Exhibit



	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

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			Year-to Date
(USD thousands, except in force & per share data)	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,						June 30,		June 30,
	2019			2019			2018			2018			2018						2019		2018		Change
Net premiums	$	2,763,786		$	2,737,813		$	2,804,723		$	2,562,042		$	2,594,460		$	169,326		$	5,501,599	$	5,177,011	$	324,588
Net income	202,698			169,507			110,039			301,199			204,374			(1,676		)	372,205		304,604		67,601
Adjusted operating income	210,846			167,155			221,751			259,417			202,054			8,792			378,001		307,800		70,201
Return on equity - annualized	8.0		%	7.5		%	5.2		%	14.0		%	9.3		%	(1.3		)%
Return on equity - trailing 12 months	8.5		%	8.9		%	8.1		%	20.8		%	20.2		%	(11.7		)%
Adjusted operating return on equity (ex AOCI):
Annualized	10.6		%	8.5		%	11.4		%	13.5		%	10.7		%	(0.1		)%
Trailing 12 months	11.0		%	11.0		%	10.3		%	10.0		%	9.9		%	1.1		%
Total assets	$72,043,816			$66,692,481			$64,535,245			$62,972,642			$59,766,497			$12,277,319
Assumed Life Reinsurance In Force (in billions)
U.S. and Latin America Traditional	$	1,623.0		$	1,618.9		$	1,610.1		$	1,609.8		$	1,608.7		$	14.3
U.S. and Latin America Financial Solutions	2.0			2.0			2.1			2.1			2.1			(0.1		)
Canada Traditional	406.1			394.1			383.5			400.4			391.9			14.2
Europe, Middle East and Africa Traditional	715.8			726.1			716.3			706.5			743.3			(27.5		)
Asia Pacific Traditional	630.3			623.4			616.9			588.1			594.3			36.0
Asia Pacific Financial Solutions	—			0.1			0.3			0.3			0.3			(0.3		)
Total assumed life reinsurance in force	$	3,377.2		$	3,364.6		$	3,329.2		$	3,307.2		$	3,340.6		$	36.6
Assumed New Business Production (in billions)
U.S. and Latin America Traditional	$	24.7		$	28.8		$	26.3		$	27.6		$	29.3		$	(4.6	)	$	53.5	$	52.6	$	0.9
Canada Traditional	9.0			8.4			9.4			7.7			7.7			1.3			17.4		26.0		(8.6		)
Europe, Middle East and Africa Traditional	27.1			33.2			58.6			48.2			45.4			(18.3		)	60.3		83.4		(23.1		)
Asia Pacific Traditional	9.6			8.9			20.3			12.2			17.3			(7.7		)	18.5		34.4		(15.9		)
Total assumed new business production	$	70.4		$	79.3		$	114.6		$	95.7		$	99.7		$	(29.3	)	$	149.7	$	196.4	$	(46.7	)
Per Share and Shares Data
Basic earnings per share
Net income	$	3.23		$	2.70		$	1.75		$	4.76		$	3.19		$	0.04		$	5.93	$	4.74	$	1.19
Adjusted operating income	$	3.36		$	2.66		$	3.53		$	4.10		$	3.15		$	0.21		$	6.03	$	4.79	$	1.24
Diluted earnings per share
Net income	$	3.18		$	2.65		$	1.72		$	4.68		$	3.13		$	0.05		$	5.83	$	4.65	$	1.18
Adjusted operating income	$	3.31		$	2.61		$	3.46		$	4.03		$	3.10		$	0.21		$	5.92	$	4.70	$	1.22

Wgt. average common shares outstanding
Basic	62,678			62,758			62,815			63,279			64,071			(1,393		)	62,719		64,278		(1,559		)
Diluted	63,698			64,027			64,156			64,296			65,250			(1,552		)	63,819		65,555		(1,736		)

Common shares issued	79,138			79,138			79,138			79,138			79,138			—			79,138		79,138		—
Treasury shares	16,380			16,594			16,324			16,187			15,466			914			16,380		15,466		914
Common shares outstanding	62,758			62,544			62,814			62,951			63,672			(914		)	62,758		63,672		(914		)

Book value per share	$	170.64		$	154.61		$	134.53		$	136.29		$	135.09		$	35.55
Per share effect of AOCI	$	42.10		$	28.23		$	10.14		$	12.92		$	15.78		$	26.32
Book value per share, excluding AOCI	$	128.54		$	126.38		$	124.39		$	123.37		$	119.31		$	9.23

Stockholders’ dividends paid	$	37,639.9		$	37,707.3		$	37,668.5		$	38,071.2		$	32,128.8		$	5,511.1		$	75,347.2	$	64,369.9	$	10,977.3



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

	Three Months Ended															Current Qtr			Year-to Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			vs. PY			June 30,			June 30,
	2019			2019			2018			2018			2018			Quarter			2019			2018			Change
Revenues:
Net premiums	$	2,763,786		$	2,737,813		$	2,804,723		$	2,562,042		$	2,594,460		$	169,326		$	5,501,599		$	5,177,011		$	324,588
Investment income, net of related expenses	584,078			579,877			521,393			572,742			528,061			56,017			1,163,955			1,044,390			119,565
Investment related gains (losses), net
OTTI on fixed maturity securities	—			(9,453		)	(14,439		)	(10,705		)	(3,350		)	3,350			(9,453		)	(3,350		)	(6,103		)
Other investment related gains (losses), net	12,472			17,241			(124,590		)	(9,312		)	(7,222		)	19,694			29,713			(7,692		)	37,405
Total investment related gains (losses), net	12,472			7,788			(139,029		)	(20,017		)	(10,572		)	23,044			20,260			(11,042		)	31,302
Other revenue	107,072			94,553			91,431			112,764			83,959			23,113			201,625			159,256			42,369
Total revenues	3,467,408			3,420,031			3,278,518			3,227,531			3,195,908			271,500			6,887,439			6,369,615			517,824
Benefits and expenses:
Claims and other policy benefits	2,515,211			2,508,324			2,467,315			2,209,920			2,279,593			235,618			5,023,535			4,641,694			381,841
Interest credited	157,842			133,189			92,136			143,292			109,327			48,515			291,031			189,776			101,255
Policy acquisition costs and other insurance expenses	260,345			311,881			334,703			310,639			320,276			(59,931		)	572,226			677,178			(104,952		)
Other operating expenses	223,499			201,483			199,642			200,262			194,959			28,540			424,982			386,233			38,749
Interest expense	43,283			40,173			39,586			33,290			37,025			6,258			83,456			74,479			8,977
Collateral finance and securitization expense	7,151			8,417			7,190			7,467			7,440			(289		)	15,568			15,042			526
Total benefits and expenses	3,207,331			3,203,467			3,140,572			2,904,870			2,948,620			258,711			6,410,798			5,984,402			426,396
Income before income taxes	260,077			216,564			137,946			322,661			247,288			12,789			476,641			385,213			91,428
Provision for income taxes	57,379			47,057			27,907			21,462			42,914			14,465			104,436			80,609			23,827
Net income	$	202,698		$	169,507		$	110,039		$	301,199		$	204,374		$	(1,676	)	$	372,205		$	304,604		$	67,601
Pre-tax adjusted operating income reconciliation:
Income before income tax	$	260,077		$	216,564		$	137,946		$	322,661		$	247,288		$	12,789		$	476,641		$	385,213		$	91,428
Investment and derivative (gains) losses (1)	(22,214		)	13,278			32,023			52,455			37,221			(59,435		)	(8,936		)	68,864			(77,800		)
Change in value of modified coinsurance and funds withheld embedded derivatives (1)	(5,262		)	2,092			32,932			2,081			(8,805		)	3,543			(3,170		)	(22,416		)	19,246
GMXB embedded derivatives (1)	18,044			(18,161		)	77,697			(32,133		)	(15,324		)	33,368			(117		)	(30,109		)	29,992
Funds withheld (gains) losses - investment income	(492		)	5,804			(30		)	614			(13,100		)	12,608			5,312			(2,808		)	8,120
EIA embedded derivatives - interest credited	18,539			1,518			12,222			(1,602		)	565			17,974			20,057			(27,998		)	48,055
DAC offset, net	(4,050		)	(11,540		)	(12,498		)	(110		)	1,755			(5,805		)	(15,590		)	23,079			(38,669		)
Investment (income) loss on unit-linked variable annuities	(2,280		)	(12,342		)	10,536			(2,402		)	(4,127		)	1,847			(14,622		)	(1,475		)	(13,147		)
Interest credited on unit-linked variable annuities	2,280			12,342			(10,536		)	2,402			4,127			(1,847		)	14,622			1,475			13,147
Interest expense on uncertain tax positions	2,732			2,667			—			—			—			2,732			5,399			—			5,399
Non-investment derivatives	12			430			(202		)	(553		)	477			(465		)	442			553			(111		)
Adjusted operating income before income taxes	$	267,386		$	212,652		$	280,090		$	343,413		$	250,077		$	17,309		$	480,038		$	394,378		$	85,660


(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)
(USD thousands)

	Three Months Ended															Current Qtr			Year-to Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			vs. PY			June 30,			June 30,
	2019			2019			2018			2018			2018			Quarter			2019			2018			Change
After-tax adjusted operating income reconciliation:
Net income	$	202,698		$	169,507		$	110,039		$	301,199		$	204,374		$	(1,676	)	$	372,205		$	304,604		$	67,601
Investment and derivative (gains) losses (1)	(17,719		)	10,668			25,067			41,548			29,195			(46,914		)	(7,051		)	53,897			(60,948		)
Change in value of modified coinsurance and funds withheld embedded derivatives (1)	(4,157		)	1,653			26,017			1,644			(6,956		)	2,799			(2,504		)	(17,709		)	15,205
GMXB embedded derivatives (1)	14,255			(14,347		)	61,380			(25,385		)	(12,106		)	26,361			(92		)	(23,786		)	23,694
Funds withheld (gains) losses - investment income	(389		)	4,585			(24		)	485			(10,349		)	9,960			4,196			(2,218		)	6,414
EIA embedded derivatives - interest credited	14,646			1,199			9,655			(1,266		)	447			14,199			15,845			(22,118		)	37,963
DAC offset, net	(3,199		)	(9,117		)	(9,874		)	(86		)	1,386			(4,585		)	(12,316		)	18,232			(30,548		)
Investment (income) loss on unit-linked variable annuities	(1,801		)	(9,750		)	8,324			(1,898		)	(3,260		)	1,459			(11,551		)	(1,165		)	(10,386		)
Interest credited on unit-linked variable annuities	1,801			9,750			(8,324		)	1,898			3,260			(1,459		)	11,551			1,165			10,386
Interest expense on uncertain tax positions	2,158			2,107			—			—			—			2,158			4,265			—			4,265
Non-investment derivatives	9			340			(160		)	(437		)	377			(368		)	349			437			(88		)
Uncertain tax positions and other tax related items	2,544			560			(349		)	(58,285		)	(4,314		)	6,858			3,104			(3,539		)	6,643
Adjusted operating income	$	210,846		$	167,155		$	221,751		$	259,417		$	202,054		$	8,792		$	378,001		$	307,800		$	70,201


Wgt. average common shares outstanding (diluted)	63,698			64,027			64,156			64,296			65,250			(1,552		)	63,819			65,555			(1,736		)

Diluted earnings per share - adjusted operating income	$	3.31		$	2.61		$	3.46		$	4.03		$	3.10		$	0.21		$	5.92		$	4.70		$	1.22

Foreign currency effect on (2):
Net premiums	$	(60,010	)	$	(78,797	)	$	(43,803	)	$	(33,440	)	$	40,891		$	(100,901	)	$	(138,807	)	$	120,239		$	(259,046	)
Adjusted operating income (loss) before income taxes	$	(4,939	)	$	(9,361	)	$	(4,914	)	$	(1,293	)	$	5,422		$	(10,361	)	$	(14,300	)	$	13,747		$	(28,047	)


(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)
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,
	2019			2019			2018			2018			2018
Assets
Fixed maturity securities, available-for-sale	$	46,189,305		$	41,738,443		$	39,992,346		$	39,005,212		$	36,784,954
Equity securities	146,755			89,865			82,197			101,069			108,070
Mortgage loans on real estate	5,405,422			5,117,545			4,966,298			4,779,074			4,558,669
Policy loans	1,319,722			1,312,349			1,344,980			1,320,050			1,339,252
Funds withheld at interest	5,696,217			5,729,838			5,761,471			5,976,301			5,981,092
Short-term investments	158,788			119,215			142,598			229,928			123,028
Other invested assets	2,121,406			2,006,870			1,915,297			1,706,979			1,605,562
Total investments	61,037,615			56,114,125			54,205,187			53,118,613			50,500,627
Cash and cash equivalents	2,287,526			2,020,396			1,889,733			1,730,489			1,397,679
Accrued investment income	470,074			442,956			427,893			455,296			400,160
Premiums receivable and other reinsurance balances	2,944,820			2,857,673			3,017,868			2,779,556			2,617,382
Reinsurance ceded receivables	851,380			814,806			757,572			769,324			789,429
Deferred policy acquisition costs	3,440,339			3,404,593			3,397,770			3,211,145			3,205,667
Other assets	1,012,062			1,037,932			839,222			908,219			855,553
Total assets	$	72,043,816		$	66,692,481		$	64,535,245		$	62,972,642		$	59,766,497

Liabilities and stockholders’ equity
Future policy benefits	$	26,995,770		$	25,976,847		$	25,285,400		$	25,139,148		$	22,286,622
Interest-sensitive contract liabilities	19,748,683			17,750,197			18,004,526			16,751,379			16,513,668
Other policy claims and benefits	6,136,374			5,911,554			5,642,755			5,424,347			5,334,210
Other reinsurance balances	512,924			517,096			487,177			482,235			412,846
Deferred income taxes	2,443,429			2,144,680			1,798,800			1,883,848			2,009,514
Other liabilities	1,480,914			1,278,108			1,396,200			1,213,595			1,094,826
Long-term debt	3,381,411			2,787,717			2,787,873			2,787,975			2,788,111
Collateral finance and securitization notes	635,300			656,174			681,961			710,792			724,998
Total liabilities	61,334,805			57,022,373			56,084,692			54,393,319			51,164,795

Stockholders’ equity:
Common stock, at par value	791			791			791			791			791
Additional paid-in-capital	1,920,144			1,906,291			1,898,652			1,899,144			1,887,336
Retained earnings	7,549,737			7,412,081			7,284,949			7,215,526			6,952,170
Treasury stock	(1,403,774		)	(1,415,020		)	(1,370,602		)	(1,348,943		)	(1,243,566		)
Accumulated other comprehensive income (AOCI):
Accumulated currency translation adjustment, net of income taxes	(122,709		)	(147,312		)	(168,698		)	(119,298		)	(142,187		)
Unrealized appreciation of securities, net of income taxes	2,815,893			1,964,370			856,159			982,352			1,198,338
Pension and postretirement benefits, net of income taxes	(51,071		)	(51,093		)	(50,698		)	(50,249		)	(51,180		)
Total stockholders’ equity	10,709,011			9,670,108			8,450,553			8,579,323			8,601,702
Total liabilities and stockholders’ equity	$	72,043,816		$	66,692,481		$	64,535,245		$	62,972,642		$	59,766,497

Total stockholders’ equity, excluding AOCI	$	8,066,898		$	7,904,143		$	7,813,790		$	7,766,518		$	7,596,731

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			Year-to-Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			vs. PY			June 30,			June 30,
	2019			2019			2018			2018			2018			Quarter			2019			2018			Change
Revenues:
Net premiums	$	1,410,503		$	1,356,882		$	1,500,210		$	1,360,076		$	1,373,548		$	36,955		$	2,767,385		$	2,672,970		$	94,415
Investment income, net of related expenses	173,310			185,534			184,823			181,396			180,478			(7,168		)	358,844			363,538			(4,694		)
Investment related gains (losses), net	(3,950		)	(6,472		)	2,802			(33		)	3,725			(7,675		)	(10,422		)	5,408			(15,830		)
Other revenue	4,813			4,722			6,267			6,351			6,396			(1,583		)	9,535			11,925			(2,390		)
Total revenues	1,584,676			1,540,666			1,694,102			1,547,790			1,564,147			20,529			3,125,342			3,053,841			71,501

Benefits and expenses:
Claims and other policy benefits	1,292,852			1,300,065			1,347,292			1,191,489			1,255,007			37,845			2,592,917			2,509,968			82,949
Interest credited	19,517			19,874			20,453			20,321			20,992			(1,475		)	39,391			41,272			(1,881		)
Policy acquisition costs and other insurance expenses	179,947			176,003			195,437			183,433			182,064			(2,117		)	355,950			359,704			(3,754		)
Other operating expenses	37,185			33,070			35,708			36,219			34,106			3,079			70,255			68,027			2,228
Total benefits and expenses	1,529,501			1,529,012			1,598,890			1,431,462			1,492,169			37,332			3,058,513			2,978,971			79,542

Income before income taxes	$	55,175		$	11,654		$	95,212		$	116,328		$	71,978		$	(16,803	)	$	66,829		$	74,870		$	(8,041	)

Loss and expense ratios:
Claims and other policy benefits	91.7		%	95.8		%	89.8		%	87.6		%	91.4		%	0.3		%	93.7		%	93.9		%	(0.2		)%
Policy acquisition costs and other insurance expenses	12.8		%	13.0		%	13.0		%	13.5		%	13.3		%	(0.5		)%	12.9		%	13.5		%	(0.6		)%
Other operating expenses	2.6		%	2.4		%	2.4		%	2.7		%	2.5		%	0.1		%	2.5		%	2.5		%	—		%

Foreign currency effect on (1):
Net premiums	$	166		$	(520	)	$	(625	)	$	(995	)	$	(608	)	$	774		$	(354	)	$	336		$	(690	)
Income (loss) before income taxes	$	(26	)	$	59		$	10		$	261		$	185		$	(211	)	$	33		$	136		$	(103	)

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
Adjusted Operating Income Statements
(USD thousands)

	Three Months Ended															Current			Year-to-Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			Qtr vs. PY			June 30,			June 30,
	2019			2019			2018			2018			2018			Quarter			2019			2018			Change
Revenues:
Net premiums	$	1,410,503		$	1,356,882		$	1,500,210		$	1,360,076		$	1,373,548		$	36,955		$	2,767,385		$	2,672,970		$	94,415
Investment income, net of related expenses	173,310			185,534			184,823			181,396			180,478			(7,168		)	358,844			363,538			(4,694		)
Other revenue	4,813			4,722			6,267			6,351			6,396			(1,583		)	9,535			11,925			(2,390		)
Total revenues	1,588,626			1,547,138			1,691,300			1,547,823			1,560,422			28,204			3,135,764			3,048,433			87,331

Benefits and expenses:
Claims and other policy benefits	1,292,852			1,300,065			1,347,292			1,191,489			1,255,007			37,845			2,592,917			2,509,968			82,949
Interest credited	19,517			19,874			20,453			20,321			20,992			(1,475		)	39,391			41,272			(1,881		)
Policy acquisition costs and other insurance expenses	179,947			176,003			195,437			183,433			182,064			(2,117		)	355,950			359,704			(3,754		)
Other operating expenses	37,185			33,070			35,708			36,219			34,106			3,079			70,255			68,027			2,228
Total benefits and expenses	1,529,501			1,529,012			1,598,890			1,431,462			1,492,169			37,332			3,058,513			2,978,971			79,542

Adjusted operating income before income taxes	$	59,125		$	18,126		$	92,410		$	116,361		$	68,253		$	(9,128	)	$	77,251		$	69,462		$	7,789

Loss and expense ratios:
Claims and other policy benefits	91.7		%	95.8		%	89.8		%	87.6		%	91.4		%	0.3		%	93.7		%	93.9		%	(0.2		)%
Policy acquisition costs and other insurance expenses	12.8		%	13.0		%	13.0		%	13.5		%	13.3		%	(0.5		)%	12.9		%	13.5		%	(0.6		)%
Other operating expenses	2.6		%	2.4		%	2.4		%	2.7		%	2.5		%	0.1		%	2.5		%	2.5		%	—		%

Foreign currency effect on (1):
Net premiums	$	166		$	(520	)	$	(625	)	$	(995	)	$	(608	)	$	774		$	(354	)	$	336		$	(690	)
Adjusted operating income (loss) before income taxes	$	(26	)	$	59		$	10		$	261		$	185		$	(211	)	$	33		$	136		$	(103	)

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			Year-to-Date
	June 30,		March 31,		Dec. 31,			Sept. 30,		June 30,		vs. PY			June 30,		June 30,
	2019		2019		2018			2018		2018		Quarter			2019		2018		Change
Revenues:
Net premiums	$	8,220	$	7,210	$	8,427		$	6,885	$	6,699	$	1,521		$	15,430	$	11,891	$	3,539
Investment income, net of related expenses	203,894		197,221		169,922			200,397		171,810		32,084			401,115		329,722		71,393
Investment related gains (losses), net	17,500		1,046		(59,261		)	581		776		16,724			18,546		1,452		17,094
Other revenue	50,242		22,674		27,365			53,735		24,065		26,177			72,916		47,024		25,892
Total revenues	279,856		228,151		146,453			261,598		203,350		76,506			508,007		390,089		117,918

Benefits and expenses:
Claims and other policy benefits	48,663		48,099		44,704			46,995		22,590		26,073			96,762		38,535		58,227
Interest credited	123,786		88,710		72,142			110,673		74,810		48,976			212,496		129,022		83,474
Policy acquisition costs and other insurance expenses	25,657		19,233		28,436			30,519		37,939		(12,282		)	44,890		99,974		(55,084		)
Other operating expenses	9,056		7,151		6,969			7,921		7,171		1,885			16,207		14,456		1,751
Total benefits and expenses	207,162		163,193		152,251			196,108		142,510		64,652			370,355		281,987		88,368

Income (loss) before income taxes	$	72,694	$	64,958	$	(5,798	)	$	65,490	$	60,840	$	11,854		$	137,652	$	108,102	$	29,550

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			Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		vs. PY			June 30,		June 30,
	2019		2019		2018		2018		2018		Quarter			2019		2018		Change
Revenues:
Net premiums	$	8,220	$	7,210	$	8,427	$	6,885	$	6,699	$	1,521		$	15,430	$	11,891	$	3,539
Investment income, net of related expenses	203,635		202,911		169,512		200,982		159,165		44,470			406,546		327,392		79,154
Other revenue	50,242		22,674		27,365		53,735		24,065		26,177			72,916		47,024		25,892
Total revenues	262,097		232,795		205,304		261,602		189,929		72,168			494,892		386,307		108,585

Benefits and expenses:
Claims and other policy benefits	48,663		48,099		44,704		46,995		22,590		26,073			96,762		38,535		58,227
Interest credited	105,247		87,192		59,920		112,275		74,245		31,002			192,439		157,020		35,419
Policy acquisition costs and other insurance expenses	29,707		30,773		40,934		30,629		36,184		(6,477		)	60,480		76,895		(16,415		)
Other operating expenses	9,056		7,151		6,969		7,921		7,171		1,885			16,207		14,456		1,751
Total benefits and expenses	192,673		173,215		152,527		197,820		140,190		52,483			365,888		286,906		78,982

Adjusted operating income before income taxes	$	69,424	$	59,580	$	52,777	$	63,782	$	49,739	$	19,685		$	129,004	$	99,401	$	29,603

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
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,
	2019			2019			2018			2018			2018
Annuity account values:
Fixed annuities (deferred)	$	10,374		$	8,311		$	8,461		$	7,447		$	7,101

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

Equity-indexed annuities	$	3,656		$	3,712		$	3,782		$	3,873		$	3,931

Variable annuities account values
No riders	$	1,486		$	702		$	797		$	870		$	877
GMDB only	164			164			159			179			177
GMIB only	22			22			21			24			24
GMAB only	4			5			7			10			13
GMWB only	1,127			1,132			1,090			1,244			1,268
GMDB / WB	278			281			272			309			318
Other	17			18			19			23			24
Total variable annuities account values	$	3,098		$	2,324		$	2,365		$	2,659		$	2,701

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

Interest-sensitive contract liabilities associated with:

Guaranteed investment contracts	$	1,003		$	999		$	991		$	945		$	955

Bank-owned life insurance (BOLI)	$	602		$	599		$	596		$	593		$	589

Other asset-intensive business	$	133		$	136		$	58		$	59		$	60

Future policy benefits associated with:

Payout annuities	$	4,906		$	4,974		$	4,943		$	5,004		$	2,247



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

	Three Months Ended											Current Qtr			Year-to-Date
	June 30,			March 31,		Dec. 31,		Sept. 30,		June 30,		vs. PY			June 30,		June 30,
	2019			2019		2018		2018		2018		Quarter			2019		2018		Change
Revenues:
Investment income, net of related expenses	$	1,029		$	1,016	$	1,766	$	1,491	$	1,504	$	(475	)	$	2,045	$	3,326	$	(1,281	)
Other revenue	20,372			25,493		24,878		27,759		25,094		(4,722		)	45,865		49,885		(4,020		)
Total revenues	21,401			26,509		26,644		29,250		26,598		(5,197		)	47,910		53,211		(5,301		)

Benefits and expenses:
Policy acquisition costs and other insurance expenses	(815		)	5,376		4,084		5,324		2,609		(3,424		)	4,561		6,609		(2,048		)
Other operating expenses	2,892			2,814		3,166		2,343		2,441		451			5,706		4,895		811
Total benefits and expenses	2,077			8,190		7,250		7,667		5,050		(2,973		)	10,267		11,504		(1,237		)

Income before income taxes	$	19,324		$	18,319	$	19,394	$	21,583	$	21,548	$	(2,224	)	$	37,643	$	41,707	$	(4,064	)

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			Year-to-Date
	June 30,			March 31,		Dec. 31,		Sept. 30,		June 30,		vs. PY			June 30,		June 30,
	2019			2019		2018		2018		2018		Quarter			2019		2018		Change
Revenues:
Investment income, net of related expenses	$	1,029		$	1,016	$	1,766	$	1,491	$	1,504	$	(475	)	$	2,045	$	3,326	$	(1,281	)
Other revenue	20,372			25,493		24,878		27,759		25,094		(4,722		)	45,865		49,885		(4,020		)
Total revenues	21,401			26,509		26,644		29,250		26,598		(5,197		)	47,910		53,211		(5,301		)

Benefits and expenses:
Policy acquisition costs and other insurance expenses	(815		)	5,376		4,084		5,324		2,609		(3,424		)	4,561		6,609		(2,048		)
Other operating expenses	2,892			2,814		3,166		2,343		2,441		451			5,706		4,895		811
Total benefits and expenses	2,077			8,190		7,250		7,667		5,050		(2,973		)	10,267		11,504		(1,237		)

Adjusted operating income before income taxes	$	19,324		$	18,319	$	19,394	$	21,583	$	21,548	$	(2,224	)	$	37,643	$	41,707	$	(4,064	)

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			Year-to-Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			vs. PY			June 30,			June 30,
	2019			2019			2018			2018			2018			Quarter			2019			2018			Change
Revenues:
Net premiums	$	264,182		$	255,257		$	267,443		$	243,105		$	260,750		$	3,432		$	519,439		$	513,473		$	5,966
Investment income, net of related expenses	50,002			49,693			49,148			50,145			49,535			467			99,695			100,119			(424		)
Investment related gains (losses), net	2,564			7,404			(2,932		)	2,484			446			2,118			9,968			(285		)	10,253
Other revenue	1,394			(21		)	265			228			1,468			(74		)	1,373			1,211			162
Total revenues	318,142			312,333			313,924			295,962			312,199			5,943			630,475			614,518			15,957

Benefits and expenses:
Claims and other policy benefits	206,272			199,856			200,693			210,292			223,935			(17,663		)	406,128			436,760			(30,632		)
Interest credited	73			55			51			6			21			52			128			26			102
Policy acquisition costs and other insurance expenses	57,049			53,908			59,461			56,224			58,541			(1,492		)	110,957			115,573			(4,616		)
Other operating expenses	8,489			8,235			8,072			8,291			7,897			592			16,724			16,647			77
Total benefits and expenses	271,883			262,054			268,277			274,813			290,394			(18,511		)	533,937			569,006			(35,069		)

Income before income taxes	$	46,259		$	50,279		$	45,647		$	21,149		$	21,805		$	24,454		$	96,538		$	45,512		$	51,026

Loss and expense ratios:
Loss ratios (creditor business)	27.8		%	21.4		%	29.1		%	27.2		%	26.3		%	1.5		%	24.6		%	26.6		%	(2.0		)%
Loss ratios (excluding creditor business)	83.9		%	85.1		%	80.9		%	94.7		%	94.4		%	(10.5		)%	84.5		%	93.3		%	(8.8		)%
Claims and other policy benefits / (net premiums + investment income)	65.7		%	65.5		%	63.4		%	71.7		%	72.2		%	(6.5		)%	65.6		%	71.2		%	(5.6		)%
Policy acquisition costs and other insurance expenses (creditor business)	65.3		%	64.7		%	64.7		%	64.2		%	66.5		%	(1.2		)%	65.0		%	65.9		%	(0.9		)%
Policy acquisition costs and other insurance expenses (excluding creditor business)	16.5		%	15.9		%	16.8		%	17.4		%	16.2		%	0.3		%	16.2		%	16.4		%	(0.2		)%
Other operating expenses	3.2		%	3.2		%	3.0		%	3.4		%	3.0		%	0.2		%	3.2		%	3.2		%	—		%

Foreign currency effect on (1):
Net premiums	$	(9,448	)	$	(12,692	)	$	(10,704	)	$	(10,468	)	$	10,222		$	(19,670	)	$	(22,140	)	$	21,068		$	(43,208	)
Income (loss) before income taxes	$	(1,614	)	$	(2,563	)	$	(2,097	)	$	(1,075	)	$	579		$	(2,193	)	$	(4,177	)	$	1,995		$	(6,172	)

Creditor reinsurance net premiums	$	27,370		$	27,187		$	30,299		$	29,521		$	32,453		$	(5,083	)	$	54,557		$	63,546		$	(8,989	)

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			Year-to-Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			vs. PY			June 30,			June 30,
	2019			2019			2018			2018			2018			Quarter			2019			2018			Change
Revenues:
Net premiums	$	264,182		$	255,257		$	267,443		$	243,105		$	260,750		$	3,432		$	519,439		$	513,473		$	5,966
Investment income, net of related expenses	49,769			49,807			49,528			50,174			49,080			689			99,576			99,641			(65		)
Investment related gains, net	1,713			1,623			1,381			1,258			1,258			455			3,336			2,400			936
Other revenue	1,394			(21		)	265			228			1,468			(74		)	1,373			1,211			162
Total revenues	317,058			306,666			318,617			294,765			312,556			4,502			623,724			616,725			6,999

Benefits and expenses:
Claims and other policy benefits	206,272			199,856			200,693			210,292			223,935			(17,663		)	406,128			436,760			(30,632		)
Interest credited	73			55			51			6			21			52			128			26			102
Policy acquisition costs and other insurance expenses	57,049			53,908			59,461			56,224			58,541			(1,492		)	110,957			115,573			(4,616		)
Other operating expenses	8,489			8,235			8,072			8,291			7,897			592			16,724			16,647			77
Total benefits and expenses	271,883			262,054			268,277			274,813			290,394			(18,511		)	533,937			569,006			(35,069		)

Adjusted operating income before income taxes	$	45,175		$	44,612		$	50,340		$	19,952		$	22,162		$	23,013		$	89,787		$	47,719		$	42,068

Loss and expense ratios:
Loss ratios (creditor business)	27.8		%	21.4		%	29.1		%	27.2		%	26.3		%	1.5		%	24.6		%	26.6		%	(2.0		)%
Loss ratios (excluding creditor business)	83.9		%	85.1		%	80.9		%	94.7		%	94.4		%	(10.5		)%	84.5		%	93.3		%	(8.8		)%
Claims and other policy benefits / (net premiums + investment income)	65.7		%	65.5		%	63.3		%	71.7		%	72.3		%	(6.6		)%	65.6		%	71.2		%	(5.6		)%
Policy acquisition costs and other insurance expenses (creditor business)	65.3		%	64.7		%	64.7		%	64.2		%	66.5		%	(1.2		)%	65.0		%	65.9		%	(0.9		)%
Policy acquisition costs and other insurance expenses (excluding creditor business)	16.5		%	15.9		%	16.8		%	17.4		%	16.2		%	0.3		%	16.2		%	16.4		%	(0.2		)%
Other operating expenses	3.2		%	3.2		%	3.0		%	3.4		%	3.0		%	0.2		%	3.2		%	3.2		%	—		%

Foreign currency effect on (1):
Net premiums	$	(9,448	)	$	(12,692	)	$	(10,704	)	$	(10,468	)	$	10,222		$	(19,670	)	$	(22,140	)	$	21,068		$	(43,208	)
Adjusted operating income (loss) before income taxes	$	(1,647	)	$	(2,364	)	$	(2,273	)	$	(1,022	)	$	600		$	(2,247	)	$	(4,011	)	$	2,112		$	(6,123	)

Creditor reinsurance net premiums	$	27,370		$	27,187		$	30,299		$	29,521		$	32,453		$	(5,083	)	$	54,557		$	63,546		$	(8,989	)

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			Year-to-Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,		vs. PY			June 30,			June 30,
	2019			2019			2018			2018			2018		Quarter			2019			2018		Change
Revenues:
Net premiums	$	22,456		$	21,989		$	10,431		$	10,681		$	10,955	$	11,501		$	44,445		$	22,260	$	22,185
Investment income, net of related expenses	788			718			474			415			330		458			1,506			445		1,061
Other revenue	685			867			649			1,072			804		(119		)	1,552			2,161		(609		)
Total revenues	23,929			23,574			11,554			12,168			12,089		11,840			47,503			24,866		22,637

Benefits and expenses:
Claims and other policy benefits	19,222			21,153			9,775			10,003			7,915		11,307			40,375			17,030		23,345
Policy acquisition costs and other insurance expenses	447			449			188			190			292		155			896			388		508
Other operating expenses	447			624			396			329			338		109			1,071			713		358
Total benefits and expenses	20,116			22,226			10,359			10,522			8,545		11,571			42,342			18,131		24,211

Income before income taxes	$	3,813		$	1,348		$	1,195		$	1,646		$	3,544	$	269		$	5,161		$	6,735	$	(1,574	)

Foreign currency effect on (2):
Net premiums	$	(812	)	$	(1,033	)	$	(423	)	$	(459	)	$	436	$	(1,248	)	$	(1,845	)	$	937	$	(2,782	)
Income (loss) before income taxes	$	(123	)	$	(84	)	$	(69	)	$	(71	)	$	146	$	(269	)	$	(207	)	$	334	$	(541	)

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			Year-to-Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,		vs. PY			June 30,			June 30,
	2019			2019			2018			2018			2018		Quarter			2019			2018		Change
Revenues:
Net premiums	$	22,456		$	21,989		$	10,431		$	10,681		$	10,955	$	11,501		$	44,445		$	22,260	$	22,185
Investment income, net of related expenses	788			718			474			415			330		458			1,506			445		1,061
Other revenue	685			867			649			1,072			804		(119		)	1,552			2,161		(609		)
Total revenues	23,929			23,574			11,554			12,168			12,089		11,840			47,503			24,866		22,637

Benefits and expenses:
Claims and other policy benefits	19,222			21,153			9,775			10,003			7,915		11,307			40,375			17,030		23,345
Policy acquisition costs and other insurance expenses	447			449			188			190			292		155			896			388		508
Other operating expenses	447			624			396			329			338		109			1,071			713		358
Total benefits and expenses	20,116			22,226			10,359			10,522			8,545		11,571			42,342			18,131		24,211

Adjusted operating income before income taxes	$	3,813		$	1,348		$	1,195		$	1,646		$	3,544	$	269		$	5,161		$	6,735	$	(1,574	)

Foreign currency effect on (2):
Net premiums	$	(812	)	$	(1,033	)	$	(423	)	$	(459	)	$	436	$	(1,248	)	$	(1,845	)	$	937	$	(2,782	)
Adjusted operating income (loss) before income taxes	$	(123	)	$	(84	)	$	(68	)	$	(71	)	$	146	$	(269	)	$	(207	)	$	334	$	(541	)

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			Year-to-Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			vs. PY			June 30,			June 30,
	2019			2019			2018			2018			2018			Quarter			2019			2018			Change
Revenues:
Net premiums	$	350,884		$	363,884		$	352,522		$	340,414		$	354,534		$	(3,650	)	$	714,768		$	730,263		$	(15,495	)
Investment income, net of related expenses	17,945			18,802			17,201			16,190			17,087			858			36,747			32,851			3,896
Investment related gains (losses), net	112			—			(170		)	—			—			112			112			9			103
Other revenue	558			1,320			1,673			455			917			(359		)	1,878			3,197			(1,319		)
Total revenues	369,499			384,006			371,226			357,059			372,538			(3,039		)	753,505			766,320			(12,815		)

Benefits and expenses:
Claims and other policy benefits	295,661			312,135			305,027			291,442			310,187			(14,526		)	607,796			636,989			(29,193		)
Policy acquisition costs and other insurance expenses	27,594			29,953			21,651			21,817			29,961			(2,367		)	57,547			55,513			2,034
Other operating expenses	30,123			26,494			29,688			25,430			25,922			4,201			56,617			51,929			4,688
Total benefits and expenses	353,378			368,582			356,366			338,689			366,070			(12,692		)	721,960			744,431			(22,471		)

Income before income taxes	$	16,121		$	15,424		$	14,860		$	18,370		$	6,468		$	9,653		$	31,545		$	21,889		$	9,656

Loss and expense ratios:
Claims and other policy benefits	84.3		%	85.8		%	86.5		%	85.6		%	87.5		%	(3.2		)%	85.0		%	87.2		%	(2.2		)%
Policy acquisition costs and other insurance expenses	7.9		%	8.2		%	6.1		%	6.4		%	8.5		%	(0.6		)%	8.1		%	7.6		%	0.5		%
Other operating expenses	8.6		%	7.3		%	8.4		%	7.5		%	7.3		%	1.3		%	7.9		%	7.1		%	0.8		%


Foreign currency effect on (1):
Net premiums	$	(23,296	)	$	(32,565	)	$	(12,043	)	$	(6,362	)	$	18,659		$	(41,955	)	$	(55,861	)	$	58,967		$	(114,828	)
Income (loss) before income taxes	$	(968	)	$	(1,733	)	$	(875	)	$	(363	)	$	978		$	(1,946	)	$	(2,701	)	$	2,779		$	(5,480	)

Critical illness net premiums	$	43,059		$	44,446		$	45,292		$	45,601		$	47,851		$	(4,792	)	$	87,505		$	96,749		$	(9,244	)

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			Year-to-Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			vs. PY			June 30,			June 30,
	2019			2019			2018			2018			2018			Quarter			2019			2018			Change
Revenues:
Net premiums	$	350,884		$	363,884		$	352,522		$	340,414		$	354,534		$	(3,650	)	$	714,768		$	730,263		$	(15,495	)
Investment income, net of related expenses	17,945			18,802			17,201			16,190			17,087			858			36,747			32,851			3,896
Investment related losses, net	(67		)	—			—			—			—			(67		)	(67		)	—			(67		)
Other revenue	558			1,320			1,673			455			917			(359		)	1,878			3,197			(1,319		)
Total revenues	369,320			384,006			371,396			357,059			372,538			(3,218		)	753,326			766,311			(12,985		)

Benefits and expenses:
Claims and other policy benefits	295,661			312,135			305,027			291,442			310,187			(14,526		)	607,796			636,989			(29,193		)
Policy acquisition costs and other insurance expenses	27,594			29,953			21,651			21,817			29,961			(2,367		)	57,547			55,513			2,034
Other operating expenses	30,123			26,494			29,688			25,430			25,922			4,201			56,617			51,929			4,688
Total benefits and expenses	353,378			368,582			356,366			338,689			366,070			(12,692		)	721,960			744,431			(22,471		)

Adjusted operating income before income taxes	$	15,942		$	15,424		$	15,030		$	18,370		$	6,468		$	9,474		$	31,366		$	21,880		$	9,486

Loss and expense ratios:
Claims and other policy benefits	84.3		%	85.8		%	86.5		%	85.6		%	87.5		%	(3.2		)%	85.0		%	87.2		%	(2.2		)%
Policy acquisition costs and other insurance expenses	7.9		%	8.2		%	6.1		%	6.4		%	8.5		%	(0.6		)%	8.1		%	7.6		%	0.5		%
Other operating expenses	8.6		%	7.3		%	8.4		%	7.5		%	7.3		%	1.3		%	7.9		%	7.1		%	0.8		%


Foreign currency effect on (1):
Net premiums	$	(23,296	)	$	(32,565	)	$	(12,043	)	$	(6,362	)	$	18,659		$	(41,955	)	$	(55,861	)	$	58,967		$	(114,828	)
Adjusted operating income (loss) before income taxes	$	(959	)	$	(1,733	)	$	(884	)	$	(363	)	$	978		$	(1,937	)	$	(2,692	)	$	2,779		$	(5,471	)

Critical illness net premiums	$	43,059		$	44,446		$	45,292		$	45,601		$	47,851		$	(4,792	)	$	87,505		$	96,749		$	(9,244	)

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			Year-to-Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,		vs. PY			June 30,			June 30,
	2019			2019			2018			2018			2018		Quarter			2019			2018		Change
Revenues:
Net premiums	$	56,660		$	52,101		$	49,115		$	49,104		$	49,135	$	7,525		$	108,761		$	97,114	$	11,647
Investment income, net of related expenses	46,593			48,665			24,045			37,548			40,330		6,263			95,258			72,262		22,996
Investment related gains (losses), net	2,550			3,364			(8,568		)	(87		)	5,858		(3,308		)	5,914			9,210		(3,296		)
Other revenue	8,183			5,291			4,812			5,099			5,352		2,831			13,474			10,232		3,242
Total revenues	113,986			109,421			69,404			91,664			100,675		13,311			223,407			188,818		34,589

Benefits and expenses:
Claims and other policy benefits	47,551			48,878			34,615			24,211			21,854		25,697			96,429			64,325		32,104
Interest credited	2,280			12,342			(10,536		)	2,402			4,127		(1,847		)	14,622			1,475		13,147
Policy acquisition costs and other insurance expenses	1,181			631			1,033			814			1,054		127			1,812			2,134		(322		)
Other operating expenses	11,173			9,180			8,643			8,032			8,271		2,902			20,353			16,351		4,002
Total benefits and expenses	62,185			71,031			33,755			35,459			35,306		26,879			133,216			84,285		48,931

Income before income taxes	$	51,801		$	38,390		$	35,649		$	56,205		$	65,369	$	(13,568	)	$	90,191		$	104,533	$	(14,342	)

Foreign currency effect on (2):
Net premiums	$	(3,380	)	$	(3,608	)	$	(1,627	)	$	(241	)	$	2,987	$	(6,367	)	$	(6,988	)	$	8,355	$	(15,343	)
Income (loss) before income taxes	$	(2,949	)	$	(2,796	)	$	(1,164	)	$	(676	)	$	3,339	$	(6,288	)	$	(5,745	)	$	7,657	$	(13,402	)

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			Year-to-Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,		vs. PY			June 30,			June 30,
	2019			2019			2018			2018			2018		Quarter			2019			2018		Change
Revenues:
Net premiums	$	56,660		$	52,101		$	49,115		$	49,104		$	49,135	$	7,525		$	108,761		$	97,114	$	11,647
Investment income, net of related expenses	44,313			36,323			34,581			35,146			36,203		8,110			80,636			70,787		9,849
Other revenue	8,195			5,361			4,769			5,238			5,339		2,856			13,556			10,295		3,261
Total revenues	109,168			93,785			88,465			89,488			90,677		18,491			202,953			178,196		24,757

Benefits and expenses:
Claims and other policy benefits	47,551			48,878			34,615			24,211			21,854		25,697			96,429			64,325		32,104
Policy acquisition costs and other insurance expenses	1,181			631			1,033			814			1,054		127			1,812			2,134		(322		)
Other operating expenses	11,173			9,180			8,643			8,032			8,271		2,902			20,353			16,351		4,002
Total benefits and expenses	59,905			58,689			44,291			33,057			31,179		28,726			118,594			82,810		35,784

Adjusted operating income before income taxes	$	49,263		$	35,096		$	44,174		$	56,431		$	59,498	$	(10,235	)	$	84,359		$	95,386	$	(11,027	)

Foreign currency effect on (2):
Net premiums	$	(3,380	)	$	(3,608	)	$	(1,627	)	$	(241	)	$	2,987	$	(6,367	)	$	(6,988	)	$	8,355	$	(15,343	)
Adjusted operating income (loss) before income taxes	$	(2,813	)	$	(2,552	)	$	(1,400	)	$	(687	)	$	3,050	$	(5,863	)	$	(5,365	)	$	7,015	$	(12,380	)

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			Year-to-Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			vs. PY			June 30,			June 30,
	2019			2019			2018			2018			2018			Quarter			2019			2018			Change
Revenues:
Net premiums	$	606,418		$	646,741		$	616,428		$	551,695		$	538,799		$	67,619		$	1,253,159		$	1,128,312		$	124,847
Investment income, net of related expenses	24,732			25,335			23,676			23,169			24,076			656			50,067			48,676			1,391
Investment related gains (losses), net	—			8			(1		)	—			—			—			8			8			—
Other revenue	2,267			1,088			13,651			3,171			7,645			(5,378		)	3,355			8,063			(4,708		)
Total revenues	633,417			673,172			653,754			578,035			570,520			62,897			1,306,589			1,185,059			121,530

Benefits and expenses:
Claims and other policy benefits	567,994			546,454			522,999			431,570			435,592			132,402			1,114,448			930,786			183,662
Policy acquisition costs and other insurance expenses	(11,584		)	50,323			56,256			42,063			37,584			(49,168		)	38,739			96,366			(57,627		)
Other operating expenses	42,232			39,771			40,754			42,395			38,482			3,750			82,003			76,158			5,845
Total benefits and expenses	598,642			636,548			620,009			516,028			511,658			86,984			1,235,190			1,103,310			131,880

Income before income taxes	$	34,775		$	36,624		$	33,745		$	62,007		$	58,862		$	(24,087	)	$	71,399		$	81,749		$	(10,350	)

Loss and expense ratios:
Claims and other policy benefits	93.7		%	84.5		%	84.8		%	78.2		%	80.8		%	12.9		%	88.9		%	82.5		%	6.4		%
Policy acquisition costs and other insurance expenses	(1.9		)%	7.8		%	9.1		%	7.6		%	7.0		%	(8.9		)%	3.1		%	8.5		%	(5.4		)%
Other operating expenses	7.0		%	6.1		%	6.6		%	7.7		%	7.1		%	(0.1		)%	6.5		%	6.7		%	(0.2		)%

Foreign currency effect on (1):
Net premiums	$	(23,196	)	$	(27,166	)	$	(18,381	)	$	(14,915	)	$	9,195		$	(32,391	)	$	(50,362	)	$	30,540		$	(80,902	)
Income (loss) before income taxes	$	541		$	(2,166	)	$	698		$	1,181		$	(66	)	$	607		$	(1,625	)	$	888		$	(2,513	)

Critical illness net premiums	$	242,818		$	252,072		$	198,428		$	191,099		$	180,852		$	61,966		$	494,890		$	416,573		$	78,317

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			Year-to-Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			vs. PY			June 30,			June 30,
	2019			2019			2018			2018			2018			Quarter			2019			2018			Change
Revenues:
Net premiums	$	606,418		$	646,741		$	616,428		$	551,695		$	538,799		$	67,619		$	1,253,159		$	1,128,312		$	124,847
Investment income, net of related expenses	24,732			25,335			23,676			23,169			24,076			656			50,067			48,676			1,391
Investment related gains (losses), net	1			4			(1		)	(1		)	—			1			5			3			2
Other revenue	2,267			1,088			13,651			3,171			7,645			(5,378		)	3,355			8,063			(4,708		)
Total revenues	633,418			673,168			653,754			578,034			570,520			62,898			1,306,586			1,185,054			121,532

Benefits and expenses:
Claims and other policy benefits	567,994			546,454			522,999			431,570			435,592			132,402			1,114,448			930,786			183,662
Policy acquisition costs and other insurance expenses	(11,584		)	50,323			56,256			42,063			37,584			(49,168		)	38,739			96,366			(57,627		)
Other operating expenses	42,232			39,771			40,754			42,395			38,482			3,750			82,003			76,158			5,845
Total benefits and expenses	598,642			636,548			620,009			516,028			511,658			86,984			1,235,190			1,103,310			131,880

Adjusted operating income before income taxes	$	34,776		$	36,620		$	33,745		$	62,006		$	58,862		$	(24,086	)	$	71,396		$	81,744		$	(10,348	)

Loss and expense ratios:
Claims and other policy benefits	93.7		%	84.5		%	84.8		%	78.2		%	80.8		%	12.9		%	88.9		%	82.5		%	6.4		%
Policy acquisition costs and other insurance expenses	(1.9		)%	7.8		%	9.1		%	7.6		%	7.0		%	(8.9		)%	3.1		%	8.5		%	(5.4		)%
Other operating expenses	7.0		%	6.1		%	6.6		%	7.7		%	7.1		%	(0.1		)%	6.5		%	6.7		%	(0.2		)%

Foreign currency effect on (1):
Net premiums	$	(23,196	)	$	(27,166	)	$	(18,381	)	$	(14,915	)	$	9,195		$	(32,391	)	$	(50,362	)	$	30,540		$	(80,902	)
Adjusted operating income (loss) before income taxes	$	542		$	(2,191	)	$	697		$	1,181		$	(66	)	$	608		$	(1,649	)	$	850		$	(2,499	)

Critical illness net premiums	$	242,818		$	252,072		$	198,428		$	191,099		$	180,852		$	61,966		$	494,890		$	416,573		$	78,317

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			Year-to-Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,		vs. PY			June 30,			June 30,
	2019			2019			2018			2018			2018		Quarter			2019			2018		Change
Revenues:
Net premiums	$	44,453		$	33,795		$	83		$	75		$	30	$	44,423		$	78,248		$	708	$	77,540
Investment income, net of related expenses	10,383			10,269			10,006			10,145			10,184		199			20,652			20,578		74
Investment related gains (losses), net	(816		)	4,069			(15,211		)	(438		)	1,904		(2,720		)	3,253			5,371		(2,118		)
Other revenue	5,538			6,395			5,596			6,385			5,874		(336		)	11,933			11,181		752
Total revenues	59,558			54,528			474			16,167			17,992		41,566			114,086			37,838		76,248

Benefits and expenses:
Claims and other policy benefits	37,107			31,719			2,576			3,894			2,405		34,702			68,826			6,873		61,953
Interest credited	6,730			6,702			6,454			6,875			6,660		70			13,432			13,054		378
Policy acquisition costs and other insurance expenses	9,530			5,379			756			786			728		8,802			14,909			1,925		12,984
Other operating expenses	4,273			4,645			5,019			4,406			4,061		212			8,918			7,827		1,091
Total benefits and expenses	57,640			48,445			14,805			15,961			13,854		43,786			106,085			29,679		76,406

Income (loss) before income taxes	$	1,918		$	6,083		$	(14,331	)	$	206		$	4,138	$	(2,220	)	$	8,001		$	8,159	$	(158	)

Foreign currency effect on (2):
Net premiums	$	(44	)	$	(1,213	)	$	—		$	—		$	—	$	(44	)	$	(1,257	)	$	36	$	(1,293	)
Income (loss) before income taxes	$	218		$	161		$	272		$	(41	)	$	38	$	180		$	379		$	136	$	243

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			Year-to-Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,		vs. PY			June 30,			June 30,
	2019			2019			2018			2018			2018		Quarter			2019			2018		Change
Revenues:
Net premiums	$	44,453		$	33,795		$	83		$	75		$	30	$	44,423		$	78,248		$	708	$	77,540
Investment income, net of related expenses	10,383			10,269			10,006			10,145			10,184		199			20,652			20,578		74
Investment related gains, net	705			1,321			1,140			695			630		75			2,026			1,354		672
Other revenue	5,538			6,395			5,596			6,385			5,874		(336		)	11,933			11,181		752
Total revenues	61,079			51,780			16,825			17,300			16,718		44,361			112,859			33,821		79,038

Benefits and expenses:
Claims and other policy benefits	37,107			31,719			2,576			3,894			2,405		34,702			68,826			6,873		61,953
Interest credited	6,730			6,702			6,454			6,875			6,660		70			13,432			13,054		378
Policy acquisition costs and other insurance expenses	9,530			5,379			756			786			728		8,802			14,909			1,925		12,984
Other operating expenses	4,273			4,645			5,019			4,406			4,061		212			8,918			7,827		1,091
Total benefits and expenses	57,640			48,445			14,805			15,961			13,854		43,786			106,085			29,679		76,406

Adjusted operating income before income taxes	$	3,439		$	3,335		$	2,020		$	1,339		$	2,864	$	575		$	6,774		$	4,142	$	2,632

Foreign currency effect on (2):
Net premiums	$	(44	)	$	(1,213	)	$	—		$	—		$	—	$	(44	)	$	(1,257	)	$	36	$	(1,293	)
Adjusted operating income (loss) before income taxes	$	(27	)	$	(100	)	$	(94	)	$	(34	)	$	66	$	(93	)	$	(127	)	$	24	$	(151	)

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			Year-to-Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			vs. PY			June 30,			June 30,
	2019			2019			2018			2018			2018			Quarter			2019			2018			Change
Revenues:
Net premiums	$	10		$	(46	)	$	64		$	7		$	10		$	—		$	(36	)	$	20		$	(56	)
Investment income, net of related expenses	55,402			42,624			40,332			51,846			32,727			22,675			98,026			72,873			25,153
Investment related losses, net	(5,488		)	(1,631		)	(55,688		)	(22,524		)	(23,281		)	17,793			(7,119		)	(32,215		)	25,096
Other revenue	13,020			26,724			6,275			8,509			6,344			6,676			39,744			14,377			25,367
Total revenues	62,944			67,671			(9,017		)	37,838			15,800			47,144			130,615			55,055			75,560

Benefits and expenses:
Claims and other policy benefits	(111		)	(35		)	(366		)	24			108			(219		)	(146		)	428			(574		)
Interest credited	5,456			5,506			3,572			3,015			2,717			2,739			10,962			4,927			6,035
Policy acquisition costs and other insurance income	(28,661		)	(29,374		)	(32,599		)	(30,531		)	(30,496		)	1,835			(58,035		)	(61,008		)	2,973
Other operating expenses	77,629			69,499			61,227			64,896			66,270			11,359			147,128			129,230			17,898
Interest expense	43,283			40,173			39,586			33,290			37,025			6,258			83,456			74,479			8,977
Collateral finance and securitization expense	7,151			8,417			7,190			7,467			7,440			(289		)	15,568			15,042			526
Total benefits and expenses	104,747			94,186			78,610			78,161			83,064			21,683			198,933			163,098			35,835

Loss before income taxes	$	(41,803	)	$	(26,515	)	$	(87,627	)	$	(40,323	)	$	(67,264	)	$	25,461		$	(68,318	)	$	(108,043	)	$	39,725

Foreign currency effect on (1):
Income (loss) before income taxes	$	196		$	(73	)	$	(524	)	$	(636	)	$	762		$	(566	)	$	123		$	918		$	(795	)

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			Year-to-Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			vs. PY			June 30,			June 30,
	2019			2019			2018			2018			2018			Quarter			2019			2018			Change
Revenues:
Net premiums	$	10		$	(46	)	$	64		$	7		$	10		$	—		$	(36	)	$	20		$	(56	)
Investment income, net of related expenses	55,402			42,624			40,332			51,846			32,727			22,675			98,026			72,873			25,153
Investment related gains, net	688			2,049			1,103			434			632			56			2,737			1,540			1,197
Other revenue	13,020			27,084			6,116			7,817			6,834			6,186			40,104			14,867			25,237
Total revenues	69,120			71,711			47,615			60,104			40,203			28,917			140,831			89,300			51,531

Benefits and expenses:
Claims and other policy benefits	(111		)	(35		)	(366		)	24			108			(219		)	(146		)	428			(574		)
Interest credited	5,456			5,506			3,572			3,015			2,717			2,739			10,962			4,927			6,035
Policy acquisition costs and other insurance income	(28,661		)	(29,374		)	(32,599		)	(30,531		)	(30,496		)	1,835			(58,035		)	(61,008		)	2,973
Other operating expenses	77,629			69,499			61,227			64,896			66,270			11,359			147,128			129,230			17,898
Interest expense	40,551			37,506			39,586			33,290			37,025			3,526			78,057			74,479			3,578
Collateral finance and securitization expense	7,151			8,417			7,190			7,467			7,440			(289		)	15,568			15,042			526
Total benefits and expenses	102,015			91,519			78,610			78,161			83,064			18,951			193,534			163,098			30,436

Adjusted operating loss before income taxes	$	(32,895	)	$	(19,808	)	$	(30,995	)	$	(18,057	)	$	(42,861	)	$	9,966		$	(52,703	)	$	(73,798	)	$	21,095

Foreign currency effect on (1):
Adjusted operating income (loss) before income taxes	$	114		$	(396	)	$	(902	)	$	(558	)	$	463		$	(349	)	$	(282	)	$	497		$	(779	)

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			Year-to-date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			vs. PY			June 30,			June 30,
	2019			2019			2018			2018			2018			Quarter			2019			2018			Change
U.S. and Latin America:
Traditional	$	55,175		$	11,654		$	95,212		$	116,328		$	71,978		$	(16,803	)	$	66,829		$	74,870		$	(8,041	)
Financial Solutions:
Asset Intensive	72,694			64,958			(5,798		)	65,490			60,840			11,854			137,652			108,102			29,550
Financial Reinsurance	19,324			18,319			19,394			21,583			21,548			(2,224		)	37,643			41,707			(4,064		)
Total U.S. and Latin America	147,193			94,931			108,808			203,401			154,366			(7,173		)	242,124			224,679			17,445
Canada:
Traditional	46,259			50,279			45,647			21,149			21,805			24,454			96,538			45,512			51,026
Financial Solutions	3,813			1,348			1,195			1,646			3,544			269			5,161			6,735			(1,574		)
Total Canada	50,072			51,627			46,842			22,795			25,349			24,723			101,699			52,247			49,452
Europe, Middle East and Africa:
Traditional	16,121			15,424			14,860			18,370			6,468			9,653			31,545			21,889			9,656
Financial Solutions	51,801			38,390			35,649			56,205			65,369			(13,568		)	90,191			104,533			(14,342		)
Total Europe, Middle East and Africa	67,922			53,814			50,509			74,575			71,837			(3,915		)	121,736			126,422			(4,686		)
Asia Pacific:
Traditional	34,775			36,624			33,745			62,007			58,862			(24,087		)	71,399			81,749			(10,350		)
Financial Solutions	1,918			6,083			(14,331		)	206			4,138			(2,220		)	8,001			8,159			(158		)
Total Asia Pacific	36,693			42,707			19,414			62,213			63,000			(26,307		)	79,400			89,908			(10,508		)
Corporate and Other	(41,803		)	(26,515		)	(87,627		)	(40,323		)	(67,264		)	25,461			(68,318		)	(108,043		)	39,725
Consolidated income before income taxes	$	260,077		$	216,564		$	137,946		$	322,661		$	247,288		$	12,789		$	476,641		$	385,213		$	91,428

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			Year-to-date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,						June 30,			June 30,
	2019			2019			2018			2018			2018						2019			2018			Change
U.S. and Latin America:
Traditional	$	59,125		$	18,126		$	92,410		$	116,361		$	68,253		$	(9,128	)	$	77,251		$	69,462		$	7,789
Financial Solutions:
Asset Intensive	69,424			59,580			52,777			63,782			49,739			19,685			129,004			99,401			29,603
Financial Reinsurance	19,324			18,319			19,394			21,583			21,548			(2,224		)	37,643			41,707			(4,064		)
Total U.S. and Latin America	147,873			96,025			164,581			201,726			139,540			8,333			243,898			210,570			33,328
Canada:
Traditional	45,175			44,612			50,340			19,952			22,162			23,013			89,787			47,719			42,068
Financial Solutions	3,813			1,348			1,195			1,646			3,544			269			5,161			6,735			(1,574		)
Total Canada	48,988			45,960			51,535			21,598			25,706			23,282			94,948			54,454			40,494
Europe, Middle East and Africa:
Traditional	15,942			15,424			15,030			18,370			6,468			9,474			31,366			21,880			9,486
Financial Solutions	49,263			35,096			44,174			56,431			59,498			(10,235		)	84,359			95,386			(11,027		)
Total Europe, Middle East and Africa	65,205			50,520			59,204			74,801			65,966			(761		)	115,725			117,266			(1,541		)
Asia Pacific:
Traditional	34,776			36,620			33,745			62,006			58,862			(24,086		)	71,396			81,744			(10,348		)
Financial Solutions	3,439			3,335			2,020			1,339			2,864			575			6,774			4,142			2,632
Total Asia Pacific	38,215			39,955			35,765			63,345			61,726			(23,511		)	78,170			85,886			(7,716		)
Corporate and Other	(32,895		)	(19,808		)	(30,995		)	(18,057		)	(42,861		)	9,966			(52,703		)	(73,798		)	21,095
Consolidated adjusted operating income before income taxes	$	267,386		$	212,652		$	280,090		$	343,413		$	250,077		$	17,309		$	480,038		$	394,378		$	85,660

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

	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,
	2019		2019		2018		2018		2018
Fixed maturity securities, available-for-sale (1)	$	46,189,305	$	41,738,443	$	39,992,346	$	39,005,212	$	36,784,954
Equity securities	146,755		89,865		82,197		101,069		108,070
Mortgage loans on real estate	5,405,422		5,117,545		4,966,298		4,779,074		4,558,669
Policy loans	1,319,722		1,312,349		1,344,980		1,320,050		1,339,252
Funds withheld at interest	5,696,217		5,729,838		5,761,471		5,976,301		5,981,092
Short-term investments	158,788		119,215		142,598		229,928		123,028
Other invested assets	2,121,406		2,006,870		1,915,297		1,706,979		1,605,562
Cash and cash equivalents	2,287,526		2,020,396		1,889,733		1,730,489		1,397,679
Total cash and invested assets	$	63,325,141	$	58,134,521	$	56,094,920	$	54,849,102	$	51,898,306

(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

June 30, 2019
	Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value		% of Total		Other-than- temporary Impairment in AOCI
Available-for-sale:
Corporate	$	26,055,078	$	1,651,141	$	70,788	$	27,635,431	59.8	%	$	—
Canadian governments	2,960,943		1,613,153		133		4,573,963		9.9	%	—
RMBS	2,214,963		64,629		3,077		2,276,515		4.9	%	—
ABS	2,482,012		25,714		13,062		2,494,664		5.4	%	275
CMBS	1,687,024		60,775		514		1,747,285		3.8	%	—
U.S. government	1,738,348		40,202		370		1,778,180		3.8	%	—
State and political subdivisions	1,221,461		83,621		1,508		1,303,574		2.9	%	—
Other foreign government	4,097,789		288,833		6,929		4,379,693		9.5	%	—
Total fixed maturity securities	$	42,457,618	$	3,828,068	$	96,381	$	46,189,305	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

	June 30, 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	$	5,167,576	$	5,435,758	19.8	%	A-	$	4,853,921	$	4,835,124	20.1	%	A-
Brokerage/asset managers/exchanges	685,051		723,995		2.6	%	A-	582,082		582,624		2.4	%	A-
Finance companies	207,373		217,885		0.8	%	BBB	184,843		179,219		0.7	%	BBB
Insurance	2,691,257		2,852,173		10.3	%	A-	2,293,651		2,263,918		9.4	%	BBB+
REITs	698,949		731,664		2.6	%	BBB+	639,466		638,511		2.7	%	BBB+
Other finance	415,533		423,968		1.5	%	A-	239,779		231,172		1.0	%	A-
Total financial institutions	$	9,865,739	$	10,385,443	37.6	%		$	8,793,742	$	8,730,568	36.3	%
Industrials
Basic	$	1,449,240	$	1,544,656	5.6	%	BBB	$	1,296,617	$	1,287,773	5.4	%	BBB
Capital goods	1,212,063		1,259,086		4.6	%	BBB	1,197,773		1,185,024		4.9	%	BBB
Communications	1,982,119		2,131,685		7.7	%	BBB+	1,903,510		1,917,240		8.0	%	BBB
Consumer cyclical	1,359,928		1,429,891		5.2	%	BBB+	1,188,006		1,187,639		5.0	%	A-
Consumer noncyclical	2,545,754		2,713,821		9.8	%	BBB+	2,584,174		2,581,539		10.8	%	BBB+
Energy	1,809,649		1,943,787		7.0	%	BBB+	1,799,801		1,814,668		7.6	%	BBB+
Technology	841,740		882,221		3.2	%	A-	767,069		768,807		3.2	%	A-
Transportation	1,573,988		1,669,107		6.0	%	A-	1,321,537		1,320,565		5.5	%	A-
Other industrial	288,640		303,802		1.1	%	A-	278,370		278,856		1.2	%	BBB+
Total industrials	$	13,063,121	$	13,878,056	50.2	%		$	12,336,857	$	12,342,111	51.6	%
Utilities
Electric	$	2,377,073	$	2,555,991	9.3	%	BBB+	$	2,245,526	$	2,254,770	9.4	%	A-
Natural gas	422,125		453,272		1.6	%	A-	359,308		365,514		1.5	%	A-
Other utility	327,020		362,669		1.3	%	A-	270,974		289,156		1.2	%	A-
Total utilities	$	3,126,218	$	3,371,932	12.2	%		$	2,875,808	$	2,909,440	12.1	%
Total	$	26,055,078	$	27,635,431	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

		June 30, 2019						March 31, 2019						December 31, 2018						September 30, 2018						June 30, 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	$	27,571,234	$	30,513,833	66.1	%	$	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	%
2	BBB	12,941,492		13,705,079		29.7	%	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	%
3	BB	1,389,207		1,407,595		3.0	%	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	%
4	B	489,829		495,219		1.1	%	419,764		422,390		1.0	%	395,694		385,670		1.0	%	425,572		424,040		1.1	%	501,101		488,648		1.3	%
5	CCC	15,120		15,890		—	%	13,414		14,357		—	%	13,183		12,860		—	%	27,341		30,106		0.1	%	45,696		42,876		0.1	%
6	In or near default	50,736		51,689		0.1	%	67,094		64,157		0.2	%	17,929		18,622		—	%	17,089		17,690		—	%	5,497		6,002		—	%
	Total	$	42,457,618	$	46,189,305	100.0	%	$	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	%

(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

	June 30, 2019				March 31, 2019				December 31, 2018				September 30, 2018				June 30, 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	$	893,169	$	928,931	$	798,669	$	815,317	$	811,044	$	814,568	$	813,762	$	795,873	$	840,284	$	833,587
Non-agency	1,321,794		1,347,584		1,171,025		1,178,869		1,061,192		1,054,653		1,003,187		984,889		997,032		987,627
Total RMBS	2,214,963		2,276,515		1,969,694		1,994,186		1,872,236		1,869,221		1,816,949		1,780,762		1,837,316		1,821,214
CMBS	1,687,024		1,747,285		1,404,852		1,431,746		1,428,115		1,419,034		1,282,015		1,273,534		1,249,616		1,242,509
ABS	2,482,012		2,494,664		2,243,449		2,241,986		2,171,254		2,149,204		1,867,650		1,863,017		1,711,099		1,708,824
Total	$	6,383,999	$	6,518,464	$	5,617,995	$	5,667,918	$	5,471,605	$	5,437,459	$	4,966,614	$	4,917,313	$	4,798,031	$	4,772,547



Reinsurance Group of America, Incorporated
Investments
(USD thousands)

Gross Unrealized Losses Aging
Fixed Maturity Securities

	June 30, 2019				March 31, 2019				December 31, 2018				September 30, 2018				June 30, 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%	$	73,351	76.1	%	$	208,034	90.3	%	$	721,015	96.3	%	$	640,481	98.1	%	$	571,151	96.4	%
20% or more for less than six months	21,995		22.8	%	20,845		9.1	%	21,336		2.9	%	309		—	%	21,045		3.6	%
20% or more for six months or greater	1,035		1.1	%	1,344		0.6	%	6,139		0.8	%	12,293		1.9	%	12		—	%
Total	$	96,381	100.0	%	$	230,223	100.0	%	$	748,490	100.0	%	$	653,083	100.0	%	$	592,208	100.0	%



Reinsurance Group of America, Incorporated
Investments
(USD thousands)

Fixed Maturity Securities Below Amortized Cost

	As of June 30, 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	$	780,802	$	8,757	$	1,276,130	$	28,924	$	2,056,932	$	37,681
Canadian governments	2,535		2		17,555		131		20,090		133
RMBS	57,572		489		240,046		2,577		297,618		3,066
ABS	753,026		5,383		399,818		7,679		1,152,844		13,062
CMBS	79,372		240		37,442		274		116,814		514
U.S. government	257,328		36		76,098		334		333,426		370
State and political subdivisions	42,876		11		13,856		1,497		56,732		1,508
Other foreign government	90,066		2,565		110,341		2,697		200,407		5,262
Total investment grade securities	$	2,063,577	$	17,483	$	2,171,286	$	44,113	$	4,234,863	$	61,596

Below-investment grade securities:
Corporate	$	216,611	$	22,148	$	139,318	$	10,959	$	355,929	$	33,107
RMBS	—		—		976		11		976		11
Other foreign government	6,337		77		18,664		1,590		25,001		1,667
Total below investment grade securities	$	222,948	$	22,225	$	158,958	$	12,560	$	381,906	$	34,785
Total fixed maturity securities	$	2,286,525	$	39,708	$	2,330,244	$	56,673	$	4,616,769	$	96,381



Reinsurance Group of America, Incorporated
Investments
(USD thousands)

Fixed Maturity Securities Below Amortized Cost

	As of 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			Year-to-date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,						June 30,			June 30,
	2019			2019			2018			2018			2018						2019			2018			Change
Fixed maturity securities available-for-sale:
Other-than-temporary impairment losses on fixed maturities	$	—		$	(9,453	)	$	(14,439	)	$	(10,705	)	$	(3,350	)	$	3,350		$	(9,453	)	$	(3,350	)	$	(6,103	)
Gain on investment activity	20,384			28,045			13,065			20,040			21,140			(756		)	48,429			32,106			16,323
Loss on investment activity	(6,870		)	(18,723		)	(64,676		)	(37,880		)	(35,934		)	29,064			(25,593		)	(56,314		)	30,721
Net gains (losses) on fixed maturity securities available-for-sale	13,514			(131		)	(66,050		)	(28,545		)	(18,144		)	31,658			13,383			(27,558		)	40,941

Net gains (losses) on equity securities	2,673			3,817			(16,433		)	7,297			(6,497		)	9,170			6,490			(11,556		)	18,046
Other impairment losses and change in mortgage loan provision	(5,609		)	(1,859		)	(3,684		)	(6,566		)	(1,357		)	(4,252		)	(7,468		)	(1,669		)	(5,799		)
Other non-derivative gain, net	4,757			5,428			4,244			5,336			5,511			(754		)	10,185			10,814			(629		)

Free-standing derivatives:
Credit default swaps	5,078			14,500			(7,521		)	4,689			1,084			3,994			19,578			682			18,896
Interest rate swaps - non-hedged	33,404			23,974			26,085			(12,228		)	(8,600		)	42,004			57,378			(35,171		)	92,549
Interest rate swaps - hedged	—			—			8			(8		)	(8		)	8			—			(23		)	23
Foreign currency swaps - non-hedged	(6,380		)	723			(3,695		)	—			—			(6,380		)	(5,657		)	—			(5,657		)
Foreign currency swaps - hedged	(2,600		)	(1,412		)	(3,100		)	574			1,435			(4,035		)	(4,012		)	3,808			(7,820		)
Financial futures	(7,685		)	(22,278		)	28,512			(6,544		)	(897		)	(6,788		)	(29,963		)	(768		)	(29,195		)
CPI swaps	(6,812		)	(8,851		)	(9,051		)	(4,223		)	1,041			(7,853		)	(15,663		)	3,227			(18,890		)
Equity options	(4,828		)	(22,684		)	22,522			(9,793		)	(8,007		)	3,179			(27,512		)	(5,414		)	(22,098		)
Foreign currency forwards	(258		)	492			(237		)	(58		)	(262		)	4			234			61			173
Total free-standing derivatives	9,919			(15,536		)	53,523			(27,591		)	(14,214		)	24,133			(5,617		)	(33,598		)	27,981

Embedded derivatives:
Modified coinsurance and funds withheld treaties	5,262			(2,092		)	(32,932		)	(2,081		)	8,805			(3,543		)	3,170			22,416			(19,246		)
GMXB	(18,044		)	18,161			(77,697		)	32,133			15,324			(33,368		)	117			30,109			(29,992		)
Total embedded derivatives	(12,782		)	16,069			(110,629		)	30,052			24,129			(36,911		)	3,287			52,525			(49,238		)

Net gain (loss) on total derivatives	(2,863		)	533			(57,106		)	2,461			9,915			(12,778		)	(2,330		)	18,927			(21,257		)

Total investment related gains (losses), net	$	12,472		$	7,788		$	(139,029	)	$	(20,017	)	$	(10,572	)	$	23,044		$	20,260		$	(11,042	)	$	31,302



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

	Three Months Ended															Current Qtr			Year-to-Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			vs. PY			June 30,			June 30,
	2019			2019			2018			2018			2018			Quarter			2019			2018			Change
U.S. & Latin America Traditional
Income before income taxes	$	55,175		$	11,654		$	95,212		$	116,328		$	71,978		$	(16,803	)	$	66,829		$	74,870		$	(8,041	)
Investment and derivative (gains) losses (1)	(44		)	(3		)	76			90			41			(85		)	(47		)	51			(98		)
Change in value of modified coinsurance and
funds withheld embedded derivatives (1)	3,994			6,475			(2,878		)	(57		)	(3,766		)	7,760			10,469			(5,459		)	15,928
Adjusted operating income before income taxes	$	59,125		$	18,126		$	92,410		$	116,361		$	68,253		$	(9,128	)	$	77,251		$	69,462		$	7,789

U.S. & Latin America Asset-Intensive
Income (loss) before income taxes	$	72,694		$	64,958		$	(5,798	)	$	65,490		$	60,840		$	11,854		$	137,652		$	108,102		$	29,550
Investment and derivative (gains) losses (1)	(26,288		)	21,498			(54,246		)	29,414			19,587			(45,875		)	(4,790		)	45,614			(50,404		)
Change in value of modified coinsurance and
funds withheld embedded derivatives (1)	(9,256		)	(4,383		)	35,810			2,138			(5,039		)	(4,217		)	(13,639		)	(16,957		)	3,318
GMXB embedded derivatives (1)	18,044			(18,161		)	77,697			(32,133		)	(15,324		)	33,368			(117		)	(30,109		)	29,992
Funds withheld (gains) losses - investment income	(259		)	5,690			(410		)	585			(12,645		)	12,386			5,431			(2,330		)	7,761
EIA embedded derivatives - interest credited	18,539			1,518			12,222			(1,602		)	565			17,974			20,057			(27,998		)	48,055
DAC offset, net	(4,050		)	(11,540		)	(12,498		)	(110		)	1,755			(5,805		)	(15,590		)	23,079			(38,669		)
Adjusted operating income before income taxes	$	69,424		$	59,580		$	52,777		$	63,782		$	49,739		$	19,685		$	129,004		$	99,401		$	29,603

U.S. & Latin America Financial Reinsurance
Income before income taxes	$	19,324		$	18,319		$	19,394		$	21,583		$	21,548		$	(2,224	)	$	37,643		$	41,707		$	(4,064	)
Adjusted operating income before income taxes	$	19,324		$	18,319		$	19,394		$	21,583		$	21,548		$	(2,224	)	$	37,643		$	41,707		$	(4,064	)

Canada Traditional
Income before income taxes	$	46,259		$	50,279		$	45,647		$	21,149		$	21,805		$	24,454		$	96,538		$	45,512		$	51,026
Investment and derivative (gains) losses (1)	(851		)	(5,781		)	4,313			(1,226		)	812			(1,663		)	(6,632		)	2,685			(9,317		)
Funds withheld (gains) losses - investment income	(233		)	114			380			29			(455		)	222			(119		)	(478		)	359
Adjusted operating income before income taxes	$	45,175		$	44,612		$	50,340		$	19,952		$	22,162		$	23,013		$	89,787		$	47,719		$	42,068

Canada Financial Solutions
Income before income taxes	$	3,813		$	1,348		$	1,195		$	1,646		$	3,544		$	269		$	5,161		$	6,735		$	(1,574	)
Adjusted operating income before income taxes	$	3,813		$	1,348		$	1,195		$	1,646		$	3,544		$	269		$	5,161		$	6,735		$	(1,574	)

(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			Year-to-Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			vs. PY			June 30,			June 30,
	2019			2019			2018			2018			2018			Quarter			2019			2018			Change
Europe, Middle East and Africa Traditional
Income before income taxes	$	16,121		$	15,424		$	14,860		$	18,370		$	6,468		$	9,653		$	31,545		$	21,889		$	9,656
Investment and derivative (gains) losses (1)	(179		)	—			170			—			—			(179		)	(179		)	(9		)	(170		)
Adjusted operating income before income taxes	$	15,942		$	15,424		$	15,030		$	18,370		$	6,468		$	9,474		$	31,366		$	21,880		$	9,486

Europe, Middle East and Africa Financial Solutions
Income before income taxes	$	51,801		$	38,390		$	35,649		$	56,205		$	65,369		$	(13,568	)	$	90,191		$	104,533		$	(14,342	)
Investment and derivative (gains) losses (1)	(2,550		)	(3,364		)	8,568			87			(5,858		)	3,308			(5,914		)	(9,210		)	3,296
Investment (income) loss on unit-linked variable annuities	(2,280		)	(12,342		)	10,536			(2,402		)	(4,127		)	1,847			(14,622		)	(1,475		)	(13,147		)
Interest credited on unit-linked variable annuities	2,280			12,342			(10,536		)	2,402			4,127			(1,847		)	14,622			1,475			13,147
Non-investment derivatives	12			70			(43		)	139			(13		)	25			82			63			19
Adjusted operating income before income taxes	$	49,263		$	35,096		$	44,174		$	56,431		$	59,498		$	(10,235	)	$	84,359		$	95,386		$	(11,027	)

Asia Pacific Traditional
Income before income taxes	$	34,775		$	36,624		$	33,745		$	62,007		$	58,862		$	(24,087	)	$	71,399		$	81,749		$	(10,350	)
Investment and derivative (gains) losses (1)	1			(4		)	—			(1		)	—			1			(3		)	(5		)	2
Adjusted operating income before income taxes	$	34,776		$	36,620		$	33,745		$	62,006		$	58,862		$	(24,086	)	$	71,396		$	81,744		$	(10,348	)

Asia Pacific Financial Solutions
Income (loss) before income taxes	$	1,918		$	6,083		$	(14,331	)	$	206		$	4,138		$	(2,220	)	$	8,001		$	8,159		$	(158	)
Investment and derivative (gains) losses (1)	1,521			(2,748		)	16,351			1,133			(1,274		)	2,795			(1,227		)	(4,017		)	2,790
Adjusted operating income before income taxes	$	3,439		$	3,335		$	2,020		$	1,339		$	2,864		$	575		$	6,774		$	4,142		$	2,632

Corporate and Other
Loss before income taxes	$	(41,803	)	$	(26,515	)	$	(87,627	)	$	(40,323	)	$	(67,264	)	$	25,461		$	(68,318	)	$	(108,043	)	$	39,725
Investment and derivative losses (1)	6,176			3,680			56,791			22,958			23,913			(17,737		)	9,856			33,755			(23,899		)
Interest expense on uncertain tax positions	2,732			2,667			—			—			—			2,732			5,399			—			5,399
Non-investment derivatives	—			360			(159		)	(692		)	490			(490		)	360			490			(130		)
Adjusted operating loss before income taxes	$	(32,895	)	$	(19,808	)	$	(30,995	)	$	(18,057	)	$	(42,861	)	$	9,966		$	(52,703	)	$	(73,798	)	$	21,095

(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)

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

Stockholders’ equity	$	10,709,011		$	9,670,108		$	8,450,553		$	8,579,323		$	8,601,702
Less effect of AOCI:
Accumulated currency translation adjustments	(122,709		)	(147,312		)	(168,698		)	(119,298		)	(142,187		)
Unrealized appreciation of securities	2,815,893			1,964,370			856,159			982,352			1,198,338
Pension and postretirement benefits	(51,071		)	(51,093		)	(50,698		)	(50,249		)	(51,180		)
Stockholders’ equity, excluding AOCI	$	8,066,898		$	7,904,143		$	7,813,790		$	7,766,518		$	7,596,731



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

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

Book value per share	$	170.64		$	154.61		$	134.53		$	136.29		$	135.09
Less effect of AOCI:
Accumulated currency translation adjustments	(1.96		)	(2.36		)	(2.69		)	(1.90		)	(2.23		)
Unrealized appreciation of securities	44.87			31.41			13.63			15.61			18.82
Pension and postretirement benefits	(0.81		)	(0.82		)	(0.80		)	(0.79		)	(0.81		)
Book value per share, excluding AOCI	$	128.54		$	126.38		$	124.39		$	123.37		$	119.31



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		Year-to-Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,					June 30,			June 30,
	2019			2019			2018			2018			2018					2019			2018			Change
Average invested assets at amortized cost (1)	$	28,486,745		$	28,096,587		$	27,387,965		$	27,029,073		$	26,899,416		$	1,587,329	$	28,137,502		$	26,816,599		$	1,320,903
Net investment income (1)	$	306,805		$	310,229		$	298,902		$	303,860		$	285,832		$	20,973	$	617,034		$	582,305		$	34,729
Annualized investment yield (ratio of net investment income to average invested assets at amortized cost) (1)	4.38		%	4.49		%	4.44		%	4.57		%	4.32		%	6 bps		4.43		%	4.39		%	4 bps

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