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

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EX-99.1 - EX-99.1 - REINSURANCE GROUP OF AMERICA INC	c64288exv99w1.htm
8-K - FORM 8-K - REINSURANCE GROUP OF AMERICA INC	c64288e8vk.htm

Exhibit 99.2

Financial Supplement

First Quarter 2011

(Unaudited)


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

Reinsurance Group of America, Incorporated
Financial Supplement
1st Quarter 2011
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

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.



				Page 1

Reinsurance Group of America, Incorporated
Financial Highlights


	Three Months Ended or As of															Current Qtr
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,			vs. PY
(USD thousands, except inforce & per share data)	2011			2010			2010			2010			2010			Quarter
Net premiums	$	1,736,130		$	1,801,899		$	1,647,300		$	1,582,017		$	1,628,464		$	107,666
Net income		160,816			196,712			128,232			127,019			122,439			38,377
Operating income		118,827			161,419			127,703			121,899			93,008			25,819
Operating return on equity (ex AOCI) — annualized		11.5	%		16.0	%		13.2	%		13.0	%		10.2	%		1.3	%
Operating return on equity (ex AOCI) — trailing 12 months		13.4	%		13.2	%		12.7	%		12.7	%		13.5	%		-0.1	%
Total assets		29,510,019			29,081,908			28,934,028			27,220,606			26,722,458			2,787,561

Assumed Life Reinsurance in Force (in billions)
U.S.	$	1,343.2		$	1,340.5		$	1,339.7		$	1,334.9		$	1,318.0		$	25.2
Canada		339.2			324.1			307.0			289.7			293.9			45.3
Europe & South Africa		497.8			467.6			446.5			401.8			395.6			102.2
Asia Pacific		407.7			408.1			385.8			340.9			355.6			52.1

Total Life Reinsurance in Force	$	2,587.9		$	2,540.3		$	2,479.0		$	2,367.3		$	2,363.1		$	224.8


Assumed New Business Production (in billions)
U.S.	$	31.3		$	26.2		$	30.3		$	45.1		$	40.6	(1)	$	(9.3	)
Canada		12.4			12.2			12.2			12.8			13.9			(1.5	)
Europe & South Africa		37.1			28.5			30.0			23.4			21.7			15.4
Asia Pacific		7.4			13.1			4.8			10.1			2.7			4.7

Total New Business Production	$	88.2		$	80.0		$	77.3		$	91.4		$	78.9		$	9.3


Per Share and Shares Data
Basic earnings per share
Net income	$	2.20		$	2.68		$	1.75		$	1.74		$	1.68		$	0.52
Operating income	$	1.62		$	2.20		$	1.75		$	1.67		$	1.27		$	0.35
Diluted earnings per share
Net income	$	2.18		$	2.62		$	1.72		$	1.70		$	1.64		$	0.54
Operating income	$	1.61		$	2.15		$	1.72		$	1.63		$	1.25		$	0.36

Wgt. average common shares outstanding (basic)		73,213			73,277			73,162			73,141			73,046			167
Wgt. average common shares outstanding (diluted)		73,836			75,052			74,420			74,721			74,578			(742	)

Common shares issued		79,138			73,364			73,364			73,364			73,364			5,774
Treasury shares		5,341			1			192			210			261			5,080
Common shares outstanding		73,797			73,363			73,172			73,154			73,103			694

Book value per share	$	68.06		$	68.71		$	68.30		$	60.73		$	56.98
Per share effect of accumulated other comprehensive income (AOCI)	$	12.18		$	12.37		$	14.48		$	8.59		$	6.49
Book value per share, excluding AOCI	$	55.88		$	56.34		$	53.82		$	52.14		$	50.49


(1)		Excludes Impact of Reliastar Acquisition



				Page 2

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


	Three Months Ended															Current Qtr
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,			vs. PY
(USD thousands)	2011			2010			2010			2010			2010			Quarter
Revenues:
Net premiums	$	1,736,130		$	1,801,899		$	1,647,300		$	1,582,017		$	1,628,464		$	107,666
Investment income, net of related expenses		371,040			355,227			287,504			291,671			304,258			66,782
Investment related gains (losses), net
OTTI on fixed maturity securities		(1,556	)		(16,097	)		(4,904	)		(3,489	)		(7,430	)		5,874
OTTI on fixed maturity securities transferred to/from AOCI		—			(186	)		26			(139	)		2,344			(2,344	)
Other investment related gains (losses), net		125,176			90,916			(11,902	)		26,620			136,271			(11,095	)

Total investment related gains (losses), net		123,620			74,633			(16,780	)		22,992			131,185			(7,565	)
Other revenue		51,645			42,370			37,515			35,197			36,278			15,367

Total revenues		2,282,435			2,274,129			1,955,539			1,931,877			2,100,185			182,250

Benefits and expenses:
Claims and other policy benefits		1,469,449			1,470,845			1,393,891			1,307,239			1,375,180			94,269
Interest credited		106,063			79,103			94,776			79,169			56,934			49,129
Policy acquisition costs and other insurance expenses		331,153			319,444			157,058			237,149			366,302			(35,149	)
Other operating expenses		106,150			102,216			85,409			83,147			91,199			14,951
Interest expense		24,569			25,215			25,191			25,141			15,449			9,120
Collateral finance facility expense		3,202			2,049			2,041			1,960			1,806			1,396

Total benefits and expenses		2,040,586			1,998,872			1,758,366			1,733,805			1,906,870			133,716

Income before income taxes		241,849			275,257			197,173			198,072			193,315			48,534

Income tax expense		81,033			78,545			68,941			71,053			70,876			10,157

Net income	$	160,816		$	196,712		$	128,232		$	127,019		$	122,439		$	38,377


Pre-tax Operating Income Reconciliation:
Income before income taxes — continuing operations		241,849			275,257			197,173			198,072			193,315			48,534
Investment and derivative losses (gains) — non-operating (1)		1,099			91,401			(37,747	)		(130,697	)		371			728
Change in value of modified coinsurance and funds withheld embedded derivatives (1)		(90,535	)		(43,780	)		38,653			(32,512	)		(122,635	)		32,100
GMXB embedded derivatives (1)		(32,654	)		(121,209	)		16,232			140,934			(7,171	)		(25,483	)
Funds withheld losses (gains) — investment income		12,041			(8,240	)		(6,494	)		(5,772	)		82			11,959
Funds withheld losses (gains) — policy acq. costs		(1,925	)		793			954			777			(81	)		(1,844	)
EIA embedded derivatives — interest credited		(26,751	)		(25,741	)		43,070			14,990			(22,422	)		(4,329	)
EIA embedded derivatives — policy acq. costs		2,944			3,008			(4,189	)		(1,503	)		3,250			(306	)
DAC offset, net		72,567			49,618			(50,519	)		6,041			103,769			(31,202	)
Gain on repurchase of collateral finance facility securities		(4,971	)		—			—			—			—			(4,971	)
Loss on retirement of Preferred Income Equity Redeemable Securities (“PIERS”)		4,391			—			—			—			—			4,391

Operating Income Before Income Taxes	$	178,055		$	221,107		$	197,133		$	190,330		$	148,478		$	29,577


After-tax Operating Income Reconciliation:
Income — continuing operations		160,816			196,712			128,232			127,019			122,439			38,377
Investment and derivative losses (gains) — non-operating (1)		191			59,317			(25,041	)		(85,039	)		(47	)		238
Change in value of modified coinsurance and funds withheld embedded derivatives (1)		(58,848	)		(28,457	)		25,125			(21,133	)		(79,713	)		20,865
GMXB embedded derivatives (1)		(21,225	)		(78,786	)		10,551			91,607			(4,661	)		(16,564	)
Funds withheld losses (gains) — investment income		7,827			(5,356	)		(4,221	)		(3,752	)		53			7,774
Funds withheld losses (gains) — policy acq. costs		(1,251	)		515			621			505			(53	)		(1,198	)
EIA embedded derivatives — interest credited		(17,388	)		(16,732	)		27,996			9,743			(14,574	)		(2,814	)
EIA embedded derivatives — policy acq. costs		1,914			1,955			(2,723	)		(977	)		2,113			(199	)
DAC offset, net		47,168			32,251			(32,837	)		3,926			67,451			(20,283	)
Gain on repurchase of collateral finance facility securities		(3,231	)		—			—			—			—			(3,231	)
Loss on retirement of PIERS		2,854			—			—			—			—			2,854

Operating Income	$	118,827		$	161,419		$	127,703		$	121,899		$	93,008		$	25,819


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



				Page 3

Reinsurance Group of America, Incorporated
Consolidated Operating Income Statement


	Three Months Ended										Current Qtr
	March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,		vs. PY
(USD thousands, except per share data)	2011		2010		2010		2010		2010		Quarter
Revenues:
Net premiums	$	1,736,130	$	1,801,899	$	1,647,300	$	1,582,017	$	1,628,464	$	107,666
Investment income, net of related expenses		383,081		346,987		281,010		285,899		304,340		78,741
Investment related gains (losses), net		1,530		1,045		358		717		1,750		(220	)
Other revenue		46,674		42,370		37,515		35,197		36,278		10,396

Total revenues		2,167,415		2,192,301		1,966,183		1,903,830		1,970,832		196,583

Benefits and expenses:
Claims and other policy benefits		1,469,449		1,470,845		1,393,891		1,307,239		1,375,180		94,269
Interest credited		132,814		104,844		51,706		64,179		79,356		53,458
Policy acquisition costs and other insurance expenses		257,567		266,025		210,812		231,834		259,364		(1,797	)
Other operating expenses		101,759		102,216		85,409		83,147		91,199		10,560
Interest expense		24,569		25,215		25,191		25,141		15,449		9,120
Collateral finance facility expense		3,202		2,049		2,041		1,960		1,806		1,396

Total benefits and expenses		1,989,360		1,971,194		1,769,050		1,713,500		1,822,354		167,006

Operating income before income taxes		178,055		221,107		197,133		190,330		148,478		29,577

Operating income tax expense		59,228		59,688		69,430		68,431		55,470		3,758


Operating income	$	118,827	$	161,419	$	127,703	$	121,899	$	93,008	$	25,819


Wgt. Average Common Shares Outstanding (Diluted)		73,836		75,052		74,420		74,721		74,578		(742	)


Diluted Earnings Per Share — Operating Income	$	1.61	$	2.15	$	1.72	$	1.63	$	1.25	$	0.36


*Foreign currency effect:**
Net premiums	$	42,487	$	23,933	$	15,448	$	40,445	$	103,974	$	(61,487	)
Operating income before income taxes	$	4,634	$	1,580	$	1,998	$	5,185	$	9,497	$	(4,863	)


*		Compared to comparable prior year period



				Page 4

Reinsurance Group of America, Incorporated
Consolidated Balance Sheets


	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,
(USD thousands)	2011			2010			2010			2010			2010
Assets
Fixed maturity securities, available-for-sale	$	14,531,154		$	14,304,597		$	14,169,930		$	13,077,607		$	12,775,342
Mortgage loans on real estate		906,869			885,811			863,873			838,827			797,272
Policy loans		1,222,016			1,228,418			1,173,148			1,173,016			1,162,723
Funds withheld at interest		5,595,146			5,421,952			5,276,511			5,257,929			5,180,300
Short-term investments		74,902			118,387			84,091			63,962			79,160
Other invested assets		756,377			707,403			738,830			637,827			564,753

Total investments		23,086,464			22,666,568			22,306,383			21,049,168			20,559,550
Cash and cash equivalents		467,672			463,661			634,075			557,756			525,360
Accrued investment income		155,182			127,874			177,250			144,658			140,921
Premiums receivable and other reinsurance balances		986,658			1,037,679			987,342			898,522			880,372
Reinsurance ceded receivables		807,929			769,699			790,889			721,830			731,479
Deferred policy acquisition costs		3,679,075			3,726,443			3,741,534			3,597,865			3,624,846
Other assets		327,039			289,984			296,555			250,807			259,930

Total assets	$	29,510,019		$	29,081,908		$	28,934,028		$	27,220,606		$	26,722,458


Liabilities and Stockholders’ Equity
Future policy benefits	$	9,438,432		$	9,274,789		$	8,906,977		$	8,518,817		$	8,540,298
Interest-sensitive contract liabilities		7,747,203			7,774,481			7,884,874			7,781,407			7,550,168
Other policy claims and benefits		2,728,122			2,597,941			2,590,014			2,387,579			2,429,147
Other reinsurance balances		184,958			133,590			134,066			143,723			211,532
Deferred income taxes		1,415,333			1,396,747			1,064,726			977,873			818,331
Other liabilities		701,799			637,923			1,129,848			742,940			782,117
Short-term debt		255,989			199,985			—			—			—
Long-term debt		1,016,510			1,016,425			1,216,320			1,216,230			1,216,140
Collateral finance facility		839,354			850,039			850,026			850,030			850,025
Company-obligated mandatorily redeemable preferred securities of subsidiary trust holding solely junior subordinated debentures of the Company		159,455			159,421			159,368			159,316			159,266

Total liabilities		24,487,155			24,041,341			23,936,219			22,777,915			22,557,024

Stockholders’ Equity:
Common stock, at par value		791			734			734			734			734
Warrants		—			66,912			66,912			66,912			66,912
Additional paid-in-capital		1,708,096			1,478,398			1,477,011			1,473,305			1,469,807
Retained earnings		2,738,868			2,587,403			2,402,167			2,282,968			2,165,410
Treasury stock		(323,689	)		(295	)		(8,774	)		(9,570	)		(11,817	)

Accumulated other comprehensive income (AOCI):
Accumulated currency translation adjustment, net of income taxes		297,513			270,526			242,686			173,985			237,549
Unrealized appreciation of securities, net of income taxes		615,631			651,449			832,756			470,365			252,905
Pension and postretirement benefits, net of income taxes		(14,346	)		(14,560	)		(15,683	)		(16,008	)		(16,066	)

Total stockholders’ equity		5,022,864			5,040,567			4,997,809			4,442,691			4,165,434

Total liabilities and stockholders’ equity	$	29,510,019		$	29,081,908		$	28,934,028		$	27,220,606		$	26,722,458


Total stockholders’ equity, excluding AOCI	$	4,124,066		$	4,133,152		$	3,938,050		$	3,814,349		$	3,691,046



				Page 5

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


	Three Months Ended															Current Qtr
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,			vs. PY
(USD thousands)	2011			2010			2010			2010			2010			Quarter
Revenues:
Net premiums	$	935,053		$	1,009,758		$	930,070		$	933,162		$	902,961		$	32,092
Investment income, net of related expenses		119,781			117,272			124,596			120,782			113,461			6,320
Other revenue		493			504			428			190			598			(105	)

Total revenues		1,055,327			1,127,534			1,055,094			1,054,134			1,017,020			38,307

Benefits and expenses:
Claims and other policy benefits		822,407			842,335			793,270			788,956			789,775			32,632
Interest credited		14,584			14,826			16,698			16,312			16,636			(2,052	)
Policy acquisition costs and other insurance expenses		127,462			142,057			125,526			134,470			128,773			(1,311	)
Other operating expenses		21,350			21,221			18,534			18,303			20,859			491

Total benefits and expenses		985,803			1,020,439			954,028			958,041			956,043			29,760

Operating income before income taxes		69,524			107,095			101,066			96,093			60,977			8,547


Operating to U.S. GAAP Reconciliation:
Operating income before income taxes		69,524			107,095			101,066			96,093			60,977			8,547
Investment and derivative (losses) gains — non-operating		8,875			6,246			13,009			2,721			2,848			6,027

Income before income taxes	$	78,399		$	113,341		$	114,075		$	98,814		$	63,825		$	14,574


Loss and Expense Ratios:
Claims and other policy benefits		88.0	%		83.4	%		85.3	%		84.5	%		87.5	%		0.5	%
Policy acquisition costs and other insurance expenses		13.6	%		14.1	%		13.5	%		14.4	%		14.3	%		-0.7	%
Other operating expenses		2.3	%		2.1	%		2.0	%		2.0	%		2.3	%		0.0	%



				Page 6

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


	Three Months Ended															Current Qtr
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,			vs. PY
(USD thousands except account values)	2011			2010			2010			2010			2010			Quarter
Revenues:
Net premiums	$	3,325		$	3,401		$	2,724		$	3,128		$	11,877		$	(8,552	)
Investment income, net of related expenses		159,414			129,985			60,853			77,189			96,449			62,965
Investment related gains (losses), net		(16	)		(18	)		(18	)		(18	)		(18	)		2
Other revenue		24,001			24,156			19,605			21,944			20,893			3,108

Total revenues		186,724			157,524			83,164			102,243			129,201			57,523

Benefits and expenses:
Claims and other policy benefits		2,816			3,131			(318	)		2,850			9,610			(6,794	)
Interest credited		118,230			90,017			35,008			47,868			62,706			55,524
Policy acquisition costs and other insurance expenses		42,755			41,614			32,072			33,341			37,150			5,605
Other operating expenses		2,154			2,781			2,413			2,414			3,189			(1,035	)

Total benefits and expenses		165,955			137,543			69,175			86,473			112,655			53,300

Operating income (loss) before income taxes		20,769			19,981			13,989			15,770			16,546			4,223


Operating to U.S. GAAP Reconciliation:
Operating income before income taxes		20,769			19,981			13,989			15,770			16,546			4,223
Investment and derivative (losses) gains — non-operating (1)		(18,704	)		(109,171	)		17,112			124,746			2,808			(21,512	)
Change in value of modified coinsurance and funds withheld embedded derivatives (1)		90,535			43,780			(38,653	)		32,512			122,635			(32,100	)
GMXB embedded derivatives (1)		32,654			121,209			(16,232	)		(140,934	)		7,171			25,483
Funds withheld losses (gains) — investment income		(12,041	)		8,240			6,494			5,772			(82	)		(11,959	)
Funds withheld losses (gains) — policy acq. costs		1,925			(793	)		(954	)		(777	)		81			1,844
EIA embedded derivatives — interest credited		26,751			25,741			(43,070	)		(14,990	)		22,422			4,329
EIA embedded derivatives — policy acq. costs		(2,944	)		(3,008	)		4,189			1,503			(3,250	)		306
DAC offset, net		(72,567	)		(49,618	)		50,519			(6,041	)		(103,769	)		31,202

Income before income taxes	$	66,378		$	56,361		$	(6,606	)	$	17,561		$	64,562		$	1,816


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



				Page 7

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


	Three Months Ended
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,
(USD millions)	2011			2010			2010			2010			2010
Annuity account values:

Fixed annuities (deferred)	$	804		$	822		$	837		$	847		$	861

Net interest spread (fixed annuities):		2.7	%		2.4	%		1.5	%		2.3	%		2.4	%

Equity-indexed annuities	$	4,258		$	4,239		$	4,210		$	4,145		$	4,052

Variable annuities:
No riders	$	1,172		$	1,156		$	1,243		$	1,190		$	1,251
GMDB only		91			90			87			79			82
GMIB only		6			6			6			6			6
GMAB only		64			64			62			58			63
GMWB only		1,773			1,735			1,653			1,517			1,622
GMDB / WB		500			492			472			431			455
Other		36			36			34			32			35

Total VA account values	$	3,642		$	3,579		$	3,557		$	3,313		$	3,514

Fair value of liabilities associated with living benefit riders	$	20		$	53		$	174		$	158		$	17

Interest-sensitive contract liabilities associated with:

Guaranteed investment contracts	$	199		$	199		$	199		$	199		$	199

Bank-owned life insurance (BOLI)	$	498		$	494		$	491		$	487		$	484

Other asset-intensive business	$	87		$	90		$	96		$	98		$	100



				Page 8

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


	Three Months Ended															Current Qtr
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,			vs. PY
(USD thousands)	2011			2010			2010			2010			2010			Quarter
Revenues:
Investment income, net of related expenses	$	(197	)	$	63		$	154		$	107		$	(51	)	$	(146	)
Other revenue		9,002			7,029			5,608			5,820			5,050			3,952

Total revenues		8,805			7,092			5,762			5,927			4,999			3,806

Benefits and expenses:
Policy acquisition costs and other insurance expenses		853			447			461			580			526			327
Other operating expenses		1,797			1,067			940			937			1,279			518

Total benefits and expenses		2,650			1,514			1,401			1,517			1,805			845

Operating income before income taxes		6,155			5,578			4,361			4,410			3,194			2,961


Operating to U.S. GAAP Reconciliation:
Operating income before income taxes		6,155			5,578			4,361			4,410			3,194			2,961
Investment and derivative (losses) gains — non-operating		(35	)		(23	)		(44	)		(10	)		(9	)		(26	)

Income before income taxes	$	6,120		$	5,555		$	4,317		$	4,400		$	3,185		$	2,935



				Page 9

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


	Three Months Ended															Current Qtr
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,			vs. PY
(USD thousands)	2011			2010			2010			2010			2010			Quarter
Revenues:
Net premiums	$	215,028		$	205,925		$	205,552		$	177,079		$	208,650		$	6,378
Investment income, net of related expenses		44,901			41,534			41,170			42,206			40,228			4,673
Investment related gains (losses), net		1,169			1,187			938			915			895			274
Other revenue		22			59			803			241			43			(21	)

Total revenues		261,120			248,705			248,463			220,441			249,816			11,304

Benefits and expenses:
Claims and other policy benefits		179,055			152,038			186,554			145,250			172,516			6,539
Interest credited		—			—			—			—			—			—
Policy acquisition costs and other insurance expenses		47,089			50,966			26,901			35,264			54,441			(7,352	)
Other operating expenses		8,694			9,058			6,971			6,994			6,841			1,853

Total benefits and expenses		234,838			212,062			220,426			187,508			233,798			1,040

Operating income before income taxes		26,282			36,643			28,037			32,933			16,018			10,264


Operating to U.S. GAAP Reconciliation:
Operating income before income taxes		26,282			36,643			28,037			32,933			16,018			10,264
Investment and derivative (losses) gains — non-operating		4,389			(454	)		5,431			815			2,955			1,434

Income before income taxes	$	30,671		$	36,189		$	33,468		$	33,748		$	18,973		$	11,698


Loss and Expense Ratios:
Loss ratios (creditor business)		37.7	%		39.1	%		32.5	%		40.6	%		41.2	%		-3.5	%
Loss ratios (excluding creditor business)		97.6	%		84.3	%		96.3	%		91.9	%		106.8	%		-9.2	%
Claims and other policy benefits / (net premiums + investment income)		68.9	%		61.4	%		75.6	%		66.2	%		69.3	%		-0.4	%
Policy acquisition costs and other insurance expenses (creditor business)		55.3	%		56.4	%		55.6	%		56.8	%		50.8	%		4.5	%
Policy acquisition costs and other insurance expenses (excluding creditor business)		11.3	%		15.3	%		9.1	%		11.1	%		11.7	%		-0.4	%
Other operating expenses		4.0	%		4.4	%		3.4	%		3.9	%		3.3	%		0.7	%

*Foreign currency effect:**
Net premiums	$	11,248		$	8,357		$	10,236		$	20,670		$	33,557		$	(22,309	)
Operating income before income taxes	$	453		$	1,858		$	292		$	4,079		$	1,373		$	(920	)

Creditor reinsurance net premiums	$	51,584		$	47,467		$	17,707		$	34,079		$	76,712		$	(25,128	)

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


*		Compared to comparable prior year period



				Page 10

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


	Three Months Ended															Current Qtr
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,			vs. PY
(USD thousands)	2011			2010			2010			2010			2010			Quarter
Revenues:
Net premiums	$	269,120		$	257,980		$	232,962		$	209,919		$	217,652		$	51,468
Investment income, net of related expenses		9,854			9,737			8,579			8,369			7,832			2,022
Other revenue		1,055			296			857			108			838			217

Total revenues		280,029			268,013			242,398			218,396			226,322			53,707

Benefits and expenses:
Claims and other policy benefits		216,932			195,172			193,377			165,827			180,016			36,916
Policy acquisition costs and other insurance expenses		12,059			8,153			12,137			10,273			13,398			(1,339	)
Other operating expenses		25,012			28,301			21,198			21,317			22,710			2,302

Total benefits and expenses		254,003			231,626			226,712			197,417			216,124			37,879

Operating income before income taxes		26,026			36,387			15,686			20,979			10,198			15,828


Operating to U.S. GAAP Reconciliation:
Operating income before income taxes		26,026			36,387			15,686			20,979			10,198			15,828
Investment and derivative (losses) gains — non-operating		293			(1,030	)		1,808			1,347			459			(166	)

Income before income taxes	$	26,319		$	35,357		$	17,494		$	22,326		$	10,657		$	15,662


Loss and Expense Ratios:
Claims and other policy benefits		80.6	%		75.7	%		83.0	%		79.0	%		82.7	%		-2.1	%
Policy acquisition costs and other insurance expenses		4.5	%		3.2	%		5.2	%		4.9	%		6.2	%		-1.7	%
Other operating expenses		9.3	%		11.0	%		9.1	%		10.2	%		10.4	%		-1.1	%

*Foreign currency effect:**
Net premiums	$	6,466		$	(5,502	)	$	(12,500	)	$	(6,154	)	$	20,109		$	(13,643	)
Operating income before income taxes	$	233		$	(704	)	$	(1,184	)	$	(1,158	)	$	334		$	(101	)

Critical illness net premiums	$	60,261		$	58,102		$	57,340		$	52,759		$	55,874		$	4,387


*		Compared to comparable prior year period



				Page 11

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


	Three Months Ended															Current Qtr
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,			vs. PY
(USD thousands)	2011			2010			2010			2010			2010			Quarter
Revenues:
Net premiums	$	311,517		$	322,544		$	273,825		$	256,878		$	285,818		$	25,699
Investment income, net of related expenses		19,634			18,997			17,042			17,249			17,264			2,370
Investment related gains (losses), net		(108	)		365			232			(151	)		707			(815	)
Other revenue		8,492			6,642			7,462			6,128			6,187			2,305

Total revenues		339,535			348,548			298,561			280,104			309,976			29,559

Benefits and expenses:
Claims and other policy benefits		247,930			277,926			220,867			204,494			223,096			24,834
Policy acquisition costs and other insurance expenses		40,820			36,336			27,373			31,661			37,930			2,890
Other operating expenses		25,127			26,164			22,932			22,265			22,385			2,742

Total benefits and expenses		313,877			340,426			271,172			258,420			283,411			30,466

Operating income before income taxes		25,658			8,122			27,389			21,684			26,565			(907	)


Operating to U.S. GAAP Reconciliation:
Operating income before income taxes		25,658			8,122			27,389			21,684			26,565			(907	)
Investment and derivative (losses) gains — non-operating		(330	)		1,949			1,094			2,077			(120	)		(210	)

Income before income taxes	$	25,328		$	10,071		$	28,483		$	23,761		$	26,445		$	(1,117	)


Loss and Expense Ratios:
Claims and other policy benefits		79.6	%		86.2	%		80.7	%		79.6	%		78.1	%		1.5	%
Policy acquisition costs and other insurance expenses		13.1	%		11.3	%		10.0	%		12.3	%		13.3	%		-0.2	%
Other operating expenses		8.1	%		8.1	%		8.4	%		8.7	%		7.8	%		0.3	%

*Foreign currency effect:**
Net premiums	$	24,825		$	21,020		$	17,726		$	25,935		$	50,307		$	(25,482	)
Operating income before income taxes	$	1,555		$	487		$	978		$	2,276		$	3,577		$	(2,022	)

Critical illness net premiums	$	45,622		$	52,386		$	45,954		$	48,508		$	39,398		$	6,224


*		Compared to comparable prior year period



				Page 12

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


	Three Months Ended															Current Qtr
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,			vs. PY
(USD thousands)	2011			2010			2010			2010			2010			Quarter
Revenues:
Net premiums	$	2,087		$	2,291		$	2,167		$	1,851		$	1,506		$	581
Investment income, net of related expenses		29,694			29,399			28,616			19,997			29,157			537
Investment related gains (losses), net		485			(489	)		(794	)		(29	)		166			319
Other revenue		3,609			3,684			2,752			766			2,669			940

Total revenues		35,875			34,885			32,741			22,585			33,498			2,377

Benefits and expenses:
Claims and other policy benefits		309			243			141			(138	)		167			142
Interest credited		—			1			—			(1	)		14			(14	)
Policy acquisition costs and other insurance expenses		(13,471	)		(13,548	)		(13,658	)		(13,755	)		(12,854	)		(617	)
Other operating expenses		17,625			13,624			12,421			10,917			13,936			3,689
Interest expense		24,569			25,215			25,191			25,141			15,449			9,120
Collateral finance facility expense		3,202			2,049			2,041			1,960			1,806			1,396

Total benefits and expenses		32,234			27,584			26,136			24,124			18,518			13,716

Operating income (loss) before income taxes		3,641			7,301			6,605			(1,539	)		14,980			(11,339	)


Operating to U.S. GAAP Reconciliation:
Operating income before income taxes		3,641			7,301			6,605			(1,539	)		14,980			(11,339	)
Investment and derivative (losses) gains — non-operating		4,413			11,082			(663	)		(999	)		(9,312	)		13,725
Gain on repurchase of collateral finance facility securities		4,971			—			—			—			—			4,971
Loss on retirement of PIERS		(4,391	)		—			—			—			—			(4,391	)

Income before income taxes	$	8,634		$	18,383		$	5,942		$	(2,538	)	$	5,668		$	2,966


*Foreign currency effect:**
Net premiums	$	(52	)	$	58		$	(14	)	$	(6	)	$	1		$	(53	)
Operating income before income taxes	$	2,393		$	(61	)	$	1,912		$	(12	)	$	4,213		$	(1,820	)


*		Compared to comparable prior year period



				Page 13

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


	Three Months Ended											Current Qtr
	March 31,		Dec. 31,		Sept. 30,		June 30,			March 31,		vs. PY
(USD thousands)	2011		2010		2010		2010			2010		Quarter
U.S. Traditional	$	69,524	$	107,095	$	101,066	$	96,093		$	60,977	$	8,547
U.S. Asset Intensive		20,769		19,981		13,989		15,770			16,546		4,223
U.S. Financial Reinsurance		6,155		5,578		4,361		4,410			3,194		2,961

Total U.S. Segment		96,448		132,654		119,416		116,273			80,717		15,731
Canadian Segment		26,282		36,643		28,037		32,933			16,018		10,264
Europe & South Africa Segment		26,026		36,387		15,686		20,979			10,198		15,828
Asia Pacific Segment		25,658		8,122		27,389		21,684			26,565		(907	)
Corporate and Other		3,641		7,301		6,605		(1,539	)		14,980		(11,339	)

Consolidated	$	178,055	$	221,107	$	197,133	$	190,330		$	148,478	$	29,577



				Page 14

Reinsurance Group of America, Incorporated
Investments
(USD thousands)

Cash and Invested Assets


	March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,
	2011		2010		2010		2010		2010
Fixed maturity securities, available-for-sale	$	14,531,154	$	14,304,597	$	14,169,930	$	13,077,607	$	12,775,342
Mortgage loans on real estate		906,869		885,811		863,873		838,827		797,272
Policy loans		1,222,016		1,228,418		1,173,148		1,173,016		1,162,723
Funds withheld at interest		5,595,146		5,421,952		5,276,511		5,257,929		5,180,300
Short-term investments		74,902		118,387		84,091		63,962		79,160
Other invested assets		756,377		707,403		738,830		637,827		564,753
Cash and cash equivalents		467,672		463,661		634,075		557,756		525,360

Total cash and invested assets	$	23,554,136	$	23,130,229	$	22,940,458	$	21,606,924	$	21,084,910

Investment Income and Yield Summary
(Excludes Funds Withheld Portfolios)


	Three Months Ended															Current Qtr
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,			vs. PY
	2011			2010			2010			2010			2010			Quarter
Average invested assets at amortized cost	$	16,762,725		$	16,257,365		$	15,763,396		$	15,432,369		$	15,062,452		$	1,700,273
Net investment income	$	219,908		$	216,176		$	218,546		$	208,303		$	215,295		$	4,613

Annualized investment yield (ratio of net investment income to average invested assets)		5.35	%		5.43	%		5.66	%		5.51	%		5.84	%		-0.49	%



				Page 15

Reinsurance Group of America, Incorporated
Investments
(USD thousands)

Amortized cost, gross unrealized gains and losses, and estimated fair values of fixed maturity and equity securities
(Excludes Funds Withheld Portfolios)


March 31, 2011
												Other-than-
							Estimated					temporary
	Amortized		Unrealized		Unrealized		Fair		% of			Impairment
	Cost		Gains		Losses		Value		Total			in AOCI
Available-for-sale:
Corporate securities	$	7,153,455	$	411,578	$	97,569	$	7,467,464		51.4	%	$	—
Canadian and Canadian provincial governments		2,458,873		569,900		10,372		3,018,401		20.8	%		—
Residential mortgage-backed securities		1,375,166		56,086		15,124		1,416,128		9.7	%		(1,650	)
Asset-backed securities		420,028		12,524		54,979		377,573		2.6	%		(4,813	)
Commercial mortgage-backed securities		1,344,194		89,256		67,735		1,365,715		9.4	%		(9,547	)
U.S. government and agencies		189,421		6,243		1,028		194,636		1.3	%		—
State and political subdivisions		192,241		4,012		6,852		189,401		1.3	%		—
Other foreign government securities		503,605		5,086		6,855		501,836		3.5	%		—

Total fixed maturity securities	$	13,636,983	$	1,154,685	$	260,514	$	14,531,154		100.0	%	$	(16,010	)


Non-redeemable preferred stock		103,374		5,240		6,229		102,385		70.8	%
Other equity securities		38,442		4,776		962		42,256		29.2	%

Total equity securities	$	141,816	$	10,016	$	7,191	$	144,641		100.0	%


December 31, 2010
												Other-than-
							Estimated					temporary
	Amortized		Unrealized		Unrealized		Fair		% of			Impairment
	Cost		Gains		Losses		Value		Total			in AOCI
Available-for-sale:
Corporate securities	$	6,826,937	$	436,384	$	107,816	$	7,155,505		50.0	%	$	—
Canadian and Canadian provincial governments		2,354,418		672,951		3,886		3,023,483		21.1	%		—
Residential mortgage-backed securities		1,443,892		55,765		26,580		1,473,077		10.3	%		(1,650	)
Asset-backed securities		440,752		12,001		61,544		391,209		2.7	%		(4,963	)
Commercial mortgage-backed securities		1,353,279		81,839		97,265		1,337,853		9.4	%		(10,010	)
U.S. government and agencies		199,129		7,795		708		206,216		1.4	%		—
State and political subdivisions		170,479		2,098		8,117		164,460		1.2	%		—
Other foreign government securities		556,136		4,304		7,646		552,794		3.9	%		—

Total fixed maturity securities	$	13,345,022	$	1,273,137	$	313,562	$	14,304,597		100.0	%	$	(16,623	)


Non-redeemable preferred stock		100,718		4,130		5,298		99,550		71.0	%
Other equity securities		34,832		6,100		271		40,661		29.0	%

Total equity securities	$	135,550	$	10,230	$	5,569	$	140,211		100.0	%



				Page 16

Reinsurance Group of America, Incorporated
Investments
(USD thousands)

Corporate Securities by Sector (Fixed Maturities and Equities)
(Excludes Funds Withheld Portfolios)


	March 31, 2011								December 31, 2010
			Estimated Fair					Average Credit			Estimated Fair					Average Credit
	Amortized Cost		Value		% of Total			Ratings	Amortized Cost		Value		% of Total			Ratings
Financial Institutions
Banking	$	1,879,387	$	1,892,673		24.9	%	A+	$	1,739,077	$	1,740,978		23.9	%	A+
Brokerage		103,624		110,923		1.5	%	A-		98,351		103,902		1.4	%	A-
Finance Comp.		192,150		201,815		2.6	%	A		216,212		224,729		3.1	%	A
Insurance		378,757		397,484		5.2	%	A-		403,557		422,996		5.8	%	A-
REITs		210,015		219,259		2.9	%	BBB+		178,106		187,587		2.6	%	BBB+
Other Finance		224,447		225,670		3.0	%	A-		253,794		259,092		3.5	%	A-

Total Financial Institutions		2,988,380		3,047,824		40.1	%			2,889,097		2,939,284		40.3	%
Industrials
Basic		342,751		369,077		4.8	%	BBB		349,522		376,723		5.2	%	BBB
Capital Goods		373,483		394,105		5.2	%	BBB+		349,526		372,557		5.1	%	BBB+
Communications		593,602		639,836		8.4	%	BBB+		586,179		634,557		8.7	%	BBB+
Consumer Cyclical		403,513		420,199		5.5	%	BBB+		309,255		324,648		4.4	%	BBB+
Consumer Noncyclical		642,062		682,016		9.0	%	BBB+		646,383		693,785		9.5	%	A-
Energy		427,336		456,884		6.0	%	BBB+		383,293		414,592		5.7	%	BBB+
Technology		246,026		253,767		3.3	%	BBB+		228,702		238,975		3.3	%	BBB+
Transportation		216,835		227,713		3.0	%	BBB+		242,719		255,910		3.5	%	BBB+
Other Industrial		54,568		56,984		0.7	%	BBB-		50,679		53,767		0.7	%	BBB

Total Industrials		3,300,176		3,500,581		45.9	%			3,146,258		3,365,514		46.1	%
Utilities
Electric		639,466		663,562		8.7	%	BBB+		612,790		642,177		8.8	%	BBB+
Natural Gas		322,123		349,544		4.6	%	BBB+		276,402		303,679		4.2	%	BBB+
Other Utility		29,992		35,417		0.5	%	A-		23,002		29,700		0.4	%	A-

Total Utilities		991,581		1,048,523		13.8	%			912,194		975,556		13.4	%
Other Sectors		15,134		15,177		0.2	%	AA+		14,938		15,362		0.2	%	AA+

Total	$	7,295,271	$	7,612,105		100.0	%	A-	$	6,962,487	$	7,295,716		100.0	%	A-



				Page 17

Reinsurance Group of America, Incorporated
Investments
(USD thousands)

Ratings of Fixed Maturity Securities
(Excludes Funds Withheld Portfolios)


		March 31, 2011							December 31, 2010							September 30, 2010							June 30, 2010							March 31, 2010
	Rating Agency			Estimated Fair					Amortized		Estimated Fair					Amortized		Estimated Fair					Amortized		Estimated		% of			Amortized		Estimated		% of
NAIC Designation	Designation	Amortized Cost		Value		% of Total			Cost		Value		% of Total			Cost		Value		% of Total			Cost		Fair Value		Total			Cost		Fair Value		Total
1	AAA	$	3,397,610	$	3,470,262		23.9	%	$	3,516,872	$	3,592,987		25.1	%	$	3,492,193	$	3,633,780		25.6	%	$	3,534,911	$	3,642,644		27.9	%	$	3,669,930	$	3,668,484		28.7	%
1	AA		3,369,423		3,765,275		25.9	%		3,284,387		3,758,523		26.3	%		3,155,855		3,675,615		25.9	%		2,860,403		3,177,314		24.3	%		2,905,244		3,122,295		24.5	%
1	A		3,206,317		3,480,683		24.0	%		2,896,256		3,205,431		22.4	%		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	BBB		2,863,853		3,041,200		20.9	%		2,860,603		3,035,593		21.2	%		2,778,394		3,030,667		21.4	%		2,639,071		2,783,867		21.3	%		2,561,843		2,658,713		20.8	%
3	BB		492,097		497,056		3.4	%		460,675		450,368		3.2	%		471,013		440,012		3.1	%		479,755		424,060		3.2	%		472,151		417,253		3.3	%
4	B		218,541		203,594		1.4	%		239,604		191,287		1.3	%		237,136		185,668		1.3	%		255,530		192,244		1.5	%		253,930		185,177		1.4	%
5	CCC and lower		67,395		50,231		0.3	%		63,859		47,493		0.3	%		63,033		44,683		0.3	%		80,415		65,496		0.5	%		94,537		77,652		0.6	%
6	In or near default		21,747		22,853		0.2	%		22,766		22,915		0.2	%		21,108		21,237		0.2	%		18,809		18,583		0.1	%		13,205		15,635		0.1	%

	Total	$	13,636,983	$	14,531,154				$	13,345,022	$	14,304,597				$	12,933,116	$	14,169,930				$	12,381,638	$	13,077,607				$	12,407,225	$	12,775,342

Structured Fixed Maturity Securities


	March 31, 2011				December 31, 2010				September 30, 2010				June 30, 2010				March 31, 2010
			Estimated Fair		Amortized		Estimated		Amortized		Estimated Fair		Amortized		Estimated		Amortized		Estimated
	Amortized Cost		Value		Cost		Fair Value		Cost		Value		Cost		Fair Value		Cost		Fair Value
Residential mortgage-backed securities:
Agency	$	662,505	$	690,577	$	636,931	$	668,405	$	682,621	$	728,354	$	726,078	$	770,690	$	744,920	$	776,013
Non-agency		712,661		725,551		806,961		804,672		837,648		832,934		828,507		802,670		859,102		800,152

Total residential mortgage-backed securities		1,375,166		1,416,128		1,443,892		1,473,077		1,520,269		1,561,288		1,554,585		1,573,360		1,604,022		1,576,165
Commercial mortgage-backed securities		1,344,194		1,365,715		1,353,279		1,337,853		1,257,835		1,235,849		1,229,237		1,166,937		1,222,346		1,124,736
Asset-backed securities		420,028		377,573		440,752		391,209		457,047		414,515		496,652		449,623		516,924		458,664

Total	$	3,139,388	$	3,159,416	$	3,237,923	$	3,202,139	$	3,235,151	$	3,211,652	$	3,280,474	$	3,189,920	$	3,343,292	$	3,159,565



				Page 18

Investments
(USD thousands)

Subprime Mortgage Exposure
(Includes Funds Withheld Portfolios)


	March 31, 2011
	AAA				AA				A
			Estimated Fair				Estimated Fair				Estimated
Underwriting Year	Amortized Cost		Value		Amortized Cost		Value		Amortized Cost		Fair Value
2005 & Prior	$	7,831	$	7,115	$	25,471	$	23,773	$	5,314	$	4,785
2006		—		—		—		—		—		—
2007		—		—		—		—		—		—
2008 - 2011		—		—		—		—		—		—

Total	$	7,831	$	7,115	$	25,471	$	23,773	$	5,314	$	4,785


	BBB				Below Investment Grade				Total
			Estimated Fair				Estimated Fair				Estimated
Underwriting Year	Amortized Cost		Value		Amortized Cost		Value		Amortized Cost		Fair Value
2005 & Prior	$	14,783	$	13,357	$	91,139	$	59,467	$	144,538	$	108,497
2006		—		—		2,152		3,258		2,152		3,258
2007		—		—		5,126		3,433		5,126		3,433
2008 - 2011		—		—		—		—		—		—

Total	$	14,783	$	13,357	$	98,417	$	66,158	$	151,816	$	115,188


	December 31, 2010
	AAA				AA				A
			Estimated Fair				Estimated Fair				Estimated
Underwriting Year	Amortized Cost		Value		Amortized Cost		Value		Amortized Cost		Fair Value
2005 & Prior	$	13,343	$	12,079	$	29,809	$	27,746	$	10,504	$	9,573
2006		—		—		—		—		—		—
2007		—		—		—		—		—		—
2008 - 2010		—		—		—		—		—		—

Total	$	13,343	$	12,079	$	29,809	$	27,746	$	10,504	$	9,573


	BBB				Below Investment Grade				Total
			Estimated Fair				Estimated Fair				Estimated
Underwriting Year	Amortized Cost		Value		Amortized Cost		Value		Amortized Cost		Fair Value
2005 & Prior	$	22,608	$	19,213	$	71,582	$	41,308	$	147,846	$	109,919
2006		—		—		2,152		2,508		2,152		2,508
2007		—		—		5,279		3,329		5,279		3,329
2008 - 2010		—		—		—		—		—		—

Total	$	22,608	$	19,213	$	79,013	$	47,145	$	155,277	$	115,756



				Page 19

Reinsurance Group of America, Incorporated
Investments
(USD thousands)

CMBS Exposure
(Includes Funds Withheld Portfolios)


	March 31, 2011
	AAA				AA				A
			Estimated Fair				Estimated Fair				Estimated
Underwriting Year	Amortized Cost		Value		Amortized Cost		Value		Amortized Cost		Fair Value
2005 & Prior	$	249,407	$	265,775	$	78,406	$	79,591	$	66,183	$	67,658
2006		319,779		333,222		46,407		48,435		49,754		49,886
2007		252,035		263,214		32,446		25,224		93,017		97,031
2008		29,616		31,252		37,274		38,657		7,495		7,766
2009		8,004		7,763		4,371		4,384		6,887		10,283
2010		81,386		79,505		2,654		2,361		19,440		17,651
2011		9,647		9,539		—		—		—		—

Total	$	949,874	$	990,270	$	201,558	$	198,652	$	242,776	$	250,275


	BBB				Below Investment Grade				Total
			Estimated Fair				Estimated Fair				Estimated
Underwriting Year	Amortized Cost		Value		Amortized Cost		Value		Amortized Cost		Fair Value
2005 & Prior	$	31,352	$	31,393	$	53,351	$	41,963	$	478,699	$	486,380
2006		32,798		32,543		45,902		36,228		494,640		500,314
2007		100,010		107,569		125,000		102,740		602,508		595,778
2008		—		—		24,299		20,921		98,684		98,596
2009		—		—		—		—		19,262		22,430
2010		—		—		—		—		103,480		99,517
2011		—		—		—		—		9,647		9,539

Total	$	164,160	$	171,505	$	248,552	$	201,852	$	1,806,920	$	1,812,554

NOTE: Totals include directly held investments with amortized cost of $1,344.2 million and fair value of $1,365.7 million as well as investments in funds withheld with amortized cost of $462.7 million and fair value of $446.8 million.


	December 31, 2010
	AAA				AA				A
			Estimated Fair				Estimated Fair				Estimated
Underwriting Year	Amortized Cost		Value		Amortized Cost		Value		Amortized Cost		Fair Value
2005 & Prior	$	261,763	$	282,522	$	81,795	$	85,675	$	63,234	$	63,491
2006		314,043		328,422		46,372		50,217		48,851		49,949
2007		255,589		270,731		29,493		23,512		92,910		96,790
2008		29,547		33,115		37,291		39,657		7,495		7,886
2009		8,020		7,877		3,088		3,505		6,834		9,675
2010		69,580		68,879		5,193		4,800		10,970		10,928

Total	$	938,542	$	991,546	$	203,232	$	207,366	$	230,294	$	238,719


	BBB				Below Investment Grade				Total
			Estimated Fair				Estimated Fair				Estimated
Underwriting Year	Amortized Cost		Value		Amortized Cost		Value		Amortized Cost		Fair Value
2005 & Prior	$	67,341	$	66,392	$	56,882	$	44,770	$	531,015	$	542,850
2006		32,651		31,646		56,636		39,127		498,553		499,361
2007		99,796		105,962		125,123		77,459		602,911		574,454
2008		—		—		24,085		15,234		98,418		95,892
2009		—		—		—		—		17,942		21,057
2010		—		—		—		—		85,743		84,607

Total	$	199,788	$	204,000	$	262,726	$	176,590	$	1,834,582	$	1,818,221

NOTE: Totals include directly held investments with amortized cost of $1,353.3 million and fair value of $1,337.9 million as well as investments in funds withheld with amortized cost of $481.3 million and fair value of $480.4 million.



				Page 20

Reinsurance Group of America, Incorporated
Investments
(USD thousands)

Gross Unrealized Losses Aging

Fixed Maturity Securities


	March 31, 2011					December 31, 2010					September 30, 2010					June 30, 2010					March 31, 2010
	Gross Unrealized					Gross Unrealized					Gross Unrealized					Gross Unrealized					Gross Unrealized
	Losses		% of Total			Losses		% of Total			Losses		% of Total			Losses		% of Total			Losses		% of Total
Less than 20%	$	142,936		53.4	%	$	143,451		44.9	%	$	86,770		29.1	%	$	132,900		34.4	%	$	198,928		42.3	%
20% or more for less than six months		7,229		2.7	%		17,293		5.4	%		45,706		15.3	%		54,620		14.1	%		59,530		12.6	%
20% or more for six months or greater		110,349		41.2	%		152,818		47.9	%		160,785		53.9	%		188,398		48.7	%		204,321		43.4	%

Total	$	260,514		97.3	%	$	313,562		98.2	%	$	293,261		98.3	%	$	375,918		97.2	%	$	462,779		98.3	%

Equity Securities


	March 31, 2011					December 31, 2010					September 30, 2010					June 30, 2010					March 31, 2010
	Gross Unrealized					Gross Unrealized					Gross Unrealized					Gross Unrealized					Gross Unrealized
	Losses		% of Total			Losses		% of Total			Losses		% of Total			Losses		% of Total			Losses		% of Total
Less than 20%	$	5,196		1.9	%	$	2,953		0.9	%	$	2,921		1.0	%	$	4,888		1.3	%	$	4,696		1.0	%
20% or more for less than six months		691		0.3	%		821		0.3	%		265		0.1	%		1,808		0.5	%		1,883		0.4	%
20% or more for six months or greater		1,304		0.5	%		1,795		0.6	%		1,857		0.6	%		4,039		1.0	%		1,346		0.3	%

Total	$	7,191		2.7	%	$	5,569		1.8	%	$	5,043		1.7	%	$	10,735		2.8	%	$	7,925		1.7	%



				Page 21

Reinsurance Group of America, Incorporated
Investments
(USD thousands)

Fixed Maturities and Equity Securities Below Amortized Cost
(Excludes Funds Withheld Portfolios)


	As of March 31, 2011
	Less than 12 months				Equal to or greater than 12 months				Total
	Estimated Fair		Gross Unrealized		Estimated Fair		Gross Unrealized		Estimated Fair		Gross Unrealized
	Value		Losses		Value		Losses		Value		Losses
Investment grade securities:
Corporate securities	$	1,376,045	$	37,871	$	332,186	$	52,212	$	1,708,231	$	90,083
Canadian and Canadian provincial governments		307,254		10,372		—		—		307,254		10,372
Residential mortgage-backed securities		151,507		3,394		63,554		10,025		215,061		13,419
Asset-backed securities		21,705		533		123,729		32,653		145,434		33,186
Commercial mortgage-backed securities		180,214		10,264		68,492		24,713		248,706		34,977
U.S. government and agencies		40,875		1,028		—		—		40,875		1,028
State and political subdivisions		45,758		1,822		31,620		5,030		77,378		6,852
Other foreign government securities		149,080		2,758		41,881		3,788		190,961		6,546

Investment grade securities		2,272,438		68,042		661,462		128,421		2,933,900		196,463


Non-investment grade securities:
Corporate securities		60,201		1,493		85,034		5,993		145,235		7,486
Residential mortgage-backed securities		3,049		355		12,643		1,350		15,692		1,705
Asset-backed securities		4,519		383		24,172		21,410		28,691		21,793
Commercial mortgage-backed securities		10,625		26		89,563		32,732		100,188		32,758
State and political subdivisions		—		—		—		—		—		—
Other foreign government securities		9,355		309		—		—		9,355		309

Non-investment grade securities		87,749		2,566		211,412		61,485		299,161		64,051

Total fixed maturity securities	$	2,360,187	$	70,608	$	872,874	$	189,906	$	3,233,061	$	260,514


Non-redeemable preferred stock		14,427		418		29,962		5,811		44,389		6,229
Other equity securities		7,185		962		318		—		7,503		962

Total Equity securities	$	21,612	$	1,380	$	30,280	$	5,811	$	51,892	$	7,191

Total number of securities in an unrealized loss position		650				455				1,105


	As of December 31, 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
	Value		Losses		Value		Losses		Value		Losses
Investment grade securities:
Corporate securities	$	1,170,016	$	34,097	$	368,128	$	61,945	$	1,538,144	$	96,042
Canadian and Canadian provincial governments		118,585		3,886		—		—		118,585		3,886
Residential mortgage-backed securities		195,406		4,986		105,601		13,607		301,007		18,593
Asset-backed securities		23,065		570		131,172		38,451		154,237		39,021
Commercial mortgage-backed securities		132,526		4,143		109,158		29,059		241,684		33,202
U.S. government and agencies		11,839		708		—		—		11,839		708
State and political subdivisions		68,229		2,890		31,426		5,227		99,655		8,117
Other foreign government securities		322,363		3,142		43,796		4,504		366,159		7,646

Investment grade securities		2,042,029		54,422		789,281		152,793		2,831,310		207,215


Non-investment grade securities:
Corporate securities		58,420		1,832		91,205		9,942		149,625		11,774
Residential mortgage-backed securities		1,162		605		38,206		7,382		39,368		7,987
Asset-backed securities		—		—		23,356		22,523		23,356		22,523
Commercial mortgage-backed securities		—		—		89,170		64,063		89,170		64,063
State and political subdivisions		—		—		—		—		—		—

Non-investment grade securities		59,582		2,437		241,937		103,910		301,519		106,347

Total fixed maturity securities	$	2,101,611	$	56,859	$	1,031,218	$	256,703	$	3,132,829	$	313,562


Non-redeemable preferred stock		15,987		834		28,549		4,464		44,536		5,298
Other equity securities		6,877		271		318		—		7,195		271

Total Equity securities	$	22,864	$	1,105	$	28,867	$	4,464	$	51,731	$	5,569

Total number of securities in an unrealized loss position		520				508				1,028



				Page 22

Reinsurance Group of America, Incorporated
Investments
(USD thousands)

Consolidated Investment Related Gains and Losses


	Three Months Ended															Current Qtr
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,			vs. PY
	2011			2010			2010			2010			2010			Quarter
Fixed Maturity and Equity Securities:
Other-than-temporary impairment losses on fixed maturities	$	(1,556	)	$	(16,097	)	$	(4,904	)	$	(3,489	)	$	(7,430	)	$	5,874
Portion of loss recognized in accumulated other comprehensive income (before taxes)		—			(186	)		26			(139	)		2,344			(2,344	)

Net other-than-temporary impairment losses on fixed maturities recognized in earnings		(1,556	)		(16,283	)		(4,878	)		(3,628	)		(5,086	)		3,530
Impairment losses on equity securities		—			—			—			(10	)		(22	)		22
Gain on investment activity		29,376			26,124			39,371			19,363			16,099			13,277
Loss on investment activity		(6,914	)		(6,763	)		(7,773	)		(5,662	)		(8,532	)		1,618

Net gain/(loss) on fixed maturity and equity securities		20,906			3,078			26,720			10,063			2,459			18,447

Other impairment losses and change in mortgage loan provision		576			1,506			(5,087	)		(1,165	)		(1,230	)		1,806
Other non-derivative gain/(loss), net		4,696			4,751			4,644			4,789			(448	)		5,144

Free-standing Derivatives:
Credit Default Swaps		892			4,340			3,730			(4,060	)		776			116
Interest Rate Swaps — non-hedged		(10,730	)		(79,546	)		49,825			87,114			11,341			(22,071	)
Interest Rate Swaps — hedged		126			19			239			168			132			(6	)
Futures		(11,423	)		(23,766	)		(42,270	)		32,822			(11,745	)		322
CPI Swaps		811			438			(508	)		109			923			(112	)
Equity options		(4,568	)		(2,402	)		(731	)		127			—			(4,568	)
Currency Forwards		(855	)		1,226			1,543			1,447			(829	)		(26	)

Total free-standing derivatives		(25,747	)		(99,691	)		11,828			117,727			598			(26,345	)

Embedded Derivatives:
Modified coinsurance and funds withheld treaties		90,535			43,780			(38,653	)		32,512			122,635			(32,100	)
GMXB		32,654			121,209			(16,232	)		(140,934	)		7,171			25,483

Total embedded derivatives		123,189			164,989			(54,885	)		(108,422	)		129,806			(6,617	)

Net gain/(loss) on total derivatives		97,442			65,298			(43,057	)		9,305			130,404			(32,962	)


Total investment related gains / (losses), net	$	123,620		$	74,633		$	(16,780	)	$	22,992		$	131,185		$	(7,565	)



				Page 23

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