Exhibit

RGA uses a non-GAAP financial measure called operating income as a basis for analyzing financial results. This measure also serves as a basis for establishing target levels and awards under RGA’s management incentive programs. Management believes that operating income, on a pre-tax and after-tax basis, better measures the ongoing profitability and underlying trends of the Company’s continuing operations, primarily because that measure excludes substantially all of the effect of net investment related gains and losses, as well as changes in the fair value of certain embedded derivatives and related deferred acquisition costs. These items can be volatile, primarily due to the credit market and interest rate environment and are not necessarily indicative of the performance of the Company’s underlying businesses. Additionally, operating income excludes any net gain or loss from discontinued operations, the cumulative effect of any accounting changes, and other items that management believes are not indicative of the Company’s ongoing operations. The definition of operating income can vary by company and is not considered a substitute for GAAP net income. A reconciliation of income before income taxes of the operating segments to pre-tax operating income is presented in the appendix.

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)	June 30,			March 31,			Dec. 31,				Sept. 30,			June 30,						June 30,		June 30,
	2016			2016			2015				2015			2015						2016		2015		Change
Net premiums	$	2,346,945		$	2,157,005		$	2,328,501			$	2,089,345		$	2,129,043		$	217,902		$	4,503,950	$	4,152,895	$	351,055
Net income	236,103			76,472			163,127				83,534			130,391			105,712			312,575		255,505		57,070
Operating income	181,228			120,750			187,950				127,086			130,270			50,958			301,978		252,048		49,930
Operating return on equity (ex AOCI) -
Annualized	13.2		%	8.9		%	14.0		%		9.5		%	9.8		%	3.4		%
Trailing 12 months	11.4		%	10.6		%	10.6		%		11.1		%	11.8		%	(0.4		)%
Total assets (1)	$	53,876,703		$	52,186,624		$	50,383,152			$	47,581,959		$	47,435,240		$	6,441,463
Assumed Life Reinsurance In Force (in billions)
U.S. and Latin America Traditional	$	1,612.9		$	1,609.3		$	1,594.3			$	1,476.1		$	1,475.6		$	137.3
U.S. and Latin America Non-Traditional	2.1			2.1			2.1				2.2			2.1			—
Canada Traditional	361.8			349.0			333.0				343.0			360.7			1.1
Europe, Middle East and Africa Traditional	608.3			624.2			602.7				566.0			573.9			34.4
Asia Pacific Traditional	504.8			483.5			462.7				461.8			512.7			(7.9		)
Asia Pacific Non-Traditional	0.4			0.3			0.3				0.3			0.3			0.1
Total Assumed Life Reinsurance In Force	$	3,090.3		$	3,068.4		$	2,995.1			$	2,849.4		$	2,925.3		$	165.0
Assumed New Business Production (in billions)
U.S. and Latin America Traditional	$	32.0		$	41.3		$	142.1		(2)	$	26.4		$	15.7		$	16.3		$	73.3	$	35.4	$	37.9
Canada Traditional	8.2			8.2			8.7				9.1			11.1			(2.9		)	16.4		20.8		(4.4		)
Europe, Middle East and Africa Traditional	49.1			44.7			66.0			(2)	24.7			32.3			16.8			93.8		80.9		12.9
Asia Pacific Traditional	18.0			13.6			12.1				24.4			12.6			5.4			31.6		40.4		(8.8		)
Total Assumed New Business Production	$	107.3		$	107.8		$	228.9			$	84.6		$	71.7		$	35.6		$	215.1	$	177.5	$	37.6
Per Share and Shares Data
Basic earnings per share
Net income	$	3.68		$	1.18		$	2.49			$	1.26		$	1.97		$	1.71		$	4.86	$	3.80	$	1.06
Operating income	$	2.83		$	1.87		$	2.87			$	1.92		$	1.96		$	0.87		$	4.69	$	3.75	$	0.94
Diluted earnings per share
Net income	$	3.64		$	1.17		$	2.46			$	1.25		$	1.94		$	1.70		$	4.81	$	3.76	$	1.05
Operating income	$	2.80		$	1.85		$	2.84			$	1.90		$	1.94		$	0.86		$	4.65	$	3.70	$	0.95

Wgt. average common shares outstanding
Basic	64,126			64,568			65,535				66,205			66,351			(2,225		)	64,348		67,246		(2,898		)
Diluted	64,796			65,217			66,247				66,882			67,120			(2,324		)	65,008		68,030		(3,022		)

Common shares issued	79,138			79,138			79,138				79,138			79,138			—			79,138		79,138		—
Treasury shares	15,068			15,073			13,933				13,389			12,716			2,352			15,068		12,716		2,352
Common shares outstanding	64,070			64,065			65,205				65,749			66,422			(2,352		)	64,070		66,422		(2,352		)

Book value per share	$	118.32		$	104.88		$	94.09			$	94.92		$	97.61

Per share effect of AOCI	$	30.99		$	20.77		$	10.86			$	13.78		$	17.31
Book value per share, excluding AOCI	$	87.33		$	84.11		$	83.23			$	81.14		$	80.30

Shareholder dividends paid	$	23,727.2		$	24,018.6		$	24,269.1			$	24,592.1		$	21,850.5		$	1,876.7		$	47,745.8	$	44,519.3	$	3,226.5
(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.

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

	Three Months Ended															Current Qtr			Year-to Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			vs. PY			June 30,			June 30,
(USD thousands)	2016			2016			2015			2015			2015			Quarter			2016			2015			Change
Revenues:
Net premiums	$	2,346,945		$	2,157,005		$	2,328,501		$	2,089,345		$	2,129,043		$	217,902		$	4,503,950		$	4,152,895		$	351,055
Investment income, net of related expenses	507,666			417,266			467,468			389,597			450,539			57,127			924,932			877,430			47,502
Investment related gains (losses), net
OTTI on fixed maturity securities	(846		)	(33,817		)	(27,605		)	(23,111		)	(4,137		)	3,291			(34,663		)	(6,664		)	(27,999		)
Other investment related gains (losses), net	119,110			(87,069		)	(17,204		)	(88,235		)	(12,041		)	131,151			32,041			(1,931		)	33,972
Total investment related gains (losses), net	118,264			(120,886		)	(44,809		)	(111,346		)	(16,178		)	134,442			(2,622		)	(8,595		)	5,973
Other revenue	66,193			59,183			77,431			71,038			66,936			(743		)	125,376			129,223			(3,847		)
Total revenues	3,039,068			2,512,568			2,828,591			2,438,634			2,630,340			408,728			5,551,636			5,150,953			400,683
Benefits and expenses:
Claims and other policy benefits	1,997,502			1,886,764			2,015,929			1,831,819			1,866,183			131,319			3,884,266			3,641,634			242,632
Interest credited	95,849			87,905			105,032			34,008			77,246			18,603			183,754			197,924			(14,170		)
Policy acquisition costs and other insurance expenses	405,681			233,763			300,329			249,702			300,412			105,269			639,444			577,455			61,989
Other operating expenses	159,895			157,424			158,556			142,270			131,600			28,295			317,319			253,218			64,101
Interest expense	20,331			32,807			35,820			35,565			35,851			(15,520		)	53,138			71,478			(18,340		)
Collateral finance and securitization expense	6,587			6,325			6,182			5,133			5,258			1,329			12,912			11,329			1,583
Total benefits and expenses	2,685,845			2,404,988			2,621,848			2,298,497			2,416,550			269,295			5,090,833			4,753,038			337,795
Income before income taxes	353,223			107,580			206,743			140,137			213,790			139,433			460,803			397,915			62,888
Income tax expense	117,120			31,108			43,616			56,603			83,399			33,721			148,228			142,410			5,818
Net income	$	236,103		$	76,472		$	163,127		$	83,534		$	130,391		$	105,712		$	312,575		$	255,505		$	57,070
Pre-tax Operating Income Reconciliation:
Income before income taxes	$	353,223		$	107,580		$	206,743		$	140,137		$	213,790		$	139,433		$	460,803		$	397,915		$	62,888
Investment and derivative losses (gains)—
non-operating (1)	(67,100		)	(31,968		)	64,034			(35,028		)	41,526			(108,626		)	(99,068		)	20,580			(119,648		)
Change in value of modified coinsurance and
funds withheld embedded derivatives (1)	(76,966		)	92,249			27,201			46,169			23,098			(100,064		)	15,283			25,423			(10,140		)
GMXB embedded derivatives (1)	28,137			62,940			(36,437		)	95,373			(50,878		)	79,015			91,077			(25,745		)	116,822
Funds withheld losses (gains)—investment income	(11,657		)	(4,983		)	246			(2,212		)	(3,002		)	(8,655		)	(16,640		)	(14,404		)	(2,236		)
EIA embedded derivatives—interest credited	(17,364		)	29,149			(1,412		)	(10,995		)	(10,488		)	(6,876		)	11,785			(175		)	11,960
DAC offset, net	64,841			(76,978		)	(13,142		)	(25,945		)	(1,187		)	66,028			(12,137		)	(10,138		)	(1,999		)
Investment income on unit-linked variable annuities	(2,966		)	(408		)	—			—			—			(2,966		)	(3,374		)	—			(3,374		)
Interest credited on unit-linked variable annuities	2,966			408			—			—			—			2,966			3,374			—			3,374
Non-investment derivatives	110			(831		)	(120		)	(383		)	493			(383		)	(721		)	385			(1,106		)
Operating Income Before Income Taxes	$	273,224		$	177,158		$	247,113		$	207,116		$	213,352		$	59,872		$	450,382		$	393,841		$	56,541
After-tax Operating Income Reconciliation:
Net Income	$	236,103		$	76,472		$	163,127		$	83,534		$	130,391		$	105,712		$	312,575		$	255,505		$	57,070
Investment and derivative losses (gains)—
non-operating (1)	(46,490		)	(21,727		)	40,203			(22,750		)	27,152			(73,642		)	(68,217		)	12,567			(80,784		)
Change in value of modified coinsurance and
funds withheld embedded derivatives (1)	(50,028		)	59,962			17,680			30,010			15,014			(65,042		)	9,934			16,525			(6,591		)
GMXB embedded derivatives (1)	18,289			40,911			(23,684		)	61,992			(33,070		)	51,359			59,200			(16,734		)	75,934
Funds withheld losses (gains)—investment income	(7,577		)	(3,239		)	161			(1,438		)	(1,951		)	(5,626		)	(10,816		)	(9,363		)	(1,453		)
EIA embedded derivatives—interest credited	(11,287		)	18,947			(917		)	(7,147		)	(6,817		)	(4,470		)	7,660			(114		)	7,774
DAC offset, net	42,147			(50,036		)	(8,542		)	(16,865		)	(770		)	42,917			(7,889		)	(6,589		)	(1,300		)
Investment income on unit-linked variable annuities	(1,928		)	(265		)	—			—			—			(1,928		)	(2,193		)	—			(2,193		)
Interest credited on unit-linked variable annuities	1,928			265			—			—			—			1,928			2,193			—			2,193
Non-investment derivatives	71			(540		)	(78		)	(250		)	321			(250		)	(469		)	251			(720		)
Operating Income	$	181,228		$	120,750		$	187,950		$	127,086		$	130,270		$	50,958		$	301,978		$	252,048		$	49,930

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

Reinsurance Group of America, Incorporated Consolidated Operating Income Statements

	Three Months Ended															Current Qtr vs. PY Quarter			Year-to-Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,						June 30,			June 30,
(USD thousands, except per share data)	2016			2016			2015			2015			2015						2016			2015			Change
Revenues:
Net premiums	$	2,346,945		$	2,157,005		$	2,328,501		$	2,089,345		$	2,129,043		$	217,902		$	4,503,950		$	4,152,895		$	351,055
Investment income, net of related expenses	493,043			411,875			467,714			387,385			447,537			45,506			904,918			863,026			41,892
Investment related gains (losses), net	2,335			2,335			9,989			(4,832		)	(2,432		)	4,767			4,670			11,663			(6,993		)
Other revenue	66,303			58,352			77,311			70,655			67,429			(1,126		)	124,655			129,608			(4,953		)
Total revenues	2,908,626			2,629,567			2,883,515			2,542,553			2,641,577			267,049			5,538,193			5,157,192			381,001

Benefits and expenses:
Claims and other policy benefits	1,997,502			1,886,764			2,015,929			1,831,819			1,866,183			131,319			3,884,266			3,641,634			242,632
Interest credited	110,247			58,348			106,444			45,003			87,734			22,513			168,595			198,099			(29,504		)
Policy acquisition costs and other insurance expenses	340,840			310,741			313,471			275,647			301,599			39,241			651,581			587,593			63,988
Other operating expenses	159,895			157,424			158,556			142,270			131,600			28,295			317,319			253,218			64,101
Interest expense	20,331			32,807			35,820			35,565			35,851			(15,520		)	53,138			71,478			(18,340		)
Collateral finance and securitization expense	6,587			6,325			6,182			5,133			5,258			1,329			12,912			11,329			1,583
Total benefits and expenses	2,635,402			2,452,409			2,636,402			2,335,437			2,428,225			207,177			5,087,811			4,763,351			324,460

Operating income before income taxes	273,224			177,158			247,113			207,116			213,352			59,872			450,382			393,841			56,541

Operating income tax expense	91,996			56,408			59,163			80,030			83,082			8,914			148,404			141,793			6,611

Operating income	$	181,228		$	120,750		$	187,950		$	127,086		$	130,270		$	50,958		$	301,978		$	252,048		$	49,930

Wgt. average common shares outstanding (diluted)	64,796			65,217			66,247			66,882			67,120			(2,324)			65,008			68,030			(3,022)

Diluted earnings per share—operating income	$	2.80		$	1.85		$	2.84		$	1.90		$	1.94		$	0.86		$	4.65		$	3.70		$	0.95

Foreign currency effect (1):
Net premiums	$	(43,422	)	$	(69,340	)	$	(106,556	)	$	(145,047	)	$	(121,287	)	$	77,865		$	(112,762	)	$	(217,311	)	$	104,549
Operating income before income taxes	$	(4,057	)	$	(9,742	)	$	(18,726	)	$	(15,526	)	$	(8,700	)	$	4,643		$	(13,799	)	$	(20,533	)	$	6,734

(1) Compared to comparable prior year period.

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


	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,
	2016			2016			2015			2015			2015
Assets
Fixed maturity securities, available-for-sale	$	33,160,976		$	31,148,714		$	29,642,905		$	27,411,788		$	28,063,975
Mortgage loans on real estate	3,377,039			3,292,496			3,129,951			3,170,002			3,073,313
Policy loans	1,445,410			1,451,857			1,468,796			1,444,009			1,438,156
Funds withheld at interest	5,899,289			5,797,183			5,880,203			5,675,174			5,840,076
Short-term investments	195,979			431,535			558,284			58,200			76,118
Other invested assets	1,682,143			1,368,544			1,298,120			1,187,504			1,110,107
Total investments	45,760,836			43,490,329			41,978,259			38,946,677			39,601,745
Cash and cash equivalents	1,034,329			1,502,082			1,525,275			1,747,692			1,335,661
Accrued investment income	368,926			364,432			339,452			342,088			322,069
Premiums receivable and other reinsurance balances	1,917,844			1,886,293			1,797,504			1,553,093			1,518,208
Reinsurance ceded receivables	681,425			688,491			637,859			661,185			711,463
Deferred policy acquisition costs	3,401,935			3,490,509			3,392,437			3,311,086			3,299,541
Other assets (1)	711,408			764,488			712,366			1,020,138			646,553
Total assets (1)	$	53,876,703		$	52,186,624		$	50,383,152		$	47,581,959		$	47,435,240

Liabilities and Stockholders’ Equity
Future policy benefits	$	19,605,021		$	19,811,921		$	19,612,251		$	16,574,783		$	16,773,035
Interest-sensitive contract liabilities	14,024,012			14,087,081			13,663,873			13,699,896			13,516,059
Other policy claims and benefits	4,305,219			4,384,072			4,094,640			3,892,036			3,857,610
Other reinsurance balances	344,527			397,375			296,899			280,093			311,388
Deferred income taxes	2,901,264			2,483,584			2,218,328			2,285,066			2,246,086
Other liabilities	1,157,252			1,106,531			1,165,071			1,405,675			1,032,980
Short-term debt	299,807			299,739			—			—			—
Long-term debt (1)	2,788,473			1,997,970			2,297,548			2,297,592			2,297,629
Collateral finance and securitization notes (1)	870,482			899,482			899,161			905,752			917,220
Total liabilities (1)	46,296,057			45,467,755			44,247,771			41,340,893			40,952,007

Stockholders’ Equity:
Common stock, at par value	791			791			791			791			791
Additional paid-in-capital	1,834,995			1,827,646			1,816,142			1,812,377			1,805,858
Retained earnings	4,870,711			4,668,588			4,620,303			4,482,709			4,425,302
Treasury stock	(1,111,225		)	(1,108,539		)	(1,010,139		)	(961,290		)	(898,082		)
Accumulated other comprehensive income (AOCI):
Accumulated currency translation adjustment, net of income taxes	(93,476		)	(103,418		)	(181,151		)	(119,493		)	(13,989		)
Unrealized appreciation of securities, net of income taxes	2,126,815			1,482,922			935,697			1,071,990			1,211,056
Pension and postretirement benefits, net of income taxes	(47,965		)	(49,121		)	(46,262		)	(46,018		)	(47,703		)
Total stockholders’ equity	7,580,646			6,718,869			6,135,381			6,241,066			6,483,233
Total liabilities and stockholders’ equity (1)	$	53,876,703		$	52,186,624		$	50,383,152		$	47,581,959		$	47,435,240

Total stockholders’ equity, excluding AOCI	$	5,595,272		$	5,388,486		$	5,427,097		$	5,334,587		$	5,333,869

(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".

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


	Three Months Ended															Current			Year-to-Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			Qtr vs. PY			June 30,			June 30,
	2016			2016			2015			2015			2015			Quarter			2016			2015			Change
Revenues:
Net premiums	$	1,307,395		$	1,234,394		$	1,370,745		$	1,150,936		$	1,170,931		$	136,464		$	2,541,789		$	2,285,025		$	256,764
Investment income, net of related expenses	182,238			165,023			176,174			154,210			163,390			18,848			347,261			306,395			40,866
Investment related gains (losses), net	(882		)	(2,100		)	493			926			3,360			(4,242		)	(2,982		)	887			(3,869		)
Other revenue	5,252			3,500			7,438			6,566			4,567			685			8,752			5,231			3,521
Total revenues	1,494,003			1,400,817			1,554,850			1,312,638			1,342,248			151,755			2,894,820			2,597,538			297,282

Benefits and expenses:
Claims and other policy benefits	1,149,665			1,119,442			1,235,926			1,049,973			1,041,390			108,275			2,269,107			2,080,797			188,310
Interest credited	20,845			21,400			21,682			20,999			21,875			(1,030		)	42,245			34,819			7,426
Policy acquisition costs and other insurance expenses	182,285			177,078			187,277			158,452			169,035			13,250			359,363			327,602			31,761
Other operating expenses	29,778			31,799			30,482			27,562			27,155			2,623			61,577			53,684			7,893
Total benefits and expenses	1,382,573			1,349,719			1,475,367			1,256,986			1,259,455			123,118			2,732,292			2,496,902			235,390

Income before income taxes	$	111,430		$	51,098		$	79,483		$	55,652		$	82,793		$	28,637		$	162,528		$	100,636		$	61,892

Loss and expense ratios:
Claims and other policy benefits	87.9		%	90.7		%	90.2		%	91.2		%	88.9		%	(1.0		)%	89.3		%	91.1		%	(1.8		)%
Policy acquisition costs and other insurance expenses	13.9		%	14.3		%	13.7		%	13.8		%	14.4		%	(0.5		)%	14.1		%	14.3		%	(0.2		)%
Other operating expenses	2.3		%	2.6		%	2.2		%	2.4		%	2.3		%	—		%	2.4		%	2.3		%	0.1		%

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

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


	Three Months Ended															Current			Year-to-Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			Qtr vs. PY			June 30,			June 30,
	2016			2016			2015			2015			2015			Quarter			2016			2015			Change
Revenues:
Net premiums	$	1,307,395		$	1,234,394		$	1,370,745		$	1,150,936		$	1,170,931		$	136,464		$	2,541,789		$	2,285,025		$	256,764
Investment income, net of related expenses	182,238			165,023			176,174			154,210			163,390			18,848			347,261			306,395			40,866
Other revenue	5,252			3,500			7,438			6,566			4,567			685			8,752			5,231			3,521
Total revenues	1,494,885			1,402,917			1,554,357			1,311,712			1,338,888			155,997			2,897,802			2,596,651			301,151

Benefits and expenses:
Claims and other policy benefits	1,149,665			1,119,442			1,235,926			1,049,973			1,041,390			108,275			2,269,107			2,080,797			188,310
Interest credited	20,845			21,400			21,682			20,999			21,875			(1,030		)	42,245			34,819			7,426
Policy acquisition costs and other insurance expenses	182,285			177,078			187,277			158,452			169,035			13,250			359,363			327,602			31,761
Other operating expenses	29,778			31,799			30,482			27,562			27,155			2,623			61,577			53,684			7,893
Total benefits and expenses	1,382,573			1,349,719			1,475,367			1,256,986			1,259,455			123,118			2,732,292			2,496,902			235,390

Operating income before income taxes	$	112,312		$	53,198		$	78,990		$	54,726		$	79,433		$	32,879		$	165,510		$	99,749		$	65,761

Loss and expense ratios:
Claims and other policy benefits	87.9		%	90.7		%	90.2		%	91.2		%	88.9		%	(1.0		)%	89.3		%	91.1		%	(1.8		)%
Policy acquisition costs and other insurance expenses	13.9		%	14.3		%	13.7		%	13.8		%	14.4		%	(0.5		)%	14.1		%	14.3		%	(0.2		)%
Other operating expenses	2.3		%	2.6		%	2.2		%	2.4		%	2.3		%	—		%	2.4		%	2.3		%	0.1		%

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

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
	June 30,		March 31,			Dec. 31,			Sept. 30,			June 30,			Qtr vs. PY			June 30,			June 30,
	2016		2016			2015			2015			2015			Quarter			2016			2015			Change
Revenues:
Net premiums	$	5,662	$	6,219		$	6,018		$	5,177		$	5,941		$	(279	)	$	11,881		$	10,982		$	899
Investment income, net of related expenses	177,681		117,215			153,445			104,055			155,364			22,317			294,896			303,201			(8,305		)
Investment related gains (losses), net	76,830		(128,551		)	(31,218		)	(68,990		)	(15,075		)	91,905			(51,721		)	(18,274		)	(33,447		)
Other revenue	24,555		22,834			23,238			28,973			26,634			(2,079		)	47,389			53,178			(5,789		)
Total revenues	284,728		17,717			151,483			69,215			172,864			111,864			302,445			349,087			(46,642		)

Benefits and expenses:
Claims and other policy benefits	19,507		19,833			22,605			16,832			19,983			(476		)	39,340			26,709			12,631
Interest credited	68,436		62,558			71,756			18,535			59,042			9,394			130,994			154,027			(23,033		)
Policy acquisition costs and other insurance expenses	97,078		(39,656		)	19,957			4,773			32,976			64,102			57,422			61,030			(3,608		)
Other operating expenses	5,728		5,812			6,291			4,893			5,113			615			11,540			9,431			2,109
Total benefits and expenses	190,749		48,547			120,609			45,033			117,114			73,635			239,296			251,197			(11,901		)

Income before income taxes	$	93,979	$	(30,830	)	$	30,874		$	24,182		$	55,750		$	38,229		$	63,149		$	97,890		$	(34,741	)

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

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
	June 30,		March 31,		Dec. 31,			Sept. 30,		June 30,		vs. PY			June 30,		June 30,
	2016		2016		2015			2015		2015		Quarter			2016		2015		Change
Revenues:
Net premiums	$	5,662	$	6,219	$	6,018		$	5,177	$	5,941	$	(279	)	$	11,881	$	10,982	$	899
Investment income, net of related expenses	167,377		112,591		153,504			103,052		152,616		14,761			279,968		294,086		(14,118		)
Investment related gains (losses), net	1		—		(1		)	1		—		1			1		—		1
Other revenue	24,555		22,834		23,238			28,973		26,634		(2,079		)	47,389		53,178		(5,789		)
Total revenues	197,595		141,644		182,759			137,203		185,191		12,404			339,239		358,246		(19,007		)

Benefits and expenses:
Claims and other policy benefits	19,507		19,833		22,605			16,832		19,983		(476		)	39,340		26,709		12,631
Interest credited	85,800		33,409		73,168			29,530		69,530		16,270			119,209		154,202		(34,993		)
Policy acquisition costs and other insurance expenses	32,237		37,322		33,099			30,718		34,163		(1,926		)	69,559		71,168		(1,609		)
Other operating expenses	5,728		5,812		6,291			4,893		5,113		615			11,540		9,431		2,109
Total benefits and expenses	143,272		96,376		135,163			81,973		128,789		14,483			239,648		261,510		(21,862		)

Operating income before income taxes	$	54,323	$	45,268	$	47,596		$	55,230	$	56,402	$	(2,079	)	$	99,591	$	96,736	$	2,855

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

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


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

Fixed annuities (deferred)	$	5,189		$	5,210		$	4,843		$	4,883		$	5,004

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

Equity-indexed annuities	$	4,402		$	4,448		$	4,509		$	4,536		$	4,622

Variable annuities:
No riders	$	732		$	753		$	782		$	791		$	843
GMDB only	58			60			62			63			69
GMIB only	5			5			5			5			5
GMAB only	29			31			33			33			38
GMWB only	1,367			1,386			1,425			1,426			1,540
GMDB / WB	341			349			359			361			391
Other	20			21			22			22			24
Total VA account values	$	2,552		$	2,605		$	2,688		$	2,701		$	2,910

Fair value of liabilities associated with living benefit riders	$	284		$	255		$	192		$	229		$	134

Interest-sensitive contract liabilities associated with:

Guaranteed investment contracts	$	354		$	368		$	322		$	313		$	325

Bank-owned life insurance (BOLI)	$	565		$	562		$	559		$	556		$	554

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

Future policy benefits associated with:

Payout annuities	$	1,978		$	1,949		$	1,960		$	1,919		$	1,952

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
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		Qtr vs. PY		June 30,		June 30,
	2016		2016		2015		2015		2015		Quarter		2016		2015		Change
Revenues:
Investment income, net of related expenses	$	2,386	$	2,607	$	1,702	$	1,438	$	1,194	$	1,192	$	4,993	$	2,339	$	2,654
Other revenue	17,963		18,581		19,133		16,446		17,717		246		36,544		33,022		3,522
Total revenues	20,349		21,188		20,835		17,884		18,911		1,438		41,537		35,361		6,176

Benefits and expenses:
Policy acquisition costs and other insurance expenses	3,085		2,568		2,720		2,535		2,522		563		5,653		4,938		715
Other operating expenses	2,389		2,686		2,179		3,276		1,746		643		5,075		3,415		1,660
Total benefits and expenses	5,474		5,254		4,899		5,811		4,268		1,206		10,728		8,353		2,375

Income before income taxes	$	14,875	$	15,934	$	15,936	$	12,073	$	14,643	$	232	$	30,809	$	27,008	$	3,801

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

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
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		vs. PY		June 30,		June 30,
	2016		2016		2015		2015		2015		Quarter		2016		2015		Change
Revenues:
Investment income, net of related expenses	$	2,386	$	2,607	$	1,702	$	1,438	$	1,194	$	1,192	$	4,993	$	2,339	$	2,654
Other revenue	17,963		18,581		19,133		16,446		17,717		246		36,544		33,022		3,522
Total revenues	20,349		21,188		20,835		17,884		18,911		1,438		41,537		35,361		6,176

Benefits and expenses:
Policy acquisition costs and other insurance expenses	3,085		2,568		2,720		2,535		2,522		563		5,653		4,938		715
Other operating expenses	2,389		2,686		2,179		3,276		1,746		643		5,075		3,415		1,660
Total benefits and expenses	5,474		5,254		4,899		5,811		4,268		1,206		10,728		8,353		2,375

Operating income before income taxes	$	14,875	$	15,934	$	15,936	$	12,073	$	14,643	$	232	$	30,809	$	27,008	$	3,801

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

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

	Three Months Ended															Current			Year-to-Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			Qtr vs. PY			June 30,			June 30,
	2016			2016			2015			2015			2015			Quarter			2016			2015			Change
Revenues:
Net premiums	$	240,107		$	215,463		$	201,384		$	200,000		$	224,960		$	15,147		$	455,570		$	437,510		$	18,060
Investment income, net of related expenses	46,859			42,023			42,938			44,492			45,751			1,108			88,882			95,191			(6,309		)
Investment related gains (losses), net	2,285			1,640			1,027			(3,821		)	(167		)	2,452			3,925			1,291			2,634
Other revenue	(339		)	(1,126		)	1,131			767			(454		)	115			(1,465		)	1,102			(2,567		)
Total revenues	288,912			258,000			246,480			241,438			270,090			18,822			546,912			535,094			11,818

Benefits and expenses:
Claims and other policy benefits	176,478			172,401			148,543			152,640			185,742			(9,264		)	348,879			369,276			(20,397		)
Interest credited	7			2			4			5			5			2			9			9			—
Policy acquisition costs and other insurance expenses	60,021			57,138			43,226			46,581			53,371			6,650			117,159			102,922			14,237
Other operating expenses	9,097			8,364			10,067			8,140			8,236			861			17,461			17,424			37
Total benefits and expenses	245,603			237,905			201,840			207,366			247,354			(1,751		)	483,508			489,631			(6,123		)

Income before income taxes	$	43,309		$	20,095		$	44,640		$	34,072		$	22,736		$	20,573		$	63,404		$	45,463		$	17,941

Loss and expense ratios:
Loss ratios (creditor business)	32.2		%	25.8		%	28.2		%	34.4		%	31.8		%	0.4		%	29.1		%	30.7		%	(1.6		)%
Loss ratios (excluding creditor business)	87.4		%	98.5		%	82.5		%	86.6		%	95.9		%	(8.5		)%	92.6		%	98.5		%	(5.9		)%
Claims and other policy benefits / (net premiums + investment income)	61.5		%	67.0		%	60.8		%	62.4		%	68.6		%	(7.1		)%	64.1		%	69.3		%	(5.2		)%
Policy acquisition costs and other insurance expenses (creditor business)	64.3		%	66.9		%	66.2		%	62.1		%	64.0		%	0.3		%	65.5		%	63.5		%	2.0		%
Policy acquisition costs and other insurance expenses (excluding creditor business)	11.8		%	12.7		%	12.9		%	13.7		%	13.2		%	(1.4		)%	12.2		%	13.1		%	(0.9		)%
Other operating expenses	3.8		%	3.9		%	5.0		%	4.1		%	3.7		%	0.1		%	3.8		%	4.0		%	(0.2		)%

Foreign currency effect on (1):
Net premiums	$	(11,615	)	$	(22,010	)	$	(35,018	)	$	(40,371	)	$	(28,850	)	$	17,235		$	(33,625	)	$	(54,971	)	$	21,346
Income before income taxes	$	(2,247	)	$	(3,129	)	$	(7,658	)	$	(6,880	)	$	(2,915	)	$	668		$	(5,376	)	$	(5,800	)	$	424

Creditor reinsurance net premiums	$	60,275		$	54,854		$	32,484		$	39,462		$	46,629		$	13,646		$	115,129		$	90,683		$	24,446

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.

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


	Three Months Ended															Current			Year-to-Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			Qtr vs. PY			June 30,			June 30,
	2016			2016			2015			2015			2015			Quarter			2016			2015			Change
Revenues:
Net premiums	$	240,107		$	215,463		$	201,384		$	200,000		$	224,960		$	15,147		$	455,570		$	437,510		$	18,060
Investment income, net of related expenses	45,506			41,664			43,125			43,283			45,497			9			87,170			89,902			(2,732		)
Investment related gains (losses), net	1,236			1,268			1,286			1,109			1,110			126			2,504			2,049			455
Other revenue	(339		)	(1,126		)	1,131			767			(454		)	115			(1,465		)	1,102			(2,567		)
Total revenues	286,510			257,269			246,926			245,159			271,113			15,397			543,779			530,563			13,216

Benefits and expenses:
Claims and other policy benefits	176,478			172,401			148,543			152,640			185,742			(9,264		)	348,879			369,276			(20,397		)
Interest credited	7			2			4			5			5			2			9			9			—
Policy acquisition costs and other insurance expenses	60,021			57,138			43,226			46,581			53,371			6,650			117,159			102,922			14,237
Other operating expenses	9,097			8,364			10,067			8,140			8,236			861			17,461			17,424			37
Total benefits and expenses	245,603			237,905			201,840			207,366			247,354			(1,751		)	483,508			489,631			(6,123		)

Operating income before income taxes	$	40,907		$	19,364		$	45,086		$	37,793		$	23,759		$	17,148		$	60,271		$	40,932		$	19,339

Loss and expense ratios:
Loss ratios (creditor business)	32.2		%	25.8		%	28.2		%	34.4		%	31.8		%	0.4		%	29.1		%	30.7		%	(1.6		)%
Loss ratios (excluding creditor business)	87.4		%	98.5		%	82.5		%	86.6		%	95.9		%	(8.5		)%	92.6		%	98.5		%	(5.9		)%
Claims and other policy benefits / (net premiums + investment income)	61.8		%	67.0		%	60.8		%	62.7		%	68.7		%	(6.9		)%	64.3		%	70.0		%	(5.7		)%
Policy acquisition costs and other insurance expenses (creditor business)	64.3		%	66.9		%	66.2		%	62.1		%	64.0		%	0.3		%	65.5		%	63.5		%	2.0		%
Policy acquisition costs and other insurance expenses (excluding creditor business)	11.8		%	12.7		%	12.9		%	13.7		%	13.2		%	(1.4		)%	12.2		%	13.1		%	(0.9		)%
Other operating expenses	3.8		%	3.9		%	5.0		%	4.1		%	3.7		%	0.1		%	3.8		%	4.0		%	(0.2		)%

Foreign currency effect on (1):
Net premiums	$	(11,615	)	$	(22,010	)	$	(35,018	)	$	(40,371	)	$	(28,850	)	$	17,235		$	(33,625	)	$	(54,971	)	$	21,346
Operating income before income taxes	$	(2,130	)	$	(3,701	)	$	(7,795	)	$	(7,644	)	$	(3,065	)	$	935		$	(5,831	)	$	(5,212	)	$	(619	)

Creditor reinsurance net premiums	$	60,275		$	54,854		$	32,484		$	39,462		$	46,629		$	13,646		$	115,129		$	90,683		$	24,446

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.

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

	Three Months Ended															Current			Year-to-Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			Qtr vs. PY			June 30,			June 30,
	2016			2016			2015			2015			2015			Quarter			2016			2015			Change
Revenues:
Net premiums	$	10,192		$	8,951		$	9,002		$	9,275		$	9,725		$	467		$	19,143		$	19,692		$	(549	)
Investment income, net of related expenses	228			384			328			230			328			(100		)	612			878			(266		)
Other revenue	1,434			1,349			1,332			1,535			1,405			29			2,783			2,762			21
Total revenues	11,854			10,684			10,662			11,040			11,458			396			22,538			23,332			(794		)

Benefits and expenses:
Claims and other policy benefits	8,834			9,604			6,708			7,340			7,904			930			18,438			15,203			3,235
Policy acquisition costs and other insurance expenses	513			204			145			152			148			365			717			255			462
Other operating expenses	379			284			389			291			312			67			663			649			14
Total benefits and expenses	9,726			10,092			7,242			7,783			8,364			1,362			19,818			16,107			3,711

Income before income taxes	$	2,128		$	592		$	3,420		$	3,257		$	3,094		$	(966	)	$	2,720		$	7,225		$	(4,505	)

Foreign currency effect on (2):
Net premiums	$	(491	)	$	(915	)	$	(1,570	)	$	(1,872	)	$	(1,234	)	$	743		$	(1,406	)	$	(2,536	)	$	1,130
Income before income taxes	$	(106	)	$	(575	)	$	(623	)	$	(659	)	$	(397	)	$	291		$	(681	)	$	(648	)	$	(33	)

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.

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

	Three Months Ended															Current			Year-to-Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			Qtr vs. PY			June 30,			June 30,
	2016			2016			2015			2015			2015			Quarter			2016			2015			Change
Revenues:
Net premiums	$	10,192		$	8,951		$	9,002		$	9,275		$	9,725		$	467		$	19,143		$	19,692		$	(549	)
Investment income, net of related expenses	228			384			328			230			328			(100		)	612			878			(266		)
Other revenue	1,434			1,349			1,332			1,535			1,405			29			2,783			2,762			21
Total revenues	11,854			10,684			10,662			11,040			11,458			396			22,538			23,332			(794		)

Benefits and expenses:
Claims and other policy benefits	8,834			9,604			6,708			7,340			7,904			930			18,438			15,203			3,235
Policy acquisition costs and other insurance expenses	513			204			145			152			148			365			717			255			462
Other operating expenses	379			284			389			291			312			67			663			649			14
Total benefits and expenses	9,726			10,092			7,242			7,783			8,364			1,362			19,818			16,107			3,711

Operating income before income taxes	$	2,128		$	592		$	3,420		$	3,257		$	3,094		$	(966	)	$	2,720		$	7,225		$	(4,505	)

Foreign currency effect on (2):
Net premiums	$	(491	)	$	(915	)	$	(1,570	)	$	(1,872	)	$	(1,234	)	$	743		$	(1,406	)	$	(2,536	)	$	1,130
Operating income before income taxes	$	(106	)	$	(575	)	$	(623	)	$	(659	)	$	(397	)	$	291		$	(681	)	$	(648	)	$	(33	)

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.

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

	Three Months Ended															Current			Year-to-Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			Qtr vs. PY			June 30,			June 30,
	2016			2016			2015			2015			2015			Quarter			2016			2015			Change
Revenues:
Net premiums	$	286,861		$	276,435		$	299,938		$	276,111		$	275,745		$	11,116		$	563,296		$	545,491		$	17,805
Investment income, net of related expenses	13,321			12,168			14,123			12,066			13,092			229			25,489			25,181			308
Investment related gains (losses), net	—			5			7,527			(6,878		)	(4,509		)	4,509			5			7,748			(7,743		)
Other revenue	1,460			1,026			5,380			3,051			(136		)	1,596			2,486			1,004			1,482
Total revenues	301,642			289,634			326,968			284,350			284,192			17,450			591,276			579,424			11,852

Benefits and expenses:
Claims and other policy benefits	252,336			251,243			260,874			232,473			240,942			11,394			503,579			476,249			27,330
Interest credited	—			—			8,126			(6,798		)	(4,048		)	4,048			—			8,301			(8,301		)
Policy acquisition costs and other insurance expenses	17,550			14,782			19,171			17,680			14,183			3,367			32,332			26,191			6,141
Other operating expenses	24,922			24,725			25,938			25,085			23,956			966			49,647			49,042			605
Total benefits and expenses	294,808			290,750			314,109			268,440			275,033			19,775			585,558			559,783			25,775

Income before income taxes	$	6,834		$	(1,116	)	$	12,859		$	15,910		$	9,159		$	(2,325	)	$	5,718		$	19,641		$	(13,923	)

Loss and expense ratios:
Claims and other policy benefits	88.0		%	90.9		%	87.0		%	84.2		%	87.4		%	0.6		%	89.4		%	87.3		%	2.1		%
Policy acquisition costs and other insurance expenses	6.1		%	5.3		%	6.4		%	6.4		%	5.1		%	1.0		%	5.7		%	4.8		%	0.9		%
Other operating expenses	8.7		%	8.9		%	8.6		%	9.1		%	8.7		%	—		%	8.8		%	9.0		%	(0.2		)%


Foreign currency effect on (1):
Net premiums	$	(20,223	)	$	(23,009	)	$	(24,499	)	$	(29,879	)	$	(35,426	)	$	15,203		$	(43,232	)	$	(64,856	)	$	21,624
Income before income taxes	$	45		$	(184	)	$	(1,285	)	$	(783	)	$	(769	)	$	814		$	(139	)	$	(2,084	)	$	1,945

Critical illness net premiums	$	53,805		$	53,643		$	58,610		$	58,069		$	58,278		$	(4,473	)	$	107,448		$	116,497		$	(9,049	)

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

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

	Three Months Ended															Current			Year-to-Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			Qtr vs. PY			June 30,			June 30,
	2016			2016			2015			2015			2015			Quarter			2016			2015			Change
Revenues:
Net premiums	$	286,861		$	276,435		$	299,938		$	276,111		$	275,745		$	11,116		$	563,296		$	545,491		$	17,805
Investment income, net of related expenses	13,321			12,168			14,123			12,066			13,092			229			25,489			25,181			308
Investment related gains (losses), net	—			—			7,527			(7,167		)	(4,509		)	4,509			—			7,699			(7,699		)
Other revenue	1,460			1,026			5,380			3,051			(136		)	1,596			2,486			1,004			1,482
Total revenues	301,642			289,629			326,968			284,061			284,192			17,450			591,271			579,375			11,896

Benefits and expenses:
Claims and other policy benefits	252,336			251,243			260,874			232,473			240,942			11,394			503,579			476,249			27,330
Interest credited	—			—			8,126			(6,798		)	(4,048		)	4,048			—			8,301			(8,301		)
Policy acquisition costs and other insurance expenses	17,550			14,782			19,171			17,680			14,183			3,367			32,332			26,191			6,141
Other operating expenses	24,922			24,725			25,938			25,085			23,956			966			49,647			49,042			605
Total benefits and expenses	294,808			290,750			314,109			268,440			275,033			19,775			585,558			559,783			25,775

Operating income before income taxes	$	6,834		$	(1,121	)	$	12,859		$	15,621		$	9,159		$	(2,325	)	$	5,713		$	19,592		$	(13,879	)

Loss and expense ratios:
Claims and other policy benefits	88.0		%	90.9		%	87.0		%	84.2		%	87.4		%	0.6		%	89.4		%	87.3		%	2.1		%
Policy acquisition costs and other insurance expenses	6.1		%	5.3		%	6.4		%	6.4		%	5.1		%	1.0		%	5.7		%	4.8		%	0.9		%
Other operating expenses	8.7		%	8.9		%	8.6		%	9.1		%	8.7		%	—		%	8.8		%	9.0		%	(0.2		)%


Foreign currency effect on (1):
Net premiums	$	(20,223	)	$	(23,009	)	$	(24,499	)	$	(29,879	)	$	(35,426	)	$	15,203		$	(43,232	)	$	(64,856	)	$	21,624
Operating income before income taxes	$	46		$	(194	)	$	(1,285	)	$	(716	)	$	(770	)	$	816		$	(148	)	$	(2,071	)	$	1,923


Critical illness net premiums	$	53,805		$	53,643		$	58,610		$	58,069		$	58,278		$	(4,473	)	$	107,448		$	116,497		$	(9,049	)

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

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
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			Qtr vs. PY			June 30,			June 30,
	2016			2016			2015			2015			2015			Quarter			2016			2015			Change
Revenues:
Net premiums	$	43,484		$	35,606		$	47,152		$	44,584		$	50,234		$	(6,750	)	$	79,090		$	80,094		$	(1,004	)
Investment income, net of related expenses	33,417			28,684			23,468			17,305			15,782			17,635			62,101			32,659			29,442
Investment related gains (losses), net	1,468			(1,004		)	9,261			8			50			1,418			464			901			(437		)
Other revenue	2,608			4,470			6,863			7,341			9,242			(6,634		)	7,078			17,030			(9,952		)
Total revenues	80,977			67,756			86,744			69,238			75,308			5,669			148,733			130,684			18,049

Benefits and expenses:
Claims and other policy benefits	44,004			36,443			52,064			37,923			39,849			4,155			80,447			71,930			8,517
Interest credited	2,966			408			—			—			—			2,966			3,374			—			3,374
Policy acquisition costs and other insurance expenses	723			(193		)	(325		)	(511		)	266			457			530			(264		)	794
Other operating expenses	5,815			5,674			6,860			2,592			3,761			2,054			11,489			7,952			3,537
Total benefits and expenses	53,508			42,332			58,599			40,004			43,876			9,632			95,840			79,618			16,222

Income before income taxes	$	27,469		$	25,424		$	28,145		$	29,234		$	31,432		$	(3,963	)	$	52,893		$	51,066		$	1,827

Foreign currency effect on (2):
Net premiums	$	(3,127	)	$	(2,022	)	$	(2,062	)	$	(3,394	)	$	(4,779	)	$	1,652		$	(5,149	)	$	(7,106	)	$	1,957
Income before income taxes	$	(1,991	)	$	(1,924	)	$	(1,807	)	$	(2,854	)	$	(769	)	$	(1,222	)	$	(3,915	)	$	(6,611	)	$	2,696

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.

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
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			Qtr vs. PY			June 30,			June 30,
	2016			2016			2015			2015			2015			Quarter			2016			2015			Change
Revenues:
Net premiums	$	43,484		$	35,606		$	47,152		$	44,584		$	50,234		$	(6,750	)	$	79,090		$	80,094		$	(1,004	)
Investment income, net of related expenses	30,451			28,276			23,468			17,305			15,782			14,669			58,727			32,659			26,068
Other revenue	2,735			3,653			6,758			6,953			9,694			(6,959		)	6,388			17,334			(10,946		)
Total revenues	76,670			67,535			77,378			68,842			75,710			960			144,205			130,087			14,118

Benefits and expenses:
Claims and other policy benefits	44,004			36,443			52,064			37,923			39,849			4,155			80,447			71,930			8,517
Policy acquisition costs and other insurance expenses	723			(193		)	(325		)	(511		)	266			457			530			(264		)	794
Other operating expenses	5,815			5,674			6,860			2,592			3,761			2,054			11,489			7,952			3,537
Total benefits and expenses	50,542			41,924			58,599			40,004			43,876			6,666			92,466			79,618			12,848

Operating income before income taxes	$	26,128		$	25,611		$	18,779		$	28,838		$	31,834		$	(5,706	)	$	51,739		$	50,469		$	1,270

Foreign currency effect on (2):
Net premiums	$	(3,127	)	$	(2,022	)	$	(2,062	)	$	(3,394	)	$	(4,779	)	$	1,652		$	(5,149	)	$	(7,106	)	$	1,957
Operating income before income taxes	$	(1,819	)	$	(1,978	)	$	(1,441	)	$	(2,780	)	$	(4,214	)	$	2,395		$	(3,797	)	$	(6,607	)	$	2,810

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.

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


	Three Months Ended															Current			Year-to-Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			Qtr vs. PY			June 30,			June 30,
	2016			2016			2015			2015			2015			Quarter			2016			2015			Change
Revenues:
Net premiums	$	454,629		$	374,142		$	388,663		$	400,322		$	390,456		$	64,173		$	828,771		$	762,601		$	66,170
Investment income, net of related expenses	20,461			19,867			20,276			19,626			20,043			418			40,328			40,647			(319		)
Investment related gains (losses), net	—			14			1,706			(1,706		)	—			—			14			—			14
Other revenue	2,481			176			553			3,728			815			1,666			2,657			1,941			716
Total revenues	477,571			394,199			411,198			421,970			411,314			66,257			871,770			805,189			66,581

Benefits and expenses:
Claims and other policy benefits	338,447			274,298			284,269			333,739			325,667			12,780			612,745			590,976			21,769
Policy acquisition costs and other insurance expenses	67,908			44,367			49,747			41,982			49,335			18,573			112,275			96,247			16,028
Other operating expenses	36,734			34,374			39,767			34,973			31,997			4,737			71,108			61,003			10,105
Total benefits and expenses	443,089			353,039			373,783			410,694			406,999			36,090			796,128			748,226			47,902

Income before income taxes	$	34,482		$	41,160		$	37,415		$	11,276		$	4,315		$	30,167		$	75,642		$	56,963		$	18,679

Loss and Expense Ratios:
Claims and other policy benefits	74.4		%	73.3		%	73.1		%	83.4		%	83.4		%	(9.0		)%	73.9		%	77.5		%	(3.6		)%
Policy acquisition costs and other insurance expenses	14.9		%	11.9		%	12.8		%	10.5		%	12.6		%	2.3		%	13.5		%	12.6		%	0.9		%
Other operating expenses	8.1		%	9.2		%	10.2		%	8.7		%	8.2		%	(0.1		)%	8.6		%	8.0		%	0.6		%

Foreign currency effect on (1):
Net premiums	$	(7,741	)	$	(21,627	)	$	(43,034	)	$	(69,139	)	$	(50,842	)	$	43,101		$	(29,368	)	$	(86,000	)	$	56,632
Income before income taxes	$	506		$	(2,735	)	$	(4,686	)	$	(119	)	$	1,533		$	(1,027	)	$	(2,229	)	$	(3,229	)	$	1,000

Critical illness net premiums	$	113,297		$	98,389		$	81,271		$	86,341		$	75,120		$	38,177		$	211,686		$	144,987		$	66,699

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

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

	Three Months Ended															Current			Year-to-Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			Qtr vs. PY			June 30,			June 30,
	2016			2016			2015			2015			2015			Quarter			2016			2015			Change
Revenues:
Net premiums	$	454,629		$	374,142		$	388,663		$	400,322		$	390,456		$	64,173		$	828,771		$	762,601		$	66,170
Investment income, net of related expenses	20,461			19,867			20,276			19,626			20,043			418			40,328			40,647			(319		)
Investment related gains (losses), net	—			(2		)	—			—			—			—			(2		)	—			(2		)
Other revenue	2,481			176			553			3,728			815			1,666			2,657			1,941			716
Total revenues	477,571			394,183			409,492			423,676			411,314			66,257			871,754			805,189			66,565

Benefits and expenses:
Claims and other policy benefits	338,447			274,298			284,269			333,739			325,667			12,780			612,745			590,976			21,769
Policy acquisition costs and other insurance expenses	67,908			44,367			49,747			41,982			49,335			18,573			112,275			96,247			16,028
Other operating expenses	36,734			34,374			39,767			34,973			31,997			4,737			71,108			61,003			10,105
Total benefits and expenses	443,089			353,039			373,783			410,694			406,999			36,090			796,128			748,226			47,902

Operating income before income taxes	$	34,482		$	41,144		$	35,709		$	12,982		$	4,315		$	30,167		$	75,626		$	56,963		$	18,663

Loss and Expense Ratios:
Claims and other policy benefits	74.4		%	73.3		%	73.1		%	83.4		%	83.4		%	(9.0		)%	73.9		%	77.5		%	(3.6		)%
Policy acquisition costs and other insurance expenses	14.9		%	11.9		%	12.8		%	10.5		%	12.6		%	2.3		%	13.5		%	12.6		%	0.9		%
Other operating expenses	8.1		%	9.2		%	10.2		%	8.7		%	8.2		%	(0.1		)%	8.6		%	8.0		%	0.6		%

Foreign currency effect on (1):
Net premiums	$	(7,741	)	$	(21,627	)	$	(43,034	)	$	(69,139	)	$	(50,842	)	$	43,101		$	(29,368	)	$	(86,000	)	$	56,632
Operating income before income taxes	$	506		$	(2,748	)	$	(4,204	)	$	(601	)	$	1,533		$	(1,027	)	$	(2,242	)	$	(3,229	)	$	987

Critical illness net premiums	$	113,297		$	98,389		$	81,271		$	86,341		$	75,120		$	38,177		$	211,686		$	144,987		$	66,699

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

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


	Three Months Ended														Current			Year-to-Date
	June 30,			March 31,		Dec. 31,			Sept. 30,			June 30,			Qtr vs. PY			June 30,		June 30,
	2016			2016		2015			2015			2015			Quarter			2016		2015			Change
Revenues:
Net premiums	$	(1,493	)	$	5,686	$	5,487		$	2,807		$	898		$	(2,391	)	$	4,193	$	11,180		$	(6,987	)
Investment income, net of related expenses	5,885			6,374		6,659			4,482			3,888			1,997			12,259		7,537			4,722
Investment related gains (losses), net	6,527			1,687		671			(175		)	(1,549		)	8,076			8,214		(1,027		)	9,241
Other revenue	6,126			6,324		5,698			4,306			3,839			2,287			12,450		8,956			3,494
Total revenues	17,045			20,071		18,515			11,420			7,076			9,969			37,116		26,646			10,470

Benefits and expenses:
Claims and other policy benefits	8,237			3,473		4,951			903			4,706			3,531			11,710		10,441			1,269
Interest credited	3,136			3,030		3,095			1,023			169			2,967			6,166		353			5,813
Policy acquisition costs and other insurance expenses	1,667			1,287		1,297			292			419			1,248			2,954		965			1,989
Other operating expenses	4,078			3,728		3,705			3,790			3,187			891			7,806		6,147			1,659
Total benefits and expenses	17,118			11,518		13,048			6,008			8,481			8,637			28,636		17,906			10,730

Income before income taxes	$	(73	)	$	8,553	$	5,467		$	5,412		$	(1,405	)	$	1,332		$	8,480	$	8,740		$	(260	)

Foreign currency effect on (2):
Net premiums	$	(225	)	$	243	$	(373	)	$	(392	)	$	(156	)	$	(69	)	$	18	$	(1,842	)	$	1,860
Income before income taxes	$	233		$	778	$	(587	)	$	(1,624	)	$	1,533		$	(1,300	)	$	1,011	$	(696	)	$	1,707

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.

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

	Three Months Ended														Current			Year-to-Date
	June 30,			March 31,		Dec. 31,			Sept. 30,			June 30,			Qtr vs. PY			June 30,		June 30,
	2016			2016		2015			2015			2015			Quarter			2016		2015			Change
Revenues:
Net premiums	$	(1,493	)	$	5,686	$	5,487		$	2,807		$	898		$	(2,391	)	$	4,193	$	11,180		$	(6,987	)
Investment income, net of related expenses	5,885			6,374		6,659			4,482			3,888			1,997			12,259		7,537			4,722
Investment related gains (losses), net	602			576		654			706			507			95			1,178		1,008			170
Other revenue	6,126			6,324		5,698			4,306			3,839			2,287			12,450		8,956			3,494
Total revenues	11,120			18,960		18,498			12,301			9,132			1,988			30,080		28,681			1,399

Benefits and expenses:
Claims and other policy benefits	8,237			3,473		4,951			903			4,706			3,531			11,710		10,441			1,269
Interest credited	3,136			3,030		3,095			1,023			169			2,967			6,166		353			5,813
Policy acquisition costs and other insurance expenses	1,667			1,287		1,297			292			419			1,248			2,954		965			1,989
Other operating expenses	4,078			3,728		3,705			3,790			3,187			891			7,806		6,147			1,659
Total benefits and expenses	17,118			11,518		13,048			6,008			8,481			8,637			28,636		17,906			10,730

Operating Income before income taxes	$	(5,998	)	$	7,442	$	5,450		$	6,293		$	651		$	(6,649	)	$	1,444	$	10,775		$	(9,331	)

Foreign currency effect on (2):
Net premiums	$	(225	)	$	243	$	(373	)	$	(392	)	$	(156	)	$	(69	)	$	18	$	(1,842	)	$	1,860
Operating income before income taxes	$	(113	)	$	323	$	(774	)	$	(1,719	)	$	(614	)	$	501		$	210	$	(1,065	)	$	1,275

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.

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

	Three Months Ended															Current			Year-to-Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			Qtr vs. PY			June 30,			June 30,
	2016			2016			2015			2015			2015			Quarter			2016			2015			Change
Revenues:
Net premiums	$	108		$	109		$	112		$	133		$	153		$	(45	)	$	217		$	320		$	(103	)
Investment income, net of related expenses	25,190			22,921			28,355			31,693			31,707			(6,517		)	48,111			63,402			(15,291		)
Investment related gains (losses), net	32,036			7,423			(34,276		)	(30,710		)	1,712			30,324			39,459			(121		)	39,580
Other revenue	4,653			2,049			6,665			(1,675		)	3,307			1,346			6,702			4,997			1,705
Total revenues	61,987			32,502			856			(559		)	36,879			25,108			94,489			68,598			25,891

Benefits and expenses:
Claims and other policy benefits	(6		)	27			(11		)	(4		)	—			(6		)	21			53			(32		)
Interest credited	459			507			369			244			203			256			966			415			551
Policy acquisition costs and other insurance income	(25,149		)	(23,812		)	(22,886		)	(22,234		)	(21,843		)	(3,306		)	(48,961		)	(42,431		)	(6,530		)
Other operating expenses	40,975			39,978			32,878			31,668			26,137			14,838			80,953			44,471			36,482
Interest expense	20,331			32,807			35,820			35,565			35,851			(15,520		)	53,138			71,478			(18,340		)
Collateral finance and securitization expense	6,587			6,325			6,182			5,133			5,258			1,329			12,912			11,329			1,583
Total benefits and expenses	43,197			55,832			52,352			50,372			45,606			(2,409		)	99,029			85,315			13,714

Income before income taxes	$	18,790		$	(23,330	)	$	(51,496	)	$	(50,931	)	$	(8,727	)	$	27,517		$	(4,540	)	$	(16,717	)	$	12,177

Foreign currency effect (1):
Income before income taxes	$	(1,941	)	$	(1,409	)	$	(2,642	)	$	(1,122	)	$	(1,036	)	$	(905	)	$	(3,350	)	$	(2,314	)	$	(1,036	)

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

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

	Three Months Ended															Current			Year-to-Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			Qtr vs. PY			June 30,			June 30,
	2016			2016			2015			2015			2015			Quarter			2016			2015			Change
Revenues:
Net premiums	$	108		$	109		$	112		$	133		$	153		$	(45	)	$	217		$	320		$	(103	)
Investment income, net of related expenses	25,190			22,921			28,355			31,693			31,707			(6,517		)	48,111			63,402			(15,291		)
Investment related gains (losses), net	496			493			523			519			460			36			989			907			82
Other revenue	4,636			2,035			6,650			(1,670		)	3,348			1,288			6,671			5,078			1,593
Total revenues	30,430			25,558			35,640			30,675			35,668			(5,238		)	55,988			69,707			(13,719		)

Benefits and expenses:
Claims and other policy benefits	(6		)	27			(11		)	(4		)	—			(6		)	21			53			(32		)
Interest credited	459			507			369			244			203			256			966			415			551
Policy acquisition costs and other insurance income	(25,149		)	(23,812		)	(22,886		)	(22,234		)	(21,843		)	(3,306		)	(48,961		)	(42,431		)	(6,530		)
Other operating expenses	40,975			39,978			32,878			31,668			26,137			14,838			80,953			44,471			36,482
Interest expense	20,331			32,807			35,820			35,565			35,851			(15,520		)	53,138			71,478			(18,340		)
Collateral finance and securitization expense	6,587			6,325			6,182			5,133			5,258			1,329			12,912			11,329			1,583
Total benefits and expenses	43,197			55,832			52,352			50,372			45,606			(2,409		)	99,029			85,315			13,714

Operating income before income taxes	(12,767		)	(30,274		)	(16,712		)	(19,697		)	(9,938		)	(2,829		)	(43,041		)	(15,608		)	(27,433		)

Foreign currency effect (1):
Operating income before income taxes	$	(442	)	$	(868	)	$	(2,604	)	$	(1,407	)	$	(1,173	)	$	731		$	(1,310	)	$	(1,701	)	$	391

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

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


	Three Months Ended															Current Qtr vs. PY Quarter			Year-to-date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,						June 30,			June 30,
	2016			2016			2015			2015			2015						2016			2015			Change
U.S. and Latin America:
Traditional	$	111,430		$	51,098		$	79,483		$	55,652		$	82,793		$	28,637		$	162,528		$	100,636		$	61,892
Non-Traditional:
Asset Intensive	93,979			(30,830		)	30,874			24,182			55,750			38,229			63,149			97,890			(34,741		)
Financial Reinsurance	14,875			15,934			15,936			12,073			14,643			232			30,809			27,008			3,801
Total U.S. and Latin America	220,284			36,202			126,293			91,907			153,186			67,098			256,486			225,534			30,952
Canada:
Canada Traditional	43,309			20,095			44,640			34,072			22,736			20,573			63,404			45,463			17,941
Canada Non-Traditional	2,128			592			3,420			3,257			3,094			(966		)	2,720			7,225			(4,505		)
Total Canada	45,437			20,687			48,060			37,329			25,830			19,607			66,124			52,688			13,436
Europe, Middle East and Africa:
Europe, Middle East and Africa Traditional	6,834			(1,116		)	12,859			15,910			9,159			(2,325		)	5,718			19,641			(13,923		)
Europe, Middle East and Africa Non-Traditional	27,469			25,424			28,145			29,234			31,432			(3,963		)	52,893			51,066			1,827
Total Europe, Middle East and Africa	34,303			24,308			41,004			45,144			40,591			(6,288		)	58,611			70,707			(12,096		)
Asia Pacific:
Asia Pacific Traditional	34,482			41,160			37,415			11,276			4,315			30,167			75,642			56,963			18,679
Asia Pacific Non-Traditional	(73		)	8,553			5,467			5,412			(1,405		)	1,332			8,480			8,740			(260		)
Total Asia Pacific	34,409			49,713			42,882			16,688			2,910			31,499			84,122			65,703			18,419
Corporate and Other	18,790			(23,330		)	(51,496		)	(50,931		)	(8,727		)	27,517			(4,540		)	(16,717		)	12,177
Consolidated Income before Income Taxes	$	353,223		$	107,580		$	206,743		$	140,137		$	213,790		$	139,433		$	460,803		$	397,915		$	62,888

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

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


	Three Months Ended															Current Qtr vs. PY Quarter			Year-to-date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,						June 30,			June 30,
	2016			2016			2015			2015			2015						2016			2015			Change
U.S. and Latin America:
Traditional	$	112,312		$	53,198		$	78,990		$	54,726		$	79,433		$	32,879		$	165,510		$	99,749		$	65,761
Non-Traditional:
Asset Intensive	54,323			45,268			47,596			55,230			56,402			(2,079		)	99,591			96,736			2,855
Financial Reinsurance	14,875			15,934			15,936			12,073			14,643			232			30,809			27,008			3,801
Total U.S. and Latin America	181,510			114,400			142,522			122,029			150,478			31,032			295,910			223,493			72,417
Canada:
Canada Traditional	40,907			19,364			45,086			37,793			23,759			17,148			60,271			40,932			19,339
Canada Non-Traditional	2,128			592			3,420			3,257			3,094			(966		)	2,720			7,225			(4,505		)
Total Canada	43,035			19,956			48,506			41,050			26,853			16,182			62,991			48,157			14,834
Europe, Middle East and Africa:
Europe, Middle East and Africa Traditional	6,834			(1,121		)	12,859			15,621			9,159			(2,325		)	5,713			19,592			(13,879		)
Europe, Middle East and Africa Non-Traditional	26,128			25,611			18,779			28,838			31,834			(5,706		)	51,739			50,469			1,270
Total Europe, Middle East and Africa	32,962			24,490			31,638			44,459			40,993			(8,031		)	57,452			70,061			(12,609		)
Asia Pacific:
Asia Pacific Traditional	34,482			41,144			35,709			12,982			4,315			30,167			75,626			56,963			18,663
Asia Pacific Non-Traditional	(5,998		)	7,442			5,450			6,293			651			(6,649		)	1,444			10,775			(9,331		)
Total Asia Pacific	28,484			48,586			41,159			19,275			4,966			23,518			77,070			67,738			9,332
Corporate and Other	(12,767		)	(30,274		)	(16,712		)	(19,697		)	(9,938		)	(2,829		)	(43,041		)	(15,608		)	(27,433		)
Consolidated Operating Income before Income Taxes	$	273,224		$	177,158		$	247,113		$	207,116		$	213,352		$	59,872		$	450,382		$	393,841		$	56,541

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

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)

June 30, 2016
	Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value		% of Total		Other-than- temporary Impairment in AOCI
Available-for-sale:
Corporate securities	$	18,417,375	$	1,260,330	$	134,468	$	19,543,237	58.9	%	$	—
Canadian and Canadian provincial governments	2,607,276		1,497,998		—		4,105,274		12.4	%	—
Residential mortgage-backed securities	1,225,718		72,733		5,673		1,292,778		3.9	%	(300		)
Asset-backed securities	1,377,736		11,054		32,113		1,356,677		4.1	%	275
Commercial mortgage-backed securities	1,441,091		67,727		1,125		1,507,693		4.5	%	(1,609		)
U.S. government and agencies	1,907,648		99,690		—		2,007,338		6.1	%	—
State and political subdivisions	538,037		74,042		6,137		605,942		1.8	%	—
Other foreign government, supranational, and foreign
government-sponsored enterprises	2,562,003		190,688		10,654		2,742,037		8.3	%	—
Total fixed maturity securities	$	30,076,884	$	3,274,262	$	190,170	$	33,160,976	100.0	%	$	(1,634	)

Non-redeemable preferred stock	$	66,464	$	2,575	$	7,936	$	61,103	14.6	%
Other equity securities	349,577		7,952		446		357,083		85.4	%
Total equity securities	$	416,041	$	10,527	$	8,382	$	418,186	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	%

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

	June 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	$	3,985,263	$	4,153,930	21.5	%	A-	$	3,557,406	$	3,641,125	20.5	%	A-
Brokerage/asset managers/exchanges	388,968		414,342		2.1	%	A	315,848		327,477		1.8	%	A
Finance companies	109,785		116,392		0.6	%	A+	68,996		70,947		0.4	%	BBB-
Insurance	1,129,787		1,200,471		6.1	%	A-	877,691		908,752		5.1	%	A-
REITs	556,903		590,731		3.0	%	BBB+	524,424		540,120		3.1	%	BBB+
Other Finance	97,824		102,123		0.5	%	A-	64,426		66,623		0.4	%	A-
Total financial institutions	$	6,268,530	$	6,577,989	33.8	%		$	5,408,791	$	5,555,044	31.3	%
Industrials
Basic	$	891,944	$	933,433	4.8	%	BBB	$	937,498	$	894,466	5.1	%	BBB
Capital goods	1,016,462		1,064,913		5.4	%	BBB+	1,090,670		1,091,523		6.2	%	BBB+
Communications	1,861,878		1,987,032		10.2	%	BBB	1,891,983		1,912,375		10.8	%	BBB
Consumer cyclical	1,036,091		1,097,738		5.6	%	BBB+	1,015,183		1,028,521		5.8	%	BBB+
Consumer noncyclical	1,801,046		1,965,929		10.1	%	A-	1,762,018		1,805,347		10.2	%	A-
Energy	2,021,372		2,095,655		10.7	%	BBB	2,064,824		1,922,366		10.9	%	BBB+
Technology	619,012		654,432		3.3	%	A-	569,174		574,280		3.2	%	A-
Transportation	828,064		885,756		4.5	%	A-	763,055		777,939		4.4	%	A-
Other industrial	116,596		126,870		0.6	%	BBB+	117,021		123,100		0.7	%	BBB+
Total industrials	$	10,192,465	$	10,811,758	55.2	%		$	10,211,426	$	10,129,917	57.3	%
Utilities
Electric	$	1,400,329	$	1,537,201	7.9	%	A-	$	1,395,335	$	1,444,368	8.2	%	BBB+
Natural gas	329,475		358,597		1.8	%	A-	315,826		323,206		1.8	%	A-
Other utility	226,576		257,692		1.3	%	A-	244,129		255,621		1.4	%	A-
Total utilities	$	1,956,380	$	2,153,490	11.0	%		$	1,955,290	$	2,023,195	11.4	%
Total	$	18,417,375	$	19,543,237	100.0	%	BBB+	$	17,575,507	$	17,708,156	100.0	%	BBB+

(1) The Average Credit Rating designations are based on the weighted average ratings from nationally recognized rating organizations (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 NAIC.

Ratings of Fixed Maturity Securities (Excludes Funds Withheld Portfolios)

		June 30, 2016						March 31, 2016						December 31, 2015						September 30, 2015						June 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	$	19,755,011	$	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	%	$	16,880,974	$	18,443,284	65.7	%
2	BBB	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	%	7,686,514		7,881,514		28.1	%
3	BB	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	%	932,629		950,069		3.4	%
4	B	456,457		431,649		1.3	%	402,872		372,795		1.2	%	399,417		359,591		1.2	%	414,775		389,089		1.4	%	510,894		504,272		1.8	%
5	CCC	143,675		135,927		0.4	%	178,537		165,491		0.5	%	207,351		197,498		0.7	%	261,015		246,211		0.9	%	246,203		242,930		0.9	%
6	In or near default	29,830		51,489		0.2	%	31,872		31,011		0.1	%	22,299		22,495		0.1	%	60,704		56,696		0.2	%	48,118		41,906		0.1	%
	Total	$	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	%	$	26,305,332	$	28,063,975	100.0	%

(1) Structured securities held by the Company’s insurance subsidiaries that maintain the National Association of Insurance Commissioners (NAIC) statutory basis of accounting that meet the definition of SSAP No. 43R utilize the
NAIC rating methodology. All other securities will continue to utilize the 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

	June 30, 2016				March 31, 2016				December 31, 2015				September 30, 2015				June 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	$	601,728	$	659,526	$	593,662	$	642,617	$	602,524	$	634,077	$	614,272	$	657,066	$	626,139	$	656,940
Non-agency	623,990		633,252		737,232		738,280		675,474		677,400		619,886		626,394		528,593		533,939
Total residential mortgage-backed securities	1,225,718		1,292,778		1,330,894		1,380,897		1,277,998		1,311,477		1,234,158		1,283,460		1,154,732		1,190,879
Commercial mortgage-backed securities	1,441,091		1,507,693		1,466,500		1,508,183		1,456,848		1,483,087		1,441,845		1,491,951		1,471,419		1,525,469
Asset-backed securities	1,377,736		1,356,677		1,319,616		1,289,381		1,219,000		1,212,676		1,055,760		1,061,372		1,051,093		1,062,624
Total	$	4,044,545	$	4,157,148	$	4,117,010	$	4,178,461	$	3,953,846	$	4,007,240	$	3,731,763	$	3,836,783	$	3,677,244	$	3,778,972

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

	As of June 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	$	649,275	$	15,424	$	1,208,939	$	59,206	$	1,858,214	$	74,630
Canadian and Canadian provincial governments	—		—		—		—		—		—
Residential mortgage-backed securities	67,472		1,672		120,431		3,990		187,903		5,662
Asset-backed securities	534,180		18,943		258,828		10,507		793,008		29,450
Commercial mortgage-backed securities	78,002		423		41,399		702		119,401		1,125
U.S. government and agencies	—		—		—		—		—		—
State and political subdivisions	9,697		443		56,930		5,694		66,627		6,137
Other foreign government, supranational, and foreign government-sponsored enterprises	99,330		1,135		79,592		3,677		178,922		4,812
Total investment grade securities	1,437,956		38,040		1,766,119		83,776		3,204,075		121,816

Below investment grade securities:
Corporate securities	282,830		14,077		335,351		45,761		618,181		59,838
Residential mortgage-backed securities	—		—		379		11		379		11
Asset-backed securities	5,858		1,118		8,623		1,545		14,481		2,663
Commercial mortgage-backed securities	—		—		—		—		—		—
Other foreign government, supranational, and foreign government-sponsored enterprises	2,328		23		59,437		5,819		61,765		5,842
Total below investment grade securities	291,016		15,218		403,790		53,136		694,806		68,354
Total fixed maturity securities	$	1,728,972	$	53,258	$	2,169,909	$	136,912	$	3,898,881	$	190,170

Equity securities:
Non-redeemable preferred stock	3,248		261		24,247		7,675		27,495		7,936
Other equity securities	—		—		6,606		446		6,606		446
Total equity securities	$	3,248	$	261	$	30,853	$	8,121	$	34,101	$	8,382






	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

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
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,						June 30,			June 30,
	2016			2016			2015			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	)	$	(4,137	)	$	3,291		$	(34,663	)	$	(6,664	)	$	(27,999	)
Gain on investment activity	53,615			27,192			20,077			13,792			20,009			33,606			80,807			39,210			41,597
Loss on investment activity	(22,556		)	(11,787		)	(21,636		)	(22,186		)	(14,475		)	(8,081		)	(34,343		)	(28,071		)	(6,272		)
Net gain (loss) on fixed maturity and equity securities	30,213			(18,412		)	(29,164		)	(31,505		)	1,397			28,816			11,801			4,475			7,326

Other impairment losses and change in mortgage loan provision	211			(2,060		)	(2,292		)	(636		)	143			68			(1,849		)	(4,025		)	2,176
Other non-derivative gain (loss), net	5,123			4,057			11,824			(2,006		)	976			4,147			9,180			18,351			(9,171		)

Free-standing derivatives:
Credit default swaps	3,518			3,346			1,253			(8,407		)	(187		)	3,705			6,864			2,471			4,393
Interest rate swaps - non-hedged	41,500			62,527			(9,271		)	42,014			(41,729		)	83,229			104,027			(12,385		)	116,412
Interest rate swaps - hedged	—			—			—			—			—			—			—			7			(7		)
Foreign currency swaps - hedged (1)	(2,395		)	(4,562		)	2,983			(2,135		)	—			(2,395		)	(6,957		)	—			(6,957		)
Futures	(7,557		)	(11,051		)	(6,822		)	16,655			(2,183		)	(5,374		)	(18,608		)	(9,514		)	(9,094		)
CPI swaps	(520		)	(180		)	(55		)	(250		)	168			(688		)	(700		)	97			(797		)
Equity options	(3,225		)	(2,703		)	(21,376		)	15,149			(2,605		)	(620		)	(5,928		)	(10,672		)	4,744
Currency forwards	3,577			2,500			(214		)	707			(1,433		)	5,010			6,077			(1,653		)	7,730
Bond forwards	(1,010		)	841			(911		)	610			1,495			(2,505		)	(169		)	655			(824		)
Interest rate options	—			—			—			—			—			—			—			3,276			(3,276		)
Total free-standing derivatives	33,888			50,718			(34,413		)	64,343			(46,474		)	80,362			84,606			(27,718		)	112,324

Embedded derivatives:
Modified coinsurance and funds withheld treaties	76,966			(92,249		)	(27,201		)	(46,169		)	(23,098		)	100,064			(15,283		)	(25,423		)	10,140
GMXB	(28,137		)	(62,940		)	36,437			(95,373		)	50,878			(79,015		)	(91,077		)	25,745			(116,822		)
Total embedded derivatives	48,829			(155,189		)	9,236			(141,542		)	27,780			21,049			(106,360		)	322			(106,682		)

Net gain (loss) on total derivatives	82,717			(104,471		)	(25,177		)	(77,199		)	(18,694		)	101,411			(21,754		)	(27,396		)	5,642

Total investment related gains (losses), net	$	118,264		$	(120,886	)	$	(44,809	)	$	(111,346	)	$	(16,178	)	$	134,442		$	(2,622	)	$	(8,595	)	$	5,973

(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.

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

	Three Months Ended															Current Qtr			Year-to-Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			vs. PY			June 30,			June 30,
	2016			2016			2015			2015			2015			Quarter			2016			2015			Change
U.S. & Latin America Traditional
Income before income taxes	$	111,430		$	51,098		$	79,483		$	55,652		$	82,793		$	28,637		$	162,528		$	100,636		$	61,892
Investment and derivative gains (losses) - non-operating (1)	1			65			203			(1		)	(2		)	3			66			(1		)	67
Change in value of modified coinsurance and
funds withheld embedded derivatives (1)	881			2,035			(696		)	(925		)	(3,358		)	4,239			2,916			(886		)	3,802
Operating income before income taxes	$	112,312		$	53,198		$	78,990		$	54,726		$	79,433		$	32,879		$	165,510		$	99,749		$	65,761

U.S. & Latin America Asset Intensive
Income before income taxes	$	93,979		$	(30,830	)	$	30,874		$	24,182		$	55,750		$	38,229		$	63,149		$	97,890		$	(34,741	)
Investment and derivative gains (losses) - non-operating (1)	(27,119		)	(24,603		)	39,757			(73,476		)	39,497			(66,616		)	(51,722		)	17,710			(69,432		)
Change in value of modified coinsurance and
funds withheld embedded derivatives (1)	(77,847		)	90,214			27,897			47,094			26,456			(104,303		)	12,367			26,309			(13,942		)
GMXB embedded derivatives (1)	28,137			62,940			(36,437		)	95,373			(50,878		)	79,015			91,077			(25,745		)	116,822
Funds withheld gains (losses) - investment income	(10,304		)	(4,624		)	59			(1,003		)	(2,748		)	(7,556		)	(14,928		)	(9,115		)	(5,813		)
EIA embedded derivatives - interest credited	(17,364		)	29,149			(1,412		)	(10,995		)	(10,488		)	(6,876		)	11,785			(175		)	11,960
DAC offset, net	64,841			(76,978		)	(13,142		)	(25,945		)	(1,187		)	66,028			(12,137		)	(10,138		)	(1,999		)
Operating income before income taxes	$	54,323		$	45,268		$	47,596		$	55,230		$	56,402		$	(2,079	)	$	99,591		$	96,736		$	2,855

U.S. & Latin America Financial Reinsurance
Income before income taxes	$	14,875		$	15,934		$	15,936		$	12,073		$	14,643		$	232		$	30,809		$	27,008		$	3,801
Operating income before income taxes	$	14,875		$	15,934		$	15,936		$	12,073		$	14,643		$	232		$	30,809		$	27,008		$	3,801

Total U.S. & Latin America
Income before income taxes	$	220,284		$	36,202		$	126,293		$	91,907		$	153,186		$	67,098		$	256,486		$	225,534		$	30,952
Investment and derivative gains (losses) - non-operating (1)	(27,118		)	(24,538		)	39,960			(73,477		)	39,495			(66,613		)	(51,656		)	17,709			(69,365		)
Change in value of modified coinsurance and
funds withheld embedded derivatives (1)	(76,966		)	92,249			27,201			46,169			23,098			(100,064		)	15,283			25,423			(10,140		)
GMXB embedded derivatives (1)	28,137			62,940			(36,437		)	95,373			(50,878		)	79,015			91,077			(25,745		)	116,822
Funds withheld gains (losses) - investment income	(10,304		)	(4,624		)	59			(1,003		)	(2,748		)	(7,556		)	(14,928		)	(9,115		)	(5,813		)
EIA embedded derivatives - interest credited	(17,364		)	29,149			(1,412		)	(10,995		)	(10,488		)	(6,876		)	11,785			(175		)	11,960
DAC offset, net	64,841			(76,978		)	(13,142		)	(25,945		)	(1,187		)	66,028			(12,137		)	(10,138		)	(1,999		)
Operating income before income taxes	$	181,510		$	114,400		$	142,522		$	122,029		$	150,478		$	31,032		$	295,910		$	223,493		$	72,417

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

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

	Three Months Ended															Current Qtr			Year-to-Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			vs. PY			June 30,			June 30,
	2016			2016			2015			2015			2015			Quarter			2016			2015			Change
Canada Traditional
Income before income taxes	$	43,309		$	20,095		$	44,640		$	34,072		$	22,736		$	20,573		$	63,404		$	45,463		$	17,941
Investment and derivative gains (losses) - non-operating (1)	(1,049		)	(372		)	259			4,930			1,277			(2,326		)	(1,421		)	758			(2,179		)
Funds withheld gains (losses) - investment income	(1,353		)	(359		)	187			(1,209		)	(254		)	(1,099		)	(1,712		)	(5,289		)	3,577
Operating income before income taxes	$	40,907		$	19,364		$	45,086		$	37,793		$	23,759		$	17,148		$	60,271		$	40,932		$	19,339

Canada Non-Traditional
Income before income taxes	$	2,128		$	592		$	3,420		$	3,257		$	3,094		$	(966	)	$	2,720		$	7,225		$	(4,505	)
Operating income before income taxes	$	2,128		$	592		$	3,420		$	3,257		$	3,094		$	(966	)	$	2,720		$	7,225		$	(4,505	)

Europe, Middle East and Africa Traditional
Income before income taxes	$	6,834		$	(1,116	)	$	12,859		$	15,910		$	9,159		$	(2,325	)	$	5,718		$	19,641		$	(13,923	)
Investment and derivative gains (losses) - non-operating (1)	—			(5		)	—			(289		)	—			—			(5		)	(49		)	44
Operating income before income taxes	$	6,834		$	(1,121	)	$	12,859		$	15,621		$	9,159		$	(2,325	)	$	5,713		$	19,592		$	(13,879	)

Europe, Middle East and Africa Non-Traditional
Income before income taxes	$	27,469		$	25,424		$	28,145		$	29,234		$	31,432		$	(3,963	)	$	52,893		$	51,066		$	1,827
Investment and derivative gains (losses) - non-operating (1)	(1,468		)	1,004			(9,261		)	(8		)	(50		)	(1,418		)	(464		)	(901		)	437
Investment income on unit-linked variable annuities	(2,966		)	(408		)	—			—			—			(2,966		)	(3,374		)	—			(3,374		)
Interest credited on unit-linked variable annuities	2,966			408			—			—			—			2,966			3,374			—			3,374
Non-investment derivatives	127			(817		)	(105		)	(388		)	452			(325		)	(690		)	304			(994		)
Operating income before income taxes	$	26,128		$	25,611		$	18,779		$	28,838		$	31,834		$	(5,706	)	$	51,739		$	50,469		$	1,270

Asia Pacific Traditional
Income before income taxes	$	34,482		$	41,160		$	37,415		$	11,276		$	4,315		$	30,167		$	75,642		$	56,963		$	18,679
Investment and derivative gains (losses) - non-operating (1)	—			(16		)	(1,706		)	1,706			—			—			(16		)	—			(16		)
Operating income before income taxes	$	34,482		$	41,144		$	35,709		$	12,982		$	4,315		$	30,167		$	75,626		$	56,963		$	18,663

Asia Pacific Non-Traditional
Income before income taxes	$	(73	)	$	8,553		$	5,467		$	5,412		$	(1,405	)	$	1,332		$	8,480		$	8,740		$	(260	)
Investment and derivative gains (losses) - non-operating (1)	(5,925		)	(1,111		)	(17		)	881			2,056			(7,981		)	(7,036		)	2,035			(9,071		)
Operating income before income taxes	$	(5,998	)	$	7,442		$	5,450		$	6,293		$	651		$	(6,649	)	$	1,444		$	10,775		$	(9,331	)

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

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

	Three Months Ended															Current Qtr			Year-to-Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			vs. PY			June 30,			June 30,
	2016			2016			2015			2015			2015			Quarter			2016			2015			Change
Corporate and Other Segment
Income before income taxes	$	18,790		$	(23,330	)	$	(51,496	)	$	(50,931	)	$	(8,727	)	$	27,517		$	(4,540	)	$	(16,717	)	$	12,177
Investment and derivative gains (losses) - non-operating (1)	(31,540		)	(6,930		)	34,799			31,229			(1,252		)	(30,288		)	(38,470		)	1,028			(39,498		)
Non-investment derivatives	(17		)	(14		)	(15		)	5			41			(58		)	(31		)	81			(112		)
Operating income before income taxes	$	(12,767	)	$	(30,274	)	$	(16,712	)	$	(19,697	)	$	(9,938	)	$	(2,829	)	$	(43,041	)	$	(15,608	)	$	(27,433	)

Consolidated
Income before income taxes	$	353,223		$	107,580		$	206,743		$	140,137		$	213,790		$	139,433		$	460,803		$	397,915		$	62,888
Investment and derivative gains (losses) - non-operating (1)	(67,100		)	(31,968		)	64,034			(35,028		)	41,526			(108,626		)	(99,068		)	20,580			(119,648		)
Change in value of modified coinsurance and
funds withheld embedded derivatives (1)	(76,966		)	92,249			27,201			46,169			23,098			(100,064		)	15,283			25,423			(10,140		)
GMXB embedded derivatives (1)	28,137			62,940			(36,437		)	95,373			(50,878		)	79,015			91,077			(25,745		)	116,822
Funds withheld gains (losses) - investment income	(11,657		)	(4,983		)	246			(2,212		)	(3,002		)	(8,655		)	(16,640		)	(14,404		)	(2,236		)
EIA embedded derivatives - interest credited	(17,364		)	29,149			(1,412		)	(10,995		)	(10,488		)	(6,876		)	11,785			(175		)	11,960
DAC offset, net	64,841			(76,978		)	(13,142		)	(25,945		)	(1,187		)	66,028			(12,137		)	(10,138		)	(1,999		)
Investment income on unit-linked variable annuities	(2,966		)	(408		)	—			—			—			(2,966		)	(3,374		)	—			(3,374		)
Interest credited on unit-linked variable annuities	2,966			408			—			—			—			2,966			3,374			—			3,374
Non-investment derivatives	110			(831		)	(120		)	(383		)	493			(383		)	(721		)	385			(1,106		)
Operating income before income taxes	$	273,224		$	177,158		$	247,113		$	207,116		$	213,352		$	59,872		$	450,382		$	393,841		$	56,541

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



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 Limited	AA-	NR	NR
RGA Global Reinsurance Company Limited	AA-	NR	NR
RGA Reinsurance Company of Australia Limited	AA-	NR	NR
RGA Americas Reinsurance Company, Ltd.	AA-	A+	NR
RGA Atlantic Reinsurance Company Ltd.	NR	A+	NR
Senior Debt Ratings
Reinsurance Group of America, Incorporated	A-	a-	Baa1

Investment Income and Yield Summary


	Three Months Ended																	Current Qtr vs. PY Quarter			Year-to-Date
	June 30,			March 31,			Dec. 31,					Sept. 30,			June 30,						June 30,			June 30,
	2016			2016			2015					2015			2015						2016			2015			Change
Average invested assets at amortized cost (1)	$	23,216,459		$	22,379,003		$	21,552,560				$	20,988,046		$	21,029,197		$	2,187,262		$	22,669,219		$	20,926,385		$	1,742,834
Net investment income (1)	$	268,747		$	245,299		$	262,660				$	240,168		$	252,131		$	16,616		$	514,046		$	499,369		$	14,677
Annualized investment yield (ratio of net investment income to average invested assets) (1)	4.71		%	4.46		%	4.96		%	(2	)	4.66		%	4.88		%	(0.17		)%	4.59		%	4.83		%	(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.

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

	June 30, 2016				March 31, 2016				December 31, 2015				September 30, 2015				June 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%	$	148,844	74.9	%	$	272,450	70.5	%	$	458,676	73.1	%	$	359,324	79.5	%	$	369,658	94.0	%
20% or more for less than six months	7,248		3.7	%	68,067		17.6	%	140,568		22.4	%	69,197		15.3	%	9,253		2.3	%
20% or more for six months or greater	34,078		17.2	%	36,949		9.6	%	20,003		3.2	%	14,480		3.2	%	10,328		2.6	%
Total	$	190,170	95.8	%	$	377,466	97.7	%	$	619,247	98.7	%	$	443,001	98.0	%	$	389,239	98.9	%



	Page
Non-GAAP Disclosures	1

2016 Notes	2

Consolidated

Financial Highlights	3

Consolidated GAAP Income Statement (incl. 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 GAAP Income Statements	28

Summary of 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 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

Equity Securities

	June 30, 2016				March 31, 2016				December 31, 2015				September 30, 2015				June 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%	$	1,794	0.9	%	$	2,678	0.7	%	$	4,433	0.7	%	$	4,127	0.9	%	$	3,654	0.9	%
20% or more for less than six months	1,685		0.8	%	1,672		0.4	%	1,927		0.3	%	3,687		0.8	%	948		0.2	%
20% or more for six months or greater	4,903		2.5	%	4,714		1.2	%	1,844		0.3	%	1,243		0.3	%	—		0.0	%
Total	$	8,382	4.2	%	$	9,064	2.3	%	$	8,204	1.3	%	$	9,057	2.0	%	$	4,602	1.1	%