Reinsurance Group of America (RGA) 8-K Results of Operations and Financial Condition

Exhibit 99.1

Selected Investment Detail as of September 30, 2008

Reinsurance Group of America, Incorporated and its subsidiaries (“The Company”) had total cash and invested assets of $16.6 billion and $16.8 billion at September 30, 2008 and December 31, 2007, respectively, as illustrated below (dollars in thousands):

	September 30, 2008		December 31, 2007
Fixed maturity securities, available-for-sale	$	9,121,953	$	9,397,916
Mortgage loans on real estate		782,282		831,557
Policy loans		1,048,517		1,059,439
Funds withheld at interest		4,806,642		4,749,496
Short-term investments		32,520		75,062
Other invested assets		432,982		284,220
Cash and cash equivalents		412,255		404,351
Total cash and invested assets	$	16,637,151	$	16,802,041

The following table presents consolidated invested assets, net investment income and investment yield, excluding funds withheld. Funds withheld assets are primarily associated with the reinsurance of annuity contracts on which the Company earns a spread. Fluctuations in the yield on funds withheld assets are generally offset by a corresponding adjustment to the interest credited on the liabilities (dollars in thousands).

	Three months ended September 30,									Nine months ended September 30,
	2008			2007			Increase			2008			2007			Increase
Average invested assets at amortized cost	$	12,185,216		$	10,996,941			10.8	%	$	11,632,451		$	10,497,605			10.8	%
Net investment income		179,193			161,311			11.1	%		523,681			466,449			12.3	%
Investment yield (ratio of net investment income to average invested assets)		6.01	%		6.00	%	1		bp		6.05	%		5.97	%	8		bps

1

The amortized cost, gross unrealized gains and losses, and estimated fair values of investments in fixed maturity securities and equity securities, the percentage that each sector represents by the total fixed maturity securities holdings and by the total equity securities holdings at September 30, 2008 and December 31, 2007 are as follows (dollars in thousands):

								Estimated
	Amortized		Unrealized		Unrealized			Fair		% of
September 30, 2008	Cost		Gains		Losses			Value		Total
Available-for-sale:
U.S. corporate securities	$	3,565,074	$	5,682	$	(469,436	)	$	3,101,320		34.0	%
Canadian and Canadian provincial governments		1,678,671		330,369		(40,926	)		1,968,114		21.6	%
Residential mortgage-backed securities		1,302,991		6,776		(47,052	)		1,262,715		13.9	%
Foreign corporate securities		1,185,038		11,588		(108,371	)		1,088,255		11.9	%
Asset-backed securities		483,308		1,316		(88,717	)		395,907		4.3	%
Commercial mortgage-backed securities		1,029,457		891		(124,917	)		905,431		9.9	%
U.S. government and agencies		8,250		298		—			8,548		0.1	%
State and political subdivisions		46,630		25		(4,587	)		42,068		0.5	%
Other foreign government securities		343,905		7,032		(1,342	)		349,595		3.8	%
Total fixed maturity securities	$	9,643,324	$	363,977	$	(885,348	)	$	9,121,953		100.0	%
Non-redeemable preferred stock	$	187,966	$	14	$	(72,830	)	$	115,150		77.5	%
Common stock		35,571		336		(2,464	)		33,443		22.5	%
Total equity securities	$	223,537	$	350	$	(75,294	)	$	148,593		100.0	%

							Estimated
	Amortized		Unrealized		Unrealized		Fair		% of
December 31, 2007	Cost		Gains		Losses		Value		Total
Available-for-sale:
U.S. corporate securities	$	3,382,944	$	27,350	$	96,679	$	3,313,615		35.3	%
Canadian and Canadian provincial governments		1,561,700		570,691		1,163		2,131,228		22.7	%
Residential mortgage-backed securities		1,414,187		12,306		12,216		1,414,277		15.0	%
Foreign corporate securities		1,040,817		35,159		25,971		1,050,005		11.2	%
Asset-backed securities		494,458		1,252		31,456		464,254		4.9	%
Commercial mortgage-backed securities		641,479		8,835		5,087		645,227		6.9	%
U.S. government and agencies		3,244		209		1		3,452		—	%
State and political subdivisions		52,254		152		945		51,461		0.5	%
Other foreign government securities		325,609		3,300		4,512		324,397		3.5	%
Total fixed maturity securities	$	8,916,692	$	659,254	$	178,030	$	9,397,916		100.0	%
Non-redeemable preferred stock	$	144,942	$	986	$	19,953	$	125,975		91.8	%
Common stock		11,483		2		232		11,253		8.2	%
Total equity securities	$	156,425	$	988	$	20,185	$	137,228		100.0	%

2

The table below shows the major industry types and weighted average credit ratings, which comprise the U.S. and foreign corporate fixed maturity holdings at (dollars in thousands):

	September 30, 2008
			Estimated					Average Credit
	Amortized Cost		Fair Value		% of Total			Ratings
Finance	$	1,433,689	$	1,176,929		28.1	%	A-
Industrial		1,161,833		1,043,016		24.9	%	BBB
Foreign (1)		1,185,038		1,088,255		26.0	%	A
Utility		531,564		487,337		11.6	%	BBB
Other		437,988		394,038		9.4	%	BBB+
Total	$	4,750,112	$	4,189,575		100.0	%	A

	December 31, 2007
			Estimated						Average Credit
	Amortized Cost		Fair Value		% of Total				Ratings
Finance	$	1,394,562	$	1,343,539		30.8	%		A
Industrial		1,069,727		1,060,236		24.3	%		BBB+
Foreign (1)		1,040,817		1,050,005		24.1	%		A
Utility		504,678		503,969		11.5	%		BBB
Other		413,977		405,871		9.3	%		BBB+
Total	$	4,423,761	$	4,363,620		100.0	%	A-

(1) Includes U.S. dollar-denominated debt obligations of foreign obligors and other foreign investments.

The quality of the Company’s available-for-sale fixed maturity securities portfolio, as measured at fair value and by the percentage of fixed maturity securities invested in various ratings categories, relative to the entire available-for-sale fixed maturity security portfolio, at September 30, 2008 and December 31, 2007 was as follows (dollars in thousands):

	September 30, 2008								December 31, 2007
NAIC	Rating Agency	Amortized		Estimated		% of			Amortized		Estimated		% of
Designation	Designation	Cost		Fair Value		Total			Cost		Fair Value		Total
1	AAA/AA/A	$	7,479,538	$	7,183,940		78.8	%	$	7,022,497	$	7,521,177		80.0	%
2	BBB		1,817,281		1,632,806		17.9	%		1,628,431		1,617,983		17.2	%
3	BB		253,665		231,706		2.5	%		201,868		198,487		2.1	%
4	B		58,868		43,503		0.5	%		47,013		43,680		0.5	%
5	CCC and lower		31,336		27,361		0.3	%		16,800		16,502		0.2	%
6	In or near default		2,636		2,637		—	%		83		87		—	%
	Total	$	9,643,324	$	9,121,953		100.0	%	$	8,916,692	$	9,397,916		100.0	%

3

The Company’s fixed maturity portfolio includes structured securities. The following table shows the types of structured securities the Company held at:

	September 30, 2008				December 31, 2007
	Amortized		Estimated		Amortized		Estimated
(dollars in thousands)	Cost		Fair Value		Cost		Fair Value
Residential mortgage-backed securities:
Collateralized mortgage obligations	$	932,046	$	892,959	$	1,018,597	$	1,016,195
Pass-through securities		370,945		369,756		395,590		398,081
Total residential mortgage-backed securities		1,302,991		1,262,715		1,414,187		1,414,276
Commercial mortgage-backed securities		1,029,457		905,431		641,479		645,227
Asset-backed securities		483,308		395,907		494,458		464,254
Total	$	2,815,756	$	2,564,053	$	2,550,124	$	2,523,757

As of September 30, 2008 and December 31, 2007, the Company held investments in securities with subprime mortgage exposure with amortized costs totaling $239.6 million and $267.7 million, and estimated fair values of $177.4 million and $246.8 million, respectively. Those amounts include exposure to subprime mortgages through securities held directly in the Company’s investment portfolios within asset-backed securities, as well as securities backing the Company’s funds withheld at interest investment. The following tables summarize the securities by rating and underwriting year at September 30, 2008 and December 31, 2007 (dollars in thousands):

	September 30,2008
	AAA				AA				A
			Estimated				Estimated				Estimated
Underwriting Year	Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value
2003 & Prior	$	11,419	$	10,586	$	6,580	$	4,746	$	1,868	$	1,337
2004		—		—		39,335		30,741		13,560		10,791
2005		48,481		40,885		57,019		38,337		6,516		3,362
2006		5,018		3,135		9,498		5,480		—		—
2007		2,250		1,820		888		615		10,490		5,175
Total	$	67,168	$	56,426	$	113,320	$	79,919	$	32,434	$	20,665

	BBB				Below Investment Grade				Total
			Estimated				Estimated				Estimated
Underwriting Year	Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value
2003 & Prior	$	1,221	$	217	$	—	$	—	$	21,088	$	16,886
2004		—		—		9,071		6,610		61,966		48,142
2005		1,323		1,323		4,173		4,168		117,512		88,075
2006		3,223		1,823		—		—		17,739		10,438
2007		—		—		7,639		6,288		21,267		13,898
Total	$	5,767	$	3,363	$	20,883	$	17,066	$	239,572	$	177,439

4

	December 31, 2007
	AAA				AA				A
			Estimated				Estimated				Estimated
Underwriting Year	Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value
2003 & Prior	$	16,520	$	16,531	$	2,111	$	1,910	$	3,749	$	3,246
2004		26,520		26,286		33,757		31,465		16,151		14,614
2005		41,638		40,190		60,233		55,041		21,593		18,140
2006		13,964		11,957		5,002		3,763		—		—
2007		20,274		18,351		—		—		—		—
Total	$	118,916	$	113,315	$	101,103	$	92,179	$	41,493	$	36,000

	BBB				Below Investment Grade				Total
			Estimated				Estimated				Estimated
Underwriting Year	Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value
2003 & Prior	$	1,186	$	1,046	$	—	$	—	$	23,566	$	22,733
2004		—		—		—		—		76,428		72,365
2005		5,026		4,250		—		—		128,490		117,621
2006		—		—		—		—		18,966		15,720
2007		—		—		—		—		20,274		18,351
Total	$	6,212	$	5,296	$	—	$	—	$	267,724	$	246,790

The following table presents the total gross unrealized losses for fixed maturity securities and equity securities as of September 30, 2008 and December 31, 2007, respectively, where the estimated fair value had declined and remained below amortized cost by the indicated amount (dollars in thousands):

	September 30, 2008					December 31, 2007
	Gross					Gross
	Unrealized					Unrealized
	Losses		% of Total			Losses		% of Total
Less than 20%	$	472,148		49.1	%	$	159,563		80.5	%
20% or more for less than six months		381,221		39.7	%		35,671		18.0	%
20% or more for six months or greater		107,273		11.2	%		2,981		1.5	%
Total	$	960,642		100.0	%	$	198,215		100.0	%

5

The following tables present the estimated fair values and gross unrealized losses for the 1,976 and 1,105 fixed maturity securities and equity securities that have estimated fair values below amortized cost as of September 30, 2008 and December 31, 2007, respectively. These investments are presented by class and grade of security, as well as the length of time the related market value has remained below amortized cost.

	As of September 30, 2008
					Equal to or greater than
	Less than 12 months				12 months				Total
			Gross				Gross				Gross
	Estimated		Unrealized		Estimated		Unrealized		Estimated		Unrealized
(dollars in thousands)	Fair Value		Losses		Fair Value		Losses		Fair Value		Losses
Investment grade securities:
U.S. corporate securities	$	2,136,005	$	289,078	$	481,672	$	139,996	$	2,617,677	$	429,074
Canadian and Canadian provincial governments		483,226		33,670		55,046		7,256		538,272		40,926
Residential mortgage-backed securities		497,433		26,121		253,224		20,931		750,657		47,052
Foreign corporate securities		573,499		72,645		191,346		31,944		764,845		104,589
Asset-backed securities		159,077		20,269		201,503		66,944		360,580		87,213
Commercial mortgage-backed securities		801,793		105,354		59,865		19,563		861,658		124,917
State and political subdivisions		27,468		4,587		8,000		—		35,468		4,587
Other foreign government securities		45,207		534		47,494		808		92,701		1,342
Investment grade securities		4,723,708		552,258		1,298,150		287,442		6,021,858		839,700
Non-investment grade securities:
U.S. corporate securities		193,333		31,385		42,473		8,977		235,806		40,362
Asset-backed securities		1,226		79		5,126		1,425		6,352		1,504
Foreign corporate securities		16,964		2,455		3,164		1,327		20,128		3,782
Non-investment grade securities		211,523		33,919		50,763		11,729		262,286		45,648
Total fixed maturity securities	$	4,935,231	$	586,177	$	1,348,913	$	299,171	$	6,284,144	$	885,348
Equity securities	$	95,030	$	60,555	$	21,226	$	14,739	$	116,256	$	75,294
Total number of securities in an unrealized loss position		1,426				550				1,976

6

	As of December 31, 2007
					Equal to or greater than
	Less than 12 months				12 months				Total
			Gross				Gross				Gross
	Estimated		Unrealized		Estimated		Unrealized		Estimated		Unrealized
(dollars in thousands)	Fair Value		Losses		Fair Value		Losses		Fair Value		Losses
Investment grade securities:
U.S. corporate securities	$	1,185,664	$	63,368	$	487,626	$	25,541	$	1,673,290	$	88,909
Canadian and Canadian provincial governments		78,045		1,077		4,313		86		82,358		1,163
Residential mortgage-backed securities		299,655		5,473		348,632		6,743		648,287		12,216
Foreign corporate securities		293,783		17,880		155,445		5,995		449,228		23,875
Asset-backed securities		341,337		24,958		72,445		5,722		413,782		30,680
Commercial mortgage-backed securities		110,097		4,499		46,647		588		156,744		5,087
U.S. government and agencies		700		1		—		—		700		1
State and political subdivisions		27,265		605		14,518		339		41,783		944
Other foreign government securities		127,397		1,635		75,354		2,878		202,751		4,513
Investment grade securities		2,463,943		119,496		1,204,980		47,892		3,668,923		167,388
Non-investment grade securities:
U.S. corporate securities		106,842		6,044		30,105		1,727		136,947		7,771
Asset-backed securities		1,996		776		—		—		1,996		776
Foreign corporate securities		9,692		1,930		3,524		165		13,216		2,095
Non-investment grade securities		118,530		8,750		33,629		1,892		152,159		10,642
Total fixed maturity securities	$	2,582,473	$	128,246	$	1,238,609	$	49,784	$	3,821,082	$	178,030
Equity securities	$	83,166	$	16,764	$	19,073	$	3,421	$	102,239	$	20,185
Total number of securities in an unrealized loss position		691				414				1,105

7

At September 30, 2008 and December 31, 2007, the Company had $960.6 million and $198.2 million, respectively, of gross unrealized losses related to its fixed maturity and equity securities. These securities are concentrated, calculated as a percentage of gross unrealized losses, as follows:

	September 30,			December 31,
	2008			2007
Sector:
U.S. corporate securities		58	%		59	%
Canadian and Canada provincial governments		4	%		1	%
Residential mortgage-backed securities		5	%		6	%
Foreign corporate securities		11	%		13	%
Asset-backed securities		9	%		16	%
Commercial mortgage-backed securities		13	%		3	%
State and political subdivisions		—	%		—	%
Other foreign government securities		—	%		2	%
Total		100	%		100	%
Industry:
Finance		40	%		49	%
Asset-backed		9	%		16	%
Industrial		17	%		12	%
Mortgage-backed		18	%		9	%
Government		5	%		3	%
Utility		6	%		4	%
Other		5	%		7	%
Total		100	%		100	%

The table below presents the Company’s top twenty corporate exposures held directly in its investment portfolio as of September 30, 2008. Securities backing the Company’s funds withheld portfolios are not included.

(dollars in thousands)

	Amortized		Estimated
Corporate Exposures	Cost		Fair Value
JP Morgan	$	85,305	$	74,614
Bank of America		82,708		71,376
Citigroup		78,036		61,825
General Electric Co.		67,940		58,011
AT&T, Inc.		64,293		57,605
Toronto Dominion		48,816		46,577
Verizon		41,480		37,208
American International Group		48,367		32,760
HSBC		36,755		32,102
Wells Fargo		35,330		31,887
Deutsche Telekom		30,380		27,786
Merrill Lynch		34,418		27,506
Power Corp of Canada		25,314		27,299
Morgan Stanley		36,957		27,041
Time Warner Cable		30,245		26,539
Kraft Foods, Inc.		27,943		25,976
Wachovia		42,957		24,909
Goldman Sachs		36,304		24,866
Enbridge, Inc.		20,718		23,841
Banco Santander		35,805		23,460
Total	$	910,071	$	763,188

8

The table below summarizes impairment writedowns on select issuers for the three month period ended September 30, 2008.

(dollars in thousands)
Asset Class / Institution	Impairment
Subprime / Alt-A	$	25,727
Lehman Brothers Holdings		24,232
Washington Mutual		22,075
Morgan Stanley		8,214
American International Group		7,500
Fannie Mae		7,231
Freddie Mac		4,680
Bell Canada Enterprises		3,499
Other		6,123
Total	$	109,281

9