REINSURANCE GROUP OF AMERICA INC - FORM 8-K - EX-99.2 - EXHIBIT 99.2

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EX-99.1 - EXHIBIT 99.1 - REINSURANCE GROUP OF AMERICA INC	pressrelease1q16.htm
8-K - 8-K - REINSURANCE GROUP OF AMERICA INC	prqfs1q16.htm

Exhibit 99.2

Financial Supplement

First Quarter 2016

(Unaudited)



World Headquarters	Internet address	Contacts:
16600 Swingley Ridge Road	www.rgare.com	Jack B. Lay
Chesterfield, Missouri 63017 U.S.A.		Senior Executive Vice President
		and Chief Financial Officer
		Phone: (636) 736-7000
		e-mail: jlay@rgare.com

		Jeff Hopson
		Sr. Vice President, Investor Relations
		Phone: (636) 736-2068
		e-mail: jhopson@rgare.com



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
RGA Americas Reinsurance Company, Ltd.	AA-	A+	NR
RGA Atlantic Reinsurance Company Ltd.	NR	A+	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”.

Reinsurance Group of America, Incorporated

Financial Supplement

1st Quarter 2016

Table of Contents



	Page
Non-GAAP Disclosure	1

2016 Notes	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. and Latin America Operations	7

Canada Operations	11

Europe, Middle East & Africa Operations	13

Asia Pacific Operations	15

Corporate and Other	17

Summary of Pre-tax Segment Operating Income	18

Investments

Cash and Invested Assets, Yield Summary	19

Amortized Cost, Gross Unrealized Gains and Losses, Estimated Fair Values of Fixed Maturity and Equity Securities	20

Corporate Securities by Sector	21

Quality of Fixed Maturity Securities and Structured Fixed Maturity Securities	22

Gross Unrealized Losses Aging	23

Fixed Maturity and Equity Securities Below Amortized Cost	24

Consolidated Gross Gains and Losses	25

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 ("RGA") 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.



		Page 1

Reinsurance Group of America, Incorporated

PRIOR PERIOD RECLASSIFICATIONS

Effective January 1, 2015, the Company further segmented the Canada; Europe, Middle East and Africa; and Asia Pacific segments into traditional and non-traditional businesses to reflect the expanded product offerings within its geographic-based segments. The prior-period presentation has been adjusted to conform to the new segment reporting structure.

Effective December 2015, prior period balances have been updated to conform with current period presentation for the adoption of the accounting standard update "Simplifying the Presentation of Debt Issuance Costs".



		Page 2

Reinsurance Group of America, Incorporated Financial Highlights

	Three Months Ended																Current Qtr vs. PY Quarter
(USD thousands, except inforce & per share data)	March 31,			Dec. 31,				Sept. 30,			June 30,			March 31,
	2016			2015				2015			2015			2015
Net premiums	$	2,157,005		$	2,328,501			$	2,089,345		$	2,129,043		$	2,023,852		$	133,153
Net income	76,472			163,127				83,534			130,391			125,114			(48,642		)
Operating income	120,750			187,950				127,086			130,270			121,778			(1,028		)
Operating return on equity (ex AOCI) -
annualized	8.9		%	14.0		%		9.5		%	9.8		%	9.2		%	(0.3		)%
trailing 12 months	10.6		%	10.6		%		11.1		%	11.8		%	12.5		%	(1.9		)%
Total assets (1)	52,186,624			50,383,152				47,581,959			47,435,240			44,666,938			7,519,686
Assumed Life Reinsurance in Force (in billions)
U.S. and Latin America Traditional	$	1,609.3		$	1,594.3			$	1,476.1		$	1,475.6		$	1,479.4		$	129.9
U.S. and Latin America Non-Traditional	2.1			2.1				2.2			2.1			2.1			—
Canada Traditional	349.0			333.0				343.0			360.7			349.0			—
Europe, Middle East and Africa Traditional	624.2			602.7				566.0			573.9			553.3			70.9
Asia Pacific Traditional	483.5			462.7				461.8			512.7			460.6			22.9
Asia Pacific Non-Traditional	0.3			0.3				0.3			0.3			0.3			—
Total Life Reinsurance in Force	$	3,068.4		$	2,995.1			$	2,849.4		$	2,925.3		$	2,844.7		$	223.7
Assumed New Business Production (in billions)
U.S. and Latin America Traditional	$	41.3		$	142.1		(2)	$	26.4		$	15.7		$	19.7		$	21.6
Canada Traditional	8.2			8.7				9.1			11.1			9.7			(1.5		)
Europe, Middle East and Africa Traditional	44.7			66.0			(2)	24.7			32.3			48.6			(3.9		)
Asia Pacific Traditional	13.6			12.1				24.4			12.6			27.8			(14.2		)
Total New Business Production	$	107.8		$	228.9			$	84.6		$	71.7		$	105.8		$	2.0
Per Share and Shares Data
Basic earnings per share
Net income	$	1.18		$	2.49			$	1.26		$	1.97		$	1.84		$	(0.66	)
Operating income	$	1.87		$	2.87			$	1.92		$	1.96		$	1.79		$	0.08
Diluted earnings per share
Net income	$	1.17		$	2.46			$	1.25		$	1.94		$	1.81		$	(0.64	)
Operating income	$	1.85		$	2.84			$	1.90		$	1.94		$	1.77		$	0.08

Wgt. average common shares outstanding
(basic)	64,568			65,535				66,205			66,351			68,141			(3,573		)
(diluted)	65,217			66,247				66,882			67,120			68,942			(3,725		)

Common shares issued	79,138			79,138				79,138			79,138			79,138			—
Treasury shares	15,073			13,933				13,389			12,716			12,699			2,374
Common shares outstanding	64,065			65,205				65,749			66,422			66,439			(2,374		)

Book value per share	$	104.88		$	94.09			$	94.92		$	97.61		$	107.62
Per share effect of accumulated other
comprehensive income (AOCI)	$	20.77		$	10.86			$	13.78		$	17.31		$	28.36
Book value per share, excluding AOCI	$	84.11		$	83.23			$	81.14		$	80.30		$	79.26

Shareholder dividends paid	$	24,018.6		$	24,269.1			$	24,592.1		$	21,850.5		$	22,668.8		$	1,349.8
(1) Effective December 2015, prior period balances have been updated to conform with current period presentation for the adoption of the accounting standard update "Simplifying the Presentation of Debt Issuance Costs".
(2) Includes the effect of significant inforce transactions.



		Page 3

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

	Three Months Ended															Current Qtr
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,			vs. PY
(USD thousands)	2016			2015			2015			2015			2015			Quarter
Revenues:
Net premiums	$	2,157,005		$	2,328,501		$	2,089,345		$	2,129,043		$	2,023,852		$	133,153
Investment income, net of related expenses	417,266			467,468			389,597			450,539			426,891			(9,625		)
Investment related gains (losses), net
OTTI on fixed maturity securities	(33,817		)	(27,605		)	(23,111		)	(4,137		)	(2,527		)	(31,290		)
Other investment related gains (losses), net	(87,069		)	(17,204		)	(88,235		)	(12,041		)	10,110			(97,179		)
Total investment related gains (losses), net	(120,886		)	(44,809		)	(111,346		)	(16,178		)	7,583			(128,469		)
Other revenue	59,183			77,431			71,038			66,936			62,287			(3,104		)
Total revenues	2,512,568			2,828,591			2,438,634			2,630,340			2,520,613			(8,045		)
Benefits and expenses:
Claims and other policy benefits	1,886,764			2,015,929			1,831,819			1,866,183			1,775,451			111,313
Interest credited	87,905			105,032			34,008			77,246			120,678			(32,773		)
Policy acquisition costs and other insurance expenses	233,763			300,329			249,702			300,412			277,043			(43,280		)
Other operating expenses	157,424			158,556			142,270			131,600			121,618			35,806
Interest expense	32,807			35,820			35,565			35,851			35,627			(2,820		)
Collateral finance and securitization expense	6,325			6,182			5,133			5,258			6,071			254
Total benefits and expenses	2,404,988			2,621,848			2,298,497			2,416,550			2,336,488			68,500
Income before income taxes	107,580			206,743			140,137			213,790			184,125			(76,545		)
Income tax expense	31,108			43,616			56,603			83,399			59,011			(27,903		)
Net income	$	76,472		$	163,127		$	83,534		$	130,391		$	125,114		$	(48,642	)
Pre-tax Operating Income Reconciliation:
Income before income taxes	107,580			206,743			140,137			213,790			184,125			(76,545		)
Investment and derivative losses (gains)—
non-operating (1)	(31,968		)	64,034			(35,028		)	41,526			(20,946		)	(11,022		)
Change in value of modified coinsurance and
funds withheld embedded derivatives (1)	92,249			27,201			46,169			23,098			2,325			89,924
GMXB embedded derivatives (1)	62,940			(36,437		)	95,373			(50,878		)	25,133			37,807
Funds withheld losses (gains)—investment income	(4,983		)	246			(2,212		)	(3,002		)	(11,402		)	6,419
EIA embedded derivatives—interest credited	29,149			(1,412		)	(10,995		)	(10,488		)	10,313			18,836
DAC offset, net	(76,978		)	(13,142		)	(25,945		)	(1,187		)	(8,951		)	(68,027		)
Investment income on unit-linked variable annuities	(408		)	—			—			—			—			(408		)
Interest credited on unit-linked variable annuities	408			—			—			—			—			408
Non-investment derivatives	(831		)	(120		)	(383		)	493			(108		)	(723		)
Operating Income Before Income Taxes	$	177,158		$	247,113		$	207,116		$	213,352		$	180,489		$	(3,331	)
After-tax Operating Income Reconciliation:
Net Income	76,472			163,127			83,534			130,391			125,114			(48,642		)
Investment and derivative losses (gains)—
non-operating (1)	(21,727		)	40,203			(22,750		)	27,152			(14,585		)	(7,142		)
Change in value of modified coinsurance
and funds withheld embedded derivatives (1)	59,962			17,680			30,010			15,014			1,511			58,451
GMXB embedded derivatives (1)	40,911			(23,684		)	61,992			(33,070		)	16,336			24,575
Funds withheld losses (gains)—investment income	(3,239		)	161			(1,438		)	(1,951		)	(7,412		)	4,173
EIA embedded derivatives—interest credited	18,947			(917		)	(7,147		)	(6,817		)	6,703			12,244
DAC offset, net	(50,036		)	(8,542		)	(16,865		)	(770		)	(5,819		)	(44,217		)
Investment income on unit-linked variable annuities	(265		)	—			—			—			—			(265		)
Interest credited on unit-linked variable annuities	265			—			—			—			—			265
Non-investment derivatives	(540		)	(78		)	(250		)	321			(70		)	(470		)
Operating Income	$	120,750		$	187,950		$	127,086		$	130,270		$	121,778		$	(1,028	)

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



		Page 4

Reinsurance Group of America, Incorporated Consolidated Operating Income Statement

	Three Months Ended															Current Qtr vs. PY Quarter
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,
(USD thousands, except per share data)	2016			2015			2015			2015			2015
Revenues:
Net premiums	$	2,157,005		$	2,328,501		$	2,089,345		$	2,129,043		$	2,023,852		$	133,153
Investment income, net of related expenses	411,875			467,714			387,385			447,537			415,489			(3,614		)
Investment related gains (losses), net	2,335			9,989			(4,832		)	(2,432		)	14,095			(11,760		)
Other revenue	58,352			77,311			70,655			67,429			62,179			(3,827		)
Total revenues	2,629,567			2,883,515			2,542,553			2,641,577			2,515,615			113,952

Benefits and expenses:
Claims and other policy benefits	1,886,764			2,015,929			1,831,819			1,866,183			1,775,451			111,313
Interest credited	58,348			106,444			45,003			87,734			110,365			(52,017		)
Policy acquisition costs and other insurance expenses	310,741			313,471			275,647			301,599			285,994			24,747
Other operating expenses	157,424			158,556			142,270			131,600			121,618			35,806
Interest expense	32,807			35,820			35,565			35,851			35,627			(2,820		)
Collateral finance and securitization expense	6,325			6,182			5,133			5,258			6,071			254
Total benefits and expenses	2,452,409			2,636,402			2,335,437			2,428,225			2,335,126			117,283

Operating income before income taxes	177,158			247,113			207,116			213,352			180,489			(3,331		)

Operating income tax expense	56,408			59,163			80,030			83,082			58,711			(2,303		)

Operating income	$	120,750		$	187,950		$	127,086		$	130,270		$	121,778		$	(1,028	)

Wgt. Average Common Shares Outstanding (Diluted)	65,217			66,247			66,882			67,120			68,942			(3,725)

Diluted Earnings Per Share—Operating Income	$	1.85		$	2.84		$	1.90		$	1.94		$	1.77		$	0.08

Foreign currency effect (1):
Net premiums	$	(69,340	)	$	(106,556	)	$	(145,047	)	$	(121,287	)	$	(96,024	)	$	26,684
Operating income before income taxes	$	(9,742	)	$	(18,726	)	$	(15,526	)	$	(8,700	)	$	(11,833	)	$	2,091

(1) Compared to comparable prior year period



		Page 5

Reinsurance Group of America, Incorporated Consolidated Balance Sheets


	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,
(USD thousands)	2016			2015			2015			2015			2015
Assets
Fixed maturity securities, available-for-sale	$	31,148,714		$	29,642,905		$	27,411,788		$	28,063,975		$	25,801,223
Mortgage loans on real estate	3,292,496			3,129,951			3,170,002			3,073,313			2,913,486
Policy loans	1,451,857			1,468,796			1,444,009			1,438,156			1,284,085
Funds withheld at interest	5,797,183			5,880,203			5,675,174			5,840,076			5,841,554
Short-term investments	431,535			558,284			58,200			76,118			89,136
Other invested assets	1,368,544			1,298,120			1,187,504			1,110,107			1,243,033
Total investments	43,490,329			41,978,259			38,946,677			39,601,745			37,172,517
Cash and cash equivalents	1,502,082			1,525,275			1,747,692			1,335,661			1,083,179
Accrued investment income	364,432			339,452			342,088			322,069			283,665
Premiums receivable and other reinsurance balances	1,886,293			1,797,504			1,553,093			1,518,208			1,509,810
Reinsurance ceded receivables	688,491			637,859			661,185			711,463			665,797
Deferred policy acquisition costs	3,490,509			3,392,437			3,311,086			3,299,541			3,286,348
Other assets (1)	764,488			712,366			1,020,138			646,553			665,622
Total assets (1)	$	52,186,624		$	50,383,152		$	47,581,959		$	47,435,240		$	44,666,938

Liabilities and Stockholders’ Equity
Future policy benefits	$	19,811,921		$	19,612,251		$	16,574,783		$	16,773,035		$	14,152,780
Interest-sensitive contract liabilities	14,087,081			13,663,873			13,699,896			13,516,059			12,508,201
Other policy claims and benefits	4,384,072			4,094,640			3,892,036			3,857,610			3,822,699
Other reinsurance balances	397,375			296,899			280,093			311,388			320,950
Deferred income taxes	2,483,584			2,218,328			2,285,066			2,246,086			2,529,733
Other liabilities	1,106,531			1,165,071			1,405,675			1,032,980			1,118,645
Short-term debt	299,739			—			—			—			—
Long-term debt (1)	1,997,970			2,297,548			2,297,592			2,297,629			2,297,761
Collateral finance and securitization notes (1)	899,482			899,161			905,752			917,220			766,144
Total liabilities (1)	45,467,755			44,247,771			41,340,893			40,952,007			37,516,913

Stockholders’ Equity:
Common stock, at par value	791			791			791			791			791
Additional paid-in-capital	1,827,646			1,816,142			1,812,377			1,805,858			1,802,774
Retained earnings	4,668,588			4,620,303			4,482,709			4,425,302			4,339,028
Treasury stock	(1,108,539		)	(1,010,139		)	(961,290		)	(898,082		)	(876,804		)
Accumulated other comprehensive income (AOCI):
Accumulated currency translation adjustment, net of income taxes	(103,418		)	(181,151		)	(119,493		)	(13,989		)	(35,924		)
Unrealized appreciation of securities, net of income taxes	1,482,922			935,697			1,071,990			1,211,056			1,968,697
Pension and postretirement benefits, net of income taxes	(49,121		)	(46,262		)	(46,018		)	(47,703		)	(48,537		)
Total stockholders’ equity	6,718,869			6,135,381			6,241,066			6,483,233			7,150,025
Total liabilities and stockholders’ equity (1)	$	52,186,624		$	50,383,152		$	47,581,959		$	47,435,240		$	44,666,938

Total stockholders’ equity, excluding AOCI	$	5,388,486		$	5,427,097		$	5,334,587		$	5,333,869		$	5,265,789

(1) Effective December 2015, prior period balances have been updated to conform with current period presentation for the adoption of the accounting standard update "Simplifying the Presentation of Debt
Issuance Costs".



		Page 6

Reinsurance Group of America, Incorporated U.S. and Latin America Traditional Segment Pre-tax Operating Income


		Three Months Ended															Current Qtr vs. PY Quarter
		March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,
	(USD thousands)	2016			2015			2015			2015			2015
	Revenues:
	Net premiums	$	1,234,394		$	1,370,745		$	1,150,936		$	1,170,931		$	1,114,094		$	120,300
	Investment income, net of related expenses	165,023			176,174			154,210			163,390			143,005			22,018
	Other revenue	3,500			7,438			6,566			4,567			664			2,836
	Total revenues	1,402,917			1,554,357			1,311,712			1,338,888			1,257,763			145,154

	Benefits and expenses:
	Claims and other policy benefits	1,119,442			1,235,926			1,049,973			1,041,390			1,039,407			80,035
	Interest credited	21,400			21,682			20,999			21,875			12,944			8,456
	Policy acquisition costs and other insurance expenses	177,078			187,277			158,452			169,035			158,567			18,511
	Other operating expenses	31,799			30,482			27,562			27,155			26,529			5,270
	Total benefits and expenses	1,349,719			1,475,367			1,256,986			1,259,455			1,237,447			112,272

	Operating income before income taxes	53,198			78,990			54,726			79,433			20,316			32,882

	Operating to U.S. GAAP Reconciliation:
	Operating income before income taxes	53,198			78,990			54,726			79,433			20,316			32,882
	Investment and derivative (losses) gains - non-operating	(2,100		)	493			926			3,360			(2,473		)	373
	Income before income taxes	$	51,098		$	79,483		$	55,652		$	82,793		$	17,843		$	33,255

	Loss and Expense Ratios:
	Claims and other policy benefits	90.7		%	90.2		%	91.2		%	88.9		%	93.3		%	(2.6		)%
	Policy acquisition costs and other insurance expenses	14.3		%	13.7		%	13.8		%	14.4		%	14.2		%	0.1		%
	Other operating expenses	2.6		%	2.2		%	2.4		%	2.3		%	2.4		%	0.2		%



		Page 7

Reinsurance Group of America, Incorporated U.S. and Latin America Non-Traditional Segment—Asset Intensive Reinsurance Pre-tax Operating Income


	Three Months Ended															Current Qtr vs. PY Quarter
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,
(USD thousands)	2016			2015			2015			2015			2015
Revenues:
Net premiums	$	6,219		$	6,018		$	5,177		$	5,941		$	5,041		$	1,178
Investment income, net of related expenses	112,591			153,504			103,052			152,616			141,470			(28,879		)
Investment related gains (losses), net	—			(1		)	1			—			—			—
Other revenue	22,834			23,238			28,973			26,634			26,544			(3,710		)
Total revenues	141,644			182,759			137,203			185,191			173,055			(31,411		)

Benefits and expenses:
Claims and other policy benefits	19,833			22,605			16,832			19,983			6,726			13,107
Interest credited	33,409			73,168			29,530			69,530			84,672			(51,263		)
Policy acquisition costs and other insurance expenses	37,322			33,099			30,718			34,163			37,005			317
Other operating expenses	5,812			6,291			4,893			5,113			4,318			1,494
Total benefits and expenses	96,376			135,163			81,973			128,789			132,721			(36,345		)

Operating income before income taxes	45,268			47,596			55,230			56,402			40,334			4,934

Operating to U.S. GAAP Reconciliation:
Operating income before income taxes	45,268			47,596			55,230			56,402			40,334			4,934
Investment and derivative gains (losses) - non-operating (1)	24,603			(39,757		)	73,476			(39,497		)	21,787			2,816
Change in value of modified coinsurance and funds withheld embedded derivatives (1)	(90,214		)	(27,897		)	(47,094		)	(26,456		)	147			(90,361		)
GMXB embedded derivatives (1)	(62,940		)	36,437			(95,373		)	50,878			(25,133		)	(37,807		)
Funds withheld gains (losses) - investment income	4,624			(59		)	1,003			2,748			6,367			(1,743		)
EIA embedded derivatives - interest credited	(29,149		)	1,412			10,995			10,488			(10,313		)	(18,836		)
DAC offset, net	76,978			13,142			25,945			1,187			8,951			68,027
Income before income taxes	$	(30,830	)	$	30,874		$	24,182		$	55,750		$	42,140		$	(72,970	)

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



		Page 8

Reinsurance Group of America, Incorporated U.S. and Latin America Non-Traditional Segment—Asset Intensive Reinsurance Pre-tax Operating Income (Cont’d)


	Three Months Ended
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,
(USD millions)	2016			2015			2015			2015			2015
Annuity account values:

Fixed annuities (deferred)	$	5,210		$	4,843		$	4,883		$	5,004		$	4,779

Net interest spread (fixed annuities):	2.1		%	2.7		%	2.5		%	2.5		%	2.3		%

Equity-indexed annuities	$	4,448		$	4,509		$	4,536		$	4,622		$	4,666

Variable annuities:
No riders	$	753		$	782		$	791		$	843		$	864
GMDB only	60			62			63			69			71
GMIB only	5			5			5			5			5
GMAB only	31			33			33			38			41
GMWB only	1,386			1,425			1,426			1,540			1,600
GMDB / WB	349			359			361			391			410
Other	21			22			22			24			26
Total VA account values	$	2,605		$	2,688		$	2,701		$	2,910		$	3,017

Fair value of liabilities associated with living benefit riders	$	255		$	192		$	229		$	134		$	184

Interest-sensitive contract liabilities associated with:

Guaranteed investment contracts	$	368		$	322		$	313		$	325		$	336

Bank-owned life insurance (BOLI)	$	562		$	559		$	556		$	554		$	551

Other asset-intensive business	$	66		$	66		$	67		$	67		$	68

Future policy benefits associated with:

Payout annuities	$	1,949		$	1,960		$	1,919		$	1,952		$	—



		Page 9

Reinsurance Group of America, Incorporated U.S. and Latin America Non-Traditional Segment—Financial Reinsurance Pre-tax Operating Income


	Three Months Ended										Current Qtr vs. PY Quarter
	March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,
(USD thousands)	2016		2015		2015		2015		2015
Revenues:
Investment income, net of related expenses	$	2,607	$	1,702	$	1,438	$	1,194	$	1,145	$	1,462
Other revenue	18,581		19,133		16,446		17,717		15,305		3,276
Total revenues	21,188		20,835		17,884		18,911		16,450		4,738

Benefits and expenses:
Policy acquisition costs and other insurance expenses	2,568		2,720		2,535		2,522		2,416		152
Other operating expenses	2,686		2,179		3,276		1,746		1,669		1,017
Total benefits and expenses	5,254		4,899		5,811		4,268		4,085		1,169

Operating income before income taxes	15,934		15,936		12,073		14,643		12,365		3,569

Operating to U.S. GAAP Reconciliation:
Operating income before income taxes	15,934		15,936		12,073		14,643		12,365		3,569
Investment and derivative gains (losses) - non-operating	—		—		—		—		—		—
Income before income taxes	$	15,934	$	15,936	$	12,073	$	14,643	$	12,365	$	3,569



		Page 10

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

	Three Months Ended															Current Qtr vs. PY Quarter
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,
(USD thousands)	2016			2015			2015			2015			2015
Revenues:
Net premiums	$	215,463		$	201,384		$	200,000		$	224,960		$	212,550		$	2,913
Investment income, net of related expenses	41,664			43,125			43,283			45,497			44,405			(2,741		)
Investment related gains (losses), net	1,268			1,286			1,109			1,110			939			329
Other revenue	(1,126		)	1,131			767			(454		)	1,556			(2,682		)
Total revenues	257,269			246,926			245,159			271,113			259,450			(2,181		)

Benefits and expenses:
Claims and other policy benefits	172,401			148,543			152,640			185,742			183,534			(11,133		)
Interest credited	2			4			5			5			4			(2		)
Policy acquisition costs and other insurance expenses	57,138			43,226			46,581			53,371			49,551			7,587
Other operating expenses	8,364			10,067			8,140			8,236			9,188			(824		)
Total benefits and expenses	237,905			201,840			207,366			247,354			242,277			(4,372		)

Operating income before income taxes	19,364			45,086			37,793			23,759			17,173			2,191

Operating to U.S. GAAP Reconciliation:
Operating income before income taxes	19,364			45,086			37,793			23,759			17,173			2,191
Investment and derivative gains (losses) - non-operating	372			(259		)	(4,930		)	(1,277		)	519			(147		)
Funds withheld gains (losses) - investment income	359			(187		)	1,209			254			5,035			(4,676		)
Income before income taxes	$	20,095		$	44,640		$	34,072		$	22,736		$	22,727		$	(2,632	)

Loss and Expense Ratios:
Loss ratios (creditor business)	25.4		%	28.2		%	34.4		%	31.8		%	29.5		%	(4.1		)%
Loss ratios (excluding creditor business)	98.6		%	82.5		%	86.6		%	95.9		%	101.2		%	(2.6		)%
Claims and other policy benefits / (net premiums + investment income)	67.0		%	60.8		%	62.7		%	68.7		%	71.4		%	(4.4		)%
Policy acquisition costs and other insurance expenses (creditor business)	81.6		%	66.2		%	62.1		%	64.0		%	63.0		%	18.6		%
Policy acquisition costs and other insurance expenses (excluding creditor business)	9.0		%	12.9		%	13.7		%	13.2		%	12.9		%	(3.9		)%
Other operating expenses	3.9		%	5.0		%	4.1		%	3.7		%	4.3		%	(0.4		)%

Foreign currency effect (1):
Net premiums	$	(22,010	)	$	(35,018	)	$	(40,371	)	$	(28,850	)	$	(26,121	)	$	4,111
Operating income before income taxes	$	(3,701	)	$	(7,795	)	$	(7,644	)	$	(3,065	)	$	(2,147	)	$	(1,554	)

Creditor reinsurance net premiums	$	34,791		$	32,484		$	39,462		$	46,629		$	44,054		$	(9,263	)

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) Compared to comparable prior year period



		Page 11

Reinsurance Group of America, Incorporated Canadian Non-Traditional Segment Pre-tax Operating Income (1)

	Three Months Ended															Current Qtr vs. PY Quarter
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,
(USD thousands)	2016			2015			2015			2015			2015
Revenues:
Net premiums	$	8,951		$	9,002		$	9,275		$	9,725		$	9,967		$	(1,016	)
Investment income, net of related expenses	384			328			230			328			550			(166		)
Other revenue	1,349			1,332			1,535			1,405			1,357			(8		)
Total revenues	10,684			10,662			11,040			11,458			11,874			(1,190		)

Benefits and expenses:
Claims and other policy benefits	9,604			6,708			7,340			7,904			7,299			2,305
Policy acquisition costs and other insurance expenses	204			145			152			148			107			97
Other operating expenses	284			389			291			312			337			(53		)
Total benefits and expenses	10,092			7,242			7,783			8,364			7,743			2,349

Operating income (loss) before income taxes	592			3,420			3,257			3,094			4,131			(3,539		)

Operating to U.S. GAAP Reconciliation:
Operating income before income taxes	592			3,420			3,257			3,094			4,131			(3,539		)
Investment and derivative gains (losses) - non-operating	—			—			—			—			—			—
Income before income taxes	$	592		$	3,420		$	3,257		$	3,094		$	4,131		$	(3,539	)

Foreign currency effect (2):
Net premiums	$	(915	)	$	(1,570	)	$	(1,872	)	$	(1,234	)	$	(1,302	)	$	387
Operating income (loss) before income taxes	$	(575	)	$	(623	)	$	(659	)	$	(397	)	$	(251	)	$	(324	)


(1) The Canadian non-traditional segment includes longevity and financial reinsurance.
(2) Compared to comparable prior year period



		Page 12

Reinsurance Group of America, Incorporated Europe, Middle East and Africa Traditional Segment Pre-tax Operating Income

	Three Months Ended															Current Qtr vs. PY Quarter
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,
(USD thousands)	2016			2015			2015			2015			2015
Revenues:
Net premiums	$	276,435		$	299,938		$	276,111		$	275,745		$	269,746		$	6,689
Investment income, net of related expenses	12,168			14,123			12,066			13,092			12,089			79
Investment related gains (losses), net	—			7,527			(7,167		)	(4,509		)	12,208			(12,208		)
Other revenue	1,026			5,380			3,051			(136		)	1,140			(114		)
Total revenues	289,629			326,968			284,061			284,192			295,183			(5,554		)

Benefits and expenses:
Claims and other policy benefits	251,243			260,874			232,473			240,942			235,307			15,936
Interest credited	—			8,126			(6,798		)	(4,048		)	12,349			(12,349		)
Policy acquisition costs and other insurance expenses	14,782			19,171			17,680			14,183			12,008			2,774
Other operating expenses	24,725			25,938			25,085			23,956			25,086			(361		)
Total benefits and expenses	290,750			314,109			268,440			275,033			284,750			6,000

Operating income (loss) before income taxes	(1,121		)	12,859			15,621			9,159			10,433			(11,554		)

Operating to U.S. GAAP Reconciliation:
Operating income (loss) before income taxes	(1,121		)	12,859			15,621			9,159			10,433			(11,554		)
Investment and derivative gains (losses) - non-operating	5			—			289			—			49			(44		)
Income (loss) before income taxes	$	(1,116	)	$	12,859		$	15,910		$	9,159		$	10,482		$	(11,598	)

Loss and Expense Ratios:
Claims and other policy benefits	90.9		%	87.0		%	84.2		%	87.4		%	87.2		%	3.7		%
Policy acquisition costs and other insurance expenses	5.3		%	6.4		%	6.4		%	5.1		%	4.5		%	0.8		%
Other operating expenses	8.9		%	8.6		%	9.1		%	8.7		%	9.3		%	(0.4		)%

Foreign currency effect (1):
Net premiums	$	(23,009	)	$	(24,499	)	$	(29,879	)	$	(35,426	)	$	(29,430	)	$	6,421
Operating income (loss) before income taxes	$	(194	)	$	(1,285	)	$	(716	)	$	(770	)	$	(1,301	)	$	1,107

Critical illness net premiums	$	53,643		$	58,610		$	58,069		$	58,278		$	58,219		$	(4,576	)

(1) Compared to comparable prior year period



		Page 13

Reinsurance Group of America, Incorporated Europe, Middle East and Africa Non-Traditional Segment Pre-tax Operating Income (1)

	Three Months Ended															Current Qtr vs. PY Quarter
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,
(USD thousands)	2016			2015			2015			2015			2015
Revenues:
Net premiums	$	35,606		$	47,152		$	44,584		$	50,234		$	29,860		$	5,746
Investment income, net of related expenses	28,276			23,468			17,305			15,782			16,877			11,399
Other revenue	3,653			6,758			6,953			9,694			7,640			(3,987		)
Total revenues	67,535			77,378			68,842			75,710			54,377			13,158

Benefits and expenses:
Claims and other policy benefits	36,443			52,064			37,923			39,849			32,081			4,362
Policy acquisition costs and other insurance expenses	(193		)	(325		)	(511		)	266			(530		)	337
Other operating expenses	5,674			6,860			2,592			3,761			4,191			1,483
Total benefits and expenses	41,924			58,599			40,004			43,876			35,742			6,182

Operating income before income taxes	25,611			18,779			28,838			31,834			18,635			6,976

Operating to U.S. GAAP Reconciliation:
Operating income before income taxes	25,611			18,779			28,838			31,834			18,635			6,976
Investment and derivative gains (losses) - non-operating	(1,004		)	9,261			8			50			851			(1,855		)
Investment income on unit-linked variable annuities	408			—			—			—			—			408
Interest credited on unit-linked variable annuities	(408		)	—			—			—			—			(408		)
Non-investment derivatives	817			105			388			(452		)	148			669
Income before income taxes	$	25,424		$	28,145		$	29,234		$	31,432		$	19,634		$	5,790

Foreign currency effect (2):
Net premiums	$	(2,022	)	$	(2,062	)	$	(3,394	)	$	(4,779	)	$	(2,327	)	$	305
Operating income before income taxes	$	(1,978	)	$	(1,441	)	$	(2,780	)	$	(4,214	)	$	(2,393	)	$	415

(1) The Europe, Middle East and Africa non-traditional segment includes asset intensive, financial reinsurance, capital motivated and longevity closed block business.
(2) Compared to comparable prior year period



		Page 14

Reinsurance Group of America, Incorporated Asia Pacific Traditional Segment Pre-tax Operating Income


	Three Months Ended															Current Qtr vs. PY Quarter
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,
(USD thousands)	2016			2015			2015			2015			2015
Revenues:
Net premiums	$	374,142		$	388,663		$	400,322		$	390,456		$	372,145		$	1,997
Investment income, net of related expenses	19,867			20,276			19,626			20,043			20,604			(737		)
Investment related gains (losses), net	(2		)	—			—			—			—			(2		)
Other revenue	176			553			3,728			815			1,126			(950		)
Total revenues	394,183			409,492			423,676			411,314			393,875			308
Benefits and expenses:
Claims and other policy benefits	274,298			284,269			333,739			325,667			265,309			8,989
Policy acquisition costs and other insurance expenses	44,367			49,747			41,982			49,335			46,912			(2,545		)
Other operating expenses	34,374			39,767			34,973			31,997			29,006			5,368
Interest expense	—			—			—			—			—			—
Total benefits and expenses	353,039			373,783			410,694			406,999			341,227			11,812

Operating income before income taxes	41,144			35,709			12,982			4,315			52,648			(11,504		)

Operating to U.S. GAAP Reconciliation:
Operating income before income taxes	41,144			35,709			12,982			4,315			52,648			(11,504		)
Investment and derivative gains (losses) - non-operating	16			1,706			(1,706		)	—			—			16
Income before income taxes	$	41,160		$	37,415		$	11,276		$	4,315		$	52,648		$	(11,488	)

Loss and Expense Ratios:
Claims and other policy benefits	73.3		%	73.1		%	83.4		%	83.4		%	71.3		%	2.0		%
Policy acquisition costs and other insurance expenses	11.9		%	12.8		%	10.5		%	12.6		%	12.6		%	(0.7		)%
Other operating expenses	9.2		%	10.2		%	8.7		%	8.2		%	7.8		%	1.4		%

Foreign currency effect (1):
Net premiums	$	(21,627	)	$	(43,034	)	$	(69,139	)	$	(50,842	)	$	(35,158	)	$	13,531
Operating income before income taxes	$	(2,748	)	$	(4,204	)	$	(601	)	$	1,533		$	(4,762	)	$	2,014

Critical illness net premiums	$	98,389		$	81,271		$	86,341		$	75,120		$	69,867		$	28,522

(1) Compared to comparable prior year period



		Page 15

Reinsurance Group of America, Incorporated Asia Pacific Non-Traditional Segment Pre-tax Operating Income (1)


	Three Months Ended														Current Qtr vs. PY Quarter
	March 31,		Dec. 31,			Sept. 30,			June 30,			March 31,
(USD thousands)	2016		2015			2015			2015			2015
Revenues:
Net premiums	$	5,686	$	5,487		$	2,807		$	898		$	10,282		$	(4,596	)
Investment income, net of related expenses	6,374		6,659			4,482			3,888			3,649			2,725
Investment related gains (losses), net	576		654			706			507			501			75
Other revenue	6,324		5,698			4,306			3,839			5,117			1,207
Total revenues	18,960		18,498			12,301			9,132			19,549			(589		)
Benefits and expenses:
Claims and other policy benefits	3,473		4,951			903			4,706			5,735			(2,262		)
Interest Credited	3,030		3,095			1,023			169			184			2,846
Policy acquisition costs and other insurance expenses	1,287		1,297			292			419			546			741
Other operating expenses	3,728		3,705			3,790			3,187			2,960			768
Total benefits and expenses	11,518		13,048			6,008			8,481			9,425			2,093

Operating income before income taxes	7,442		5,450			6,293			651			10,124			(2,682		)

Operating to U.S. GAAP Reconciliation:
Operating income before income taxes	7,442		5,450			6,293			651			10,124			(2,682		)
Investment and derivative gains (losses) - non-operating	1,111		17			(881		)	(2,056		)	21			1,090
Income (loss) before income taxes	$	8,553	$	5,467		$	5,412		$	(1,405	)	$	10,145		$	(1,592	)

Foreign currency effect (2):
Net premiums	$	243	$	(373	)	$	(392	)	$	(156	)	$	(1,686	)	$	1,929
Operating income (loss) before income taxes	$	323	$	(774	)	$	(1,719	)	$	(614	)	$	(451	)	$	774

(1) The Asia Pacific non-traditional segment includes asset intensive, financial reinsurance, and disabled life closed block business.
(2) Compared to comparable prior year period



		Page 16

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


	Three Months Ended															Current Qtr vs. PY Quarter
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,
(USD thousands)	2016			2015			2015			2015			2015
Revenues:
Net premiums	$	109		$	112		$	133		$	153		$	167		$	(58	)
Investment income, net of related expenses	22,921			28,355			31,693			31,707			31,695			(8,774		)
Investment related gains (losses), net	493			523			519			460			447			46
Other revenue	2,035			6,650			(1,670		)	3,348			1,730			305
Total revenues	25,558			35,640			30,675			35,668			34,039			(8,481		)

Benefits and expenses:
Claims and other policy benefits	27			(11		)	(4		)	—			53			(26		)
Interest credited	507			369			244			203			212			295
Policy acquisition costs and other insurance expenses	(23,812		)	(22,886		)	(22,234		)	(21,843		)	(20,588		)	(3,224		)
Other operating expenses	39,978			32,878			31,668			26,137			18,334			21,644
Interest expense	32,807			35,820			35,565			35,851			35,627			(2,820		)
Collateral finance and securitization expense	6,325			6,182			5,133			5,258			6,071			254
Total benefits and expenses	55,832			52,352			50,372			45,606			39,709			16,123

Operating income (loss) before income taxes	(30,274		)	(16,712		)	(19,697		)	(9,938		)	(5,670		)	(24,604		)

Operating to U.S. GAAP Reconciliation:
Operating income (loss) before income taxes	(30,274		)	(16,712		)	(19,697		)	(9,938		)	(5,670		)	(24,604		)
Investment and derivative gains (losses) - non-operating	6,930			(34,799		)	(31,229		)	1,252			(2,280		)	9,210
Non-investment derivatives	14			15			(5		)	(41		)	(40		)	54
Income (loss) before income taxes	$	(23,330	)	$	(51,496	)	$	(50,931	)	$	(8,727	)	$	(7,990	)	$	(15,340	)

Foreign currency effect (1):
Operating income (loss) before income taxes	$	(868	)	$	(2,604	)	$	(1,407	)	$	(1,173	)	$	(528	)	$	(340	)

(1) Compared to comparable prior year period



		Page 17

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


	Three Months Ended															Current Qtr vs. PY Quarter
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,
(USD thousands)	2016			2015			2015			2015			2015
U.S. and Latin America:
Traditional	$	53,198		$	78,990		$	54,726		$	79,433		$	20,316		$	32,882
Non-Traditional:
Asset Intensive	45,268			47,596			55,230			56,402			40,334			4,934
Financial Reinsurance	15,934			15,936			12,073			14,643			12,365			3,569
Total U.S. and Latin America	114,400			142,522			122,029			150,478			73,015			41,385
Canada:
Canadian Traditional	19,364			45,086			37,793			23,759			17,173			2,191
Canadian Non-Traditional	592			3,420			3,257			3,094			4,131			(3,539		)
Total Canadian	19,956			48,506			41,050			26,853			21,304			(1,348		)
Europe, Middle East and Africa:
Europe, Middle East and Africa Traditional	(1,121		)	12,859			15,621			9,159			10,433			(11,554		)
Europe, Middle East and Africa Non-Traditional	25,611			18,779			28,838			31,834			18,635			6,976
Total Europe, Middle East and Africa	24,490			31,638			44,459			40,993			29,068			(4,578		)
Asia Pacific:
Asia Pacific Traditional	41,144			35,709			12,982			4,315			52,648			(11,504		)
Asia Pacific Non-Traditional	7,442			5,450			6,293			651			10,124			(2,682		)
Total Asia Pacific	48,586			41,159			19,275			4,966			62,772			(14,186		)
Corporate and Other	(30,274		)	(16,712		)	(19,697		)	(9,938		)	(5,670		)	(24,604		)
Consolidated	$	177,158		$	247,113		$	207,116		$	213,352		$	180,489		$	(3,331	)



		Page 18

Reinsurance Group of America, Incorporated Investments (USD thousands) Cash and Invested Assets

	March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,
	2016		2015		2015		2015		2015
Fixed maturity securities, available-for-sale	$	31,148,714	$	29,642,905	$	27,411,788	$	28,063,975	$	25,801,223
Mortgage loans on real estate	3,292,496		3,129,951		3,170,002		3,073,313		2,913,486
Policy loans	1,451,857		1,468,796		1,444,009		1,438,156		1,284,085
Funds withheld at interest	5,797,183		5,880,203		5,675,174		5,840,076		5,841,554
Short-term investments	431,535		558,284		58,200		76,118		89,136
Other invested assets	1,368,544		1,298,120		1,187,504		1,110,107		1,243,033
Cash and cash equivalents	1,502,082		1,525,275		1,747,692		1,335,661		1,083,179
Total cash and invested assets	$	44,992,411	$	43,503,534	$	40,694,369	$	40,937,406	$	38,255,696

Investment Income and Yield Summary


	Three Months Ended																Current Qtr vs. PY Quarter
	March 31,			Dec. 31,				Sept. 30,			June 30,			March 31,
	2016			2015				2015			2015			2015
Average invested assets at amortized cost (1)	$	22,379,003		$	21,552,560			$	20,988,046		$	21,029,197		$	21,073,262		$	1,305,741
Net investment income (1)	$	245,299		$	262,660			$	240,168		$	252,131		$	247,239		$	(1,940	)
Annualized investment yield (ratio of net investment income to average invested assets) (1)	4.46		%	4.96		%	(2)	4.66		%	4.88		%	4.78		%	(0.32		)%

(1) Excludes spread-related business (e.g. coinsurance of annuities)
(2) Includes the cumulative effect of income related to a funds withheld transaction executed in the fourth quarter of 2015 retroactive to the beginning of the year.



		Page 19

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)

March 31, 2016
	Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value		% of Total		Other-than- temporary Impairment in AOCI
Available-for-sale:
Corporate securities	$	17,926,454	$	872,226	$	286,632	$	18,512,048	59.5	%	$	—
Canadian and Canadian provincial governments	2,611,654		1,269,576		113		3,881,117		12.5	%	—
Residential mortgage-backed securities	1,330,894		61,124		11,121		1,380,897		4.4	%	(300		)
Asset-backed securities	1,319,616		10,462		40,697		1,289,381		4.1	%	354
Commercial mortgage-backed securities	1,466,500		47,907		6,224		1,508,183		4.8	%	(1,609		)
U.S. government and agencies	1,469,170		40,859		2,949		1,507,080		4.8	%	—
State and political subdivisions	506,521		53,761		8,039		552,243		1.8	%	—
Other foreign government, supranational, and foreign
government-sponsored enterprises	2,404,465		134,991		21,691		2,517,765		8.1	%	—
Total fixed maturity securities	$	29,035,274	$	2,490,906	$	377,466	$	31,148,714	100.0	%	$	(1,555	)

Non-redeemable preferred stock	83,427		2,768		8,110		78,085		66.2	%
Other equity securities	40,595		150		954		39,791		33.8	%
Total equity securities	$	124,022	$	2,918	$	9,064	$	117,876	100.0	%



December 31, 2015
	Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value		% of Total		Other-than- temporary Impairment in AOCI
Available-for-sale:
Corporate securities	$	17,575,507	$	599,718	$	467,069	$	17,708,156	59.7	%	$	—
Canadian and Canadian provincial governments	2,469,009		1,110,282		2,532		3,576,759		12.1	%	—
Residential mortgage-backed securities	1,277,998		45,152		11,673		1,311,477		4.4	%	(300		)
Asset-backed securities	1,219,000		12,052		18,376		1,212,676		4.1	%	354
Commercial mortgage-backed securities	1,456,848		37,407		11,168		1,483,087		5.0	%	(1,609		)
U.S. government and agencies	1,423,791		15,586		57,718		1,381,659		4.7	%	—
State and political subdivisions	480,067		40,014		9,067		511,014		1.7	%	—
Other foreign government, supranational, and foreign
government-sponsored enterprises	2,420,757		78,964		41,644		2,458,077		8.3	%	—
Total fixed maturity securities	$	28,322,977	$	1,939,175	$	619,247	$	29,642,905	100.0	%	$	(1,555	)

Non-redeemable preferred stock	85,645		7,837		5,962		87,520		69.5	%
Other equity securities	40,584		—		2,242		38,342		30.5	%
Total equity securities	$	126,229	$	7,837	$	8,204	$	125,862	100.0	%



		Page 20

Reinsurance Group of America, Incorporated Investments (USD thousands) Corporate Fixed Maturities Securities by Sector (Excludes Funds Withheld Portfolios)

	March 31, 2016							December 31, 2015
	Amortized Cost		Estimated Fair Value		% of Total		Average Credit Ratings (1)	Amortized Cost		Estimated Fair Value		% of Total		Average Credit Ratings (1)
Financial Institutions
Banking	$	3,733,773	$	3,846,427	20.8	%	A-	$	3,557,406	$	3,641,125	20.5	%	A-
Brokerage/Asset Managers/Exchanges	350,046		368,180		2.0	%	A	315,848		327,477		1.8	%	A
Finance Comp.	129,569		136,228		0.7	%	A+	68,996		70,947		0.4	%	BBB-
Insurance	983,516		1,028,954		5.6	%	A-	877,691		908,752		5.1	%	A-
REITs	528,458		550,748		3.0	%	BBB+	524,424		540,120		3.1	%	BBB+
Other Finance	93,065		95,692		0.5	%	A-	64,426		66,623		0.4	%	A-
Total Financial Institutions	$	5,818,427	$	6,026,229	32.6	%		$	5,408,791	$	5,555,044	31.3	%
Industrials
Basic	886,104		893,615		4.8	%	BBB	937,498		894,466		5.1	%	BBB
Capital Goods	1,035,072		1,059,334		5.7	%	BBB+	1,090,670		1,091,523		6.2	%	BBB+
Communications	1,896,209		1,976,463		10.7	%	BBB	1,891,983		1,912,375		10.8	%	BBB
Consumer Cyclical	1,017,827		1,058,980		5.7	%	BBB+	1,015,183		1,028,521		5.8	%	BBB+
Consumer Noncyclical	1,755,889		1,868,001		10.1	%	A-	1,762,018		1,805,347		10.2	%	A-
Energy	2,063,974		1,984,701		10.7	%	BBB+	2,064,824		1,922,366		10.9	%	BBB+
Technology	584,895		606,664		3.3	%	A-	569,174		574,280		3.2	%	A-
Transportation	790,074		822,320		4.4	%	A-	763,055		777,939		4.4	%	A-
Other Industrial	117,869		126,023		0.7	%	BBB+	117,021		123,100		0.7	%	BBB+
Total Industrials	$	10,147,913	$	10,396,101	56.1	%		$	10,211,426	$	10,129,917	57.3	%
Utilities
Electric	1,379,353		1,471,990		8.0	%	BBB+	1,395,335		1,444,368		8.2	%	BBB+
Natural Gas	340,431		357,469		1.9	%	A-	315,826		323,206		1.8	%	A-
Other Utility	240,330		260,259		1.4	%	A-	244,129		255,621		1.4	%	A-
Total Utilities	$	1,960,114	$	2,089,718	11.3	%		$	1,955,290	$	2,023,195	11.4	%
Total	$	17,926,454	$	18,512,048	100.0	%	BBB+	$	17,575,507	$	17,708,156	100.0	%	BBB+

(1) The Average Credit Rating designations are based on the weighted average ratings from nationally recognized rating organizations, primarily those assigned by S&P. In instances where a S&P rating is not available, the Company will reference the rating provided by Moody’s, and in the absence of both the Company will assign equivalent ratings based on information from the NAIC.



		Page 21

Reinsurance Group of America, Incorporated

Investments

(USD thousands)

Ratings of Fixed Maturity Securities (Excludes Funds Withheld Portfolios)

		March 31, 2016						December 31, 2015						September 30, 2015						June 30, 2015						March 31, 2015
NAIC Designation (1)	Rating Agency Designation (2)	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/AA/A	$	18,511,837	$	20,516,462	65.9	%	$	17,801,017	$	19,231,535	64.8	%	$	16,479,884	$	18,012,729	65.7	%	$	16,880,974	$	18,443,284	65.7	%	$	14,515,363	$	16,887,466	65.4	%
2	BBB	8,813,991		9,005,192		28.9	%	8,838,444		8,830,172		29.8	%	7,567,172		7,691,301		28.1	%	7,686,514		7,881,514		28.1	%	6,957,089		7,450,140		28.9	%
3	BB	1,096,165		1,057,763		3.4	%	1,054,449		1,001,614		3.4	%	1,061,245		1,015,762		3.7	%	932,629		950,069		3.4	%	799,090		825,796		3.2	%
4	B	402,872		372,795		1.2	%	399,417		359,591		1.2	%	414,775		389,089		1.4	%	510,894		504,272		1.8	%	419,277		404,081		1.6	%
5	CCC	178,537		165,491		0.5	%	207,351		197,498		0.7	%	261,015		246,211		0.9	%	246,203		242,930		0.9	%	219,271		214,370		0.8	%
6	In or near default	31,872		31,011		0.1	%	22,299		22,495		0.1	%	60,704		56,696		0.2	%	48,118		41,906		0.1	%	23,626		19,370		0.1	%
	Total	$	29,035,274	$	31,148,714	100.0	%	$	28,322,977	$	29,642,905	100.0	%	$	25,844,795	$	27,411,788	100.0	%	$	26,305,332	$	28,063,975	100.0	%	$	22,933,716	$	25,801,223	100.0	%

(1) Structured securities held by the Company’s insurance subsidiaries that maintain the National Association of Insurance Commissioners (NAIC) statutory basis of accounting that meet the definition of SSAP No. 43R utilize the NAIC rating methodology. All other securities will continue to utilize the Nationally Recognized Statistical Rating Organizations (NRSRO) ratings, as available, or equivalent rating based on information from the NAIC.
(2) The Rating Agency Designation includes all “+” or “-” at that rating level (e. g. ‘BBB’ includes ‘BBB+’, ‘BBB’, and ‘BBB-’).

Structured Fixed Maturity Securities

	March 31, 2016				December 31, 2015				September 30, 2015				June 30, 2015				March 31, 2015
	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	$	593,662	$	642,617	$	602,524	$	634,077	$	614,272	$	657,066	$	626,139	$	656,940	$	644,367	$	692,101
Non-agency	737,232		738,280		675,474		677,400		619,886		626,394		528,593		533,939		428,048		435,573
Total residential mortgage-backed securities	1,330,894		1,380,897		1,277,998		1,311,477		1,234,158		1,283,460		1,154,732		1,190,879		1,072,415		1,127,674
Commercial mortgage-backed securities	1,466,500		1,508,183		1,456,848		1,483,087		1,441,845		1,491,951		1,471,419		1,525,469		1,448,372		1,534,274
Asset-backed securities	1,319,616		1,289,381		1,219,000		1,212,676		1,055,760		1,061,372		1,051,093		1,062,624		1,082,883		1,098,112
Total	$	4,117,010	$	4,178,461	$	3,953,846	$	4,007,240	$	3,731,763	$	3,836,783	$	3,677,244	$	3,778,972	$	3,603,670	$	3,760,060



		Page 22

Reinsurance Group of America, Incorporated Investments (USD thousands) Gross Unrealized Losses Aging Fixed Maturity Securities

	March 31, 2016				December 31, 2015				September 30, 2015				June 30, 2015				March 31, 2015
	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%	$	272,450	70.5	%	$	458,676	73.1	%	$	359,324	79.5	%	$	369,658	94.0	%	$	71,886	72.3	%
20% or more for less than six months	68,067		17.6	%	140,568		22.4	%	69,197		15.3	%	9,253		2.3	%	14,581		14.7	%
20% or more for six months or greater	36,949		9.6	%	20,003		3.2	%	14,480		3.2	%	10,328		2.6	%	11,546		11.6	%
Total	$	377,466	97.7	%	$	619,247	98.7	%	$	443,001	98.0	%	$	389,239	98.9	%	$	98,013	98.6	%

Equity Securities

	March 31, 2016				December 31, 2015				September 30, 2015				June 30, 2015				March 31, 2015
	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%	$	2,678	0.7	%	$	4,433	0.7	%	$	4,127	0.9	%	$	3,654	0.9	%	$	712	0.7	%
20% or more for less than six months	1,672		0.4	%	1,927		0.3	%	3,687		0.8	%	948		0.2	%	737		0.7	%
20% or more for six months or greater	4,714		1.2	%	1,844		0.3	%	1,243		0.3	%	—		0.0	%	—		0.0	%
Total	$	9,064	2.3	%	$	8,204	1.3	%	$	9,057	2.0	%	$	4,602	1.1	%	$	1,449	1.4	%



		Page 23

Reinsurance Group of America, Incorporated Investments (USD thousands) Fixed Maturities and Equity Securities Below Amortized Cost (Excludes Funds Withheld Portfolios)

	As of March 31, 2016
	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	$	2,082,050	$	79,986	$	1,557,209	$	112,210	$	3,639,259	$	192,196
Canadian and Canadian provincial governments	49,560		113		—		—		49,560		113
Residential mortgage-backed securities	217,618		5,773		104,341		4,456		321,959		10,229
Asset-backed securities	629,257		25,390		237,331		12,243		866,588		37,633
Commercial mortgage-backed securities	256,118		3,936		52,341		1,995		308,459		5,931
U.S. government and agencies	129,048		801		70,288		2,148		199,336		2,949
State and political subdivisions	14,632		510		55,295		7,529		69,927		8,039
Other foreign government, supranational, and foreign government-sponsored enterprises	107,785		3,274		115,085		5,922		222,870		9,196
Investment grade securities	3,486,068		119,783		2,191,890		146,503		5,677,958		266,286

Below investment grade securities:
Corporate securities	573,014		65,766		137,674		28,670		710,688		94,436
Residential mortgage-backed securities	22,774		411		10,445		481		33,219		892
Asset-backed securities	6,506		1,368		8,818		1,696		15,324		3,064
Commercial mortgage-backed securities	—		—		3,207		293		3,207		293
Other foreign government, supranational, and foreign government-sponsored enterprises	36,134		2,482		58,897		10,013		95,031		12,495
Below investment grade securities	638,428		70,027		219,041		41,153		857,469		111,180
Total fixed maturity securities	$	4,124,496	$	189,810	$	2,410,931	$	187,656	$	6,535,427	$	377,466

Non-redeemable preferred stock	15,334		356		22,821		7,754		38,155		8,110
Other equity securities	13,263		702		11,649		252		24,912		954
Total equity securities	$	28,597	$	1,058	$	34,470	$	8,006	$	63,067	$	9,064






	As of December 31, 2015
	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	$	6,388,148	$	323,961	$	294,755	$	40,861	$	6,682,903	$	364,822
Canadian and Canadian provincial governments	122,746		2,532		—		—		122,746		2,532
Residential mortgage-backed securities	452,297		7,036		82,314		4,057		534,611		11,093
Asset-backed securities	581,701		9,825		199,298		7,100		780,999		16,925
Commercial mortgage-backed securities	514,877		9,806		31,177		997		546,054		10,803
U.S. government and agencies	1,010,387		57,718		—		—		1,010,387		57,718
State and political subdivisions	157,837		5,349		13,016		3,718		170,853		9,067
Other foreign government, supranational, and foreign government-sponsored enterprises	702,962		18,279		38,379		4,206		741,341		22,485
Investment grade securities	9,930,955		434,506		658,939		60,939		10,589,894		495,445

Below investment grade securities:
Corporate securities	554,688		71,171		114,427		31,076		669,115		102,247
Residential mortgage-backed securities	22,646		282		7,679		298		30,325		580
Asset-backed securities	6,772		201		9,335		1,250		16,107		1,451
Commercial mortgage-backed securities	3,253		248		767		117		4,020		365
Other foreign government, supranational, and foreign government-sponsored enterprises	60,668		7,356		31,693		11,803		92,361		19,159
Below investment grade securities	648,027		79,258		163,901		44,544		811,928		123,802
Total fixed maturity securities	$	10,578,982	$	513,764	$	822,840	$	105,483	$	11,401,822	$	619,247

Non-redeemable preferred stock	12,331		2,175		12,191		3,787		24,522		5,962
Other equity securities	38,327		2,242		—		—		38,327		2,242
Total equity securities	$	50,658	$	4,417	$	12,191	$	3,787	$	62,849	$	8,204



		Page 24

Reinsurance Group of America, Incorporated Investments (USD thousands) Consolidated Investment Related Gains and Losses


	Three Months Ended															Current Qtr vs. PY Quarter
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,
	2016			2015			2015			2015			2015
Fixed Maturity and Equity Securities:
Other-than-temporary impairment losses on fixed maturities	$	(33,817	)	$	(27,605	)	$	(23,111	)	$	(4,137	)	$	(2,527	)	$	(31,290	)
Gain on investment activity	27,192			20,077			13,792			20,009			19,201			7,991
Loss on investment activity	(11,787		)	(21,636		)	(22,186		)	(14,475		)	(13,596		)	1,809
Net gain/(loss) on fixed maturity and equity securities	(18,412		)	(29,164		)	(31,505		)	1,397			3,078			(21,490		)

Other impairment losses and change in mortgage loan provision	(2,060		)	(2,292		)	(636		)	143			(4,168		)	2,108
Other non-derivative gain/(loss), net	4,057			11,824			(2,006		)	976			17,375			(13,318		)

Free-standing Derivatives:
Credit default swaps	3,346			1,253			(8,407		)	(187		)	2,658			688
Interest rate swaps - non-hedged	62,527			(9,271		)	42,014			(41,729		)	29,344			33,183
Interest rate swaps - hedged	—			—			—			—			7			(7		)
Foreign currency swaps - hedged (1)	(4,562		)	2,983			(2,135		)	—			—			(4,562		)
Futures	(11,051		)	(6,822		)	16,655			(2,183		)	(7,331		)	(3,720		)
CPI swaps	(180		)	(55		)	(250		)	168			(71		)	(109		)
Equity options	(2,703		)	(21,376		)	15,149			(2,605		)	(8,067		)	5,364
Currency forwards	2,500			(214		)	707			(1,433		)	(220		)	2,720
Bond forwards	841			(911		)	610			1,495			(840		)	1,681
Interest rate options	—			—			—			—			3,276			(3,276		)
Total free-standing derivatives	50,718			(34,413		)	64,343			(46,474		)	18,756			31,962

Embedded Derivatives:
Modified coinsurance and funds withheld treaties	(92,249		)	(27,201		)	(46,169		)	(23,098		)	(2,325		)	(89,924		)
GMXB	(62,940		)	36,437			(95,373		)	50,878			(25,133		)	(37,807		)
Total embedded derivatives	(155,189		)	9,236			(141,542		)	27,780			(27,458		)	(127,731		)

Net gain/(loss) on total derivatives	(104,471		)	(25,177		)	(77,199		)	(18,694		)	(8,702		)	(95,769		)

Total investment related gains / (losses), net	$	(120,886	)	$	(44,809	)	$	(111,346	)	$	(16,178	)	$	7,583		$	(128,469	)
(1)The company recognizes gains and losses on derivatives and the related hedged items in fair value hedges within net gains/(losses) on total derivatives.



		Page 25

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