, which are prone to normal short-term statistical fluctuations that can significantly affect results on a quarterly and annual basis.

2010 Full-year Premium Growth Guidance


		Original Currency
Segment		Basis

U.S. (including ReliaStar acquisition)		15% — 17%
U.S. (excluding ReliaStar acquisition)		6% — 8%
Canada		7% — 12%
Asia Pacific		5% — 10%
Europe & South Africa		12% — 17%

Consolidated ($USD basis) approximately 13%

2010 Full-year Projected Foreign Currency Premium


Foreign Currency		Millions

Australian Dollar		610 - 640
Canadian Dollar		735 - 775
Euro Dollar		93 - 99
British Pound Sterling		390 - 420
Japanese Yen		18.650 - 19.650
Korean Won		195,000 - 205,500
New Zealand Dollar		71 - 75
Taiwanese Dollar		2,010 - 2,130
South African Rand		600 - 635

Quarterly Financial Supplement

Page 2

Reinsurance Group of America, Incorporated
Financial Highlights


	Three Months Ended or As of													Current Qtr			Year-to-Date
	Dec. 31,		Sept. 30,		June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,		Dec. 31,
(USD thousands, except inforce & per share data)	2009		2009		2009			2009			2008			Quarter			2009		2008		Change
Net premiums	$	1,598,754	$	1,405,179	$	1,375,181		$	1,346,047		$	1,389,091		$	209,663		$	5,725,161	$	5,349,301	$	375,860
Net income — continuing operations		112,409		118,208		153,179			23,290			15,170			97,239			407,086		187,815		219,271
Operating income		125,833		114,571		130,562			67,355			99,966			25,867			438,321		399,153		39,168
Total assets		25,249,501		24,162,113		22,649,349			21,634,314			21,658,818			3,590,683

Assumed Ordinary Life Reinsurance in Force (in billions)
U.S.	$	1,290.5	$	1,281.9	$	1,280.5		$	1,285.6		$	1,274.5		$	16.0		$	1,290.5	$	1,274.5	$	16.0
Canada		276.8		261.1		234.3			209.9			209.5			67.3			276.8		209.5		67.3
Europe & South Africa		408.9		388.2		382.9			332.8			325.2			83.7			408.9		325.2		83.7
Asia Pacific		348.9		343.4		321.6			293.0			298.9			50.0			348.9		298.9		50.0

Total Life Reinsurance in Force	$	2,325.1	$	2,274.6	$	2,219.3		$	2,121.3		$	2,108.1		$	217.0		$	2,325.1	$	2,108.1	$	217.0


Assumed New Business Production (in billions)
U.S.	$	42.5	$	31.2	$	25.8		$	35.5		$	33.7		$	8.8		$	135.0	$	134.4	$	0.6
Canada		13.9		10.5		9.6			9.9			12.1			1.8			43.9		51.2		(7.3	)
Europe & South Africa		42.5		19.9		22.7			36.0			28.2			14.3			121.1		87.5		33.6
Asia Pacific		5.3		8.6		3.3			3.8			9.2			(3.9	)		21.0		31.9		(10.9	)

Total New Business Production	$	104.2	$	70.2	$	61.4		$	85.2		$	83.2		$	21.0		$	321.0	$	305.0	$	16.0


Per Share and Shares Data
Basic earnings per share from continuing operations
Net income	$	1.54	$	1.62	$	2.11		$	0.32		$	0.22		$	1.32		$	5.59	$	2.94	$	2.65
Operating income	$	1.73	$	1.57	$	1.79		$	0.93		$	1.45		$	0.28		$	6.02	$	6.24	$	(0.22	)
Diluted earnings per share from continuing operations
Net income	$	1.52	$	1.61	$	2.10		$	0.32		$	0.22		$	1.30		$	5.55	$	2.88	$	2.67
Operating income	$	1.70	$	1.56	$	1.79		$	0.92		$	1.45		$	0.25		$	5.98	$	6.12	$	(0.14	)

Wgt. average common shares outstanding (basic)		72,895		72,781		72,770			72,710			68,831			4,064			72,790		63,918		8,872
Wgt. average common shares outstanding (diluted)		74,195		73,286		72,939			72,884			69,176			5,019			73,327		65,271		8,056

Common shares issued		73,364		73,363		73,364			73,363			73,363			1			73,364		73,363		1
Treasury shares		374		573		589			600			741			(367	)		374		741		(367	)
Common shares outstanding		72,990		72,790		72,775			72,763			72,622			368			72,990		72,622		368

Book value per share	$	52.99	$	51.83	$	42.59		$	33.99		$	36.03
Per share effect of accumulated other comprehensive income (AOCI)	$	4.10	$	4.36	$	(3.31	)	$	(9.79	)	$	(7.55	)
Book value per share, excluding AOCI	$	48.89	$	47.47	$	45.90		$	43.78		$	43.58

Quarterly Financial Supplement

Page 3

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


	Three Months Ended															Current Qtr			Year-to-Date
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
(USD thousands)	2009			2009			2009			2009			2008			Quarter			2009			2008			Change
Revenues:
Net premiums	$	1,598,754		$	1,405,179		$	1,375,181		$	1,346,047		$	1,389,091		$	209,663		$	5,725,161		$	5,349,301		$	375,860
Investment income, net of related expenses		315,159			299,471			284,636			223,196			196,634			118,525			1,122,462			871,276			251,186
Investment related gains (losses), net
OTTI on fixed maturity securities		(40,552	)		(16,945	)		(36,942	)		(34,395	)		(15,226	)		(25,326	)		(128,834	)		(113,313	)		(15,521	)
OTTI on fixed maturity securities transferred to/from AOCI		3,910			(4,000	)		16,135			—			—			3,910			16,045			—			16,045
Other investment related gains (losses), net		22,505			63,304			98,995			(37,867	)		(228,333	)		250,838			146,937			(533,892	)		680,829

Total investment related gains (losses), net		(14,137	)		42,359			78,188			(72,262	)		(243,559	)		229,422			34,148			(647,205	)		681,353
Other revenue		44,059			31,972			75,161			33,859			25,869			18,190			185,051			107,831			77,220

Total revenues		1,943,835			1,778,981			1,813,166			1,530,840			1,368,035			575,800			7,066,822			5,681,203			1,385,619

Benefits and expenses:
Claims and other policy benefits		1,370,175			1,155,811			1,123,696			1,169,744			1,150,645			219,530			4,819,426			4,461,932			357,494
Interest credited		128,779			85,153			72,897			36,909			86,989			41,790			323,738			233,179			90,559
Policy acquisition costs and other insurance expenses		179,333			271,789			308,403			198,801			27,529			151,804			958,326			357,899			600,427
Other operating expenses		80,532			76,403			71,095			66,749			53,694			26,838			294,779			242,917			51,862
Interest expense		22,985			5,243			19,595			22,117			21,552			1,433			69,940			76,161			(6,221	)
Collateral finance facility expense		1,866			2,031			2,057			2,314			7,432			(5,566	)		8,268			28,723			(20,455	)

Total benefits and expenses		1,783,670			1,596,430			1,597,743			1,496,634			1,347,841			435,829			6,474,477			5,400,811			1,073,666

Income before income taxes — continuing operations		160,165			182,551			215,423			34,206			20,194			139,971			592,345			280,392			311,953

Income tax expense		47,756			64,343			62,244			10,916			5,024			42,732			185,259			92,577			92,682

Income — continuing operations		112,409			118,208			153,179			23,290			15,170			97,239			407,086			187,815			219,271
Loss from discontinued operations		—			—			—			—			(5,809	)		5,809			—			(11,019	)		11,019

Net income	$	112,409		$	118,208		$	153,179		$	23,290		$	9,361		$	103,048		$	407,086		$	176,796		$	230,290


Pre-tax Operating Income Reconciliation:
Income before income taxes — continuing operations		160,165			182,551			215,423			34,206			20,194			139,971			592,345			280,392			311,953
Investment and derivative losses (gains) — non-operating (1)		65,676			20,616			148,794			68,312			(146,818	)		212,494			303,398			(44,193	)		347,591
Change in value of modified coinsurance and funds withheld embedded derivatives (1)		(3,028	)		(51,454	)		(64,337	)		40,425			161,021			(164,049	)		(78,394	)		427,798			(506,192	)
GMXB embedded derivatives (1)		(46,120	)		(10,127	)		(161,237	)		(35,213	)		230,775			(276,895	)		(252,697	)		267,482			(520,179	)
EIA embedded derivatives — interest credited		12,563			(5,248	)		(12,772	)		(8,124	)		48,896			(36,333	)		(13,581	)		60,263			(73,844	)
EIA embedded derivatives — policy acq. costs		(801	)		191			1,748			1,304			(5,697	)		4,896			2,442			(7,123	)		9,565
DAC offset, net		(5,572	)		40,780			92,846			1,529			(157,941	)		152,369			129,583			(379,453	)		509,036
Gain on debt repurchase		—			—			(38,875	)		—			—			—			(38,875	)		—			(38,875	)

Operating Income Before Income Taxes	$	182,883		$	177,309		$	181,590		$	102,439		$	150,430		$	32,453		$	644,221		$	605,166		$	39,055


After-tax Operating Income Reconciliation:
Income — continuing operations		112,409			118,208			153,179			23,290			15,170			97,239			407,086			187,815			219,271
Investment and derivative losses (gains) — non-operating (1)		41,347			13,170			96,091			44,117			(95,289	)		136,636			194,725			(28,491	)		223,216
Change in value of modified coinsurance and funds withheld embedded derivatives (1)		(1,968	)		(33,445	)		(41,819	)		26,276			104,664			(106,632	)		(50,956	)		278,069			(329,025	)
GMXB embedded derivatives (1)		(29,978	)		(6,582	)		(104,805	)		(22,888	)		150,003			(179,981	)		(164,253	)		173,863			(338,116	)
EIA embedded derivatives — interest credited		8,166			(3,412	)		(8,301	)		(5,281	)		31,782			(23,616	)		(8,828	)		39,171			(47,999	)
EIA embedded derivatives — policy acq. costs		(521	)		124			1,136			848			(3,703	)		3,182			1,587			(4,630	)		6,217
DAC offset, net		(3,622	)		26,508			60,350			993			(102,661	)		99,039			84,229			(246,644	)		330,873
Gain on debt repurchase		—			—			(25,269	)		—			—			—			(25,269	)		—			(25,269	)

Operating Income	$	125,833		$	114,571		$	130,562		$	67,355		$	99,966		$	25,867		$	438,321		$	399,153		$	39,168


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



		Quarterly Financial Supplement		Page 4

Reinsurance Group of America, Incorporated
Consolidated Operating Income Statement


	Three Months Ended														Current Qtr			Year-to-Date
	Dec. 31,		Sept. 30,			June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
(USD thousands, except per share data)	2009		2009			2009			2009			2008			Quarter			2009			2008			Change
Revenues:
Net premiums	$	1,598,754	$	1,405,179		$	1,375,181		$	1,346,047		$	1,389,091		$	209,663		$	5,725,161		$	5,349,301		$	375,860
Investment income, net of related expenses		315,159		299,471			284,636			223,196			196,634			118,525			1,122,462			871,276			251,186
Investment related gains (losses), net		2,391		1,394			1,408			1,262			1,419			972			6,455			3,882			2,573
Other revenue		44,059		31,972			36,286			33,859			25,869			18,190			146,176			107,831			38,345

Total revenues		1,960,363		1,738,016			1,697,511			1,604,364			1,613,013			347,350			7,000,254			6,332,290			667,964

Benefits and expenses:
Claims and other policy benefits		1,370,175		1,155,811			1,123,696			1,169,744			1,150,645			219,530			4,819,426			4,461,932			357,494
Interest credited		116,216		90,401			85,669			45,033			38,093			78,123			337,319			172,916			164,403
Policy acquisition costs and other insurance expenses		185,706		230,818			213,809			195,968			191,167			(5,461	)		826,301			744,475			81,826
Other operating expenses		80,532		76,403			71,095			66,749			53,694			26,838			294,779			242,917			51,862
Interest expense		22,985		5,243			19,595			22,117			21,552			1,433			69,940			76,161			(6,221	)
Collateral finance facility expense		1,866		2,031			2,057			2,314			7,432			(5,566	)		8,268			28,723			(20,455	)

Total benefits and expenses		1,777,480		1,560,707			1,515,921			1,501,925			1,462,583			314,897			6,356,033			5,727,124			628,909


Operating income before income taxes		182,883		177,309			181,590			102,439			150,430			32,453			644,221			605,166			39,055

Operating income tax expense		57,050		62,738			51,028			35,084			50,464			6,586			205,900			206,013			(113	)


Operating income	$	125,833	$	114,571		$	130,562		$	67,355		$	99,966		$	25,867		$	438,321		$	399,153		$	39,168


Wgt. Average Common Shares Outstanding (Diluted)		74,195		73,286			72,939			72,884			69,176			5,019			73,327			65,271			8,055


Diluted Earnings Per Share — Operating Income	$	1.70	$	1.56		$	1.79		$	0.92		$	1.45		$	0.25		$	5.98		$	6.12		$	(0.14	)


*Foreign currency effect on:**
Net premiums	$	81,807	$	(41,517	)	$	(103,209	)	$	(144,690	)	$	(111,669	)	$	193,476		$	(207,609	)	$	(50,317	)	$	(157,292	)
Operating income before income taxes	$	13,321	$	(1,564	)	$	(9,666	)	$	(10,993	)	$	(17,348	)	$	30,669		$	(8,902	)	$	(5,207	)	$	(3,695	)


*		Represents effect as compared to comparable prior year period



		Quarterly Financial Supplement		Page 5

Reinsurance Group of America, Incorporated
Consolidated Balance Sheets


(USD thousands)	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,
	2009			2009			2009			2009			2008
Assets
Fixed maturity securities (available for sale):	$	11,763,358		$	10,986,825		$	9,842,793		$	8,831,920		$	8,531,804
Mortgage loans on real estate		791,668			736,982			757,501			764,038			775,050
Policy loans		1,136,564			1,079,051			1,085,752			1,081,030			1,096,713
Funds withheld at interest		4,895,356			4,820,534			4,675,191			4,505,054			4,520,398
Short-term investments		121,060			89,372			53,953			54,552			58,123
Other invested assets		516,086			516,079			482,028			582,784			628,649

Total investments		19,224,092			18,228,843			16,897,218			15,819,378			15,610,737
Cash and cash equivalents		512,027			546,882			416,947			586,542			875,403
Accrued investment income		107,447			151,744			119,411			118,140			87,424
Premiums receivable and other reinsurance balances		850,096			808,719			743,643			657,647			640,235
Reinsurance ceded receivables		716,480			714,761			738,926			746,736			735,155
Deferred policy acquisition costs		3,698,972			3,604,148			3,615,456			3,602,857			3,610,334
Other assets		140,387			107,016			117,748			103,014			99,530

Total assets	$	25,249,501		$	24,162,113		$	22,649,349		$	21,634,314		$	21,658,818


Liabilities and Stockholders’ Equity
Future policy benefits	$	7,748,480		$	7,405,615		$	7,054,930		$	6,636,919		$	6,431,530
Interest-sensitive contract liabilities		7,666,002			7,446,900			7,454,907			7,613,489			7,690,942
Other policy claims and benefits		2,229,083			2,202,428			2,046,887			1,956,834			1,923,018
Other reinsurance balances		106,706			153,627			144,234			197,695			173,645
Deferred income taxes		613,222			675,679			456,701			251,261			310,360
Other liabilities		792,775			679,347			566,805			577,909			585,199
Long-term debt		1,216,052			816,648			816,575			917,913			918,246
Collateral finance facility		850,037			850,025			850,014			850,019			850,035
Company-obligated mandatorily redeemable preferred securities of subsidiary trust holding solely junior subordinated debentures of the Company		159,217			159,168			159,123			159,081			159,035

Total liabilities		21,381,574			20,389,437			19,550,176			19,161,120			19,042,010

Stockholders’ Equity:
Common stock, at par value		734			734			734			734			734
Warrants		66,912			66,912			66,912			66,912			66,914
Additional paid-in-capital		1,463,101			1,460,361			1,457,711			1,455,022			1,450,041
Retained earnings		2,055,549			1,952,934			1,841,497			1,691,292			1,682,087
Accumulated other comprehensive income (AOCI):
Accumulated currency translation adjustment, net of income taxes		210,878			185,570			105,631			(3,050	)		19,794
Unrealized appreciation (depreciation) of securities, net of income taxes		104,457			145,166			(332,664	)		(695,070	)		(553,407	)
Pension and postretirement benefits, net of income taxes		(16,126	)		(13,354	)		(14,373	)		(14,456	)		(14,658	)

Total stockholders’ equity before treasury stock		3,885,505			3,798,323			3,125,448			2,501,384			2,651,505
Less treasury shares		(17,578	)		(25,647	)		(26,275	)		(28,190	)		(34,697	)

Total stockholders’ equity		3,867,927			3,772,676			3,099,173			2,473,194			2,616,808

Total liabilities and stockholders’ equity	$	25,249,501		$	24,162,113		$	22,649,349		$	21,634,314		$	21,658,818


Total stockholders’ equity, excluding AOCI	$	3,568,718		$	3,455,294		$	3,340,579		$	3,185,770		$	3,165,079



		Quarterly Financial Supplement		Page 6

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


	Three Months Ended															Current Qtr			Year-to-Date
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
(USD thousands)	2009			2009			2009			2009			2008			Quarter			2009			2008			Change
Revenues:
Net premiums	$	918,529		$	801,406		$	807,181		$	786,748		$	874,348		$	44,181		$	3,313,864		$	3,093,074		$	220,790
Investment income, net of related expenses		114,276			107,088			104,616			102,561			100,033			14,243			428,541			394,917			33,624
Other revenue		1,121			586			920			570			(193	)		1,314			3,197			377			2,820

Total revenues		1,033,926			909,080			912,717			889,879			974,188			59,738			3,745,602			3,488,368			257,234

Benefits and expenses:
Claims and other policy benefits		786,949			686,057			668,870			695,932			753,545			33,404			2,837,808			2,661,963			175,845
Interest credited		16,261			15,983			15,701			15,233			15,513			748			63,178			60,448			2,730
Policy acquisition costs and other insurance expenses		134,815			108,685			115,325			91,533			118,637			16,178			450,358			415,117			35,241
Other operating expenses		13,756			13,692			12,600			14,603			9,828			3,928			54,651			47,943			6,708

Total benefits and expenses		951,781			824,417			812,496			817,301			897,523			54,258			3,405,995			3,185,471			220,524
Operating income before income taxes		82,145			84,663			100,221			72,578			76,665			5,480			339,607			302,897			36,710


Operating to U.S. GAAP Reconciliation:
Operating income before income taxes		82,145			84,663			100,221			72,578			76,665			5,480			339,607			302,897			36,710
Investment and Derivative (losses) gains — non-operating		(7,842	)		(20,880	)		(16,934	)		(38,228	)		(6,694	)		(1,148	)		(83,884	)		(71,904	)		(11,980	)

Income before income taxes	$	74,303		$	63,783		$	83,287		$	34,350		$	69,971		$	4,332		$	255,723		$	230,993		$	24,730


Loss and Expense Ratios:
Claims and other policy benefits		85.7	%		85.6	%		82.9	%		88.5	%		86.2	%		-0.5	%		85.6	%		86.1	%		-0.5	%
Policy acquisition costs and other insurance expenses		14.7	%		13.6	%		14.3	%		11.6	%		13.6	%		1.1	%		13.6	%		13.4	%		0.2	%
Other operating expenses		1.5	%		1.7	%		1.6	%		1.9	%		1.1	%		0.4	%		1.6	%		1.6	%		0.0	%



		Quarterly Financial Supplement		Page 7

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


	Three Months Ended															Current Qtr			Year-to-Date
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
(USD thousands except account values)	2009			2009			2009			2009			2008			Quarter			2009			2008			Change
Revenues:
Net premiums	$	1,767		$	1,744		$	1,639		$	1,709		$	1,584		$	183		$	6,859		$	6,558		$	301
Investment income, net of related expenses		109,871			115,777			105,167			55,827			26,428			83,443			386,642			176,106			210,536
Investment related gains (losses), net		(18	)		(19	)		(8	)		—			—			(18	)		(45	)		—			(45	)
Other revenue		19,029			19,452			16,962			15,123			16,018			3,011			70,566			56,775			13,791

Total revenues		130,649			136,954			123,760			72,659			44,030			86,619			464,022			239,439			224,583

Benefits and expenses:
Claims and other policy benefits		5,166			872			(341	)		1,274			8,151			(2,985	)		6,971			11,241			(4,270	)
Interest credited		99,834			74,418			69,941			29,752			22,512			77,322			273,945			112,103			161,842
Policy acquisition costs and other insurance expenses		9,304			39,397			35,910			42,476			14,535			(5,231	)		127,087			87,766			39,321
Other operating expenses		2,476			2,537			2,265			2,898			1,649			827			10,176			7,990			2,186

Total benefits and expenses		116,780			117,224			107,775			76,400			46,847			69,933			418,179			219,100			199,079

Operating income (loss) before income taxes		13,869			19,730			15,985			(3,741	)		(2,817	)		16,686			45,843			20,339			25,504


Operating to U.S. GAAP Reconciliation:
Operating income (loss) before income taxes		13,869			19,730			15,985			(3,741	)		(2,817	)		16,686			45,843			20,339			25,504
Investment and derivative (losses) gains — non-operating (1)		(50,539	)		(7,714	)		(139,792	)		(23,360	)		159,276			(209,815	)		(221,405	)		171,882			(393,287	)
Change in value of modified coinsurance and funds withheld embedded derivatives (1)		3,028			51,454			64,337			(40,425	)		(161,021	)		164,049			78,394			(427,798	)		506,192
GMXB embedded derivatives (1)		46,120			10,127			161,237			35,213			(230,775	)		276,895			252,697			(267,482	)		520,179
EIA embedded derivatives — interest credited		(12,563	)		5,248			12,772			8,124			(48,896	)		36,333			13,581			(60,263	)		73,844
EIA embedded derivatives — policy acq. costs		801			(191	)		(1,748	)		(1,304	)		5,697			(4,896	)		(2,442	)		7,123			(9,565	)
DAC offset, net		5,572			(40,780	)		(92,846	)		(1,529	)		157,941			(152,369	)		(129,583	)		379,453			(509,036	)

Income (loss) before income taxes	$	6,288		$	37,874		$	19,945		$	(27,022	)	$	(120,595	)	$	126,883		$	37,085		$	(176,746	)	$	213,831


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



		Quarterly Financial Supplement		Page 8

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


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

Fixed annuities (deferred)	$	1,356		$	1,364		$	1,374		$	1,406		$	1,625

Net interest spread (fixed annuities):		2.3	%		2.8	%		2.7	%		2.4	%		1.9	%

Equity-indexed annuities	$	4,031		$	3,940		$	3,885		$	3,813		$	3,806

Variable annuities:
No riders	$	1,231		$	1,195		$	1,090		$	1,041		$	1,063
GMDB only		79			75			65			58			54
GMIB only		6			6			5			4			4
GMAB only		62			60			54			48			44
GMWB only		1,563			1,501			1,327			1,180			795
GMDB / WB		437			415			361			316			287
Other		34			33			30			26			24

Total VA account values	$	3,412		$	3,285		$	2,932		$	2,673		$	2,271

Fair value of liabilities associated with living benefit riders	$	24		$	70		$	80		$	241		$	276

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

Page 9

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


	Three Months Ended															Current Qtr			Year-to-Date
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
(USD thousands)	2009			2009			2009			2009			2008			Quarter			2009			2008			Change
Revenues:
Investment income, net of related expenses	$	(66	)	$	(56	)	$	(99	)	$	(65	)	$	—		$	(66	)	$	(286	)	$	588		$	(874	)
Other revenue		5,736			3,871			4,118			6,571			4,578			1,158			20,296			15,280			5,016

Total revenues		5,670			3,815			4,019			6,506			4,578			1,092			20,010			15,868			4,142

Benefits and expenses:
Policy acquisition costs and other insurance expenses		299			289			262			338			341			(42	)		1,188			1,041			147
Other operating expenses		751			779			801			679			577			174			3,010			2,737			273

Total benefits and expenses		1,050			1,068			1,063			1,017			918			132			4,198			3,778			420

Operating income before income taxes		4,620			2,747			2,956			5,489			3,660			960			15,812			12,090			3,722


Operating to U.S. GAAP Reconciliation:
Operating income before income taxes		4,620			2,747			2,956			5,489			3,660			960			15,812			12,090			3,722
Investment and Derivative (losses) gains — non-operating		26			2			38			32			(110	)		136			98			(249	)		347

Income before income taxes	$	4,646		$	2,749		$	2,994		$	5,521		$	3,550		$	1,096		$	15,910		$	11,841		$	4,069

Quarterly Financial Supplement

Page 10

Reinsurance Group of America, Incorporated
Canadian Segment Operating Income


	Three Months Ended															Current Qtr			Year-to-Date
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
(USD thousands)	2009			2009			2009			2009			2008			Quarter			2009			2008			Change
Revenues:
Net premiums	$	168,483		$	153,430		$	154,862		$	138,056		$	126,819		$	41,664		$	614,831		$	534,271		$	80,560
Investment income, net of related expenses		40,863			34,412			32,115			30,360			32,873			7,990			137,750			140,434			(2,684	)
Investment related gains (losses), net		919			1,448			1,433			1,262			1,419			(500	)		5,062			3,882			1,180
Other revenue		124			(69	)		(618	)		1,697			826			(702	)		1,134			18,332			(17,198	)

Total revenues		210,389			189,221			187,792			171,375			161,937			48,452			758,777			696,919			61,858

Benefits and expenses:
Claims and other policy benefits		133,757			123,357			128,312			115,635			102,316			31,441			501,061			456,072			44,989
Interest credited		—			—			27			48			68			(68	)		75			365			(290	)
Policy acquisition costs and other insurance expenses		39,312			38,244			36,367			33,067			30,634			8,678			146,990			110,177			36,813
Other operating expenses		6,585			5,798			5,523			4,868			5,591			994			22,774			23,068			(294	)

Total benefits and expenses		179,654			167,399			170,229			153,618			138,609			41,045			670,900			589,682			81,218

Operating income before income taxes		30,735			21,822			17,563			17,757			23,328			7,407			87,877			107,237			(19,360	)


Operating to U.S. GAAP Reconciliation:
Operating income before income taxes		30,735			21,822			17,563			17,757			23,328			7,407			87,877			107,237			(19,360	)
Investment and Derivative (losses) gains — non-operating		15,053			(2,975	)		7,951			(1,571	)		(1,244	)		16,297			18,458			(4,971	)		23,429

Income before income taxes	$	45,788		$	18,847		$	25,514		$	16,186		$	22,084		$	23,704		$	106,335		$	102,266		$	4,069


Loss and Expense Ratios:
Loss ratios (creditor business)		19.7	%		37.7	%		44.1	%		41.2	%		35.5	%		-15.8	%		35.7	%		52.0	%		-16.3	%
Loss ratios (excluding creditor business)		98.6	%		94.9	%		98.6	%		99.4	%		91.4	%		7.2	%		97.8	%		92.9	%		4.9	%
Claims and other policy benefits / (net premiums + investment income)		63.9	%		65.7	%		68.6	%		68.7	%		64.1	%		-0.2	%		66.6	%		67.6	%		-1.0	%
Policy acquisition costs and other insurance expenses		23.3	%		24.9	%		23.5	%		24.0	%		24.2	%		-0.9	%		23.9	%		20.6	%		3.3	%
Other operating expenses		3.9	%		3.8	%		3.6	%		3.5	%		4.4	%		-0.5	%		3.7	%		4.3	%		-0.6	%
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	$	21,267		$	(7,826	)	$	(22,954	)	$	(32,673	)	$	(29,546	)	$	50,813		$	(42,186	)	$	2,232		$	(44,418	)
Operating income before income taxes	$	5,038		$	(1,048	)	$	(3,697	)	$	(5,477	)	$	(6,164	)	$	11,202		$	(5,184	)	$	684		$	(5,868	)


*		Represents effect as compared to comparable prior year period

Quarterly Financial Supplement

Page 11

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


	Three Months Ended															Current Qtr			Year-to-Date
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
(USD thousands)	2009			2009			2009			2009			2008			Quarter			2009			2008			Change
Revenues:
Net premiums	$	224,510		$	204,169		$	180,017		$	173,256		$	156,898		$	67,612		$	781,952		$	707,768		$	74,184
Investment income, net of related expenses		8,869			8,502			8,120			6,749			7,599			1,270			32,240			32,993			(753	)
Other revenue		10,536			102			538			260			240			10,296			11,436			401			11,035

Total revenues		243,915			212,773			188,675			180,265			164,737			79,178			825,628			741,162			84,466

Benefits and expenses:
Claims and other policy benefits		201,131			164,118			147,018			144,218			106,776			94,355			656,485			532,292			124,193
Policy acquisition costs and other insurance expenses		(4,710	)		21,277			10,369			10,817			14,607			(19,317	)		37,753			69,422			(31,669	)
Other operating expenses		23,608			20,665			18,911			17,117			16,945			6,663			80,301			65,075			15,226

Total benefits and expenses		220,029			206,060			176,298			172,152			138,328			81,701			774,539			666,789			107,750

Operating income before income taxes		23,886			6,713			12,377			8,113			26,409			(2,523	)		51,089			74,373			(23,284	)


Operating to U.S. GAAP Reconciliation:
Operating income before income taxes		23,886			6,713			12,377			8,113			26,409			(2,523	)		51,089			74,373			(23,284	)
Investment and Derivative (losses) gains — non-operating		576			268			(14	)		422			(4,598	)		5,174			1,252			(8,687	)		9,939

Income before income taxes	$	24,462		$	6,981		$	12,363		$	8,535		$	21,811		$	2,651		$	52,341		$	65,686		$	(13,345	)


Loss and Expense Ratios:
Claims and other policy benefits		89.6	%		80.4	%		81.7	%		83.2	%		68.1	%		21.5	%		84.0	%		75.2	%		8.8	%
Policy acquisition costs and other insurance expenses		-2.1	%		10.4	%		5.8	%		6.2	%		9.3	%		-11.4	%		4.8	%		9.8	%		-5.0	%
Other operating expenses		10.5	%		10.1	%		10.5	%		9.9	%		10.8	%		-0.3	%		10.3	%		9.2	%		1.1	%

*Foreign currency effect on:**
Net premiums	$	15,308		$	(24,713	)	$	(41,195	)	$	(56,890	)	$	(43,150	)	$	58,458		$	(107,490	)	$	(47,695	)	$	(59,795	)
Operating income before income taxes	$	4,672		$	(614	)	$	(1,747	)	$	(3,991	)	$	(7,816	)	$	12,488		$	(1,680	)	$	(8,554	)	$	6,874

Critical illness net premiums	$	58,898		$	54,206		$	52,697		$	46,323		$	49,471		$	9,427		$	212,124		$	236,424		$	(24,300	)


*		Represents effect as compared to comparable prior year period

Quarterly Financial Supplement

Page 12

Reinsurance Group of America, Incorporated
Asia Pacific Segment Operating Income


	Three Months Ended															Current Qtr			Year-to-Date
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
(USD thousands)	2009			2009			2009			2009			2008			Quarter			2009			2008			Change
Revenues:
Net premiums	$	283,419		$	242,350		$	229,430		$	243,728		$	227,666		$	55,753		$	998,927		$	1,000,814		$	(1,887	)
Investment income, net of related expenses		18,107			15,654			14,877			12,697			11,317			6,790			61,335			47,400			13,935
Investment related gains (losses), net		824			—			—			—			—			824			824			—			824
Other revenue		5,887			4,942			4,471			9,729			5,106			781			25,029			12,320			12,709

Total revenues		308,237			262,946			248,778			266,154			244,089			64,148			1,086,115			1,060,534			25,581

Benefits and expenses:
Claims and other policy benefits		243,012			182,070			179,556			212,414			178,989			64,023			817,052			799,376			17,676
Policy acquisition costs and other insurance expenses		17,617			31,833			26,526			30,429			25,556			(7,939	)		106,405			107,076			(671	)
Other operating expenses		22,811			21,072			18,031			16,171			17,235			5,576			78,085			65,912			12,173

Total benefits and expenses		283,440			234,975			224,113			259,014			221,780			61,660			1,001,542			972,364			29,178

Operating income before income taxes		24,797			27,971			24,665			7,140			22,309			2,488			84,573			88,170			(3,597	)


Operating to U.S. GAAP Reconciliation:
Operating income before income taxes		24,797			27,971			24,665			7,140			22,309			2,488			84,573			88,170			(3,597	)
Investment and Derivative (losses) gains — non-operating		(1,269	)		2,954			855			(3,567	)		2,156			(3,425	)		(1,027	)		(2,661	)		1,634

Income before income taxes	$	23,528		$	30,925		$	25,520		$	3,573		$	24,465		$	(937	)	$	83,546		$	85,509		$	(1,963	)

Loss and Expense Ratios:
Claims and other policy benefits		85.7	%		75.1	%		78.3	%		87.2	%		78.6	%		7.1	%		81.8	%		79.9	%		1.9	%
Policy acquisition costs and other insurance expenses		6.2	%		13.1	%		11.6	%		12.5	%		11.2	%		-5.0	%		10.7	%		10.7	%		0.0	%
Other operating expenses		8.0	%		8.7	%		7.9	%		6.6	%		7.6	%		0.4	%		7.8	%		6.6	%		1.2	%

*Foreign currency effect on:**
Net premiums	$	45,215		$	(8,996	)	$	(39,082	)	$	(55,173	)	$	(39,028	)	$	84,243		$	(58,036	)	$	(5,007	)	$	(53,029	)
Operating income before income taxes	$	2,864		$	791		$	(2,785	)	$	(246	)	$	(1,972	)	$	4,836		$	624		$	3,529		$	(2,905	)

Critical illness net premiums	$	52,311		$	45,473		$	29,223		$	54,152		$	48,591		$	3,720		$	181,159		$	213,781		$	(32,622	)


*		Represents effect as compared to comparable prior year eriod

Quarterly Financial Supplement

Page 13

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
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
(USD thousands)	2009			2009			2009			2009			2008			Quarter			2009			2008			Change
Revenues:
Net premiums	$	2,046		$	2,080		$	2,052		$	2,550		$	1,776		$	270		$	8,728		$	6,816		$	1,912
Investment income, net of related expenses		23,239			18,094			19,840			15,067			18,384			4,855			76,240			78,838			(2,598	)
Investment related gains (losses), net		666			(35	)		(17	)		—			—			666			614			—			614
Other revenue		1,626			3,088			9,895			(91	)		(706	)		2,332			14,518			4,346			10,172

Total revenues		27,577			23,227			31,770			17,526			19,454			8,123			100,100			90,000			10,100

Benefits and expenses:
Claims and other policy benefits		160			(663	)		281			271			868			(708	)		49			988			(939	)
Interest credited		121			—			—			—			—			121			121			—			121
Policy acquisition costs and other insurance expenses		(10,931	)		(8,907	)		(10,950	)		(12,692	)		(13,143	)		2,212			(43,480	)		(46,124	)		2,644
Other operating expenses		10,545			11,860			12,964			10,413			1,869			8,676			45,782			30,192			15,590
Interest expense		22,985			5,243			19,595			22,117			21,552			1,433			69,940			76,161			(6,221	)
Collateral finance facility expense		1,866			2,031			2,057			2,314			7,432			(5,566	)		8,268			28,723			(20,455	)

Total benefits and expenses		24,746			9,564			23,947			22,423			18,578			6,168			80,680			89,940			(9,260	)

Operating income (loss) before income taxes		2,831			13,663			7,823			(4,897	)		876			1,955			19,420			60			19,360


Operating to U.S. GAAP Reconciliation:
Operating income (loss) before income taxes		2,831			13,663			7,823			(4,897	)		876			1,955			19,420			60			19,360
Investment and Derivative (losses) gains — non-operating		(21,681	)		7,729			(898	)		(2,040	)		(1,968	)		(19,713	)		(16,890	)		(39,217	)		22,327
Gain on debt repurchase		—			—			38,875			—			—			—			38,875			—			38,875


Income (loss) before income taxes	$	(18,850	)	$	21,392		$	45,800		$	(6,937	)	$	(1,092	)	$	(17,758	)	$	41,405		$	(39,157	)	$	80,562


*Foreign currency effect on:**
Net premiums	$	16		$	18		$	22		$	46		$	55		$	(39	)	$	102		$	153		$	(51	)
Operating income (loss) before income taxes	$	747		$	(693	)	$	(1,437	)	$	(1,279	)	$	(1,396	)	$	2,143		$	(2,662	)	$	(865	)	$	(1,797	)


*		Represents effect as compared to comparable prior year period

Quarterly Financial Supplement

Page 14

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


	Three Months Ended												Current Qtr			Year-to-Date
	Dec. 31,		Sept. 30,		June 30,		March 31,			Dec. 31,			vs. PY			Dec. 31,		Dec. 31,
(USD thousands)	2009		2009		2009		2009			2008			Quarter			2009		2008		Change
U.S. Traditional	$	82,145	$	84,663	$	100,221	$	72,578		$	76,665		$	5,480		$	339,607	$	302,897	$	36,710
U.S. Asset Intensive		13,869		19,730		15,985		(3,741	)		(2,817	)		16,686			45,843		20,339		25,504
U.S. Financial Reinsurance		4,620		2,747		2,956		5,489			3,660			960			15,812		12,090		3,722

Total U.S. Segment		100,634		107,140		119,162		74,326			77,508			23,126			401,262		335,326		65,936
Canadian Segment		30,735		21,822		17,563		17,757			23,328			7,407			87,877		107,237		(19,360	)
Europe & South Africa Segment		23,886		6,713		12,377		8,113			26,409			(2,523	)		51,089		74,373		(23,284	)
Asia Pacific Segment		24,797		27,971		24,665		7,140			22,309			2,488			84,573		88,170		(3,597	)
Corporate and Other		2,831		13,663		7,823		(4,897	)		876			1,955			19,420		60		19,360

Consolidated	$	182,883	$	177,309	$	181,590	$	102,439		$	150,430		$	32,453		$	644,221	$	605,166	$	39,055

Quarterly Financial Supplement

Page 15

Reinsurance Group of America, Incorporated
Investments


Cash and Invested Assets
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,
(USD thousands)	2009		2009		2009		2009		2008
Fixed maturity securities, available-for-sale	$	11,763,358	$	10,986,825	$	9,842,793	$	8,831,920	$	8,531,804
Mortgage loans on real estate		791,668		736,982		757,501		764,038		775,050
Policy loans		1,136,564		1,079,051		1,085,752		1,081,030		1,096,713
Funds withheld at interest		4,895,356		4,820,534		4,675,191		4,505,054		4,520,398
Short-term investments		121,060		89,372		53,953		54,552		58,123
Other invested assets		516,086		516,079		482,028		582,784		628,649
Cash and cash equivalents		512,027		546,882		416,947		586,542		875,403

Total cash and invested assets	$	19,736,119	$	18,775,725	$	17,314,165	$	16,405,920	$	16,486,140

Investment Income and Yield Summary
(Excludes Funds Withheld)


	Three Months Ended															Current Qtr			Year-to-Date
	Dec. 31,			June 30,			June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
(USD thousands)	2009			2009			2009			2009			2008			Quarter			2009			2008			Change
Average invested assets at amortized cost	$	14,180,733		$	13,340,365		$	12,976,510		$	12,776,598		$	12,245,727		$	1,935,006		$	13,013,390		$	11,653,879		$	1,359,511
Net investment income	$	203,150		$	186,457		$	183,823		$	174,300		$	177,358		$	25,792		$	747,730		$	701,039		$	46,691
Investment yield (ratio of net investment income to average invested assets)		5.85	%		5.71	%		5.79	%		5.57	%		5.92	%		-0.07	%		5.75	%		6.02	%		-0.27	%

Quarterly Financial Supplement

Page 16

Reinsurance Group of America, Incorporated
Investments

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


December 31, 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	$	3,700,730	$	180,902	$	150,034	$	3,731,598		31.7	%
Canadian and Canadian provincial governments		1,984,475		394,498		25,746		2,353,227		20.0	%		—
Residential mortgage-backed securities		1,494,021		32,538		70,015		1,456,544		12.4	%		(7,018	)
Foreign corporate securities		1,627,352		77,128		33,390		1,671,090		14.2	%		—
Asset-backed securities		512,281		9,252		77,489		444,044		3.8	%		(2,194	)
Commercial mortgage-backed securities		1,177,621		20,670		169,427		1,028,864		8.7	%		(13,690	)
U.S. government and agencies		540,001		1,085		15,027		526,059		4.5	%		—
State and political subdivisions		107,233		273		17,744		89,762		0.8	%		—
Other foreign government securities		473,243		2,198		13,271		462,170		3.9	%		—

Total fixed maturity securities	$	11,616,957	$	718,544	$	572,143	$	11,763,358		100.0	%	$	(22,902	)



Non-redeemable preferred stock		123,648		1,878		12,328		113,198		63.5	%
Common stock		64,669		760		409		65,020		36.5	%

Total equity securities	$	188,317	$	2,638	$	12,737	$	178,218		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 17

Reinsurance Group of America, Incorporated
Investments

Corporate Securities by Sector (Fixed Maturities and Equities)


	December 31, 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	$	1,372,940	$	1,334,155		23.9	%	A+	$	1,138,663	$	924,098		22.2	%	A
Brokerage		87,168		87,747		1.6	%	A-		104,169		96,516		2.3	%	A
Finance Comp.		239,659		237,719		4.3	%	A+		278,132		228,659		5.5	%	A+
Insurance		374,486		366,893		6.6	%	A-		309,703		222,116		5.4	%	A-
REITs		138,727		139,455		2.5	%	BBB		153,626		110,172		2.7	%	BBB+
Other Finance		221,449		195,238		3.5	%	A-		191,650		140,161		3.4	%	A

Total Financial Institutions		2,434,429		2,361,207		42.4	%			2,175,943		1,721,722		41.5	%
Industrials
Basic		244,242		261,135		4.7	%	BBB		213,540		173,826		4.2	%	BBB+
Capital Goods		235,090		247,594		4.4	%	BBB+		187,041		172,958		4.2	%	A-
Communications		444,939		485,405		8.7	%	BBB+		449,334		425,633		10.3	%	BBB+
Consumer Cyclical		242,206		247,077		4.4	%	BBB		244,476		198,485		4.8	%	BBB+
Consumer Noncyclical		396,739		419,161		7.5	%	BBB+		341,126		323,239		7.8	%	BBB+
Energy		330,748		356,716		6.4	%	BBB+		248,579		215,634		5.2	%	BBB+
Technology		114,795		119,548		2.1	%	BBB+		55,043		43,998		1.1	%	BBB+
Transportation		205,776		209,048		3.8	%	BBB		217,515		190,303		4.6	%	BBB+
Other Industrial		62,175		39,414		0.7	%	BBB-		55,898		28,314		0.7	%	BBB+

Total Industrials		2,276,710		2,385,098		42.7	%			2,012,552		1,772,390		42.9	%
Utilities
Electric		512,898		525,379		9.4	%	BBB+		446,048		399,235		9.6	%	BBB+
Natural Gas		246,329		262,064		4.7	%	BBB+		200,636		174,308		4.2	%	BBB+
Other Utility		26,830		27,940		0.5	%	A-		22,320		20,447		0.5	%	A-

Total Utilities		786,057		815,383		14.6	%			669,004		593,990		14.3	%
Other Sectors		19,203		19,219		0.3	%	AA		59,728		57,338		1.3	%	AA

Total	$	5,516,399	$	5,580,907		100.0	%		$	4,917,227	$	4,145,440		100.0	%

Quarterly Financial Supplement

Page 18

Reinsurance Group of America, Incorporated
Investments

Ratings of Fixed Maturity Securities


		December 31, 2009							September 30, 2009							June 30, 2009							March 31, 2009							December 31, 2008
(USD thousands)	Rating Agency			Estimated Fair					Amortized		Estimated Fair					Amortized		Estimated Fair					Amortized							Amortized		Estimated
NAIC Designation	Designation	Amortized Cost		Value		% of Total			Cost		Value		% of Total			Cost		Value		% of Total			Cost		Estimated Fair Value		% of Total			Cost		Fair Value		% of Total
1	AAA	$	3,726,020	$	3,664,665		31.2	%	$	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	%
1	AA		2,527,944		2,684,878		22.8	%		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	%
1	A		2,203,848		2,367,377		20.1	%		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	%
2	BBB		2,401,885		2,433,144		20.7	%		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	%
3	BB		455,539		381,242		3.3	%		391,699		331,939		3.0	%		413,840		322,158		3.3	%		386,137		260,276		2.9	%		268,276		195,088		2.3	%
4	B		210,252		145,206		1.2	%		186,547		135,107		1.3	%		134,827		94,647		1.0	%		88,213		53,946		0.6	%		77,830		50,064		0.6	%
5	CCC and lower		75,486		70,165		0.6	%		95,973		64,093		0.6	%		79,407		53,901		0.5	%		61,502		36,804		0.4	%		33,945		22,538		0.3	%
6	In or near default		15,983		16,681		0.1	%		13,109		13,433		0.1	%		6,018		6,099		0.1	%		7,061		6,347		0.1	%		9,553		6,871		0.1	%

	Total	$	11,616,957	$	11,763,358				$	10,770,522	$	10,986,825				$	10,345,860	$	9,842,793				$	9,873,449	$	8,831,920				$	9,382,848	$	8,531,804

Structured Fixed Maturity Securities


	December 31, 2009				September 30, 2009				June 30, 2009				March 31, 2009				December 31, 2008
			Estimated Fair		Amortized		Estimated Fair		Amortized		Estimated Fair		Amortized		Estimated Fair		Amortized		Estimated Fair
(USD thousands)	Amortized Cost		Value		Cost		Value		Cost		Value		Cost		Value		Cost		Value
Residential mortgage-backed securities:
Agency	$	771,787	$	797,354	$	754,676	$	786,735	$	736,056	$	760,316	$	796,869	$	829,447	$	851,507	$	868,479
Non-agency		722,234		659,190		595,863		542,333		466,832		397,988		447,844		377,842		379,616		280,706

Total residential mortgage-backed securities		1,494,021		1,456,544		1,350,539		1,329,068		1,202,888		1,158,304		1,244,713		1,207,289		1,231,123		1,149,185
Commercial mortgage-backed securities		1,177,621		1,028,864		1,086,558		882,350		1,086,649		812,312		1,087,722		721,992		1,085,062		760,590
Asset-backed securities		512,281		444,044		545,194		449,252		503,191		377,382		511,088		385,205		484,577		339,378

Total	$	3,183,923	$	2,929,452	$	2,982,291	$	2,660,670	$	2,792,728	$	2,347,998	$	2,843,523	$	2,314,486	$	2,800,762	$	2,249,153

Quarterly Financial Supplement

Page 19

Reinsurance Group of America, Incorporated
Investments

Subprime Mortgage Exposure
(Includes Funds Withheld Portfolios)


	December 31, 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	$	7,782	$	6,599	$	1,841	$	1,438	$	5,231	$	3,197
2004		—		—		14,784		11,227		5,280		3,803
2005		15,034		12,181		23,248		20,349		6,506		2,779
2006		—		—		—		—		—		—
2007		—		—		—		—		—		—
2008		—		—		—		—		—		—
2009		—		—		—		—		—		—

Total	$	22,816	$	18,780	$	39,873	$	33,014	$	17,017	$	9,779


	BBB				Below Investment Grade				Total
			Estimated Fair				Estimated				Estimated
Underwriting Year	Amortized Cost		Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value
2003 & Prior	$	975	$	431	$	2,739	$	1,116	$	18,568	$	12,781
2004		—		—		18,249		9,327		38,313		24,357
2005		23,419		12,162		18,215		8,243		86,422		55,714
2006		4,985		1,507		4,566		2,563		9,551		4,070
2007		—		—		11,709		7,372		11,709		7,372
2008		—		—		—		—		—		—
2009		—		—		—		—		—		—

Total	$	29,379	$	14,100	$	55,478	$	28,621	$	164,563	$	104,294


	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 20

Reinsurance Group of America, Incorporated
Investments

CMBS Exposure
(Includes Funds Withheld Portfolios)


	December 31, 2009
	AAA				AA				A
(USD thousands)			Estimated Fair				Estimated				Estimated Fair
Underwriting Year	Amortized Cost		Value		Amortized Cost		Fair Value		Amortized Cost		Value
2003 & Prior	$	192,355	$	204,592	$	24,346	$	23,355	$	20,123	$	17,016
2004		46,462		45,390		2,363		2,361		11,632		8,388
2005		159,802		153,569		30,893		26,038		43,694		29,720
2006		292,369		280,475		41,649		34,854		41,128		34,859
2007		223,827		216,853		6,922		2,267		64,860		56,996
2008		19,050		19,790		29,211		26,617		—		—
2009		16,638		16,422		1,485		1,532		—		—

Total	$	950,503	$	937,091	$	136,869	$	117,024	$	181,437	$	146,979


	BBB				Below Investment Grade				Total
			Estimated Fair				Estimated				Estimated Fair
Underwriting Year	Amortized Cost		Value		Amortized Cost		Fair Value		Amortized Cost		Value
2003 & Prior	$	21,118	$	15,634	$	2,980	$	2,309	$	260,922	$	262,906
2004		1,918		1,634		—		—		62,375		57,773
2005		24,580		16,718		25,318		17,148		284,287		243,193
2006		26,257		19,091		47,951		22,392		449,354		391,671
2007		82,460		68,428		128,193		62,440		506,262		406,984
2008		—		—		25,384		12,204		73,645		58,611
2009		—		—		—		—		18,123		17,954

Total	$	156,333	$	121,505	$	229,826	$	116,493	$	1,654,968	$	1,439,092


NOTE:		Totals include directly held investments with amortized cost of $1,177.6 million and fair value of $1,028.9 million as well as investments in funds withheld with amortized cost of $477.4 million and fair value of $410.2 million.


	December 31, 2008
	AAA				AA				A
(USD thousands)			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.

Quaterly Financial Supplement

Page21

Reinsurance Group of America, Incorporated
Investments

Gross Unrealized Losses Aging

Fixed Maturity Securities


	December 31, 2009					September 30, 2009					June 30, 2009					March 31, 2009					December 31, 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%	$	248,145		42.4	%	$	219,984		32.0	%	$	304,595		28.6	%	$	320,296		20.6	%	$	322,159		22.7	%
20% or more for less than six months		67,435		11.5	%		67,306		9.8	%		152,606		14.4	%		406,885		26.2	%		766,789		54.1	%
20% or more for six months or greater		256,563		43.9	%		369,459		53.8	%		556,117		52.3	%		735,831		47.4	%		258,724		18.3	%

Total	$	572,143		97.8	%	$	656,749		95.6	%	$	1,013,318		95.3	%	$	1,463,012		94.2	%	$	1,347,672		95.1	%

Equity Securities


	December 31, 2009					September 30, 2009					June 30, 2009					March 31, 2009					December 31, 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%	$	5,930		1.0	%	$	4,748		0.7	%	$	5,452		0.5	%	$	1,070		0.1	%	$	2,231		0.2	%
20% or more for less than six months		1,887		0.3	%		1,819		0.2	%		3,951		0.4	%		10,675		0.7	%		29,958		2.1	%
20% or more for six months or greater		4,920		0.9	%		23,898		3.5	%		40,910		3.8	%		78,062		5.0	%		36,578		2.6	%

Total	$	12,737		2.2	%	$	30,465		4.4	%	$	50,313		4.7	%	$	89,807		5.8	%	$	68,767		4.9	%

Quaterly Financial Supplement

Page22

Reinsurance Group of America, Incorporated
Investments

Fixed Maturities and Equity Securities Below Amortized Cost


	As of December 31, 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	$	373,049	$	27,625	$	679,908	$	89,711	$	1,052,957	$	117,336
Canadian and Canadian provincial governments		494,718		15,374		135,315		10,372		630,033		25,746
Residential mortgage-backed securities		402,642		23,671		197,320		20,185		599,962		43,856
Foreign corporate securities		362,406		5,262		182,300		24,693		544,706		29,955
Asset-backed securities		48,651		1,927		166,603		57,262		215,254		59,189
Commercial mortgage-backed securities		177,360		10,312		425,793		79,297		603,153		89,609
U.S. government and agencies		496,514		15,027		—		—		496,514		15,027
State and political subdivisions		34,612		3,397		40,945		11,437		75,557		14,834
Other foreign government securities		240,216		8,370		30,321		4,901		270,537		13,271

Investment grade securities		2,630,168		110,965		1,858,505		297,858		4,488,673		408,823


Non-investment grade securities:
U.S. corporate securities		41,977		12,293		169,775		20,405		211,752		32,698
Asset-backed securities		238		2,256		23,242		16,044		23,480		18,300
Foreign corporate securities		1,755		17		3,537		3,418		5,292		3,435
Residential mortgage-backed securities		10,657		1,909		66,756		24,250		77,413		26,159
Commercial mortgage-backed securities		—		—		57,179		79,818		57,179		79,818
State and political subdivisions		—		—		5,170		2,910		5,170		2,910

Non-investment grade securities		54,627		16,475		325,659		146,845		380,286		163,320

Total fixed maturity securities	$	2,684,795	$	127,440	$	2,184,164	$	444,703	$	4,868,959	$	572,143


Non-redeemable preferred stock		8,320		1,263		68,037		11,065		76,357		12,328
Common stock		5		15		7,950		394		7,955		409

Equity securities	$	8,325	$	1,278	$	75,987	$	11,459	$	84,312	$	12,737

Total number of securities in an unrealized loss position		603				744				1,347


	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 23

Reinsurance Group of America, Incorporated
Investments

Consolidated Investment Related Gains and Losses


	Three Months Ended															Current Qtr			Year-to-Date
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
(USD thousands)	2009			2009			2009			2009			2008			Quarter			2009			2008			Change
Fixed Maturity and Equity Securities:
Other-than-temporary impairment losses on fixed maturities	$	(40,552	)	$	(16,945	)	$	(36,942	)	$	(34,395	)	$	(15,226	)	$	(25,326	)	$	(128,834	)	$	(113,313	)	$	(15,521	)
Portion of loss recognized in other accumulated comprehensive income (before taxes)		3,910			(4,000	)		16,135			—			—			3,910			16,045			—			16,045

Net other-than-temporary impairment losses on fixed maturities recognized in earnings		(36,642	)		(20,945	)		(20,807	)		(34,395	)		(15,226	)		(21,416	)		(112,789	)		(113,313	)		524
Impairment losses on equity securities		(5,628	)		—			—			(5,430	)		(337	)		(5,291	)		(11,058	)		(17,232	)		6,174
Gain on investment activity		44,538			31,823			25,281			12,230			10,204			34,334			113,872			32,383			81,489
Loss on investment activity		(10,728	)		(23,782	)		(18,828	)		(19,649	)		(5,759	)		(4,969	)		(72,987	)		(24,062	)		(48,925	)

Net gain/(loss) on fixed maturity and equity securities		(8,460	)		(12,904	)		(14,354	)		(47,244	)		(11,118	)		2,658			(82,962	)		(122,224	)		39,262

Other non-derivative gain/(loss), net		629			(787	)		2,998			430			1,481			(852	)		3,270			4,759			(1,489	)

Free-standing Derivatives:
Credit Default Swaps		3,358			2,919			9,288			(1,911	)		(6,732	)		10,090			13,654			(14,333	)		27,987
Interest Rate Swaps		(49,213	)		26,378			(99,016	)		(38,864	)		152,098			(201,311	)		(160,715	)		158,834			(319,549	)
Futures		(9,942	)		(36,951	)		(48,059	)		22,311			10,870			(20,812	)		(72,641	)		19,099			(91,740	)
Other		1,373			213			592			270			—			1,373			2,448			—			2,448
Currency Forwards		(1,030	)		1,910			1,165			(2,042	)		1,638			(2,668	)		3			1,940			(1,937	)

Total free-standing derivatives		(55,454	)		(5,531	)		(136,030	)		(20,236	)		157,874			(213,328	)		(217,251	)		165,540			(382,791	)

Embedded Derivatives:
Modified coinsurance and funds withheld treaties		3,028			51,454			64,337			(40,425	)		(161,021	)		164,049			78,394			(427,798	)		506,192
GMXB		46,120			10,127			161,237			35,213			(230,775	)		276,895			252,697			(267,482	)		520,179

Total embedded derivatives		49,148			61,581			225,574			(5,212	)		(391,796	)		440,944			331,091			(695,280	)		1,026,371

Net gain/(loss) on total derivatives		(6,306	)		56,050			89,544			(25,448	)		(233,922	)		227,616			113,840			(529,740	)		643,580


Total investment related gains (losses), net	$	(14,137	)	$	42,359		$	78,188		$	(72,262	)	$	(243,559	)	$	229,422		$	34,148		$	(647,205	)	$	681,353

Quarterly Financial Supplement

Page 24

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