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

Attached files

file	filename
EX-99.1 - EXHIBIT 99.1 - REINSURANCE GROUP OF AMERICA INC	pressrelease3q16.htm
8-K - 8-K - REINSURANCE GROUP OF AMERICA INC	prqfs3q16.htm

Exhibit 99.2

Financial Supplement

Third Quarter 2016

(Unaudited)



World Headquarters	Internet Address	Contacts
16600 Swingley Ridge Road	www.rgare.com	Todd C. Larson
Chesterfield, Missouri 63017 U.S.A.		Senior Executive Vice President
		and Chief Financial Officer
		Phone: (636) 736-7000
		e-mail: tlarson@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 dac	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

3rd Quarter 2016

Table of Contents



	Page
Non-GAAP Disclosures	1

2016 Notes	2

Consolidated

Financial Highlights	3

Consolidated GAAP Income Statements (including Operating Income Reconciliations)	4

Consolidated Operating Income Statements	5

Consolidated Balance Sheets	6

Segment Summaries of GAAP Income Statements and Operating Income Statements

U.S. and Latin America Operations	7

Canada Traditional Segment	14

Canada Non-Traditional Segment	16

Europe, Middle East and Africa Traditional Segment	18

Europe, Middle East and Africa Non-Traditional Segment	20

Asia Pacific Traditional Segment	22

Asia Pacific Non-Traditional Segment	24

Corporate and Other Segment	26

Summary of Segment GAAP Income Statements	28

Summary of Segment Operating Income Statements	29

Investments

Cash and Invested Assets, Investment Income and Yield Summary	30

Amortized Cost, Gross Unrealized Gains and Losses, and Estimated Fair Values of Fixed Maturity and Equity Securities	31

Corporate Fixed Maturities Securities by Sector	32

Ratings of Fixed Maturity Securities and Structured Fixed Maturity Securities	33

Gross Unrealized Losses Aging	34

Fixed Maturities and Equity Securities Below Amortized Cost	35

Consolidated Investment Related Gains and Losses	36

Appendix

Reconciliations of GAAP Income Statements to Operating Income Statements	38

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 operating income before income tax is presented in the appendix.

RGA evaluates its stockholders' 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.

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.

Additionally, RGA uses a non-GAAP financial measure called book value per share excluding the impact of AOCI that management believes is important in evaluating the balance sheet in order to ignore the effects of unrealized amounts primarily associated with mark-to-market adjustments on investments and foreign currency translation.



		Page 1

Reinsurance Group of America, Incorporated

Financial Supplement

2016 Notes

PRIOR PERIOD RECLASSIFICATIONS

Effective December 31, 2015, prior period balances were updated to reflect 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			Year-to Date
(USD thousands, except in force & per share data)	Sept. 30,			June 30,			March 31,			Dec. 31,				Sept. 30,						Sept. 30,		Sept. 30,
	2016			2016			2016			2015				2015						2016		2015		Change
Net premiums	$	2,251,758		$	2,346,945		$	2,157,005		$	2,328,501			$	2,089,345		$	162,413		$	6,755,708	$	6,242,240	$	513,468
Net income	198,719			236,103			76,472			163,127				83,534			115,185			511,294		339,039		172,255
Operating income	159,361			181,228			120,750			187,950				127,086			32,275			461,339		379,134		82,205
Return on equity - annualized	10.2		%	13.2		%	4.8		%	10.5		%		5.3		%	4.9		%
Return on equity - trailing 12 months	9.7		%	8.4		%	6.9		%	7.6		%		7.8		%	1.9		%
Operating return on equity (ex AOCI):
Annualized	11.2		%	13.2		%	8.9		%	14.0		%		9.5		%	1.7		%
Trailing 12 months	11.8		%	11.4		%	10.6		%	10.6		%		11.1		%	0.7		%
Total assets (1)	$	54,832,498		$	53,876,703		$	52,186,624		$	50,383,152			$	47,581,959		$	7,250,539
Assumed Life Reinsurance In Force (in billions)
U.S. and Latin America Traditional	$	1,603.8		$	1,612.9		$	1,609.3		$	1,594.3			$	1,476.1		$	127.7
U.S. and Latin America Non-Traditional	2.1			2.1			2.1			2.1				2.2			(0.1		)
Canada Traditional	358.7			361.8			349.0			333.0				343.0			15.7
Europe, Middle East and Africa Traditional	612.8			608.3			624.2			602.7				566.0			46.8
Asia Pacific Traditional	505.1			504.8			483.5			462.7				461.8			43.3
Asia Pacific Non-Traditional	0.3			0.4			0.3			0.3				0.3			—
Total Assumed Life Reinsurance In Force	$	3,082.8		$	3,090.3		$	3,068.4		$	2,995.1			$	2,849.4		$	233.4
Assumed New Business Production (in billions)
U.S. and Latin America Traditional	$	19.7		$	32.0		$	41.3		$	142.1		(2)	$	26.4		$	(6.7	)	$	93.0	$	61.8	$	31.2
Canada Traditional	9.4			8.2			8.2			8.7				9.1			0.3			25.8		29.9		(4.1		)
Europe, Middle East and Africa Traditional	31.7			49.1			44.7			66.0			(2)	24.7			7.0			125.5		105.6		19.9
Asia Pacific Traditional	20.5			18.0			13.6			12.1				24.4			(3.9		)	52.1		64.8		(12.7		)
Total Assumed New Business Production	$	81.3		$	107.3		$	107.8		$	228.9			$	84.6		$	(3.3	)	$	296.4	$	262.1	$	34.3
Per Share and Shares Data
Basic earnings per share
Net income	$	3.10		$	3.68		$	1.18		$	2.49			$	1.26		$	1.84		$	7.95	$	5.07	$	2.88
Operating income	$	2.48		$	2.83		$	1.87		$	2.87			$	1.92		$	0.56		$	7.18	$	5.67	$	1.51
Diluted earnings per share
Net income	$	3.07		$	3.64		$	1.17		$	2.46			$	1.25		$	1.82		$	7.87	$	5.01	$	2.86
Operating income	$	2.46		$	2.80		$	1.85		$	2.84			$	1.90		$	0.56		$	7.10	$	5.60	$	1.50

Wgt. average common shares outstanding
Basic	64,146			64,126			64,568			65,535				66,205			(2,059		)	64,281		66,895		(2,614		)
Diluted	64,815			64,796			65,217			66,247				66,882			(2,067		)	64,944		67,644		(2,700		)

Common shares issued	79,138			79,138			79,138			79,138				79,138			—			79,138		79,138		—
Treasury shares	14,932			15,068			15,073			13,933				13,389			1,543			14,932		13,389		1,543
Common shares outstanding	64,206			64,070			64,065			65,205				65,749			(1,543		)	64,206		65,749		(1,543		)

Book value per share	$	124.50		$	118.32		$	104.88		$	94.09			$	94.92

Per share effect of AOCI	$	34.46		$	30.99		$	20.77		$	10.86			$	13.78
Book value per share, excluding AOCI	$	90.04		$	87.33		$	84.11		$	83.23			$	81.14

Shareholder dividends paid	$	26,288.3		$	23,727.2		$	24,018.6		$	24,269.1			$	24,592.1		$	1,696.2		$	74,034.1	$	69,111.4	$	4,922.7
(1) Effective December 31, 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 in force transactions.



		Page 3

Reinsurance Group of America, Incorporated Consolidated GAAP Income Statements (including Operating Income Reconciliations)

	Three Months Ended															Current Qtr			Year-to Date
	Sept. 30,			June 30,			March 31,			Dec. 31,			Sept. 30,			vs. PY			Sept. 30,			Sept. 30,
(USD thousands)	2016			2016			2016			2015			2015			Quarter			2016			2015			Change
Revenues:
Net premiums	$	2,251,758		$	2,346,945		$	2,157,005		$	2,328,501		$	2,089,345		$	162,413		$	6,755,708		$	6,242,240		$	513,468
Investment income, net of related expenses	489,727			507,666			417,266			467,468			389,597			100,130			1,414,659			1,267,027			147,632
Investment related gains (losses), net
OTTI on fixed maturity securities	—			(846		)	(33,817		)	(27,605		)	(23,111		)	23,111			(34,663		)	(29,775		)	(4,888		)
Other investment related gains (losses), net	86,624			119,110			(87,069		)	(17,204		)	(88,235		)	174,859			118,665			(90,166		)	208,831
Total investment related gains (losses), net	86,624			118,264			(120,886		)	(44,809		)	(111,346		)	197,970			84,002			(119,941		)	203,943
Other revenue	72,468			66,193			59,183			77,431			71,038			1,430			197,844			200,261			(2,417		)
Total revenues	2,900,577			3,039,068			2,512,568			2,828,591			2,438,634			461,943			8,452,213			7,589,587			862,626
Benefits and expenses:
Claims and other policy benefits	1,993,064			1,997,502			1,886,764			2,015,929			1,831,819			161,245			5,877,330			5,473,453			403,877
Interest credited	116,848			95,849			87,905			105,032			34,008			82,840			300,602			231,932			68,670
Policy acquisition costs and other insurance expenses	300,962			405,681			233,763			300,329			249,702			51,260			940,406			827,157			113,249
Other operating expenses	152,556			159,895			157,424			158,556			142,270			10,286			469,875			395,488			74,387
Interest expense	43,063			20,331			32,807			35,820			35,565			7,498			96,201			107,043			(10,842		)
Collateral finance and securitization expense	6,484			6,587			6,325			6,182			5,133			1,351			19,396			16,462			2,934
Total benefits and expenses	2,612,977			2,685,845			2,404,988			2,621,848			2,298,497			314,480			7,703,810			7,051,535			652,275
Income before income taxes	287,600			353,223			107,580			206,743			140,137			147,463			748,403			538,052			210,351
Income tax expense	88,881			117,120			31,108			43,616			56,603			32,278			237,109			199,013			38,096
Net income	$	198,719		$	236,103		$	76,472		$	163,127		$	83,534		$	115,185		$	511,294		$	339,039		$	172,255
Pre-tax Operating Income Reconciliation:
Income before income taxes	$	287,600		$	353,223		$	107,580		$	206,743		$	140,137		$	147,463		$	748,403		$	538,052		$	210,351
Investment and derivative losses (gains)—
non-operating (1)	(26,958		)	(67,100		)	(31,968		)	64,034			(35,028		)	8,070			(126,026		)	(14,448		)	(111,578		)
Change in value of modified coinsurance and
funds withheld embedded derivatives (1)	(49,078		)	(76,966		)	92,249			27,201			46,169			(95,247		)	(33,795		)	71,592			(105,387		)
GMXB embedded derivatives (1)	(7,988		)	28,137			62,940			(36,437		)	95,373			(103,361		)	83,089			69,628			13,461
Funds withheld losses (gains)—investment income	(3,322		)	(11,657		)	(4,983		)	246			(2,212		)	(1,110		)	(19,962		)	(16,616		)	(3,346		)
EIA embedded derivatives—interest credited	42			(17,364		)	29,149			(1,412		)	(10,995		)	11,037			11,827			(11,170		)	22,997
DAC offset, net	31,876			64,841			(76,978		)	(13,142		)	(25,945		)	57,821			19,739			(36,083		)	55,822
Investment income on unit-linked variable annuities	(5,540		)	(2,966		)	(408		)	—			—			(5,540		)	(8,914		)	—			(8,914		)
Interest credited on unit-linked variable annuities	5,540			2,966			408			—			—			5,540			8,914			—			8,914
Non-investment derivatives	(1,705		)	110			(831		)	(120		)	(383		)	(1,322		)	(2,426		)	2			(2,428		)
Operating Income Before Income Taxes	$	230,467		$	273,224		$	177,158		$	247,113		$	207,116		$	23,351		$	680,849		$	600,957		$	79,892
After-tax Operating Income Reconciliation:
Net Income	$	198,719		$	236,103		$	76,472		$	163,127		$	83,534		$	115,185		$	511,294		$	339,039		$	172,255
Investment and derivative losses (gains)—
non-operating (1)	(19,745		)	(46,490		)	(21,727		)	40,203			(22,750		)	3,005			(87,962		)	(10,183		)	(77,779		)
Change in value of modified coinsurance and
funds withheld embedded derivatives (1)	(31,901		)	(50,028		)	59,962			17,680			30,010			(61,911		)	(21,967		)	46,535			(68,502		)
GMXB embedded derivatives (1)	(5,192		)	18,289			40,911			(23,684		)	61,992			(67,184		)	54,008			45,258			8,750
Funds withheld losses (gains)—investment income	(2,159		)	(7,577		)	(3,239		)	161			(1,438		)	(721		)	(12,975		)	(10,801		)	(2,174		)
EIA embedded derivatives—interest credited	28			(11,287		)	18,947			(917		)	(7,147		)	7,175			7,688			(7,261		)	14,949
DAC offset, net	20,719			42,147			(50,036		)	(8,542		)	(16,865		)	37,584			12,830			(23,454		)	36,284
Investment income on unit-linked variable annuities	(3,601		)	(1,928		)	(265		)	—			—			(3,601		)	(5,794		)	—			(5,794		)
Interest credited on unit-linked variable annuities	3,601			1,928			265			—			—			3,601			5,794			—			5,794
Non-investment derivatives	(1,108		)	71			(540		)	(78		)	(250		)	(858		)	(1,577		)	1			(1,578		)
Operating Income	$	159,361		$	181,228		$	120,750		$	187,950		$	127,086		$	32,275		$	461,339		$	379,134		$	82,205

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



		Page 4

Reinsurance Group of America, Incorporated Consolidated Operating Income Statements

	Three Months Ended															Current Qtr vs. PY Quarter			Year-to-Date
	Sept. 30,			June 30,			March 31,			Dec. 31,			Sept. 30,						Sept. 30,			Sept. 30,
(USD thousands, except per share data)	2016			2016			2016			2015			2015						2016			2015			Change
Revenues:
Net premiums	$	2,251,758		$	2,346,945		$	2,157,005		$	2,328,501		$	2,089,345		$	162,413		$	6,755,708		$	6,242,240		$	513,468
Investment income, net of related expenses	480,865			493,043			411,875			467,714			387,385			93,480			1,385,783			1,250,411			135,372
Investment related gains (losses), net	2,600			2,335			2,335			9,989			(4,832		)	7,432			7,270			6,831			439
Other revenue	70,763			66,303			58,352			77,311			70,655			108			195,418			200,263			(4,845		)
Total revenues	2,805,986			2,908,626			2,629,567			2,883,515			2,542,553			263,433			8,344,179			7,699,745			644,434

Benefits and expenses:
Claims and other policy benefits	1,993,064			1,997,502			1,886,764			2,015,929			1,831,819			161,245			5,877,330			5,473,453			403,877
Interest credited	111,266			110,247			58,348			106,444			45,003			66,263			279,861			243,102			36,759
Policy acquisition costs and other insurance expenses	269,086			340,840			310,741			313,471			275,647			(6,561		)	920,667			863,240			57,427
Other operating expenses	152,556			159,895			157,424			158,556			142,270			10,286			469,875			395,488			74,387
Interest expense	43,063			20,331			32,807			35,820			35,565			7,498			96,201			107,043			(10,842		)
Collateral finance and securitization expense	6,484			6,587			6,325			6,182			5,133			1,351			19,396			16,462			2,934
Total benefits and expenses	2,575,519			2,635,402			2,452,409			2,636,402			2,335,437			240,082			7,663,330			7,098,788			564,542

Operating income before income taxes	230,467			273,224			177,158			247,113			207,116			23,351			680,849			600,957			79,892

Operating income tax expense	71,106			91,996			56,408			59,163			80,030			(8,924		)	219,510			221,823			(2,313		)

Operating income	$	159,361		$	181,228		$	120,750		$	187,950		$	127,086		$	32,275		$	461,339		$	379,134		$	82,205

Wgt. average common shares outstanding (diluted)	64,815			64,796			65,217			66,247			66,882			(2,067)			64,944			67,644			(2,700)

Diluted earnings per share—operating income	$	2.46		$	2.80		$	1.85		$	2.84		$	1.90		$	0.56		$	7.10		$	5.60		$	1.50

Foreign currency effect (1):
Net premiums	$	(19,914	)	$	(43,422	)	$	(69,340	)	$	(106,556	)	$	(145,047	)	$	125,133		$	(132,676	)	$	(362,358	)	$	229,682
Operating income before income taxes	$	(3,195	)	$	(4,057	)	$	(9,742	)	$	(18,726	)	$	(15,526	)	$	12,331		$	(16,994	)	$	(36,059	)	$	19,065

(1) Compared to comparable prior year period.



		Page 5

Reinsurance Group of America, Incorporated Consolidated Balance Sheets (USD thousands)


	Sept. 30,			June 30,			March 31,			Dec. 31,			Sept. 30,
	2016			2016			2016			2015			2015
Assets
Fixed maturity securities, available-for-sale	$	33,536,419		$	33,160,976		$	31,148,714		$	29,642,905		$	27,411,788
Mortgage loans on real estate	3,607,700			3,377,039			3,292,496			3,129,951			3,170,002
Policy loans	1,414,963			1,445,410			1,451,857			1,468,796			1,444,009
Funds withheld at interest	5,922,656			5,899,289			5,797,183			5,880,203			5,675,174
Short-term investments	126,702			195,979			431,535			558,284			58,200
Other invested assets	1,777,065			1,682,143			1,368,544			1,298,120			1,187,504
Total investments	46,385,505			45,760,836			43,490,329			41,978,259			38,946,677
Cash and cash equivalents	1,379,693			1,034,329			1,502,082			1,525,275			1,747,692
Accrued investment income	391,837			368,926			364,432			339,452			342,088
Premiums receivable and other reinsurance balances	1,834,362			1,917,844			1,886,293			1,797,504			1,553,093
Reinsurance ceded receivables	694,906			681,425			688,491			637,859			661,185
Deferred policy acquisition costs	3,406,093			3,401,935			3,490,509			3,392,437			3,311,086
Other assets (1)	740,102			711,408			764,488			712,366			1,020,138
Total assets (1)	$	54,832,498		$	53,876,703		$	52,186,624		$	50,383,152		$	47,581,959

Liabilities and Stockholders’ Equity
Future policy benefits	$	19,634,157		$	19,605,021		$	19,811,921		$	19,612,251		$	16,574,783
Interest-sensitive contract liabilities	14,217,831			14,024,012			14,087,081			13,663,873			13,699,896
Other policy claims and benefits	4,304,491			4,305,219			4,384,072			4,094,640			3,892,036
Other reinsurance balances	353,426			344,527			397,375			296,899			280,093
Deferred income taxes	3,071,995			2,901,264			2,483,584			2,218,328			2,285,066
Other liabilities	1,321,017			1,157,252			1,106,531			1,165,071			1,405,675
Short-term debt	299,876			299,807			299,739			—			—
Long-term debt (1)	2,788,834			2,788,473			1,997,970			2,297,548			2,297,592
Collateral finance and securitization notes (1)	847,389			870,482			899,482			899,161			905,752
Total liabilities (1)	46,839,016			46,296,057			45,467,755			44,247,771			41,340,893

Stockholders’ Equity:
Common stock, at par value	791			791			791			791			791
Additional paid-in-capital	1,842,390			1,834,995			1,827,646			1,816,142			1,812,377
Retained earnings	5,039,470			4,870,711			4,668,588			4,620,303			4,482,709
Treasury stock	(1,101,495		)	(1,111,225		)	(1,108,539		)	(1,010,139		)	(961,290		)
Accumulated other comprehensive income (AOCI):
Accumulated currency translation adjustment, net of income taxes	(121,709		)	(93,476		)	(103,418		)	(181,151		)	(119,493		)
Unrealized appreciation of securities, net of income taxes	2,381,473			2,126,815			1,482,922			935,697			1,071,990
Pension and postretirement benefits, net of income taxes	(47,438		)	(47,965		)	(49,121		)	(46,262		)	(46,018		)
Total stockholders’ equity	7,993,482			7,580,646			6,718,869			6,135,381			6,241,066
Total liabilities and stockholders’ equity (1)	$	54,832,498		$	53,876,703		$	52,186,624		$	50,383,152		$	47,581,959

Total stockholders’ equity, excluding AOCI	$	5,781,156		$	5,595,272		$	5,388,486		$	5,427,097		$	5,334,587

(1) Effective December 31, 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 GAAP Income Statements (USD thousands)


	Three Months Ended															Current			Year-to-Date
	Sept. 30,			June 30,			March 31,			Dec. 31,			Sept. 30,			Qtr vs. PY			Sept. 30,			Sept. 30,
	2016			2016			2016			2015			2015			Quarter			2016			2015			Change
Revenues:
Net premiums	$	1,277,491		$	1,307,395		$	1,234,394		$	1,370,745		$	1,150,936		$	126,555		$	3,819,280		$	3,435,961		$	383,319
Investment income, net of related expenses	167,898			182,238			165,023			176,174			154,210			13,688			515,159			460,605			54,554
Investment related gains (losses), net	(3,394		)	(882		)	(2,100		)	493			926			(4,320		)	(6,376		)	1,813			(8,189		)
Other revenue	2,922			5,252			3,500			7,438			6,566			(3,644		)	11,674			11,797			(123		)
Total revenues	1,444,917			1,494,003			1,400,817			1,554,850			1,312,638			132,279			4,339,737			3,910,176			429,561

Benefits and expenses:
Claims and other policy benefits	1,131,507			1,149,665			1,119,442			1,235,926			1,049,973			81,534			3,400,614			3,130,770			269,844
Interest credited	20,628			20,845			21,400			21,682			20,999			(371		)	62,873			55,818			7,055
Policy acquisition costs and other insurance expenses	184,766			182,285			177,078			187,277			158,452			26,314			544,129			486,054			58,075
Other operating expenses	30,935			29,778			31,799			30,482			27,562			3,373			92,512			81,246			11,266
Total benefits and expenses	1,367,836			1,382,573			1,349,719			1,475,367			1,256,986			110,850			4,100,128			3,753,888			346,240

Income before income taxes	$	77,081		$	111,430		$	51,098		$	79,483		$	55,652		$	21,429		$	239,609		$	156,288		$	83,321

Loss and expense ratios:
Claims and other policy benefits	88.6		%	87.9		%	90.7		%	90.2		%	91.2		%	(2.6		)%	89.0		%	91.1		%	(2.1		)%
Policy acquisition costs and other insurance expenses	14.5		%	13.9		%	14.3		%	13.7		%	13.8		%	0.7		%	14.2		%	14.1		%	0.1		%
Other operating expenses	2.4		%	2.3		%	2.6		%	2.2		%	2.4		%	—		%	2.4		%	2.4		%	—		%

See appendix for reconciliation of GAAP income before income taxes to operating income before income taxes.



		Page 7

Reinsurance Group of America, Incorporated U.S. and Latin America Traditional Segment Operating Income Statements (USD thousands)


	Three Months Ended															Current			Year-to-Date
	Sept. 30,			June 30,			March 31,			Dec. 31,			Sept. 30,			Qtr vs. PY			Sept. 30,			Sept. 30,
	2016			2016			2016			2015			2015			Quarter			2016			2015			Change
Revenues:
Net premiums	$	1,277,491		$	1,307,395		$	1,234,394		$	1,370,745		$	1,150,936		$	126,555		$	3,819,280		$	3,435,961		$	383,319
Investment income, net of related expenses	167,898			182,238			165,023			176,174			154,210			13,688			515,159			460,605			54,554
Other revenue	2,922			5,252			3,500			7,438			6,566			(3,644		)	11,674			11,797			(123		)
Total revenues	1,448,311			1,494,885			1,402,917			1,554,357			1,311,712			136,599			4,346,113			3,908,363			437,750

Benefits and expenses:
Claims and other policy benefits	1,131,507			1,149,665			1,119,442			1,235,926			1,049,973			81,534			3,400,614			3,130,770			269,844
Interest credited	20,628			20,845			21,400			21,682			20,999			(371		)	62,873			55,818			7,055
Policy acquisition costs and other insurance expenses	184,766			182,285			177,078			187,277			158,452			26,314			544,129			486,054			58,075
Other operating expenses	30,935			29,778			31,799			30,482			27,562			3,373			92,512			81,246			11,266
Total benefits and expenses	1,367,836			1,382,573			1,349,719			1,475,367			1,256,986			110,850			4,100,128			3,753,888			346,240

Operating income before income taxes	$	80,475		$	112,312		$	53,198		$	78,990		$	54,726		$	25,749		$	245,985		$	154,475		$	91,510

Loss and expense ratios:
Claims and other policy benefits	88.6		%	87.9		%	90.7		%	90.2		%	91.2		%	(2.6		)%	89.0		%	91.1		%	(2.1		)%
Policy acquisition costs and other insurance expenses	14.5		%	13.9		%	14.3		%	13.7		%	13.8		%	0.7		%	14.2		%	14.1		%	0.1		%
Other operating expenses	2.4		%	2.3		%	2.6		%	2.2		%	2.4		%	—		%	2.4		%	2.4		%	—		%

See appendix for reconciliation of GAAP income before income taxes to operating income before income taxes.



		Page 8

Reinsurance Group of America, Incorporated U.S. and Latin America Non-Traditional Segment - Asset Intensive Reinsurance GAAP Income Statements (USD thousands)


	Three Months Ended													Current			Year-to-Date
	Sept. 30,		June 30,		March 31,			Dec. 31,			Sept. 30,			Qtr vs. PY			Sept. 30,		Sept. 30,
	2016		2016		2016			2015			2015			Quarter			2016		2015			Change
Revenues:
Net premiums	$	5,369	$	5,662	$	6,219		$	6,018		$	5,177		$	192		$	17,250	$	16,159		$	1,091
Investment income, net of related expenses	167,683		177,681		117,215			153,445			104,055			63,628			462,579		407,256			55,323
Investment related gains (losses), net	59,661		76,830		(128,551		)	(31,218		)	(68,990		)	128,651			7,940		(87,264		)	95,204
Other revenue	23,417		24,555		22,834			23,238			28,973			(5,556		)	70,806		82,151			(11,345		)
Total revenues	256,130		284,728		17,717			151,483			69,215			186,915			558,575		418,302			140,273

Benefits and expenses:
Claims and other policy benefits	18,927		19,507		19,833			22,605			16,832			2,095			58,267		43,541			14,726
Interest credited	86,742		68,436		62,558			71,756			18,535			68,207			217,736		172,562			45,174
Policy acquisition costs and other insurance expenses	56,497		97,078		(39,656		)	19,957			4,773			51,724			113,919		65,803			48,116
Other operating expenses	5,232		5,728		5,812			6,291			4,893			339			16,772		14,324			2,448
Total benefits and expenses	167,398		190,749		48,547			120,609			45,033			122,365			406,694		296,230			110,464

Income (loss) before income taxes	$	88,732	$	93,979	$	(30,830	)	$	30,874		$	24,182		$	64,550		$	151,881	$	122,072		$	29,809

See appendix for reconciliation of GAAP income before income taxes to operating income before income taxes.



		Page 9

Reinsurance Group of America, Incorporated U.S. and Latin America Non-Traditional Segment - Asset Intensive Reinsurance Operating Income Statements (USD thousands)

	Three Months Ended												Current Qtr			Year-to-Date
	Sept. 30,			June 30,		March 31,		Dec. 31,			Sept. 30,		vs. PY			Sept. 30,		Sept. 30,
	2016			2016		2016		2015			2015		Quarter			2016		2015		Change
Revenues:
Net premiums	$	5,369		$	5,662	$	6,219	$	6,018		$	5,177	$	192		$	17,250	$	16,159	$	1,091
Investment income, net of related expenses	165,388			167,377		112,591		153,504			103,052		62,336			445,356		397,138		48,218
Investment related gains (losses), net	(1		)	1		—		(1		)	1		(2		)	—		1		(1		)
Other revenue	23,417			24,555		22,834		23,238			28,973		(5,556		)	70,806		82,151		(11,345		)
Total revenues	194,173			197,595		141,644		182,759			137,203		56,970			533,412		495,449		37,963

Benefits and expenses:
Claims and other policy benefits	18,927			19,507		19,833		22,605			16,832		2,095			58,267		43,541		14,726
Interest credited	86,700			85,800		33,409		73,168			29,530		57,170			205,909		183,732		22,177
Policy acquisition costs and other insurance expenses	24,621			32,237		37,322		33,099			30,718		(6,097		)	94,180		101,886		(7,706		)
Other operating expenses	5,232			5,728		5,812		6,291			4,893		339			16,772		14,324		2,448
Total benefits and expenses	135,480			143,272		96,376		135,163			81,973		53,507			375,128		343,483		31,645

Operating income before income taxes	$	58,693		$	54,323	$	45,268	$	47,596		$	55,230	$	3,463		$	158,284	$	151,966	$	6,318

See appendix for reconciliation of GAAP income before income taxes to operating income before income taxes.



		Page 10

Reinsurance Group of America, Incorporated U.S. and Latin America Non-Traditional Segment - Asset Intensive Reinsurance (Cont'd) (USD millions)


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

Fixed annuities (deferred)	$	5,130		$	5,189		$	5,210		$	4,843		$	4,883

Net interest spread (fixed annuities)	2.6		%	2.5		%	2.1		%	2.7		%	2.5		%

Equity-indexed annuities	$	4,374		$	4,402		$	4,448		$	4,509		$	4,536

Variable annuities account values
No riders	$	739		$	732		$	753		$	782		$	791
GMDB only	58			58			60			62			63
GMIB only	5			5			5			5			5
GMAB only	29			29			31			33			33
GMWB only	1,370			1,367			1,386			1,425			1,426
GMDB / WB	342			341			349			359			361
Other	20			20			21			22			22
Total variable annuities account values	$	2,563		$	2,552		$	2,605		$	2,688		$	2,701

Fair value of liabilities associated with living benefit riders	$	276		$	284		$	255		$	192		$	229

Interest-sensitive contract liabilities associated with:

Guaranteed investment contracts	$	456		$	354		$	368		$	322		$	313

Bank-owned life insurance (BOLI)	$	568		$	565		$	562		$	559		$	556

Other asset-intensive business	$	65		$	66		$	66		$	66		$	67

Future policy benefits associated with:

Payout annuities	$	1,974		$	1,978		$	1,949		$	1,960		$	1,919



		Page 11

Reinsurance Group of America, Incorporated U.S. and Latin America Non-Traditional Segment - Financial Reinsurance GAAP Income Statements (USD thousands)


	Three Months Ended										Current			Year-to-Date
	Sept. 30,		June 30,		March 31,		Dec. 31,		Sept. 30,		Qtr vs. PY			Sept. 30,		Sept. 30,
	2016		2016		2016		2015		2015		Quarter			2016		2015		Change
Revenues:
Investment income, net of related expenses	$	1,038	$	2,386	$	2,607	$	1,702	$	1,438	$	(400	)	$	6,031	$	3,777	$	2,254
Other revenue	18,967		17,963		18,581		19,133		16,446		2,521			55,511		49,468		6,043
Total revenues	20,005		20,349		21,188		20,835		17,884		2,121			61,542		53,245		8,297

Benefits and expenses:
Policy acquisition costs and other insurance expenses	3,492		3,085		2,568		2,720		2,535		957			9,145		7,473		1,672
Other operating expenses	2,531		2,389		2,686		2,179		3,276		(745		)	7,606		6,691		915
Total benefits and expenses	6,023		5,474		5,254		4,899		5,811		212			16,751		14,164		2,587

Income before income taxes	$	13,982	$	14,875	$	15,934	$	15,936	$	12,073	$	1,909		$	44,791	$	39,081	$	5,710

See appendix for reconciliation of GAAP income before income taxes to operating income before income taxes.



		Page 12

Reinsurance Group of America, Incorporated U.S. and Latin America Non-Traditional Segment - Financial Reinsurance Operating Income Statements (USD thousands)

	Three Months Ended										Current Qtr			Year-to-Date
	Sept. 30,		June 30,		March 31,		Dec. 31,		Sept. 30,		vs. PY			Sept. 30,		Sept. 30,
	2016		2016		2016		2015		2015		Quarter			2016		2015		Change
Revenues:
Investment income, net of related expenses	$	1,038	$	2,386	$	2,607	$	1,702	$	1,438	$	(400	)	$	6,031	$	3,777	$	2,254
Other revenue	18,967		17,963		18,581		19,133		16,446		2,521			55,511		49,468		6,043
Total revenues	20,005		20,349		21,188		20,835		17,884		2,121			61,542		53,245		8,297

Benefits and expenses:
Policy acquisition costs and other insurance expenses	3,492		3,085		2,568		2,720		2,535		957			9,145		7,473		1,672
Other operating expenses	2,531		2,389		2,686		2,179		3,276		(745		)	7,606		6,691		915
Total benefits and expenses	6,023		5,474		5,254		4,899		5,811		212			16,751		14,164		2,587

Operating income before income taxes	$	13,982	$	14,875	$	15,934	$	15,936	$	12,073	$	1,909		$	44,791	$	39,081	$	5,710

See appendix for reconciliation of GAAP income before income taxes to operating income before income taxes.



		Page 13

Reinsurance Group of America, Incorporated Canada Traditional Segment GAAP Income Statements (USD thousands)

	Three Months Ended															Current			Year-to-Date
	Sept. 30,			June 30,			March 31,			Dec. 31,			Sept. 30,			Qtr vs. PY			Sept. 30,			Sept. 30,
	2016			2016			2016			2015			2015			Quarter			2016			2015			Change
Revenues:
Net premiums	$	231,154		$	240,107		$	215,463		$	201,384		$	200,000		$	31,154		$	686,724		$	637,510		$	49,214
Investment income, net of related expenses	45,239			46,859			42,023			42,938			44,492			747			134,121			139,683			(5,562		)
Investment related gains (losses), net	3,832			2,285			1,640			1,027			(3,821		)	7,653			7,757			(2,530		)	10,287
Other revenue	734			(339		)	(1,126		)	1,131			767			(33		)	(731		)	1,869			(2,600		)
Total revenues	280,959			288,912			258,000			246,480			241,438			39,521			827,871			776,532			51,339

Benefits and expenses:
Claims and other policy benefits	175,618			176,478			172,401			148,543			152,640			22,978			524,497			521,916			2,581
Interest credited	8			7			2			4			5			3			17			14			3
Policy acquisition costs and other insurance expenses	61,019			60,021			57,138			43,226			46,581			14,438			178,178			149,503			28,675
Other operating expenses	10,039			9,097			8,364			10,067			8,140			1,899			27,500			25,564			1,936
Total benefits and expenses	246,684			245,603			237,905			201,840			207,366			39,318			730,192			696,997			33,195

Income before income taxes	$	34,275		$	43,309		$	20,095		$	44,640		$	34,072		$	203		$	97,679		$	79,535		$	18,144

Loss and expense ratios:
Loss ratios (creditor business)	27.0		%	32.2		%	25.8		%	28.2		%	34.4		%	(7.4		)%	28.4		%	31.8		%	(3.4		)%
Loss ratios (excluding creditor business)	93.1		%	87.4		%	98.5		%	82.5		%	86.6		%	6.5		%	92.8		%	94.7		%	(1.9		)%
Claims and other policy benefits / (net premiums + investment income)	63.5		%	61.5		%	67.0		%	60.8		%	62.4		%	1.1		%	63.9		%	67.2		%	(3.3		)%
Policy acquisition costs and other insurance expenses (creditor business)	65.7		%	64.3		%	66.9		%	66.2		%	62.1		%	3.6		%	65.6		%	63.1		%	2.5		%
Policy acquisition costs and other insurance expenses (excluding creditor business)	12.6		%	11.8		%	12.7		%	12.9		%	13.7		%	(1.1		)%	12.4		%	13.3		%	(0.9		)%
Other operating expenses	4.3		%	3.8		%	3.9		%	5.0		%	4.1		%	0.2		%	4.0		%	4.0		%	—		%

Foreign currency effect on (1):
Net premiums	$	724		$	(11,615	)	$	(22,010	)	$	(35,018	)	$	(40,371	)	$	41,095		$	(32,901	)	$	(95,342	)	$	62,441
Income before income taxes	$	104		$	(2,247	)	$	(3,129	)	$	(7,658	)	$	(6,880	)	$	6,984		$	(5,272	)	$	(12,680	)	$	7,408

Creditor reinsurance net premiums	$	59,983		$	60,275		$	54,854		$	32,484		$	39,462		$	20,521		$	175,112		$	130,145		$	44,967

See appendix for reconciliation of GAAP income before income taxes to operating income before income taxes.
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 14

Reinsurance Group of America, Incorporated Canada Traditional Segment Operating Income Statements (USD thousands)


	Three Months Ended															Current			Year-to-Date
	Sept. 30,			June 30,			March 31,			Dec. 31,			Sept. 30,			Qtr vs. PY			Sept. 30,			Sept. 30,
	2016			2016			2016			2015			2015			Quarter			2016			2015			Change
Revenues:
Net premiums	$	231,154		$	240,107		$	215,463		$	201,384		$	200,000		$	31,154		$	686,724		$	637,510		$	49,214
Investment income, net of related expenses	44,212			45,506			41,664			43,125			43,283			929			131,382			133,185			(1,803		)
Investment related gains, net	1,208			1,236			1,268			1,286			1,109			99			3,712			3,158			554
Other revenue	734			(339		)	(1,126		)	1,131			767			(33		)	(731		)	1,869			(2,600		)
Total revenues	277,308			286,510			257,269			246,926			245,159			32,149			821,087			775,722			45,365

Benefits and expenses:
Claims and other policy benefits	175,618			176,478			172,401			148,543			152,640			22,978			524,497			521,916			2,581
Interest credited	8			7			2			4			5			3			17			14			3
Policy acquisition costs and other insurance expenses	61,019			60,021			57,138			43,226			46,581			14,438			178,178			149,503			28,675
Other operating expenses	10,039			9,097			8,364			10,067			8,140			1,899			27,500			25,564			1,936
Total benefits and expenses	246,684			245,603			237,905			201,840			207,366			39,318			730,192			696,997			33,195

Operating income before income taxes	$	30,624		$	40,907		$	19,364		$	45,086		$	37,793		$	(7,169	)	$	90,895		$	78,725		$	12,170

Loss and expense ratios:
Loss ratios (creditor business)	27.0		%	32.2		%	25.8		%	28.2		%	34.4		%	(7.4		)%	28.4		%	31.8		%	(3.4		)%
Loss ratios (excluding creditor business)	93.1		%	87.4		%	98.5		%	82.5		%	86.6		%	6.5		%	92.8		%	94.7		%	(1.9		)%
Claims and other policy benefits / (net premiums + investment income)	63.8		%	61.8		%	67.0		%	60.8		%	62.7		%	1.1		%	64.1		%	67.7		%	(3.6		)%
Policy acquisition costs and other insurance expenses (creditor business)	65.7		%	64.3		%	66.9		%	66.2		%	62.1		%	3.6		%	65.6		%	63.1		%	2.5		%
Policy acquisition costs and other insurance expenses (excluding creditor business)	12.6		%	11.8		%	12.7		%	12.9		%	13.7		%	(1.1		)%	12.4		%	13.3		%	(0.9		)%
Other operating expenses	4.3		%	3.8		%	3.9		%	5.0		%	4.1		%	0.2		%	4.0		%	4.0		%	—		%

Foreign currency effect on (1):
Net premiums	$	724		$	(11,615	)	$	(22,010	)	$	(35,018	)	$	(40,371	)	$	41,095		$	(32,901	)	$	(95,342	)	$	62,441
Operating income before income taxes	$	104		$	(2,130	)	$	(3,701	)	$	(7,795	)	$	(7,644	)	$	7,748		$	(5,727	)	$	(12,856	)	$	7,129

Creditor reinsurance net premiums	$	59,983		$	60,275		$	54,854		$	32,484		$	39,462		$	20,521		$	175,112		$	130,145		$	44,967

See appendix for reconciliation of GAAP income before income taxes to operating income before income taxes.
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 15

Reinsurance Group of America, Incorporated Canada Non-Traditional Segment (1) GAAP Income Statements (USD thousands)

	Three Months Ended															Current			Year-to-Date
	Sept. 30,			June 30,			March 31,			Dec. 31,			Sept. 30,			Qtr vs. PY			Sept. 30,			Sept. 30,
	2016			2016			2016			2015			2015			Quarter			2016			2015			Change
Revenues:
Net premiums	$	9,946		$	10,192		$	8,951		$	9,002		$	9,275		$	671		$	29,089		$	28,967		$	122
Investment income, net of related expenses	1,037			228			384			328			230			807			1,649			1,108			541
Other revenue	1,376			1,434			1,349			1,332			1,535			(159		)	4,159			4,297			(138		)
Total revenues	12,359			11,854			10,684			10,662			11,040			1,319			34,897			34,372			525

Benefits and expenses:
Claims and other policy benefits	10,567			8,834			9,604			6,708			7,340			3,227			29,005			22,543			6,462
Policy acquisition costs and other insurance expenses	285			513			204			145			152			133			1,002			407			595
Other operating expenses	347			379			284			389			291			56			1,010			940			70
Total benefits and expenses	11,199			9,726			10,092			7,242			7,783			3,416			31,017			23,890			7,127

Income before income taxes	$	1,160		$	2,128		$	592		$	3,420		$	3,257		$	(2,097	)	$	3,880		$	10,482		$	(6,602	)

Foreign currency effect on (2):
Net premiums	$	33		$	(491	)	$	(915	)	$	(1,570	)	$	(1,872	)	$	1,905		$	(1,373	)	$	(4,408	)	$	3,035
Income before income taxes	$	(9	)	$	(106	)	$	(575	)	$	(623	)	$	(659	)	$	650		$	(690	)	$	(1,307	)	$	617

See appendix for reconciliation of GAAP income before income taxes to operating income before income taxes.
(1) The Canada non-traditional segment includes longevity and financial reinsurance transactions.
(2) Compared to comparable prior year period.



		Page 16

Reinsurance Group of America, Incorporated Canada Non-Traditional Segment (1) Operating Income Statements (USD thousands)

	Three Months Ended															Current			Year-to-Date
	Sept. 30,			June 30,			March 31,			Dec. 31,			Sept. 30,			Qtr vs. PY			Sept. 30,			Sept. 30,
	2016			2016			2016			2015			2015			Quarter			2016			2015			Change
Revenues:
Net premiums	$	9,946		$	10,192		$	8,951		$	9,002		$	9,275		$	671		$	29,089		$	28,967		$	122
Investment income, net of related expenses	1,037			228			384			328			230			807			1,649			1,108			541
Other revenue	1,376			1,434			1,349			1,332			1,535			(159		)	4,159			4,297			(138		)
Total revenues	12,359			11,854			10,684			10,662			11,040			1,319			34,897			34,372			525

Benefits and expenses:
Claims and other policy benefits	10,567			8,834			9,604			6,708			7,340			3,227			29,005			22,543			6,462
Policy acquisition costs and other insurance expenses	285			513			204			145			152			133			1,002			407			595
Other operating expenses	347			379			284			389			291			56			1,010			940			70
Total benefits and expenses	11,199			9,726			10,092			7,242			7,783			3,416			31,017			23,890			7,127

Operating income before income taxes	$	1,160		$	2,128		$	592		$	3,420		$	3,257		$	(2,097	)	$	3,880		$	10,482		$	(6,602	)

Foreign currency effect on (2):
Net premiums	$	33		$	(491	)	$	(915	)	$	(1,570	)	$	(1,872	)	$	1,905		$	(1,373	)	$	(4,408	)	$	3,035
Operating income before income taxes	$	(9	)	$	(106	)	$	(575	)	$	(623	)	$	(659	)	$	650		$	(690	)	$	(1,307	)	$	617

See appendix for reconciliation of GAAP income before income taxes to operating income before income taxes.
(1) The Canada non-traditional segment includes longevity and financial reinsurance transactions.
(2) Compared to comparable prior year period.



		Page 17

Reinsurance Group of America, Incorporated Europe, Middle East and Africa Traditional Segment GAAP Income Statements (USD thousands)

	Three Months Ended															Current			Year-to-Date
	Sept. 30,			June 30,			March 31,			Dec. 31,			Sept. 30,			Qtr vs. PY			Sept. 30,			Sept. 30,
	2016			2016			2016			2015			2015			Quarter			2016			2015			Change
Revenues:
Net premiums	$	275,514		$	286,861		$	276,435		$	299,938		$	276,111		$	(597	)	$	838,810		$	821,602		$	17,208
Investment income, net of related expenses	13,067			13,321			12,168			14,123			12,066			1,001			38,556			37,247			1,309
Investment related gains (losses), net	—			—			5			7,527			(6,878		)	6,878			5			870			(865		)
Other revenue	489			1,460			1,026			5,380			3,051			(2,562		)	2,975			4,055			(1,080		)
Total revenues	289,070			301,642			289,634			326,968			284,350			4,720			880,346			863,774			16,572

Benefits and expenses:
Claims and other policy benefits	241,763			252,336			251,243			260,874			232,473			9,290			745,342			708,722			36,620
Interest credited	—			—			—			8,126			(6,798		)	6,798			—			1,503			(1,503		)
Policy acquisition costs and other insurance expenses	14,133			17,550			14,782			19,171			17,680			(3,547		)	46,465			43,871			2,594
Other operating expenses	24,659			24,922			24,725			25,938			25,085			(426		)	74,306			74,127			179
Total benefits and expenses	280,555			294,808			290,750			314,109			268,440			12,115			866,113			828,223			37,890

Income (loss) before income taxes	$	8,515		$	6,834		$	(1,116	)	$	12,859		$	15,910		$	(7,395	)	$	14,233		$	35,551		$	(21,318	)

Loss and expense ratios:
Claims and other policy benefits	87.7		%	88.0		%	90.9		%	87.0		%	84.2		%	3.5		%	88.9		%	86.3		%	2.6		%
Policy acquisition costs and other insurance expenses	5.1		%	6.1		%	5.3		%	6.4		%	6.4		%	(1.3		)%	5.5		%	5.3		%	0.2		%
Other operating expenses	9.0		%	8.7		%	8.9		%	8.6		%	9.1		%	(0.1		)%	8.9		%	9.0		%	(0.1		)%


Foreign currency effect on (1):
Net premiums	$	(32,564	)	$	(20,223	)	$	(23,009	)	$	(24,499	)	$	(29,879	)	$	(2,685	)	$	(75,796	)	$	(94,735	)	$	18,939
Income before income taxes	$	157		$	45		$	(184	)	$	(1,285	)	$	(783	)	$	940		$	18		$	(2,867	)	$	2,885

Critical illness net premiums	$	49,531		$	53,805		$	53,643		$	58,610		$	58,069		$	(8,538	)	$	156,979		$	174,566		$	(17,587	)

See appendix for reconciliation of GAAP income before income taxes to operating income before income taxes.
(1) Compared to comparable prior year period.



		Page 18

Reinsurance Group of America, Incorporated Europe, Middle East and Africa Traditional Segment Operating Income Statements (USD thousands)

	Three Months Ended															Current			Year-to-Date
	Sept. 30,			June 30,			March 31,			Dec. 31,			Sept. 30,			Qtr vs. PY			Sept. 30,			Sept. 30,
	2016			2016			2016			2015			2015			Quarter			2016			2015			Change
Revenues:
Net premiums	$	275,514		$	286,861		$	276,435		$	299,938		$	276,111		$	(597	)	$	838,810		$	821,602		$	17,208
Investment income, net of related expenses	13,067			13,321			12,168			14,123			12,066			1,001			38,556			37,247			1,309
Investment related gains (losses), net	—			—			—			7,527			(7,167		)	7,167			—			532			(532		)
Other revenue	489			1,460			1,026			5,380			3,051			(2,562		)	2,975			4,055			(1,080		)
Total revenues	289,070			301,642			289,629			326,968			284,061			5,009			880,341			863,436			16,905

Benefits and expenses:
Claims and other policy benefits	241,763			252,336			251,243			260,874			232,473			9,290			745,342			708,722			36,620
Interest credited	—			—			—			8,126			(6,798		)	6,798			—			1,503			(1,503		)
Policy acquisition costs and other insurance expenses	14,133			17,550			14,782			19,171			17,680			(3,547		)	46,465			43,871			2,594
Other operating expenses	24,659			24,922			24,725			25,938			25,085			(426		)	74,306			74,127			179
Total benefits and expenses	280,555			294,808			290,750			314,109			268,440			12,115			866,113			828,223			37,890

Operating income (loss) before income taxes	$	8,515		$	6,834		$	(1,121	)	$	12,859		$	15,621		$	(7,106	)	$	14,228		$	35,213		$	(20,985	)

Loss and expense ratios:
Claims and other policy benefits	87.7		%	88.0		%	90.9		%	87.0		%	84.2		%	3.5		%	88.9		%	86.3		%	2.6		%
Policy acquisition costs and other insurance expenses	5.1		%	6.1		%	5.3		%	6.4		%	6.4		%	(1.3		)%	5.5		%	5.3		%	0.2		%
Other operating expenses	9.0		%	8.7		%	8.9		%	8.6		%	9.1		%	(0.1		)%	8.9		%	9.0		%	(0.1		)%


Foreign currency effect on (1):
Net premiums	$	(32,564	)	$	(20,223	)	$	(23,009	)	$	(24,499	)	$	(29,879	)	$	(2,685	)	$	(75,796	)	$	(94,735	)	$	18,939
Operating income before income taxes	$	157		$	46		$	(194	)	$	(1,285	)	$	(716	)	$	873		$	9		$	(2,787	)	$	2,796


Critical illness net premiums	$	49,531		$	53,805		$	53,643		$	58,610		$	58,069		$	(8,538	)	$	156,979		$	174,566		$	(17,587	)

See appendix for reconciliation of GAAP income before income taxes to operating income before income taxes.
(1) Compared to comparable prior year period.



		Page 19

Reinsurance Group of America, Incorporated Europe, Middle East and Africa Non-Traditional Segment (1) GAAP Income Statements (USD thousands)

	Three Months Ended															Current			Year-to-Date
	Sept. 30,			June 30,			March 31,			Dec. 31,			Sept. 30,			Qtr vs. PY			Sept. 30,			Sept. 30,
	2016			2016			2016			2015			2015			Quarter			2016			2015			Change
Revenues:
Net premiums	$	47,018		$	43,484		$	35,606		$	47,152		$	44,584		$	2,434		$	126,108		$	124,678		$	1,430
Investment income, net of related expenses	33,187			33,417			28,684			23,468			17,305			15,882			95,288			49,964			45,324
Investment related gains (losses), net	8,159			1,468			(1,004		)	9,261			8			8,151			8,623			909			7,714
Other revenue	11,388			2,608			4,470			6,863			7,341			4,047			18,466			24,371			(5,905		)
Total revenues	99,752			80,977			67,756			86,744			69,238			30,514			248,485			199,922			48,563

Benefits and expenses:
Claims and other policy benefits	45,805			44,004			36,443			52,064			37,923			7,882			126,252			109,853			16,399
Interest credited	5,540			2,966			408			—			—			5,540			8,914			—			8,914
Policy acquisition costs and other insurance expenses	(304		)	723			(193		)	(325		)	(511		)	207			226			(775		)	1,001
Other operating expenses	4,925			5,815			5,674			6,860			2,592			2,333			16,414			10,544			5,870
Total benefits and expenses	55,966			53,508			42,332			58,599			40,004			15,962			151,806			119,622			32,184

Income before income taxes	$	43,786		$	27,469		$	25,424		$	28,145		$	29,234		$	14,552		$	96,679		$	80,300		$	16,379

Foreign currency effect on (2):
Net premiums	$	(8,262	)	$	(3,127	)	$	(2,022	)	$	(2,062	)	$	(3,394	)	$	(4,868	)	$	(13,411	)	$	(10,500	)	$	(2,911	)
Income before income taxes	$	(6,193	)	$	(1,991	)	$	(1,924	)	$	(1,807	)	$	(2,854	)	$	(3,339	)	$	(10,108	)	$	(9,465	)	$	(643	)

See appendix for reconciliation of GAAP income before income taxes to operating income before income taxes.
(1) The Europe, Middle East and Africa's Non-Traditional segment includes asset intensive, financial reinsurance, capital motivated and longevity closed block business.
(2) Compared to comparable prior year period.



		Page 20

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

	Three Months Ended															Current			Year-to-Date
	Sept. 30,			June 30,			March 31,			Dec. 31,			Sept. 30,			Qtr vs. PY			Sept. 30,			Sept. 30,
	2016			2016			2016			2015			2015			Quarter			2016			2015			Change
Revenues:
Net premiums	$	47,018		$	43,484		$	35,606		$	47,152		$	44,584		$	2,434		$	126,108		$	124,678		$	1,430
Investment income, net of related expenses	27,647			30,451			28,276			23,468			17,305			10,342			86,374			49,964			36,410
Other revenue	9,706			2,735			3,653			6,758			6,953			2,753			16,094			24,287			(8,193		)
Total revenues	84,371			76,670			67,535			77,378			68,842			15,529			228,576			198,929			29,647

Benefits and expenses:
Claims and other policy benefits	45,805			44,004			36,443			52,064			37,923			7,882			126,252			109,853			16,399
Policy acquisition costs and other insurance expenses	(304		)	723			(193		)	(325		)	(511		)	207			226			(775		)	1,001
Other operating expenses	4,925			5,815			5,674			6,860			2,592			2,333			16,414			10,544			5,870
Total benefits and expenses	50,426			50,542			41,924			58,599			40,004			10,422			142,892			119,622			23,270

Operating income before income taxes	$	33,945		$	26,128		$	25,611		$	18,779		$	28,838		$	5,107		$	85,684		$	79,307		$	6,377

Foreign currency effect on (2):
Net premiums	$	(8,262	)	$	(3,127	)	$	(2,022	)	$	(2,062	)	$	(3,394	)	$	(4,868	)	$	(13,411	)	$	(10,500	)	$	(2,911	)
Operating income before income taxes	$	(4,742	)	$	(1,819	)	$	(1,978	)	$	(1,441	)	$	(2,780	)	$	(1,962	)	$	(8,539	)	$	(9,387	)	$	848

See appendix for reconciliation of GAAP income before income taxes to operating income before income taxes.
(1) The Europe, Middle East and Africa's non-traditional segment includes asset intensive, financial reinsurance, capital motivated and longevity closed block business.
(2) Compared to comparable prior year period.



		Page 21

Reinsurance Group of America, Incorporated Asia Pacific Traditional Segment GAAP Income Statements (USD thousands)


	Three Months Ended															Current			Year-to-Date
	Sept. 30,			June 30,			March 31,			Dec. 31,			Sept. 30,			Qtr vs. PY			Sept. 30,			Sept. 30,
	2016			2016			2016			2015			2015			Quarter			2016			2015			Change
Revenues:
Net premiums	$	404,451		$	454,629		$	374,142		$	388,663		$	400,322		$	4,129		$	1,233,222		$	1,162,923		$	70,299
Investment income, net of related expenses	21,273			20,461			19,867			20,276			19,626			1,647			61,601			60,273			1,328
Investment related gains (losses), net	—			—			14			1,706			(1,706		)	1,706			14			(1,706		)	1,720
Other revenue	1,923			2,481			176			553			3,728			(1,805		)	4,580			5,669			(1,089		)
Total revenues	427,647			477,571			394,199			411,198			421,970			5,677			1,299,417			1,227,159			72,258

Benefits and expenses:
Claims and other policy benefits	365,115			338,447			274,298			284,269			333,739			31,376			977,860			924,715			53,145
Policy acquisition costs and other insurance expenses	4,157			67,908			44,367			49,747			41,982			(37,825		)	116,432			138,229			(21,797		)
Other operating expenses	38,553			36,734			34,374			39,767			34,973			3,580			109,661			95,976			13,685
Total benefits and expenses	407,825			443,089			353,039			373,783			410,694			(2,869		)	1,203,953			1,158,920			45,033

Income before income taxes	$	19,822		$	34,482		$	41,160		$	37,415		$	11,276		$	8,546		$	95,464		$	68,239		$	27,225

Loss and Expense Ratios:
Claims and other policy benefits	90.3		%	74.4		%	73.3		%	73.1		%	83.4		%	6.9		%	79.3		%	79.5		%	(0.2		)%
Policy acquisition costs and other insurance expenses	1.0		%	14.9		%	11.9		%	12.8		%	10.5		%	(9.5		)%	9.4		%	11.9		%	(2.5		)%
Other operating expenses	9.5		%	8.1		%	9.2		%	10.2		%	8.7		%	0.8		%	8.9		%	8.3		%	0.6		%

Foreign currency effect on (1):
Net premiums	$	20,095		$	(7,741	)	$	(21,627	)	$	(43,034	)	$	(69,139	)	$	89,234		$	(9,273	)	$	(155,139	)	$	145,866
Income before income taxes	$	331		$	506		$	(2,735	)	$	(4,686	)	$	(119	)	$	450		$	(1,898	)	$	(3,348	)	$	1,450

Critical illness net premiums	$	100,641		$	113,297		$	98,389		$	81,271		$	86,341		$	14,300		$	312,327		$	231,328		$	80,999

See appendix for reconciliation of GAAP income before income taxes to operating income before income taxes.
(1) Compared to comparable prior year period.



		Page 22

Reinsurance Group of America, Incorporated Asia Pacific Traditional Segment Operating Income Statements (USD thousands)

	Three Months Ended															Current			Year-to-Date
	Sept. 30,			June 30,			March 31,			Dec. 31,			Sept. 30,			Qtr vs. PY			Sept. 30,			Sept. 30,
	2016			2016			2016			2015			2015			Quarter			2016			2015			Change
Revenues:
Net premiums	$	404,451		$	454,629		$	374,142		$	388,663		$	400,322		$	4,129		$	1,233,222		$	1,162,923		$	70,299
Investment income, net of related expenses	21,273			20,461			19,867			20,276			19,626			1,647			61,601			60,273			1,328
Investment related losses, net	—			—			(2		)	—			—			—			(2		)	—			(2		)
Other revenue	1,923			2,481			176			553			3,728			(1,805		)	4,580			5,669			(1,089		)
Total revenues	427,647			477,571			394,183			409,492			423,676			3,971			1,299,401			1,228,865			70,536

Benefits and expenses:
Claims and other policy benefits	365,115			338,447			274,298			284,269			333,739			31,376			977,860			924,715			53,145
Policy acquisition costs and other insurance expenses	4,157			67,908			44,367			49,747			41,982			(37,825		)	116,432			138,229			(21,797		)
Other operating expenses	38,553			36,734			34,374			39,767			34,973			3,580			109,661			95,976			13,685
Total benefits and expenses	407,825			443,089			353,039			373,783			410,694			(2,869		)	1,203,953			1,158,920			45,033

Operating income before income taxes	$	19,822		$	34,482		$	41,144		$	35,709		$	12,982		$	6,840		$	95,448		$	69,945		$	25,503

Loss and Expense Ratios:
Claims and other policy benefits	90.3		%	74.4		%	73.3		%	73.1		%	83.4		%	6.9		%	79.3		%	79.5		%	(0.2		)%
Policy acquisition costs and other insurance expenses	1.0		%	14.9		%	11.9		%	12.8		%	10.5		%	(9.5		)%	9.4		%	11.9		%	(2.5		)%
Other operating expenses	9.5		%	8.1		%	9.2		%	10.2		%	8.7		%	0.8		%	8.9		%	8.3		%	0.6		%

Foreign currency effect on (1):
Net premiums	$	20,095		$	(7,741	)	$	(21,627	)	$	(43,034	)	$	(69,139	)	$	89,234		$	(9,273	)	$	(155,139	)	$	145,866
Operating income before income taxes	$	331		$	506		$	(2,748	)	$	(4,204	)	$	(601	)	$	932		$	(1,911	)	$	(3,830	)	$	1,919

Critical illness net premiums	$	100,641		$	113,297		$	98,389		$	81,271		$	86,341		$	14,300		$	312,327		$	231,328		$	80,999

See appendix for reconciliation of GAAP income before income taxes to operating income before income taxes.
(1) Compared to comparable prior year period.



		Page 23

Reinsurance Group of America, Incorporated Asia Pacific Non-Traditional Segment (1) GAAP Income Statements (USD thousands)


	Three Months Ended													Current			Year-to-Date
	Sept. 30,		June 30,			March 31,		Dec. 31,			Sept. 30,			Qtr vs. PY			Sept. 30,		Sept. 30,
	2016		2016			2016		2015			2015			Quarter			2016		2015			Change
Revenues:
Net premiums	$	743	$	(1,493	)	$	5,686	$	5,487		$	2,807		$	(2,064	)	$	4,936	$	13,987		$	(9,051	)
Investment income, net of related expenses	5,827		5,885			6,374		6,659			4,482			1,345			18,086		12,019			6,067
Investment related gains (losses), net	6,108		6,527			1,687		671			(175		)	6,283			14,322		(1,202		)	15,524
Other revenue	6,359		6,126			6,324		5,698			4,306			2,053			18,809		13,262			5,547
Total revenues	19,037		17,045			20,071		18,515			11,420			7,617			56,153		38,066			18,087

Benefits and expenses:
Claims and other policy benefits	3,777		8,237			3,473		4,951			903			2,874			15,487		11,344			4,143
Interest credited	3,308		3,136			3,030		3,095			1,023			2,285			9,474		1,376			8,098
Policy acquisition costs and other insurance expenses	1,482		1,667			1,287		1,297			292			1,190			4,436		1,257			3,179
Other operating expenses	2,921		4,078			3,728		3,705			3,790			(869		)	10,727		9,937			790
Total benefits and expenses	11,488		17,118			11,518		13,048			6,008			5,480			40,124		23,914			16,210

Income (loss) before income taxes	$	7,549	$	(73	)	$	8,553	$	5,467		$	5,412		$	2,137		$	16,029	$	14,152		$	1,877

Foreign currency effect on (2):
Net premiums	$	60	$	(225	)	$	243	$	(373	)	$	(392	)	$	452		$	78	$	(2,234	)	$	2,312
Income before income taxes	$	917	$	233		$	778	$	(587	)	$	(1,624	)	$	2,541		$	1,928	$	(2,320	)	$	4,248

See appendix for reconciliation of GAAP income before income taxes to operating income before income taxes.
(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 24

Reinsurance Group of America, Incorporated Asia Pacific Non-Traditional Segment (1) Operating Income Statements (USD thousands)

	Three Months Ended													Current			Year-to-Date
	Sept. 30,		June 30,			March 31,		Dec. 31,			Sept. 30,			Qtr vs. PY			Sept. 30,		Sept. 30,
	2016		2016			2016		2015			2015			Quarter			2016		2015			Change
Revenues:
Net premiums	$	743	$	(1,493	)	$	5,686	$	5,487		$	2,807		$	(2,064	)	$	4,936	$	13,987		$	(9,051	)
Investment income, net of related expenses	5,827		5,885			6,374		6,659			4,482			1,345			18,086		12,019			6,067
Investment related gains, net	825		602			576		654			706			119			2,003		1,714			289
Other revenue	6,359		6,126			6,324		5,698			4,306			2,053			18,809		13,262			5,547
Total revenues	13,754		11,120			18,960		18,498			12,301			1,453			43,834		40,982			2,852

Benefits and expenses:
Claims and other policy benefits	3,777		8,237			3,473		4,951			903			2,874			15,487		11,344			4,143
Interest credited	3,308		3,136			3,030		3,095			1,023			2,285			9,474		1,376			8,098
Policy acquisition costs and other insurance expenses	1,482		1,667			1,287		1,297			292			1,190			4,436		1,257			3,179
Other operating expenses	2,921		4,078			3,728		3,705			3,790			(869		)	10,727		9,937			790
Total benefits and expenses	11,488		17,118			11,518		13,048			6,008			5,480			40,124		23,914			16,210

Operating income (loss) before income taxes	$	2,266	$	(5,998	)	$	7,442	$	5,450		$	6,293		$	(4,027	)	$	3,710	$	17,068		$	(13,358	)

Foreign currency effect on (2):
Net premiums	$	60	$	(225	)	$	243	$	(373	)	$	(392	)	$	452		$	78	$	(2,234	)	$	2,312
Operating income before income taxes	$	451	$	(113	)	$	323	$	(774	)	$	(1,719	)	$	2,170		$	661	$	(2,784	)	$	3,445

See appendix for reconciliation of GAAP income before income taxes to operating income before income taxes.
(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 25

Reinsurance Group of America, Incorporated Corporate and Other Segment GAAP Income Statements (USD thousands)

	Three Months Ended															Current			Year-to-Date
	Sept. 30,			June 30,			March 31,			Dec. 31,			Sept. 30,			Qtr vs. PY			Sept. 30,			Sept. 30,
	2016			2016			2016			2015			2015			Quarter			2016			2015			Change
Revenues:
Net premiums	$	72		$	108		$	109		$	112		$	133		$	(61	)	$	289		$	453		$	(164	)
Investment income, net of related expenses	33,478			25,190			22,921			28,355			31,693			1,785			81,589			95,095			(13,506		)
Investment related gains (losses), net	12,258			32,036			7,423			(34,276		)	(30,710		)	42,968			51,717			(30,831		)	82,548
Other revenue	4,893			4,653			2,049			6,665			(1,675		)	6,568			11,595			3,322			8,273
Total revenues	50,701			61,987			32,502			856			(559		)	51,260			145,190			68,039			77,151

Benefits and expenses:
Claims and other policy benefits	(15		)	(6		)	27			(11		)	(4		)	(11		)	6			49			(43		)
Interest credited	622			459			507			369			244			378			1,588			659			929
Policy acquisition costs and other insurance income	(24,565		)	(25,149		)	(23,812		)	(22,886		)	(22,234		)	(2,331		)	(73,526		)	(64,665		)	(8,861		)
Other operating expenses	32,414			40,975			39,978			32,878			31,668			746			113,367			76,139			37,228
Interest expense	43,063			20,331			32,807			35,820			35,565			7,498			96,201			107,043			(10,842		)
Collateral finance and securitization expense	6,484			6,587			6,325			6,182			5,133			1,351			19,396			16,462			2,934
Total benefits and expenses	58,003			43,197			55,832			52,352			50,372			7,631			157,032			135,687			21,345

Income (loss) before income taxes	$	(7,302	)	$	18,790		$	(23,330	)	$	(51,496	)	$	(50,931	)	$	43,629		$	(11,842	)	$	(67,648	)	$	55,806

Foreign currency effect (1):
Income before income taxes	$	294		$	(1,941	)	$	(1,409	)	$	(2,642	)	$	(1,122	)	$	1,416		$	(3,056	)	$	(3,436	)	$	380

See appendix for reconciliation of GAAP income before income taxes to operating income before income taxes.
(1) Compared to comparable prior year period.



		Page 26

Reinsurance Group of America, Incorporated Corporate and Other Segment Operating Income Statements (USD thousands)

	Three Months Ended															Current			Year-to-Date
	Sept. 30,			June 30,			March 31,			Dec. 31,			Sept. 30,			Qtr vs. PY			Sept. 30,			Sept. 30,
	2016			2016			2016			2015			2015			Quarter			2016			2015			Change
Revenues:
Net premiums	$	72		$	108		$	109		$	112		$	133		$	(61	)	$	289		$	453		$	(164	)
Investment income, net of related expenses	33,478			25,190			22,921			28,355			31,693			1,785			81,589			95,095			(13,506		)
Investment related gains, net	568			496			493			523			519			49			1,557			1,426			131
Other revenue	4,870			4,636			2,035			6,650			(1,670		)	6,540			11,541			3,408			8,133
Total revenues	38,988			30,430			25,558			35,640			30,675			8,313			94,976			100,382			(5,406		)

Benefits and expenses:
Claims and other policy benefits	(15		)	(6		)	27			(11		)	(4		)	(11		)	6			49			(43		)
Interest credited	622			459			507			369			244			378			1,588			659			929
Policy acquisition costs and other insurance income	(24,565		)	(25,149		)	(23,812		)	(22,886		)	(22,234		)	(2,331		)	(73,526		)	(64,665		)	(8,861		)
Other operating expenses	32,414			40,975			39,978			32,878			31,668			746			113,367			76,139			37,228
Interest expense	43,063			20,331			32,807			35,820			35,565			7,498			96,201			107,043			(10,842		)
Collateral finance and securitization expense	6,484			6,587			6,325			6,182			5,133			1,351			19,396			16,462			2,934
Total benefits and expenses	58,003			43,197			55,832			52,352			50,372			7,631			157,032			135,687			21,345

Operating income (loss) before income taxes	(19,015		)	(12,767		)	(30,274		)	(16,712		)	(19,697		)	682			(62,056		)	(35,305		)	(26,751		)

Foreign currency effect (1):
Operating income before income taxes	$	513		$	(442	)	$	(868	)	$	(2,604	)	$	(1,407	)	$	1,920		$	(797	)	$	(3,108	)	$	2,311

See appendix for reconciliation of GAAP income before income taxes to operating income before income taxes.
(1) Compared to comparable prior year period.



		Page 27

Reinsurance Group of America, Incorporated Summary of Segment GAAP Income Statements (USD thousands)


	Three Months Ended															Current Qtr vs. PY Quarter			Year-to-date
	Sept. 30,			June 30,			March 31,			Dec. 31,			Sept. 30,						Sept. 30,			Sept. 30,
	2016			2016			2016			2015			2015						2016			2015			Change
U.S. and Latin America:
Traditional	$	77,081		$	111,430		$	51,098		$	79,483		$	55,652		$	21,429		$	239,609		$	156,288		$	83,321
Non-Traditional:
Asset Intensive	88,732			93,979			(30,830		)	30,874			24,182			64,550			151,881			122,072			29,809
Financial Reinsurance	13,982			14,875			15,934			15,936			12,073			1,909			44,791			39,081			5,710
Total U.S. and Latin America	179,795			220,284			36,202			126,293			91,907			87,888			436,281			317,441			118,840
Canada:
Canada Traditional	34,275			43,309			20,095			44,640			34,072			203			97,679			79,535			18,144
Canada Non-Traditional	1,160			2,128			592			3,420			3,257			(2,097		)	3,880			10,482			(6,602		)
Total Canada	35,435			45,437			20,687			48,060			37,329			(1,894		)	101,559			90,017			11,542
Europe, Middle East and Africa:
Europe, Middle East and Africa Traditional	8,515			6,834			(1,116		)	12,859			15,910			(7,395		)	14,233			35,551			(21,318		)
Europe, Middle East and Africa Non-Traditional	43,786			27,469			25,424			28,145			29,234			14,552			96,679			80,300			16,379
Total Europe, Middle East and Africa	52,301			34,303			24,308			41,004			45,144			7,157			110,912			115,851			(4,939		)
Asia Pacific:
Asia Pacific Traditional	19,822			34,482			41,160			37,415			11,276			8,546			95,464			68,239			27,225
Asia Pacific Non-Traditional	7,549			(73		)	8,553			5,467			5,412			2,137			16,029			14,152			1,877
Total Asia Pacific	27,371			34,409			49,713			42,882			16,688			10,683			111,493			82,391			29,102
Corporate and Other	(7,302		)	18,790			(23,330		)	(51,496		)	(50,931		)	43,629			(11,842		)	(67,648		)	55,806
Consolidated Income before Income Taxes	$	287,600		$	353,223		$	107,580		$	206,743		$	140,137		$	147,463		$	748,403		$	538,052		$	210,351

See appendix for reconciliation of GAAP income before income taxes to operating income before income taxes.



		Page 28

Reinsurance Group of America, Incorporated Summary of Segment Operating Income Statements (USD thousands)


	Three Months Ended															Current Qtr vs. PY Quarter			Year-to-date
	Sept. 30,			June 30,			March 31,			Dec. 31,			Sept. 30,						Sept. 30,			Sept. 30,
	2016			2016			2016			2015			2015						2016			2015			Change
U.S. and Latin America:
Traditional	$	80,475		$	112,312		$	53,198		$	78,990		$	54,726		$	25,749		$	245,985		$	154,475		$	91,510
Non-Traditional:
Asset Intensive	58,693			54,323			45,268			47,596			55,230			3,463			158,284			151,966			6,318
Financial Reinsurance	13,982			14,875			15,934			15,936			12,073			1,909			44,791			39,081			5,710
Total U.S. and Latin America	153,150			181,510			114,400			142,522			122,029			31,121			449,060			345,522			103,538
Canada:
Canada Traditional	30,624			40,907			19,364			45,086			37,793			(7,169		)	90,895			78,725			12,170
Canada Non-Traditional	1,160			2,128			592			3,420			3,257			(2,097		)	3,880			10,482			(6,602		)
Total Canada	31,784			43,035			19,956			48,506			41,050			(9,266		)	94,775			89,207			5,568
Europe, Middle East and Africa:
Europe, Middle East and Africa Traditional	8,515			6,834			(1,121		)	12,859			15,621			(7,106		)	14,228			35,213			(20,985		)
Europe, Middle East and Africa Non-Traditional	33,945			26,128			25,611			18,779			28,838			5,107			85,684			79,307			6,377
Total Europe, Middle East and Africa	42,460			32,962			24,490			31,638			44,459			(1,999		)	99,912			114,520			(14,608		)
Asia Pacific:
Asia Pacific Traditional	19,822			34,482			41,144			35,709			12,982			6,840			95,448			69,945			25,503
Asia Pacific Non-Traditional	2,266			(5,998		)	7,442			5,450			6,293			(4,027		)	3,710			17,068			(13,358		)
Total Asia Pacific	22,088			28,484			48,586			41,159			19,275			2,813			99,158			87,013			12,145
Corporate and Other	(19,015		)	(12,767		)	(30,274		)	(16,712		)	(19,697		)	682			(62,056		)	(35,305		)	(26,751		)
Consolidated Operating Income before Income Taxes	$	230,467		$	273,224		$	177,158		$	247,113		$	207,116		$	23,351		$	680,849		$	600,957		$	79,892

See appendix for reconciliation of GAAP income before income taxes to operating income before income taxes.



		Page 29

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

	Sept. 30,		June 30,		March 31,		Dec. 31,		Sept. 30,
	2016		2016		2016		2015		2015
Fixed maturity securities, available-for-sale	$	33,536,419	$	33,160,976	$	31,148,714	$	29,642,905	$	27,411,788
Mortgage loans on real estate	3,607,700		3,377,039		3,292,496		3,129,951		3,170,002
Policy loans	1,414,963		1,445,410		1,451,857		1,468,796		1,444,009
Funds withheld at interest	5,922,656		5,899,289		5,797,183		5,880,203		5,675,174
Short-term investments	126,702		195,979		431,535		558,284		58,200
Other invested assets	1,777,065		1,682,143		1,368,544		1,298,120		1,187,504
Cash and cash equivalents	1,379,693		1,034,329		1,502,082		1,525,275		1,747,692
Total cash and invested assets	$	47,765,198	$	46,795,165	$	44,992,411	$	43,503,534	$	40,694,369

Investment Income and Yield Summary


	Three Months Ended																	Current Qtr vs. PY Quarter			Year-to-Date
	Sept. 30,			June 30,			March 31,			Dec. 31,					Sept. 30,						Sept. 30,			Sept. 30,
	2016			2016			2016			2015					2015						2016			2015			Change
Average invested assets at amortized cost (1)	$	24,128,430		$	23,216,459		$	22,379,003		$	21,552,560				$	20,988,046		$	3,140,384		$	22,982,245		$	20,783,655		$	2,198,590
Net investment income (1)	$	263,111		$	268,747		$	245,299		$	262,660				$	240,168		$	22,943		$	777,157		$	739,538		$	37,619
Annualized investment yield (ratio of net investment income to average invested assets) (1)	4.43		%	4.71		%	4.46		%	4.96		%	(2	)	4.66		%	-0.23		%	4.53		%	4.77		%	-0.24		%

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



		Page 30

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)

September 30, 2016
	Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value		% of Total		Other-than- temporary Impairment in AOCI
Available-for-sale:
Corporate securities	$	18,762,648	$	1,498,816	$	96,616	$	20,164,848	60.2	%	$	—
Canadian and Canadian provincial governments	2,598,625		1,541,754		—		4,140,379		12.3	%	—
Residential mortgage-backed securities	1,247,677		67,854		3,839		1,311,692		3.9	%	(300		)
Asset-backed securities	1,388,263		13,706		19,395		1,382,574		4.1	%	275
Commercial mortgage-backed securities	1,402,249		73,402		618		1,475,033		4.4	%	(1,609		)
U.S. government and agencies	1,479,295		80,402		161		1,559,536		4.7	%	—
State and political subdivisions	549,669		72,598		4,418		617,849		1.8	%	—
Other foreign government, supranational, and foreign
government-sponsored enterprises	2,669,470		220,274		5,236		2,884,508		8.6	%	—
Total fixed maturity securities	$	30,097,896	$	3,568,806	$	130,283	$	33,536,419	100.0	%	$	(1,634	)

Non-redeemable preferred stock	$	56,944	$	2,512	$	6,604	$	52,852	12.6	%
Other equity securities	360,839		7,013		456		367,396		87.4	%
Total equity securities	$	417,783	$	9,525	$	7,060	$	420,248	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 31

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

	September 30, 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	$	4,148,648	$	4,363,327	21.8	%	A-	$	3,557,406	$	3,641,125	20.5	%	A-
Brokerage/asset managers/exchanges	400,252		428,406		2.1	%	A	315,848		327,477		1.8	%	A
Finance companies	121,742		130,694		0.6	%	A-	68,996		70,947		0.4	%	BBB-
Insurance	1,201,312		1,292,041		6.4	%	A-	877,691		908,752		5.1	%	A-
REITs	557,980		594,973		3.0	%	BBB+	524,424		540,120		3.1	%	BBB+
Other finance	100,824		106,754		0.5	%	BBB+	64,426		66,623		0.4	%	A-
Total financial institutions	$	6,530,758	$	6,916,195	34.4	%		$	5,408,791	$	5,555,044	31.3	%
Industrials
Basic	$	892,323	$	951,840	4.7	%	BBB	$	937,498	$	894,466	5.1	%	BBB
Capital goods	1,002,552		1,057,647		5.2	%	BBB+	1,090,670		1,091,523		6.2	%	BBB+
Communications	1,828,975		1,999,455		9.9	%	BBB	1,891,983		1,912,375		10.8	%	BBB
Consumer cyclical	1,065,703		1,140,431		5.7	%	BBB+	1,015,183		1,028,521		5.8	%	BBB+
Consumer noncyclical	1,931,379		2,129,698		10.6	%	A-	1,762,018		1,805,347		10.2	%	A-
Energy	1,873,902		1,979,153		9.8	%	BBB+	2,064,824		1,922,366		10.9	%	BBB+
Technology	673,034		712,706		3.5	%	A	569,174		574,280		3.2	%	A-
Transportation	859,228		932,491		4.6	%	A-	763,055		777,939		4.4	%	A-
Other industrial	114,393		124,811		0.6	%	BBB+	117,021		123,100		0.7	%	BBB+
Total industrials	$	10,241,489	$	11,028,232	54.6	%		$	10,211,426	$	10,129,917	57.3	%
Utilities
Electric	$	1,437,040	$	1,581,464	7.8	%	A-	$	1,395,335	$	1,444,368	8.2	%	BBB+
Natural gas	325,547		365,055		1.8	%	A-	315,826		323,206		1.8	%	A-
Other utility	227,814		273,902		1.4	%	A-	244,129		255,621		1.4	%	A-
Total utilities	$	1,990,401	$	2,220,421	11.0	%		$	1,955,290	$	2,023,195	11.4	%
Total	$	18,762,648	$	20,164,848	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 statistical rating organizations (NRSRO), 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 National
Association of Insurance Commissioners (NAIC).



		Page 32

Reinsurance Group of America, Incorporated

Investments

(USD thousands)

Ratings of Fixed Maturity Securities (Excludes Funds Withheld Portfolios)

		September 30, 2016						June 30, 2016						March 31, 2016						December 31, 2015						September 30, 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	$	19,794,556	$	22,594,066	67.3	%	$	19,755,011	$	22,392,311	67.5	%	$	18,511,837	$	20,516,462	65.9	%	$	17,801,017	$	19,231,535	64.8	%	$	16,479,884	$	18,012,729	65.7	%
2	BBB	8,660,225		9,296,652		27.7	%	8,679,819		9,130,971		27.5	%	8,813,991		9,005,192		28.9	%	8,838,444		8,830,172		29.8	%	7,567,172		7,691,301		28.1	%
3	BB	1,010,694		1,027,001		3.1	%	1,012,092		1,018,629		3.1	%	1,096,165		1,057,763		3.4	%	1,054,449		1,001,614		3.4	%	1,061,245		1,015,762		3.7	%
4	B	451,456		441,887		1.3	%	456,457		431,649		1.3	%	402,872		372,795		1.2	%	399,417		359,591		1.2	%	414,775		389,089		1.4	%
5	CCC	157,857		151,182		0.5	%	143,675		135,927		0.4	%	178,537		165,491		0.5	%	207,351		197,498		0.7	%	261,015		246,211		0.9	%
6	In or near default	23,108		25,631		0.1	%	29,830		51,489		0.2	%	31,872		31,011		0.1	%	22,299		22,495		0.1	%	60,704		56,696		0.2	%
	Total	$	30,097,896	$	33,536,419	100.0	%	$	30,076,884	$	33,160,976	100.0	%	$	29,035,274	$	31,148,714	100.0	%	$	28,322,977	$	29,642,905	100.0	%	$	25,844,795	$	27,411,788	100.0	%

(1) Structured securities held by the Company’s insurance subsidiaries that maintain the 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 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

	September 30, 2016				June 30, 2016				March 31, 2016				December 31, 2015				September 30, 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	$	590,881	$	642,041	$	601,728	$	659,526	$	593,662	$	642,617	$	602,524	$	634,077	$	614,272	$	657,066
Non-agency	656,796		669,651		623,990		633,252		737,232		738,280		675,474		677,400		619,886		626,394
Total residential mortgage-backed securities	1,247,677		1,311,692		1,225,718		1,292,778		1,330,894		1,380,897		1,277,998		1,311,477		1,234,158		1,283,460
Commercial mortgage-backed securities	1,402,249		1,475,033		1,441,091		1,507,693		1,466,500		1,508,183		1,456,848		1,483,087		1,441,845		1,491,951
Asset-backed securities	1,388,263		1,382,574		1,377,736		1,356,677		1,319,616		1,289,381		1,219,000		1,212,676		1,055,760		1,061,372
Total	$	4,038,189	$	4,169,299	$	4,044,545	$	4,157,148	$	4,117,010	$	4,178,461	$	3,953,846	$	4,007,240	$	3,731,763	$	3,836,783



		Page 33

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

	September 30, 2016				June 30, 2016				March 31, 2016				December 31, 2015				September 30, 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%	$	85,446	62.2	%	$	148,844	74.9	%	$	272,450	70.5	%	$	458,676	73.1	%	$	359,324	79.5	%
20% or more for less than six months	12,551		9.1	%	7,248		3.7	%	68,067		17.6	%	140,568		22.4	%	69,197		15.3	%
20% or more for six months or greater	32,286		23.5	%	34,078		17.2	%	36,949		9.6	%	20,003		3.2	%	14,480		3.2	%
Total	$	130,283	94.8	%	$	190,170	95.8	%	$	377,466	97.7	%	$	619,247	98.7	%	$	443,001	98.0	%

Equity Securities

	September 30, 2016				June 30, 2016				March 31, 2016				December 31, 2015				September 30, 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%	$	2,588	1.9	%	$	1,794	0.9	%	$	2,678	0.7	%	$	4,433	0.7	%	$	4,127	0.9	%
20% or more for less than six months	—		0.0	%	1,685		0.8	%	1,672		0.4	%	1,927		0.3	%	3,687		0.8	%
20% or more for six months or greater	4,472		3.3	%	4,903		2.5	%	4,714		1.2	%	1,844		0.3	%	1,243		0.3	%
Total	$	7,060	5.2	%	$	8,382	4.2	%	$	9,064	2.3	%	$	8,204	1.3	%	$	9,057	2.0	%



		Page 34

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

	As of September 30, 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	$	775,973	$	11,522	$	567,398	$	29,794	$	1,343,371	$	41,316
Canadian and Canadian provincial governments	—		—		—		—		—		—
Residential mortgage-backed securities	85,970		593		107,240		3,236		193,210		3,829
Asset-backed securities	341,260		4,816		314,518		11,488		655,778		16,304
Commercial mortgage-backed securities	51,965		193		22,415		425		74,380		618
U.S. government and agencies	86,499		161		—		—		86,499		161
State and political subdivisions	53,229		841		13,141		3,577		66,370		4,418
Other foreign government, supranational, and foreign government-sponsored enterprises	131,702		1,077		51,862		2,340		183,564		3,417
Total investment grade securities	$	1,526,598	$	19,203	$	1,076,574	$	50,860	$	2,603,172	$	70,063

Below investment grade securities:
Corporate securities	$	314,962	$	9,132	$	168,865	$	46,168	$	483,827	$	55,300
Residential mortgage-backed securities	—		—		369		10		369		10
Asset-backed securities	5,858		731		14,707		2,360		20,565		3,091
Commercial mortgage-backed securities	—		—		—		—		—		—
Other foreign government, supranational, and foreign government-sponsored enterprises	6,194		22		42,501		1,797		48,695		1,819
Total below investment grade securities	327,014		9,885		226,442		50,335		553,456		60,220
Total fixed maturity securities	$	1,853,612	$	29,088	$	1,303,016	$	101,195	$	3,156,628	$	130,283

Equity securities:
Non-redeemable preferred stock	$	3,413	$	96	$	23,786	$	6,508	$	27,199	$	6,604
Other equity securities	96,635		210		6,806		246		103,441		456
Total equity securities	$	100,048	$	306	$	30,592	$	6,754	$	130,640	$	7,060






	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
Total 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
Total 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

Equity securities:
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 35

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
	Sept. 30,			June 30,			March 31,			Dec. 31,			Sept. 30,						Sept. 30,			Sept. 30,
	2016			2016			2016			2015			2015						2016			2015			Change
Fixed maturity and equity securities:
Other-than-temporary impairment losses on fixed maturities	$	—		$	(846	)	$	(33,817	)	$	(27,605	)	$	(23,111	)	$	23,111		$	(34,663	)	$	(29,775	)	$	(4,888	)
Gain on investment activity	46,346			53,615			27,192			20,077			13,792			32,554			127,153			53,002			74,151
Loss on investment activity	(9,054		)	(22,556		)	(11,787		)	(21,636		)	(22,186		)	13,132			(43,397		)	(50,257		)	6,860
Net gain (loss) on fixed maturity and equity securities	37,292			30,213			(18,412		)	(29,164		)	(31,505		)	68,797			49,093			(27,030		)	76,123

Other impairment losses and change in mortgage loan provision	(262		)	211			(2,060		)	(2,292		)	(636		)	374			(2,111		)	(4,661		)	2,550
Other non-derivative gain (loss), net	4,754			5,123			4,057			11,824			(2,006		)	6,760			13,934			16,345			(2,411		)

Free-standing derivatives:
Credit default swaps	6,672			3,518			3,346			1,253			(8,407		)	15,079			13,536			(5,936		)	19,472
Interest rate swaps - non-hedged	4,122			41,500			62,527			(9,271		)	42,014			(37,892		)	108,149			29,629			78,520
Interest rate swaps - hedged	—			—			—			—			—			—			—			7			(7		)
Foreign currency swaps - hedged (1)	1,606			(2,395		)	(4,562		)	2,983			(2,135		)	3,741			(5,351		)	(2,135		)	(3,216		)
Futures	(11,677		)	(7,557		)	(11,051		)	(6,822		)	16,655			(28,332		)	(30,285		)	7,141			(37,426		)
CPI swaps	76			(520		)	(180		)	(55		)	(250		)	326			(624		)	(153		)	(471		)
Equity options	(13,648		)	(3,225		)	(2,703		)	(21,376		)	15,149			(28,797		)	(19,576		)	4,477			(24,053		)
Currency forwards	507			3,577			2,500			(214		)	707			(200		)	6,584			(946		)	7,530
Bond forwards	116			(1,010		)	841			(911		)	610			(494		)	(53		)	1,265			(1,318		)
Interest rate options	—			—			—			—			—			—			—			3,276			(3,276		)
Total free-standing derivatives	(12,226		)	33,888			50,718			(34,413		)	64,343			(76,569		)	72,380			36,625			35,755

Embedded derivatives:
Modified coinsurance and funds withheld treaties	49,078			76,966			(92,249		)	(27,201		)	(46,169		)	95,247			33,795			(71,592		)	105,387
GMXB	7,988			(28,137		)	(62,940		)	36,437			(95,373		)	103,361			(83,089		)	(69,628		)	(13,461		)
Total embedded derivatives	57,066			48,829			(155,189		)	9,236			(141,542		)	198,608			(49,294		)	(141,220		)	91,926

Net gain (loss) on total derivatives	44,840			82,717			(104,471		)	(25,177		)	(77,199		)	122,039			23,086			(104,595		)	127,681

Total investment related gains (losses), net	$	86,624		$	118,264		$	(120,886	)	$	(44,809	)	$	(111,346	)	$	197,970		$	84,002		$	(119,941	)	$	203,943

(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 36

Appendix



Reconciliations of GAAP Income Statements to Operating Income Statements



		Page 37

Reinsurance Group of America, Incorporated Reconciliation of GAAP Income Statements to Operating Income Statements (USD thousands)

	Three Months Ended															Current Qtr			Year-to-Date
	Sept. 30,			June 30,			March 31,			Dec. 31,			Sept. 30,			vs. PY			Sept. 30,			Sept. 30,
	2016			2016			2016			2015			2015			Quarter			2016			2015			Change
U.S. & Latin America Traditional
Income before income taxes	$	77,081		$	111,430		$	51,098		$	79,483		$	55,652		$	21,429		$	239,609		$	156,288		$	83,321
Investment and derivative gains (losses) - non-operating (1)	(69		)	1			65			203			(1		)	(68		)	(3		)	(2		)	(1		)
Change in value of modified coinsurance and
funds withheld embedded derivatives (1)	3,463			881			2,035			(696		)	(925		)	4,388			6,379			(1,811		)	8,190
Operating income before income taxes	$	80,475		$	112,312		$	53,198		$	78,990		$	54,726		$	25,749		$	245,985		$	154,475		$	91,510

U.S. & Latin America Asset Intensive
Income (loss) before income taxes	$	88,732		$	93,979		$	(30,830	)	$	30,874		$	24,182		$	64,550		$	151,881		$	122,072		$	29,809
Investment and derivative gains (losses) - non-operating (1)	867			(27,119		)	(24,603		)	39,757			(73,476		)	74,343			(50,855		)	(55,766		)	4,911
Change in value of modified coinsurance and
funds withheld embedded derivatives (1)	(52,541		)	(77,847		)	90,214			27,897			47,094			(99,635		)	(40,174		)	73,403			(113,577		)
GMXB embedded derivatives (1)	(7,988		)	28,137			62,940			(36,437		)	95,373			(103,361		)	83,089			69,628			13,461
Funds withheld gains (losses) - investment income	(2,295		)	(10,304		)	(4,624		)	59			(1,003		)	(1,292		)	(17,223		)	(10,118		)	(7,105		)
EIA embedded derivatives - interest credited	42			(17,364		)	29,149			(1,412		)	(10,995		)	11,037			11,827			(11,170		)	22,997
DAC offset, net	31,876			64,841			(76,978		)	(13,142		)	(25,945		)	57,821			19,739			(36,083		)	55,822
Operating income before income taxes	$	58,693		$	54,323		$	45,268		$	47,596		$	55,230		$	3,463		$	158,284		$	151,966		$	6,318

U.S. & Latin America Financial Reinsurance
Income before income taxes	$	13,982		$	14,875		$	15,934		$	15,936		$	12,073		$	1,909		$	44,791		$	39,081		$	5,710
Operating income before income taxes	$	13,982		$	14,875		$	15,934		$	15,936		$	12,073		$	1,909		$	44,791		$	39,081		$	5,710

Total U.S. & Latin America
Income before income taxes	$	179,795		$	220,284		$	36,202		$	126,293		$	91,907		$	87,888		$	436,281		$	317,441		$	118,840
Investment and derivative gains (losses) - non-operating (1)	798			(27,118		)	(24,538		)	39,960			(73,477		)	74,275			(50,858		)	(55,768		)	4,910
Change in value of modified coinsurance and
funds withheld embedded derivatives (1)	(49,078		)	(76,966		)	92,249			27,201			46,169			(95,247		)	(33,795		)	71,592			(105,387		)
GMXB embedded derivatives (1)	(7,988		)	28,137			62,940			(36,437		)	95,373			(103,361		)	83,089			69,628			13,461
Funds withheld gains (losses) - investment income	(2,295		)	(10,304		)	(4,624		)	59			(1,003		)	(1,292		)	(17,223		)	(10,118		)	(7,105		)
EIA embedded derivatives - interest credited	42			(17,364		)	29,149			(1,412		)	(10,995		)	11,037			11,827			(11,170		)	22,997
DAC offset, net	31,876			64,841			(76,978		)	(13,142		)	(25,945		)	57,821			19,739			(36,083		)	55,822
Operating income before income taxes	$	153,150		$	181,510		$	114,400		$	142,522		$	122,029		$	31,121		$	449,060		$	345,522		$	103,538

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



		Page 38

Reinsurance Group of America, Incorporated Reconciliation of GAAP Income Statements to Operating Income Statements (USD thousands)

	Three Months Ended															Current Qtr			Year-to-Date
	Sept. 30,			June 30,			March 31,			Dec. 31,			Sept. 30,			vs. PY			Sept. 30,			Sept. 30,
	2016			2016			2016			2015			2015			Quarter			2016			2015			Change
Canada Traditional
Income before income taxes	$	34,275		$	43,309		$	20,095		$	44,640		$	34,072		$	203		$	97,679		$	79,535		$	18,144
Investment and derivative gains (losses) - non-operating (1)	(2,624		)	(1,049		)	(372		)	259			4,930			(7,554		)	(4,045		)	5,688			(9,733		)
Funds withheld gains (losses) - investment income	(1,027		)	(1,353		)	(359		)	187			(1,209		)	182			(2,739		)	(6,498		)	3,759
Operating income before income taxes	$	30,624		$	40,907		$	19,364		$	45,086		$	37,793		$	(7,169	)	$	90,895		$	78,725		$	12,170

Canada Non-Traditional
Income before income taxes	$	1,160		$	2,128		$	592		$	3,420		$	3,257		$	(2,097	)	$	3,880		$	10,482		$	(6,602	)
Operating income before income taxes	$	1,160		$	2,128		$	592		$	3,420		$	3,257		$	(2,097	)	$	3,880		$	10,482		$	(6,602	)

Europe, Middle East and Africa Traditional
Income (loss) before income taxes	$	8,515		$	6,834		$	(1,116	)	$	12,859		$	15,910		$	(7,395	)	$	14,233		$	35,551		$	(21,318	)
Investment and derivative gains (losses) - non-operating (1)	—			—			(5		)	—			(289		)	289			(5		)	(338		)	333
Operating income (loss) before income taxes	$	8,515		$	6,834		$	(1,121	)	$	12,859		$	15,621		$	(7,106	)	$	14,228		$	35,213		$	(20,985	)

Europe, Middle East and Africa Non-Traditional
Income before income taxes	$	43,786		$	27,469		$	25,424		$	28,145		$	29,234		$	14,552		$	96,679		$	80,300		$	16,379
Investment and derivative gains (losses) - non-operating (1)	(8,159		)	(1,468		)	1,004			(9,261		)	(8		)	(8,151		)	(8,623		)	(909		)	(7,714		)
Investment income on unit-linked variable annuities	(5,540		)	(2,966		)	(408		)	—			—			(5,540		)	(8,914		)	—			(8,914		)
Interest credited on unit-linked variable annuities	5,540			2,966			408			—			—			5,540			8,914			—			8,914
Non-investment derivatives	(1,682		)	127			(817		)	(105		)	(388		)	(1,294		)	(2,372		)	(84		)	(2,288		)
Operating income before income taxes	$	33,945		$	26,128		$	25,611		$	18,779		$	28,838		$	5,107		$	85,684		$	79,307		$	6,377

Asia Pacific Traditional
Income before income taxes	$	19,822		$	34,482		$	41,160		$	37,415		$	11,276		$	8,546		$	95,464		$	68,239		$	27,225
Investment and derivative gains (losses) - non-operating (1)	—			—			(16		)	(1,706		)	1,706			(1,706		)	(16		)	1,706			(1,722		)
Operating income before income taxes	$	19,822		$	34,482		$	41,144		$	35,709		$	12,982		$	6,840		$	95,448		$	69,945		$	25,503

Asia Pacific Non-Traditional
Income (loss) before income taxes	$	7,549		$	(73	)	$	8,553		$	5,467		$	5,412		$	2,137		$	16,029		$	14,152		$	1,877
Investment and derivative gains (losses) - non-operating (1)	(5,283		)	(5,925		)	(1,111		)	(17		)	881			(6,164		)	(12,319		)	2,916			(15,235		)
Operating income (loss) before income taxes	$	2,266		$	(5,998	)	$	7,442		$	5,450		$	6,293		$	(4,027	)	$	3,710		$	17,068		$	(13,358	)

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



		Page 39

Reinsurance Group of America, Incorporated Reconciliation of GAAP Income Statements to Operating Income Statements (USD thousands)

	Three Months Ended															Current Qtr			Year-to-Date
	Sept. 30,			June 30,			March 31,			Dec. 31,			Sept. 30,			vs. PY			Sept. 30,			Sept. 30,
	2016			2016			2016			2015			2015			Quarter			2016			2015			Change
Corporate and Other Segment
Income (loss) before income taxes	$	(7,302	)	$	18,790		$	(23,330	)	$	(51,496	)	$	(50,931	)	$	43,629		$	(11,842	)	$	(67,648	)	$	55,806
Investment and derivative gains (losses) - non-operating (1)	(11,690		)	(31,540		)	(6,930		)	34,799			31,229			(42,919		)	(50,160		)	32,257			(82,417		)
Non-investment derivatives	(23		)	(17		)	(14		)	(15		)	5			(28		)	(54		)	86			(140		)
Operating income (loss) before income taxes	$	(19,015	)	$	(12,767	)	$	(30,274	)	$	(16,712	)	$	(19,697	)	$	682		$	(62,056	)	$	(35,305	)	$	(26,751	)

Consolidated
Income before income taxes	$	287,600		$	353,223		$	107,580		$	206,743		$	140,137		$	147,463		$	748,403		$	538,052		$	210,351
Investment and derivative gains (losses) - non-operating (1)	(26,958		)	(67,100		)	(31,968		)	64,034			(35,028		)	8,070			(126,026		)	(14,448		)	(111,578		)
Change in value of modified coinsurance and
funds withheld embedded derivatives (1)	(49,078		)	(76,966		)	92,249			27,201			46,169			(95,247		)	(33,795		)	71,592			(105,387		)
GMXB embedded derivatives (1)	(7,988		)	28,137			62,940			(36,437		)	95,373			(103,361		)	83,089			69,628			13,461
Funds withheld gains (losses) - investment income	(3,322		)	(11,657		)	(4,983		)	246			(2,212		)	(1,110		)	(19,962		)	(16,616		)	(3,346		)
EIA embedded derivatives - interest credited	42			(17,364		)	29,149			(1,412		)	(10,995		)	11,037			11,827			(11,170		)	22,997
DAC offset, net	31,876			64,841			(76,978		)	(13,142		)	(25,945		)	57,821			19,739			(36,083		)	55,822
Investment income on unit-linked variable annuities	(5,540		)	(2,966		)	(408		)	—			—			(5,540		)	(8,914		)	—			(8,914		)
Interest credited on unit-linked variable annuities	5,540			2,966			408			—			—			5,540			8,914			—			8,914
Non-investment derivatives	(1,705		)	110			(831		)	(120		)	(383		)	(1,322		)	(2,426		)	2			(2,428		)
Operating income before income taxes	$	230,467		$	273,224		$	177,158		$	247,113		$	207,116		$	23,351		$	680,849		$	600,957		$	79,892

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



		Page 40

Attached files

Stock widget

Investing forum

REINSURANCE GROUP OF AMERICA INC Reports