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 2010

(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+	A1
RGA Life Reinsurance Company of Canada	AA-	A+	NR
RGA International Reinsurance Company Limited	AA-	NR	NR
RGA Global Reinsurance Company Limited	AA-	NR	NR
Senior Debt Ratings
Reinsurance Group of America, Incorporated	A-	a-	Baa1

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

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
3rd Quarter 2010
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.

RGA evaluates its stockholder equity position excluding the impact of Accumulated Other Comprehensive Income (“AOCI”) since the net unrealized gains or losses included in AOCI primarily relate to changes in interest rates, credit spreads on its investment securities and foreign currency fluctuations that are not permanent and can fluctuate significantly from period to period.

Additionally, RGA uses a non-GAAP financial measure called operating return on equity, which is calculated as operating income divided by average shareholder’s equity excluding AOCI.


		Quarterly Financial Supplement

Page 1

Reinsurance Group of America, Incorporated
Financial Highlights


	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)	2010			2010			2010			2009			2009			Quarter			2010		2009		Change
Net premiums	$	1,647,300		$	1,582,017		$	1,628,464		$	1,598,754		$	1,405,179		$	242,121		$	4,857,781	$	4,126,407	$	731,374
Net income — continuing operations		128,232			127,019			122,439			112,409			118,208			10,024			377,690		294,677		83,013
Operating income		127,703			121,899			93,008			125,833			114,571			13,132			342,610		312,488		30,122
Operating return on equity (ex AOCI) — annualized		13.2	%		13.0	%		10.2	%		14.3	%		13.5	%		-0.3	%
Operating return on equity (ex AOCI) — trailing 12 months		12.7	%		12.7	%		13.5	%		13.1	%		12.9	%		-0.2	%
Total assets		28,934,028			27,220,606			26,722,458			25,249,501			24,162,113			4,771,915

Assumed Life Reinsurance in Force (in billions)
U.S.	$	1,339.7		$	1,334.9		$	1,318.0		$	1,290.5		$	1,281.9		$	57.8
Canada		307.0			289.7			293.9			276.8			261.1			45.9
Europe & South Africa		446.5			401.8			395.6			408.9			388.2			58.3
Asia Pacific		385.8			340.9			355.6			348.9			343.4			42.4

Total Life Reinsurance in Force	$	2,479.0		$	2,367.3		$	2,363.1		$	2,325.1		$	2,274.6		$	204.4


Assumed New Business Production (in billions) (1)
U.S.	$	30.3		$	45.1		$	40.6		$	42.5		$	31.2		$	(0.9	)	$	116.0	$	92.5	$	23.5
Canada		12.2			12.8			13.9			13.9			10.5			1.7			38.9		30.0		8.9
Europe & South Africa		30.0			23.4			21.7			42.5			19.9			10.1			75.1		78.6		(3.5	)
Asia Pacific		4.8			10.1			2.7			5.3			8.6			(3.8	)		17.6		15.7		1.9

Total New Business Production	$	77.3		$	91.4		$	78.9		$	104.2		$	70.2		$	7.1		$	247.6	$	216.8	$	30.8


Per Share and Shares Data
Basic earnings per share from continuing operations
Net income	$	1.75		$	1.74		$	1.68		$	1.54		$	1.63		$	0.12		$	5.17	$	4.05	$	1.12
Operating income	$	1.75		$	1.67		$	1.27		$	1.73		$	1.57		$	0.18		$	4.69	$	4.30	$	0.39
Diluted earnings per share from continuing operations
Net income	$	1.72		$	1.70		$	1.64		$	1.52		$	1.61		$	0.11		$	5.06	$	4.03	$	1.03
Operating income	$	1.72		$	1.63		$	1.25		$	1.70		$	1.56		$	0.16		$	4.59	$	4.28	$	0.31

Wgt. average common shares outstanding (basic)		73,162			73,141			73,046			72,895			72,781			381			73,117		72,754		363
Wgt. average common shares outstanding (diluted)		74,420			74,721			74,578			74,195			73,286			1,134			74,574		73,037		1,537

Common shares issued		73,364			73,364			73,364			73,364			73,363			1			73,364		73,363		1
Treasury shares		192			210			261			374			573			(381	)		192		573		(381	)
Common shares outstanding		73,172			73,154			73,103			72,990			72,790			382			73,172		72,790		382

Book value per share	$	68.30		$	60.73		$	56.98		$	52.99		$	51.83
Per share effect of accumulated other comprehensive income (AOCI)	$	14.48		$	8.59		$	6.49		$	4.10		$	4.36
Book value per share, excluding AOCI	$	53.82		$	52.14		$	50.49		$	48.89		$	47.47


(1)		Excludes Group / Life Production from ING

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)	2010			2010			2010			2009			2009			Quarter			2010			2009			Change
Revenues:
Net premiums	$	1,647,300		$	1,582,017		$	1,628,464		$	1,598,754		$	1,405,179		$	242,121		$	4,857,781		$	4,126,407		$	731,374
Investment income, net of related expenses		287,504			291,671			304,258			315,159			299,471			(11,967	)		883,433			807,303			76,130
Investment related gains (losses), net
OTTI on fixed maturity securities		(4,904	)		(3,489	)		(7,430	)		(40,552	)		(16,945	)		12,041			(15,823	)		(88,282	)		72,459
OTTI on fixed maturity securities transferred to/from AOCI		26			(139	)		2,344			3,910			(4,000	)		4,026			2,231			12,135			(9,904	)
Other investment related gains (losses), net		(11,902	)		26,620			136,271			22,505			63,304			(75,206	)		150,989			124,432			26,557

Total investment related gains (losses), net		(16,780	)		22,992			131,185			(14,137	)		42,359			(59,139	)		137,397			48,285			89,112
Other revenue		37,515			35,197			36,278			44,059			31,972			5,543			108,990			140,992			(32,002	)

Total revenues		1,955,539			1,931,877			2,100,185			1,943,835			1,778,981			176,558			5,987,601			5,122,987			864,614

Benefits and expenses:
Claims and other policy benefits		1,393,891			1,307,239			1,375,180			1,370,175			1,155,811			238,080			4,076,310			3,449,251			627,059
Interest credited		94,776			79,169			56,934			128,779			85,153			9,623			230,879			194,959			35,920
Policy acquisition costs and other insurance expenses		157,058			237,149			366,302			179,333			271,789			(114,731	)		760,509			778,993			(18,484	)
Other operating expenses		85,409			83,147			91,199			80,532			76,403			9,006			259,755			214,247			45,508
Interest expense		25,191			25,141			15,449			22,985			5,243			19,948			65,781			46,955			18,826
Collateral finance facility expense		2,041			1,960			1,806			1,866			2,031			10			5,807			6,402			(595	)

Total benefits and expenses		1,758,366			1,733,805			1,906,870			1,783,670			1,596,430			161,936			5,399,041			4,690,807			708,234

Income before income taxes — continuing operations		197,173			198,072			193,315			160,165			182,551			14,622			588,560			432,180			156,380

Income tax expense		68,941			71,053			70,876			47,756			64,343			4,598			210,870			137,503			73,367

Income — continuing operations		128,232			127,019			122,439			112,409			118,208			10,024			377,690			294,677			83,013
Loss from discontinued operations		—			—			—			—			—			—			—			—			—

Net income	$	128,232		$	127,019		$	122,439		$	112,409		$	118,208		$	10,024		$	377,690		$	294,677		$	83,013


Pre-tax Operating Income Reconciliation:
Income before income taxes — continuing operations		197,173			198,072			193,315			160,165			182,551			14,622			588,560			432,180			156,380
Investment and derivative losses (gains) — non-operating (1)		(37,747	)		(130,697	)		371			65,676			20,616			(58,363	)		(168,073	)		237,722			(405,795	)
Change in value of modified coinsurance and funds withheld embedded derivatives (1)		38,653			(32,512	)		(122,635	)		(3,028	)		(51,454	)		90,107			(116,494	)		(75,366	)		(41,128	)
GMXB embedded derivatives (1)		16,232			140,934			(7,171	)		(46,120	)		(10,127	)		26,359			149,995			(206,577	)		356,572
Funds withheld losses (gains) — investment income		(6,494	)		(5,772	)		82			—			—			(6,494	)		(12,184	)		—			(12,184	)
Funds withheld losses (gains) — policy acq. costs		954			777			(81	)		—			—			954			1,650			—			1,650
EIA embedded derivatives — interest credited		43,070			14,990			(22,422	)		12,563			(5,248	)		48,318			35,638			(26,144	)		61,782
EIA embedded derivatives — policy acq. costs		(4,189	)		(1,503	)		3,250			(801	)		191			(4,380	)		(2,442	)		3,243			(5,685	)
DAC offset, net		(50,519	)		6,041			103,769			(5,572	)		40,780			(91,299	)		59,291			135,155			(75,864	)
Gain on debt repurchase		—			—			—			—			—			—			—			(38,875	)		38,875

Operating Income Before Income Taxes	$	197,133		$	190,330		$	148,478		$	182,883		$	177,309		$	19,824		$	535,941		$	461,338		$	74,603


After-tax Operating Income Reconciliation:
Income — continuing operations		128,232			127,019			122,439			112,409			118,208			10,024			377,690			294,677			83,013
Investment and derivative losses (gains) — non-operating (1)		(25,041	)		(85,039	)		(47	)		41,347			13,170			(38,211	)		(110,127	)		153,378			(263,505	)
Change in value of modified coinsurance and funds withheld embedded derivatives (1)		25,125			(21,133	)		(79,713	)		(1,968	)		(33,445	)		58,570			(75,721	)		(48,988	)		(26,733	)
GMXB embedded derivatives (1)		10,551			91,607			(4,661	)		(29,978	)		(6,582	)		17,133			97,497			(134,275	)		231,772
Funds withheld losses (gains) — investment income		(4,221	)		(3,752	)		53			—			—			(4,221	)		(7,920	)		—			(7,920	)
Funds withheld losses (gains) — policy acq. costs		621			505			(53	)		—			—			621			1,073			—			1,073
EIA embedded derivatives — interest credited		27,996			9,743			(14,574	)		8,166			(3,412	)		31,408			23,165			(16,994	)		40,159
EIA embedded derivatives — policy acq. costs		(2,723	)		(977	)		2,113			(521	)		124			(2,847	)		(1,587	)		2,108			(3,695	)
DAC offset, net		(32,837	)		3,926			67,451			(3,622	)		26,508			(59,345	)		38,540			87,851			(49,311	)
Gain on debt repurchase		—			—			—			—			—			—			—			(25,269	)		25,269

Operating Income	$	127,703		$	121,899		$	93,008		$	125,833		$	114,571		$	13,132		$	342,610		$	312,488		$	30,122


(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)	2010		2010		2010		2009		2009			Quarter			2010		2009			Change
Revenues:
Net premiums	$	1,647,300	$	1,582,017	$	1,628,464	$	1,598,754	$	1,405,179		$	242,121		$	4,857,781	$	4,126,407		$	731,374
Investment income, net of related expenses		281,010		285,899		304,340		315,159		299,471			(18,461	)		871,249		807,303			63,946
Investment related gains (losses), net		358		717		1,750		2,391		1,394			(1,036	)		2,825		4,064			(1,239	)
Other revenue		37,515		35,197		36,278		44,059		31,972			5,543			108,990		102,117			6,873

Total revenues		1,966,183		1,903,830		1,970,832		1,960,363		1,738,016			228,167			5,840,845		5,039,891			800,954

Benefits and expenses:
Claims and other policy benefits		1,393,891		1,307,239		1,375,180		1,370,175		1,155,811			238,080			4,076,310		3,449,251			627,059
Interest credited		51,706		64,179		79,356		116,216		90,401			(38,695	)		195,241		221,103			(25,862	)
Policy acquisition costs and other insurance expenses		210,812		231,834		259,364		185,706		230,818			(20,006	)		702,010		640,595			61,415
Other operating expenses		85,409		83,147		91,199		80,532		76,403			9,006			259,755		214,247			45,508
Interest expense		25,191		25,141		15,449		22,985		5,243			19,948			65,781		46,955			18,826
Collateral finance facility expense		2,041		1,960		1,806		1,866		2,031			10			5,807		6,402			(595	)

Total benefits and expenses		1,769,050		1,713,500		1,822,354		1,777,480		1,560,707			208,343			5,304,904		4,578,553			726,351

Operating income before income taxes		197,133		190,330		148,478		182,883		177,309			19,824			535,941		461,338			74,603

Operating income tax expense		69,430		68,431		55,470		57,050		62,738			6,692			193,331		148,850			44,481


Operating income	$	127,703	$	121,899	$	93,008	$	125,833	$	114,571		$	13,132		$	342,610	$	312,488		$	30,122


Wgt. Average Common Shares Outstanding (Diluted)		74,420		74,721		74,578		74,195		73,286			1,134			74,574		73,037			1,537

Diluted Earnings Per Share — Operating Income	$	1.72	$	1.63	$	1.25	$	1.70	$	1.56		$	0.16		$	4.59	$	4.28		$	0.31


*Foreign currency effect on:**
Net premiums	$	15,448	$	40,445	$	103,974	$	81,807	$	(41,517	)	$	56,965		$	159,867	$	(289,416	)	$	449,283
Operating income before income taxes	$	1,998	$	5,185	$	9,497	$	13,321	$	(1,564	)	$	3,562		$	16,680	$	(22,223	)	$	38,903


*		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)	2010			2010			2010			2009			2009
Assets
Fixed maturity securities (available for sale):	$	14,169,930		$	13,077,607		$	12,775,342		$	11,763,358		$	10,986,825
Mortgage loans on real estate		863,873			838,827			797,272			791,668			736,982
Policy loans		1,173,148			1,173,016			1,162,723			1,136,564			1,079,051
Funds withheld at interest		5,276,511			5,257,929			5,180,300			4,895,356			4,820,534
Short-term investments		84,091			63,962			79,160			121,060			89,372
Other invested assets		738,830			637,827			564,753			516,086			516,079

Total investments		22,306,383			21,049,168			20,559,550			19,224,092			18,228,843
Cash and cash equivalents		634,075			557,756			525,360			512,027			546,882
Accrued investment income		177,250			144,658			140,921			107,447			151,744
Premiums receivable and other reinsurance balances		987,342			898,522			880,372			850,096			808,719
Reinsurance ceded receivables		790,889			721,830			731,479			716,480			714,761
Deferred policy acquisition costs		3,741,534			3,597,865			3,624,846			3,698,972			3,604,148
Other assets		296,555			250,807			259,930			140,387			107,016

Total assets	$	28,934,028		$	27,220,606		$	26,722,458		$	25,249,501		$	24,162,113


Liabilities and Stockholders’ Equity
Future policy benefits	$	8,906,977		$	8,518,817		$	8,540,298		$	7,748,480		$	7,405,615
Interest-sensitive contract liabilities		7,884,874			7,781,407			7,550,168			7,666,002			7,446,900
Other policy claims and benefits		2,590,014			2,387,579			2,429,147			2,229,083			2,202,428
Other reinsurance balances		134,066			143,723			211,532			106,706			153,627
Deferred income taxes		1,064,726			977,873			818,331			613,222			675,679
Other liabilities		1,129,848			742,940			782,117			792,775			679,347
Short-term debt		—			—			—			—			—
Long-term debt		1,216,320			1,216,230			1,216,140			1,216,052			816,648
Collateral finance facility		850,026			850,030			850,025			850,037			850,025
Company-obligated mandatorily redeemable preferred securities of subsidiary trust holding solely junior subordinated debentures of the Company		159,368			159,316			159,266			159,217			159,168

Total liabilities		23,936,219			22,777,915			22,557,024			21,381,574			20,389,437

Stockholders’ Equity:
Common stock, at par value		734			734			734			734			734
Warrants		66,912			66,912			66,912			66,912			66,912
Additional paid-in-capital		1,477,011			1,473,305			1,469,807			1,463,101			1,460,361
Retained earnings		2,402,167			2,282,968			2,165,410			2,055,549			1,952,934
Treasury stock		(8,774	)		(9,570	)		(11,817	)		(17,578	)		(25,647	)

Accumulated other comprehensive income (AOCI):
Accumulated currency translation adjustment, net of income taxes		242,686			173,985			237,549			210,878			185,570
Unrealized appreciation (depreciation) of securities, net of income taxes		832,756			470,365			252,905			104,457			145,166
Pension and postretirement benefits, net of income taxes		(15,683	)		(16,008	)		(16,066	)		(16,126	)		(13,354	)

Total stockholders’ equity		4,997,809			4,442,691			4,165,434			3,867,927			3,772,676

Total liabilities and stockholders’ equity	$	28,934,028		$	27,220,606		$	26,722,458		$	25,249,501		$	24,162,113


Total stockholders’ equity, excluding AOCI	$	3,938,050		$	3,814,349		$	3,691,046		$	3,568,718		$	3,455,294

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)	2010			2010			2010			2009			2009			Quarter			2010			2009			Change
Revenues:
Net premiums	$	930,070		$	933,162		$	902,961		$	918,529		$	801,406		$	128,664		$	2,766,193		$	2,395,335		$	370,858
Investment income, net of related expenses		124,596			120,782			113,461			114,276			107,088			17,508			358,839			314,265			44,574
Other revenue		428			190			598			1,121			586			(158	)		1,216			2,076			(860	)

Total revenues		1,055,094			1,054,134			1,017,020			1,033,926			909,080			146,014			3,126,248			2,711,676			414,572

Benefits and expenses:
Claims and other policy benefits		793,270			788,956			789,775			786,949			686,057			107,213			2,372,001			2,050,859			321,142
Interest credited		16,698			16,312			16,636			16,261			15,983			715			49,646			46,917			2,729
Policy acquisition costs and other insurance expenses		125,526			134,470			128,773			134,815			108,685			16,841			388,769			315,543			73,226
Other operating expenses		18,534			18,303			20,859			13,756			13,692			4,842			57,696			40,895			16,801

Total benefits and expenses		954,028			958,041			956,043			951,781			824,417			129,611			2,868,112			2,454,214			413,898

Operating income before income taxes		101,066			96,093			60,977			82,145			84,663			16,403			258,136			257,462			674


Operating to U.S. GAAP Reconciliation:
Operating income before income taxes		101,066			96,093			60,977			82,145			84,663			16,403			258,136			257,462			674
Investment and Derivative (losses) gains — non-operating		13,009			2,721			2,848			(7,842	)		(20,880	)		33,889			18,578			(76,042	)		94,620

Income before income taxes	$	114,075		$	98,814		$	63,825		$	74,303		$	63,783		$	50,292		$	276,714		$	181,420		$	95,294


Loss and Expense Ratios:
Claims and other policy benefits		85.3	%		84.5	%		87.5	%		85.7	%		85.6	%		-0.3	%		85.7	%		85.6	%		0.1	%
Policy acquisition costs and other insurance expenses		13.5	%		14.4	%		14.3	%		14.7	%		13.6	%		-0.1	%		14.1	%		13.2	%		0.9	%
Other operating expenses		2.0	%		2.0	%		2.3	%		1.5	%		1.7	%		0.3	%		2.1	%		1.7	%		0.4	%

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)	2010			2010			2010			2009			2009			Quarter			2010			2009			Change
Revenues:
Net premiums	$	2,724		$	3,128		$	11,877		$	1,767		$	1,744		$	980		$	17,729		$	5,092		$	12,637
Investment income, net of related expenses		60,853			77,189			96,449			109,871			115,777			(54,924	)		234,491			276,771			(42,280	)
Investment related gains (losses), net		(18	)		(18	)		(18	)		(18	)		(19	)		1			(54	)		(27	)		(27	)
Other revenue		19,605			21,944			20,893			19,029			19,452			153			62,442			51,537			10,905

Total revenues		83,164			102,243			129,201			130,649			136,954			(53,790	)		314,608			333,373			(18,765	)

Benefits and expenses:
Claims and other policy benefits		(318	)		2,850			9,610			5,166			872			(1,190	)		12,142			1,805			10,337
Interest credited		35,008			47,868			62,706			99,834			74,418			(39,410	)		145,582			174,111			(28,529	)
Policy acquisition costs and other insurance expenses		32,072			33,341			37,150			9,304			39,397			(7,325	)		102,563			117,783			(15,220	)
Other operating expenses		2,413			2,414			3,189			2,476			2,537			(124	)		8,016			7,700			316

Total benefits and expenses		69,175			86,473			112,655			116,780			117,224			(48,049	)		268,303			301,399			(33,096	)

Operating income (loss) before income taxes		13,989			15,770			16,546			13,869			19,730			(5,741	)		46,305			31,974			14,331


Operating to U.S. GAAP Reconciliation:
Operating income before income taxes		13,989			15,770			16,546			13,869			19,730			(5,741	)		46,305			31,974			14,331
Investment and derivative (losses) gains — non-operating (1)		17,112			124,746			2,808			(50,539	)		(7,714	)		24,826			144,666			(170,866	)		315,532
Change in value of modified coinsurance and funds withheld embedded derivatives (1)		(38,653	)		32,512			122,635			3,028			51,454			(90,107	)		116,494			75,366			41,128
GMXB embedded derivatives (1)		(16,232	)		(140,934	)		7,171			46,120			10,127			(26,359	)		(149,995	)		206,577			(356,572	)
Funds withheld losses (gains) — investment income		6,494			5,772			(82	)		—			—			6,494			12,184			—			12,184
Funds withheld losses (gains) — policy acq. costs		(954	)		(777	)		81			—			—			(954	)		(1,650	)		—			(1,650	)
EIA embedded derivatives — interest credited		(43,070	)		(14,990	)		22,422			(12,563	)		5,248			(48,318	)		(35,638	)		26,144			(61,782	)
EIA embedded derivatives — policy acq. costs		4,189			1,503			(3,250	)		801			(191	)		4,380			2,442			(3,243	)		5,685
DAC offset, net		50,519			(6,041	)		(103,769	)		5,572			(40,780	)		91,299			(59,291	)		(135,155	)		75,864

Income before income taxes	$	(6,606	)	$	17,561		$	64,562		$	6,288		$	37,874		$	(44,480	)	$	75,517		$	30,797		$	44,720


(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,
(USD millions)	2010			2010			2010			2009			2009
Annuity account values:

Fixed annuities (deferred)	$	837		$	847		$	861		$	876		$	888

Net interest spread (fixed annuities):		1.5	%		2.3	%		2.4	%		2.4	%		3.3	%

Equity-indexed annuities	$	4,210		$	4,145		$	4,052		$	4,031		$	3,940

Variable annuities:
No riders	$	1,243		$	1,190		$	1,251		$	1,231		$	1,195
GMDB only		87			79			82			79			75
GMIB only		6			6			6			6			6
GMAB only		62			58			63			62			60
GMWB only		1,653			1,517			1,622			1,563			1,501
GMDB / WB		472			431			455			437			415
Other		34			32			35			34			33

Total VA account values	$	3,557		$	3,313		$	3,514		$	3,412		$	3,285

Fair value of liabilities associated with living benefit riders	$	174		$	158		$	17		$	24		$	70

Other asset-intensive business:	$	786		$	784		$	783		$	679		$	675

Quarterly Financial Supplement

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)	2010			2010			2010			2009			2009			Quarter			2010			2009			Change
Revenues:
Investment income, net of related expenses	$	154		$	107		$	(51	)	$	(66	)	$	(56	)	$	210		$	210		$	(220	)	$	430
Other revenue		5,608			5,820			5,050			5,736			3,871			1,737			16,478			14,560			1,918

Total revenues		5,762			5,927			4,999			5,670			3,815			1,947			16,688			14,340			2,348

Benefits and expenses:
Policy acquisition costs and other insurance expenses		461			580			526			299			289			172			1,567			889			678
Other operating expenses		940			937			1,279			751			779			161			3,156			2,259			897

Total benefits and expenses		1,401			1,517			1,805			1,050			1,068			333			4,723			3,148			1,575

Operating income before income taxes		4,361			4,410			3,194			4,620			2,747			1,614			11,965			11,192			773


Operating to U.S. GAAP Reconciliation:
Operating income before income taxes		4,361			4,410			3,194			4,620			2,747			1,614			11,965			11,192			773
Investment and Derivative (losses) gains — non-operating		(44	)		(10	)		(9	)		26			2			(46	)		(63	)		72			(135	)

Income before income taxes	$	4,317		$	4,400		$	3,185		$	4,646		$	2,749		$	1,568		$	11,902		$	11,264		$	638

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)	2010			2010			2010			2009			2009			Quarter			2010			2009			Change
Revenues:
Net premiums	$	205,552		$	177,079		$	208,650		$	168,483		$	153,430		$	52,122		$	591,281		$	446,348		$	144,933
Investment income, net of related expenses		41,170			42,206			40,228			40,863			34,412			6,758			123,604			96,887			26,717
Investment related gains (losses), net		938			915			895			919			1,448			(510	)		2,748			4,143			(1,395	)
Other revenue		803			241			43			124			(69	)		872			1,087			1,010			77

Total revenues		248,463			220,441			249,816			210,389			189,221			59,242			718,720			548,388			170,332

Benefits and expenses:
Claims and other policy benefits		186,554			145,250			172,516			133,757			123,357			63,197			504,320			367,304			137,016
Interest credited		—			—			—			—			—			—			—			75			(75	)
Policy acquisition costs and other insurance expenses		26,901			35,264			54,441			39,312			38,244			(11,343	)		116,606			107,678			8,928
Other operating expenses		6,971			6,994			6,841			6,585			5,798			1,173			20,806			16,189			4,617

Total benefits and expenses		220,426			187,508			233,798			179,654			167,399			53,027			641,732			491,246			150,486

Operating income before income taxes		28,037			32,933			16,018			30,735			21,822			6,215			76,988			57,142			19,846


Operating to U.S. GAAP Reconciliation:
Operating income before income taxes		28,037			32,933			16,018			30,735			21,822			6,215			76,988			57,142			19,846
Investment and Derivative (losses) gains — non-operating		5,431			815			2,955			15,053			(2,975	)		8,406			9,201			3,405			5,796

Income before income taxes	$	33,468		$	33,748		$	18,973		$	45,788		$	18,847		$	14,621		$	86,189		$	60,547		$	25,642


Loss and Expense Ratios:
Loss ratios (creditor business)		32.5	%		40.6	%		41.2	%		19.7	%		37.7	%		-5.2	%		39.9	%		41.1	%		-1.2	%
Loss ratios (excluding creditor business)		96.3	%		91.9	%		106.8	%		98.6	%		94.9	%		1.4	%		97.9	%		97.6	%		0.3	%
Claims and other policy benefits / (net premiums + investment income)		75.6	%		66.2	%		69.3	%		63.9	%		65.7	%		9.9	%		70.5	%		67.6	%		2.9	%
Policy acquisition costs and other insurance expenses		13.1	%		19.9	%		26.1	%		23.3	%		24.9	%		-11.8	%		19.7	%		24.1	%		-4.4	%
Other operating expenses		3.4	%		3.9	%		3.3	%		3.9	%		3.8	%		-0.4	%		3.5	%		3.6	%		-0.1	%

*Foreign currency effect on:**
Net premiums	$	10,236		$	20,670		$	33,557		$	21,267		$	(7,826	)	$	18,062		$	64,463		$	(63,453	)	$	127,916
Operating income before income taxes	$	292		$	4,079		$	1,373		$	5,038		$	(1,048	)	$	1,340		$	5,744		$	(10,222	)	$	15,966

Creditor reinsurance net premiums	$	17,707		$	34,079		$	76,712		$	40,977		$	38,903		$	(21,196	)	$	128,498		$	120,696		$	7,802


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

*		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)	2010			2010			2010			2009			2009			Quarter			2010			2009			Change
Revenues:
Net premiums	$	232,962		$	209,919		$	217,652		$	224,510		$	204,169		$	28,793		$	660,533		$	557,442		$	103,091
Investment income, net of related expenses		8,579			8,369			7,832			8,869			8,502			77			24,780			23,371			1,409
Other revenue		857			108			838			10,536			102			755			1,803			900			903

Total revenues		242,398			218,396			226,322			243,915			212,773			29,625			687,116			581,713			105,403

Benefits and expenses:
Claims and other policy benefits		193,377			165,827			180,016			201,131			164,118			29,259			539,220			455,354			83,866
Policy acquisition costs and other insurance expenses		12,137			10,273			13,398			(4,710	)		21,277			(9,140	)		35,808			42,463			(6,655	)
Other operating expenses		21,198			21,317			22,710			23,608			20,665			533			65,225			56,693			8,532

Total benefits and expenses		226,712			197,417			216,124			220,029			206,060			20,652			640,253			554,510			85,743

Operating income before income taxes		15,686			20,979			10,198			23,886			6,713			8,973			46,863			27,203			19,660


Operating to U.S. GAAP Reconciliation:
Operating income before income taxes		15,686			20,979			10,198			23,886			6,713			8,973			46,863			27,203			19,660
Investment and Derivative (losses) gains — non-operating		1,808			1,347			459			576			268			1,540			3,614			676			2,938

Income before income taxes	$	17,494		$	22,326		$	10,657		$	24,462		$	6,981		$	10,513		$	50,477		$	27,879		$	22,598


Loss and Expense Ratios:
Claims and other policy benefits		83.0	%		79.0	%		82.7	%		89.6	%		80.4	%		2.6	%		81.6	%		81.7	%		-0.1	%
Policy acquisition costs and other insurance expenses		5.2	%		4.9	%		6.2	%		-2.1	%		10.4	%		-5.2	%		5.4	%		7.6	%		-2.2	%
Other operating expenses		9.1	%		10.2	%		10.4	%		10.5	%		10.1	%		-1.0	%		9.9	%		10.2	%		-0.3	%

*Foreign currency effect on:**
Net premiums	$	(12,500	)	$	(6,154	)	$	20,109		$	15,308		$	(24,713	)	$	12,213		$	1,455		$	(122,798	)	$	124,253
Operating income before income taxes	$	(1,184	)	$	(1,158	)	$	334		$	4,672		$	(614	)	$	(570	)	$	(2,008	)	$	(6,352	)	$	4,344

Critical illness net premiums	$	57,340		$	52,759		$	55,874		$	58,898		$	54,206		$	3,134		$	165,973		$	153,226		$	12,747


*		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)	2010			2010			2010			2009			2009			Quarter			2010			2009			Change
Revenues:
Net premiums	$	273,825		$	256,878		$	285,818		$	283,419		$	242,350		$	31,475		$	816,521		$	715,508		$	101,013
Investment income, net of related expenses		17,042			17,249			17,264			18,107			15,654			1,388			51,555			43,228			8,327
Investment related gains (losses), net		232			(151	)		707			824			—			232			788			—			788
Other revenue		7,462			6,128			6,187			5,887			4,942			2,520			19,777			19,142			635

Total revenues		298,561			280,104			309,976			308,237			262,946			35,615			888,641			777,878			110,763

Benefits and expenses:
Claims and other policy benefits		220,867			204,494			223,096			243,012			182,070			38,797			648,457			574,040			74,417
Policy acquisition costs and other insurance expenses		27,373			31,661			37,930			17,617			31,833			(4,460	)		96,964			88,788			8,176
Other operating expenses		22,932			22,265			22,385			22,811			21,072			1,860			67,582			55,274			12,308

Total benefits and expenses		271,172			258,420			283,411			283,440			234,975			36,197			813,003			718,102			94,901

Operating income before income taxes		27,389			21,684			26,565			24,797			27,971			(582	)		75,638			59,776			15,862


Operating to U.S. GAAP Reconciliation:
Operating income before income taxes		27,389			21,684			26,565			24,797			27,971			(582	)		75,638			59,776			15,862
Investment and Derivative (losses) gains — non-operating		1,094			2,077			(120	)		(1,269	)		2,954			(1,860	)		3,051			242			2,809

Income before income taxes	$	28,483		$	23,761		$	26,445		$	23,528		$	30,925		$	(2,442	)	$	78,689		$	60,018		$	18,671


Loss and Expense Ratios:
Claims and other policy benefits		80.7	%		79.6	%		78.1	%		85.7	%		75.1	%		5.6	%		79.4	%		80.2	%		-0.8	%
Policy acquisition costs and other insurance expenses		10.0	%		12.3	%		13.3	%		6.2	%		13.1	%		-3.1	%		11.9	%		12.4	%		-0.5	%
Other operating expenses		8.4	%		8.7	%		7.8	%		8.0	%		8.7	%		-0.3	%		8.3	%		7.7	%		0.6	%

*Foreign currency effect on:**
Net premiums	$	17,726		$	25,935		$	50,307		$	45,215		$	(8,996	)	$	26,722		$	93,968		$	(103,251	)	$	197,219
Operating income before income taxes	$	978		$	2,276		$	3,577		$	2,864		$	791		$	187		$	6,831		$	(2,240	)	$	9,071

Critical illness net premiums	$	45,954		$	48,508		$	39,398		$	52,311		$	45,473		$	481		$	133,860		$	128,848		$	5,012


*		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


	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)	2010			2010			2010			2009			2009			Quarter			2010			2009			Change
Revenues:
Net premiums	$	2,167		$	1,851		$	1,506		$	2,046		$	2,080		$	87		$	5,524		$	6,682		$	(1,158	)
Investment income, net of related expenses		28,616			19,997			29,157			23,239			18,094			10,522			77,770			53,001			24,769
Investment related gains (losses), net		(794	)		(29	)		166			666			(35	)		(759	)		(657	)		(52	)		(605	)
Other revenue		2,752			766			2,669			1,626			3,088			(336	)		6,187			12,892			(6,705	)

Total revenues		32,741			22,585			33,498			27,577			23,227			9,514			88,824			72,523			16,301

Benefits and expenses:
Claims and other policy benefits		141			(138	)		167			160			(663	)		804			170			(111	)		281
Interest credited		—			(1	)		14			121			—			—			13			—			13
Policy acquisition costs and other insurance expenses		(13,658	)		(13,755	)		(12,854	)		(10,931	)		(8,907	)		(4,751	)		(40,267	)		(32,549	)		(7,718	)
Other operating expenses		12,421			10,917			13,936			10,545			11,860			561			37,274			35,237			2,037
Interest expense		25,191			25,141			15,449			22,985			5,243			19,948			65,781			46,955			18,826
Collateral finance facility expense		2,041			1,960			1,806			1,866			2,031			10			5,807			6,402			(595	)

Total benefits and expenses		26,136			24,124			18,518			24,746			9,564			16,572			68,778			55,934			12,844

Operating income (loss) before income taxes		6,605			(1,539	)		14,980			2,831			13,663			(7,058	)		20,046			16,589			3,457


Operating to U.S. GAAP Reconciliation:
Operating income before income taxes		6,605			(1,539	)		14,980			2,831			13,663			(7,058	)		20,046			16,589			3,457
Investment and Derivative (losses) gains — non-operating		(663	)		(999	)		(9,312	)		(21,681	)		7,729			(8,392	)		(10,974	)		4,791			(15,765	)
Gain on debt repurchase		—			—			—			—			—			—			—			38,875			(38,875	)

Income before income taxes	$	5,942		$	(2,538	)	$	5,668		$	(18,850	)	$	21,392		$	(15,450	)	$	9,072		$	60,255		$	(51,183	)


*Foreign currency effect on:**
Net premiums	$	(14	)	$	(6	)	$	1		$	16		$	18		$	(32	)	$	(19	)	$	86		$	(105	)
Operating income before income taxes	$	1,912		$	(12	)	$	4,213		$	747		$	(693	)	$	2,605		$	6,113		$	(3,409	)	$	9,522


*		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)	2010		2010			2010		2009		2009		Quarter			2010		2009		Change
U.S. Traditional	$	101,066	$	96,093		$	60,977	$	82,145	$	84,663	$	16,403		$	258,136	$	257,462	$	674
U.S. Asset Intensive		13,989		15,770			16,546		13,869		19,730		(5,741	)		46,305		31,974		14,331
U.S. Financial Reinsurance		4,361		4,410			3,194		4,620		2,747		1,614			11,965		11,192		773

Total U.S. Segment		119,416		116,273			80,717		100,634		107,140		12,276			316,406		300,628		15,778
Canadian Segment		28,037		32,933			16,018		30,735		21,822		6,215			76,988		57,142		19,846
Europe & South Africa Segment		15,686		20,979			10,198		23,886		6,713		8,973			46,863		27,203		19,660
Asia Pacific Segment		27,389		21,684			26,565		24,797		27,971		(582	)		75,638		59,776		15,862
Corporate and Other		6,605		(1,539	)		14,980		2,831		13,663		(7,058	)		20,046		16,589		3,457

Consolidated	$	197,133	$	190,330		$	148,478	$	182,883	$	177,309	$	19,824		$	535,941	$	461,338	$	74,603

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)	2010		2010		2010		2009		2009
Fixed maturity securities, available-for-sale	$	14,169,930	$	13,077,607	$	12,775,342	$	11,763,358	$	10,986,825
Mortgage loans on real estate		863,873		838,827		797,272		791,668		736,982
Policy loans		1,173,148		1,173,016		1,162,723		1,136,564		1,079,051
Funds withheld at interest		5,276,511		5,257,929		5,180,300		4,895,356		4,820,534
Short-term investments		84,091		63,962		79,160		121,060		89,372
Other invested assets		738,830		637,827		564,753		516,086		516,079
Cash and cash equivalents		634,075		557,756		525,360		512,027		546,882

Total cash and invested assets	$	22,940,458	$	21,606,924	$	21,084,910	$	19,736,119	$	18,775,725

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)	2010			2010			2010			2009			2009			Quarter			2010			2009			Change
Average invested assets at amortized cost	$	15,763,396		$	15,432,369		$	15,062,452		$	14,180,733		$	13,340,365		$	2,423,031		$	15,205,358		$	12,816,614		$	2,388,744
Net investment income	$	218,546		$	208,303		$	215,295		$	203,150		$	186,457		$	32,089		$	642,144		$	544,580		$	97,564
Investment yield (ratio of net investment income to average invested assets)		5.66	%		5.51	%		5.84	%		5.85	%		5.71	%		-0.05	%		5.67	%		5.71	%		-0.04	%

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, 2010
												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	$	4,499,821	$	433,193	$	81,964	$	4,851,050		34.3	%	$	—
Canadian and Canadian provincial governments		2,206,641		727,257		260		2,933,638		20.7	%		—
Residential mortgage-backed securities		1,520,269		63,274		22,255		1,561,288		11.0	%		(1,902	)
Foreign corporate securities		2,158,647		170,202		12,797		2,316,052		16.3	%		—
Asset-backed securities		457,047		13,697		56,229		414,515		2.9	%		(5,203	)
Commercial mortgage-backed securities		1,257,835		87,145		109,131		1,235,849		8.7	%		(9,493	)
U.S. government and agencies		233,512		21,787		10		255,289		1.8	%		—
State and political subdivisions		133,955		1,211		7,718		127,448		0.9	%		—
Other foreign government securities		465,389		12,309		2,897		474,801		3.4	%		—

Total fixed maturity securities	$	12,933,116	$	1,530,075	$	293,261	$	14,169,930		100.0	%	$	(16,598	)


Non-redeemable preferred stock		109,416		5,394		4,507		110,303		73.3	%
Other equity securities		34,397		6,217		536		40,078		26.7	%

Total equity securities	$	143,813	$	11,611	$	5,043	$	150,381		100.0	%


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	$	3,689,797	$	180,635	$	147,384	$	3,723,048		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		1,627,806		77,340		33,398		1,671,748		14.2	%		—
Asset-backed securities		522,760		9,307		80,131		451,936		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		66.0	%
Other equity securities		58,008		760		409		58,359		34.0	%

Total equity securities	$	181,656	$	2,638	$	12,737	$	171,557		100.0	%

Quarterly Financial Supplement

Page 16

Reinsurance Group of America, Incorporated
Investments

Corporate Securities by Sector (Fixed Maturities and Equities)


	September 30, 2010								December 31, 2009
			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	$	1,682,357	$	1,730,286		23.6	%	A+	$	1,372,940	$	1,334,155		24.0	%	A+
Brokerage		98,170		105,477		1.4	%	A-		87,168		87,747		1.6	%	A-
Finance Comp.		209,810		219,372		3.0	%	A		239,659		237,719		4.3	%	A+
Insurance		395,326		422,576		5.8	%	A-		374,486		366,893		6.6	%	A-
REITs		187,231		199,406		2.7	%	BBB		138,727		139,455		2.5	%	BBB
Other Finance		270,923		265,062		3.6	%	A-		204,309		180,684		3.2	%	A-

Total Financial Institutions		2,843,817		2,942,179		40.1	%			2,417,289		2,346,653		42.2	%
Industrials
Basic		311,844		348,042		4.8	%	BBB		244,242		261,135		4.7	%	BBB
Capital Goods		308,375		345,065		4.7	%	BBB+		235,090		247,594		4.5	%	BBB+
Communications		583,596		660,222		9.0	%	BBB+		444,939		485,405		8.7	%	BBB+
Consumer Cyclical		308,913		333,557		4.6	%	BBB+		242,206		247,077		4.4	%	BBB
Consumer Noncyclical		614,972		689,912		9.4	%	A-		396,739		419,161		7.5	%	BBB+
Energy		374,877		422,403		5.8	%	BBB+		330,748		356,716		6.4	%	BBB+
Technology		226,613		246,656		3.4	%	A-		114,795		119,548		2.1	%	BBB+
Transportation		243,116		262,100		3.6	%	BBB		205,776		209,048		3.8	%	BBB
Other Industrial		72,167		52,491		0.7	%	BBB		62,175		39,414		0.7	%	BBB-

Total Industrials		3,044,473		3,360,448		46.0	%			2,276,710		2,385,098		42.8	%
Utilities
Electric		593,126		647,763		8.9	%	BBB+		512,898		525,379		9.4	%	BBB+
Natural Gas		276,713		313,332		4.3	%	BBB+		246,329		262,064		4.7	%	BBB+
Other Utility		29,661		38,678		0.5	%	A-		26,830		27,940		0.5	%	A-

Total Utilities		899,500		999,773		13.7	%			786,057		815,383		14.6	%
Other Sectors		14,491		15,083		0.2	%	AA+		19,203		19,219		0.4	%	AA

Total	$	6,802,281	$	7,317,483		100.0	%		$	5,499,259	$	5,566,353		100.0	%

Quarterly Financial Supplement

Page 17

Reinsurance Group of America, Incorporated
Investments

Ratings of Fixed Maturity Securities


		September 30, 2010							June 30, 2010							March 31, 2010							December 31, 2009							September 30, 2009
(USD thousands)	Rating Agency	Amortized		Estimated Fair					Amortized		Estimated Fair					Amortized		Estimated Fair					Amortized		Estimated Fair					Amortized		Estimated Fair
NAIC Designation	Designation	Cost		Value		% of Total			Cost		Value		% of Total			Cost		Value		% of Total			Cost		Value		% of Total			Cost		Value		% of Total
1	AAA	$	3,492,193	$	3,633,780		25.6	%	$	3,534,911	$	3,642,644		27.9	%	$	3,669,930	$	3,668,484		28.7	%	$	3,726,020	$	3,664,665		31.2	%	$	3,131,946	$	3,079,633		28.0	%
1	AA		3,155,855		3,675,615		25.9	%		2,860,403		3,177,314		24.3	%		2,905,244		3,122,295		24.5	%		2,527,944		2,684,878		22.8	%		2,394,642		2,613,347		23.8	%
1	A		2,714,384		3,138,268		22.2	%		2,512,744		2,773,399		21.2	%		2,436,385		2,630,133		20.6	%		2,203,848		2,367,377		20.1	%		2,143,244		2,319,194		21.1	%
2	BBB		2,778,394		3,030,667		21.4	%		2,639,071		2,783,867		21.3	%		2,561,843		2,658,713		20.8	%		2,401,885		2,433,144		20.7	%		2,413,362		2,430,079		22.1	%
3	BB		471,013		440,012		3.1	%		479,755		424,060		3.2	%		472,151		417,253		3.3	%		455,539		381,242		3.3	%		391,699		331,939		3.0	%
4	B		237,136		185,668		1.3	%		255,530		192,244		1.5	%		253,930		185,177		1.4	%		210,252		145,206		1.2	%		186,547		135,107		1.3	%
5	CCC and lower		63,033		44,683		0.3	%		80,415		65,496		0.5	%		94,537		77,652		0.6	%		75,486		70,165		0.6	%		95,973		64,093		0.6	%
6	In or near default		21,108		21,237		0.2	%		18,809		18,583		0.1	%		13,205		15,635		0.1	%		15,983		16,681		0.1	%		13,109		13,433		0.1	%

	Total	$	12,933,116	$	14,169,930				$	12,381,638	$	13,077,607				$	12,407,225	$	12,775,342				$	11,616,957	$	11,763,358				$	10,770,522	$	10,986,825

Structured Fixed Maturity Securities


	September 30, 2010				June 30, 2010				March 31, 2010				December 31, 2009				September 30, 2009
			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	$	682,621	$	728,354	$	726,078	$	770,690	$	744,920	$	776,013	$	771,787	$	797,354	$	754,676	$	786,735
Non-agency		837,648		832,934		828,507		802,670		859,102		800,152		722,234		659,190		595,863		542,333

Total residential mortgage-backed securities		1,520,269		1,561,288		1,554,585		1,573,360		1,604,022		1,576,165		1,494,021		1,456,544		1,350,539		1,329,068
Commercial mortgage-backed securities		1,257,835		1,235,849		1,229,237		1,166,937		1,222,346		1,124,736		1,177,621		1,028,864		1,086,558		882,350
Asset-backed securities		457,047		414,515		496,652		449,623		516,924		458,664		522,760		451,936		545,194		449,252

Total	$	3,235,151	$	3,211,652	$	3,280,474	$	3,189,920	$	3,343,292	$	3,159,565	$	3,194,402	$	2,937,344	$	2,982,291	$	2,660,670

Quarterly Financial Supplement

Page 18

Investments

Subprime Mortgage Exposure
(Includes Funds Withheld Portfolios)


	September 30, 2010
	AAA				AA				A
(USD thousands)			Estimated Fair				Estimated				Estimated
Underwriting Year	Amortized Cost		Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value
2005 & Prior	$	18,905	$	17,654	$	21,115	$	23,647	$	9,855	$	9,085
2006		—		—		—		—		—		—
2007		—		—		—		—		—		—
2008 - 2010		—		—		—		—		—		—

Total	$	18,905	$	17,654	$	21,115	$	23,647	$	9,855	$	9,085


	BBB				Below Investment Grade				Total
			Estimated Fair				Estimated				Estimated
Underwriting Year	Amortized Cost		Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value
2005 & Prior	$	22,322	$	18,621	$	69,082	$	39,752	$	141,279	$	108,759
2006		—		—		3,300		2,410		3,300		2,410
2007		—		—		5,399		3,561		5,399		3,561
2008 - 2010		—		—		—		—		—		—

Total	$	22,322	$	18,621	$	77,781	$	45,723	$	149,978	$	114,730


	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
2005 & Prior	$	22,816	$	18,780	$	39,873	$	33,014	$	17,017	$	9,779
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
2005 & Prior	$	24,394	$	12,593	$	39,203	$	18,686	$	143,303	$	92,852
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

Quarterly Financial Supplement

Page 19

Reinsurance Group of America, Incorporated
Investments

CMBS Exposure
(Includes Funds Withheld Portfolios)


	September 30, 2010
	AAA				AA				A
(USD thousands)			Estimated Fair				Estimated				Estimated Fair
Underwriting Year	Amortized Cost		Value		Amortized Cost		Fair Value		Amortized Cost		Value
2005 & Prior	$	289,974	$	317,843	$	93,501	$	94,950	$	76,955	$	70,908
2006		306,784		325,261		54,545		59,045		47,969		48,061
2007		243,695		260,372		29,494		23,721		88,789		93,735
2008		29,089		35,673		45,420		49,867		—		—
2009		2,773		3,027		3,089		3,672		6,757		9,111
2010		17,744		18,527		—		—		5,970		6,499

Total	$	890,059	$	960,703	$	226,049	$	231,255	$	226,440	$	228,314


	BBB				Below Investment Grade				Total
			Estimated Fair				Estimated				Estimated Fair
Underwriting Year	Amortized Cost		Value		Amortized Cost		Fair Value		Amortized Cost		Value
2005 & Prior	$	70,791	$	65,442	$	36,149	$	28,955	$	567,370	$	578,098
2006		34,892		31,465		53,922		33,533		498,112		497,365
2007		86,680		87,545		133,742		76,628		582,400		542,001
2008		—		—		23,850		14,593		98,359		100,133
2009		—		—		—		—		12,619		15,810
2010		—		—		—		—		23,714		25,026

Total	$	192,363	$	184,452	$	247,663	$	153,709	$	1,782,574	$	1,758,433

NOTE: Totals include directly held investments with amortized cost of $1,257.8 million and fair value of $1,235.8 million as well as investments in funds withheld with amortized cost of $524.7 million and fair value of $522.6 million.


	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
2005 & Prior	$	398,619	$	403,551	$	57,602	$	51,754	$	75,449	$	55,124
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
2005 & Prior	$	47,616	$	33,986	$	28,298	$	19,457	$	607,584	$	563,872
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.

Quarterly Financial Supplement

Page 20

Reinsurance Group of America, Incorporated
Investments

Gross Unrealized Losses Aging

Fixed Maturity Securities


	September 30, 2010					June 30, 2010					March 31, 2010					December 31, 2009					September 30, 2009
	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%	$	86,770		29.1	%	$	132,900		34.4	%	$	198,928		42.3	%	$	248,145		42.4	%	$	219,984		32.0	%
20% or more for less than six months		164,591		55.2	%		54,620		14.1	%		59,530		12.6	%		67,435		11.5	%		67,306		9.8	%
20% or more for six months or greater		41,900		14.0	%		188,398		48.7	%		204,321		43.4	%		256,563		43.9	%		369,459		53.8	%

Total	$	293,261		98.3	%	$	375,918		97.2	%	$	462,779		98.3	%	$	572,143		97.8	%	$	656,749		95.6	%

Equity Securities


	September 30, 2010					June 30, 2010					March 31, 2010					December 31, 2009					September 30, 2009
	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%	$	2,920		1.0	%	$	4,888		1.3	%	$	4,696		1.0	%	$	5,930		1.0	%	$	4,748		0.7	%
20% or more for less than six months		2,123		0.7	%		1,808		0.5	%		1,883		0.4	%		1,887		0.3	%		1,819		0.2	%
20% or more for six months or greater		—		0.0	%		4,039		1.0	%		1,346		0.3	%		4,920		0.9	%		23,898		3.5	%

Total	$	5,043		1.7	%	$	10,735		2.8	%	$	7,925		1.7	%	$	12,737		2.2	%	$	30,465		4.4	%

Quarterly Financial Supplement

Page 21

Reinsurance Group of America, Incorporated
Investments

Fixed Maturities and Equity Securities Below Amortized Cost


	As of September 30, 2010
	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	$	78,777	$	19,484	$	276,688	$	45,918	$	355,465	$	65,402
Canadian and Canadian provincial governments		61,724		243		4,526		17		66,250		260
Residential mortgage-backed securities		193,986		6,315		120,680		6,346		314,666		12,661
Foreign corporate securities		165,983		170		147,561		9,219		313,544		9,389
Asset-backed securities		18,695		1,408		147,091		29,488		165,786		30,896
Commercial mortgage-backed securities		78,393		9,221		113,820		27,037		192,213		36,258
U.S. government and agencies		1,817		10		—		—		1,817		10
State and political subdivisions		13,319		635		30,221		4,873		43,540		5,508
Other foreign government securities		69,996		183		43,042		2,714		113,038		2,897

Investment grade securities		682,690		37,669		883,629		125,612		1,566,319		163,281


Non-investment grade securities:
U.S. corporate securities		29,322		6,987		107,501		9,575		136,823		16,562
Asset-backed securities		2,388		6,192		26,243		19,141		28,631		25,333
Foreign corporate securities		1,762		3,408		—		—		1,762		3,408
Residential mortgage-backed securities		51		11		51,812		9,583		51,863		9,594
Commercial mortgage-backed securities		—		—		70,162		72,873		70,162		72,873
State and political subdivisions		—		—		5,914		2,210		5,914		2,210

Non-investment grade securities		33,523		16,598		261,632		113,382		295,155		129,980

Total fixed maturity securities	$	716,213	$	54,267	$	1,145,261	$	238,994	$	1,861,474	$	293,261


Non-redeemable preferred stock		11,396		513		29,019		3,994		40,415		4,507
Other equity securities		6,606		271		1,044		265		7,650		536

Total Equity securities	$	18,002	$	784	$	30,063	$	4,259	$	48,065	$	5,043

Total number of securities in an unrealized loss position		203				398				601


	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		35,477		11,293		168,375		18,755		203,852		30,048
Asset-backed securities		6,738		3,256		24,408		17,686		31,146		20,942
Foreign corporate securities		1,755		17		3,771		3,426		5,526		3,443
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
Other equity securities		5		15		7,950		394		7,955		409

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

Total number of securities in an unrealized loss position		582				734				1,316


		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)	2010			2010			2010			2009			2009			Quarter			2010			2009			Change
Fixed Maturity and Equity Securities:
Other-than-temporary impairment losses on fixed maturities	$	(4,904	)	$	(3,489	)	$	(7,430	)	$	(40,552	)	$	(16,945	)	$	12,041		$	(15,823	)	$	(88,282	)	$	72,459
Portion of loss recognized in other accumulated comprehensive income (before taxes)		26			(139	)		2,344			3,910			(4,000	)		4,026			2,231			12,135			(9,904	)

Net other-than-temporary impairment losses on fixed maturities recognized in earnings		(4,878	)		(3,628	)		(5,086	)		(36,642	)		(20,945	)		16,067			(13,592	)		(76,147	)		62,555
Impairment losses on equity securities		—			(10	)		(22	)		(5,628	)		—			—			(32	)		(5,430	)		5,398
Gain on investment activity		39,371			19,363			16,099			44,538			31,823			7,548			74,833			69,334			5,499
Loss on investment activity		(7,773	)		(5,662	)		(8,532	)		(10,728	)		(23,782	)		16,009			(21,967	)		(62,259	)		40,292

Net gain/(loss) on fixed maturity and equity securities		26,720			10,063			2,459			(8,460	)		(12,904	)		39,624			39,242			(74,502	)		113,744

Other impairment losses		(5,087	)		(1,165	)		(1,230	)		(715	)		(4,790	)		(297	)		(7,482	)		(7,756	)		274
Other non-derivative gain/(loss), net		4,643			4,789			(448	)		1,344			4,003			640			8,984			10,397			(1,413	)

Free-standing Derivatives:
Credit Default Swaps		3,730			(4,060	)		776			3,358			2,919			811			446			10,296			(9,850	)
Interest Rate Swaps — non-hedged		49,825			87,114			11,341			(49,213	)		26,378			23,447			148,280			(111,502	)		259,782
Interest Rate Swaps — hedged		239			168			132			55			152			87			539			161			378
Futures		(42,269	)		32,822			(11,745	)		(9,942	)		(36,951	)		(5,318	)		(21,192	)		(62,699	)		41,507
CPI Swaps		(508	)		109			923			1,318			61			(569	)		524			914			(390	)
Equity options		(731	)		127			—			—			—			(731	)		(604	)		—			(604	)
Currency Forwards		1,543			1,447			(829	)		(1,030	)		1,910			(367	)		2,161			1,033			1,128

Total free-standing derivatives		11,829			117,727			598			(55,454	)		(5,531	)		17,360			130,154			(161,797	)		291,951

Embedded Derivatives:
Modified coinsurance and funds withheld treaties		(38,653	)		32,512			122,635			3,028			51,454			(90,107	)		116,494			75,366			41,128
GMXB		(16,232	)		(140,934	)		7,171			46,120			10,127			(26,359	)		(149,995	)		206,577			(356,572	)

Total embedded derivatives		(54,885	)		(108,422	)		129,806			49,148			61,581			(116,466	)		(33,501	)		281,943			(315,444	)

Net gain/(loss) on total derivatives		(43,056	)		9,305			130,404			(6,306	)		56,050			(99,106	)		96,653			120,146			(23,493	)


Total investment related gains (losses), net	$	(16,780	)	$	22,992		$	131,185		$	(14,137	)	$	42,359		$	(59,139	)	$	137,397		$	48,285		$	89,112

Quarterly Financial Supplement

Page 23

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