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

Exhibit 12.1

Ratio of Earnings to Fixed Charges

(dollars in millions)

	Years Ended December 31,										Six Months Ended
	2007		2008		2009		2010		2011		June 30, 2012
Income from continuing operations before income taxes	$	439.2	$	239.0	$	540.6	$	806.2	$	763.6	$	396.7
Less:
Undistributed income of investees accounted for under the equity method		—		—		—		—		3.1		2.5
Adjusted earnings before fixed charges	$	439.2	$	239.0	$	540.6	$	806.2	$	760.5	$	394.2
Add fixed charges:
Interest expense		128.9		104.9		78.2		98.9		115.0		52.5
Interest credited on reinsurance contracts		246.1		233.2		323.7		310.0		316.4		154.7
One-third of rentals		3.6		4.1		4.7		5.7		6.3		3.3
Total fixed charges	$	378.6	$	342.2	$	406.6	$	414.6	$	437.7	$	210.5
Total earnings plus fixed charges	$	817.8	$	581.2	$	947.2	$	1,220.8	$	1,198.2	$	604.7
Ratio of earnings to fixed charges		2.2		1.7		2.3		2.9		2.7		2.9
Total fixed charges	$	378.6	$	342.2	$	406.6	$	414.6	$	437.7	$	210.5
Less interest credited on reinsurance contracts		246.1		233.2		323.7		310.0		316.4		154.7
Total fixed charges excluding interest credited(1)	$	132.5	$	109.0	$	82.9	$	104.6	$	121.3	$	55.8
Total earnings plus fixed charges excluding interest credited under reinsurance contracts(1)	$	571.7	$	348.0	$	623.5	$	910.8	$	881.8	$	450.0
Ratio of earnings to fixed charges excluding interest credited under reinsurance contracts(1)		4.3		3.2		7.5		8.7		7.3		8.1

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