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): January 23, 2009

REINSURANCE GROUP OF AMERICA, INCORPORATED

(Exact Name of Registrant as Specified in its Charter)

Missouri	1-11848	43-1627032
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(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 January 26, 2009, Reinsurance Group of America, Incorporated (the “Company”) issued (1) a press release announcing its earnings for the three-month period ended December 31, 2008, 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 December 31, 2008, a copy of which is attached hereto as Exhibit 99.2. The press release also notes that a conference call will be held on January 27, 2009 to discuss the financial and operating results for the three-month period ended December 31, 2008. The press release and Quarterly Financial Supplement are furnished and 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; Compensatory Arrangements of Certain Officers.

On January 26, 2009, the Company issued a press release announcing that on January 23, 2009, the Board of Directors elected Arnoud W.A. Boot, Professor of Corporate Finance and Financial Markets at the University of Amsterdam, and John F. Danahy, Retired Chairman and Chief Operating Officer of May Merchandising Company and May Department Stores International, as directors to fill two vacancies created on September 12, 2008 by the resignations of three former directors affiliated with MetLife, Inc., the Company’s former majority shareholder. Committee assignments for Messrs. Boot and Danahy will be determined at a later date. 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 Messrs. Boot and Danahy had, or will have, a direct or indirect material interest.

Item 9.01 Financial Statements and Exhibits

     (d) Exhibits

Exhibit No.	Exhibit
99.1	Press Release of Reinsurance Group of America, Incorporated dated January 26, 2009
99.2	Quarterly Financial Supplement for the quarter ended December 31, 2008

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: January 26, 2009		By:	/s/ Jack B. Lay
			Jack B. Lay
			Senior Executive Vice President and Chief Financial Officer

Exhibit Index

Exhibit No.	Exhibit
99.1	Press Release of Reinsurance Group of America, Incorporated dated January 26, 2009.
99.2	Quarterly Financial Supplement for the quarter ended December 31, 2008

EX-99.1

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 FOURTH-QUARTER RESULTS;
PROVIDES GUIDANCE FOR FULL-YEAR 2009

     ST. LOUIS, January 26, 2009 – Reinsurance Group of America, Incorporated (NYSE:RGA), a leading global provider of life reinsurance, reported net income for the fourth quarter of $9.4 million, or $0.14 per diluted share, compared to $63.6 million, or $0.99 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. 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. Operating income increased to $100.0 million, or $1.45 per diluted share, from $91.2 million, or $1.42 per diluted share in the year-ago quarter, attributable to improved Canadian and international operations. The quarter’s earnings per share included dilution of $0.14 from the company’s 10,235,000-share common stock offering in early November. Weaker foreign currencies also negatively affected the 2008 results by approximately $0.16 per share. Fourth-quarter net premiums rose 3 percent, to $1,389.1 million, from $1,348.0 million a year ago. Excluding the impact of foreign currency translation, premiums increased approximately 11 percent for the quarter. Net investment income totaled $196.6 million versus $226.8 million the year before.

     Net income for the 2008 quarter included approximately $16.1 million, pre-tax, in investment impairments. Additionally, net income included unrealized losses of $74.5 million, after taxes and adjustments to deferred acquisition costs (DAC), due to the decline in the fair value of embedded derivatives associated with treaties structured on a modified coinsurance and

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funds withheld basis. This non-cash, unrealized loss is due to widening credit spreads on the investment portfolios underlying certain funds withheld annuity reinsurance treaties.

     For the full year, net income totaled $176.8 million or $2.71 per diluted share, compared to $293.8 million, or $4.57 per diluted share, for 2007. Operating income increased to $399.2 million, or $6.12 per diluted share, compared to $353.5 million, or $5.50 per diluted share, in the prior-year period, an 11-percent increase on a per-share basis and within the guidance range established by the company in January 2008. Consolidated net premiums were up 9 percent, to $5,349.3 million from $4,909.0 million.

     A. Greig Woodring, president and chief executive officer, commented, “Overall, we are pleased with the quarter and full-year results given the turmoil in worldwide financial markets, the relative dilution in earnings per share until we can deploy proceeds from our recent stock offering, and the impact of the relative depreciation in several major foreign currencies, notably the Canadian dollar, Australian dollar and British pound sterling. Although the financial markets’ turmoil continues to put pressure on investment values, our write-downs for the quarter were relatively modest at $16.1 million. Gross unrealized losses on investment securities increased to $1,416.4 million from $960.6 million at September 30, primarily due to credit spread widening. Although the environment is volatile, we believe our portfolio remains appropriately positioned. We have posted to our Web site a Quarterly Financial Supplement that includes information on our investments, including exposures to subprime, Alt-A, and other structured securities. Our investment profile is largely unchanged, with 97 percent of our fixed maturity securities held in the investment grade categories. Additionally, we have further enhanced our already strong liquidity position, which is prudent in the current environment.”

     Woodring continued, “Our operating results were mixed, somewhat weak in the U.S., but much stronger in Canada and internationally. The U.S. reported a pre-tax loss of $47.1 million for the quarter versus pre-tax income of $82.4 million the year before. The current-quarter results include approximately $114.5 million, pre-tax and after DAC, in unrealized losses associated with embedded derivatives for treaties structured under a modified coinsurance and funds withheld basis. Pre-tax operating income totaled $77.5 million compared to $110.7 million the year before, a reflection of approximately $24.0 million in adverse mortality experience and weak results in our asset intensive business. The level of mortality variance, driven primarily by an increase in large claims, also had a negative effect on the U.S. segment for

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the entire year as well as the fourth quarter. We experienced a favorable mortality variance in last year’s fourth quarter. The negative mortality variance for the year comes after two very stable years. We have not identified any systemic issue and attribute this variance to the statistical volatility that can present itself in any reporting period. Net premiums were up 11 percent to $875.9 million from $791.4 million in the prior-year quarter. For the year, net premiums increased 8 percent, the midpoint of our guidance range of 7 to 9 percent.

     “The U.S. Asset Intensive business reported a pre-tax loss of $120.6 million compared to a pre-tax loss of $17.4 million last year. The impact of wider credit spreads on the fair value of the B36 embedded derivatives associated with treaties structured on a modified coinsurance and funds withheld basis continues to drive the negative impact. Over time, we expect these losses to reverse. As expected in the current environment, net income was also adversely affected by losses associated with variable annuity business. To date, those losses have been largely offset by DAC adjustments. On an operating basis, this business reported a pre-tax loss of $2.8 million compared to pre-tax income of $7.4 million a year ago. The current-period loss was primarily driven by realized investment losses of $13.8 million, pre-tax and before DAC, in the funds withheld portfolios. Due to the structure of those treaties, the realized losses are included in operating income.

     “Our Canada operations reported another strong quarter on favorable mortality experience, with pre-tax net income of $22.1 million compared to $19.5 million a year ago. Pre-tax operating income totaled $23.3 million versus $19.5 million a year ago, representing a 19-percent increase. Foreign currency fluctuations negatively affected pre-tax operating income by approximately $6.2 million in the current quarter. Net premiums decreased 10 percent on a U.S. dollar basis to $126.8 million from $141.4 million in the prior year. On a Canadian dollar basis, premiums increased approximately 11 percent for the quarter. For the year, premiums were up 10 percent on a U.S. dollar basis, in line with our guidance.

     “Asia Pacific reported a strong quarter with pre-tax net income of $24.5 million compared with $16.9 million in the year-ago quarter. Pre-tax operating income totaled $22.3 million compared with $17.5 million a year ago attributable to favorable mortality in several of our key markets. Foreign currency fluctuations negatively affected pre-tax operating income in the quarter by approximately $2.0 million. Net premiums totaled $227.7 million compared to $238.3 million. The current-period figure was negatively affected by approximately

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$39.0 million due to foreign currency fluctuations. For the year, net premiums exceeded $1.0 billion, a noteworthy accomplishment.

     “Europe and South Africa results were strong. Pre-tax net income increased to $21.8 million from $2.8 million a year ago when we experienced high claim levels in the U.K. Pre-tax operating income climbed to $26.4 million versus $3.3 million last year, with solid mortality results across all locations. The British pound sterling and the South African rand weakened considerably during the quarter and adversely affected pre-tax operating income by approximately $7.8 million. Net premiums declined to $156.9 million from $175.2 million due to weaker foreign currencies that had a negative effect of approximately $43.2 million. Premiums for the year were up 4 percent on a U.S. dollar basis and approximately 11 percent on an original currency basis.”

     Woodring observed, “Although the earnings dilution from the stock offering and the unrealized foreign currency fluctuations made comparisons difficult with the year-earlier fourth quarter, our operations overall remain robust and have consistently provided 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.

     “Despite the volatile conditions, we believe we are well-positioned and our common equity offering in the fourth quarter further enhances our strength and flexibility. We continue to evaluate a significant number of new business opportunities, but have not yet deployed a meaningful amount of that new capital. We expect the activity on these opportunities to increase during the first half of 2009 and will deploy our capital in a disciplined fashion, taking advantage of opportunities that meet our return requirements.

     “Excluding the impact of dilution from our common equity offering, operating income per share for the year increased 14 percent. We remain optimistic about our business and market opportunities over the next several years; however, we will be challenged on a number of fronts in 2009. In particular, the volatile financial markets, the potential for weaker foreign currencies in several key markets, and the uncertainty associated with the rate of deployment of the proceeds from our recent equity offering make it more difficult to project 2009 earnings. With that in mind, we project 2009 operating income per share to be within a range of $5.75 to $6.25 per

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diluted share. This guidance reflects a negative impact from foreign currency of approximately $0.35 per share and approximately $0.50 per share in dilution from our recent common stock offering. Our guidance also assumes an expected level of death claims, which are prone to normal short-term statistical fluctuations that can significantly affect our results on a quarterly and annual basis.

     “On a U.S. dollar basis, we expect consolidated net premiums to increase by approximately 10 percent. As with operating earnings, we expect reported premiums for non-U.S. operations will be negatively affected by weaker foreign currencies. At the segment level, we expect a 6 to 8 percent increase in the U.S., and 11 to 13 percent in Canada on a Canadian dollar basis. For Asia Pacific, we expect a 10 to 15 percent increase on an original currency basis and for Europe and South Africa, we expect a 15 to 20 percent increase on an original currency basis. We continue to expect significant growth opportunities in select Asian markets, and will continue our inroads into European markets.”

     The company announced that its board of directors declared a regular quarterly dividend of $0.09, payable February 26 to shareholders of record as of February 5.

     The company also announced that its board of directors elected Arnoud W.A. Boot, professor of corporate finance and financial markets at the University of Amsterdam, and John F. Danahy, retired chairman and chief operating officer of May Merchandising Company and May Department Stores International, as directors to fill two vacancies created on September 12, 2008 by the resignations of three former directors affiliated with MetLife, Inc., RGA’s former majority shareholder.

     A conference call to discuss the company’s fourth-quarter results will begin at 9 a.m. Eastern Time on Tuesday, January 27. Interested parties may access the call by dialing 877-852-6543 (domestic) or 719-325-4760 (international). The access code is 3486951. 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 February 3 at 888-203-1112 (domestic) or 719-457-0820, access code 3486951.

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     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 $2.1 trillion of life reinsurance in force, and assets of $21.7 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 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, (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

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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 2007 Form 10-K and our Form 10-Q for the period ending September 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.

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

	Three Months Ended						Twelve Months Ended
	December 31,						December 31,
(Unaudited)	2008			2007			2008			2007
GAAP net income-continuing operations	$	15,170		$	71,501		$	187,815		$	308,273
Reconciliation to operating income:
Capital (gains)losses, derivatives and other, net included in investment related losses, net		(95,289	)		3,276			(28,491	)		18,952
Embedded Derivatives:
Included in investment related losses, net		254,667			59,788			451,932			98,065
Included in interest credited		31,782			—			39,171			—
Included in policy acquisition costs and other insurance expenses		(3,703	)		—			(4,630	)		—
DAC offset, net		(102,661	)		(43,348	)		(246,644	)		(71,779	)
Operating income	$	99,966		$	91,217		$	399,153		$	353,511

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

	Three Months Ended						Twelve Months Ended
	December 31,						December 31,
(Unaudited)	2008			2007			2008			2007
Income from continuing operations before income taxes	$	20,194		$	110,245		$	280,392		$	474,918
Reconciliation to pre-tax operating income:
Capital (gains)losses, derivatives and other, net included in investment related losses, net		(146,818	)		5,067			(44,193	)		28,654
Embedded Derivatives:
Included in investment related losses, net		391,796			91,982			695,280			150,869
Included in interest credited		48,896			—			60,263			—
Included in policy acquisition costs and other insurance expenses		(5,697	)		—			(7,123	)		—
DAC offset, net		(157,941	)		(66,689	)		(379,453	)		(110,428	)
Pre-tax operating income	$	150,430		$	140,605		$	605,166		$	544,013

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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 December 31, 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	$	69,971		$	6,694		$	—		$	76,665
Asset Intensive		(120,595	)		(13,916	)(1)		131,694	(2)		(2,817	)
Financial Reinsurance		3,550			110			—			3,660
Total U.S.		(47,074	)		(7,112	)		131,694			77,508
Canada Operations		22,084			1,244			—			23,328
Europe & South Africa		21,811			4,598			—			26,409
Asia Pacific Operations		24,465			(2,156	)		—			22,309
Corporate and Other		(1,092	)		1,968			—			876
Consolidated	$	20,194		$	(1,458	)	$	131,694		$	150,430

(1)	Asset Intensive is net of $145,360 DAC offset.
(2)	Asset Intensive is net of $(303,301) DAC offset.

	Three Months Ended December 31, 2007
				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	$	97,227		$	3,478		$	—		$	100,705
Asset Intensive		(17,424	)		(5,332	)(1)		30,202	(2)		7,446
Financial Reinsurance		2,581			(2	)		—			2,579
Total U.S.		82,384			(1,856	)		30,202			110,730
Canada Operations		19,509			2			—			19,511
Europe & South Africa		2,808			466			—			3,274
Asia Pacific Operations		16,909			592			—			17,501
Corporate & Other		(11,365	)		954			—			(10,411	)
Consolidated	$	110,245		$	158		$	30,202		$	140,605

(1)	Asset Intensive is net of $(4,909) DAC offset.
(2)	Asset Intensive is net of $(61,780) 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)

	Twelve Months Ended December 31, 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	$	230,993		$	71,904		$	—		$	302,897
Asset Intensive		(176,746	)		(9,583	)(1)		206,668	(2)		20,339
Financial Reinsurance		11,841			249			—			12,090
Total U.S.		66,088			62,570			206,668			335,326
Canada Operations		102,266			4,971			—			107,237
Europe & South Africa		65,686			8,687			—			74,373
Asia Pacific Operations		85,509			2,661			—			88,170
Corporate and Other		(39,157	)		39,217			—			60
Consolidated	$	280,392		$	118,106		$	206,668		$	605,166

(1)	Asset Intensive is net of $162,299 DAC offset.
(2)	Asset Intensive is net of $(541,752) DAC offset.

	Twelve Months Ended December 31, 2007
				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	$	337,624		$	13,770		$	—		$	351,394
Asset Intensive		(22,329	)		(758	)(1)		46,488	(2)		23,401
Financial Reinsurance		12,633			7			—			12,640
Total U.S.		327,928			13,019			46,488			387,435
Canada Operations		81,543			(6,646	)		—			74,897
Europe & South Africa		47,467			2,183			—			49,650
Asia Pacific Operations		60,090			1,529			—			61,619
Corporate & Other		(42,110	)		12,522			—			(29,588	)
Consolidated	$	474,918		$	22,607		$	46,488		$	544,013

(1)	Asset Intensive is net of $(6,047) DAC offset.
(2)	Asset Intensive is net of $(104,381) 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				Twelve Months Ended
	December 31,				December 31,
(Unaudited)	2008		2007		2008		2007
Earnings per share from continuing operations:
Basic earnings per share	$	0.22	$	1.15	$	2.94	$	4.98
Diluted earnings per share	$	0.22	$	1.11	$	2.88	$	4.80
Diluted earnings per share from operating income	$	1.45	$	1.42	$	6.12	$	5.50
Earnings per share from net income:
Basic earnings per share	$	0.14	$	1.03	$	2.77	$	4.75
Diluted earnings per share	$	0.14	$	0.99	$	2.71	$	4.57
Weighted average number of common and common equivalent shares outstanding		69,176		64,270		65,271		64,231

	At or For the
	Twelve Months Ended
	December 31,
(Unaudited)	2008		2007
Treasury shares		741		1,097
Common shares outstanding		72,622		62,031
Book value per share outstanding	$	36.03	$	51.42
Book value per share outstanding, before impact of AOCI*	$	43.58	$	42.93

* 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.

- more -

Add Twelve

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

	Three Months Ended						Twelve Months Ended
	December 31,						December 31,
(Unaudited)	2008			2007			2008			2007
Revenues:
Net premiums	$	1,389,091		$	1,348,023		$	5,349,301			$	4,909,026
Investment income, net of related expenses		196,634			226,801			871,276				907,904
Investment related losses, net		(243,559	)		(96,739	)		(647,205	)			(178,716	)
Other revenues		25,869			18,510			107,831				80,147
Total revenues		1,368,035			1,496,595			5,681,203				5,718,361
Benefits and expenses:
Claims and other policy benefits		1,150,645			1,093,984			4,461,932				3,983,996
Interest credited		86,989			40,873			233,179				246,066
Policy acquisition costs and other insurance expenses		27,529			147,754			357,899				647,832
Other operating expenses		53,694			67,287			242,917				236,612
Interest expense		21,552			23,361			76,161				76,906
Collateral finance facility expense		7,432			13,091			28,723				52,031
Total benefits and expenses		1,347,841			1,386,350			5,400,811				5,243,443
Income from continuing operations before income taxes		20,194			110,245			280,392				474,918
Provision for income taxes		5,024			38,744			92,577				166,645
Income from continuing operations		15,170			71,501			187,815				308,273
Discontinued operations:
Loss from discontinued accident and health operations, net of income taxes		(5,809	)		(7,915	)		(11,019	)			(14,439	)
Net income	$	9,361		$	63,586		$	176,796			$	293,834

# # #

EX-99.2

EXHIBIT 99.2

Reinsurance Group of America, Incorporated^®

Financial Supplement

Fourth Quarter 2008

(Unaudited)

Reinsurance Group of America, Incorporated^®

World Headquarters	Internet address	Contacts:
1370 Timberlake Manor Parkway	www.rgare.com	Jack B. Lay
Chesterfield, Missouri 63017		Senior Executive Vice President
U.S.A.		and Chief Financial Officer
		Phone: (636) 736-7000
		John Hayden
		Vice President
		Investor Relations
		Phone: (636) 736-7243

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.”

 Quarterly Financial Supplement

Reinsurance Group of America, Incorporated
Financial Supplement
4th Quarter 2008
Table of Contents

	Page
Non-GAAP Disclosure		1
Investor News and Updates		2
Consolidated
Financial Highlights		3
Consolidated Operating Income Statement		4
Consolidated Income Statement (incl. Operating Income Reconciliation)		5
Consolidated Balance Sheets		6
Segment Pre-tax Operating Income Summaries
U.S. Operations		7
Canada Operations		11
Europe & South Africa Operations		12
Asia Pacific Operations		13
Corporate and Other		14
Summary of Pre-tax Segment Operating Income		15
Investments
Cash and Invested Assets, Yield Summary		16
Amortized cost, Gross Unrealized Gains and Losses, Estimated Fair Values of Fixed Maturity and Equity Securities		17
Corporate Securities by Sector (Fixed Maturities and Equities)		18
Quality of Fixed Maturity Securities and Structured Fixed Maturity Securities		19
Subprime Mortgage Exposure		20
CMBS Exposure		21
Gross Unrealized Losses Aging		22
Fixed Maturity and Equity Securities Below Amortized Cost		23
Consolidated Gross Gains and Losses		24

 Quarterly Financial Supplement

Reinsurance Group of America, Incorporated
Financial Supplement

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

Non-GAAP Disclosures

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

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.

 Quarterly Financial Supplement

Page 1

Reinsurance Group of America, Incorporated
Investor News and Updates
Fourth Quarter 2008

2009 Full-year Consolidated Earnings per Share Guidance

We project 2009 operating income per share to be within a range of $5.75 to $6.25 per diluted share. This guidance reflects a negative impact from foreign currency of approximately $0.35 per share and approximately $0.50 per share in dilution from our recent common stock offering. Our guidance also assumes an expected level of death claims, which are prone to normal short-term statistical fluctuations that can significantly affect our results on a quarterly and annual basis.

2009 Full-year Premium Growth Guidance

	Original Currency
Segment	Basis
U.S.		6% - 8%
Canada		11% - 13%
Asia Pacific		10% - 15%
Europe & South Africa		15% - 20%

Consolidated ($USD basis) approximately 10%

2009 Full-year Projected Foreign Currency Premium

Foreign Currency	Millions
Australian Dollar		515 - 536
Canadian Dollar		627 - 653
Euro Dollar		70 - 73
British Pound Sterling		354 - 368
Japanese Yen		23,025 - 23,965
Korean Won		242,690 - 252,596
New Zealand Dollar		64 - 67
Taiwanese Dollar		1,875 - 1,951
South African Rand		566 - 589

 Quarterly Financial Supplement

Page 2

Reinsurance Group of America, Incorporated
Financial Highlights
Fourth Quarter 2008

				Three Months Ended or As of									Current Qtr					Year-to-Date
	Dec. 31,			Sept. 30,			June 30,		March 31,		Dec. 31,		vs. PY			Dec. 31,		Dec. 31,
(USD thousands, except inforce & per share data)	2008			2008			2008		2008		2007		Quarter			2008		2007		Change
Net premiums	$	1,389,091		$	1,303,590		$	1,358,555	$	1,298,065	$	1,348,023	$	41,068		$	5,349,301	$	4,909,026	$	440,275
Net income — continuing operations		15,170			25,250			110,806		36,589		71,501		(56,331	)		187,815		308,273		(120,458	)
Operating income		99,966			118,542			109,688		70,957		91,217		8,749			399,153		353,511		45,642
Total assets		21,658,818			21,844,347			22,410,167		21,812,508		21,598,009		60,809
Assumed Ordinary Life Reinsurance in Force (in billions)
U.S.	$	1,274.5		$	1,265.6		$	1,258.6	$	1,247.0	$	1,232.3	$	42.2		$	1,274.5	$	1,232.3	$	42.2
Canada		209.5			231.4			230.9		221.2		217.7		(8.2	)		209.5		217.7		(8.2	)
Europe & South Africa		325.2			368.9			419.4		383.0		380.4		(55.2	)		325.2		380.4		(55.2	)
Asia Pacific		298.9			310.6			330.6		351.6		289.5		9.4			298.9		289.5		9.4
Assumed New Business Production (in billions)
U.S.	$	33.7		$	30.5		$	35.5	$	34.7	$	43.3	$	(9.6	)	$	134.4	$	164.2	$	(29.8	)
Canada		12.1			14.5			11.7		12.9		13.1		(1.0	)		51.2		46.8		4.4
Europe & South Africa		28.2			21.4			19.4		18.5		19.1		9.1			87.5		61.3		26.2
Asia Pacific		9.2			7.5			4.9		10.3		2.4		6.8			31.9		30.1		1.8
Per Share and Shares Data
Basic earnings per share from continuing operations
Net income	$	0.22		$	0.41		$	1.78	$	0.59	$	1.15	$	(0.93	)	$	2.94	$	4.98	$	(2.04	)
Operating income	$	1.45		$	1.90		$	1.76	$	1.14	$	1.47	$	(0.02	)	$	6.24	$	5.71	$	0.53
Diluted earnings per share from continuing operations
Net income	$	0.22		$	0.40		$	1.73	$	0.57	$	1.11	$	(0.89	)	$	2.88	$	4.80	$	(1.92	)
Operating income	$	1.45		$	1.86		$	1.71	$	1.10	$	1.42	$	0.03		$	6.12	$	5.50	$	0.62
Wgt. average common shares outstanding (basic)		68,831			62,323			62,284		62,146		62,009		6,822			63,918		61,857		2,061
Wgt. average common shares outstanding (diluted)		69,176			63,607			63,982		64,230		64,270		4,906			65,271		64,231		1,040
Common shares issued		73,363			63,128			63,128		63,128		63,128		10,235
Treasury shares		741			803			813		894		1,097		(356	)
Common shares outstanding		72,622			62,325			62,315		62,234		62,031		10,591
Book value per share	$	36.03		$	41.83		$	49.13	$	49.15	$	51.42
Per share effect of accumulated other comprehensive income (AOCI)	$	(7.55	)	$	(3.56	)	$	4.09	$	5.83	$	8.49
Book value per share, excluding AOCI	$	43.58		$	45.39		$	45.04	$	43.32	$	42.93

 Quarterly Financial Supplement

Page 3

Reinsurance Group of America, Incorporated
Consolidated Operating Income Statement

	Three Months Ended												Current Qtr			Year-to-Date
	Dec. 31,			Sept. 30,			June 30,		March 31,		Dec. 31,		vs. PY			Dec. 31,			Dec. 31,
(USD thousands, except per share data)	2008			2008			2008		2008		2007		Quarter			2008			2007		Change
Revenues:
Net premiums	$	1,389,091		$	1,303,590		$	1,358,555	$	1,298,065	$	1,348,023	$	41,068		$	5,349,301		$	4,909,026	$	440,275
Investment income, net of related expenses		196,634			220,248			254,868		199,526		226,801		(30,167	)		871,276			907,904		(36,628	)
Investment related gains (losses), net		1,419			1,063			978		422		310		1,109			3,882			807		3,075
Other revenue		25,869			27,764			36,262		17,936		18,510		7,359			107,831			80,147		27,684
Total revenues		1,613,013			1,552,665			1,650,663		1,515,949		1,593,644		19,369			6,332,290			5,897,884		434,406
Benefits and expenses:
Claims and other policy benefits		1,150,645			1,062,948			1,128,827		1,119,512		1,093,984		56,661			4,461,932			3,983,996		477,936
Interest credited		38,093			53,164			72,248		9,411		40,873		(2,780	)		172,916			246,066		(73,150	)
Policy acquisition costs and other insurance expenses		191,167			179,956			189,699		183,653		214,443		(23,276	)		744,475			758,260		(13,785	)
Other operating expenses		53,694			63,886			61,997		63,340		67,287		(13,593	)		242,917			236,612		6,305
Interest expense		21,552			9,935			21,580		23,094		23,361		(1,809	)		76,161			76,906		(745	)
Collateral finance facility expense		7,432			6,851			6,966		7,474		13,091		(5,659	)		28,723			52,031		(23,308	)
Total benefits and expenses		1,462,583			1,376,740			1,481,317		1,406,484		1,453,039		9,544			5,727,124			5,353,871		373,253
Operating income before income taxes		150,430			175,925			169,346		109,465		140,605		9,825			605,166			544,013		61,153
Operating income tax expense		50,464			57,383			59,658		38,508		49,388		1,076			206,013			190,502		15,511
Operating income	$	99,966		$	118,542		$	109,688	$	70,957	$	91,217	$	8,749		$	399,153		$	353,511	$	45,642
Diluted Earnings Per Share — Operating Income	$	1.45		$	1.86		$	1.71	$	1.10	$	1.42	$	0.03		$	6.12		$	5.50	$	0.61
Foreign currency effect on*:
Net premiums	$	(111,668	)	$	(5,676	)	$	20,565	$	46,462	$	48,414	$	(160,082	)	$	(50,317	)	$	116,138	$	(166,455	)
Operating income before income taxes	$	(17,349	)	$	(1,337	)	$	5,608	$	7,871	$	5,685	$	(23,034	)	$	(5,207	)	$	12,362	$	(17,569	)

* Represents effect as compared to comparable prior year period

Quarterly Financial Supplement

Page 4

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

	Three Months Ended															Current Qtr			Year-to-Date
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
(USD thousands)	2008			2008			2008			2008			2007			Quarter			2008			2007			Change
Revenues:
Net premiums	$	1,389,091		$	1,303,590		$	1,358,555		$	1,298,065		$	1,348,023		$	41,068		$	5,349,301		$	4,909,026		$	440,275
Investment income, net of related expenses		196,634			220,248			254,868			199,526			226,801			(30,167	)		871,276			907,904			(36,628	)
Investment related gains (losses), net		(243,559	)		(241,307	)		(7,079	)		(155,260	)		(96,739	)		(146,820	)		(647,205	)		(178,716	)		(468,489	)
Other revenue		25,869			27,764			36,262			17,936			18,510			7,359			107,831			80,147			27,684
Total revenues		1,368,035			1,310,295			1,642,606			1,360,267			1,496,595			(128,560	)		5,681,203			5,718,361			(37,158	)
Benefits and expenses:
Claims and other policy benefits		1,150,645			1,062,948			1,128,827			1,119,512			1,093,984			56,661			4,461,932			3,983,996			477,936
Interest credited		86,989			9,293			63,000			73,897			40,873			46,116			233,179			246,066			(12,887	)
Policy acquisition costs and other insurance expenses		27,529			124,836			189,272			16,262			147,754			(120,225	)		357,899			647,832			(289,933	)
Other operating expenses		53,694			63,886			61,997			63,340			67,287			(13,593	)		242,917			236,612			6,305
Interest expense		21,552			9,935			21,580			23,094			23,361			(1,809	)		76,161			76,906			(745	)
Collateral finance facility expense		7,432			6,851			6,966			7,474			13,091			(5,659	)		28,723			52,031			(23,308	)
Total benefits and expenses		1,347,841			1,277,749			1,471,642			1,303,579			1,386,350			(38,509	)		5,400,811			5,243,443			157,368
Income before income taxes — continuing operations		20,194			32,546			170,964			56,688			110,245			(90,051	)		280,392			474,918			(194,526	)
Income tax expense		5,024			7,296			60,158			20,099			38,744			(33,720	)		92,577			166,645			(74,068	)
Income — continuing operations		15,170			25,250			110,806			36,589			71,501			(56,331	)		187,815			308,273			(120,458	)
Loss from discontinued operations		(5,809	)		(22	)		(104	)		(5,084	)		(7,915	)		2,106			(11,019	)		(14,439	)		3,420
Net income	$	9,361		$	25,228		$	110,702		$	31,505		$	63,586		$	(54,225	)	$	176,796		$	293,834		$	(117,038	)
Pre-tax Operating Income Reconciliation:
Income before income taxes — continuing operations		20,194			32,546			170,964			56,688			110,245			(90,051	)		280,392			474,918			(194,526	)
Investment and Derivative losses (gains) - non-operating (1)		(146,818	)		99,801			1,962			862			5,067			(151,885	)		(44,193	)		28,654			(72,847	)
Change in value of B36 embedded derivatives (1)		161,021			106,797			11,452			148,528			84,642			76,379			427,798			141,905			285,893
GMXB embedded derivatives (1)		230,775			35,772			(5,357	)		6,292			7,340			223,435			267,482			8,964			258,518
EIA embedded derivatives — interest credited		48,896			(43,871	)		(9,248	)		64,486			—			48,896			60,263			—			60,263
EIA embedded derivatives — policy acq. costs		(5,697	)		8,274			2,390			(12,090	)		—			(5,697	)		(7,123	)		—			(7,123	)
DAC offset, net		(157,941	)		(63,394	)		(2,817	)		(155,301	)		(66,689	)		(91,252	)		(379,453	)		(110,428	)		(269,025	)
Operating Income Before Income Taxes		150,430			175,925			169,346			109,465			140,605			9,825			605,166			544,013			61,153
After-tax Operating Income Reconciliation:
Income — continuing operations		15,170			25,250			110,806			36,589			71,501			(56,331	)		187,815			308,273			(120,458	)
Investment and Derivative losses (gains) - non-operating (1)		(95,289	)		64,967			1,207			624			2,220			(97,509	)		(28,491	)		18,952			(47,443	)
Change in value of B36 embedded derivatives (1)		104,664			69,418			7,444			96,543			55,017			49,647			278,069			92,238			185,831
GMXB embedded derivatives (1)		150,003			23,252			(3,482	)		4,090			5,827			144,176			173,863			5,827			168,036
EIA embedded derivatives — interest credited		31,782			(28,516	)		(6,011	)		41,916			—			31,782			39,171			—			39,171
EIA embedded derivatives — policy acq. costs		(3,703	)		5,378			1,554			(7,859	)		—			(3,703	)		(4,630	)		—			(4,630	)
DAC offset, net		(102,661	)		(41,207	)		(1,830	)		(100,946	)		(43,348	)		(59,313	)		(246,644	)		(71,779	)		(174,865	)
Operating Income		99,966			118,542			109,688			70,957			91,217			8,749			399,153			353,511			45,642

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

Quarterly Financial Supplement

Page 5

Reinsurance Group of America, Incorporated
Consolidated Balance Sheets

	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,
(USD thousands)	2008			2008			2008			2008			2007
Assets
Fixed maturity securities (available for sale):	$	8,531,804		$	9,121,953		$	9,667,961		$	9,387,094		$	9,397,916
Mortgage loans on real estate		775,050			782,282			798,896			812,539			831,557
Policy loans		1,096,713			1,048,517			1,048,517			1,039,464			1,059,439
Funds withheld at interest		4,520,398			4,806,642			4,825,297			4,650,948			4,749,496
Short-term investments		58,123			32,520			47,081			46,336			75,062
Other invested assets		628,649			432,982			418,864			389,437			284,220
Total investments		15,610,737			16,224,896			16,806,616			16,325,818			16,397,690
Cash and cash equivalents		875,403			412,255			362,689			304,083			404,351
Accrued investment income		87,424			138,414			106,679			103,755			77,537
Premiums receivable and other reinsurance balances		640,235			691,120			800,404			766,970			717,228
Reinsurance ceded receivables		735,155			746,790			752,203			758,977			722,313
Deferred policy acquisition costs		3,610,334			3,498,152			3,460,294			3,369,316			3,161,951
Other assets		99,530			132,720			121,282			183,589			116,939
Total assets	$	21,658,818		$	21,844,347		$	22,410,167		$	21,812,508		$	21,598,009
Liabilities and Stockholders’ Equity
Future policy benefits	$	6,431,530		$	6,552,508		$	6,619,084		$	6,449,039		$	6,333,177
Interest-sensitive contract liabilities		7,690,942			7,517,782			7,220,659			6,657,546			6,657,061
Other policy claims and benefits		1,923,018			2,064,578			2,239,868			2,196,089			2,055,274
Other reinsurance balances		173,645			127,021			173,162			240,137			201,614
Deferred income taxes		310,360			399,669			561,912			707,963			760,633
Other liabilities		585,199			548,844			599,034			567,854			465,358
Short-term debt		—			95,000			—			—			29,773
Long-term debt		918,246			922,994			926,095			925,893			896,065
Collateral finance facility		850,035			850,094			850,000			850,210			850,361
Company-obligated mandatorily redeemable preferred securities of subsidiary trust holding solely junior subordinated debentures of the Company		159,035			158,990			158,946			158,904			158,861
Total liabilities		19,042,010			19,237,480			19,348,760			18,753,635			18,408,177
Stockholders’ Equity:
Common stock, at par value		734			631			631			631			631
Warrants		66,914			66,915			66,915			66,915			66,915
Additional paid-in-capital		1,450,041			1,118,288			1,115,540			1,112,977			1,103,956
Retained earnings		1,682,087			1,679,568			1,660,041			1,556,127			1,540,122
Accumulated other comprehensive income (AOCI):
Accumulated currency translation adjustment, net of income taxes		19,794			143,729			215,582			203,662			221,987
Unrealized appreciation (depreciation) of securities, net of income taxes		(553,407	)		(358,273	)		47,478			167,174			313,170
Pension and postretirement benefits, net of income taxes		(14,658	)		(7,790	)		(8,082	)		(8,199	)		(8,351	)
Total stockholders’ equity before treasury stock		2,651,505			2,643,068			3,098,105			3,099,287			3,238,430
Less treasury shares		(34,697	)		(36,201	)		(36,698	)		(40,414	)		(48,598	)
Total stockholders’ equity		2,616,808			2,606,867			3,061,407			3,058,873			3,189,832
Total liabilities and stockholders’ equity	$	21,658,818		$	21,844,347		$	22,410,167		$	21,812,508		$	21,598,009
Total stockholders’ equity, excluding AOCI	$	3,165,079		$	2,829,201		$	2,806,429		$	2,696,236		$	2,663,026

Quarterly Financial Supplement

Page 6

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

	Three Months Ended															Current Qtr			Year-to-Date
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
(USD thousands)	2008			2008			2008			2008			2007			Quarter			2008			2007			Change
Revenues:
Net premiums	$	874,348		$	740,502		$	752,831		$	725,393		$	789,843		$	84,505		$	3,093,074		$	2,868,403		$	224,671
Investment income, net of related expenses		100,033			99,991			97,462			97,431			91,253			8,780			394,917			352,553			42,364
Other revenue		(193	)		(42	)		552			60			274			(467	)		377			922			(545	)
Total revenues		974,188			840,451			850,845			822,884			881,370			92,818			3,488,368			3,221,878			266,490
Benefits and expenses:
Claims and other policy benefits		753,545			632,258			624,310			651,850			634,109			119,436			2,661,963			2,344,185			317,778
Interest credited		15,513			15,221			14,924			14,790			14,901			612			60,448			58,595			1,853
Policy acquisition costs and other insurance expenses		118,637			107,199			103,231			86,050			117,012			1,625			415,117			417,958			(2,841	)
Other operating expenses		9,828			12,756			12,121			13,238			14,643			(4,815	)		47,943			49,746			(1,803	)
Total benefits and expenses		897,523			767,434			754,586			765,928			780,665			116,858			3,185,471			2,870,484			314,987
Operating income before income taxes		76,665			73,017			96,259			56,956			100,705			(24,040	)		302,897			351,394			(48,497	)
Operating to GAAP Reconciliation:
Operating income before income taxes		76,665			73,017			96,259			56,956			100,705			(24,040	)		302,897			351,394			(48,497	)
Investment and Derivative (losses) gains — non-operating	(6,694)				(62,065	)		(637	)		(2,508	)		(3,478	)		(3,216	)		(71,904	)		(13,770	)		(58,134	)
Income before income taxes	$	69,971		$	10,952		$	95,622		$	54,448		$	97,227		$	(27,256	)	$	230,993		$	337,624		$	(106,631	)
Loss and Expense Ratios:
Claims and other policy benefits		86.2	%		85.4	%		82.9	%		89.9	%		80.3	%		5.9	%		86.1	%		81.7	%		4.4	%
Policy acquisition costs and other insurance expenses		13.6	%		14.5	%		13.7	%		11.9	%		14.8	%		-1.2	%		13.4	%		14.6	%		-1.2	%
Other operating expenses		1.1	%		1.7	%		1.6	%		1.8	%		1.9	%		-0.8	%		1.6	%		1.7	%		-0.1	%

Quarterly Financial Supplement

Page 7

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

	Three Months Ended															Current Qtr			Year-to-Date
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
(USD thousands except account values)	2008			2008			2008			2008			2007			Quarter			2008			2007			Change
Revenues:
Net premiums	$	1,584		$	1,719		$	1,592		$	1,663		$	1,577		$	7		$	6,558		$	6,356		$	202
Investment income, net of related expenses		26,428			43,727			80,920			25,031			57,497			(31,069	)		176,106			271,638			(95,532	)
Other revenue		16,018			15,051			14,211			11,495			9,797			6,221			56,775			38,006			18,769
Total revenues		44,030			60,497			96,723			38,189			68,871			(24,841	)		239,439			316,000			(76,561	)
Benefits and expenses:
Claims and other policy benefits		8,151			2,040			865			185			(375	)		8,526			11,241			5,875			5,366
Interest credited		22,512			37,866			57,243			(5,518	)		25,787			(3,275	)		112,103			185,726			(73,623	)
Policy acquisition costs and other insurance expenses		14,535			10,077			27,513			35,641			34,027			(19,492	)		87,766			93,929			(6,163	)
Other operating expenses		1,649			2,167			1,840			2,334			1,986			(337	)		7,990			7,069			921
Total benefits and expenses		46,847			52,150			87,461			32,642			61,425			(14,578	)		219,100			292,599			(73,499	)
Operating income before income taxes		(2,817	)		8,347			9,262			5,547			7,446			(10,263	)		20,339			23,401			(3,062	)
Operating to GAAP Reconciliation:
Operating income before income taxes		(2,817	)		8,347			9,262			5,547			7,446			(10,263	)		20,339			23,401			(3,062	)
Investment and Derivative (losses) gains - non-operating (1)		159,276			10,289			(2,949	)		5,266			423			158,853			171,882			(5,289	)		177,171
Change in value of B36 embedded derivatives (1)		(161,021	)		(106,797	)		(11,452	)		(148,528	)		(84,642	)		(76,379	)		(427,798	)		(141,905	)		(285,893	)
GMXB embedded derivatives (1)		(230,775	)		(35,772	)		5,357			(6,292	)		(7,340	)		(223,435	)		(267,482	)		(8,964	)		(258,518	)
EIA embedded derivatives — interest credited		(48,896	)		43,871			9,248			(64,486	)		—			(48,896	)		(60,263	)		—			(60,263	)
EIA embedded derivatives — policy acq. costs		5,697			(8,274	)		(2,390	)		12,090			—			5,697			7,123			—			7,123
DAC offset, net		157,941			63,394			2,817			155,301			66,689			91,252			379,453			110,428			269,025
Income before income taxes	$	(120,595	)	$	(24,942	)	$	9,893		$	(41,102	)	$	(17,424	)	$	(103,171	)	$	(176,746	)	$	(22,329		$	(154,417	)

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

Quarterly Financial Supplement

Page 8

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

	Three Months Ended
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,
	2008			2008			2008			2008			2007
Annuity account values (in millions):
Fixed annuities (deferred)	$	1,625		$	1,670		$	1,527		$	1,140		$	1,248
Net interest spread (fixed annuities):		1.7	%		1.8	%		1.9	%		2.0	%		2.1	%
Equity-indexed annuities	$	4,388		$	4,348		$	4,289		$	4,136		$	4,010
Variable annuities:
No riders	$	1,063		$	1,251		$	1,359		$	1,355		$	1,419
GMDB only		54			49			32			25			18
GMIB only		4			4			4			3			3
GMAB only		44			45			44			35			23
GMWB only		795			708			537			379			240
GMDB / WB		287			257			170			124			83
Other		24			26			23			20			11
Total VA account values	$	2,271		$	2,340		$	2,169		$	1,941		$	1,797
Fair value of living benefit riders	$	276		$	46		$	10		$	16		$	9
Other annuities:	$	108		$	116		$	121		$	129		$	134

Page 9

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

	Three Months Ended															Current Qtr			Year-to-Date
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
(USD thousands)	2008			2008			2008			2008			2007			Quarter			2008			2007			Change
Revenues:
Investment income, net of related expenses	$	—		$	192		$	356		$	40		$	(163	)	$	163		$	588		$	(53	)	$	641
Other revenue		4,578			3,644			4,314			2,744			4,177			401			15,280			23,117			(7,837	)
Total revenues		4,578			3,836			4,670			2,784			4,014			564			15,868			23,064			(7,196	)
Benefits and expenses:
Claims and other policy benefits		—			—			—			—			(125	)		125			—			(124	)		124
Policy acquisition costs and other insurance expenses		341			252			250			198			384			(43	)		1,041			6,410			(5,369	)
Other operating expenses		577			747			767			646			1,176			(599	)		2,737			4,138			(1,401	)
Total benefits and expenses		918			999			1,017			844			1,435			(517	)		3,778			10,424			(6,646	)
Operating income before income taxes		3,660			2,837			3,653			1,940			2,579			1,081			12,090			12,640			(550	)
Operating to GAAP Reconciliation:
Operating income before income taxes		3,660			2,837			3,653			1,940			2,579			1,081			12,090			12,640			(550	)
Investment and Derivative (losses) gains — non-operating		(110	)		(136	)		(2	)		(1	)		2			(112	)		(249	)		(7	)		(242	)
Income before income taxes	$	3,550		$	2,701		$	3,651		$	1,939		$	2,581		$	969		$	11,841		$	12,633		$	(792	)

Quarterly Financial Supplement

Page 10

Reinsurance Group of America, Incorporated
Canadian Segment Operating Income

	Three Months Ended															Current Qtr			Year-to-Date
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
(USD thousands)	2008			2008			2008			2008			2007			Quarter			2008			2007			Change
Revenues:
Net premiums	$	126,819		$	128,930		$	139,530		$	138,992		$	141,388		$	(14,569	)	$	534,271		$	487,136		$	47,135
Investment income, net of related expenses		32,873			35,836			35,692			36,033			34,782			(1,909	)		140,434			124,634			15,800
Investment related gains (losses), net		1,419			1,063			978			422			310			1,109			3,882			807			3,075
Other revenue		826			4,289			13,204			13			2			824			18,332			182			18,150
Total revenues		161,937			170,118			189,404			175,460			176,482			(14,545	)		696,919			612,759			84,160
Benefits and expenses:
Claims and other policy benefits		102,316			104,339			134,146			115,271			122,267			(19,951	)		456,072			425,498			30,574
Interest credited		68			77			81			139			185			(117	)		365			726			(361	)
Policy acquisition costs and other insurance expenses		30,634			27,591			25,526			26,426			28,297			2,337			110,177			91,234			18,943
Other operating expenses		5,591			6,132			5,899			5,446			6,222			(631	)		23,068			20,404			2,664
Total benefits and expenses		138,609			138,139			165,652			147,282			156,971			(18,362	)		589,682			537,862			51,820
Operating income before income taxes		23,328			31,979			23,752			28,178			19,511			3,817			107,237			74,897			32,340
Operating to GAAP Reconciliation:
Operating income before income taxes		23,328			31,979			23,752			28,178			19,511			3,817			107,237			74,897			32,340
Investment and Derivative (losses) gains — non-operating		(1,244	)		(2,246	)		3,026			(4,507	)		(2	)		(1,242	)		(4,971	)		6,646			(11,617	)
Income before income taxes	$	22,084		$	29,733		$	26,778		$	23,671		$	19,509		$	2,575		$	102,266		$	81,543		$	20,723
Loss and Expense Ratios:
Loss ratios (creditor business)		35.5	%		42.3	%		90.4	%		40.7	%		44.3	%		-8.8	%		52.0	%		44.8	%		7.2	%
Loss ratios (excluding creditor business)		91.4	%		89.1	%		97.3	%		93.2	%		94.1	%		-2.7	%		92.9	%		96.2	%		-3.3	%
Claims and other policy benefits / (net premiums + investment income)		64.1	%		63.3	%		76.6	%		65.9	%		69.4	%		-5.3	%		67.6	%		69.6	%		-2.0	%
Policy acquisition costs and other insurance expenses		24.2	%		21.4	%		18.3	%		19.0	%		20.0	%		4.2	%		20.6	%		18.7	%		1.9	%
Other operating expenses		4.4	%		4.8	%		4.2	%		3.9	%		4.4	%		0.0	%		4.3	%		4.2	%		0.1	%
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	$	(29,546	)	$	626		$	11,315		$	19,837		$	19,616		$	(49,162	)	$	2,232		$	29,147		$	(26,915	)
Operating income before income taxes	$	(6,164	)	$	(264	)	$	2,397		$	4,715		$	3,130		$	(9,294	)	$	684		$	5,132		$	(4,448	)

* Represents effect as compared to comparable prior year period

Quarterly Financial Supplement

Page 11

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

	Three Months Ended															Current Qtr			Year-to-Date
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
(USD thousands)	2008			2008			2008			2008			2007			Quarter			2008			2007			Change
Revenues:
Net premiums	$	156,898		$	176,184		$	185,490		$	189,196		$	175,185		$	(18,287	)	$	707,768		$	678,551		$	29,217
Investment income, net of related expenses		7,599			9,065			8,778			7,551			7,721			(122	)		32,993			26,167			6,826
Other revenue		240			33			68			60			(205	)		445			401			(144	)		545
Total revenues		164,737			185,282			194,336			196,807			182,701			(17,964	)		741,162			704,574			36,588
Benefits and expenses:
Claims and other policy benefits		106,776			122,521			144,460			158,535			145,397			(38,621	)		532,292			515,660			16,632
Interest credited					—			—			—			—			—			—			1,019			(1,019	)
Policy acquisition costs and other insurance expenses		14,607			21,559			16,026			17,230			18,968			(4,361	)		69,422			84,749			(15,327	)
Other operating expenses		16,945			15,708			16,678			15,744			15,062			1,883			65,075			53,496			11,579
Total benefits and expenses		138,328			159,788			177,164			191,509			179,427			(41,099	)		666,789			654,924			11,865
Operating income before income taxes		26,409			25,494			17,172			5,298			3,274			23,135			74,373			49,650			24,723
Operating to GAAP Reconciliation:
Operating income before income taxes		26,409			25,494			17,172			5,298			3,274			23,135			74,373			49,650			24,723
Investment and Derivative (losses) gains — non-operating		(4,598	)		(4,703	)		(131	)		745			(466	)		(4,132	)		(8,687	)		(2,183	)		(6,504	)
Income before income taxes	$	21,811		$	20,791		$	17,041		$	6,043		$	2,808		$	19,003		$	65,686		$	47,467		$	18,219
Loss and Expense Ratios:
Claims and other policy benefits		68.1	%		69.5	%		77.9	%		83.8	%		83.0	%		-14.9	%		75.2	%		76.0	%		-0.8	%
Policy acquisition costs and other insurance expenses		9.3	%		12.2	%		8.6	%		9.1	%		10.8	%		-1.5	%		9.8	%		12.5	%		-2.7	%
Other operating expenses		10.8	%		8.9	%		9.0	%		8.3	%		8.6	%		2.2	%		9.2	%		7.9	%		1.3	%
Foreign currency effect on*:
Net premiums	$	(43,150	)	$	(9,380	)	$	588		$	4,247		$	11,297		$	(54,447	)	$	(47,695	)	$	41,936		$	(89,631	)
Operating income before income taxes	$	(7,816	)	$	(2,015	)	$	606		$	671		$	491		$	(8,307	)	$	(8,554	)	$	2,324		$	(10,878	)
Critical illness net premiums	$	50		$	59		$	67		$	60		$	61		$	(11	)	$	236		$	235		$	1
*   Represents effect as compared to comparable prior year period

Quarterly Financial Supplement

Page 12

Reinsurance Group of America, Incorporated
Asia Pacific Segment Operating Income

	Three Months Ended															Current Qtr			Year-to-Date
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
(USD thousands)	2008			2008			2008			2008			2007			Quarter			2008			2007			Change
Revenues:
Net premiums	$	227,666		$	254,497		$	277,716		$	240,935		$	238,265		$	(10,599	)	$	1,000,814		$	864,550		$	136,264
Investment income, net of related expenses		11,317			12,272			12,397			11,414			9,981			1,336			47,400			36,388			11,012
Other revenue		5,106			2,811			1,851			2,552			2,682			2,424			12,320			9,197			3,123
Total revenues		244,089			269,580			291,964			254,901			250,928			(6,839	)		1,060,534			910,135			150,399
Benefits and expenses:
Claims and other policy benefits		178,989			201,707			225,011			193,669			192,885			(13,896	)		799,376			692,859			106,517
Policy acquisition costs and other insurance expenses		25,556			25,053			28,386			28,081			23,665			1,891			107,076			99,285			7,791
Other operating expenses		17,235			17,774			15,801			15,102			16,877			358			65,912			56,372			9,540
Total benefits and expenses		221,780			244,534			269,198			236,852			233,427			(11,647	)		972,364			848,516			123,848
Operating income before income taxes		22,309			25,046			22,766			18,049			17,501			4,808			88,170			61,619			26,551
Operating to GAAP Reconciliation:
Operating income before income taxes		22,309			25,046			22,766			18,049			17,501			4,808			88,170			61,619			26,551
Investment and Derivative (losses) gains — non-operating		2,156			(3,821	)		(1,510	)		514			(592	)		2,748			(2,661	)		(1,529	)		(1,132	)
Income before income taxes	$	24,465		$	21,225		$	21,256		$	18,563		$	16,909		$	7,556		$	85,509		$	60,090		$	25,419
Loss and Expense Ratios:
Claims and other policy benefits		78.6	%		79.3	%		81.0	%		80.4	%		81.0	%		-2.4	%		79.9	%		80.1	%		-0.2	%
Policy acquisition costs and other insurance expenses		11.2	%		9.8	%		10.2	%		11.7	%		9.9	%		1.3	%		10.7	%		11.5	%		-0.8	%
Other operating expenses		7.6	%		7.0	%		5.7	%		6.3	%		7.1	%		0.5	%		6.6	%		6.5	%		0.1	%
Foreign currency effect on*:
Net premiums	$	(39,028	)	$	3,036		$	8,629		$	22,356		$	17,491		$	(56,519	)	$	(5,007	)	$	45,050		$	(50,057	)
Operating income before income taxes	$	(1,972	)	$	1,078		$	2,307		$	2,116		$	1,433		$	(3,405	)	$	3,529		$	3,849		$	(320	)
Critical illness net premiums	$	49		$	52		$	67		$	46		$	48		$	1		$	214		$	190		$	24
*   Represents effect as compared to comparable prior year period

Quarterly Financial Supplement

Page 13

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

	Three Months Ended															Current Qtr			Year-to-Date
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
(USD thousands)	2008			2008			2008			2008			2007			Quarter			2008			2007			Change
Revenues:
Net premiums	$	1,776		$	1,758		$	1,396		$	1,886		$	1,765		$	11		$	6,816		$	4,030		$	2,786
Investment income, net of related expenses		18,384			19,165			19,263			22,026			25,730			(7,346	)		78,838			96,577			(17,739	)
Other revenue		(706	)		1,978			2,062			1,012			1,783			(2,489	)		4,346			8,867			(4,521	)
Total revenues		19,454			22,901			22,721			24,924			29,278			(9,824	)		90,000			109,474			(19,474	)
Benefits and expenses:
Claims and other policy benefits		868			83			35			2			(174	)		1,042			988			43			945
Policy acquisition costs and other insurance expenses		(13,143	)		(11,775	)		(11,233	)		(9,973	)		(7,910	)		(5,233	)		(46,124	)		(35,305	)		(10,819	)
Other operating expenses		1,869			8,602			8,891			10,830			11,321			(9,452	)		30,192			45,387			(15,195	)
Interest expense		21,552			9,935			21,580			23,094			23,361			(1,809	)		76,161			76,906			(745	)
Collateral finance facility expense		7,432			6,851			6,966			7,474			13,091			(5,659	)		28,723			52,031			(23,308	)
Total benefits and expenses		18,578			13,696			26,239			31,427			39,689			(21,111	)		89,940			139,062			(49,122	)
Operating income before income taxes		876			9,205			(3,518	)		(6,503	)		(10,411	)		11,287			60			(29,588	)		29,648
Operating to GAAP Reconciliation:
Operating income before income taxes		876			9,205			(3,518	)		(6,503	)		(10,411	)		11,287			60			(29,588	)		29,648
Investment and Derivative (losses) gains — non-operating		(1,968	)		(37,119	)		241			(371	)		(954	)		(1,014	)		(39,217	)		(12,522	)		(26,695	)
Income before income taxes	$	(1,092	)	$	(27,914	)	$	(3,277	)	$	(6,874	)	$	(11,365	)	$	10,273		$	(39,157	)	$	(42,110	)	$	2,953
Foreign currency effect on*:
Net premiums	$	55		$	42		$	33		$	23		$	11		$	44		$	153		$	5		$	148
Operating income before income taxes	$	(1,396	)	$	(136	)	$	298		$	369		$	632		$	(2,028	)	$	(865	)	$	1,056		$	(1,921	)

* Represents effect as compared to comparable prior year period

Quarterly Financial Supplement
	Page 14

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

	Three Months Ended														Current Qtr			Year-to-Date
	Dec. 31,			Sept. 30,		June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,		Dec. 31,
(USD thousands)	2008			2008		2008			2008			2007			Quarter			2008		2007			Change
U.S. Traditional	$	76,665		$	73,017	$	96,259		$	56,956		$	100,705		$	(24,040	)	$	302,897	$	351,394		$	(48,497	)
U.S. Asset Intensive		(2,817	)		8,347		9,262			5,547			7,446			(10,263	)		20,339		23,401			(3,062	)
U.S. Financial Reinsurance		3,660			2,837		3,653			1,940			2,579			1,081			12,090		12,640			(550	)
Total U.S. Segment		77,508			84,201		109,174			64,443			110,730			(33,222	)		335,326		387,435			(52,109	)
Canadian Segment		23,328			31,979		23,752			28,178			19,511			3,817			107,237		74,897			32,340
Europe & South Africa Segment		26,409			25,494		17,172			5,298			3,274			23,135			74,373		49,650			24,723
Asia Pacific Segment		22,309			25,046		22,766			18,049			17,501			4,808			88,170		61,619			26,551
Corporate and Other		876			9,205		(3,518	)		(6,503	)		(10,411	)		11,287			60		(29,588	)		29,648
Consolidated	$	150,430		$	175,925	$	169,346		$	109,465		$	140,605		$	9,825		$	605,166	$	544,013		$	61,153

Quarterly Financial Supplement
	Page 15

Reinsurance Group of America, Incorporated
Investments

Cash and Invested Assets

	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,
(USD thousands)	2008		2008		2008		2008		2007
Fixed maturity securities, available-for-sale	$	8,531,804	$	9,121,953	$	9,667,961	$	9,387,094	$	9,397,916
Mortgage loans on real estate		775,050		782,282		798,896		812,539		831,557
Policy loans		1,096,713		1,048,517		1,048,517		1,039,464		1,059,439
Funds withheld at interest		4,520,398		4,806,642		4,825,297		4,650,948		4,749,496
Short-term investments		58,123		32,520		47,081		46,336		75,062
Other invested assets		628,649		432,982		418,864		389,437		284,220
Cash and cash equivalents		875,403		412,255		362,689		304,083		404,351
Total cash and invested assets	$	16,486,140	$	16,637,151	$	17,169,305	$	16,629,901	$	16,802,041

Investment Income and Yield Summary
(Excludes Funds Withheld)

	Three Months Ended															Current Qtr			Year-to-Date
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
(USD thousands)	2008			2008			2008			2008			2007			Quarter			2008			2007			Change
Average invested assets at amortized cost (1)	$	12,245,727		$	12,185,216		$	11,696,386		$	11,539,433		$	11,351,483		$	894,244		$	11,653,879		$	10,637,020		$	1,016,859
Net investment income (1)	$	177,358		$	179,193		$	173,587		$	170,899		$	167,172		$	10,186		$	701,039		$	633,621		$	67,418
Investment yield (ratio of net investment income to average invested assets)		5.92	%		6.01	%		6.07	%		6.06	%		6.02	%		-0.10	%		6.02	%		5.96	%		0.06	%

(1) Excludes funds withheld

Quarterly Financial Supplement
	Page 16

Reinsurance Group of America, Incorporated
Investments

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

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	%

December 31, 2007

								Estimated
	Amortized		Unrealized		Unrealized			Fair		% of
(USD thousands)	Cost		Gains		Losses			Value		Total
Available-for-sale:
U.S. corporate securities	$	3,382,944	$	27,350	$	(96,679	)	$	3,313,615		35.3	%
Canadian and Canadian provincial governments		1,561,700		570,691		(1,163	)		2,131,228		22.7	%
Residential mortgage-backed securities		1,414,187		12,306		(12,216	)		1,414,277		15.0	%
Foreign corporate securities		1,040,817		35,159		(25,971	)		1,050,005		11.2	%
Asset-backed securities		494,458		1,252		(31,456	)		464,254		4.9	%
Commercial mortgage-backed securities		641,479		8,835		(5,087	)		645,227		6.9	%
U.S. government and agencies		3,244		209		(1	)		3,452		0.0	%
State and political subdivisions		52,254		152		(945	)		51,461		0.5	%
Other foreign government securities		325,609		3,300		(4,512	)		324,397		3.5	%
Total fixed maturity securities		8,916,692		659,254		(178,030	)		9,397,916		100.0	%
Non-redeemable preferred stock		144,942		986		(19,953	)		125,975		91.8	%
Common stock		11,483		2		(232	)		11,253		8.2	%
Total equity securities	$	156,425	$	988	$	(20,185	)	$	137,228		100.0	%

Quarterly Financial Supplement
	Page 17

Reinsurance Group of America, Incorporated
Investments

Corporate Securities by Sector (Fixed Maturities and Equities)

	December 31, 2008								December 31, 2007
			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	$	1,138,663	$	924,098		22.2	%	A	$	1,133,283	$	1,091,710		24.1	%	A+
Brokerage		104,169		96,516		2.3	%	A		114,835		110,611		2.5	%	A
Finance Comp.		278,132		228,659		5.5	%	A+		278,585		268,727		6.0	%	A+
Insurance		309,703		222,116		5.4	%	A-		250,868		246,141		5.5	%	A-
REITs		153,626		110,172		2.7	%	BBB+		166,749		160,863		3.6	%	BBB+
Other Finance		191,650		140,161		3.4	%	A		163,371		163,554		3.6	%	A
Industrials
Basic		213,540		173,826		4.2	%	BBB+		140,999		139,003		3.1	%	BBB+
Capital Goods		187,041		172,958		4.2	%	A-		170,909		171,597		3.8	%	A-
Communications		449,334		425,633		10.3	%	BBB+		290,121		290,998		6.5	%	BBB+
Consumer Cyclical		244,476		198,485		4.8	%	BBB+		171,674		168,857		3.8	%	BBB+
Consumer Noncyclical		341,126		323,239		7.8	%	BBB+		250,639		249,463		5.5	%	A-
Energy		248,579		215,634		5.2	%	BBB+		109,109		111,129		2.5	%	BBB
Technology		55,043		43,998		1.1	%	BBB+		9,697		9,454		0.2	%	BBB-
Transportation		217,515		190,303		4.6	%	BBB+		165,322		164,292		3.7	%	A-
Other Industrial		55,898		28,314		0.7	%	BBB+		23,150		12,557		0.3	%	BBB
Utilities
Electric		446,048		399,235		9.6	%	BBB+		405,347		403,878		9.0	%	BBB+
Natural Gas		200,636		174,308		4.2	%	BBB+		170,314		178,631		4.0	%	BBB+
Other Utility		22,320		20,447		0.5	%	A-		53,641		54,562		1.2	%	A-
Other Sectors		59,728		57,338		1.3	%	AA		511,573		504,821		11.1	%	A-
Total	$	4,917,227	$	4,145,440		100.00	%		$	4,580,186	$	4,500,848		100.00	%

Quarterly Financial Supplement
	Page 18

Reinsurance Group of America, Incorporated
Investments

Ratings of Fixed Maturity Securities

		December 31, 2008							September 30, 2008							June 30, 2008							March 31, 2008							December 31, 2007
(USD thousands)	Rating Agency			Estimated		% of			Amortized		Estimated		% of			Amortized		Estimated		% of			Amortized		Estimated		% of			Amortized		Estimated		% of
NAIC Designation	Designation	Amortized Cost		Fair Value		Total			Cost		Fair Value		Total			Cost		Fair Value		Total			Cost		Fair Value		Total			Cost		Fair Value		Total
1	AAA	$	2,851,818	$	2,594,429		30.4	%	$	2,931,176	$	2,780,454		30.5	%	$	2,856,457	$	2,777,642		28.7	%	$	2,752,988	$	2,710,839		28.9	%	$	2,834,588	$	2,828,366		30.1	%
1	AA		2,147,187		2,161,537		25.3	%		2,601,007		2,624,357		28.8	%		2,572,375		2,809,406		29.1	%		2,447,193		2,754,675		29.3	%		2,334,006		2,717,738		28.9	%
1	A		2,002,963		1,851,764		21.7	%		1,947,355		1,779,129		19.5	%		2,012,559		2,028,840		21.0	%		1,926,854		1,970,574		21.0	%		1,853,903		1,975,073		21.0	%
2	BBB		1,991,276		1,649,513		19.3	%		1,817,281		1,632,806		17.9	%		1,812,894		1,730,612		17.9	%		1,725,432		1,676,870		17.8	%		1,628,431		1,617,983		17.2	%
3	BB		268,276		195,088		2.3	%		253,665		231,706		2.5	%		267,856		253,695		2.6	%		222,209		214,105		2.3	%		201,868		198,487		2.1	%
4	B		77,830		50,064		0.6	%		58,868		43,503		0.5	%		51,320		46,722		0.5	%		48,225		43,989		0.5	%		47,013		43,680		0.5	%
5	CCC and lower		33,945		22,538		0.3	%		31,336		27,361		0.3	%		18,375		17,250		0.2	%		16,860		15,987		0.2	%		16,800		16,502		0.2	%
6	In or near default		9,553		6,871		0.1	%		2,636		2,637		0.0	%		3,074		3,794		0.0	%		53		55		0.0	%		83		87		0.0	%
	Total	$	9,382,848	$	8,531,804				$	9,643,324	$	9,121,953				$	9,594,910	$	9,667,961				$	9,139,814	$	9,387,094				$	8,916,692	$	9,397,916

Structured Fixed Maturity Securities

	December 31, 2008				September 30, 2008				June 30, 2008				March 31, 2008				December 31, 2007
			Estimated		Amortized		Estimated Fair		Amortized		Estimated		Amortized		Estimated		Amortized		Estimated
(USD thousands)	Amortized Cost		Fair Value		Cost		Value		Cost		Fair Value		Cost		Fair Value		Cost		Fair Value
Residential mortgage-backed securities:
Agency	$	881,762	$	791,265	$	932,046	$	892,959	$	944,922	$	918,630	$	952,383	$	939,612	$	1,018,597	$	1,016,196
Non-agency		349,361		357,920		370,945		369,756		356,081		353,906		380,053		386,019		395,590		398,081
Total residential mortgage-backed securities		1,231,123		1,149,185		1,302,991		1,262,715		1,301,003		1,272,536		1,332,436		1,325,631		1,414,187		1,414,277
Commercial mortgage-backed securities		1,085,062		760,589		1,029,457		905,431		889,792		842,140		727,492		686,678		641,479		645,227
Asset-backed securities		484,577		339,378		483,308		395,907		505,193		452,347		493,293		446,031		494,458		464,254
Total	$	2,800,762	$	2,249,152	$	2,815,756	$	2,564,053	$	2,695,988	$	2,567,023	$	2,553,221	$	2,458,340	$	2,550,124	$	2,523,758

Quarterly Financial Supplement
	Page 19

Reinsurance Group of America, Incorporated
Investments

Subprime Mortgage Exposure
(Includes Funds Withheld Portfolios)

	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				Estimated				Estimated
Underwriting Year	Amortized Cost		Fair 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
	December 31, 2007
	AAA				AA				A
(USD thousands)			Estimated				Estimated				Estimated
Underwriting Year	Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value
2003 & Prior	$	16,520	$	16,531	$	2,111	$	1,910	$	3,749	$	3,246
2004		26,520		26,286		33,757		31,465		16,151		14,614
2005		41,638		40,190		60,233		55,041		21,593		18,140
2006		13,964		11,957		5,002		3,763		—		—
2007		20,274		18,351		—		—		—		—
Total	$	118,916	$	113,315	$	101,103	$	92,179	$	41,493	$	36,000
	BBB				Below Investment Grade				Total
			Estimated				Estimated				Estimated
Underwriting Year	Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value
2003 & Prior	$	1,186	$	1,046	$	—	$	—	$	23,566	$	22,733
2004		—		—		—		—		76,428		72,365
2005		5,026		4,250		—		—		128,490		117,621
2006		—		—		—		—		18,966		15,720
2007		—		—		—		—		20,274		18,351
Total	$	6,212	$	5,296	$	—	$	—	$	267,724	$	246,790

	Qurarterly Financial Supplement
Page 20

Reinsurance Group of America, Incorporated
Investments

CMBS Exposure
(Includes Directly Held Investments and Funds Withheld Portfolios)

	December 31, 2008
	AAA				AA				A
(USD thousands)			Estimated				Estimated				Estimated
Underwriting Year	Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair 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				Estimated				Estimated
Underwriting Year	Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair 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.

Qurarterly Financial Supplement
	Page 21

     

Reinsurance Group of America, Incorporated
Investments

Gross Unrealized Losses Aging

Fixed Maturity Securities

	December 31, 2008					September 30, 2008					June 30, 2008					March 31, 2008					December 31, 2007
	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%	$	322,159		22.7	%	$	466,855		48.5	%	$	315,350		64.7	%	$	218,655		58.8	%	$	152,848		77.1	%
20% or more for less than six months		766,789		54.1	%		323,511		33.7	%		97,591		20.1	%		120,680		32.5	%		22,201		11.2	%
20% or more for six months or greater		258,724		18.3	%		94,982		9.9	%		38,715		8.0	%		10,222		2.8	%		2,981		1.5	%
Total	$	1,347,672		95.1	%	$	885,348		92.1	%	$	451,656		92.8	%	$	349,557		94.1	%	$	178,030		89.8	%

Equity Securities

	December 31, 2008					September 30, 2008					June 30, 2008					March 31, 2008					December 31, 2007
	Gross Unrealized					Gross Unrealized					Gross Unrealized					Gross Unrealized					Gross Unrealized
(USD thousands)	Losses		% of Total			Losses		% of Total			Losses		% of Total			Losses		% of Total			Losses		% of Total
Less than 20%	$	2,231		0.2	%		5,293		0.6	%		10,562		2.2	%		11,470		3.1	%		6,715		3.4	%
20% or more for less than six months		29,958		2.1	%		57,710		6.0	%		21,904		4.5	%		10,274		2.8	%		13,470		6.8	%
20% or more for six months or greater		36,578		2.6	%		12,291		1.3	%		2,550		0.5	%		0		0.0	%		0		0.0	%
Total	$	68,767		4.9	%	$	75,294		7.9	%	$	35,016		7.2	%	$	21,744		5.9	%	$	20,185		10.2	%

Qurarterly Financial Supplement
	Page 22

Reinsurance Group of America, Incorporated
Investments

Fixed Maturities and Equity Securities Below Amortized Cost

	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
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

	As of December 31, 2007
	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	$	1,185,664	$	63,368	$	487,626	$	25,541	$	1,673,290	$	88,909
Canadian and Canadian provincial governments		78,045		1,077		4,313		86		82,358		1,163
Residential mortgage-backed securities		299,655		5,473		348,632		6,743		648,287		12,216
Foreign corporate securities		293,783		17,880		155,445		5,995		449,228		23,875
Asset-backed securities		341,337		24,958		72,445		5,722		413,782		30,680
Commercial mortgage-backed securities		110,097		4,499		46,647		588		156,744		5,087
U.S. government and agencies		700		1		—		—		700		1
State and political subdivisions		27,265		605		14,518		339		41,783		944
Other foreign government securities		127,397		1,635		75,354		2,878		202,751		4,513
Investment grade securities		2,463,943		119,496		1,204,980		47,892		3,668,923		167,388
Non-investment grade securities:
U.S. corporate securities		106,842		6,044		30,105		1,727		136,947		7,771
Asset-backed securities		1,996		776		—		—		1,996		776
Foreign corporate securities		9,692		1,930		3,524		165		13,216		2,095
Non-investment grade securities		118,530		8,750		33,629		1,892		152,159		10,642
Total fixed maturity securities	$	2,582,473	$	128,246	$	1,238,609	$	49,784	$	3,821,082	$	178,030
Equity securities	$	83,166	$	16,764	$	19,073	$	3,421	$	102,239	$	20,185
Total number of securities in an unrealized loss position		691				414				1,105

Qurarterly Financial Supplement
	Page 23

Reinsurance Group of America, Incorporated
Investments

Consolidated Investment Related Gains and Losses

	Three Months Ended															Current Qtr			Year-to-Date
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
(USD thousands)	2008			2008			2008			2008			2007			Quarter			2008			2007			Change
Fixed Maturity and Equity Securities:
Gain on investment activity	$	10,204		$	6,169		$	5,928		$	10,080		$	5,054		$	5,150		$	32,381		$	23,570		$	8,811
Loss on investment activity		(5,759	)		(8,564	)		(4,378	)		(5,360	)		(5,130	)		(629	)		(24,061	)		(31,509	)		7,448
Impairments		(15,563	)		(109,283	)		(548	)		(5,150	)		(3,750	)		(11,813	)		(130,545	)		(8,481	)		(122,064	)
Net gain/(loss) on fixed maturity and equity securities		(11,118	)		(111,678	)		1,002			(430	)		(3,826	)		(7,292	)		(122,225	)		(16,420	)		(105,805	)
Other non-derivative gain/(loss), net		(672	)		(64	)		(344	)		369			221			(893	)		(711	)		(8,049	)		7,338
Free-standing Derivatives:
Credit Default Swaps		(6,732	)		(2,526	)		1,413			(6,486	)		(1,990	)		(4,742	)		(14,331	)		(3,615	)		(10,716	)
Interest Rate Swaps		152,098			7,681			(6,462	)		5,515			688			151,410			158,832			688			158,144
Futures		10,870			6,120			2,294			(185	)		133			10,737			19,099			(119	)		19,218
Other		2,153			1,440			1,877			—			—			2,153			5,471			—			5,471
Currency Forwards		1,638			289			(764	)		777			17			1,621			1,940			(332	)		2,272
Total free-standing derivatives		160,027			13,004			(1,642	)		(379	)		(1,152	)		161,179			171,011			(3,378	)		174,389
Embedded Derivatives:
B36		(161,021	)		(106,797	)		(11,452	)		(148,528	)		(84,642	)		(76,379	)		(427,798	)		(141,905	)		(285,893	)
GMXB		(230,775	)		(35,772	)		5,357			(6,292	)		(7,340	)		(223,435	)		(267,482	)		(8,964	)		(258,518	)
Total embedded derivatives		(391,796	)		(142,569	)		(6,095	)		(154,820	)		(91,982	)		(299,814	)		(695,280	)		(150,869	)		(544,411	)
Net gain/(loss) on total derivatives		(231,769	)		(129,565	)		(7,737	)		(155,199	)		(93,134	)		(138,635	)		(524,269	)		(154,247	)		(370,022	)
Total investment related losses, net	$	(243,559	)	$	(241,307	)	$	(7,079	)	$	(155,260	)	$	(96,739	)	$	(146,820	)	$	(647,205	)	$	(178,716	)	$	(468,489	)

Qurarterly Financial Supplement
	Page 24