Current Report Filing (8-k)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): April 23, 2015

REINSURANCE GROUP OF AMERICA, INCORPORATED

(Exact Name of Registrant as Specified in its Charter)



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

16600 Swingley Ridge Road, Chesterfield, Missouri 63017

(Address of Principal Executive Office)

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

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



r	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
r	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
r	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
r	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))



Item 2.02	Results of Operations and Financial Condition.

On April 23, 2015, Reinsurance Group of America, Incorporated (the “Company”) issued (1) a press release (the “Press Release”) announcing its earnings for the three-month period ended March 31, 2015, and providing certain additional information, a copy of which is furnished with this report as Exhibit 99.1, and (2) a Quarterly Financial Supplement for the quarter ended March 31, 2015, a copy of which is attached hereto as Exhibit 99.2. The Press Release also notes that a conference call will be held on April 24, 2015 to discuss the financial and operating results for the three-month period ended March 31, 2015. The Press Release and Quarterly Financial Supplement are furnished and are not filed pursuant to Instruction B.2 of Form 8-K.



Item 9.01	Financial Statements and Exhibits

(d) Exhibits.




Exhibit No.		Exhibit
99.1		Press Release of Reinsurance Group of America, Incorporated dated April 23, 2015

99.2		Quarterly Financial Supplement for the quarter ended March 31, 2015

SIGNATURE

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




	REINSURANCE GROUP OF AMERICA, INCORPORATED

Date: April 23, 2015	By:	/s/ Jack B. Lay
		Jack B. Lay
		Senior Executive Vice President and Chief Financial Officer

EXHIBIT INDEX



Exhibit Number		Description

99.1		Press Release dated April 23, 2015

99.2		Quarterly Financial Supplement for the quarter ended March 31, 2015

Exhibit 99.1

PRESS RELEASE

REINSURANCE GROUP OF AMERICA REPORTS FIRST-QUARTER RESULTS


•	Earnings per diluted share: operating income* up 10 percent to $1.77, net income $1.81


•	Results pressured by high mortality claims in North America; Asia Pacific posts strong results


•	Reported net premiums decreased four percent; up six percent net of foreign currency and the effect of fourth-quarter 2014 retrocession transaction


•	Approximately 2.5 million shares repurchased for $230 million during the quarter

ST. LOUIS, April 23, 2015 - Reinsurance Group of America, Incorporated (NYSE: RGA), a leading global provider of life reinsurance, reported operating income* of $121.8 million, or $1.77 per diluted share, compared with $114.8 million, or $1.61 per diluted share, in the prior-year quarter. Net income totaled $125.1 million, or $1.81 per diluted share, compared with $136.7 million, or $1.92 per diluted share, the year before. The current period reflects higher-than-expected mortality claims in North America, offset, in part, by favorable results in Asia Pacific. A relatively stronger U.S. dollar versus all major foreign currencies adversely affected this quarter by $0.11 per share. The company has enhanced its international segment reporting to now include traditional and non-traditional components.



	Quarterly Results
($ in thousands, except per share data)	2015		2014
Net premiums	$	2,023,852	$	2,100,637
Net income	125,114		136,664
Net income per diluted share	1.81		1.92
Operating income*	121,778		114,807
Operating income per diluted share*	1.77		1.61
Book value per share	107.62		89.92
Book value per share (excl. Accumulated Other Comprehensive Income “AOCI”)*	79.26		71.51
Total assets	44,691,268		40,541,581



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

Consolidated net premiums totaled $2.0 billion this quarter, down four percent from last year’s first quarter. Current-period premiums reflect a $112 million reduction associated with the previously announced fourth-quarter 2014 U.S. retrocession agreement, along with adverse foreign currency effects of approximately $97 million. Excluding those effects, premiums increased six percent versus the prior-year quarter. Investment income increased six percent to $426.9 million this period, primarily due to a larger average invested asset base. Excluding spread-based businesses and the value of associated derivatives, investment income increased eight percent over year-ago levels. The average

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investment yield was up four basis points to 4.78 percent over the first quarter of 2014, and 16 basis points lower than the fourth-quarter yield, which was influenced by a high level of mortgage loan prepayments and bond make-whole premiums.

The effective tax rate on operating income was 32.5 percent this quarter, slightly below management’s expected range of 33 percent to 34 percent. The company generated a greater-than-expected portion of earnings in jurisdictions that have lower income tax rates than the U.S. statutory rate, which, along with other adjustments, resulted in the lower-than-expected effective rate this quarter.

Greig Woodring, president and chief executive officer, commented, “Our operating results improved versus a year ago, but were somewhat below our expectations, and reflect some elevated volatility in our segment results, with the U.S. Traditional business being unusually weak, and our Asia Pacific results unusually strong. On a positive note, we continue to have good balance overall, as our global model and diversified sources of earnings again served us well. Mortality claims in North America were considerably higher-than-expected, similar to last year, but to a greater extent. The strong international results continued the recent trends, in spite of material currency headwinds, due to broadly favorable results across Asia Pacific and materially favorable results in Australia.

“While there is typically a seasonal effect on our first-quarter results, the impact in North America was more extreme this year than in recent years. In the U.S., the higher claims this quarter were broad-based, with an influence from both frequency (claim count) and severity (average claim size), while last year there was a concentration in large claims in our facultative book. Some industry data would point to the severe winter weather and flu season as likely influences, but we do not yet have enough supporting information relative to this quarter’s claims flow to determine their precise effects. As we have emphasized in the past, we generally expect short-term claims volatility to moderate over time, and we have not changed our intermediate-term expectations.

“Given our strong excess capital position, we were fairly aggressive in repurchasing our stock in the quarter, as we repurchased approximately 2.5 million shares for a total cost of $230 million. After closing the Aurora National acquisition on April 1, our current deployable excess capital position is approximately $800 million, and we expect to continue to take a balanced approach to capital management as we consider in-force acquisitions, share repurchases, and shareholder dividend increases, or some combination of all of these. Our ending book value per share for the quarter was $107.62 including AOCI, and $79.26 excluding AOCI.”

SEGMENT RESULTS

U.S. and Latin America

Traditional

The U.S. and Latin America Traditional segment reported pre-tax operating income of $20.3 million, compared with $48.2 million in the first quarter of 2014, with results in both periods reflecting poor mortality experience. A higher-than-expected number and average size of individual mortality claims contributed to this quarter’s adverse experience, whereas last year’s first quarter was primarily affected by the amount of claims exceeding $1 million. The number of those large claims was in line with expectations this quarter, but the average claim size was higher. Traditional net premiums decreased

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two percent to $1,114.1 million, including the retrocession agreement effective in last year’s fourth quarter, and increased seven percent excluding that agreement. Pre-tax net income totaled $17.8 million for the quarter, compared with $51.0 million in last year’s first quarter.

Non-Traditional

The Asset-Intensive business reported pre-tax operating income of $40.3 million compared with $41.0 million last year. Current-period results were in line with management expectations and reflected favorable net interest rate spreads. First-quarter pre-tax net income decreased to $42.1 million from $70.6 million a year ago, attributable to changes in the fair value of various embedded derivatives.

The Financial Reinsurance business continued to perform well, posting pre-tax operating income of $12.4 million for the current and year-earlier quarters. Pre-tax net income totaled $12.4 million in the current period and $12.5 million in last year’s first quarter.

Canada

Traditional

The Canada Traditional business reported pre-tax operating income of $17.2 million this quarter, down from $21.5 million the year before. Individual mortality claims were higher-than-expected and a weaker Canadian dollar adversely affected pre-tax operating income. Similar to the U.S. business, the first quarter is generally seasonably weak, and there were higher-than-expected mortality claims in the year ago quarter as well. There were higher-than-expected large claims in both periods, while this year's quarter was also influenced by a higher frequency of claims on policies under $1 million. Reported net premiums decreased six percent to $212.6 million, also including an adverse currency effect. Pre-tax net income totaled $22.7 million compared with $19.4 million in the first quarter of 2014.

Non-Traditional

The Canada Non-Traditional business segment, which consists of longevity and fee-based transactions, posted pre-tax operating income and pre-tax net income of $4.1 million this quarter and $0.6 million in the prior-year quarter. The current-period result includes the effect of the longevity transaction announced in March.

In total, an adverse foreign currency fluctuation lowered pre-tax operating income in the Canada segment by approximately $2.4 million during the quarter, and net premiums included an adverse effect of $27.4 million. In Canadian dollars, premiums increased eight percent over the first quarter of 2014.

Europe, Middle East and Africa (EMEA)

Traditional

The EMEA Traditional segment reported pre-tax operating income of $10.4 million versus a pre-tax operating loss of $2.1 million in last year’s first quarter. The current-period results include improved experience in the U.K. individual mortality business. Net reported premiums decreased eight percent

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and totaled $269.7 million, compared with $291.8 million last year. Net foreign currency fluctuations adversely affected pre-tax operating income and premiums this quarter. First-quarter pre-tax net income totaled $10.5 million versus a pre-tax net loss of $1.0 million in the year-ago quarter.

Non-Traditional

The EMEA Non-Traditional segment includes asset-intensive, longevity and fee-based transactions. Pre-tax operating income increased 16 percent, to $18.6 million from $16.1 million a year ago. The stronger current period results reflect favorable longevity experience in the U.K. and the effect of transactions added in 2014. Pre-tax net income totaled $19.6 million this quarter, compared with $16.2 million in last year’s first quarter.

In total, adverse foreign currency fluctuations reduced net premiums and pre-tax operating income by $31.8 million and $3.7 million, respectively.

Asia Pacific

Traditional

Asia Pacific’s Traditional business reported very strong results with pre-tax operating income of $52.6 million, a significant increase over the prior-year result of $18.7 million. Performance was strong across Asia Pacific operations, including our operations in Australia, Hong Kong & Southeast Asia, and Japan. In Australia, the first quarter is typically a seasonably strong one. This quarter’s results were unusually good, with favorable experience in several product areas. Reported net premiums rose two percent, to $372.1 million from $366.1 million in the prior-year period. First-quarter pre-tax net income totaled $52.6 million compared with $18.9 million in last year’s first quarter

Non-Traditional

Asia Pacific’s Non-Traditional business includes asset-intensive, fee-based and other various transactions. Pre-tax operating income in this segment increased to $10.1 million from $5.9 million last year. Pre-tax net income totaled $10.1 million this quarter and $7.4 million in the year-ago period.

In total, Asia Pacific reported premiums included an adverse foreign currency effect of $36.8 million. Local currency premiums increased 10 percent over the prior-year quarter. Pre-tax operating income was adversely affected by $5.2 million from currency fluctuations.

Corporate and Other

The Corporate and Other segment reported a pre-tax operating loss of $5.7 million versus pre-tax operating income of $3.3 million for the first quarter of 2014, which benefited from certain accrual adjustments. Current-quarter results were slightly better than expected due primarily to lower expense levels. Pre-tax net losses were $8.0 million this quarter compared with pre-tax net income of $3.8 million a year ago.

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Dividend Declaration

The board of directors declared a regular quarterly dividend of $0.33, payable May 28 to shareholders of record as of May 7.

Earnings Conference Call

A conference call to discuss first-quarter results will begin at 9 a.m. Eastern Time on Friday, April 24. Interested parties may access the call by dialing 1-877-397-0292 (domestic) or 719-325-4915 (international). The access code is 9568678. A live audio webcast of the conference call will be available on the company’s investor relations website at www.rgare.com. A replay of the conference call will be available at the same address for 90 days following the conference call. A telephonic replay also will be available through May 2 at 888-203-1112 (domestic) or 719-457-0820 (international), access code 9568678.

The company has posted to its website a Quarterly Financial Supplement that includes financial information for all segments as well as information on its investment portfolio. Additionally, the company posts periodic reports, press releases and other useful information on its investor relations website.

Use of Non-GAAP Financial Measures

RGA uses a non-GAAP financial measure called operating income as a basis for analyzing financial results. This measure also serves as a basis for establishing target levels and awards under RGA’s management incentive programs. Management believes that operating income, on a pre-tax and after‑tax basis, better measures the ongoing profitability and underlying trends of the company’s continuing operations, primarily because that measure excludes substantially all of 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, the cumulative effect of any accounting changes, and other items that management believes are not indicative of the company’s ongoing operations. The definition of operating income can vary by company and is not considered a substitute for GAAP net income.

Reconciliations to GAAP net income are provided in the following tables. Additional financial information can be found in the Quarterly Financial Supplement on RGA’s Investor Relations

website at www.rgare.com in the “Quarterly Results” tab and in the “Featured Report” section.

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

Operating income per diluted share is a non-GAAP financial measure calculated as operating income divided by weighted average diluted shares outstanding. Operating return on equity is a non-GAAP financial measure calculated as operating income divided by average shareholders’ equity excluding AOCI.

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About RGA

Reinsurance Group of America, Incorporated is among the largest global providers of life reinsurance, with operations in Australia, Barbados, Bermuda, Canada, China, France, Germany, Hong Kong, India, Ireland, Italy, Japan, Malaysia, Mexico, the Netherlands, New Zealand, Poland, Singapore, South Africa, South Korea, Spain, Taiwan, Turkey, the United Arab Emirates, the United Kingdom and the United States. Worldwide, the company has approximately $2.8 trillion of life reinsurance in force, and assets of $44.7 billion.

Cautionary Statement Regarding Forward-looking Statements

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

Numerous important factors could cause actual results and events to differ materially from those expressed or implied by forward-looking statements including, without limitation, (1) adverse capital and credit market conditions and their impact on the Company’s liquidity, access to capital and cost

of capital, (2) the impairment of other financial institutions and its effect on the Company’s business,

(3) requirements to post collateral or make payments due to declines in market value of assets subject to the Company’s collateral arrangements, (4) the fact that the determination of allowances and impairments taken on the Company’s investments is highly subjective, (5) adverse changes in mortality, morbidity, lapsation or claims experience, (6) changes in the Company’s financial strength and credit ratings and the effect of such changes on the Company’s future results of operations and financial condition, (7) inadequate risk analysis and underwriting, (8) general economic conditions or a prolonged economic downturn affecting the demand for insurance and reinsurance in the Company’s current and planned markets, (9) the availability and cost of collateral necessary for regulatory reserves and capital, (10) market or economic conditions that adversely affect the value of the Company’s investment securities or result in the impairment of all or a portion of the value of certain of the Company’s investment securities, that in turn could affect regulatory capital, (11) market or economic conditions that adversely affect the Company’s ability to make timely sales of investment securities, (12) risks inherent in the Company’s risk management and investment strategy, including changes in investment portfolio yields due to interest rate or credit quality changes, (13) fluctuations in U.S. or foreign currency exchange rates, interest rates, or securities and real estate markets, (14) adverse litigation or arbitration results, (15) the adequacy of reserves, resources and accurate information relating to settlements, awards and terminated and discontinued lines of business, (16) the stability of and actions by governments and economies in the markets in which the Company operates, including ongoing uncertainties regarding the amount of United States sovereign debt and the credit ratings thereof, (17) competitive factors and competitors’ responses to the Company’s initiatives, (18) the success of the Company’s clients, (19) successful execution of the Company’s entry into new markets, (20) successful development and introduction of new products and distribution opportunities,

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(21) the Company’s ability to successfully integrate acquired blocks of business and entities, (22) action by regulators who have authority over the Company’s reinsurance operations in the jurisdictions in which it operates, (23) the Company’s dependence on third parties, including those insurance companies and reinsurers to which the Company cedes some reinsurance, third-party investment managers and others, (24) the threat of natural disasters, catastrophes, terrorist attacks, epidemics or pandemics anywhere in the world where the Company or its clients do business, (25) interruption or failure of the Company’s telecommunication, information technology or other operational systems, or the Company’s failure to maintain adequate security to protect the confidentiality or privacy of personal or sensitive data stored on such systems, (26) changes in laws, regulations, and accounting standards applicable to the Company, its subsidiaries, or its business, (27) the effect of the Company’s status as an insurance holding company and regulatory restrictions on its ability to pay principal of and interest on its debt obligations, and (28) other risks and uncertainties described in this document and in the Company’s other filings with the SEC.

Forward-looking statements should be evaluated together with the many risks and uncertainties that affect our business, including those mentioned in this document and described in the periodic reports we file with the Securities and Exchange Commission. These forward-looking statements speak only as of the date on which they are made. We do not undertake any obligations to update these forward-looking statements, even though our situation may change in the future. We qualify all of our forward-looking statements by these cautionary statements. For a discussion of the risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements, you are advised to review the risk factors in our Annual Report on Form 10-K for the year ended December 31, 2014.

Investor Contact

Jeff Hopson

Senior Vice President - Investor Relations

(636) 736-7000

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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

Reconciliation of Consolidated Net Income to Operating Income

(Dollars in thousands)



(Unaudited)	Three Months Ended March 31,
	2015			2014
GAAP net income	$	125,114		$	136,664
Reconciliation to operating income:
Capital (gains) losses, derivatives and other, included in investment related (gains) losses, net	(14,585		)	(17,007		)
Capital (gains) losses on funds withheld, included in investment income	(7,412		)	(253		)
Embedded derivatives:
Included in investment related (gains) losses, net	17,847			(34,827		)
Included in interest credited	6,703			(4,264		)
DAC offset, net	(5,819		)	34,494
Non-investment derivatives	(70		)	—
Operating income	$	121,778		$	114,807

Reconciliation of Consolidated Pre-tax Net Income to Pre-tax Operating Income

(Dollars in thousands)



(Unaudited)	Three Months Ended March 31,
	2015			2014
Income before income taxes	$	184,125		$	199,440
Reconciliation to pre-tax operating income:
Capital (gains) losses, derivatives and other, included in investment related (gains) losses, net	(20,946		)	(26,306		)
Capital (gains) losses on funds withheld, included in investment income	(11,402		)	(389		)
Embedded derivatives:
Included in investment related (gains) losses, net	27,458			(53,580		)
Included in interest credited	10,313			(6,560		)
DAC offset, net	(8,951		)	53,068
Non-investment derivatives	(108		)	—
Pre-tax operating income	$	180,489		$	165,673

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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

Reconciliation of Pre-tax Net Income to Pre-tax Operating Income

(Dollars in thousands)



(Unaudited)	Three Months Ended March 31, 2015
	Pre-tax net income (loss)			Capital (gains) losses, derivatives and other, net				Change in value of embedded derivatives, net			Pre-tax operating income (loss)
U.S. and Latin America Operations:
Traditional	$	17,843		$	1			$	2,472		$	20,316
Non-Traditional:
Asset Intensive	42,140			(23,392		)	⁽¹⁾	21,586		⁽²⁾	40,334
Financial Reinsurance	12,365			—				—			12,365
Total U.S. and Latin America	72,348			(23,391		)		24,058			73,015
Canada Operations Traditional	22,727			(5,554		)		—			17,173
Canada Operations Non-Traditional	4,131			—				—			4,131
Canada Operations	26,858			(5,554		)		—			21,304
EMEA Traditional	10,482			(49		)		—			10,433
EMEA Non-Traditional	19,634			(999		)		—			18,635
EMEA Operations	30,116			(1,048		)		—			29,068
Asia Pacific Traditional	52,648			—				—			52,648
Asia Pacific Non-Traditional	10,145			(21		)		—			10,124
Asia Pacific Operations	62,793			(21		)		—			62,772
Corporate and Other	(7,990		)	2,320				—			(5,670		)
Consolidated	$	184,125		$	(27,694	)		$	24,058		$	180,489


(1)	Asset Intensive is net of $4,762 DAC offset.


(2)	Asset Intensive is net of $(13,713) DAC offset.



(Unaudited)	Three Months Ended March 31, 2014
	Pre-tax net income (loss)			Capital (gains) losses, derivatives and other, net				Change in value of embedded derivatives, net				Pre-tax operating income (loss)
U.S. and Latin America Operations:
Traditional	$	50,972		$	(4,224	)		$	1,455			$	48,203
Non-Traditional:
Asset Intensive	70,615			(19,239		)	⁽¹⁾	(10,371		)	⁽²⁾	41,005
Financial Reinsurance	12,509			(83		)		—				12,426
Total U.S. and Latin America	134,096			(23,546		)		(8,916		)		101,634
Canada Operations Traditional	19,433			2,100				—				21,533
Canada Operations Non-Traditional	631			(41		)		—				590
Canada Operations	20,064			2,059				—				22,123
EMEA Traditional	(992		)	(1,131		)		—				(2,123		)
EMEA Non-Traditional	16,197			(98		)		—				16,099
EMEA Operations	15,205			(1,229		)		—				13,976
Asia Pacific Traditional	18,867			(120		)		—				18,747
Asia Pacific Non-Traditional	7,444			(1,533		)		—				5,911
Asia Pacific Operations	26,311			(1,653		)		—				24,658
Corporate and Other	3,764			(482		)		—				3,282
Consolidated	$	199,440		$	(24,851	)		$	(8,916	)		$	165,673


(1)	Asset Intensive is net of $1,844 DAC offset.


(2)	Asset Intensive is net of $51,224 DAC offset.

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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

Per Share and Shares Data

(In thousands, except per share data)



(Unaudited)	Three Months Ended March 31,
	2015		2014
Diluted earnings per share from operating income	$	1.77	$	1.61
Earnings per share from net income:
Basic earnings per share	$	1.84	$	1.94
Diluted earnings per share	$	1.81	$	1.92
Weighted average number of common and common equivalent shares outstanding	68,942		71,264



(Unaudited)	At or for the Three Months Ended March 31,
	2015		2014
Treasury shares	12,699		9,624
Common shares outstanding	66,439		69,514
Book value per share outstanding	$	107.62	$	89.92
Book value per share outstanding, before impact of AOCI	$	79.26	$	71.51

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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

Condensed Consolidated Statements of Income

(Dollars in thousands)



(Unaudited)	Three Months Ended March 31,
	2015			2014
Revenues:
Net premiums	$	2,023,852		$	2,100,637
Investment income, net of related expenses	426,891			404,375
Investment related gains (losses), net:
Other-than-temporary impairments on fixed maturity securities	(2,527		)	(303		)
Other-than-temporary impairments on fixed maturity securities transferred to (from) accumulated other comprehensive income	—			—
Other investment related gains (losses), net	10,110			84,874
Total investment related gains (losses), net	7,583			84,571
Other revenue	62,287			67,590
Total revenues	2,520,613			2,657,173
Benefits and expenses:
Claims and other policy benefits	1,775,451			1,843,677
Interest credited	120,678			110,594
Policy acquisition costs and other insurance expenses	277,043			354,873
Other operating expenses	121,618			110,936
Interest expense	35,627			35,084
Collateral finance and securitization expense	6,071			2,569
Total benefits and expenses	2,336,488			2,457,733
Income before income taxes	184,125			199,440
Income tax expense	59,011			62,776
Net income	$	125,114		$	136,664

# # #

Exhibit 99.2

Financial Supplement

First Quarter 2015

(Unaudited)



World Headquarters	Internet address	Contacts:
16600 Swingley Ridge Road	www.rgare.com	Jack B. Lay
Chesterfield, Missouri 63017 U.S.A.		Senior Executive Vice President
		and Chief Financial Officer
		Phone: (636) 736-7000
		e-mail: jlay@rgare.com

		Jeff Hopson
		Sr. Vice President, Investor Relations
		Phone: (636) 736-2068
		e-mail: jhopson@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
RGA Americas Reinsurance Company, Ltd.	AA-	A+	NR
RGA Atlantic Reinsurance Company Ltd.	NR	A+	NR
Senior Debt Ratings
Reinsurance Group of America, Incorporated	A-	a-	Baa1

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

Reinsurance Group of America, Incorporated

Financial Supplement

1st Quarter 2015

Table of Contents



	Page
Non-GAAP Disclosure	1

2015 Notes	2

Consolidated

Financial Highlights	3

Consolidated Income Statement (incl. Operating Income Reconciliation)	4

Consolidated Operating Income Statement	5

Consolidated Balance Sheets	6

Segment Pre-tax Operating Income Summaries and Reconciliations to U.S. GAAP

U.S. and Latin America Operations	7

Canada Operations	11

Europe, Middle East & Africa Operations	13

Asia Pacific Operations	15

Corporate and Other	17

Summary of Pre-tax Segment Operating Income	18

Investments

Cash and Invested Assets, Yield Summary	19

Amortized Cost, Gross Unrealized Gains and Losses, Estimated Fair Values of Fixed Maturity and Equity Securities	20

Corporate Securities by Sector	21

Quality of Fixed Maturity Securities and Structured Fixed Maturity Securities	22

Gross Unrealized Losses Aging	23

Fixed Maturity and Equity Securities Below Amortized Cost	24

Consolidated Gross Gains and Losses	25

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 ("RGA") 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 substantially all of 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, the cumulative effect of any accounting changes, and other items that 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 shareholders’

equity excluding AOCI.



		Page 1

Reinsurance Group of America, Incorporated

PRIOR PERIOD RECLASSIFICATIONS

Effective January 1, 2015, the Company further segmented the Canada; Europe, Middle East and Africa; and Asia Pacific segments into traditional and non-traditional businesses to reflect the expanded product offerings within its geographic-based segments. The prior-period presentation has been adjusted to conform to the new segment reporting structure.



		Page 2

Reinsurance Group of America, Incorporated Financial Highlights

	Three Months Ended																Current Qtr vs. PY Quarter
(USD thousands, except inforce & per share data)	March 31,			Dec. 31,				Sept. 30,			June 30,			March 31,
	2015			2014				2014			2014			2014
Net premiums	$	2,023,852		$	2,217,772			$	2,168,285		$	2,183,160		$	2,100,637		$	(76,785	)
Net income	125,114			191,091				157,996			198,296			136,664			(11,550		)
Operating income	121,778			208,288				159,823			155,131			114,807			6,971
Operating return on equity (ex AOCI) -
annualized	9.2		%	15.8		%		12.5		%	12.4		%	9.3		%	(0.1		)%
trailing 12 months	12.5		%	12.5		%		11.7		%	11.8		%	7.2		%	5.3		%
Total assets	44,691,268			44,679,611				42,910,363			43,171,051			40,541,581			4,149,687
Assumed Life Reinsurance in Force (in billions)
U.S. and Latin America Traditional	$	1,479.4		$	1,483.9			$	1,387.2		$	1,393.1		$	1,393.2		$	86.2
U.S. and Latin America Non-Traditional	2.1			1.4				2.2			2.2			2.2			(0.1		)
Canada Traditional	349.0			402.8				383.9			395.8			376.7			(27.7		)
Europe, Middle East and Africa Traditional	553.3			561.1				573.0			626.1			587.6			(34.3		)
Asia Pacific Traditional	460.6			494.0				577.0			616.9			595.3			(134.7		)
Asia Pacific Non-Traditional	0.3			0.3				0.3			0.3			0.3			—
Total Life Reinsurance in Force	$	2,844.7		$	2,943.5			$	2,923.6		$	3,034.4		$	2,955.3		$	(110.6	)
Assumed New Business Production (in billions)
U.S. and Latin America Traditional	$	19.7		$	118.1		(1)	$	16.6		$	21.8		$	20.4		$	(0.7	)
U.S. and Latin America Non-Traditional	—			—				—			—			—			—
Canada Traditional	9.7			13.9				11.6			10.4			12.4			(2.7		)
Europe, Middle East and Africa Traditional	48.6			38.5				22.5			67.7			46.5			2.1
Asia Pacific Traditional	27.8			22.4				21.1			18.5			19.6			8.2
Total New Business Production	$	105.8		$	192.9			$	71.8		$	118.4		$	98.9		$	6.9
Per Share and Shares Data
Basic earnings per share
Net income	$	1.84		$	2.78			$	2.30		$	2.87		$	1.94		$	(0.10	)
Operating income	$	1.79		$	3.03			$	2.33		$	2.25		$	1.63		$	0.16
Diluted earnings per share
Net income	$	1.81		$	2.75			$	2.28		$	2.84		$	1.92		$	(0.11	)
Operating income	$	1.77		$	2.99			$	2.31		$	2.23		$	1.61		$	0.16

Wgt. average common shares outstanding
(basic)	68,141			68,718				68,642			69,076			70,574			(2,433		)
(diluted)	68,942			69,550				69,335			69,718			71,264			(2,322		)

Common shares issued	79,138			79,138				79,138			79,138			79,138			—
Treasury shares	12,699			10,365				10,472			10,328			9,624			3,075
Common shares outstanding	66,439			68,773				68,666			68,810			69,514			(3,075		)

Book value per share	$	107.62		$	102.13			$	97.28		$	97.21		$	89.92
Per share effect of accumulated other
comprehensive income (AOCI)	$	28.36		$	24.10			$	21.84		$	23.67		$	18.41
Book value per share, excluding AOCI	$	79.26		$	78.03			$	75.44		$	73.54		$	71.51

Shareholder dividends paid	$	22,668.8		$	22,669.4			$	22,632.1		$	20,711.1		$	21,243.6		$	1,425.2
(1) Increase in new business production related to the Voya Financial transaction that closed during the 4th quarter.



		Page 3

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

	Three Months Ended															Current Qtr
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,			vs. PY
(USD thousands)	2015			2014			2014			2014			2014			Quarter
Revenues:
Net premiums	$	2,023,852		$	2,217,772		$	2,168,285		$	2,183,160		$	2,100,637		$	(76,785	)
Investment income, net of related expenses	426,891			451,603			447,106			410,607			404,375			22,516
Investment related gains (losses), net
OTTI on fixed maturity securities	(2,527		)	(6,347		)	(246		)	(870		)	(303		)	(2,224		)
OTTI on fixed maturity securities transferred
to/from AOCI	—			—			—			—			—			—
Other investment related gains (losses), net	10,110			(32,876		)	22,564			119,397			84,874			(74,764		)
Total investment related gains (losses), net	7,583			(39,223		)	22,318			118,527			84,571			(76,988		)
Other revenue	62,287			67,261			78,879			120,726			67,590			(5,303		)
Total revenues	2,520,613			2,697,413			2,716,588			2,833,020			2,657,173			(136,560		)
Benefits and expenses:
Claims and other policy benefits	1,775,451			1,866,042			1,855,037			1,841,885			1,843,677			(68,226		)
Interest credited	120,678			103,523			120,952			115,962			110,594			10,084
Policy acquisition costs and other insurance expenses	277,043			290,775			336,411			409,374			354,873			(77,830		)
Other operating expenses	121,618			166,280			133,737			127,462			110,936			10,682
Interest expense	35,627			(9,660		)	36,065			35,211			35,084			543
Collateral finance and securitization expense	6,071			3,710			2,571			2,591			2,569			3,502
Total benefits and expenses	2,336,488			2,420,670			2,484,773			2,532,485			2,457,733			(121,245		)
Income before income taxes	184,125			276,743			231,815			300,535			199,440			(15,315		)
Income tax expense	59,011			85,652			73,819			102,239			62,776			(3,765		)
Net income	$	125,114		$	191,091		$	157,996		$	198,296		$	136,664		$	(11,550	)
Pre-tax Operating Income Reconciliation:
Income before income taxes	184,125			276,743			231,815			300,535			199,440			(15,315		)
Investment and derivative losses (gains)—
non-operating (1)	(20,946		)	(22,453		)	(8,413		)	(38,136		)	(26,306		)	5,360
Change in value of modified coinsurance and
funds withheld embedded derivatives (1)	2,325			14,523			(56,812		)	(78,835		)	(77,241		)	79,566
GMXB embedded derivatives (1)	25,133			52,901			47,479			5,183			23,661			1,472
Funds withheld losses (gains)—investment income	(11,402		)	(1,371		)	(5,501		)	(5,954		)	(389		)	(11,013		)
EIA embedded derivatives—interest credited	10,313			(362		)	(415		)	6,916			(6,560		)	16,873
DAC offset, net	(8,951		)	(15,253		)	26,521			47,543			53,068			(62,019		)
Non-investment derivatives	(108		)	(472		)	28			—			—			(108		)
Operating Income Before Income Taxes	$	180,489		$	304,256		$	234,702		$	237,252		$	165,673		$	14,816
After-tax Operating Income Reconciliation:
Net Income	125,114			191,091			157,996			198,296			136,664			(11,550		)
Investment and derivative losses (gains)—
non-operating (1)	(14,585		)	(15,281		)	(5,517		)	(26,820		)	(17,007		)	2,422
Change in value of modified coinsurance
and funds withheld embedded derivatives (1)	1,511			9,440			(36,928		)	(51,242		)	(50,207		)	51,718
GMXB embedded derivatives (1)	16,336			34,386			30,861			3,369			15,380			956
Funds withheld losses (gains)—investment income	(7,412		)	(891		)	(3,576		)	(3,870		)	(253		)	(7,159		)
EIA embedded derivatives—interest credited	6,703			(236		)	(269		)	4,495			(4,264		)	10,967
DAC offset, net	(5,819		)	(9,914		)	17,238			30,903			34,494			(40,313		)
Non-investment derivatives	(70		)	(307		)	18			—			—			(70		)
Operating Income	$	121,778		$	208,288		$	159,823		$	155,131		$	114,807		$	6,971

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



		Page 4

Reinsurance Group of America, Incorporated Consolidated Operating Income Statement

	Three Months Ended															Current Qtr vs. PY Quarter
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,
(USD thousands, except per share data)	2015			2014			2014			2014			2014
Revenues:
Net premiums	$	2,023,852		$	2,217,772		$	2,168,285		$	2,183,160		$	2,100,637		$	(76,785	)
Investment income, net of related expenses	415,489			450,232			441,605			404,653			403,986			11,503
Investment related gains (losses), net	14,095			5,748			4,572			6,739			4,685			9,410
Other revenue	62,179			66,789			78,907			120,726			67,590			(5,411		)
Total revenues	2,515,615			2,740,541			2,693,369			2,715,278			2,576,898			(61,283		)

Benefits and expenses:
Claims and other policy benefits	1,775,451			1,866,042			1,855,037			1,841,885			1,843,677			(68,226		)
Interest credited	110,365			103,885			121,367			109,046			117,154			(6,789		)
Policy acquisition costs and other insurance expenses	285,994			306,028			309,890			361,831			301,805			(15,811		)
Other operating expenses	121,618			166,280			133,737			127,462			110,936			10,682
Interest expense	35,627			(9,660		)	36,065			35,211			35,084			543
Collateral finance and securitization expense	6,071			3,710			2,571			2,591			2,569			3,502
Total benefits and expenses	2,335,126			2,436,285			2,458,667			2,478,026			2,411,225			(76,099		)

Operating income before income taxes	180,489			304,256			234,702			237,252			165,673			14,816

Operating income tax expense	58,711			95,968			74,879			82,121			50,866			7,845

Operating income	$	121,778		$	208,288		$	159,823		$	155,131		$	114,807		$	6,971

Wgt. Average Common Shares Outstanding (Diluted)	68,942			69,550			69,335			69,718			71,264			(2,322)

Diluted Earnings Per Share—Operating Income	$	1.77		$	2.99		$	2.31		$	2.23		$	1.61		$	0.16

Foreign currency effect (1):
Net premiums	$	(96,024	)	$	(61,093	)	$	5,906		$	(4,964	)	$	(50,225	)	$	(45,799	)
Operating income before income taxes	$	(11,833	)	$	(9,276	)	$	(2,016	)	$	(809	)	$	(6,605	)	$	(5,228	)

(1) Compared to comparable prior year period



		Page 5

Reinsurance Group of America, Incorporated Consolidated Balance Sheets


	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,
(USD thousands)	2015			2014			2014			2014			2014
Assets
Fixed maturity securities, available-for-sale	$	25,801,223		$	25,480,972		$	24,475,451		$	24,480,396		$	22,157,182
Mortgage loans on real estate	2,913,486			2,712,238			2,617,091			2,555,800			2,526,228
Policy loans	1,284,085			1,284,284			1,249,948			1,250,635			1,296,897
Funds withheld at interest	5,841,554			5,922,561			5,969,006			5,940,521			5,814,231
Short-term investments	89,136			97,694			44,437			45,596			118,789
Other invested assets	1,243,033			1,198,319			1,165,021			1,128,375			1,234,779
Total investments	37,172,517			36,696,068			35,520,954			35,401,323			33,148,106
Cash and cash equivalents	1,083,179			1,645,669			1,118,745			1,378,117			1,127,132
Accrued investment income	283,665			261,096			305,880			279,368			233,816
Premiums receivable and other reinsurance balances	1,509,810			1,527,729			1,491,993			1,559,526			1,454,959
Reinsurance ceded receivables	665,797			578,206			596,704			614,203			594,794
Deferred policy acquisition costs	3,286,348			3,342,575			3,297,616			3,368,343			3,450,523
Other assets	689,952			628,268			578,471			570,171			532,251
Total assets	$	44,691,268		$	44,679,611		$	42,910,363		$	43,171,051		$	40,541,581

Liabilities and Stockholders’ Equity
Future policy benefits	$	14,152,780		$	14,476,637		$	13,541,687		$	13,785,532		$	11,887,951
Interest-sensitive contract liabilities	12,508,201			12,591,497			12,638,117			12,686,025			12,809,003
Other policy claims and benefits	3,822,699			3,824,069			3,861,060			3,996,737			3,899,004
Other reinsurance balances	320,950			306,915			276,314			258,023			283,249
Deferred income taxes	2,529,733			2,365,817			2,149,076			2,232,821			2,023,588
Other liabilities	1,118,645			994,230			967,303			716,157			638,967
Short-term debt	—			—			—			110,000			50,000
Long-term debt	2,313,884			2,314,293			2,314,693			2,214,705			2,214,526
Collateral finance and securitization notes	774,351			782,701			482,115			482,092			484,747
Total liabilities	37,541,243			37,656,159			36,230,365			36,482,092			34,291,035

Stockholders’ Equity:
Common stock, at par value	791			791			791			791			791
Additional paid-in-capital	1,802,774			1,798,279			1,784,818			1,783,856			1,782,838
Retained earnings	4,339,028			4,239,647			4,074,047			3,941,777			3,772,776
Treasury stock	(876,804		)	(672,394		)	(679,265		)	(666,125		)	(585,358		)
Accumulated other comprehensive income (AOCI):
Accumulated currency translation adjustment, net of income taxes	(35,924		)	81,847			131,936			207,043			164,400
Unrealized appreciation of securities, net of income taxes	1,968,697			1,624,773			1,387,957			1,442,324			1,136,079
Pension and postretirement benefits, net of income taxes	(48,537		)	(49,491		)	(20,286		)	(20,707		)	(20,980		)
Total stockholders’ equity	7,150,025			7,023,452			6,679,998			6,688,959			6,250,546
Total liabilities and stockholders’ equity	$	44,691,268		$	44,679,611		$	42,910,363		$	43,171,051		$	40,541,581

Total stockholders’ equity, excluding AOCI	$	5,265,789		$	5,366,323		$	5,180,391		$	5,060,299		$	4,971,047



		Page 6

Reinsurance Group of America, Incorporated U.S. and Latin America Traditional Segment Pre-tax Operating Income


		Three Months Ended															Current Qtr vs. PY Quarter
		March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,
	(USD thousands)	2015			2014			2014			2014			2014
	Revenues:
	Net premiums	$	1,114,094		$	1,221,862		$	1,171,916		$	1,189,822		$	1,141,905		$	(27,811	)
	Investment income, net of related expenses	143,005			142,753			139,272			137,404			133,376			9,629
	Other revenue	664			1,323			783			767			642			22
	Total revenues	1,257,763			1,365,938			1,311,971			1,327,993			1,275,923			(18,160		)

	Benefits and expenses:
	Claims and other policy benefits	1,039,407			1,021,046			1,030,525			1,045,030			1,033,707			5,700
	Interest credited	12,944			13,101			12,993			12,818			12,272			672
	Policy acquisition costs and other insurance expenses	158,567			168,395			161,120			156,270			156,000			2,567
	Other operating expenses	26,529			29,276			28,408			24,921			25,741			788
	Total benefits and expenses	1,237,447			1,231,818			1,233,046			1,239,039			1,227,720			9,727

	Operating income before income taxes	20,316			134,120			78,925			88,954			48,203			(27,887		)

	Operating to U.S. GAAP Reconciliation:
	Operating income before income taxes	20,316			134,120			78,925			88,954			48,203			(27,887		)
	Investment and derivative (losses) gains - non-operating	(2,473		)	(5,268		)	(1,092		)	5,034			2,769			(5,242		)
	Income before income taxes	$	17,843		$	128,852		$	77,833		$	93,988		$	50,972		$	(33,129	)

	Loss and Expense Ratios:
	Claims and other policy benefits	93.3		%	83.6		%	87.9		%	87.8		%	90.5		%	2.8		%
	Policy acquisition costs and other insurance expenses	14.2		%	13.8		%	13.7		%	13.1		%	13.7		%	0.5		%
	Other operating expenses	2.4		%	2.4		%	2.4		%	2.1		%	2.3		%	0.1		%



		Page 7

Reinsurance Group of America, Incorporated U.S. and Latin America Non-Traditional Segment—Asset Intensive Reinsurance Pre-tax Operating Income


	Three Months Ended															Current Qtr vs. PY Quarter
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,
(USD thousands)	2015			2014			2014			2014			2014
Revenues:
Net premiums	$	5,041		$	4,747		$	5,168		$	4,984		$	5,180		$	(139	)
Investment income, net of related expenses	141,470			155,557			170,608			143,927			158,619			(17,149		)
Investment related gains (losses), net	—			1			(2		)	1			—			—
Other revenue	26,544			28,436			28,944			29,376			28,276			(1,732		)
Total revenues	173,055			188,741			204,718			178,288			192,075			(19,020		)

Benefits and expenses:
Claims and other policy benefits	6,726			5,289			5,586			4,713			4,260			2,466
Interest credited	84,672			86,294			104,985			90,037			101,644			(16,972		)
Policy acquisition costs and other insurance expenses	37,005			36,380			31,960			35,698			41,072			(4,067		)
Other operating expenses	4,318			4,764			4,211			3,813			4,094			224
Total benefits and expenses	132,721			132,727			146,742			134,261			151,070			(18,349		)

Operating income before income taxes	40,334			56,014			57,976			44,027			41,005			(671		)

Operating to U.S. GAAP Reconciliation:
Operating income before income taxes	40,334			56,014			57,976			44,027			41,005			(671		)
Investment and derivative gains (losses) - non-operating (1)	21,787			28,086			18,001			12,412			21,300			487
Change in value of modified coinsurance and funds withheld embedded derivatives (1)	147			(13,490		)	56,490			79,768			78,696			(78,549		)
GMXB embedded derivatives (1)	(25,133		)	(52,901		)	(47,479		)	(5,183		)	(23,661		)	(1,472		)
Funds withheld gains (losses) - investment income	6,367			1,154			4,914			5,232			(217		)	6,584
EIA embedded derivatives - interest credited	(10,313		)	362			415			(6,916		)	6,560			(16,873		)
DAC offset, net	8,951			15,253			(26,521		)	(47,543		)	(53,068		)	62,019
Income before income taxes	$	42,140		$	34,478		$	63,796		$	81,797		$	70,615		$	(28,475	)

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



		Page 8

Reinsurance Group of America, Incorporated U.S. and Latin America Non-Traditional Segment—Asset Intensive Reinsurance Pre-tax Operating Income (Cont’d)


	Three Months Ended
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,
(USD millions)	2015			2014			2014			2014			2014
Annuity account values:

Fixed annuities (deferred)	$	4,779		$	4,859		$	4,919		$	5,030		$	5,156

Net interest spread (fixed annuities):	2.3		%	3.5		%	3.2		%	2.3		%	2.5		%

Equity-indexed annuities	$	4,666		$	4,695		$	4,716		$	4,725		$	4,741

Variable annuities:
No riders	$	864		$	881		$	899		$	941		$	943
GMDB only	71			75			79			84			85
GMIB only	5			5			6			6			6
GMAB only	41			44			46			50			51
GMWB only	1,600			1,636			1,676			1,741			1,733
GMDB / WB	410			427			427			462			459
Other	26			27			28			30			30
Total VA account values	$	3,017		$	3,095		$	3,161		$	3,314		$	3,307

Fair value of liabilities associated with living benefit riders	$	184		$	159		$	106		$	59		$	54

Interest-sensitive contract liabilities associated with:

Guaranteed investment contracts	$	336		$	336		$	336		$	301		$	301

Bank-owned life insurance (BOLI)	$	551		$	548		$	544		$	541		$	538

Other asset-intensive business	$	68		$	69		$	69		$	71		$	71



		Page 9

Reinsurance Group of America, Incorporated U.S. and Latin America Non-Traditional Segment—Financial Reinsurance Pre-tax Operating Income


	Three Months Ended												Current Qtr vs. PY Quarter
	March 31,		Dec. 31,			Sept. 30,			June 30,		March 31,
(USD thousands)	2015		2014			2014			2014		2014
Revenues:
Investment income, net of related expenses	$	1,145	$	1,155		$	1,003		$	1,086	$	1,247	$	(102	)
Other revenue	15,305		18,363			23,581			21,777		19,098		(3,793		)
Total revenues	16,450		19,518			24,584			22,863		20,345		(3,895		)

Benefits and expenses:
Policy acquisition costs and other insurance expenses	2,416		4,112			8,458			6,944		5,742		(3,326		)
Other operating expenses	1,669		2,876			2,322			2,310		2,177		(508		)
Total benefits and expenses	4,085		6,988			10,780			9,254		7,919		(3,834		)

Operating income before income taxes	12,365		12,530			13,804			13,609		12,426		(61		)

Operating to U.S. GAAP Reconciliation:
Operating income before income taxes	12,365		12,530			13,804			13,609		12,426		(61		)
Investment and derivative gains (losses) - non-operating	—		(162		)	(100		)	68		83		(83		)
Income before income taxes	$	12,365	$	12,368		$	13,704		$	13,677	$	12,509	$	(144	)



		Page 10

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

	Three Months Ended															Current Qtr vs. PY Quarter
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,
(USD thousands)	2015			2014			2014			2014			2014
Revenues:
Net premiums	$	212,550		$	240,409		$	239,645		$	248,031		$	225,304		$	(12,754	)
Investment income, net of related expenses	44,405			47,442			49,060			48,703			46,273			(1,868		)
Investment related gains (losses), net	939			937			907			621			1,006			(67		)
Other revenue	1,556			569			761			(220		)	961			595
Total revenues	259,450			289,357			290,373			297,135			273,544			(14,094		)

Benefits and expenses:
Claims and other policy benefits	183,534			200,620			195,162			199,084			189,571			(6,037		)
Interest credited	4			14			10			9			—			4
Policy acquisition costs and other insurance expenses	49,551			60,699			60,260			60,687			52,953			(3,402		)
Other operating expenses	9,188			9,826			10,086			9,612			9,487			(299		)
Total benefits and expenses	242,277			271,159			265,518			269,392			252,011			(9,734		)

Operating income before income taxes	17,173			18,198			24,855			27,743			21,533			(4,360		)

Operating to U.S. GAAP Reconciliation:
Operating income before income taxes	17,173			18,198			24,855			27,743			21,533			(4,360		)
Investment and derivative gains (losses) - non-operating	519			1,418			(1,282		)	3,544			(2,706		)	3,225
Funds withheld gains (losses) - investment income	5,035			217			587			722			606			4,429
Income before income taxes	$	22,727		$	19,833		$	24,160		$	32,009		$	19,433		$	3,294

Loss and Expense Ratios:
Loss ratios (creditor business)	29.5		%	31.3		%	28.0		%	27.5		%	31.5		%	(2.0		)%
Loss ratios (excluding creditor business)	101.2		%	100.6		%	98.3		%	97.1		%	98.2		%	3.0		%
Claims and other policy benefits / (net premiums + investment income)	71.4		%	69.7		%	67.6		%	67.1		%	69.8		%	1.6		%
Policy acquisition costs and other insurance expenses (creditor business)	63.0		%	65.8		%	65.2		%	66.6		%	58.1		%	4.9		%
Policy acquisition costs and other insurance expenses (excluding creditor business)	12.9		%	11.9		%	12.5		%	11.0		%	14.3		%	(1.4		)%
Other operating expenses	4.3		%	4.1		%	4.2		%	3.9		%	4.2		%	0.1		%

Foreign currency effect (1):
Net premiums	$	(26,121	)	$	(18,820	)	$	(11,917	)	$	(16,401	)	$	(21,650	)	$	(4,471	)
Operating income before income taxes	$	(2,147	)	$	(1,750	)	$	(1,556	)	$	(1,743	)	$	(2,272	)	$	125

Creditor reinsurance net premiums	$	44,054		$	59,451		$	57,412		$	60,013		$	47,344		$	(3,290	)

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) Compared to comparable prior year period



		Page 11

Reinsurance Group of America, Incorporated Canadian Non-Traditional Segment Pre-tax Operating Income (1)

	Three Months Ended															Current Qtr vs. PY Quarter
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,
(USD thousands)	2015			2014			2014			2014			2014
Revenues:
Net premiums	$	9,967		$	4,615		$	5,491		$	5,546		$	5,540		$	4,427
Investment income, net of related expenses	550			616			600			655			724			(174		)
Other revenue	1,357			1,432			1,568			1,483			—			1,357
Total revenues	11,874			6,663			7,659			7,684			6,264			5,610

Benefits and expenses:
Claims and other policy benefits	7,299			4,451			6,271			4,209			5,185			2,114
Policy acquisition costs and other insurance expenses	107			131			149			150			151			(44		)
Other operating expenses	337			350			358			342			338			(1		)
Total benefits and expenses	7,743			4,932			6,778			4,701			5,674			2,069

Operating income (loss) before income taxes	4,131			1,731			881			2,983			590			3,541

Operating to U.S. GAAP Reconciliation:
Operating income before income taxes	4,131			1,731			881			2,983			590			3,541
Investment and derivative gains (losses) - non-operating	—			8			3			28			41			(41		)
Income before income taxes	$	4,131		$	1,739		$	884		$	3,011		$	631		$	3,500

Foreign currency effect (2):
Net premiums	$	(1,302	)	$	(1,390	)	$	(29	)	$	(43	)	$	(68	)	$	(1,234	)
Operating income (loss) before income taxes	$	(251	)	$	(146	)	$	(49	)	$	(200	)	$	(61	)	$	(190	)



(1) The Canadian non-traditional segment includes longevity and financial reinsurance.
(2) Compared to comparable prior year period



		Page 12

Reinsurance Group of America, Incorporated Europe, Middle East and Africa Traditional Segment Pre-tax Operating Income

	Three Months Ended															Current Qtr vs. PY Quarter
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,
(USD thousands)	2015			2014			2014			2014			2014
Revenues:
Net premiums	$	269,746		$	288,191		$	291,015		$	286,403		$	291,798		$	(22,052	)
Investment income, net of related expenses	12,089			15,099			13,050			12,113			11,824			265
Investment related gains (losses), net	12,208			3,678			2,550			5,183			2,593			9,615
Other revenue	1,140			(582		)	2,878			(336		)	404			736
Total revenues	295,183			306,386			309,493			303,363			306,619			(11,436		)

Benefits and expenses:
Claims and other policy benefits	235,307			247,959			244,010			236,540			269,251			(33,944		)
Interest credited	12,349			4,076			2,959			5,750			2,786			9,563
Policy acquisition costs and other insurance expenses	12,008			14,038			17,205			11,994			13,735			(1,727		)
Other operating expenses	25,086			30,414			25,028			26,029			22,970			2,116
Total benefits and expenses	284,750			296,487			289,202			280,313			308,742			(23,992		)

Operating income (loss) before income taxes	10,433			9,899			20,291			23,050			(2,123		)	12,556

Operating to U.S. GAAP Reconciliation:
Operating income (loss) before income taxes	10,433			9,899			20,291			23,050			(2,123		)	12,556
Investment and derivative gains (losses) - non-operating	49			3,330			990			3,737			1,131			(1,082		)
Income (loss) before income taxes	$	10,482		$	13,229		$	21,281		$	26,787		$	(992	)	$	11,474

Loss and Expense Ratios:
Claims and other policy benefits	87.2		%	86.0		%	83.8		%	82.6		%	92.3		%	(5.1		)%
Policy acquisition costs and other insurance expenses	4.5		%	4.9		%	5.9		%	4.2		%	4.7		%	(0.2		)%
Other operating expenses	9.3		%	10.6		%	8.6		%	9.1		%	7.9		%	1.4		%

Foreign currency effect (1):
Net premiums	$	(29,430	)	$	(24,435	)	$	13,415		$	20,767		$	9,302		$	(38,732	)
Operating income (loss) before income taxes	$	(1,301	)	$	(905	)	$	1,157		$	2,031		$	(840	)	$	(461	)

Critical illness net premiums	$	58,219		$	62,511		$	63,303		$	66,257		$	65,678		$	(7,459	)

(1) Compared to comparable prior year period



		Page 13

Reinsurance Group of America, Incorporated Europe, Middle East and Africa Non-Traditional Segment Pre-tax Operating Income (1)

	Three Months Ended															Current Qtr vs. PY Quarter
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,
(USD thousands)	2015			2014			2014			2014			2014
Revenues:
Net premiums	$	29,860		$	57,694		$	55,442		$	54,481		$	48,945		$	(19,085	)
Investment income, net of related expenses	16,877			28,799			16,141			8,558			1,545			15,332
Other revenue	7,640			8,725			10,640			8,275			7,519			121
Total revenues	54,377			95,218			82,223			71,314			58,009			(3,632		)

Benefits and expenses:
Claims and other policy benefits	32,081			66,032			53,982			46,006			38,090			(6,009		)
Policy acquisition costs and other insurance expenses	(530		)	(646		)	(738		)	(502		)	(470		)	(60		)
Other operating expenses	4,191			5,948			5,290			4,179			4,290			(99		)
Total benefits and expenses	35,742			71,334			58,534			49,683			41,910			(6,168		)

Operating income before income taxes	18,635			23,884			23,689			21,631			16,099			2,536

Operating to U.S. GAAP Reconciliation:
Operating income before income taxes	18,635			23,884			23,689			21,631			16,099			2,536
Investment and derivative gains (losses) - non-operating	851			2,314			206			12,904			98			753
Non-investment derivatives	148			512			—			—			—			148
Income before income taxes	$	19,634		$	26,710		$	23,895		$	34,535		$	16,197		$	3,437

Foreign currency effect (2):
Net premiums	$	(2,327	)	$	9,345		$	1,026		$	437		$	(612	)	$	(1,715	)
Operating income before income taxes	$	(2,393	)	$	(1,510	)	$	929		$	1,679		$	1,234		$	(3,627	)

(1) The Europe, Middle East and Africa non-traditional segment includes asset intensive, financial reinsurance, capital motivated and longevity closed block business.
(2) Compared to comparable prior year period



		Page 14

Reinsurance Group of America, Incorporated Asia Pacific Traditional Segment Pre-tax Operating Income


	Three Months Ended															Current Qtr vs. PY Quarter
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,
(USD thousands)	2015			2014			2014			2014			2014
Revenues:
Net premiums	$	372,145		$	390,652		$	393,665		$	390,494		$	366,099		$	6,046
Investment income, net of related expenses	20,604			20,785			21,899			21,502			20,303			301
Investment related gains (losses), net	—			(1		)	1			(1		)	1			(1		)
Other revenue	1,126			3,363			2,776			51,593			366			760
Total revenues	393,875			414,799			418,341			463,588			386,769			7,106
Benefits and expenses:
Claims and other policy benefits	265,309			312,540			309,648			299,747			286,676			(21,367		)
Interest Credited	—			—			—			—			—			—
Policy acquisition costs and other insurance expenses	46,912			46,691			51,249			107,293			53,579			(6,667		)
Other operating expenses	29,006			37,541			32,818			30,285			27,767			1,239
Total benefits and expenses	341,227			396,772			393,715			437,325			368,022			(26,795		)

Operating income before income taxes	52,648			18,027			24,626			26,263			18,747			33,901

Operating to U.S. GAAP Reconciliation:
Operating income before income taxes	52,648			18,027			24,626			26,263			18,747			33,901
Investment and derivative gains (losses) - non-operating	—			1,193			(324		)	1,950			120			(120		)
Income before income taxes	$	52,648		$	19,220		$	24,302		$	28,213		$	18,867		$	33,781

Loss and Expense Ratios:
Claims and other policy benefits	71.3		%	80.0		%	78.7		%	76.8		%	78.3		%	(7.0		)%
Policy acquisition costs and other insurance expenses	12.6		%	12.0		%	13.0		%	27.5		%	14.6		%	(2.0		)%
Other operating expenses	7.8		%	9.6		%	8.3		%	7.8		%	7.6		%	0.2		%

Foreign currency effect (1):
Net premiums	$	(35,158	)	$	(23,238	)	$	3,459		$	(9,483	)	$	(36,576	)	$	1,418
Operating income before income taxes	$	(4,762	)	$	(2,414	)	$	(658	)	$	(1,193	)	$	(2,258	)	$	(2,504	)

Critical illness net premiums	$	69,867		$	76,231		$	67,105		$	71,928		$	60,398		$	9,469

(1) Compared to comparable prior year period



		Page 15

Reinsurance Group of America, Incorporated Asia Pacific Non-Traditional Segment Pre-tax Operating Income (1)


	Three Months Ended															Current Qtr vs. PY Quarter
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,
(USD thousands)	2015			2014			2014			2014			2014
Revenues:
Net premiums	$	10,282		$	9,429		$	5,757		$	3,193		$	15,651		$	(5,369	)
Investment income, net of related expenses	3,649			4,264			4,546			4,823			4,339			(690		)
Investment related gains (losses), net	501			665			645			685			860			(359		)
Other revenue	5,117			5,539			6,174			5,281			5,757			(640		)
Total revenues	19,549			19,897			17,122			13,982			26,607			(7,058		)
Benefits and expenses:
Claims and other policy benefits	5,735			8,103			9,859			6,573			16,920			(11,185		)
Interest Credited	184			195			221			234			246			(62		)
Policy acquisition costs and other insurance expenses	546			367			603			616			710			(164		)
Other operating expenses	2,960			4,006			3,621			3,495			2,820			140
Total benefits and expenses	9,425			12,671			14,304			10,918			20,696			(11,271		)

Operating income before income taxes	10,124			7,226			2,818			3,064			5,911			4,213

Operating to U.S. GAAP Reconciliation:
Operating income before income taxes	10,124			7,226			2,818			3,064			5,911			4,213
Investment and derivative gains (losses) - non-operating	21			(5,803		)	(6,707		)	3,651			1,533			(1,512		)
Income (loss) before income taxes	$	10,145		$	1,423		$	(3,889	)	$	6,715		$	7,444		$	2,701

Foreign currency effect (2):
Net premiums	$	(1,686	)	$	(2,555	)	$	(48	)	$	(241	)	$	(621	)	$	(1,065	)
Operating income (loss) before income taxes	$	(451	)	$	(1,355	)	$	(436	)	$	(120	)	$	(702	)	$	251

(1) The Asia Pacific non-traditional segment includes asset intensive, financial reinsurance, and disabled life closed block business.
(2) Compared to comparable prior year period



		Page 16

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


	Three Months Ended															Current Qtr vs. PY Quarter
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,
(USD thousands)	2015			2014			2014			2014			2014
Revenues:
Net premiums	$	167		$	173		$	186		$	206		$	215		$	(48	)
Investment income, net of related expenses	31,695			33,762			25,426			25,882			25,736			5,959
Investment related gains (losses), net	447			468			471			250			225			222
Other revenue	1,730			(379		)	802			2,730			4,567			(2,837		)
Total revenues	34,039			34,024			26,885			29,068			30,743			3,296

Benefits and expenses:
Claims and other policy benefits	53			2			(6		)	(17		)	17			36
Interest credited	212			205			199			198			206			6
Policy acquisition costs and other insurance expenses	(20,588		)	(24,139		)	(20,376		)	(17,319		)	(21,667		)	1,079
Other operating expenses	18,334			41,279			21,595			22,476			11,252			7,082
Interest expense	35,627			(9,660		)	36,065			35,211			35,084			543
Collateral finance and securitization expense	6,071			3,710			2,571			2,591			2,569			3,502
Total benefits and expenses	39,709			11,397			40,048			43,140			27,461			12,248

Operating income (loss) before income taxes	(5,670		)	22,627			(13,163		)	(14,072		)	3,282			(8,952		)

Operating to U.S. GAAP Reconciliation:
Operating income (loss) before income taxes	(5,670		)	22,627			(13,163		)	(14,072		)	3,282			(8,952		)
Investment and derivative gains (losses) - non-operating	(2,280		)	(3,696		)	(960		)	(6,125		)	482			(2,762		)
Non-investment derivatives	(40		)	(40		)	(28		)	—			—			(40		)
Income (loss) before income taxes	$	(7,990	)	$	18,891		$	(14,151	)	$	(20,197	)	$	3,764		$	(11,754	)

Foreign currency effect (1):
Operating income (loss) before income taxes	$	(528	)	$	(1,196	)	$	(1,403	)	$	(1,263	)	$	(1,706	)	$	1,178

(1) Compared to comparable prior year period



		Page 17

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


	Three Months Ended														Current Qtr vs. PY Quarter
	March 31,			Dec. 31,		Sept. 30,			June 30,			March 31,
(USD thousands)	2015			2014		2014			2014			2014
U.S. and Latin America:
Traditional	$	20,316		$	134,120	$	78,925		$	88,954		$	48,203		$	(27,887	)
Non-Traditional:
Asset Intensive	40,334			56,014		57,976			44,027			41,005			(671		)
Financial Reinsurance	12,365			12,530		13,804			13,609			12,426			(61		)
Total U.S. and Latin America	73,015			202,664		150,705			146,590			101,634			(28,619		)
Canada:
Canadian Traditional	17,173			18,198		24,855			27,743			21,533			(4,360		)
Canadian Non-Traditional	4,131			1,731		881			2,983			590			3,541
Total Canadian	21,304			19,929		25,736			30,726			22,123			(819		)
Europe, Middle East and Africa:
Europe, Middle East and Africa Traditional	10,433			9,899		20,291			23,050			(2,123		)	12,556
Europe, Middle East and Africa Non-Traditional	18,635			23,884		23,689			21,631			16,099			2,536
Total Europe, Middle East and Africa	29,068			33,783		43,980			44,681			13,976			15,092
Asia Pacific:
Asia Pacific Traditional	52,648			18,027		24,626			26,263			18,747			33,901
Asia Pacific Non-Traditional	10,124			7,226		2,818			3,064			5,911			4,213
Total Asia Pacific	62,772			25,253		27,444			29,327			24,658			38,114
Corporate and Other	(5,670		)	22,627		(13,163		)	(14,072		)	3,282			(8,952		)
Consolidated	$	180,489		$	304,256	$	234,702		$	237,252		$	165,673		$	14,816



		Page 18

Reinsurance Group of America, Incorporated Investments (USD thousands) Cash and Invested Assets

	March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,
	2015		2014		2014		2014		2014
Fixed maturity securities, available-for-sale	$	25,801,223	$	25,480,972	$	24,475,451	$	24,480,396	$	22,157,182
Mortgage loans on real estate	2,913,486		2,712,238		2,617,091		2,555,800		2,526,228
Policy loans	1,284,085		1,284,284		1,249,948		1,250,635		1,296,897
Funds withheld at interest	5,841,554		5,922,561		5,969,006		5,940,521		5,814,231
Short-term investments	89,136		97,694		44,437		45,596		118,789
Other invested assets	1,243,033		1,198,319		1,165,021		1,128,375		1,234,779
Cash and cash equivalents	1,083,179		1,645,669		1,118,745		1,378,117		1,127,132
Total cash and invested assets	$	38,255,696	$	38,341,737	$	36,639,699	$	36,779,440	$	34,275,238

Investment Income and Yield Summary


	Three Months Ended															Current Qtr vs. PY Quarter
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,
	2015			2014			2014			2014			2014
Average invested assets at amortized cost (1)	$	21,073,262		$	20,672,245		$	20,424,141		$	20,121,261		$	19,726,037		$	1,347,225
Net investment income (1)	$	247,239		$	250,757		$	240,877		$	236,604		$	229,644		$	17,595
Annualized investment yield (ratio of net investment income to average invested assets) (1)	4.78		%	4.94		%	4.80		%	4.79		%	4.74		%	0.04		%

(1) Excludes spread-related business (e.g. coinsurance of annuities)



		Page 19

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, 2015
	Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value		% of Total		Other-than- temporary Impairment in AOCI
Available-for-sale:
Corporate securities	$	14,084,589	$	1,159,377	$	64,831	$	15,179,135	58.8	%	$	—
Canadian and Canadian provincial governments	2,477,703		1,416,036		—		3,893,739		15.1	%	—
Residential mortgage-backed securities	1,072,415		60,491		5,232		1,127,674		4.4	%	(300		)
Asset-backed securities	1,082,883		23,322		8,093		1,098,112		4.3	%	354
Commercial mortgage-backed securities	1,448,372		93,304		7,402		1,534,274		5.9	%	(1,609		)
U.S. government and agencies	444,529		28,879		—		473,408		1.8	%	—
State and political subdivisions	378,403		54,496		3,128		429,771		1.7	%	—
Other foreign government, supranational, and foreign
government-sponsored enterprises	1,944,822		129,615		9,327		2,065,110		8.0	%	—
Total fixed maturity securities	$	22,933,716	$	2,965,520	$	98,013	$	25,801,223	100.0	%	$	(1,555	)

Non-redeemable preferred stock	90,643		5,136		1,405		94,374		70.1	%
Other equity securities	39,395		894		44		40,245		29.9	%
Total equity securities	$	130,038	$	6,030	$	1,449	$	134,619	100.0	%



December 31, 2014
	Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value		% of Total		Other-than- temporary Impairment in AOCI
Available-for-sale:
Corporate securities	$	14,010,604	$	965,523	$	90,544	$	14,885,583	58.4	%	$	—
Canadian and Canadian provincial governments	2,668,852		1,196,420		7		3,865,265		15.2	%	—
Residential mortgage-backed securities	991,867		52,640		6,611		1,037,896		4.1	%	(300		)
Asset-backed securities	1,059,660		20,301		10,375		1,069,586		4.2	%	354
Commercial mortgage-backed securities	1,453,657		87,593		8,659		1,532,591		6.0	%	(1,609		)
U.S. government and agencies	501,352		25,014		515		525,851		2.0	%	—
State and political subdivisions	378,457		51,117		3,498		426,076		1.7	%	—
Other foreign government, supranational, and foreign
government-sponsored enterprises	2,041,148		110,065		13,089		2,138,124		8.4	%	—
Total fixed maturity securities	$	23,105,597	$	2,508,673	$	133,298	$	25,480,972	100.0	%	$	(1,555	)

Non-redeemable preferred stock	93,540		7,350		1,527		99,363		78.3	%
Other equity securities	26,994		597		94		27,497		21.7	%
Total equity securities	$	120,534	$	7,947	$	1,621	$	126,860	100.0	%



		Page 20

Reinsurance Group of America, Incorporated Investments (USD thousands) Corporate Fixed Maturities Securities by Sector (Excludes Funds Withheld Portfolios)

	March 31, 2015							December 31, 2014
	Amortized Cost		Estimated Fair Value		% of Total		Average Credit Ratings (1)	Amortized Cost		Estimated Fair Value		% of Total		Average Credit Ratings (1)
Financial Institutions
Banking	$	3,115,769	$	3,300,931	21.8	%	A-	$	3,085,645	$	3,227,988	21.6	%	A-
Brokerage/Asset Managers/Exchanges	263,043		287,320		1.9	%	A	247,955		268,439		1.8	%	A
Finance Comp.	185,879		200,368		1.3	%	A+	187,055		199,781		1.3	%	A+
Insurance	702,210		781,853		5.2	%	A-	692,464		758,825		5.1	%	A-
REITs	512,522		547,830		3.6	%	BBB+	513,412		544,302		3.7	%	BBB+
Other Finance	62,834		68,159		0.4	%	BBB+	63,037		67,073		0.5	%	BBB+
Total Financial Institutions	$	4,842,257	$	5,186,461	34.2	%		$	4,789,568	$	5,066,408	34.0	%
Industrials
Basic	877,393		916,134		6.0	%	BBB	893,754		921,843		6.2	%	BBB
Capital Goods	660,529		705,809		4.6	%	BBB	657,388		694,700		4.7	%	BBB
Communications	1,410,865		1,554,810		10.2	%	BBB	1,448,054		1,572,181		10.6	%	BBB+
Consumer Cyclical	631,495		685,719		4.5	%	BBB+	665,675		709,100		4.8	%	BBB+
Consumer Noncyclical	1,279,436		1,395,621		9.2	%	BBB+	1,299,879		1,397,510		9.4	%	BBB+
Energy	1,741,193		1,830,451		12.1	%	BBB	1,647,847		1,699,885		11.2	%	BBB
Technology	503,207		530,636		3.5	%	BBB+	465,256		485,833		3.3	%	BBB+
Transportation	488,873		533,408		3.5	%	A-	453,106		486,736		3.3	%	A-
Other Industrial	106,945		118,090		0.8	%	A-	108,371		118,279		0.8	%	A-
Total Industrials	$	7,699,936	$	8,270,678	54.4	%		$	7,639,330	$	8,086,067	54.3	%
Utilities
Electric	1,166,561		1,303,023		8.6	%	BBB+	1,192,487		1,309,874		8.8	%	BBB+
Natural Gas	219,925		240,253		1.6	%	A-	234,761		251,110		1.7	%	A-
Other Utility	155,910		178,720		1.2	%	BBB+	154,458		172,124		1.2	%	A-
Total Utilities	$	1,542,396	$	1,721,996	11.4	%		$	1,581,706	$	1,733,108	11.7	%
Total	$	14,084,589	$	15,179,135	100.0	%	BBB+	$	14,010,604	$	14,885,583	100.0	%	BBB+

(1) The Average Credit Rating designations are based on the weighted average ratings from nationally recognized rating organizations, primarily those assigned by S&P. In instances where a S&P rating is not available, the Company will reference the rating provided by Moody’s, and in the absence of both the Company will assign equivalent ratings based on information from the NAIC.



		Page 21

Reinsurance Group of America, Incorporated

Investments

(USD thousands)

Ratings of Fixed Maturity Securities (Excludes Funds Withheld Portfolios)

		March 31, 2015						December 31, 2014						September 30, 2014						June 30, 2014						March 31, 2014
NAIC Designation (1)	Rating Agency Designation (2)	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/AA/A	$	14,515,363	$	16,887,466	65.4	%	$	14,855,946	$	16,866,777	66.1	%	$	14,590,478	$	16,236,196	66.3	%	$	14,646,888	$	16,304,796	66.6	%	$	13,519,276	$	14,859,087	67.0	%
2	BBB	6,957,089		7,450,140		28.9	%	6,880,383		7,258,299		28.5	%	6,530,399		6,895,202		28.2	%	6,527,092		6,942,290		28.3	%	5,882,308		6,177,731		27.9	%
3	BB	799,090		825,796		3.2	%	750,152		760,531		3.0	%	729,311		751,110		3.1	%	669,569		706,926		2.9	%	637,814		666,571		3.0	%
4	B	419,277		404,081		1.6	%	387,456		372,375		1.5	%	425,094		421,100		1.7	%	362,960		364,395		1.5	%	379,529		379,688		1.7	%
5	CCC	219,271		214,370		0.8	%	212,905		208,346		0.8	%	152,363		150,845		0.6	%	143,292		142,805		0.6	%	60,003		60,427		0.3	%
6	In or near default	23,626		19,370		0.1	%	18,755		14,644		0.1	%	25,296		20,998		0.1	%	23,545		19,184		0.1	%	18,594		13,678		0.1	%
	Total	$	22,933,716	$	25,801,223	100.0	%	$	23,105,597	$	25,480,972	100.0	%	$	22,452,941	$	24,475,451	100.0	%	$	22,373,346	$	24,480,396	100.0	%	$	20,497,524	$	22,157,182	100.0	%

(1) Structured securities held by the Company’s insurance subsidiaries that maintain the National Association of Insurance Commissioners (NAIC) statutory basis of accounting that meet the definition of SSAP No. 43R utilize the NAIC rating methodology. All other securities will continue to utilize the Nationally Recognized Statistical Rating Organizations (NRSRO) ratings, as available, or equivalent rating based on information from the NAIC.
(2) The Rating Agency Designation includes all “+” or “-” at that rating level (e. g. ‘BBB’ includes ‘BBB+’, ‘BBB’, and ‘BBB-’).

Structured Fixed Maturity Securities

	March 31, 2015				December 31, 2014				September 30, 2014				June 30, 2014				March 31, 2014
	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	$	644,367	$	692,101	$	639,936	$	677,352	$	597,413	$	625,070	$	564,397	$	594,042	$	569,064	$	591,515
Non-agency	428,048		435,573		351,931		360,544		367,023		375,647		382,034		392,097		400,880		410,356
Total residential mortgage-backed securities	1,072,415		1,127,674		991,867		1,037,896		964,436		1,000,717		946,431		986,139		969,944		1,001,871
Commercial mortgage-backed securities	1,448,372		1,534,274		1,453,657		1,532,591		1,404,648		1,481,822		1,380,622		1,474,620		1,367,205		1,450,503
Asset-backed securities	1,082,883		1,098,112		1,059,660		1,069,586		993,028		1,006,048		993,116		1,008,375		933,130		944,579
Total	$	3,603,670	$	3,760,060	$	3,505,184	$	3,640,073	$	3,362,112	$	3,488,587	$	3,320,169	$	3,469,134	$	3,270,279	$	3,396,953



		Page 22

Reinsurance Group of America, Incorporated Investments (USD thousands) Gross Unrealized Losses Aging Fixed Maturity Securities

	March 31, 2015				December 31, 2014				September 30, 2014				June 30, 2014				March 31, 2014
	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%	$	71,886	72.3	%	$	110,346	81.8	%	$	107,731	89.1	%	$	96,330	85.8	%	$	157,050	87.6	%
20% or more for less than six months	14,581		14.7	%	13,698		10.1	%	683		0.6	%	2,479		2.2	%	163		0.1	%
20% or more for six months or greater	11,546		11.6	%	9,254		6.9	%	9,510		7.9	%	10,936		9.7	%	17,771		9.9	%
Total	$	98,013	98.6	%	$	133,298	98.8	%	$	117,924	97.6	%	$	109,745	97.7	%	$	174,984	97.6	%

Equity Securities

	March 31, 2015				December 31, 2014				September 30, 2014				June 30, 2014				March 31, 2014
	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%	$	712	0.7	%	$	1,619	1.2	%	$	2,926	2.4	%	$	2,555	2.3	%	$	4,321	2.4	%
20% or more for less than six months	737		0.7	%	—		0.0	%	—		0.0	%	—		0.0	%	—		0.0	%
20% or more for six months or greater	—		0.0	%	2		0.0	%	2		0.0	%	2		0.0	%	2		0.0	%
Total	$	1,449	1.4	%	$	1,621	1.2	%	$	2,928	2.4	%	$	2,557	2.3	%	$	4,323	2.4	%



		Page 23

Reinsurance Group of America, Incorporated Investments (USD thousands) Fixed Maturities and Equity Securities Below Amortized Cost (Excludes Funds Withheld Portfolios)

	As of March 31, 2015
	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	$	805,091	$	18,419	$	227,150	$	15,576	$	1,032,241	$	33,995
Canadian and Canadian provincial governments	—		—		—		—		—		—
Residential mortgage-backed securities	100,937		1,507		62,201		3,228		163,138		4,735
Asset-backed securities	285,839		2,774		99,896		3,381		385,735		6,155
Commercial mortgage-backed securities	49,304		162		20,733		1,590		70,037		1,752
U.S. government and agencies	—		—		—		—		—		—
State and political subdivisions	—		—		13,647		3,128		13,647		3,128
Other foreign government, supranational, and foreign government-sponsored enterprises	109,347		5,560		36,737		1,494		146,084		7,054
Investment grade securities	1,350,518		28,422		460,364		28,397		1,810,882		56,819

Below investment grade securities:
Corporate securities	357,118		28,279		25,560		2,557		382,678		30,836
Residential mortgage-backed securities	10,308		83		12,033		414		22,341		497
Asset-backed securities	14,478		231		6,715		1,707		21,193		1,938
Commercial mortgage-backed securities	6,739		240		5,522		5,410		12,261		5,650
State and political subdivisions	—		—		—		—		—		—
Other foreign government, supranational, and foreign government-sponsored enterprises	15,375		2,145		2,910		128		18,285		2,273
Below investment grade securities	404,018		30,978		52,740		10,216		456,758		41,194
Total fixed maturity securities	$	1,754,536	$	59,400	$	513,104	$	38,613	$	2,267,640	$	98,013

Non-redeemable preferred stock	20,885		501		6,649		904		27,534		1,405
Other equity securities	8,597		44		—		—		8,597		44
Total equity securities	$	29,482	$	545	$	6,649	$	904	$	36,131	$	1,449






	As of December 31, 2014
	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	$	1,225,767	$	27,784	$	614,294	$	30,040	$	1,840,061	$	57,824
Canadian and Canadian provincial governments	—		—		1,235		7		1,235		7
Residential mortgage-backed securities	78,864		846		135,414		5,247		214,278		6,093
Asset-backed securities	332,785		4,021		109,411		4,289		442,196		8,310
Commercial mortgage-backed securities	78,632		564		28,375		2,461		107,007		3,025
U.S. government and agencies	81,317		89		32,959		426		114,276		515
State and political subdivisions	13,780		17		18,998		3,438		32,778		3,455
Other foreign government, supranational, and foreign government-sponsored enterprises	156,725		7,007		76,111		2,946		232,836		9,953
Investment grade securities	1,967,870		40,328		1,016,797		48,854		2,984,667		89,182

Below investment grade securities:
Corporate securities	415,886		29,316		32,567		3,404		448,453		32,720
Residential mortgage-backed securities	22,836		293		6,284		225		29,120		518
Asset-backed securities	12,448		274		7,108		1,791		19,556		2,065
Commercial mortgage-backed securities	3,288		249		5,580		5,385		8,868		5,634
State and political subdivisions	964		43		—		—		964		43
Other foreign government, supranational, and foreign government-sponsored enterprises	13,986		3,136		—		—		13,986		3,136
Below investment grade securities	469,408		33,311		51,539		10,805		520,947		44,116
Total fixed maturity securities	$	2,437,278	$	73,639	$	1,068,336	$	59,659	$	3,505,614	$	133,298

Non-redeemable preferred stock	11,619		235		19,100		1,292		30,719		1,527
Other equity securities	—		—		3,545		94		3,545		94
Total equity securities	$	11,619	$	235	$	22,645	$	1,386	$	34,264	$	1,621



		Page 24

Reinsurance Group of America, Incorporated Investments (USD thousands) Consolidated Investment Related Gains and Losses


	Three Months Ended															Current Qtr vs. PY Quarter
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,
	2015			2014			2014			2014			2014
Fixed Maturity and Equity Securities:
Other-than-temporary impairment losses on fixed maturities	$	(2,527	)	$	(6,347	)	$	(246	)	$	(870	)	$	(303	)	$	(2,224	)
Portion of loss recognized in accumulated other comprehensive income (before taxes)	—			—			—			—			—			—
Net other-than-temporary impairment losses on fixed maturities recognized in earnings	(2,527		)	(6,347		)	(246		)	(870		)	(303		)	(2,224		)
Gain on investment activity	19,201			13,662			8,819			34,887			8,067			11,134
Loss on investment activity	(13,596		)	(11,480		)	(6,355		)	(6,877		)	(6,583		)	(7,013		)
Net gain/(loss) on fixed maturity and equity securities	3,078			(4,165		)	2,218			27,140			1,181			1,897

Other impairment losses and change in mortgage loan provision	(4,168		)	371			(2,041		)	(5,309		)	1,664			(5,832		)
Other non-derivative gain/(loss), net	17,375			2,759			2,298			9,197			8,368			9,007

Free-standing Derivatives:
Credit default swaps	2,658			2,658			(1,389		)	4,783			(2,114		)	4,772
Interest rate swaps - non-hedged	29,344			33,812			9,114			22,244			29,659			(315		)
Interest rate swaps - hedged	7			10			8			7			(6		)	13
Futures	(7,331		)	(6,728		)	6,446			(7,684		)	(1,584		)	(5,747		)
CPI swaps	(71		)	(536		)	(274		)	115			352			(423		)
Equity options	(8,067		)	(5,724		)	1,017			(8,800		)	(8,965		)	898
Currency forwards	(220		)	(5,746		)	(5,277		)	1,178			1,154			(1,374		)
Bond forwards	(840		)	—			—			—			—			(840		)
Interest rate options	3,276			11,490			865			2,004			1,282			1,994
Total free-standing derivatives	18,756			29,236			10,510			13,847			19,778			(1,022		)

Embedded Derivatives:
Modified coinsurance and funds withheld treaties	(2,325		)	(14,523		)	56,812			78,835			77,241			(79,566		)
GMXB	(25,133		)	(52,901		)	(47,479		)	(5,183		)	(23,661		)	(1,472		)
Total embedded derivatives	(27,458		)	(67,424		)	9,333			73,652			53,580			(81,038		)

Net gain/(loss) on total derivatives	(8,702		)	(38,188		)	19,843			87,499			73,358			(82,060		)

Total investment related gains / (losses), net	$	7,583		$	(39,223	)	$	22,318		$	118,527		$	84,571		$	(76,988	)



		Page 25

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