Reinsurance Group of America (RGA) 8-K Reinsurance Group of America Reports Fourth-quarter Results

Exhibit 99.2

Reinsurance Group of America, Incorporated^®

Financial Supplement

Fourth Quarter 2012

(Unaudited)

Reinsurance Group of America, Incorporated^®

World Headquarters	Internet address
1370 Timberlake Manor Parkway	www.rgare.com
Chesterfield, Missouri 63017
U.S.A.

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
RGA Reinsurance Company of Australia 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”.

Contacts:

Jack B. Lay

Senior Executive Vice President

and Chief Financial Officer

Phone: (636) 736-7000

e-mail: jlay@rgare.com

John Hayden

Sr. Vice President

Controller & Investor Relations

Phone: (636) 300-8828

e-mail: jhayden@rgare.com

Quarterly Financial Supplement

Reinsurance Group of America, Incorporated

Financial Supplement

4th Quarter 2012

Table of Contents

	Page
Non-GAAP Disclosure		1
2013 Management Guidance		2
Consolidated
Financial Highlights		3
Consolidated Income Statement (incl. Operating Income Reconciliation)		4
Consolidated Operating Income Statement		5
Consolidated Balance Sheets		6
Segment Pre-tax Operating Income Summaries and Reconciliations to U.S. GAAP
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
CMBS Exposure (Including Funds Withheld Portfolios)		20
Gross Unrealized Losses Aging		21
Fixed Maturity and Equity Securities Below Amortized Cost		22
Consolidated Gross Gains and Losses		23

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 substantially all of 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, the cumulative effect of any accounting changes, and other items that 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.

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.

Additionally, RGA uses a non-GAAP financial measure called operating return on equity, which is calculated as operating income divided by average shareholders’ equity excluding AOCI.

Quarterly Financial Supplement Page 1

Reinsurance Group of America, Incorporated

Company Guidance

The company has determined it is more meaningful to issue guidance regarding expected intermediate-term earnings growth rates and target operating returns rather than simply a range of expected annual earnings per share for the upcoming year. That determination is driven by the long-term nature of the business and any effects of potential block acquisition transactions, the timing of which can be difficult to project. The company accepts risks over very long periods of time, up to 30 years or longer in some cases. While more predictable over longer-term horizons, the business is subject to inherent short-term volatility. Although no specific 2013 operating earnings per share guidance is being provided, the company expects that near-term growth in premiums and operating income will be consistent with that exhibited over the last several years.

Over the intermediate term, the company targets operating earnings growth in the five to eight percent range, and operating return on equity of 11 to 12 percent. These targets presume no significant changes in the investment environment and the deployment of $200 - $400 million of excess capital, on average, annually.

Quarterly Financial Supplement Page 2

Reinsurance Group of America, Incorporated

Financial Highlights

(USD thousands, except inforce & per share data)	Three Months Ended or As of															Current Qtr vs. PY Quarter			Year-to-Date
	Dec. 31, 2012			Sept. 30, 2012			June 30, 2012			March 31, 2012			Dec. 31, 2011(1)						Dec. 31, 2012		Dec. 31, 2011(1)		Change
Net premiums	$	2,179,707		$	1,912,746		$	1,950,661		$	1,863,482		$	2,034,716		$	144,991		$	7,906,596	$	7,335,687	$	570,909
Net income		222,989			144,475			141,111			123,318			138,579			84,410			631,893		546,045		85,848
Operating income		181,830			99,902			122,273			112,377			120,772			61,058			516,382		485,596		30,786
Operating return on equity (ex AOCI)—annualized		15.5	%		8.9	%		11.2	%		10.6	%		11.7	%		3.8	%
Operating return on equity (ex AOCI)—trailing 12 months		11.6	%		10.5	%		11.8	%		12.0	%		12.2	%		-0.6	%
Total assets		40,360,438			39,924,013			38,344,323			32,286,082			31,633,973			8,726,465
Assumed Life Reinsurance in Force (in billions)
U.S.	$	1,395.6		$	1,403.3		$	1,405.8		$	1,406.1		$	1,348.5		$	47.1
Canada		389.7			384.8			365.1			364.5			344.9			44.8
Europe & South Africa		602.5			559.4			525.2			529.7			513.4			89.1
Asia Pacific		539.8			533.5			486.2			470.7			457.6			82.2
Total Life Reinsurance in Force	$	2,927.6		$	2,881.0		$	2,782.3		$	2,771.0		$	2,664.4		$	263.2
Assumed New Business Production (in billions)
U.S.	$	19.2		$	23.1		$	24.2		$	84.9		$	24.8		$	(5.6	)	$	151.4	$	110.5	$	40.9
Canada		12.0			11.3			12.6			13.1			11.3			0.7			49.0		51.1		(2.1	)
Europe & South Africa		58.4			37.3			25.5			14.8			24.9			33.5			136.0		148.3		(12.3	)
Asia Pacific		12.8			47.2			24.5			5.7			74.0			(61.2	)		90.2		119.0		(28.8	)
Total New Business Production	$	102.4		$	118.9		$	86.8		$	118.5		$	135.0		$	(32.6	)	$	426.6	$	428.9	$	(2.3	)
Per Share and Shares Data
Basic earnings per share
Net income	$	3.02		$	1.96		$	1.91		$	1.68		$	1.89		$	1.13		$	8.57	$	7.42	$	1.15
Operating income	$	2.46		$	1.35		$	1.66		$	1.53		$	1.65		$	0.81		$	7.00	$	6.60	$	0.40
Diluted earnings per share
Net income	$	3.00		$	1.95		$	1.91		$	1.67		$	1.88		$	1.12		$	8.52	$	7.37	$	1.15
Operating income	$	2.44		$	1.35		$	1.65		$	1.52		$	1.64		$	0.80		$	6.96	$	6.55	$	0.41
Wgt. average common shares outstanding (basic)		73,880			73,776			73,718			73,575			73,304			576			73,737		73,586		151
Wgt. average common shares outstanding (diluted)		74,375			74,138			74,054			74,043			73,812			563			74,153		74,108		45
Common shares issued		79,138			79,138			79,138			79,138			79,138			—			79,138		79,138		—
Treasury shares		5,211			5,286			5,416			5,426			5,770			(559	)		5,211		5,770		(559	)
Common shares outstanding		73,927			73,852			73,722			73,712			73,368			559			73,927		73,368		559
Book value per share	$	93.47		$	91.18		$	84.75		$	80.44		$	79.31
Per share effect of accumulated other comprehensive income (AOCI)	$	28.52		$	29.13		$	24.41		$	21.87		$	22.06
Book value per share, excluding AOCI	$	64.95		$	62.05		$	60.34		$	58.57		$	57.25
Shareholder dividends paid	$	17,724.7		$	17,696.2		$	13,268.6		$	13,255.3		$	13,189.3		$	4,535.4		$	61,944.8	$	44,228.8	$	17,716.0

(1) Certain amounts in December 2011 have been revised in connection with the retrospective adoption of ASU 2010-26 in the first quarter of 2012.

Quarterly Financial Supplement Page 3

Reinsurance Group of America, Incorporated

Consolidated GAAP Income Statement (incl. Operating Income Reconciliations)

	Three Months Ended															Current Qtr vs. PY Quarter			Year-to-Date
(USD thousands)	Dec. 31, 2012			Sept. 30, 2012			June 30, 2012			March 31, 2012			Dec. 31, 2011(1)						Dec. 31, 2012			Dec. 31, 2011(1)			Change
Revenues:
Net premiums	$	2,179,707		$	1,912,746		$	1,950,661		$	1,863,482		$	2,034,716		$	144,991		$	7,906,596		$	7,335,687		$	570,909
Investment income, net of related expenses		370,151			396,781			328,334			340,940			304,511			65,640			1,436,206			1,281,197			155,009
Investment related gains (losses), net
OTTI on fixed maturity securities		(4,346	)		(1,996	)		(1,959	)		(7,607	)		(11,824	)		7,478			(15,908	)		(30,873	)		14,965
OTTI on fixed maturity securities transferred to/from AOCI		—			(559	)		162			(7,221	)		543			(543	)		(7,618	)		3,924			(11,542	)
Other investment related gains (losses), net		115,108			78,608			25,598			58,348			(36,183	)		151,291			277,662			(9,107	)		286,769
Total investment related gains (losses), net		110,762			76,053			23,801			43,520			(47,464	)		158,226			254,136			(36,056	)		290,192
Other revenue		62,482			63,501			72,957			45,033			56,456			6,026			243,973			248,710			(4,737	)
Total revenues		2,723,102			2,449,081			2,375,753			2,292,975			2,348,219			374,883			9,840,911			8,829,538			1,011,373
Benefits and expenses:
Claims and other policy benefits		1,797,779			1,662,625			1,625,446			1,580,149			1,720,956			76,823			6,665,999			6,225,183			440,816
Interest credited		94,835			130,341			66,697			88,042			78,884			15,951			379,915			316,394			63,521
Policy acquisition costs and other insurance expenses		344,791			318,106			335,939			307,634			204,883			139,908			1,306,470			990,021			316,449
Other operating expenses		132,334			103,786			105,541			110,098			122,000			10,334			451,759			419,340			32,419
Interest expense		28,917			29,749			23,360			23,322			25,226			3,691			105,348			102,638			2,710
Collateral finance facility expense		3,357			2,995			2,878			2,967			3,019			338			12,197			12,391			(194	)
Total benefits and expenses		2,402,013			2,247,602			2,159,861			2,112,212			2,154,968			247,045			8,921,688			8,065,967			855,721
Income before income taxes		321,089			201,479			215,892			180,763			193,251			127,838			919,223			763,571			155,652
Income tax expense		98,100			57,004			74,781			57,445			54,672			43,428			287,330			217,526			69,804
Net income	$	222,989		$	144,475		$	141,111		$	123,318		$	138,579		$	84,410		$	631,893		$	546,045		$	85,848
Pre-tax Operating Income Reconciliation:
Income before income taxes		321,089			201,479			215,892			180,763			193,251			127,838			919,223			763,571			155,652
Investment and derivative losses (gains)—non-operating(2)		(3,404	)		(16,940	)		(102,184	)		94,098			(5,360	)		1,956			(28,430	)		(265,607	)		237,177
Change in value of modified coinsurance and funds withheld embedded derivatives(2)		(74,054	)		(54,836	)		4,453			9,428			85,722			(159,776	)		(115,009	)		87,236			(202,245	)
GMXB embedded derivatives(2)		(30,588	)		(2,579	)		74,929			(146,375	)		(29,261	)		(1,327	)		(104,613	)		224,184			(328,797	)
Funds withheld losses (gains)—investment income		(6,447	)		(6,400	)		(5,323	)		1,040			(194	)		(6,253	)		(17,130	)		(5,144	)		(11,986	)
Funds withheld losses (gains)—policy acq. costs		55			122			152			209			47			8			538			949			(411	)
EIA embedded derivatives—interest credited		7,711			(167	)		(1,685	)		39,239			9,490			(1,779	)		45,098			41,289			3,809
EIA embedded derivatives—policy acq. costs		—			—			—			—			6,908			(6,908	)		—			4,115			(4,115	)
DAC offset, net		44,308			13,705			1,490			(13,148	)		(82,837	)		127,145			46,355			(113,821	)		160,176
Gain on repurchase of collateral finance facility securities		—			—			—			—			(9,725	)		9,725			—			(65,565	)		65,565
Loss on retirement of Preferred Income Equity Redeemable Securities (“PIERS”)		—			—			—			—			—			—			—			4,391			(4,391	)
Operating Income Before Income Taxes	$	258,670		$	134,384		$	187,724		$	165,254		$	168,041		$	90,629		$	746,032		$	675,598		$	70,434
After-tax Operating Income Reconciliation:
Net Income		222,989			144,475			141,111			123,318			138,579			84,410			631,893			546,045			85,848
Investment and derivative losses (gains)—non-operating(2)		(2,801	)		(11,972	)		(66,949	)		60,304			(4,906	)		2,105			(21,418	)		(175,911	)		154,493
Change in value of modified coinsurance and funds withheld embedded derivatives(2)		(48,135	)		(35,644	)		2,895			6,128			55,719			(103,854	)		(74,756	)		56,703			(131,459	)
GMXB embedded derivatives(2)		(19,882	)		(1,676	)		48,704			(95,144	)		(19,019	)		(863	)		(67,998	)		145,720			(213,718	)
Funds withheld losses (gains)—investment income		(4,190	)		(4,160	)		(3,460	)		676			(126	)		(4,064	)		(11,134	)		(3,344	)		(7,790	)
Funds withheld losses (gains)—policy acq. costs		36			79			99			136			31			5			350			617			(267	)
EIA embedded derivatives—interest credited		5,012			(108	)		(1,095	)		25,505			6,169			(1,157	)		29,314			26,838			2,476
EIA embedded derivatives—policy acq. costs		—			—			—			—			4,490			(4,490	)		—			2,675			(2,675	)
DAC offset, net		28,801			8,908			968			(8,546	)		(53,844	)		82,645			30,131			(73,984	)		104,115
Gain on repurchase of collateral finance facility securities		—			—			—			—			(6,321	)		6,321			—			(42,617	)		42,617
Loss on retirement of PIERS		—			—			—			—			—			—			—			2,854			(2,854	)
Operating Income	$	181,830		$	99,902		$	122,273		$	112,377		$	120,772		$	61,058		$	516,382		$	485,596		$	30,786

(1) Certain amounts in December 2011 have been revised in connection with the retrospective adoption of ASU 2010-26 in the first quarter of 2012.

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

Quarterly Financial Supplement Page 4

Reinsurance Group of America, Incorporated

Consolidated Operating Income Statement

	Three Months Ended														Current Qtr vs. PY Quarter			Year-to-Date
(USD thousands, except per share data)	Dec. 31, 2012		Sept. 30, 2012			June 30, 2012			March 31, 2012			Dec. 31, 2011(1)						Dec. 31, 2012			Dec. 31, 2011(1)		Change
Revenues:
Net premiums	$	2,179,707	$	1,912,746		$	1,950,661		$	1,863,482		$	2,034,716		$	144,991		$	7,906,596		$	7,335,687	$	570,909
Investment income, net of related expenses		363,704		390,381			323,011			341,980			304,317			59,387			1,419,076			1,276,053		143,023
Investment related gains (losses), net		2,716		1,698			999			671			3,637			(921	)		6,084			9,757		(3,673	)
Other revenue		62,482		63,501			72,957			45,033			46,731			15,751			243,973			183,145		60,828
Total revenues		2,608,609		2,368,326			2,347,628			2,251,166			2,389,401			219,208			9,575,729			8,804,642		771,087
Benefits and expenses:
Claims and other policy benefits		1,797,779		1,662,625			1,625,446			1,580,149			1,720,956			76,823			6,665,999			6,225,183		440,816
Interest credited		87,124		130,508			68,382			48,803			69,394			17,730			334,817			275,105		59,712
Policy acquisition costs and other insurance expenses		300,428		304,279			334,297			320,573			280,765			19,663			1,259,577			1,098,778		160,799
Other operating expenses		132,334		103,786			105,541			110,098			122,000			10,334			451,759			414,949		36,810
Interest expense		28,917		29,749			23,360			23,322			25,226			3,691			105,348			102,638		2,710
Collateral finance facility expense		3,357		2,995			2,878			2,967			3,019			338			12,197			12,391		(194	)
Total benefits and expenses		2,349,939		2,233,942			2,159,904			2,085,912			2,221,360			128,579			8,829,697			8,129,044		700,653
Operating income before income taxes		258,670		134,384			187,724			165,254			168,041			90,629			746,032			675,598		70,434
Operating income tax expense		76,840		34,482			65,451			52,877			47,269			29,571			229,650			190,002		39,648
Operating income	$	181,830	$	99,902		$	122,273		$	112,377		$	120,772		$	61,058		$	516,382		$	485,596	$	30,786
Wgt. Average Common Shares Outstanding (Diluted)		74,375		74,138			74,054			74,043			73,812			563			74,153			74,108		45
Diluted Earnings Per Share—Operating Income	$	2.44	$	1.35		$	1.65		$	1.52		$	1.64		$	0.80		$	6.96		$	6.55	$	0.41
Foreign currency effect(2):
Net premiums	$	14,105	$	(25,972	)	$	(45,800	)	$	(4,924	)	$	(5,509	)	$	19,614		$	(62,591	)	$	167,654	$	(230,245	)
Operating income before income taxes	$	1,799	$	(4,165	)	$	(3,471	)	$	(387	)	$	(2,407	)	$	4,206		$	(6,224	)	$	14,786	$	(21,010	)

(1) Certain amounts in December 2011 have been revised in connection with the retrospective adoption of ASU 2010-26 in the first quarter of 2012.

(2) Compared to comparable prior year period

Quarterly Financial Supplement Page 5

Reinsurance Group of America, Incorporated

Consolidated Balance Sheets

(USD thousands)	Dec. 31, 2012			Sept. 30, 2012			June 30, 2012			March 31, 2012			Dec. 31, 2011(1)
Assets
Fixed maturity securities, available-for-sale	$	22,291,614		$	21,658,414		$	17,244,192		$	16,794,057		$	16,200,950
Mortgage loans on real estate		2,300,587			2,256,881			1,157,049			1,040,733			991,731
Policy loans		1,278,175			1,243,498			1,250,238			1,260,070			1,260,400
Funds withheld at interest		5,594,182			5,608,640			5,457,888			5,472,532			5,410,424
Short-term investments		288,082			90,789			49,981			75,425			88,566
Investment receivable		—			—			5,406,898			—			—
Other invested assets		1,159,543			1,236,616			940,605			867,507			1,012,541
Total investments		32,912,183			32,094,838			31,506,851			25,510,324			24,964,612
Cash and cash equivalents		1,259,892			1,603,730			957,341			873,933			962,870
Accrued investment income		201,344			250,048			182,586			173,629			144,334
Premiums receivable and other reinsurance balances		1,356,087			1,179,687			1,104,176			1,131,334			1,059,572
Reinsurance ceded receivables		620,901			623,954			626,734			597,508			626,194
Deferred policy acquisition costs		3,619,274			3,630,877			3,605,008			3,629,424			3,543,925
Other assets		390,757			540,879			361,627			369,930			332,466
Total assets	$	40,360,438		$	39,924,013		$	38,344,323		$	32,286,082		$	31,633,973
Liabilities and Stockholders’ Equity
Future policy benefits	$	11,372,856		$	11,093,483		$	10,725,096		$	10,413,361		$	9,903,886
Interest-sensitive contract liabilities		13,353,502			13,254,859			13,352,601			8,252,995			8,394,468
Other policy claims and benefits		3,160,250			3,132,526			3,026,467			2,984,681			2,841,373
Other reinsurance balances		233,630			218,057			249,336			132,389			118,219
Deferred income taxes		2,120,501			1,806,186			1,785,614			1,728,765			1,679,834
Other liabilities		742,249			1,217,788			890,687			777,678			810,775
Short-term debt		—			—			—			—			—
Long-term debt		1,815,253			1,815,111			1,414,969			1,414,829			1,414,688
Collateral finance facility		652,010			651,968			651,936			652,029			652,032
Total liabilities		33,450,251			33,189,978			32,096,706			26,356,727			25,815,275
Stockholders’ Equity:
Common stock, at par value		791			791			791			791			791
Additional paid-in-capital		1,755,421			1,743,822			1,740,415			1,736,184			1,727,774
Retained earnings		3,357,255			3,154,317			3,033,505			2,906,310			2,818,429
Treasury stock		(312,182	)		(316,542	)		(326,292	)		(325,732	)		(346,449	)
Accumulated other comprehensive income (AOCI):
Accumulated currency translation adjustment, net of income taxes		267,477			273,258			237,010			253,875			229,795
Unrealized appreciation of securities, net of income taxes		1,877,655			1,907,512			1,591,647			1,388,597			1,419,318
Pension and postretirement benefits, net of income taxes		(36,230	)		(29,123	)		(29,459	)		(30,670	)		(30,960	)
Total stockholders’ equity		6,910,187			6,734,035			6,247,617			5,929,355			5,818,698
Total liabilities and stockholders' equity	$	40,360,438		$	39,924,013		$	38,344,323		$	32,286,082		$	31,633,973
Total stockholders’ equity, excluding AOCI	$	4,801,285		$	4,582,388		$	4,448,419		$	4,317,553		$	4,200,545

(1) Certain amounts in December 2011 have been revised in connection with the retrospective adoption of ASU 2010-26 in the first quarter of 2012.

Quarterly Financial Supplement Page 6

Reinsurance Group of America, Incorporated

U.S. Traditional Sub-segment Pre-tax Operating Income

	Three Months Ended															Current Qtr vs. PY Quarter			Year-to-Date
(USD thousands)	Dec. 31, 2012			Sept. 30, 2012			June 30, 2012			March 31, 2012			Dec. 31, 2011(1)						Dec. 31, 2012			Dec. 31, 2011(1)			Change
Revenues:
Net premiums	$	1,159,106		$	1,045,767		$	1,082,400		$	1,021,507		$	1,099,409		$	59,697		$	4,308,780		$	3,979,489		$	329,291
Investment income, net of related expenses		133,988			135,532			133,652			132,417			125,528			8,460			535,589			495,650			39,939
Other revenue		2,448			764			401			1,003			1,571			877			4,616			3,401			1,215
Total revenues		1,295,542			1,182,063			1,216,453			1,154,927			1,226,508			69,034			4,848,985			4,478,540			370,445
Benefits and expenses:
Claims and other policy benefits		973,185			917,264			934,807			907,461			952,609			20,576			3,732,717			3,458,279			274,438
Interest credited		11,421			14,637			14,555			15,054			15,174			(3,753	)		55,667			59,891			(4,224	)
Policy acquisition costs and other insurance expenses		145,437			156,995			150,958			145,485			152,246			(6,809	)		598,875			555,511			43,364
Other operating expenses		25,890			20,684			20,586			24,001			23,971			1,919			91,161			85,106			6,055
Total benefits and expenses		1,155,933			1,109,580			1,120,906			1,092,001			1,144,000			11,933			4,478,420			4,158,787			319,633
Operating income before income taxes		139,609			72,483			95,547			62,926			82,508			57,101			370,565			319,753			50,812
Operating to U.S. GAAP Reconciliation:
Operating income before income taxes		139,609			72,483			95,547			62,926			82,508			57,101			370,565			319,753			50,812
Investment and derivative (losses) gains—non-operating		11,752			(1,927	)		789			(13,084	)		30,075			(18,323	)		(2,470	)		44,211			(46,681	)
Income before income taxes	$	151,361		$	70,556		$	96,336		$	49,842		$	112,583		$	38,778		$	368,095		$	363,964		$	4,131
Loss and Expense Ratios:
Claims and other policy benefits		84.0	%		87.7	%		86.4	%		88.8	%		86.6	%		-2.6	%		86.6	%		86.9	%		-0.3	%
Policy acquisition costs and other insurance expenses		12.5	%		15.0	%		13.9	%		14.2	%		13.8	%		-1.3	%		13.9	%		14.0	%		-0.1	%
Other operating expenses		2.2	%		2.0	%		1.9	%		2.3	%		2.2	%		0.0	%		2.1	%		2.1	%		0.0	%

(1) Certain amounts in December 2011 have been revised in connection with the retrospective adoption of ASU 2010-26 in the first quarter of 2012.

Quarterly Financial Supplement Page 7

Reinsurance Group of America, Incorporated

U.S. Asset Intensive Sub-segment Pre-tax Operating Income

	Three Months Ended															Current Qtr vs. PY Quarter			Year-to-Date
(USD thousands)	Dec. 31, 2012			Sept. 30, 2012			June 30, 2012			March 31, 2012			Dec. 31, 2011(1)						Dec. 31, 2012			Dec. 31, 2011(1)			Change
Revenues:
Net premiums	$	3,521		$	3,623		$	3,355		$	3,596		$	3,619		$	(98	)	$	14,095		$	13,189		$	906
Investment income, net of related expenses		127,812			154,789			90,527			111,501			79,604			48,208			484,629			357,578			127,051
Investment related gains (losses), net		—			—			(18	)		(30	)		(82	)		82			(48	)		(132	)		84
Other revenue		30,893			31,976			29,254			19,893			20,154			10,739			112,016			87,518			24,498
Total revenues		162,226			190,388			123,118			134,960			103,295			58,931			610,692			458,153			152,539
Benefits and expenses:
Claims and other policy benefits		2,892			2,828			5,102			1,902			2,766			126			12,724			14,277			(1,553	)
Interest credited		74,992			115,645			53,611			33,511			53,965			21,027			277,759			214,065			63,694
Policy acquisition costs and other insurance expenses		39,527			42,200			44,955			72,004			16,858			22,669			198,686			151,474			47,212
Other operating expenses		3,977			2,596			2,807			3,062			2,434			1,543			12,442			8,217			4,225
Total benefits and expenses		121,388			163,269			106,475			110,479			76,023			45,365			501,611			388,033			113,578
Operating income before income taxes		40,838			27,119			16,643			24,481			27,272			13,566			109,081			70,120			38,961
Operating to U.S. GAAP Reconciliation:
Operating income before income taxes		40,838			27,119			16,643			24,481			27,272			13,566			109,081			70,120			38,961
Investment and derivative gains (losses)—non-operating(2)		(13,667	)		2,039			92,008			(96,355	)		(23,077	)		9,410			(15,975	)		206,430			(222,405	)
Change in value of modified coinsurance and funds withheld embedded derivatives(2)		76,778			54,257			(4,593	)		(9,387	)		(86,759	)		163,537			117,055			(89,648	)		206,703
GMXB embedded derivatives(2)		30,588			2,579			(74,929	)		146,375			29,261			1,327			104,613			(224,184	)		328,797
Funds withheld gains (losses)—investment income		3,944			5,652			5,430			(2,224	)		194			3,750			12,802			5,144			7,658
Funds withheld gains (losses)—policy acq. costs		(55	)		(122	)		(152	)		(209	)		(47	)		(8	)		(538	)		(949	)		411
EIA embedded derivatives—interest credited		(7,711	)		167			1,685			(39,239	)		(9,490	)		1,779			(45,098	)		(41,289	)		(3,809	)
EIA embedded derivatives—policy acq. costs		—			—			—			—			(6,908	)		6,908			—			(4,115	)		4,115
DAC offset, net		(44,308	)		(13,705	)		(1,490	)		13,148			82,837			(127,145	)		(46,355	)		113,821			(160,176	)
Income before income taxes	$	86,407		$	77,986		$	34,602		$	36,590		$	13,283		$	73,124		$	235,585		$	35,330		$	200,255

(1) Certain amounts in December 2011 have been revised in connection with the retrospective adoption of ASU 2010-26 in the first quarter of 2012.

(2) 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
(USD millions)	Dec. 31, 2012			Sept. 30, 2012			June 30, 2012			March 31, 2012			Dec. 31, 2011
Annuity account values:
Fixed annuities (deferred)	$	5,690		$	5,815		$	5,942		$	897		$	879
Net interest spread (fixed annuities):		2.2	%		1.1	%		1.0	%		2.4	%		2.8	%
Equity-indexed annuities	$	4,833		$	4,882		$	4,867		$	4,895		$	4,881
Variable annuities:
No riders	$	948		$	957		$	944		$	1,040		$	986
GMDB only		79			80			79			82			85
GMIB only		6			6			6			6			6
GMAB only		54			55			54			57			55
GMWB only		1,662			1,667			1,620			1,704			1,538
GMDB / WB		455			461			451			460			498
Other		31			31			30			32			31
Total VA account values	$	3,235		$	3,257		$	3,184		$	3,381		$	3,199
Fair value of liabilities associated with living benefit riders	$	172		$	203		$	205		$	130		$	277
Interest-sensitive contract liabilities associated with:
Guaranteed investment contracts	$	200		$	200		$	200		$	198		$	198
Bank-owned life insurance (BOLI)	$	522		$	519		$	515		$	512		$	508
Other asset-intensive business	$	75		$	76		$	77		$	78		$	78

Quarterly Financial Supplement Page 9

Reinsurance Group of America, Incorporated

U.S. Financial Reinsurance Sub-segment Pre-tax Operating Income

	Three Months Ended													Current Qtr vs. PY Quarter		Year-to-Date
(USD thousands)	Dec. 31, 2012		Sept. 30, 2012			June 30, 2012		March 31, 2012			Dec. 31, 2011					Dec. 31, 2012			Dec. 31, 2011			Change
Revenues:
Investment income, net of related expenses	$	361	$	364		$	179	$	164		$	131		$	230	$	1,068		$	164		$	904
Other revenue		13,796		11,565			11,734		8,910			9,558			4,238		46,005			36,373			9,632
Total revenues		14,157		11,929			11,913		9,074			9,689			4,468		47,073			36,537			10,536
Benefits and expenses:
Policy acquisition costs and other insurance expenses		1,081		2,012			704		770			743			338		4,567			3,191			1,376
Other operating expenses		4,555		1,635			1,593		1,852			2,025			2,530		9,635			6,875			2,760
Total benefits and expenses		5,636		3,647			2,297		2,622			2,768			2,868		14,202			10,066			4,136
Operating income before income taxes		8,521		8,282			9,616		6,452			6,921			1,600		32,871			26,471			6,400
Operating to U.S. GAAP Reconciliation:
Operating income before income taxes		8,521		8,282			9,616		6,452			6,921			1,600		32,871			26,471			6,400
Investment and derivative gains (losses)—non-operating		112		(146	)		32		(139	)		(87	)		199		(141	)		(128	)		(13	)
Income before income taxes	$	8,633	$	8,136		$	9,648	$	6,313		$	6,834		$	1,799	$	32,730		$	26,343		$	6,387

Quarterly Financial Supplement Page 10

Reinsurance Group of America, Incorporated

Canadian Segment Pre-tax Operating Income

	Three Months Ended															Current Qtr vs. PY Quarter			Year-to-Date
(USD thousands)	Dec. 31, 2012			Sept. 30, 2012			June 30, 2012			March 31, 2012			Dec. 31, 2011(1)						Dec. 31, 2012			Dec. 31, 2011(1)			Change
Revenues:
Net premiums	$	248,443		$	227,944		$	221,167		$	218,210		$	224,763		$	23,680		$	915,764		$	835,298		$	80,466
Investment income, net of related expenses		45,928			46,016			46,349			47,716			42,604			3,324			186,009			188,304			(2,295	)
Investment related gains (losses), net		1,041			1,003			995			1,323			1,579			(538	)		4,362			5,198			(836	)
Other revenue		41			3,288			3,205			(30	)		(9	)		50			6,504			5,433			1,071
Total revenues		295,453			278,251			271,716			267,219			268,937			26,516			1,112,639			1,034,233			78,406
Benefits and expenses:
Claims and other policy benefits		169,959			191,275			184,857			160,625			165,456			4,503			706,716			673,105			33,611
Interest credited		6			22			—			—			—			6			28			—			28
Policy acquisition costs and other insurance expenses		58,786			49,790			47,476			50,285			52,140			6,646			206,337			180,712			25,625
Other operating expenses		12,664			9,022			8,876			9,650			10,645			2,019			40,212			37,261			2,951
Total benefits and expenses		241,415			250,109			241,209			220,560			228,241			13,174			953,293			891,078			62,215
Operating income before income taxes		54,038			28,142			30,507			46,659			40,696			13,342			159,346			143,155			16,191
Operating to U.S. GAAP Reconciliation:
Operating income before income taxes		54,038			28,142			30,507			46,659			40,696			13,342			159,346			143,155			16,191
Investment and derivative gains (losses)—non-operating		2,817			8,630			4,630			7,220			6,545			(3,728	)		23,297			21,798			1,499
Funds withheld gains (losses)—investment income		2,503			748			(107	)		1,184			—			2,503			4,328			—			4,328
Income before income taxes	$	59,358		$	37,520		$	35,030		$	55,063		$	47,241		$	12,117		$	186,971		$	164,953		$	22,018
Loss and Expense Ratios:
Loss ratios (creditor business)		6.1	%		40.4	%		38.0	%		34.1	%		36.3	%		-30.2	%		28.5	%		37.9	%		-9.4	%
Loss ratios (excluding creditor business)		87.5	%		96.8	%		95.5	%		83.8	%		85.5	%		2.0	%		90.9	%		92.1	%		-1.2	%
Claims and other policy benefits / (net premiums + investment income)		57.7	%		69.8	%		69.1	%		60.4	%		61.9	%		-4.2	%		64.1	%		65.8	%		-1.7	%
Policy acquisition costs and other insurance expenses (creditor business)		60.0	%		58.2	%		58.5	%		57.1	%		59.2	%		0.8	%		58.6	%		56.6	%		2.0	%
Policy acquisition costs and other insurance expenses (excluding creditor business)		12.5	%		11.1	%		11.8	%		14.2	%		10.9	%		1.6	%		12.4	%		11.3	%		1.1	%
Other operating expenses		5.1	%		4.0	%		4.0	%		4.4	%		4.7	%		0.4	%		4.4	%		4.5	%		-0.1	%
Foreign currency effect(2):
Net premiums	$	7,617		$	(3,413	)	$	(9,838	)	$	(3,328	)	$	(2,669	)	$	10,286		$	(8,962	)	$	31,257		$	(40,219	)
Operating income before income taxes	$	1,785		$	919		$	(2,905	)	$	(554	)	$	(641	)	$	2,426		$	(755	)	$	5,404		$	(6,159	)
Creditor reinsurance net premiums	$	58,340		$	52,038		$	45,883		$	44,810		$	54,227		$	4,113		$	201,071		$	177,319		$	23,752

Note: The loss ratios on creditor reinsurance business are normally lower than traditional reinsurance, while allowances are normally higher as a percentage of premiums.

(1) Certain amounts in December 2011 have been revised in connection with the retrospective adoption of ASU 2010-26 in the first quarter of 2012.

(2) Compared to comparable prior year period

Quarterly Financial Supplement Page 11

Reinsurance Group of America, Incorporated

Europe & South Africa Segment Pre-tax Operating Income

	Three Months Ended															Current Qtr vs. PY Quarter			Year-to-Date
(USD thousands)	Dec. 31, 2012			Sept. 30, 2012			June 30, 2012			March 31, 2012			Dec. 31, 2011(1)						Dec. 31, 2012			Dec. 31, 2011(1)			Change
Revenues:
Net premiums	$	402,515		$	303,101		$	310,075		$	292,771		$	356,284		$	46,231		$	1,308,462		$	1,194,477		$	113,985
Investment income, net of related expenses		11,560			11,437			11,248			11,331			11,709			(149	)		45,576			44,351			1,225
Other revenue		1,386			1,576			1,464			2,253			1,035			351			6,679			5,031			1,648
Total revenues		415,461			316,114			322,787			306,355			369,028			46,433			1,360,717			1,243,859			116,858
Benefits and expenses:
Claims and other policy benefits		357,190			251,553			263,992			261,484			293,126			64,064			1,134,219			1,001,921			132,298
Policy acquisition costs and other insurance expenses		7,937			14,697			13,550			15,052			13,329			(5,392	)		51,236			59,217			(7,981	)
Other operating expenses		36,075			24,809			26,810			25,195			29,511			6,564			112,889			105,619			7,270
Total benefits and expenses		401,202			291,059			304,352			301,731			335,966			65,236			1,298,344			1,166,757			131,587
Operating income before income taxes		14,259			25,055			18,435			4,624			33,062			(18,803	)		62,373			77,102			(14,729	)
Operating to U.S. GAAP Reconciliation:
Operating income before income taxes		14,259			25,055			18,435			4,624			33,062			(18,803	)		62,373			77,102			(14,729	)
Investment and derivative gains (losses)—non-operating		1,325			7,111			1,156			1,982			2,951			(1,626	)		11,574			6,000			5,574
Income before income taxes	$	15,584		$	32,166		$	19,591		$	6,606		$	36,013		$	(20,429	)	$	73,947		$	83,102		$	(9,155	)
Loss and Expense Ratios:
Claims and other policy benefits		88.7	%		83.0	%		85.1	%		89.3	%		82.3	%		6.4	%		86.7	%		83.9	%		2.8	%
Policy acquisition costs and other insurance expenses		2.0	%		4.8	%		4.4	%		5.1	%		3.7	%		-1.7	%		3.9	%		5.0	%		-1.1	%
Other operating expenses		9.0	%		8.2	%		8.6	%		8.6	%		8.3	%		0.7	%		8.6	%		8.8	%		-0.2	%
Foreign currency effect(2):
Net premiums	$	(129	)	$	(17,157	)	$	(22,973	)	$	(11,362	)	$	(9,136	)	$	9,007		$	(51,621	)	$	31,250		$	(82,871	)
Operating income before income taxes	$	(305	)	$	(2,989	)	$	(1,013	)	$	(1,417	)	$	(1,605	)	$	1,300		$	(5,724	)	$	1,009		$	(6,733	)
Critical illness net premiums	$	66,211		$	58,793		$	62,001		$	61,548		$	61,564		$	4,647		$	248,553		$	244,824		$	3,729

(1) Certain amounts in December 2011 have been revised in connection with the retrospective adoption of ASU 2010-26 in the first quarter of 2012.

(2) Compared to comparable prior year period

Quarterly Financial Supplement Page 12

Reinsurance Group of America, Incorporated

Asia Pacific Segment Pre-tax Operating Income

	Three Months Ended															Current Qtr vs. PY Quarter			Year-to-Date
(USD thousands)	Dec. 31, 2012			Sept. 30, 2012			June 30, 2012			March 31, 2012			Dec. 31, 2011(1)						Dec. 31, 2012			Dec. 31, 2011(1)			Change
Revenues:
Net premiums	$	362,620		$	330,415		$	331,945		$	325,350		$	348,358		$	14,262		$	1,350,330		$	1,304,490		$	45,840
Investment income, net of related expenses		20,782			19,316			20,711			22,578			21,666			(884	)		83,387			84,837			(1,450	)
Investment related gains (losses), net		1,460			468			(164	)		(809	)		1,237			223			955			3,958			(3,003	)
Other revenue		11,269			10,052			24,109			7,408			9,741			1,528			52,838			34,073			18,765
Total revenues		396,131			360,251			376,601			354,527			381,002			15,129			1,487,510			1,427,358			60,152
Benefits and expenses:
Claims and other policy benefits		294,564			299,782			236,733			248,620			306,802			(12,238	)		1,079,699			1,076,833			2,866
Interest Credited		653			204			216			238			254			399			1,311			1,149			162
Policy acquisition costs and other insurance expenses		58,419			52,779			89,996			50,847			58,713			(294	)		252,041			201,130			50,911
Other operating expenses		34,040			28,234			26,929			27,913			30,254			3,786			117,116			109,068			8,048
Total benefits and expenses		387,676			380,999			353,874			327,618			396,023			(8,347	)		1,450,167			1,388,180			61,987
Operating income (loss) before income taxes		8,455			(20,748	)		22,727			26,909			(15,021	)		23,476			37,343			39,178			(1,835	)
Operating to U.S. GAAP Reconciliation:
Operating income before income taxes		8,455			(20,748	)		22,727			26,909			(15,021	)		23,476			37,343			39,178			(1,835	)
Investment and derivative gains (losses)—non-operating		(2,520	)		4,265			1,132			5,158			5,309			(7,829	)		8,035			3,056			4,979
Income (loss) before income taxes	$	5,935		$	(16,483	)	$	23,859		$	32,067		$	(9,712	)	$	15,647		$	45,378		$	42,234		$	3,144
Loss and Expense Ratios:
Claims and other policy benefits		81.2	%		90.7	%		71.3	%		76.4	%		88.1	%		-6.9	%		80.0	%		82.5	%		-2.5	%
Policy acquisition costs and other insurance expenses		16.1	%		16.0	%		27.1	%		15.6	%		16.9	%		-0.8	%		18.7	%		15.4	%		3.3	%
Other operating expenses		9.4	%		8.5	%		8.1	%		8.6	%		8.7	%		0.7	%		8.7	%		8.4	%		0.3	%
Foreign currency effect(2):
Net premiums	$	6,609		$	(5,401	)	$	(12,998	)	$	9,756		$	6,296		$	313		$	(2,034	)	$	105,251		$	(107,285	)
Operating income before income taxes	$	(508	)	$	(1,280	)	$	(614	)	$	1,529		$	325		$	(833	)	$	(873	)	$	5,816		$	(6,689	)
Critical illness net premiums	$	68,963		$	68,356		$	46,700		$	40,333		$	40,566		$	28,397		$	224,352		$	157,326		$	67,026

(1) Certain amounts in December 2011 have been revised in connection with the retrospective adoption of ASU 2010-26 in the first quarter of 2012.

(2) Compared to comparable prior year period

Quarterly Financial Supplement Page 13

Reinsurance Group of America, Incorporated

Corporate and Other Segment Pre-tax Operating Income

	Three Months Ended															Current Qtr vs. PY Quarter			Year-to-Date
(USD thousands)	Dec. 31, 2012			Sept. 30, 2012			June 30, 2012			March 31, 2012			Dec. 31, 2011(1)						Dec. 31, 2012			Dec. 31, 2011(1)			Change
Revenues:
Net premiums	$	3,502		$	1,896		$	1,719		$	2,048		$	2,283		$	1,219		$	9,165		$	8,744		$	421
Investment income, net of related expenses		23,273			22,927			20,345			16,273			23,075			198			82,818			105,169			(22,351	)
Investment related gains (losses), net		215			227			186			187			903			(688	)		815			733			82
Other revenue		2,649			4,280			2,790			5,596			4,681			(2,032	)		15,315			11,316			3,999
Total revenues		29,639			29,330			25,040			24,104			30,942			(1,303	)		108,113			125,962			(17,849	)
Benefits and expenses:
Claims and other policy benefits		(11	)		(77	)		(45	)		57			197			(208	)		(76	)		768			(844	)
Interest credited		52			—			—			—			1			51			52			—			52
Policy acquisition costs and other insurance expenses		(10,759	)		(14,194	)		(13,342	)		(13,870	)		(13,264	)		2,505			(52,165	)		(52,457	)		292
Other operating expenses		15,133			16,806			17,940			18,425			23,160			(8,027	)		68,304			62,803			5,501
Interest expense		28,917			29,749			23,360			23,322			25,226			3,691			105,348			102,638			2,710
Collateral finance facility expense		3,357			2,995			2,878			2,967			3,019			338			12,197			12,391			(194	)
Total benefits and expenses		36,689			35,279			30,791			30,901			38,339			(1,650	)		133,660			126,143			7,517
Operating income (loss) before income taxes		(7,050	)		(5,949	)		(5,751	)		(6,797	)		(7,397	)		347			(25,547	)		(181	)		(25,366	)
Operating to U.S. GAAP Reconciliation:
Operating income (loss) before income taxes		(7,050	)		(5,949	)		(5,751	)		(6,797	)		(7,397	)		347			(25,547	)		(181	)		(25,366	)
Investment and derivative gains (losses)—non-operating		861			(2,453	)		2,577			1,079			(15,319	)		16,180			2,064			(13,348	)		15,412
Gain on repurchase of collateral finance facility securities		—			—			—			—			9,725			(9,725	)		—			65,565			(65,565	)
Loss on retirement of PIERS		—			—			—			—			—			—			—			(4,391	)		4,391
Income (loss) before income taxes	$	(6,189	)	$	(8,402	)	$	(3,174	)	$	(5,718	)	$	(12,991	)	$	6,802		$	(23,483	)	$	47,645		$	(71,128	)
Foreign currency effect(2):
Net premiums	$	8		$	(1	)	$	9		$	10		$	—		$	8		$	26		$	(104	)	$	130
Operating income before income taxes	$	827		$	(815	)	$	1,061		$	55		$	(486	)	$	1,313		$	1,128		$	2,557		$	(1,429	)

(1) Certain amounts in December 2011 have been revised in connection with the retrospective adoption of ASU 2010-26 in the first quarter of 2012.

(2) 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 vs. PY Quarter			Year-to-Date
(USD thousands)	Dec. 31, 2012			Sept. 30, 2012			June 30, 2012			March 31, 2012			Dec. 31, 2011(1)						Dec. 31, 2012			Dec. 31, 2011(1)			Change
U.S. Traditional	$	139,609		$	72,483		$	95,547		$	62,926		$	82,508		$	57,101		$	370,565		$	319,753		$	50,812
U.S. Asset Intensive		40,838			27,119			16,643			24,481			27,272			13,566			109,081			70,120			38,961
U.S. Financial Reinsurance		8,521			8,282			9,616			6,452			6,921			1,600			32,871			26,471			6,400
Total U.S. Segment		188,968			107,884			121,806			93,859			116,701			72,267			512,517			416,344			96,173
Canadian Segment		54,038			28,142			30,507			46,659			40,696			13,342			159,346			143,155			16,191
Europe & South Africa Segment		14,259			25,055			18,435			4,624			33,062			(18,803	)		62,373			77,102			(14,729	)
Asia Pacific Segment		8,455			(20,748	)		22,727			26,909			(15,021	)		23,476			37,343			39,178			(1,835	)
Corporate and Other		(7,050	)		(5,949	)		(5,751	)		(6,797	)		(7,397	)		347			(25,547	)		(181	)		(25,366	)
Consolidated	$	258,670		$	134,384		$	187,724		$	165,254		$	168,041		$	90,629		$	746,032		$	675,598		$	70,434

(1) Certain amounts in December 2011 have been revised in connection with the retrospective adoption of ASU 2010-26 in the first quarter of 2012.

Quarterly Financial Supplement Page 15

Reinsurance Group of America, Incorporated

Investments

(USD thousands)

Cash and Invested Assets

	Dec. 31, 2012		Sept. 30, 2012		June 30, 2012		March 31, 2012		Dec. 31, 2011
Fixed maturity securities, available-for-sale	$	22,291,614	$	21,658,414	$	17,244,192	$	16,794,057	$	16,200,950
Mortgage loans on real estate		2,300,587		2,256,881		1,157,049		1,040,733		991,731
Policy loans		1,278,175		1,243,498		1,250,238		1,260,070		1,260,400
Funds withheld at interest		5,594,182		5,608,640		5,457,888		5,472,532		5,410,424
Short-term investments		288,082		90,789		49,981		75,425		88,566
Investment Receivable		—		—		5,406,898		—		—
Other invested assets		1,159,543		1,236,616		940,605		867,507		1,012,541
Cash and cash equivalents		1,259,892		1,603,730		957,341		873,933		962,870
Total cash and invested assets	$	34,172,075	$	33,698,568	$	32,464,192	$	26,384,257	$	25,927,482

Investment Income and Yield Summary

(USD thousands)

	Three Months Ended															Current Qtr vs. PY Quarter			Year-to-Date
	Dec. 31, 2012			Sept. 30, 2012			June 30, 2012			March 31, 2012			Dec. 31, 2011						Dec. 31, 2012			Dec. 31, 2011			Change
Average invested assets at amortized cost(1)	$	17,510,541		$	17,030,794		$	16,539,380		$	16,342,741		$	15,792,721		$	1,717,820		$	16,555,144		$	15,288,576		$	1,266,568
Net investment income(1)	$	207,567		$	208,346		$	205,471		$	202,603		$	200,702		$	6,865		$	823,987		$	806,655		$	17,332
Annualized investment yield (ratio of net investment income to average invested assets)(1)		4.83	%		4.98	%		5.06	%		5.05	%		5.18	%		-0.35	%		4.98	%		5.28	%		-0.30	%

(1) Excludes funds withheld and other spread related business (e.g. coinsurance of annuities).

Quarterly Financial Supplement Page 16

Reinsurance Group of America, Incorporated

Investments

(USD thousands)

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

(Excludes Funds Withheld Portfolios)

	December 31, 2012
	Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value		% of Total			Other- than- temporary Impairment in AOCI
Available-for-sale:
Corporate securities	$	11,333,431	$	1,085,973	$	39,333	$	12,380,071		55.5	%	$	—
Canadian and Canadian provincial governments		2,676,777		1,372,731		174		4,049,334		18.2	%		—
Residential mortgage-backed securities		969,267		76,520		3,723		1,042,064		4.7	%		(241	)
Asset-backed securities		700,455		19,898		28,798		691,555		3.1	%		(2,259	)
Commercial mortgage-backed securities		1,608,376		142,369		51,842		1,698,903		7.6	%		(6,125	)
U.S. government and agencies		231,256		33,958		24		265,190		1.2	%		—
State and political subdivisions		270,086		38,058		5,646		302,498		1.4	%		—
Other foreign government, supranational, and foreign government-sponsored enterprises		1,769,784		94,929		2,714		1,861,999		8.3	%		—
Total fixed maturity securities	$	19,559,432	$	2,864,436	$	132,254	$	22,291,614		100.0	%	$	(8,625	)
Non-redeemable preferred stock		68,469		6,542		170		74,841		33.6	%
Other equity securities		148,577		416		1,134		147,859		66.4	%
Total equity securities	$	217,046	$	6,958	$	1,304	$	222,700		100.0	%

	December 31, 2011
	Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value		% of Total			Other- than- temporary Impairment in AOCI
Available-for-sale:
Corporate securities	$	6,931,958	$	654,519	$	125,371	$	7,461,106		46.0	%	$	—
Canadian and Canadian provincial governments		2,507,802		1,362,160		29		3,869,933		23.9	%		—
Residential mortgage-backed securities		1,167,265		76,393		16,424		1,227,234		7.6	%		(1,042	)
Asset-backed securities		443,974		11,692		53,675		401,991		2.5	%		(5,256	)
Commercial mortgage-backed securities		1,233,958		87,750		79,489		1,242,219		7.7	%		(12,225	)
U.S. government and agencies		341,087		32,976		61		374,002		2.3	%		—
State and political subdivisions		184,308		24,419		3,341		205,386		1.3	%		—
Other foreign government, supranational, and foreign government-sponsored enterprises		1,372,528		50,127		3,576		1,419,079		8.7	%		—
Total fixed maturity securities	$	14,182,880	$	2,300,036	$	281,966	$	16,200,950		100.0	%	$	(18,523	)
Non-redeemable preferred stock		82,488		4,677		8,982		78,183		68.6	%
Other equity securities		35,352		1,903		1,538		35,717		31.4	%
Total equity securities	$	117,840	$	6,580	$	10,520	$	113,900		100.0	%

Quarterly Financial Supplement Page 17

Reinsurance Group of America, Incorporated

Investments

(USD thousands)

Corporate Securities by Sector (Fixed Maturities and Equities)

(Excludes Funds Withheld Portfolios)

	December 31, 2012								December 31, 2011
	Amortized Cost		Estimated Fair Value		% of Total			Average Credit Ratings	Amortized Cost		Estimated Fair Value		% of Total			Average Credit Ratings
Financial Institutions
Banking	$	2,114,425	$	2,260,382		17.9	%	A	$	1,477,638	$	1,454,124		19.2	%	A
Brokerage		120,139		131,664		1.0	%	A-		59,288		63,101		0.8	%	A
Finance Comp.		181,430		193,892		1.5	%	A		158,271		161,992		2.1	%	A
Insurance		592,109		654,647		5.2	%	A-		391,092		413,339		5.5	%	A-
REITs		485,469		523,370		4.2	%	BBB		300,401		316,192		4.2	%	BBB+
Other Finance		342,929		358,897		2.9	%	BBB+		130,984		135,812		1.8	%	A-
Total Financial Institutions		3,836,501		4,122,852		32.7	%			2,517,674		2,544,560		33.6	%
Industrials
Basic		803,353		861,547		6.8	%	BBB		367,323		402,225		5.3	%	BBB+
Capital Goods		637,479		692,218		5.5	%	BBB		360,309		396,150		5.2	%	BBB+
Communications		1,044,374		1,169,000		9.3	%	BBB+		674,182		745,064		9.8	%	BBB+
Consumer Cyclical		727,324		786,726		6.2	%	BBB+		407,873		438,034		5.8	%	BBB+
Consumer Noncyclical		969,589		1,084,295		8.6	%	BBB+		691,245		784,819		10.4	%	A-
Energy		728,354		807,087		6.4	%	BBB+		405,317		454,727		6.0	%	BBB+
Technology		475,697		502,123		4.0	%	BBB		245,954		269,301		3.6	%	BBB+
Transportation		378,808		415,283		3.3	%	BBB+		219,605		234,822		3.1	%	BBB+
Other Industrial		116,989		125,567		1.0	%	BBB		41,266		46,053		0.6	%	BBB
Total Industrials		5,881,967		6,443,846		51.1	%			3,413,074		3,771,195		49.8	%
Utilities
Electric		1,081,451		1,196,527		9.5	%	BBB+		673,725		756,033		10.0	%	BBB+
Natural Gas		656,357		733,422		5.8	%	BBB		398,648		447,617		5.9	%	BBB
Other Utility		61,850		72,662		0.6	%	A-		43,377		51,921		0.7	%	A-
Total Utilities		1,799,658		2,002,611		15.9	%			1,115,750		1,255,571		16.6	%
Other Sectors		32,351		33,462		0.3	%	AA		3,300		3,680		0.0	%	AA-
Total	$	11,550,477	$	12,602,771		100.0	%	BBB+	$	7,049,798	$	7,575,006		100.0	%	BBB+

Quarterly Financial Supplement Page 18

Reinsurance Group of America, Incorporated

Investments

(USD thousands)

Ratings of Fixed Maturity Securities

(Excludes Funds Withheld Portfolios)

		December 31, 2012							September 30, 2012							June 30, 2012							March 31, 2012							December 31, 2011
NAIC Designation	Rating Agency Designation	Amortized Cost		Estimated Fair Value		% of Total			Amortized Cost		Estimated Fair Value		% of Total			Amortized Cost		Estimated Fair Value		% of Total			Amortized Cost		Estimated Fair Value		% of Total			Amortized Cost		Estimated Fair Value		% of Total
1	AAA	$	1,857,190	$	1,980,164		8.9	%	$	2,222,818	$	2,364,081		10.9	%	$	1,979,353	$	2,092,043		12.1	%	$	2,090,606	$	2,196,118		13.1	%	$	2,205,406	$	2,304,991		14.2	%
1	AA		5,286,082		6,541,670		29.4	%		5,265,613		6,572,815		30.4	%		4,578,944		5,708,472		33.1	%		4,727,343		5,764,579		34.3	%		4,675,653		5,815,846		35.9	%
1	A		4,915,882		5,778,737		25.9	%		4,666,113		5,525,476		25.5	%		3,919,020		4,705,816		27.3	%		3,646,110		4,263,802		25.4	%		3,206,553		3,822,796		23.6	%
2	BBB		6,186,536		6,692,929		30.0	%		5,716,281		6,185,558		28.6	%		3,667,640		3,974,486		23.1	%		3,539,967		3,814,367		22.7	%		3,283,937		3,522,411		21.8	%
3	BB		694,349		712,712		3.2	%		583,622		608,439		2.8	%		421,128		428,875		2.5	%		428,543		430,002		2.6	%		446,610		436,001		2.7	%
4	B		444,996		444,035		2.0	%		322,040		306,871		1.4	%		269,970		248,850		1.4	%		240,603		220,924		1.3	%		244,645		210,222		1.3	%
5	CCC and lower		118,738		95,906		0.4	%		92,149		68,193		0.3	%		89,665		64,812		0.4	%		106,637		80,660		0.5	%		95,128		71,410		0.4	%
6	In or near default		55,659		45,461		0.2	%		36,647		26,981		0.1	%		31,445		20,838		0.1	%		35,050		23,605		0.1	%		24,948		17,273		0.1	%
	Total	$	19,559,432	$	22,291,614		100.0	%	$	18,905,283	$	21,658,414		100.0	%	$	14,957,165	$	17,244,192		100.0	%	$	14,814,859	$	16,794,057		100.0	%	$	14,182,880	$	16,200,950		100.0	%

Structured Fixed Maturity Securities

	December 31, 2012				September 30, 2012				June 30, 2012				March 31, 2012				December 31, 2011
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Residential mortgage-backed securities:
Agency	$	497,918	$	555,535	$	511,887	$	571,894	$	511,985	$	571,821	$	523,206	$	576,045	$	561,156	$	619,010
Non-agency		471,349		486,529		468,768		483,914		495,808		506,741		551,867		562,183		606,109		608,224
Total residential mortgage-backed securities		969,267		1,042,064		980,655		1,055,808		1,007,793		1,078,562		1,075,073		1,138,228		1,167,265		1,227,234
Commercial mortgage-backed securities		1,608,376		1,698,903		1,663,493		1,740,391		1,308,668		1,348,047		1,302,734		1,342,421		1,233,958		1,242,219
Asset-backed securities		700,455		691,555		588,851		572,700		469,616		441,051		448,688		414,527		443,974		401,991
Total	$	3,278,098	$	3,432,522	$	3,232,999	$	3,368,899	$	2,786,077	$	2,867,660	$	2,826,495	$	2,895,176	$	2,845,197	$	2,871,444

Quarterly Financial Supplement Page 19

Reinsurance Group of America, Incorporated

Investments

(USD thousands)

CMBS Exposure

(Includes Funds Withheld Portfolios)

	December 31, 2012
	AAA				AA				A
Underwriting Year	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
2005 & Prior	$	69,810	$	75,706	$	129,430	$	141,189	$	99,840	$	103,112
2006		243,222		270,756		59,773		66,862		85,198		93,688
2007		182,456		201,131		32,810		37,542		69,266		77,657
2008		7,674		7,672		53,510		67,624		14,387		17,098
2009		1,655		1,820		17,399		19,483		3,463		5,599
2010		27,984		29,956		47,085		53,027		13,273		14,405
2011		15,748		16,411		16,069		18,184		40,546		42,726
2012		28,324		29,080		36,340		36,925		58,376		59,595
Total	$	576,873	$	632,532	$	392,416	$	440,836	$	384,349	$	413,880

	BBB				Below Investment Grade				Total
Underwriting Year	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
2005 & Prior	$	110,887	$	113,801	$	42,838	$	37,720	$	452,805	$	471,528
2006		83,565		84,689		67,131		65,645		538,889		581,640
2007		93,414		108,902		115,028		91,505		492,974		516,737
2008		—		—		22,416		17,386		97,987		109,780
2009		3,880		5,547		—		—		26,397		32,449
2010		—		—		—		—		88,342		97,388
2011		33,242		33,757		—		—		105,605		111,078
2012		43,346		43,811		—		—		166,386		169,411
Total	$	368,334	$	390,507	$	247,413	$	212,256	$	1,969,385	$	2,090,011

NOTE: Totals include directly held investments with amortized cost of $1,608.4 million and fair value of $1,698.9 million as well as investments in funds withheld with amortized cost of $361.0 million and fair value of $391.1 million.

	December 31, 2011
	AAA				AA				A
Underwriting Year	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
2005 & Prior	$	92,275	$	98,213	$	130,890	$	143,609	$	32,504	$	31,187
2006		260,765		277,959		52,883		59,727		52,805		55,074
2007		201,228		214,510		23,565		18,700		116,898		122,945
2008		8,975		9,053		48,818		59,536		17,012		19,237
2009		1,664		1,709		12,367		13,684		7,060		9,515
2010		27,946		28,872		49,323		53,480		19,434		20,727
2011		20,047		20,002		11,146		12,079		7,563		7,594
Total	$	612,900	$	650,318	$	328,992	$	360,815	$	253,276	$	266,279

	BBB				Below Investment Grade				Total
Underwriting Year	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
2005 & Prior	$	24,750	$	24,295	$	52,475	$	40,753	$	332,894	$	338,057
2006		27,995		26,563		53,205		43,559		447,653		462,882
2007		102,604		108,047		113,946		77,718		558,241		541,920
2008		—		—		24,916		17,554		99,721		105,380
2009		—		—		—		—		21,091		24,908
2010		—		—		—		—		96,703		103,079
2011		—		—		—		—		38,756		39,675
Total	$	155,349	$	158,905	$	244,542	$	179,584	$	1,595,059	$	1,615,901

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.

Quarterly Financial Supplement Page 20

Reinsurance Group of America, Incorporated

Investments

(USD thousands)

Gross Unrealized Losses Aging

Fixed Maturity Securities

	December 31, 2012					September 30, 2012					June 30, 2012					March 31, 2012					December 31, 2011
	Gross Unrealized Losses		% of Total			Gross Unrealized Losses		% of Total			Gross Unrealized Losses		% of Total			Gross Unrealized Losses		% of Total			Gross Unrealized Losses		% of Total
Less than 20%	$	53,648		40.2	%	$	55,097		35.9	%	$	75,539		38.5	%	$	88,526		41.3	%	$	126,250		43.1	%
20% or more for less than six months		734		0.5	%		509		0.3	%		5,924		3.0	%		9,803		4.6	%		46,386		15.9	%
20% or more for six months or greater		77,872		58.3	%		97,260		63.3	%		112,362		57.2	%		111,830		52.2	%		109,330		37.4	%
Total	$	132,254		99.0	%	$	152,866		99.5	%	$	193,825		98.7	%	$	210,159		98.1	%	$	281,966		96.4	%

Equity Securities

	December 31, 2012					September 30, 2012					June 30, 2012					March 31, 2012					December 31, 2011
	Gross Unrealized Losses		% of Total			Gross Unrealized Losses		% of Total			Gross Unrealized Losses		% of Total			Gross Unrealized Losses		% of Total			Gross Unrealized Losses		% of Total
Less than 20%	$	1,303		1.0	%	$	833		0.5	%	$	1,659		0.9	%	$	3,511		1.6	%	$	4,905		1.7	%
20% or more for less than six months		—		0.0	%		—		0.0	%		815		0.4	%		183		0.1	%		5,117		1.7	%
20% or more for six months or greater		1		0.0	%		1		0.0	%		—		0.0	%		499		0.2	%		498		0.2	%
Total	$	1,304		1.0	%	$	834		0.5	%	$	2,474		1.3	%	$	4,193		1.9	%	$	10,520		3.6	%

Quarterly Financial Supplement Page 21

Reinsurance Group of America, Incorporated

Investments

(USD thousands)

Fixed Maturities and Equity Securities Below Amortized Cost

(Excludes Funds Withheld Portfolios)

	As of December 31, 2012
	Less than 12 months				Equal to or greater than 12 months				Total
	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
Investment grade securities:
Corporate securities	$	786,203	$	13,276	$	108,187	$	17,386	$	894,390	$	30,662
Canadian and Canadian provincial governments		12,349		174		—		—		12,349		174
Residential mortgage-backed securities		22,288		97		19,394		3,199		41,682		3,296
Asset-backed securities		59,119		449		96,179		9,508		155,298		9,957
Commercial mortgage-backed securities		89,507		797		29,181		7,974		118,688		8,771
U.S. government and agencies		7,272		24		—		—		7,272		24
State and political subdivisions		20,602		1,514		11,736		4,132		32,338		5,646
Other foreign government, supranational, and foreign government-sponsored enterprises		244,817		1,953		7,435		761		252,252		2,714
Investment grade securities		1,242,157		18,284		272,112		42,960		1,514,269		61,244
Non-investment grade securities:
Corporate securities		181,168		3,170		39,123		5,501		220,291		8,671
Residential mortgage-backed securities		15,199		80		2,633		347		17,832		427
Asset-backed securities		3,421		26		31,938		18,815		35,359		18,841
Commercial mortgage-backed securities		3,317		764		68,405		42,307		71,722		43,071
State and political subdivisions		—		—		—		—		—		—
Non-investment grade securities		203,105		4,040		142,099		66,970		345,204		71,010
Total fixed maturity securities	$	1,445,262	$	22,324	$	414,211	$	109,930	$	1,859,473	$	132,254
Non-redeemable preferred stock		5,577		52		5,679		118		11,256		170
Other equity securities		85,374		1,134		—		—		85,374		1,134
Total Equity securities	$	90,951	$	1,186	$	5,679	$	118	$	96,630	$	1,304

	As of December 31, 2011
	Less than 12 months				Equal to or greater than 12 months				Total
	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
Investment grade securities:
Corporate securities	$	790,758	$	40,180	$	286,244	$	63,117	$	1,077,002	$	103,297
Canadian and Canadian provincial governments		3,094		29		—		—		3,094		29
Residential mortgage-backed securities		128,622		3,549		58,388		10,382		187,010		13,931
Asset-backed securities		101,263		3,592		93,910		29,036		195,173		32,628
Commercial mortgage-backed securities		109,455		3,538		58,979		22,001		168,434		25,539
U.S. government and agencies		1,764		61		—		—		1,764		61
State and political subdivisions		21,045		1,845		12,273		1,268		33,318		3,113
Other foreign government, supranational, and foreign government-sponsored enterprises		148,416		1,085		16,588		2,491		165,004		3,576
Investment grade securities		1,304,417		53,879		526,382		128,295		1,830,799		182,174
Non-investment grade securities:
Corporate securities		212,795		10,852		47,310		11,222		260,105		22,074
Residential mortgage-backed securities		23,199		712		10,459		1,781		33,658		2,493
Asset-backed securities		2,363		940		21,275		20,107		23,638		21,047
Commercial mortgage-backed securities		34,918		7,220		62,357		46,730		97,275		53,950
State and political subdivisions		4,000		228		—		—		4,000		228
Non-investment grade securities		277,275		19,952		141,401		79,840		418,676		99,792
Total fixed maturity securities	$	1,581,692	$	73,831	$	667,783	$	208,135	$	2,249,475	$	281,966
Non-redeemable preferred stock		19,516		4,478		15,694		4,504		35,210		8,982
Other equity securities		1,662		602		5,905		936		7,567		1,538
Total Equity securities	$	21,178	$	5,080	$	21,599	$	5,440	$	42,777	$	10,520

Quarterly Financial Supplement Page 22

Reinsurance Group of America, Incorporated

Investments

(USD thousands)

Consolidated Investment Related Gains and Losses

	Three Months Ended															Current Qtr vs. PY Quarter			Year-to-Date
	Dec. 31, 2012			Sept. 30, 2012			June 30, 2012			March 31, 2012			Dec. 31, 2011						Dec. 31, 2012			Dec. 31, 2011			Change
Fixed Maturity and Equity Securities:
Other-than-temporary impairment losses on fixed maturities	$	(4,346	)	$	(1,996	)	$	(1,959	)	$	(7,607	)	$	(11,824	)	$	7,478		$	(15,908	)	$	(30,873	)	$	14,965
Portion of loss recognized in accumulated other comprehensive income (before taxes)		—			(559	)		162			(7,221	)		543			(543	)		(7,618	)		3,924			(11,542	)
Net other-than-temporary impairment losses on fixed maturities recognized in earnings		(4,346	)		(2,555	)		(1,797	)		(14,828	)		(11,281	)		6,935			(23,526	)		(26,949	)		3,423
Impairment losses on equity securities		—			—			(2,186	)		(839	)		(436	)		436			(3,025	)		(4,116	)		1,091
Gain on investment activity		43,190			53,173			26,593			22,312			39,622			3,568			145,268			132,045			13,223
Loss on investment activity		(4,384	)		(6,668	)		(8,918	)		(7,504	)		(6,247	)		1,863			(27,474	)		(26,996	)		(478	)
Net gain/(loss) on fixed maturity and equity securities		34,460			43,950			13,692			(859	)		21,658			12,802			91,243			73,984			17,259
Other impairment losses and change in mortgage loan provision		(2,220	)		(10,301	)		1,762			(5,843	)		(5,258	)		3,038			(16,602	)		(10,238	)		(6,364	)
Other non-derivative gain/(loss), net		4,868			5,563			5,628			6,641			7,318			(2,450	)		22,700			22,357			343
Free-standing Derivatives:
Credit Default Swaps		3,523			7,819			(4,794	)		11,813			8,075			(4,552	)		18,361			(63	)		18,424
Interest Rate Swaps—non-hedged		(9,866	)		(1,437	)		73,342			(47,352	)		20,818			(30,684	)		14,687			178,338			(163,651	)
Interest Rate Swaps—hedged		(40	)		(4	)		29			(26	)		28			(68	)		(41	)		617			(658	)
Futures		(9,932	)		(3,977	)		11,073			(17,408	)		(22,866	)		12,934			(20,244	)		(945	)		(19,299	)
CPI Swaps		1,543			422			(1,431	)		(802	)		726			817			(268	)		1,821			(2,089	)
Equity options		(11,146	)		(23,916	)		3,367			(37,983	)		(22,063	)		10,917			(69,678	)		7,818			(77,496	)
Currency Forwards		(5,070	)		519			515			(1,608	)		561			(5,631	)		(5,644	)		1,675			(7,319	)
Total free-standing derivatives		(30,988	)		(20,574	)		82,101			(93,366	)		(14,721	)		(16,267	)		(62,827	)		189,261			(252,088	)
Embedded Derivatives:
Modified coinsurance and funds withheld treaties		74,054			54,836			(4,453	)		(9,428	)		(85,722	)		159,776			115,009			(87,236	)		202,245
GMXB		30,588			2,579			(74,929	)		146,375			29,261			1,327			104,613			(224,184	)		328,797
Total embedded derivatives		104,642			57,415			(79,382	)		136,947			(56,461	)		161,103			219,622			(311,420	)		531,042
Net gain/(loss) on total derivatives		73,654			36,841			2,719			43,581			(71,182	)		144,836			156,795			(122,159	)		278,954
Total investment related gains / (losses), net	$	110,762		$	76,053		$	23,801		$	43,520		$	(47,464	)	$	158,226		$	254,136		$	(36,056	)	$	290,192

Quarterly Financial Supplement Page 23