Exhibit 99.2

Financial Supplement

Second Quarter 2012

(Unaudited)

World Headquarters 1370 Timberlake Manor Parkway Chesterfield, Missouri 63017 U.S.A. Internet address www.rgare.com Contacts: Jack B. Lay Senior Executive Vice President and Chief Financial Officer Phone: (636) 736-7000 e-mail: jlay@rgare.com   John Hayden Sr. Vice President Controller & Investor Relations Phone: (636) 300-8828 e-mail: jhayden@rgare.com

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
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”.

Reinsurance Group of America, Incorporated

Financial Supplement

2nd 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

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.

Page 1

Reinsurance Group of America, Incorporated

Financial Highlights (1)

	Three Months Ended or As of															Current Qtr			Year-to-Date
(USD thousands, except inforce & per share data)	June 30, 2012			March 31, 2012			Dec. 31, 2011			Sept. 30, 2011			June 30, 2011			vs. PY Quarter			June 30, 2012		June 30, 2011		Change
Net premiums	$	1,950,661		$	1,863,482		$	2,034,716		$	1,776,165		$	1,788,676		$	161,985		$	3,814,143	$	3,524,806	$	289,337
Net income		141,111			123,318			138,579			134,602			123,944			17,167			264,429		272,864		(8,435	)
Operating income		122,273			112,377			120,772			138,837			119,056			3,217			234,650		225,987		8,663
Operating return on equity (ex AOCI)—annualized		11.2	%		10.6	%		11.7	%		13.8	%		12.2	%		-1.0	%
Operating return on equity (ex AOCI)—trailing 12 months		11.8	%		12.0	%		12.2	%		13.2	%		13.0	%		-1.2	%
Total assets		38,344,323			32,286,082			31,633,973			30,736,591			30,212,717			8,131,606
Assumed Life Reinsurance in Force (in billions)
U.S.	$	1,405.8		$	1,406.1		$	1,348.5		$	1,347.9		$	1,343.2		$	62.6
Canada		365.1			364.5			344.9			329.5			350.3			14.8
Europe & South Africa		525.2			529.7			513.4			515.0			529.7			(4.5	)
Asia Pacific		486.2			470.7			457.6			422.8			435.6			50.6
Total Life Reinsurance in Force	$	2,782.3		$	2,771.0		$	2,664.4		$	2,615.2		$	2,658.8		$	123.5
Assumed New Business Production (in billions)
U.S.	$	24.2		$	84.9		$	24.8		$	30.1		$	24.3		$	(0.1	)	$	109.1	$	55.6	$	53.5
Canada		12.6			13.1			11.3			14.0			13.4			(0.8	)		25.7		25.8		(0.1	)
Europe & South Africa		25.5			14.8			24.9			38.7			47.6			(22.1	)		40.3		84.7		(44.4	)
Asia Pacific		24.5			5.7			74.0			27.9			9.7			14.8			30.2		17.1		13.1
Total New Business Production	$	86.8		$	118.5		$	135.0		$	110.7		$	95.0		$	(8.2	)	$	205.3	$	183.2	$	22.1
Per Share and Shares Data
Basic earnings per share
Net income	$	1.91		$	1.68		$	1.89		$	1.82		$	1.68		$	0.23		$	3.59	$	3.71	$	(0.12	)
Operating income	$	1.66		$	1.53		$	1.65		$	1.88		$	1.61		$	0.05		$	3.19	$	3.07	$	0.12
Diluted earnings per share
Net income	$	1.91		$	1.67		$	1.88		$	1.81		$	1.66		$	0.25		$	3.57	$	3.68	$	(0.11	)
Operating income	$	1.65		$	1.52		$	1.64		$	1.87		$	1.60		$	0.05		$	3.17	$	3.05	$	0.12
Wgt. average common shares outstanding (basic)		73,718			73,575			73,304			73,856			73,971			(253	)		73,646		73,593		53
Wgt. average common shares outstanding (diluted)		74,054			74,043			73,812			74,254			74,530			(476	)		74,048		74,184		(136	)
Common shares issued		79,138			79,138			79,138			79,138			79,138			—			79,138		79,138		—
Treasury shares		5,415			5,426			5,770			5,871			5,062			353			5,415		5,062		353
Common shares outstanding		73,723			73,712			73,368			73,267			74,076			(353	)		73,723		74,076		(353	)
Book value per share	$	84.75		$	80.44		$	79.31		$	73.15		$	67.81
Per share effect of accumulated other comprehensive income (AOCI)	$	24.41		$	21.87		$	22.06		$	17.68		$	14.09
Book value per share, excluding AOCI	$	60.34		$	58.57		$	57.25		$	55.47		$	53.72
Shareholder dividends paid	$	13,268.6		$	13,255.3		$	13,189.3		$	13,336.6		$	8,870.7		$	4,397.9		$	26,523.9	$	17,702.8	$	8,821.1

(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.

Page 2

Reinsurance Group of America, Incorporated

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

	Three Months Ended															Current Qtr			Year-to-Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			vs. PY			June 30,			June 30,
(USD thousands)	2012			2012			2011			2011			2011			Quarter			2012			2011			Change
Revenues:
Net premiums	$	1,950,661		$	1,863,482		$	2,034,716		$	1,776,165		$	1,788,676		$	161,985		$	3,814,143		$	3,524,806		$	289,337
Investment income, net of related expenses		328,334			340,940			304,511			268,210			337,436			(9,102	)		669,274			708,476			(39,202	)
Investment related gains (losses), net
OTTI on fixed maturity securities		(1,959	)		(7,607	)		(11,824	)		(11,911	)		(5,582	)		3,623			(9,566	)		(7,138	)		(2,428	)
OTTI on fixed maturity securities transferred to/from AOCI		162			(7,221	)		543			3,089			292			(130	)		(7,059	)		292			(7,351	)
Other investment related gains (losses), net		25,598			58,348			(36,183	)		(130,778	)		32,678			(7,080	)		83,946			157,854			(73,908	)
Total investment related gains (losses), net		23,801			43,520			(47,464	)		(139,600	)		27,388			(3,587	)		67,321			151,008			(83,687	)
Other revenue		72,957			45,033			56,456			90,132			50,477			22,480			117,990			102,122			15,868
Total revenues		2,375,753			2,292,975			2,348,219			1,994,907			2,203,977			171,776			4,668,728			4,486,412			182,316
Benefits and expenses:
Claims and other policy benefits		1,625,446			1,580,149			1,720,956			1,514,765			1,520,013			105,433			3,205,595			2,989,462			216,133
Interest credited		66,697			88,042			78,884			35,251			96,196			(29,499	)		154,739			202,259			(47,520	)
Policy acquisition costs and other insurance expenses		335,939			307,634			204,883			164,372			274,519			61,420			643,573			620,766			22,807
Other operating expenses		105,541			110,098			122,000			94,029			97,161			8,380			215,639			203,311			12,328
Interest expense		23,360			23,322			25,226			27,025			25,818			(2,458	)		46,682			50,387			(3,705	)
Collateral finance facility expense		2,878			2,967			3,019			3,069			3,101			(223	)		5,845			6,303			(458	)
Total benefits and expenses		2,159,861			2,112,212			2,154,968			1,838,511			2,016,808			143,053			4,272,073			4,072,488			199,585
Income before income taxes		215,892			180,763			193,251			156,396			187,169			28,723			396,655			413,924			(17,269	)
Income tax expense		74,781			57,445			54,672			21,794			63,225			11,556			132,226			141,060			(8,834	)
Net income	$	141,111		$	123,318		$	138,579		$	134,602		$	123,944		$	17,167		$	264,429		$	272,864		$	(8,435	)
Pre-tax Operating Income Reconciliation:
Income before income taxes		215,892			180,763			193,251			156,396			187,169			28,723			396,655			413,924			(17,269	)
Investment and derivative losses (gains) — non-operating (2)		(102,184	)		94,098			(5,360	)		(221,194	)		(40,152	)		(62,032	)		(8,086	)		(39,053	)		30,967
Change in value of modified coinsurance and funds withheld embedded derivatives (2)		4,453			9,428			85,722			102,574			(10,525	)		14,978			13,881			(101,060	)		114,941
GMXB embedded derivatives (2)		74,929			(146,375	)		(29,261	)		260,239			25,860			49,069			(71,446	)		(6,794	)		(64,652	)
Funds withheld losses (gains) — investment income		(5,323	)		1,040			(194	)		(9,806	)		(7,185	)		1,862			(4,283	)		4,856			(9,139	)
Funds withheld losses (gains) — policy acq. costs		152			209			47			1,034			1,793			(1,641	)		361			(132	)		493
EIA embedded derivatives — interest credited		(1,685	)		39,239			9,490			37,539			21,011			(22,696	)		37,554			(5,740	)		43,294
EIA embedded derivatives — policy acq. costs		—			—			6,908			(3,664	)		(2,073	)		2,073			—			871			(871	)
DAC offset, net		1,490			(13,148	)		(82,837	)		(107,709	)		4,158			(2,668	)		(11,658	)		76,725			(88,383	)
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	$	187,724		$	165,254		$	168,041		$	164,540		$	180,056		$	7,668		$	352,978		$	343,017		$	9,961
After-tax Operating Income Reconciliation:
Net Income		141,111			123,318			138,579			134,602			123,944			17,167			264,429			272,864			(8,435	)
Investment and derivative losses (gains) — non-operating (2)		(66,949	)		60,304			(4,906	)		(144,834	)		(26,362	)		(40,587	)		(6,645	)		(26,171	)		19,526
Change in value of modified coinsurance and funds withheld embedded derivatives (2)		2,895			6,128			55,719			66,673			(6,841	)		9,736			9,023			(65,689	)		74,712
GMXB embedded derivatives (2)		48,704			(95,144	)		(19,019	)		169,155			16,809			31,895			(46,440	)		(4,416	)		(42,024	)
Funds withheld losses (gains) — investment income		(3,460	)		676			(126	)		(6,374	)		(4,671	)		1,211			(2,784	)		3,156			(5,940	)
Funds withheld losses (gains) — policy acq. costs		99			136			31			672			1,165			(1,066	)		235			(86	)		321
EIA embedded derivatives — interest credited		(1,095	)		25,505			6,169			24,400			13,657			(14,752	)		24,410			(3,731	)		28,141
EIA embedded derivatives — policy acq. costs		—			—			4,490			(2,381	)		(1,348	)		1,348			—			566			(566	)
DAC offset, net		968			(8,546	)		(53,844	)		(70,011	)		2,703			(1,735	)		(7,578	)		49,871			(57,449	)
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	$	122,273		$	112,377		$	120,772		$	138,837		$	119,056		$	3,217		$	234,650		$	225,987		$	8,663

(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

Page 3

Reinsurance Group of America, Incorporated

Consolidated Operating Income Statement (1)

	Three Months Ended														Current Qtr			Year-to-Date
(USD thousands, except per share data)	June 30, 2012			March 31, 2012			Dec. 31, 2011			Sept. 30, 2011			June 30, 2011		vs. PY Quarter			June 30, 2012			June 30, 2011		Change
Revenues:
Net premiums	$	1,950,661		$	1,863,482		$	2,034,716		$	1,776,165		$	1,788,676	$	161,985		$	3,814,143		$	3,524,806	$	289,337
Investment income, net of related expenses		323,011			341,980			304,317			258,404			330,251		(7,240	)		664,991			713,332		(48,341	)
Investment related gains (losses), net		999			671			3,637			2,019			2,571		(1,572	)		1,670			4,101		(2,431	)
Other revenue		72,957			45,033			46,731			39,263			50,477		22,480			117,990			97,151		20,839
Total revenues		2,347,628			2,251,166			2,389,401			2,075,851			2,171,975		175,653			4,598,794			4,339,390		259,404
Benefits and expenses:
Claims and other policy benefits		1,625,446			1,580,149			1,720,956			1,514,765			1,520,013		105,433			3,205,595			2,989,462		216,133
Interest credited		68,382			48,803			69,394			(2,288	)		75,185		(6,803	)		117,185			207,999		(90,814	)
Policy acquisition costs and other insurance expenses		334,297			320,573			280,765			274,711			270,641		63,656			654,870			543,302		111,568
Other operating expenses		105,541			110,098			122,000			94,029			97,161		8,380			215,639			198,920		16,719
Interest expense		23,360			23,322			25,226			27,025			25,818		(2,458	)		46,682			50,387		(3,705	)
Collateral finance facility expense		2,878			2,967			3,019			3,069			3,101		(223	)		5,845			6,303		(458	)
Total benefits and expenses		2,159,904			2,085,912			2,221,360			1,911,311			1,991,919		167,985			4,245,816			3,996,373		249,443
Operating income before income taxes		187,724			165,254			168,041			164,540			180,056		7,668			352,978			343,017		9,961
Operating income tax expense		65,451			52,877			47,269			25,703			61,000		4,451			118,328			117,030		1,298
Operating income	$	122,273		$	112,377		$	120,772		$	138,837		$	119,056	$	3,217		$	234,650		$	225,987	$	8,663
Wgt. Average Common Shares Outstanding (Diluted)		74,054			74,043			73,812			74,254			74,530		(476	)		74,048			74,184		(136	)
Diluted Earnings Per Share - Operating Income	$	1.65		$	1.52		$	1.64		$	1.87		$	1.60	$	0.05		$	3.17		$	3.05	$	0.12
Foreign currency effect (2):
Net premiums	$	(45,800	)	$	(4,924	)	$	(5,509	)	$	53,399		$	77,277	$	(123,077	)	$	(50,724	)	$	119,764	$	(170,488	)
Operating income before income taxes	$	(3,471	)	$	(387	)	$	(2,407	)	$	6,846		$	5,713	$	(9,184	)	$	(3,858	)	$	10,347	$	(14,205	)

(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

Page 4

Reinsurance Group of America, Incorporated

Consolidated Balance Sheets (1)

(USD thousands)	June 30, 2012			March 31, 2012			Dec. 31, 2011			Sept. 30, 2011			June 30, 2011
Assets
Fixed maturity securities, available-for-sale	$	17,244,192		$	16,794,057		$	16,200,950		$	15,557,032		$	15,153,807
Mortgage loans on real estate		1,157,049			1,040,733			991,731			934,694			908,048
Policy loans		1,250,238			1,260,070			1,260,400			1,228,890			1,229,663
Funds withheld at interest		5,457,888			5,472,532			5,410,424			5,445,886			5,671,844
Short-term investments		49,981			75,425			88,566			81,747			125,618
Investment Receivable		5,406,898			—			—			—			—
Other invested assets		940,605			867,507			1,012,541			1,020,043			799,341
Total investments		31,506,851			25,510,324			24,964,612			24,268,292			23,888,321
Cash and cash equivalents		957,341			873,933			962,870			802,651			710,973
Accrued investment income		182,586			173,629			144,334			190,298			160,436
Premiums receivable and other reinsurance balances		1,104,176			1,131,334			1,059,572			1,060,631			1,045,131
Reinsurance ceded receivables		626,734			597,508			626,194			727,290			781,006
Deferred policy acquisition costs		3,605,008			3,629,424			3,543,925			3,340,394			3,287,126
Other assets		361,627			369,930			332,466			347,035			339,724
Total assets	$	38,344,323		$	32,286,082		$	31,633,973		$	30,736,591		$	30,212,717
Liabilities and Stockholders’ Equity
Future policy benefits		10,725,096		$	10,413,361		$	9,903,886		$	9,445,222		$	9,642,814
Interest-sensitive contract liabilities		13,352,601			8,252,995			8,394,468			8,378,159			8,100,608
Other policy claims and benefits		3,026,467			2,984,681			2,841,373			2,826,297			2,774,031
Other reinsurance balances		249,336			132,389			118,219			136,298			159,340
Deferred income taxes		1,785,614			1,728,765			1,679,834			1,518,990			1,276,153
Other liabilities		890,687			777,678			810,775			776,239			784,291
Short-term debt		—			—			—			199,997			199,993
Long-term debt		1,414,969			1,414,829			1,414,688			1,414,546			1,414,406
Collateral finance facility		651,936			652,029			652,032			681,004			837,789
Total liabilities		32,096,706			26,356,727			25,815,275			25,376,752			25,189,425
Stockholders’ Equity:
Common stock, at par value		791			791			791			791			791
Additional paid-in-capital		1,740,415			1,736,184			1,727,774			1,719,683			1,713,893
Retained earnings		3,033,505			2,906,310			2,818,429			2,695,680			2,575,240
Treasury stock		(326,292	)		(325,732	)		(346,449	)		(352,106	)		(310,856	)
Accumulated other comprehensive income (AOCI):
Accumulated currency translation adjustment, net of income taxes		237,010			253,875			229,795			189,347			291,189
Unrealized appreciation of securities, net of income taxes		1,591,647			1,388,597			1,419,318			1,119,724			767,023
Pension and postretirement benefits, net of income taxes		(29,459	)		(30,670	)		(30,960	)		(13,280	)		(13,988	)
Total stockholders’ equity		6,247,617			5,929,355			5,818,698			5,359,839			5,023,292
Total liabilities and stockholders’ equity	$	38,344,323		$	32,286,082		$	31,633,973		$	30,736,591		$	30,212,717
Total stockholders’ equity, excluding AOCI	$	4,448,419		$	4,317,553		$	4,200,545		$	4,064,048		$	3,979,068

(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.

Page 5

Reinsurance Group of America, Incorporated

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

	Three Months Ended															Current Qtr			Year-to-Date
(USD thousands)	June 30, 2012			March 31, 2012			Dec. 31, 2011			Sept. 30, 2011			June 30, 2011			vs. PY Quarter			June 30, 2012			June 30, 2011			Change
Revenues:
Net premiums	$	1,082,400		$	1,021,507		$	1,099,409		$	971,190		$	973,837		$	108,563		$	2,103,907		$	1,908,890		$	195,017
Investment income, net of related expenses		133,652			132,417			125,528			123,686			125,688			7,964			266,069			246,436			19,633
Other revenue		401			1,003			1,571			599			738			(337	)		1,404			1,231			173
Total revenues		1,216,453			1,154,927			1,226,508			1,095,475			1,100,263			116,190			2,371,380			2,156,557			214,823
Benefits and expenses:
Claims and other policy benefits		934,807			907,461			952,609			844,090			839,173			95,634			1,842,268			1,661,580			180,688
Interest credited		14,555			15,054			15,174			15,166			14,967			(412	)		29,609			29,551			58
Policy acquisition costs and other insurance expenses		150,958			145,485			152,246			135,747			135,602			15,356			296,443			267,518			28,925
Other operating expenses		20,586			24,001			23,971			20,299			19,486			1,100			44,587			40,836			3,751
Total benefits and expenses		1,120,906			1,092,001			1,144,000			1,015,302			1,009,228			111,678			2,212,907			1,999,485			213,422
Operating income before income taxes		95,547			62,926			82,508			80,173			91,035			4,512			158,473			157,072			1,401
Operating to U.S. GAAP Reconciliation:
Operating income before income taxes		95,547			62,926			82,508			80,173			91,035			4,512			158,473			157,072			1,401
Investment and derivative (losses) gains - non-operating		789			(13,084	)		30,075			5,056			205			584			(12,295	)		9,080			(21,375	)
Income before income taxes	$	96,336		$	49,842		$	112,583		$	85,229		$	91,240		$	5,096		$	146,178		$	166,152		$	(19,974	)
Loss and Expense Ratios:
Claims and other policy benefits		86.4	%		88.8	%		86.6	%		86.9	%		86.2	%		0.2	%		87.6	%		87.0	%		0.6	%
Policy acquisition costs and other insurance expenses		13.9	%		14.2	%		13.8	%		14.0	%		13.9	%		0.0	%		14.1	%		14.0	%		0.1	%
Other operating expenses		1.9	%		2.3	%		2.2	%		2.1	%		2.0	%		-0.1	%		2.1	%		2.1	%		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.

Page 6

Reinsurance Group of America, Incorporated

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

	Three Months Ended															Current Qtr			Year-to-Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			vs. PY			June 30,			June 30,
(USD thousands except account values)	2012			2012			2011			2011			2011			Quarter			2012			2011			Change
Revenues:
Net premiums	$	3,355		$	3,596		$	3,619		$	2,786		$	3,459		$	(104	)	$	6,951		$	6,784		$	167
Investment income, net of related expenses		90,527			111,501			79,604			20,361			98,080			(7,553	)		202,028			257,613			(55,585	)
Investment related gains (losses), net		(18	)		(30	)		(82	)		(14	)		(20	)		2			(48	)		(36	)		(12	)
Other revenue		29,254			19,893			20,154			19,827			23,536			5,718			49,147			47,537			1,610
Total revenues		123,118			134,960			103,295			42,960			125,055			(1,937	)		258,078			311,898			(53,820	)
Benefits and expenses:
Claims and other policy benefits		5,102			1,902			2,766			4,431			4,264			838			7,004			7,080			(76	)
Interest credited		53,611			33,511			53,965			(17,733	)		59,603			(5,992	)		87,122			177,833			(90,711	)
Policy acquisition costs and other insurance expenses		44,955			72,004			16,858			52,854			39,047			5,908			116,959			81,762			35,197
Other operating expenses		2,807			3,062			2,434			1,886			1,743			1,064			5,869			3,897			1,972
Total benefits and expenses		106,475			110,479			76,023			41,438			104,657			1,818			216,954			270,572			(53,618	)
Operating income (loss) before income taxes		16,643			24,481			27,272			1,522			20,398			(3,755	)		41,124			41,326			(202	)
Operating to U.S. GAAP Reconciliation:
Operating income before income taxes		16,643			24,481			27,272			1,522			20,398			(3,755	)		41,124			41,326			(202	)
Investment and derivative gains (losses) - non-operating (2)		92,008			(96,355	)		(23,077	)		219,530			28,681			63,327			(4,347	)		9,977			(14,324	)
Change in value of modified coinsurance and funds withheld embedded derivatives (2)		(4,593	)		(9,387	)		(86,759	)		(103,949	)		10,525			(15,118	)		(13,980	)		101,060			(115,040	)
GMXB embedded derivatives (2)		(74,929	)		146,375			29,261			(260,239	)		(25,860	)		(49,069	)		71,446			6,794			64,652
Funds withheld gains (losses) - investment income		5,430			(2,224	)		194			9,806			7,185			(1,755	)		3,206			(4,856	)		8,062
Funds withheld gains (losses) - policy acq. costs		(152	)		(209	)		(47	)		(1,034	)		(1,793	)		1,641			(361	)		132			(493	)
EIA embedded derivatives - interest credited		1,685			(39,239	)		(9,490	)		(37,539	)		(21,011	)		22,696			(37,554	)		5,740			(43,294	)
EIA embedded derivatives - policy acq. costs		—			—			(6,908	)		3,664			2,073			(2,073	)		—			(871	)		871
DAC offset, net		(1,490	)		13,148			82,837			107,709			(4,158	)		2,668			11,658			(76,725	)		88,383
Income (loss) before income taxes	$	34,602		$	36,590		$	13,283		$	(60,530	)	$	16,040		$	18,562		$	71,192		$	82,577		$	(11,385	)

(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

Page 7

Reinsurance Group of America, Incorporated

U.S. Asset Intensive Sub-segment

(Cont’d)

	Three Months Ended
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,
(USD millions)	2012			2012			2011			2011			2011
Annuity account values:
Fixed annuities (deferred)	$	5,942		$	897		$	879		$	856		$	835
Net interest spread (fixed annuities):		1.8	%		2.4	%		2.8	%		2.7	%		2.2	%
Equity-indexed annuities	$	4,867		$	4,895		$	4,881		$	4,327		$	4,324
Variable annuities:
No riders	$	944		$	1,040		$	986		$	979		$	1,114
GMDB only		79			82			85			76			89
GMIB only		6			6			6			5			6
GMAB only		54			57			55			54			63
GMWB only		1,620			1,704			1,538			1,524			1,751
GMDB / WB		451			460			498			428			493
Other		30			32			31			30			35
Total VA account values	$	3,184		$	3,381		$	3,199		$	3,096		$	3,551
Fair value of liabilities associated with living benefit riders	$	205		$	130		$	277		$	306		$	46
Interest-sensitive contract liabilities associated with:
Guaranteed investment contracts	$	200		$	198		$	198		$	199		$	199
Bank-owned life insurance (BOLI)	$	515		$	512		$	508		$	505		$	502
Other asset-intensive business	$	77		$	78		$	78		$	79		$	85

Page 8

Reinsurance Group of America, Incorporated

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

	Three Months Ended													Current Qtr			Year-to-Date
	June 30,		March 31,			Dec. 31,			Sept. 30,			June 30,		vs. PY			June 30,			June 30,
(USD thousands)	2012		2012			2011			2011			2011		Quarter			2012			2011			Change
Revenues:
Investment income, net of related expenses	$	179	$	164		$	131		$	168		$	62	$	117		$	343		$	(135	)	$	478
Other revenue		11,734		8,910			9,558			8,619			9,194		2,540			20,644			18,196			2,448
Total revenues		11,913		9,074			9,689			8,787			9,256		2,657			20,987			18,061			2,926
Benefits and expenses:
Policy acquisition costs and other insurance expenses		704		770			743			798			797		(93	)		1,474			1,650			(176	)
Other operating expenses		1,593		1,852			2,025			1,584			1,469		124			3,445			3,266			179
Total benefits and expenses		2,297		2,622			2,768			2,382			2,266		31			4,919			4,916			3
Operating income before income taxes		9,616		6,452			6,921			6,405			6,990		2,626			16,068			13,145			2,923
Operating to U.S. GAAP Reconciliation:
Operating income before income taxes		9,616		6,452			6,921			6,405			6,990		2,626			16,068			13,145			2,923
Investment and derivative gains (losses) — non-operating		32		(139	)		(87	)		(13	)		7		25			(107	)		(28	)		(79	)
Income before income taxes	$	9,648	$	6,313		$	6,834		$	6,392		$	6,997	$	2,651		$	15,961		$	13,117		$	2,844

Page 9

Reinsurance Group of America, Incorporated

Canadian Segment Pre-tax Operating Income (1)

	Three Months Ended															Current Qtr			Year-to-Date
(USD thousands)	June 30, 2012			March 31, 2012			Dec. 31, 2011			Sept. 30, 2011			June 30, 2011			vs. PY Quarter			June 30, 2012			June 30, 2011			Change
Revenues:
Net premiums	$	221,167		$	218,210		$	224,763		$	185,790		$	209,717		$	11,450		$	439,377		$	424,745		$	14,632
Investment income, net of related expenses		46,349			47,716			42,604			53,698			46,083			266			94,065			92,002			2,063
Investment related gains (losses), net		995			1,323			1,579			1,267			1,183			(188	)		2,318			2,352			(34	)
Other revenue		3,205			(30	)		(9	)		440			4,980			(1,775	)		3,175			5,002			(1,827	)
Total revenues		271,716			267,219			268,937			241,195			261,963			9,753			538,935			524,101			14,834
Benefits and expenses:
Claims and other policy benefits		184,857			160,625			165,456			162,734			165,860			18,997			345,482			344,915			567
Interest credited		—			—			—			—			—			—			—			—			—
Policy acquisition costs and other insurance expenses		47,476			50,285			52,140			34,350			45,356			2,120			97,761			94,222			3,539
Other operating expenses		8,876			9,650			10,645			9,129			8,793			83			18,526			17,487			1,039
Total benefits and expenses		241,209			220,560			228,241			206,213			220,009			21,200			461,769			456,624			5,145
Operating income before income taxes		30,507			46,659			40,696			34,982			41,954			(11,447	)		77,166			67,477			9,689
Operating to U.S. GAAP Reconciliation:
Operating income before income taxes		30,507			46,659			40,696			34,982			41,954			(11,447	)		77,166			67,477			9,689
Investment and derivative gains (losses) — non-operating		4,630			7,220			6,545			8,729			2,135			2,495			11,850			6,524			5,326
Funds withheld gains (losses) — investment income		(107	)		1,184			—			—			—			(107	)		1,077			—			1,077
Income before income taxes	$	35,030		$	55,063		$	47,241		$	43,711		$	44,089		$	(9,059	)	$	90,093		$	74,001		$	16,092
Loss and Expense Ratios:
Loss ratios (creditor business)		38.0	%		34.1	%		36.3	%		38.4	%		39.7	%		-1.7	%		36.1	%		38.6	%		-2.5	%
Loss ratios (excluding creditor business)		95.5	%		83.8	%		85.5	%		96.9	%		88.8	%		6.7	%		89.7	%		93.2	%		-3.5	%
Claims and other policy benefits / (net premiums + investment income)		69.1	%		60.4	%		61.9	%		68.0	%		64.8	%		4.3	%		64.8	%		66.7	%		-1.9	%
Policy acquisition costs and other insurance expenses (creditor business)		58.5	%		57.1	%		59.2	%		52.8	%		57.3	%		1.2	%		57.8	%		56.2	%		1.6	%
Policy acquisition costs and other insurance expenses (excluding creditor business)		11.8	%		14.2	%		10.9	%		10.9	%		12.2	%		-0.4	%		13.0	%		11.8	%		1.2	%
Other operating expenses		4.0	%		4.4	%		4.7	%		4.9	%		4.2	%		-0.2	%		4.2	%		4.1	%		0.1	%
Foreign currency effect (2):
Net premiums	$	(9,838	)	$	(3,328	)	$	(2,669	)	$	10,269		$	12,409		$	(22,247	)	$	(13,166	)	$	23,657		$	(36,823	)
Operating income before income taxes	$	(2,905	)	$	(554	)	$	(641	)	$	2,571		$	3,021		$	(5,926	)	$	(3,459	)	$	3,474		$	(6,933	)
Creditor reinsurance net premiums	$	45,883		$	44,810		$	54,227		$	29,895		$	41,613		$	4,270		$	90,693		$	93,197		$	(2,504	)

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

Page 10

Reinsurance Group of America, Incorporated

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

	Three Months Ended															Current Qtr			Year-to-Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			vs. PY			June 30,			June 30,
(USD thousands)	2012			2012			2011			2011			2011			Quarter			2012			2011			Change
Revenues:
Net premiums	$	310,075		$	292,771		$	356,284		$	286,054		$	283,019		$	27,056		$	602,846		$	552,139		$	50,707
Investment income, net of related expenses		11,248			11,331			11,709			11,242			10,865			383			22,579			21,400			1,179
Other revenue		1,464			2,253			1,035			1,196			1,745			(281	)		3,717			2,800			917
Total revenues		322,787			306,355			369,028			298,492			295,629			27,158			629,142			576,339			52,803
Benefits and expenses:
Claims and other policy benefits		263,992			261,484			293,126			248,890			242,973			21,019			525,476			459,905			65,571
Policy acquisition costs and other insurance expenses		13,550			15,052			13,329			15,004			14,360			(810	)		28,602			30,884			(2,282	)
Other operating expenses		26,810			25,195			29,511			24,569			26,527			283			52,005			51,539			466
Total benefits and expenses		304,352			301,731			335,966			288,463			283,860			20,492			606,083			542,328			63,755
Operating income before income taxes		18,435			4,624			33,062			10,029			11,769			6,666			23,059			34,011			(10,952	)
Operating to U.S. GAAP Reconciliation:
Operating income before income taxes		18,435			4,624			33,062			10,029			11,769			6,666			23,059			34,011			(10,952	)
Investment and derivative gains (losses) — non-operating		1,156			1,982			2,951			2,000			756			400			3,138			1,049			2,089
Income before income taxes	$	19,591		$	6,606		$	36,013		$	12,029		$	12,525		$	7,066		$	26,197		$	35,060		$	(8,863	)
Loss and Expense Ratios:
Claims and other policy benefits		85.1	%		89.3	%		82.3	%		87.0	%		85.9	%		-0.8	%		87.2	%		83.3	%		3.9	%
Policy acquisition costs and other insurance expenses		4.4	%		5.1	%		3.7	%		5.2	%		5.1	%		-0.7	%		4.7	%		5.6	%		-0.9	%
Other operating expenses		8.6	%		8.6	%		8.3	%		8.6	%		9.4	%		-0.8	%		8.6	%		9.3	%		-0.7	%
Foreign currency effect (2):
Net premiums	$	(22,973	)	$	(11,362	)	$	(9,136	)	$	9,234		$	24,686		$	(47,659	)	$	(34,335	)	$	31,152		$	(65,487	)
Operating income before income taxes	$	(1,013	)	$	(1,417	)	$	(1,605	)	$	669		$	1,712		$	(2,725	)	$	(2,430	)	$	1,945		$	(4,375	)
Critical illness net premiums	$	62,001		$	61,548		$	61,564		$	59,679		$	63,320		$	(1,319	)	$	123,549		$	123,581		$	(32	)

(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

Page 11

Reinsurance Group of America, Incorporated

Asia Pacific Segment Pre-tax Operating Income (1)

	Three Months Ended															Current Qtr			Year-to-Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			vs. PY			June 30,			June 30,
(USD thousands)	2012			2012			2011			2011			2011			Quarter			2012			2011			Change
Revenues:
Net premiums	$	331,945		$	325,350		$	348,358		$	328,259		$	316,356		$	15,589		$	657,295		$	627,873		$	29,422
Investment income, net of related expenses		20,711			22,578			21,666			21,472			21,756			(1,045	)		43,289			41,699			1,590
Investment related gains (losses), net		(164	)		(809	)		1,237			1,452			1,377			(1,541	)		(973	)		1,269			(2,242	)
Other revenue		24,109			7,408			9,741			8,557			7,283			16,826			31,517			15,775			15,742
Total revenues		376,601			354,527			381,002			359,740			346,772			29,829			731,128			686,616			44,512
Benefits and expenses:
Claims and other policy benefits		236,733			248,620			306,802			254,739			267,362			(30,629	)		485,353			515,292			(29,939	)
Interest Credited		216			238			254			280			615			(399	)		454			615			(161	)
Policy acquisition costs and other insurance expenses		89,996			50,847			58,713			49,854			48,082			41,914			140,843			92,563			48,280
Other operating expenses		26,929			27,913			30,254			27,598			26,089			840			54,842			51,216			3,626
Total benefits and expenses		353,874			327,618			396,023			332,471			342,148			11,726			681,492			659,686			21,806
Operating income (loss) before income taxes		22,727			26,909			(15,021	)		27,269			4,624			18,103			49,636			26,930			22,706
Operating to U.S. GAAP Reconciliation:
Operating income before income taxes		22,727			26,909			(15,021	)		27,269			4,624			18,103			49,636			26,930			22,706
Investment and derivative gains (losses) - non-operating		1,132			5,158			5,309			(1,625	)		(298	)		1,430			6,290			(628	)		6,918
Income (loss) before income taxes	$	23,859		$	32,067		$	(9,712	)	$	25,644		$	4,326		$	19,533		$	55,926		$	26,302		$	29,624
Loss and Expense Ratios:
Claims and other policy benefits		71.3	%		76.4	%		88.1	%		77.6	%		84.5	%		-13.2	%		73.8	%		82.1	%		-8.3	%
Policy acquisition costs and other insurance expenses		27.1	%		15.6	%		16.9	%		15.2	%		15.2	%		11.9	%		21.4	%		14.7	%		6.7	%
Other operating expenses		8.1	%		8.6	%		8.7	%		8.4	%		8.2	%		-0.1	%		8.3	%		8.2	%		0.1	%
Foreign currency effect (2):
Net premiums	$	(12,998	)	$	9,756		$	6,296		$	33,908		$	40,222		$	(53,220	)	$	(3,242	)	$	65,047		$	(68,289	)
Operating income before income taxes	$	(614	)	$	1,529		$	325		$	3,379		$	557		$	(1,171	)	$	915		$	2,112		$	(1,197	)
Critical illness net premiums	$	46,700		$	40,333		$	40,566		$	30,135		$	41,003		$	5,697		$	87,033		$	86,625		$	408

(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

Page 12

Reinsurance Group of America, Incorporated

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

	Three Months Ended															Current Qtr vs. PY Quarter			Year-to-Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,						June 30,			June 30,
(USD thousands)	2012			2012			2011			2011			2011						2012			2011			Change
Revenues:
Net premiums	$	1,719		$	2,048		$	2,283		$	2,086		$	2,288		$	(569	)	$	3,767		$	4,375		$	(608	)
Investment income, net of related expenses		20,345			16,273			23,075			27,777			27,717			(7,372	)		36,618			54,317			(17,699	)
Investment related gains (losses), net		186			187			903			(686	)		31			155			373			516			(143	)
Other revenue		2,790			5,596			4,681			25			3,001			(211	)		8,386			6,610			1,776
Total revenues		25,040			24,104			30,942			29,202			33,037			(7,997	)		49,144			65,818			(16,674	)
Benefits and expenses:
Claims and other policy benefits		(45	)		57			197			(119	)		381			(426	)		12			690			(678	)
Interest credited		—			—			1			(1	)		—			—			—			—			—
Policy acquisition costs and other insurance expenses		(13,342	)		(13,870	)		(13,264	)		(13,896	)		(12,603	)		(739	)		(27,212	)		(25,297	)		(1,915	)
Other operating expenses		17,940			18,425			23,160			8,964			13,054			4,886			36,365			30,679			5,686
Interest expense		23,360			23,322			25,226			27,025			25,818			(2,458	)		46,682			50,387			(3,705	)
Collateral finance facility expense		2,878			2,967			3,019			3,069			3,101			(223	)		5,845			6,303			(458	)
Total benefits and expenses		30,791			30,901			38,339			25,042			29,751			1,040			61,692			62,762			(1,070	)
Operating income (loss) before income taxes		(5,751	)		(6,797	)		(7,397	)		4,160			3,286			(9,037	)		(12,548	)		3,056			(15,604	)
Operating to U.S. GAAP Reconciliation:
Operating income (loss) before income taxes		(5,751	)		(6,797	)		(7,397	)		4,160			3,286			(9,037	)		(12,548	)		3,056			(15,604	)
Investment and derivative gains (losses) - non-operating		2,577			1,079			(15,319	)		(11,108	)		8,666			(6,089	)		3,656			13,079			(9,423	)
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	$	(3,174	)	$	(5,718	)	$	(12,991	)	$	43,921		$	11,952		$	(15,126	)	$	(8,892	)	$	16,715		$	(25,607	)
Foreign currency effect (2):
Net premiums	$	9		$	10		$	—		$	(12	)	$	(40	)	$	49		$	19		$	(92	)	$	111
Operating income before income taxes	$	1,061		$	55		$	(486	)	$	227		$	423		$	638		$	1,116		$	2,816		$	(1,700	)

(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

Page 13

Reinsurance Group of America, Incorporated

Summary of Pre-tax Segment Operating Income (1)

	Three Months Ended													Current Qtr vs. PY Quarter			Year-to-Date
(USD thousands)	June 30, 2012			March 31, 2012			Dec. 31, 2011			Sept. 30, 2011		June 30, 2011					June 30, 2012			June 30, 2011		Change
U.S. Traditional	$	95,547		$	62,926		$	82,508		$	80,173	$	91,035	$	4,512		$	158,473		$	157,072	$	1,401
U.S. Asset Intensive		16,643			24,481			27,272			1,522		20,398		(3,755	)		41,124			41,326		(202	)
U.S. Financial Reinsurance		9,616			6,452			6,921			6,405		6,990		2,626			16,068			13,145		2,923
Total U.S. Segment		121,806			93,859			116,701			88,100		118,423		3,383			215,665			211,543		4,122
Canadian Segment		30,507			46,659			40,696			34,982		41,954		(11,447	)		77,166			67,477		9,689
Europe & South Africa Segment		18,435			4,624			33,062			10,029		11,769		6,666			23,059			34,011		(10,952	)
Asia Pacific Segment		22,727			26,909			(15,021	)		27,269		4,624		18,103			49,636			26,930		22,706
Corporate and Other		(5,751	)		(6,797	)		(7,397	)		4,160		3,286		(9,037	)		(12,548	)		3,056		(15,604	)
Consolidated	$	187,724		$	165,254		$	168,041		$	164,540	$	180,056	$	7,668		$	352,978		$	343,017	$	9,961

(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.

Page 14

Reinsurance Group of America, Incorporated

Investments

(USD thousands)

Cash and Invested Assets

	June 30, 2012		March 31, 2012		Dec. 31, 2011		Sept. 30, 2011		June 30, 2011
Fixed maturity securities, available-for-sale	$	17,244,192	$	16,794,057	$	16,200,950	$	15,557,032	$	15,153,807
Mortgage loans on real estate		1,157,049		1,040,733		991,731		934,694		908,048
Policy loans		1,250,238		1,260,070		1,260,400		1,228,890		1,229,663
Funds withheld at interest		5,457,888		5,472,532		5,410,424		5,445,886		5,671,844
Short-term investments		49,981		75,425		88,566		81,747		125,618
Investment Receivable		5,406,898		—		—		—		—
Other invested assets		940,605		867,507		1,012,541		1,020,043		799,341
Cash and cash equivalents		957,341		873,933		962,870		802,651		710,973
Total cash and invested assets	$	32,464,192	$	26,384,257	$	25,927,482	$	25,070,943	$	24,599,294

Investment Income and Yield Summary

(Excludes Funds Withheld and Investment Receivable associated with a large fixed annuity annuity transaction executed during 2Q12)

	Three Months Ended															Current Qtr vs. PY Quarter			Year-to-Date
	June 30, 2012			March 31, 2012			Dec. 31, 2011			Sept. 30, 2011			June 30, 2011						June 30, 2012			June 30, 2011			Change
Average invested assets at amortized cost	$	18,584,971		$	18,347,561		$	17,765,960		$	17,683,301		$	17,446,168		$	1,138,803			18,351,827		$	16,992,394		$	1,359,433
Net investment income	$	230,383		$	227,370		$	226,077		$	229,373		$	228,728		$	1,655		$	457,753		$	448,636		$	9,117
Annualized investment yield (ratio of net investment income to average invested assets)		5.05	%		5.05	%		5.19	%		5.29	%		5.35	%		-0.30	%		5.05	%		5.35	%		-0.30	%

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)

	June 30, 2012
	Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value		% of Total			Other-than- temporary Impairment in AOCI
Available-for-sale:
Corporate securities		7,675,473		792,051		65,615	$	8,401,909		48.7	%	$	—
Canadian and Canadian provincial governments		2,579,161		1,350,301		88		3,929,374		22.8	%		—
Residential mortgage-backed securities		1,007,793		78,727		7,958		1,078,562		6.3	%		(520	)
Asset-backed securities		469,616		12,746		41,311		441,051		2.6	%		(3,521	)
Commercial mortgage-backed securities		1,308,668		107,284		67,905		1,348,047		7.8	%		(6,119	)
U.S. government and agencies		218,164		31,761		11		249,914		1.4	%		—
State and political subdivisions		204,108		34,066		8,398		229,776		1.3	%		—
Other foreign government, supranational, and foreign government-sponsored enterprises		1,494,182		73,916		2,539		1,565,559		9.1	%		—
Total fixed maturity securities	$	14,957,165	$	2,480,852	$	193,825	$	17,244,192		100.0	%	$	(10,160	)
Non-redeemable preferred stock		73,265		5,170		2,465		75,970		95.9	%
Other equity securities		2,235		1,001		9		3,227		4.1	%
Total equity securities	$	75,500	$	6,171	$	2,474	$	79,197		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	%

Page 16

Reinsurance Group of America, Incorporated

Investments

(USD thousands)

Corporate Securities by Sector (Fixed Maturities and Equities)

(Excludes Funds Withheld Portfolios)

	June 30, 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	$	1,526,715	$	1,582,592		18.7	%	A	$	1,477,638	$	1,454,124		19.2	%	A
Brokerage		82,216		89,779		1.1	%	A		59,288		63,101		0.8	%	A
Finance Comp.		156,176		164,071		1.9	%	A		158,271		161,992		2.1	%	A
Insurance		475,248		514,206		6.1	%	A-		391,092		413,339		5.5	%	A-
REITs		335,479		362,035		4.3	%	BBB+		300,401		316,192		4.2	%	BBB+
Other Finance		116,344		126,134		1.5	%	BBB+		130,984		135,812		1.8	%	A-
Total Financial Institutions		2,692,178		2,838,817		33.6	%			2,517,674		2,544,560		33.6	%
Industrials
Basic		419,307		461,046		5.4	%	BBB		367,323		402,225		5.3	%	BBB+
Capital Goods		402,121		445,909		5.2	%	BBB+		360,309		396,150		5.2	%	BBB+
Communications		771,551		856,653		10.1	%	BBB+		674,182		745,064		9.8	%	BBB+
Consumer Cyclical		512,466		561,217		6.6	%	BBB+		407,873		438,034		5.8	%	BBB+
Consumer Noncyclical		730,100		832,355		9.8	%	A-		691,245		784,819		10.4	%	A-
Energy		417,304		466,154		5.5	%	BBB+		405,317		454,727		6.0	%	BBB+
Technology		278,112		304,137		3.6	%	BBB+		245,954		269,301		3.6	%	BBB+
Transportation		235,493		256,641		3.0	%	BBB+		219,605		234,822		3.1	%	BBB+
Other Industrial		69,934		76,507		0.9	%	BBB+		41,266		46,053		0.6	%	BBB
Total Industrials		3,836,388		4,260,619		50.1	%			3,413,074		3,771,195		49.8	%
Utilities
Electric		698,874		789,593		9.3	%	BBB+		673,725		756,033		10.0	%	BBB+
Natural Gas		458,277		516,616		6.1	%	BBB+		398,648		447,617		5.9	%	BBB
Other Utility		56,548		66,330		0.8	%	A-		43,377		51,921		0.7	%	A-
Total Utilities		1,213,699		1,372,539		16.2	%			1,115,750		1,255,571		16.6	%
Other Sectors		8,708		9,131		0.1	%	AA-		3,300		3,680		0.0	%	AA-
Total	$	7,750,973	$	8,481,106		100.0	%	BBB+	$	7,049,798	$	7,575,006		100.0	%	BBB+

Page 17

Reinsurance Group of America, Incorporated

Investments

(USD thousands)

Ratings of Fixed Maturity Securities

(Excludes Funds Withheld Portfolios)

			June 30, 2012							March 31, 2012							December 31, 2011							September 30, 2011							June 30, 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	$	1,979,353	$	2,092,043		12.1	%	$	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	%
1		AA		4,578,944		5,708,472		33.1	%		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	%
1		A		3,919,020		4,705,816		27.3	%		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	%
2		BBB		3,667,640		3,974,486		23.1	%		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	%
3		BB		421,128		428,875		2.5	%		428,543		430,002		2.6	%		446,610		436,001		2.7	%		444,042		423,559		2.7	%		464,363		466,393		3.1	%
4		B		269,970		248,850		1.4	%		240,603		220,924		1.3	%		244,645		210,222		1.3	%		229,658		196,617		1.3	%		248,242		229,591		1.5	%
5		CCC and lower		89,665		64,812		0.4	%		106,637		80,660		0.5	%		95,128		71,410		0.4	%		78,310		60,014		0.4	%		65,181		49,540		0.3	%
6		In or near default		31,445		20,838		0.1	%		35,050		23,605		0.1	%		24,948		17,273		0.1	%		28,343		23,007		0.1	%		28,571		25,740		0.2	%
		Total	$	14,957,165	$	17,244,192		100.0	%	$	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	%

Structured Fixed Maturity Securities

	June 30, 2012				March 31, 2012				December 31, 2011				September 30, 2011				June 30, 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	$	511,985	$	571,821	$	523,206	$	576,045	$	561,156	$	619,010	$	596,072	$	660,833	$	637,806	$	674,599
Non-agency		495,808		506,741		551,867		562,183		606,109		608,224		642,791		646,941		682,952		691,185
Total residential mortgage-backed securities		1,007,793		1,078,562		1,075,073		1,138,228		1,167,265		1,227,234		1,238,863		1,307,774		1,320,758		1,365,784
Commercial mortgage-backed securities		1,308,668		1,348,047		1,302,734		1,342,421		1,233,958		1,242,219		1,330,302		1,326,994		1,333,832		1,359,105
Asset-backed securities		469,616		441,051		448,688		414,527		443,974		401,991		412,468		372,957		415,637		376,920
Total	$	2,786,077	$	2,867,660	$	2,826,495	$	2,895,176	$	2,845,197	$	2,871,444	$	2,981,633	$	3,007,725	$	3,070,227	$	3,101,809

Page 18

Reinsurance Group of America, Incorporated

Investments

(USD thousands)

CMBS Exposure

(Includes Funds Withheld Portfolios)

	June 30, 2012
	AAA				AA				A
Underwriting Year	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
2005 & Prior	$	70,446	$	76,457	$	153,178	$	162,467	$	84,719	$	83,838
2006		240,958		264,432		61,474		67,147		63,307		66,402
2007		166,347		181,013		13,093		15,362		105,024		114,127
2008		8,757		8,750		43,657		56,075		23,613		27,928
2009		1,636		1,721		17,268		19,393		3,436		5,192
2010		27,960		29,298		46,949		52,726		13,248		14,154
2011		21,139		21,244		16,050		18,173		7,475		7,938
2012		5,132		5,179		17,298		17,466		1,499		1,501
Total	$	542,375	$	588,094	$	368,967	$	408,809	$	302,321	$	321,080
	BBB				Below Investment Grade				Total
Underwriting Year	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
2005 & Prior	$	56,847	$	55,405	$	28,855	$	21,646	$	394,045	$	399,813
2006		44,298		39,512		47,361		41,039		457,398		478,532
2007		103,035		112,915		114,312		81,467		501,811		504,884
2008		—		—		22,011		15,389		98,038		108,142
2009		3,767		4,759		—		—		26,107		31,065
2010		—		—		—		—		88,157		96,178
2011		—		—		—		—		44,664		47,355
2012		—		—		7,117		7,286		31,046		31,432
Total	$	207,947	$	212,591	$	219,656	$	166,827	$	1,641,266	$	1,697,401

NOTE: Totals include directly held investments with amortized cost of $1,308.7 million and fair value of $1,348.0 million as well as investments in funds withheld with amortized cost of $332.6 million and fair value of $349.4 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.

Page 19

Reinsurance Group of America, Incorporated

Investments

(USD thousands)

Gross Unrealized Losses Aging

Fixed Maturity Securities

	June 30, 2012					March 31, 2012					December 31, 2011					September 30, 2011					June 30, 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%	$	75,539		38.5	%	$	88,526		41.3	%	$	126,250		43.1	%	$	139,671		46.1	%	$	120,770		51.7	%
20% or more for less than six months		5,924		3.0	%		9,803		4.6	%		46,386		15.9	%		49,034		16.2	%		7,742		3.3	%
20% or more for six months or greater		112,362		57.2	%		111,830		52.2	%		109,330		37.4	%		105,170		34.7	%		102,017		43.6	%
Total	$	193,825		98.7	%	$	210,159		98.1	%	$	281,966		96.4	%	$	293,875		97.0	%	$	230,529		98.6	%

Equity Securities

	June 30, 2012					March 31, 2012					December 31, 2011					September 30, 2011					June 30, 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%	$	1,659		0.9	%	$	3,511		1.6	%	$	4,905		1.7	%	$	4,774		1.6	%	$	3,019		1.3	%
20% or more for less than six months		815		0.4	%		183		0.1	%		5,117		1.7	%		4,142		1.4	%		223		0.1	%
20% or more for six months or greater		—		0.0	%		499		0.2	%		498		0.2	%		49		0.0	%		48		0.0	%
Total	$	2,474		1.3	%	$	4,193		1.9	%	$	10,520		3.6	%	$	8,965		3.0	%	$	3,290		1.4	%

Page 20

Reinsurance Group of America, Incorporated

Investments

(USD thousands)

Fixed Maturities and Equity Securities Below Amortized Cost

(Excludes Funds Withheld Portfolios)

	As of June 30, 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	$	397,287	$	12,765	$	299,074	$	41,570	$	696,361	$	54,335
Canadian and Canadian provincial governments		10,573		88		—		—		10,573		88
Residential mortgage-backed securities		36,106		425		54,545		6,573		90,651		6,998
Asset-backed securities		59,722		938		101,011		24,734		160,733		25,672
Commercial mortgage-backed securities		129,450		2,590		73,130		12,757		202,580		15,347
U.S. government and agencies		4,004		11		—		—		4,004		11
State and political subdivisions		24,191		2,532		18,688		5,866		42,879		8,398
Other foreign government, supranational, and foreign government-sponsored enterprises		79,976		465		33,620		1,449		113,596		1,914
Investment grade securities	$	741,309	$	19,814	$	580,068	$	92,949	$	1,321,377	$	112,763
Non-investment grade securities:
Corporate securities		135,253		4,001		49,063		7,279		184,316		11,280
Residential mortgage-backed securities		2,025		178		9,858		782		11,883		960
Asset-backed securities		7		18		19,374		15,621		19,381		15,639
Commercial mortgage-backed securities		12,483		1,218		73,062		51,340		85,545		52,558
State and political subdivisions		—		—		—		—		—		—
Other foreign government, supranational, and foreign government-sponsored enterprises		11,779		625		—		—		11,779		625
Non-investment grade securities	$	161,547	$	6,040	$	151,357	$	75,022	$	312,904	$	81,062
Total fixed maturity securities	$	902,856	$	25,854	$	731,425	$	167,971	$	1,634,281	$	193,825
Non-redeemable preferred stock		1,743		245		17,280		2,220		19,023		2,465
Other equity securities		—		—		309		9		309		9
Total Equity securities	$	1,743	$	245	$	17,589	$	2,229	$	19,332	$	2,474
	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

Page 21

Reinsurance Group of America, Incorporated

Investments

(USD thousands)

Consolidated Investment Related Gains and Losses

	Three Months Ended															Current Qtr			Year-to-Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			vs. PY			June 30,			June 30,
	2012			2012			2011			2011			2011			Quarter			2012			2011			Change
Fixed Maturity and Equity Securities:
Other-than-temporary impairment losses on fixed maturities	$	(1,959	)	$	(7,607	)	$	(11,824	)	$	(11,911	)	$	(5,582	)	$	3,623		$	(9,566	)	$	(7,138	)	$	(2,428	)
Portion of loss recognized in accumulated other comprehensive income (before taxes)		162			(7,221	)		543			3,089			292			(130	)		(7,059	)		292			(7,351	)
Net other-than-temporary impairment losses on fixed maturities recognized in earnings		(1,797	)		(14,828	)		(11,281	)		(8,822	)		(5,290	)		3,493			(16,625	)		(6,846	)		(9,779	)
Impairment losses on equity securities		(2,186	)		(839	)		(436	)		—			(3,680	)		1,494			(3,025	)		(3,680	)		655
Gain on investment activity		26,593			22,312			39,622			34,840			28,207			(1,614	)		48,905			57,584			(8,679	)
Loss on investment activity		(8,918	)		(7,504	)		(6,247	)		(7,182	)		(6,653	)		(2,265	)		(16,422	)		(13,567	)		(2,855	)
Net gain/(loss) on fixed maturity and equity securities		13,692			(859	)		21,658			18,836			12,584			1,108			12,833			33,491			(20,658	)
Other impairment losses and change in mortgage loan provision		1,762			(5,843	)		(5,258	)		(2,370	)		(3,186	)		4,948			(4,081	)		(2,610	)		(1,471	)
Other non-derivative gain/(loss), net		5,628			6,641			7,318			5,698			4,645			983			12,269			9,341			2,928
Free-standing Derivatives:
Credit Default Swaps		(4,794	)		11,813			8,075			(10,018	)		988			(5,782	)		7,019			1,880			5,139
Interest Rate Swaps—non-hedged		73,342			(47,352	)		20,818			142,907			25,343			47,999			25,990			14,613			11,377
Interest Rate Swaps—hedged		29			(26	)		28			258			205			(176	)		3			331			(328	)
Futures		11,073			(17,408	)		(22,866	)		36,217			(2,873	)		13,946			(6,335	)		(14,296	)		7,961
CPI Swaps		(1,431	)		(802	)		726			(219	)		503			(1,934	)		(2,233	)		1,314			(3,547	)
Equity options		3,367			(37,983	)		(22,063	)		30,530			3,919			(552	)		(34,616	)		(649	)		(33,967	)
Currency Forwards		515			(1,608	)		561			1,374			595			(80	)		(1,093	)		(260	)		(833	)
Total free-standing derivatives		82,101			(93,366	)		(14,721	)		201,049			28,680			53,421			(11,265	)		2,933			(14,198	)
Embedded Derivatives:
Modified coinsurance and funds withheld treaties		(4,453	)		(9,428	)		(85,722	)		(102,574	)		10,525			(14,978	)		(13,881	)		101,060			(114,941	)
GMXB		(74,929	)		146,375			29,261			(260,239	)		(25,860	)		(49,069	)		71,446			6,793			64,653
Total embedded derivatives		(79,382	)		136,947			(56,461	)		(362,813	)		(15,335	)		(64,047	)		57,565			107,853			(50,288	)
Net gain/(loss) on total derivatives		2,719			43,581			(71,182	)		(161,764	)		13,345			(10,626	)		46,300			110,786			(64,486	)
Total investment related gains / (losses), net	$	23,801		$	43,520		$	(47,464	)	$	(139,600	)	$	27,388		$	(3,587	)	$	67,321		$	151,008		$	(83,687	)

Page 22