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): April 23, 2009

REINSURANCE GROUP OF AMERICA, INCORPORATED

(Exact Name of Registrant as Specified in its Charter)

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

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

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

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

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

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

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

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

Item 2.02 Results of Operations and Financial Condition

On April 23, 2009, Reinsurance Group of America, Incorporated (the “Company”) issued (1) a press release announcing its earnings for the three-month period ended March 31, 2009, and providing certain additional information, a copy of which is furnished with this report as Exhibit 99.1, and (2) a Quarterly Financial Supplement for the quarter ended March 31, 2009, a copy of which is attached hereto as Exhibit 99.2. The press release also notes that a conference call will be held on April 24, 2009 to discuss the financial and operating results for the three-month period ended March 31, 2009. The press release and Quarterly Financial Supplement are furnished and are not filed pursuant to Instruction B.2 of Form 8-K.

Item 9.01 Financial Statements and Exhibits

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

Exhibit No.	Exhibit
99.1	Press Release of Reinsurance Group of America, Incorporated dated April 23, 2009
99.2	Quarterly Financial Supplement for the quarter ended March 31, 2009

SIGNATURE

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

	REINSURANCE GROUP OF AMERICA, INCORPORATED
Date: April 23, 2009	By:	/s/ Jack B. Lay
		Jack B. Lay
		Senior Executive Vice President and Chief Financial Officer

EXHIBIT INDEX

Exhibit Number	Description
99.1	Press Release dated April 23, 2009
99.2	Quarterly Financial Supplement for the quarter ended March 31, 2009

EX-99.1

Exhibit 99.1

PRESS RELEASE

REINSURANCE GROUP OF AMERICA REPORTS FIRST-QUARTER RESULTS

• Net income of $0.32 per diluted share and operating income of $0.92 per diluted share adversely affected by high claims levels

• Net income adversely affected by investment impairments and embedded derivatives

• Liquidity and capital position remain strong despite difficult economic environment

ST. LOUIS, April 23, 2009 — Reinsurance Group of America, Incorporated (NYSE:RGA), a leading global provider of life reinsurance, reported net income of $23.3 million, or $0.32 per diluted share, compared to $31.5 million, or $0.49 per diluted share in the prior-year quarter. Operating income* totaled $67.4 million, or $0.92 per diluted share, compared to $71.0 million, or $1.10 per diluted share in the year-ago quarter, decreases of 5 percent and 16 percent, respectively.

	Quarterly Results
($ in thousands, except per share data)	2009		2008
Net premiums	$	1,346,047	$	1,298,065
Net income		23,290		31,505
Net income per diluted share		0.32		0.49
Operating income*		67,355		70,957
Operating income per diluted share*		0.92		1.10
Book value per share		33.99		49.15
Book value per share (excl. AOCI)*		43.78		43.32
Total assets		21,634,314		21,812,508

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

The 2009 quarter’s earnings per share include the effect of the company’s 10,235,000-share common stock offering in November 2008. Most of the $332 million of net proceeds from that offering have yet to be deployed in the business. Weaker foreign currencies negatively affected operating income by approximately $0.10 per share for the quarter. Consolidated net premiums, including translated foreign currency-denominated premiums, increased 4 percent. Excluding the effect of foreign currency translation, premiums increased approximately 15 percent.

Net income included approximately $55.6 million of pre-tax net realized capital losses, with $40.2 million in investment impairments. Additionally, net income included a pre-tax loss of $15.9 million, net of hedging activities and adjustments to deferred acquisition costs (DAC), due to the decline in the fair value of embedded derivatives associated with certain living benefit riders within variable annuity treaties.

A. Greig Woodring, president and chief executive officer, commented, “In many respects, we have started 2009 in a manner similar to the prior year, when adverse mortality experience depressed operating earnings. Claim levels were significantly higher-than-expected during the quarter in several of our markets, most notably the U.S and Asia Pacific. We are disappointed with the recent run of poor mortality results in the U.S.; however, we are in a long-term business and accept risks over periods up to 30 years. We will experience periods of both better-than- and worse-than-expected mortality experience along the way. For example, the stretch from third quarter 2005 to the fourth quarter 2007 was very favorable in terms of actual mortality experience. These periods of mortality variations tend to level out over longer-term horizons.

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“We have built a strong, profitable life reinsurance operation over time, and while it can be frustrating to experience these sorts of negative mortality fluctuations, we are quite confident in the longer-term performance expectations of our business. We have posted to our Web site a Quarterly Financial Supplement that includes financial information for all our segments as well as information on our investment portfolio. Our investment profile remains appropriately positioned, with 96 percent of our fixed maturity securities held in the investment-grade categories.”

The company’s conference call, previously scheduled for April 28, will be held tomorrow, April 24, at 9 a.m. Eastern Time. Telephone numbers and webcast information can be found later in this press release.

Capital and Liquidity

Despite the difficult quarter, operations continue to provide positive cash flows and increased retained earnings. RGA remains in a position to hold investment securities until the financial markets improve, and does not rely on short-term funding or commercial paper. The company’s capital and liquidity positions are strong and expected to remain strong for the foreseeable future.

Woodring continued, “We feel we are in good shape with respect to our level of capital. Opportunities for capital deployment remain interesting. We are currently reviewing a number of transactions and expect to see block transaction opportunities for some period of time, given ever-changing dynamics in the primary life insurance industry and in the reinsurance competitive landscape. We did not execute any block transactions during the quarter, remaining selective in light of the relatively high cost of replacing capital in the current environment. Even so, we are quite encouraged by market and competitive dynamics.”

SEGMENT RESULTS

U.S.

The U.S. division reported pre-tax income of $12.8 million for the quarter, down 16 percent from $15.3 million the year before. Pre-tax income was affected by $48.9 million of net realized capital losses on the investment portfolio, as well as losses of $15.9 million associated with certain living benefit riders within variable annuity treaties. Pre-tax operating income totaled $74.3 million compared to $64.4 million the year before, an increase of 15 percent. In the traditional mortality sub-segment, claim levels were approximately $20.0 million higher-than-expected due to the overall volume of claims as well as the number of large claims (greater than $1 million). Analysis of the claims indicates no unusual trends or systemic issues. Rather, the results reflect random volatility that is inherent in mortality risk. Net premiums were up more than 8 percent to $788.5 million from $727.1 million in the prior-year quarter.

The U.S. Asset Intensive business reported a pre-tax loss of $27.0 million compared to a pre-tax loss of $41.1 million a year ago. Net income was adversely affected by losses associated with variable annuity business. On an operating basis, this business reported a pre-tax loss of $3.7 million, reflecting the difficult environment for annuity reinsurance, compared to pre-tax income of $5.5 million a year ago.

Canada

Canadian operations reported pre-tax net income of $16.2 million compared to $23.7 million a year ago. Pre-tax operating income totaled $17.8 million versus $28.2 million a year ago, a result of slightly adverse mortality experience in the current quarter coupled with very favorable mortality experience a year ago. Foreign currency fluctuations negatively affected pre-tax operating income by approximately $5.5 million. On a Canadian dollar basis, net premiums increased approximately 23 percent. On a U.S. dollar basis, net premiums totaled $138.1 million for the current quarter, relatively unchanged from last year’s $139.0 million.

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Asia Pacific

Asia Pacific reported pre-tax net income of $3.6 million compared with $18.6 million in the year-ago quarter. Pre-tax operating income decreased 61 percent to $7.1 million compared to $18.0 million a year ago, primarily as a result of adverse claims experience in Australia in the current quarter along with relatively favorable mortality in the year-ago period. Adverse foreign currency exchange of $0.2 million also hampered the current-quarter operating result. Net premiums totaled $243.7 million compared to $240.9 million. Current-period premiums were negatively affected by approximately $55.2 million due to foreign currency fluctuations.

Europe & South Africa

Europe & South Africa reported pre-tax net income of $8.5 million for the quarter compared to $6.0 million a year ago. Pre-tax operating income was $8.1 million versus $5.3 million last year. Both quarters included adverse claims experience in the U.K. and South Africa. Pre-tax operating income was also adversely affected by $4.0 million associated with foreign currency exchange rates. Net premiums declined to $173.3 million from $189.2 million due to weaker foreign currencies, which had a negative effect of $56.9 million.

Dividend Declaration

The company’s board of directors declared a regular quarterly dividend of $0.09, payable May 27 to shareholders of record as of May 6.

Earnings Conference Call

A conference call to discuss the company’s first-quarter results will begin at 9 a.m. Eastern Time on Friday, April 24. 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 May 1 at 888-203-1112 (domestic) or 719-457-0820, access code 3486951.

Use of Non-GAAP Financial Measures

RGA uses a non-GAAP financial measure called operating income as a basis for analyzing financial results. This measure also serves as a basis for establishing target levels and awards under RGA’s management incentive programs. Management believes that operating income, on a pre-tax and after-tax basis, better measures the ongoing profitability and underlying trends of the company’s continuing operations, primarily because that measure excludes the effect of net investment related gains and losses, as well as changes in the fair value of certain embedded derivatives and related deferred acquisition costs. These items can be volatile, primarily due to the credit market and interest rate environment and are not necessarily indicative of the performance of the company’s underlying businesses. Additionally, operating income excludes any net gain or loss from discontinued operations and the cumulative effect of any accounting changes, which management believes are not indicative of the company’s ongoing operations. The definition of operating income can vary by company and is not considered a substitute for GAAP net income. Reconciliations to GAAP net income are provided in the following tables. Additional financial information can be found in the Quarterly Financial Supplement on RGA’s Investor Relations site at www.rgare.com in the “Quarterly Results” tab and in the “Featured Report” section.

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

About RGA

Reinsurance Group of America, Incorporated is among the largest global providers of life reinsurance with subsidiary companies or offices in Australia, Barbados, Bermuda, Canada, China, France, Germany, Hong Kong, India, Ireland, Italy, Japan, Mexico, Poland, South Africa, South Korea, Spain, Taiwan, the United Kingdom and the United States. Worldwide, the company has approximately $2.1 trillion of life reinsurance in force, and assets of $21.6 billion.

Investor Contact

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

Cautionary Statement Regarding Forward-looking Statements

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

Numerous important factors could cause actual results and events to differ materially from those expressed or implied by forward-looking statements including, without limitation, (1) adverse capital and credit market conditions and their impact on our liquidity, access to capital, and cost of capital, (2) the impairment of other financial institutions and its effect on our business, (3) requirements to post collateral or make payments due to declines in market value of assets subject to our collateral arrangements, (4) the fact that the determination of allowances and impairments taken on our investments is highly subjective, (5) adverse changes in mortality, morbidity, lapsation, or claims experience, (6) changes in our financial strength and credit ratings and the effect of such changes on our future results of operations and financial condition, (7) inadequate risk analysis and underwriting, (8) general economic conditions or a prolonged economic downturn affecting the demand for insurance and reinsurance in our current and planned markets, (9) the availability and cost of collateral necessary for regulatory reserves and capital, (10) market or economic conditions that adversely affect the value of our investment securities or result in the impairment of all or a portion of the value of certain of our investment securities, (11) market or economic conditions that adversely affect our ability to make timely sales of investment securities, (12) risks inherent in our risk management and investment strategy, including changes in investment portfolio yields due to interest rate or credit quality changes, (13) fluctuations in U.S. or foreign currency exchange rates, interest rates, or securities and real estate markets, (14) adverse litigation or arbitration results, (15) the adequacy of reserves, resources, and accurate information relating to settlements, awards, and terminated and discontinued lines of business, (16) the stability of and actions by governments and economies in the markets in which we operate, (17) competitive factors and competitors’ responses to our initiatives,

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(18) the success of our clients, (19) successful execution of our entry into new markets, (20) successful development and introduction of new products and distribution opportunities, (21) our ability to successfully integrate and operate reinsurance business that we acquire, (22) regulatory action that may be taken by state Departments of Insurance with respect to us, (23) our dependence on third parties, including those insurance companies and reinsurers to which we cede some reinsurance, third-party investment managers, and others, (24) the threat of natural disasters, catastrophes, terrorist attacks, epidemics, or pandemics anywhere in the world where we or our clients do business, (25) changes in laws, regulations, and accounting standards applicable to us, our subsidiaries, or our business, (26) the effect of our status as an insurance holding company and regulatory restrictions on our ability to pay principal of and interest on our debt obligations, and (27) other risks and uncertainties described in this document and in our other filings with the Securities and Exchange Commission.

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

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

	Three Months Ended
	March 31,
(Unaudited)	2009			2008
GAAP net income-continuing operations	$	23,290		$	36,589
Reconciliation to operating income:
Capital losses, derivatives and other, net included in investment related losses, net		44,117			624
Embedded Derivatives:
Included in investment related losses, net		3,388			100,633
Included in interest credited		(5,281	)		41,916
Included in policy acquisition costs and other insurance expenses		848			(7,859	)
DAC offset, net		993			(100,946	)
Operating income	$	67,355		$	70,957

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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
	March 31,
(Unaudited)	2009			2008
Income from continuing operations before income taxes	$	34,206		$	56,688
Reconciliation to pre-tax operating income:
Capital losses, derivatives and other, net included in investment related losses, net		68,312			862
Embedded Derivatives:
Included in investment related losses, net		5,212			154,820
Included in interest credited		(8,124	)		64,486
Included in policy acquisition costs and other insurance expenses		1,304			(12,090	)
DAC offset, net		1,529			(155,301	)
Pre-tax operating income	$	102,439		$	109,465

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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 March 31, 2009
				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	$	34,350		$	38,228		$	—		$	72,578
Asset Intensive		(27,022	)		(16,032	)(1)		39,313	(2)		(3,741	)
Financial Reinsurance		5,521			(32	)		—			5,489
Total U.S.		12,849			22,164			39,313			74,326
Canada Operations		16,186			1,571			—			17,757
Europe & South Africa		8,535			(422	)		—			8,113
Asia Pacific Operations		3,573			3,567			—			7,140
Corporate and Other		(6,937	)		2,040			—			(4,897	)
Consolidated	$	34,206		$	28,920		$	39,313		$	102,439

(1)	Asset Intensive is net of $(39,392) DAC offset.
(2)	Asset Intensive is net of $40,921 DAC offset.

	Three Months Ended March 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	$	54,448		$	2,508		$	—		$	56,956
Asset Intensive		(41,102	)		1,746	(1)		44,903	(2)		5,547
Financial Reinsurance		1,939			1			—			1,940
Total U.S.		15,285			4,255			44,903			64,443
Canada Operations		23,671			4,507			—			28,178
Europe & South Africa		6,043			(745	)		—			5,298
Asia Pacific Operations		18,563			(514	)		—			18,049
Corporate & Other		(6,874	)		371			—			(6,503	)
Consolidated	$	56,688		$	7,874		$	44,903		$	109,465

(1)	Asset Intensive is net of $7,012 DAC offset.
(2)	Asset Intensive is net of $(162,313) 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
(Unaudited)	March 31,
	2009		2008
Earnings per share from continuing operations:
Basic earnings per share	$	0.32	$	0.59
Diluted earnings per share	$	0.32	$	0.57
Diluted earnings per share from operating income	$	0.92	$	1.10
Earnings per share from net income:
Basic earnings per share	$	0.32	$	0.51
Diluted earnings per share	$	0.32	$	0.49
Weighted average number of common and common equivalent shares outstanding		72,884		64,230

	At or For the
	Three Months Ended
(Unaudited)	March 31,
	2009		2008
Treasury shares		600		894
Common shares outstanding		72,763		62,235
Book value per share outstanding	$	33.99	$	49.15
Book value per share outstanding, before impact of AOCI*	$	43.78	$	43.32

* 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.

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

	Three Months Ended
(Unaudited)	March 31,
	2009			2008
Revenues:
Net premiums	$	1,346,047		$	1,298,065
Investment income, net of related expenses		223,196			199,526
Investment related losses, net		(72,262	)		(155,260	)
Other revenues		33,859			17,936
Total revenues		1,530,840			1,360,267
Benefits and expenses:
Claims and other policy benefits		1,169,744			1,119,512
Interest credited		36,909			73,897
Policy acquisition costs and other insurance expenses		198,801			16,262
Other operating expenses		66,749			63,340
Interest expense		22,117			23,094
Collateral finance facility expense		2,314			7,474
Total benefits and expenses		1,496,634			1,303,579
Income from continuing operations before income taxes		34,206			56,688
Provision for income taxes		10,916			20,099
Income from continuing operations		23,290			36,589
Discontinued operations:
Loss from discontinued accident and health operations, net of income taxes		—			(5,084	)
Net income	$	23,290		$	31,505

# # #

EX-99.2

EXHIBIT 99.2

Reinsurance Group of America, Incorporated^®

Financial Supplement

First Quarter 2009

(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.”

Reinsurance Group of America, Incorporated
Financial Supplement
1st Quarter 2009
Table of Contents

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

Reinsurance Group of America, Incorporated
Financial Supplement

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

Non-GAAP Disclosures

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

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

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Reinsurance Group of America, Incorporated
Financial Highlights
First Quarter 2009

	Three Months Ended or As of													Current Qtr
	March 31,			Dec. 31,			Sept. 30,			June 30,		March 31,		vs. PY
(USD thousands, except inforce & per share data)	2009			2008			2008			2008		2008		Quarter
Net premiums	$	1,346,047		$	1,389,091		$	1,303,590		$	1,358,555	$	1,298,065	$	47,982
Net income — continuing operations		23,290			15,170			25,250			110,806		36,589		(13,299	)
Operating income		67,355			99,966			118,542			109,688		70,957		(3,602	)
Total assets		21,634,314			21,658,818			21,844,347			22,410,167		21,812,508		(178,194	)
Assumed Ordinary Life Reinsurance in Force (in billions)
U.S.	$	1,285.6		$	1,274.5		$	1,265.6		$	1,258.6	$	1,247.0	$	38.6
Canada		209.9			209.5			231.4			230.9		221.2		(11.3	)
Europe & South Africa		332.8			325.2			368.9			419.4		383.0		(50.2	)
Asia Pacific		293.0			298.9			310.6			330.6		351.6		(58.6	)
Assumed New Business Production (in billions)
U.S.	$	35.5		$	33.7		$	30.5		$	35.5	$	34.7	$	0.8
Canada		9.9			12.1			14.5			11.7		12.9		(3.0	)
Europe & South Africa		36.0			28.2			21.4			19.4		18.5		17.5
Asia Pacific		3.8			9.2			7.5			4.9		10.3		(6.5	)
Per Share and Shares Data
Basic earnings per share from continuing operations
Net income	$	0.32		$	0.22		$	0.41		$	1.78	$	0.59	$	(0.27	)
Operating income	$	0.93		$	1.45		$	1.90		$	1.76	$	1.14	$	(0.21	)
Diluted earnings per share from continuing operations
Net income	$	0.32		$	0.22		$	0.40		$	1.73	$	0.57	$	(0.25	)
Operating income	$	0.92		$	1.45		$	1.86		$	1.71	$	1.10	$	(0.18	)
Wgt. average common shares outstanding (basic)		72,710			68,831			62,323			62,284		62,146		10,564
Wgt. average common shares outstanding (diluted)		72,884			69,176			63,607			63,982		64,230		8,654
Common shares issued		73,363			73,363			63,128			63,128		63,128		10,235
Treasury shares		600			741			803			813		894		(294	)
Common shares outstanding		72,763			72,622			62,325			62,315		62,234		10,529
Book value per share	$	33.99		$	36.03		$	41.83		$	49.13	$	49.15
Per share effect of accumulated other comprehensive income (AOCI)	$	(9.79	)	$	(7.55	)	$	(3.56	)	$	4.09	$	5.83
Book value per share, excluding AOCI	$	43.78		$	43.58		$	45.39		$	45.04	$	43.32

Page 2

Reinsurance Group of America, Incorporated
Consolidated Operating Income Statement

	Three Months Ended													Current Qtr
	March 31,			Dec. 31,			Sept. 30,			June 30,		March 31,		vs. PY
(USD thousands, except per share data)	2009			2008			2008			2008		2008		Quarter
Revenues:
Net premiums	$	1,346,047		$	1,389,091		$	1,303,590		$	1,358,555	$	1,298,065	$	47,982
Investment income, net of related expenses		223,196			196,634			220,248			254,868		199,526		23,670
Investment related gains (losses), net		1,262			1,419			1,063			978		422		840
Other revenue		33,859			25,869			27,764			36,262		17,936		15,923
Total revenues		1,604,364			1,613,013			1,552,665			1,650,663		1,515,949		88,415
Benefits and expenses:
Claims and other policy benefits		1,169,744			1,150,645			1,062,948			1,128,827		1,119,512		50,232
Interest credited		45,033			38,093			53,164			72,248		9,411		35,622
Policy acquisition costs and other insurance expenses		195,968			191,167			179,956			189,699		183,653		12,315
Other operating expenses		66,749			53,694			63,886			61,997		63,340		3,409
Interest expense		22,117			21,552			9,935			21,580		23,094		(977	)
Collateral finance facility expense		2,314			7,432			6,851			6,966		7,474		(5,160	)
Total benefits and expenses		1,501,925			1,462,583			1,376,740			1,481,317		1,406,484		95,441
Operating income before income taxes		102,439			150,430			175,925			169,346		109,465		(7,026	)
Operating income tax expense		35,084			50,464			57,383			59,658		38,508		(3,424	)
Operating income	$	67,355		$	99,966		$	118,542		$	109,688	$	70,957	$	(3,602	)
Wgt. Average Common Shares Outstanding (Diluted)		72,884			69,176			63,607			63,982		64,230		8,654
Diluted Earnings Per Share — Operating Income	$	0.92		$	1.45		$	1.86		$	1.71	$	1.10	$	(0.18	)
Foreign currency effect on*:
Net premiums	$	(144,690	)	$	(111,668	)	$	(5,676	)	$	20,565	$	46,462	$	(191,152	)
Operating income before income taxes	$	(11,202	)	$	(17,349	)	$	(1,337	)	$	5,608	$	7,871	$	(19,073	)

* Represents effect as compared to comparable prior year period

Page 3

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

	Three Months Ended															Current Qtr
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,			vs. PY
(USD thousands)	2009			2008			2008			2008			2008			Quarter
Revenues:
Net premiums	$	1,346,047		$	1,389,091		$	1,303,590		$	1,358,555		$	1,298,065		$	47,982
Investment income, net of related expenses		223,196			196,634			220,248			254,868			199,526			23,670
Investment related gains (losses), net		(72,262	)		(243,559	)		(241,307	)		(7,079	)		(155,260	)		82,998
Other revenue		33,859			25,869			27,764			36,262			17,936			15,923
Total revenues		1,530,840			1,368,035			1,310,295			1,642,606			1,360,267			170,573
Benefits and expenses:
Claims and other policy benefits		1,169,744			1,150,645			1,062,948			1,128,827			1,119,512			50,232
Interest credited		36,909			86,989			9,293			63,000			73,897			(36,988	)
Policy acquisition costs and other insurance expenses		198,801			27,529			124,836			189,272			16,262			182,539
Other operating expenses		66,749			53,694			63,886			61,997			63,340			3,409
Interest expense		22,117			21,552			9,935			21,580			23,094			(977	)
Collateral finance facility expense		2,314			7,432			6,851			6,966			7,474			(5,160	)
Total benefits and expenses		1,496,634			1,347,841			1,277,749			1,471,642			1,303,579			193,055
Income before income taxes — continuing operations		34,206			20,194			32,546			170,964			56,688			(22,482	)
Income tax expense		10,916			5,024			7,296			60,158			20,099			(9,183	)
Income — continuing operations		23,290			15,170			25,250			110,806			36,589			(13,299	)
Loss from discontinued operations		—			(5,809	)		(22	)		(104	)		(5,084	)		5,084
Net income	$	23,290		$	9,361		$	25,228		$	110,702		$	31,505		$	(8,215	)
Pre-tax Operating Income Reconciliation:
Income before income taxes — continuing operations		34,206			20,194			32,546			170,964			56,688			(22,482	)
Investment and Derivative losses (gains) — non-operating (1)		68,312			(146,818	)		99,801			1,962			862			67,450
Change in value of B36 embedded derivatives (1)		40,425			161,021			106,797			11,452			148,528			(108,103	)
GMXB embedded derivatives (1)		(35,213	)		230,775			35,772			(5,357	)		6,292			(41,505	)
EIA embedded derivatives — interest credited		(8,124	)		48,896			(43,871	)		(9,248	)		64,486			(72,610	)
EIA embedded derivatives — policy acq. costs		1,304			(5,697	)		8,274			2,390			(12,090	)		13,394
DAC offset, net		1,529			(157,941	)		(63,394	)		(2,817	)		(155,301	)		156,830
Operating Income Before Income Taxes		102,439			150,430			175,925			169,346			109,465			(7,026	)
After-tax Operating Income Reconciliation:
Income — continuing operations		23,290			15,170			25,250			110,806			36,589			(13,299	)
Investment and Derivative losses (gains) — non-operating (1)		44,117			(95,289	)		64,967			1,207			624			43,493
Change in value of B36 embedded derivatives (1)		26,276			104,664			69,418			7,444			96,543			(70,267	)
GMXB embedded derivatives (1)		(22,888	)		150,003			23,252			(3,482	)		4,090			(26,978	)
EIA embedded derivatives — interest credited		(5,281	)		31,782			(28,516	)		(6,011	)		41,916			(47,197	)
EIA embedded derivatives — policy acq. costs		848			(3,703	)		5,378			1,554			(7,859	)		8,707
DAC offset, net		993			(102,661	)		(41,207	)		(1,830	)		(100,946	)		101,939
Operating Income		67,355			99,966			118,542			109,688			70,957			(3,602	)

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

Page 4

Reinsurance Group of America, Incorporated
Consolidated Balance Sheets

(USD thousands)	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,
	2009			2008			2008			2008			2008
Assets
Fixed maturity securities (available for sale):	$	8,831,920		$	8,531,804		$	9,121,953		$	9,667,961		$	9,387,094
Mortgage loans on real estate		764,038			775,050			782,282			798,896			812,539
Policy loans		1,081,030			1,096,713			1,048,517			1,048,517			1,039,464
Funds withheld at interest		4,505,054			4,520,398			4,806,642			4,825,297			4,650,948
Short-term investments		54,552			58,123			32,520			47,081			46,336
Other invested assets		582,784			628,649			432,982			418,864			389,437
Total investments		15,819,378			15,610,737			16,224,896			16,806,616			16,325,818
Cash and cash equivalents		586,542			875,403			412,255			362,689			304,083
Accrued investment income		118,140			87,424			138,414			106,679			103,755
Premiums receivable and other reinsurance balances		657,647			640,235			691,120			800,404			766,970
Reinsurance ceded receivables		746,736			735,155			746,790			752,203			758,977
Deferred policy acquisition costs		3,602,857			3,610,334			3,498,152			3,460,294			3,369,316
Other assets		103,014			99,530			132,720			121,282			183,589
Total assets	$	21,634,314		$	21,658,818		$	21,844,347		$	22,410,167		$	21,812,508
Liabilities and Stockholders’ Equity
Future policy benefits	$	6,636,919		$	6,431,530		$	6,552,508		$	6,619,084		$	6,449,039
Interest-sensitive contract liabilities		7,613,489			7,690,942			7,517,782			7,220,659			6,657,546
Other policy claims and benefits		1,956,834			1,923,018			2,064,578			2,239,868			2,196,089
Other reinsurance balances		197,695			173,645			127,021			173,162			240,137
Deferred income taxes		251,261			310,360			399,669			561,912			707,963
Other liabilities		577,909			585,199			548,844			599,034			567,854
Short-term debt		—			—			95,000			—			—
Long-term debt		917,913			918,246			922,994			926,095			925,893
Collateral finance facility		850,019			850,035			850,094			850,000			850,210
Company-obligated mandatorily redeemable preferred securities of subsidiary trust holding solely junior subordinated debentures of the Company		159,081			159,035			158,990			158,946			158,904
Total liabilities		19,161,120			19,042,010			19,237,480			19,348,760			18,753,635
Stockholders’ Equity:
Common stock, at par value		734			734			631			631			631
Warrants		66,912			66,914			66,915			66,915			66,915
Additional paid-in-capital		1,455,022			1,450,041			1,118,288			1,115,540			1,112,977
Retained earnings		1,691,292			1,682,087			1,679,568			1,660,041			1,556,127
Accumulated other comprehensive income (AOCI):
Accumulated currency translation adjustment, net of income taxes		(3,050	)		19,794			143,729			215,582			203,662
Unrealized appreciation (depreciation) of securities, net of income taxes		(695,070	)		(553,407	)		(358,273	)		47,478			167,174
Pension and postretirement benefits, net of income taxes		(14,456	)		(14,658	)		(7,790	)		(8,082	)		(8,199	)
Total stockholders’ equity before treasury stock		2,501,384			2,651,505			2,643,068			3,098,105			3,099,287
Less treasury shares		(28,190	)		(34,697	)		(36,201	)		(36,698	)		(40,414	)
Total stockholders’ equity		2,473,194			2,616,808			2,606,867			3,061,407			3,058,873
Total liabilities and stockholders’ equity	$	21,634,314		$	21,658,818		$	21,844,347		$	22,410,167		$	21,812,508
Total stockholders’ equity, excluding AOCI	$	3,185,770		$	3,165,079		$	2,829,201		$	2,806,429		$	2,696,236

Page 5

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

	Three Months Ended															Current Qtr
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,			vs. PY
(USD thousands)	2009			2008			2008			2008			2008			Quarter
Revenues:
Net premiums	$	786,748		$	874,348		$	740,502		$	752,831		$	725,393		$	61,355
Investment income, net of related expenses		102,561			100,033			99,991			97,462			97,431			5,130
Other revenue		570			(193	)		(42	)		552			60			510
Total revenues		889,879			974,188			840,451			850,845			822,884			66,995
Benefits and expenses:
Claims and other policy benefits		695,932			753,545			632,258			624,310			651,850			44,082
Interest credited		15,233			15,513			15,221			14,924			14,790			443
Policy acquisition costs and other insurance expenses		91,533			118,637			107,199			103,231			86,050			5,483
Other operating expenses		14,603			9,828			12,756			12,121			13,238			1,365
Total benefits and expenses		817,301			897,523			767,434			754,586			765,928			51,373
Operating income before income taxes		72,578			76,665			73,017			96,259			56,956			15,622
Operating to GAAP Reconciliation:
Operating income before income taxes		72,578			76,665			73,017			96,259			56,956			15,622
Investment and Derivative (losses) gains — non-operating		(38,228	)		(6,694	)		(62,065	)		(637	)		(2,508	)		(35,720	)
Income before income taxes	$	34,350		$	69,971		$	10,952		$	95,622		$	54,448		$	(20,098	)
Loss and Expense Ratios:
Claims and other policy benefits		88.5	%		86.2	%		85.4	%		82.9	%		89.9	%		-1.4	%
Policy acquisition costs and other insurance expenses		11.6	%		13.6	%		14.5	%		13.7	%		11.9	%		-0.3	%
Other operating expenses		1.9	%		1.1	%		1.7	%		1.6	%		1.8	%		0.1	%

Page 6

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

	Three Months Ended															Current Qtr
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,			vs. PY
(USD thousands except account values)	2009			2008			2008			2008			2008			Quarter
Revenues:
Net premiums	$	1,709		$	1,584		$	1,719		$	1,592		$	1,663		$	46
Investment income, net of related expenses		55,827			26,428			43,727			80,920			25,031			30,796
Other revenue		15,123			16,018			15,051			14,211			11,495			3,628
Total revenues		72,659			44,030			60,497			96,723			38,189			34,470
Benefits and expenses:
Claims and other policy benefits		1,274			8,151			2,040			865			185			1,089
Interest credited		29,752			22,512			37,866			57,243			(5,518	)		35,270
Policy acquisition costs and other insurance expenses		42,476			14,535			10,077			27,513			35,641			6,835
Other operating expenses		2,898			1,649			2,167			1,840			2,334			564
Total benefits and expenses		76,400			46,847			52,150			87,461			32,642			43,758
Operating income before income taxes		(3,741	)		(2,817	)		8,347			9,262			5,547			(9,288	)
Operating to GAAP Reconciliation:
Operating income before income taxes		(3,741	)		(2,817	)		8,347			9,262			5,547			(9,288	)
Investment and Derivative (losses) gains — non-operating (1)		(23,360	)		159,276			10,289			(2,949	)		5,266			(28,626	)
Change in value of B36 embedded derivatives (1)		(40,425	)		(161,021	)		(106,797	)		(11,452	)		(148,528	)		108,103
GMXB embedded derivatives (1)		35,213			(230,775	)		(35,772	)		5,357			(6,292	)		41,505
EIA embedded derivatives — interest credited		8,124			(48,896	)		43,871			9,248			(64,486	)		72,610
EIA embedded derivatives — policy acq. costs		(1,304	)		5,697			(8,274	)		(2,390	)		12,090			(13,394	)
DAC offset, net		(1,529	)		157,941			63,394			2,817			155,301			(156,830	)
Income before income taxes	$	(27,022	)	$	(120,595	)	$	(24,942	)	$	9,893		$	(41,102	)	$	14,080

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

Page 7

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

	Three Months Ended
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,
	2009			2008			2008			2008			2008
Annuity account values (in millions):
Fixed annuities (deferred)	$	1,406		$	1,625		$	1,670		$	1,527		$	1,140
Net interest spread (fixed annuities):		2.4	%		1.9	%		1.9	%		2.0	%		2.1	%
Equity-indexed annuities	$	3,813		$	3,806		$	3,677		$	3,645		$	3,540
Variable annuities:
No riders	$	1,041		$	1,063		$	1,251		$	1,359		$	1,355
GMDB only		58			54			49			32			25
GMIB only		4			4			4			4			3
GMAB only		48			44			45			44			35
GMWB only		1,180			795			708			537			379
GMDB / WB		316			287			257			170			124
Other		26			24			26			23			20
Total VA account values	$	2,673		$	2,271		$	2,340		$	2,169		$	1,941
Fair value of living benefit riders	$	241		$	276		$	46		$	10		$	16
Other annuities:	$	199		$	199		$	199		$	—		$	—

Page 8

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

	Three Months Ended															Current Qtr
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,			vs. PY
(USD thousands)	2009			2008			2008			2008			2008			Quarter
Revenues:
Investment income, net of related expenses	$	(65	)	$	—		$	192		$	356		$	40		$	(105	)
Other revenue		6,571			4,578			3,644			4,314			2,744			3,827
Total revenues		6,506			4,578			3,836			4,670			2,784			3,722
Benefits and expenses:
Claims and other policy benefits		—			—			—			—			—			—
Policy acquisition costs and other insurance expenses		338			341			252			250			198			140
Other operating expenses		679			577			747			767			646			33
Total benefits and expenses		1,017			918			999			1,017			844			173
Operating income before income taxes		5,489			3,660			2,837			3,653			1,940			3,549
Operating to GAAP Reconciliation:
Operating income before income taxes		5,489			3,660			2,837			3,653			1,940			3,549
Investment and Derivative (losses) gains — non-operating		32			(110	)		(136	)		(2	)		(1	)		33
Income before income taxes	$	5,521		$	3,550		$	2,701		$	3,651		$	1,939		$	3,582

Page 9

Reinsurance Group of America, Incorporated
Canadian Segment Operating Income

	Three Months Ended															Current Qtr
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,			vs. PY
(USD thousands)	2009			2008			2008			2008			2008			Quarter
Revenues:
Net premiums	$	138,056		$	126,819		$	128,930		$	139,530		$	138,992		$	(936	)
Investment income, net of related expenses		30,360			32,873			35,836			35,692			36,033			(5,673	)
Investment related gains (losses), net		1,262			1,419			1,063			978			422			840
Other revenue		1,697			826			4,289			13,204			13			1,684
Total revenues		171,375			161,937			170,118			189,404			175,460			(4,085	)
Benefits and expenses:
Claims and other policy benefits		115,635			102,316			104,339			134,146			115,271			364
Interest credited		48			68			77			81			139			(91	)
Policy acquisition costs and other insurance expenses		33,067			30,634			27,591			25,526			26,426			6,641
Other operating expenses		4,868			5,591			6,132			5,899			5,446			(578	)
Total benefits and expenses		153,618			138,609			138,139			165,652			147,282			6,336
Operating income before income taxes		17,757			23,328			31,979			23,752			28,178			(10,421	)
Operating to GAAP Reconciliation:
Operating income before income taxes		17,757			23,328			31,979			23,752			28,178			(10,421	)
Investment and Derivative (losses) gains — non-operating		(1,571	)		(1,244	)		(2,246	)		3,026			(4,507	)		2,936
Income before income taxes	$	16,186		$	22,084		$	29,733		$	26,778		$	23,671		$	(7,485	)
Loss and Expense Ratios:
Loss ratios (creditor business)		41.2	%		35.5	%		42.3	%		90.4	%		40.7	%		0.5	%
Loss ratios (excluding creditor business)		99.4	%		91.4	%		89.1	%		97.3	%		93.2	%		6.2	%
Claims and other policy benefits / (net premiums + investment income)		68.7	%		64.1	%		63.3	%		76.6	%		65.9	%		2.8	%
Policy acquisition costs and other insurance expenses		24.0	%		24.2	%		21.4	%		18.3	%		19.0	%		5.0	%
Other operating expenses		3.5	%		4.4	%		4.8	%		4.2	%		3.9	%		-0.4	%
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	$	(32,673	)	$	(29,546	)	$	626		$	11,315		$	19,837		$	(52,510	)
Operating income before income taxes	$	(5,477	)	$	(6,164	)	$	(264	)	$	2,397		$	4,715		$	(10,192	)

* Represents effect as compared to comparable prior year period

Page 10

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

	Three Months Ended															Current Qtr
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,			vs. PY
(USD thousands)	2009			2008			2008			2008			2008			Quarter
Revenues:
Net premiums	$	173,256		$	156,898		$	176,184		$	185,490		$	189,196		$	(15,940	)
Investment income, net of related expenses		6,749			7,599			9,065			8,778			7,551			(802	)
Other revenue		260			240			33			68			60			200
Total revenues		180,265			164,737			185,282			194,336			196,807			(16,542	)
Benefits and expenses:
Claims and other policy benefits		144,218			106,776			122,521			144,460			158,535			(14,317	)
Interest credited		—			—			—			—			—			—
Policy acquisition costs and other insurance expenses		10,817			14,607			21,559			16,026			17,230			(6,413	)
Other operating expenses		17,117			16,945			15,708			16,678			15,744			1,373
Total benefits and expenses		172,152			138,328			159,788			177,164			191,509			(19,357	)
Operating income before income taxes		8,113			26,409			25,494			17,172			5,298			2,815
Operating to GAAP Reconciliation:
Operating income before income taxes		8,113			26,409			25,494			17,172			5,298			2,815
Investment and Derivative (losses) gains — non-operating		422			(4,598	)		(4,703	)		(131	)		745			(323	)
Income before income taxes	$	8,535		$	21,811		$	20,791		$	17,041		$	6,043		$	2,492
Loss and Expense Ratios:
Claims and other policy benefits		83.2	%		68.1	%		69.5	%		77.9	%		83.8	%		-0.6	%
Policy acquisition costs and other insurance expenses		6.2	%		9.3	%		12.2	%		8.6	%		9.1	%		-2.9	%
Other operating expenses		9.9	%		10.8	%		8.9	%		9.0	%		8.3	%		1.6	%
Foreign currency effect on*:
Net premiums	$	(56,890	)	$	(43,150	)	$	(9,380	)	$	588		$	4,247		$	(61,137	)
Operating income before income taxes	$	(3,991	)	$	(7,816	)	$	(2,015	)	$	606		$	671		$	(4,662	)
Critical illness net premiums	$	46,323		$	49,471		$	59,227		$	67,284		$	60,442		$	(14,119	)

* Represents effect as compared to comparable prior year period

Page 11

Reinsurance Group of America, Incorporated
Asia Pacific Segment Operating Income

	Three Months Ended															Current Qtr
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,			vs. PY
(USD thousands)	2009			2008			2008			2008			2008			Quarter
Revenues:
Net premiums	$	243,728		$	227,666		$	254,497		$	277,716		$	240,935		$	2,793
Investment income, net of related expenses		12,697			11,317			12,272			12,397			11,414			1,283
Other revenue		9,729			5,106			2,811			1,851			2,552			7,177
Total revenues		266,154			244,089			269,580			291,964			254,901			11,253
Benefits and expenses:
Claims and other policy benefits		212,414			178,989			201,707			225,011			193,669			18,745
Policy acquisition costs and other insurance expenses		30,429			25,556			25,053			28,386			28,081			2,348
Other operating expenses		16,171			17,235			17,774			15,801			15,102			1,069
Total benefits and expenses		259,014			221,780			244,534			269,198			236,852			22,162
Operating income before income taxes		7,140			22,309			25,046			22,766			18,049			(10,909	)
Operating to GAAP Reconciliation:
Operating income before income taxes		7,140			22,309			25,046			22,766			18,049			(10,909	)
Investment and Derivative (losses) gains — non-operating		(3,567	)		2,156			(3,821	)		(1,510	)		514			(4,081	)
Income before income taxes	$	3,573		$	24,465		$	21,225		$	21,256		$	18,563		$	(14,990	)
Loss and Expense Ratios:
Claims and other policy benefits		87.2	%		78.6	%		79.3	%		81.0	%		80.4	%		6.8	%
Policy acquisition costs and other insurance expenses		12.5	%		11.2	%		9.8	%		10.2	%		11.7	%		0.8	%
Other operating expenses		6.6	%		7.6	%		7.0	%		5.7	%		6.3	%		0.3	%
Foreign currency effect on*:
Net premiums	$	(55,173	)	$	(39,028	)	$	3,036		$	8,629		$	22,356		$	(77,529	)
Operating income before income taxes	$	(246	)	$	(1,972	)	$	1,078		$	2,307		$	2,116		$	(2,362	)
Critical illness net premiums	$	54,152		$	48,591		$	51,979		$	67,348		$	45,863		$	8,289

* Represents effect as compared to comparable prior year period

Page 12

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

	Three Months Ended															Current Qtr
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,			vs. PY
(USD thousands)	2009			2008			2008			2008			2008			Quarter
Revenues:
Net premiums	$	2,550		$	1,776		$	1,758		$	1,396		$	1,886		$	664
Investment income, net of related expenses		15,067			18,384			19,165			19,263			22,026			(6,959	)
Other revenue		(91	)		(706	)		1,978			2,062			1,012			(1,103	)
Total revenues		17,526			19,454			22,901			22,721			24,924			(7,398	)
Benefits and expenses:
Claims and other policy benefits		271			868			83			35			2			269
Policy acquisition costs and other insurance expenses		(12,692	)		(13,143	)		(11,775	)		(11,233	)		(9,973	)		(2,719	)
Other operating expenses		10,413			1,869			8,602			8,891			10,830			(417	)
Interest expense		22,117			21,552			9,935			21,580			23,094			(977	)
Collateral finance facility expense		2,314			7,432			6,851			6,966			7,474			(5,160	)
Total benefits and expenses		22,423			18,578			13,696			26,239			31,427			(9,004	)
Operating income before income taxes		(4,897	)		876			9,205			(3,518	)		(6,503	)		1,606
Operating to GAAP Reconciliation:
Operating income before income taxes		(4,897	)		876			9,205			(3,518	)		(6,503	)		1,606
Investment and Derivative (losses) gains — non-operating		(2,040	)		(1,968	)		(37,119	)		241			(371	)		(1,669	)
Income before income taxes	$	(6,937	)	$	(1,092	)	$	(27,914	)	$	(3,277	)	$	(6,874	)	$	(63	)
Foreign currency effect on*:
Net premiums	$	46		$	55		$	42		$	33		$	23		$	23
Operating income before income taxes	$	(1,279	)	$	(1,396	)	$	(136	)	$	298		$	369		$	(1,648	)

* Represents effect as compared to comparable prior year period

Page 13

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

															Current
	Three Months Ended														Qtr
	March 31,			Dec. 31,			Sept. 30,		June 30,			March 31,			vs. PY
(USD thousands)	2009			2008			2008		2008			2008			Quarter
U.S. Traditional	$	72,578		$	76,665		$	73,017	$	96,259		$	56,956		$	15,622
U.S. Asset Intensive		(3,741	)		(2,817	)		8,347		9,262			5,547			(9,288	)
U.S. Financial Reinsurance		5,489			3,660			2,837		3,653			1,940			3,549
Total U.S. Segment		74,326			77,508			84,201		109,174			64,443			9,883
Canadian Segment		17,757			23,328			31,979		23,752			28,178			(10,421	)
Europe & South Africa Segment		8,113			26,409			25,494		17,172			5,298			2,815
Asia Pacific Segment		7,140			22,309			25,046		22,766			18,049			(10,909	)
Corporate and Other		(4,897	)		876			9,205		(3,518	)		(6,503	)		1,606
Consolidated	$	102,439		$	150,430		$	175,925	$	169,346		$	109,465		$	(7,026	)

Page 14

Reinsurance Group of America, Incorporated
Investments

Cash and Invested Assets

	March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,
(USD thousands)	2009		2008		2008		2008		2008
Fixed maturity securities, available-for-sale	$	8,831,920	$	8,531,804	$	9,121,953	$	9,667,961	$	9,387,094
Mortgage loans on real estate		764,038		775,050		782,282		798,896		812,539
Policy loans		1,081,030		1,096,713		1,048,517		1,048,517		1,039,464
Funds withheld at interest		4,505,054		4,520,398		4,806,642		4,825,297		4,650,948
Short-term investments		54,552		58,123		32,520		47,081		46,336
Other invested assets		582,784		628,649		432,982		418,864		389,437
Cash and cash equivalents		586,542		875,403		412,255		362,689		304,083
Total cash and invested assets	$	16,405,920	$	16,486,140	$	16,637,151	$	17,169,305	$	16,629,901

Investment Income and Yield Summary
(Excludes Funds Withheld)

	Three Months Ended															Current Qtr
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,			vs. PY
(USD thousands)	2009			2008			2008			2008			2008			Quarter
Average invested assets at amortized cost (1)	$	12,776,598		$	12,245,727		$	12,185,216		$	11,696,386		$	11,539,433		$	1,237,165
Net investment income (1)	$	174,300		$	177,358		$	179,193		$	173,587		$	170,899		$	3,401
Investment yield (ratio of net investment income to average invested assets)		5.57	%		5.92	%		6.01	%		6.07	%		6.06	%		-0.49	%

(1) Excludes funds withheld

	Page 15

Reinsurance Group of America, Incorporated
Investments

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

March 31, 2009

							Estimated
	Amortized		Unrealized		Unrealized		Fair		% of
(USD thousands)	Cost		Gains		Losses		Value		Total
Available-for-sale:
U.S. corporate securities	$	3,779,317	$	18,970	$	696,017	$	3,102,270		35.1	%
Canadian and Canadian provincial governments		1,498,249		326,243		17,230		1,807,262		20.5	%
Residential mortgage-backed securities		1,244,713		36,791		74,215		1,207,289		13.7	%
Foreign corporate securities		1,293,068		15,836		160,432		1,148,472		13.0	%
Asset-backed securities		511,088		4,538		130,421		385,205		4.3	%
Commercial mortgage-backed securities		1,087,722		4,621		370,351		721,992		8.2	%
U.S. government and agencies		3,306		465		—		3,771		0.0	%
State and political subdivisions		46,440		—		11,859		34,581		0.4	%
Other foreign government securities		409,546		14,019		2,487		421,078		4.8	%
Total fixed maturity securities		9,873,449		421,483		1,463,012		8,831,920		100.0	%
Non-redeemable preferred stock		175,594		94		86,463		89,225		70.7	%
Common stock		40,200		75		3,344		36,931		29.3	%
Total equity securities	$	215,794	$	169	$	89,807	$	126,156		100.0	%

December 31, 2008

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

	Page 16

Reinsurance Group of America, Incorporated
Investments

Corporate Securities by Sector (Fixed Maturities and Equities)

	March 31, 2009									December 31, 2008
			Estimated Fair					Average Credit				Estimated					Average Credit
(USD thousands)	Amortized Cost		Value		% of Total			Ratings		Amortized Cost		Fair Value		% of Total			Ratings
Financial Institutions
Banking	$	1,154,761	$	851,182		19.4	%		A	$	1,138,663	$	924,098		22.2	%		A
Brokerage		88,727		68,618		1.6	%		A-		104,169		96,516		2.3	%		A
Finance Comp.		282,021		210,325		4.8	%		A+		278,132		228,659		5.5	%		A+
Insurance		312,709		204,335		4.7	%		A-		309,703		222,116		5.4	%		A-
REITs		145,818		103,952		2.4	%	BBB+			153,626		110,172		2.7	%	BBB+
Other Finance		213,542		163,881		3.7	%		A		191,650		140,161		3.4	%		A
Industrials
Basic		225,742		188,080		4.3	%	BBB+			213,540		173,826		4.2	%	BBB+
Capital Goods		200,870		183,968		4.2	%		A-		187,041		172,958		4.2	%		A-
Communications		518,129		484,849		11.1	%	BBB+			449,334		425,633		10.3	%	BBB+
Consumer Cyclical		248,146		202,625		4.6	%	BBB+			244,476		198,485		4.8	%	BBB+
Consumer Noncyclical		399,034		383,053		8.8	%	BBB+			341,126		323,239		7.8	%	BBB+
Energy		325,811		294,876		6.7	%	BBB+			248,579		215,634		5.2	%	BBB+
Technology		95,458		86,304		2.0	%	BBB+			55,043		43,998		1.1	%	BBB+
Transportation		223,448		192,655		4.4	%	BBB+			217,515		190,303		4.6	%	BBB+
Other Industrial		60,337		32,542		0.7	%	BBB+			55,898		28,314		0.7	%	BBB+
Utilities
Electric		486,831		447,186		10.2	%	BBB+			446,048		399,235		9.6	%	BBB+
Natural Gas		224,739		205,849		4.7	%	BBB+			200,636		174,308		4.2	%	BBB+
Other Utility		23,730		21,633		0.5	%		A-		22,320		20,447		0.5	%		A-
Other Sectors		58,326		50,985		1.2	%	AA			59,728		57,338		1.3	%	AA
Total	$	5,288,179	$	4,376,898		100.0	%			$	4,917,227	$	4,145,440		100.0	%

	Page 17

Reinsurance Group of America, Incorporated
Investments

Ratings of Fixed Maturity Securities

(USD thousands)		March 31, 2009							December 31, 2008							September 30, 2008							June 30, 2008							March 31, 2008
	Rating Agency	Amortized		Estimated					Amortized		Estimated					Amortized		Estimated					Amortized		Estimated		% of			Amortized		Estimated		% of
NAIC Designation	Designation	Cost		Fair Value		% of Total			Cost		Fair Value		% of Total			Cost		Fair Value		% of Total			Cost		Fair Value		Total			Cost		Fair Value		Total
1	AAA	$	2,887,693	$	2,631,984		29.8	%	$	2,851,818	$	2,594,429		30.4	%	$	2,931,176	$	2,780,454		30.5	%	$	2,856,457	$	2,777,642		28.7	%	$	2,752,988	$	2,710,839		28.9	%
1	AA		2,205,621		2,188,305		24.8	%		2,147,187		2,161,537		25.3	%		2,601,007		2,624,357		28.8	%		2,572,375		2,809,406		29.1	%		2,447,193		2,754,675		29.3	%
1	A		1,952,386		1,777,195		20.1	%		2,002,963		1,851,764		21.7	%		1,947,355		1,779,129		19.5	%		2,012,559		2,028,840		21.0	%		1,926,854		1,970,574		21.0	%
2	BBB		2,284,836		1,877,063		21.3	%		1,991,276		1,649,513		19.3	%		1,817,281		1,632,806		17.9	%		1,812,894		1,730,612		17.9	%		1,725,432		1,676,870		17.8	%
3	BB		386,137		260,276		2.9	%		268,276		195,088		2.3	%		253,665		231,706		2.5	%		267,856		253,695		2.6	%		222,209		214,105		2.3	%
4	B		88,213		53,946		0.6	%		77,830		50,064		0.6	%		58,868		43,503		0.5	%		51,320		46,722		0.5	%		48,225		43,989		0.5	%
5	CCC and lower		61,502		36,804		0.4	%		33,945		22,538		0.3	%		31,336		27,361		0.3	%		18,375		17,250		0.2	%		16,860		15,987		0.2	%
6	In or near default		7,061		6,347		0.1	%		9,553		6,871		0.1	%		2,636		2,637		0.0	%		3,074		3,794		0.0	%		53		55		0.0	%
	Total	$	9,873,449	$	8,831,920				$	9,382,848	$	8,531,804				$	9,643,324	$	9,121,953				$	9,594,910	$	9,667,961				$	9,139,814	$	9,387,094

Structured Fixed Maturity Securities

	March 31, 2009				December 31, 2008				September 30, 2008				June 30, 2008				March 31, 2008
			Estimated Fair				Estimated Fair				Estimated Fair		Amortized		Estimated Fair		Amortized		Estimated Fair
(USD thousands)	Amortized Cost		Value		Amortized Cost		Value		Amortized Cost		Value		Cost		Value		Cost		Value
Residential mortgage-backed securities:
Agency	$	796,869	$	829,447	$	851,507	$	868,479	$	859,530	$	857,249	$	872,914	$	871,337	$	930,612	$	942,931
Non-agency		447,844		377,842		379,616		280,706		443,461		405,466		428,089		401,199		401,824		382,700
Total residential mortgage-backed securities		1,244,713		1,207,289		1,231,123		1,149,185		1,302,991		1,262,715		1,301,003		1,272,536		1,332,436		1,325,631
Commercial mortgage-backed securities		1,087,722		721,992		1,085,062		760,590		1,029,457		905,431		889,792		842,140		727,492		686,678
Asset-backed securities		511,088		385,205		484,577		339,378		483,308		395,907		505,193		452,347		493,293		446,031
Total	$	2,843,523	$	2,314,486	$	2,800,762	$	2,249,153	$	2,815,756	$	2,564,053	$	2,695,988	$	2,567,023	$	2,553,221	$	2,458,340

Page 18

Reinsurance Group of America, Incorporated
Investments

Subprime Mortgage Exposure
(Includes Funds Withheld Portfolios)

	March 31, 2009
(USD thousands)	AAA				AA				A
							Estimated
	Amortized		Estimated		Amortized		Fair		Amortized		Estimated
Underwriting Year	Cost		Fair Value		Cost		Value		Cost		Fair Value
2003 & Prior	$	10,616	$	7,543	$	1,102	$	570	$	1,748	$	696
2004		—		—		14,945		9,884		32,593		25,223
2005		25,386		19,843		32,779		23,779		13,972		7,730
2006		—		—		—		—		3,370		1,638
2007		—		—		—		—		—		—
2008		—		—		—		—		—		—
2009		—		—		—		—		—		—
Total	$	36,002	$	27,386	$	48,826	$	34,233	$	51,683	$	35,287

	BBB				Below Investment Grade				Total
							Estimated
	Amortized		Estimated		Amortized		Fair		Amortized		Estimated
Underwriting Year	Cost		Fair Value		Cost		Value		Cost		Fair Value
2003 & Prior	$	5,623	$	3,230	$	798	$	80	$	19,887	$	12,119
2004		—		—		3,371		3,367		50,909		38,474
2005		18,362		9,239		18,086		1,696		108,585		62,287
2006		4,500		2,081		579		575		8,449		4,294
2007		888		318		13,819		9,141		14,707		9,459
2008		—		—		—		—		—		—
2009		—		—		—		—		—		—
Total	$	29,373	$	14,868	$	36,653	$	14,859	$	202,537	$	126,633

	December 31, 2008
(USD thousands)	AAA				AA				A
							Estimated
	Amortized		Estimated		Amortized		Fair		Amortized		Estimated
Underwriting Year	Cost		Fair Value		Cost		Value		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
	Amortized		Estimated		Amortized		Fair		Amortized		Estimated
Underwriting Year	Cost		Fair Value		Cost		Value		Cost		Fair Value
2003 & Prior	$	413	$	77	$	807	$	106	$	20,549	$	14,846
2004		—		—		7,900		5,727		62,848		45,392
2005		11,908		6,529		17,905		5,739		109,885		69,114
2006		3,442		2,618		3,287		449		16,362		7,268
2007		—		—		19,588		10,880		20,476		11,163
2008		—		—		—		—		—		—
Total	$	15,763	$	9,224	$	49,487	$	22,901	$	230,120	$	147,783

Page 19

Reinsurance Group of America, Incorporated
Investments

CMBS Exposure
**Note: Includes Directly Held Investments & Funds Withheld Portfolios

	March 31, 2009
(USD thousands)	AAA				AA				A
			Estimated				Estimated				Estimated
			Fair				Fair				Fair
Underwriting Year	Amortized Cost		Value		Amortized Cost		Value		Amortized Cost		Value
2003 & Prior	$	236,597	$	241,379	$	24,642	$	19,591	$	23,571	$	14,142
2004		50,560		45,563		2,352		1,124		11,528		4,296
2005		210,372		135,564		2,533		755		54,179		29,328
2006		292,923		210,546		21,888		10,352		32,905		21,502
2007		370,613		241,694		50,753		12,593		59,212		19,074
2008		38,522		36,068		19,108		8,919		16,570		8,943
2009		5,228		5,255		—		—		—		—
Total	$	1,204,815	$	916,069	$	121,276	$	53,334	$	197,965	$	97,285

	BBB				Below Investment Grade				Total
			Estimated				Estimated				Estimated
			Fair				Fair				Fair
Underwriting Year	Amortized Cost		Value		Amortized Cost		Value		Amortized Cost		Value
2003 & Prior	$	24,124	$	13,836	$	—	$	—	$	308,934	$	288,948
2004		—		—		—		—		64,440		50,983
2005		3,690		1,465		—		—		270,774		167,112
2006		13,824		7,768		18,130		10,379		379,670		260,547
2007		—		—		—		—		480,578		273,361
2008		12,842		7,777		—		—		87,042		61,707
2009		—		—		—		—		5,228		5,255
Total	$	54,480	$	30,846	$	18,130	$	10,379	$	1,596,666	$	1,107,913

NOTE: Totals include directly held investments with amortized cost of $1,087.7 million and fair value of $722.0 million as well as investments in funds withheld with amortized cost of $508.9 million and fair value of $385.9 million.

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

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

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

Page 20

Reinsurance Group of America, Incorporated
Investments

Gross Unrealized Losses Aging

Fixed Maturity Securities

(USD thousands)	March 31, 2009					December 31, 2008					September 30, 2008					June 30, 2008					March 31, 2008
	Gross Unrealized					Gross Unrealized					Gross Unrealized					Gross Unrealized					Gross Unrealized
	Losses		% of Total			Losses		% of Total			Losses		% of Total			Losses		% of Total			Losses		% of Total
Less than 20%	$	320,296		20.6	%	$	322,159		22.7	%	$	466,855		48.5	%	$	315,350		64.7	%	$	218,655		58.8	%
20% or more for less than six months		406,885		26.2	%		766,789		54.1	%		323,511		33.7	%		97,591		20.1	%		120,680		32.5	%
20% or more for six months or greater		735,831		47.4	%		258,724		18.3	%		94,982		9.9	%		38,715		8.0	%		10,222		2.8	%
Total	$	1,463,012		94.2	%	$	1,347,672		95.1	%	$	885,348		92.1	%	$	451,656		92.8	%	$	349,557		94.1	%

Equity Securities

(USD thousands)	March 31, 2009					December 31, 2008					September 30, 2008					June 30, 2008					March 31, 2008
	Gross Unrealized					Gross Unrealized					Gross Unrealized					Gross Unrealized					Gross Unrealized
	Losses		% of Total			Losses		% of Total			Losses		% of Total			Losses		% of Total			Losses		% of Total
Less than 20%	$	1,070		0.1	%	$	2,231		0.2	%	$	5,293		0.6	%	$	10,562		2.2	%	$	11,470		3.1	%
20% or more for less than six months		10,675		0.7	%		29,958		2.1	%		57,710		6.0	%		21,904		4.5	%		10,274		2.8	%
20% or more for six months or greater		78,062		5.0	%		36,578		2.6	%		12,291		1.3	%		2,550		0.5	%		0		0.0	%
Total	$	89,807		5.8	%	$	68,767		4.9	%	$	75,294		7.9	%	$	35,016		7.2	%	$	21,744		5.9	%

Page 21

Reinsurance Group of America, Incorporated
Investments

Fixed Maturities and Equity Securities Below Amortized Cost

	As of March 31, 2009
(USD thousands)	Less than 12 months				Equal to or greater than 12 months				Total
			Gross Unrealized				Gross Unrealized				Gross Unrealized
	Estimated Fair Value		Losses		Estimated Fair Value		Losses		Estimated Fair Value		Losses
Investment grade securities:
U.S. corporate securities	$	1,137,224	$	172,194	$	1,141,332	$	399,942	$	2,278,556	$	572,136
Canadian and Canadian provincial governments		242,153		8,484		106,505		8,746		348,658		17,230
Residential mortgage-backed securities		105,818		21,388		275,684		37,384		381,502		58,772
Foreign corporate securities		486,332		53,748		219,760		89,413		706,092		143,161
Asset-backed securities		90,759		20,779		189,007		86,683		279,766		107,462
Commercial mortgage-backed securities		419,538		212,518		234,307		156,252		653,845		368,770
U.S. government and agencies		—		—		—		—		—		—
State and political subdivisions		5,945		547		25,637		6,288		31,582		6,835
Other foreign government securities		97,393		2,195		3,524		292		100,917		2,487
Investment grade securities		2,585,162		491,853		2,195,756		785,000		4,780,918		1,276,853
Non-investment grade securities:
U.S. corporate securities		128,276		36,070		120,981		87,811		249,257		123,881
Asset-backed securities		7,853		5,788		10,407		17,171		18,260		22,959
Foreign corporate securities		20,208		7,090		12,383		10,181		32,591		17,271
Residential mortgage-backed securities		16,312		4,411		11,301		11,032		27,613		15,443
Commercial mortgage-backed securities		—		—		213		1,581		213		1,581
State and political subdivisions		—		—		3,000		5,024		3,000		5,024
Non-investment grade securities		172,649		53,359		158,285		132,800		330,934		186,159
Total fixed maturity securities	$	2,757,811	$	545,212	$	2,354,041	$	917,800	$	5,111,852	$	1,463,012
Equity securities	$	49,880	$	30,666	$	48,636	$	59,141	$	98,516	$	89,807
Total number of securities in an unrealized loss position		929				865				1,794
	As of December 31, 2008
(USD thousands)	Less than 12 months				Equal to or greater than 12 months				Total
			Gross Unrealized				Gross Unrealized				Gross Unrealized
	Estimated Fair Value		Losses		Estimated Fair Value		Losses		Estimated Fair 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

Page 22

Reinsurance Group of America, Incorporated
Investments

Consolidated Investment Related Gains and Losses

(USD thousands)	Three Months Ended															Current Qtr
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,			vs. PY
	2009			2008			2008			2008			2008			Quarter
Fixed Maturity and Equity Securities:
Gain on investment activity	$	12,230		$	10,204		$	6,169		$	5,928		$	10,080		$	2,150
Loss on investment activity		(19,649	)		(5,759	)		(8,564	)		(4,378	)		(5,360	)		(14,289	)
Impairments		(39,825	)		(15,563	)		(109,283	)		(548	)		(5,150	)		(34,675	)
Net gain/(loss) on fixed maturity and equity securities		(47,244	)		(11,118	)		(111,678	)		1,002			(430	)		(46,814	)
Other non-derivative gain/(loss), net		(2,409	)		(672	)		(64	)		(344	)		369			(2,778	)
Free-standing Derivatives:
Credit Default Swaps		(1,911	)		(6,732	)		(2,526	)		1,413			(6,486	)		4,575
Interest Rate Swaps		(38,864	)		152,098			7,681			(6,462	)		5,515			(44,379	)
Futures		22,311			10,870			6,120			2,294			(185	)		22,496
Other		3,109			2,153			1,440			1,877			—			3,109
Currency Forwards		(2,042	)		1,638			289			(764	)		777			(2,819	)
Total free-standing derivatives		(17,397	)		160,027			13,004			(1,642	)		(379	)		(17,018	)
Embedded Derivatives:
B36		(40,425	)		(161,021	)		(106,797	)		(11,452	)		(148,528	)		108,103
GMXB		35,213			(230,775	)		(35,772	)		5,357			(6,292	)		41,505
Total embedded derivatives		(5,212	)		(391,796	)		(142,569	)		(6,095	)		(154,820	)		149,608
Net gain/(loss) on total derivatives		(22,609	)		(231,769	)		(129,565	)		(7,737	)		(155,199	)		132,590
Total investment related losses, net	$	(72,262	)	$	(243,559	)	$	(241,307	)	$	(7,079	)	$	(155,260	)	$	82,998

Page 23