Reinsurance Group of America (RGA) 8-K Reinsurance Group of America Reports Fourth-quarter Results

Exhibit 99.2

Financial Supplement

Fourth Quarter 2018

(Unaudited)

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
Senior Debt Ratings
Reinsurance Group of America, Incorporated	A	a-	Baa1

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

Reinsurance Group of America, Incorporated

Financial Supplement

4th Quarter 2018

Table of Contents

	Page
Non-GAAP Disclosures	1
2019 Guidance	2
2018 Notes	3
Consolidated
Financial Highlights	4
Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations)	5
Consolidated Balance Sheets	7
Segment Summaries of GAAP Income Statements and Adjusted Operating Income Statements
U.S. and Latin America Operations	8
Canada Traditional	15
Canada Financial Solutions	17
Europe, Middle East and Africa Traditional	19
Europe, Middle East and Africa Financial Solutions	21
Asia Pacific Traditional	23
Asia Pacific Financial Solutions	25
Corporate and Other	27
Summary of Segment GAAP Income	29
Summary of Segment Adjusted Operating Income	30
Investments
Cash and Invested Assets, Investment Income and Yield Summary	31
Amortized Cost, Gross Unrealized Gains and Losses, and Estimated Fair Values of Fixed Maturity and Equity Securities	32
Corporate Fixed Maturity Securities by Sector	33
Ratings of Fixed Maturity Securities and Structured Fixed Maturity Securities	34
Gross Unrealized Losses Aging - Fixed Maturity Securities	35
Fixed Maturity and Equity Securities Below Amortized Cost	36
Consolidated Investment Related Gains and Losses	38
Appendix
Reconciliations of GAAP to Non-GAAP Measures	39

Reinsurance Group of America, Incorporated

Quarterly Financial Supplement

Non-GAAP Disclosures

This Financial Supplement is for information purposes only and includes unaudited figures. This report should be read in conjunction with documents filed by Reinsurance Group of America, Incorporated (“RGA”) with the SEC. The consolidated financial information herein include the assets, liabilities, and results of operations of RGA and its subsidiaries, all of which are wholly owned (collectively, the “Company”).

Non-GAAP Disclosures

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.

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

RGA uses a non-GAAP financial measure called adjusted operating return on equity, which is calculated as adjusted operating income divided by average shareholders’ equity excluding AOCI. Additionally, RGA uses a non-GAAP financial measure called book value per share excluding the impact of AOCI that management believes is important in evaluating the balance sheet in order to ignore the effects of unrealized amounts primarily associated with mark-to-market adjustments on investments and foreign currency translation. A reconciliation of shareholders’ equity before and after the impact of AOCI is presented in the appendix.

Page 1

Reinsurance Group of America, Incorporated

Financial Supplement

2019 Guidance

On an annual basis, the Company provides financial guidance based upon the intermediate term rather than giving a range of annual earnings per share for an upcoming year.  This better reflects the long-term nature of the business, as the Company accepts risks over very long periods of time, up to 30 years or longer in some cases.  While more predictable over longer-term horizons, RGA's business is subject to inherent short-term volatility, primarily due to mortality and morbidity experience.

Over the intermediate term, the Company continues to target growth in adjusted operating earnings per share in the 5 to 8 percent range, and adjusted operating return on equity of 10 to 12 percent. It is presumed that there are no significant changes in the investment environment from current levels, and the Company will deploy $300 to $400 million of excess capital, on average, annually. These guidance ranges are based upon “normalized” results. The Company currently estimates its effective tax rate on adjusted operating income for 2019 and thereafter will be in the range of 21 percent to 24 percent.

Page 2

Reinsurance Group of America, Incorporated

Financial Supplement

2018 Notes

Effective January 1, 2018, the Company adopted Accounting Standard Update (“ASU”) 2016-01 - Recognition and Measurement of Financial Assets and Financial Liabilities. Under the new guidance, all of the Company’s equity securities with readily determinable fair values are measured at fair value with changes in fair value recognized in net income. Previous to the adoption, the Company recognized changes in the fair value of its equity securities in other comprehensive income. The changes to disclosure related to the adoption are reflected in the Consolidated Balance Sheets on page 7 and in the Investments section of this quarterly financial supplement beginning on page 31.

Page 3

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)	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,						Dec. 31,		Dec. 31,
	2018			2018			2018			2018			2017						2018		2017		Change
Net premiums	$	2,804,723		$	2,562,042		$	2,594,460		$	2,582,551		$	2,505,186		$	299,537		$	10,543,776	$	9,841,130	$	702,646
Net income	110,039			301,199			204,374			100,230			1,216,888			(1,106,849		)	715,842		1,822,181		(1,106,339		)
Adjusted operating income	221,751			259,417			202,054			105,746			170,899			50,852			788,968		712,686		76,282
Return on equity - annualized	5.2		%	14.0		%	9.3		%	4.3		%	55.1		%	(49.9		)%
Return on equity - trailing 12 months	8.1		%	20.8		%	20.2		%	21.1		%	22.7		%	(14.6		)%
Adjusted operating return on equity (ex AOCI):
Annualized	11.4		%	13.5		%	10.7		%	5.6		%	9.8		%	1.6		%
Trailing 12 months	10.3		%	10.0		%	9.9		%	10.3		%	11.0		%	(0.7		)%
Total assets	$	64,609,026		$	62,972,642		$	59,766,497		$	60,954,823		$	60,514,818		$	4,094,208
Assumed Life Reinsurance In Force (in billions)
U.S. and Latin America Traditional	$	1,610.1		$	1,609.8		$	1,608.7		$	1,606.5		$	1,609.8		$	0.3
U.S. and Latin America Financial Solutions	2.1			2.1			2.1			2.1			2.1			—
Canada Traditional	383.5			400.4			391.9			396.8			393.9			(10.4		)
Europe, Middle East and Africa Traditional	716.3			706.5			743.3			772.5			739.0			(22.7		)
Asia Pacific Traditional	616.9			588.1			594.3			605.7			552.3			64.6
Asia Pacific Financial Solutions	0.3			0.3			0.3			0.2			0.2			0.1
Total assumed life reinsurance in force	$	3,329.2		$	3,307.2		$	3,340.6		$	3,383.8		$	3,297.3		$	31.9
Assumed New Business Production (in billions)
U.S. and Latin America Traditional	$	26.3		$	27.6		$	29.3		$	23.3		$	24.3		$	2.0		$	106.5	$	99.4	$	7.1
Canada Traditional	9.4			7.7			7.7			18.3			9.1			0.3			43.1		35.6		7.5
Europe, Middle East and Africa Traditional	58.6			48.2			45.4			38.0			45.0			13.6			190.2		181.5		8.7
Asia Pacific Traditional	20.3			12.2			17.3			17.1			12.2			8.1			66.9		78.9		(12.0		)
Total assumed new business production	$	114.6		$	95.7		$	99.7		$	96.7		$	90.6		$	24.0		$	406.7	$	395.4	$	11.3
Per Share and Shares Data
Basic earnings per share
Net income	$	1.75		$	4.76		$	3.19		$	1.55		$	18.89		$	(17.14	)	$	11.25	$	28.28	$	(17.03	)
Adjusted operating income	$	3.53		$	4.10		$	3.15		$	1.64		$	2.65		$	0.88		$	12.39	$	11.06	$	1.33
Diluted earnings per share
Net income	$	1.72		$	4.68		$	3.13		$	1.52		$	18.49		$	(16.77	)	$	11.00	$	27.71	$	(16.71	)
Adjusted operating income	$	3.46		$	4.03		$	3.10		$	1.61		$	2.60		$	0.86		$	12.12	$	10.84	$	1.28
Wgt. average common shares outstanding
Basic	62,815			63,279			64,071			64,490			64,414			(1,599		)	63,658		64,427		(769		)
Diluted	64,156			64,296			65,250			65,872			65,806			(1,650		)	65,094		65,753		(659		)
Common shares issued	79,138			79,138			79,138			79,138			79,138			—			79,138		79,138		—
Treasury shares	16,324			16,187			15,466			14,625			14,686			1,638			16,324		14,686		1,638
Common shares outstanding	62,814			62,951			63,672			64,513			64,452			(1,638		)	62,814		64,452		(1,638		)
Book value per share	$	134.53		$	136.29		$	135.09		$	139.64		$	148.48		$	(13.95	)
Per share effect of AOCI	$	10.14		$	12.92		$	15.78		$	22.15		$	32.02		$	(21.88	)
Book value per share, excluding AOCI	$	124.39		$	123.37		$	119.31		$	117.49		$	116.46		$	7.93
Stockholders’ dividends paid	$	37,668.5		$	38,071.2		$	32,128.8		$	32,241.1		$	32,205.0		$	5,463.5		$	140,109.6	$	117,290.5	$	22,819.1

Page 4

Reinsurance Group of America, Incorporated Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations) (USD in thousands)
	Three Months Ended															Current Qtr			Year-to Date
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
	2018			2018			2018			2018			2017			Quarter			2018			2017			Change
Revenues:
Net premiums	$	2,804,723		$	2,562,042		$	2,594,460		$	2,582,551		$	2,505,186		$	299,537		$	10,543,776		$	9,841,130		$	702,646
Investment income, net of related expenses	521,393			572,742			528,061			516,329			564,831			(43,438		)	2,138,525			2,154,651			(16,126		)
Investment related gains (losses), net
OTTI on fixed maturity securities	(14,439		)	(10,705		)	(3,350		)	—			(21,659		)	7,220			(28,494		)	(42,639		)	14,145
Other investment related gains (losses), net	(124,590		)	(9,312		)	(7,222		)	(470		)	50,068			(174,658		)	(141,594		)	210,519			(352,113		)
Total investment related gains (losses), net	(139,029		)	(20,017		)	(10,572		)	(470		)	28,409			(167,438		)	(170,088		)	167,880			(337,968		)
Other revenue	91,431			112,764			83,959			75,297			134,017			(42,586		)	363,451			352,108			11,343
Total revenues	3,278,518			3,227,531			3,195,908			3,173,707			3,232,443			46,075			12,875,664			12,515,769			359,895
Benefits and expenses:
Claims and other policy benefits	2,467,315			2,209,920			2,279,593			2,362,101			2,147,729			319,586			9,318,929			8,518,917			800,012
Interest credited	92,136			143,292			109,327			80,449			152,972			(60,836		)	425,204			502,040			(76,836		)
Policy acquisition costs and other insurance expenses	334,703			310,639			320,276			356,902			402,001			(67,298		)	1,322,520			1,466,646			(144,126		)
Other operating expenses	199,642			200,262			194,959			191,274			229,411			(29,769		)	786,137			710,690			75,447
Interest expense	39,586			33,290			37,025			37,454			37,435			2,151			147,355			146,025			1,330
Collateral finance and securitization expense	7,190			7,467			7,440			7,602			7,401			(211		)	29,699			28,636			1,063
Total benefits and expenses	3,140,572			2,904,870			2,948,620			3,035,782			2,976,949			163,623			12,029,844			11,372,954			656,890
Income before income taxes	137,946			322,661			247,288			137,925			255,494			(117,548		)	845,820			1,142,815			(296,995		)
Provision for income taxes	27,907			21,462			42,914			37,695			(961,394		)	989,301			129,978			(679,366		)	809,344
Net income	$	110,039		$	301,199		$	204,374		$	100,230		$	1,216,888		$	(1,106,849	)	$	715,842		$	1,822,181		$	(1,106,339	)
Pre-tax adjusted operating income reconciliation:
Income before income tax	$	137,946		$	322,661		$	247,288		$	137,925		$	255,494		$	(117,548	)	$	845,820		$	1,142,815		$	(296,995	)
Investment and derivative losses (1)	32,023			52,455			37,221			31,643			27,908			4,115			153,342			19,969			133,373
Change in value of modified coinsurance and
funds withheld embedded derivatives (1)	32,932			2,081			(8,805		)	(13,611		)	(37,870		)	70,802			12,597			(144,724		)	157,321
GMXB embedded derivatives (1)	77,697			(32,133		)	(15,324		)	(14,785		)	(15,648		)	93,345			15,455			(32,166		)	47,621
Funds withheld (gains) losses - investment income	(30		)	614			(13,100		)	10,292			(3,133		)	3,103			(2,224		)	(15,493		)	13,269
EIA embedded derivatives - interest credited	12,222			(1,602		)	565			(28,563		)	(3,595		)	15,817			(17,378		)	(40,260		)	22,882
DAC offset, net	(12,498		)	(110		)	1,755			21,324			22,230			(34,728		)	10,471			108,280			(97,809		)
Investment (income) loss on unit-linked variable annuities	10,536			(2,402		)	(4,127		)	2,652			(4,781		)	15,317			6,659			(11,078		)	17,737
Interest credited on unit-linked variable annuities	(10,536		)	2,402			4,127			(2,652		)	4,781			(15,317		)	(6,659		)	11,078			(17,737		)
Non-investment derivatives	(202		)	(553		)	477			76			41			(243		)	(202		)	103			(305		)
Adjusted operating income before income taxes	$	280,090		$	343,413		$	250,077		$	144,301		$	245,427		$	34,663		$	1,017,881		$	1,038,524		$	(20,643	)
(1) Included in “Investment related gains (losses), net” on Consolidated GAAP Income Statement.

Page 5

Reinsurance Group of America, Incorporated Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations) - continued (USD in thousands)
	Three Months Ended															Current Qtr			Year-to Date
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
	2018			2018			2018			2018			2017			Quarter			2018			2017			Change
After-tax adjusted operating income reconciliation:
Net income	$	110,039		$	301,199		$	204,374		$	100,230		$	1,216,888		$	(1,106,849	)	$	715,842		$	1,822,181		$	(1,106,339	)
Investment and derivative losses (1)	25,067			41,548			29,195			24,702			17,806			7,261			120,512			10,385			110,127
Change in value of modified coinsurance and
funds withheld embedded derivatives (1)	26,017			1,644			(6,956		)	(10,753		)	(24,616		)	50,633			9,952			(94,071		)	104,023
GMXB embedded derivatives (1)	61,380			(25,385		)	(12,106		)	(11,680		)	(10,171		)	71,551			12,209			(20,908		)	33,117
Funds withheld (gains) losses - investment income	(24		)	485			(10,349		)	8,131			(2,036		)	2,012			(1,757		)	(10,070		)	8,313
EIA embedded derivatives - interest credited	9,655			(1,266		)	447			(22,565		)	(2,337		)	11,992			(13,729		)	(26,169		)	12,440
DAC offset, net	(9,874		)	(86		)	1,386			16,846			14,449			(24,323		)	8,272			70,382			(62,110		)
Investment (income) loss on unit-linked variable annuities	8,324			(1,898		)	(3,260		)	2,095			(3,108		)	11,432			5,261			(7,201		)	12,462
Interest credited on unit-linked variable annuities	(8,324		)	1,898			3,260			(2,095		)	3,108			(11,432		)	(5,261		)	7,201			(12,462		)
Non-investment derivatives	(160		)	(437		)	377			60			27			(187		)	(160		)	67			(227		)
U.S. tax reform and statutory tax rate changes	(349		)	(58,285		)	(4,314		)	775			(1,039,111		)	1,038,762			(62,173		)	(1,039,111		)	976,938
Adjusted operating income	$	221,751		$	259,417		$	202,054		$	105,746		$	170,899		$	50,852		$	788,968		$	712,686		$	76,282
Wgt. average common shares outstanding (diluted)	64,156			64,296			65,250			65,872			65,806			(1,650		)	65,094			65,753			(659		)
Diluted earnings per share - adjusted operating income	$	3.46		$	4.03		$	3.10		$	1.61		$	2.60		$	0.86		$	12.12		$	10.84		$	1.28
Foreign currency effect on (2):
Net premiums	$	(43,803	)	$	(33,440	)	$	40,891		$	79,348		$	43,226		$	(87,029	)	$	42,996		$	25,932		$	17,064
Adjusted operating income (loss) before income taxes	$	(4,914	)	$	(1,293	)	$	5,422		$	8,325		$	5,988		$	(10,902	)	$	7,540		$	(365	)	$	7,905
(1) Included in “Investment related gains (losses), net” on Consolidated GAAP Income Statement.
(2) Compared to comparable prior year period.

Page 6

Reinsurance Group of America, Incorporated Consolidated Balance Sheets (USD thousands)
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,
	2018			2018			2018			2018			2017
Assets
Fixed maturity securities, available-for-sale	$	39,992,346		$	39,005,212		$	36,784,954		$	37,945,260		$	38,150,820
Equity securities (1)	82,197			101,069			108,070			103,983			100,152
Mortgage loans on real estate	4,966,298			4,779,074			4,558,669			4,437,994			4,400,533
Policy loans	1,344,980			1,320,050			1,339,252			1,346,930			1,357,624
Funds withheld at interest	5,761,471			5,976,301			5,981,092			6,005,892			6,083,388
Short-term investments	142,598			229,928			123,028			130,430			93,304
Other invested assets (1)	1,989,078			1,706,979			1,605,562			1,512,147			1,505,332
Total investments	54,278,968			53,118,613			50,500,627			51,482,636			51,691,153
Cash and cash equivalents	1,889,733			1,730,489			1,397,679			1,510,407			1,303,524
Accrued investment income	427,893			455,296			400,160			408,338			392,721
Premiums receivable and other reinsurance balances	3,017,868			2,779,556			2,617,382			2,620,515			2,338,481
Reinsurance ceded receivables	757,572			769,324			789,429			810,554			782,027
Deferred policy acquisition costs	3,397,770			3,211,145			3,205,667			3,245,851			3,239,824
Other assets	839,222			908,219			855,553			876,522			767,088
Total assets	$	64,609,026		$	62,972,642		$	59,766,497		$	60,954,823		$	60,514,818
Liabilities and stockholders’ equity
Future policy benefits	$	25,285,400		$	25,139,148		$	22,286,622		$	22,645,243		$	22,363,241
Interest-sensitive contract liabilities	18,004,526			16,751,379			16,513,668			16,661,602			16,227,642
Other policy claims and benefits	5,642,755			5,424,347			5,334,210			5,361,149			4,992,074
Other reinsurance balances	487,177			482,235			412,846			483,708			488,739
Deferred income taxes	1,798,800			1,883,848			2,009,514			2,085,631			2,198,309
Other liabilities	1,469,981			1,213,595			1,094,826			1,167,596			1,102,975
Long-term debt	2,787,873			2,787,975			2,788,111			2,788,240			2,788,365
Collateral finance and securitization notes	681,961			710,792			724,998			753,393			783,938
Total liabilities	56,158,473			54,393,319			51,164,795			51,946,562			50,945,283
Stockholders’ equity:
Common stock, at par value	791			791			791			791			791
Additional paid-in-capital	1,898,652			1,899,144			1,887,336			1,880,352			1,870,906
Retained earnings	7,284,949			7,215,526			6,952,170			6,797,545			6,736,265
Treasury stock	(1,370,602		)	(1,348,943		)	(1,243,566		)	(1,098,823		)	(1,102,058		)
Accumulated other comprehensive income (AOCI):
Accumulated currency translation adjustment, net of income taxes	(168,698		)	(119,298		)	(142,187		)	(87,510		)	(86,350		)
Unrealized appreciation of securities, net of income taxes	856,159			982,352			1,198,338			1,567,057			2,200,661
Pension and postretirement benefits, net of income taxes	(50,698		)	(50,249		)	(51,180		)	(51,151		)	(50,680		)
Total stockholders’ equity	8,450,553			8,579,323			8,601,702			9,008,261			9,569,535
Total liabilities and stockholders’ equity	$	64,609,026		$	62,972,642		$	59,766,497		$	60,954,823		$	60,514,818
Total stockholders’ equity, excluding AOCI	$	7,813,790		$	7,766,518		$	7,596,731		$	7,579,865		$	7,505,904
See appendix for reconciliation of total stockholders' equity before and after impact of AOCI.
(1) Effective January 1, 2018, the Company adopted ASU 2016-01. For additional information see the “2018 Notes” section on page 3.

Page 7

Reinsurance Group of America, Incorporated U.S. and Latin America Traditional GAAP Income Statements (USD thousands)
	Three Months Ended															Current Qtr			Year-to-Date
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
	2018			2018			2018			2018			2017			Quarter			2018			2017			Change
Revenues:
Net premiums	$	1,500,210		$	1,360,076		$	1,373,548		$	1,299,422		$	1,389,479		$	110,731		$	5,533,256		$	5,356,321		$	176,935
Investment income, net of related expenses	184,823			181,396			180,478			183,060			173,461			11,362			729,757			728,073			1,684
Investment related gains (losses), net	2,802			(33		)	3,725			1,683			(1,414		)	4,216			8,177			(1,606		)	9,783
Other revenue	6,267			6,351			6,396			5,529			6,061			206			24,543			17,383			7,160
Total revenues	1,694,102			1,547,790			1,564,147			1,489,694			1,567,587			126,515			6,295,733			6,100,171			195,562
Benefits and expenses:
Claims and other policy benefits	1,347,292			1,191,489			1,255,007			1,254,961			1,221,236			126,056			5,048,749			4,760,194			288,555
Interest credited	20,453			20,321			20,992			20,280			20,418			35			82,046			82,218			(172		)
Policy acquisition costs and other insurance expenses	195,437			183,433			182,064			177,640			196,860			(1,423		)	738,574			753,336			(14,762		)
Other operating expenses	35,708			36,219			34,106			33,921			36,705			(997		)	139,954			130,989			8,965
Total benefits and expenses	1,598,890			1,431,462			1,492,169			1,486,802			1,475,219			123,671			6,009,323			5,726,737			282,586
Income before income taxes	$	95,212		$	116,328		$	71,978		$	2,892		$	92,368		$	2,844		$	286,410		$	373,434		$	(87,024	)
Loss and expense ratios:
Claims and other policy benefits	89.8		%	87.6		%	91.4		%	96.6		%	87.9		%	1.9		%	91.2		%	88.9		%	2.3		%
Policy acquisition costs and other insurance expenses	13.0		%	13.5		%	13.3		%	13.7		%	14.2		%	(1.2		)%	13.3		%	14.1		%	(0.8		)%
Other operating expenses	2.4		%	2.7		%	2.5		%	2.6		%	2.6		%	(0.2		)%	2.5		%	2.4		%	0.1		%
Foreign currency effect on (1):
Net premiums	$	(625	)	$	(995	)	$	(608	)	$	944		$	386		$	(1,011	)	$	(1,284	)	$	(190	)	$	(1,094	)
Income (loss) before income taxes	$	10		$	261		$	185		$	(49	)	$	(114	)	$	124		$	407		$	(464	)	$	871
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period.

Page 8

Reinsurance Group of America, Incorporated U.S. and Latin America Traditional Adjusted Operating Income Statements (USD thousands)
	Three Months Ended															Current			Year-to-Date
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			Qtr vs. PY			Dec. 31,			Dec. 31,
	2018			2018			2018			2018			2017			Quarter			2018			2017			Change
Revenues:
Net premiums	$	1,500,210		$	1,360,076		$	1,373,548		$	1,299,422		$	1,389,479		$	110,731		$	5,533,256		$	5,356,321		$	176,935
Investment income, net of related expenses	184,823			181,396			180,478			183,060			173,461			11,362			729,757			728,073			1,684
Other revenue	6,267			6,351			6,396			5,529			6,061			206			24,543			17,383			7,160
Total revenues	1,691,300			1,547,823			1,560,422			1,488,011			1,569,001			122,299			6,287,556			6,101,777			185,779
Benefits and expenses:
Claims and other policy benefits	1,347,292			1,191,489			1,255,007			1,254,961			1,221,236			126,056			5,048,749			4,760,194			288,555
Interest credited	20,453			20,321			20,992			20,280			20,418			35			82,046			82,218			(172		)
Policy acquisition costs and other insurance expenses	195,437			183,433			182,064			177,640			196,860			(1,423		)	738,574			753,336			(14,762		)
Other operating expenses	35,708			36,219			34,106			33,921			36,705			(997		)	139,954			130,989			8,965
Total benefits and expenses	1,598,890			1,431,462			1,492,169			1,486,802			1,475,219			123,671			6,009,323			5,726,737			282,586
Adjusted operating income before income taxes	$	92,410		$	116,361		$	68,253		$	1,209		$	93,782		$	(1,372	)	$	278,233		$	375,040		$	(96,807	)
Loss and expense ratios:
Claims and other policy benefits	89.8		%	87.6		%	91.4		%	96.6		%	87.9		%	1.9		%	91.2		%	88.9		%	2.3		%
Policy acquisition costs and other insurance expenses	13.0		%	13.5		%	13.3		%	13.7		%	14.2		%	(1.2		)%	13.3		%	14.1		%	(0.8		)%
Other operating expenses	2.4		%	2.7		%	2.5		%	2.6		%	2.6		%	(0.2		)%	2.5		%	2.4		%	0.1		%
Foreign currency effect on (1):
Net premiums	$	(625	)	$	(995	)	$	(608	)	$	944		$	386		$	(1,011	)	$	(1,284	)	$	(190	)	$	(1,094	)
Adjusted operating income (loss) before income taxes	$	10		$	261		$	185		$	(49	)	$	(114	)	$	124		$	407		$	(464	)	$	871
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period.

Page 9

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
	Dec. 31,			Sept. 30,		June 30,		March 31,		Dec. 31,		vs. PY			Dec. 31,			Dec. 31,
	2018			2018		2018		2018		2017		Quarter			2018			2017		Change
Revenues:
Net premiums	$	8,427		$	6,885	$	6,699	$	5,192	$	5,497	$	2,930		$	27,203		$	23,683	$	3,520
Investment income, net of related expenses	169,922			200,397		171,810		157,912		216,646		(46,724		)	700,041			769,932		(69,891		)
Investment related gains (losses), net	(59,261		)	581		776		676		41,114		(100,375		)	(57,228		)	144,343		(201,571		)
Other revenue	27,365			53,735		24,065		22,959		22,458		4,907			128,124			98,782		29,342
Total revenues	146,453			261,598		203,350		186,739		285,715		(139,262		)	798,140			1,036,740		(238,600		)
Benefits and expenses:
Claims and other policy benefits	44,704			46,995		22,590		15,945		24,449		20,255			130,234			78,447		51,787
Interest credited	72,142			110,673		74,810		54,212		118,980		(46,838		)	311,837			379,921		(68,084		)
Policy acquisition costs and other insurance expenses	28,436			30,519		37,939		62,035		53,201		(24,765		)	158,929			229,506		(70,577		)
Other operating expenses	6,969			7,921		7,171		7,285		8,275		(1,306		)	29,346			28,158		1,188
Total benefits and expenses	152,251			196,108		142,510		139,477		204,905		(52,654		)	630,346			716,032		(85,686		)
Income (loss) before income taxes	$	(5,798	)	$	65,490	$	60,840	$	47,262	$	80,810	$	(86,608	)	$	167,794		$	320,708	$	(152,914	)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.

Page 10

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
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,		vs. PY			Dec. 31,		Dec. 31,
	2018		2018		2018		2018		2017		Quarter			2018		2017		Change
Revenues:
Net premiums	$	8,427	$	6,885	$	6,699	$	5,192	$	5,497	$	2,930		$	27,203	$	23,683	$	3,520
Investment income, net of related expenses	169,512		200,982		159,165		168,227		213,604		(44,092		)	697,886		754,945		(57,059		)
Other revenue	27,365		53,735		24,065		22,959		22,458		4,907			128,124		98,782		29,342
Total revenues	205,304		261,602		189,929		196,378		241,559		(36,255		)	853,213		877,410		(24,197		)
Benefits and expenses:
Claims and other policy benefits	44,704		46,995		22,590		15,945		24,449		20,255			130,234		78,447		51,787
Interest credited	59,920		112,275		74,245		82,775		122,575		(62,655		)	329,215		420,181		(90,966		)
Policy acquisition costs and other insurance expenses	40,934		30,629		36,184		40,711		30,971		9,963			148,458		121,226		27,232
Other operating expenses	6,969		7,921		7,171		7,285		8,275		(1,306		)	29,346		28,158		1,188
Total benefits and expenses	152,527		197,820		140,190		146,716		186,270		(33,743		)	637,253		648,012		(10,759		)
Adjusted operating income before income taxes	$	52,777	$	63,782	$	49,739	$	49,662	$	55,289	$	(2,512	)	$	215,960	$	229,398	$	(13,438	)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.

Page 11

Reinsurance Group of America, Incorporated U.S. and Latin America Financial Solutions - Asset Intensive (Continued) (USD millions)
	Three Months Ended
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,
	2018			2018			2018			2018			2017
Annuity account values:
Fixed annuities (deferred)	$	8,461		$	7,447		$	7,101		$	7,165		$	6,607
Net interest spread (fixed annuities)	1.5		%	1.8		%	1.7		%	1.6		%	2.3		%
Equity-indexed annuities	$	3,782		$	3,873		$	3,931		$	4,022		$	4,126
Variable annuities account values
No riders	$	797		$	870		$	877		$	890		$	950
GMDB only	159			179			177			178			182
GMIB only	21			24			24			23			24
GMAB only	7			10			13			16			22
GMWB only	1,090			1,244			1,268			1,299			1,366
GMDB / WB	272			309			318			327			343
Other	19			23			24			28			31
Total variable annuities account values	$	2,365		$	2,659		$	2,701		$	2,761		$	2,918
Fair value of liabilities associated with living benefit riders	$	168		$	90		$	122		$	138		$	152
Interest-sensitive contract liabilities associated with:
Guaranteed investment contracts	$	991		$	945		$	955		$	882		$	858
Bank-owned life insurance (BOLI)	$	596		$	593		$	589		$	586		$	584
Other asset-intensive business	$	58		$	59		$	60		$	61		$	62
Future policy benefits associated with:
Payout annuities	$	4,943		$	5,004		$	2,247		$	2,255		$	2,271

Page 12

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
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,		vs. PY			Dec. 31,		Dec. 31,
	2018		2018		2018		2018		2017		Quarter			2018		2017		Change
Revenues:
Investment income, net of related expenses	$	1,766	$	1,491	$	1,504	$	1,822	$	2,040	$	(274	)	$	6,583	$	8,541	$	(1,958	)
Other revenue	24,878		27,759		25,094		24,791		27,631		(2,753		)	102,522		105,097		(2,575		)
Total revenues	26,644		29,250		26,598		26,613		29,671		(3,027		)	109,105		113,638		(4,533		)
Benefits and expenses:
Policy acquisition costs and other insurance expenses	4,084		5,324		2,609		4,000		5,570		(1,486		)	16,017		22,804		(6,787		)
Other operating expenses	3,166		2,343		2,441		2,454		3,016		150			10,404		9,958		446
Total benefits and expenses	7,250		7,667		5,050		6,454		8,586		(1,336		)	26,421		32,762		(6,341		)
Income before income taxes	$	19,394	$	21,583	$	21,548	$	20,159	$	21,085	$	(1,691	)	$	82,684	$	80,876	$	1,808
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.

Page 13

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
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,		vs. PY			Dec. 31,		Dec. 31,
	2018		2018		2018		2018		2017		Quarter			2018		2017		Change
Revenues:
Investment income, net of related expenses	$	1,766	$	1,491	$	1,504	$	1,822	$	2,040	$	(274	)	$	6,583	$	8,541	$	(1,958	)
Other revenue	24,878		27,759		25,094		24,791		27,631		(2,753		)	102,522		105,097		(2,575		)
Total revenues	26,644		29,250		26,598		26,613		29,671		(3,027		)	109,105		113,638		(4,533		)
Benefits and expenses:
Policy acquisition costs and other insurance expenses	4,084		5,324		2,609		4,000		5,570		(1,486		)	16,017		22,804		(6,787		)
Other operating expenses	3,166		2,343		2,441		2,454		3,016		150			10,404		9,958		446
Total benefits and expenses	7,250		7,667		5,050		6,454		8,586		(1,336		)	26,421		32,762		(6,341		)
Adjusted operating income before income taxes	$	19,394	$	21,583	$	21,548	$	20,159	$	21,085	$	(1,691	)	$	82,684	$	80,876	$	1,808
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.

Page 14

Reinsurance Group of America, Incorporated Canada Traditional GAAP Income Statements (USD thousands)
	Three Months Ended															Current Qtr			Year-to-Date
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
	2018			2018			2018			2018			2017			Quarter			2018			2017			Change
Revenues:
Net premiums	$	267,443		$	243,105		$	260,750		$	252,723		$	238,993		$	28,450		$	1,024,021		$	901,976		$	122,045
Investment income, net of related expenses	49,148			50,145			49,535			50,584			48,089			1,059			199,412			189,018			10,394
Investment related gains (losses), net	(2,932		)	2,484			446			(731		)	1,798			(4,730		)	(733		)	10,619			(11,352		)
Other revenue	265			228			1,468			(257		)	(3		)	268			1,704			1,907			(203		)
Total revenues	313,924			295,962			312,199			302,319			288,877			25,047			1,224,404			1,103,520			120,884
Benefits and expenses:
Claims and other policy benefits	200,693			210,292			223,935			212,825			191,665			9,028			847,745			757,892			89,853
Interest credited	51			6			21			5			5			46			83			20			63
Policy acquisition costs and other insurance expenses	59,461			56,224			58,541			57,032			48,881			10,580			231,258			192,183			39,075
Other operating expenses	8,072			8,291			7,897			8,750			9,061			(989		)	33,010			33,207			(197		)
Total benefits and expenses	268,277			274,813			290,394			278,612			249,612			18,665			1,112,096			983,302			128,794
Income before income taxes	$	45,647		$	21,149		$	21,805		$	23,707		$	39,265		$	6,382		$	112,308		$	120,218		$	(7,910	)
Loss and expense ratios:
Loss ratios (creditor business)	29.1		%	27.2		%	26.3		%	27.0		%	24.6		%	4.5		%	27.4		%	25.5		%	1.9		%
Loss ratios (excluding creditor business)	80.9		%	94.7		%	94.4		%	92.2		%	90.6		%	(9.7		)%	90.4		%	95.7		%	(5.3		)%
Claims and other policy benefits / (net premiums + investment income)	63.4		%	71.7		%	72.2		%	70.2		%	66.8		%	(3.4		)%	69.3		%	69.5		%	(0.2		)%
Policy acquisition costs and other insurance expenses (creditor business)	64.7		%	64.2		%	66.5		%	65.2		%	69.2		%	(4.5		)%	65.2		%	66.8		%	(1.6		)%
Policy acquisition costs and other insurance expenses (excluding creditor business)	16.8		%	17.4		%	16.2		%	16.6		%	11.3		%	5.5		%	16.7		%	12.2		%	4.5		%
Other operating expenses	3.0		%	3.4		%	3.0		%	3.5		%	3.8		%	(0.8		)%	3.2		%	3.7		%	(0.5		)%
Foreign currency effect on (1):
Net premiums	$	(10,704	)	$	(10,468	)	$	10,222		$	10,846		$	11,467		$	(22,171	)	$	(104	)	$	18,470		$	(18,574	)
Income (loss) before income taxes	$	(2,097	)	$	(1,075	)	$	579		$	1,416		$	1,852		$	(3,949	)	$	(1,177	)	$	3,239		$	(4,416	)
Creditor reinsurance net premiums	$	30,299		$	29,521		$	32,453		$	31,093		$	37,819		$	(7,520	)	$	123,366		$	150,127		$	(26,761	)
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

Page 15

Reinsurance Group of America, Incorporated Canada Traditional Adjusted Operating Income Statements (USD thousands)
	Three Months Ended															Current Qtr			Year-to-Date
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
	2018			2018			2018			2018			2017			Quarter			2018			2017			Change
Revenues:
Net premiums	$	267,443		$	243,105		$	260,750		$	252,723		$	238,993		$	28,450		$	1,024,021		$	901,976		$	122,045
Investment income, net of related expenses	49,528			50,174			49,080			50,561			47,998			1,530			199,343			188,512			10,831
Investment related gains, net	1,381			1,258			1,258			1,142			1,242			139			5,039			4,840			199
Other revenue	265			228			1,468			(257		)	(3		)	268			1,704			1,907			(203		)
Total revenues	318,617			294,765			312,556			304,169			288,230			30,387			1,230,107			1,097,235			132,872
Benefits and expenses:
Claims and other policy benefits	200,693			210,292			223,935			212,825			191,665			9,028			847,745			757,892			89,853
Interest credited	51			6			21			5			5			46			83			20			63
Policy acquisition costs and other insurance expenses	59,461			56,224			58,541			57,032			48,881			10,580			231,258			192,183			39,075
Other operating expenses	8,072			8,291			7,897			8,750			9,061			(989		)	33,010			33,207			(197		)
Total benefits and expenses	268,277			274,813			290,394			278,612			249,612			18,665			1,112,096			983,302			128,794
Adjusted operating income before income taxes	$	50,340		$	19,952		$	22,162		$	25,557		$	38,618		$	11,722		$	118,011		$	113,933		$	4,078
Loss and expense ratios:
Loss ratios (creditor business)	29.1		%	27.2		%	26.3		%	27.0		%	24.6		%	4.5		%	27.4		%	25.5		%	1.9		%
Loss ratios (excluding creditor business)	80.9		%	94.7		%	94.4		%	92.2		%	90.6		%	(9.7		)%	90.4		%	95.7		%	(5.3		)%
Claims and other policy benefits / (net premiums + investment income)	63.3		%	71.7		%	72.3		%	70.2		%	66.8		%	(3.5		)%	69.3		%	69.5		%	(0.2		)%
Policy acquisition costs and other insurance expenses (creditor business)	64.7		%	64.2		%	66.5		%	65.2		%	69.2		%	(4.5		)%	65.2		%	66.8		%	(1.6		)%
Policy acquisition costs and other insurance expenses (excluding creditor business)	16.8		%	17.4		%	16.2		%	16.6		%	11.3		%	5.5		%	16.7		%	12.2		%	4.5		%
Other operating expenses	3.0		%	3.4		%	3.0		%	3.5		%	3.8		%	(0.8		)%	3.2		%	3.7		%	(0.5		)%
Foreign currency effect on (1):
Net premiums	$	(10,704	)	$	(10,468	)	$	10,222		$	10,846		$	11,467		$	(22,171	)	$	(104	)	$	18,470		$	(18,574	)
Adjusted operating income (loss) before income taxes	$	(2,273	)	$	(1,022	)	$	600		$	1,512		$	1,820		$	(4,093	)	$	(1,183	)	$	3,151		$	(4,334	)
Creditor reinsurance net premiums	$	30,299		$	29,521		$	32,453		$	31,093		$	37,819		$	(7,520	)	$	123,366		$	150,127		$	(26,761	)
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

Page 16

Reinsurance Group of America, Incorporated Canada Financial Solutions (1) GAAP Income Statements (USD thousands)
	Three Months Ended												Current Qtr			Year-to-Date
	Dec. 31,			Sept. 30,			June 30,		March 31,		Dec. 31,		vs. PY			Dec. 31,		Dec. 31,
	2018			2018			2018		2018		2017		Quarter			2018		2017		Change
Revenues:
Net premiums	$	10,431		$	10,681		$	10,955	$	11,305	$	9,631	$	800		$	43,372	$	38,229	$	5,143
Investment income, net of related expenses	474			415			330		115		1,600		(1,126		)	1,334		5,115		(3,781		)
Other revenue	649			1,072			804		1,357		1,467		(818		)	3,882		5,594		(1,712		)
Total revenues	11,554			12,168			12,089		12,777		12,698		(1,144		)	48,588		48,938		(350		)
Benefits and expenses:
Claims and other policy benefits	9,775			10,003			7,915		9,115		7,751		2,024			36,808		29,639		7,169
Policy acquisition costs and other insurance expenses	188			190			292		96		218		(30		)	766		789		(23		)
Other operating expenses	396			329			338		375		575		(179		)	1,438		1,867		(429		)
Total benefits and expenses	10,359			10,522			8,545		9,586		8,544		1,815			39,012		32,295		6,717
Income before income taxes	$	1,195		$	1,646		$	3,544	$	3,191	$	4,154	$	(2,959	)	$	9,576	$	16,643	$	(7,067	)
Foreign currency effect on (2):
Net premiums	$	(423	)	$	(459	)	$	436	$	501	$	462	$	(885	)	$	55	$	882	$	(827	)
Income (loss) before income taxes	$	(69	)	$	(71	)	$	146	$	188	$	195	$	(264	)	$	194	$	413	$	(219	)
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 financial reinsurance transactions.
(2) Compared to comparable prior year period

Page 17

Reinsurance Group of America, Incorporated Canada Financial Solutions (1)  Adjusted Operating Income Statements (USD thousands)
	Three Months Ended												Current Qtr			Year-to-Date
	Dec. 31,			Sept. 30,			June 30,		March 31,		Dec. 31,		vs. PY			Dec. 31,		Dec. 31,
	2018			2018			2018		2018		2017		Quarter			2018		2017		Change
Revenues:
Net premiums	$	10,431		$	10,681		$	10,955	$	11,305	$	9,631	$	800		$	43,372	$	38,229	$	5,143
Investment income, net of related expenses	474			415			330		115		1,600		(1,126		)	1,334		5,115		(3,781		)
Other revenue	649			1,072			804		1,357		1,467		(818		)	3,882		5,594		(1,712		)
Total revenues	11,554			12,168			12,089		12,777		12,698		(1,144		)	48,588		48,938		(350		)
Benefits and expenses:
Claims and other policy benefits	9,775			10,003			7,915		9,115		7,751		2,024			36,808		29,639		7,169
Policy acquisition costs and other insurance expenses	188			190			292		96		218		(30		)	766		789		(23		)
Other operating expenses	396			329			338		375		575		(179		)	1,438		1,867		(429		)
Total benefits and expenses	10,359			10,522			8,545		9,586		8,544		1,815			39,012		32,295		6,717
Adjusted operating income before income taxes	$	1,195		$	1,646		$	3,544	$	3,191	$	4,154	$	(2,959	)	$	9,576	$	16,643	$	(7,067	)
Foreign currency effect on (2):
Net premiums	$	(423	)	$	(459	)	$	436	$	501	$	462	$	(885	)	$	55	$	882	$	(827	)
Adjusted operating income (loss) before income taxes	$	(68	)	$	(71	)	$	146	$	188	$	195	$	(263	)	$	195	$	413	$	(218	)
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 financial reinsurance transactions.
(2) Compared to comparable prior year period

Page 18

Reinsurance Group of America, Incorporated Europe, Middle East and Africa Traditional GAAP Income Statements (USD thousands)
	Three Months Ended															Current Qtr			Year-to-Date
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
	2018			2018			2018			2018			2017			Quarter			2018			2017			Change
Revenues:
Net premiums	$	352,522		$	340,414		$	354,534		$	375,729		$	321,907		$	30,615		$	1,423,199		$	1,301,640		$	121,559
Investment income, net of related expenses	17,201			16,190			17,087			15,764			14,479			2,722			66,242			55,511			10,731
Investment related gains (losses), net	(170		)	—			—			9			45			(215		)	(161		)	52			(213		)
Other revenue	1,673			455			917			2,280			666			1,007			5,325			4,872			453
Total revenues	371,226			357,059			372,538			393,782			337,097			34,129			1,494,605			1,362,075			132,530
Benefits and expenses:
Claims and other policy benefits	305,027			291,442			310,187			326,802			249,735			55,292			1,233,458			1,096,211			137,247
Policy acquisition costs and other insurance expenses	21,651			21,817			29,961			25,552			25,880			(4,229		)	98,981			92,143			6,838
Other operating expenses	29,688			25,430			25,922			26,007			31,747			(2,059		)	107,047			103,235			3,812
Total benefits and expenses	356,366			338,689			366,070			378,361			307,362			49,004			1,439,486			1,291,589			147,897
Income before income taxes	$	14,860		$	18,370		$	6,468		$	15,421		$	29,735		$	(14,875	)	$	55,119		$	70,486		$	(15,367	)
Loss and expense ratios:
Claims and other policy benefits	86.5		%	85.6		%	87.5		%	87.0		%	77.6		%	8.9		%	86.7		%	84.2		%	2.5		%
Policy acquisition costs and other insurance expenses	6.1		%	6.4		%	8.5		%	6.8		%	8.0		%	(1.9		)%	7.0		%	7.1		%	(0.1		)%
Other operating expenses	8.4		%	7.5		%	7.3		%	6.9		%	9.9		%	(1.5		)%	7.5		%	7.9		%	(0.4		)%
Foreign currency effect on (1):
Net premiums	$	(12,043	)	$	(6,362	)	$	18,659		$	40,308		$	19,482		$	(31,525	)	$	40,562		$	(8,329	)	$	48,891
Income (loss) before income taxes	$	(875	)	$	(363	)	$	978		$	1,801		$	2,037		$	(2,912	)	$	1,541		$	1,497		$	44
Critical illness net premiums	$	45,292		$	45,601		$	47,851		$	48,898		$	47,322		$	(2,030	)	$	187,642		$	191,494		$	(3,852	)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period

Page 19

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
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
	2018			2018			2018			2018			2017			Quarter			2018			2017			Change
Revenues:
Net premiums	$	352,522		$	340,414		$	354,534		$	375,729		$	321,907		$	30,615		$	1,423,199		$	1,301,640		$	121,559
Investment income, net of related expenses	17,201			16,190			17,087			15,764			14,479			2,722			66,242			55,511			10,731
Other revenue	1,673			455			917			2,280			666			1,007			5,325			4,872			453
Total revenues	371,396			357,059			372,538			393,773			337,052			34,344			1,494,766			1,362,023			132,743
Benefits and expenses:
Claims and other policy benefits	305,027			291,442			310,187			326,802			249,735			55,292			1,233,458			1,096,211			137,247
Policy acquisition costs and other insurance expenses	21,651			21,817			29,961			25,552			25,880			(4,229		)	98,981			92,143			6,838
Other operating expenses	29,688			25,430			25,922			26,007			31,747			(2,059		)	107,047			103,235			3,812
Total benefits and expenses	356,366			338,689			366,070			378,361			307,362			49,004			1,439,486			1,291,589			147,897
Adjusted operating income before income taxes	$	15,030		$	18,370		$	6,468		$	15,412		$	29,690		$	(14,660	)	$	55,280		$	70,434		$	(15,154	)
Loss and expense ratios:
Claims and other policy benefits	86.5		%	85.6		%	87.5		%	87.0		%	77.6		%	8.9		%	86.7		%	84.2		%	2.5		%
Policy acquisition costs and other insurance expenses	6.1		%	6.4		%	8.5		%	6.8		%	8.0		%	(1.9		)%	7.0		%	7.1		%	(0.1		)%
Other operating expenses	8.4		%	7.5		%	7.3		%	6.9		%	9.9		%	(1.5		)%	7.5		%	7.9		%	(0.4		)%
Foreign currency effect on (1):
Net premiums	$	(12,043	)	$	(6,362	)	$	18,659		$	40,308		$	19,482		$	(31,525	)	$	40,562		$	(8,329	)	$	48,891
Adjusted operating income (loss) before income taxes	$	(884	)	$	(363	)	$	978		$	1,801		$	2,033		$	(2,917	)	$	1,532		$	1,494		$	38
Critical illness net premiums	$	45,292		$	45,601		$	47,851		$	48,898		$	47,322		$	(2,030	)	$	187,642		$	191,494		$	(3,852	)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period

Page 20

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
	Dec. 31,			Sept. 30,			June 30,		March 31,			Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
	2018			2018			2018		2018			2017			Quarter			2018			2017			Change
Revenues:
Net premiums	$	49,115		$	49,104		$	49,135	$	47,979		$	43,911		$	5,204		$	195,333		$	163,720		$	31,613
Investment income, net of related expenses	24,045			37,548			40,330		31,932			34,656			(10,611		)	133,855			123,258			10,597
Investment related gains (losses), net	(8,568		)	(87		)	5,858		3,352			(2,738		)	(5,830		)	555			5,487			(4,932		)
Other revenue	4,812			5,099			5,352		4,880			4,807			5			20,143			18,606			1,537
Total revenues	69,404			91,664			100,675		88,143			80,636			(11,232		)	349,886			311,071			38,815
Benefits and expenses:
Claims and other policy benefits	34,615			24,211			21,854		42,471			34,415			200			123,151			142,796			(19,645		)
Interest credited	(10,536		)	2,402			4,127		(2,652		)	4,781			(15,317		)	(6,659		)	11,078			(17,737		)
Policy acquisition costs and other insurance expenses	1,033			814			1,054		1,080			763			270			3,981			1,833			2,148
Other operating expenses	8,643			8,032			8,271		8,080			8,939			(296		)	33,026			31,850			1,176
Total benefits and expenses	33,755			35,459			35,306		48,979			48,898			(15,143		)	153,499			187,557			(34,058		)
Income before income taxes	$	35,649		$	56,205		$	65,369	$	39,164		$	31,738		$	3,911		$	196,387		$	123,514		$	72,873
Foreign currency effect on (2):
Net premiums	$	(1,627	)	$	(241	)	$	2,987	$	5,368		$	2,922		$	(4,549	)	$	6,487		$	(7,569	)	$	14,056
Income (loss) before income taxes	$	(1,164	)	$	(676	)	$	3,339	$	4,318		$	2,108		$	(3,272	)	$	5,817		$	(5,819	)	$	11,636
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 asset intensive, financial reinsurance, capital motivated and longevity closed block business.
(2) Compared to comparable prior year period

Page 21

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
	Dec. 31,			Sept. 30,			June 30,		March 31,		Dec. 31,		vs. PY			Dec. 31,		Dec. 31,
	2018			2018			2018		2018		2017		Quarter			2018		2017			Change
Revenues:
Net premiums	$	49,115		$	49,104		$	49,135	$	47,979	$	43,911	$	5,204		$	195,333	$	163,720		$	31,613
Investment income, net of related expenses	34,581			35,146			36,203		34,584		29,875		4,706			140,514		112,180			28,334
Other revenue	4,769			5,238			5,339		4,956		4,848		(79		)	20,302		18,770			1,532
Total revenues	88,465			89,488			90,677		87,519		78,634		9,831			356,149		294,670			61,479
Benefits and expenses:
Claims and other policy benefits	34,615			24,211			21,854		42,471		34,415		200			123,151		142,796			(19,645		)
Policy acquisition costs and other insurance expenses	1,033			814			1,054		1,080		763		270			3,981		1,833			2,148
Other operating expenses	8,643			8,032			8,271		8,080		8,939		(296		)	33,026		31,850			1,176
Total benefits and expenses	44,291			33,057			31,179		51,631		44,117		174			160,158		176,479			(16,321		)
Adjusted operating income before income taxes	$	44,174		$	56,431		$	59,498	$	35,888	$	34,517	$	9,657		$	195,991	$	118,191		$	77,800
Foreign currency effect on (2):
Net premiums	$	(1,627	)	$	(241	)	$	2,987	$	5,368	$	2,922	$	(4,549	)	$	6,487	$	(7,569	)	$	14,056
Adjusted operating income (loss) before income taxes	$	(1,400	)	$	(687	)	$	3,050	$	3,965	$	2,311	$	(3,711	)	$	4,928	$	(4,602	)	$	9,530
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 asset intensive, financial reinsurance, capital motivated and longevity closed block business.
(2) Compared to comparable prior year period

Page 22

Reinsurance Group of America, Incorporated Asia Pacific Traditional GAAP Income Statements (USD thousands)
	Three Months Ended															Current Qtr			Year-to-Date
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
	2018			2018			2018			2018			2017			Quarter			2018			2017			Change
Revenues:
Net premiums	$	616,428		$	551,695		$	538,799		$	589,513		$	495,439		$	120,989		$	2,296,435		$	2,053,029		$	243,406
Investment income, net of related expenses	23,676			23,169			24,076			24,600			23,570			106			95,521			91,675			3,846
Investment related gains (losses), net	(1		)	—			—			8			(10		)	9			7			(10		)	17
Other revenue	13,651			3,171			7,645			418			63,268			(49,617		)	24,885			65,992			(41,107		)
Total revenues	653,754			578,035			570,520			614,539			582,267			71,487			2,416,848			2,210,686			206,162
Benefits and expenses:
Claims and other policy benefits	522,999			431,570			435,592			495,194			414,637			108,362			1,885,355			1,635,728			249,627
Policy acquisition costs and other insurance expenses	56,256			42,063			37,584			58,782			97,575			(41,319		)	194,685			277,582			(82,897		)
Other operating expenses	40,754			42,395			38,482			37,676			42,843			(2,089		)	159,307			148,590			10,717
Total benefits and expenses	620,009			516,028			511,658			591,652			555,055			64,954			2,239,347			2,061,900			177,447
Income before income taxes	$	33,745		$	62,007		$	58,862		$	22,887		$	27,212		$	6,533		$	177,501		$	148,786		$	28,715
Loss and expense ratios:
Claims and other policy benefits	84.8		%	78.2		%	80.8		%	84.0		%	83.7		%	1.1		%	82.1		%	79.7		%	2.4		%
Policy acquisition costs and other insurance expenses	9.1		%	7.6		%	7.0		%	10.0		%	19.7		%	(10.6		)%	8.5		%	13.5		%	(5		)%
Other operating expenses	6.6		%	7.7		%	7.1		%	6.4		%	8.6		%	(2.0		)%	6.9		%	7.2		%	(0.3		)%
Foreign currency effect on (1):
Net premiums	$	(18,381	)	$	(14,915	)	$	9,195		$	21,345		$	8,512		$	(26,893	)	$	(2,756	)	$	22,673		$	(25,429	)
Income (loss) before income taxes	$	698		$	1,181		$	(66	)	$	954		$	(1,066	)	$	1,764		$	2,767		$	(1,430	)	$	4,197
Critical illness net premiums	$	198,428		$	191,099		$	180,852		$	235,721		$	136,246		$	62,182		$	806,100		$	611,045		$	195,055
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period

Page 23

Reinsurance Group of America, Incorporated Asia Pacific Traditional Adjusted Operating Income Statements (USD thousands)
	Three Months Ended															Current Qtr			Year-to-Date
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
	2018			2018			2018			2018			2017			Quarter			2018			2017			Change
Revenues:
Net premiums	$	616,428		$	551,695		$	538,799		$	589,513		$	495,439		$	120,989		$	2,296,435		$	2,053,029		$	243,406
Investment income, net of related expenses	23,676			23,169			24,076			24,600			23,570			106			95,521			91,675			3,846
Investment related gains (losses), net	(1		)	(1		)	—			3			5			(6		)	1			5			(4		)
Other revenue	13,651			3,171			7,645			418			63,268			(49,617		)	24,885			65,992			(41,107		)
Total revenues	653,754			578,034			570,520			614,534			582,282			71,472			2,416,842			2,210,701			206,141
Benefits and expenses:
Claims and other policy benefits	522,999			431,570			435,592			495,194			414,637			108,362			1,885,355			1,635,728			249,627
Policy acquisition costs and other insurance expenses	56,256			42,063			37,584			58,782			97,575			(41,319		)	194,685			277,582			(82,897		)
Other operating expenses	40,754			42,395			38,482			37,676			42,843			(2,089		)	159,307			148,590			10,717
Total benefits and expenses	620,009			516,028			511,658			591,652			555,055			64,954			2,239,347			2,061,900			177,447
Adjusted operating income before income taxes	$	33,745		$	62,006		$	58,862		$	22,882		$	27,227		$	6,518		$	177,495		$	148,801		$	28,694
Loss and expense ratios:
Claims and other policy benefits	84.8		%	78.2		%	80.8		%	84.0		%	83.7		%	1.1		%	82.1		%	79.7		%	2.4		%
Policy acquisition costs and other insurance expenses	9.1		%	7.6		%	7.0		%	10.0		%	19.7		%	(10.6		)%	8.5		%	13.5		%	(5.0		)%
Other operating expenses	6.6		%	7.7		%	7.1		%	6.4		%	8.6		%	(2.0		)%	6.9		%	7.2		%	(0.3		)%
Foreign currency effect on (1):
Net premiums	$	(18,381	)	$	(14,915	)	$	9,195		$	21,345		$	8,512		$	(26,893	)	$	(2,756	)	$	22,673		$	(25,429	)
Adjusted operating income (loss) before income taxes	$	697		$	1,181		$	(66	)	$	916		$	(1,059	)	$	1,756		$	2,728		$	(1,423	)	$	4,151
Critical illness net premiums	$	198,428		$	191,099		$	180,852		$	235,721		$	136,246		$	62,182		$	806,100		$	611,045		$	195,055
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period

Page 24

Reinsurance Group of America, Incorporated Asia Pacific Financial Solutions (1) GAAP Income Statements (USD thousands)
	Three Months Ended													Current Qtr			Year-to-Date
	Dec. 31,			Sept. 30,			June 30,		March 31,		Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
	2018			2018			2018		2018		2017			Quarter			2018			2017			Change
Revenues:
Net premiums	$	83		$	75		$	30	$	678	$	325		$	(242	)	$	866		$	2,419		$	(1,553	)
Investment income, net of related expenses	10,006			10,145			10,184		10,394		9,867			139			40,729			34,529			6,200
Investment related gains (losses), net	(15,211		)	(438		)	1,904		3,467		2,413			(17,624		)	(10,278		)	13,938			(24,216		)
Other revenue	5,596			6,385			5,874		5,307		5,802			(206		)	23,162			22,889			273
Total revenues	474			16,167			17,992		19,846		18,407			(17,933		)	54,479			73,775			(19,296		)
Benefits and expenses:
Claims and other policy benefits	2,576			3,894			2,405		4,468		3,850			(1,274		)	13,343			18,020			(4,677		)
Interest credited	6,454			6,875			6,660		6,394		6,852			(398		)	26,383			22,447			3,936
Policy acquisition costs and other insurance expenses	756			786			728		1,197		1,000			(244		)	3,467			5,111			(1,644		)
Other operating expenses	5,019			4,406			4,061		3,766		4,595			424			17,252			15,067			2,185
Total benefits and expenses	14,805			15,961			13,854		15,825		16,297			(1,492		)	60,445			60,645			(200		)
Income (loss) before income taxes	$	(14,331	)	$	206		$	4,138	$	4,021	$	2,110		$	(16,441	)	$	(5,966	)	$	13,130		$	(19,096	)
Foreign currency effect on (2):
Net premiums	$	—		$	—		$	—	$	36	$	(5	)	$	5		$	36		$	(5	)	$	41
Income (loss) before income taxes	$	272		$	(41	)	$	38	$	98	$	242		$	30		$	367		$	344		$	23
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, financial reinsurance, and disabled life closed block business.
(2) Compared to comparable prior year period

Page 25

Reinsurance Group of America, Incorporated Asia Pacific Financial Solutions (1) Adjusted Operating Income Statements (USD thousands)
	Three Months Ended														Current Qtr			Year-to-Date
	Dec. 31,			Sept. 30,			June 30,		March 31,			Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
	2018			2018			2018		2018			2017			Quarter			2018			2017			Change
Revenues:
Net premiums	$	83		$	75		$	30	$	678		$	325		$	(242	)	$	866		$	2,419		$	(1,553	)
Investment income, net of related expenses	10,006			10,145			10,184		10,394			9,867			139			40,729			34,529			6,200
Investment related gains, net	1,140			695			630		724			1,005			135			3,189			3,440			(251		)
Other revenue	5,596			6,385			5,874		5,307			5,802			(206		)	23,162			22,889			273
Total revenues	16,825			17,300			16,718		17,103			16,999			(174		)	67,946			63,277			4,669
Benefits and expenses:
Claims and other policy benefits	2,576			3,894			2,405		4,468			3,850			(1,274		)	13,343			18,020			(4,677		)
Interest credited	6,454			6,875			6,660		6,394			6,852			(398		)	26,383			22,447			3,936
Policy acquisition costs and other insurance expenses	756			786			728		1,197			1,000			(244		)	3,467			5,111			(1,644		)
Other operating expenses	5,019			4,406			4,061		3,766			4,595			424			17,252			15,067			2,185
Total benefits and expenses	14,805			15,961			13,854		15,825			16,297			(1,492		)	60,445			60,645			(200		)
Adjusted operating income before income taxes	$	2,020		$	1,339		$	2,864	$	1,278		$	702		$	1,318		$	7,501		$	2,632		$	4,869
Foreign currency effect on (2):
Net premiums	$	—		$	—		$	—	$	36		$	(5	)	$	5		$	36		$	(5	)	$	41
Adjusted operating income (loss) before income taxes	$	(94	)	$	(34	)	$	66	$	(42	)	$	158		$	(252	)	$	(104	)	$	174		$	(278	)
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, financial reinsurance, and disabled life closed block business.
(2) Compared to comparable prior year period

Page 26

Reinsurance Group of America, Incorporated Corporate and Other GAAP Income Statements (USD thousands)
	Three Months Ended															Current Qtr			Year-to-Date
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
	2018			2018			2018			2018			2017			Quarter			2018			2017			Change
Revenues:
Net premiums	$	64		$	7		$	10		$	10		$	4		$	60		$	91		$	113		$	(22	)
Investment income, net of related expenses	40,332			51,846			32,727			40,146			40,423			(91		)	165,051			148,999			16,052
Investment related losses, net	(55,688		)	(22,524		)	(23,281		)	(8,934		)	(12,799		)	(42,889		)	(110,427		)	(4,943		)	(105,484		)
Other revenue	6,275			8,509			6,344			8,033			1,860			4,415			29,161			10,986			18,175
Total revenues	(9,017		)	37,838			15,800			39,255			29,488			(38,505		)	83,876			155,155			(71,279		)
Benefits and expenses:
Claims and other policy benefits	(366		)	24			108			320			(9		)	(357		)	86			(10		)	96
Interest credited	3,572			3,015			2,717			2,210			1,936			1,636			11,514			6,356			5,158
Policy acquisition costs and other insurance income	(32,599		)	(30,531		)	(30,496		)	(30,512		)	(27,947		)	(4,652		)	(124,138		)	(108,641		)	(15,497		)
Other operating expenses	61,227			64,896			66,270			62,960			83,655			(22,428		)	255,353			207,769			47,584
Interest expense	39,586			33,290			37,025			37,454			37,435			2,151			147,355			146,025			1,330
Collateral finance and securitization expense	7,190			7,467			7,440			7,602			7,401			(211		)	29,699			28,636			1,063
Total benefits and expenses	78,610			78,161			83,064			80,034			102,471			(23,861		)	319,869			280,135			39,734
Loss before income taxes	$	(87,627	)	$	(40,323	)	$	(67,264	)	$	(40,779	)	$	(72,983	)	$	(14,644	)	$	(235,993	)	$	(124,980	)	$	(111,013	)
Foreign currency effect on (1):
Income (loss) before income taxes	$	(524	)	$	(636	)	$	762		$	156		$	766		$	(1,290	)	$	(242	)	$	859		$	(1,101	)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period

Page 27

Reinsurance Group of America, Incorporated Corporate and Other Adjusted Operating Income Statements (USD thousands)
	Three Months Ended															Current Qtr			Year-to-Date
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
	2018			2018			2018			2018			2017			Quarter			2018			2017			Change
Revenues:
Net premiums	$	64		$	7		$	10		$	10		$	4		$	60		$	91		$	113		$	(22	)
Investment income, net of related expenses	40,332			51,846			32,727			40,146			40,423			(91		)	165,051			148,999			16,052
Investment related gains, net	1,103			434			632			908			547			556			3,077			2,674			403
Other revenue	6,116			7,817			6,834			8,033			1,860			4,256			28,800			10,925			17,875
Total revenues	47,615			60,104			40,203			49,097			42,834			4,781			197,019			162,711			34,308
Benefits and expenses:
Claims and other policy benefits	(366		)	24			108			320			(9		)	(357		)	86			(10		)	96
Interest credited	3,572			3,015			2,717			2,210			1,936			1,636			11,514			6,356			5,158
Policy acquisition costs and other insurance income	(32,599		)	(30,531		)	(30,496		)	(30,512		)	(27,947		)	(4,652		)	(124,138		)	(108,641		)	(15,497		)
Other operating expenses	61,227			64,896			66,270			62,960			83,655			(22,428		)	255,353			207,769			47,584
Interest expense	39,586			33,290			37,025			37,454			37,435			2,151			147,355			146,025			1,330
Collateral finance and securitization expense	7,190			7,467			7,440			7,602			7,401			(211		)	29,699			28,636			1,063
Total benefits and expenses	78,610			78,161			83,064			80,034			102,471			(23,861		)	319,869			280,135			39,734
Adjusted operating loss before income taxes	$	(30,995	)	$	(18,057	)	$	(42,861	)	$	(30,937	)	$	(59,637	)	$	28,642		$	(122,850	)	$	(117,424	)	$	(5,426	)
Foreign currency effect on (1):
Adjusted operating income (loss) before income taxes	$	(902	)	$	(558	)	$	463		$	34		$	644		$	(1,546	)	$	(963	)	$	892		$	(1,855	)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period

Page 28

Reinsurance Group of America, Incorporated Summary of Segment GAAP Income (USD thousands)
	Three Months Ended															Current Qtr			Year-to-date
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
	2018			2018			2018			2018			2017			Quarter			2018			2017			Change
U.S. and Latin America:
Traditional	$	95,212		$	116,328		$	71,978		$	2,892		$	92,368		$	2,844		$	286,410		$	373,434		$	(87,024	)
Financial Solutions:
Asset Intensive	(5,798		)	65,490			60,840			47,262			80,810			(86,608		)	167,794			320,708			(152,914		)
Financial Reinsurance	19,394			21,583			21,548			20,159			21,085			(1,691		)	82,684			80,876			1,808
Total U.S. and Latin America	108,808			203,401			154,366			70,313			194,263			(85,455		)	536,888			775,018			(238,130		)
Canada:
Canada Traditional	45,647			21,149			21,805			23,707			39,265			6,382			112,308			120,218			(7,910		)
Canada Financial Solutions	1,195			1,646			3,544			3,191			4,154			(2,959		)	9,576			16,643			(7,067		)
Total Canada	46,842			22,795			25,349			26,898			43,419			3,423			121,884			136,861			(14,977		)
Europe, Middle East and Africa:
Europe, Middle East and Africa Traditional	14,860			18,370			6,468			15,421			29,735			(14,875		)	55,119			70,486			(15,367		)
Europe, Middle East and Africa Financial Solutions	35,649			56,205			65,369			39,164			31,738			3,911			196,387			123,514			72,873
Total Europe, Middle East and Africa	50,509			74,575			71,837			54,585			61,473			(10,964		)	251,506			194,000			57,506
Asia Pacific:
Asia Pacific Traditional	33,745			62,007			58,862			22,887			27,212			6,533			177,501			148,786			28,715
Asia Pacific Financial Solutions	(14,331		)	206			4,138			4,021			2,110			(16,441		)	(5,966		)	13,130			(19,096		)
Total Asia Pacific	19,414			62,213			63,000			26,908			29,322			(9,908		)	171,535			161,916			9,619
Corporate and Other	(87,627		)	(40,323		)	(67,264		)	(40,779		)	(72,983		)	(14,644		)	(235,993		)	(124,980		)	(111,013		)
Consolidated income before income taxes	$	137,946		$	322,661		$	247,288		$	137,925		$	255,494		$	(117,548	)	$	845,820		$	1,142,815		$	(296,995	)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.

Page 29

Reinsurance Group of America, Incorporated Summary of Segment Adjusted Operating Income (USD thousands)
	Three Months Ended															Current Qtr vs. PY Quarter			Year-to-date
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,						Dec. 31,			Dec. 31,
	2018			2018			2018			2018			2017						2018			2017			Change
U.S. and Latin America:
Traditional	$	92,410		$	116,361		$	68,253		$	1,209		$	93,782		$	(1,372	)	$	278,233		$	375,040		$	(96,807	)
Financial Solutions:
Asset Intensive	52,777			63,782			49,739			49,662			55,289			(2,512		)	215,960			229,398			(13,438		)
Financial Reinsurance	19,394			21,583			21,548			20,159			21,085			(1,691		)	82,684			80,876			1,808
Total U.S. and Latin America	164,581			201,726			139,540			71,030			170,156			(5,575		)	576,877			685,314			(108,437		)
Canada:
Canada Traditional	50,340			19,952			22,162			25,557			38,618			11,722			118,011			113,933			4,078
Canada Financial Solutions	1,195			1,646			3,544			3,191			4,154			(2,959		)	9,576			16,643			(7,067		)
Total Canada	51,535			21,598			25,706			28,748			42,772			8,763			127,587			130,576			(2,989		)
Europe, Middle East and Africa:
Europe, Middle East and Africa Traditional	15,030			18,370			6,468			15,412			29,690			(14,660		)	55,280			70,434			(15,154		)
Europe, Middle East and Africa Financial Solutions	44,174			56,431			59,498			35,888			34,517			9,657			195,991			118,191			77,800
Total Europe, Middle East and Africa	59,204			74,801			65,966			51,300			64,207			(5,003		)	251,271			188,625			62,646
Asia Pacific:
Asia Pacific Traditional	33,745			62,006			58,862			22,882			27,227			6,518			177,495			148,801			28,694
Asia Pacific Financial Solutions	2,020			1,339			2,864			1,278			702			1,318			7,501			2,632			4,869
Total Asia Pacific	35,765			63,345			61,726			24,160			27,929			7,836			184,996			151,433			33,563
Corporate and Other	(30,995		)	(18,057		)	(42,861		)	(30,937		)	(59,637		)	28,642			(122,850		)	(117,424		)	(5,426		)
Consolidated adjusted operating income before income taxes	$	280,090		$	343,413		$	250,077		$	144,301		$	245,427		$	34,663		$	1,017,881		$	1,038,524		$	(20,643	)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.

Page 30

Reinsurance Group of America, Incorporated Investments (USD thousands) Cash and Invested Assets
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,
	2018		2018		2018		2018		2017
Fixed maturity securities, available-for-sale (1)	$	39,992,346	$	39,005,212	$	36,784,954	$	37,945,260	$	38,150,820
Equity securities (2)	82,197		101,069		108,070		103,983		100,152
Mortgage loans on real estate	4,966,298		4,779,074		4,558,669		4,437,994		4,400,533
Policy loans	1,344,980		1,320,050		1,339,252		1,346,930		1,357,624
Funds withheld at interest	5,761,471		5,976,301		5,981,092		6,005,892		6,083,388
Short-term investments	142,598		229,928		123,028		130,430		93,304
Other invested assets	1,989,078		1,706,979		1,605,562		1,512,147		1,505,332
Cash and cash equivalents	1,889,733		1,730,489		1,397,679		1,510,407		1,303,524
Total cash and invested assets	$	56,168,701	$	54,849,102	$	51,898,306	$	52,993,043	$	52,994,677
(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”).
(2) Effective January 1, 2018, the Company adopted ASU 2016-01. For additional information see the “2018 Notes” section on page 3.

Investment Income and Yield Summary
	Three Months Ended															Current Qtr vs. PY Quarter			Year-to-Date
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,						Dec. 31,			Dec. 31,
	2018			2018			2018			2018			2017						2018			2017			Change
Average invested assets at amortized cost (1)	$	27,387,965		$	27,029,073		$	26,899,416		$	27,024,934		$	26,351,089		$	1,036,876		$	26,640,947		$	25,225,400		$	1,415,547
Net investment income (1)	$	298,902		$	303,860		$	285,832		$	296,473		$	283,989		$	14,913		$	1,185,067		$	1,147,713		$	37,354
Annualized investment yield (ratio of net investment income to average invested assets at amortized cost) (1)	4.44		%	4.57		%	4.32		%	4.46		%	4.38		%	0.06		%	4.45		%	4.55		%	(0.10)		%
(1) Excludes spread related business (e.g. coinsurance of annuities).

Page 31

Reinsurance Group of America, Incorporated Investments (USD thousands) Amortized Cost, Gross Unrealized Gains and Losses, and Estimated Fair Values of Fixed Maturity Securities(1) (Excludes Funds Withheld Portfolios)
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
(1) Effective January 1, 2018, the Company adopted ASU 2016-01. For additional information see the “2018 Notes” section on page 3.

Amortized Cost, Gross Unrealized Gains and Losses, and Estimated Fair Values of Fixed Maturity and Equity Securities (Excludes Funds Withheld Portfolios)
December 31, 2017
	Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value		% of Total		Other-than- temporary Impairment in AOCI
Available-for-sale:
Corporate	$	21,966,803	$	1,299,594	$	55,429	$	23,210,968	60.9	%	$	—
Canadian governments	2,843,273		1,378,510		1,707		4,220,076		11.1	%	—
RMBS	1,695,126		36,632		11,878		1,719,880		4.5	%	—
ABS	1,634,758		18,798		5,194		1,648,362		4.3	%	275
CMBS	1,285,594		22,627		4,834		1,303,387		3.4	%	—
U.S. government	1,953,436		12,089		21,933		1,943,592		5.1	%	—
State and political subdivisions	647,727		59,997		4,296		703,428		1.8	%	—
Other foreign government	3,254,695		154,507		8,075		3,401,127		8.9	%	—
Total fixed maturity securities	$	35,281,412	$	2,982,754	$	113,346	$	38,150,820	100.0	%	$	275
Non-redeemable preferred stock	$	41,553	$	479	$	2,226	$	39,806	39.7	%
Other equity securities	61,288		479		1,421		60,346		60.3	%
Total equity securities	$	102,841	$	958	$	3,647	$	100,152	100.0	%

Page 32

Reinsurance Group of America, Incorporated Investments (USD thousands) Corporate Fixed Maturity Securities by Sector (Excludes Funds Withheld Portfolios)
	December 31, 2018							December 31, 2017
	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	$	4,853,921	$	4,835,124	20.1	%	A-	$	4,353,995	$	4,549,003	19.6	%	A-
Brokerage/asset managers/exchanges	582,082		582,624		2.4	%	A-	529,100		556,022		2.4	%	A-
Finance companies	184,843		179,219		0.7	%	BBB	219,289		226,733		1.0	%	BBB+
Insurance	2,293,651		2,263,918		9.4	%	BBB+	1,864,357		1,989,990		8.6	%	A-
REITs	639,466		638,511		2.7	%	BBB+	714,489		738,979		3.2	%	BBB+
Other finance	239,779		231,172		1.0	%	A-	296,655		302,047		1.3	%	A
Total financial institutions	$	8,793,742	$	8,730,568	36.3	%		$	7,977,885	$	8,362,774	36.1	%
Industrials
Basic	$	1,296,617	$	1,287,773	5.4	%	BBB	$	1,075,380	$	1,137,668	4.9	%	BBB
Capital goods	1,197,773		1,185,024		4.9	%	BBB	1,151,629		1,202,609		5.2	%	BBB+
Communications	1,903,510		1,917,240		8.0	%	BBB	2,006,383		2,133,924		9.2	%	BBB
Consumer cyclical	1,188,006		1,187,639		5.0	%	A-	1,249,776		1,301,978		5.6	%	A-
Consumer noncyclical	2,584,174		2,581,539		10.8	%	BBB+	2,243,126		2,396,115		10.3	%	BBB+
Energy	1,799,801		1,814,668		7.6	%	BBB+	1,871,898		1,994,951		8.6	%	BBB+
Technology	767,069		768,807		3.2	%	A-	676,245		705,682		3.0	%	A
Transportation	1,321,537		1,320,565		5.5	%	A-	1,065,994		1,122,892		4.8	%	A-
Other Industrial	278,370		278,856		1.2	%	BBB+	194,735		203,514		0.9	%	BBB+
Total industrials	$	12,336,857	$	12,342,111	51.6	%		$	11,535,166	$	12,199,333	52.5	%
Utilities
Electric	$	2,245,526	$	2,254,770	9.4	%	A-	$	1,818,459	$	1,951,774	8.4	%	A-
Natural gas	359,308		365,514		1.5	%	A-	354,958		381,873		1.6	%	A-
Other utility	270,974		289,156		1.2	%	A-	280,335		315,214		1.4	%	BBB+
Total utilities	$	2,875,808	$	2,909,440	12.1	%		$	2,453,752	$	2,648,861	11.4	%
Total	$	24,006,407	$	23,982,119	100.0	%	BBB+	$	21,966,803	$	23,210,968	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.

Page 33

Reinsurance Group of America, Incorporated

Investments

(USD thousands)

Ratings of Fixed Maturity Securities (Excludes Funds Withheld Portfolios)
		December 31, 2018						September 30, 2018						June 30, 2018						March 31, 2018						December 31, 2017
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	$	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	%	$	23,534,574	$	25,762,103	67.5	%
2	BBB	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	%	10,115,008		10,709,170		28.1	%
3	BB	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	%	1,139,200		1,173,639		3.1	%
4	B	395,694		385,670		1.0	%	425,572		424,040		1.1	%	501,101		488,648		1.3	%	439,444		439,736		1.2	%	408,990		420,284		1.1	%
5	CCC	13,183		12,860		—	%	27,341		30,106		0.1	%	45,696		42,876		0.1	%	45,617		43,929		0.1	%	78,143		79,747		0.2	%
6	In or near default	17,929		18,622		—	%	17,089		17,690		—	%	5,497		6,002		—	%	16,580		17,553		—	%	5,497		5,877		—	%
	Total	$	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	%	$	35,281,412	$	38,150,820	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
	December 31, 2018				September 30, 2018				June 30, 2018				March 31, 2018				December 31, 2017
	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	$	811,044	$	814,568	$	813,762	$	795,873	$	840,284	$	833,587	$	861,908	$	861,214	$	878,559	$	896,977
Non-agency	1,061,192		1,054,653		1,003,187		984,889		997,032		987,627		929,099		925,934		816,567		822,903
Total	1,872,236		1,869,221		1,816,949		1,780,762		1,837,316		1,821,214		1,791,007		1,787,148		1,695,126		1,719,880
CMBS	1,428,115		1,419,034		1,282,015		1,273,534		1,249,616		1,242,509		1,281,452		1,281,933		1,285,594		1,303,387
ABS	2,171,254		2,149,204		1,867,650		1,863,017		1,711,099		1,708,824		1,727,810		1,734,722		1,634,758		1,648,362
Total	$	5,471,605	$	5,437,459	$	4,966,614	$	4,917,313	$	4,798,031	$	4,772,547	$	4,800,269	$	4,803,803	$	4,615,478	$	4,671,629

Page 34

Reinsurance Group of America, Incorporated Investments (USD thousands) Gross Unrealized Losses Aging Fixed Maturity Securities
	December 31, 2018				September 30, 2018				June 30, 2018				March 31, 2018				December 31, 2017
	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%	$	721,015	96.3	%	$	640,481	98.1	%	$	571,151	96.4	%	$	358,873	94.1	%	$	110,508	97.5	%
20% or more for less than six months	21,336		2.9	%	309		—	%	21,045		3.6	%	20,232		5.3	%	—		—	%
20% or more for six months or greater	6,139		0.8	%	12,293		1.9	%	12		—	%	2,360		0.6	%	2,838		2.5	%
Total	$	748,490	100.0	%	$	653,083	100.0	%	$	592,208	100.0	%	$	381,465	100.0	%	$	113,346	100.0	%

Page 35

Reinsurance Group of America, Incorporated Investments (USD thousands) Fixed Maturity Securities Below Amortized Cost(1) (Excludes Funds Withheld Portfolios)
	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
(1) Effective January 1, 2018, the Company adopted ASU 2016-01. For additional information see the “2018 Notes” section on page 3.

Page 36

Reinsurance Group of America, Incorporated Investments (USD thousands) Fixed Maturity and Equity Securities Below Amortized Cost (Excludes Funds Withheld Portfolios)
	As of December 31, 2017
	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	$	1,886,212	$	17,099	$	1,009,750	$	28,080	$	2,895,962	$	45,179
Canadian governments	18,688		91		111,560		1,596		130,248		1,687
RMBS	566,699		5,852		224,439		6,004		791,138		11,856
ABS	434,274		2,707		168,524		2,434		602,798		5,141
CMBS	220,401		1,914		103,269		2,920		323,670		4,834
U.S. government	800,298		6,177		767,197		15,756		1,567,495		21,933
State and political subdivisions	43,510		242		68,666		4,054		112,176		4,296
Other foreign government	369,717		2,707		191,265		4,704		560,982		7,411
Total investment grade securities	$	4,339,799	$	36,789	$	2,644,670	$	65,548	$	6,984,469	$	102,337
Below-investment grade securities:
Corporate	$	194,879	$	3,317	$	75,731	$	6,933	$	270,610	$	10,250
Canadian governments	1,995		20		—		—		1,995		20
RMBS	—		—		1,369		22		1,369		22
ABS	—		—		1,489		53		1,489		53
Other foreign government	28,600		113		15,134		551		43,734		664
Total below investment grade securities	$	225,474	$	3,450	$	93,723	$	7,559	$	319,197	$	11,009
Total fixed maturity securities	$	4,565,273	$	40,239	$	2,738,393	$	73,107	$	7,303,666	$	113,346
Equity securities:
Non-redeemable preferred stock	$	82	$	1	$	26,471	$	2,225	$	26,553	$	2,226
Other equity securities	5,820		1,023		47,251		398		$	53,071	$	1,421
Total equity securities	$	5,902	$	1,024	$	73,722	$	2,623	$	79,624	$	3,647

Page 37

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
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,						Dec. 31,			Dec. 31,
	2018			2018			2018			2018			2017						2018			2017			Change
Fixed maturity securities available for sale (1):
Other-than-temporary impairment losses on fixed maturities	$	(14,439	)	$	(10,705	)	$	(3,350	)	$	—		$	(21,659	)	$	7,220		$	(28,494	)	$	(42,639	)	$	14,145
Gain on investment activity	13,065			20,040			21,140			10,966			18,935			(5,870		)	65,211			110,546			(45,335		)
Loss on investment activity	(64,676		)	(37,880		)	(35,934		)	(20,380		)	(10,751		)	(53,925		)	(158,870		)	(37,328		)	(121,542		)
Net gains (losses) on fixed maturity securities available for sale	(66,050		)	(28,545		)	(18,144		)	(9,414		)	(13,475		)	(52,575		)	(122,153		)	30,579			(152,732		)
Net gains (losses) on equity securities	(16,433		)	7,297			(6,497		)	(5,059		)	(530		)	(15,903		)	(20,692		)	(5,530		)	(15,162		)
Other impairment losses and change in mortgage loan provision	(3,684		)	(6,566		)	(1,357		)	(312		)	(277		)	(3,407		)	(11,919		)	(9,497		)	(2,422		)
Other non-derivative gain, net	4,244			5,336			5,511			5,303			3,988			256			20,394			23,751			(3,357		)
Free-standing derivatives:
Credit default swaps	(7,521		)	4,689			1,084			(402		)	2,744			(10,265		)	(2,150		)	18,118			(20,268		)
Interest rate swaps - non-hedged	26,085			(12,228		)	(8,600		)	(26,571		)	(1,040		)	27,125			(21,314		)	11,278			(32,592		)
Interest rate swaps - hedged	8			(8		)	(8		)	(15		)	156			(148		)	(23		)	136			(159		)
Foreign currency swaps - hedged	(3,100		)	574			1,435			2,373			1,216			(4,316		)	1,282			1,980			(698		)
Futures	28,512			(6,544		)	(897		)	129			(8,053		)	36,565			21,200			(36,160		)	57,360
CPI swaps	(9,051		)	(4,223		)	1,041			2,186			(2,289		)	(6,762		)	(10,047		)	(2,078		)	(7,969		)
Equity options	22,522			(9,793		)	(8,007		)	2,593			(8,196		)	30,718			7,315			(42,953		)	50,268
Currency forwards	(237		)	(58		)	(262		)	323			14			(251		)	(234		)	591			(825		)
Foreign currency swaps - non-hedged	(3,695		)	—			—			—			—			(3,695		)	(3,695		)	—			(3,695		)
Bond forwards	—			—			—			—			633			(633		)	—			775			(775		)
Total free-standing derivatives	53,523			(27,591		)	(14,214		)	(19,384		)	(14,815		)	68,338			(7,666		)	(48,313		)	40,647
Embedded derivatives:
Modified coinsurance and funds withheld treaties	(32,932		)	(2,081		)	8,805			13,611			37,870			(70,802		)	(12,597		)	144,724			(157,321		)
GMXB	(77,697		)	32,133			15,324			14,785			15,648			(93,345		)	(15,455		)	32,166			(47,621		)
Total embedded derivatives	(110,629		)	30,052			24,129			28,396			53,518			(164,147		)	(28,052		)	176,890			(204,942		)
Net gain (loss) on total derivatives	(57,106		)	2,461			9,915			9,012			38,703			(95,809		)	(35,718		)	128,577			(164,295		)
Total investment related gains (losses), net	$	(139,029	)	$	(20,017	)	$	(10,572	)	$	(470	)	$	28,409		$	(167,438	)	$	(170,088	)	$	167,880		$	(337,968	)
(1) Effective January 1, 2018, the Company adopted ASU 2016-01. For additional information see the “2018 Notes” section on page 3.

Page 38

Appendix

Reconciliations of GAAP to Non-GAAP Measures

Page 39

Reinsurance Group of America, Incorporated Reconciliations of GAAP Income to Adjusted Operating Income (USD thousands)
	Three Months Ended															Current Qtr			Year-to-Date
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
	2018			2018			2018			2018			2017			Quarter			2018			2017			Change
U.S. & Latin America Traditional
Income before income taxes	$	95,212		$	116,328		$	71,978		$	2,892		$	92,368		$	2,844		$	286,410		$	373,434		$	(87,024	)
Investment and derivative (gains) losses (1)	76			90			41			10			(6		)	82			217			1			216
Change in value of modified coinsurance and
funds withheld embedded derivatives (1)	(2,878		)	(57		)	(3,766		)	(1,693		)	1,420			(4,298		)	(8,394		)	1,605			(9,999		)
Adjusted operating income before income taxes	$	92,410		$	116,361		$	68,253		$	1,209		$	93,782		$	(1,372	)	$	278,233		$	375,040		$	(96,807	)
U.S. & Latin America Asset Intensive
Income (loss) before income taxes	$	(5,798	)	$	65,490		$	60,840		$	47,262		$	80,810		$	(86,608	)	$	167,794		$	320,708		$	(152,914	)
Investment and derivative (gains) losses (1)	(54,246		)	29,414			19,587			26,027			13,824			(68,070		)	20,782			34,152			(13,370		)
Change in value of modified coinsurance and
funds withheld embedded derivatives (1)	35,810			2,138			(5,039		)	(11,918		)	(39,290		)	75,100			20,991			(146,329		)	167,320
GMXB embedded derivatives (1)	77,697			(32,133		)	(15,324		)	(14,785		)	(15,648		)	93,345			15,455			(32,166		)	47,621
Funds withheld (gains) losses - investment income	(410		)	585			(12,645		)	10,315			(3,042		)	2,632			(2,155		)	(14,987		)	12,832
EIA embedded derivatives - interest credited	12,222			(1,602		)	565			(28,563		)	(3,595		)	15,817			(17,378		)	(40,260		)	22,882
DAC offset, net	(12,498		)	(110		)	1,755			21,324			22,230			(34,728		)	10,471			108,280			(97,809		)
Adjusted operating income before income taxes	$	52,777		$	63,782		$	49,739		$	49,662		$	55,289		$	(2,512	)	$	215,960		$	229,398		$	(13,438	)
U.S. & Latin America Financial Reinsurance
Income before income taxes	$	19,394		$	21,583		$	21,548		$	20,159		$	21,085		$	(1,691	)	$	82,684		$	80,876		$	1,808
Adjusted operating income before income taxes	$	19,394		$	21,583		$	21,548		$	20,159		$	21,085		$	(1,691	)	$	82,684		$	80,876		$	1,808
Total U.S. & Latin America
Income before income taxes	$	108,808		$	203,401		$	154,366		$	70,313		$	194,263		$	(85,455	)	$	536,888		$	775,018		$	(238,130	)
Investment and derivative (gains) losses (1)	(54,170		)	29,504			19,628			26,037			13,818			(67,988		)	20,999			34,153			(13,154		)
Change in value of modified coinsurance and
funds withheld embedded derivatives (1)	32,932			2,081			(8,805		)	(13,611		)	(37,870		)	70,802			12,597			(144,724		)	157,321
GMXB embedded derivatives (1)	77,697			(32,133		)	(15,324		)	(14,785		)	(15,648		)	93,345			15,455			(32,166		)	47,621
Funds withheld (gains) losses - investment income	(410		)	585			(12,645		)	10,315			(3,042		)	2,632			(2,155		)	(14,987		)	12,832
EIA embedded derivatives - interest credited	12,222			(1,602		)	565			(28,563		)	(3,595		)	15,817			(17,378		)	(40,260		)	22,882
DAC offset, net	(12,498		)	(110		)	1,755			21,324			22,230			(34,728		)	10,471			108,280			(97,809		)
Adjusted operating income before income taxes	$	164,581		$	201,726		$	139,540		$	71,030		$	170,156		$	(5,575	)	$	576,877		$	685,314		$	(108,437	)
(1) Included in “Investment related gains (losses), net” on Consolidated GAAP Income Statement

Page 40

Reinsurance Group of America, Incorporated Reconciliations of GAAP Income to Adjusted Operating Income (USD thousands)
	Three Months Ended															Current Qtr			Year-to-Date
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
	2018			2018			2018			2018			2017			Quarter			2018			2017			Change
Canada Traditional
Income before income taxes	$	45,647		$	21,149		$	21,805		$	23,707		$	39,265		$	6,382		$	112,308		$	120,218		$	(7,910	)
Investment and derivative (gains) losses (1)	4,313			(1,226		)	812			1,873			(556		)	4,869			5,772			(5,779		)	11,551
Funds withheld (gains) losses - investment income	380			29			(455		)	(23		)	(91		)	471			(69		)	(506		)	437
Adjusted operating income before income taxes	$	50,340		$	19,952		$	22,162		$	25,557		$	38,618		$	11,722		$	118,011		$	113,933		$	4,078
Canada Financial Solutions
Income before income taxes	$	1,195		$	1,646		$	3,544		$	3,191		$	4,154		$	(2,959	)	$	9,576		$	16,643		$	(7,067	)
Adjusted operating income before income taxes	$	1,195		$	1,646		$	3,544		$	3,191		$	4,154		$	(2,959	)	$	9,576		$	16,643		$	(7,067	)
Europe, Middle East and Africa Traditional
Income before income taxes	$	14,860		$	18,370		$	6,468		$	15,421		$	29,735		$	(14,875	)	$	55,119		$	70,486		$	(15,367	)
Investment and derivative (gains) losses (1)	170			—			—			(9		)	(45		)	215			161			(52		)	213
Adjusted operating income before income taxes	$	15,030		$	18,370		$	6,468		$	15,412		$	29,690		$	(14,660	)	$	55,280		$	70,434		$	(15,154	)
Europe, Middle East and Africa Financial Solutions
Income before income taxes	$	35,649		$	56,205		$	65,369		$	39,164		$	31,738		$	3,911		$	196,387		$	123,514		$	72,873
Investment and derivative (gains) losses (1)	8,568			87			(5,858		)	(3,352		)	2,738			5,830			(555		)	(5,487		)	4,932
Investment (income) loss on unit-linked variable annuities	10,536			(2,402		)	(4,127		)	2,652			(4,781		)	15,317			6,659			(11,078		)	17,737
Interest credited on unit-linked variable annuities	(10,536		)	2,402			4,127			(2,652		)	4,781			(15,317		)	(6,659		)	11,078			(17,737		)
Non-investment derivatives	(43		)	139			(13		)	76			41			(84		)	159			164			(5		)
Adjusted operating income before income taxes	$	44,174		$	56,431		$	59,498		$	35,888		$	34,517		$	9,657		$	195,991		$	118,191		$	77,800
Asia Pacific Traditional
Income before income taxes	$	33,745		$	62,007		$	58,862		$	22,887		$	27,212		$	6,533		$	177,501		$	148,786		$	28,715
Investment and derivative (gains) losses (1)	—			(1		)	—			(5		)	15			(15		)	(6		)	15			(21		)
Adjusted operating income before income taxes	$	33,745		$	62,006		$	58,862		$	22,882		$	27,227		$	6,518		$	177,495		$	148,801		$	28,694
Asia Pacific Financial Solutions
Income (loss) before income taxes	$	(14,331	)	$	206		$	4,138		$	4,021		$	2,110		$	(16,441	)	$	(5,966	)	$	13,130		$	(19,096	)
Investment and derivative (gains) losses (1)	16,351			1,133			(1,274		)	(2,743		)	(1,408		)	17,759			13,467			(10,498		)	23,965
Adjusted operating income before income taxes	$	2,020		$	1,339		$	2,864		$	1,278		$	702		$	1,318		$	7,501		$	2,632		$	4,869
(1) Included in “Investment related gains (losses), net” on Consolidated GAAP Income Statement

Page 41

Reinsurance Group of America, Incorporated Reconciliations of GAAP Income to Adjusted Operating Income (USD thousands)
	Three Months Ended															Current Qtr			Year-to-Date
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
	2018			2018			2018			2018			2017			Quarter			2018			2017			Change
Corporate and Other
Loss before income taxes	$	(87,627	)	$	(40,323	)	$	(67,264	)	$	(40,779	)	$	(72,983	)	$	(14,644	)	$	(235,993	)	$	(124,980	)	$	(111,013	)
Investment and derivative losses (1)	56,791			22,958			23,913			9,842			13,346			43,445			113,504			7,617			105,887
Non-investment derivatives	(159		)	(692		)	490			—			—			(159		)	(361		)	(61		)	(300		)
Adjusted operating loss before income taxes	$	(30,995	)	$	(18,057	)	$	(42,861	)	$	(30,937	)	$	(59,637	)	$	28,642		$	(122,850	)	$	(117,424	)	$	(5,426	)
Consolidated
Income before income taxes	$	137,946		$	322,661		$	247,288		$	137,925		$	255,494		$	(117,548	)	$	845,820		$	1,142,815		$	(296,995	)
Investment and derivative losses (1)	32,023			52,455			37,221			31,643			27,908			4,115			153,342			19,969			133,373
Change in value of modified coinsurance and
funds withheld embedded derivatives (1)	32,932			2,081			(8,805		)	(13,611		)	(37,870		)	70,802			12,597			(144,724		)	157,321
GMXB embedded derivatives (1)	77,697			(32,133		)	(15,324		)	(14,785		)	(15,648		)	93,345			15,455			(32,166		)	47,621
Funds withheld (gains) losses - investment income	(30		)	614			(13,100		)	10,292			(3,133		)	3,103			(2,224		)	(15,493		)	13,269
EIA embedded derivatives - interest credited	12,222			(1,602		)	565			(28,563		)	(3,595		)	15,817			(17,378		)	(40,260		)	22,882
DAC offset, net	(12,498		)	(110		)	1,755			21,324			22,230			(34,728		)	10,471			108,280			(97,809		)
Investment (income) loss on unit-linked variable annuities	10,536			(2,402		)	(4,127		)	2,652			(4,781		)	15,317			6,659			(11,078		)	17,737
Interest credited on unit-linked variable annuities	(10,536		)	2,402			4,127			(2,652		)	4,781			(15,317		)	(6,659		)	11,078			(17,737		)
Non-investment derivatives	(202		)	(553		)	477			76			41			(243		)	(202		)	103			(305		)
Adjusted operating income before income taxes	$	280,090		$	343,413		$	250,077		$	144,301		$	245,427		$	34,663		$	1,017,881		$	1,038,524		$	(20,643	)
(1) Included in “Investment related gains (losses), net” on Consolidated GAAP Income Statement

Page 42

Reinsurance Group of America, Incorporated Reconciliations of Stockholders’ Equity to Stockholders’ Equity Excluding AOCI (USD thousands except per share data)
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,
	2018			2018			2018			2018			2017
Stockholders’ equity	$	8,450,553		$	8,579,323		$	8,601,702		$	9,008,261		$	9,569,535
Less effect of AOCI:
Accumulated currency translation adjustments	(168,698		)	(119,298		)	(142,187		)	(87,510		)	(86,350		)
Unrealized appreciation of securities	856,159			982,352			1,198,338			1,567,057			2,200,661
Pension and postretirement benefits	(50,698		)	(50,249		)	(51,180		)	(51,151		)	(50,680		)
Stockholders’ equity, excluding AOCI	$	7,813,790		$	7,766,518		$	7,596,731		$	7,579,865		$	7,505,904
Reconciliation of Book Value Per Share to Book Value Per Share Excluding AOCI
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,
	2018			2018			2018			2018			2017
Book value per share	$	134.53		$	136.29		$	135.09		$	139.64		$	148.48
Less effect of AOCI:
Accumulated currency translation adjustments	(2.69		)	(1.90		)	(2.23		)	(1.36		)	(1.34		)
Unrealized appreciation of securities	13.63			15.61			18.82			24.29			34.14
Pension and postretirement benefits	(0.80		)	(0.79		)	(0.81		)	(0.78		)	(0.78		)
Book value per share, excluding AOCI	$	124.39		$	123.37		$	119.31		$	117.49		$	116.46

Page 43