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EXHIBIT 12.1
REINSURANCE GROUP OF AMERICA, INCORPORATED
Ratio of Earnings to Fixed Charges
<Table>
<Caption>
2000 2001(A) 2002 2003 2004
-------- -------- -------- -------- --------
Income from continuing operations before income
taxes $ 175.0 $ 66.2 $ 194.0 $ 271.6 $ 369.2
Minority interest in earnings (losses) of
consolidated subsidiaries included in income
from continuing operations before income taxes 0.3 -- -- -- --
Fixed charges:
Interest expensed and capitalized 17.6 18.1 35.5 36.8 38.4
Interest credited on reinsurance contracts 104.8 111.7 126.7 179.7 198.9
One-third of rentals 2.0 1.8 2.2 2.5 2.6
-------- -------- -------- -------- --------
Total fixed charges 124.4 131.6 164.4 219.0 239.9
Less interest capitalized, net of amortization -- -- -- -- --
-------- -------- -------- -------- --------
Income from continuing operations before income
taxes $ 299.7 $ 197.8 $ 358.4 $ 490.6 $ 609.1
======== ======== ======== ======== ========
Ratio of earnings to fixed charges 2.4 1.5 2.2 2.2 2.5
======== ======== ======== ======== ========
Total fixed charges $ 124.4 $ 131.6 $ 164.4 $ 219.0 $ 239.9
Less Interest credited on reinsurance
contracts (104.8) (111.7) (126.7) (179.7) (198.9)
-------- -------- -------- -------- --------
Total fixed charges excluding interest
credited (b) 19.6 19.9 37.7 39.3 41.0
Income from continuing operations before income
taxes and minority interest plus fixed charges
excluding interest credited under reinsurance
contracts (b) $ 194.9 $ 86.1 $ 231.7 $ 310.9 $ 410.2
======== ======== ======== ======== ========
Ratio of earnings to fixed charges excluding
interest credited under reinsurance contracts (b) 9.9 4.3 6.1 7.9 10.0
======== ======== ======== ======== ========
</Table>
(a) Coverage ratio in 2001 is lower than other annual periods presented due
to adverse mortality results, claims associated with the terrorist
attacks on September 11, 2001, losses associated with the Company's
Argentine operations, and $68.4 million in net realized capital losses.
(b) 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 our products.