Reinsurance Group of America 8K Regulation FD Disclosure | RGA 13 Mar 12

John Hayden

Senior Vice President, Controller and Investor Relations

Thriving in Challenging Times

Reinsurance Group of America, Incorporated | Wednesday, March 14, 2012

Exhibit 99.1

Safe Harbor

Thriving in Challenging Times

This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, among others,

statements relating to projections of the earnings, revenues, income or loss, future financial performance and growth potential of Reinsurance Group of America,

Incorporated and its subsidiaries (which we refer to in the following paragraphs as "we," "us" or "our"). The words "intend," "expect," "project," "estimate,"

"predict," "anticipate," "should," "believe," and other similar expressions also are intended to identify forward-looking statements. Forward-looking statements

are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Future events and actual results, performance and

achievements could differ materially from those set forth in, contemplated by or underlying the forward-looking statements.

Numerous important factors could cause actual results and events to differ materially from those expressed or implied by forward-looking statements including,

without limitation, (1) adverse capital and credit market conditions and their impact on our liquidity, access to capital, and cost of capital, (2) the impairment of

other financial institutions and its effect on our business, (3) requirements to post collateral or make payments due to declines in market value of assets subject

to our collateral arrangements, (4) the fact that the determination of allowances and impairments taken on our investments is highly subjective, (5) adverse

changes in mortality, morbidity, lapsation, or claims experience, (6) changes in our financial strength and credit ratings and the effect of such changes on our

future results of operations and financial condition, (7) inadequate risk analysis and underwriting, (8) general economic conditions or a prolonged economic

downturn affecting the demand for insurance and reinsurance in our current and planned markets, (9) the availability and cost of collateral necessary for

regulatory reserves and capital, (10) market or economic conditions that adversely affect the value of our investment securities or result in the impairment of all

or a portion of the value of certain of our investment securities, (11) market or economic conditions that adversely affect our ability to make timely sales of

investment securities, (12) risks inherent in our risk management and investment strategy, including changes in investment portfolio yields due to interest rate or

credit quality changes, (13) fluctuations in U.S. or foreign currency exchange rates, interest rates, or securities and real estate markets, (14) adverse litigation or

arbitration results, (15) the adequacy of reserves, resources, and accurate information relating to settlements, awards, and terminated and discontinued lines of

business, (16) the stability of and actions by governments and economies in the markets in which we operate, including ongoing uncertainties regarding the

amount of United States sovereign debt and the credit ratings thereof, (17) competitive factors and competitors' responses to our initiatives, (18) the success of

our clients, (19) successful execution of our entry into new markets, (20) successful development and introduction of new products and distribution opportunities,

(21) our ability to successfully integrate and operate reinsurance business that we acquire, (22) action by regulators who have authority over our reinsurance

operations in the jurisdictions in which we operate, (23) our dependence on third parties, including those insurance companies and reinsurers to which we cede

some reinsurance, third-party investment managers, and others, (24) the threat of natural disasters, catastrophes, terrorist attacks, epidemics, or pandemics

anywhere in the world where we or our clients do business, (25) changes in laws, regulations, and accounting standards applicable to us, our subsidiaries, or our

business, (26) the effect of our status as an insurance holding company and regulatory restrictions on our ability to pay principal and interest on our debt

obligations, and (27) other risks and uncertainties described in this document and in our other filings with the Securities and Exchange Commission.

Forward-looking statements should be evaluated together with the many risks and uncertainties that affect our business, including those mentioned in this

document and described in the periodic reports we file with the Securities and Exchange Commission. These forward-looking statements speak only as of the

date on which they are made. We do not undertake any obligations to update these forward-looking statements, even though our situation may change in the

future. We qualify all of our forward-looking statements by these cautionary statements. For a discussion of the risks and uncertainties that could cause actual

results to differ materially from those contained in the forward-looking statements, you are advised to review the risk factors in our most recent Form 10-K.

Capital Allocation

Effective

2006,

the

Company

changed

its

capital

allocation

methodology

from

regulatory-based

approach

economic-based approach. To enhance comparability, all prior period segment results in this presentation have been adjusted

to reflect the new methodology. This change in capital allocation does not affect the Company’s reported consolidated financial

results.

RGA

uses

non-GAAP

financial

measure

called

“operating

income”

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

because

that

measure

excludes

the

effect

net

realized

capital

gains

and

losses,

changes

the

fair value of certain embedded derivatives and related deferred acquisition costs. These items tend to be highly variable primarily

due to the credit market and interest rate environment and are not necessarily indicative of the performance of our underlying

businesses. Additionally, operating income excludes any net gain or loss from discontinued operations, which management believes

is 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.

Additionally, the Company evaluates its stockholder equity position excluding the impact of “Other Comprehensive Income”.

This

also

considered

non-GAAP

measure.

The

Company

believes

important

evaluate

its

stockholders’

equity

position

exclude the effect of Other Comprehensive Income since the net unrealized gains or losses included in Other Comprehensive

Income 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

period.

Reconciliations of non-GAAP measures to the nearest GAAP measures are provided at the end of this presentation.

Non-GAAP Measures

20-Minute Break

Global Acquisitions

Scott Cochran, Executive Vice President, Global Acquisitions and Financial Solutions

Investments

David Fischer, Senior Vice President and Chief Investment Officer

Financial Overview

Jack Lay, Senior Executive Vice President and Chief Financial Officer

Closing Remarks

A. Greig Woodring, President, Chief Executive Officer, and Director

Q&A Session

Opening Remarks

John Hayden, Senior Vice President, Controller and Investor Relations

Overview

A. Greig Woodring, President, Chief Executive Officer, and Director

U.S. Traditional Markets

Anna Manning, Executive Vice President and Head of U.S. Markets

Non-traditional Markets

John Laughlin, Executive Vice President, Global Financial Solutions

International Markets

Allan O’Bryant, Executive Vice President, Head of International Markets and Operations

Agenda

A. Greig Woodring

President and Chief Executive Officer

Thriving in Challenging Times

RGA 2012 Investor Day

Reinsurance Group of America, Incorporated | Wednesday, March 14, 2012

Strategic Overview

Thriving in Challenging Times

Signature Strengths

•

Deep technical expertise

•

Organizational focus on

establishing and

maintaining strong,

multilayered, long-

term

customer relationships

•

Collaborative

organization that

leverages knowledge

and skills across

products and

geographies

•

Abundance of high-

quality data and strong

analysis capabilities

•

Innovation

Compelling

Competitive Position

•

Global footprint with

substantial market share

in key markets

•

Preferred partner with high

customer satisfaction

•

Diversified revenue

streams by geography and

product

•

Experienced executive

management team

Opportunity

•

Interest rates

•

Equity markets

•

Regulations/ Accounting

•

Capital

•

Growth

•

Expected growth rates of

7-10% for 2012-

2014

•

Extraordinary

environment

•

Ability to thrive in

challenging times

RGA is Different than Most Insurance Investment Opportunities

RGA: an opportunity to diversify within the insurance space

Different risk profile, focus and approach

Lower asset leverage

Lower equity and interest rate sensitivity

Mortality

focus

–

predictable

Higher ROE

Built-in, long-term, high-quality earnings

Generally, better performance during difficult economic times

Thriving in Challenging Times

RGA Canada –

Financial Results and Projections

*Please

refer

“Reconciliations

Non-GAAP

Measures”

the

end

this

presentation.

Thriving in Challenging Times

($ Millions)

Canada Individual Life Market

Source: Munich American / Society of Actuaries Reinsurance Surveys

Life cession rates expected to decline

Thriving in Challenging Times

Thriving in Challenging Times

RGA Canada –

NMG Study

Source: NMG Consulting

Business Capability Index –

Momentum –

2011

(All Respondents)

RGA Canada –

NMG Study

Value Competitiveness –

Likelihood to Recommend

(All Respondents)

Thriving in Challenging Times

Value

Competitiveness

–

Promoters/Detractors

Source: NMG Consulting

RGA Canada

Strengths

•

In force has substantial

embedded value

•

Facultative underwriting

expertise

•

Strong client relationships at

all levels

•

Service all companies

•

Quality and experience of

staff across all product lines

Opportunities

•

Expected growth rates of

8-9% premium; bottom-line

10-12%

•

Sustain leadership in

shrinking mortality market

•

Continue momentum in

Group market

•

Grow by diversification into

new lines of business

•

Living Benefits

•

Critical illness

•

Individual disability

•

Longevity

•

Large capital-motivated

transactions

Thriving in Challenging Times

RGA 2012 Investor Day

Key Messages

•

Leading global presence

•

High levels of expertise and collaboration

•

Challenging environment that is creating opportunities

•

Principal focus on client relationships

Thriving in Challenging Times

Proven ability to thrive in challenging times

Anna Manning

Executive Vice President and Head of U.S. Markets

U.S. Traditional

Reinsurance Group of America, Incorporated | Wednesday, March 14, 2012

U.S. Traditional

Strong Client Focus Key to Stability and Growth

Long-term focus on clients enables stable results

Consistent approach to market

Pricing discipline

Leader in client satisfaction

Innovation and continuous improvement leading to

differentiated products and services valued by clients

Collaboration across product lines, functions, and

geographies to understand and meet client needs most

effectively and efficiently

U.S. Traditional

Product Line Distribution

Product line diversification

U.S. Traditional

*Please

refer

“Reconciliations

Non-GAAP

Measures”

the

end

this

presentation.

88%

Net Premiums

Traditional Full Year 2011

Individual Life

LTC

Group

U.S.

88%

Pre

Tax Operating Income*

U.S. Traditional Full Year 2011

*Please

refer

“Reconciliations

Non-GAAP

Measures”

the

end

this

presentation.

Steady financial performance

U.S. Traditional

Financial Results and Projections

$2,647

$2,868

$3,093

$3,314

$3,776

$3,979

$4,246

$4,415

$4,622

$50

$100

$150

$200

$250

$300

$350

$400

$450

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500

$4,000

$4,500

$5,000

2006

2007

2008

2009

2010

2011

2012

2013

2014

Individual Life

Group

LTC

Pre-Tax Operating Income*

Projection

Actual

Difference between Total Claims and Linear Trend

U.S. Individual Mortality

Monthly

Weekly

Quarterly

Annually

U.S. Traditional

U.S. Individual Life Market

Source: Munich American / Society of Actuaries Reinsurance Surveys

Life cession rates continue to decline

U.S. Traditional

$ Billions

12%

11%

16%

15%

22%

23%

24%

20%

22%

26%

10%

15%

20%

25%

30%

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

$1,800

$2,000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

Amount Reinsured

Amount Retained

RGA Share

59%

57%

48%

41%

37%

36%

60%

35%

31%

62%

Source:

Munich

American

Society

Actuaries

Reinsurance

Surveys

Leading market share

U.S. Individual Life Reinsurance Market Share

11%

13%

12%

15%

16%

13%

26%

25%

22%

18%

12%

14%

19%

14%

22%

11%

57%

56%

12%

52%

11%

38%

10%

40%

12%

10%

34%

12%

13%

38%

15%

12%

32%

20%

11%

23%

21%

17%

21%

17%

18%

14%

15%

12%

18%

$ Billions

U.S. Traditional

U.S. Traditional –

Consistent Approach to Market

We Deliver

U.S. Traditional

Fair and

Consistent

Pricing

Client

Focus

Value

-added

Services

Technical

Risk

Expertise

Leading to long-term client partnerships

Industry-leading facultative services

Data-driven analytic insights

Leading industry research

Innovative thinking

Leading client satisfaction

Leading Client Satisfaction –

Flaspöhler Results

Source:

2011

Flaspöhler

Cedent

Survey

(Life

North

America)

RGA #1 in client perception

Factor

Ordinal Rank

Medical Underwriting Capabilities

Financial Value

Financial Security

Strong Client Orientation

Leading Expertise & Market Knowledge

Leading Actuarial Product Development Expertise

Timely Service

High-Quality Risk Management Service

Effective Training Courses & Seminars

Strong Claims-Handling Ability

U.S. Traditional

Leading Client Satisfaction –

Flaspöhler Net Promoter Score

Measures How Likely Client is to Recommend Reinsurer

Source:

2011

Flaspöhler

Cedent

Survey

(Life

North

America)

U.S. Traditional

A strong indicator of future growth

Mortality

–

Facultative Leadership

Key differentiator providing competitive advantage

U.S. Traditional

Client Support

•

Facultative

call desk

•

Year-end and

high-volume

resource

support

Expertise

•

Impaired risk

expertise

•

Client

education

programs

•

Webcasts

Consistency

•

Consistency

of offers

•

Time service

•

Experienced

staff

Technology

•

Electronic

underwriting

tools and

programs

•

Electronic

facultative

submission

program

Data-Driven Research at RGA

U.S. Traditional

Leader in research

•

Analytical expertise

•

Life insurance business knowledge

External Research

•

Reinsurance pricing

•

Facultative underwriting

•

Underwriting rules development

•

Product development

•

Client education/ training seminars

Competitive Advantage

•

Internal Data

Largest “clean”

database of automatic and facultative life reinsurance

business

Dedicated research and development team

Strong partnerships with industry groups and third-party data providers

Innovation at RGA –

Recent Recognition

A.M. Best Innovators Showcase, January 2012

U.S. Traditional

U.S. Group Reinsurance Market

Leader in U.S. group reinsurance market

Sources: LIMRA, CDC, NMG, Internal Adjustments and Estimates

$ Millions

U.S. Traditional

Estimated Premiums and Market Share

20%

18%

$ Millions

U.S. Group Reinsurance

U.S. Traditional

Focus on employee benefit market

RGA Premium by Risk

RGA Premium by Distribution Method

Healthcare Reinsurance

Morbidity risk transfer products

Life, Accident and

Disability Reinsurance

Mortality risk transfer products

Ancillary A&H products

Long-term and short-term disability products

2011 Premium

$339 Million

Disability

13%

Healthcare

51%

Life and

Accident

36%

Broker

74%

Direct

26%

Employers

Insurers

RGA

Retrocessionaires

Employers offer

Life, AD&D,

LTD,

Medical Benefits

Benefits are

insured with

insurance

companies and

health providers

Reinsures

benefits

via excess of loss

or quota share

RGA may choose to

reinsure a portion

of its assumed risk

on either a treaty or

facultative basis

U.S. Group Reinsurance –

Approach to Market

Reporting systems allow

real-time access to treaty

level performance –

crucial element in

managing annually

renewable contracts

Short-term contracts require us to

continually sell and differentiate

U.S. Traditional

Portfolio of services provides differentiation and competitive advantage

Financial

Monitoring

Fair and

Consistent

Pricing

Value Added

Services

We Deliver

Income Statements

by Contract

Market Research

Claims Advisory Services

Actuarial and Risk

Management

Underwriting and Product

Development

Market leadership in value

added services

Strong risk management

programs

Innovative thinking

Long-term client partnerships

Established in 2007 to focus on individual living benefit-style

products

Primary focus has been on new business opportunities, not

in-force blocks

Limited competition

No drag from low or unprofitable legacy business

Overview

U.S. Long Term Care

U.S. Traditional

U.S. Long Term Care –

Approach to Market

U.S. Traditional

Detailed risk analysis

and product modeling

Cost-effective risk

management programs

Underwriting and claims

expertise

Disciplined pricing

We Deliver

Alignment of

Interests with Our

Clients

Experienced

Staff

Financial

Monitoring

Technical

Risk

Expertise

Disciplined and measured approach

Competitive advantages from key differentiators

Leading market share

Deep technical expertise

Strong, long-term client relationships

Large, stable, high-quality earnings engine

Quality and experience of staff

U.S. Traditional Summary

U.S. Traditional

John Laughlin

Executive Vice President

Global Financial Solutions

Reinsurance Group of America, Incorporated | Wednesday, March 14, 2012

Global Financial Solutions

Global capital and risk solutions

•

Financial Reinsurance

•

Asset Intensive Reinsurance

•

Longevity Reinsurance

Lines of Business

•

Provide tailored capital and risk solutions to clients

•

Generate high-return business

•

Provide diversified income streams

•

Leverage expertise across global markets

Objectives

Global Financial Solutions

Global Financial Solutions

Environment

Trend

Opportunity

Volatile economic

conditions

Increased regulation

Increased capital

requirements

Accounting changes

Demographic changes

Increased demand for

efficient capital and risk

management

Increased management

of interest rate,

distintermediation,

default risks

Consumer demand for

Protection

Guarantees

Stability

Provide expertise,

capital, risk-sharing

Asset Intensive

coinsurance

Embedded value

transactions

Financially motivated

reinsurance

Keys to Success

Global Financial Solutions

•

Consistent growth in profits

•

High-return business

•

Industry credibility with

clients, regulators

•

Longest client relationships

•

Financial Reinsurance –

years

•

Asset Intensive –

15 years

We Deliver

Strong RGA

history, rating,

capital

Risk

Management

Strong analytical

and structuring

expertise;

conservative

approach to risk

assessment

Brand

Experience

Seasoned group, dedicated

to line of business,

innovation across markets

Financial Reinsurance

*Please

refer

“Reconciliations

Non-GAAP

Measures”

the

end

this

presentation.

Strengths

•

Steady growth in Operating Income

•

Successful expansion into

international markets

Results

($ Millions)

Actual

Projection

Pre-tax Operating Income*

Superior strengths lead to outstanding results

•

Pioneers in this business

•

Strong analytical, regulatory,

structuring expertise

•

Large client base; long,

established client contacts

•

Industry credibility with clients

and regulators

•

Global expansion allows further

financial reinsurance growth

Financial Reinsurance –

Summary

Global Financial Solutions

•

Health & Group

•

XXX/AXXX

Current State

•

Established expertise

•

Leading presence in

U.S., Japan

•

Pressure on efficient

capital management

Strategies

•

Expand strategic

accounts in

developed markets:

U.S., Japan, Canada

•

Deploy RGA

developed expertise

in targeted markets:

U.K., Australia,

Germany, France,

Taiwan

Expected Results

•

15-20% intermediate-

term growth in

operating income

Asset Intensive Reinsurance

Global Financial Solutions

Characteristics

Doesn’t require distribution force or substantial fixed

administration expenses

Complements large mortality base

Defined appetite for amount of business allows selective

participation in best opportunities

Valuable review partner to clients

Flexibility as products/markets/economic factors change

Optimally positioned to deliver profitable growth

Asset Intensive Reinsurance

($ Millions)

($ Billions)

*Please

refer

“Reconciliations

Non-GAAP

Measures”

the

end

this

presentation.

•

Strong RGA brand; history,

rating, capital

•

Client contacts and

relationships

•

Analytical and Risk

Management expertise

•

Well-positioned to support

broad range of products/risks

•

Capital

•

Expertise

•

Risk Management

Strengths

100

2007

2008

2009

2010

2011

2012

2013

2014

Pre-tax Operating Income*

EIA

FA/BOLI

Other

Actual

Projection

2007

2008

2009

2010

2011

2012

2013

2014

Account Value Reinsured

EIA

FA/BOLI

Other

Actual

Projection

Asset Intensive Reinsurance

Estimated Interest Rate and Equity Impacts on Pre-tax Operating Income

Global Financial Solutions

Manageable interest rate and equity sensitivities

-50bps

+50bps

+10%

-10%

7.6

-7.9

0.6

-0.9

-10

-8

-6

-4

-2

Interest Rates

Fixed Indexed Annuity

Variable Annuity

Fixed Annuity/Other

2.7

-2.7

5.3

-6

-10

-8

-6

-4

-2

S&P 500 Index

Fixed Indexed Annuity

Variable Annuity

Fixed Annuity/Other

Asset Intensive Reinsurance –

Summary

Global Financial Solutions

Current State

•

Established business

in U.S.

•

Strong pricing and

risk management

skills

•

Ability to review and

support all investment

products

Strategies

•

Reinsure products in

favorable

environments

•

Target well-designed

products from quality

direct writers

•

Expand in

established markets:

U.S., Japan, Australia

•

Deploy resources into

new markets: U.K.,

Germany, France,

Hong Kong

Expected Results

•

10-20% intermediate-

term growth in

operating income

•

Balanced portfolio of

income and risks

Longevity

($ Millions)

Pre-tax Operating Income*

*Please refer to “Reconciliations of Non-GAAP Measures”

at the end of this presentation.

2008

2009

2010

2011

2012

2013

2014

•

Effective hedge to large

mortality position

•

Analytical and Risk

Management expertise

•

Strong client contacts

•

Demand for reinsurance

exceeds supply

•

Defined appetite for amount

of business in each market

Strengths

•

Relatively new line of business

•

Significant, diversified income

stream

•

Primarily U.K., Canada

Results

Actual

Projection

Longevity –

Summary

Global Financial Solutions

Current State

•

Solid expertise

•

Strong current and

projected demand

•

Organic profits on in-

force business

Strategies

•

Expansion into

targeted markets:

U.S., Netherlands

•

Continued

production, profits in

established markets

•

Combination with

Asset Intensive

solutions

Expected Results

•

10-20% intermediate-

term growth in

operating income

Allan O’Bryant

Executive Vice President

Head of International Markets and Operations

International Markets and Operations

Reinsurance Group of America, Incorporated | Wednesday, March 14, 2012

International Growth

34% of net premiums derived from outside North America

International Markets and Operations

Serve clients in 70+ countries from 25 countries around the world

International Presence

Overview of RGA’s Individual Business

International Markets and Operations

Individual premiums expected to increase

($ Millions)

28%

27%

26%

27%

29%

1,000

2,000

3,000

4,000

5,000

6,000

7,000

2007

2008

2009

2010

2011

Canada

International

International Presence

Overview of RGA’s Group Business

International Markets and Operations

Continued opportunities for growth

($ Millions)

($ Millions)

International Markets and Operations

Asia Pacific Operations

*Please

refer

“Reconciliations

Non-GAAP

Measures”

the

end

this

presentation.

865

1,001

999

1,139

1,304

1,380

1,550

1,730

100

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

2007

2008

2009

2010

2011

2012

2013

2014

Asia Pacific Operations

Net Premiums

Pre-tax Operating Income*

•

Recognized market leader,

based on NMG survey

•

Product development key

to growth in Southeast

Asia

•

Adverse Australian

disability experience in

2011

•

Increased focus on

financial and asset-based

transactions in Japan

•

Established presence in

China, with representative

office operating in Beijing

Overview

Actual

Projection

Asia Pacific Operations

International Markets and Operations

Market

2011

Net Premiums

($ Millions)

2010/2011

Annual Premium

Growth

5-year CAGR

2010/2011

Fee Income

Growth

Australia/New Zealand

746.2

26%

19%

Japan

183.5

-12%

11%

19%

South Korea

177.1

-100%

Hong Kong & Southeast Asia

125.5

18%

15%

Taiwan

70.3

12%

13%

62%

China

1.9

57%

Total

1,304.5

Asia Pacific Operations -

Emerging Opportunities

International Markets and Operations

Risk products are being increasingly featured

Financial reinsurance demand is high

Generally more favorable tax, capital and regulatory regimes

encourage growth

Economics and demographics support growth

Growth of medical insurance

Anticipate significant growth opportunities in China after licensing

Actual

Projection

($ Millions)

*Please

refer

“Reconciliations

Non-GAAP

Measures”

the

end

this

presentation.

International Markets and Operations

Europe & South Africa Operations

Europe & South Africa Operations

International Markets and Operations

Market

2011

Net Premiums

($ millions)

2010/2011

Annual Premium

Growth

5-year CAGR

2010/2011

Fee Income

Growth

U.K.

755.5

20%

33%

100%

South Africa

112.1

37%

33%

80%

Italy

87.4

290%

372%

Spain

59.7

17%

35%

50%

India

55.2

55%

43%

France

50.4

5040%

62%

Latin America

29.4

35%

Middle East

25.0

169%

Netherlands

9.0

27%

50%

Germany

6.3

80%

CEE

4.8

60%

240%

Total

1,194.5

Europe

South

Africa

Operations

Emerging

Opportunities

International Markets and Operations

Solvency II forcing companies to reassess their risks and consider

capital-efficient transactions

Increased focus on risk management encourages life assurers to

specialize in key products

Financial and banking crisis is forcing bank assurers to create free

capital through product restructures and financial transactions

Demographics are creating an opportunity for annuities and long-

term care products

Changes in client distribution channels offer new product

development opportunities

International Markets and Operations

International Operations

Asia Pacific, Europe & South Africa

*Please

refer

“Reconciliations

Non-GAAP

Measures”

the

end

this

presentation.

•

International operations

play a substantial and

growing role in RGA’s

worldwide business,

now 34% of premiums

•

Developing significant

expertise and

economies of scale

within these operations

•

Increasing penetration of

multinational and local

insurers in key

international markets

•

Significant opportunities

in China and India

Overview

($ Millions)

Actual

Projection

International Operations

Market Size

Individual Business Estimated to December 31, 2011

Estimated

Source:

NMG

Consulting,

Life

Health

Reinsurance

Segment

Update

2011

*NMG

Life

Health

Reinsurance

Programme

2010

South

Africa

–

Total

Market

**NMG

Life

Health

Reinsurance

Programme

2010-2011

South

Korea

–

Total

Market

Country

Market

Size

(in $ millions)

Currency

RGA Market

Share (%)

Australia/New

Zealand

210

USD

26%

CEE

EURO

11%

China

n/a

France

EURO

Germany

Austria

EURO

Hong Kong

USD

21%

India

USD

34%

Indonesia

USD

10%

Italy

EURO

20%

Japan

USD

22%

Country

Market

Size

(in $ millions)

Currency

RGA

Market

Share (%)

Malaysia

USD

28%

Mexico

USD

10%

Middle East

USD

12%

Netherlands

EURO

14%

Singapore

USD

23%

South Africa*

110

USD

19%

South Korea**

USD

11%

Spain

173

EURO

20%

Taiwan

USD

22%

Thailand

USD

34%

U.K. & Ireland

396

GBP

23%

International Markets and Operations

Market Size

Group Business Estimated to December 31, 2011

Market

Market Size

(in $ millions)

Currency

RGA Market

Share (%)

Australia/New

Zealand

1,049

USD

36%

CEE

EURO

12%

China

n/a

France/Belgium

241

EURO

Germany/Austria

EURO

Hong Kong

USD

13%

India

USD

40%

Indonesia

USD

Italy

193

EURO

Japan

USD

Malaysia

USD

Market

Size

(in $ millions)

Currency

RGA

Market

Share (%)

Mexico

127

USD

10%

Middle East

233

USD

10%

Netherlands

EURO

Singapore

USD

South Africa*

178

USD

South Korea**

USD

59%

Spain

238

EURO

23%

Taiwan

USD

Thailand

USD

U.K./Ireland

101

GBP

Source:

NMG

Consulting,

Life

Health

Reinsurance

Segment

Update

2011

*NMG

Life

Health

Reinsurance

Programme

2010

South

Africa

–

Total

Market

**NMG

Life

Health

Reinsurance

Programme

2010-2011

South

Korea

–

Total

Market

International Markets and Operations

Looking Forward

Growth Factors for Success

International Markets and Operations

RGA Framework

Technical expertise tailored to clients’

needs

Deep, long-term multinational client

relationships

Teams of experts to leverage expertise

worldwide

Proprietary data collection and

analysis

Long-term Growth

•

Over 150,000 facultative cases reviewed in 2011

•

Global Underwriting Manual (GUM) ranked most preferred manual in 2011

•

Client seminars and process reviews

•

Longer Life Foundation partnership

Underwriting Excellence

•

Ongoing, multi-level, flexible learning framework

•

Face-to-face interactive learning facilitated by trained RGA associates

•

82 modules in 3 streams --

Fundamentals, Intermediate and Advanced

•

Packaged according to client need

•

Available to treaty clients globally

•

Supported

the

innovative

GULF

Stream

educational

video

series

Global Underwriting Learning Framework (GULF)

•

Cutting-edge, automated e-underwriting solutions

•

Adapted to four client needs, from simplified rules hosted on RGA’s network to

complicated multinational rules hosted by clients

•

Automated

underwriting

impaired

annuities

the

U.K.

allowed

significant

increase in market share

•

Used by 28 customers in 12 countries in 6 languages; developing rules in other languages

•

Over 2 million cases underwritten annually

AURA

e-Underwriting Solutions

Technical

Expertise

Tailored

Clients’

Needs

International Markets and Operations

Deep, Long-Term Multinational Client Relationships

International Markets and Operations

Dedicated Teams

Deep, Multilayered, Long-term Relationships

Comprehensive Understanding

Enhance working relationships at global and regional level

Complement strong local relationships

Ensures RGA associates understand the objectives and needs of their

counterparts at the client company

Provides

effective

feedback

mechanisms,

continually

improves

the

value

RGA

brings

such

clients

maintain

trust

and

remain

valued

long-term

global partner

Oversees global relationships

Offers world-class support and solutions at the global, regional or local level

Teams of Experts Leverage Expertise Worldwide

International Support Successes

Annuities

Group

Financial

Reinsurance

Financial

Reinsurance

Product

Development

Product

Development

Research and

Development

Research and

Development

Operational Leadership to Local Business Units

Underwriting/

Medical

Underwriting/

Medical

Pricing

Claims

International Markets and Operations

Proprietary Data Collection and Analysis

International Markets and Operations

RGA’s research and development teams work with local experts

Provide support to clients

Market and industry research and analysis including regulatory, distribution and

other trending reviews

Product development

Biometric experience analysis

Benchmarking

Surveys

Strategic and Technical Expertise

Market and Industry Research and Analysis

Services Provided

Thriving in Challenging Times

RGA 2012 Investor Day

Reinsurance Group of America, Incorporated | Wednesday, March 14, 2012

Scott Cochran

Executive Vice President

Global Acquisitions and Financial Solutions

Global Acquisitions

Reinsurance Group of America, Incorporated | Wednesday, March 14, 2012

Expanding a capability to better serve clients and shareholders

RGA Global Acquisitions

Global Acquisitions

Launched in 2011, with objective to deploy capital in

attractive, closed-block opportunities

Significant opportunities exist in numerous markets that

RGA already serves

Natural extension of RGA’s strengths and capabilities

Considerable variation in competitive offerings by market

Building our reputation as a creative, fair and reliable

partner for in-force transactions

Overview

Global Acquisitions

Another approach to better serve RGA clients and shareholders

Building on a Strong Existing Platform

Evolving Capabilities

Building acquisition-oriented team and focus

Adding direct policy administration solutions

Extending brand to include acquisitions

Global Acquisitions

Existing Strengths

Solid global brand

Strong customer relationships

Underwriting and actuarial strengths

Capital management solutions

Customized reinsurance solutions

Geographic reach

Diverse product offerings

Reinsurance platform

Block Re

Block Acquisition

Partnered

Acquisitions

Solution Description

Reinsure in-force

block

Block Re, with transfer

of direct policy

administration

Supporting an

acquirer in their M&A

pursuits

Client Benefits

Monetize future profits

Risk and capital relief

Divest line of business, and in some

situations, retire legacy administrative

platforms

Refocus management time and reduce

pressure on other resources

Leverage RGA’s historical capabilities

(e.g., risk, product and capital

management insights)

Acquisition Approaches

Global Acquisitions

Customized solutions that transition insurance risks to RGA

Market Outlook

Global Acquisitions

Outlook is favorable due in large part to market disruptions

Strategic refocus

European

uncertainties

Regulatory changes

such as Solvency II

and Basel III

Accounting changes

High primary growth

rates in Asia, low in

U.S.

Low stock valuations

Historical price

expectations

Low interest rates

Competitive

landscape

Favorable Trends

Neutral Trends

Unfavorable Trends

Customer relationships, both at local and global levels

Entrepreneurial culture

Global perspective with local skills

Capital management

Brand / reputation

Pricing discipline

Reinsurance structuring options

Deep insurance risk expertise

Existing scalable back office

RGA Differentiators

Global Acquisitions

Competitive positioning varies by market and opportunity

Continually deploying capital via in-force acquisitions

Transactions priced to be accretive

Expect to achieve ultimate run rate within 2-3 years, with material near-term

financial contributions

Transactions irregular in size and frequency…challenging to predict

Product and market interests consistent with RGA’s existing business

Develop and sustain the reputation of being a creative, fair and

reliable partner for in-force transactions

Acquisition Goals

Global Acquisitions

Building a sustainable value-adding capability

Investments

David Fischer

Senior Vice President and Chief Investment Officer

Reinsurance Group of America, Incorporated | Wednesday, March 14, 2012

RGA Investments: Mission

Investments

RGA Investments: Mission

Investments

Create Optimal Portfolios

Balance Different Needs

Growing investment income

Achieving total return objectives

Ensuring balance sheet safety

Designed for liability matching and return goals

Tailored for the market environment

Meeting all constraints

Risk Management Principles

Investments

Investment Policies

Culture

Risk budgets

Diversification requirements and limits

Interest rate and currency matching

Four “Cs”

of credit: capital, cash flow, collateral,

character

Monitor portfolio on total return basis

Is there “Margin of Safety”?

ALM starts with a clearly defined investment mandate for

each portfolio, i.e., duration, convexity and gross yield targets

Rely on expanded metrics for asset intensive deals such as

key rate durations, as well as credit and asset class splits

Short-term and long-term profitability analysis prepared to

show how profitability of blocks react to changes in the

economic environment

Risk is measured using regulatory and economic frameworks

RGA Asset Liability Management

Investments

Portfolio Overview

Investments

Note:

Includes Asset-Intensive Funds Withheld assets

Excludes Policy Loans & Other Funds Withheld assets

Allocation by Asset Class

Investments

Asset Class

December 31, 2011

Market Value

($ Millions)

U.S. Government Bonds

$439,215

1.9%

Foreign Government Bonds

769,213

3.3%

Agency, Provincial & Other Government Bonds

6,482,346

27.8%

Investment-grade Corporate Bonds

8,109,866

34.7%

High-yield Corporate Bonds & Bank Loans

640,784

2.7%

Private Placements

941,785

4.0%

Commercial Mortgage Loans

1,162,130

5.0%

MBS & CMOs

1,592,313

6.8%

ABS

896,688

3.8%

CMBS

1,571,906

6.7%

Other

751,514

3.2%

Total Market Value

$23,357,760

100%

Total Book Value

$20,614,187

Market to Book %

1.13%

Ratings

December 31, 2011

Market Value

($ Millions)

AAA-AA

$10,242,710

43.9%

5,872,729

25.1%

BBB

4,778,075

20.5%

< BBB

981,033

4.2%

Not Rated*

357,022

1.5%

Equities & CML**

1,126,191

4.8%

Total

$23,357,760

100%

* Includes Derivatives & Mutual Funds

** Excludes Credit Tenant Loans, as most are rated by NRSRO and included in ratings above

Allocation by Rating

Investments

Note:

Includes Asset-Intensive Funds Withheld assets

Excludes Policy Loans & Other Funds Withheld assets

Asset Allocation by Currency

(in U.S. $ equivalents)

Investments

Currency

December 31, 2011

Market Value

($ Millions)

USD

$16,235,100

69.5%

CAD

4,654,554

19.9%

AUD

1,056,065

4.5%

GBP

444,096

1.9%

EUR

234,551

1.0%

Other

733,395

3.1%

Total

$23,357,760

100%

CAD 19.9%

AUD 4.5%

GBP 1.9%

EUR 1.0%

Other 3.1%

USD 69.5%

Current Heightened Focus

Investments

RGA Earned Yield History & Projections

Assumes $525 million of net new premiums; cash coupon is equal to the beginning of period book yield and 19%

turnover (maturities, calls, paydowns and sales). New money (maturities, calls and paydowns) is assumed to be

invested at 4.1%. Securities sold are assumed to be invested at the mid-point between the beginning book yield and

4.1%.

All

reinvestments

are

assumed

invested

the

middle

each

year.

Investments

Quarterly Investment Yield and Projection

Actual

4.75% Reinvest Rate

4.25% Reinvest Rate

3.75% Reinvest Rate

2.00%

3.00%

4.00%

5.00%

6.00%

7.00%

RGA After-tax EPS Impact of Low Investment Yields

Investments

0.00

0.02

0.04

0.06

0.08

0.10

0.12

0.14

0.16

2012

2013

2014

2015

2016

2017

After-tax EPS Impact

Exposure to Europe and Periphery

Country Definition: Issue Country

(without Funds Withheld)

Investments

Market Value ($ Millions)

Total

Greece

Italy

Ireland

Portugal

Spain

Market Value

Book Value

Financials

$4,397

$20,378

$24,774

$29,650

Industrials

2,809

8,342

33,137

44,288

44,857

Utilities

4,807

4,974

Sovereign

Supranationals/ Agencies

Total

$2,809

$17,546

$53,515

$73,869

$79,480

Market Value ($ Millions)

Total

GIIPS

U.K.

France

Germany

Other Europe

Market Value

Book Value

Financials

$24,774

$120,558

$80,346

$10,446

$172,958

$409,082

$433,712

Industrials

44,288

158,965

79,437

65,841

179,133

527,664

484,910

Utilities

4,807

68,789

5,842

379

36,392

116,209

109,439

Sovereign

142,009

4,266

73,869

9,852

229,996

216,223

Supranationals/ Agencies

8,238

19,570

31,872

63,256

122,936

118,289

Total

$73,869

$498,559

$189,461

$182,407

$461,591

$1,405,887

$1,362,572

Exposure to Greece, Italy, Ireland, Portugal and Spain (GIIPS) as of December 31, 2011

Exposure to European Based Institutions as of December 31, 2011

$1.004 billion balance outstanding, as of December 31, 2011

218 loans, $4.6 million average loan size

5.74% average coupon

Average DSCR* 1.71x

Average LTV 59%

+90 Delinquent 145bp

* Debt Service Coverage Ratio

Excludes Asset-Intensive Funds Withheld CMLs

Commercial Real Estate –

Direct Commercial Loan Portfolio

Investments

LTV

Debt Service Coverage Ratios

Total

>1.2x

1.0-1.2x

<1.0x

<65%

57.9%

4.2%

2.2%

64.3%

65-75%

11.9%

3.9%

2.1%

17.9%

76-80%

2.7%

0.7%

1.3%

4.7%

>80%

4.2%

4.9%

4.0%

13.1%

Total

76.7%

13.7%

9.6%

100%

Commercial Real Estate -

CMBS

Investments

Vintage Year

Market Value ($ Millions)

Total

AAA

BBB

BIG

Market Value

Book Value

2005 & Prior

$98,213

$143,609 $31,187

$24,295

$40,753

$338,057

$332,894

2006

227,959

59,727

55,074

26,563

43,559

462,882

447,653

2007

214,510

18,700

122,945

108,047

77,718

541,920

558,241

2008

9,053

59,536

19,237

17,554

105,380

99,721

2009

1,709

13,684

9,515

24,908

21,091

2010

28,872

53,480

20,727

103,079

96,703

2011

20,002

12,079

7,594

38,756

Total

$650,318

$360,815

$266,279

$158,905

$179,584

$1,615,901

$1,595,059

Commercial Mortgage-backed Securities as of December 31, 2011

Note:

Totals include directly held investments with amortized cost of $1,234.0 million and fair value of $1,242.2 million as well as investments in

funds withheld with amortized cost of $361.1 million and fair value of $373.7 million.

Market Outlook

Investments

U.S. Outlook

Most likely: “Slow Grow Out”

U.S. economy stronger than

Europe

Same as last year:

Fed still at 0%

Fed still trying to avert

Japan-like U.S. future

Apparently, will risk an

“Inflation Surprise”

Source: Data Insight, Bianco Research L.L.C.

Investments

Eurozone Outlook

Most likely: EMU to stay

(largely) intact

Back-and-forth politics and

“painsharing”

enables this

outcome

Economic growth necessary to

avoid the more pessimistic

outcomes

Long-Term Refinancing

Operations (LTRO) is

European-style quantitative

easing

Source: Data Insight, Bianco Research L.L.C.

1.5

3.0

4.5

6.0

7.5

Italy

Spain

German

Eurozone 10Y Sovereign Bond Yield (7/1/2010-2/14/2012)

France

Investments

Asset Class Outlook

Fed imposing “financial

repression”

(negative real

rates) on the market

Real rates are negative at

least to 10-year risk-free rates

Spreads on credit asset

classes look attractive for the

“Slow Grow Out”

view and

reasonable for other scenarios

Credit Asset Classes

Spreads

Corporate

+206 bps

Corporate –

Non Financial

+171 bps

CMBS –

AAA

+201 bps

CML

+290-310 bps

Sources: Barclays, Bloomberg

(01/31/2012 Levels)

200

400

600

800

1000

1200

1400

1600

Credit Spreads

0.50

1.00

1.50

2.00

2.50

3.00

$500,000

$1,000,000

$1,500,000

$2,000,000

$2,500,000

$3,000,000

Corporate Fundamentals

Investments

RGA Commercial Mortgage Lending

Market currently in early-mid recovery

Indicates best credit environment for RE lending

Market early in the recovery cycle

Little new construction

Space demand is increasing

Underwriting remains conservative

Valuations remain low

Attractive returns

Superior spreads

+290-310 to Treasuries

+100-120 to Corporates

Attractive relative value

LTV

65%

DSCR 1.3x

Excellent risk-adjusted returns

Outlook: Favorable market

conditions, but slow growth for next

3-5 years

Note:

Includes Asset-Intensive Funds Withheld assets

Excludes Policy Loans & Other Funds Withheld assets

Government bonds includes U.S. Treasuries, foreign government, agencies, provincials and other government bonds

Other includes Cash, Short-term, Derivatives and Alternative assets

Asset Allocation 2012 Consolidated Projection

Investments

Asset Class

December 31, 2011

Book Value

($ Millions)

% of

Portfolio

Projected Net

Investment

December 31, 2012

Projected Ending

Book Value

% of

Portfolio

Government Bonds

$6,008,528

29.1%

$389,000

$6,397,528

29.0%

Investment-grade Corporate

Bonds

(Public and Private Placement)

8,359,539

40.6%

725,000

9,084,539

41.2%

High-yield Corporate Bonds &

Bank Loans

649,064

3.1%

40,000

689,064

3.1%

Commercial Mortgage Loans

1,051,684

5.1%

250,000

1,301,684

5.9%

MBS & CMO

1,484,642

7.2%

62,000

1,546,642

7.0%

ABS

931,443

4.5%

139,000

1,070,443

4.9%

CMBS

1,542,493

7.5%

(10,000)

1,532,493

7.0%

Other

586,795

2.8%

(162,000)

424,795

1.9%

Total

$20,614,187

100%

$1,433,000

$22,047,187

100%

Financial Overview

Jack B. Lay

Senior Executive Vice President and Chief Financial Officer

Reinsurance Group of America, Incorporated | Wednesday, March 14, 2012

Financial Overview

Thriving in challenging times

Where We Have Been

II.

The RGA Investment Opportunity

III.

Capital Management

IV.

Where We Are Going

Financial Overview

I. Where We Have Been

Financial Overview

($ Millions)

Consolidated Net Premiums

Financial Overview

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

($ Millions)

Operating Income*

*Please

refer

“Reconciliations

Non-GAAP

Measures”

the

end

this

presentation.

Financial Overview

100

200

300

400

500

600

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

Operating Income per Share*

*Please

refer

“Reconciliations

Non-GAAP

Measures”

the

end

this

presentation.

Financial Overview

$0.00

$1.00

$2.00

$3.00

$4.00

$5.00

$6.00

$7.00

$8.00

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

Operating Return on Equity*

*Operating

ROE

computed

excluding

other

comprehensive

income,

using

quarterly

averages

for

equity

amounts.

Please

refer

“Reconciliations of Non-GAAP Measures”

at the end of this presentation.

Financial Overview

10-Year

Average

13.0%

13.1%

12.9%

12.2%

11.1%

13.2%

14.0%

14.1%

13.1%

13.2%

12.6%

10%

12%

14%

16%

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

Annualized Operating ROE* –

Quarterly Performance

Financial Overview

100

5-Year

Average

13.4%

13.6%

13.7%

14.9%

13.9%

10.6%

15.9%

16.8%

13.3%

8.5%

16.0%

13.5%

14.3%

10.2%

13.0%

13.2%

16.0%

11.5%

12.2%

14.1%

12.7%

10%

12%

14%

16%

18%

1Q07

2Q07

3Q07

4Q07

1Q08

2Q08

3Q08

4Q08

1Q09

2Q09

3Q09

4Q09

1Q10

2Q10

3Q10

4Q10

1Q11

2Q11

3Q11

4Q11

*Operating ROE is computed excluding other comprehensive income, using quarterly averages for equity amounts. Please refer to

“Reconciliations of Non-GAAP Measures” at the end of this presentation.

Book Value per Share*

10-Year Trend

*Book

value

excludes

other

comprehensive

income.

Please

refer

“Reconciliations

Non-GAAP

Measures”

the

end

this

presentation.

Financial Overview

101

$20.43

$22.63

$27.73

$31.08

$34.06

$38.79

$42.93

$43.58

$48.89

$56.34

$61.53

$10

$20

$30

$40

$50

$60

$70

4Q01

4Q02

4Q03

4Q04

4Q05

4Q06

4Q07

4Q08

4Q09

4Q10

4Q11

II. The RGA Investment Opportunity

102

Financial Overview

The RGA Investment Opportunity

Business provides consistent

earnings

Strong return on equity

Comprehensive geographic reach

Build-out substantially complete; RGA has

operations in virtually all markets in which it

intends to operate

103

*Please

refer

“Reconciliations

Non-GAAP

Measures”

the

end

this

presentation.

13.1%

12.9%

12.2%

11.1%

13.2%

14.0%

14.1%

13.1%

13.2%

12.6%

10-Year

Average

13.0%

10%

12%

14%

16%

Serve Clients in 70+ Countries from

25 Countries around the World

($ Millions)

100

200

300

400

500

600

Operating Income*

Operating Return on Equity*

The RGA Investment Opportunity

Business based on insurance risks

(mortality), less sensitive to capital

markets

Existing mortality portfolio produces

“locked-in”

premium and earnings

flows for years

Stable investment portfolio, moderate

asset leverage

104

*Note: Figures include results from the U.S., Canada, Asia Pacific and Europe & South Africa operating segments; exclude Corporate

segment.

Please

refer

“Reconciliations

Non-GAAP

Measures”

the

end

this

presentation.

($ Millions)

Pre-Tax Operating Income*

94%

95%

90%

88%

87%

$100

$200

$300

$400

$500

$600

$700

$800

2006

2007

2008

2009

2010

2011

92%

Mortality / Morbidity

Spread

Fees

Attractive Opportunity

Financial Overview

105

2-year Average Book Value Multiple (ex AOCI): 0.96x

2-year Average P/E Ratio: 7.2x

10-year Average P/E Ratio: 9.2x*

10-year Average Book Value Multiple (ex AOCI): 1.2x*

* Source: Macquarie (USA) Research

$10

$20

$30

$40

$50

$60

$70

RGA Stock Price Performance

Feb.

29, 2012

$57.67

III. Capital Management

106

Financial Overview

$2,382

$2,663

$3,165

$3,569

$4,133

$4,514

$307

$527

$519

$897

$898

$1,096

$557

$558

$478

$319

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

$7,000

2006

2007

2008

2009

2010

2011

Hybrid Capital

Debt

Shareholder's Equity

Timberlake Notes/collateral finance facility not included in figures above.

($ Millions)

Total Capitalization Levels

Excluding Other Comprehensive Income

Debt to Total Capital

70%

50%

40%

30%

20%

10%

60%

5.4%

18.5%

$5,509

$4,944

$5,929

$4,242

$3,748

$3,246

Hybrid to Total Capital

Financial Overview

107

108

Current Capital Structure

Financial Overview

*Excludes

accumulated

other

comprehensive

income.

Please

refer

“Reconciliations

Non-GAAP

Measures”

the

end

this

presentation.

Shareholders'

Equity

(ex-AOCI)*

Debt

Hybrid Capital

Excess Capital

68%

19%

Capital Management

Maximizing shareholder value

Current excess capital estimated at $500 million

Minimum target capital cushion -

$300 million

Expect to generate ~ $200 million excess capital annually

Leverage

Debt is a flexible, yet permanent, component of the capital structure

On-going attention to efficient capital management

Financial Overview

109

Potential Deployment of Excess Capital

Organic opportunities at target returns

Block and M&A opportunities

Shareholder dividend increases

Other means of returning capital

Financial Overview

110

111

2012 Excess Capital Guidance

Financial Overview

Target

Cushion

Target

Cushion

($ Millions)

$200

$400

$530

($275)

($55)

100

200

300

400

500

600

700

800

900

1,000

1,100

2011

Generated

Capital

Required

Capital

Shareholder

Dividends

2012

Projection

Excess Capital Roll Forward

$300

IV. Where We Are Going

112

Financial Overview

113

*Please

refer

“Reconciliations

Non-GAAP

Measures”

the

end

this

presentation.

2012 Operating Earnings Guidance

Financial Overview

$7.28*

$6.99

$7.00

Midpoint

($0.29)

($0.55)

$0.71

($0.15)

$0.00

$1.00

$2.00

$3.00

$4.00

$5.00

$6.00

$7.00

$8.00

2011

Favorable

Tax

Variances

2011

Normalized

DAC

Accounting

Change

Business

Growth

Low Interest

Rates

2012

Projection

*Please

refer

“Reconciliations

Non-GAAP

Measures”

the

end

this

presentation.

Financial Results and Projections

($ Millions)

Financial Overview

114

2012-2014 ROE expectations: 12-13%

4,346

4,909

5,349

5,725

6,660

7,336

7,810

8,440

9,110

100

200

300

400

500

600

700

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

10,000

2006

2007

2008

2009

2010

2011

2012

2013

2014

Net Premiums

After-tax Operating Income*

Actual

Projection

Where We Expect to Be in 5 Years

The premier life and health reinsurance company in the world

$15 billion in revenue

Significantly expanded market capitalization

Roughly symmetrical premium distribution between North

American and Other International operations

Considered to be among the most successful financial services

companies in the world

Financial Overview

115

Thriving in Challenging Times

RGA 2012 Investor Day

Q&A

Reinsurance Group of America, Incorporated | Wednesday, March 14, 2012

RGA 2012 Investor Day

Proven ability to thrive in challenging times

Key Messages

Thriving in Challenging Times

Principal focus on client relationships

Leading global presence

High levels of expertise and collaboration

Challenging environment that is creating opportunities

Appendix

Reconciliation of Non-GAAP Measures

Reinsurance Group of America, Incorporated | Wednesday, March 14, 2012

Financial Performance

Reconciliation of Pre-Tax Income to Pre-Tax Operating Income ($ in millions)

119

Appendix

U.S. TRADITIONAL OPERATIONS

2006

2007

2008

2009

2010

2011

GAAP Pre-Tax Income -

Cont Ops

287.1

337.6

231.0

255.7

390.0

376.2

Realized Capital (Gains) / Losses

4.1

13.8

71.9

83.9

(24.8)

(41.8)

Change in MV of Embedded Derivatives net of DAC offset

(2.4)

Pre-tax Operating Income

291.2

351.4

302.9

339.6

365.2

332.0

FINANCIAL

REINSURANCE

INTERNATIONAL

2007

2008

2009

2010

2011

GAAP Pre-Tax Income -

Cont Ops

20.0

32.0

37.0

48.0

Realized Capital (Gains) / Losses

1.0

Pre-tax Operating Income

20.0

21.0

32.0

37.0

48.0

ASSET INTENSIVE -

US & INTERNATIONAL

2007

2008

2009

2010

2011

GAAP Pre-Tax Income -

Cont Ops

(18.5)

(171.8)

42.3

143.0

37.0

Realized Capital (Gains) / Losses

5.0

5.1

6.4

(4.7)

1.8

GMxB Embedded Derivatives net of DAC offset

3.3

(5.2)

37.9

2.0

10.5

Change in value of modified coinsurance and funds withheld

embedded derivatives net of DAC offset

37.5

181.1

(33.1)

(44.4)

11.7

Funds withheld capital gains/(losses) net of DAC offset

(26.7)

(7.3)

EIA embedded derivatives net of DAC offset

15.2

(2.7)

5.9

16.5

Pre-tax Operating Income

27.3

24.4

50.9

75.1

70.2

LONGEVITY -

US & INTERNATIONAL

2008

2009

2010

2011

GAAP Pre-Tax Income -

Cont Ops

0.1

7.6

15.6

25.7

Realized Capital (Gains) / Losses

(0.4)

Pre-tax Operating Income

0.1

7.6

15.6

25.3

Financial Performance

Reconciliation of Pre-Tax Income to Pre-Tax Operating Income ($ in millions)

120

Appendix

TOTAL US OPERATIONS SEGMENT

2006

2007

2008

2009

2010

2011

GAAP Pre-Tax Income -

Cont Ops

322.3

327.9

66.1

308.7

539.4

436.7

Realized Capital (Gains) / Losses net of DAC Offset

11.3

13.0

62.5

71.1

(59.6)

(84.0)

Change in MV of Embedded Derivatives net of DAC offset

(2.8)

46.5

206.7

21.4

(30.7)

74.7

Pre-tax Operating Income

330.8

387.4

335.3

401.2

449.1

427.4

CANADA OPERATIONS

2006

2007

2008

2009

2010

2011

GAAP Pre-Tax Income -

Cont Ops

45.8

81.5

102.2

106.3

122.4

166.6

Realized Capital (Gains) / Losses

(5.2)

(6.6)

5.0

(18.4)

(8.7)

(21.8)

Pre-tax Operating Income

40.6

74.9

107.2

87.9

113.7

144.8

EUROPE & SOUTH AFRICA OPERATIONS

2006

2007

2008

2009

2010

2011

GAAP Pre-Tax Income -

Cont Ops

58.3

47.5

65.7

52.3

85.8

100.0

Realized Capital (Gains) / Losses

0.3

2.2

8.7

(1.2)

(2.6)

(6.0)

Pre-tax Operating Income

58.6

49.7

74.4

51.1

83.2

94.0

ASIA-PACIFIC OPERATIONS

2006

2007

2008

2009

2010

2011

GAAP Pre-Tax Income -

Cont Ops

58.6

60.1

85.5

83.6

88.8

67.1

Realized Capital (Gains) / Losses

0.4

1.5

2.7

1.0

(5.0)

(3.0)

Pre-tax Operating Income

59.0

61.6

88.2

84.6

83.8

64.1

Financial Performance

GAAP / Operating Income and EPS Reconciliations ($ in millions)

121

Appendix

RGA CONSOLIDATED

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

GAAP After-Tax Income -

Cont Ops

128.4

178.3

245.3

235.6

293.3

308.3

187.8

407.1

574.4

599.6

Realized Capital (Gains) / Losses net of DAC Offset

10.0

(3.7)

(21.9)

(9.8)

1.7

15.0

77.0

42.6

(50.4)

(175.9)

Change in MV of Embedded Derivatives net of DAC offset

(8.4)

1.3

(0.3)

(1.8)

30.2

134.4

13.9

(20.0)

155.2

Less Goodwill Write-off

0.8

Gain on Debt Repurchase

(25.3)

(42.6)

Loss on Retirement of PIERS

2.9

After-tax Operating Income

139.2

166.2

224.6

225.5

293.2

353.5

399.2

438.3

504.0

539.2

CONSOLIDATED EPS RECONCILIATION

Per Diluted Share Basis

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

GAAP Net Income

2.47

3.36

3.52

4.57

2.71

5.55

7.69

8.09

Realized Capital (Gains) / Losses

0.21

(0.09)

(0.34)

(0.15)

0.03

0.32

1.18

0.58

(0.67)

(0.93)

Change in MV of Embedded Derivatives

(0.16)

0.02

(0.01)

(0.03)

0.38

2.06

0.19

(0.27)

0.66

Loss from Discontinued Operations

0.11

0.37

0.18

0.08

0.23

0.17

Less Goodwill Write-off

Gain on Debt Repurchase

(0.34)

(0.58)

Loss on Retirement of PIERS

0.04

Operating EPS from Cont. Operations

2.79

3.22

3.57

3.54

4.65

5.50

6.12

5.98

6.75

7.28

Financial Performance

Stockholders’

Equity Reconciliation ($ in millions)

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

GAAP Stockholders' Equity

$1,222.5

$1,947.7

$2,279.0

$2,527.5

$2,815.4

$3,189.8

$2,616.8

$3,867.9

$5,040.6

6,137.1

FAS 115 Equity Adjustment

102.8

170.6

244.7

361.8

335.6

313.2

(553.4)

104.4

651.4

1,419.3

Foreign Currency Adjustment

0.7

53.6

93.7

85.1

109.1

222.0

19.8

210.9

270.5

234.7

Unrealized Pension

(11.3)

(8.4)

(14.7)

(16.1)

(14.5)

(31.0)

Equity Excluding OCI

1,119.0

1,723.5

1,940.6

2,080.6

2,382.0

2,663.0

3,165.1

3,568.7

4,133.2

4,514.1

GAAP Stockholders' Average Equity

1,098.0

1,460.8

2,071.7

2,423.4

2,613.8

2,965.8

2,906.8

3,166.0

4,502.9

5,437.6

FAS 115 Average Equity Adjustment

30.8

148.5

180.0

310.5

287.9

282.2

(76.8)

(266.3)

462.4

914.6

Foreign Currency Adjustment

6.5

26.9

54.6

84.1

102.3

174.9

161.0

103.8

227.1

262.6

Unrealized Pension

(2.3)

(10.9)

(9.4)

(14.6)

(15.7)

(17.3)

Average Equity Excluding OCI

1,060.7

1,285.4

1,837.0

2,028.8

2,225.9

2,519.6

2,832.0

3,343.1

3,829.1

4,277.7

Operating ROE - GAAP Stockholders' Equity

13%

11%

12%

14%

11%

10%

Operating ROE - Excluding OCI

13%

12%

11%

13%

14%

13%

Book Value per Share

Reconciliation

2011

2010

2009

2008

2007

2006

2005

2004

2003

2002

2001

Book value per share

83.65

68.71

52.99

36.03

51.42

45.85

41.38

36.50

31.33

24.72

20.30

Less: effect of FAS 115

19.35

8.88

1.43

(7.62)

5.04

5.46

5.92

3.92

2.74

2.08

(0.01)

Less: effect of CTA

3.20

3.69

2.89

0.27

3.58

1.78

1.40

1.50

0.86

0.01

(0.12)

Less: effect of Pension Benefit

(0.43)

(0.20)

(0.22)

(0.20)

(0.13)

(0.18)

Book value per share excluding OCI

61.53

56.34

48.89

43.58

42.93

$ ��

38.79

34.06

31.08

27.73

22.63

20.43

122

Appendix

Financial Performance

123

Appendix

RGA CONSOLIDATED

12/31/2011

9/30/2011

6/30/2011

3/31/2011

12/31/2010

9/30/2010

6/30/2010

3/31/2010

12/31/2009

9/30/2009

6/30/2009

3/31/2009

GAAP

After-Tax

Income

Cont

Ops

158.5

147.4

132.9

160.8

196.7

128.2

127.0

122.4

112.4

118.2

153.2

23.3

Realized Capital (Gains) / Losses net of DAC Offset

(4.9)

(144.8)

(26.4)

0.2

59.3

(25.0)

(85.0)

41.3

13.2

96.1

44.1

Change in MV of Embedded Derivatives net of DAC offset

(6.6)

182.1

21.5

(41.8)

(94.6)

24.5

79.9

(29.4)

(27.9)

(16.8)

(93.4)

(0.1)

Gain on Debt Repurchase

(6.3)

(33.1)

(3.2)

(25.3)

Loss on Retirement of PIERS

2.9

After-tax Operating Income

140.7

151.6

128.0

118.9

161.4

127.7

121.9

93.0

125.8

114.6

130.6

67.3

12/31/2008

9/30/2008

6/30/2008

3/31/2008

12/31/2007

9/30/2007

6/30/2007

3/31/2007

GAAP

After-Tax

Income

Cont

Ops

15.2

25.3

110.8

36.6

71.5

80.8

79.0

76.9

Realized Capital (Gains) / Losses net of DAC Offset

(95.3)

65.0

1.2

0.6

3.3

5.4

4.7

5.7

Change in MV of Embedded Derivatives net of DAC offset

180.1

28.3

(2.3)

33.7

16.4

9.4

0.9

(0.5)

Gain on Debt Repurchase

Loss on Retirement of PIERS

After-tax Operating Income

100.0

118.6

109.7

70.9

91.2

95.6

84.6

82.1

Reinsurance Group of America (RGA) 8-KRegulation FD Disclosure