Exhibit 99.2

Financial Supplement

First Quarter 2012

(Unaudited)

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
Current Ratings				e-mail: jlay@rgare.com
	Standard & Poor’s	A.M. Best	Moody’s	John Hayden Sr. Vice President Controller & Investor Relations Phone: (636) 300-8828 e-mail: jhayden@rgare.com
Financial Strength Ratings
RGA Reinsurance Company	AA-	A+	A1
RGA Life Reinsurance Company of Canada	AA-	A+	NR
RGA International Reinsurance Company Limited	AA-	NR	NR
RGA Global Reinsurance Company Limited	AA-	NR	NR
RGA Reinsurance Company of Australia Limited	AA-	NR	NR
Senior Debt Ratings
Reinsurance Group of America, Incorporated	A-	a-	Baa1

Our common stock is traded on the New York Stock Exchange under the symbol “RGA”.

    Quarterly Financial Supplement

Reinsurance Group of America, Incorporated

Financial Supplement

1st Quarter 2012

Table of Contents

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

    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.

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

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

    Quarterly Financial Supplement Page 1

Reinsurance Group of America, Incorporated

Financial Highlights (1)

(USD thousands, except inforce & per share data)	Three Months Ended or As of															Current Qtr
	March 31, 2012			Dec. 31, 2011			Sept. 30, 2011			June 30, 2011			March 31, 2011			vs. PY Quarter
Net premiums	$	1,863,482		$	2,034,716		$	1,776,165		$	1,788,676		$	1,736,130		$	127,352
Net income		123,318			138,579			134,602			123,944			148,920			(25,602	)
Operating income		112,377			120,772			138,837			119,056			106,931			5,446
Operating return on equity (ex AOCI) - annualized		10.6	%		11.7	%		13.8	%		12.2	%		11.1	%		-0.5	%
Operating return on equity (ex AOCI) - trailing 12 months		12.0	%		12.2	%		13.2	%		13.0	%		13.2	%		-1.2	%
Total assets		32,286,082			31,633,973			30,736,591			30,212,717			29,079,805			3,206,277
Assumed Life Reinsurance in Force (in billions)
U.S.	$	1,406.1		$	1,348.5		$	1,347.9		$	1,343.2		$	1,343.2		$	62.9
Canada		364.5			344.9			329.5			350.3			339.2			25.3
Europe & South Africa		529.7			513.4			515.0			529.7			497.8			31.9
Asia Pacific		470.7			457.6			422.8			435.6			407.7			63.0
Total Life Reinsurance in Force	$	2,771.0		$	2,664.4		$	2,615.2		$	2,658.8		$	2,587.9		$	183.1
Assumed New Business Production (in billions)
U.S.	$	84.9		$	24.8		$	30.1		$	24.3		$	31.3		$	53.6
Canada		13.1			11.3			14.0			13.4			12.4			0.7
Europe & South Africa		14.8			24.9			38.7			47.6			37.1			(22.3	)
Asia Pacific		5.7			74.0			27.9			9.7			7.4			(1.7	)
Total New Business Production	$	118.5		$	135.0		$	110.7		$	95.0		$	88.2		$	30.3
Per Share and Shares Data
Basic earnings per share
Net income	$	1.68		$	1.89		$	1.82		$	1.68		$	2.03		$	(0.35	)
Operating income	$	1.53		$	1.65		$	1.88		$	1.61		$	1.46		$	0.07
Diluted earnings per share
Net income	$	1.67		$	1.88		$	1.81		$	1.66		$	2.02		$	(0.35	)
Operating income	$	1.52		$	1.64		$	1.87		$	1.60		$	1.45		$	0.07
Wgt. average common shares outstanding (basic)		73,575			73,304			73,856			73,971			73,213			362
Wgt. average common shares outstanding (diluted)		74,043			73,812			74,254			74,530			73,836			207
Common shares issued		79,138			79,138			79,138			79,138			79,138			—
Treasury shares		5,426			5,770			5,871			5,062			5,341			85
Common shares outstanding		73,712			73,368			73,267			74,076			73,797			(85	)
Book value per share	$	80.44		$	79.31		$	73.15		$	67.81		$	64.14
Per share effect of accumulated other comprehensive income (AOCI)	$	21.87		$	22.06		$	17.68		$	14.09		$	11.94
Book value per share, excluding AOCI	$	58.57		$	57.25		$	55.47		$	53.72		$	52.20
Shareholder dividends paid	$	13,255.3		$	13,189.3		$	13,336.6		$	8,870.7		$	8,832.2		$	4,423.1

(1) Certain amounts in the prior periods have been revised in connection with the retrospective adoption of ASU 2010-26 in the first quarter of 2012.

    Quarterly Financial Supplement Page 2

Reinsurance Group of America, Incorporated

Consolidated GAAP Income Statement (incl. Operating Income Reconciliations) (1)

	Three Months Ended															Current Qtr
(USD thousands)	March 31, 2012			Dec. 31, 2011			Sept. 30, 2011			June 30, 2011			March 31, 2011			vs. PY Quarter
Revenues:
Net premiums	$	1,863,482		$	2,034,716		$	1,776,165		$	1,788,676		$	1,736,130		$	127,352
Investment income, net of related expenses		340,940			304,511			268,210			337,436			371,040			(30,100	)
Investment related gains (losses), net
OTTI on fixed maturity securities		(7,607	)		(11,824	)		(11,911	)		(5,582	)		(1,556	)		(6,051	)
OTTI on fixed maturity securities transferred to/from AOCI		(7,221	)		543			3,089			292			—			(7,221	)
Other investment related gains (losses), net		58,348			(36,183	)		(130,778	)		32,678			125,176			(66,828	)
Total investment related gains (losses), net		43,520			(47,464	)		(139,600	)		27,388			123,620			(80,100	)
Other revenue		45,033			56,456			90,132			50,477			51,645			(6,612	)
Total revenues		2,292,975			2,348,219			1,994,907			2,203,977			2,282,435			10,540
Benefits and expenses:
Claims and other policy benefits		1,580,149			1,720,956			1,514,765			1,520,013			1,469,449			110,700
Interest credited		88,042			78,884			35,251			96,196			106,063			(18,021	)
Policy acquisition costs and other insurance expenses		307,634			204,883			164,372			274,519			346,247			(38,613	)
Other operating expenses		110,098			122,000			94,029			97,161			106,150			3,948
Interest expense		23,322			25,226			27,025			25,818			24,569			(1,247	)
Collateral finance facility expense		2,967			3,019			3,069			3,101			3,202			(235	)
Total benefits and expenses		2,112,212			2,154,968			1,838,511			2,016,808			2,055,680			56,532
Income before income taxes		180,763			193,251			156,396			187,169			226,755			(45,992	)
Income tax expense		57,445			54,672			21,794			63,225			77,835			(20,390	)
Net income	$	123,318		$	138,579		$	134,602		$	123,944		$	148,920		$	(25,602	)
Pre-tax Operating Income Reconciliation:
Income before income taxes		180,763			193,251			156,396			187,169			226,755			(45,992	)
Investment and derivative losses (gains) - non-operating (2)		94,098			(5,360	)		(221,194	)		(40,152	)		1,099			92,999
Change in value of modified coinsurance and funds withheld embedded derivatives (2)		9,428			85,722			102,574			(10,525	)		(90,535	)		99,963
GMXB embedded derivatives (2)		(146,375	)		(29,261	)		260,239			25,860			(32,654	)		(113,721	)
Funds withheld losses (gains) - investment income		1,040			(194	)		(9,806	)		(7,185	)		12,041			(11,001	)
Funds withheld losses (gains) - policy acq. costs		209			47			1,034			1,793			(1,925	)		2,134
EIA embedded derivatives - interest credited		39,239			9,490			37,539			21,011			(26,751	)		65,990
EIA embedded derivatives - policy acq. costs		—			6,908			(3,664	)		(2,073	)		2,944			(2,944	)
DAC offset, net		(13,148	)		(82,837	)		(107,709	)		4,158			72,567			(85,715	)
Gain on repurchase of collateral finance facility securities		—			(9,725	)		(50,869	)		—			(4,971	)		4,971
Loss on retirement of Preferred Income Equity Redeemable Securities (“PIERS”)		—			—			—			—			4,391			(4,391	)
Operating Income Before Income Taxes	$	165,254		$	168,041		$	164,540		$	180,056		$	162,961		$	2,293
After-tax Operating Income Reconciliation:
Net Income		123,318			138,579			134,602			123,944			148,920			(25,602	)
Investment and derivative losses (gains) - non-operating (2)		60,304			(4,906	)		(144,834	)		(26,362	)		191			60,113
Change in value of modified coinsurance and funds withheld embedded derivatives (2)		6,128			55,719			66,673			(6,841	)		(58,848	)		64,976
GMXB embedded derivatives (2)		(95,144	)		(19,019	)		169,155			16,809			(21,225	)		(73,919	)
Funds withheld losses (gains) - investment income		676			(126	)		(6,374	)		(4,671	)		7,827			(7,151	)
Funds withheld losses (gains) - policy acq. costs		136			31			672			1,165			(1,251	)		1,387
EIA embedded derivatives - interest credited		25,505			6,169			24,400			13,657			(17,388	)		42,893
EIA embedded derivatives - policy acq. costs		—			4,490			(2,381	)		(1,348	)		1,914			(1,914	)
DAC offset, net		(8,546	)		(53,844	)		(70,011	)		2,703			47,168			(55,714	)
Gain on repurchase of collateral finance facility securities		—			(6,321	)		(33,065	)		—			(3,231	)		3,231
Loss on retirement of PIERS		—			—			—			—			2,854			(2,854	)
Operating Income	$	112,377		$	120,772		$	138,837		$	119,056		$	106,931		$	5,446

(1) Certain amounts in the prior periods have been revised in connection with the retrospective adoption of ASU 2010-26 in the first quarter of 2012.

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

    Quarterly Financial Supplement Page 3

Reinsurance Group of America, Incorporated

Consolidated Operating Income Statement (1)

	Three Months Ended													Current Qtr
(USD thousands, except per share data)	March 31, 2012			Dec. 31, 2011			Sept. 30, 2011			June 30, 2011		March 31, 2011		vs. PY Quarter
Revenues:
Net premiums	$	1,863,482		$	2,034,716		$	1,776,165		$	1,788,676	$	1,736,130	$	127,352
Investment income, net of related expenses		341,980			304,317			258,404			330,251		383,081		(41,101	)
Investment related gains (losses), net		671			3,637			2,019			2,571		1,530		(859	)
Other revenue		45,033			46,731			39,263			50,477		46,674		(1,641	)
Total revenues		2,251,166			2,389,401			2,075,851			2,171,975		2,167,415		83,751
Benefits and expenses:
Claims and other policy benefits		1,580,149			1,720,956			1,514,765			1,520,013		1,469,449		110,700
Interest credited		48,803			69,394			(2,288	)		75,185		132,814		(84,011	)
Policy acquisition costs and other insurance expenses		320,573			280,765			274,711			270,641		272,661		47,912
Other operating expenses		110,098			122,000			94,029			97,161		101,759		8,339
Interest expense		23,322			25,226			27,025			25,818		24,569		(1,247	)
Collateral finance facility expense		2,967			3,019			3,069			3,101		3,202		(235	)
Total benefits and expenses		2,085,912			2,221,360			1,911,311			1,991,919		2,004,454		81,458
Operating income before income taxes		165,254			168,041			164,540			180,056		162,961		2,293
Operating income tax expense		52,877			47,269			25,703			61,000		56,030		(3,153	)
Operating income	$	112,377		$	120,772		$	138,837		$	119,056	$	106,931	$	5,446
Wgt. Average Common Shares Outstanding (Diluted)		74,043			73,812			74,254			74,530		73,836		207
Diluted Earnings Per Share - Operating Income	$	1.52		$	1.64		$	1.87		$	1.60	$	1.45	$	0.07
Foreign currency effect (2):
Net premiums	$	(4,924	)	$	(5,509	)	$	53,399		$	77,277	$	42,487	$	(47,411	)
Operating income before income taxes	$	(387	)	$	(2,407	)	$	6,846		$	5,713	$	4,634	$	(5,021	)

(1) Certain amounts in the prior periods have been revised in connection with the retrospective adoption of ASU 2010-26 in the first quarter of 2012.

(2) Compared to comparable prior year period

    Quarterly Financial Supplement Page 4

Reinsurance Group of America, Incorporated

Consolidated Balance Sheets (1)

(USD thousands)	March 31, 2012			Dec. 31, 2011			Sept. 30, 2011			June 30, 2011			March 31, 2011
Assets
Fixed maturity securities, available-for-sale	$	16,794,057		$	16,200,950		$	15,557,032		$	15,153,807		$	14,531,154
Mortgage loans on real estate		1,040,733			991,731			934,694			908,048			906,869
Policy loans		1,260,070			1,260,400			1,228,890			1,229,663			1,222,016
Funds withheld at interest		5,472,532			5,410,424			5,445,886			5,671,844			5,595,146
Short-term investments		75,425			88,566			81,747			125,618			74,902
Other invested assets		867,507			1,012,541			1,020,043			799,341			756,377
Total investments		25,510,324			24,964,612			24,268,292			23,888,321			23,086,464
Cash and cash equivalents		873,933			962,870			802,651			710,973			467,672
Accrued investment income		173,629			144,334			190,298			160,436			155,182
Premiums receivable and other reinsurance balances		1,131,334			1,059,572			1,060,631			1,045,131			986,658
Reinsurance ceded receivables		597,508			626,194			727,290			781,006			807,929
Deferred policy acquisition costs		3,629,424			3,543,925			3,340,394			3,287,126			3,248,861
Other assets		369,930			332,466			347,035			339,724			327,039
Total assets	$	32,286,082		$	31,633,973		$	30,736,591		$	30,212,717		$	29,079,805
Liabilities and Stockholders’ Equity
Future policy benefits		10,413,361		$	9,903,886		$	9,445,222		$	9,642,814		$	9,438,432
Interest-sensitive contract liabilities		8,252,995			8,394,468			8,378,159			8,100,608			7,747,203
Other policy claims and benefits		2,984,681			2,841,373			2,826,297			2,774,031			2,728,122
Other reinsurance balances		132,389			118,219			136,298			159,340			184,958
Deferred income taxes		1,728,765			1,679,834			1,518,990			1,276,153			1,274,754
Other liabilities		777,678			810,775			776,239			784,291			701,799
Short-term debt		—			—			199,997			199,993			255,989
Long-term debt		1,414,829			1,414,688			1,414,546			1,414,406			1,016,510
Collateral finance facility		652,029			652,032			681,004			837,789			839,354
Company-obligated mandatorily redeemable preferred securities of subsidiary trust holding solely junior subordinated debentures of the Company		—			—			—			—			159,455
Total liabilities		26,356,727			25,815,275			25,376,752			25,189,425			24,346,576
Stockholders’ Equity:
Common stock, at par value		791			791			791			791			791
Additional paid-in-capital		1,736,184			1,727,774			1,719,683			1,713,893			1,708,096
Retained earnings		2,906,310			2,818,429			2,695,680			2,575,240			2,467,044
Treasury stock		(325,732	)		(346,449	)		(352,106	)		(310,856	)		(323,689	)
Accumulated other comprehensive income (AOCI):
Accumulated currency translation adjustment, net of income taxes		253,875			229,795			189,347			291,189			279,702
Unrealized appreciation of securities, net of income taxes		1,388,597			1,419,318			1,119,724			767,023			615,631
Pension and postretirement benefits, net of income taxes		(30,670	)		(30,960	)		(13,280	)		(13,988	)		(14,346	)
Total stockholders’ equity		5,929,355			5,818,698			5,359,839			5,023,292			4,733,229
Total liabilities and stockholders’ equity	$	32,286,082		$	31,633,973		$	30,736,591		$	30,212,717		$	29,079,805
Total stockholders’ equity, excluding AOCI	$	4,317,553		$	4,200,545		$	4,064,048		$	3,979,068		$	3,852,242

(1) Certain amounts in the prior periods have been revised in connection with the retrospective adoption of ASU 2010-26 in the first quarter of 2012.

    Quarterly Financial Supplement Page 5

Reinsurance Group of America, Incorporated

U.S. Traditional Sub-segment Pre-tax Operating Income (1)

	Three Months Ended															Current Qtr
(USD thousands)	March 31, 2012			Dec. 31, 2011			Sept. 30, 2011			June 30, 2011			March 31, 2011			vs. PY Quarter
Revenues:
Net premiums	$	1,021,507		$	1,099,409		$	971,190		$	973,837		$	935,053		$	86,454
Investment income, net of related expenses		132,417			125,528			123,686			125,688			120,748			11,669
Other revenue		1,003			1,571			599			738			493			510
Total revenues		1,154,927			1,226,508			1,095,475			1,100,263			1,056,294			98,633
Benefits and expenses:
Claims and other policy benefits		907,461			952,609			844,090			839,173			822,407			85,054
Interest credited		15,054			15,174			15,166			14,967			14,584			470
Policy acquisition costs and other insurance expenses		145,485			152,246			135,747			135,602			131,916			13,569
Other operating expenses		24,001			23,971			20,299			19,486			21,350			2,651
Total benefits and expenses		1,092,001			1,144,000			1,015,302			1,009,228			990,257			101,744
Operating income before income taxes		62,926			82,508			80,173			91,035			66,037			(3,111	)
Operating to U.S. GAAP Reconciliation:
Operating income before income taxes		62,926			82,508			80,173			91,035			66,037			(3,111	)
Investment and derivative (losses) gains - non-operating		(13,084	)		30,075			5,056			205			8,875			(21,959	)
Income before income taxes	$	49,842		$	112,583		$	85,229		$	91,240		$	74,912		$	(25,070	)
Loss and Expense Ratios:
Claims and other policy benefits		88.8	%		86.6	%		86.9	%		86.2	%		88.0	%		0.8	%
Policy acquisition costs and other insurance expenses		14.2	%		13.8	%		14.0	%		13.9	%		14.1	%		0.1	%
Other operating expenses		2.3	%		2.2	%		2.1	%		2.0	%		2.3	%		0.0	%

(1) Certain amounts in the prior periods have been revised in connection with the retrospective adoption of ASU 2010-26 in the first quarter of 2012.

    Quarterly Financial Supplement Page 6

Reinsurance Group of America, Incorporated

U.S. Asset Intensive Sub-segment Pre-tax Operating Income (1)

	Three Months Ended															Current Qtr
(USD thousands except account values)	March 31, 2012			Dec. 31, 2011			Sept. 30, 2011			June 30, 2011			March 31, 2011			vs. PY Quarter
Revenues:
Net premiums	$	3,596		$	3,619		$	2,786		$	3,459		$	3,325		$	271
Investment income, net of related expenses		111,501			79,604			20,361			98,080			159,533			(48,032	)
Investment related gains (losses), net		(30	)		(82	)		(14	)		(20	)		(16	)		(14	)
Other revenue		19,893			20,154			19,827			23,536			24,001			(4,108	)
Total revenues		134,960			103,295			42,960			125,055			186,843			(51,883	)
Benefits and expenses:
Claims and other policy benefits		1,902			2,766			4,431			4,264			2,816			(914	)
Interest credited		33,511			53,965			(17,733	)		59,603			118,230			(84,719	)
Policy acquisition costs and other insurance expenses		72,004			16,858			52,854			39,047			42,715			29,289
Other operating expenses		3,062			2,434			1,886			1,743			2,154			908
Total benefits and expenses		110,479			76,023			41,438			104,657			165,915			(55,436	)
Operating income (loss) before income taxes		24,481			27,272			1,522			20,398			20,928			3,553
Operating to U.S. GAAP Reconciliation:
Operating income before income taxes		24,481			27,272			1,522			20,398			20,928			3,553
Investment and derivative (losses) gains - non-operating (2)		(96,355	)		(23,077	)		219,530			28,681			(18,704	)		(77,651	)
Change in value of modified coinsurance and funds withheld embedded derivatives (2)		(9,387	)		(86,759	)		(103,949	)		10,525			90,535			(99,922	)
GMXB embedded derivatives (2)		146,375			29,261			(260,239	)		(25,860	)		32,654			113,721
Funds withheld losses (gains) - investment income		(2,224	)		194			9,806			7,185			(12,041	)		9,817
Funds withheld losses (gains) - policy acq. costs		(209	)		(47	)		(1,034	)		(1,793	)		1,925			(2,134	)
EIA embedded derivatives - interest credited		(39,239	)		(9,490	)		(37,539	)		(21,011	)		26,751			(65,990	)
EIA embedded derivatives - policy acq. costs		—			(6,908	)		3,664			2,073			(2,944	)		2,944
DAC offset, net		13,148			82,837			107,709			(4,158	)		(72,567	)		85,715
Income (loss) before income taxes	$	36,590		$	13,283		$	(60,530	)	$	16,040		$	66,537		$	(29,947	)

(1) Certain amounts in the prior periods have been revised in connection with the retrospective adoption of ASU 2010-26 in the first quarter of 2012.

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

    Quarterly Financial Supplement Page 7

Reinsurance Group of America, Incorporated

U.S. Asset Intensive Sub-segment

(Cont’d)

	Three Months Ended
(USD millions)	March 31, 2012			Dec. 31, 2011			Sept. 30, 2011			June 30, 2011			March 31, 2011
Annuity account values:
Fixed annuities (deferred)	$	897		$	879		$	856		$	835		$	804
Net interest spread (fixed annuities):		2.4	%		2.8	%		2.7	%		2.2	%		2.7	%
Equity-indexed annuities	$	4,895		$	4,881		$	4,327		$	4,324		$	4,258
Variable annuities:
No riders	$	1,040		$	986		$	979		$	1,114		$	1,172
GMDB only		82			85			76			89			91
GMIB only		6			6			5			6			6
GMAB only		57			55			54			63			64
GMWB only		1,704			1,538			1,524			1,751			1,773
GMDB / WB		460			498			428			493			500
Other		32			31			30			35			36
Total VA account values	$	3,381		$	3,199		$	3,096		$	3,551		$	3,642
Fair value of liabilities associated with living benefit riders	$	130		$	277		$	306		$	46		$	20
Interest-sensitive contract liabilities associated with:
Guaranteed investment contracts	$	198		$	198		$	199		$	199		$	199
Bank-owned life insurance (BOLI)	$	512		$	508		$	505		$	502		$	498
Other asset-intensive business	$	78		$	78		$	79		$	85		$	87

    Quarterly Financial Supplement Page 8

Reinsurance Group of America, Incorporated

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

	Three Months Ended														Current Qtr
(USD thousands)	March 31, 2012			Dec. 31, 2011			Sept. 30, 2011			June 30, 2011		March 31, 2011			vs. PY Quarter
Revenues:
Investment income, net of related expenses	$	164		$	131		$	168		$	62	$	(197	)	$	361
Other revenue		8,910			9,558			8,619			9,194		9,002			(92	)
Total revenues		9,074			9,689			8,787			9,256		8,805			269
Benefits and expenses:
Policy acquisition costs and other insurance expenses		770			743			798			797		853			(83	)
Other operating expenses		1,852			2,025			1,584			1,469		1,797			55
Total benefits and expenses		2,622			2,768			2,382			2,266		2,650			(28	)
Operating income before income taxes		6,452			6,921			6,405			6,990		6,155			297
Operating to U.S. GAAP Reconciliation:
Operating income before income taxes		6,452			6,921			6,405			6,990		6,155			297
Investment and derivative (losses) gains - non-operating		(139	)		(87	)		(13	)		7		(35	)		(104	)
Income before income taxes	$	6,313		$	6,834		$	6,392		$	6,997	$	6,120		$	193

    Quarterly Financial Supplement Page 9

Reinsurance Group of America, Incorporated

Canadian Segment Pre-tax Operating Income (1)

	Three Months Ended															Current Qtr
(USD thousands)	March 31, 2012			Dec. 31, 2011			Sept. 30, 2011			June 30, 2011			March 31, 2011			vs. PY Quarter
Revenues:
Net premiums	$	218,210		$	224,763		$	185,790		$	209,717		$	215,028		$	3,182
Investment income, net of related expenses		47,716			42,604			53,698			46,083			45,919			1,797
Investment related gains (losses), net		1,323			1,579			1,267			1,183			1,169			154
Other revenue		(30	)		(9	)		440			4,980			22			(52	)
Total revenues		267,219			268,937			241,195			261,963			262,138			5,081
Benefits and expenses:
Claims and other policy benefits		160,625			165,456			162,734			165,860			179,055			(18,430	)
Interest credited		—			—			—			—			—			—
Policy acquisition costs and other insurance expenses		50,285			52,140			34,350			45,356			48,866			1,419
Other operating expenses		9,650			10,645			9,129			8,793			8,694			956
Total benefits and expenses		220,560			228,241			206,213			220,009			236,615			(16,055	)
Operating income before income taxes		46,659			40,696			34,982			41,954			25,523			21,136
Operating to U.S. GAAP Reconciliation:
Operating income before income taxes		46,659			40,696			34,982			41,954			25,523			21,136
Investment and derivative (losses) gains - non-operating		7,220			6,545			8,729			2,135			4,389			2,831
Funds withheld losses (gains) - investment income		1,184			—			—			—			—			1,184
Income before income taxes	$	55,063		$	47,241		$	43,711		$	44,089		$	29,912		$	25,151
Loss and Expense Ratios:
Loss ratios (creditor business)		34.1	%		36.3	%		38.4	%		39.7	%		37.7	%		-3.6	%
Loss ratios (excluding creditor business)		83.8	%		85.5	%		96.9	%		88.8	%		97.6	%		-13.8	%
Claims and other policy benefits / (net premiums + investment income)		60.4	%		61.9	%		68.0	%		64.8	%		68.6	%		-8.2	%
Policy acquisition costs and other insurance expenses (creditor business)		57.1	%		59.2	%		52.8	%		57.3	%		55.3	%		1.8	%
Policy acquisition costs and other insurance expenses (excluding creditor business)		14.2	%		10.9	%		10.9	%		12.2	%		11.3	%		2.9	%
Other operating expenses		4.4	%		4.7	%		4.9	%		4.2	%		4.0	%		0.4	%
Foreign currency effect (2):
Net premiums	$	(3,328	)	$	(2,669	)	$	10,269		$	12,409		$	11,248		$	(14,576	)
Operating income before income taxes	$	(554	)	$	(641	)	$	2,571		$	3,021		$	453		$	(1,007	)
Creditor reinsurance net premiums	$	44,810		$	54,227		$	29,895		$	41,613		$	51,584		$	(6,774	)

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

(1) Certain amounts in the prior periods have been revised in connection with the retrospective adoption of ASU 2010-26 in the first quarter of 2012.

(2) Compared to comparable prior year period

    Quarterly Financial Supplement Page 10

Reinsurance Group of America, Incorporated

Europe & South Africa Segment Pre-tax Operating Income (1)

	Three Months Ended															Current Qtr
(USD thousands)	March 31, 2012			Dec. 31, 2011			Sept. 30, 2011			June 30, 2011			March 31, 2011			vs. PY Quarter
Revenues:
Net premiums	$	292,771		$	356,284		$	286,054		$	283,019		$	269,120		$	23,651
Investment income, net of related expenses		11,331			11,709			11,242			10,865			10,535			796
Other revenue		2,253			1,035			1,196			1,745			1,055			1,198
Total revenues		306,355			369,028			298,492			295,629			280,710			25,645
Benefits and expenses:
Claims and other policy benefits		261,484			293,126			248,890			242,973			216,932			44,552
Policy acquisition costs and other insurance expenses		15,052			13,329			15,004			14,360			16,524			(1,472	)
Other operating expenses		25,195			29,511			24,569			26,527			25,012			183
Total benefits and expenses		301,731			335,966			288,463			283,860			258,468			43,263
Operating income before income taxes		4,624			33,062			10,029			11,769			22,242			(17,618	)
Operating to U.S. GAAP Reconciliation:
Operating income before income taxes		4,624			33,062			10,029			11,769			22,242			(17,618	)
Investment and derivative (losses) gains - non-operating		1,982			2,951			2,000			756			293			1,689
Income before income taxes	$	6,606		$	36,013		$	12,029		$	12,525		$	22,535		$	(15,929	)
Loss and Expense Ratios:
Claims and other policy benefits		89.3	%		82.3	%		87.0	%		85.9	%		80.6	%		8.7	%
Policy acquisition costs and other insurance expenses		5.1	%		3.7	%		5.2	%		5.1	%		6.1	%		-1.0	%
Other operating expenses		8.6	%		8.3	%		8.6	%		9.4	%		9.3	%		-0.7	%
Foreign currency effect (2):
Net premiums	$	(11,362	)	$	(9,136	)	$	9,234		$	24,686		$	6,466		$	(17,828	)
Operating income before income taxes	$	(1,417	)	$	(1,605	)	$	669		$	1,712		$	233		$	(1,650	)
Critical illness net premiums	$	61,548		$	61,564		$	59,679		$	63,320		$	60,261		$	1,287

(1) Certain amounts in the prior periods have been revised in connection with the retrospective adoption of ASU 2010-26 in the first quarter of 2012.

(2) Compared to comparable prior year period

    Quarterly Financial Supplement Page 11

Reinsurance Group of America, Incorporated

Asia Pacific Segment Pre-tax Operating Income (1)

	Three Months Ended															Current Qtr
(USD thousands)	March 31, 2012			Dec. 31, 2011			Sept. 30, 2011			June 30, 2011			March 31, 2011			vs. PY Quarter
Revenues:
Net premiums	$	325,350		$	348,358		$	328,259		$	316,356		$	311,517		$	13,833
Investment income, net of related expenses		22,578			21,666			21,472			21,756			19,943			2,635
Investment related gains (losses), net		(809	)		1,237			1,452			1,377			(108	)		(701	)
Other revenue		7,408			9,741			8,557			7,283			8,492			(1,084	)
Total revenues		354,527			381,002			359,740			346,772			339,844			14,683
Benefits and expenses:
Claims and other policy benefits		248,620			306,802			254,739			267,362			247,930			690
Interest Credited		238			254			280			615			—			238
Policy acquisition costs and other insurance expenses		50,847			58,713			49,854			48,082			44,481			6,366
Other operating expenses		27,913			30,254			27,598			26,089			25,127			2,786
Total benefits and expenses		327,618			396,023			332,471			342,148			317,538			10,080
Operating income (loss) before income taxes		26,909			(15,021	)		27,269			4,624			22,306			4,603
Operating to U.S. GAAP Reconciliation:
Operating income before income taxes		26,909			(15,021	)		27,269			4,624			22,306			4,603
Investment and derivative (losses) gains - non-operating		5,158			5,309			(1,625	)		(298	)		(330	)		5,488
Income (loss) before income taxes	$	32,067		$	(9,712	)	$	25,644		$	4,326		$	21,976		$	10,091
Loss and Expense Ratios:
Claims and other policy benefits		76.4	%		88.1	%		77.6	%		84.5	%		79.6	%		-3.2	%
Policy acquisition costs and other insurance expenses		15.6	%		16.9	%		15.2	%		15.2	%		14.3	%		1.3	%
Other operating expenses		8.6	%		8.7	%		8.4	%		8.2	%		8.1	%		0.5	%
Foreign currency effect (2):
Net premiums	$	9,756		$	6,296		$	33,908		$	40,222		$	24,825		$	(15,069	)
Operating income before income taxes	$	1,529		$	325		$	3,379		$	557		$	1,555		$	(26	)
Critical illness net premiums	$	40,333		$	40,566		$	30,135		$	41,003		$	45,622		$	(5,289	)

(1) Certain amounts in the prior periods have been revised in connection with the retrospective adoption of ASU 2010-26 in the first quarter of 2012.

(2) Compared to comparable prior year period

    Quarterly Financial Supplement Page 12

Reinsurance Group of America, Incorporated

Corporate and Other Segment Pre-tax Operating Income (1)

	Three Months Ended															Current Qtr
(USD thousands)	March 31, 2012			Dec. 31, 2011			Sept. 30, 2011			June 30, 2011			March 31, 2011			vs. PY Quarter
Revenues:
Net premiums	$	2,048		$	2,283		$	2,086		$	2,288		$	2,087		$	(39	)
Investment income, net of related expenses		16,273			23,075			27,777			27,717			26,600			(10,327	)
Investment related gains (losses), net		187			903			(686	)		31			485			(298	)
Other revenue		5,596			4,681			25			3,001			3,609			1,987
Total revenues		24,104			30,942			29,202			33,037			32,781			(8,677	)
Benefits and expenses:
Claims and other policy benefits		57			197			(119	)		381			309			(252	)
Interest credited		—			1			(1	)		—			—			—
Policy acquisition costs and other insurance expenses		(13,870	)		(13,264	)		(13,896	)		(12,603	)		(12,694	)		(1,176	)
Other operating expenses		18,425			23,160			8,964			13,054			17,625			800
Interest expense		23,322			25,226			27,025			25,818			24,569			(1,247	)
Collateral finance facility expense		2,967			3,019			3,069			3,101			3,202			(235	)
Total benefits and expenses		30,901			38,339			25,042			29,751			33,011			(2,110	)
Operating income (loss) before income taxes		(6,797	)		(7,397	)		4,160			3,286			(230	)		(6,567	)
Operating to U.S. GAAP Reconciliation:
Operating income before income taxes		(6,797	)		(7,397	)		4,160			3,286			(230	)		(6,567	)
Investment and derivative (losses) gains - non-operating		1,079			(15,319	)		(11,108	)		8,666			4,413			(3,334	)
Gain on repurchase of collateral finance facility securities		—			9,725			50,869			—			4,971			(4,971	)
Loss on retirement of PIERS		—			—			—			—			(4,391	)		4,391
Income (loss) before income taxes	$	(5,718	)	$	(12,991	)	$	43,921		$	11,952		$	4,763		$	(10,481	)
Foreign currency effect (2):
Net premiums	$	10		$	—		$	(12	)	$	(40	)	$	(52	)	$	62
Operating income before income taxes	$	55		$	(486	)	$	227		$	423		$	2,393		$	(2,338	)

(1) Certain amounts in the prior periods have been revised in connection with the retrospective adoption of ASU 2010-26 in the first quarter of 2012.

(2) Compared to comparable prior year period

    Quarterly Financial Supplement Page 13

Reinsurance Group of America, Incorporated

Summary of Pre-tax Segment Operating Income (1)

	Three Months Ended													Current Qtr
(USD thousands)	March 31, 2012			Dec. 31, 2011			Sept. 30, 2011		June 30, 2011		March 31, 2011			vs. PY Quarter
U.S. Traditional	$	62,926		$	82,508		$	80,173	$	91,035	$	66,037		$	(3,111	)
U.S. Asset Intensive		24,481			27,272			1,522		20,398		20,928			3,553
U.S. Financial Reinsurance		6,452			6,921			6,405		6,990		6,155			297
Total U.S. Segment		93,859			116,701			88,100		118,423		93,120			739
Canadian Segment		46,659			40,696			34,982		41,954		25,523			21,136
Europe & South Africa Segment		4,624			33,062			10,029		11,769		22,242			(17,618	)
Asia Pacific Segment		26,909			(15,021	)		27,269		4,624		22,306			4,603
Corporate and Other		(6,797	)		(7,397	)		4,160		3,286		(230	)		(6,567	)
Consolidated	$	165,254		$	168,041		$	164,540	$	180,056	$	162,961		$	2,293

(1) Certain amounts in the prior periods have been revised in connection with the retrospective adoption of ASU 2010-26 in the first quarter of 2012.

    Quarterly Financial Supplement Page 14

Reinsurance Group of America, Incorporated

Investments

(USD thousands)

Cash and Invested Assets
	March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,
	2012		2011		2011		2011		2011
Fixed maturity securities, available-for-sale	$	16,794,057	$	16,200,950	$	15,557,032	$	15,153,807	$	14,531,154
Mortgage loans on real estate		1,040,733		991,731		934,694		908,048		906,869
Policy loans		1,260,070		1,260,400		1,228,890		1,229,663		1,222,016
Funds withheld at interest		5,472,532		5,410,424		5,445,886		5,671,844		5,595,146
Short-term investments		75,425		88,566		81,747		125,618		74,902
Other invested assets		867,507		1,012,541		1,020,043		799,341		756,377
Cash and cash equivalents		873,933		962,870		802,651		710,973		467,672
Total cash and invested assets	$	26,384,257	$	25,927,482	$	25,070,943	$	24,599,294	$	23,554,136

Investment Income and Yield Summary

(Excludes Funds Withheld Portfolios)

	Three Months Ended															Current Qtr
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,			vs. PY
	2012			2011			2011			2011			2011			Quarter
Average invested assets at amortized cost	$	18,347,561		$	17,765,960		$	17,683,301		$	17,446,168		$	16,762,725		$	1,584,836
Net investment income	$	227,370		$	226,077		$	229,373		$	228,728		$	219,908		$	7,463
Annualized investment yield (ratio of net investment income to average invested assets)		5.05	%		5.19	%		5.29	%		5.35	%		5.35	%		-0.30	%

    Quarterly Financial Supplement Page 15

Reinsurance Group of America, Incorporated

Investments

(USD thousands)

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

(Excludes Funds Withheld Portfolios)

March 31, 2012
	Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value		% of Total			Other-than- temporary Impairment in  AOCI
Available-for-sale:
Corporate securities	$	7,518,983	$	671,100	$	78,629	$	8,111,454		48.3	%	$	—
Canadian and Canadian provincial governments		2,610,735		1,229,402		797		3,839,340		22.9	%		—
Residential mortgage-backed securities		1,075,073		72,598		9,443		1,138,228		6.8	%		(710	)
Asset-backed securities		448,688		11,390		45,551		414,527		2.5	%		(4,512	)
Commercial mortgage-backed securities		1,302,734		104,586		64,899		1,342,421		8.0	%		(6,118	)
U.S. government and agencies		257,928		22,500		1,335		279,093		1.6	%		—
State and political subdivisions		191,113		27,873		4,982		214,004		1.3	%		—
Other foreign government, supranational, and foreign government-sponsored enterprises		1,409,605		49,908		4,523		1,454,990		8.6	%		—
Total fixed maturity securities	$	14,814,859	$	2,189,357	$	210,159	$	16,794,057		100.0	%	$	(11,340	)
Non-redeemable preferred stock		77,766		4,963		2,706		80,023		81.6	%
Other equity securities		16,046		3,446		1,487		18,005		18.4	%
Total equity securities	$	93,812	$	8,409	$	4,193	$	98,028		100.0	%
December 31, 2011
	Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value		% of Total			Other-than- temporary Impairment in AOCI
Available-for-sale:
Corporate securities	$	6,931,958	$	654,519	$	125,371	$	7,461,106		46.0	%	$	—
Canadian and Canadian provincial governments		2,507,802		1,362,160		29		3,869,933		23.9	%		—
Residential mortgage-backed securities		1,167,265		76,393		16,424		1,227,234		7.6	%		(1,042	)
Asset-backed securities		443,974		11,692		53,675		401,991		2.5	%		(5,256	)
Commercial mortgage-backed securities		1,233,958		87,750		79,489		1,242,219		7.7	%		(12,225	)
U.S. government and agencies		341,087		32,976		61		374,002		2.3	%		—
State and political subdivisions		184,308		24,419		3,341		205,386		1.3	%		—
Other foreign government, supranational, and foreign government-sponsored enterprises		1,372,528		50,127		3,576		1,419,079		8.7	%		—
Total fixed maturity securities	$	14,182,880	$	2,300,036	$	281,966	$	16,200,950		100.0	%	$	(18,523	)
Non-redeemable preferred stock		82,488		4,677		8,982		78,183		68.6	%
Other equity securities		35,352		1,903		1,538		35,717		31.4	%
Total equity securities	$	117,840	$	6,580	$	10,520	$	113,900		100.0	%

    Quarterly Financial Supplement Page 16

Reinsurance Group of America, Incorporated

Investments

(USD thousands)

Corporate Securities by Sector (Fixed Maturities and Equities)

(Excludes Funds Withheld Portfolios)

	March 31, 2012								December 31, 2011
	Amortized Cost		Estimated Fair Value		% of Total			Average Credit Ratings	Amortized Cost		Estimated Fair Value		% of Total			Average Credit Ratings
Financial Institutions
Banking	$	1,569,223	$	1,611,640		19.6	%	A	$	1,477,638	$	1,454,124		19.2	%	A
Brokerage		72,828		78,900		1.0	%	A		59,288		63,101		0.8	%	A
Finance Comp.		147,647		153,363		1.9	%	A		158,271		161,992		2.1	%	A
Insurance		407,193		440,113		5.4	%	A-		391,092		413,339		5.5	%	A-
REITs		338,809		358,749		4.4	%	BBB+		300,401		316,192		4.2	%	BBB+
Other Finance		125,466		129,576		1.6	%	A-		130,984		135,812		1.8	%	A-
Total Financial Institutions		2,661,166		2,772,341		33.9	%			2,517,674		2,544,560		33.6	%
Industrials
Basic		425,014		461,980		5.6	%	BBB		367,323		402,225		5.3	%	BBB+
Capital Goods		400,181		434,770		5.3	%	BBB+		360,309		396,150		5.2	%	BBB+
Communications		722,080		797,566		9.7	%	BBB+		674,182		745,064		9.8	%	BBB+
Consumer Cyclical		519,532		559,491		6.8	%	BBB+		407,873		438,034		5.8	%	BBB+
Consumer Noncyclical		719,513		805,573		9.8	%	A-		691,245		784,819		10.4	%	A-
Energy		400,261		441,750		5.4	%	BBB+		405,317		454,727		6.0	%	BBB+
Technology		283,306		304,977		3.7	%	BBB+		245,954		269,301		3.6	%	BBB+
Transportation		235,940		252,700		3.1	%	BBB+		219,605		234,822		3.1	%	BBB+
Other Industrial		57,025		61,918		0.7	%	BBB		41,266		46,053		0.6	%	BBB
Total Industrials		3,762,852		4,120,725		50.1	%			3,413,074		3,771,195		49.8	%
Utilities
Electric		691,933		763,844		9.3	%	BBB+		673,725		756,033		10.0	%	BBB+
Natural Gas		435,266		483,337		5.9	%	BBB		398,648		447,617		5.9	%	BBB
Other Utility		52,759		60,112		0.7	%	A-		43,377		51,921		0.7	%	A-
Total Utilities		1,179,958		1,307,293		15.9	%			1,115,750		1,255,571		16.6	%
Other Sectors		8,819		9,123		0.1	%	AA-		3,300		3,680		0.0	%	AA-
Total	$	7,612,795	$	8,209,482		100.0	%	A-	$	7,049,798	$	7,575,006		100.0	%	BBB+

    Quarterly Financial Supplement Page 17

Reinsurance Group of America, Incorporated

Investments

(USD thousands)

Ratings of Fixed Maturity Securities

(Excludes Funds Withheld Portfolios)

		March 31, 2012							December 31, 2011							September 30, 2011							June 30, 2011							March 31, 2011
NAIC Designation	Rating Agency Designation	Amortized Cost		Estimated Fair Value		% of Total			Amortized Cost		Estimated Fair Value		% of Total			Amortized Cost		Estimated Fair Value		% of Total			Amortized Cost		Estimated Fair Value		% of Total			Amortized Cost		Estimated Fair Value		% of Total
1	AAA	$	2,090,606	$	2,196,118		13.1	%	$	2,205,406	$	2,304,991		14.2	%	$	2,375,876	$	2,459,503		15.8	%	$	3,261,242	$	3,360,370		22.2	%	$	3,397,610	$	3,470,262		23.9	%
1	AA		4,727,343		5,764,579		34.3	%		4,675,653		5,815,846		35.9	%		4,351,791		5,254,456		33.8	%		3,593,909		4,103,688		27.0	%		3,369,423		3,765,275		25.9	%
1	A		3,646,110		4,263,802		25.4	%		3,206,553		3,822,796		23.6	%		3,231,583		3,736,883		24.0	%		3,250,321		3,587,885		23.7	%		3,206,317		3,480,683		24.0	%
2	BBB		3,539,967		3,814,367		22.7	%		3,283,937		3,522,411		21.8	%		3,187,296		3,402,993		21.9	%		3,129,518		3,330,600		22.0	%		2,863,853		3,041,200		20.9	%
3	BB		428,543		430,002		2.6	%		446,610		436,001		2.7	%		444,042		423,559		2.7	%		464,363		466,393		3.1	%		492,097		497,056		3.4	%
4	B		240,603		220,924		1.3	%		244,645		210,222		1.3	%		229,658		196,617		1.3	%		248,242		229,591		1.5	%		218,541		203,594		1.4	%
5	CCC and lower		106,637		80,660		0.5	%		95,128		71,410		0.4	%		78,310		60,014		0.4	%		65,181		49,540		0.3	%		67,395		50,231		0.3	%
6	In or near default		35,050		23,605		0.1	%		24,948		17,273		0.1	%		28,343		23,007		0.1	%		28,571		25,740		0.2	%		21,747		22,853		0.2	%
	Total	$	14,814,859	$	16,794,057		100.0	%	$	14,182,880	$	16,200,950		100.0	%	$	13,926,899	$	15,557,032		100.0	%	$	14,041,347	$	15,153,807		100.0	%	$	13,636,983	$	14,531,154		100.0	%

Structured Fixed Maturity Securities

	March 31, 2012				December 31, 2011				September 30, 2011				June 30, 2011				March 31, 2011
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Residential mortgage-backed securities:
Agency	$	523,206	$	576,045	$	561,156	$	619,010	$	596,072	$	660,833	$	637,806	$	674,599	$	662,505	$	690,577
Non-agency		551,867		562,183		606,109		608,224		642,791		646,941		682,952		691,185		712,661		725,551
Total residential mortgage-backed securities		1,075,073		1,138,228		1,167,265		1,227,234		1,238,863		1,307,774		1,320,758		1,365,784		1,375,166		1,416,128
Commercial mortgage-backed securities		1,302,734		1,342,421		1,233,958		1,242,219		1,330,302		1,326,994		1,333,832		1,359,105		1,344,194		1,365,715
Asset-backed securities		448,688		414,527		443,974		401,991		412,468		372,957		415,637		376,920		420,028		377,573
Total	$	2,826,495	$	2,895,176	$	2,845,197	$	2,871,444	$	2,981,633	$	3,007,725	$	3,070,227	$	3,101,809	$	3,139,388	$	3,159,416

    Quarterly Financial Supplement Page 18

Reinsurance Group of America, Incorporated

Investments

(USD thousands)

CMBS Exposure

(Includes Funds Withheld Portfolios)

	March 31, 2012
	AAA				AA				A
Underwriting Year	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
2006 & Prior	$	350,725	$	382,818	$	189,200	$	208,138	$	128,348	$	131,331
2007		176,584		191,124		13,319		15,423		116,968		125,339
2008		8,911		8,991		42,040		49,885		23,730		27,675
2009		1,651		1,737		17,063		18,748		7,132		9,930
2010		27,953		29,530		49,342		52,710		19,408		20,391
2011		21,148		21,196		16,064		17,643		7,532		7,892
2012		—		—		—		—		—		—
Total	$	586,972	$	635,396	$	327,028	$	362,547	$	303,118	$	322,558
	BBB				Below Investment Grade				Total
Underwriting Year	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
2006 & Prior	$	69,742	$	67,364	$	113,153	$	91,196	$	851,168	$	880,847
2007		102,847		112,334		114,238		82,700		523,956		526,920
2008		—		—		23,002		17,674		97,683		104,225
2009		—		—		—		—		25,846		30,415
2010		—		—		—		—		96,703		102,631
2011		—		—		—		—		44,744		46,731
2012		—		—		—		—		—		—
Total	$	172,589	$	179,698	$	250,393	$	191,570	$	1,640,100	$	1,691,769

NOTE: Totals include directly held investments with amortized cost of $1,302.7 million and fair value of $1,342.4 million as well as investments in funds withheld with amortized cost of $337.4 million and fair value of $349.3 million.

	December 31, 2011
	AAA				AA				A
Underwriting Year	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
2005 & Prior	$	92,275	$	98,213	$	130,890	$	143,609	$	32,504	$	31,187
2006		260,765		277,959		52,883		59,727		52,805		55,074
2007		201,228		214,510		23,565		18,700		116,898		122,945
2008		8,975		9,053		48,818		59,536		17,012		19,237
2009		1,664		1,709		12,367		13,684		7,060		9,515
2010		27,946		28,872		49,323		53,480		19,434		20,727
2011		20,047		20,002		11,146		12,079		7,563		7,594
Total	$	612,900	$	650,318	$	328,992	$	360,815	$	253,276	$	266,279
	BBB				Below Investment Grade				Total
Underwriting Year	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
2005 & Prior	$	24,750	$	24,295	$	52,475	$	40,753	$	332,894	$	338,057
2006		27,995		26,563		53,205		43,559		447,653		462,882
2007		102,604		108,047		113,946		77,718		558,241		541,920
2008		—		—		24,916		17,554		99,721		105,380
2009		—		—		—		—		21,091		24,908
2010		—		—		—		—		96,703		103,079
2011		—		—		—		—		38,756		39,675
Total	$	155,349	$	158,905	$	244,542	$	179,584	$	1,595,059	$	1,615,901

NOTE: Totals include directly held investments with amortized cost of $1,234.0 million and fair value of $1,242.2 million as well as investments in funds withheld with amortized cost of $361.1 million and fair value of $373.7 million.

    Quarterly Financial Supplement Page 19

Reinsurance Group of America, Incorporated

Investments

(USD thousands)

Gross Unrealized Losses Aging

Fixed Maturity Securities

	March 31, 2012					December 31, 2011					September 30, 2011					June 30, 2011					March 31, 2011
	Gross Unrealized Losses		% of Total			Gross Unrealized Losses		% of Total			Gross Unrealized Losses		% of Total			Gross Unrealized Losses		% of Total			Gross Unrealized Losses		% of Total
Less than 20%	$	88,526		41.3	%	$	126,250		43.1	%	$	139,671		46.1	%	$	120,770		51.7	%	$	142,936		53.4	%
20% or more for less than six months		9,803		4.6	%		46,386		15.9	%		49,034		16.2	%		7,742		3.3	%		7,229		2.7	%
20% or more for six months or greater		111,830		52.2	%		109,330		37.4	%		105,170		34.7	%		102,017		43.6	%		110,349		41.2	%
Total	$	210,159		98.1	%	$	281,966		96.4	%	$	293,875		97.0	%	$	230,529		98.6	%	$	260,514		97.3	%
Equity Securities
	March 31, 2012					December 31, 2011					September 30, 2011					June 30, 2011					March 31, 2011
	Gross Unrealized Losses		% of Total			Gross Unrealized Losses		% of Total			Gross Unrealized Losses		% of Total			Gross Unrealized Losses		% of Total			Gross Unrealized Losses		% of Total
Less than 20%	$	3,511		1.6	%	$	4,905		1.7	%	$	4,774		1.6	%	$	3,019		1.3	%	$	5,196		1.9	%
20% or more for less than six months		183		0.1	%		5,117		1.7	%		4,142		1.4	%		223		0.1	%		691		0.3	%
20% or more for six months or greater		499		0.2	%		498		0.2	%		49		0.0	%		48		0.0	%		1,304		0.5	%
Total	$	4,193		1.9	%	$	10,520		3.6	%	$	8,965		3.0	%	$	3,290		1.4	%	$	7,191		2.7	%

    Quarterly Financial Supplement Page 20

Reinsurance Group of America, Incorporated

Investments

(USD thousands)

Fixed Maturities and Equity Securities Below Amortized Cost

(Excludes Funds Withheld Portfolios)

	As of March 31, 2012
	Less than 12 months				Equal to or greater than 12 months				Total
	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
Investment grade securities:
Corporate securities	$	862,016	$	21,354	$	257,018	$	39,896	$	1,119,034	$	61,250
Canadian and Canadian provincial governments		28,422		797		—		—		28,422		797
Residential mortgage-backed securities		73,291		1,148		49,221		6,875		122,512		8,023
Asset-backed securities		90,691		2,241		96,052		24,491		186,743		26,732
Commercial mortgage-backed securities		92,710		1,432		52,313		13,549		145,023		14,981
U.S. government and agencies		87,486		1,335		—		—		87,486		1,335
State and political subdivisions		27,839		3,462		12,020		1,520		39,859		4,982
Other foreign government, supranational, and foreign government-sponsored enterprises		221,491		2,401		17,336		2,122		238,827		4,523
Investment grade securities	$	1,483,946	$	34,170	$	483,960	$	88,453	$	1,967,906	$	122,623
Non-investment grade securities:
Corporate securities		147,646		9,931		47,308		7,448		194,954		17,379
Residential mortgage-backed securities		3,851		167		14,434		1,253		18,285		1,420
Asset-backed securities		11		30		25,023		18,789		25,034		18,819
Commercial mortgage-backed securities		32,637		1,201		61,562		48,717		94,199		49,918
State and political subdivisions		—		—		—		—		—		—
Other foreign government, supranational, and foreign government-sponsored enterprises		—		—		—		—		—		—
Non-investment grade securities	$	184,145	$	11,329	$	148,327	$	76,207	$	332,472	$	87,536
Total fixed maturity securities	$	1,668,091	$	45,499	$	632,287	$	164,660	$	2,300,378	$	210,159
Non-redeemable preferred stock		7,603		484		19,099		2,222		26,702		2,706
Other equity securities		20		183		5,537		1,304		5,557		1,487
Total Equity securities	$	7,623	$	667	$	24,636	$	3,526	$	32,259	$	4,193
Total number of securities in an unrealized loss position										851
	As of December 31, 2011
	Less than 12 months				Equal to or greater than 12 months				Total
	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
Investment grade securities:
Corporate securities	$	790,758	$	40,180	$	286,244	$	63,117	$	1,077,002	$	103,297
Canadian and Canadian provincial governments		3,094		29		—		—		3,094		29
Residential mortgage-backed securities		128,622		3,549		58,388		10,382		187,010		13,931
Asset-backed securities		101,263		3,592		93,910		29,036		195,173		32,628
Commercial mortgage-backed securities		109,455		3,538		58,979		22,001		168,434		25,539
U.S. government and agencies		1,764		61		—		—		1,764		61
State and political subdivisions		21,045		1,845		12,273		1,268		33,318		3,113
Other foreign government, supranational, and foreign government-sponsored enterprises		148,416		1,085		16,588		2,491		165,004		3,576
Investment grade securities		1,304,417		53,879		526,382		128,295		1,830,799		182,174
Non-investment grade securities:
Corporate securities		212,795		10,852		47,310		11,222		260,105		22,074
Residential mortgage-backed securities		23,199		712		10,459		1,781		33,658		2,493
Asset-backed securities		2,363		940		21,275		20,107		23,638		21,047
Commercial mortgage-backed securities		34,918		7,220		62,357		46,730		97,275		53,950
State and political subdivisions		4,000		228		—		—		4,000		228
Non-investment grade securities		277,275		19,952		141,401		79,840		418,676		99,792
Total fixed maturity securities	$	1,581,692	$	73,831	$	667,783	$	208,135	$	2,249,475	$	281,966
Non-redeemable preferred stock		19,516		4,478		15,694		4,504		35,210		8,982
Other equity securities		1,662		602		5,905		936		7,567		1,538
Total Equity securities	$	21,178	$	5,080	$	21,599	$	5,440	$	42,777	$	10,520
Total number of securities in an unrealized loss position										940

    Quarterly Financial Supplement Page 21

Reinsurance Group of America, Incorporated

Investments

(USD thousands)

Consolidated Investment Related Gains and Losses

	Three Months Ended															Current Qtr vs. PY Quarter
	March 31, 2012			Dec. 31, 2011			Sept. 30, 2011			June 30, 2011			March 31, 2011
Fixed Maturity and Equity Securities:
Other-than-temporary impairment losses on fixed maturities	$	(7,607	)	$	(11,824	)	$	(11,911	)	$	(5,582	)	$	(1,556	)	$	(6,051	)
Portion of loss recognized in accumulated other comprehensive income (before taxes)		(7,221	)		543			3,089			292			—			(7,221	)
Net other-than-temporary impairment losses on fixed maturities recognized in earnings		(14,828	)		(11,281	)		(8,822	)		(5,290	)		(1,556	)		(13,272	)
Impairment losses on equity securities		(839	)		(436	)		—			(3,680	)		—			(839	)
Gain on investment activity		22,312			39,622			34,840			28,207			29,376			(7,064	)
Loss on investment activity		(7,504	)		(6,247	)		(7,182	)		(6,653	)		(6,914	)		(590	)
Net gain/(loss) on fixed maturity and equity securities		(859	)		21,658			18,836			12,584			20,906			(21,765	)
Other impairment losses and change in mortgage loan provision		(5,843	)		(5,258	)		(2,370	)		(3,186	)		576			(6,419	)
Other non-derivative gain/(loss), net		6,641			7,318			5,698			4,645			4,696			1,945
Free-standing Derivatives:
Credit Default Swaps		11,813			8,075			(10,018	)		988			892			10,921
Interest Rate Swaps - non-hedged		(47,352	)		20,818			142,907			25,343			(10,730	)		(36,622	)
Interest Rate Swaps - hedged		(26	)		28			258			205			126			(152	)
Futures		(17,408	)		(22,866	)		36,217			(2,873	)		(11,423	)		(5,985	)
CPI Swaps		(802	)		726			(219	)		503			811			(1,613	)
Equity options		(37,983	)		(22,063	)		30,530			3,919			(4,568	)		(33,415	)
Currency Forwards		(1,608	)		561			1,374			595			(855	)		(753	)
Total free-standing derivatives		(93,366	)		(14,721	)		201,049			28,680			(25,747	)		(67,619	)
Embedded Derivatives:
Modified coinsurance and funds withheld treaties		(9,428	)		(85,722	)		(102,574	)		10,525			90,535			(99,963	)
GMXB		146,375			29,261			(260,239	)		(25,860	)		32,654			113,721
Total embedded derivatives		136,947			(56,461	)		(362,813	)		(15,335	)		123,189			13,758
Net gain/(loss) on total derivatives		43,581			(71,182	)		(161,764	)		13,345			97,442			(53,861	)
Total investment related gains / (losses), net	$	43,520		$	(47,464	)	$	(139,600	)	$	27,388		$	123,620		$	(80,100	)

    Quarterly Financial Supplement Page 22