Reinsurance Group of America (RGA) 8-K Financial Statements and Exhibits

Exhibit 12.1

Ratio of Earnings to Fixed Charges
Updated through March 31,
2011 (dollars in millions)

	Years ended December 31,															Three Months Ended
	2006			2007			2008			2009			2010			March 31, 2011
Income from continuing operations before income taxes	$	451.4		$	474.9		$	280.4		$	592.3		$	863.8		$	241.8
Minority interest in earnings (losses) of consolidated subsidiaries included in income from continuing operations before income taxes	$	—		$	—		$	—		$	—		$	—		$	—
Fixed charges:
Interest expensed and capitalized	$	88.5		$	128.9		$	104.9		$	78.2			98.9			27.8
Interest credited on reinsurance contracts		244.8			246.1			233.2			323.7			310.0			106.1
One-third of rentals		2.4			3.6			4.1			4.7			5.7			1.4
Total fixed charges	$	335.7		$	378.6		$	342.2		$	406.6		$	414.6		$	135.3
Less interest capitalized, net of amortization		—			—			—			—			—			—
Income from continuing operations before income taxes and minority interest plus fixed charges	$	787.1		$	853.5		$	622.6		$	998.9		$	1,278.4		$	377.1
Ratio of earnings to fixed charges		2.3			2.3			1.8			2.5			3.1			2.8
Total fixed charges	$	335.7		$	378.6		$	342.2		$	406.6		$	414.6		$	135.3
Less Interest credited on reinsurance contracts		(244.8	)		(246.1	)		(233.2	)		(323.7	)		(310.0	)		(106.1	)
Total fixed charges excluding interest credited (1)	$	90.9		$	132.5		$	109.0		$	82.9		$	104.6		$	29.2
Income from continuing operations before income taxes and minority interest plus fixed charges excluding interest credited under reinsurance contracts (1)	$	542.3		$	607.4		$	389.4		$	675.2		$	968.4		$	271.0
Ratio of earnings to fixed charges excluding interest credited under reinsurance contracts (1)		6.0			4.6			3.6			8.1			9.3			9.3

(1) This information is not required, but the Company believes it provides additional useful information on the coverage of fixed charges that are not related to our products.