8-K

Exhibit 99.1

For further information, contact
Jack B. Lay
Senior Executive Vice President
and Chief Financial Officer
(636) 736-7000

FOR IMMEDIATE RELEASE

REINSURANCE GROUP OF AMERICA REPORTS THIRD-QUARTER RESULTS;
OPERATING EARNINGS PER SHARE UP 25 PERCENT

ST. LOUIS, October 23, 2008 — Reinsurance Group of America, Incorporated (NYSE:RGA.A and RGA.B), a leading global provider of life reinsurance, reported net income for the third quarter of $25.2 million, or $0.40 per diluted share, compared to $76.5 million, or $1.19 per diluted share, in the prior-year quarter. RGA uses a non-GAAP financial measure called operating income as a basis for analyzing financial results. The definition of operating income and reconciliations to GAAP net income are provided in the following tables. Operating income increased to $118.5 million, or $1.86 per diluted share, from $95.6 million, or $1.49 per diluted share in the year-ago quarter, a 25 percent increase on a per share basis, with Canada, Asia Pacific, and Europe and South Africa operations contributing to the strong performance. Third-quarter net premiums rose 6 percent, to $1,303.6 million, from $1,227.9 million a year ago. Net investment income totaled $220.2 million versus $190.5 million the year before.

Net income for the quarter included approximately $99.8 million in net investment losses, including impairments. This amount is pre-tax and before the impact of deferred acquisition costs (DAC). After tax and DAC, the losses totaled $75.4 million, or approximately 3 percent of shareholders’ equity. The losses were primarily associated with RGA’s investments in the financial services sector, including Lehman Brothers, American International Group (AIG), Washington Mutual, Fannie Mae, Freddie Mac and various mortgage-related structured securities. Additionally, net income included unrealized losses of $21.1 million, after taxes and DAC, due to the decline in the fair value of embedded derivatives associated with modified coinsurance and funds withheld treaties. This non-cash, unrealized loss is due to widening credit spreads on the investment portfolios underlying certain funds withheld annuity reinsurance treaties.

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On a year-to-date basis for 2008, net income totaled $167.4 million or $2.62 per diluted share, compared to $230.2 million, or $3.59 per diluted share, for 2007. Operating income totaled $299.2 million, or $4.68 per diluted share, compared to $262.3 million, or $4.08 per diluted share, in the prior-year period, a 15 percent increase on a per share basis. Consolidated net premiums were up 11 percent, to $3,960.2 million from $3,561.0 million.

A. Greig Woodring, president and chief executive officer, commented, “The extraordinary events and issues affecting the global financial markets caused investment value deterioration and resultant capital losses during the third quarter. We have taken an aggressive posture in recording impairments in value of securities. In addition, we have selectively reduced exposure to distressed names through securities sales. Although the environment remains extremely volatile, we believe our portfolio is well-positioned.”

RGA’s investment profile includes 97 percent of its fixed maturity securities held in the investment grade categories with an average credit rating of “A+”. The structured residential mortgage-backed securities (RMBS) and commercial mortgage-backed securities (CMBS) portfolios continue to be highly rated with 99 percent and 84 percent of the RMBS and CMBS rated “AAA”, respectively. Additionally, 8 percent of the CMBS portfolio is rated in the “AA” category. Gross pre-tax unrealized losses on securities increased to $960.6 million from $486.7 million at June 30, primarily due to spread widening. Net pre-tax unrealized losses totaled $596.3 million at September 30. On an after-tax basis, gross unrealized losses represent approximately 22 percent of total shareholders’ equity, excluding accumulated other comprehensive income.

RGA’s subprime mortgage exposure, including funds withheld portfolios, totals $239.6 million in book value, or less than 2 percent of total invested assets, with 75 percent rated “AA” or higher, including 28 percent in the “AAA” category. Approximately 9 percent of the subprime mortgage exposure, or $20.9 million, is rated below investment grade. These figures include the effect of $11.6 million, pre-tax, in write-downs during the quarter. RGA largely avoided investing in securities originated in the second half of 2005 and beyond, which RGA believes was a period of less rigorous underwriting. Exposure to “Alt-A” structured securities totaled $106.5 million, which includes $13.3 million in write-downs during the quarter. Approximately 83 percent of these securities are rated “AA” or better.

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RGA maintains a strong liquidity profile, positive cash flows from operations and access to additional liquidity through its $750 million syndicated credit facility in addition to a Federal Home Loan Bank borrowing program. RGA does not issue commercial paper and its participation in securities lending programs is immaterial, with less than $20.0 million outstanding at September 30. RGA’s next scheduled senior debt maturity is in 2011.

Woodring continued, “Despite the very challenging financial markets, we reported a strong operating quarter. Our operating segments outside the U.S. contributed approximately $82.5 million in pre-tax operating income compared to $84.2 million for our U.S. operations, as we continue to increase our geographic diversification. Our operating income is primarily driven by how well we underwrite mortality risk and is only modestly affected by the financial markets.

“The U.S. reported a pre-tax loss of $11.3 million for the quarter versus income of $66.2 million the year before. The current-quarter results include approximately $68.0 million, pre-tax and after DAC, in net realized investment losses, and $32.4 million, pre-tax and after DAC, associated with the change in embedded derivatives associated with funds withheld treaties. Pre-tax operating income totaled $84.2 million compared to $89.9 million the year before, a reflection of approximately $20.0 million in adverse mortality experience in the current quarter. That level of variance is not particularly unusual for that business in any quarter. Net premiums were up 7 percent to $742.2 million from $691.9 million in the prior-year quarter. On a year-to-date basis, net premiums have increased 7 percent, at the low end of our guidance range of 7 to 9 percent.

“Our Canada operations reported another strong quarter on very favorable mortality, with pre-tax net income of $29.7 million compared to $22.8 million a year ago. Pre-tax operating income totaled $32.0 million versus $20.3 million a year ago, representing a 58 percent increase. Net premiums increased 4 percent to $128.9 million from $123.7 million in the prior year. On a year-to-date basis, premiums were up 18 percent, ahead of our guidance range. The impact on the current-quarter results from currency exchange rate changes relative to the prior year was immaterial.

“Asia Pacific also reported a strong quarter with pre-tax net income of $21.2 million compared with $17.2 million in the year-ago quarter. Pre-tax operating income totaled $25.0 million compared with $17.6 million a year ago. We saw strong bottom-line results driven by favorable mortality in our emerging markets, particularly Japan, South Korea and Taiwan.

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Net premiums totaled $254.5 million compared to $240.5 million. The prior-year amount was strong due to the timing of client reporting, which is not unusual in our business. On a year-to-date basis, net premiums have increased 23 percent. Foreign currency fluctuations positively affected net premiums and pre-tax operating income by approximately $3.0 million and $1.1 million, respectively, during the quarter.

“Europe and South Africa results were strong. Pre-tax net income increased to $20.8 million from $11.7 million a year ago. Pre-tax operating income increased to $25.5 million versus $12.6 million last year, when we experienced high claim levels in the UK. Net premiums increased 3 percent to $176.2 million as we continue to confront a very competitive environment in the UK and a relatively weak British pound. The year-to-date increase in premiums totaled 9 percent. Foreign currency exchange fluctuations adversely affected reported net premiums and pre-tax operating income for the quarter by approximately $9.4 million and $2.0 million, respectively.”

Woodring observed, “We are pleased with the operating results for the quarter. While we are unable to avoid credit losses in the current environment, we believe our exposure and level of unrealized losses are manageable and will not significantly affect our strong financial position. Our investment portfolio remains appropriate to support our various businesses. As demonstrated by our current-quarter and full-year operating results, our operations remain strong and have consistently provided for increases in retained capital and positive cash flow. We continue to be in a position to hold our investment securities until recovery, provided we are comfortable with the credit. Our operations do not rely on short-term funding or commercial paper, and therefore, to date, we have experienced no liquidity pressure, nor do we anticipate such pressure in the foreseeable future.

“The current environment in the financial markets places a premium on capital adequacy, stability of operations, and effective operating and financial strategies. RGA’s business model is such that cash outflows are reasonably predictable and quite manageable from a liquidity perspective. And, despite reporting what we consider to be an extraordinary amount of realized capital losses for RGA, we still added to our base of retained earnings during the quarter. We feel our current capital base is adequate to support our business at current operating levels, and our credit ratings are currently stable. At the same time, we are seeing a number of new business opportunities, as primary companies look to potentially remove risk from their balance sheets

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through block reinsurance transactions or entire company sales. Some of these transactions could be sizable. To the extent we are successful in supporting transactions of this nature through reinsurance structures, we would likely need to add to our equity capital base. We would price any such block reinsurance opportunities for returns that would be accretive to shareholders. Despite the uncertain economic environment, we are well-positioned to generate strong operating results, and will continue to take advantage of opportunities presented by our market.

“On October 6, we announced that our board of directors has authorized and will recommend that the holders of Class A common stock and Class B common stock approve a proposal to convert Class B common stock into Class A common stock on a one-for-one basis, pursuant to the existing conversion terms contained in RGA’s articles of incorporation. A special shareholders’ meeting to consider the proposal is scheduled for November 25.”

The company also announced that its board of directors declared a regular quarterly dividend of $0.09, payable November 28 to shareholders of record for both classes of stock as of November 7.

A conference call to discuss the company’s third-quarter results will begin at 9 a.m. Eastern Time on Friday, October 24. Interested parties may access the call by dialing 877-874-1586 (domestic) or 719-325-4761 (international). The access code is 5022240. 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 beginning on Saturday, October 25, for 90 days following the conference call. A telephonic replay will also be available from October 25 through October 31 at 888-203-1112 (domestic) or 719-457-0820, access code 5022240.

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 $21.8 billion.

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

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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 changes in mortality, morbidity, lapsation or claims experience, (2) changes in our financial strength and credit ratings and the effect of such changes on our future results of operations and financial condition, (3) inadequate risk analysis and underwriting, (4) general economic conditions or a prolonged economic downturn affecting the demand for insurance and reinsurance in our current and planned markets, (5) the availability and cost of collateral necessary for regulatory reserves and capital, (6) 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, (7) market or economic conditions that adversely affect our ability to make timely sales of investment securities, (8) risks inherent in our risk management and investment strategy, including changes in investment portfolio yields due to interest rate or credit quality changes, (9) fluctuations in U.S. or foreign currency exchange rates, interest rates, or securities and real estate markets, (10) adverse litigation or arbitration results, (11) the adequacy of reserves, resources and accurate information relating to settlements, awards and terminated and discontinued lines of business, (12) the stability of and actions by governments and economies in the markets in which we operate, (13) competitive factors and competitors’ responses to our initiatives, (14) the success of our clients, (15) successful execution of our entry into new markets, (16) successful development and introduction of new products and distribution opportunities, (17) our ability to successfully integrate and operate reinsurance business that we acquire, (18) regulatory action that may be taken by state Departments of Insurance with respect to us or our subsidiaries, (19) our dependence on third parties, including

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those insurance companies and reinsurers to which we cede some reinsurance, third-party investment managers and others, (20) the threat of natural disasters, catastrophes, terrorist attacks, epidemics or pandemics anywhere in the world where we or our clients do business, (21) changes in laws, regulations, and accounting standards applicable to us, our subsidiaries, or our business, (22) 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 (23) 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 2007 Form 10-K and our Form 10-Q for the period ending June 30, 2008.

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Operating Income

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 below their GAAP income statements included in this press release.

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


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
(Unaudited)	2008			2007			2008			2007

GAAP net income-continuing operations	$	25,250		$	80,798		$	172,645		$	236,772
Reconciliation to operating income:
Capital losses and other, net included in investment related losses, net		64,967			6,412			66,798			16,732
Embedded Derivatives:
Included in investment related losses, net		92,670			34,434			197,265			37,221
Included in interest credited		(28,516	)		—			7,389			—
Included in policy acquisition costs and other insurance expenses		5,378			—			(927	)		—
DAC offset, net		(41,207	)		(26,052	)		(143,983	)		(28,431	)


Operating income	$	118,542		$	95,592		$	299,187		$	262,294

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


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
(Unaudited)	2008			2007			2008			2007

Income from continuing operations before income taxes	$	32,546		$	121,730		$	260,198		$	364,673
Reconciliation to pre-tax operating income:
Capital losses and other, net included in investment related losses, net		99,801			9,371			102,625			25,211
Embedded Derivatives:
Included in investment related losses, net		142,569			52,975			303,484			57,263
Included in interest credited		(43,871	)		—			11,367			—
Included in policy acquisition costs and other insurance expenses		8,274			—			(1,426	)		—
DAC offset, net		(63,394	)		(40,079	)		(221,512	)		(43,739	)


Pre-tax operating income	$	175,925		$	143,997		$	454,736		$	403,408

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


	Three Months Ended						Nine Months Ended
(Unaudited)	September 30,						September 30,
	2008			2007			2008			2007

Revenues:
Net premiums	$	1,303,590		$	1,227,907		$	3,960,210		$	3,561,003
Investment income, net of related expenses		220,248			190,458			674,642			681,103
Investment related losses, net		(241,307	)		(62,113	)		(403,646	)		(81,977	)
Other revenues		27,764			22,089			81,962			61,637

Total revenues		1,310,295			1,378,341			4,313,168			4,221,766

Benefits and expenses:
Claims and other policy benefits		1,062,948			1,006,864			3,311,287			2,890,012
Interest credited		9,293			30,475			146,190			205,193
Policy acquisition costs and other insurance expenses		124,836			139,081			330,370			500,078
Other operating expenses		63,886			57,284			189,223			169,325
Interest expense		9,935			9,860			54,609			53,545
Collateral finance facility expense		6,851			13,047			21,291			38,940

Total benefits and expenses		1,277,749			1,256,611			4,052,970			3,857,093


Income from continuing operations before income taxes		32,546			121,730			260,198			364,673

Provision for income taxes		7,296			40,932			87,553			127,901


Income from continuing operations		25,250			80,798			172,645			236,772

Discontinued operations:
Loss from discontinued accident and health operations, net of income taxes		(22	)		(4,277	)		(5,210	)		(6,524	)


Net income	$	25,228		$	76,521		$	167,435		$	230,248

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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
Condensed Consolidated Statements of Income
(In thousands, except per share data)


	Three Months Ended				Nine Months Ended
(Unaudited)	September 30,				September 30,
	2008		2007		2008		2007

Earnings per share from continuing operations:
Basic earnings per share	$	0.41	$	1.30	$	2.77	$	3.83
Diluted earnings per share	$	0.40	$	1.26	$	2.70	$	3.69

Diluted earnings per share from operating income	$	1.86	$	1.49	$	4.68	$	4.08

Earnings per share from net income:
Basic earnings per share	$	0.40	$	1.23	$	2.69	$	3.73
Diluted earnings per share	$	0.40	$	1.19	$	2.62	$	3.59

Weighted average number of common and common equivalent shares outstanding		63,607		64,212		63,940		64,218

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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
Condensed Consolidated Business Summary


	At or For the
	Nine Months Ended
(Unaudited)	September 30,
	2008			2007

Gross life reinsurance in force (in billions)
U.S.	$	1,265.6		$	1,212.8
Canada	$	231.4		$	211.3
Europe & South Africa	$	368.9		$	370.9
Asia Pacific	$	310.6		$	319.7

Gross life reinsurance written (in billions)
U.S.	$	100.7		$	120.9
Canada	$	39.1		$	33.7
Europe & South Africa	$	59.3		$	42.2
Asia Pacific	$	22.7		$	27.7

Balance sheet information (in millions, except share and per share figures)

Consolidated cash and invested assets	$	16,637.2		$	16,312.1
Invested asset book yield — trailing three months excluding funds withheld		6.01	%		6.00	%

Investment portfolio mix
Cash and short-term investments		2.68	%		3.71	%
Fixed maturity securities		54.83	%		54.76	%
Mortgage loans		4.70	%		5.07	%
Policy loans		6.30	%		6.24	%
Funds withheld at interest		28.89	%		28.53	%
Other invested assets		2.60	%		1.69	%

Collateral finance facilities	$	850.1		$	850.3
Short-term debt	$	95.0		$	30.7
Long-term debt	$	923.0		$	896.0
Company-obligated mandatorily redeemable preferred securities of subsidiary	$	159.0		$	158.8

Total stockholders’ equity	$	2,606.9		$	3,040.0
Less: Accumulated other comprehensive income “AOCI”*		(222.3	)		444.4

Total stockholders’ equity, before impact of AOCI*	$	2,829.2		$	2,595.6

Treasury shares		802,922			1,129,184
Common shares outstanding		62,325,351			61,999,089
Book value per share outstanding	$	41.83		$	49.03
Book value per share outstanding, before impact of AOCI*	$	45.39		$	41.86


*		Book value per share outstanding and total stockholders’ equity, before impact of AOCI, are non-GAAP financial measures that management believes are 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.

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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
Selected Invested Asset Data
(Dollars in thousands)

The company had total cash and invested assets of $16.6 billion and $16.8 billion at September 30, 2008 and December 31, 2007, respectively, as illustrated below:

(Unaudited)


	September 30,		December 31,


Fixed maturity securities, available-for-sale	$	9,121,953	$	9,397,916
Mortgage loans on real estate		782,282		831,557
Policy loans		1,048,517		1,059,439
Funds withheld at interest		4,806,642		4,749,496
Short-term investments		32,520		75,062
Other invested assets		432,982		284,220
Cash and cash equivalents		412,255		404,351

Total cash and invested assets	$	16,637,151	$	16,802,041

The tables below show the major industry types and weighted average credit ratings, which comprise the U.S. and foreign corporate fixed maturity holdings at September 30, 2008 and December 31, 2007:

(Unaudited)


								Average
			Estimated					Credit
September 30, 2008	Amortized Cost		Fair Value		% of Total			Ratings

Finance	$	1,433,689	$	1,176,929		28.1	%		A-
Industrial		1,161,833		1,043,016		24.9	%	BBB
Foreign (1)		1,185,038		1,088,255		26.0	%		A
Utility		531,564		487,337		11.6	%	BBB
Other		437,988		394,038		9.4	%	BBB+

Total	$	4,750,112	$	4,189,575		100.0	%		A-


								Average
			Estimated					Credit
December 31, 2007	Amortized Cost		Fair Value		% of Total			Ratings

Finance	$	1,394,562	$	1,343,539		30.8	%		A
Industrial		1,069,727		1,060,236		24.3	%	BBB+
Foreign (1)		1,040,817		1,050,005		24.1	%		A
Utility		504,678		503,969		11.5	%	BBB
Other		413,977		405,871		9.3	%	BBB+

Total	$	4,423,761	$	4,363,620		100.0	%		A-


(1)		Includes U.S. dollar-denominated debt obligations of foreign obligors and other foreign investments.

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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
Selected Invested Asset Data
(Dollars in thousands)

The quality of the company’s available-for-sale fixed maturity securities portfolio, as measured at fair value and by the percentage of fixed maturity securities invested in various ratings categories, relative to the entire available-for-sale fixed maturity security portfolio, at September 30, 2008 and December 31, 2007 was as follows:

(Unaudited)

September 30, 2008


NAIC	Rating Agency	Amortized		Estimated		% of
Designation	Designation	Cost		Fair Value		Total
1	AAA/AA/A	$	7,479,538	$	7,183,940		78.8	%
2	BBB		1,817,281		1,632,806		17.9	%
3	BB		253,665		231,706		2.5	%
4	B		58,868		43,503		0.5	%
5	CCC and lower		31,336		27,361		0.3	%
6	In or near default		2,636		2,637		—	%

	Total	$	9,643,324	$	9,121,953		100.0	%

December 31, 2007


NAIC	Rating Agency	Amortized		Estimated		% of
Designation	Designation	Cost		Fair Value		Total
1	AAA/AA/A	$	7,022,497	$	7,521,177		80.0	%
2	BBB		1,628,431		1,617,983		17.2	%
3	BB		201,868		198,487		2.1	%
4	B		47,013		43,680		0.5	%
5	CCC and lower		16,800		16,502		0.2	%
6	In or near default		83		87		—	%

	Total	$	8,916,692	$	9,397,916		100.0	%

The following table presents the total gross unrealized losses for fixed maturity securities and equity securities as of September 30, 2008 and December 31, 2007 where the estimated fair value had declined and remained below amortized cost by the indicated amount:


	September 30, 2008					December 31, 2007
	Gross					Gross
	Unrealized		% of			Unrealized		% of
(Unaudited)	Losses		Total			Losses		Total

Less than 20%	$	472,148		49.1	%	$	159,563		80.5	%
20% or more for less than six months		381,221		39.7	%		35,671		18.0	%
20% or more for six months or greater		107,273		11.2	%		2,981		1.5	%

Total	$	960,642		100.0	%	$	198,215		100.0	%

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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
U.S. Operations
(Dollars in thousands)
(Unaudited)


	Three Months Ended September 30, 2008
				Asset-			Financial			Total
	Traditional			Intensive			Reinsurance			U.S.
Revenues:
Net premiums	$	740,502		$	1,719		$	—		$	742,221
Investment income, net of related expenses		99,991			43,727			192			143,910
Investment related losses, net		(62,065	)		(132,280	)		(136	)		(194,481	)
Other revenues		(42	)		15,051			3,644			18,653

Total revenues		778,386			(71,783	)		3,700			710,303

Benefits and expenses:
Claims and other policy benefits		632,258			2,040			—			634,298
Interest credited		15,221			(6,005	)		—			9,216
Policy acquisition costs and other insurance expenses		107,199			(45,043	)		252			62,408
Other operating expenses		12,756			2,167			747			15,670

Total benefits and expenses		767,434			(46,841	)		999			721,592

Income (loss) before income taxes	$	10,952		$	(24,942	)	$	2,701		$	(11,289	)

Reconciliation to pre-tax operating income:
Capital losses (gains) and other, net included in investment related losses, net	$	62,065		$	(10,289	)	$	136		$	51,912
Embedded Derivatives:
Included in investment related losses, net		—			142,569			—			142,569
Included in interest credited		—			(43,871	)		—			(43,871	)
Included in policy acquisition costs and other insurance expenses		—			8,274			—			8,274
DAC offset, net		—			(63,394	)		—			(63,394	)

Pre-tax operating income	$	73,017		$	8,347		$	2,837		$	84,201

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Add Fifteen

REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
U.S. Operations
(Dollars in thousands)
(Unaudited)


	Three Months Ended September 30, 2007
				Asset-			Financial			Total
	Traditional			Intensive			Reinsurance			U.S.
Revenues:
Net premiums	$	690,388		$	1,555		$	—		$	691,943
Investment income, net of related expenses		89,221			28,870			(9	)		118,082
Investment related losses, net		(5,457	)		(58,384	)		(2	)		(63,843	)
Other revenues		242			11,095			7,205			18,542

Total revenues		774,394			(16,864	)		7,194			764,724

Benefits and expenses:
Claims and other policy benefits		572,871			2,280			—			575,151
Interest credited		14,845			15,457			—			30,302
Policy acquisition costs and other insurance expenses		99,759			(22,880	)		1,831			78,710
Other operating expenses		11,631			1,757			1,021			14,409

Total benefits and expenses		699,106			(3,386	)		2,852			698,572

Income (loss) before income taxes	$	75,288		$	(13,478	)	$	4,342		$	66,152

Reconciliation to pre-tax operating income:
Capital losses and other, net included in investment related losses, net	$	5,457		$	5,409		$	2		$	10,868
Embedded Derivatives:
Included in investment related losses, net		—			52,975			—			52,975
DAC offset, net		—			(40,079	)		—			(40,079	)

Pre-tax operating income	$	80,745		$	4,827		$	4,344		$	89,916

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Add Sixteen

REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
U.S. Operations
(Dollars in thousands)
(Unaudited)


	Nine Months Ended September 30, 2008
				Asset-			Financial			Total
	Traditional			Intensive			Reinsurance			U.S.
Revenues:
Net premiums	$	2,218,726		$	4,974		$	—		$	2,223,700
Investment income, net of related expenses		294,884			149,678			588			445,150
Investment related losses, net		(65,210	)		(290,878	)		(139	)		(356,227	)
Other revenues		570			40,757			10,702			52,029

Total revenues		2,448,970			(95,469	)		11,151			2,364,652

Benefits and expenses:
Claims and other policy benefits		1,908,418			3,090			—			1,911,508
Interest credited		44,935			100,958			—			145,893
Policy acquisition costs and other insurance expenses		296,480			(149,707	)		700			147,473
Other operating expenses		38,115			6,341			2,160			46,616

Total benefits and expenses		2,287,948			(39,318	)		2,860			2,251,490

Income (loss) before income taxes	$	161,022		$	(56,151	)	$	8,291		$	113,162

Reconciliation to pre-tax operating income:
Capital losses (gains) and other, net included in investment related losses, net	$	65,210		$	(12,606	)	$	139		$	52,743
Embedded Derivatives:
Included in investment related losses, net		—			303,484			—			303,484
Included in interest credited		—			11,367			—			11,367
Included in policy acquisition costs and other insurance expenses		—			(1,426	)		—			(1,426	)
DAC offset, net		—			(221,512	)		—			(221,512	)

Pre-tax operating income	$	226,232		$	23,156		$	8,430		$	257,818

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Add Seventeen

REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
U.S. Operations
(Dollars in thousands)
(Unaudited)


	Nine Months Ended September 30, 2007
				Asset-			Financial			Total
	Traditional			Intensive			Reinsurance			U.S.
Revenues:
Net premiums	$	2,078,560		$	4,779		$	—		$	2,083,339
Investment income, net of related expenses		261,300			214,141			110			475,551
Investment related losses, net		(10,292	)		(64,599	)		(9	)		(74,900	)
Other revenues		648			28,209			18,940			47,797

Total revenues		2,330,216			182,530			19,041			2,531,787

Benefits and expenses:
Claims and other policy benefits		1,710,076			6,250			1			1,716,327
Interest credited		43,694			159,939			—			203,633
Policy acquisition costs and other insurance expenses		300,946			16,163			6,026			323,135
Other operating expenses		35,103			5,083			2,962			43,148

Total benefits and expenses		2,089,819			187,435			8,989			2,286,243

Income (loss) before income taxes	$	240,397		$	(4,905	)	$	10,052		$	245,544

Reconciliation to pre-tax operating income:
Capital losses and other, net included in investment related losses, net	$	10,292		$	7,336		$	9		$	17,637
Embedded Derivatives:
Included in investment related losses, net		—			57,263			—			57,263
DAC offset, net		—			(43,739	)		—			(43,739	)

Pre-tax operating income	$	250,689		$	15,955		$	10,061		$	276,705

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Add Eighteen

REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
Canada Operations
(Dollars in thousands)


	Three Months Ended
(Unaudited)	September 30,

	2008			2007
Revenues:
Net premiums	$	128,930		$	123,676
Investment income, net of related expenses		35,836			31,057
Investment related gains (losses), net		(1,183	)		2,713
Other revenues		4,289			1

Total revenues		167,872			157,447


Benefits and expenses:
Claims and other policy benefits		104,339			106,416
Interest credited		77			170
Policy acquisition costs and other insurance expenses		27,591			23,118
Other operating expenses		6,132			4,945

Total benefits and expenses		138,139			134,649


Income before income taxes	$	29,733		$	22,798

Reconciliation to pre-tax operating income:
Capital losses (gains) and other, net included in investment related gains (losses), net	$	2,246		$	(2,480	)

Pre-tax operating income	$	31,979		$	20,318


	Nine Months Ended
(Unaudited)	September 30,

	2008			2007
Revenues:
Net premiums	$	407,452		$	345,748
Investment income, net of related expenses		107,561			89,852
Investment related gains (losses), net		(1,264	)		7,145
Other revenues		17,506			180

Total revenues		531,255			442,925


Benefits and expenses:
Claims and other policy benefits		353,756			303,231
Interest credited		297			541
Policy acquisition costs and other insurance expenses		79,543			62,937
Other operating expenses		17,477			14,182

Total benefits and expenses		451,073			380,891


Income before income taxes	$	80,182		$	62,034

Reconciliation to pre-tax operating income:
Capital losses (gains) and other, net included in investment related gains (losses), net	$	3,727		$	(6,648	)

Pre-tax operating income	$	83,909		$	55,386

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Add Nineteen

REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
Europe & South Africa
(Dollars in thousands)


	Three Months Ended
(Unaudited)	September 30,

	2008			2007
Revenues:
Net premiums	$	176,184		$	170,774
Investment income, net of related expenses		9,065			5,569
Investment related losses, net		(4,703	)		(863	)
Other revenues		33			(43	)

Total revenues		180,579			175,437

Benefits and expenses:
Claims and other policy benefits		122,521			127,281
Interest credited		—			3
Policy acquisition costs and other insurance expenses		21,559			22,592
Other operating expenses		15,708			13,872

Total benefits and expenses		159,788			163,748

Income before income taxes	$	20,791		$	11,689

Reconciliation to pre-tax operating income:
Capital losses and other, net included in investment related losses, net	$	4,703		$	863

Pre-tax operating income	$	25,494		$	12,552


	Nine Months Ended
(Unaudited)	September 30,

	2008			2007
Revenues:
Net premiums	$	550,870		$	503,366
Investment income, net of related expenses		25,394			18,446
Investment related losses, net		(4,089	)		(1,717	)
Other revenues		161			61

Total revenues		572,336			520,156

Benefits and expenses:
Claims and other policy benefits		425,516			370,263
Interest credited		—			1,019
Policy acquisition costs and other insurance expenses		54,815			65,781
Other operating expenses		48,130			38,434

Total benefits and expenses		528,461			475,497

Income before income taxes	$	43,875		$	44,659

Reconciliation to pre-tax operating income:
Capital losses and other, net included in investment related losses, net	$	4,089		$	1,717

Pre-tax operating income	$	47,964		$	46,376

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Add Twenty

REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
Asia Pacific
(Dollars in thousands)


	Three Months Ended
(Unaudited)	September 30,

	2008			2007
Revenues:
Net premiums	$	254,497		$	240,476
Investment income, net of related expenses		12,272			9,134
Investment related losses, net		(3,821	)		(367	)
Other revenues		2,811			2,105

Total revenues		265,759			251,348

Benefits and expenses:
Claims and other policy benefits		201,707			197,827
Policy acquisition costs and other insurance expenses		25,053			22,833
Other operating expenses		17,774			13,448

Total benefits and expenses		244,534			234,108

Income before income taxes	$	21,225		$	17,240

Reconciliation to pre-tax operating income:
Capital losses and other, net included in investment related losses, net	$	3,821		$	367

Pre-tax operating income	$	25,046		$	17,607


	Nine Months Ended
(Unaudited)	September 30,

	2008			2007
Revenues:
Net premiums	$	773,148		$	626,285
Investment income, net of related expenses		36,083			26,407
Investment related losses, net		(4,817	)		(937	)
Other revenues		7,214			6,515

Total revenues		811,628			658,270

Benefits and expenses:
Claims and other policy benefits		620,387			499,974
Policy acquisition costs and other insurance expenses		81,520			75,620
Other operating expenses		48,677			39,495

Total benefits and expenses		750,584			615,089

Income before income taxes	$	61,044		$	43,181

Reconciliation to pre-tax operating income:
Capital losses and other, net included in investment related losses, net	$	4,817		$	937

Pre-tax operating income	$	65,861		$	44,118

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Add Twenty One

REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
Corporate and Other
(Dollars in thousands)


	Three Months Ended
(Unaudited)	September 30,

	2008			2007
Revenues:
Net premiums	$	1,758		$	1,038
Investment income, net of related expenses		19,165			26,616
Investment related gains (losses), net		(37,119	)		247
Other revenues		1,978			1,484

Total revenues		(14,218	)		29,385

Benefits and expenses:
Claims and other policy benefits		83			189
Policy acquisition costs and other insurance expenses		(11,775	)		(8,172	)
Other operating expenses		8,602			10,610
Interest expense		9,935			9,860
Collateral finance facility expense		6,851			13,047

Total benefits and expenses		13,696			25,534

Income (loss) before income taxes	$	(27,914	)	$	3,851

Reconciliation to pre-tax operating income:
Capital losses (gains) and other, net included in investment related gains (losses), net	$	37,119		$	(247	)

Pre-tax operating income	$	9,205		$	3,604


	Nine Months Ended
(Unaudited)	September 30,

	2008			2007
Revenues:
Net premiums	$	5,040		$	2,265
Investment income, net of related expenses		60,454			70,847
Investment related losses, net		(37,249	)		(11,568	)
Other revenues		5,052			7,084

Total revenues		33,297			68,628

Benefits and expenses:
Claims and other policy benefits		120			217
Policy acquisition costs and other insurance expenses		(32,981	)		(27,395	)
Other operating expenses		28,323			34,066
Interest expense		54,609			53,545
Collateral finance facility expense		21,291			38,940

Total benefits and expenses		71,362			99,373

Loss before income taxes	$	(38,065	)	$	(30,745	)

Reconciliation to pre-tax operating income:
Capital losses and other, net included in investment related losses, net	$	37,249		$	11,568

Pre-tax operating loss	$	(816	)	$	(19,177	)

# # #


	REINSURANCE GROUP OF AMERICA, INCORPORATED
Date: October 23, 2008	By:	/s/ Jack B. Lay
		Jack B. Lay
		Senior Executive Vice President and Chief Financial Officer


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


Exhibit No.		Exhibit

99.1		Press Release of Reinsurance Group of America, Incorporated dated October 23, 2008