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

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8-K - 8-K - REINSURANCE GROUP OF AMERICA INC	d665766d8k.htm
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Exhibit 99.2

LOGO

Reinsurance Group of America, Incorporated^®

Financial Supplement

Fourth Quarter 2013

(Unaudited)

LOGO

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
RGA Reinsurance Company of Australia 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

Jeff Hopson

Sr. Vice President

Investor Relations

Phone: (636) 300-6106

e-mail: jhopson@rgare.com


		Quarterly Financial Supplement

Reinsurance Group of America, Incorporated

Financial Supplement

4th Quarter 2013

Table of Contents


	Page
Non-GAAP Disclosure		1

2013 Management Guidance		2

Consolidated

Financial Highlights		3

Consolidated Income Statement (incl. Operating Income Reconciliation)		4

Consolidated Operating Income Statement		5

Consolidated Balance Sheets		6

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

U.S. Operations		7

Canada Operations		11

Europe & South Africa Operations		12

Asia Pacific Operations		13

Corporate and Other		14

Summary of Pre-tax Segment Operating Income		15

Investments

Cash and Invested Assets, Yield Summary		16

Amortized cost, Gross Unrealized Gains and Losses, Estimated Fair Values of Fixed Maturity and Equity Securities		17

Corporate Securities by Sector (Fixed Maturities and Equities)		18

Quality of Fixed Maturity Securities and Structured Fixed Maturity Securities		19

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 substantially all of the effect of net investment related gains and losses, as well as changes in the fair value of certain embedded derivatives and related deferred acquisition costs. These items can be volatile, primarily due to the credit market and interest rate environment and are not necessarily indicative of the performance of the company’s underlying businesses. Additionally, operating income excludes any net gain or loss from discontinued operations, the cumulative effect of any accounting changes, and other items that management believes are not indicative of the company’s ongoing operations. The definition of operating income can vary by company and is not considered a substitute for GAAP net income. A reconciliation of income before income taxes of the operating segments to pre-tax operating income (loss) is presented herein.

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

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


		Quarterly Financial Supplement		Page 1

Reinsurance Group of America, Incorporated

Company Guidance

The company provides financial guidance based upon the intermediate term rather than giving a range of annual earnings per share for an upcoming year. This better reflects the long-term nature of the business and the difficulty in predicting the timing of shorter-term or periodic events such as block transactions. The company accepts risks over very long periods of time, up to 30 years or longer in some cases. While more predictable over longer-term horizons, RGA’s business is subject to inherent short-term volatility. The guidance is unchanged versus that provided a year ago.

Over the intermediate term, the company targets growth in operating income per share in the five to eight percent range, and operating return on equity of 11 to 12 percent. These targets presume no significant changes in the investment environment from current levels and the deployment of $200 million to $400 million of excess capital, on average, annually. The ranges provided are unaffected by the charge recorded in the Australia operations in 2013’s second quarter, as the guidance is based upon “normalized” results.


				Page 2

Reinsurance Group of America, Incorporated

Financial Highlights


	Three Months Ended or As of															Current Qtr			Year-to-Date
(USD thousands, except inforce & per share data)	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,		Dec. 31,
(USD thousands, except inforce & per share data)	2013			2013			2013			2013			2012			Quarter			2013		2012		Change
Net premiums	$	2,212,998		$	2,026,180		$	2,035,156		$	1,979,693		$	2,179,707		$	33,291		$	8,254,027	$	7,906,596	$	347,431
Net income (loss)		144,959			137,955			(49,612	)		185,535			222,989			(78,030	)		418,837		631,893		(213,056	)
Operating income (loss)		154,509			152,887			(71,797	)		122,847			181,830			(27,321	)		358,446		516,382		(157,936	)
Operating return on equity (ex AOCI)—annualized		12.7	%		12.9	%		-6.0	%		10.1	%		15.5	%		-2.8	%
Operating return on equity (ex AOCI)—trailing 12 months		7.4	%		8.1	%		7.1	%		11.4	%		11.6	%		-4.2	%
Total assets		39,674,473			39,526,555			38,790,621			40,197,101			40,360,438			(685,965	)
Assumed Life Reinsurance in Force (in billions)
U.S.	$	1,387.8		$	1,392.1		$	1,392.3		$	1,395.6		$	1,395.6		$	(7.8	)
Canada		386.3			391.1			376.4			382.8			389.7			(3.4	)
Europe & South Africa		629.8			626.5			584.9			581.8			602.5			27.3
Asia Pacific		486.0			494.1			470.2			512.6			539.8			(53.8	)

Total Life Reinsurance in Force	$	2,889.9		$	2,903.8		$	2,823.8		$	2,872.8		$	2,927.6		$	(37.7	)

Assumed New Business Production (in billions)
U.S.	$	20.2		$	22.0		$	21.8		$	25.7		$	19.2		$	1.0		$	89.7	$	151.4	$	(61.7	)
Canada		10.4			11.6			11.1			12.9			12.0			(1.6	)		46.0		49.0		(3.0	)
Europe & South Africa		31.7			27.0			28.4			45.7			58.4			(26.7	)		132.8		136.0		(3.2	)
Asia Pacific		16.6			31.0			42.7			11.6			12.8			3.8			101.9		90.2		11.7

Total New Business Production	$	78.9		$	91.6		$	104.0		$	95.9		$	102.4		$	(23.5	)	$	370.4	$	426.6	$	(56.2	)

Per Share and Shares Data
Basic earnings per share
Net income (loss)	$	2.05		$	1.95		$	(0.69	)	$	2.51		$	3.02		$	(0.97	)	$	5.82	$	8.57	$	(2.75	)
Operating income (loss)	$	2.19		$	2.16		$	(0.99	)	$	1.66		$	2.46		$	(0.27	)	$	4.98	$	7.00	$	(2.02	)
Diluted earnings per share (1)
Net income (loss)	$	2.03		$	1.93		$	(0.69	)	$	2.49		$	3.00		$	(0.97	)	$	5.78	$	8.52	$	(2.74	)
Operating income (loss)	$	2.17		$	2.14		$	(0.99	)	$	1.65		$	2.44		$	(0.27	)	$	4.95	$	6.96	$	(2.01	)
Wgt. average common shares outstanding (basic)		70,650			70,865			72,350			73,838			73,880			(3,230	)		71,917		73,737		(1,820	)
Wgt. average common shares outstanding (diluted)		71,332			71,391			72,769			74,389			74,375			(3,043	)		72,461		74,153		(1,692	)
Common shares issued		79,138			79,138			79,138			79,138			79,138			—			79,138		79,138		—
Treasury shares		8,370			8,595			8,170			5,837			5,211			3,159			8,370		5,211		3,159
Common shares outstanding		70,768			70,543			70,968			73,301			73,927			(3,159	)		70,768		73,927		(3,159	)
Book value per share	$	83.87		$	83.58		$	82.97		$	94.34		$	93.47
Per share effect of accumulated other comprehensive income (AOCI)	$	14.21		$	15.60		$	16.66		$	26.97		$	28.52
Book value per share, excluding AOCI	$	69.66		$	67.98		$	66.31		$	67.37		$	64.95
Shareholder dividends paid	$	21,177.3		$	21,296.2		$	17,415.9		$	17,752.7		$	17,724.7		$	3,452.6		$	77,642.1	$	61,944.8	$	15,697.3

(1)

As a result of anti-dilutive impact, in periods of a loss, weighted average common shares outstanding (basic) are used in the calculation of diluted earnings per share


		Quarterly Financial Supplement		Page 3

Reinsurance Group of America, Incorporated

Consolidated GAAP Income Statement (incl. Operating Income Reconciliations)


	Three Months Ended or As of															Current Qtr			Year-to-Date
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
(USD thousands)	2013			2013			2013			2013			2012			Quarter			2013			2012			Change
Revenues:
Net premiums	$	2,212,998		$	2,026,180		$	2,035,156		$	1,979,693		$	2,179,707		$	33,291		$	8,254,027		$	7,906,596		$	347,431
Investment income, net of related expenses		461,134			369,366			444,234			425,131			370,151			90,983			1,699,865			1,436,206			263,659
Investment related gains (losses), net
OTTI on fixed maturity securities		(2,258	)		(391	)		(9,803	)		(202	)		(4,346	)		2,088			(12,654	)		(15,908	)		3,254
OTTI on fixed maturity securities transferred to/from AOCI		—			59			(306	)		—			—			—			(247	)		(7,618	)		7,371
Other investment related gains (losses), net		99			(76,133	)		58,352			94,573			115,108			(115,009	)		76,891			277,662			(200,771	)

Total investment related gains (losses), net		(2,159	)		(76,465	)		48,243			94,371			110,762			(112,921	)		63,990			254,136			(190,146	)
Other revenue		64,821			70,734			63,009			101,907			62,482			2,339			300,471			243,973			56,498

Total revenues		2,736,794			2,389,815			2,590,642			2,601,102			2,723,102			13,692			10,318,353			9,840,911			477,442
Benefits and expenses:
Claims and other policy benefits		1,869,949			1,714,899			2,030,574			1,688,910			1,797,779			72,170			7,304,332			6,665,999			638,333
Interest credited		172,747			59,939			118,345			125,483			94,835			77,912			476,514			379,915			96,599
Policy acquisition costs and other insurance expenses		304,837			268,081			370,505			357,357			344,791			(39,954	)		1,300,780			1,306,470			(5,690	)
Other operating expenses		122,136			111,672			113,408			119,501			132,334			(10,198	)		466,717			451,759			14,958
Interest expense		35,072			30,831			29,918			28,486			28,917			6,155			124,307			105,348			18,959
Collateral finance facility expense		2,563			2,698			2,650			2,538			3,357			(794	)		10,449			12,197			(1,748	)

Total benefits and expenses		2,507,304			2,188,120			2,665,400			2,322,275			2,402,013			105,291			9,683,099			8,921,688			761,411
Income (loss) before income taxes		229,490			201,695			(74,758	)		278,827			321,089			(91,599	)		635,254			919,223			(283,969	)
Income tax expense (benefit)		84,531			63,740			(25,146	)		93,292			98,100			(13,569	)		216,417			287,330			(70,913	)

Net income (loss)	$	144,959		$	137,955		$	(49,612	)	$	185,535		$	222,989		$	(78,030	)	$	418,837		$	631,893		$	(213,056	)

Pre-tax Operating Income (Loss) Reconciliation:
Income (loss) before income taxes		229,490			201,695			(74,758	)		278,827			321,089			(91,599	)		635,254			919,223			(283,969	)
Investment and derivative losses (gains)—non-operating (1)		45,090			30,513			37,057			48,842			(3,404	)		48,494			161,502			(28,430	)		189,932
Change in value of modified coinsurance and funds withheld embedded derivatives (1)		337			67,460			(47,716	)		(90,258	)		(74,054	)		74,391			(70,177	)		(115,009	)		44,832
GMXB embedded derivatives (1)		(35,098	)		(19,829	)		(35,809	)		(51,314	)		(30,588	)		(4,510	)		(142,050	)		(104,613	)		(37,437	)
Funds withheld losses (gains)—investment income		(2,540	)		3,465			(11,733	)		(2,031	)		(6,447	)		3,907			(12,839	)		(17,130	)		4,291
Funds withheld losses (gains)—policy acq. costs		—			—			—			—			55			(55	)		—			538			(538	)
EIA embedded derivatives—interest credited		2,795			(30,292	)		(32,161	)		(19,311	)		7,711			(4,916	)		(78,969	)		45,098			(124,067	)
DAC offset, net		4,334			(27,330	)		56,786			64,618			44,308			(39,974	)		98,408			46,355			52,053
Gain on repurchase of collateral finance facility securities		—			—			—			(46,506	)		—			—			(46,506	)		—			(46,506	)

Operating Income (loss) Before Income Taxes	$	244,408		$	225,682		$	(108,334	)	$	182,867		$	258,670		$	(14,262	)	$	544,623		$	746,032		$	(201,409	)

After-tax Operating Income (Loss) Reconciliation:
Net Income (loss)		144,959			137,955			(49,612	)		185,535			222,989			(78,030	)		418,837			631,893			(213,056	)
Investment and derivative losses (gains)—non-operating (1)		29,161			19,174			23,726			31,434			(2,801	)		31,962			103,495			(21,418	)		124,913
Change in value of modified coinsurance and funds withheld embedded derivatives (1)		219			43,849			(31,015	)		(58,668	)		(48,135	)		48,354			(45,615	)		(74,756	)		29,141
GMXB embedded derivatives (1)		(22,814	)		(12,889	)		(23,276	)		(33,354	)		(19,882	)		(2,932	)		(92,333	)		(67,998	)		(24,335	)
Funds withheld losses (gains)—investment income		(1,651	)		2,252			(7,625	)		(1,321	)		(4,190	)		2,539			(8,345	)		(11,134	)		2,789
Funds withheld losses (gains)—policy acq. costs		—			—			—			—			36			(36	)		—			350			(350	)
EIA embedded derivatives—interest credited		1,817			(19,690	)		(20,905	)		(12,552	)		5,012			(3,195	)		(51,330	)		29,314			(80,644	)
DAC offset, net		2,818			(17,764	)		36,910			42,002			28,801			(25,983	)		63,966			30,131			33,835
Gain on repurchase of collateral finance facility securities		—			—			—			(30,229	)		—			—			(30,229	)		—			(30,229	)

Operating Income (loss)	$	154,509		$	152,887		$	(71,797	)	$	122,847		$	181,830		$	(27,321	)	$	358,446		$	516,382		$	(157,936	)

(1)

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


		Quarterly Financial Supplement		Page 4

Reinsurance Group of America, Incorporated

Consolidated Operating Income Statement


	Three Months Ended or As of														Current Qtr			Year-to-Date
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,		vs. PY			Dec. 31,			Dec. 31,
(USD thousands, except per share data)	2013			2013			2013			2013			2012		Quarter			2013			2012			Change
Revenues:
Net premiums	$	2,212,998		$	2,026,180		$	2,035,156		$	1,979,693		$	2,179,707	$	33,291		$	8,254,027		$	7,906,596		$	347,431
Investment income, net of related expenses		458,594			372,831			432,501			423,100			363,704		94,890			1,687,026			1,419,076			267,950
Investment related gains (losses), net		8,170			1,679			1,775			1,641			2,716		5,454			13,265			6,084			7,181
Other revenue		64,821			70,734			63,009			55,401			62,482		2,339			253,965			243,973			9,992

Total revenues		2,744,583			2,471,424			2,532,441			2,459,835			2,608,609		135,974			10,208,283			9,575,729			632,554
Benefits and expenses:
Claims and other policy benefits		1,869,949			1,714,899			2,030,574			1,688,910			1,797,779		72,170			7,304,332			6,665,999			638,333
Interest credited		169,952			90,231			150,506			144,794			87,124		82,828			555,483			334,817			220,666
Policy acquisition costs and other insurance expenses		300,503			295,411			313,719			292,739			300,428		75			1,202,372			1,259,577			(57,205	)
Other operating expenses		122,136			111,672			113,408			119,501			132,334		(10,198	)		466,717			451,759			14,958
Interest expense		35,072			30,831			29,918			28,486			28,917		6,155			124,307			105,348			18,959
Collateral finance facility expense		2,563			2,698			2,650			2,538			3,357		(794	)		10,449			12,197			(1,748	)

Total benefits and expenses		2,500,175			2,245,742			2,640,775			2,276,968			2,349,939		150,236			9,663,660			8,829,697			833,963
Operating income (loss) before income taxes		244,408			225,682			(108,334	)		182,867			258,670		(14,262	)		544,623			746,032			(201,409	)
Operating income tax expense (benefit)		89,899			72,795			(36,537	)		60,020			76,840		13,059			186,177			229,650			(43,473	)

Operating income (loss)	$	154,509		$	152,887		$	(71,797	)	$	122,847		$	181,830	$	(27,321	)	$	358,446		$	516,382		$	(157,936	)

Wgt. Average Common Shares Outstanding (Diluted) (1)		71,332			71,391			72,769			74,389			74,375		(3,043	)		72,461			74,153			(1,692	)

Diluted Earnings Per Share—Operating Income (1)	$	2.17		$	2.14		$	(0.99	)	$	1.65		$	2.44	$	(0.27	)	$	4.95		$	6.96		$	(2.01	)

Foreign currency effect *(2)*:
Net premiums	$	(49,479	)	$	(51,698	)	$	(21,173	)	$	(19,599	)	$	14,105	$	(63,584	)	$	(141,949	)	$	(62,591	)	$	(79,358	)
Operating income before income taxes	$	(8,743	)	$	(4,920	)	$	13,624		$	(2,798	)	$	1,799	$	(10,542	)	$	(2,837	)	$	(6,224	)	$	3,387

(1)

As a result of anti-dilutive impact, in periods of a loss, weighted average common shares outstanding (basic) are used in the calculation of diluted earnings per share

(2)

Compared to comparable prior year period


		Quarterly Financial Supplement		Page 5

Reinsurance Group of America, Incorporated

Consolidated Balance Sheets


(USD thousands)	Dec. 31, 2013			Sept. 30, 2013			June 30, 2013			March 31, 2013			Dec. 31, 2012
Assets
Fixed maturity securities, available-for-sale	$	21,474,136		$	21,289,108		$	21,284,216		$	22,401,659		$	22,291,614
Mortgage loans on real estate		2,486,680			2,488,582			2,377,246			2,325,191			2,300,587
Policy loans		1,244,469			1,244,878			1,245,252			1,245,812			1,278,175
Funds withheld at interest		5,771,467			5,739,872			5,777,395			5,698,594			5,594,182
Short-term investments		139,395			44,192			38,601			180,707			288,082
Other invested assets		1,324,960			1,116,391			1,035,809			1,129,651			1,159,543

Total investments		32,441,107			31,923,023			31,758,519			32,981,614			32,912,183
Cash and cash equivalents		923,647			1,423,235			973,619			1,001,841			1,259,892
Accrued investment income		267,908			262,330			233,153			230,269			201,344
Premiums receivable and other reinsurance balances		1,439,528			1,252,610			1,314,004			1,259,281			1,356,087
Reinsurance ceded receivables		594,515			592,948			585,555			602,373			620,901
Deferred policy acquisition costs		3,517,796			3,533,932			3,453,513			3,545,063			3,619,274
Other assets		489,972			538,477			472,258			576,660			390,757

Total assets	$	39,674,473		$	39,526,555		$	38,790,621		$	40,197,101		$	40,360,438

Liabilities and Stockholders’ Equity
Future policy benefits	$	11,866,776		$	11,873,306		$	11,491,692		$	11,355,882		$	11,372,856
Interest-sensitive contract liabilities		12,947,557			12,868,425			12,991,981			13,141,402			13,353,502
Other policy claims and benefits		3,571,761			3,440,371			3,316,727			3,243,948			3,160,250
Other reinsurance balances		275,138			264,023			254,815			250,606			233,630
Deferred income taxes		1,837,577			1,975,819			1,839,909			2,105,391			2,120,501
Other liabilities		541,035			510,079			584,488			877,405			742,249
Short-term debt		—			—			120,000			—			—
Long-term debt		2,214,350			2,214,170			1,815,533			1,815,392			1,815,253
Collateral finance facility		484,752			484,712			487,556			491,987			652,010

Total liabilities		33,738,946			33,630,905			32,902,701			33,282,013			33,450,251
Stockholders’ Equity:
Common stock, at par value		791			791			791			791			791
Additional paid-in-capital		1,777,906			1,778,307			1,772,811			1,765,255			1,755,421
Retained earnings		3,659,938			3,544,632			3,428,646			3,521,492			3,357,255
Treasury stock		(508,715	)		(528,081	)		(496,462	)		(349,190	)		(312,182	)

Accumulated other comprehensive income (AOCI):
Accumulated currency translation adjustment, net of income taxes		207,083			191,677			164,538			253,370			267,477
Unrealized appreciation of securities, net of income taxes		820,245			942,337			1,052,126			1,758,775			1,877,655
Pension and postretirement benefits, net of income taxes		(21,721	)		(34,013	)		(34,530	)		(35,405	)		(36,230	)

Total stockholders’ equity		5,935,527			5,895,650			5,887,920			6,915,088			6,910,187

Total liabilities and stockholders’ equity	$	39,674,473		$	39,526,555		$	38,790,621		$	40,197,101		$	40,360,438

Total stockholders’ equity, excluding AOCI	$	4,929,920		$	4,795,649		$	4,705,786		$	4,938,348		$	4,801,285


		Quarterly Financial Supplement		Page 6

Reinsurance Group of America, Incorporated

U.S. Traditional Sub-segment Pre-tax Operating Income


	Three Months Ended or As of															Current Qtr vs. PY Quarter			Year-to-Date
(USD thousands)	Dec. 31, 2013			Sept. 30, 2013			June 30, 2013			March 31, 2013			Dec. 31, 2012			Current Qtr vs. PY Quarter			Dec. 31, 2013			Dec. 31, 2012			Change
Revenues:
Net premiums	$	1,235,184		$	1,112,526		$	1,124,292		$	1,046,049		$	1,159,106		$	76,078		$	4,518,051		$	4,308,780		$	209,271
Investment income, net of related expenses		138,963			138,146			133,259			132,289			133,988			4,975			542,657			535,589			7,068
Other revenue		742			651			1,144			529			2,448			(1,706	)		3,066			4,616			(1,550	)

Total revenues		1,374,889			1,251,323			1,258,695			1,178,867			1,295,542			79,347			5,063,774			4,848,985			214,789
Benefits and expenses:
Claims and other policy benefits		1,063,826			961,746			972,739			929,680			973,185			90,641			3,927,991			3,732,717			195,274
Interest credited		9,886			13,659			13,590			16,150			11,421			(1,535	)		53,285			55,667			(2,382	)
Policy acquisition costs and other insurance expenses		156,322			162,443			164,393			139,968			145,437			10,885			623,126			598,875			24,251
Other operating expenses		23,523			23,397			22,226			23,521			25,890			(2,367	)		92,667			91,161			1,506

Total benefits and expenses		1,253,557			1,161,245			1,172,948			1,109,319			1,155,933			97,624			4,697,069			4,478,420			218,649
Operating income before income taxes		121,332			90,078			85,747			69,548			139,609			(18,277	)		366,705			370,565			(3,860	)

Operating to U.S. GAAP Reconciliation:
Operating income before income taxes		121,332			90,078			85,747			69,548			139,609			(18,277	)		366,705			370,565			(3,860	)
Investment and derivative (losses) gains—non-operating		(877	)		(5,262	)		3,700			7,297			11,752			(12,629	)		4,858			(2,470	)		7,328

Income before income taxes	$	120,455		$	84,816		$	89,447		$	76,845		$	151,361		$	(30,906	)	$	371,563		$	368,095		$	3,468

Loss and Expense Ratios:
Claims and other policy benefits		86.1	%		86.4	%		86.5	%		88.9	%		84.0	%		2.1	%		86.9	%		86.6	%		0.3	%
Policy acquisition costs and other insurance expenses		12.7	%		14.6	%		14.6	%		13.4	%		12.5	%		0.2	%		13.8	%		13.9	%		-0.1	%
Other operating expenses		1.9	%		2.1	%		2.0	%		2.2	%		2.2	%		-0.3	%		2.1	%		2.1	%		0.0	%


		Quarterly Financial Supplement		Page 7

Reinsurance Group of America, Incorporated

U.S. Asset Intensive Sub-segment Pre-tax Operating Income


	Three Months Ended or As of															Current Qtr			Year-to-Date
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
(USD thousands)	2013			2013			2013			2013			2012			Quarter			2013			2012			Change
Revenues:
Net premiums	$	3,754		$	3,800		$	11,129		$	3,838		$	3,521		$	233		$	22,521		$	14,095		$	8,426
Investment income, net of related expenses		209,847			128,563			190,296			178,719			127,812			82,035			707,425			484,629			222,796
Investment related gains (losses), net		—			—			—			—			—			—			—			(48	)		48
Other revenue		26,761			28,519			29,937			28,881			30,893			(4,132	)		114,098			112,016			2,082

Total revenues		240,362			160,882			231,362			211,438			162,226			78,136			844,044			610,692			233,352
Benefits and expenses:
Claims and other policy benefits		4,674			8,899			11,083			3,588			2,892			1,782			28,244			12,724			15,520
Interest credited		153,501			76,097			136,424			128,096			74,992			78,509			494,118			277,759			216,359
Policy acquisition costs and other insurance expenses		36,819			33,642			40,747			30,045			39,527			(2,708	)		141,253			198,686			(57,433	)
Other operating expenses		3,102			4,198			2,878			4,113			3,977			(875	)		14,291			12,442			1,849

Total benefits and expenses		198,096			122,836			191,132			165,842			121,388			76,708			677,906			501,611			176,295
Operating income before income taxes		42,266			38,046			40,230			45,596			40,838			1,428			166,138			109,081			57,057

Operating to U.S. GAAP Reconciliation:
Operating income before income taxes		42,266			38,046			40,230			45,596			40,838			1,428			166,138			109,081			57,057
Investment and derivative gains (losses)—non-operating (1)		(40,727	)		(33,190	)		(39,071	)		(52,932	)		(13,667	)		(27,060	)		(165,920	)		(15,975	)		(149,945	)
Change in value of modified coinsurance and funds withheld embedded derivatives (1)		462			(68,703	)		46,325			90,202			76,778			(76,316	)		68,286			117,055			(48,769	)
GMXB embedded derivatives (1)		35,098			19,829			35,809			51,314			30,588			4,510			142,050			104,613			37,437
Funds withheld gains (losses)—investment income		1,797			(3,755	)		10,541			650			3,944			(2,147	)		9,233			12,802			(3,569	)
Funds withheld gains (losses)—policy acq. costs		—			—			—			—			(55	)		55			—			(538	)		538
EIA embedded derivatives—interest credited		(2,795	)		30,292			32,161			19,311			(7,711	)		4,916			78,969			(45,098	)		124,067
DAC offset, net		(4,334	)		27,330			(56,786	)		(64,618	)		(44,308	)		39,974			(98,408	)		(46,355	)		(52,053	)

Income before income taxes	$	31,767		$	9,849		$	69,209		$	89,523		$	86,407		$	(54,640	)	$	200,348		$	235,585		$	(35,237	)

(1)

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


		Quarterly Financial Supplement		Page 8

Reinsurance Group of America, Incorporated

U.S. Asset Intensive Sub-segment

(Cont’d)


	Three Months Ended or As of
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,
(USD millions)	2013			2013			2013			2013			2012
Annuity account values:
Fixed annuities (deferred)	$	5,079		$	5,180		$	5,264		$	5,357		$	5,690
Net interest spread (fixed annuities):		2.3	%		2.5	%		2.3	%		2.2	%		2.2	%
Equity-indexed annuities	$	4,768		$	4,724		$	4,795		$	4,809		$	4,833
Variable annuities:
No riders	$	961		$	950		$	946		$	960		$	948
GMDB only		86			83			56			80			79
GMIB only		6			6			6			6			6
GMAB only		52			52			52			54			54
GMWB only		1,752			1,704			1,660			1,707			1,662
GMDB / WB		467			459			450			465			455
Other		31			31			30			32			31

Total VA account values	$	3,355		$	3,285		$	3,200		$	3,304		$	3,235
Fair value of liabilities associated with living benefit riders	$	30		$	65		$	85		$	121		$	172
Interest-sensitive contract liabilities associated with:
Guaranteed investment contracts	$	297		$	236		$	200		$	200		$	200
Bank-owned life insurance (BOLI)	$	534		$	531		$	529		$	525		$	522
Other asset-intensive business	$	72		$	73		$	73		$	75		$	75


		Quarterly Financial Supplement		Page 9

Reinsurance Group of America, Incorporated

U.S. Financial Reinsurance Sub-segment Pre-tax Operating Income


	Three Months Ended or As of													Current Qtr			Year-to-Date
	Dec. 31,			Sept. 30,			June 30,			March 31,		Dec. 31,		vs. PY			Dec. 31,			Dec. 31,
(USD thousands)	2013			2013			2013			2013		2012		Quarter			2013			2012			Change
Revenues:
Investment income, net of related expenses	$	2,048		$	1,160		$	819		$	597	$	361	$	1,687		$	4,624		$	1,068		$	3,556
Other revenue		16,191			15,599			16,306			12,797		13,796		2,395			60,893			46,005			14,888

Total revenues		18,239			16,759			17,125			13,394		14,157		4,082			65,517			47,073			18,444
Benefits and expenses:
Policy acquisition costs and other insurance expenses		2,501			3,228			3,602			3,440		1,081		1,420			12,771			4,567			8,204
Other operating expenses		1,462			2,008			1,636			1,947		4,555		(3,093	)		7,053			9,635			(2,582	)

Total benefits and expenses		3,963			5,236			5,238			5,387		5,636		(1,673	)		19,824			14,202			5,622
Operating income before income taxes		14,276			11,523			11,887			8,007		8,521		5,755			45,693			32,871			12,822

Operating to U.S. GAAP Reconciliation:
Operating income before income taxes		14,276			11,523			11,887			8,007		8,521		5,755			45,693			32,871			12,822
Investment and derivative gains (losses)—non-operating		(5	)		(321	)		(100	)		34		112		(117	)		(392	)		(141	)		(251	)

Income before income taxes	$	14,271		$	11,202		$	11,787		$	8,041	$	8,633	$	5,638		$	45,301		$	32,730		$	12,571


		Quarterly Financial Supplement		Page 10

Reinsurance Group of America, Incorporated

Canadian Segment Pre-tax Operating Income


	Three Months Ended or As of															Current Qtr			Year-to-Date
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
(USD thousands)	2013			2013			2013			2013			2012			Quarter			2013			2012			Change
Revenues:
Net premiums	$	243,340		$	236,067		$	239,633		$	243,271		$	248,443		$	(5,103	)	$	962,311		$	915,764		$	46,547
Investment income, net of related expenses		51,750			49,871			50,450			49,174			45,928			5,822			201,245			186,009			15,236
Investment related gains (losses), net		1,149			866			970			1,005			1,041			108			3,990			4,362			(372	)
Other revenue		531			(196	)		302			208			41			490			845			6,504			(5,659	)

Total revenues		296,770			286,608			291,355			293,658			295,453			1,317			1,168,391			1,112,639			55,752
Benefits and expenses:
Claims and other policy benefits		187,226			185,011			196,584			189,698			169,959			17,267			758,519			706,716			51,803
Interest credited		9			19			6			12			6			3			46			28			18
Policy acquisition costs and other insurance expenses		53,119			55,553			52,134			60,832			58,786			(5,667	)		221,638			206,337			15,301
Other operating expenses		9,263			10,052			10,942			10,239			12,664			(3,401	)		40,496			40,212			284

Total benefits and expenses		249,617			250,635			259,666			260,781			241,415			8,202			1,020,699			953,293			67,406
Operating income before income taxes		47,153			35,973			31,689			32,877			54,038			(6,885	)		147,692			159,346			(11,654	)

Operating to U.S. GAAP Reconciliation:
Operating income before income taxes		47,153			35,973			31,689			32,877			54,038			(6,885	)		147,692			159,346			(11,654	)
Investment and derivative gains (losses)—non-operating		2,586			5,606			2,778			2,050			2,817			(231	)		13,020			23,297			(10,277	)
Funds withheld gains (losses)—investment income		743			290			1,192			1,381			2,503			(1,760	)		3,606			4,328			(722	)

Income before income taxes	$	50,482		$	41,869		$	35,659		$	36,308		$	59,358		$	(8,876	)	$	164,318		$	186,971		$	(22,653	)

Loss and Expense Ratios:
Loss ratios (creditor business)		18.3	%		30.5	%		33.0	%		32.7	%		6.1	%		12.2	%		29.2	%		28.5	%		0.7	%
Loss ratios (excluding creditor business)		89.4	%		92.3	%		94.5	%		93.2	%		87.5	%		1.9	%		92.3	%		90.9	%		1.4	%
Claims and other policy benefits / (net premiums + investment income)		63.4	%		64.7	%		67.8	%		64.9	%		57.7	%		5.7	%		65.2	%		64.1	%		1.1	%
Policy acquisition costs and other insurance expenses (creditor business)		70.7	%		61.3	%		59.0	%		61.0	%		60.0	%		10.7	%		62.7	%		58.6	%		4.1	%
Policy acquisition costs and other insurance expenses (excluding creditor business)		11.5	%		12.5	%		12.3	%		12.9	%		12.5	%		-1.0	%		12.3	%		12.4	%		-0.1	%
Other operating expenses		3.8	%		4.3	%		4.6	%		4.2	%		5.1	%		-1.3	%		4.2	%		4.4	%		-0.2	%
Foreign currency effect *(1)*:
Net premiums	$	(14,338	)	$	(10,348	)	$	(3,144	)	$	(1,562	)	$	7,617		$	(21,955	)	$	(29,392	)	$	(8,962	)	$	(20,430	)
Operating income before income taxes	$	(3,315	)	$	(1,819	)	$	(434	)	$	(521	)	$	1,785		$	(5,100	)	$	(6,089	)	$	(755	)	$	(5,334	)
Creditor reinsurance net premiums	$	42,558		$	53,021		$	48,618		$	61,114		$	58,340		$	(15,782	)	$	205,311		$	201,071		$	4,240

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

(1)

Compared to comparable prior year period


		Quarterly Financial Supplement		Page 11

Reinsurance Group of America, Incorporated

Europe & South Africa Segment Pre-tax Operating Income


	Three Months Ended or As of															Current Qtr			Year-to-Date
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
(USD thousands)	2013			2013			2013			2013			2012			Quarter			2013			2012			Change
Revenues:
Net premiums	$	358,571		$	329,705		$	319,375		$	323,908		$	402,515		$	(43,944	)	$	1,331,559		$	1,308,462		$	23,097
Investment income, net of related expenses		15,215			13,708			14,457			12,224			11,560			3,655			55,604			45,576			10,028
Investment related gains (losses), net		5,495			—			—			—			—			5,495			5,495			—			5,495
Other revenue		5,236			14,033			4,608			1,287			1,386			3,850			25,164			6,679			18,485

Total revenues		384,517			357,446			338,440			337,419			415,461			(30,944	)		1,417,822			1,360,717			57,105
Benefits and expenses:
Claims and other policy benefits		315,864			276,309			283,230			283,915			357,190			(41,326	)		1,159,318			1,134,219			25,099
Interest credited		6,114			—			—			—			—			6,114			6,114			—			6,114
Policy acquisition costs and other insurance expenses		17,971			13,596			11,753			11,734			7,937			10,034			55,054			51,236			3,818
Other operating expenses		30,238			27,338			28,109			26,195			36,075			(5,837	)		111,880			112,889			(1,009	)

Total benefits and expenses		370,187			317,243			323,092			321,844			401,202			(31,015	)		1,332,366			1,298,344			34,022
Operating income before income taxes		14,330			40,203			15,348			15,575			14,259			71			85,456			62,373			23,083

Operating to U.S. GAAP Reconciliation:
Operating income before income taxes		14,330			40,203			15,348			15,575			14,259			71			85,456			62,373			23,083
Investment and derivative gains (losses)—non-operating		36			1,350			470			1,810			1,325			(1,289	)		3,666			11,574			(7,908	)

Income before income taxes	$	14,366		$	41,553		$	15,818		$	17,385		$	15,584		$	(1,218	)	$	89,122		$	73,947		$	15,175

Loss and Expense Ratios:
Claims and other policy benefits		88.1	%		83.8	%		88.7	%		87.7	%		88.7	%		-0.6	%		87.1	%		86.7	%		0.4	%
Policy acquisition costs and other insurance expenses		5.0	%		4.1	%		3.7	%		3.6	%		2.0	%		3.0	%		4.1	%		3.9	%		0.2	%
Other operating expenses		8.4	%		8.3	%		8.8	%		8.1	%		9.0	%		-0.6	%		8.4	%		8.6	%		-0.2	%
Foreign currency effect *(1)*:
Net premiums	$	(2,082	)	$	(8,301	)	$	(9,962	)	$	(9,915	)	$	(129	)	$	(1,953	)	$	(30,260	)	$	(51,621	)	$	21,361
Operating income before income taxes	$	(276	)	$	(423	)	$	(959	)	$	(642	)	$	(305	)	$	29		$	(2,300	)	$	(5,724	)	$	3,424
Critical illness net premiums	$	65,384		$	62,518		$	63,918		$	63,639		$	66,211		$	(827	)	$	255,459		$	248,553		$	6,906

(1)

Compared to comparable prior year period


		Quarterly Financial Supplement		Page 12

Reinsurance Group of America, Incorporated

Asia Pacific Segment Pre-tax Operating Income


	Three Months Ended or As of															Current Qtr			Year-to-Date
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
(USD thousands)	2013			2013			2013			2013			2012			Quarter			2013			2012			Change
Revenues:
Net premiums	$	372,680		$	343,078		$	340,466		$	363,604		$	362,620		$	10,060		$	1,419,828		$	1,350,330		$	69,498
Investment income, net of related expenses		26,085			22,359			21,402			22,081			20,782			5,303			91,927			83,387			8,540
Investment related gains (losses), net		1,287			576			570			382			1,460			(173	)		2,815			955			1,860
Other revenue		10,681			6,409			10,461			7,749			11,269			(588	)		35,300			52,838			(17,538	)

Total revenues		410,733			372,422			372,899			393,816			396,131			14,602			1,549,870			1,487,510			62,360
Benefits and expenses:
Claims and other policy benefits		298,356			282,904			567,050			281,945			294,564			3,792			1,430,255			1,079,699			350,556
Interest Credited		263			270			274			311			653			(390	)		1,118			1,311			(193	)
Policy acquisition costs and other insurance expenses		53,304			47,303			60,163			62,063			58,419			(5,115	)		222,833			252,041			(29,208	)
Other operating expenses		31,858			29,340			31,134			30,132			34,040			(2,182	)		122,464			117,116			5,348

Total benefits and expenses		383,781			359,817			658,621			374,451			387,676			(3,895	)		1,776,670			1,450,167			326,503
Operating income (loss) before income taxes		26,952			12,605			(285,722	)		19,365			8,455			18,497			(226,800	)		37,343			(264,143	)

Operating to U.S. GAAP Reconciliation:
Operating income before income taxes		26,952			12,605			(285,722	)		19,365			8,455			18,497			(226,800	)		37,343			(264,143	)
Investment and derivative gains (losses)—non-operating		(3,345	)		4,507			(4,726	)		(4,847	)		(2,520	)		(825	)		(8,411	)		8,035			(16,446	)

Income (loss) before income taxes	$	23,607		$	17,112		$	(290,448	)	$	14,518		$	5,935		$	17,672		$	(235,211	)	$	45,378		$	(280,589	)

Loss and Expense Ratios:
Claims and other policy benefits		80.1	%		82.5	%		166.6	%		77.5	%		81.2	%		-1.1	%		100.7	%		80.0	%		20.7	%
Policy acquisition costs and other insurance expenses		14.3	%		13.8	%		17.7	%		17.1	%		16.1	%		-1.8	%		15.7	%		18.7	%		-3.0	%
Other operating expenses		8.5	%		8.6	%		9.1	%		8.3	%		9.4	%		-0.9	%		8.6	%		8.7	%		-0.1	%
Foreign currency effect *(1)*:
Net premiums	$	(33,059	)	$	(33,049	)	$	(8,067	)	$	(8,122	)	$	6,609		$	(39,668	)	$	(82,297	)	$	(2,034	)	$	(80,263	)
Operating income before income taxes	$	(5,250	)	$	(2,187	)	$	15,112		$	(1,775	)	$	(508	)	$	(4,742	)	$	5,900		$	(873	)	$	6,773
Critical illness net premiums	$	66,684		$	74,109		$	51,249		$	54,508		$	68,963		$	(2,279	)	$	246,550		$	224,352		$	22,198

(1)

Compared to comparable prior year period


		Quarterly Financial Supplement		Page 13

Reinsurance Group of America, Incorporated

Corporate and Other Segment Pre-tax Operating Income


	Three Months Ended or As of															Current Qtr			Year-to-Date
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
(USD thousands)	2013			2013			2013			2013			2012			Quarter			2013			2012			Change
Revenues:
Net premiums	$	(531	)	$	1,004		$	261		$	(977	)	$	3,502		$	(4,033	)	$	(243	)	$	9,165		$	(9,408	)
Investment income, net of related expenses		14,686			19,024			21,818			28,016			23,273			(8,587	)		83,544			82,818			726
Investment related gains (losses), net		239			237			235			254			215			24			965			815			150
Other revenue		4,679			5,719			251			3,950			2,649			2,030			14,599			15,315			(716	)

Total revenues		19,073			25,984			22,565			31,243			29,639			(10,566	)		98,865			108,113			(9,248	)
Benefits and expenses:
Claims and other policy benefits		3			30			(112	)		84			(11	)		14			5			(76	)		81
Interest credited		179			186			212			225			52			127			802			52			750
Policy acquisition costs and other insurance expenses		(19,533	)		(20,354	)		(19,073	)		(15,343	)		(10,759	)		(8,774	)		(74,303	)		(52,165	)		(22,138	)
Other operating expenses		22,690			15,339			16,483			23,354			15,133			7,557			77,866			68,304			9,562
Interest expense		35,072			30,831			29,918			28,486			28,917			6,155			124,307			105,348			18,959
Collateral finance facility expense		2,563			2,698			2,650			2,538			3,357			(794	)		10,449			12,197			(1,748	)

Total benefits and expenses		40,974			28,730			30,078			39,344			36,689			4,285			139,126			133,660			5,466
Operating income (loss) before income taxes		(21,901	)		(2,746	)		(7,513	)		(8,101	)		(7,050	)		(14,851	)		(40,261	)		(25,547	)		(14,714	)

Operating to U.S. GAAP Reconciliation:
Operating income (loss) before income taxes		(21,901	)		(2,746	)		(7,513	)		(8,101	)		(7,050	)		(14,851	)		(40,261	)		(25,547	)		(14,714	)
Investment and derivative gains (losses)—non-operating		(3,557	)		(1,960	)		1,283			(2,198	)		861			(4,418	)		(6,432	)		2,064			(8,496	)
Gain on repurchase of collateral finance facility securities		—			—			—			46,506			—			—			46,506			—			46,506

Income (loss) before income taxes	$	(25,458	)	$	(4,706	)	$	(6,230	)	$	36,207		$	(6,189	)	$	(19,269	)	$	(187	)	$	(23,483	)	$	23,296

Foreign currency effect *(1)*:
Net premiums	$	—		$	—		$	—		$	—		$	8		$	(8	)	$	—		$	26		$	(26	)
Operating income before income taxes	$	98		$	(491	)	$	(95	)	$	140		$	827		$	(729	)	$	(348	)	$	1,128		$	(1,476	)

(1)

Compared to comparable prior year period


		Quarterly Financial Supplement		Page 14

Reinsurance Group of America, Incorporated

Summary of Pre-tax Segment Operating Income (Loss)


	Three Months Ended or As of															Current Qtr			Year-to-Date
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
(USD thousands)	2013			2013			2013			2013			2012			Quarter			2013			2012			Change
U.S. Traditional	$	121,332		$	90,078		$	85,747		$	69,548		$	139,609		$	(18,277	)	$	366,705		$	370,565		$	(3,860	)
U.S. Asset Intensive		42,266			38,046			40,230			45,596			40,838			1,428			166,138			109,081			57,057
U.S. Financial Reinsurance		14,276			11,523			11,887			8,007			8,521			5,755			45,693			32,871			12,822

Total U.S. Segment		177,874			139,647			137,864			123,151			188,968			(11,094	)		578,536			512,517			66,019
Canadian Segment		47,153			35,973			31,689			32,877			54,038			(6,885	)		147,692			159,346			(11,654	)
Europe & South Africa Segment		14,330			40,203			15,348			15,575			14,259			71			85,456			62,373			23,083
Asia Pacific Segment		26,952			12,605			(285,722	)		19,365			8,455			18,497			(226,800	)		37,343			(264,143	)
Corporate and Other		(21,901	)		(2,746	)		(7,513	)		(8,101	)		(7,050	)		(14,851	)		(40,261	)		(25,547	)		(14,714	)

Consolidated	$	244,408		$	225,682		$	(108,334	)	$	182,867		$	258,670		$	(14,262	)	$	544,623		$	746,032		$	(201,409	)


		Quarterly Financial Supplement		Page 15

Reinsurance Group of America, Incorporated

Investments

(USD thousands)


Cash and Invested Assets
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,
	2013		2013		2013		2013		2012
Fixed maturity securities, available-for-sale	$	21,474,136	$	21,289,108	$	21,284,216	$	22,401,659	$	22,291,614
Mortgage loans on real estate		2,486,680		2,488,582		2,377,246		2,325,191		2,300,587
Policy loans		1,244,469		1,244,878		1,245,252		1,245,812		1,278,175
Funds withheld at interest		5,771,467		5,739,872		5,777,395		5,698,594		5,594,182
Short-term investments		139,395		44,192		38,601		180,707		288,082
Other invested assets		1,324,960		1,116,391		1,035,809		1,129,651		1,159,543
Cash and cash equivalents		923,647		1,423,235		973,619		1,001,841		1,259,892

Total cash and invested assets	$	33,364,754	$	33,346,258	$	32,732,138	$	33,983,455	$	34,172,075

Investment Income and Yield Summary


	Three Months Ended or As of															Current Qtr			Year-to-Date
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
	2013			2013			2013			2013			2012			Quarter			2013			2012			Change
Average invested assets at amortized cost (1)	$	18,954,561		$	18,263,880		$	18,112,841		$	17,992,152		$	17,510,541		$	1,444,020		$	18,124,333		$	16,555,144		$	1,569,189
Net investment income (1)	$	217,928		$	213,318		$	212,047		$	213,322		$	207,567		$	10,361		$	856,615		$	823,987		$	32,628
Annualized investment yield (ratio of net investment income to average invested assets) (1)		4.68	%		4.75	%		4.77	%		4.83	%		4.83	%		-0.15	%		4.73	%		4.98	%		-0.25	%

(1)

Excludes funds withheld and spread related businesses (e.g. coinsurance of annuities).


		Quarterly Financial Supplement		Page 16

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)


December 31, 2013
												Other-than-
	Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value		% of Total			temporary Impairment in AOCI
Available-for-sale:
Corporate securities	$	11,697,394	$	616,147	$	202,786	$	12,110,755		56.4	%	$	—
Canadian and Canadian provincial governments		2,728,111		669,762		16,848		3,381,025		15.7	%		—
Residential mortgage-backed securities		970,434		38,126		18,917		989,643		4.6	%		(300	)
Asset-backed securities		891,751		18,893		15,812		894,832		4.2	%		(2,259	)
Commercial mortgage-backed securities		1,314,782		91,651		17,487		1,388,946		6.5	%		(1,609	)
U.S. government and agencies		489,631		16,468		4,748		501,351		2.3	%		—
State and political subdivisions		313,252		21,907		14,339		320,820		1.5	%		—
Other foreign government, supranational, and foreign government-sponsored enterprises		1,865,379		45,347		23,962		1,886,764		8.8	%		—

Total fixed maturity securities	$	20,270,734	$	1,518,301	$	314,899	$	21,474,136		100.0	%	$	(4,168	)

Non-redeemable preferred stock		81,993		5,342		5,481		81,854		20.2	%
Other equity securities		327,479		618		4,220		323,877		79.8	%

Total equity securities	$	409,472	$	5,960	$	9,701	$	405,731		100.0	%


December 31, 2012
												Other-than-
	Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value		% of Total			temporary Impairment in AOCI
Available-for-sale:
Corporate securities	$	11,333,431	$	1,085,973	$	39,333	$	12,380,071		55.5	%	$	—
Canadian and Canadian provincial governments		2,676,777		1,372,731		174		4,049,334		18.2	%		—
Residential mortgage-backed securities		969,267		76,520		3,723		1,042,064		4.7	%		(241	)
Asset-backed securities		700,455		19,898		28,798		691,555		3.1	%		(2,259	)
Commercial mortgage-backed securities		1,608,376		142,369		51,842		1,698,903		7.6	%		(6,125	)
U.S. government and agencies		231,256		33,958		24		265,190		1.2	%		—
State and political subdivisions		270,086		38,058		5,646		302,498		1.4	%		—
Other foreign government, supranational, and foreign government-sponsored enterprises		1,769,784		94,929		2,714		1,861,999		8.3	%		—

Total fixed maturity securities	$	19,559,432	$	2,864,436	$	132,254	$	22,291,614		100.0	%	$	(8,625	)

Non-redeemable preferred stock		68,469		6,542		170		74,841		33.6	%
Other equity securities		148,577		416		1,134		147,859		66.4	%

Total equity securities	$	217,046	$	6,958	$	1,304	$	222,700		100.0	%


		Quarterly Financial Supplement		Page 17

Reinsurance Group of America, Incorporated

Investments

(USD thousands)

Corporate Securities by Sector (Fixed Maturities and Equities)

(Excludes Funds Withheld Portfolios)


	December 31, 2013								December 31, 2012
	Amortized Cost		Estimated Fair Value		% of Total			Average Credit Ratings (1)	Amortized Cost		Estimated Fair Value		% of Total			Average Credit Ratings (1)
Financial Institutions
Banking	$	2,328,148	$	2,408,741		19.2	%	A-	$	2,114,425	$	2,260,382		17.9	%	A
Brokerage		158,777		164,922		1.3	%	A-		120,139		131,664		1.0	%	A-
Finance Comp.		151,129		158,859		1.3	%	A		181,430		193,892		1.5	%	A
Insurance		665,252		693,516		5.5	%	A-		592,109		654,647		5.2	%	A-
REITs		476,830		491,058		3.9	%	BBB+		485,469		523,370		4.2	%	BBB
Other Finance		454,822		460,661		3.7	%	BBB		342,929		358,897		2.9	%	BBB+

Total Financial Institutions	$	4,234,958	$	4,377,757		34.9	%		$	3,836,501	$	4,122,852		32.7	%
Industrials
Basic		847,764		858,886		6.9	%	BBB		803,353		861,547		6.8	%	BBB
Capital Goods		574,108		596,150		4.8	%	BBB		637,479		692,218		5.5	%	BBB
Communications		1,163,875		1,205,796		9.6	%	BBB+		1,044,374		1,169,000		9.3	%	BBB+
Consumer Cyclical		701,664		721,933		5.8	%	BBB		727,324		786,726		6.2	%	BBB+
Consumer Noncyclical		1,062,238		1,107,972		8.9	%	BBB+		969,589		1,084,295		8.6	%	BBB+
Energy		658,870		691,306		5.5	%	BBB+		728,354		807,087		6.4	%	BBB+
Technology		455,081		456,505		3.6	%	BBB+		475,697		502,123		4.0	%	BBB
Transportation		365,233		380,249		3.0	%	A-		378,808		415,283		3.3	%	BBB+
Other Industrial		114,520		119,353		1.0	%	A-		116,989		125,567		1.0	%	BBB

Total Industrials	$	5,943,353	$	6,138,150		49.1	%		$	5,881,967	$	6,443,846		51.1	%
Utilities
Electric		1,077,167		1,121,373		9.0	%	BBB+		1,081,451		1,196,527		9.5	%	BBB+
Natural Gas		777,395		800,971		6.4	%	BBB		656,357		733,422		5.8	%	BBB
Other Utility		62,768		67,471		0.5	%	BBB+		61,850		72,662		0.6	%	A-

Total Utilities	$	1,917,330	$	1,989,815		15.9	%		$	1,799,658	$	2,002,611		15.9	%
Other Sectors		11,225		10,764		0.1	%	AA		32,351		33,462		0.3	%	AA

Total	$	12,106,866	$	12,516,486		100.0	%	BBB+	$	11,550,477	$	12,602,771		100.0	%	BBB+

(1)

The Average Credit Rating designations are based on the weighted average ratings from nationally recognized rating organizations, primarily those assigned by S&P. In instances where a S&P rating is not available, the Company will reference the rating provided by Moody’s, and in the absence of both the Company will assign equivalent ratings based on information from the NAIC.


		Quarterly Financial Supplement		Page 18

Reinsurance Group of America, Incorporated

Investments

(USD thousands)

Ratings of Fixed Maturity Securities

(Excludes Funds Withheld Portfolios)


		December 31, 2013							September 30, 2013							June 30, 2013							March 31, 2013							December 31, 2012
NAIC Designation	Rating Agency Designation (1)	Amortized Cost		Estimated Fair Value		% of Total			Amortized Cost		Estimated Fair Value		% of Total			Amortized Cost		Estimated Fair Value		% of Total			Amortized Cost		Estimated Fair Value		% of Total			Amortized Cost		Estimated Fair Value		% of Total
1	AAA	$	1,637,796	$	1,676,644		7.8	%	$	1,693,789	$	1,746,576		8.2	%	$	1,739,749	$	1,802,645		8.5	%	$	1,784,693	$	1,891,675		8.4	%	$	1,857,190	$	1,980,164		8.9	%
1	AA	$	6,057,485	$	6,638,777		30.9	%		5,756,355		6,438,199		30.2	%		5,457,184		6,223,632		29.2	%		5,408,086		6,565,513		29.3	%		5,286,082		6,541,670		29.4	%
1	A	$	5,172,780	$	5,552,163		25.9	%		5,010,236		5,458,720		25.7	%		5,110,947		5,617,495		26.4	%		5,140,174		5,962,302		26.6	%		4,915,882		5,778,737		25.9	%
2	BBB	$	6,072,604	$	6,255,451		29.1	%		6,117,081		6,298,628		29.6	%		5,997,232		6,189,030		29.1	%		6,058,221		6,524,007		29.1	%		6,186,536		6,692,929		30.0	%
3	BB	$	725,733	$	740,465		3.4	%		652,300		655,000		3.1	%		723,316		728,014		3.4	%		731,136		757,948		3.4	%		694,349		712,712		3.2	%
4	B	$	387,687	$	400,775		1.9	%		499,580		512,325		2.4	%		519,789		530,990		2.5	%		497,504		507,879		2.3	%		444,996		444,035		2.0	%
5	CCC and lower	$	106,619	$	106,873		0.5	%		87,364		86,644		0.4	%		90,970		84,157		0.4	%		98,290		79,039		0.4	%		118,738		95,906		0.4	%
6	In or near default	$	110,030	$	102,988		0.5	%		100,645		93,016		0.4	%		118,134		108,253		0.5	%		120,845		113,296		0.5	%		55,659		45,461		0.2	%

	Total	$	20,270,734	$	21,474,136		100.0	%	$	19,917,350	$	21,289,108		100.0	%	$	19,757,321	$	21,284,216		100.0	%	$	19,838,949	$	22,401,659		100.0	%	$	19,559,432	$	22,291,614		100.0	%

(1)

The Rating Agency Designation includes all “+” or “-” at that rating level (e. g. ‘BBB’ includes ‘BBB+’, ‘BBB’, and ‘BBB-’).

Structured Fixed Maturity Securities


	December 31, 2013				September 30, 2013				June 30, 2013				March 31, 2013				December 31, 2012
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Residential mortgage-backed securities:
Agency	$	567,113	$	580,855	$	517,517	$	541,870	$	546,603	$	579,317	$	520,081	$	575,274	$	497,918	$	555,535
Non-agency		403,321		408,788		405,064		409,968		468,552		475,651		485,151		501,496		471,349		486,529

Total residential mortgage-backed securities		970,434		989,643		922,581		951,838		1,015,155		1,054,968		1,005,232		1,076,770		969,267		1,042,064
Commercial mortgage-backed securities		1,314,782		1,388,946		1,371,473		1,453,114		1,564,924		1,638,632		1,596,659		1,698,144		1,608,376		1,698,903
Asset-backed securities		891,751		894,832		883,495		885,278		789,849		790,310		752,280		756,544		700,455		691,555

Total	$	3,176,967	$	3,273,421	$	3,177,549	$	3,290,230	$	3,369,928	$	3,483,910	$	3,354,171	$	3,531,458	$	3,278,098	$	3,432,522


		Quarterly Financial Supplement		Page 19

Reinsurance Group of America, Incorporated

Investments

(USD thousands)

CMBS Exposure

(Includes Funds Withheld Portfolios)


	December 31, 2013
	AAA				AA				A
Underwriting Year	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
2006 & Prior	$	249,757	$	267,589	$	163,831	$	171,565	$	125,939	$	133,371
2007		147,160		157,539		32,962		35,786		54,440		59,787
2008		—		—		54,511		62,106		18,176		19,412
2009		1,669		1,753		7,165		7,771		—		—
2010		28,003		29,360		45,258		46,857		19,198		20,050
2011		15,037		15,327		20,957		22,233		9,825		10,382
2012		39,154		37,821		60,407		59,225		19,377		19,052
2013		60,534		58,738		164,397		162,896		8,301		8,139

Total	$	541,314	$	568,127	$	549,488	$	568,439	$	255,256	$	270,193


	BBB				Below Investment Grade				Total
Underwriting Year	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
2006 & Prior	$	95,812	$	98,568	$	74,447	$	78,917	$	709,786	$	750,010
2007		87,555		99,183		64,023		61,681		386,140		413,976
2008		—		—		3,168		5,035		75,855		86,553
2009		7,638		10,866		—		—		16,472		20,390
2010		—		—		—		—		92,459		96,267
2011		6,073		6,122		—		—		51,892		54,064
2012		17,474		17,085		—		—		136,412		133,183
2013		—		—		—		—		233,232		229,773

Total	$	214,552	$	231,824	$	141,638	$	145,633	$	1,702,248	$	1,784,216

NOTE: Totals include directly held investments with amortized cost of $1,314.8 million and fair value of $1,388.9 million as well as investments in funds withheld with amortized cost of $387.4 million and fair value of $395.3 million.


	December 31, 2012
	AAA				AA				A
Underwriting Year	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
2006 & Prior	$	313,032	$	346,462	$	189,203	$	208,051	$	185,038	$	196,800
2007		182,456		201,131		32,810		37,542		69,266		77,657
2008		7,674		7,672		53,510		67,624		14,387		17,098
2009		1,655		1,820		17,399		19,483		3,463		5,599
2010		27,984		29,956		47,085		53,027		13,273		14,405
2011		15,748		16,411		16,069		18,184		40,546		42,726
2012		28,324		29,080		36,340		36,925		58,376		59,595

Total	$	576,873	$	632,532	$	392,416	$	440,836	$	384,349	$	413,880


	BBB				Below Investment Grade				Total
Underwriting Year	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
2006 & Prior	$	194,452	$	198,490	$	109,969	$	103,365	$	991,694	$	1,053,168
2007		93,414		108,902		115,028		91,505		492,974		516,737
2008		—		—		22,416		17,386		97,987		109,780
2009		3,880		5,547		—		—		26,397		32,449
2010		—		—		—		—		88,342		97,388
2011		33,242		33,757		—		—		105,605		111,078
2012		43,346		43,811		—		—		166,386		169,411

Total	$	368,334	$	390,507	$	247,413	$	212,256	$	1,969,385	$	2,090,011

NOTE: Totals include directly held investments with amortized cost of $1,608.4 million and fair value of $1,698.9 million as well as investments in funds withheld with amortized cost of $361.0 million and fair value of $391.1 million.


		Quarterly Financial Supplement		Page 20

Reinsurance Group of America, Incorporated

Investments

(USD thousands)

Gross Unrealized Losses Aging


Fixed Maturity Securities

	December 31, 2013					September 30, 2013					June 30, 2013					March 31, 2013					December 31, 2012
	Gross Unrealized Losses		% of Total			Gross Unrealized Losses		% of Total			Gross Unrealized Losses		% of Total			Gross Unrealized Losses		% of Total			Gross Unrealized Losses		% of Total
Less than 20%	$	287,032		88.4	%	$	279,211		87.6	%	$	261,628		84.2	%	$	64,399		52.6	%	$	53,648		40.2	%
20% or more for less than six months		6,444		2.0	%		6,325		2.0	%		5,629		1.8	%		—		0.0	%		734		0.5	%
20% or more for six months or greater		21,423		6.6	%		25,940		8.1	%		37,338		12.0	%		56,296		45.9	%		77,872		58.3	%

Total	$	314,899		97.0	%	$	311,476		97.7	%	$	304,595		98.0	%	$	120,695		98.5	%	$	132,254		99.0	%


Equity Securities

	December 31, 2013					September 30, 2013					June 30, 2013					March 31, 2013					December 31, 2012
	Gross Unrealized Losses		% of Total			Gross Unrealized Losses		% of Total			Gross Unrealized Losses		% of Total			Gross Unrealized Losses		% of Total			Gross Unrealized Losses		% of Total
Less than 20%	$	9,699		3.0	%	$	7,383		2.3	%	$	6,137		2.0	%	$	1,836		1.5	%	$	1,303		1.0	%
20% or more for less than six months		—		0.0	%		—		0.0	%		—		0.0	%		—		0.0	%		—		0.0	%
20% or more for six months or greater		2		0.0	%		2		0.0	%		2		0.0	%		1		0.0	%		1		0.0	%

Total	$	9,701		3.0	%	$	7,385		2.3	%	$	6,139		2.0	%	$	1,837		1.5	%	$	1,304		1.0	%


		Quarterly Financial Supplement		Page 21

Reinsurance Group of America, Incorporated

Investments

(USD thousands)

Fixed Maturities and Equity Securities Below Amortized Cost

(Excludes Funds Withheld Portfolios)


	As of December 31, 2013
	Less than 12 months				Equal to or greater than 12 months				Total
	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
Investment grade securities:
Corporate securities	$	3,141,179	$	148,895	$	301,303	$	40,548	$	3,442,482	$	189,443
Canadian and Canadian provincial governments		188,491		14,419		12,029		2,429		200,520		16,848
Residential mortgage-backed securities		283,967		15,900		23,068		1,688		307,035		17,588
Asset-backed securities		255,656		4,916		56,668		4,983		312,324		9,899
Commercial mortgage-backed securities		219,110		3,725		20,068		5,745		239,178		9,470
U.S. government and agencies		133,697		4,469		4,406		279		138,103		4,748
State and political subdivisions		120,193		9,723		15,202		4,616		135,395		14,339
Other foreign government, supranational, and foreign government-sponsored enterprises		665,313		21,075		36,212		2,847		701,525		23,922

Investment grade securities		5,007,606		223,122		468,956		63,135		5,476,562		286,257

Non-investment grade securities:
Corporate securities		283,603		9,451		38,256		3,892		321,859		13,343
Residential mortgage-backed securities		62,146		1,075		3,945		254		66,091		1,329
Asset-backed securities		28,670		415		32,392		5,498		61,062		5,913
Commercial mortgage-backed securities		15,762		81		10,980		7,936		26,742		8,017
State and political subdivisions		—		—		—		—		—		—
Other foreign government, supranational, and foreign government-sponsored enterprises		9,403		40		—		—		9,403		40

Non-investment grade securities		399,584		11,062		85,573		17,580		485,157		28,642

Total fixed maturity securities	$	5,407,190	$	234,184	$	554,529	$	80,715	$	5,961,719	$	314,899

Non-redeemable preferred stock		51,386		5,479		1		2		51,387		5,481
Other equity securities		218,834		1,748		32,550		2,472		251,384		4,220

Total Equity securities	$	270,220	$	7,227	$	32,551	$	2,474	$	302,771	$	9,701


	As of December 31, 2012
	Less than 12 months				Equal to or greater than 12 months				Total
	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
Investment grade securities:
Corporate securities	$	786,203	$	13,276	$	108,187	$	17,386	$	894,390	$	30,662
Canadian and Canadian provincial governments		12,349		174		—		—		12,349		174
Residential mortgage-backed securities		22,288		97		19,394		3,199		41,682		3,296
Asset-backed securities		59,119		449		96,179		9,508		155,298		9,957
Commercial mortgage-backed securities		89,507		797		29,181		7,974		118,688		8,771
U.S. government and agencies		7,272		24		—		—		7,272		24
State and political subdivisions		20,602		1,514		11,736		4,132		32,338		5,646
Other foreign government, supranational, and foreign government-sponsored enterprises		244,817		1,953		7,435		761		252,252		2,714

Investment grade securities		1,242,157		18,284		272,112		42,960		1,514,269		61,244


Non-investment grade securities:
Corporate securities		181,168		3,170		39,123		5,501		220,291		8,671
Residential mortgage-backed securities		15,199		80		2,633		347		17,832		427
Asset-backed securities		3,421		26		31,938		18,815		35,359		18,841
Commercial mortgage-backed securities		3,317		764		68,405		42,307		71,722		43,071
State and political subdivisions		—		—		—		—		—		—

Non-investment grade securities		203,105		4,040		142,099		66,970		345,204		71,010

Total fixed maturity securities	$	1,445,262	$	22,324	$	414,211	$	109,930	$	1,859,473	$	132,254

Non-redeemable preferred stock		5,577		52		5,679		118		11,256		170
Other equity securities		85,374		1,134		—		—		85,374		1,134

Total Equity securities	$	90,951	$	1,186	$	5,679	$	118	$	96,630	$	1,304


		Quarterly Financial Supplement		Page 22

Reinsurance Group of America, Incorporated

Investments

(USD thousands)

Consolidated Investment Related Gains and Losses


	Three Months Ended or As of															Current Qtr			Year-to-Date
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
	2013			2013			2013			2013			2012			Quarter			2013			2012			Change
Fixed Maturity and Equity Securities:
Other-than-temporary impairment losses on fixed maturities	$	(2,258	)	$	(391	)	$	(9,803	)	$	(202	)	$	(4,346	)	$	2,088		$	(12,654	)	$	(15,908	)	$	3,254
Portion of loss recognized in accumulated other comprehensive income (before taxes)		—			59			(306	)		—			—			—			(247	)		(7,618	)		7,371

Net other-than-temporary impairment losses on fixed maturities recognized in earnings		(2,258	)		(332	)		(10,109	)		(202	)		(4,346	)		2,088			(12,901	)		(23,526	)		10,625
Impairment losses on equity securities		—			—			—			—			—			—			—			(3,025	)		3,025
Gain on investment activity		12,659			21,560			26,845			21,680			43,190			(30,531	)		82,744			145,268			(62,524	)
Loss on investment activity		(12,169	)		(30,434	)		(6,760	)		(11,212	)		(4,384	)		(7,785	)		(60,575	)		(27,474	)		(33,101	)

Net gain/(loss) on fixed maturity and equity securities		(1,768	)		(9,206	)		9,976			10,266			34,460			(36,228	)		9,268			91,243			(81,975	)
Other impairment losses and change in mortgage loan provision		(5,665	)		233			125			(1,626	)		(2,220	)		(3,445	)		(6,933	)		(16,602	)		9,669
Other non-derivative gain/(loss), net		10,536			4,594			6,962			4,589			4,868			5,668			26,681			22,700			3,981
Free-standing Derivatives:
Credit Default Swaps		7,051			10,805			2,428			3,904			3,523			3,528			24,188			18,361			5,827
Interest Rate Swaps—non-hedged		(15,498	)		(8,221	)		(38,414	)		(22,265	)		(9,866	)		(5,632	)		(84,398	)		14,687			(99,085	)
Interest Rate Swaps—hedged		(5	)		(3	)		31			(17	)		(40	)		35			6			(41	)		47
Futures		(3,851	)		(1,139	)		714			(6,881	)		(9,932	)		6,081			(11,157	)		(20,244	)		9,087
CPI Swaps		85			(39	)		(1,117	)		(871	)		1,543			(1,458	)		(1,942	)		(268	)		(1,674	)
Equity options		(19,447	)		(24,112	)		(5,049	)		(30,623	)		(11,146	)		(8,301	)		(79,231	)		(69,678	)		(9,553	)
Currency Forwards		(5,213	)		629			(2,958	)		(5,659	)		(5,070	)		(143	)		(13,201	)		(5,644	)		(7,557	)
Interest Rate Options		(3,145	)		(2,375	)		(7,980	)		1,982			—			(3,145	)		(11,518	)		—			(11,518	)

Total free-standing derivatives		(40,023	)		(24,455	)		(52,345	)		(60,430	)		(30,988	)		(9,035	)		(177,253	)		(62,827	)		(114,426	)
Embedded Derivatives:
Modified coinsurance and funds withheld treaties		(337	)		(67,460	)		47,716			90,258			74,054			(74,391	)		70,177			115,009			(44,832	)
GMXB		35,098			19,829			35,809			51,314			30,588			4,510			142,050			104,613			37,437

Total embedded derivatives		34,761			(47,631	)		83,525			141,572			104,642			(69,881	)		212,227			219,622			(7,395	)
Net gain/(loss) on total derivatives		(5,262	)		(72,086	)		31,180			81,142			73,654			(78,916	)		34,974			156,795			(121,821	)

Total investment related gains / (losses), net	$	(2,159	)	$	(76,465	)	$	48,243		$	94,371		$	110,762		$	(112,921	)	$	63,990		$	254,136		$	(190,146	)


		Quarterly Financial Supplement		Page 23

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