EX-99.2

Reinsurance Group of America, Incorporated
Financial Supplement
2nd Quarter 2009
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

Subprime Mortgage Exposure (Including Funds Withheld Portfolios)		19

CMBS Exposure (Including Funds Withheld Portfolios)		20

Gross Unrealized Losses Aging		21

Fixed Maturity and Equity Securities Below Amortized Cost		22

Consolidated Gross Gains and Losses		23

Reinsurance Group of America, Incorporated
Financial Supplement

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

Non-GAAP Disclosures

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

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

Page 1

Reinsurance Group of America, Incorporated
Financial Highlights
Second Quarter 2009


	Three Months Ended or As of														Current Qtr			Year-to-Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,		vs. PY			June 30,		June 30,
(USD thousands, except inforce & per share data)	2009			2009			2008			2008			2008		Quarter			2009		2008		Change
Net premiums	$	1,375,181		$	1,346,047		$	1,389,091		$	1,303,590		$	1,358,555	$	16,626		$	2,721,228	$	2,656,620	$	64,608
Net income — continuing operations		153,179			23,290			15,170			25,250			110,806		42,373			176,469		147,395		29,074
Operating income		130,562			67,355			99,966			118,542			109,688		20,874			197,917		180,645		17,272
Total assets		22,649,349			21,634,314			21,658,818			21,844,347			22,410,167		239,182

Assumed Ordinary Life Reinsurance in Force (in billions)
U.S.	$	1,280.5		$	1,285.6		$	1,274.5		$	1,265.6		$	1,258.6	$	21.9		$	1,280.5	$	1,258.6	$	21.9
Canada		234.3			209.9			209.5			231.4			230.9		3.4			234.3		230.9		3.4
Europe & South Africa		382.9			332.8			325.2			368.9			419.4		(36.5	)		382.9		419.4		(36.5	)
Asia Pacific		321.6			293.0			298.9			310.6			330.6		(9.0	)		321.6		330.6		(9.0	)

Total Life Reinsurance in Force	$	2,219.3		$	2,121.3		$	2,108.1		$	2,176.5		$	2,239.5	$	(20.2	)	$	2,219.3	$	2,239.5	$	(20.2	)


Assumed New Business Production (in billions)
U.S.	$	25.8		$	35.5		$	33.7		$	30.5		$	35.5	$	(9.7	)	$	61.3	$	70.2	$	(8.9	)
Canada		9.6			9.9			12.1			14.5			11.7		(2.1	)		19.5		24.6		(5.1	)
Europe & South Africa		22.7			36.0			28.2			21.4			19.4		3.3			58.7		37.9		20.8
Asia Pacific		3.3			3.8			9.2			7.5			4.9		(1.6	)		7.1		15.2		(8.1	)

Total New Business Production	$	61.4		$	85.2		$	83.2		$	73.9		$	71.5	$	(10.1	)	$	146.6	$	147.9	$	(1.3	)


Per Share and Shares Data
Basic earnings per share from continuing operations
Net income	$	2.11		$	0.32		$	0.22		$	0.41		$	1.78	$	0.33		$	2.43	$	2.37	$	0.06
Operating income	$	1.79		$	0.93		$	1.45		$	1.90		$	1.76	$	0.03		$	2.72	$	2.90	$	(0.18	)
Diluted earnings per share from continuing operations
Net income	$	2.10		$	0.32		$	0.22		$	0.40		$	1.73	$	0.37		$	2.42	$	2.30	$	0.12
Operating income	$	1.79		$	0.92		$	1.45		$	1.86		$	1.71	$	0.08		$	2.71	$	2.82	$	(0.11	)

Wgt. average common shares outstanding (basic)		72,770			72,710			68,831			62,323			62,284		10,486			72,740		62,214		10,526
Wgt. average common shares outstanding (diluted)		72,939			72,884			69,176			63,607			63,982		8,957			72,912		64,106		8,806

Common shares issued		73,364			73,363			73,363			63,128			63,128		10,236			73,364		63,128
Treasury shares		589			600			741			803			812		(223	)		589		812
Common shares outstanding		72,775			72,763			72,622			62,325			62,316		10,459			72,775		62,316

Book value per share	$	42.59		$	33.99		$	36.03		$	41.83		$	49.13
Per share effect of accumulated other comprehensive income (AOCI)	$	(3.31	)	$	(9.79	)	$	(7.55	)	$	(3.56	)	$	4.09
Book value per share, excluding AOCI	$	45.90		$	43.78		$	43.58		$	45.39		$	45.04

Page 2

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


	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)	2009			2009			2008			2008			2008			Quarter			2009			2008			Change
Revenues:
Net premiums	$	1,375,181		$	1,346,047		$	1,389,091		$	1,303,590		$	1,358,555		$	16,626		$	2,721,228		$	2,656,620		$	64,608
Investment income, net of related expenses		284,636			223,196			196,634			220,248			254,868			29,768			507,832			454,394			53,438
Investment related gains (losses), net
OTTI on fixed maturity securities		(36,942	)		(34,395	)		(15,226	)		(92,388	)		(548	)		(36,394	)		(71,337	)		(5,699	)		(65,638	)
OTTI on fixed maturity securities transferred to AOCI		16,135			—			—			—			—			16,135			16,135			—			16,135
Other investment related gains (losses), net		98,995			(37,867	)		(228,333	)		(148,919	)		(6,531	)		105,526			61,128			(156,640	)		217,768

Total investment related gains (losses), net		78,188			(72,262	)		(243,559	)		(241,307	)		(7,079	)		85,267			5,926			(162,339	)		168,265
Other revenue		75,161			33,859			25,869			27,764			36,262			38,899			109,020			54,198			54,822

Total revenues		1,813,166			1,530,840			1,368,035			1,310,295			1,642,606			170,560			3,344,006			3,002,873			341,133

Benefits and expenses:
Claims and other policy benefits		1,123,696			1,169,744			1,150,645			1,062,948			1,128,827			(5,131	)		2,293,440			2,248,339			45,101
Interest credited		72,897			36,909			86,989			9,293			63,000			9,897			109,806			136,897			(27,091	)
Policy acquisition costs and other insurance expenses		308,403			198,801			27,529			124,836			189,272			119,131			507,204			205,534			301,670
Other operating expenses		71,095			66,749			53,694			63,886			61,997			9,098			137,844			125,337			12,507
Interest expense		19,595			22,117			21,552			9,935			21,580			(1,985	)		41,712			44,674			(2,962	)
Collateral finance facility expense		2,057			2,314			7,432			6,851			6,966			(4,909	)		4,371			14,440			(10,069	)

Total benefits and expenses		1,597,743			1,496,634			1,347,841			1,277,749			1,471,642			126,101			3,094,377			2,775,221			319,156

Income before income taxes — continuing operations		215,423			34,206			20,194			32,546			170,964			44,459			249,629			227,652			21,977

Income tax expense		62,244			10,916			5,024			7,296			60,158			2,086			73,160			80,257			(7,097	)

Income — continuing operations		153,179			23,290			15,170			25,250			110,806			42,373			176,469			147,395			29,074
Loss from discontinued operations		—			—			(5,809	)		(22	)		(104	)		104			—			(5,188	)		5,188

Net income	$	153,179		$	23,290		$	9,361		$	25,228		$	110,702		$	42,477		$	176,469		$	142,207		$	34,262


Pre-tax Operating Income Reconciliation:
Income before income taxes — continuing operations		215,423			34,206			20,194			32,546			170,964			44,459			249,629			227,652			21,977
Investment and Derivative losses (gains) — non-operating (1)		148,794			68,312			(146,818	)		99,801			1,962			146,832			217,106			2,824			214,282
Change in value of B36 embedded derivatives (1)		(64,337	)		40,425			161,021			106,797			11,452			(75,789	)		(23,912	)		159,980			(183,892	)
GMXB embedded derivatives (1)		(161,237	)		(35,213	)		230,775			35,772			(5,357	)		(155,880	)		(196,450	)		935			(197,385	)
EIA embedded derivatives — interest credited		(12,772	)		(8,124	)		48,896			(43,871	)		(9,248	)		(3,524	)		(20,896	)		55,238			(76,134	)
EIA embedded derivatives — policy acq. costs		1,748			1,304			(5,697	)		8,274			2,390			(642	)		3,052			(9,700	)		12,752
DAC offset, net		92,846			1,529			(157,941	)		(63,394	)		(2,817	)		95,663			94,375			(158,118	)		252,493
Gain on debt repurchase		(38,875	)		—			—			—			—			(38,875	)		(38,875	)		—			(38,875	)

Operating Income Before Income Taxes		181,590			102,439			150,430			175,925			169,346			12,244			284,029			278,811			5,218


After-tax Operating Income Reconciliation:
Income — continuing operations		153,179			23,290			15,170			25,250			110,806			42,373			176,469			147,395			29,074
Investment and Derivative losses (gains) — non-operating (1)		96,091			44,117			(95,289	)		64,967			1,207			94,884			140,208			1,831			138,377
Change in value of B36 embedded derivatives (1)		(41,819	)		26,276			104,664			69,418			7,444			(49,263	)		(15,543	)		103,987			(119,530	)
GMXB embedded derivatives (1)		(104,805	)		(22,888	)		150,003			23,252			(3,482	)		(101,323	)		(127,693	)		608			(128,301	)
EIA embedded derivatives — interest credited		(8,301	)		(5,281	)		31,782			(28,516	)		(6,011	)		(2,290	)		(13,582	)		35,905			(49,487	)
EIA embedded derivatives — policy acq. costs		1,136			848			(3,703	)		5,378			1,554			(418	)		1,984			(6,305	)		8,289
DAC offset, net		60,350			993			(102,661	)		(41,207	)		(1,830	)		62,180			61,343			(102,776	)		164,119
Gain on debt repurchase		(25,269	)		—			—			—			—			(25,269	)		(25,269	)		—			(25,269	)

Operating Income		130,562			67,355			99,966			118,542			109,688			20,874			197,917			180,645			17,272


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

Page 3

Reinsurance Group of America, Incorporated
Consolidated Operating Income Statement


	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 per share data)	2009			2009			2008			2008			2008		Quarter			2009			2008		Change
Revenues:
Net premiums	$	1,375,181		$	1,346,047		$	1,389,091		$	1,303,590		$	1,358,555	$	16,626		$	2,721,228		$	2,656,620	$	64,608
Investment income, net of related expenses		284,636			223,196			196,634			220,248			254,868		29,768			507,832			454,394		53,438
Investment related gains (losses), net		1,408			1,262			1,419			1,063			978		430			2,670			1,400		1,270
Other revenue		36,286			33,859			25,869			27,764			36,262		24			70,145			54,198		15,947

Total revenues		1,697,511			1,604,364			1,613,013			1,552,665			1,650,663		46,848			3,301,875			3,166,612		135,263

Benefits and expenses:
Claims and other policy benefits		1,123,696			1,169,744			1,150,645			1,062,948			1,128,827		(5,131	)		2,293,440			2,248,339		45,101
Interest credited		85,669			45,033			38,093			53,164			72,248		13,421			130,702			81,659		49,043
Policy acquisition costs and other insurance expenses		213,809			195,968			191,167			179,956			189,699		24,110			409,777			373,352		36,425
Other operating expenses		71,095			66,749			53,694			63,886			61,997		9,098			137,844			125,337		12,507
Interest expense		19,595			22,117			21,552			9,935			21,580		(1,985	)		41,712			44,674		(2,962	)
Collateral finance facility expense		2,057			2,314			7,432			6,851			6,966		(4,909	)		4,371			14,440		(10,069	)

Total benefits and expenses		1,515,921			1,501,925			1,462,583			1,376,740			1,481,317		34,604			3,017,846			2,887,801		130,045


Operating income before income taxes		181,590			102,439			150,430			175,925			169,346		12,244			284,029			278,811		5,218

Operating income tax expense		51,028			35,084			50,464			57,383			59,658		(8,630	)		86,112			98,166		(12,054	)


Operating income	$	130,562		$	67,355		$	99,966		$	118,542		$	109,688	$	20,874		$	197,917		$	180,645	$	17,272


Wgt. Average Common Shares Outstanding (Diluted)		72,939			72,884			69,176			63,607			63,982		8,957			72,912			64,106		8,806


Diluted Earnings Per Share — Operating Income	$	1.79		$	0.92		$	1.45		$	1.86		$	1.71	$	0.08		$	2.71		$	2.82	$	(0.11	)


*Foreign currency effect on:**
Net premiums	$	(103,209	)	$	(144,690	)	$	(111,669	)	$	(5,676	)	$	20,565	$	(123,774	)	$	(247,899	)	$	67,027	$	(314,926	)
Operating income before income taxes	$	(9,666	)	$	(10,993	)	$	(17,348	)	$	(1,337	)	$	5,608	$	(15,274	)	$	(20,659	)	$	13,480	$	(34,139	)


*		Represents effect as compared to comparable prior year period

Page 4

Reinsurance Group of America, Incorporated
Consolidated Balance Sheets


	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,
(USD thousands)	2009			2009			2008			2008			2008
Assets
Fixed maturity securities (available for sale):	$	9,842,793		$	8,831,920		$	8,531,804		$	9,121,953		$	9,667,961
Mortgage loans on real estate		757,501			764,038			775,050			782,282			798,896
Policy loans		1,085,752			1,081,030			1,096,713			1,048,517			1,048,517
Funds withheld at interest		4,675,191			4,505,054			4,520,398			4,806,642			4,825,297
Short-term investments		53,953			54,552			58,123			32,520			47,081
Other invested assets		482,028			582,784			628,649			432,982			418,864

Total investments		16,897,218			15,819,378			15,610,737			16,224,896			16,806,616
Cash and cash equivalents		416,947			586,542			875,403			412,255			362,689
Accrued investment income		119,411			118,140			87,424			138,414			106,679
Premiums receivable and other reinsurance balances		743,643			657,647			640,235			691,120			800,404
Reinsurance ceded receivables		738,926			746,736			735,155			746,790			752,203
Deferred policy acquisition costs		3,615,456			3,602,857			3,610,334			3,498,152			3,460,294
Other assets		117,748			103,014			99,530			132,720			121,282

Total assets	$	22,649,349		$	21,634,314		$	21,658,818		$	21,844,347		$	22,410,167


Liabilities and Stockholders’ Equity
Future policy benefits	$	7,054,930		$	6,636,919		$	6,431,530		$	6,552,508		$	6,619,084
Interest-sensitive contract liabilities		7,454,907			7,613,489			7,690,942			7,517,782			7,220,659
Other policy claims and benefits		2,046,887			1,956,834			1,923,018			2,064,578			2,239,868
Other reinsurance balances		144,234			197,695			173,645			127,021			173,162
Deferred income taxes		456,701			251,261			310,360			399,669			561,912
Other liabilities		566,805			577,909			585,199			548,844			599,034
Short-term debt		—			—			—			95,000			—
Long-term debt		816,575			917,913			918,246			922,994			926,095
Collateral finance facility		850,014			850,019			850,035			850,094			850,000
Company-obligated mandatorily redeemable preferred securities of subsidiary trust holding solely junior subordinated debentures of the Company		159,123			159,081			159,035			158,990			158,946

Total liabilities		19,550,176			19,161,120			19,042,010			19,237,480			19,348,760

Stockholders’ Equity:
Common stock, at par value		734			734			734			631			631
Warrants		66,912			66,912			66,914			66,915			66,915
Additional paid-in-capital		1,457,711			1,455,022			1,450,041			1,118,288			1,115,540
Retained earnings		1,841,497			1,691,292			1,682,087			1,679,568			1,660,041
Accumulated other comprehensive income (AOCI):
Accumulated currency translation adjustment, net of income taxes		105,631			(3,050	)		19,794			143,729			215,582
Unrealized appreciation (depreciation) of securities, net of income taxes		(332,664	)		(695,070	)		(553,407	)		(358,273	)		47,478
Pension and postretirement benefits, net of income taxes		(14,373	)		(14,456	)		(14,658	)		(7,790	)		(8,082	)

Total stockholders’ equity before treasury stock		3,125,448			2,501,384			2,651,505			2,643,068			3,098,105
Less treasury shares		(26,275	)		(28,190	)		(34,697	)		(36,201	)		(36,698	)

Total stockholders’ equity		3,099,173			2,473,194			2,616,808			2,606,867			3,061,407

Total liabilities and stockholders’ equity	$	22,649,349		$	21,634,314		$	21,658,818		$	21,844,347		$	22,410,167


Total stockholders’ equity, excluding AOCI	$	3,340,579		$	3,185,770		$	3,165,079		$	2,829,201		$	2,806,429

Page 5

Reinsurance Group of America, Incorporated
U.S. Traditional Sub-segment 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)	2009			2009			2008			2008			2008			Quarter			2009			2008			Change
Revenues:
Net premiums	$	807,181		$	786,748		$	874,348		$	740,502		$	752,831		$	54,350		$	1,593,929		$	1,478,224		$	115,705
Investment income, net of related expenses		104,616			102,561			100,033			99,991			97,462			7,154			207,177			194,893			12,284
Other revenue		920			570			(193	)		(42	)		552			368			1,490			612			878

Total revenues		912,717			889,879			974,188			840,451			850,845			61,872			1,802,596			1,673,729			128,867

Benefits and expenses:
Claims and other policy benefits		668,870			695,932			753,545			632,258			624,310			44,560			1,364,802			1,276,160			88,642
Interest credited		15,701			15,233			15,513			15,221			14,924			777			30,934			29,714			1,220
Policy acquisition costs and other insurance expenses		115,325			91,533			118,637			107,199			103,231			12,094			206,858			189,281			17,577
Other operating expenses		12,600			14,603			9,828			12,756			12,121			479			27,203			25,359			1,844

Total benefits and expenses		812,496			817,301			897,523			767,434			754,586			57,910			1,629,797			1,520,514			109,283

Operating income before income taxes		100,221			72,578			76,665			73,017			96,259			3,962			172,799			153,215			19,584


Operating to U.S. GAAP Reconciliation:
Operating income before income taxes		100,221			72,578			76,665			73,017			96,259			3,962			172,799			153,215			19,584
Investment and Derivative (losses) gains — non-operating		(16,934	)		(38,228	)		(6,694	)		(62,065	)		(637	)		(16,297	)		(55,162	)		(3,145	)		(52,017	)

Income before income taxes	$	83,287		$	34,350		$	69,971		$	10,952		$	95,622		$	(12,335	)	$	117,637		$	150,070		$	(32,433	)


Loss and Expense Ratios:
Claims and other policy benefits		82.9	%		88.5	%		86.2	%		85.4	%		82.9	%		0.0	%		85.6	%		86.3	%		-0.7	%
Policy acquisition costs and other insurance expenses		14.3	%		11.6	%		13.6	%		14.5	%		13.7	%		0.6	%		13.0	%		12.8	%		0.2	%
Other operating expenses		1.6	%		1.9	%		1.1	%		1.7	%		1.6	%		0.0	%		1.7	%		1.7	%		0.0	%

Page 6

Reinsurance Group of America, Incorporated
U.S. Asset Intensive Sub-segment 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 except account values)	2009			2009			2008			2008			2008			Quarter			2009			2008			Change
Revenues:
Net premiums	$	1,639		$	1,709		$	1,584		$	1,719		$	1,592		$	47		$	3,348		$	3,255		$	93
Investment income, net of related expenses		105,167			55,827			26,428			43,727			80,920			24,247			160,994			105,951			55,043
Investment related gains (losses), net		(8	)		—			—			—			—			(8	)		(8	)		—			(8	)
Other revenue		16,962			15,123			16,018			15,051			14,211			2,751			32,085			25,706			6,379

Total revenues		123,760			72,659			44,030			60,497			96,723			27,037			196,419			134,912			61,507

Benefits and expenses:
Claims and other policy benefits		(341	)		1,274			8,151			2,040			865			(1,206	)		933			1,050			(117	)
Interest credited		69,941			29,752			22,512			37,866			57,243			12,698			99,693			51,725			47,968
Policy acquisition costs and other insurance expenses		35,910			42,476			14,535			10,077			27,513			8,397			78,386			63,154			15,232
Other operating expenses		2,265			2,898			1,649			2,167			1,840			425			5,163			4,174			989

Total benefits and expenses		107,775			76,400			46,847			52,150			87,461			20,314			184,175			120,103			64,072

Operating income before income taxes		15,985			(3,741	)		(2,817	)		8,347			9,262			6,723			12,244			14,809			(2,565	)


Operating to U.S. GAAP Reconciliation:
Operating income before income taxes		15,985			(3,741	)		(2,817	)		8,347			9,262			6,723			12,244			14,809			(2,565	)
Investment and Derivative (losses) gains — non-operating (1)		(139,792	)		(23,360	)		159,276			10,289			(2,949	)		(136,843	)		(163,152	)		2,317			(165,469	)
Change in value of B36 embedded derivatives (1)		64,337			(40,425	)		(161,021	)		(106,797	)		(11,452	)		75,789			23,912			(159,980	)		183,892
GMXB embedded derivatives (1)		161,237			35,213			(230,775	)		(35,772	)		5,357			155,880			196,450			(935	)		197,385
EIA embedded derivatives — interest credited		12,772			8,124			(48,896	)		43,871			9,248			3,524			20,896			(55,238	)		76,134
EIA embedded derivatives — policy acq. costs		(1,748	)		(1,304	)		5,697			(8,274	)		(2,390	)		642			(3,052	)		9,700			(12,752	)
DAC offset, net		(92,846	)		(1,529	)		157,941			63,394			2,817			(95,663	)		(94,375	)		158,118			(252,493	)

Income before income taxes	$	19,945		$	(27,022	)	$	(120,595	)	$	(24,942	)	$	9,893		$	10,052		$	(7,077	)	$	(31,209	)	$	24,132


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

Page 7

Reinsurance Group of America, Incorporated
U.S. Financial Reinsurance Sub-segment 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)	2009			2009			2008			2008			2008			Quarter			2009			2008			Change
Revenues:
Investment income, net of related expenses	$	(99	)	$	(65	)	$	—		$	192		$	356		$	(455	)	$	(164	)	$	396		$	(560	)
Other revenue		4,118			6,571			4,578			3,644			4,314			(196	)		10,689			7,058			3,631

Total revenues		4,019			6,506			4,578			3,836			4,670			(651	)		10,525			7,454			3,071

Benefits and expenses:
Policy acquisition costs and other insurance expenses		262			338			341			252			250			12			600			448			152
Other operating expenses		801			679			577			747			767			34			1,480			1,413			67

Total benefits and expenses		1,063			1,017			918			999			1,017			46			2,080			1,861			219
Operating income before income taxes		2,956			5,489			3,660			2,837			3,653			(697	)		8,445			5,593			2,852


Operating to U.S. GAAP Reconciliation:
Operating income before income taxes		2,956			5,489			3,660			2,837			3,653			(697	)		8,445			5,593			2,852
Investment and Derivative (losses) gains — non-operating		38			32			(110	)		(136	)		(2	)		40			70			(3	)		73

Income before income taxes	$	2,994		$	5,521		$	3,550		$	2,701		$	3,651		$	(657	)	$	8,515		$	5,590		$	2,925

Page 9

Reinsurance Group of America, Incorporated
Canadian Segment 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)	2009			2009			2008			2008			2008			Quarter			2009			2008			Change
Revenues:
Net premiums	$	154,862		$	138,056		$	126,819		$	128,930		$	139,530		$	15,332		$	292,918		$	278,522		$	14,396
Investment income, net of related expenses		32,115			30,360			32,873			35,836			35,692			(3,577	)		62,475			71,725			(9,250	)
Investment related gains (losses), net		1,433			1,262			1,419			1,063			978			455			2,695			1,400			1,295
Other revenue		(618	)		1,697			826			4,289			13,204			(13,822	)		1,079			13,217			(12,138	)

Total revenues		187,792			171,375			161,937			170,118			189,404			(1,612	)		359,167			364,864			(5,697	)

Benefits and expenses:
Claims and other policy benefits		128,312			115,635			102,316			104,339			134,146			(5,834	)		243,947			249,417			(5,470	)
Interest credited		27			48			68			77			81			(54	)		75			220			(145	)
Policy acquisition costs and other insurance expenses		36,367			33,067			30,634			27,591			25,526			10,841			69,434			51,952			17,482
Other operating expenses		5,523			4,868			5,591			6,132			5,899			(376	)		10,391			11,345			(954	)

Total benefits and expenses		170,229			153,618			138,609			138,139			165,652			4,577			323,847			312,934			10,913

Operating income before income taxes		17,563			17,757			23,328			31,979			23,752			(6,189	)		35,320			51,930			(16,610	)


Operating to U.S. GAAP Reconciliation:
Operating income before income taxes		17,563			17,757			23,328			31,979			23,752			(6,189	)		35,320			51,930			(16,610	)
Investment and Derivative (losses) gains — non-operating		7,951			(1,571	)		(1,244	)		(2,246	)		3,026			4,925			6,380			(1,481	)		7,861

Income before income taxes	$	25,514		$	16,186		$	22,084		$	29,733		$	26,778		$	(1,264	)	$	41,700		$	50,449		$	(8,749	)


Loss and Expense Ratios:
Loss ratios (creditor business)		44.1	%		41.2	%		35.5	%		42.3	%		90.4	%		-46.3	%		42.8	%		64.1	%		-21.3	%
Loss ratios (excluding creditor business)		98.6	%		99.4	%		91.4	%		89.1	%		97.3	%		1.3	%		99.0	%		95.3	%		3.7	%
Claims and other policy benefits / (net premiums + investment income)		68.6	%		68.7	%		64.1	%		63.3	%		76.6	%		-8.0	%		68.6	%		71.2	%		-2.6	%
Policy acquisition costs and other insurance expenses		23.5	%		24.0	%		24.2	%		21.4	%		18.3	%		5.2	%		23.7	%		18.7	%		5.0	%
Other operating expenses		3.6	%		3.5	%		4.4	%		4.8	%		4.2	%		-0.6	%		3.5	%		4.1	%		-0.6	%

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

*Foreign currency effect on:**
Net premiums	$	(22,954	)	$	(32,673	)	$	(29,546	)	$	626		$	11,315		$	(34,269	)	$	(55,627	)	$	31,152		$	(86,779	)
Operating income before income taxes	$	(3,697	)	$	(5,477	)	$	(6,164	)	$	(264	)	$	2,397		$	(6,094	)	$	(9,174	)	$	7,112		$	(16,286	)


*		Represents effect as compared to comparable prior year period

Page 10

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


	Three Months Ended															Current Qtr			Year-to-Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			vs. PY			June 30,			June 30,
(USD thousands)	2009			2009			2008			2008			2008			Quarter			2009			2008			Change
Revenues:
Net premiums	$	180,017		$	173,256		$	156,898		$	176,184		$	185,490		$	(5,473	)	$	353,273		$	374,686		$	(21,413	)
Investment income, net of related expenses		8,120			6,749			7,599			9,065			8,778			(658	)		14,869			16,329			(1,460	)
Other revenue		538			260			240			33			68			470			798			128			670

Total revenues		188,675			180,265			164,737			185,282			194,336			(5,661	)		368,940			391,143			(22,203	)

Benefits and expenses:
Claims and other policy benefits		147,018			144,218			106,776			122,521			144,460			2,558			291,236			302,995			(11,759	)
Policy acquisition costs and other insurance expenses		10,369			10,817			14,607			21,559			16,026			(5,657	)		21,186			33,256			(12,070	)
Other operating expenses		18,911			17,117			16,945			15,708			16,678			2,233			36,028			32,422			3,606

Total benefits and expenses		176,298			172,152			138,328			159,788			177,164			(866	)		348,450			368,673			(20,223	)

Operating income before income taxes		12,377			8,113			26,409			25,494			17,172			(4,795	)		20,490			22,470			(1,980	)


Operating to U.S. GAAP Reconciliation:
Operating income before income taxes		12,377			8,113			26,409			25,494			17,172			(4,795	)		20,490			22,470			(1,980	)
Investment and Derivative (losses) gains — non-operating		(14	)		422			(4,598	)		(4,703	)		(131	)		117			408			614			(206	)

Income before income taxes	$	12,363		$	8,535		$	21,811		$	20,791		$	17,041		$	(4,678	)	$	20,898		$	23,084		$	(2,186	)


Loss and Expense Ratios:
Claims and other policy benefits		81.7	%		83.2	%		68.1	%		69.5	%		77.9	%		3.8	%		82.4	%		80.9	%		1.5	%
Policy acquisition costs and other insurance expenses		5.8	%		6.2	%		9.3	%		12.2	%		8.6	%		-2.8	%		6.0	%		8.9	%		-2.9	%
Other operating expenses		10.5	%		9.9	%		10.8	%		8.9	%		9.0	%		1.5	%		10.2	%		8.7	%		1.5	%

*Foreign currency effect on:**
Net premiums	$	(41,195	)	$	(56,890	)	$	(43,150	)	$	(9,380	)	$	588		$	(41,783	)	$	(98,085	)	$	4,835		$	(102,920	)
Operating income before income taxes	$	(1,747	)	$	(3,991	)	$	(7,816	)	$	(2,015	)	$	606		$	(2,353	)	$	(5,738	)	$	1,277		$	(7,015	)

Critical illness net premiums	$	52,697		$	46,323		$	49,471		$	59,227		$	67,284		$	(14,587	)	$	99,020		$	127,726		$	(28,706	)


*		Represents effect as compared to comparable prior year period

Page 11

Reinsurance Group of America, Incorporated
Asia Pacific Segment Operating Income


	Three Months Ended															Current Qtr			Year-to-Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			vs. PY			June 30,			June 30,
(USD thousands)	2009			2009			2008			2008			2008			Quarter			2009			2008			Change
Revenues:
Net premiums	$	229,430		$	243,728		$	227,666		$	254,497		$	277,716		$	(48,286	)	$	473,158		$	518,651		$	(45,493	)
Investment income, net of related expenses		14,877			12,697			11,317			12,272			12,397			2,480			27,574			23,811			3,763
Other revenue		4,471			9,729			5,106			2,811			1,851			2,620			14,200			4,403			9,797

Total revenues		248,778			266,154			244,089			269,580			291,964			(43,186	)		514,932			546,865			(31,933	)

Benefits and expenses:
Claims and other policy benefits		179,556			212,414			178,989			201,707			225,011			(45,455	)		391,970			418,680			(26,710	)
Policy acquisition costs and other insurance expenses		26,526			30,429			25,556			25,053			28,386			(1,860	)		56,955			56,467			488
Other operating expenses		18,031			16,171			17,235			17,774			15,801			2,230			34,202			30,903			3,299

Total benefits and expenses		224,113			259,014			221,780			244,534			269,198			(45,085	)		483,127			506,050			(22,923	)

Operating income before income taxes		24,665			7,140			22,309			25,046			22,766			1,899			31,805			40,815			(9,010	)


Operating to U.S. GAAP Reconciliation:
Operating income before income taxes		24,665			7,140			22,309			25,046			22,766			1,899			31,805			40,815			(9,010	)
Investment and Derivative (losses) gains — non-operating		855			(3,567	)		2,156			(3,821	)		(1,510	)		2,365			(2,712	)		(996	)		(1,716	)

Income before income taxes	$	25,520		$	3,573		$	24,465		$	21,225		$	21,256		$	4,264		$	29,093		$	39,819		$	(10,726	)


Loss and Expense Ratios:
Claims and other policy benefits		78.3	%		87.2	%		78.6	%		79.3	%		81.0	%		-2.7	%		82.8	%		80.7	%		2.1	%
Policy acquisition costs and other insurance expenses		11.6	%		12.5	%		11.2	%		9.8	%		10.2	%		1.4	%		12.0	%		10.9	%		1.1	%
Other operating expenses		7.9	%		6.6	%		7.6	%		7.0	%		5.7	%		2.2	%		7.2	%		6.0	%		1.2	%

*Foreign currency effect on:**

Net premiums	$	(39,082	)	$	(55,173	)	$	(39,028	)	$	3,036		$	8,629		$	(47,711	)	$	(94,255	)	$	30,984		$	(125,239	)
Operating income before income taxes	$	(2,785	)	$	(246	)	$	(1,972	)	$	1,078		$	2,307		$	(5,092	)	$	(3,031	)	$	4,423		$	(7,454	)

Critical illness net premiums	$	29,223		$	54,152		$	48,591		$	51,979		$	67,348		$	(38,125	)	$	83,375		$	113,210		$	(29,835	)


*		Represents effect as compared to comparable prior year period

Page 12

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


	Three Months Ended															Current Qtr			Year-to-Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			vs. PY			June 30,			June 30,
(USD thousands)	2009			2009			2008			2008			2008			Quarter			2009			2008			Change
Revenues:
Net premiums	$	2,052		$	2,550		$	1,776		$	1,758		$	1,396		$	656		$	4,602		$	3,282		$	1,320
Investment income, net of related expenses		19,840			15,067			18,384			19,165			19,263			577			34,907			41,289			(6,382	)
Investment related gains (losses), net		(17	)		—			—			—			—			(17	)		(17	)		—			(17	)
Other revenue		9,895			(91	)		(706	)		1,978			2,062			7,833			9,804			3,074			6,730

Total revenues		31,770			17,526			19,454			22,901			22,721			9,049			49,296			47,645			1,651

Benefits and expenses:
Claims and other policy benefits		281			271			868			83			35			246			552			37			515
Policy acquisition costs and other insurance expenses		(10,950	)		(12,692	)		(13,143	)		(11,775	)		(11,233	)		283			(23,642	)		(21,206	)		(2,436	)
Other operating expenses		12,964			10,413			1,869			8,602			8,891			4,073			23,377			19,721			3,656
Interest expense		19,595			22,117			21,552			9,935			21,580			(1,985	)		41,712			44,674			(2,962	)
Collateral finance facility expense		2,057			2,314			7,432			6,851			6,966			(4,909	)		4,371			14,440			(10,069	)

Total benefits and expenses		23,947			22,423			18,578			13,696			26,239			(2,292	)		46,370			57,666			(11,296	)

Operating income before income taxes		7,823			(4,897	)		876			9,205			(3,518	)		11,341			2,926			(10,021	)		12,947


Operating to U.S. GAAP Reconciliation:
Operating income before income taxes		7,823			(4,897	)		876			9,205			(3,518	)		11,341			2,926			(10,021	)		12,947
Investment and Derivative (losses) gains — non-operating		(898	)		(2,040	)		(1,968	)		(37,119	)		241			(1,139	)		(2,938	)		(130	)		(2,808	)
Gain on debt repurchase		38,875			—			—			—			—			38,875			38,875			—			38,875

Income before income taxes	$	45,800		$	(6,937	)	$	(1,092	)	$	(27,914	)	$	(3,277	)	$	49,077		$	38,863		$	(10,151	)	$	49,014


*Foreign currency effect on:**
Net premiums	$	22		$	46		$	55		$	42		$	33		$	(11	)	$	68		$	56		$	12
Operating income before income taxes	$	(1,437	)	$	(1,279	)	$	(1,396	)	$	(136	)	$	298		$	(1,735	)	$	(2,716	)	$	668		$	(3,384	)


*		Represents effect as compared to comparable prior year period

Page 13

Reinsurance Group of America, Incorporated
Summary of Pre-tax Segment 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)	2009		2009			2008			2008		2008			Quarter			2009		2008			Change
U.S. Traditional	$	100,221	$	72,578		$	76,665		$	73,017	$	96,259		$	3,962		$	172,799	$	153,215		$	19,584
U.S. Asset Intensive		15,985		(3,741	)		(2,817	)		8,347		9,262			6,723			12,244		14,809			(2,565	)
U.S. Financial Reinsurance		2,956		5,489			3,660			2,837		3,653			(697	)		8,445		5,593			2,852

Total U.S. Segment		119,162		74,326			77,508			84,201		109,174			9,988			193,488		173,617			19,871
Canadian Segment		17,563		17,757			23,328			31,979		23,752			(6,189	)		35,320		51,930			(16,610	)
Europe & South Africa Segment		12,377		8,113			26,409			25,494		17,172			(4,795	)		20,490		22,470			(1,980	)
Asia Pacific Segment		24,665		7,140			22,309			25,046		22,766			1,899			31,805		40,815			(9,010	)
Corporate and Other		7,823		(4,897	)		876			9,205		(3,518	)		11,341			2,926		(10,021	)		12,947

Consolidated	$	181,590	$	102,439		$	150,430		$	175,925	$	169,346		$	12,244		$	284,029	$	278,811		$	5,218

Page 14

Reinsurance Group of America, Incorporated
Investments


Cash and Invested Assets
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,
(USD thousands)	2009		2009		2008		2008		2008
Fixed maturity securities, available-for-sale		9,842,793	$	8,831,920	$	8,531,804	$	9,121,953	$	9,667,961
Mortgage loans on real estate		757,501		764,038		775,050		782,282		798,896
Policy loans		1,085,752		1,081,030		1,096,713		1,048,517		1,048,517
Funds withheld at interest		4,675,191		4,505,054		4,520,398		4,806,642		4,825,297
Short-term investments		53,953		54,552		58,123		32,520		47,081
Other invested assets		482,028		582,784		628,649		432,982		418,864
Cash and cash equivalents		416,947		586,542		875,403		412,255		362,689

Total cash and invested assets	$	17,314,165	$	16,405,920	$	16,486,140	$	16,637,151	$	17,169,305

Investment Income and Yield Summary
(Excludes Funds Withheld)


	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)	2009			2009			2008			2008			2008			Quarter			2009			2008			Change
Average invested assets at amortized cost	$	12,976,510		$	12,776,598		$	12,245,727		$	12,185,216		$	11,696,386		$	1,280,124		$	12,737,497		$	11,531,787		$	1,205,710
Net investment income	$	183,823		$	174,300		$	177,358		$	179,193		$	173,587		$	10,236		$	358,123		$	344,487		$	13,636
Investment yield (ratio of net investment income to average invested assets)		5.79	%		5.57	%		5.92	%		6.01	%		6.07	%		-0.28	%		5.70	%		6.06	%		-0.36	%

Page 15

Reinsurance Group of America, Incorporated
Investments

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


June 30, 2009												Other-than
							Estimated					temporary
	Amortized		Unrealized		Unrealized		Fair		% of			impairment
(USD thousands)	Cost		Gains		Losses		Value		Total			in AOCI
Available-for-sale:
U.S. corporate securities	$	3,805,149	$	73,700	$	396,521	$	3,482,328		35.4	%		—
Canadian and Canadian provincial governments		1,679,425		341,467		21,651		1,999,241		20.3	%		—
Residential mortgage-backed securities		1,202,888		30,323		74,907		1,158,304		11.8	%		(13,415	)
Foreign corporate securities		1,443,541		40,851		77,531		1,406,861		14.3	%		—
Asset-backed securities		503,191		6,434		132,243		377,382		3.8	%		(5,220	)
Commercial mortgage-backed securities		1,086,649		7,212		281,549		812,312		8.3	%		(4,333	)
U.S. government and agencies		62,763		2,118		—		64,881		0.7	%		—
State and political subdivisions		105,867		2,027		14,712		93,182		0.9	%		—
Other foreign government securities		456,387		6,119		14,204		448,302		4.5	%		—

Total fixed maturity securities	$	10,345,860	$	510,251	$	1,013,318	$	9,842,793		100.0	%	$	(22,968	)


Non-redeemable preferred stock		163,300		1,057		46,825		117,532		72.1	%

Common stock		48,378		644		3,488		45,534		27.9	%

Total equity securities	$	211,678	$	1,701	$	50,313	$	163,066		100.0	%


December 31, 2008
							Estimated
	Amortized		Unrealized		Unrealized		Fair		% of
(USD thousands)	Cost		Gains		Losses		Value		Total
Available-for-sale:
U.S. corporate securities	$	3,577,116	$	34,262	$	598,745	$	3,012,633		35.3	%
Canadian and Canadian provincial governments		1,500,511		397,899		7,171		1,891,239		22.2	%
Residential mortgage-backed securities		1,231,123		24,838		106,776		1,149,185		13.5	%
Foreign corporate securities		1,112,018		14,335		152,920		973,433		11.4	%
Asset-backed securities		484,577		2,098		147,297		339,378		4.0	%
Commercial mortgage-backed securities		1,085,062		2,258		326,730		760,590		8.9	%
U.S. government and agencies		7,555		876		—		8,431		0.1	%
State and political subdivisions		46,537		—		7,883		38,654		0.4	%
Other foreign government securities		338,349		20,062		150		358,261		4.2	%

Total fixed maturity securities	$	9,382,848	$	496,628	$	1,347,672	$	8,531,804		100.0	%


Non-redeemable preferred stock		187,510		49		64,160		123,399		77.4	%
Common stock		40,582		—		4,607		35,975		22.6	%

Total equity securities	$	228,092	$	49	$	68,767	$	159,374		100.0	%

Page 16

Reinsurance Group of America, Incorporated
Investments

Corporate Securities by Sector (Fixed Maturities and Equities)


	June 30, 2009								December 31, 2008
			Estimated Fair					Average Credit			Estimated Fair					Average Credit
(USD thousands)	Amortized Cost		Value		% of Total			Ratings	Amortized Cost		Value		% of Total			Ratings
Financial Institutions
Banking	$	1,267,644	$	1,090,384		21.6	%	A	$	1,138,663	$	924,098		22.2	%	A
Brokerage		85,241		76,250		1.5	%	BBB+		104,169		96,516		2.3	%	A
Finance Comp.		259,163		230,569		4.6	%	A		278,132		228,659		5.5	%	A+
Insurance		366,708		309,570		6.1	%	A-		309,703		222,116		5.4	%	A-
REITs		156,818		135,977		2.7	%	BBB		153,626		110,172		2.7	%	BBB+
Other Finance		202,572		161,607		3.2	%	A-		191,650		140,161		3.4	%	A

Total Financial Institutions		2,338,146		2,004,357		39.7	%			2,175,943		1,721,722		41.5	%
Industrials
Basic		249,308		238,133		4.7	%	BBB		213,540		173,826		4.2	%	BBB+
Capital Goods		204,498		199,016		3.9	%	BBB+		187,041		172,958		4.2	%	A-
Communications		545,547		554,577		11.0	%	BBB+		449,334		425,633		10.3	%	BBB+
Consumer Cyclical		256,674		237,805		4.7	%	BBB		244,476		198,485		4.8	%	BBB+
Consumer Noncyclical		387,640		389,158		7.7	%	BBB+		341,126		323,239		7.8	%	BBB+
Energy		348,053		349,981		6.9	%	BBB+		248,579		215,634		5.2	%	BBB+
Technology		95,124		96,994		1.9	%	BBB+		55,043		43,998		1.1	%	BBB+
Transportation		225,691		209,923		4.2	%	BBB		217,515		190,303		4.6	%	BBB+
Other Industrial		57,504		32,381		0.7	%	BBB		55,898		28,314		0.7	%	BBB+

Total Industrials		2,370,039		2,307,968		45.7	%			2,012,552		1,772,390		42.9	%
Utilities
Electric		459,515		445,643		8.8	%	BBB+		446,048		399,235		9.6	%	BBB+
Natural Gas		242,659		244,912		4.8	%	BBB		200,636		174,308		4.2	%	BBB+
Other Utility		24,196		23,462		0.5	%	A-		22,320		20,447		0.5	%	A-

Total Utilities		726,370		714,017		14.1	%			669,004		593,990		14.3	%
Other Sectors		25,813		25,913		0.5	%	AA		59,728		57,338		1.3	%	AA

Total	$	5,460,368	$	5,052,255		100.0	%		$	4,917,227	$	4,145,440		100.0	%

Page 17

Reinsurance Group of America, Incorporated
Investments

Ratings of Fixed Maturity Securities


		June 30, 2009							March 31, 2009							December 31, 2008							September 30, 2008							June 30, 2008
(USD thousands)	Rating Agency			Estimated Fair					Amortized		Estimated Fair							Estimated Fair					Amortized		Estimated					Amortized		Estimated Fair
NAIC Designation	Designation	Amortized Cost		Value		% of Total			Cost		Value		% of Total			Amortized Cost		Value		% of Total			Cost		Fair Value		% of Total			Cost		Value		% of Total
1	AAA	$	2,936,383	$	2,750,636		27.9	%	$	2,887,693	$	2,631,984		29.8	%	$	2,851,818	$	2,594,429		30.4	%	$	2,931,176	$	2,780,454		30.5	%	$	2,856,457	$	2,777,642		28.7	%
1	AA		2,346,453		2,372,392		24.1	%		2,205,621		2,188,305		24.8	%		2,147,187		2,161,537		25.3	%		2,601,007		2,624,357		28.8	%		2,572,375		2,809,406		29.1	%
1	A		2,051,459		2,030,369		20.6	%		1,952,386		1,777,195		20.1	%		2,002,963		1,851,764		21.7	%		1,947,355		1,779,129		19.5	%		2,012,559		2,028,840		21.0	%
2	BBB		2,377,473		2,212,591		22.5	%		2,284,836		1,877,063		21.3	%		1,991,276		1,649,513		19.3	%		1,817,281		1,632,806		17.9	%		1,812,894		1,730,612		17.9	%
3	BB		413,840		322,158		3.3	%		386,137		260,276		2.9	%		268,276		195,088		2.3	%		253,665		231,706		2.5	%		267,856		253,695		2.6	%
4	B		134,827		94,647		1.0	%		88,213		53,946		0.6	%		77,830		50,064		0.6	%		58,868		43,503		0.5	%		51,320		46,722		0.5	%
5	CCC and lower		79,407		53,901		0.5	%		61,502		36,804		0.4	%		33,945		22,538		0.3	%		31,336		27,361		0.3	%		18,375		17,250		0.2	%
6	In or near default		6,018		6,099		0.1	%		7,061		6,347		0.1	%		9,553		6,871		0.1	%		2,636		2,637		0.0	%		3,074		3,794		0.0	%

	Total	$	10,345,860	$	9,842,793				$	9,873,449	$	8,831,920				$	9,382,848	$	8,531,804				$	9,643,324	$	9,121,953				$	9,594,910	$	9,667,961

Structured Fixed Maturity Securities


	June 30, 2009				March 31, 2009				December 31, 2008				September 30, 2008				June 30, 2008
			Estimated Fair		Amortized		Estimated Fair				Estimated Fair		Amortized		Estimated Fair				Estimated Fair
(USD thousands)	Amortized Cost		Value		Cost		Value		Amortized Cost		Value		Cost		Value		Amortized Cost		Value
Residential mortgage-backed securities:
Agency	$	736,056	$	760,316	$	796,869	$	829,447	$	851,507	$	868,479	$	859,530	$	857,249	$	872,914	$	871,337
Non-agency		466,832		397,988		447,844		377,842		379,616		280,706		443,461		405,466		428,089		401,199

Total residential mortgage-backed securities		1,202,888		1,158,304		1,244,713		1,207,289		1,231,123		1,149,185		1,302,991		1,262,715		1,301,003		1,272,536
Commercial mortgage-backed securities		1,086,649		812,312		1,087,722		721,992		1,085,062		760,590		1,029,457		905,431		889,792		842,140
Asset-backed securities		503,191		377,382		511,088		385,205		484,577		339,378		483,308		395,907		505,193		452,347

Total	$	2,792,728	$	2,347,998	$	2,843,523	$	2,314,486	$	2,800,762	$	2,249,153	$	2,815,756	$	2,564,053	$	2,695,988	$	2,567,023

Page 18

Reinsurance Group of America, Incorporated
Investments

Subprime Mortgage Exposure
(Includes Funds Withheld Portfolios)


	June 30, 2009
	AAA				AA				A
(USD thousands)			Estimated Fair				Estimated				Estimated
Underwriting Year	Amortized Cost		Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value
2003 & Prior	$	8,316	$	6,400	$	2,005	$	1,166	$	7,926	$	4,294
2004		8,458		6,001		16,719		10,161		21,305		10,808
2005		17,030		12,137		32,254		18,765		14,040		4,116
2006		—		—		—		—		4,989		1,801
2007		6,607		2,850		—		—		—		—
2008		—		—		—		—		—		—
2009		7,024		7,024		—		—		—		—

Total	$	47,435	$	34,412	$	50,978	$	30,092	$	48,260	$	21,019


	BBB				Below Investment Grade				Total
			Estimated Fair				Estimated				Estimated
Underwriting Year	Amortized Cost		Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value
2003 & Prior	$	—	$	—	$	1,172	$	188	$	19,419	$	12,048
2004		—		—		2,954		3,089		49,436		30,059
2005		15,737		8,218		27,251		3,985		106,312		47,221
2006		4,500		2,080		1,279		249		10,768		4,130
2007		887		306		6,895		4,131		14,389		7,287
2008		—		—		—		—		—		—
2009		—		—		—		—		7,024		7,024

Total	$	21,124	$	10,604	$	39,551	$	11,642	$	207,348	$	107,769


	December 31, 2008
	AAA				AA				A
(USD thousands)			Estimated Fair				Estimated				Estimated
Underwriting Year	Amortized Cost		Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value
2003 & Prior	$	11,007	$	9,116	$	6,509	$	4,320	$	1,813	$	1,227
2004		—		—		21,220		13,437		33,728		26,228
2005		37,134		27,793		36,424		26,471		6,514		2,582
2006		135		134		4,500		2,076		4,998		1,991
2007		—		—		888		283		—		—
2008		—		—		—		—		—		—

Total	$	48,276	$	37,043	$	69,541	$	46,587	$	47,053	$	32,028


	BBB				Below Investment Grade				Total
			Estimated Fair				Estimated				Estimated
Underwriting Year	Amortized Cost		Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value
2003 & Prior	$	413	$	77	$	807	$	106	$	20,549	$	14,846
2004		—		—		7,900		5,727		62,848		45,392
2005		11,908		6,529		17,905		5,739		109,885		69,114
2006		3,442		2,618		3,287		449		16,362		7,268
2007		—		—		19,588		10,880		20,476		11,163
2008		—		—		—		—		—		—

Total	$	15,763	$	9,224	$	49,487	$	22,901	$	230,120	$	147,783

Page 19

Reinsurance Group of America, Incorporated
Investments

CMBS Exposure
(Includes Funds Withheld Portfolios)


	June 30, 2009
	AAA				AA				A
(USD thousands)			Estimated Fair				Estimated				Estimated Fair
Underwriting Year	Amortized Cost		Value		Amortized Cost		Fair Value		Amortized Cost		Value
2003 & Prior	$	213,506	$	217,090	$	23,388	$	18,839	$	20,031	$	12,285
2004		46,946		42,224		2,357		1,218		11,557		4,668
2005		194,808		148,261		2,536		818		40,840		21,082
2006		291,833		235,305		24,155		12,230		20,563		12,931
2007		366,769		286,517		40,750		8,505		67,497		17,921
2008		35,410		32,891		33,605		21,797		9,628		2,139
2009		3,942		3,962		—		—		—		—

Total	$	1,153,214	$	966,250	$	126,791	$	63,407	$	170,116	$	71,026


	BBB				Below Investment Grade				Total
			Estimated Fair				Estimated				Estimated Fair
Underwriting Year	Amortized Cost		Value		Amortized Cost		Fair Value		Amortized Cost		Value
2003 & Prior	$	5,674	$	5,601	$	23,390	$	17,549	$	285,989	$	271,364
2004		—		—		—		—		60,860		48,110
2005		23,282		15,258		3,589		726		265,055		186,145
2006		18,958		9,850		17,532		10,070		373,041		280,386
2007		10,170		7,223		—		—		485,186		320,166
2008		—		—		5,159		838		83,802		57,665
2009		—		—		—		—		3,942		3,962

Total	$	58,084	$	37,932	$	49,670	$	29,183	$	1,557,875	$	1,167,798

NOTE: Totals include directly held investments with amortized cost of $1,086.7 million and fair value of $812.3 million as well as investments in funds withheld with amortized cost of $471.2 million and fair value of $355.5 million.


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

Total	$	1,199,826	$	956,767	$	119,207	$	50,314	$	215,909	$	113,859


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

Total	$	37,106	$	21,423	$	1,305	$	941	$	1,573,353	$	1,143,304

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

Page 20

Reinsurance Group of America, Incorporated
Investments

Gross Unrealized Losses Aging

Fixed Maturity Securities


	June 30, 2009					March 31, 2009					December 31, 2008					September 30, 2008					June 30, 2008
	Gross Unrealized					Gross Unrealized					Gross Unrealized					Gross Unrealized					Gross Unrealized
(USD thousands)	Losses		% of Total			Losses		% of Total			Losses		% of Total			Losses		% of Total			Losses		% of Total
Less than 20%	$	304,595		28.6	%	$	320,296		20.6	%	$	322,159		22.7	%	$	466,855		48.5	%	$	315,350		64.7	%
20% or more for less than six months	$	152,606		14.4	%		406,885		26.2	%		766,789		54.1	%		323,511		33.7	%		97,591		20.1	%
20% or more for six months or greater	$	556,117		52.3	%		735,831		47.4	%		258,724		18.3	%		94,982		9.9	%		38,715		8.0	%

Total	$	1,013,318		95.3	%	$	1,463,012		94.2	%	$	1,347,672		95.1	%	$	885,348		92.1	%	$	451,656		92.8	%


Equity Securities

	June 30, 2009					March 31, 2009					December 31, 2008					September 30, 2008					June 30, 2008
	Gross Unrealized					Gross Unrealized					Gross Unrealized					Gross Unrealized					Gross Unrealized
(USD thousands)	Losses		% of Total			Losses		% of Total			Losses		% of Total			Losses		% of Total			Losses		% of Total
Less than 20%	$	5,452		0.5	%	$	1,070		0.1	%	$	2,231		0.2	%	$	5,293		0.6	%	$	10,562		2.2	%
20% or more for less than six months		3,951		0.4	%		10,675		0.7	%		29,958		2.1	%		57,710		6.0	%		21,904		4.5	%
20% or more for six months or greater		40,910		3.8	%		78,062		5.0	%		36,578		2.6	%		12,291		1.3	%		2,550		0.5	%

Total	$	50,313		4.7	%	$	89,807		5.8	%	$	68,767		4.9	%	$	75,294		7.9	%	$	35,016		7.2	%

Page 21

Reinsurance Group of America, Incorporated
Investments

Fixed Maturities and Equity Securities Below Amortized Cost


	As of June 30, 2009
	Less than 12 months				Equal to or greater than 12 months				Total
	Estimated Fair		Gross Unrealized		Estimated Fair		Gross Unrealized		Estimated Fair		Gross Unrealized
(USD thousands)	Value		Losses		Value		Losses		Value		Losses
Investment grade securities:
U.S. corporate securities	$	460,442	$	53,092	$	1,370,743	$	252,696	$	1,831,185	$	305,788
Canadian and Canadian provincial governments		323,489		11,729		118,952		9,922		442,441		21,651
Residential mortgage-backed securities		131,783		15,862		232,358		26,280		364,141		42,142
Foreign corporate securities		329,259		21,486		237,533		46,620		566,792		68,106
Asset-backed securities		51,225		13,426		204,070		95,932		255,295		109,358
Commercial mortgage-backed securities		164,047		49,928		498,516		230,034		662,563		279,962
U.S. government and agencies		—		—		—		—		—		—
State and political subdivisions		14,684		1,657		43,380		9,010		58,064		10,667
Other foreign government securities		257,500		13,750		3,685		454		261,185		14,204

Investment grade securities		1,732,429		180,930		2,709,237		670,948		4,441,666		851,878


Non-investment grade securities:
U.S. corporate securities		83,289		21,194		220,355		69,539		303,644		90,733
Asset-backed securities		3,666		5,928		9,297		16,957		12,963		22,885
Foreign corporate securities		8,089		3,583		18,451		5,842		26,540		9,425
Residential mortgage-backed securities		26,943		12,811		33,294		19,954		60,237		32,765
Commercial mortgage-backed securities		—		—		209		1,587		209		1,587
State and political subdivisions		—		—		4,000		4,045		4,000		4,045

Non-investment grade securities		121,987		43,516		285,606		117,924		407,593		161,440

Total fixed maturity securities	$	1,854,416	$	224,446	$	2,994,843	$	788,872	$	4,849,259	$	1,013,318


Non-redeemable preferred stock		25,146		5,847		89,751		40,979		114,897		46,826
Common stock		13,207		1,578		4,902		1,909		18,109		3,487

Equity securities	$	38,353	$	7,425	$	94,653	$	42,888	$	133,006	$	50,313

Total number of securities in an unrealized loss position		516				1,042				1,558


	As of December 31, 2008
	Less than 12 months				Equal to or greater than 12 months				Total
	Estimated Fair		Gross Unrealized		Estimated Fair		Gross Unrealized		Estimated Fair		Gross Unrealized
(USD thousands)	Value		Losses		Value		Losses		Value		Losses
Investment grade securities:
U.S. corporate securities	$	1,407,547	$	240,299	$	810,115	$	281,947	$	2,217,662	$	522,246
Canadian and Canadian provincial governments		114,754		2,751		89,956		4,420		204,710		7,171
Residential mortgage-backed securities		190,525		58,026		213,310		39,794		403,835		97,820
Foreign corporate securities		508,102		82,490		140,073		59,816		648,175		142,306
Asset-backed securities		118,608		40,139		173,505		99,147		292,113		139,286
Commercial mortgage-backed securities		523,475		200,567		188,638		126,163		712,113		326,730
U.S. government and agencies		—		—		—		—		—		—
State and political subdivisions		20,403		1,947		18,250		5,936		38,653		7,883
Other foreign government securities		16,419		33		4,125		117		20,544		150

Investment grade securities		2,899,833		626,252		1,637,972		617,340		4,537,805		1,243,592


Non-investment grade securities:
U.S. corporate securities		140,426		36,615		60,378		39,884		200,804		76,499
Asset-backed securities		3,465		2,060		11,156		5,951		14,621		8,011
Foreign corporate securities		24,637		7,227		2,032		3,387		26,669		10,614
Residential mortgage-backed securities		8,089		5,944		4,496		3,012		12,585		8,956

Non-investment grade securities		176,617		51,846		78,062		52,234		254,679		104,080

Total fixed maturity securities	$	3,076,450	$	678,098	$	1,716,034	$	669,574	$	4,792,484	$	1,347,672


Non-redeemable preferred stock		49,376		22,316		61,249		41,844		110,625		64,160
Common stock		11,804		4,607		—		—		11,804		4,607

Equity securities	$	61,180	$	26,923	$	61,249	$	41,844	$	122,429	$	68,767

Total number of securities in an unrealized loss position		1,039				677				1,716

Page 22

Reinsurance Group of America, Incorporated
Investments

Consolidated Investment Related Gains and Losses


	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)	2009			2009			2008			2008			2008			Quarter			2009			2008			Change
Fixed Maturity and Equity Securities:
Other-than-temporary impairment losses on fixed maturities	$	(36,942	)	$	(34,395	)	$	(15,226	)	$	(92,388	)	$	(548	)	$	(36,394	)	$	(71,337	)	$	(5,699	)	$	(65,638	)
Portion of loss recognized in other accumulated comprehensive income (before taxes)		16,135			—			—			—			—			16,135			16,135			—			16,135

Net other-than-temporary impairment losses on fixed maturities recognized in earnings		(20,807	)		(34,395	)		(15,226	)		(92,388	)		(548	)		(20,259	)		(55,202	)		(5,699	)		(49,503	)
Impairment losses on equity securities		—			(5,430	)		(337	)		(16,895	)		—			—			(5,430	)		—			(5,430	)
Gain on investment activity		25,281			12,230			10,204			6,169			5,928			19,353			37,511			16,009			21,502
Loss on investment activity		(18,828	)		(19,649	)		(5,759	)		(8,564	)		(4,378	)		(14,450	)		(38,477	)		(9,739	)		(28,738	)

Net gain/(loss) on fixed maturity and equity securities		(14,354	)		(47,244	)		(11,118	)		(111,678	)		1,002			(15,356	)		(61,598	)		571			(62,169	)

Other non-derivative gain/(loss), net		2,998			430			1,481			1,376			1,533			1,465			3,428			1,902			1,526

Free-standing Derivatives:
Credit Default Swaps		9,288			(1,911	)		(6,732	)		(2,526	)		1,413			7,875			7,377			(5,074	)		12,451
Interest Rate Swaps		(99,016	)		(38,864	)		152,098			7,681			(6,462	)		(92,554	)		(137,880	)		(945	)		(136,935	)
Futures		(48,059	)		22,311			10,870			6,120			2,294			(50,353	)		(25,748	)		2,109			(27,857	)
Other		592			270			—			—			—			592			862			—			862
Currency Forwards		1,165			(2,042	)		1,638			289			(764	)		1,929			(877	)		13			(890	)

Total free-standing derivatives		(136,030	)		(20,236	)		157,874			11,564			(3,519	)		(132,511	)		(156,266	)		(3,897	)		(152,369	)

Embedded Derivatives:
B36		64,337			(40,425	)		(161,021	)		(106,797	)		(11,452	)		75,789			23,912			(159,980	)		183,892
GMXB		161,237			35,213			(230,775	)		(35,772	)		5,357			155,880			196,450			(935	)		197,385

Total embedded derivatives		225,574			(5,212	)		(391,796	)		(142,569	)		(6,095	)		231,669			220,362			(160,915	)		381,277

Net gain/(loss) on total derivatives		89,544			(25,448	)		(233,922	)		(131,005	)		(9,614	)		99,158			64,096			(164,812	)		228,908


Total investment related losses, net	$	78,188		$	(72,262	)	$	(243,559	)	$	(241,307	)	$	(7,079	)	$	85,267		$	5,926		$	(162,339	)	$	168,265

Page 23


World Headquarters		Internet address
1370 Timberlake Manor Parkway		www.rgare.com
Chesterfield, Missouri 63017
U.S.A.


	Standard & Poor’s	A.M. Best	Moody’s
Financial Strength Ratings
RGA Reinsurance Company	AA-	A+	A1
RGA Life Reinsurance Company of Canada	AA-	A+	NR
RGA International Reinsurance Company Limited	AA-	NR	NR
RGA Global Reinsurance Company Limited	AA-	NR	NR
Senior Debt Ratings
Reinsurance Group of America, Incorporated	A-	a-	Baa1


	Three Months Ended
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,
	2009			2009			2008			2008			2008
Annuity account values (in millions):

Fixed annuities (deferred)	$	1,374		$	1,406		$	1,625		$	1,670		$	1,527

Net interest spread (fixed annuities):		2.7	%		2.4	%		1.9	%		1.9	%		2.0	%

Equity-indexed annuities	$	3,885		$	3,813		$	3,806		$	3,677		$	3,645

Variable annuities:
No riders	$	1,090		$	1,041		$	1,063		$	1,251		$	1,359
GMDB only		65			58			54			49			32
GMIB only		5			4			4			4			4
GMAB only		54			48			44			45			44
GMWB only		1,327			1,180			795			708			537
GMDB / WB		361			316			287			257			170
Other		30			26			24			26			23

Total VA account values	$	2,932		$	2,673		$	2,271		$	2,340		$	2,169

Fair value of living benefit riders	$	80		$	241		$	276		$	46		$	10

Other annuities:	$	199		$	199		$	199		$	199		$	—