Reinsurance Group of America (RGA) 8-K Reinsurance Group of America Reports Fourth-quarter Results; Provides Guidance for Full-year 2009

EXHIBIT 99.2

Reinsurance Group of America, Incorporated^®

Financial Supplement

Fourth Quarter 2008

(Unaudited)

Reinsurance Group of America, Incorporated^®

World Headquarters	Internet address	Contacts:
1370 Timberlake Manor Parkway	www.rgare.com	Jack B. Lay
Chesterfield, Missouri 63017		Senior Executive Vice President
U.S.A.		and Chief Financial Officer
		Phone: (636) 736-7000
		John Hayden
		Vice President
		Investor Relations
		Phone: (636) 736-7243

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 Limited	AA-		NR		NR
RGA Global Reinsurance Company Limited	AA-		NR		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.”

 Quarterly Financial Supplement

Reinsurance Group of America, Incorporated
Financial Supplement
4th Quarter 2008
Table of Contents

	Page
Non-GAAP Disclosure		1
Investor News and Updates		2
Consolidated
Financial Highlights		3
Consolidated Operating Income Statement		4
Consolidated Income Statement (incl. Operating Income Reconciliation)		5
Consolidated Balance Sheets		6
Segment Pre-tax Operating Income Summaries
U.S. Operations		7
Canada Operations		11
Europe & South Africa Operations		12
Asia Pacific Operations		13
Corporate and Other		14
Summary of Pre-tax Segment Operating Income		15
Investments
Cash and Invested Assets, Yield Summary		16
Amortized cost, Gross Unrealized Gains and Losses, Estimated Fair Values of Fixed Maturity and Equity Securities		17
Corporate Securities by Sector (Fixed Maturities and Equities)		18
Quality of Fixed Maturity Securities and Structured Fixed Maturity Securities		19
Subprime Mortgage Exposure		20
CMBS Exposure		21
Gross Unrealized Losses Aging		22
Fixed Maturity and Equity Securities Below Amortized Cost		23
Consolidated Gross Gains and Losses		24

 Quarterly Financial Supplement

Reinsurance Group of America, Incorporated
Financial Supplement

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 with the SEC.

Non-GAAP Disclosures

RGA uses a non-GAAP financial measure called 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 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 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, operating income excludes any net gain or loss from discontinued operations and the cumulative effect of any accounting changes, which management believes are not indicative of the company’s ongoing operations. The definition of 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 pre-tax operating income (loss) is presented herein.

Additionally, RGA evaluates its stockholder 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.

 Quarterly Financial Supplement

Page 1

Reinsurance Group of America, Incorporated
Investor News and Updates
Fourth Quarter 2008

2009 Full-year Consolidated Earnings per Share Guidance

We project 2009 operating income per share to be within a range of $5.75 to $6.25 per diluted share. This guidance reflects a negative impact from foreign currency of approximately $0.35 per share and approximately $0.50 per share in dilution from our recent common stock offering. Our guidance also assumes an expected level of death claims, which are prone to normal short-term statistical fluctuations that can significantly affect our results on a quarterly and annual basis.

2009 Full-year Premium Growth Guidance

	Original Currency
Segment	Basis
U.S.		6% - 8%
Canada		11% - 13%
Asia Pacific		10% - 15%
Europe & South Africa		15% - 20%

Consolidated ($USD basis) approximately 10%

2009 Full-year Projected Foreign Currency Premium

Foreign Currency	Millions
Australian Dollar		515 - 536
Canadian Dollar		627 - 653
Euro Dollar		70 - 73
British Pound Sterling		354 - 368
Japanese Yen		23,025 - 23,965
Korean Won		242,690 - 252,596
New Zealand Dollar		64 - 67
Taiwanese Dollar		1,875 - 1,951
South African Rand		566 - 589

 Quarterly Financial Supplement

Page 2

Reinsurance Group of America, Incorporated
Financial Highlights
Fourth Quarter 2008

				Three Months Ended or As of									Current Qtr					Year-to-Date
	Dec. 31,			Sept. 30,			June 30,		March 31,		Dec. 31,		vs. PY			Dec. 31,		Dec. 31,
(USD thousands, except inforce & per share data)	2008			2008			2008		2008		2007		Quarter			2008		2007		Change
Net premiums	$	1,389,091		$	1,303,590		$	1,358,555	$	1,298,065	$	1,348,023	$	41,068		$	5,349,301	$	4,909,026	$	440,275
Net income — continuing operations		15,170			25,250			110,806		36,589		71,501		(56,331	)		187,815		308,273		(120,458	)
Operating income		99,966			118,542			109,688		70,957		91,217		8,749			399,153		353,511		45,642
Total assets		21,658,818			21,844,347			22,410,167		21,812,508		21,598,009		60,809
Assumed Ordinary Life Reinsurance in Force (in billions)
U.S.	$	1,274.5		$	1,265.6		$	1,258.6	$	1,247.0	$	1,232.3	$	42.2		$	1,274.5	$	1,232.3	$	42.2
Canada		209.5			231.4			230.9		221.2		217.7		(8.2	)		209.5		217.7		(8.2	)
Europe & South Africa		325.2			368.9			419.4		383.0		380.4		(55.2	)		325.2		380.4		(55.2	)
Asia Pacific		298.9			310.6			330.6		351.6		289.5		9.4			298.9		289.5		9.4
Assumed New Business Production (in billions)
U.S.	$	33.7		$	30.5		$	35.5	$	34.7	$	43.3	$	(9.6	)	$	134.4	$	164.2	$	(29.8	)
Canada		12.1			14.5			11.7		12.9		13.1		(1.0	)		51.2		46.8		4.4
Europe & South Africa		28.2			21.4			19.4		18.5		19.1		9.1			87.5		61.3		26.2
Asia Pacific		9.2			7.5			4.9		10.3		2.4		6.8			31.9		30.1		1.8
Per Share and Shares Data
Basic earnings per share from continuing operations
Net income	$	0.22		$	0.41		$	1.78	$	0.59	$	1.15	$	(0.93	)	$	2.94	$	4.98	$	(2.04	)
Operating income	$	1.45		$	1.90		$	1.76	$	1.14	$	1.47	$	(0.02	)	$	6.24	$	5.71	$	0.53
Diluted earnings per share from continuing operations
Net income	$	0.22		$	0.40		$	1.73	$	0.57	$	1.11	$	(0.89	)	$	2.88	$	4.80	$	(1.92	)
Operating income	$	1.45		$	1.86		$	1.71	$	1.10	$	1.42	$	0.03		$	6.12	$	5.50	$	0.62
Wgt. average common shares outstanding (basic)		68,831			62,323			62,284		62,146		62,009		6,822			63,918		61,857		2,061
Wgt. average common shares outstanding (diluted)		69,176			63,607			63,982		64,230		64,270		4,906			65,271		64,231		1,040
Common shares issued		73,363			63,128			63,128		63,128		63,128		10,235
Treasury shares		741			803			813		894		1,097		(356	)
Common shares outstanding		72,622			62,325			62,315		62,234		62,031		10,591
Book value per share	$	36.03		$	41.83		$	49.13	$	49.15	$	51.42
Per share effect of accumulated other comprehensive income (AOCI)	$	(7.55	)	$	(3.56	)	$	4.09	$	5.83	$	8.49
Book value per share, excluding AOCI	$	43.58		$	45.39		$	45.04	$	43.32	$	42.93

 Quarterly Financial Supplement

Page 3

Reinsurance Group of America, Incorporated
Consolidated Operating Income Statement

	Three Months Ended												Current Qtr			Year-to-Date
	Dec. 31,			Sept. 30,			June 30,		March 31,		Dec. 31,		vs. PY			Dec. 31,			Dec. 31,
(USD thousands, except per share data)	2008			2008			2008		2008		2007		Quarter			2008			2007		Change
Revenues:
Net premiums	$	1,389,091		$	1,303,590		$	1,358,555	$	1,298,065	$	1,348,023	$	41,068		$	5,349,301		$	4,909,026	$	440,275
Investment income, net of related expenses		196,634			220,248			254,868		199,526		226,801		(30,167	)		871,276			907,904		(36,628	)
Investment related gains (losses), net		1,419			1,063			978		422		310		1,109			3,882			807		3,075
Other revenue		25,869			27,764			36,262		17,936		18,510		7,359			107,831			80,147		27,684
Total revenues		1,613,013			1,552,665			1,650,663		1,515,949		1,593,644		19,369			6,332,290			5,897,884		434,406
Benefits and expenses:
Claims and other policy benefits		1,150,645			1,062,948			1,128,827		1,119,512		1,093,984		56,661			4,461,932			3,983,996		477,936
Interest credited		38,093			53,164			72,248		9,411		40,873		(2,780	)		172,916			246,066		(73,150	)
Policy acquisition costs and other insurance expenses		191,167			179,956			189,699		183,653		214,443		(23,276	)		744,475			758,260		(13,785	)
Other operating expenses		53,694			63,886			61,997		63,340		67,287		(13,593	)		242,917			236,612		6,305
Interest expense		21,552			9,935			21,580		23,094		23,361		(1,809	)		76,161			76,906		(745	)
Collateral finance facility expense		7,432			6,851			6,966		7,474		13,091		(5,659	)		28,723			52,031		(23,308	)
Total benefits and expenses		1,462,583			1,376,740			1,481,317		1,406,484		1,453,039		9,544			5,727,124			5,353,871		373,253
Operating income before income taxes		150,430			175,925			169,346		109,465		140,605		9,825			605,166			544,013		61,153
Operating income tax expense		50,464			57,383			59,658		38,508		49,388		1,076			206,013			190,502		15,511
Operating income	$	99,966		$	118,542		$	109,688	$	70,957	$	91,217	$	8,749		$	399,153		$	353,511	$	45,642
Diluted Earnings Per Share — Operating Income	$	1.45		$	1.86		$	1.71	$	1.10	$	1.42	$	0.03		$	6.12		$	5.50	$	0.61
Foreign currency effect on*:
Net premiums	$	(111,668	)	$	(5,676	)	$	20,565	$	46,462	$	48,414	$	(160,082	)	$	(50,317	)	$	116,138	$	(166,455	)
Operating income before income taxes	$	(17,349	)	$	(1,337	)	$	5,608	$	7,871	$	5,685	$	(23,034	)	$	(5,207	)	$	12,362	$	(17,569	)

* Represents effect as compared to comparable prior year period

Quarterly Financial Supplement

Page 4

Reinsurance Group of America, Incorporated
Consolidated GAAP Income Statement (incl. Operating Income Reconciliation)

	Three Months Ended															Current Qtr			Year-to-Date
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
(USD thousands)	2008			2008			2008			2008			2007			Quarter			2008			2007			Change
Revenues:
Net premiums	$	1,389,091		$	1,303,590		$	1,358,555		$	1,298,065		$	1,348,023		$	41,068		$	5,349,301		$	4,909,026		$	440,275
Investment income, net of related expenses		196,634			220,248			254,868			199,526			226,801			(30,167	)		871,276			907,904			(36,628	)
Investment related gains (losses), net		(243,559	)		(241,307	)		(7,079	)		(155,260	)		(96,739	)		(146,820	)		(647,205	)		(178,716	)		(468,489	)
Other revenue		25,869			27,764			36,262			17,936			18,510			7,359			107,831			80,147			27,684
Total revenues		1,368,035			1,310,295			1,642,606			1,360,267			1,496,595			(128,560	)		5,681,203			5,718,361			(37,158	)
Benefits and expenses:
Claims and other policy benefits		1,150,645			1,062,948			1,128,827			1,119,512			1,093,984			56,661			4,461,932			3,983,996			477,936
Interest credited		86,989			9,293			63,000			73,897			40,873			46,116			233,179			246,066			(12,887	)
Policy acquisition costs and other insurance expenses		27,529			124,836			189,272			16,262			147,754			(120,225	)		357,899			647,832			(289,933	)
Other operating expenses		53,694			63,886			61,997			63,340			67,287			(13,593	)		242,917			236,612			6,305
Interest expense		21,552			9,935			21,580			23,094			23,361			(1,809	)		76,161			76,906			(745	)
Collateral finance facility expense		7,432			6,851			6,966			7,474			13,091			(5,659	)		28,723			52,031			(23,308	)
Total benefits and expenses		1,347,841			1,277,749			1,471,642			1,303,579			1,386,350			(38,509	)		5,400,811			5,243,443			157,368
Income before income taxes — continuing operations		20,194			32,546			170,964			56,688			110,245			(90,051	)		280,392			474,918			(194,526	)
Income tax expense		5,024			7,296			60,158			20,099			38,744			(33,720	)		92,577			166,645			(74,068	)
Income — continuing operations		15,170			25,250			110,806			36,589			71,501			(56,331	)		187,815			308,273			(120,458	)
Loss from discontinued operations		(5,809	)		(22	)		(104	)		(5,084	)		(7,915	)		2,106			(11,019	)		(14,439	)		3,420
Net income	$	9,361		$	25,228		$	110,702		$	31,505		$	63,586		$	(54,225	)	$	176,796		$	293,834		$	(117,038	)
Pre-tax Operating Income Reconciliation:
Income before income taxes — continuing operations		20,194			32,546			170,964			56,688			110,245			(90,051	)		280,392			474,918			(194,526	)
Investment and Derivative losses (gains) - non-operating(1)		(146,818	)		99,801			1,962			862			5,067			(151,885	)		(44,193	)		28,654			(72,847	)
Change in value of B36 embedded derivatives(1)		161,021			106,797			11,452			148,528			84,642			76,379			427,798			141,905			285,893
GMXB embedded derivatives(1)		230,775			35,772			(5,357	)		6,292			7,340			223,435			267,482			8,964			258,518
EIA embedded derivatives — interest credited		48,896			(43,871	)		(9,248	)		64,486			—			48,896			60,263			—			60,263
EIA embedded derivatives — policy acq. costs		(5,697	)		8,274			2,390			(12,090	)		—			(5,697	)		(7,123	)		—			(7,123	)
DAC offset, net		(157,941	)		(63,394	)		(2,817	)		(155,301	)		(66,689	)		(91,252	)		(379,453	)		(110,428	)		(269,025	)
Operating Income Before Income Taxes		150,430			175,925			169,346			109,465			140,605			9,825			605,166			544,013			61,153
After-tax Operating Income Reconciliation:
Income — continuing operations		15,170			25,250			110,806			36,589			71,501			(56,331	)		187,815			308,273			(120,458	)
Investment and Derivative losses (gains) - non-operating(1)		(95,289	)		64,967			1,207			624			2,220			(97,509	)		(28,491	)		18,952			(47,443	)
Change in value of B36 embedded derivatives(1)		104,664			69,418			7,444			96,543			55,017			49,647			278,069			92,238			185,831
GMXB embedded derivatives(1)		150,003			23,252			(3,482	)		4,090			5,827			144,176			173,863			5,827			168,036
EIA embedded derivatives — interest credited		31,782			(28,516	)		(6,011	)		41,916			—			31,782			39,171			—			39,171
EIA embedded derivatives — policy acq. costs		(3,703	)		5,378			1,554			(7,859	)		—			(3,703	)		(4,630	)		—			(4,630	)
DAC offset, net		(102,661	)		(41,207	)		(1,830	)		(100,946	)		(43,348	)		(59,313	)		(246,644	)		(71,779	)		(174,865	)
Operating Income		99,966			118,542			109,688			70,957			91,217			8,749			399,153			353,511			45,642

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

Quarterly Financial Supplement

Page 5

Reinsurance Group of America, Incorporated
Consolidated Balance Sheets

	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,
(USD thousands)	2008			2008			2008			2008			2007
Assets
Fixed maturity securities (available for sale):	$	8,531,804		$	9,121,953		$	9,667,961		$	9,387,094		$	9,397,916
Mortgage loans on real estate		775,050			782,282			798,896			812,539			831,557
Policy loans		1,096,713			1,048,517			1,048,517			1,039,464			1,059,439
Funds withheld at interest		4,520,398			4,806,642			4,825,297			4,650,948			4,749,496
Short-term investments		58,123			32,520			47,081			46,336			75,062
Other invested assets		628,649			432,982			418,864			389,437			284,220
Total investments		15,610,737			16,224,896			16,806,616			16,325,818			16,397,690
Cash and cash equivalents		875,403			412,255			362,689			304,083			404,351
Accrued investment income		87,424			138,414			106,679			103,755			77,537
Premiums receivable and other reinsurance balances		640,235			691,120			800,404			766,970			717,228
Reinsurance ceded receivables		735,155			746,790			752,203			758,977			722,313
Deferred policy acquisition costs		3,610,334			3,498,152			3,460,294			3,369,316			3,161,951
Other assets		99,530			132,720			121,282			183,589			116,939
Total assets	$	21,658,818		$	21,844,347		$	22,410,167		$	21,812,508		$	21,598,009
Liabilities and Stockholders’ Equity
Future policy benefits	$	6,431,530		$	6,552,508		$	6,619,084		$	6,449,039		$	6,333,177
Interest-sensitive contract liabilities		7,690,942			7,517,782			7,220,659			6,657,546			6,657,061
Other policy claims and benefits		1,923,018			2,064,578			2,239,868			2,196,089			2,055,274
Other reinsurance balances		173,645			127,021			173,162			240,137			201,614
Deferred income taxes		310,360			399,669			561,912			707,963			760,633
Other liabilities		585,199			548,844			599,034			567,854			465,358
Short-term debt		—			95,000			—			—			29,773
Long-term debt		918,246			922,994			926,095			925,893			896,065
Collateral finance facility		850,035			850,094			850,000			850,210			850,361
Company-obligated mandatorily redeemable preferred securities of subsidiary trust holding solely junior subordinated debentures of the Company		159,035			158,990			158,946			158,904			158,861
Total liabilities		19,042,010			19,237,480			19,348,760			18,753,635			18,408,177
Stockholders’ Equity:
Common stock, at par value		734			631			631			631			631
Warrants		66,914			66,915			66,915			66,915			66,915
Additional paid-in-capital		1,450,041			1,118,288			1,115,540			1,112,977			1,103,956
Retained earnings		1,682,087			1,679,568			1,660,041			1,556,127			1,540,122
Accumulated other comprehensive income (AOCI):
Accumulated currency translation adjustment, net of income taxes		19,794			143,729			215,582			203,662			221,987
Unrealized appreciation (depreciation) of securities, net of income taxes		(553,407	)		(358,273	)		47,478			167,174			313,170
Pension and postretirement benefits, net of income taxes		(14,658	)		(7,790	)		(8,082	)		(8,199	)		(8,351	)
Total stockholders’ equity before treasury stock		2,651,505			2,643,068			3,098,105			3,099,287			3,238,430
Less treasury shares		(34,697	)		(36,201	)		(36,698	)		(40,414	)		(48,598	)
Total stockholders’ equity		2,616,808			2,606,867			3,061,407			3,058,873			3,189,832
Total liabilities and stockholders’ equity	$	21,658,818		$	21,844,347		$	22,410,167		$	21,812,508		$	21,598,009
Total stockholders’ equity, excluding AOCI	$	3,165,079		$	2,829,201		$	2,806,429		$	2,696,236		$	2,663,026

Quarterly Financial Supplement

Page 6

Reinsurance Group of America, Incorporated
U.S. Traditional Sub-segment Operating Income

	Three Months Ended															Current Qtr			Year-to-Date
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
(USD thousands)	2008			2008			2008			2008			2007			Quarter			2008			2007			Change
Revenues:
Net premiums	$	874,348		$	740,502		$	752,831		$	725,393		$	789,843		$	84,505		$	3,093,074		$	2,868,403		$	224,671
Investment income, net of related expenses		100,033			99,991			97,462			97,431			91,253			8,780			394,917			352,553			42,364
Other revenue		(193	)		(42	)		552			60			274			(467	)		377			922			(545	)
Total revenues		974,188			840,451			850,845			822,884			881,370			92,818			3,488,368			3,221,878			266,490
Benefits and expenses:
Claims and other policy benefits		753,545			632,258			624,310			651,850			634,109			119,436			2,661,963			2,344,185			317,778
Interest credited		15,513			15,221			14,924			14,790			14,901			612			60,448			58,595			1,853
Policy acquisition costs and other insurance expenses		118,637			107,199			103,231			86,050			117,012			1,625			415,117			417,958			(2,841	)
Other operating expenses		9,828			12,756			12,121			13,238			14,643			(4,815	)		47,943			49,746			(1,803	)
Total benefits and expenses		897,523			767,434			754,586			765,928			780,665			116,858			3,185,471			2,870,484			314,987
Operating income before income taxes		76,665			73,017			96,259			56,956			100,705			(24,040	)		302,897			351,394			(48,497	)
Operating to GAAP Reconciliation:
Operating income before income taxes		76,665			73,017			96,259			56,956			100,705			(24,040	)		302,897			351,394			(48,497	)
Investment and Derivative (losses) gains — non-operating	(6,694)				(62,065	)		(637	)		(2,508	)		(3,478	)		(3,216	)		(71,904	)		(13,770	)		(58,134	)
Income before income taxes	$	69,971		$	10,952		$	95,622		$	54,448		$	97,227		$	(27,256	)	$	230,993		$	337,624		$	(106,631	)
Loss and Expense Ratios:
Claims and other policy benefits		86.2	%		85.4	%		82.9	%		89.9	%		80.3	%		5.9	%		86.1	%		81.7	%		4.4	%
Policy acquisition costs and other insurance expenses		13.6	%		14.5	%		13.7	%		11.9	%		14.8	%		-1.2	%		13.4	%		14.6	%		-1.2	%
Other operating expenses		1.1	%		1.7	%		1.6	%		1.8	%		1.9	%		-0.8	%		1.6	%		1.7	%		-0.1	%

Quarterly Financial Supplement

Page 7

Reinsurance Group of America, Incorporated
U.S. Asset Intensive Sub-segment Operating Income

	Three Months Ended															Current Qtr			Year-to-Date
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
(USD thousands except account values)	2008			2008			2008			2008			2007			Quarter			2008			2007			Change
Revenues:
Net premiums	$	1,584		$	1,719		$	1,592		$	1,663		$	1,577		$	7		$	6,558		$	6,356		$	202
Investment income, net of related expenses		26,428			43,727			80,920			25,031			57,497			(31,069	)		176,106			271,638			(95,532	)
Other revenue		16,018			15,051			14,211			11,495			9,797			6,221			56,775			38,006			18,769
Total revenues		44,030			60,497			96,723			38,189			68,871			(24,841	)		239,439			316,000			(76,561	)
Benefits and expenses:
Claims and other policy benefits		8,151			2,040			865			185			(375	)		8,526			11,241			5,875			5,366
Interest credited		22,512			37,866			57,243			(5,518	)		25,787			(3,275	)		112,103			185,726			(73,623	)
Policy acquisition costs and other insurance expenses		14,535			10,077			27,513			35,641			34,027			(19,492	)		87,766			93,929			(6,163	)
Other operating expenses		1,649			2,167			1,840			2,334			1,986			(337	)		7,990			7,069			921
Total benefits and expenses		46,847			52,150			87,461			32,642			61,425			(14,578	)		219,100			292,599			(73,499	)
Operating income before income taxes		(2,817	)		8,347			9,262			5,547			7,446			(10,263	)		20,339			23,401			(3,062	)
Operating to GAAP Reconciliation:
Operating income before income taxes		(2,817	)		8,347			9,262			5,547			7,446			(10,263	)		20,339			23,401			(3,062	)
Investment and Derivative (losses) gains - non-operating(1)		159,276			10,289			(2,949	)		5,266			423			158,853			171,882			(5,289	)		177,171
Change in value of B36 embedded derivatives(1)		(161,021	)		(106,797	)		(11,452	)		(148,528	)		(84,642	)		(76,379	)		(427,798	)		(141,905	)		(285,893	)
GMXB embedded derivatives(1)		(230,775	)		(35,772	)		5,357			(6,292	)		(7,340	)		(223,435	)		(267,482	)		(8,964	)		(258,518	)
EIA embedded derivatives — interest credited		(48,896	)		43,871			9,248			(64,486	)		—			(48,896	)		(60,263	)		—			(60,263	)
EIA embedded derivatives — policy acq. costs		5,697			(8,274	)		(2,390	)		12,090			—			5,697			7,123			—			7,123
DAC offset, net		157,941			63,394			2,817			155,301			66,689			91,252			379,453			110,428			269,025
Income before income taxes	$	(120,595	)	$	(24,942	)	$	9,893		$	(41,102	)	$	(17,424	)	$	(103,171	)	$	(176,746	)	$	(22,329		$	(154,417	)

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

Quarterly Financial Supplement

Page 8

Reinsurance Group of America, Incorporated
U.S. Asset Intensive Sub-segment
(Cont’d)

	Three Months Ended
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,
	2008			2008			2008			2008			2007
Annuity account values (in millions):
Fixed annuities (deferred)	$	1,625		$	1,670		$	1,527		$	1,140		$	1,248
Net interest spread (fixed annuities):		1.7	%		1.8	%		1.9	%		2.0	%		2.1	%
Equity-indexed annuities	$	4,388		$	4,348		$	4,289		$	4,136		$	4,010
Variable annuities:
No riders	$	1,063		$	1,251		$	1,359		$	1,355		$	1,419
GMDB only		54			49			32			25			18
GMIB only		4			4			4			3			3
GMAB only		44			45			44			35			23
GMWB only		795			708			537			379			240
GMDB / WB		287			257			170			124			83
Other		24			26			23			20			11
Total VA account values	$	2,271		$	2,340		$	2,169		$	1,941		$	1,797
Fair value of living benefit riders	$	276		$	46		$	10		$	16		$	9
Other annuities:	$	108		$	116		$	121		$	129		$	134

Page 9

Reinsurance Group of America, Incorporated
U.S. Financial Reinsurance Sub-segment Operating Income

	Three Months Ended															Current Qtr			Year-to-Date
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
(USD thousands)	2008			2008			2008			2008			2007			Quarter			2008			2007			Change
Revenues:
Investment income, net of related expenses	$	—		$	192		$	356		$	40		$	(163	)	$	163		$	588		$	(53	)	$	641
Other revenue		4,578			3,644			4,314			2,744			4,177			401			15,280			23,117			(7,837	)
Total revenues		4,578			3,836			4,670			2,784			4,014			564			15,868			23,064			(7,196	)
Benefits and expenses:
Claims and other policy benefits		—			—			—			—			(125	)		125			—			(124	)		124
Policy acquisition costs and other insurance expenses		341			252			250			198			384			(43	)		1,041			6,410			(5,369	)
Other operating expenses		577			747			767			646			1,176			(599	)		2,737			4,138			(1,401	)
Total benefits and expenses		918			999			1,017			844			1,435			(517	)		3,778			10,424			(6,646	)
Operating income before income taxes		3,660			2,837			3,653			1,940			2,579			1,081			12,090			12,640			(550	)
Operating to GAAP Reconciliation:
Operating income before income taxes		3,660			2,837			3,653			1,940			2,579			1,081			12,090			12,640			(550	)
Investment and Derivative (losses) gains — non-operating		(110	)		(136	)		(2	)		(1	)		2			(112	)		(249	)		(7	)		(242	)
Income before income taxes	$	3,550		$	2,701		$	3,651		$	1,939		$	2,581		$	969		$	11,841		$	12,633		$	(792	)

Quarterly Financial Supplement

Page 10

Reinsurance Group of America, Incorporated
Canadian Segment Operating Income

	Three Months Ended															Current Qtr			Year-to-Date
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
(USD thousands)	2008			2008			2008			2008			2007			Quarter			2008			2007			Change
Revenues:
Net premiums	$	126,819		$	128,930		$	139,530		$	138,992		$	141,388		$	(14,569	)	$	534,271		$	487,136		$	47,135
Investment income, net of related expenses		32,873			35,836			35,692			36,033			34,782			(1,909	)		140,434			124,634			15,800
Investment related gains (losses), net		1,419			1,063			978			422			310			1,109			3,882			807			3,075
Other revenue		826			4,289			13,204			13			2			824			18,332			182			18,150
Total revenues		161,937			170,118			189,404			175,460			176,482			(14,545	)		696,919			612,759			84,160
Benefits and expenses:
Claims and other policy benefits		102,316			104,339			134,146			115,271			122,267			(19,951	)		456,072			425,498			30,574
Interest credited		68			77			81			139			185			(117	)		365			726			(361	)
Policy acquisition costs and other insurance expenses		30,634			27,591			25,526			26,426			28,297			2,337			110,177			91,234			18,943
Other operating expenses		5,591			6,132			5,899			5,446			6,222			(631	)		23,068			20,404			2,664
Total benefits and expenses		138,609			138,139			165,652			147,282			156,971			(18,362	)		589,682			537,862			51,820
Operating income before income taxes		23,328			31,979			23,752			28,178			19,511			3,817			107,237			74,897			32,340
Operating to GAAP Reconciliation:
Operating income before income taxes		23,328			31,979			23,752			28,178			19,511			3,817			107,237			74,897			32,340
Investment and Derivative (losses) gains — non-operating		(1,244	)		(2,246	)		3,026			(4,507	)		(2	)		(1,242	)		(4,971	)		6,646			(11,617	)
Income before income taxes	$	22,084		$	29,733		$	26,778		$	23,671		$	19,509		$	2,575		$	102,266		$	81,543		$	20,723
Loss and Expense Ratios:
Loss ratios (creditor business)		35.5	%		42.3	%		90.4	%		40.7	%		44.3	%		-8.8	%		52.0	%		44.8	%		7.2	%
Loss ratios (excluding creditor business)		91.4	%		89.1	%		97.3	%		93.2	%		94.1	%		-2.7	%		92.9	%		96.2	%		-3.3	%
Claims and other policy benefits / (net premiums + investment income)		64.1	%		63.3	%		76.6	%		65.9	%		69.4	%		-5.3	%		67.6	%		69.6	%		-2.0	%
Policy acquisition costs and other insurance expenses		24.2	%		21.4	%		18.3	%		19.0	%		20.0	%		4.2	%		20.6	%		18.7	%		1.9	%
Other operating expenses		4.4	%		4.8	%		4.2	%		3.9	%		4.4	%		0.0	%		4.3	%		4.2	%		0.1	%
Note: The loss ratios on creditor reinsurance business are normally lower than traditional reinsurance, while allowances are normally higher as a percentage of premiums.
Foreign currency effect on*:
Net premiums	$	(29,546	)	$	626		$	11,315		$	19,837		$	19,616		$	(49,162	)	$	2,232		$	29,147		$	(26,915	)
Operating income before income taxes	$	(6,164	)	$	(264	)	$	2,397		$	4,715		$	3,130		$	(9,294	)	$	684		$	5,132		$	(4,448	)

* Represents effect as compared to comparable prior year period

Quarterly Financial Supplement

Page 11

Reinsurance Group of America, Incorporated
Europe & South Africa Segment Operating Income

	Three Months Ended															Current Qtr			Year-to-Date
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
(USD thousands)	2008			2008			2008			2008			2007			Quarter			2008			2007			Change
Revenues:
Net premiums	$	156,898		$	176,184		$	185,490		$	189,196		$	175,185		$	(18,287	)	$	707,768		$	678,551		$	29,217
Investment income, net of related expenses		7,599			9,065			8,778			7,551			7,721			(122	)		32,993			26,167			6,826
Other revenue		240			33			68			60			(205	)		445			401			(144	)		545
Total revenues		164,737			185,282			194,336			196,807			182,701			(17,964	)		741,162			704,574			36,588
Benefits and expenses:
Claims and other policy benefits		106,776			122,521			144,460			158,535			145,397			(38,621	)		532,292			515,660			16,632
Interest credited					—			—			—			—			—			—			1,019			(1,019	)
Policy acquisition costs and other insurance expenses		14,607			21,559			16,026			17,230			18,968			(4,361	)		69,422			84,749			(15,327	)
Other operating expenses		16,945			15,708			16,678			15,744			15,062			1,883			65,075			53,496			11,579
Total benefits and expenses		138,328			159,788			177,164			191,509			179,427			(41,099	)		666,789			654,924			11,865
Operating income before income taxes		26,409			25,494			17,172			5,298			3,274			23,135			74,373			49,650			24,723
Operating to GAAP Reconciliation:
Operating income before income taxes		26,409			25,494			17,172			5,298			3,274			23,135			74,373			49,650			24,723
Investment and Derivative (losses) gains — non-operating		(4,598	)		(4,703	)		(131	)		745			(466	)		(4,132	)		(8,687	)		(2,183	)		(6,504	)
Income before income taxes	$	21,811		$	20,791		$	17,041		$	6,043		$	2,808		$	19,003		$	65,686		$	47,467		$	18,219
Loss and Expense Ratios:
Claims and other policy benefits		68.1	%		69.5	%		77.9	%		83.8	%		83.0	%		-14.9	%		75.2	%		76.0	%		-0.8	%
Policy acquisition costs and other insurance expenses		9.3	%		12.2	%		8.6	%		9.1	%		10.8	%		-1.5	%		9.8	%		12.5	%		-2.7	%
Other operating expenses		10.8	%		8.9	%		9.0	%		8.3	%		8.6	%		2.2	%		9.2	%		7.9	%		1.3	%
Foreign currency effect on*:
Net premiums	$	(43,150	)	$	(9,380	)	$	588		$	4,247		$	11,297		$	(54,447	)	$	(47,695	)	$	41,936		$	(89,631	)
Operating income before income taxes	$	(7,816	)	$	(2,015	)	$	606		$	671		$	491		$	(8,307	)	$	(8,554	)	$	2,324		$	(10,878	)
Critical illness net premiums	$	50		$	59		$	67		$	60		$	61		$	(11	)	$	236		$	235		$	1
*   Represents effect as compared to comparable prior year period

Quarterly Financial Supplement

Page 12

Reinsurance Group of America, Incorporated
Asia Pacific Segment Operating Income

	Three Months Ended															Current Qtr			Year-to-Date
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
(USD thousands)	2008			2008			2008			2008			2007			Quarter			2008			2007			Change
Revenues:
Net premiums	$	227,666		$	254,497		$	277,716		$	240,935		$	238,265		$	(10,599	)	$	1,000,814		$	864,550		$	136,264
Investment income, net of related expenses		11,317			12,272			12,397			11,414			9,981			1,336			47,400			36,388			11,012
Other revenue		5,106			2,811			1,851			2,552			2,682			2,424			12,320			9,197			3,123
Total revenues		244,089			269,580			291,964			254,901			250,928			(6,839	)		1,060,534			910,135			150,399
Benefits and expenses:
Claims and other policy benefits		178,989			201,707			225,011			193,669			192,885			(13,896	)		799,376			692,859			106,517
Policy acquisition costs and other insurance expenses		25,556			25,053			28,386			28,081			23,665			1,891			107,076			99,285			7,791
Other operating expenses		17,235			17,774			15,801			15,102			16,877			358			65,912			56,372			9,540
Total benefits and expenses		221,780			244,534			269,198			236,852			233,427			(11,647	)		972,364			848,516			123,848
Operating income before income taxes		22,309			25,046			22,766			18,049			17,501			4,808			88,170			61,619			26,551
Operating to GAAP Reconciliation:
Operating income before income taxes		22,309			25,046			22,766			18,049			17,501			4,808			88,170			61,619			26,551
Investment and Derivative (losses) gains — non-operating		2,156			(3,821	)		(1,510	)		514			(592	)		2,748			(2,661	)		(1,529	)		(1,132	)
Income before income taxes	$	24,465		$	21,225		$	21,256		$	18,563		$	16,909		$	7,556		$	85,509		$	60,090		$	25,419
Loss and Expense Ratios:
Claims and other policy benefits		78.6	%		79.3	%		81.0	%		80.4	%		81.0	%		-2.4	%		79.9	%		80.1	%		-0.2	%
Policy acquisition costs and other insurance expenses		11.2	%		9.8	%		10.2	%		11.7	%		9.9	%		1.3	%		10.7	%		11.5	%		-0.8	%
Other operating expenses		7.6	%		7.0	%		5.7	%		6.3	%		7.1	%		0.5	%		6.6	%		6.5	%		0.1	%
Foreign currency effect on*:
Net premiums	$	(39,028	)	$	3,036		$	8,629		$	22,356		$	17,491		$	(56,519	)	$	(5,007	)	$	45,050		$	(50,057	)
Operating income before income taxes	$	(1,972	)	$	1,078		$	2,307		$	2,116		$	1,433		$	(3,405	)	$	3,529		$	3,849		$	(320	)
Critical illness net premiums	$	49		$	52		$	67		$	46		$	48		$	1		$	214		$	190		$	24
*   Represents effect as compared to comparable prior year period

Quarterly Financial Supplement

Page 13

Reinsurance Group of America, Incorporated
Corporate and Other Segment Operating Income

	Three Months Ended															Current Qtr			Year-to-Date
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
(USD thousands)	2008			2008			2008			2008			2007			Quarter			2008			2007			Change
Revenues:
Net premiums	$	1,776		$	1,758		$	1,396		$	1,886		$	1,765		$	11		$	6,816		$	4,030		$	2,786
Investment income, net of related expenses		18,384			19,165			19,263			22,026			25,730			(7,346	)		78,838			96,577			(17,739	)
Other revenue		(706	)		1,978			2,062			1,012			1,783			(2,489	)		4,346			8,867			(4,521	)
Total revenues		19,454			22,901			22,721			24,924			29,278			(9,824	)		90,000			109,474			(19,474	)
Benefits and expenses:
Claims and other policy benefits		868			83			35			2			(174	)		1,042			988			43			945
Policy acquisition costs and other insurance expenses		(13,143	)		(11,775	)		(11,233	)		(9,973	)		(7,910	)		(5,233	)		(46,124	)		(35,305	)		(10,819	)
Other operating expenses		1,869			8,602			8,891			10,830			11,321			(9,452	)		30,192			45,387			(15,195	)
Interest expense		21,552			9,935			21,580			23,094			23,361			(1,809	)		76,161			76,906			(745	)
Collateral finance facility expense		7,432			6,851			6,966			7,474			13,091			(5,659	)		28,723			52,031			(23,308	)
Total benefits and expenses		18,578			13,696			26,239			31,427			39,689			(21,111	)		89,940			139,062			(49,122	)
Operating income before income taxes		876			9,205			(3,518	)		(6,503	)		(10,411	)		11,287			60			(29,588	)		29,648
Operating to GAAP Reconciliation:
Operating income before income taxes		876			9,205			(3,518	)		(6,503	)		(10,411	)		11,287			60			(29,588	)		29,648
Investment and Derivative (losses) gains — non-operating		(1,968	)		(37,119	)		241			(371	)		(954	)		(1,014	)		(39,217	)		(12,522	)		(26,695	)
Income before income taxes	$	(1,092	)	$	(27,914	)	$	(3,277	)	$	(6,874	)	$	(11,365	)	$	10,273		$	(39,157	)	$	(42,110	)	$	2,953
Foreign currency effect on*:
Net premiums	$	55		$	42		$	33		$	23		$	11		$	44		$	153		$	5		$	148
Operating income before income taxes	$	(1,396	)	$	(136	)	$	298		$	369		$	632		$	(2,028	)	$	(865	)	$	1,056		$	(1,921	)

* Represents effect as compared to comparable prior year period

Quarterly Financial Supplement
	Page 14

Reinsurance Group of America, Incorporated
Summary of Pre-tax Segment Operating Income

	Three Months Ended														Current Qtr			Year-to-Date
	Dec. 31,			Sept. 30,		June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,		Dec. 31,
(USD thousands)	2008			2008		2008			2008			2007			Quarter			2008		2007			Change
U.S. Traditional	$	76,665		$	73,017	$	96,259		$	56,956		$	100,705		$	(24,040	)	$	302,897	$	351,394		$	(48,497	)
U.S. Asset Intensive		(2,817	)		8,347		9,262			5,547			7,446			(10,263	)		20,339		23,401			(3,062	)
U.S. Financial Reinsurance		3,660			2,837		3,653			1,940			2,579			1,081			12,090		12,640			(550	)
Total U.S. Segment		77,508			84,201		109,174			64,443			110,730			(33,222	)		335,326		387,435			(52,109	)
Canadian Segment		23,328			31,979		23,752			28,178			19,511			3,817			107,237		74,897			32,340
Europe & South Africa Segment		26,409			25,494		17,172			5,298			3,274			23,135			74,373		49,650			24,723
Asia Pacific Segment		22,309			25,046		22,766			18,049			17,501			4,808			88,170		61,619			26,551
Corporate and Other		876			9,205		(3,518	)		(6,503	)		(10,411	)		11,287			60		(29,588	)		29,648
Consolidated	$	150,430		$	175,925	$	169,346		$	109,465		$	140,605		$	9,825		$	605,166	$	544,013		$	61,153

Quarterly Financial Supplement
	Page 15

Reinsurance Group of America, Incorporated
Investments

Cash and Invested Assets

	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,
(USD thousands)	2008		2008		2008		2008		2007
Fixed maturity securities, available-for-sale	$	8,531,804	$	9,121,953	$	9,667,961	$	9,387,094	$	9,397,916
Mortgage loans on real estate		775,050		782,282		798,896		812,539		831,557
Policy loans		1,096,713		1,048,517		1,048,517		1,039,464		1,059,439
Funds withheld at interest		4,520,398		4,806,642		4,825,297		4,650,948		4,749,496
Short-term investments		58,123		32,520		47,081		46,336		75,062
Other invested assets		628,649		432,982		418,864		389,437		284,220
Cash and cash equivalents		875,403		412,255		362,689		304,083		404,351
Total cash and invested assets	$	16,486,140	$	16,637,151	$	17,169,305	$	16,629,901	$	16,802,041

Investment Income and Yield Summary
(Excludes Funds Withheld)

	Three Months Ended															Current Qtr			Year-to-Date
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
(USD thousands)	2008			2008			2008			2008			2007			Quarter			2008			2007			Change
Average invested assets at amortized cost(1)	$	12,245,727		$	12,185,216		$	11,696,386		$	11,539,433		$	11,351,483		$	894,244		$	11,653,879		$	10,637,020		$	1,016,859
Net investment income(1)	$	177,358		$	179,193		$	173,587		$	170,899		$	167,172		$	10,186		$	701,039		$	633,621		$	67,418
Investment yield (ratio of net investment income to average invested assets)		5.92	%		6.01	%		6.07	%		6.06	%		6.02	%		-0.10	%		6.02	%		5.96	%		0.06	%

(1) Excludes funds withheld

Quarterly Financial Supplement
	Page 16

Reinsurance Group of America, Incorporated
Investments

Amortized cost, gross unrealized gains and losses, and estimated fair values of fixed maturity and equity securities

December 31, 2008

								Estimated
	Amortized		Unrealized		Unrealized			Fair		% of
(USD thousands)	Cost		Gains		Losses			Value		Total
Available-for-sale:
U.S. corporate securities	$	3,577,116	$	34,262	$	(598,745	)	$	3,012,633		35.3	%
Canadian and Canadian provincial governments		1,500,511		397,899		(7,171	)		1,891,239		22.2	%
Residential mortgage-backed securities		1,231,123		24,838		(106,776	)		1,149,185		13.5	%
Foreign corporate securities		1,112,018		14,335		(152,920	)		973,433		11.4	%
Asset-backed securities		484,577		2,098		(147,297	)		339,378		4.0	%
Commercial mortgage-backed securities		1,085,062		2,258		(326,730	)		760,590		8.9	%
U.S. government and agencies		7,555		876		—			8,431		0.1	%
State and political subdivisions		46,537		—		(7,883	)		38,654		0.4	%
Other foreign government securities		338,349		20,062		(150	)		358,261		4.2	%
Total fixed maturity securities		9,382,848		496,628		(1,347,672	)		8,531,804		100.0	%
Non-redeemable preferred stock		187,510		49		(64,160	)		123,399		77.4	%
Common stock		40,582		—		(4,607	)		35,975		22.6	%
Total equity securities	$	228,092	$	49	$	(68,767	)	$	159,374		100.0	%

December 31, 2007

								Estimated
	Amortized		Unrealized		Unrealized			Fair		% of
(USD thousands)	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		0.0	%
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	%

Quarterly Financial Supplement
	Page 17

Reinsurance Group of America, Incorporated
Investments

Corporate Securities by Sector (Fixed Maturities and Equities)

	December 31, 2008								December 31, 2007
			Estimated Fair					Average Credit			Estimated Fair					Average Credit
(USD thousands)	Amortized Cost		Value		% of Total			Ratings	Amortized Cost		Value		% of Total			Ratings
Financial Institutions
Banking	$	1,138,663	$	924,098		22.2	%	A	$	1,133,283	$	1,091,710		24.1	%	A+
Brokerage		104,169		96,516		2.3	%	A		114,835		110,611		2.5	%	A
Finance Comp.		278,132		228,659		5.5	%	A+		278,585		268,727		6.0	%	A+
Insurance		309,703		222,116		5.4	%	A-		250,868		246,141		5.5	%	A-
REITs		153,626		110,172		2.7	%	BBB+		166,749		160,863		3.6	%	BBB+
Other Finance		191,650		140,161		3.4	%	A		163,371		163,554		3.6	%	A
Industrials
Basic		213,540		173,826		4.2	%	BBB+		140,999		139,003		3.1	%	BBB+
Capital Goods		187,041		172,958		4.2	%	A-		170,909		171,597		3.8	%	A-
Communications		449,334		425,633		10.3	%	BBB+		290,121		290,998		6.5	%	BBB+
Consumer Cyclical		244,476		198,485		4.8	%	BBB+		171,674		168,857		3.8	%	BBB+
Consumer Noncyclical		341,126		323,239		7.8	%	BBB+		250,639		249,463		5.5	%	A-
Energy		248,579		215,634		5.2	%	BBB+		109,109		111,129		2.5	%	BBB
Technology		55,043		43,998		1.1	%	BBB+		9,697		9,454		0.2	%	BBB-
Transportation		217,515		190,303		4.6	%	BBB+		165,322		164,292		3.7	%	A-
Other Industrial		55,898		28,314		0.7	%	BBB+		23,150		12,557		0.3	%	BBB
Utilities
Electric		446,048		399,235		9.6	%	BBB+		405,347		403,878		9.0	%	BBB+
Natural Gas		200,636		174,308		4.2	%	BBB+		170,314		178,631		4.0	%	BBB+
Other Utility		22,320		20,447		0.5	%	A-		53,641		54,562		1.2	%	A-
Other Sectors		59,728		57,338		1.3	%	AA		511,573		504,821		11.1	%	A-
Total	$	4,917,227	$	4,145,440		100.00	%		$	4,580,186	$	4,500,848		100.00	%

Quarterly Financial Supplement
	Page 18

Reinsurance Group of America, Incorporated
Investments

Ratings of Fixed Maturity Securities

		December 31, 2008							September 30, 2008							June 30, 2008							March 31, 2008							December 31, 2007
(USD thousands)	Rating Agency			Estimated		% of			Amortized		Estimated		% of			Amortized		Estimated		% of			Amortized		Estimated		% of			Amortized		Estimated		% of
NAIC Designation	Designation	Amortized Cost		Fair Value		Total			Cost		Fair Value		Total			Cost		Fair Value		Total			Cost		Fair Value		Total			Cost		Fair Value		Total
1	AAA	$	2,851,818	$	2,594,429		30.4	%	$	2,931,176	$	2,780,454		30.5	%	$	2,856,457	$	2,777,642		28.7	%	$	2,752,988	$	2,710,839		28.9	%	$	2,834,588	$	2,828,366		30.1	%
1	AA		2,147,187		2,161,537		25.3	%		2,601,007		2,624,357		28.8	%		2,572,375		2,809,406		29.1	%		2,447,193		2,754,675		29.3	%		2,334,006		2,717,738		28.9	%
1	A		2,002,963		1,851,764		21.7	%		1,947,355		1,779,129		19.5	%		2,012,559		2,028,840		21.0	%		1,926,854		1,970,574		21.0	%		1,853,903		1,975,073		21.0	%
2	BBB		1,991,276		1,649,513		19.3	%		1,817,281		1,632,806		17.9	%		1,812,894		1,730,612		17.9	%		1,725,432		1,676,870		17.8	%		1,628,431		1,617,983		17.2	%
3	BB		268,276		195,088		2.3	%		253,665		231,706		2.5	%		267,856		253,695		2.6	%		222,209		214,105		2.3	%		201,868		198,487		2.1	%
4	B		77,830		50,064		0.6	%		58,868		43,503		0.5	%		51,320		46,722		0.5	%		48,225		43,989		0.5	%		47,013		43,680		0.5	%
5	CCC and lower		33,945		22,538		0.3	%		31,336		27,361		0.3	%		18,375		17,250		0.2	%		16,860		15,987		0.2	%		16,800		16,502		0.2	%
6	In or near default		9,553		6,871		0.1	%		2,636		2,637		0.0	%		3,074		3,794		0.0	%		53		55		0.0	%		83		87		0.0	%
	Total	$	9,382,848	$	8,531,804				$	9,643,324	$	9,121,953				$	9,594,910	$	9,667,961				$	9,139,814	$	9,387,094				$	8,916,692	$	9,397,916

Structured Fixed Maturity Securities

	December 31, 2008				September 30, 2008				June 30, 2008				March 31, 2008				December 31, 2007
			Estimated		Amortized		Estimated Fair		Amortized		Estimated		Amortized		Estimated		Amortized		Estimated
(USD thousands)	Amortized Cost		Fair Value		Cost		Value		Cost		Fair Value		Cost		Fair Value		Cost		Fair Value
Residential mortgage-backed securities:
Agency	$	881,762	$	791,265	$	932,046	$	892,959	$	944,922	$	918,630	$	952,383	$	939,612	$	1,018,597	$	1,016,196
Non-agency		349,361		357,920		370,945		369,756		356,081		353,906		380,053		386,019		395,590		398,081
Total residential mortgage-backed securities		1,231,123		1,149,185		1,302,991		1,262,715		1,301,003		1,272,536		1,332,436		1,325,631		1,414,187		1,414,277
Commercial mortgage-backed securities		1,085,062		760,589		1,029,457		905,431		889,792		842,140		727,492		686,678		641,479		645,227
Asset-backed securities		484,577		339,378		483,308		395,907		505,193		452,347		493,293		446,031		494,458		464,254
Total	$	2,800,762	$	2,249,152	$	2,815,756	$	2,564,053	$	2,695,988	$	2,567,023	$	2,553,221	$	2,458,340	$	2,550,124	$	2,523,758

Quarterly Financial Supplement
	Page 19

Reinsurance Group of America, Incorporated
Investments

Subprime Mortgage Exposure
(Includes Funds Withheld Portfolios)

	December 31, 2008
	AAA				AA				A
(USD thousands)			Estimated Fair				Estimated				Estimated
Underwriting Year	Amortized Cost		Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value
2003 & Prior	$	11,007	$	9,116	$	6,509	$	4,320	$	1,813	$	1,227
2004		—		—		21,220		13,437		33,728		26,228
2005		37,134		27,793		36,424		26,471		6,514		2,582
2006		135		134		4,500		2,076		4,998		1,991
2007		—		—		888		283		—		—
2008		—		—		—		—		—		—
Total	$	48,276	$	37,043	$	69,541	$	46,587	$	47,053	$	32,028
	BBB				Below Investment Grade				Total
			Estimated				Estimated				Estimated
Underwriting Year	Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value
2003 & Prior	$	413	$	77	$	807	$	106	$	20,549	$	14,846
2004		—		—		7,900		5,727		62,848		45,392
2005		11,908		6,529		17,905		5,739		109,885		69,114
2006		3,442		2,618		3,287		449		16,362		7,268
2007		—		—		19,588		10,880		20,476		11,163
2008		—		—		—		—		—		—
Total	$	15,763	$	9,224	$	49,487	$	22,901	$	230,120	$	147,783
	December 31, 2007
	AAA				AA				A
(USD thousands)			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

	Qurarterly Financial Supplement
Page 20

Reinsurance Group of America, Incorporated
Investments

CMBS Exposure
(Includes Directly Held Investments and Funds Withheld Portfolios)

	December 31, 2008
	AAA				AA				A
(USD thousands)			Estimated				Estimated				Estimated
Underwriting Year	Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value
2003 & Prior	$	250,720	$	254,690	$	24,276	$	17,518	$	28,432	$	16,744
2004		50,245		46,737		2,147		999		10,603		3,835
2005		200,140		136,101		2,530		682		54,173		30,079
2006		306,478		234,575		16,219		6,074		45,346		31,379
2007		362,226		256,163		50,648		14,343		59,013		20,636
2008		30,017		28,501		23,387		10,698		18,342		11,186
Total	$	1,199,826	$	956,767	$	119,207	$	50,314	$	215,909	$	113,859

	BBB				Below Investment Grade				Total
			Estimated				Estimated				Estimated
Underwriting Year	Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value
2003 & Prior	$	18,144	$	11,938	$	—	$	—	$	321,572	$	300,890
2004		—		—		—		—		62,995		51,571
2005		3,679		776		—		—		260,522		167,638
2006		15,283		8,709		1,305		941		384,631		281,678
2007		—		—		—		—		471,887		291,142
2008		—		—		—		—		71,746		50,385
Total	$	37,106	$	21,423	$	1,305	$	941	$	1,573,353	$	1,143,304

NOTE: Totals include directly held investments with amortized cost of $1,085.1 million and fair value of $760.6 million as well as investments in funds withheld with amortized cost of $488.3 million and fair value of $382.7 million.

Qurarterly Financial Supplement
	Page 21

     

Reinsurance Group of America, Incorporated
Investments

Gross Unrealized Losses Aging

Fixed Maturity Securities

	December 31, 2008					September 30, 2008					June 30, 2008					March 31, 2008					December 31, 2007
	Gross Unrealized					Gross Unrealized					Gross Unrealized					Gross Unrealized					Gross Unrealized
(USD thousands)	Losses		% of Total			Losses		% of Total			Losses		% of Total			Losses		% of Total			Losses		% of Total
Less than 20%	$	322,159		22.7	%	$	466,855		48.5	%	$	315,350		64.7	%	$	218,655		58.8	%	$	152,848		77.1	%
20% or more for less than six months		766,789		54.1	%		323,511		33.7	%		97,591		20.1	%		120,680		32.5	%		22,201		11.2	%
20% or more for six months or greater		258,724		18.3	%		94,982		9.9	%		38,715		8.0	%		10,222		2.8	%		2,981		1.5	%
Total	$	1,347,672		95.1	%	$	885,348		92.1	%	$	451,656		92.8	%	$	349,557		94.1	%	$	178,030		89.8	%

Equity Securities

	December 31, 2008					September 30, 2008					June 30, 2008					March 31, 2008					December 31, 2007
	Gross Unrealized					Gross Unrealized					Gross Unrealized					Gross Unrealized					Gross Unrealized
(USD thousands)	Losses		% of Total			Losses		% of Total			Losses		% of Total			Losses		% of Total			Losses		% of Total
Less than 20%	$	2,231		0.2	%		5,293		0.6	%		10,562		2.2	%		11,470		3.1	%		6,715		3.4	%
20% or more for less than six months		29,958		2.1	%		57,710		6.0	%		21,904		4.5	%		10,274		2.8	%		13,470		6.8	%
20% or more for six months or greater		36,578		2.6	%		12,291		1.3	%		2,550		0.5	%		0		0.0	%		0		0.0	%
Total	$	68,767		4.9	%	$	75,294		7.9	%	$	35,016		7.2	%	$	21,744		5.9	%	$	20,185		10.2	%

Qurarterly Financial Supplement
	Page 22

Reinsurance Group of America, Incorporated
Investments

Fixed Maturities and Equity Securities Below Amortized Cost

	As of December 31, 2008
	Less than 12 months				Equal to or greater than 12 months				Total
	Estimated Fair		Gross Unrealized		Estimated Fair		Gross Unrealized		Estimated Fair		Gross Unrealized
(USD thousands)	Value		Losses		Value		Losses		Value		Losses
Investment grade securities:
U.S. corporate securities	$	1,407,547	$	240,299	$	810,115	$	281,947	$	2,217,662	$	522,246
Canadian and Canadian provincial governments		114,754		2,751		89,956		4,420		204,710		7,171
Residential mortgage-backed securities		190,525		58,026		213,310		39,794		403,835		97,820
Foreign corporate securities		508,102		82,490		140,073		59,816		648,175		142,306
Asset-backed securities		118,608		40,139		173,505		99,147		292,113		139,286
Commercial mortgage-backed securities		523,475		200,567		188,638		126,163		712,113		326,730
U.S. government and agencies		—		—		—		—		—		—
State and political subdivisions		20,403		1,947		18,250		5,936		38,653		7,883
Other foreign government securities		16,419		33		4,125		117		20,544		150
Investment grade securities		2,899,833		626,252		1,637,972		617,340		4,537,805		1,243,592
Non-investment grade securities:
U.S. corporate securities		140,426		36,615		60,378		39,884		200,804		76,499
Asset-backed securities		3,465		2,060		11,156		5,951		14,621		8,011
Foreign corporate securities		24,637		7,227		2,032		3,387		26,669		10,614
Residential mortgage-backed securities		8,089		5,944		4,496		3,012		12,585		8,956
Non-investment grade securities		176,617		51,846		78,062		52,234		254,679		104,080
Total fixed maturity securities	$	3,076,450	$	678,098	$	1,716,034	$	669,574	$	4,792,484	$	1,347,672
Equity securities	$	61,180	$	26,923	$	61,249	$	41,844	$	122,429	$	68,767
Total number of securities in an unrealized loss position		1,039				677				1,716

	As of December 31, 2007
	Less than 12 months				Equal to or greater than 12 months				Total
	Estimated Fair		Gross Unrealized		Estimated Fair		Gross Unrealized		Estimated Fair		Gross Unrealized
(USD thousands)	Value		Losses		Value		Losses		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

Qurarterly Financial Supplement
	Page 23

Reinsurance Group of America, Incorporated
Investments

Consolidated Investment Related Gains and Losses

	Three Months Ended															Current Qtr			Year-to-Date
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
(USD thousands)	2008			2008			2008			2008			2007			Quarter			2008			2007			Change
Fixed Maturity and Equity Securities:
Gain on investment activity	$	10,204		$	6,169		$	5,928		$	10,080		$	5,054		$	5,150		$	32,381		$	23,570		$	8,811
Loss on investment activity		(5,759	)		(8,564	)		(4,378	)		(5,360	)		(5,130	)		(629	)		(24,061	)		(31,509	)		7,448
Impairments		(15,563	)		(109,283	)		(548	)		(5,150	)		(3,750	)		(11,813	)		(130,545	)		(8,481	)		(122,064	)
Net gain/(loss) on fixed maturity and equity securities		(11,118	)		(111,678	)		1,002			(430	)		(3,826	)		(7,292	)		(122,225	)		(16,420	)		(105,805	)
Other non-derivative gain/(loss), net		(672	)		(64	)		(344	)		369			221			(893	)		(711	)		(8,049	)		7,338
Free-standing Derivatives:
Credit Default Swaps		(6,732	)		(2,526	)		1,413			(6,486	)		(1,990	)		(4,742	)		(14,331	)		(3,615	)		(10,716	)
Interest Rate Swaps		152,098			7,681			(6,462	)		5,515			688			151,410			158,832			688			158,144
Futures		10,870			6,120			2,294			(185	)		133			10,737			19,099			(119	)		19,218
Other		2,153			1,440			1,877			—			—			2,153			5,471			—			5,471
Currency Forwards		1,638			289			(764	)		777			17			1,621			1,940			(332	)		2,272
Total free-standing derivatives		160,027			13,004			(1,642	)		(379	)		(1,152	)		161,179			171,011			(3,378	)		174,389
Embedded Derivatives:
B36		(161,021	)		(106,797	)		(11,452	)		(148,528	)		(84,642	)		(76,379	)		(427,798	)		(141,905	)		(285,893	)
GMXB		(230,775	)		(35,772	)		5,357			(6,292	)		(7,340	)		(223,435	)		(267,482	)		(8,964	)		(258,518	)
Total embedded derivatives		(391,796	)		(142,569	)		(6,095	)		(154,820	)		(91,982	)		(299,814	)		(695,280	)		(150,869	)		(544,411	)
Net gain/(loss) on total derivatives		(231,769	)		(129,565	)		(7,737	)		(155,199	)		(93,134	)		(138,635	)		(524,269	)		(154,247	)		(370,022	)
Total investment related losses, net	$	(243,559	)	$	(241,307	)	$	(7,079	)	$	(155,260	)	$	(96,739	)	$	(146,820	)	$	(647,205	)	$	(178,716	)	$	(468,489	)

Qurarterly Financial Supplement
	Page 24