Exhibit

RGA uses a non-GAAP financial measure called adjusted 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 adjusted 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, adjusted operating income excludes any net gain or loss from discontinued operations, the cumulative effect of any accounting changes, tax reform and other items that management believes are not indicative of the Company’s ongoing operations. The definition of adjusted 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 adjusted operating income before income tax is presented in the appendix.



Reinsurance Group of America, Incorporated Financial Highlights
	Three Months Ended															Current Qtr vs. PY Quarter
(USD thousands, except in force & per share data)	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,
	2019			2018			2018			2018			2018
Net premiums	$	2,737,813		$	2,804,723		$	2,562,042		$	2,594,460		$	2,582,551		$	155,262
Net income	169,507			110,039			301,199			204,374			100,230			69,277
Adjusted operating income	167,155			221,751			259,417			202,054			105,746			61,409
Return on equity - annualized	7.5		%	5.2		%	14.0		%	9.3		%	4.3		%	3.2		%
Return on equity - trailing 12 months	8.9		%	8.1		%	20.8		%	20.2		%	21.1		%	(12.2		)%
Adjusted operating return on equity (ex AOCI):
Annualized	8.5		%	11.4		%	13.5		%	10.7		%	5.6		%	2.9		%
Trailing 12 months	11.0		%	10.3		%	10.0		%	9.9		%	10.3		%	0.7		%
Total assets	$	66,692,481		$	64,535,245		$	62,972,642		$	59,766,497		$	60,954,823		$	5,737,658
Assumed Life Reinsurance In Force (in billions)
U.S. and Latin America Traditional	$	1,618.9		$	1,610.1		$	1,609.8		$	1,608.7		$	1,606.5		$	12.4
U.S. and Latin America Financial Solutions	2.0			2.1			2.1			2.1			2.1			(0.1		)
Canada Traditional	394.1			383.5			400.4			391.9			396.8			(2.7		)
Europe, Middle East and Africa Traditional	726.1			716.3			706.5			743.3			772.5			(46.4		)
Asia Pacific Traditional	623.4			616.9			588.1			594.3			605.7			17.7
Asia Pacific Financial Solutions	0.1			0.3			0.3			0.3			0.2			(0.1		)
Total assumed life reinsurance in force	$	3,364.6		$	3,329.2		$	3,307.2		$	3,340.6		$	3,383.8		$	(19.2	)
Assumed New Business Production (in billions)
U.S. and Latin America Traditional	$	28.8		$	26.3		$	27.6		$	29.3		$	23.3		$	5.5
Canada Traditional	8.4			9.4			7.7			7.7			18.3			(9.9		)
Europe, Middle East and Africa Traditional	33.2			58.6			48.2			45.4			38.0			(4.8		)
Asia Pacific Traditional	8.9			20.3			12.2			17.3			17.1			(8.2		)
Total assumed new business production	$	79.3		$	114.6		$	95.7		$	99.7		$	96.7		$	(17.4	)
Per Share and Shares Data
Basic earnings per share
Net income	$	2.70		$	1.75		$	4.76		$	3.19		$	1.55		$	1.15
Adjusted operating income	$	2.66		$	3.53		$	4.10		$	3.15		$	1.64		$	1.02
Diluted earnings per share
Net income	$	2.65		$	1.72		$	4.68		$	3.13		$	1.52		$	1.13
Adjusted operating income	$	2.61		$	3.46		$	4.03		$	3.10		$	1.61		$	1.00

Wgt. average common shares outstanding
Basic	62,758			62,815			63,279			64,071			64,490			(1,732		)
Diluted	64,027			64,156			64,296			65,250			65,872			(1,845		)

Common shares issued	79,138			79,138			79,138			79,138			79,138			—
Treasury shares	16,594			16,324			16,187			15,466			14,625			1,969
Common shares outstanding	62,544			62,814			62,951			63,672			64,513			(1,969		)

Book value per share	$	154.61		$	134.53		$	136.29		$	135.09		$	139.64		$	14.97
Per share effect of AOCI	$	28.23		$	10.14		$	12.92		$	15.78		$	22.15		$	6.08
Book value per share, excluding AOCI	$	126.38		$	124.39		$	123.37		$	119.31		$	117.49		$	8.89

Stockholders’ dividends paid	$	37,707.3		$	37,668.5		$	38,071.2		$	32,128.8		$	32,241.1		$	5,466.2

Reinsurance Group of America, Incorporated Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations) (USD thousands)

	Three Months Ended															Current Qtr
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,			vs. PY
	2019			2018			2018			2018			2018			Quarter
Revenues:
Net premiums	$	2,737,813		$	2,804,723		$	2,562,042		$	2,594,460		$	2,582,551		$	155,262
Investment income, net of related expenses	579,877			521,393			572,742			528,061			516,329			63,548
Investment related gains (losses), net
OTTI on fixed maturity securities	(9,453		)	(14,439		)	(10,705		)	(3,350		)	—			(9,453		)
Other investment related gains (losses), net	17,241			(124,590		)	(9,312		)	(7,222		)	(470		)	17,711
Total investment related gains (losses), net	7,788			(139,029		)	(20,017		)	(10,572		)	(470		)	8,258
Other revenue	94,553			91,431			112,764			83,959			75,297			19,256
Total revenues	3,420,031			3,278,518			3,227,531			3,195,908			3,173,707			246,324
Benefits and expenses:
Claims and other policy benefits	2,508,324			2,467,315			2,209,920			2,279,593			2,362,101			146,223
Interest credited	133,189			92,136			143,292			109,327			80,449			52,740
Policy acquisition costs and other insurance expenses	311,881			334,703			310,639			320,276			356,902			(45,021		)
Other operating expenses	201,483			199,642			200,262			194,959			191,274			10,209
Interest expense	40,173			39,586			33,290			37,025			37,454			2,719
Collateral finance and securitization expense	8,417			7,190			7,467			7,440			7,602			815
Total benefits and expenses	3,203,467			3,140,572			2,904,870			2,948,620			3,035,782			167,685
Income before income taxes	216,564			137,946			322,661			247,288			137,925			78,639
Provision for income taxes	47,057			27,907			21,462			42,914			37,695			9,362
Net income	$	169,507		$	110,039		$	301,199		$	204,374		$	100,230		$	69,277
Pre-tax adjusted operating income reconciliation:
Income before income tax	$	216,564		$	137,946		$	322,661		$	247,288		$	137,925		$	78,639
Investment and derivative losses (1)	13,278			32,023			52,455			37,221			31,643			(18,365		)
Change in value of modified coinsurance and funds withheld embedded derivatives (1)	2,092			32,932			2,081			(8,805		)	(13,611		)	15,703
GMXB embedded derivatives (1)	(18,161		)	77,697			(32,133		)	(15,324		)	(14,785		)	(3,376		)
Funds withheld (gains) losses - investment income	5,804			(30		)	614			(13,100		)	10,292			(4,488		)
EIA embedded derivatives - interest credited	1,518			12,222			(1,602		)	565			(28,563		)	30,081
DAC offset, net	(11,540		)	(12,498		)	(110		)	1,755			21,324			(32,864		)
Investment (income) loss on unit-linked variable annuities	(12,342		)	10,536			(2,402		)	(4,127		)	2,652			(14,994		)
Interest credited on unit-linked variable annuities	12,342			(10,536		)	2,402			4,127			(2,652		)	14,994
Interest expense on uncertain tax positions	2,667			—			—			—			—			2,667
Non-investment derivatives	430			(202		)	(553		)	477			76			354
Adjusted operating income before income taxes	$	212,652		$	280,090		$	343,413		$	250,077		$	144,301		$	68,351


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

Reinsurance Group of America, Incorporated Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations) - continued (USD thousands)

	Three Months Ended															Current Qtr
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,			vs. PY
	2019			2018			2018			2018			2018			Quarter
After-tax adjusted operating income reconciliation:
Net income	$	169,507		$	110,039		$	301,199		$	204,374		$	100,230		$	69,277
Investment and derivative losses (1)	10,668			25,067			41,548			29,195			24,702			(14,034		)
Change in value of modified coinsurance and funds withheld embedded derivatives (1)	1,653			26,017			1,644			(6,956		)	(10,753		)	12,406
GMXB embedded derivatives (1)	(14,347		)	61,380			(25,385		)	(12,106		)	(11,680		)	(2,667		)
Funds withheld (gains) losses - investment income	4,585			(24		)	485			(10,349		)	8,131			(3,546		)
EIA embedded derivatives - interest credited	1,199			9,655			(1,266		)	447			(22,565		)	23,764
DAC offset, net	(9,117		)	(9,874		)	(86		)	1,386			16,846			(25,963		)
Investment (income) loss on unit-linked variable annuities	(9,750		)	8,324			(1,898		)	(3,260		)	2,095			(11,845		)
Interest credited on unit-linked variable annuities	9,750			(8,324		)	1,898			3,260			(2,095		)	11,845
Interest expense on uncertain tax positions	2,107			—			—			—			—			2,107
Non-investment derivatives	340			(160		)	(437		)	377			60			280
Uncertain tax positions and other tax related items	560			(349		)	(58,285		)	(4,314		)	775			(215		)
Adjusted operating income	$	167,155		$	221,751		$	259,417		$	202,054		$	105,746		$	61,409


Wgt. average common shares outstanding (diluted)	64,027			64,156			64,296			65,250			65,872			(1,845		)

Diluted earnings per share - adjusted operating income	$	2.61		$	3.46		$	4.03		$	3.10		$	1.61		$	1.00

Foreign currency effect on (2):
Net premiums	$	(78,797	)	$	(43,803	)	$	(33,440	)	$	40,891		$	79,348		$	(158,145	)
Adjusted operating income (loss) before income taxes	$	(9,361	)	$	(4,914	)	$	(1,293	)	$	5,422		$	8,325		$	(17,686	)


(1) Included in “Investment related gains (losses), net” on Consolidated GAAP Income Statement.
(2) Compared to comparable prior year period.

Reinsurance Group of America, Incorporated Consolidated Balance Sheets (USD thousands)


	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,
	2019			2018			2018			2018			2018
Assets
Fixed maturity securities, available-for-sale	$	41,738,443		$	39,992,346		$	39,005,212		$	36,784,954		$	37,945,260
Equity securities	89,865			82,197			101,069			108,070			103,983
Mortgage loans on real estate	5,117,545			4,966,298			4,779,074			4,558,669			4,437,994
Policy loans	1,312,349			1,344,980			1,320,050			1,339,252			1,346,930
Funds withheld at interest	5,729,838			5,761,471			5,976,301			5,981,092			6,005,892
Short-term investments	119,215			142,598			229,928			123,028			130,430
Other invested assets	2,006,870			1,915,297			1,706,979			1,605,562			1,512,147
Total investments	56,114,125			54,205,187			53,118,613			50,500,627			51,482,636
Cash and cash equivalents	2,020,396			1,889,733			1,730,489			1,397,679			1,510,407
Accrued investment income	442,956			427,893			455,296			400,160			408,338
Premiums receivable and other reinsurance balances	2,857,673			3,017,868			2,779,556			2,617,382			2,620,515
Reinsurance ceded receivables	814,806			757,572			769,324			789,429			810,554
Deferred policy acquisition costs	3,404,593			3,397,770			3,211,145			3,205,667			3,245,851
Other assets	1,037,932			839,222			908,219			855,553			876,522
Total assets	$	66,692,481		$	64,535,245		$	62,972,642		$	59,766,497		$	60,954,823

Liabilities and stockholders’ equity
Future policy benefits	$	25,976,847		$	25,285,400		$	25,139,148		$	22,286,622		$	22,645,243
Interest-sensitive contract liabilities	17,750,197			18,004,526			16,751,379			16,513,668			16,661,602
Other policy claims and benefits	5,911,554			5,642,755			5,424,347			5,334,210			5,361,149
Other reinsurance balances	517,096			487,177			482,235			412,846			483,708
Deferred income taxes	2,144,680			1,798,800			1,883,848			2,009,514			2,085,631
Other liabilities	1,278,108			1,396,200			1,213,595			1,094,826			1,167,596
Long-term debt	2,787,717			2,787,873			2,787,975			2,788,111			2,788,240
Collateral finance and securitization notes	656,174			681,961			710,792			724,998			753,393
Total liabilities	57,022,373			56,084,692			54,393,319			51,164,795			51,946,562

Stockholders’ equity:
Common stock, at par value	791			791			791			791			791
Additional paid-in-capital	1,906,291			1,898,652			1,899,144			1,887,336			1,880,352
Retained earnings	7,412,081			7,284,949			7,215,526			6,952,170			6,797,545
Treasury stock	(1,415,020		)	(1,370,602		)	(1,348,943		)	(1,243,566		)	(1,098,823		)
Accumulated other comprehensive income (AOCI):
Accumulated currency translation adjustment, net of income taxes	(147,312		)	(168,698		)	(119,298		)	(142,187		)	(87,510		)
Unrealized appreciation of securities, net of income taxes	1,964,370			856,159			982,352			1,198,338			1,567,057
Pension and postretirement benefits, net of income taxes	(51,093		)	(50,698		)	(50,249		)	(51,180		)	(51,151		)
Total stockholders’ equity	9,670,108			8,450,553			8,579,323			8,601,702			9,008,261
Total liabilities and stockholders’ equity	$	66,692,481		$	64,535,245		$	62,972,642		$	59,766,497		$	60,954,823

Total stockholders’ equity, excluding AOCI	$	7,904,143		$	7,813,790		$	7,766,518		$	7,596,731		$	7,579,865

See appendix for reconciliation of total stockholders' equity before and after impact of AOCI.

Reinsurance Group of America, Incorporated U.S. and Latin America Traditional GAAP Income Statements (USD thousands)


	Three Months Ended															Current Qtr
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,			vs. PY
	2019			2018			2018			2018			2018			Quarter
Revenues:
Net premiums	$	1,356,882		$	1,500,210		$	1,360,076		$	1,373,548		$	1,299,422		$	57,460
Investment income, net of related expenses	185,534			184,823			181,396			180,478			183,060			2,474
Investment related gains (losses), net	(6,472		)	2,802			(33		)	3,725			1,683			(8,155		)
Other revenue	4,722			6,267			6,351			6,396			5,529			(807		)
Total revenues	1,540,666			1,694,102			1,547,790			1,564,147			1,489,694			50,972

Benefits and expenses:
Claims and other policy benefits	1,300,065			1,347,292			1,191,489			1,255,007			1,254,961			45,104
Interest credited	19,874			20,453			20,321			20,992			20,280			(406		)
Policy acquisition costs and other insurance expenses	176,003			195,437			183,433			182,064			177,640			(1,637		)
Other operating expenses	33,070			35,708			36,219			34,106			33,921			(851		)
Total benefits and expenses	1,529,012			1,598,890			1,431,462			1,492,169			1,486,802			42,210

Income before income taxes	$	11,654		$	95,212		$	116,328		$	71,978		$	2,892		$	8,762

Loss and expense ratios:
Claims and other policy benefits	95.8		%	89.8		%	87.6		%	91.4		%	96.6		%	(0.8		)%
Policy acquisition costs and other insurance expenses	13.0		%	13.0		%	13.5		%	13.3		%	13.7		%	(0.7		)%
Other operating expenses	2.4		%	2.4		%	2.7		%	2.5		%	2.6		%	(0.2		)%

Foreign currency effect on (1):
Net premiums	$	(520	)	$	(625	)	$	(995	)	$	(608	)	$	944		$	(1,464	)
Income (loss) before income taxes	$	59		$	10		$	261		$	185		$	(49	)	$	108

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period.

Reinsurance Group of America, Incorporated U.S. and Latin America Traditional GAAP Income Statements (USD thousands)


	Three Months Ended															Current
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,			Qtr vs. PY
	2019			2018			2018			2018			2018			Quarter
Revenues:
Net premiums	$	1,356,882		$	1,500,210		$	1,360,076		$	1,373,548		$	1,299,422		$	57,460
Investment income, net of related expenses	185,534			184,823			181,396			180,478			183,060			2,474
Other revenue	4,722			6,267			6,351			6,396			5,529			(807		)
Total revenues	1,547,138			1,691,300			1,547,823			1,560,422			1,488,011			59,127

Benefits and expenses:
Claims and other policy benefits	1,300,065			1,347,292			1,191,489			1,255,007			1,254,961			45,104
Interest credited	19,874			20,453			20,321			20,992			20,280			(406		)
Policy acquisition costs and other insurance expenses	176,003			195,437			183,433			182,064			177,640			(1,637		)
Other operating expenses	33,070			35,708			36,219			34,106			33,921			(851		)
Total benefits and expenses	1,529,012			1,598,890			1,431,462			1,492,169			1,486,802			42,210

Adjusted operating income before income taxes	$	18,126		$	92,410		$	116,361		$	68,253		$	1,209		$	16,917

Loss and expense ratios:
Claims and other policy benefits	95.8		%	89.8		%	87.6		%	91.4		%	96.6		%	(0.8		)%
Policy acquisition costs and other insurance expenses	13.0		%	13.0		%	13.5		%	13.3		%	13.7		%	(0.7		)%
Other operating expenses	2.4		%	2.4		%	2.7		%	2.5		%	2.6		%	(0.2		)%

Foreign currency effect on (1):
Net premiums	$	(520	)	$	(625	)	$	(995	)	$	(608	)	$	944		$	(1,464	)
Adjusted operating income (loss) before income taxes	$	59		$	10		$	261		$	185		$	(49	)	$	108

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period.

Reinsurance Group of America, Incorporated U.S. and Latin America Financial Solutions - Asset Intensive GAAP Income Statements (USD thousands)


	Three Months Ended											Current Qtr
	March 31,		Dec. 31,			Sept. 30,		June 30,		March 31,		vs. PY
	2019		2018			2018		2018		2018		Quarter
Revenues:
Net premiums	$	7,210	$	8,427		$	6,885	$	6,699	$	5,192	$	2,018
Investment income, net of related expenses	197,221		169,922			200,397		171,810		157,912		39,309
Investment related gains (losses), net	1,046		(59,261		)	581		776		676		370
Other revenue	22,674		27,365			53,735		24,065		22,959		(285		)
Total revenues	228,151		146,453			261,598		203,350		186,739		41,412

Benefits and expenses:
Claims and other policy benefits	48,099		44,704			46,995		22,590		15,945		32,154
Interest credited	88,710		72,142			110,673		74,810		54,212		34,498
Policy acquisition costs and other insurance expenses	19,233		28,436			30,519		37,939		62,035		(42,802		)
Other operating expenses	7,151		6,969			7,921		7,171		7,285		(134		)
Total benefits and expenses	163,193		152,251			196,108		142,510		139,477		23,716

Income (loss) before income taxes	$	64,958	$	(5,798	)	$	65,490	$	60,840	$	47,262	$	17,696

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.

Reinsurance Group of America, Incorporated U.S. and Latin America Financial Solutions - Asset Intensive Adjusted Operating Income Statements (USD thousands)

	Three Months Ended										Current Qtr
	March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,		vs. PY
	2019		2018		2018		2018		2018		Quarter
Revenues:
Net premiums	$	7,210	$	8,427	$	6,885	$	6,699	$	5,192	$	2,018
Investment income, net of related expenses	202,911		169,512		200,982		159,165		168,227		34,684
Other revenue	22,674		27,365		53,735		24,065		22,959		(285		)
Total revenues	232,795		205,304		261,602		189,929		196,378		36,417

Benefits and expenses:
Claims and other policy benefits	48,099		44,704		46,995		22,590		15,945		32,154
Interest credited	87,192		59,920		112,275		74,245		82,775		4,417
Policy acquisition costs and other insurance expenses	30,773		40,934		30,629		36,184		40,711		(9,938		)
Other operating expenses	7,151		6,969		7,921		7,171		7,285		(134		)
Total benefits and expenses	173,215		152,527		197,820		140,190		146,716		26,499

Adjusted operating income before income taxes	$	59,580	$	52,777	$	63,782	$	49,739	$	49,662	$	9,918

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.

Reinsurance Group of America, Incorporated U.S. and Latin America Financial Solutions - Asset Intensive (Continued) (USD millions)


	Three Months Ended
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,
	2019			2018			2018			2018			2018
Annuity account values:
Fixed annuities (deferred)	$	8,311		$	8,461		$	7,447		$	7,101		$	7,165

Net interest spread (fixed annuities)	1.6		%	1.5		%	1.8		%	1.7		%	1.6		%

Equity-indexed annuities	$	3,712		$	3,782		$	3,873		$	3,931		$	4,022

Variable annuities account values
No riders	$	702		$	797		$	870		$	877		$	890
GMDB only	164			159			179			177			178
GMIB only	22			21			24			24			23
GMAB only	5			7			10			13			16
GMWB only	1,132			1,090			1,244			1,268			1,299
GMDB / WB	281			272			309			318			327
Other	18			19			23			24			28
Total variable annuities account values	$	2,324		$	2,365		$	2,659		$	2,701		$	2,761

Fair value of liabilities associated with living benefit riders	$	150		$	168		$	90		$	122		$	138

Interest-sensitive contract liabilities associated with:

Guaranteed investment contracts	$	999		$	991		$	945		$	955		$	882

Bank-owned life insurance (BOLI)	$	599		$	596		$	593		$	589		$	586

Other asset-intensive business	$	136		$	58		$	59		$	60		$	61

Future policy benefits associated with:

Payout annuities	$	4,974		$	4,943		$	5,004		$	2,247		$	2,255

Reinsurance Group of America, Incorporated U.S. and Latin America Financial Solutions - Financial Reinsurance GAAP Income Statements (USD thousands)


	Three Months Ended										Current Qtr
	March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,		vs. PY
	2019		2018		2018		2018		2018		Quarter
Revenues:
Investment income, net of related expenses	$	1,016	$	1,766	$	1,491	$	1,504	$	1,822	$	(806	)
Other revenue	25,493		24,878		27,759		25,094		24,791		702
Total revenues	26,509		26,644		29,250		26,598		26,613		(104		)

Benefits and expenses:
Policy acquisition costs and other insurance expenses	5,376		4,084		5,324		2,609		4,000		1,376
Other operating expenses	2,814		3,166		2,343		2,441		2,454		360
Total benefits and expenses	8,190		7,250		7,667		5,050		6,454		1,736

Income before income taxes	$	18,319	$	19,394	$	21,583	$	21,548	$	20,159	$	(1,840	)

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.

Reinsurance Group of America, Incorporated U.S. and Latin America Financial Solutions - Financial Reinsurance Adjusted Operating Income Statements (USD thousands)

	Three Months Ended										Current Qtr
	March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,		vs. PY
	2019		2018		2018		2018		2018		Quarter
Revenues:
Investment income, net of related expenses	$	1,016	$	1,766	$	1,491	$	1,504	$	1,822	$	(806	)
Other revenue	25,493		24,878		27,759		25,094		24,791		702
Total revenues	26,509		26,644		29,250		26,598		26,613		(104		)

Benefits and expenses:
Policy acquisition costs and other insurance expenses	5,376		4,084		5,324		2,609		4,000		1,376
Other operating expenses	2,814		3,166		2,343		2,441		2,454		360
Total benefits and expenses	8,190		7,250		7,667		5,050		6,454		1,736

Adjusted operating income before income taxes	$	18,319	$	19,394	$	21,583	$	21,548	$	20,159	$	(1,840	)

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.

Reinsurance Group of America, Incorporated Canada Traditional GAAP Income Statements (USD thousands)

	Three Months Ended															Current Qtr
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,			vs. PY
	2019			2018			2018			2018			2018			Quarter
Revenues:
Net premiums	$	255,257		$	267,443		$	243,105		$	260,750		$	252,723		$	2,534
Investment income, net of related expenses	49,693			49,148			50,145			49,535			50,584			(891		)
Investment related gains (losses), net	7,404			(2,932		)	2,484			446			(731		)	8,135
Other revenue	(21		)	265			228			1,468			(257		)	236
Total revenues	312,333			313,924			295,962			312,199			302,319			10,014

Benefits and expenses:
Claims and other policy benefits	199,856			200,693			210,292			223,935			212,825			(12,969		)
Interest credited	55			51			6			21			5			50
Policy acquisition costs and other insurance expenses	53,908			59,461			56,224			58,541			57,032			(3,124		)
Other operating expenses	8,235			8,072			8,291			7,897			8,750			(515		)
Total benefits and expenses	262,054			268,277			274,813			290,394			278,612			(16,558		)

Income before income taxes	$	50,279		$	45,647		$	21,149		$	21,805		$	23,707		$	26,572

Loss and expense ratios:
Loss ratios (creditor business)	21.4		%	29.1		%	27.2		%	26.3		%	27.0		%	(5.6		)%
Loss ratios (excluding creditor business)	85.1		%	80.9		%	94.7		%	94.4		%	92.2		%	(7.1		)%
Claims and other policy benefits / (net premiums + investment income)	65.5		%	63.4		%	71.7		%	72.2		%	70.2		%	(4.7		)%
Policy acquisition costs and other insurance expenses (creditor business)	64.7		%	64.7		%	64.2		%	66.5		%	65.2		%	(0.5		)%
Policy acquisition costs and other insurance expenses (excluding creditor business)	15.9		%	16.8		%	17.4		%	16.2		%	16.6		%	(0.7		)%
Other operating expenses	3.2		%	3.0		%	3.4		%	3.0		%	3.5		%	(0.3		)%

Foreign currency effect on (1):
Net premiums	$	(12,692	)	$	(10,704	)	$	(10,468	)	$	10,222		$	10,846		$	(23,538	)
Income (loss) before income taxes	$	(2,563	)	$	(2,097	)	$	(1,075	)	$	579		$	1,416		$	(3,979	)

Creditor reinsurance net premiums	$	27,187		$	30,299		$	29,521		$	32,453		$	31,093		$	(3,906	)

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
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.

Reinsurance Group of America, Incorporated Canada Traditional Adjusted Operating Income Statements (USD thousands)


	Three Months Ended															Current Qtr
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,			vs. PY
	2019			2018			2018			2018			2018			Quarter
Revenues:
Net premiums	$	255,257		$	267,443		$	243,105		$	260,750		$	252,723		$	2,534
Investment income, net of related expenses	49,807			49,528			50,174			49,080			50,561			(754		)
Investment related gains, net	1,623			1,381			1,258			1,258			1,142			481
Other revenue	(21		)	265			228			1,468			(257		)	236
Total revenues	306,666			318,617			294,765			312,556			304,169			2,497

Benefits and expenses:
Claims and other policy benefits	199,856			200,693			210,292			223,935			212,825			(12,969		)
Interest credited	55			51			6			21			5			50
Policy acquisition costs and other insurance expenses	53,908			59,461			56,224			58,541			57,032			(3,124		)
Other operating expenses	8,235			8,072			8,291			7,897			8,750			(515		)
Total benefits and expenses	262,054			268,277			274,813			290,394			278,612			(16,558		)

Adjusted operating income before income taxes	$	44,612		$	50,340		$	19,952		$	22,162		$	25,557		$	19,055

Loss and expense ratios:
Loss ratios (creditor business)	21.4		%	29.1		%	27.2		%	26.3		%	27.0		%	(5.6		)%
Loss ratios (excluding creditor business)	85.1		%	80.9		%	94.7		%	94.4		%	92.2		%	(7.1		)%
Claims and other policy benefits / (net premiums + investment income)	65.5		%	63.3		%	71.7		%	72.3		%	70.2		%	(4.7		)%
Policy acquisition costs and other insurance expenses (creditor business)	64.7		%	64.7		%	64.2		%	66.5		%	65.2		%	(0.5		)%
Policy acquisition costs and other insurance expenses (excluding creditor business)	15.9		%	16.8		%	17.4		%	16.2		%	16.6		%	(0.7		)%
Other operating expenses	3.2		%	3.0		%	3.4		%	3.0		%	3.5		%	(0.3		)%

Foreign currency effect on (1):
Net premiums	$	(12,692	)	$	(10,704	)	$	(10,468	)	$	10,222		$	10,846		$	(23,538	)
Adjusted operating income (loss) before income taxes	$	(2,364	)	$	(2,273	)	$	(1,022	)	$	600		$	1,512		$	(3,876	)

Creditor reinsurance net premiums	$	27,187		$	30,299		$	29,521		$	32,453		$	31,093		$	(3,906	)

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
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.

Reinsurance Group of America, Incorporated Canada Financial Solutions (1) GAAP Income Statements (USD thousands)

	Three Months Ended													Current Qtr
	March 31,			Dec. 31,			Sept. 30,			June 30,		March 31,		vs. PY
	2019			2018			2018			2018		2018		Quarter
Revenues:
Net premiums	$	21,989		$	10,431		$	10,681		$	10,955	$	11,305	$	10,684
Investment income, net of related expenses	718			474			415			330		115		603
Other revenue	867			649			1,072			804		1,357		(490		)
Total revenues	23,574			11,554			12,168			12,089		12,777		10,797

Benefits and expenses:
Claims and other policy benefits	21,153			9,775			10,003			7,915		9,115		12,038
Policy acquisition costs and other insurance expenses	449			188			190			292		96		353
Other operating expenses	624			396			329			338		375		249
Total benefits and expenses	22,226			10,359			10,522			8,545		9,586		12,640

Income before income taxes	$	1,348		$	1,195		$	1,646		$	3,544	$	3,191	$	(1,843	)

Foreign currency effect on (2):
Net premiums	$	(1,033	)	$	(423	)	$	(459	)	$	436	$	501	$	(1,534	)
Income (loss) before income taxes	$	(84	)	$	(69	)	$	(71	)	$	146	$	188	$	(272	)

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Canada Financial Solutions operations includes longevity and fee-based transactions.
(2) Compared to comparable prior year period.

Reinsurance Group of America, Incorporated Canada Financial Solutions (1) Adjusted Operating Income Statements (USD thousands)

	Three Months Ended													Current Qtr
	March 31,			Dec. 31,			Sept. 30,			June 30,		March 31,		vs. PY
	2019			2018			2018			2018		2018		Quarter
Revenues:
Net premiums	$	21,989		$	10,431		$	10,681		$	10,955	$	11,305	$	10,684
Investment income, net of related expenses	718			474			415			330		115		603
Other revenue	867			649			1,072			804		1,357		(490		)
Total revenues	23,574			11,554			12,168			12,089		12,777		10,797

Benefits and expenses:
Claims and other policy benefits	21,153			9,775			10,003			7,915		9,115		12,038
Policy acquisition costs and other insurance expenses	449			188			190			292		96		353
Other operating expenses	624			396			329			338		375		249
Total benefits and expenses	22,226			10,359			10,522			8,545		9,586		12,640

Adjusted operating income before income taxes	$	1,348		$	1,195		$	1,646		$	3,544	$	3,191	$	(1,843	)

Foreign currency effect on (2):
Net premiums	$	(1,033	)	$	(423	)	$	(459	)	$	436	$	501	$	(1,534	)
Adjusted operating income (loss) before income taxes	$	(84	)	$	(68	)	$	(71	)	$	146	$	188	$	(272	)

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Canada Financial Solutions operations includes longevity and fee-based transactions.
(2) Compared to comparable prior year period.

Reinsurance Group of America, Incorporated Europe, Middle East and Africa Traditional GAAP Income Statements (USD thousands)

	Three Months Ended															Current Qtr
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,			vs. PY
	2019			2018			2018			2018			2018			Quarter
Revenues:
Net premiums	$	363,884		$	352,522		$	340,414		$	354,534		$	375,729		$	(11,845	)
Investment income, net of related expenses	18,802			17,201			16,190			17,087			15,764			3,038
Investment related gains (losses), net	—			(170		)	—			—			9			(9		)
Other revenue	1,320			1,673			455			917			2,280			(960		)
Total revenues	384,006			371,226			357,059			372,538			393,782			(9,776		)

Benefits and expenses:
Claims and other policy benefits	312,135			305,027			291,442			310,187			326,802			(14,667		)
Policy acquisition costs and other insurance expenses	29,953			21,651			21,817			29,961			25,552			4,401
Other operating expenses	26,494			29,688			25,430			25,922			26,007			487
Total benefits and expenses	368,582			356,366			338,689			366,070			378,361			(9,779		)

Income before income taxes	$	15,424		$	14,860		$	18,370		$	6,468		$	15,421		$	3

Loss and expense ratios:
Claims and other policy benefits	85.8		%	86.5		%	85.6		%	87.5		%	87.0		%	(1.2		)%
Policy acquisition costs and other insurance expenses	8.2		%	6.1		%	6.4		%	8.5		%	6.8		%	1.4		%
Other operating expenses	7.3		%	8.4		%	7.5		%	7.3		%	6.9		%	0.4		%


Foreign currency effect on (1):
Net premiums	$	(32,565	)	$	(12,043	)	$	(6,362	)	$	18,659		$	40,308		$	(72,873	)
Income (loss) before income taxes	$	(1,733	)	$	(875	)	$	(363	)	$	978		$	1,801		$	(3,534	)

Critical illness net premiums	$	44,446		$	45,292		$	45,601		$	47,851		$	48,898		$	(4,452	)

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period.

Reinsurance Group of America, Incorporated Europe, Middle East and Africa Traditional Adjusted Operating Income Statements (USD thousands)

	Three Months Ended															Current Qtr
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,			vs. PY
	2019			2018			2018			2018			2018			Quarter
Revenues:
Net premiums	$	363,884		$	352,522		$	340,414		$	354,534		$	375,729		$	(11,845	)
Investment income, net of related expenses	18,802			17,201			16,190			17,087			15,764			3,038
Other revenue	1,320			1,673			455			917			2,280			(960		)
Total revenues	384,006			371,396			357,059			372,538			393,773			(9,767		)

Benefits and expenses:
Claims and other policy benefits	312,135			305,027			291,442			310,187			326,802			(14,667		)
Policy acquisition costs and other insurance expenses	29,953			21,651			21,817			29,961			25,552			4,401
Other operating expenses	26,494			29,688			25,430			25,922			26,007			487
Total benefits and expenses	368,582			356,366			338,689			366,070			378,361			(9,779		)

Adjusted operating income before income taxes	$	15,424		$	15,030		$	18,370		$	6,468		$	15,412		$	12

Loss and expense ratios:
Claims and other policy benefits	85.8		%	86.5		%	85.6		%	87.5		%	87.0		%	(1.2		)%
Policy acquisition costs and other insurance expenses	8.2		%	6.1		%	6.4		%	8.5		%	6.8		%	1.4		%
Other operating expenses	7.3		%	8.4		%	7.5		%	7.3		%	6.9		%	0.4		%


Foreign currency effect on (1):
Net premiums	$	(32,565	)	$	(12,043	)	$	(6,362	)	$	18,659		$	40,308		$	(72,873	)
Adjusted operating income (loss) before income taxes	$	(1,733	)	$	(884	)	$	(363	)	$	978		$	1,801		$	(3,534	)

Critical illness net premiums	$	44,446		$	45,292		$	45,601		$	47,851		$	48,898		$	(4,452	)

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period.

Reinsurance Group of America, Incorporated Europe, Middle East and Africa Financial Solutions (1) GAAP Income Statements (USD thousands)

	Three Months Ended														Current Qtr
	March 31,			Dec. 31,			Sept. 30,			June 30,		March 31,			vs. PY
	2019			2018			2018			2018		2018			Quarter
Revenues:
Net premiums	$	52,101		$	49,115		$	49,104		$	49,135	$	47,979		$	4,122
Investment income, net of related expenses	48,665			24,045			37,548			40,330		31,932			16,733
Investment related gains (losses), net	3,364			(8,568		)	(87		)	5,858		3,352			12
Other revenue	5,291			4,812			5,099			5,352		4,880			411
Total revenues	109,421			69,404			91,664			100,675		88,143			21,278

Benefits and expenses:
Claims and other policy benefits	48,878			34,615			24,211			21,854		42,471			6,407
Interest credited	12,342			(10,536		)	2,402			4,127		(2,652		)	14,994
Policy acquisition costs and other insurance expenses	631			1,033			814			1,054		1,080			(449		)
Other operating expenses	9,180			8,643			8,032			8,271		8,080			1,100
Total benefits and expenses	71,031			33,755			35,459			35,306		48,979			22,052

Income before income taxes	$	38,390		$	35,649		$	56,205		$	65,369	$	39,164		$	(774	)

Foreign currency effect on (2):
Net premiums	$	(3,608	)	$	(1,627	)	$	(241	)	$	2,987	$	5,368		$	(8,976	)
Income (loss) before income taxes	$	(2,796	)	$	(1,164	)	$	(676	)	$	3,339	$	4,318		$	(7,114	)

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Europe, Middle East and Africa Financial Solutions operations includes longevity, asset-intensive and fee-based transactions.
(2) Compared to comparable prior year period.

Reinsurance Group of America, Incorporated Europe, Middle East and Africa Financial Solutions (1) Adjusted Operating Income Statements (USD thousands)

	Three Months Ended													Current Qtr
	March 31,			Dec. 31,			Sept. 30,			June 30,		March 31,		vs. PY
	2019			2018			2018			2018		2018		Quarter
Revenues:
Net premiums	$	52,101		$	49,115		$	49,104		$	49,135	$	47,979	$	4,122
Investment income, net of related expenses	36,323			34,581			35,146			36,203		34,584		1,739
Other revenue	5,361			4,769			5,238			5,339		4,956		405
Total revenues	93,785			88,465			89,488			90,677		87,519		6,266

Benefits and expenses:
Claims and other policy benefits	48,878			34,615			24,211			21,854		42,471		6,407
Policy acquisition costs and other insurance expenses	631			1,033			814			1,054		1,080		(449		)
Other operating expenses	9,180			8,643			8,032			8,271		8,080		1,100
Total benefits and expenses	58,689			44,291			33,057			31,179		51,631		7,058

Adjusted operating income before income taxes	$	35,096		$	44,174		$	56,431		$	59,498	$	35,888	$	(792	)

Foreign currency effect on (2):
Net premiums	$	(3,608	)	$	(1,627	)	$	(241	)	$	2,987	$	5,368	$	(8,976	)
Adjusted operating income (loss) before income taxes	$	(2,552	)	$	(1,400	)	$	(687	)	$	3,050	$	3,965	$	(6,517	)

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Europe, Middle East and Africa Financial Solutions operations includes longevity, asset-intensive and fee-based transactions.
(2) Compared to comparable prior year period.

Reinsurance Group of America, Incorporated Asia Pacific Traditional GAAP Income Statements (USD thousands)


	Three Months Ended															Current Qtr
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,			vs. PY
	2019			2018			2018			2018			2018			Quarter
Revenues:
Net premiums	$	646,741		$	616,428		$	551,695		$	538,799		$	589,513		$	57,228
Investment income, net of related expenses	25,335			23,676			23,169			24,076			24,600			735
Investment related gains (losses), net	8			(1		)	—			—			8			—
Other revenue	1,088			13,651			3,171			7,645			418			670
Total revenues	673,172			653,754			578,035			570,520			614,539			58,633

Benefits and expenses:
Claims and other policy benefits	546,454			522,999			431,570			435,592			495,194			51,260
Policy acquisition costs and other insurance expenses	50,323			56,256			42,063			37,584			58,782			(8,459		)
Other operating expenses	39,771			40,754			42,395			38,482			37,676			2,095
Total benefits and expenses	636,548			620,009			516,028			511,658			591,652			44,896

Income before income taxes	$	36,624		$	33,745		$	62,007		$	58,862		$	22,887		$	13,737

Loss and expense ratios:
Claims and other policy benefits	84.5		%	84.8		%	78.2		%	80.8		%	84.0		%	0.5		%
Policy acquisition costs and other insurance expenses	7.8		%	9.1		%	7.6		%	7.0		%	10.0		%	(2.2		)%
Other operating expenses	6.1		%	6.6		%	7.7		%	7.1		%	6.4		%	(0.3		)%

Foreign currency effect on (1):
Net premiums	$	(27,166	)	$	(18,381	)	$	(14,915	)	$	9,195		$	21,345		$	(48,511	)
Income (loss) before income taxes	$	(2,166	)	$	698		$	1,181		$	(66	)	$	954		$	(3,120	)

Critical illness net premiums	$	252,072		$	198,428		$	191,099		$	180,852		$	235,721		$	16,351

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period.

Reinsurance Group of America, Incorporated Asia Pacific Traditional Adjusted Operating Income Statements (USD thousands)

	Three Months Ended															Current Qtr
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,			vs. PY
	2019			2018			2018			2018			2018			Quarter
Revenues:
Net premiums	$	646,741		$	616,428		$	551,695		$	538,799		$	589,513		$	57,228
Investment income, net of related expenses	25,335			23,676			23,169			24,076			24,600			735
Investment related gains (losses), net	4			(1		)	(1		)	—			3			1
Other revenue	1,088			13,651			3,171			7,645			418			670
Total revenues	673,168			653,754			578,034			570,520			614,534			58,634

Benefits and expenses:
Claims and other policy benefits	546,454			522,999			431,570			435,592			495,194			51,260
Policy acquisition costs and other insurance expenses	50,323			56,256			42,063			37,584			58,782			(8,459		)
Other operating expenses	39,771			40,754			42,395			38,482			37,676			2,095
Total benefits and expenses	636,548			620,009			516,028			511,658			591,652			44,896

Adjusted operating income before income taxes	$	36,620		$	33,745		$	62,006		$	58,862		$	22,882		$	13,738

Loss and expense ratios:
Claims and other policy benefits	84.5		%	84.8		%	78.2		%	80.8		%	84.0		%	0.5		%
Policy acquisition costs and other insurance expenses	7.8		%	9.1		%	7.6		%	7.0		%	10.0		%	(2.2		)%
Other operating expenses	6.1		%	6.6		%	7.7		%	7.1		%	6.4		%	(0.3		)%

Foreign currency effect on (1):
Net premiums	$	(27,166	)	$	(18,381	)	$	(14,915	)	$	9,195		$	21,345		$	(48,511	)
Adjusted operating income (loss) before income taxes	$	(2,191	)	$	697		$	1,181		$	(66	)	$	916		$	(3,107	)

Critical illness net premiums	$	252,072		$	198,428		$	191,099		$	180,852		$	235,721		$	16,351

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period.

Reinsurance Group of America, Incorporated Asia Pacific Financial Solutions (1) GAAP Income Statements (USD thousands)


	Three Months Ended													Current Qtr
	March 31,			Dec. 31,			Sept. 30,			June 30,		March 31,		vs. PY
	2019			2018			2018			2018		2018		Quarter
Revenues:
Net premiums	$	33,795		$	83		$	75		$	30	$	678	$	33,117
Investment income, net of related expenses	10,269			10,006			10,145			10,184		10,394		(125		)
Investment related gains (losses), net	4,069			(15,211		)	(438		)	1,904		3,467		602
Other revenue	6,395			5,596			6,385			5,874		5,307		1,088
Total revenues	54,528			474			16,167			17,992		19,846		34,682

Benefits and expenses:
Claims and other policy benefits	31,719			2,576			3,894			2,405		4,468		27,251
Interest credited	6,702			6,454			6,875			6,660		6,394		308
Policy acquisition costs and other insurance expenses	5,379			756			786			728		1,197		4,182
Other operating expenses	4,645			5,019			4,406			4,061		3,766		879
Total benefits and expenses	48,445			14,805			15,961			13,854		15,825		32,620

Income (loss) before income taxes	$	6,083		$	(14,331	)	$	206		$	4,138	$	4,021	$	2,062

Foreign currency effect on (2):
Net premiums	$	(1,213	)	$	—		$	—		$	—	$	36	$	(1,249	)
Income (loss) before income taxes	$	161		$	272		$	(41	)	$	38	$	98	$	63

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Asia Pacific Financial Solutions operations includes asset intensive and fee-based transactions.
(2) Compared to comparable prior year period.

Reinsurance Group of America, Incorporated Asia Pacific Financial Solutions (1) Adjusted Operating Income Statements (USD thousands)

	Three Months Ended														Current Qtr
	March 31,			Dec. 31,			Sept. 30,			June 30,		March 31,			vs. PY
	2019			2018			2018			2018		2018			Quarter
Revenues:
Net premiums	$	33,795		$	83		$	75		$	30	$	678		$	33,117
Investment income, net of related expenses	10,269			10,006			10,145			10,184		10,394			(125		)
Investment related gains, net	1,321			1,140			695			630		724			597
Other revenue	6,395			5,596			6,385			5,874		5,307			1,088
Total revenues	51,780			16,825			17,300			16,718		17,103			34,677

Benefits and expenses:
Claims and other policy benefits	31,719			2,576			3,894			2,405		4,468			27,251
Interest credited	6,702			6,454			6,875			6,660		6,394			308
Policy acquisition costs and other insurance expenses	5,379			756			786			728		1,197			4,182
Other operating expenses	4,645			5,019			4,406			4,061		3,766			879
Total benefits and expenses	48,445			14,805			15,961			13,854		15,825			32,620

Adjusted operating income before income taxes	$	3,335		$	2,020		$	1,339		$	2,864	$	1,278		$	2,057

Foreign currency effect on (2):
Net premiums	$	(1,213	)	$	—		$	—		$	—	$	36		$	(1,249	)
Adjusted operating income (loss) before income taxes	$	(100	)	$	(94	)	$	(34	)	$	66	$	(42	)	$	(58	)

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Asia Pacific Financial Solutions operations includes asset intensive and fee-based transactions.
(2) Compared to comparable prior year period.

Reinsurance Group of America, Incorporated Corporate and Other GAAP Income Statements (USD thousands)

	Three Months Ended															Current Qtr
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,			vs. PY
	2019			2018			2018			2018			2018			Quarter
Revenues:
Net premiums	$	(46	)	$	64		$	7		$	10		$	10		$	(56	)
Investment income, net of related expenses	42,624			40,332			51,846			32,727			40,146			2,478
Investment related losses, net	(1,631		)	(55,688		)	(22,524		)	(23,281		)	(8,934		)	7,303
Other revenue	26,724			6,275			8,509			6,344			8,033			18,691
Total revenues	67,671			(9,017		)	37,838			15,800			39,255			28,416

Benefits and expenses:
Claims and other policy benefits	(35		)	(366		)	24			108			320			(355		)
Interest credited	5,506			3,572			3,015			2,717			2,210			3,296
Policy acquisition costs and other insurance income	(29,374		)	(32,599		)	(30,531		)	(30,496		)	(30,512		)	1,138
Other operating expenses	69,499			61,227			64,896			66,270			62,960			6,539
Interest expense	40,173			39,586			33,290			37,025			37,454			2,719
Collateral finance and securitization expense	8,417			7,190			7,467			7,440			7,602			815
Total benefits and expenses	94,186			78,610			78,161			83,064			80,034			14,152

Loss before income taxes	$	(26,515	)	$	(87,627	)	$	(40,323	)	$	(67,264	)	$	(40,779	)	$	14,264

Foreign currency effect on (1):
Income (loss) before income taxes	$	(73	)	$	(524	)	$	(636	)	$	762		$	156		$	(229	)

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period.

Reinsurance Group of America, Incorporated Corporate and Other Adjusted Operating Income Statements (USD thousands)

	Three Months Ended															Current Qtr
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,			vs. PY
	2019			2018			2018			2018			2018			Quarter
Revenues:
Net premiums	$	(46	)	$	64		$	7		$	10		$	10		$	(56	)
Investment income, net of related expenses	42,624			40,332			51,846			32,727			40,146			2,478
Investment related gains, net	2,049			1,103			434			632			908			1,141
Other revenue	27,084			6,116			7,817			6,834			8,033			19,051
Total revenues	71,711			47,615			60,104			40,203			49,097			22,614

Benefits and expenses:
Claims and other policy benefits	(35		)	(366		)	24			108			320			(355		)
Interest credited	5,506			3,572			3,015			2,717			2,210			3,296
Policy acquisition costs and other insurance income	(29,374		)	(32,599		)	(30,531		)	(30,496		)	(30,512		)	1,138
Other operating expenses	69,499			61,227			64,896			66,270			62,960			6,539
Interest expense	37,506			39,586			33,290			37,025			37,454			52
Collateral finance and securitization expense	8,417			7,190			7,467			7,440			7,602			815
Total benefits and expenses	91,519			78,610			78,161			83,064			80,034			11,485

Adjusted operating loss before income taxes	$	(19,808	)	$	(30,995	)	$	(18,057	)	$	(42,861	)	$	(30,937	)	$	11,129

Foreign currency effect on (1):
Adjusted operating income (loss) before income taxes	$	(396	)	$	(902	)	$	(558	)	$	463		$	34		$	(430	)

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period.

Reinsurance Group of America, Incorporated Summary of Segment GAAP Income (USD thousands)


	Three Months Ended															Current Qtr
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,			vs. PY
	2019			2018			2018			2018			2018			Quarter
U.S. and Latin America:
Traditional	$	11,654		$	95,212		$	116,328		$	71,978		$	2,892		$	8,762
Financial Solutions:
Asset Intensive	64,958			(5,798		)	65,490			60,840			47,262			17,696
Financial Reinsurance	18,319			19,394			21,583			21,548			20,159			(1,840		)
Total U.S. and Latin America	94,931			108,808			203,401			154,366			70,313			24,618
Canada:
Traditional	50,279			45,647			21,149			21,805			23,707			26,572
Financial Solutions	1,348			1,195			1,646			3,544			3,191			(1,843		)
Total Canada	51,627			46,842			22,795			25,349			26,898			24,729
Europe, Middle East and Africa:
Traditional	15,424			14,860			18,370			6,468			15,421			3
Financial Solutions	38,390			35,649			56,205			65,369			39,164			(774		)
Total Europe, Middle East and Africa	53,814			50,509			74,575			71,837			54,585			(771		)
Asia Pacific:
Traditional	36,624			33,745			62,007			58,862			22,887			13,737
Financial Solutions	6,083			(14,331		)	206			4,138			4,021			2,062
Total Asia Pacific	42,707			19,414			62,213			63,000			26,908			15,799
Corporate and Other	(26,515		)	(87,627		)	(40,323		)	(67,264		)	(40,779		)	14,264
Consolidated income before income taxes	$	216,564		$	137,946		$	322,661		$	247,288		$	137,925		$	78,639

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.

Reinsurance Group of America, Incorporated Summary of Segment Adjusted Operating Income (USD thousands)


	Three Months Ended															Current Qtr vs. PY Quarter
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,
	2019			2018			2018			2018			2018
U.S. and Latin America:
Traditional	$	18,126		$	92,410		$	116,361		$	68,253		$	1,209		$	16,917
Financial Solutions:
Asset Intensive	59,580			52,777			63,782			49,739			49,662			9,918
Financial Reinsurance	18,319			19,394			21,583			21,548			20,159			(1,840		)
Total U.S. and Latin America	96,025			164,581			201,726			139,540			71,030			24,995
Canada:
Traditional	44,612			50,340			19,952			22,162			25,557			19,055
Financial Solutions	1,348			1,195			1,646			3,544			3,191			(1,843		)
Total Canada	45,960			51,535			21,598			25,706			28,748			17,212
Europe, Middle East and Africa:
Traditional	15,424			15,030			18,370			6,468			15,412			12
Financial Solutions	35,096			44,174			56,431			59,498			35,888			(792		)
Total Europe, Middle East and Africa	50,520			59,204			74,801			65,966			51,300			(780		)
Asia Pacific:
Traditional	36,620			33,745			62,006			58,862			22,882			13,738
Financial Solutions	3,335			2,020			1,339			2,864			1,278			2,057
Total Asia Pacific	39,955			35,765			63,345			61,726			24,160			15,795
Corporate and Other	(19,808		)	(30,995		)	(18,057		)	(42,861		)	(30,937		)	11,129
Consolidated adjusted operating income before income taxes	$	212,652		$	280,090		$	343,413		$	250,077		$	144,301		$	68,351

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.

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

	March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,
	2019		2018		2018		2018		2018
Fixed maturity securities, available-for-sale (1)	$	41,738,443	$	39,992,346	$	39,005,212	$	36,784,954	$	37,945,260
Equity securities	89,865		82,197		101,069		108,070		103,983
Mortgage loans on real estate	5,117,545		4,966,298		4,779,074		4,558,669		4,437,994
Policy loans	1,312,349		1,344,980		1,320,050		1,339,252		1,346,930
Funds withheld at interest	5,729,838		5,761,471		5,976,301		5,981,092		6,005,892
Short-term investments	119,215		142,598		229,928		123,028		130,430
Other invested assets	2,006,870		1,915,297		1,706,979		1,605,562		1,512,147
Cash and cash equivalents	2,020,396		1,889,733		1,730,489		1,397,679		1,510,407
Total cash and invested assets	$	58,134,521	$	56,094,920	$	54,849,102	$	51,898,306	$	52,993,043

(1) The Company holds the various types of fixed maturity securities available-for-sale and classifies them as corporate securities (“Corporate”), Canadian and Canadian provincial government securities (“Canadian government”), residential mortgage-backed securities (“RMBS”), asset-backed securities (“ABS”), commercial mortgage-backed securities (“CMBS”), U.S. government and agencies (“U.S. government”), state and political subdivisions, and other foreign government, supernational and foreign government-sponsored enterprises (“Other foreign government”).

Reinsurance Group of America, Incorporated Investments (USD thousands) Amortized Cost, Gross Unrealized Gains and Losses, and Estimated Fair Values of Fixed Maturity Securities

March 31, 2019
	Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value		% of Total		Other-than- temporary Impairment in AOCI
Available-for-sale:
Corporate	$	24,216,876	$	1,024,557	$	164,095	$	25,077,338	60.1	%	$	—
Canadian governments	2,870,018		1,408,501		655		4,277,864		10.2	%	—
RMBS	1,969,694		34,746		10,254		1,994,186		4.8	%	—
ABS	2,243,449		14,286		15,749		2,241,986		5.4	%	275
CMBS	1,404,852		30,009		3,115		1,431,746		3.4	%	—
U.S. government	1,578,975		9,826		21,238		1,567,563		3.8	%	—
State and political subdivisions	738,690		56,668		2,641		792,717		1.9	%	—
Other foreign government	4,166,073		201,446		12,476		4,355,043		10.4	%	—
Total fixed maturity securities	$	39,188,627	$	2,780,039	$	230,223	$	41,738,443	100.0	%	$	275



December 31, 2018
	Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value		% of Total		Other-than- temporary Impairment in AOCI
Available-for-sale:
Corporate	$	24,006,407	$	530,804	$	555,092	$	23,982,119	59.9	%	$	—
Canadian governments	2,768,466		1,126,227		2,308		3,892,385		9.7	%	—
RMBS	1,872,236		22,267		25,282		1,869,221		4.7	%	—
ABS	2,171,254		10,779		32,829		2,149,204		5.4	%	275
CMBS	1,428,115		9,153		18,234		1,419,034		3.5	%	—
U.S. government	2,233,537		10,204		57,867		2,185,874		5.5	%	—
State and political subdivisions	721,290		39,914		9,010		752,194		1.9	%	—
Other foreign government	3,680,863		109,320		47,868		3,742,315		9.4	%	—
Total fixed maturity securities	$	38,882,168	$	1,858,668	$	748,490	$	39,992,346	100.0	%	$	275

Reinsurance Group of America, Incorporated Investments (USD thousands) Corporate Fixed Maturity Securities by Sector

	March 31, 2019							December 31, 2018
	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	$	4,840,662	$	4,992,087	19.8	%	A-	$	4,853,921	$	4,835,124	20.1	%	A-
Brokerage/asset managers/exchanges	576,120		593,500		2.4	%	A-	582,082		582,624		2.4	%	A-
Finance companies	215,727		218,013		0.9	%	BBB	184,843		179,219		0.7	%	BBB
Insurance	2,377,567		2,452,102		9.8	%	BBB+	2,293,651		2,263,918		9.4	%	BBB+
REITs	627,102		645,506		2.6	%	A-	639,466		638,511		2.7	%	BBB+
Other finance	344,363		348,065		1.4	%	A-	239,779		231,172		1.0	%	A-
Total financial institutions	$	8,981,541	$	9,249,273	36.9	%		$	8,793,742	$	8,730,568	36.3	%
Industrials
Basic	$	1,367,173	$	1,416,948	5.7	%	BBB	$	1,296,617	$	1,287,773	5.4	%	BBB
Capital goods	1,221,990		1,238,859		4.9	%	BBB	1,197,773		1,185,024		4.9	%	BBB
Communications	1,948,891		2,036,622		8.1	%	BBB+	1,903,510		1,917,240		8.0	%	BBB
Consumer cyclical	1,131,872		1,170,196		4.7	%	A-	1,188,006		1,187,639		5.0	%	A-
Consumer noncyclical	2,419,923		2,501,661		10.0	%	BBB+	2,584,174		2,581,539		10.8	%	BBB+
Energy	1,764,061		1,853,014		7.4	%	BBB+	1,799,801		1,814,668		7.6	%	BBB+
Technology	741,482		764,375		3.0	%	A-	767,069		768,807		3.2	%	A-
Transportation	1,427,115		1,474,617		5.9	%	A-	1,321,537		1,320,565		5.5	%	A-
Other Industrial	293,624		303,234		1.2	%	BBB+	278,370		278,856		1.2	%	BBB+
Total industrials	$	12,316,131	$	12,759,526	50.9	%		$	12,336,857	$	12,342,111	51.6	%
Utilities
Electric	$	2,267,811	$	2,366,361	9.4	%	BBB+	$	2,245,526	$	2,254,770	9.4	%	A-
Natural gas	380,689		401,754		1.6	%	A-	359,308		365,514		1.5	%	A-
Other utility	270,704		300,424		1.2	%	A-	270,974		289,156		1.2	%	A-
Total utilities	$	2,919,204	$	3,068,539	12.2	%		$	2,875,808	$	2,909,440	12.1	%
Total	$	24,216,876	$	25,077,338	100.0	%	BBB+	$	24,006,407	$	23,982,119	100.0	%	BBB+

(1) The Average Credit Rating designations are based on the ratings from nationally recognized statistical rating organizations (NRSRO), primarily those assigned by Moody’s, S&P and Fitch.

Ratings of Fixed Maturity Securities

		March 31, 2019						December 31, 2018						September 30, 2018						June 30, 2018						March 31, 2018
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	$	25,496,994	$	27,673,531	66.3	%	$	24,904,526	$	26,180,440	65.5	%	$	24,627,894	$	25,837,847	66.2	%	$	23,206,331	$	24,697,276	67.2	%	$	23,699,901	$	25,416,105	67.0	%
2	BBB	11,872,478		12,244,807		29.3	%	12,141,601		12,023,426		30.1	%	11,466,201		11,526,902		29.6	%	10,309,842		10,413,893		28.3	%	10,502,621		10,816,607		28.5	%
3	BB	1,318,883		1,319,201		3.2	%	1,409,235		1,371,328		3.4	%	1,187,035		1,168,627		3.0	%	1,165,503		1,136,259		3.1	%	1,209,542		1,211,330		3.2	%
4	B	419,764		422,390		1.0	%	395,694		385,670		1.0	%	425,572		424,040		1.1	%	501,101		488,648		1.3	%	439,444		439,736		1.2	%
5	CCC	13,414		14,357		—	%	13,183		12,860		—	%	27,341		30,106		0.1	%	45,696		42,876		0.1	%	45,617		43,929		0.1	%
6	In or near default	67,094		64,157		0.2	%	17,929		18,622		—	%	17,089		17,690		—	%	5,497		6,002		—	%	16,580		17,553		—	%
	Total	$	39,188,627	$	41,738,443	100.0	%	$	38,882,168	$	39,992,346	100.0	%	$	37,751,132	$	39,005,212	100.0	%	$	35,233,970	$	36,784,954	100.0	%	$	35,913,705	$	37,945,260	100.0	%

(1) Structured securities held by the Company’s insurance subsidiaries that maintain the 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 NRSRO ratings, as available, or equivalent ratings 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, 2019				December 31, 2018				September 30, 2018				June 30, 2018				March 31, 2018
	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
RMBS
Agency	$	798,669	$	815,317	$	811,044	$	814,568	$	813,762	$	795,873	$	840,284	$	833,587	$	861,908	$	861,214
Non-agency	1,171,025		1,178,869		1,061,192		1,054,653		1,003,187		984,889		997,032		987,627		929,099		925,934
Total	1,969,694		1,994,186		1,872,236		1,869,221		1,816,949		1,780,762		1,837,316		1,821,214		1,791,007		1,787,148
CMBS	1,404,852		1,431,746		1,428,115		1,419,034		1,282,015		1,273,534		1,249,616		1,242,509		1,281,452		1,281,933
ABS	2,243,449		2,241,986		2,171,254		2,149,204		1,867,650		1,863,017		1,711,099		1,708,824		1,727,810		1,734,722
Total	$	5,617,995	$	5,667,918	$	5,471,605	$	5,437,459	$	4,966,614	$	4,917,313	$	4,798,031	$	4,772,547	$	4,800,269	$	4,803,803

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

	March 31, 2019				December 31, 2018				September 30, 2018				June 30, 2018				March 31, 2018
	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%	$	208,034	90.3	%	$	721,015	96.3	%	$	640,481	98.1	%	$	571,151	96.4	%	$	358,873	94.1	%
20% or more for less than six months	20,845		9.1	%	21,336		2.9	%	309		—	%	21,045		3.6	%	20,232		5.3	%
20% or more for six months or greater	1,344		0.6	%	6,139		0.8	%	12,293		1.9	%	12		—	%	2,360		0.6	%
Total	$	230,223	100.0	%	$	748,490	100.0	%	$	653,083	100.0	%	$	592,208	100.0	%	$	381,465	100.0	%

Reinsurance Group of America, Incorporated Investments (USD thousands) Fixed Maturity Securities Below Amortized Cost

	As of March 31, 2019
	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	$	1,140,753	$	23,578	$	3,756,371	$	108,434	$	4,897,124	$	132,012
Canadian governments	2,812		19		72,244		636		75,056		655
RMBS	29,505		122		672,715		10,109		702,220		10,231
ABS	774,538		7,246		528,169		8,472		1,302,707		15,718
CMBS	100,664		369		227,404		2,746		328,068		3,115
U.S. government	1,265		1		1,125,274		21,237		1,126,539		21,238
State and political subdivisions	31,416		149		113,463		2,492		144,879		2,641
Other foreign government	115,581		2,813		345,928		7,213		461,509		10,026
Total investment grade securities	$	2,196,534	$	34,297	$	6,841,568	$	161,339	$	9,038,102	$	195,636

Below-investment grade securities:
Corporate	$	215,368	$	21,398	$	161,915	$	10,685	$	377,283	$	32,083
RMBS	—		—		1,001		23		1,001		23
ABS	—		—		1,029		31		1,029		31
Other foreign government	27,413		838		27,301		1,612		54,714		2,450
Total below investment grade securities	$	242,781	$	22,236	$	191,246	$	12,351	$	434,027	$	34,587
Total fixed maturity securities	$	2,439,315	$	56,533	$	7,032,814	$	173,690	$	9,472,129	$	230,223

Reinsurance Group of America, Incorporated Investments (USD thousands) Fixed Maturity Securities Below Amortized Cost

	December 31, 2018
	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	$	8,505,371	$	302,604	$	3,611,266	$	195,082	$	12,116,637	$	497,686
Canadian governments	25,169		419		131,806		1,612		156,975		2,031
RMBS	269,558		2,488		836,741		22,760		1,106,299		25,248
ABS	1,102,677		24,271		381,609		8,523		1,484,286		32,794
CMBS	384,259		4,304		414,719		13,930		798,978		18,234
U.S. government	8,616		80		1,086,694		57,787		1,095,310		57,867
State and political subdivisions	103,504		1,538		157,330		7,472		260,834		9,010
Other foreign government	789,859		24,509		472,934		17,446		1,262,793		41,955
Total investment grade securities	$	11,189,013	$	360,213	$	7,093,099	$	324,612	$	18,282,112	$	684,825

Below-investment grade securities:
Corporate	$	755,679	$	42,760	$	122,559	$	14,646	$	878,238	$	57,406
Canadian governments	443		34		1,770		243		2,213		277
RMBS	—		—		1,026		34		1,026		34
ABS	—		—		1,063		35		1,063		35
Other foreign government	128,725		5,574		7,479		339		136,204		5,913
Total below investment grade securities	$	884,847	$	48,368	$	133,897	$	15,297	$	1,018,744	$	63,665
Total fixed maturity securities	$	12,073,860	$	408,581	$	7,226,996	$	339,909	$	19,300,856	$	748,490

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,
	2019			2018			2018			2018			2018
Fixed maturity securities available-for-sale:
Other-than-temporary impairment losses on fixed maturities	$	(9,453	)	$	(14,439	)	$	(10,705	)	$	(3,350	)	$	—		$	(9,453	)
Gain on investment activity	28,045			13,065			20,040			21,140			10,966			17,079
Loss on investment activity	(18,723		)	(64,676		)	(37,880		)	(35,934		)	(20,380		)	1,657
Net loss on fixed maturity securities available-for-sale	(131		)	(66,050		)	(28,545		)	(18,144		)	(9,414		)	9,283

Net gains (losses) on equity securities	3,817			(16,433		)	7,297			(6,497		)	(5,059		)	8,876
Other impairment losses and change in mortgage loan provision	(1,859		)	(3,684		)	(6,566		)	(1,357		)	(312		)	(1,547		)
Other non-derivative gain, net	5,428			4,244			5,336			5,511			5,303			125

Free-standing derivatives:
Credit default swaps	14,500			(7,521		)	4,689			1,084			(402		)	14,902
Interest rate swaps - non-hedged	23,974			26,085			(12,228		)	(8,600		)	(26,571		)	50,545
Interest rate swaps - hedged	—			8			(8		)	(8		)	(15		)	15
Foreign currency swaps - non-hedged	723			(3,695		)	—			—			—			723
Foreign currency swaps - hedged	(1,412		)	(3,100		)	574			1,435			2,373			(3,785		)
Financial futures	(22,278		)	28,512			(6,544		)	(897		)	129			(22,407		)
CPI swaps	(8,851		)	(9,051		)	(4,223		)	1,041			2,186			(11,037		)
Equity options	(22,684		)	22,522			(9,793		)	(8,007		)	2,593			(25,277		)
Foreign currency forwards	492			(237		)	(58		)	(262		)	323			169
Total free-standing derivatives	(15,536		)	53,523			(27,591		)	(14,214		)	(19,384		)	3,848

Embedded derivatives:
Modified coinsurance and funds withheld treaties	(2,092		)	(32,932		)	(2,081		)	8,805			13,611			(15,703		)
GMXB	18,161			(77,697		)	32,133			15,324			14,785			3,376
Total embedded derivatives	16,069			(110,629		)	30,052			24,129			28,396			(12,327		)

Net gain (loss) on total derivatives	533			(57,106		)	2,461			9,915			9,012			(8,479		)

Total investment related gains (losses), net	$	7,788		$	(139,029	)	$	(20,017	)	$	(10,572	)	$	(470	)	$	8,258

Reinsurance Group of America, Incorporated Reconciliations of GAAP Income to Adjusted Operating Income (USD thousands)

	Three Months Ended															Current Qtr
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,			vs. PY
	2019			2018			2018			2018			2018			Quarter
U.S. & Latin America Traditional
Income before income taxes	$	11,654		$	95,212		$	116,328		$	71,978		$	2,892		$	8,762
Investment and derivative (gains) losses (1)	(3		)	76			90			41			10			(13		)
Change in value of modified coinsurance and
funds withheld embedded derivatives (1)	6,475			(2,878		)	(57		)	(3,766		)	(1,693		)	8,168
Adjusted operating income before income taxes	$	18,126		$	92,410		$	116,361		$	68,253		$	1,209		$	16,917

U.S. & Latin America Asset Intensive
Income (loss) before income taxes	$	64,958		$	(5,798	)	$	65,490		$	60,840		$	47,262		$	17,696
Investment and derivative (gains) losses (1)	21,498			(54,246		)	29,414			19,587			26,027			(4,529		)
Change in value of modified coinsurance and
funds withheld embedded derivatives (1)	(4,383		)	35,810			2,138			(5,039		)	(11,918		)	7,535
GMXB embedded derivatives (1)	(18,161		)	77,697			(32,133		)	(15,324		)	(14,785		)	(3,376		)
Funds withheld (gains) losses - investment income	5,690			(410		)	585			(12,645		)	10,315			(4,625		)
EIA embedded derivatives - interest credited	1,518			12,222			(1,602		)	565			(28,563		)	30,081
DAC offset, net	(11,540		)	(12,498		)	(110		)	1,755			21,324			(32,864		)
Adjusted operating income before income taxes	$	59,580		$	52,777		$	63,782		$	49,739		$	49,662		$	9,918

U.S. & Latin America Financial Reinsurance
Income before income taxes	$	18,319		$	19,394		$	21,583		$	21,548		$	20,159		$	(1,840	)
Adjusted operating income before income taxes	$	18,319		$	19,394		$	21,583		$	21,548		$	20,159		$	(1,840	)

Canada Traditional
Income before income taxes	$	50,279		$	45,647		$	21,149		$	21,805		$	23,707		$	26,572
Investment and derivative (gains) losses (1)	(5,781		)	4,313			(1,226		)	812			1,873			(7,654		)
Funds withheld (gains) losses - investment income	114			380			29			(455		)	(23		)	137
Adjusted operating income before income taxes	$	44,612		$	50,340		$	19,952		$	22,162		$	25,557		$	19,055

Canada Financial Solutions
Income before income taxes	$	1,348		$	1,195		$	1,646		$	3,544		$	3,191		$	(1,843	)
Adjusted operating income before income taxes	$	1,348		$	1,195		$	1,646		$	3,544		$	3,191		$	(1,843	)

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

Reinsurance Group of America, Incorporated Reconciliations of GAAP Income to Adjusted Operating Income (USD thousands)

	Three Months Ended															Current Qtr
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,			vs. PY
	2019			2018			2018			2018			2018			Quarter
Europe, Middle East and Africa Traditional
Income before income taxes	$	15,424		$	14,860		$	18,370		$	6,468		$	15,421		$	3
Investment and derivative (gains) losses (1)	—			170			—			—			(9		)	9
Adjusted operating income before income taxes	$	15,424		$	15,030		$	18,370		$	6,468		$	15,412		$	12

Europe, Middle East and Africa Financial Solutions
Income before income taxes	$	38,390		$	35,649		$	56,205		$	65,369		$	39,164		$	(774	)
Investment and derivative (gains) losses (1)	(3,364		)	8,568			87			(5,858		)	(3,352		)	(12		)
Investment (income) loss on unit-linked variable annuities	(12,342		)	10,536			(2,402		)	(4,127		)	2,652			(14,994		)
Interest credited on unit-linked variable annuities	12,342			(10,536		)	2,402			4,127			(2,652		)	14,994
Non-investment derivatives	70			(43		)	139			(13		)	76			(6		)
Adjusted operating income before income taxes	$	35,096		$	44,174		$	56,431		$	59,498		$	35,888		$	(792	)

Asia Pacific Traditional
Income before income taxes	$	36,624		$	33,745		$	62,007		$	58,862		$	22,887		$	13,737
Investment and derivative losses (1)	(4		)	—			(1		)	—			(5		)	1
Adjusted operating income before income taxes	$	36,620		$	33,745		$	62,006		$	58,862		$	22,882		$	13,738

Asia Pacific Financial Solutions
Income (loss) before income taxes	$	6,083		$	(14,331	)	$	206		$	4,138		$	4,021		$	2,062
Investment and derivative (gains) losses (1)	(2,748		)	16,351			1,133			(1,274		)	(2,743		)	(5		)
Adjusted operating income before income taxes	$	3,335		$	2,020		$	1,339		$	2,864		$	1,278		$	2,057

Corporate and Other
Loss before income taxes	$	(26,515	)	$	(87,627	)	$	(40,323	)	$	(67,264	)	$	(40,779	)	$	14,264
Investment and derivative losses (1)	3,680			56,791			22,958			23,913			9,842			(6,162		)
Interest expense on uncertain tax positions	2,667			—			—			—			—			2,667
Non-investment derivatives	360			(159		)	(692		)	490			—			360
Adjusted operating loss before income taxes	$	(19,808	)	$	(30,995	)	$	(18,057	)	$	(42,861	)	$	(30,937	)	$	11,129

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

Reinsurance Group of America, Incorporated Reconciliations of Stockholders’ Equity to Stockholders’ Equity Excluding AOCI (USD thousands except per share data)


	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,
	2019			2018			2018			2018			2018

Stockholders’ equity	$	9,670,108		$	8,450,553		$	8,579,323		$	8,601,702		$	9,008,261
Less effect of AOCI:
Accumulated currency translation adjustments	(147,312		)	(168,698		)	(119,298		)	(142,187		)	(87,510		)
Unrealized appreciation of securities	1,964,370			856,159			982,352			1,198,338			1,567,057
Pension and postretirement benefits	(51,093		)	(50,698		)	(50,249		)	(51,180		)	(51,151		)
Stockholders’ equity, excluding AOCI	$	7,904,143		$	7,813,790		$	7,766,518		$	7,596,731		$	7,579,865



Reconciliations of Book Value Per Share to Book Value Per Share Excluding AOCI

	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,
	2019			2018			2018			2018			2018

Book value per share	$	154.61		$	134.53		$	136.29		$	135.09		$	139.64
Less effect of AOCI:
Accumulated currency translation adjustments	(2.36		)	(2.69		)	(1.90		)	(2.23		)	(1.36		)
Unrealized appreciation of securities	31.41			13.63			15.61			18.82			24.29
Pension and postretirement benefits	(0.82		)	(0.80		)	(0.79		)	(0.81		)	(0.78		)
Book value per share, excluding AOCI	$	126.38		$	124.39		$	123.37		$	119.31		$	117.49



World Headquarters	Internet Address	Contacts
16600 Swingley Ridge Road	www.rgare.com	Todd C. Larson
Chesterfield, Missouri 63017 U.S.A.		Senior Executive Vice President
		and Chief Financial Officer
		Phone: (636) 736-7000
		e-mail: tlarson@rgare.com

		Jeff Hopson
		Senior 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 dac	AA-	NR	NR
RGA Global Reinsurance Company, Ltd.	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
Omnilife Insurance Company Limited	A+	NR	NR
Senior Debt Ratings
Reinsurance Group of America, Incorporated	A	a-	Baa1

Investment Income and Yield Summary


	Three Months Ended															Current Qtr vs. PY Quarter
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,
	2019			2018			2018			2018			2018
Average invested assets at amortized cost (1)	$	28,096,587		$	27,387,965		$	27,029,073		$	26,899,416		$	27,024,934		$	1,071,653
Net investment income (1)	$	310,229		$	298,902		$	303,860		$	285,832		$	296,473		$	13,756
Annualized investment yield (ratio of net investment income to average invested assets at amortized cost) (1)	4.49		%	4.44		%	4.57		%	4.32		%	4.46		%	3 bps

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



	Page
Non-GAAP Disclosures	1

Consolidated

Financial Highlights	2

Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations)	3

Consolidated Balance Sheets	5

Segment Summaries of GAAP Income Statements and Adjusted Operating Income Statements

U.S. and Latin America Operations	6

Canada Traditional	13

Canada Financial Solutions	15

Europe, Middle East and Africa Traditional	17

Europe, Middle East and Africa Financial Solutions	19

Asia Pacific Traditional	21

Asia Pacific Financial Solutions	23

Corporate and Other	25

Summary of Segment GAAP Income	27

Summary of Segment Adjusted Operating Income	28

Investments

Cash and Invested Assets, Investment Income and Yield Summary	29

Amortized Cost, Gross Unrealized Gains and Losses, and Estimated Fair Values of Fixed Maturity Securities	30

Corporate Fixed Maturity Securities by Sector	31

Ratings of Fixed Maturity Securities and Structured Fixed Maturity Securities	32

Gross Unrealized Losses Aging - Fixed Maturity Securities	33

Fixed Maturity Securities Below Amortized Cost	34

Consolidated Investment Related Gains and Losses	36

Appendix

Reconciliations of GAAP to Non-GAAP Measures	37