8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): July 27, 2009

REINSURANCE GROUP OF AMERICA, INCORPORATED

(Exact Name of Registrant as Specified in its Charter)

Missouri
(State or Other Jurisdiction of
Incorporation) 1-11848
(Commission
File Number) 43-1627032
(IRS Employer
Identification Number)

1370 Timberlake Manor Parkway, Chesterfield, Missouri 63017
(Address of Principal Executive Office)

Registrant’s telephone number, including area code: (636) 736-7000

      Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Condition

On July 27, 2009, Reinsurance Group of America, Incorporated (the “Company”) issued (1) a press release announcing its earnings for the three-month period ended June 30, 2009, and providing certain additional information, a copy of which is furnished with this report as Exhibit 99.1, and (2) a Quarterly Financial Supplement for the quarter ended June 30, 2009, a copy of which is attached hereto as Exhibit 99.2. The press release also notes that a conference call will be held on July 28, 2009 to discuss the financial and operating results for the three-month period ended June 30, 2009. The press release and Quarterly Financial Supplement are furnished and are not filed pursuant to Instruction B.2 of Form 8-K.

Item 5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers

On July 27, 2009, the Company issued a press release announcing that on July 23, 2009, Rachel Lomax, Retired Deputy Governor of the Bank of England, was elected to the Board of Directors and appointed to the Audit and Finance, Investment and Risk Management Committees of RGA’s Board of Directors. A copy of the press release is attached hereto as Exhibit 99.1.

The Company is not aware of any transactions, proposed transactions, or series of either to which the Company or any of its subsidiaries was or is to be a participant since January 1, 2008, in which the amount involved exceeds $120,000 and in which Ms. Lomax had, or will have, a direct or indirect material interest.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits. The following documents are filed as exhibits to this report:

Exhibit No.	Exhibit
99.1	Press Release of Reinsurance Group of America, Incorporated dated July 27, 2009
99.2	Quarterly Financial Supplement for the quarter ended June 30, 2009

SIGNATURE

      Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	REINSURANCE GROUP OF AMERICA, INCORPORATED
Date: July 27, 2009	By:	/s/ Jack B. Lay
		Jack B. Lay
		Senior Executive Vice President and Chief Financial Officer

EXHIBIT INDEX

 

Exhibit Number	Description
99.1	Press Release dated July 27, 2009
99.2	Quarterly Financial Supplement for the quarter ended June 30, 2009

EX-99.1

Exhibit 99.1

PRESS RELEASE

REINSURANCE GROUP OF AMERICA REPORTS SECOND-QUARTER RESULTS

• Net income totals $2.10 per diluted share and operating income* $1.79 per diluted share

• Operating income* reaches $130.6 million, up 19 percent over prior-year period

• Mortality experience recovers from adverse first-quarter performance

• Net unrealized securities losses decline 52 percent from first quarter

ST. LOUIS, July 27, 2009 — Reinsurance Group of America, Incorporated (NYSE:RGA), a leading global provider of life reinsurance, reported net income for the second quarter of $153.2 million, or $2.10 per diluted share, compared with $110.7 million, or $1.73 per diluted share in the prior-year quarter. Operating income* totaled $130.6 million, or $1.79 per diluted share, compared with $109.7 million, or $1.71 per diluted share in the year-ago quarter, increases of 19.1 percent and 4.7 percent, respectively.

For the first half of 2009, net income increased to $176.5 million, or $2.42 per diluted share, from $142.2 million, or $2.22 per diluted share, in the year-ago period. Operating income* totaled $197.9 million, or $2.71 per diluted share, compared with $180.6 million, or $2.82 per diluted share, in the prior-year period.

	Quarterly Results				Year-to-date Results
($ in thousands, except per share data)	2009		2008		2009		2008
Net premiums	$	1,375,181	$	1,358,555	$	2,721,228	$	2,656,620
Net income		153,179		110,702		176,469		142,207
Net income per diluted share		2.10		1.73		2.42		2.22
Operating income*		130,562		109,688		197,917		180,645
Operating income per diluted share*		1.79		1.71		2.71		2.82
Book value per share		42.59		49.13
Book value per share (excl. AOCI)*		45.90		45.04
Total assets		22,649,349		22,410,167

* See ‘Use of Non-GAAP Financial Measures’ below

Quarterly and year-to-date earnings per share for 2009 include the effect of the company’s 10,235,000-share common stock offering in November 2008. Most of the $332 million of net proceeds from that offering have yet to be deployed in the business. Weaker foreign currencies negatively affected operating income by approximately $0.09 per share, after tax, for the 2009 quarter. Consolidated net premiums, including translated foreign currency-denominated premiums, increased modestly for the quarter. Excluding the effect of foreign currency translation, premiums increased approximately 9 percent.

This quarter’s net income included a pre-tax gain of $38.9 million, or $0.35 per diluted share on an after-tax basis, associated with the repurchase of $80.2 million in face amount of the company’s junior subordinated debentures. This transaction is not included in operating earnings.

A. Greig Woodring, president and chief executive officer, commented, “Our experience during 2009 continues to mirror that of 2008 as adverse mortality experience during the first quarter was again followed by strong results in the second quarter. We expect periods of mortality variations to offset over longer-term horizons. Overall, we are pleased with the second-quarter results especially since the year-ago period was exceptionally strong. We head into the second half of the year in a strong position. We

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believe fundamentals for the life reinsurance market are attractive and continue to see increasing new business quoting activity in the U.S. and substantial growth opportunities in our international markets as well. Our geographically diverse operations continue to yield benefits and with the strong results this quarter, we are back on track after a difficult first quarter.”

The company has posted to its Web site a Quarterly Financial Supplement that includes financial information for all segments as well as information on its investment portfolio. The investment profile remains appropriately positioned, with 95 percent of our fixed maturity securities held in the investment-grade categories.

Capital and Liquidity

The company’s capital and liquidity positions are strong and expected to remain strong for the foreseeable future. Book value increased $626.0 million, or 25 percent, on a per share basis from March 31, 2009, with a significant decline in net unrealized losses in the company’s investment portfolio. Credit-related impairments during the quarter were $20.8 million and were partially offset by net gains from investment sales with little overall impact to the company’s capital position. The company remains in a position to hold investment securities until financial markets improve, and does not rely on short-term funding or commercial paper.

Woodring continued, “We feel we are in good shape with respect to our level of capital and opportunities for capital deployment remain compelling. We continue to evaluate a number of transactions and expect to see block transaction opportunities for some period of time, given ever-changing dynamics in the primary life insurance industry and in the reinsurance competitive landscape. We did not execute any block transactions during the quarter, but we continue to evaluate several opportunities.”

SEGMENT RESULTS

U.S.

The U.S. division reported pre-tax income of $106.2 million for the quarter, down slightly from $109.2 million in the prior-year period. Pre-tax operating income improved to $119.2 million from $109.2 million the year before, an increase of 9 percent. Mortality experience recovered from the first quarter as claims came in at expected levels. Net premiums were up 7 percent to $808.8 million from $754.4 million in the prior-year quarter. On a year-to-date basis, net premiums increased 8 percent, in line with our guidance range of 6 to 8 percent.

The U.S. Asset Intensive business reported a pre-tax gain of $19.9 million compared with $9.9 million a year ago. On an operating basis, the pre-tax gain increased to $16.0 million from $9.3 million a year ago. Current-period increases were primarily related to significant improvements in underlying fund values.

Canada

Canadian operations reported pre-tax net income of $25.5 million, down slightly from $26.8 million a year ago. Pre-tax operating income totaled $17.6 million versus $23.8 million, reflecting slightly adverse mortality experience in the current quarter coupled with very favorable mortality experience a year ago. Foreign currency fluctuations negatively affected pre-tax operating income by approximately $3.7 million in the 2009 quarter. On a Canadian dollar basis, net premiums increased approximately 27 percent, aided by a strong increase in creditor business. On a U.S. dollar basis, net premiums rose to $154.9 million from $139.5 million in the year-ago quarter.

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Asia Pacific

Asia Pacific reported a strong quarter, with pre-tax net income of $25.5 million compared with $21.3 million in the year-ago quarter. Pre-tax operating income increased 8.3 percent to $24.7 million compared to $22.8 million a year ago, primarily as a result of favorable claims experience in Australia and Japan, and despite adverse foreign currency exchange of $2.8 million. Net premiums totaled $229.4 million compared with $277.7 million. Current-period premiums were negatively affected by approximately $39.1 million due to foreign currency fluctuations.

Europe & South Africa

Europe & South Africa reported pre-tax net income of $12.4 million for the quarter compared with $17.0 million a year ago. Pre-tax operating income was $12.4 million versus $17.2 million last year. Claims experience varied by country and was slightly adverse in the U.K. Pre-tax operating income was also adversely affected by $1.7 million associated with foreign currency exchange rates. Net premiums declined to $180.0 million from $185.5 million due to weaker foreign currencies, which had a negative effect of $41.2 million.

Corporate and Other

The company reported a favorable adjustment associated with an uncertain tax position of $12.0 million during the quarter, lowering the effective tax rate for operating earnings to 28.1 percent compared with 35.2 percent a year ago. Further, the segment results reflect a $4.8 million pre-tax foreign currency gain related to the company’s repayment of foreign-denominated debt.

New Director

The company announced that Rachel Lomax, retired deputy governor of the Bank of England, was elected to the board of directors and appointed to the Audit and Finance, Investment & Risk Management Committees. Lomax’s election increases the size of the board to eight members.

Dividend Declaration

The company’s board of directors declared a regular quarterly dividend of $0.09, payable August 24 to shareholders of record as of August 3.

Earnings Conference Call

A conference call to discuss the company’s second-quarter results will begin at 9 a.m. Eastern Time on Tuesday, July 28. Interested parties may access the call by dialing 1-877-879-6207 (domestic) or 719-325-4763 (international). The access code is 8648151. A live audio webcast of the conference call will be available on the company’s investor relations Web page at www.rgare.com. A replay of the conference call will be available at the same address for 90 days following the conference call. A telephonic replay will also be available through August 4 at 888-203-1112 (domestic) or 719-457-0820, access code 8648151.

Use of Non-GAAP Financial Measures

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

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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. Reconciliations to GAAP net income are provided in the following tables. Additional financial information can be found in the Quarterly Financial Supplement on RGA’s Investor Relations site at www.rgare.com in the “Quarterly Results” tab and in the “Featured Report” section.

Book value per share outstanding before impact of AOCI is a non-GAAP financial measure that management believes is important in evaluating the balance sheet in order to ignore the effects of unrealized amounts primarily associated with mark-to-market adjustments on investments and foreign currency translation.

About RGA

Reinsurance Group of America, Incorporated is among the largest global providers of life reinsurance with subsidiary companies or offices in Australia, Barbados, Bermuda, Canada, China, France, Germany, Hong Kong, India, Ireland, Italy, Japan, Mexico, Poland, South Africa, South Korea, Spain, Taiwan, the United Kingdom and the United States. Worldwide, the company has approximately $2.2 trillion of life reinsurance in force, and assets of $22.6 billion.

Investor Contact

Jack B. Lay
Senior Executive Vice President and Chief Financial Officer
(636) 736-7000

Cautionary Statement Regarding Forward-looking Statements

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, among others, statements relating to projections of the earnings, revenues, income or loss, future financial performance and growth potential of Reinsurance Group of America, Incorporated and its subsidiaries (which we refer to in the following paragraphs as “we,” “us” or “our”). The words “intend,” “expect,” “project,” “estimate,” “predict,” “anticipate,” “should,” “believe,” and other similar expressions also are intended to identify forward-looking statements. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Future events and actual results, performance and achievements could differ materially from those set forth in, contemplated by or underlying the forward-looking statements.

Numerous important factors could cause actual results and events to differ materially from those expressed or implied by forward-looking statements including, without limitation, (1) adverse capital and credit market conditions and their impact on our liquidity, access to capital, and cost of capital, (2) the impairment of other financial institutions and its effect on our business, (3) requirements to post collateral or make payments due to declines in market value of assets subject to our collateral arrangements, (4) the fact that the determination of allowances and impairments taken on our investments is highly subjective,

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(5) adverse changes in mortality, morbidity, lapsation, or claims experience, (6) changes in our financial strength and credit ratings and the effect of such changes on our future results of operations and financial condition, (7) inadequate risk analysis and underwriting, (8) general economic conditions or a prolonged economic downturn affecting the demand for insurance and reinsurance in our current and planned markets, (9) the availability and cost of collateral necessary for regulatory reserves and capital, (10) market or economic conditions that adversely affect the value of our investment securities or result in the impairment of all or a portion of the value of certain of our investment securities, (11) market or economic conditions that adversely affect our ability to make timely sales of investment securities, (12) risks inherent in our risk management and investment strategy, including changes in investment portfolio yields due to interest rate or credit quality changes, (13) fluctuations in U.S. or foreign currency exchange rates, interest rates, or securities and real estate markets, (14) adverse litigation or arbitration results, (15) the adequacy of reserves, resources, and accurate information relating to settlements, awards, and terminated and discontinued lines of business, (16) the stability of and actions by governments and economies in the markets in which we operate, (17) competitive factors and competitors’ responses to our initiatives, (18) the success of our clients, (19) successful execution of our entry into new markets, (20) successful development and introduction of new products and distribution opportunities, (21) our ability to successfully integrate and operate reinsurance business that we acquire, (22) regulatory action that may be taken by state Departments of Insurance with respect to us, (23) our dependence on third parties, including those insurance companies and reinsurers to which we cede some reinsurance, third-party investment managers, and others, (24) the threat of natural disasters, catastrophes, terrorist attacks, epidemics, or pandemics anywhere in the world where we or our clients do business, (25) changes in laws, regulations, and accounting standards applicable to us, our subsidiaries, or our business, (26) the effect of our status as an insurance holding company and regulatory restrictions on our ability to pay principal of and interest on our debt obligations, and (27) other risks and uncertainties described in this document and in our other filings with the Securities and Exchange Commission.

Forward-looking statements should be evaluated together with the many risks and uncertainties that affect our business, including those mentioned in this document and described in the periodic reports we file with the Securities and Exchange Commission. These forward-looking statements speak only as of the date on which they are made. We do not undertake any obligations to update these forward-looking statements, even though our situation may change in the future. We qualify all of our forward-looking statements by these cautionary statements. For a discussion of the risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements, you are advised to review the risk factors in our 2008 Form 10-K.

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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
Reconciliation of Consolidated Net Income From Continuing Operations
to Operating Income
(Dollars in thousands)

	Three Months Ended						Six Months Ended
	June 30,						June 30,
(Unaudited)	2009			2008			2009			2008
GAAP net income-continuing operations	$	153,179		$	110,806		$	176,469		$	147,395
Reconciliation to operating income:
Capital losses, derivatives and other, net included in investment related losses, net		96,091			1,207			140,208			1,831
Embedded derivatives:
Included in investment related (gains) losses, net		(146,624	)		3,962			(143,236	)		104,595
Included in interest credited		(8,301	)		(6,011	)		(13,582	)		35,905
Included in policy acquisition costs and other insurance expenses		1,136			1,554			1,984			(6,305	)
DAC offset, net		60,350			(1,830	)		61,343			(102,776	)
Gain on debt repurchase		(25,269	)		—			(25,269	)		—
Operating income	$	130,562		$	109,688		$	197,917		$	180,645

Reconciliation of Consolidated Pre-tax Net Income From Continuing Operations
to Pre-tax Operating Income
(Dollars in thousands)

	Three Months Ended						Six Months Ended
	June 30,						June 30,
(Unaudited)	2009			2008			2009			2008
Income from continuing operations before income taxes	$	215,423		$	170,964		$	249,629			$	227,652
Reconciliation to pre-tax operating income:
Capital losses, derivatives and other, net included in investment related losses, net		148,794			1,962			217,106				2,824
Embedded derivatives:
Included in investment related (gains) losses, net		(225,574	)		6,095			(220,362	)			160,915
Included in interest credited		(12,772	)		(9,248	)		(20,896	)			55,238
Included in policy acquisition costs and other insurance expenses		1,748			2,390			3,052				(9,700	)
DAC offset, net		92,846			(2,817	)		94,375				(158,118	)
Gain on debt repurchase		(38,875	)		—			(38,875	)			—
Pre-tax operating income	$	181,590		$	169,346		$	284,029			$	278,811

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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
Reconciliation of Pre-tax Net Income From Continuing Operations
to Pre-tax Operating Income
(Dollars in thousands)

	Three Months Ended June 30, 2009
			Capital
			(gains)			Change in
			losses,			value of			Gain
	Pre-tax		derivatives,			embedded			on			Pre-tax
	net		and other,			derivatives,			debt			operating
(Unaudited)	income		net			net			repurchase			income
U.S. Operations:
Traditional	$	83,287	$	16,934		$	—			—		$	100,221
Asset Intensive		19,945		(9,574	)(1)		5,614	(2)		—			15,985
Financial Reinsurance		2,994		(38	)		—			—			2,956
Total U.S.		106,226		7,322			5,614			—			119,162
Canada Operations		25,514		(7,951	)		—			—			17,563
Europe & South Africa		12,363		14			—			—			12,377
Asia Pacific Operations		25,520		(855	)		—			—			24,665
Corporate and Other		45,800		898			—			(38,875	)		7,823
Consolidated	$	215,423	$	(572	)	$	5,614			(38,875	)	$	181,590

(1)	Asset Intensive is net of $(149,366) DAC offset.
(2)	Asset Intensive is net of $242,212 DAC offset.

	Three Months Ended June 30, 2008
				Capital
				(gains)			Change in
	Pre-tax			losses,			value of			Pre-tax
	net			derivatives,			embedded			operating
	income			and other,			derivatives,			income
(Unaudited)	(loss)			net			net			(loss)
U.S. Operations:
Traditional	$	95,622		$	637		$	—		$	96,259
Asset Intensive		9,893			(3,252	)(1)		2,621	(2)		9,262
Financial Reinsurance		3,651			2			—			3,653
Total U.S.		109,166			(2,613	)		2,621			109,174
Canada Operations		26,778			(3,026	)		—			23,752
Europe & South Africa		17,041			131			—			17,172
Asia Pacific Operations		21,256			1,510			—			22,766
Corporate and Other		(3,277	)		(241	)		—			(3,518	)
Consolidated	$	170,964		$	(4,239	)	$	2,621		$	169,346

(1)	Asset Intensive is net of $(6,201) DAC offset.
(2)	Asset Intensive is net of $3,384 DAC offset.

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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
Reconciliation of Pre-tax Net Income From Continuing Operations
to Pre-tax Operating Income
(Dollars in thousands)

	Six Months Ended June 30, 2009
				Capital
				(gains)			Change in
	Pre-tax			losses,			value of			Gain
	net			derivatives,			embedded			on			Pre-tax
	income			and other,			derivatives,			debt			operating
(Unaudited)	(loss)			net			net			repurchase			income
U.S. Operations:
Traditional	$	117,637		$	55,162		$	—			—		$	172,799
Asset Intensive		(7,077	)		(25,606	)(1)		44,927	(2)		—			12,244
Financial Reinsurance		8,515			(70	)		—			—			8,445
Total U.S.		119,075			29,486			44,927			—			193,488
Canada Operations		41,700			(6,380	)		—			—			35,320
Europe & South Africa		20,898			(408	)		—			—			20,490
Asia Pacific Operations		29,093			2,712			—			—			31,805
Corporate and Other		38,863			2,938			—			(38,875	)		2,926
Consolidated	$	249,629		$	28,348		$	44,927			(38,875	)	$	284,029

(1)	Asset Intensive is net of $(188,758) DAC offset.
(2)	Asset Intensive is net of $283,133 DAC offset.

	Six Months Ended June 30, 2008
				Capital
				(gains)			Change in
	Pre-tax			losses,			value of			Pre-tax
	net			derivatives,			embedded			operating
	income			and other,			derivatives,			income
(Unaudited)	(loss)			net			net			(loss)
U.S. Operations:
Traditional	$	150,070		$	3,145		$	—		$	153,215
Asset Intensive		(31,209	)		(1,506	)(1)		47,524	(2)		14,809
Financial Reinsurance		5,590			3			—			5,593
Total U.S.		124,451			1,642			47,524			173,617
Canada Operations		50,449			1,481			—			51,930
Europe & South Africa		23,084			(614	)		—			22,470
Asia Pacific Operations		39,819			996			—			40,815
Corporate and Other		(10,151	)		130			—			(10,021	)
Consolidated	$	227,652		$	3,635		$	47,524		$	278,811

(1)	Asset Intensive is net of $811 DAC offset.
(2)	Asset Intensive is net of $(158,929) DAC offset.

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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
Per Share and Shares Data
(In thousands, except per share data)

	Three Months Ended				Six Months Ended
(Unaudited)	June 30,				June 30,
	2009		2008		2009		2008
Earnings per share from continuing operations:
Basic earnings per share	$	2.11	$	1.78	$	2.43	$	2.37
Diluted earnings per share	$	2.10	$	1.73	$	2.42	$	2.30
Diluted earnings per share from operating income	$	1.79	$	1.71	$	2.71	$	2.82
Earnings per share from net income:
Basic earnings per share	$	2.11	$	1.78	$	2.43	$	2.29
Diluted earnings per share	$	2.10	$	1.73	$	2.42	$	2.22
Weighted average number of common and common equivalent shares outstanding		72,939		63,982		72,912		64,106

	At or For the
	Six Months
	Ended June 30,
(Unaudited)	2009		2008
Treasury shares		589		813
Common shares outstanding		72,775		62,316
Book value per share outstanding	$	42.59	$	49.13
Book value per share outstanding, before impact of AOCI	$	45.90	$	45.04

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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
Condensed Consolidated Statements of Income
(Dollars in thousands)

	Three Months Ended						Six Months Ended
(Unaudited)	June 30,						June 30,
	2009			2008			2009			2008
Revenues:
Net premiums	$	1,375,181		$	1,358,555		$	2,721,228		$	2,656,620
Investment income, net of related expenses		284,636			254,868			507,832			454,394
Investment related gains (losses), net:
Other-than-temporary impairments on fixed maturity securities		(36,942	)		(548	)		(71,337	)		(5,699	)
Other-than-temporary impairments on fixed maturity securities transferred to other comprehensive income		16,135			—			16,135			—
Other investment related gains (losses), net		98,995			(6,531	)		61,128			(156,640	)
Total investment related gains (losses), net		78,188			(7,079	)		5,926			(162,339	)
Other revenue		75,161			36,262			109,020			54,198
Total revenues		1,813,166			1,642,606			3,344,006			3,002,873
Benefits and expenses:
Claims and other policy benefits		1,123,696			1,128,827			2,293,440			2,248,339
Interest credited		72,897			63,000			109,806			136,897
Policy acquisition costs and other insurance expenses		308,403			189,272			507,204			205,534
Other operating expenses		71,095			61,997			137,844			125,337
Interest expense		19,595			21,580			41,712			44,674
Collateral finance facility expense		2,057			6,966			4,371			14,440
Total benefits and expenses		1,597,743			1,471,642			3,094,377			2,775,221
Income before income taxes		215,423			170,964			249,629			227,652
Income tax expense		62,244			60,158			73,160			80,257
Income from continuing operations		153,179			110,806			176,469			147,395
Discontinued operations:
Loss from discontinued accident and health operations, net of income taxes		—			(104	)		—			(5,188	)
Net income	$	153,179		$	110,702		$	176,469		$	142,207

# # #

EX-99.2

Exhibit 99.2

Reinsurance Group of America, Incorporated^®

Financial Supplement

Second Quarter 2009

(Unaudited)

Reinsurance Group of America, Incorporated^®

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

Current Ratings

	Standard & Poor’s	A.M. Best	Moody’s
Financial Strength Ratings
RGA Reinsurance Company	AA-	A+	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
Vice President
Investor Relations
Phone: (636) 736-7243
e-mail: jhayden@rgare.com

Reinsurance Group of America, Incorporated
Financial Supplement
2nd Quarter 2009
Table of Contents

	Page
Non-GAAP Disclosure		1
Consolidated
Financial Highlights		2
Consolidated Income Statement (incl. Operating Income Reconciliation)		3
Consolidated Operating Income Statement		4
Consolidated Balance Sheets		5
Segment Pre-tax Operating Income Summaries and Reconciliations to U.S. GAAP
U.S. Operations		6
Canada Operations		10
Europe & South Africa Operations		11
Asia Pacific Operations		12
Corporate and Other		13
Summary of Pre-tax Segment Operating Income		14
Investments
Cash and Invested Assets, Yield Summary		15
Amortized cost, Gross Unrealized Gains and Losses, Estimated Fair Values of Fixed Maturity and Equity Securities		16
Corporate Securities by Sector (Fixed Maturities and Equities)		17
Quality of Fixed Maturity Securities and Structured Fixed Maturity Securities		18
Subprime Mortgage Exposure (Including Funds Withheld Portfolios)		19
CMBS Exposure (Including Funds Withheld Portfolios)		20
Gross Unrealized Losses Aging		21
Fixed Maturity and Equity Securities Below Amortized Cost		22
Consolidated Gross Gains and Losses		23

Reinsurance Group of America, Incorporated
Financial Supplement

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

Non-GAAP Disclosures

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

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

Page 1

Reinsurance Group of America, Incorporated
Financial Highlights
Second Quarter 2009

	Three Months Ended or As of														Current Qtr			Year-to-Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,		vs. PY			June 30,		June 30,
(USD thousands, except inforce & per share data)	2009			2009			2008			2008			2008		Quarter			2009		2008		Change
Net premiums	$	1,375,181		$	1,346,047		$	1,389,091		$	1,303,590		$	1,358,555	$	16,626		$	2,721,228	$	2,656,620	$	64,608
Net income — continuing operations		153,179			23,290			15,170			25,250			110,806		42,373			176,469		147,395		29,074
Operating income		130,562			67,355			99,966			118,542			109,688		20,874			197,917		180,645		17,272
Total assets		22,649,349			21,634,314			21,658,818			21,844,347			22,410,167		239,182
Assumed Ordinary Life Reinsurance in Force (in billions)
U.S.	$	1,280.5		$	1,285.6		$	1,274.5		$	1,265.6		$	1,258.6	$	21.9		$	1,280.5	$	1,258.6	$	21.9
Canada		234.3			209.9			209.5			231.4			230.9		3.4			234.3		230.9		3.4
Europe & South Africa		382.9			332.8			325.2			368.9			419.4		(36.5	)		382.9		419.4		(36.5	)
Asia Pacific		321.6			293.0			298.9			310.6			330.6		(9.0	)		321.6		330.6		(9.0	)
Total Life Reinsurance in Force	$	2,219.3		$	2,121.3		$	2,108.1		$	2,176.5		$	2,239.5	$	(20.2	)	$	2,219.3	$	2,239.5	$	(20.2	)
Assumed New Business Production (in billions)
U.S.	$	25.8		$	35.5		$	33.7		$	30.5		$	35.5	$	(9.7	)	$	61.3	$	70.2	$	(8.9	)
Canada		9.6			9.9			12.1			14.5			11.7		(2.1	)		19.5		24.6		(5.1	)
Europe & South Africa		22.7			36.0			28.2			21.4			19.4		3.3			58.7		37.9		20.8
Asia Pacific		3.3			3.8			9.2			7.5			4.9		(1.6	)		7.1		15.2		(8.1	)
Total New Business Production	$	61.4		$	85.2		$	83.2		$	73.9		$	71.5	$	(10.1	)	$	146.6	$	147.9	$	(1.3	)
Per Share and Shares Data
Basic earnings per share from continuing operations
Net income	$	2.11		$	0.32		$	0.22		$	0.41		$	1.78	$	0.33		$	2.43	$	2.37	$	0.06
Operating income	$	1.79		$	0.93		$	1.45		$	1.90		$	1.76	$	0.03		$	2.72	$	2.90	$	(0.18	)
Diluted earnings per share from continuing operations
Net income	$	2.10		$	0.32		$	0.22		$	0.40		$	1.73	$	0.37		$	2.42	$	2.30	$	0.12
Operating income	$	1.79		$	0.92		$	1.45		$	1.86		$	1.71	$	0.08		$	2.71	$	2.82	$	(0.11	)
Wgt. average common shares outstanding (basic)		72,770			72,710			68,831			62,323			62,284		10,486			72,740		62,214		10,526
Wgt. average common shares outstanding (diluted)		72,939			72,884			69,176			63,607			63,982		8,957			72,912		64,106		8,806
Common shares issued		73,364			73,363			73,363			63,128			63,128		10,236			73,364		63,128
Treasury shares		589			600			741			803			812		(223	)		589		812
Common shares outstanding		72,775			72,763			72,622			62,325			62,316		10,459			72,775		62,316
Book value per share	$	42.59		$	33.99		$	36.03		$	41.83		$	49.13
Per share effect of accumulated other comprehensive income (AOCI)	$	(3.31	)	$	(9.79	)	$	(7.55	)	$	(3.56	)	$	4.09
Book value per share, excluding AOCI	$	45.90		$	43.78		$	43.58		$	45.39		$	45.04

Page 2

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

	Three Months Ended															Current Qtr			Year-to-Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			vs. PY			June 30,			June 30,
(USD thousands)	2009			2009			2008			2008			2008			Quarter			2009			2008			Change
Revenues:
Net premiums	$	1,375,181		$	1,346,047		$	1,389,091		$	1,303,590		$	1,358,555		$	16,626		$	2,721,228		$	2,656,620		$	64,608
Investment income, net of related expenses		284,636			223,196			196,634			220,248			254,868			29,768			507,832			454,394			53,438
Investment related gains (losses), net
OTTI on fixed maturity securities		(36,942	)		(34,395	)		(15,226	)		(92,388	)		(548	)		(36,394	)		(71,337	)		(5,699	)		(65,638	)
OTTI on fixed maturity securities transferred to AOCI		16,135			—			—			—			—			16,135			16,135			—			16,135
Other investment related gains (losses), net		98,995			(37,867	)		(228,333	)		(148,919	)		(6,531	)		105,526			61,128			(156,640	)		217,768
Total investment related gains (losses), net		78,188			(72,262	)		(243,559	)		(241,307	)		(7,079	)		85,267			5,926			(162,339	)		168,265
Other revenue		75,161			33,859			25,869			27,764			36,262			38,899			109,020			54,198			54,822
Total revenues		1,813,166			1,530,840			1,368,035			1,310,295			1,642,606			170,560			3,344,006			3,002,873			341,133
Benefits and expenses:
Claims and other policy benefits		1,123,696			1,169,744			1,150,645			1,062,948			1,128,827			(5,131	)		2,293,440			2,248,339			45,101
Interest credited		72,897			36,909			86,989			9,293			63,000			9,897			109,806			136,897			(27,091	)
Policy acquisition costs and other insurance expenses		308,403			198,801			27,529			124,836			189,272			119,131			507,204			205,534			301,670
Other operating expenses		71,095			66,749			53,694			63,886			61,997			9,098			137,844			125,337			12,507
Interest expense		19,595			22,117			21,552			9,935			21,580			(1,985	)		41,712			44,674			(2,962	)
Collateral finance facility expense		2,057			2,314			7,432			6,851			6,966			(4,909	)		4,371			14,440			(10,069	)
Total benefits and expenses		1,597,743			1,496,634			1,347,841			1,277,749			1,471,642			126,101			3,094,377			2,775,221			319,156
Income before income taxes — continuing operations		215,423			34,206			20,194			32,546			170,964			44,459			249,629			227,652			21,977
Income tax expense		62,244			10,916			5,024			7,296			60,158			2,086			73,160			80,257			(7,097	)
Income — continuing operations		153,179			23,290			15,170			25,250			110,806			42,373			176,469			147,395			29,074
Loss from discontinued operations		—			—			(5,809	)		(22	)		(104	)		104			—			(5,188	)		5,188
Net income	$	153,179		$	23,290		$	9,361		$	25,228		$	110,702		$	42,477		$	176,469		$	142,207		$	34,262
Pre-tax Operating Income Reconciliation:
Income before income taxes — continuing operations		215,423			34,206			20,194			32,546			170,964			44,459			249,629			227,652			21,977
Investment and Derivative losses (gains) — non-operating (1)		148,794			68,312			(146,818	)		99,801			1,962			146,832			217,106			2,824			214,282
Change in value of B36 embedded derivatives (1)		(64,337	)		40,425			161,021			106,797			11,452			(75,789	)		(23,912	)		159,980			(183,892	)
GMXB embedded derivatives (1)		(161,237	)		(35,213	)		230,775			35,772			(5,357	)		(155,880	)		(196,450	)		935			(197,385	)
EIA embedded derivatives — interest credited		(12,772	)		(8,124	)		48,896			(43,871	)		(9,248	)		(3,524	)		(20,896	)		55,238			(76,134	)
EIA embedded derivatives — policy acq. costs		1,748			1,304			(5,697	)		8,274			2,390			(642	)		3,052			(9,700	)		12,752
DAC offset, net		92,846			1,529			(157,941	)		(63,394	)		(2,817	)		95,663			94,375			(158,118	)		252,493
Gain on debt repurchase		(38,875	)		—			—			—			—			(38,875	)		(38,875	)		—			(38,875	)
Operating Income Before Income Taxes		181,590			102,439			150,430			175,925			169,346			12,244			284,029			278,811			5,218
After-tax Operating Income Reconciliation:
Income — continuing operations		153,179			23,290			15,170			25,250			110,806			42,373			176,469			147,395			29,074
Investment and Derivative losses (gains) — non-operating (1)		96,091			44,117			(95,289	)		64,967			1,207			94,884			140,208			1,831			138,377
Change in value of B36 embedded derivatives (1)		(41,819	)		26,276			104,664			69,418			7,444			(49,263	)		(15,543	)		103,987			(119,530	)
GMXB embedded derivatives (1)		(104,805	)		(22,888	)		150,003			23,252			(3,482	)		(101,323	)		(127,693	)		608			(128,301	)
EIA embedded derivatives — interest credited		(8,301	)		(5,281	)		31,782			(28,516	)		(6,011	)		(2,290	)		(13,582	)		35,905			(49,487	)
EIA embedded derivatives — policy acq. costs		1,136			848			(3,703	)		5,378			1,554			(418	)		1,984			(6,305	)		8,289
DAC offset, net		60,350			993			(102,661	)		(41,207	)		(1,830	)		62,180			61,343			(102,776	)		164,119
Gain on debt repurchase		(25,269	)		—			—			—			—			(25,269	)		(25,269	)		—			(25,269	)
Operating Income		130,562			67,355			99,966			118,542			109,688			20,874			197,917			180,645			17,272

(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			Year-to-Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,		vs. PY			June 30,			June 30,
(USD thousands, except per share data)	2009			2009			2008			2008			2008		Quarter			2009			2008		Change
Revenues:
Net premiums	$	1,375,181		$	1,346,047		$	1,389,091		$	1,303,590		$	1,358,555	$	16,626		$	2,721,228		$	2,656,620	$	64,608
Investment income, net of related expenses		284,636			223,196			196,634			220,248			254,868		29,768			507,832			454,394		53,438
Investment related gains (losses), net		1,408			1,262			1,419			1,063			978		430			2,670			1,400		1,270
Other revenue		36,286			33,859			25,869			27,764			36,262		24			70,145			54,198		15,947
Total revenues		1,697,511			1,604,364			1,613,013			1,552,665			1,650,663		46,848			3,301,875			3,166,612		135,263
Benefits and expenses:
Claims and other policy benefits		1,123,696			1,169,744			1,150,645			1,062,948			1,128,827		(5,131	)		2,293,440			2,248,339		45,101
Interest credited		85,669			45,033			38,093			53,164			72,248		13,421			130,702			81,659		49,043
Policy acquisition costs and other insurance expenses		213,809			195,968			191,167			179,956			189,699		24,110			409,777			373,352		36,425
Other operating expenses		71,095			66,749			53,694			63,886			61,997		9,098			137,844			125,337		12,507
Interest expense		19,595			22,117			21,552			9,935			21,580		(1,985	)		41,712			44,674		(2,962	)
Collateral finance facility expense		2,057			2,314			7,432			6,851			6,966		(4,909	)		4,371			14,440		(10,069	)
Total benefits and expenses		1,515,921			1,501,925			1,462,583			1,376,740			1,481,317		34,604			3,017,846			2,887,801		130,045
Operating income before income taxes		181,590			102,439			150,430			175,925			169,346		12,244			284,029			278,811		5,218
Operating income tax expense		51,028			35,084			50,464			57,383			59,658		(8,630	)		86,112			98,166		(12,054	)
Operating income	$	130,562		$	67,355		$	99,966		$	118,542		$	109,688	$	20,874		$	197,917		$	180,645	$	17,272
Wgt. Average Common Shares Outstanding (Diluted)		72,939			72,884			69,176			63,607			63,982		8,957			72,912			64,106		8,806
Diluted Earnings Per Share — Operating Income	$	1.79		$	0.92		$	1.45		$	1.86		$	1.71	$	0.08		$	2.71		$	2.82	$	(0.11	)
Foreign currency effect on*:
Net premiums	$	(103,209	)	$	(144,690	)	$	(111,669	)	$	(5,676	)	$	20,565	$	(123,774	)	$	(247,899	)	$	67,027	$	(314,926	)
Operating income before income taxes	$	(9,666	)	$	(10,993	)	$	(17,348	)	$	(1,337	)	$	5,608	$	(15,274	)	$	(20,659	)	$	13,480	$	(34,139	)

* Represents effect as compared to comparable prior year period

Page 4

Reinsurance Group of America, Incorporated
Consolidated Balance Sheets

	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,
(USD thousands)	2009			2009			2008			2008			2008
Assets
Fixed maturity securities (available for sale):	$	9,842,793		$	8,831,920		$	8,531,804		$	9,121,953		$	9,667,961
Mortgage loans on real estate		757,501			764,038			775,050			782,282			798,896
Policy loans		1,085,752			1,081,030			1,096,713			1,048,517			1,048,517
Funds withheld at interest		4,675,191			4,505,054			4,520,398			4,806,642			4,825,297
Short-term investments		53,953			54,552			58,123			32,520			47,081
Other invested assets		482,028			582,784			628,649			432,982			418,864
Total investments		16,897,218			15,819,378			15,610,737			16,224,896			16,806,616
Cash and cash equivalents		416,947			586,542			875,403			412,255			362,689
Accrued investment income		119,411			118,140			87,424			138,414			106,679
Premiums receivable and other reinsurance balances		743,643			657,647			640,235			691,120			800,404
Reinsurance ceded receivables		738,926			746,736			735,155			746,790			752,203
Deferred policy acquisition costs		3,615,456			3,602,857			3,610,334			3,498,152			3,460,294
Other assets		117,748			103,014			99,530			132,720			121,282
Total assets	$	22,649,349		$	21,634,314		$	21,658,818		$	21,844,347		$	22,410,167
Liabilities and Stockholders’ Equity
Future policy benefits	$	7,054,930		$	6,636,919		$	6,431,530		$	6,552,508		$	6,619,084
Interest-sensitive contract liabilities		7,454,907			7,613,489			7,690,942			7,517,782			7,220,659
Other policy claims and benefits		2,046,887			1,956,834			1,923,018			2,064,578			2,239,868
Other reinsurance balances		144,234			197,695			173,645			127,021			173,162
Deferred income taxes		456,701			251,261			310,360			399,669			561,912
Other liabilities		566,805			577,909			585,199			548,844			599,034
Short-term debt		—			—			—			95,000			—
Long-term debt		816,575			917,913			918,246			922,994			926,095
Collateral finance facility		850,014			850,019			850,035			850,094			850,000
Company-obligated mandatorily redeemable preferred securities of subsidiary trust holding solely junior subordinated debentures of the Company		159,123			159,081			159,035			158,990			158,946
Total liabilities		19,550,176			19,161,120			19,042,010			19,237,480			19,348,760
Stockholders’ Equity:
Common stock, at par value		734			734			734			631			631
Warrants		66,912			66,912			66,914			66,915			66,915
Additional paid-in-capital		1,457,711			1,455,022			1,450,041			1,118,288			1,115,540
Retained earnings		1,841,497			1,691,292			1,682,087			1,679,568			1,660,041
Accumulated other comprehensive income (AOCI):
Accumulated currency translation adjustment, net of income taxes		105,631			(3,050	)		19,794			143,729			215,582
Unrealized appreciation (depreciation) of securities, net of income taxes		(332,664	)		(695,070	)		(553,407	)		(358,273	)		47,478
Pension and postretirement benefits, net of income taxes		(14,373	)		(14,456	)		(14,658	)		(7,790	)		(8,082	)
Total stockholders’ equity before treasury stock		3,125,448			2,501,384			2,651,505			2,643,068			3,098,105
Less treasury shares		(26,275	)		(28,190	)		(34,697	)		(36,201	)		(36,698	)
Total stockholders’ equity		3,099,173			2,473,194			2,616,808			2,606,867			3,061,407
Total liabilities and stockholders’ equity	$	22,649,349		$	21,634,314		$	21,658,818		$	21,844,347		$	22,410,167
Total stockholders’ equity, excluding AOCI	$	3,340,579		$	3,185,770		$	3,165,079		$	2,829,201		$	2,806,429

Page 5

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

	Three Months Ended															Current Qtr			Year-to-Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			vs. PY			June 30,			June 30,
(USD thousands)	2009			2009			2008			2008			2008			Quarter			2009			2008			Change
Revenues:
Net premiums	$	807,181		$	786,748		$	874,348		$	740,502		$	752,831		$	54,350		$	1,593,929		$	1,478,224		$	115,705
Investment income, net of related expenses		104,616			102,561			100,033			99,991			97,462			7,154			207,177			194,893			12,284
Other revenue		920			570			(193	)		(42	)		552			368			1,490			612			878
Total revenues		912,717			889,879			974,188			840,451			850,845			61,872			1,802,596			1,673,729			128,867
Benefits and expenses:
Claims and other policy benefits		668,870			695,932			753,545			632,258			624,310			44,560			1,364,802			1,276,160			88,642
Interest credited		15,701			15,233			15,513			15,221			14,924			777			30,934			29,714			1,220
Policy acquisition costs and other insurance expenses		115,325			91,533			118,637			107,199			103,231			12,094			206,858			189,281			17,577
Other operating expenses		12,600			14,603			9,828			12,756			12,121			479			27,203			25,359			1,844
Total benefits and expenses		812,496			817,301			897,523			767,434			754,586			57,910			1,629,797			1,520,514			109,283
Operating income before income taxes		100,221			72,578			76,665			73,017			96,259			3,962			172,799			153,215			19,584
Operating to U.S. GAAP Reconciliation:
Operating income before income taxes		100,221			72,578			76,665			73,017			96,259			3,962			172,799			153,215			19,584
Investment and Derivative (losses) gains — non-operating		(16,934	)		(38,228	)		(6,694	)		(62,065	)		(637	)		(16,297	)		(55,162	)		(3,145	)		(52,017	)
Income before income taxes	$	83,287		$	34,350		$	69,971		$	10,952		$	95,622		$	(12,335	)	$	117,637		$	150,070		$	(32,433	)
Loss and Expense Ratios:
Claims and other policy benefits		82.9	%		88.5	%		86.2	%		85.4	%		82.9	%		0.0	%		85.6	%		86.3	%		-0.7	%
Policy acquisition costs and other insurance expenses		14.3	%		11.6	%		13.6	%		14.5	%		13.7	%		0.6	%		13.0	%		12.8	%		0.2	%
Other operating expenses		1.6	%		1.9	%		1.1	%		1.7	%		1.6	%		0.0	%		1.7	%		1.7	%		0.0	%

Page 6

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

	Three Months Ended															Current Qtr			Year-to-Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			vs. PY			June 30,			June 30,
(USD thousands except account values)	2009			2009			2008			2008			2008			Quarter			2009			2008			Change
Revenues:
Net premiums	$	1,639		$	1,709		$	1,584		$	1,719		$	1,592		$	47		$	3,348		$	3,255		$	93
Investment income, net of related expenses		105,167			55,827			26,428			43,727			80,920			24,247			160,994			105,951			55,043
Investment related gains (losses), net		(8	)		—			—			—			—			(8	)		(8	)		—			(8	)
Other revenue		16,962			15,123			16,018			15,051			14,211			2,751			32,085			25,706			6,379
Total revenues		123,760			72,659			44,030			60,497			96,723			27,037			196,419			134,912			61,507
Benefits and expenses:
Claims and other policy benefits		(341	)		1,274			8,151			2,040			865			(1,206	)		933			1,050			(117	)
Interest credited		69,941			29,752			22,512			37,866			57,243			12,698			99,693			51,725			47,968
Policy acquisition costs and other insurance expenses		35,910			42,476			14,535			10,077			27,513			8,397			78,386			63,154			15,232
Other operating expenses		2,265			2,898			1,649			2,167			1,840			425			5,163			4,174			989
Total benefits and expenses		107,775			76,400			46,847			52,150			87,461			20,314			184,175			120,103			64,072
Operating income before income taxes		15,985			(3,741	)		(2,817	)		8,347			9,262			6,723			12,244			14,809			(2,565	)
Operating to U.S. GAAP Reconciliation:
Operating income before income taxes		15,985			(3,741	)		(2,817	)		8,347			9,262			6,723			12,244			14,809			(2,565	)
Investment and Derivative (losses) gains — non-operating (1)		(139,792	)		(23,360	)		159,276			10,289			(2,949	)		(136,843	)		(163,152	)		2,317			(165,469	)
Change in value of B36 embedded derivatives (1)		64,337			(40,425	)		(161,021	)		(106,797	)		(11,452	)		75,789			23,912			(159,980	)		183,892
GMXB embedded derivatives (1)		161,237			35,213			(230,775	)		(35,772	)		5,357			155,880			196,450			(935	)		197,385
EIA embedded derivatives — interest credited		12,772			8,124			(48,896	)		43,871			9,248			3,524			20,896			(55,238	)		76,134
EIA embedded derivatives — policy acq. costs		(1,748	)		(1,304	)		5,697			(8,274	)		(2,390	)		642			(3,052	)		9,700			(12,752	)
DAC offset, net		(92,846	)		(1,529	)		157,941			63,394			2,817			(95,663	)		(94,375	)		158,118			(252,493	)
Income before income taxes	$	19,945		$	(27,022	)	$	(120,595	)	$	(24,942	)	$	9,893		$	10,052		$	(7,077	)	$	(31,209	)	$	24,132

(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
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,
	2009			2009			2008			2008			2008
Annuity account values (in millions):
Fixed annuities (deferred)	$	1,374		$	1,406		$	1,625		$	1,670		$	1,527
Net interest spread (fixed annuities):		2.7	%		2.4	%		1.9	%		1.9	%		2.0	%
Equity-indexed annuities	$	3,885		$	3,813		$	3,806		$	3,677		$	3,645
Variable annuities:
No riders	$	1,090		$	1,041		$	1,063		$	1,251		$	1,359
GMDB only		65			58			54			49			32
GMIB only		5			4			4			4			4
GMAB only		54			48			44			45			44
GMWB only		1,327			1,180			795			708			537
GMDB / WB		361			316			287			257			170
Other		30			26			24			26			23
Total VA account values	$	2,932		$	2,673		$	2,271		$	2,340		$	2,169
Fair value of living benefit riders	$	80		$	241		$	276		$	46		$	10
Other annuities:	$	199		$	199		$	199		$	199		$	—

Page 8

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

	Three Months Ended															Current Qtr			Year-to-Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			vs. PY			June 30,			June 30,
(USD thousands)	2009			2009			2008			2008			2008			Quarter			2009			2008			Change
Revenues:
Investment income, net of related expenses	$	(99	)	$	(65	)	$	—		$	192		$	356		$	(455	)	$	(164	)	$	396		$	(560	)
Other revenue		4,118			6,571			4,578			3,644			4,314			(196	)		10,689			7,058			3,631
Total revenues		4,019			6,506			4,578			3,836			4,670			(651	)		10,525			7,454			3,071
Benefits and expenses:
Policy acquisition costs and other insurance expenses		262			338			341			252			250			12			600			448			152
Other operating expenses		801			679			577			747			767			34			1,480			1,413			67
Total benefits and expenses		1,063			1,017			918			999			1,017			46			2,080			1,861			219
Operating income before income taxes		2,956			5,489			3,660			2,837			3,653			(697	)		8,445			5,593			2,852
Operating to U.S. GAAP Reconciliation:
Operating income before income taxes		2,956			5,489			3,660			2,837			3,653			(697	)		8,445			5,593			2,852
Investment and Derivative (losses) gains — non-operating		38			32			(110	)		(136	)		(2	)		40			70			(3	)		73
Income before income taxes	$	2,994		$	5,521		$	3,550		$	2,701		$	3,651		$	(657	)	$	8,515		$	5,590		$	2,925

Page 9

Reinsurance Group of America, Incorporated
Canadian Segment Operating Income

	Three Months Ended															Current Qtr			Year-to-Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			vs. PY			June 30,			June 30,
(USD thousands)	2009			2009			2008			2008			2008			Quarter			2009			2008			Change
Revenues:
Net premiums	$	154,862		$	138,056		$	126,819		$	128,930		$	139,530		$	15,332		$	292,918		$	278,522		$	14,396
Investment income, net of related expenses		32,115			30,360			32,873			35,836			35,692			(3,577	)		62,475			71,725			(9,250	)
Investment related gains (losses), net		1,433			1,262			1,419			1,063			978			455			2,695			1,400			1,295
Other revenue		(618	)		1,697			826			4,289			13,204			(13,822	)		1,079			13,217			(12,138	)
Total revenues		187,792			171,375			161,937			170,118			189,404			(1,612	)		359,167			364,864			(5,697	)
Benefits and expenses:
Claims and other policy benefits		128,312			115,635			102,316			104,339			134,146			(5,834	)		243,947			249,417			(5,470	)
Interest credited		27			48			68			77			81			(54	)		75			220			(145	)
Policy acquisition costs and other insurance expenses		36,367			33,067			30,634			27,591			25,526			10,841			69,434			51,952			17,482
Other operating expenses		5,523			4,868			5,591			6,132			5,899			(376	)		10,391			11,345			(954	)
Total benefits and expenses		170,229			153,618			138,609			138,139			165,652			4,577			323,847			312,934			10,913
Operating income before income taxes		17,563			17,757			23,328			31,979			23,752			(6,189	)		35,320			51,930			(16,610	)
Operating to U.S. GAAP Reconciliation:
Operating income before income taxes		17,563			17,757			23,328			31,979			23,752			(6,189	)		35,320			51,930			(16,610	)
Investment and Derivative (losses) gains — non-operating		7,951			(1,571	)		(1,244	)		(2,246	)		3,026			4,925			6,380			(1,481	)		7,861
Income before income taxes	$	25,514		$	16,186		$	22,084		$	29,733		$	26,778		$	(1,264	)	$	41,700		$	50,449		$	(8,749	)
Loss and Expense Ratios:
Loss ratios (creditor business)		44.1	%		41.2	%		35.5	%		42.3	%		90.4	%		-46.3	%		42.8	%		64.1	%		-21.3	%
Loss ratios (excluding creditor business)		98.6	%		99.4	%		91.4	%		89.1	%		97.3	%		1.3	%		99.0	%		95.3	%		3.7	%
Claims and other policy benefits / (net premiums + investment income)		68.6	%		68.7	%		64.1	%		63.3	%		76.6	%		-8.0	%		68.6	%		71.2	%		-2.6	%
Policy acquisition costs and other insurance expenses		23.5	%		24.0	%		24.2	%		21.4	%		18.3	%		5.2	%		23.7	%		18.7	%		5.0	%
Other operating expenses		3.6	%		3.5	%		4.4	%		4.8	%		4.2	%		-0.6	%		3.5	%		4.1	%		-0.6	%
Note: The loss ratios on creditor reinsurance business are normally lower than traditional reinsurance, while allowances are normally higher as a percentage of premiums.
Foreign currency effect on*:
Net premiums	$	(22,954	)	$	(32,673	)	$	(29,546	)	$	626		$	11,315		$	(34,269	)	$	(55,627	)	$	31,152		$	(86,779	)
Operating income before income taxes	$	(3,697	)	$	(5,477	)	$	(6,164	)	$	(264	)	$	2,397		$	(6,094	)	$	(9,174	)	$	7,112		$	(16,286	)

* Represents effect as compared to comparable prior year period

Page 10

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

	Three Months Ended															Current Qtr			Year-to-Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			vs. PY			June 30,			June 30,
(USD thousands)	2009			2009			2008			2008			2008			Quarter			2009			2008			Change
Revenues:
Net premiums	$	180,017		$	173,256		$	156,898		$	176,184		$	185,490		$	(5,473	)	$	353,273		$	374,686		$	(21,413	)
Investment income, net of related expenses		8,120			6,749			7,599			9,065			8,778			(658	)		14,869			16,329			(1,460	)
Other revenue		538			260			240			33			68			470			798			128			670
Total revenues		188,675			180,265			164,737			185,282			194,336			(5,661	)		368,940			391,143			(22,203	)
Benefits and expenses:
Claims and other policy benefits		147,018			144,218			106,776			122,521			144,460			2,558			291,236			302,995			(11,759	)
Policy acquisition costs and other insurance expenses		10,369			10,817			14,607			21,559			16,026			(5,657	)		21,186			33,256			(12,070	)
Other operating expenses		18,911			17,117			16,945			15,708			16,678			2,233			36,028			32,422			3,606
Total benefits and expenses		176,298			172,152			138,328			159,788			177,164			(866	)		348,450			368,673			(20,223	)
Operating income before income taxes		12,377			8,113			26,409			25,494			17,172			(4,795	)		20,490			22,470			(1,980	)
Operating to U.S. GAAP Reconciliation:
Operating income before income taxes		12,377			8,113			26,409			25,494			17,172			(4,795	)		20,490			22,470			(1,980	)
Investment and Derivative (losses) gains — non-operating		(14	)		422			(4,598	)		(4,703	)		(131	)		117			408			614			(206	)
Income before income taxes	$	12,363		$	8,535		$	21,811		$	20,791		$	17,041		$	(4,678	)	$	20,898		$	23,084		$	(2,186	)
Loss and Expense Ratios:
Claims and other policy benefits		81.7	%		83.2	%		68.1	%		69.5	%		77.9	%		3.8	%		82.4	%		80.9	%		1.5	%
Policy acquisition costs and other insurance expenses		5.8	%		6.2	%		9.3	%		12.2	%		8.6	%		-2.8	%		6.0	%		8.9	%		-2.9	%
Other operating expenses		10.5	%		9.9	%		10.8	%		8.9	%		9.0	%		1.5	%		10.2	%		8.7	%		1.5	%
Foreign currency effect on*:
Net premiums	$	(41,195	)	$	(56,890	)	$	(43,150	)	$	(9,380	)	$	588		$	(41,783	)	$	(98,085	)	$	4,835		$	(102,920	)
Operating income before income taxes	$	(1,747	)	$	(3,991	)	$	(7,816	)	$	(2,015	)	$	606		$	(2,353	)	$	(5,738	)	$	1,277		$	(7,015	)
Critical illness net premiums	$	52,697		$	46,323		$	49,471		$	59,227		$	67,284		$	(14,587	)	$	99,020		$	127,726		$	(28,706	)

* Represents effect as compared to comparable prior year period

Page 11

Reinsurance Group of America, Incorporated
Asia Pacific Segment Operating Income

	Three Months Ended															Current Qtr			Year-to-Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			vs. PY			June 30,			June 30,
(USD thousands)	2009			2009			2008			2008			2008			Quarter			2009			2008			Change
Revenues:
Net premiums	$	229,430		$	243,728		$	227,666		$	254,497		$	277,716		$	(48,286	)	$	473,158		$	518,651		$	(45,493	)
Investment income, net of related expenses		14,877			12,697			11,317			12,272			12,397			2,480			27,574			23,811			3,763
Other revenue		4,471			9,729			5,106			2,811			1,851			2,620			14,200			4,403			9,797
Total revenues		248,778			266,154			244,089			269,580			291,964			(43,186	)		514,932			546,865			(31,933	)
Benefits and expenses:
Claims and other policy benefits		179,556			212,414			178,989			201,707			225,011			(45,455	)		391,970			418,680			(26,710	)
Policy acquisition costs and other insurance expenses		26,526			30,429			25,556			25,053			28,386			(1,860	)		56,955			56,467			488
Other operating expenses		18,031			16,171			17,235			17,774			15,801			2,230			34,202			30,903			3,299
Total benefits and expenses		224,113			259,014			221,780			244,534			269,198			(45,085	)		483,127			506,050			(22,923	)
Operating income before income taxes		24,665			7,140			22,309			25,046			22,766			1,899			31,805			40,815			(9,010	)
Operating to U.S. GAAP Reconciliation:
Operating income before income taxes		24,665			7,140			22,309			25,046			22,766			1,899			31,805			40,815			(9,010	)
Investment and Derivative (losses) gains — non-operating		855			(3,567	)		2,156			(3,821	)		(1,510	)		2,365			(2,712	)		(996	)		(1,716	)
Income before income taxes	$	25,520		$	3,573		$	24,465		$	21,225		$	21,256		$	4,264		$	29,093		$	39,819		$	(10,726	)
Loss and Expense Ratios:
Claims and other policy benefits		78.3	%		87.2	%		78.6	%		79.3	%		81.0	%		-2.7	%		82.8	%		80.7	%		2.1	%
Policy acquisition costs and other insurance expenses		11.6	%		12.5	%		11.2	%		9.8	%		10.2	%		1.4	%		12.0	%		10.9	%		1.1	%
Other operating expenses		7.9	%		6.6	%		7.6	%		7.0	%		5.7	%		2.2	%		7.2	%		6.0	%		1.2	%
Foreign currency effect on*:
Net premiums	$	(39,082	)	$	(55,173	)	$	(39,028	)	$	3,036		$	8,629		$	(47,711	)	$	(94,255	)	$	30,984		$	(125,239	)
Operating income before income taxes	$	(2,785	)	$	(246	)	$	(1,972	)	$	1,078		$	2,307		$	(5,092	)	$	(3,031	)	$	4,423		$	(7,454	)
Critical illness net premiums	$	29,223		$	54,152		$	48,591		$	51,979		$	67,348		$	(38,125	)	$	83,375		$	113,210		$	(29,835	)

* Represents effect as compared to comparable prior year period

Page 12

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

	Three Months Ended															Current Qtr			Year-to-Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			vs. PY			June 30,			June 30,
(USD thousands)	2009			2009			2008			2008			2008			Quarter			2009			2008			Change
Revenues:
Net premiums	$	2,052		$	2,550		$	1,776		$	1,758		$	1,396		$	656		$	4,602		$	3,282		$	1,320
Investment income, net of related expenses		19,840			15,067			18,384			19,165			19,263			577			34,907			41,289			(6,382	)
Investment related gains (losses), net		(17	)		—			—			—			—			(17	)		(17	)		—			(17	)
Other revenue		9,895			(91	)		(706	)		1,978			2,062			7,833			9,804			3,074			6,730
Total revenues		31,770			17,526			19,454			22,901			22,721			9,049			49,296			47,645			1,651
Benefits and expenses:
Claims and other policy benefits		281			271			868			83			35			246			552			37			515
Policy acquisition costs and other insurance expenses		(10,950	)		(12,692	)		(13,143	)		(11,775	)		(11,233	)		283			(23,642	)		(21,206	)		(2,436	)
Other operating expenses		12,964			10,413			1,869			8,602			8,891			4,073			23,377			19,721			3,656
Interest expense		19,595			22,117			21,552			9,935			21,580			(1,985	)		41,712			44,674			(2,962	)
Collateral finance facility expense		2,057			2,314			7,432			6,851			6,966			(4,909	)		4,371			14,440			(10,069	)
Total benefits and expenses		23,947			22,423			18,578			13,696			26,239			(2,292	)		46,370			57,666			(11,296	)
Operating income before income taxes		7,823			(4,897	)		876			9,205			(3,518	)		11,341			2,926			(10,021	)		12,947
Operating to U.S. GAAP Reconciliation:
Operating income before income taxes		7,823			(4,897	)		876			9,205			(3,518	)		11,341			2,926			(10,021	)		12,947
Investment and Derivative (losses) gains — non-operating		(898	)		(2,040	)		(1,968	)		(37,119	)		241			(1,139	)		(2,938	)		(130	)		(2,808	)
Gain on debt repurchase		38,875			—			—			—			—			38,875			38,875			—			38,875
Income before income taxes	$	45,800		$	(6,937	)	$	(1,092	)	$	(27,914	)	$	(3,277	)	$	49,077		$	38,863		$	(10,151	)	$	49,014
Foreign currency effect on*:
Net premiums	$	22		$	46		$	55		$	42		$	33		$	(11	)	$	68		$	56		$	12
Operating income before income taxes	$	(1,437	)	$	(1,279	)	$	(1,396	)	$	(136	)	$	298		$	(1,735	)	$	(2,716	)	$	668		$	(3,384	)

* Represents effect as 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			Year-to-Date
	June 30,		March 31,			Dec. 31,			Sept. 30,		June 30,			vs. PY			June 30,		June 30,
(USD thousands)	2009		2009			2008			2008		2008			Quarter			2009		2008			Change
U.S. Traditional	$	100,221	$	72,578		$	76,665		$	73,017	$	96,259		$	3,962		$	172,799	$	153,215		$	19,584
U.S. Asset Intensive		15,985		(3,741	)		(2,817	)		8,347		9,262			6,723			12,244		14,809			(2,565	)
U.S. Financial Reinsurance		2,956		5,489			3,660			2,837		3,653			(697	)		8,445		5,593			2,852
Total U.S. Segment		119,162		74,326			77,508			84,201		109,174			9,988			193,488		173,617			19,871
Canadian Segment		17,563		17,757			23,328			31,979		23,752			(6,189	)		35,320		51,930			(16,610	)
Europe & South Africa Segment		12,377		8,113			26,409			25,494		17,172			(4,795	)		20,490		22,470			(1,980	)
Asia Pacific Segment		24,665		7,140			22,309			25,046		22,766			1,899			31,805		40,815			(9,010	)
Corporate and Other		7,823		(4,897	)		876			9,205		(3,518	)		11,341			2,926		(10,021	)		12,947
Consolidated	$	181,590	$	102,439		$	150,430		$	175,925	$	169,346		$	12,244		$	284,029	$	278,811		$	5,218

Page 14

Reinsurance Group of America, Incorporated
Investments

Cash and Invested Assets
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,
(USD thousands)	2009		2009		2008		2008		2008
Fixed maturity securities, available-for-sale		9,842,793	$	8,831,920	$	8,531,804	$	9,121,953	$	9,667,961
Mortgage loans on real estate		757,501		764,038		775,050		782,282		798,896
Policy loans		1,085,752		1,081,030		1,096,713		1,048,517		1,048,517
Funds withheld at interest		4,675,191		4,505,054		4,520,398		4,806,642		4,825,297
Short-term investments		53,953		54,552		58,123		32,520		47,081
Other invested assets		482,028		582,784		628,649		432,982		418,864
Cash and cash equivalents		416,947		586,542		875,403		412,255		362,689
Total cash and invested assets	$	17,314,165	$	16,405,920	$	16,486,140	$	16,637,151	$	17,169,305

Investment Income and Yield Summary
(Excludes Funds Withheld)

	Three Months Ended															Current Qtr			Year-to-Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			vs. PY			June 30,			June 30,
(USD thousands)	2009			2009			2008			2008			2008			Quarter			2009			2008			Change
Average invested assets at amortized cost	$	12,976,510		$	12,776,598		$	12,245,727		$	12,185,216		$	11,696,386		$	1,280,124		$	12,737,497		$	11,531,787		$	1,205,710
Net investment income	$	183,823		$	174,300		$	177,358		$	179,193		$	173,587		$	10,236		$	358,123		$	344,487		$	13,636
Investment yield (ratio of net investment income to average invested assets)		5.79	%		5.57	%		5.92	%		6.01	%		6.07	%		-0.28	%		5.70	%		6.06	%		-0.36	%

Page 15

Reinsurance Group of America, Incorporated
Investments

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

June 30, 2009												Other-than
							Estimated					temporary
	Amortized		Unrealized		Unrealized		Fair		% of			impairment
(USD thousands)	Cost		Gains		Losses		Value		Total			in AOCI
Available-for-sale:
U.S. corporate securities	$	3,805,149	$	73,700	$	396,521	$	3,482,328		35.4	%		—
Canadian and Canadian provincial governments		1,679,425		341,467		21,651		1,999,241		20.3	%		—
Residential mortgage-backed securities		1,202,888		30,323		74,907		1,158,304		11.8	%		(13,415	)
Foreign corporate securities		1,443,541		40,851		77,531		1,406,861		14.3	%		—
Asset-backed securities		503,191		6,434		132,243		377,382		3.8	%		(5,220	)
Commercial mortgage-backed securities		1,086,649		7,212		281,549		812,312		8.3	%		(4,333	)
U.S. government and agencies		62,763		2,118		—		64,881		0.7	%		—
State and political subdivisions		105,867		2,027		14,712		93,182		0.9	%		—
Other foreign government securities		456,387		6,119		14,204		448,302		4.5	%		—
Total fixed maturity securities	$	10,345,860	$	510,251	$	1,013,318	$	9,842,793		100.0	%	$	(22,968	)
Non-redeemable preferred stock		163,300		1,057		46,825		117,532		72.1	%
Common stock		48,378		644		3,488		45,534		27.9	%
Total equity securities	$	211,678	$	1,701	$	50,313	$	163,066		100.0	%

December 31, 2008
							Estimated
	Amortized		Unrealized		Unrealized		Fair		% of
(USD thousands)	Cost		Gains		Losses		Value		Total
Available-for-sale:
U.S. corporate securities	$	3,577,116	$	34,262	$	598,745	$	3,012,633		35.3	%
Canadian and Canadian provincial governments		1,500,511		397,899		7,171		1,891,239		22.2	%
Residential mortgage-backed securities		1,231,123		24,838		106,776		1,149,185		13.5	%
Foreign corporate securities		1,112,018		14,335		152,920		973,433		11.4	%
Asset-backed securities		484,577		2,098		147,297		339,378		4.0	%
Commercial mortgage-backed securities		1,085,062		2,258		326,730		760,590		8.9	%
U.S. government and agencies		7,555		876		—		8,431		0.1	%
State and political subdivisions		46,537		—		7,883		38,654		0.4	%
Other foreign government securities		338,349		20,062		150		358,261		4.2	%
Total fixed maturity securities	$	9,382,848	$	496,628	$	1,347,672	$	8,531,804		100.0	%
Non-redeemable preferred stock		187,510		49		64,160		123,399		77.4	%
Common stock		40,582		—		4,607		35,975		22.6	%
Total equity securities	$	228,092	$	49	$	68,767	$	159,374		100.0	%

Page 16

Reinsurance Group of America, Incorporated
Investments

Corporate Securities by Sector (Fixed Maturities and Equities)

	June 30, 2009								December 31, 2008
			Estimated Fair					Average Credit			Estimated Fair					Average Credit
(USD thousands)	Amortized Cost		Value		% of Total			Ratings	Amortized Cost		Value		% of Total			Ratings
Financial Institutions
Banking	$	1,267,644	$	1,090,384		21.6	%	A	$	1,138,663	$	924,098		22.2	%	A
Brokerage		85,241		76,250		1.5	%	BBB+		104,169		96,516		2.3	%	A
Finance Comp.		259,163		230,569		4.6	%	A		278,132		228,659		5.5	%	A+
Insurance		366,708		309,570		6.1	%	A-		309,703		222,116		5.4	%	A-
REITs		156,818		135,977		2.7	%	BBB		153,626		110,172		2.7	%	BBB+
Other Finance		202,572		161,607		3.2	%	A-		191,650		140,161		3.4	%	A
Total Financial Institutions		2,338,146		2,004,357		39.7	%			2,175,943		1,721,722		41.5	%
Industrials
Basic		249,308		238,133		4.7	%	BBB		213,540		173,826		4.2	%	BBB+
Capital Goods		204,498		199,016		3.9	%	BBB+		187,041		172,958		4.2	%	A-
Communications		545,547		554,577		11.0	%	BBB+		449,334		425,633		10.3	%	BBB+
Consumer Cyclical		256,674		237,805		4.7	%	BBB		244,476		198,485		4.8	%	BBB+
Consumer Noncyclical		387,640		389,158		7.7	%	BBB+		341,126		323,239		7.8	%	BBB+
Energy		348,053		349,981		6.9	%	BBB+		248,579		215,634		5.2	%	BBB+
Technology		95,124		96,994		1.9	%	BBB+		55,043		43,998		1.1	%	BBB+
Transportation		225,691		209,923		4.2	%	BBB		217,515		190,303		4.6	%	BBB+
Other Industrial		57,504		32,381		0.7	%	BBB		55,898		28,314		0.7	%	BBB+
Total Industrials		2,370,039		2,307,968		45.7	%			2,012,552		1,772,390		42.9	%
Utilities
Electric		459,515		445,643		8.8	%	BBB+		446,048		399,235		9.6	%	BBB+
Natural Gas		242,659		244,912		4.8	%	BBB		200,636		174,308		4.2	%	BBB+
Other Utility		24,196		23,462		0.5	%	A-		22,320		20,447		0.5	%	A-
Total Utilities		726,370		714,017		14.1	%			669,004		593,990		14.3	%
Other Sectors		25,813		25,913		0.5	%	AA		59,728		57,338		1.3	%	AA
Total	$	5,460,368	$	5,052,255		100.0	%		$	4,917,227	$	4,145,440		100.0	%

Page 17

Reinsurance Group of America, Incorporated
Investments

Ratings of Fixed Maturity Securities

		June 30, 2009							March 31, 2009							December 31, 2008							September 30, 2008							June 30, 2008
(USD thousands)	Rating Agency			Estimated Fair					Amortized		Estimated Fair							Estimated Fair					Amortized		Estimated					Amortized		Estimated Fair
NAIC Designation	Designation	Amortized Cost		Value		% of Total			Cost		Value		% of Total			Amortized Cost		Value		% of Total			Cost		Fair Value		% of Total			Cost		Value		% of Total
1	AAA	$	2,936,383	$	2,750,636		27.9	%	$	2,887,693	$	2,631,984		29.8	%	$	2,851,818	$	2,594,429		30.4	%	$	2,931,176	$	2,780,454		30.5	%	$	2,856,457	$	2,777,642		28.7	%
1	AA		2,346,453		2,372,392		24.1	%		2,205,621		2,188,305		24.8	%		2,147,187		2,161,537		25.3	%		2,601,007		2,624,357		28.8	%		2,572,375		2,809,406		29.1	%
1	A		2,051,459		2,030,369		20.6	%		1,952,386		1,777,195		20.1	%		2,002,963		1,851,764		21.7	%		1,947,355		1,779,129		19.5	%		2,012,559		2,028,840		21.0	%
2	BBB		2,377,473		2,212,591		22.5	%		2,284,836		1,877,063		21.3	%		1,991,276		1,649,513		19.3	%		1,817,281		1,632,806		17.9	%		1,812,894		1,730,612		17.9	%
3	BB		413,840		322,158		3.3	%		386,137		260,276		2.9	%		268,276		195,088		2.3	%		253,665		231,706		2.5	%		267,856		253,695		2.6	%
4	B		134,827		94,647		1.0	%		88,213		53,946		0.6	%		77,830		50,064		0.6	%		58,868		43,503		0.5	%		51,320		46,722		0.5	%
5	CCC and lower		79,407		53,901		0.5	%		61,502		36,804		0.4	%		33,945		22,538		0.3	%		31,336		27,361		0.3	%		18,375		17,250		0.2	%
6	In or near default		6,018		6,099		0.1	%		7,061		6,347		0.1	%		9,553		6,871		0.1	%		2,636		2,637		0.0	%		3,074		3,794		0.0	%
	Total	$	10,345,860	$	9,842,793				$	9,873,449	$	8,831,920				$	9,382,848	$	8,531,804				$	9,643,324	$	9,121,953				$	9,594,910	$	9,667,961

Structured Fixed Maturity Securities

	June 30, 2009				March 31, 2009				December 31, 2008				September 30, 2008				June 30, 2008
			Estimated Fair		Amortized		Estimated Fair				Estimated Fair		Amortized		Estimated Fair				Estimated Fair
(USD thousands)	Amortized Cost		Value		Cost		Value		Amortized Cost		Value		Cost		Value		Amortized Cost		Value
Residential mortgage-backed securities:
Agency	$	736,056	$	760,316	$	796,869	$	829,447	$	851,507	$	868,479	$	859,530	$	857,249	$	872,914	$	871,337
Non-agency		466,832		397,988		447,844		377,842		379,616		280,706		443,461		405,466		428,089		401,199
Total residential mortgage-backed securities		1,202,888		1,158,304		1,244,713		1,207,289		1,231,123		1,149,185		1,302,991		1,262,715		1,301,003		1,272,536
Commercial mortgage-backed securities		1,086,649		812,312		1,087,722		721,992		1,085,062		760,590		1,029,457		905,431		889,792		842,140
Asset-backed securities		503,191		377,382		511,088		385,205		484,577		339,378		483,308		395,907		505,193		452,347
Total	$	2,792,728	$	2,347,998	$	2,843,523	$	2,314,486	$	2,800,762	$	2,249,153	$	2,815,756	$	2,564,053	$	2,695,988	$	2,567,023

Page 18

Reinsurance Group of America, Incorporated
Investments

Subprime Mortgage Exposure
(Includes Funds Withheld Portfolios)

	June 30, 2009
	AAA				AA				A
(USD thousands)			Estimated Fair				Estimated				Estimated
Underwriting Year	Amortized Cost		Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value
2003 & Prior	$	8,316	$	6,400	$	2,005	$	1,166	$	7,926	$	4,294
2004		8,458		6,001		16,719		10,161		21,305		10,808
2005		17,030		12,137		32,254		18,765		14,040		4,116
2006		—		—		—		—		4,989		1,801
2007		6,607		2,850		—		—		—		—
2008		—		—		—		—		—		—
2009		7,024		7,024		—		—		—		—
Total	$	47,435	$	34,412	$	50,978	$	30,092	$	48,260	$	21,019

	BBB				Below Investment Grade				Total
			Estimated Fair				Estimated				Estimated
Underwriting Year	Amortized Cost		Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value
2003 & Prior	$	—	$	—	$	1,172	$	188	$	19,419	$	12,048
2004		—		—		2,954		3,089		49,436		30,059
2005		15,737		8,218		27,251		3,985		106,312		47,221
2006		4,500		2,080		1,279		249		10,768		4,130
2007		887		306		6,895		4,131		14,389		7,287
2008		—		—		—		—		—		—
2009		—		—		—		—		7,024		7,024
Total	$	21,124	$	10,604	$	39,551	$	11,642	$	207,348	$	107,769

	December 31, 2008
	AAA				AA				A
(USD thousands)			Estimated Fair				Estimated				Estimated
Underwriting Year	Amortized Cost		Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value
2003 & Prior	$	11,007	$	9,116	$	6,509	$	4,320	$	1,813	$	1,227
2004		—		—		21,220		13,437		33,728		26,228
2005		37,134		27,793		36,424		26,471		6,514		2,582
2006		135		134		4,500		2,076		4,998		1,991
2007		—		—		888		283		—		—
2008		—		—		—		—		—		—
Total	$	48,276	$	37,043	$	69,541	$	46,587	$	47,053	$	32,028

	BBB				Below Investment Grade				Total
			Estimated Fair				Estimated				Estimated
Underwriting Year	Amortized Cost		Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value
2003 & Prior	$	413	$	77	$	807	$	106	$	20,549	$	14,846
2004		—		—		7,900		5,727		62,848		45,392
2005		11,908		6,529		17,905		5,739		109,885		69,114
2006		3,442		2,618		3,287		449		16,362		7,268
2007		—		—		19,588		10,880		20,476		11,163
2008		—		—		—		—		—		—
Total	$	15,763	$	9,224	$	49,487	$	22,901	$	230,120	$	147,783

Page 19

Reinsurance Group of America, Incorporated
Investments

CMBS Exposure
(Includes Funds Withheld Portfolios)

	June 30, 2009
	AAA				AA				A
(USD thousands)			Estimated Fair				Estimated				Estimated Fair
Underwriting Year	Amortized Cost		Value		Amortized Cost		Fair Value		Amortized Cost		Value
2003 & Prior	$	213,506	$	217,090	$	23,388	$	18,839	$	20,031	$	12,285
2004		46,946		42,224		2,357		1,218		11,557		4,668
2005		194,808		148,261		2,536		818		40,840		21,082
2006		291,833		235,305		24,155		12,230		20,563		12,931
2007		366,769		286,517		40,750		8,505		67,497		17,921
2008		35,410		32,891		33,605		21,797		9,628		2,139
2009		3,942		3,962		—		—		—		—
Total	$	1,153,214	$	966,250	$	126,791	$	63,407	$	170,116	$	71,026

	BBB				Below Investment Grade				Total
			Estimated Fair				Estimated				Estimated Fair
Underwriting Year	Amortized Cost		Value		Amortized Cost		Fair Value		Amortized Cost		Value
2003 & Prior	$	5,674	$	5,601	$	23,390	$	17,549	$	285,989	$	271,364
2004		—		—		—		—		60,860		48,110
2005		23,282		15,258		3,589		726		265,055		186,145
2006		18,958		9,850		17,532		10,070		373,041		280,386
2007		10,170		7,223		—		—		485,186		320,166
2008		—		—		5,159		838		83,802		57,665
2009		—		—		—		—		3,942		3,962
Total	$	58,084	$	37,932	$	49,670	$	29,183	$	1,557,875	$	1,167,798

NOTE: Totals include directly held investments with amortized cost of $1,086.7 million and fair value of $812.3 million as well as investments in funds withheld with amortized cost of $471.2 million and fair value of $355.5 million.

	December 31, 2008
	AAA				AA				A
(USD thousands)			Estimated Fair				Estimated				Estimated Fair
Underwriting Year	Amortized Cost		Value		Amortized Cost		Fair Value		Amortized Cost		Value
2003 & Prior	$	250,720	$	254,690	$	24,276	$	17,518	$	28,432	$	16,744
2004		50,245		46,737		2,147		999		10,603		3,835
2005		200,140		136,101		2,530		682		54,173		30,079
2006		306,478		234,575		16,219		6,074		45,346		31,379
2007		362,226		256,163		50,648		14,343		59,013		20,636
2008		30,017		28,501		23,387		10,698		18,342		11,186
Total	$	1,199,826	$	956,767	$	119,207	$	50,314	$	215,909	$	113,859

	BBB				Below Investment Grade				Total
			Estimated Fair				Estimated				Estimated Fair
Underwriting Year	Amortized Cost		Value		Amortized Cost		Fair Value		Amortized Cost		Value
2003 & Prior	$	18,144	$	11,938	$	—	$	—	$	321,572	$	300,890
2004		—		—		—		—		62,995		51,571
2005		3,679		776		—		—		260,522		167,638
2006		15,283		8,709		1,305		941		384,631		281,678
2007		—		—		—		—		471,887		291,142
2008		—		—		—		—		71,746		50,385
Total	$	37,106	$	21,423	$	1,305	$	941	$	1,573,353	$	1,143,304

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

Page 20

Reinsurance Group of America, Incorporated
Investments

Gross Unrealized Losses Aging

Fixed Maturity Securities

	June 30, 2009					March 31, 2009					December 31, 2008					September 30, 2008					June 30, 2008
	Gross Unrealized					Gross Unrealized					Gross Unrealized					Gross Unrealized					Gross Unrealized
(USD thousands)	Losses		% of Total			Losses		% of Total			Losses		% of Total			Losses		% of Total			Losses		% of Total
Less than 20%	$	304,595		28.6	%	$	320,296		20.6	%	$	322,159		22.7	%	$	466,855		48.5	%	$	315,350		64.7	%
20% or more for less than six months	$	152,606		14.4	%		406,885		26.2	%		766,789		54.1	%		323,511		33.7	%		97,591		20.1	%
20% or more for six months or greater	$	556,117		52.3	%		735,831		47.4	%		258,724		18.3	%		94,982		9.9	%		38,715		8.0	%
Total	$	1,013,318		95.3	%	$	1,463,012		94.2	%	$	1,347,672		95.1	%	$	885,348		92.1	%	$	451,656		92.8	%
Equity Securities
	June 30, 2009					March 31, 2009					December 31, 2008					September 30, 2008					June 30, 2008
	Gross Unrealized					Gross Unrealized					Gross Unrealized					Gross Unrealized					Gross Unrealized
(USD thousands)	Losses		% of Total			Losses		% of Total			Losses		% of Total			Losses		% of Total			Losses		% of Total
Less than 20%	$	5,452		0.5	%	$	1,070		0.1	%	$	2,231		0.2	%	$	5,293		0.6	%	$	10,562		2.2	%
20% or more for less than six months		3,951		0.4	%		10,675		0.7	%		29,958		2.1	%		57,710		6.0	%		21,904		4.5	%
20% or more for six months or greater		40,910		3.8	%		78,062		5.0	%		36,578		2.6	%		12,291		1.3	%		2,550		0.5	%
Total	$	50,313		4.7	%	$	89,807		5.8	%	$	68,767		4.9	%	$	75,294		7.9	%	$	35,016		7.2	%

Page 21

Reinsurance Group of America, Incorporated
Investments

Fixed Maturities and Equity Securities Below Amortized Cost

	As of June 30, 2009
	Less than 12 months				Equal to or greater than 12 months				Total
	Estimated Fair		Gross Unrealized		Estimated Fair		Gross Unrealized		Estimated Fair		Gross Unrealized
(USD thousands)	Value		Losses		Value		Losses		Value		Losses
Investment grade securities:
U.S. corporate securities	$	460,442	$	53,092	$	1,370,743	$	252,696	$	1,831,185	$	305,788
Canadian and Canadian provincial governments		323,489		11,729		118,952		9,922		442,441		21,651
Residential mortgage-backed securities		131,783		15,862		232,358		26,280		364,141		42,142
Foreign corporate securities		329,259		21,486		237,533		46,620		566,792		68,106
Asset-backed securities		51,225		13,426		204,070		95,932		255,295		109,358
Commercial mortgage-backed securities		164,047		49,928		498,516		230,034		662,563		279,962
U.S. government and agencies		—		—		—		—		—		—
State and political subdivisions		14,684		1,657		43,380		9,010		58,064		10,667
Other foreign government securities		257,500		13,750		3,685		454		261,185		14,204
Investment grade securities		1,732,429		180,930		2,709,237		670,948		4,441,666		851,878
Non-investment grade securities:
U.S. corporate securities		83,289		21,194		220,355		69,539		303,644		90,733
Asset-backed securities		3,666		5,928		9,297		16,957		12,963		22,885
Foreign corporate securities		8,089		3,583		18,451		5,842		26,540		9,425
Residential mortgage-backed securities		26,943		12,811		33,294		19,954		60,237		32,765
Commercial mortgage-backed securities		—		—		209		1,587		209		1,587
State and political subdivisions		—		—		4,000		4,045		4,000		4,045
Non-investment grade securities		121,987		43,516		285,606		117,924		407,593		161,440
Total fixed maturity securities	$	1,854,416	$	224,446	$	2,994,843	$	788,872	$	4,849,259	$	1,013,318
Non-redeemable preferred stock		25,146		5,847		89,751		40,979		114,897		46,826
Common stock		13,207		1,578		4,902		1,909		18,109		3,487
Equity securities	$	38,353	$	7,425	$	94,653	$	42,888	$	133,006	$	50,313
Total number of securities in an unrealized loss position		516				1,042				1,558

	As of December 31, 2008
	Less than 12 months				Equal to or greater than 12 months				Total
	Estimated Fair		Gross Unrealized		Estimated Fair		Gross Unrealized		Estimated Fair		Gross Unrealized
(USD thousands)	Value		Losses		Value		Losses		Value		Losses
Investment grade securities:
U.S. corporate securities	$	1,407,547	$	240,299	$	810,115	$	281,947	$	2,217,662	$	522,246
Canadian and Canadian provincial governments		114,754		2,751		89,956		4,420		204,710		7,171
Residential mortgage-backed securities		190,525		58,026		213,310		39,794		403,835		97,820
Foreign corporate securities		508,102		82,490		140,073		59,816		648,175		142,306
Asset-backed securities		118,608		40,139		173,505		99,147		292,113		139,286
Commercial mortgage-backed securities		523,475		200,567		188,638		126,163		712,113		326,730
U.S. government and agencies		—		—		—		—		—		—
State and political subdivisions		20,403		1,947		18,250		5,936		38,653		7,883
Other foreign government securities		16,419		33		4,125		117		20,544		150
Investment grade securities		2,899,833		626,252		1,637,972		617,340		4,537,805		1,243,592
Non-investment grade securities:
U.S. corporate securities		140,426		36,615		60,378		39,884		200,804		76,499
Asset-backed securities		3,465		2,060		11,156		5,951		14,621		8,011
Foreign corporate securities		24,637		7,227		2,032		3,387		26,669		10,614
Residential mortgage-backed securities		8,089		5,944		4,496		3,012		12,585		8,956
Non-investment grade securities		176,617		51,846		78,062		52,234		254,679		104,080
Total fixed maturity securities	$	3,076,450	$	678,098	$	1,716,034	$	669,574	$	4,792,484	$	1,347,672
Non-redeemable preferred stock		49,376		22,316		61,249		41,844		110,625		64,160
Common stock		11,804		4,607		—		—		11,804		4,607
Equity securities	$	61,180	$	26,923	$	61,249	$	41,844	$	122,429	$	68,767
Total number of securities in an unrealized loss position		1,039				677				1,716

Page 22

Reinsurance Group of America, Incorporated
Investments

Consolidated Investment Related Gains and Losses

	Three Months Ended															Current Qtr			Year-to-Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			vs. PY			June 30,			June 30,
(USD thousands)	2009			2009			2008			2008			2008			Quarter			2009			2008			Change
Fixed Maturity and Equity Securities:
Other-than-temporary impairment losses on fixed maturities	$	(36,942	)	$	(34,395	)	$	(15,226	)	$	(92,388	)	$	(548	)	$	(36,394	)	$	(71,337	)	$	(5,699	)	$	(65,638	)
Portion of loss recognized in other accumulated comprehensive income (before taxes)		16,135			—			—			—			—			16,135			16,135			—			16,135
Net other-than-temporary impairment losses on fixed maturities recognized in earnings		(20,807	)		(34,395	)		(15,226	)		(92,388	)		(548	)		(20,259	)		(55,202	)		(5,699	)		(49,503	)
Impairment losses on equity securities		—			(5,430	)		(337	)		(16,895	)		—			—			(5,430	)		—			(5,430	)
Gain on investment activity		25,281			12,230			10,204			6,169			5,928			19,353			37,511			16,009			21,502
Loss on investment activity		(18,828	)		(19,649	)		(5,759	)		(8,564	)		(4,378	)		(14,450	)		(38,477	)		(9,739	)		(28,738	)
Net gain/(loss) on fixed maturity and equity securities		(14,354	)		(47,244	)		(11,118	)		(111,678	)		1,002			(15,356	)		(61,598	)		571			(62,169	)
Other non-derivative gain/(loss), net		2,998			430			1,481			1,376			1,533			1,465			3,428			1,902			1,526
Free-standing Derivatives:
Credit Default Swaps		9,288			(1,911	)		(6,732	)		(2,526	)		1,413			7,875			7,377			(5,074	)		12,451
Interest Rate Swaps		(99,016	)		(38,864	)		152,098			7,681			(6,462	)		(92,554	)		(137,880	)		(945	)		(136,935	)
Futures		(48,059	)		22,311			10,870			6,120			2,294			(50,353	)		(25,748	)		2,109			(27,857	)
Other		592			270			—			—			—			592			862			—			862
Currency Forwards		1,165			(2,042	)		1,638			289			(764	)		1,929			(877	)		13			(890	)
Total free-standing derivatives		(136,030	)		(20,236	)		157,874			11,564			(3,519	)		(132,511	)		(156,266	)		(3,897	)		(152,369	)
Embedded Derivatives:
B36		64,337			(40,425	)		(161,021	)		(106,797	)		(11,452	)		75,789			23,912			(159,980	)		183,892
GMXB		161,237			35,213			(230,775	)		(35,772	)		5,357			155,880			196,450			(935	)		197,385
Total embedded derivatives		225,574			(5,212	)		(391,796	)		(142,569	)		(6,095	)		231,669			220,362			(160,915	)		381,277
Net gain/(loss) on total derivatives		89,544			(25,448	)		(233,922	)		(131,005	)		(9,614	)		99,158			64,096			(164,812	)		228,908
Total investment related losses, net	$	78,188		$	(72,262	)	$	(243,559	)	$	(241,307	)	$	(7,079	)	$	85,267		$	5,926		$	(162,339	)	$	168,265

Page 23