Exhibit



	Page
Non-GAAP Disclosures	1

Consolidated

Financial Highlights	2

Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations)	3

Consolidated Balance Sheets	5

Segment Summaries of GAAP Income Statements and Adjusted Operating Income Statements

U.S. and Latin America Operations	6

Canada Traditional	13

Canada Financial Solutions	15

Europe, Middle East and Africa Traditional	17

Europe, Middle East and Africa Financial Solutions	19

Asia Pacific Traditional	21

Asia Pacific Financial Solutions	23

Corporate and Other	25

Summary of Segment GAAP Income	27

Summary of Segment Adjusted Operating Income	28

Investments

Cash and Invested Assets and Investment Income and Yield Summary	29

Amortized Cost, Gross Unrealized Gains and Losses, and Estimated Fair Values of Fixed Maturity Securities	30

Corporate Fixed Maturity Securities by Sector	31

Ratings of Fixed Maturity Securities and Structured Fixed Maturity Securities	32

Gross Unrealized Losses Aging - Fixed Maturity Securities	33

Fixed Maturity Securities Below Amortized Cost	34

Consolidated Investment Related Gains and Losses	36

Appendix

Reconciliations of GAAP to Non-GAAP Measures	37

RGA uses a non-GAAP financial measure called adjusted 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 adjusted 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, adjusted operating income excludes any net gain or loss from discontinued operations, the cumulative effect of any accounting changes, tax reform and other items that management believes are not indicative of the Company’s ongoing operations. The definition of adjusted 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 adjusted operating income before income tax 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)	Sept. 30,			June 30,			March 31,			Dec. 31,			Sept. 30,						Sept. 30,		Sept. 30,
	2019			2019			2019			2018			2018						2019		2018		Change
Net premiums	$	2,809,641		$	2,763,786		$	2,737,813		$	2,804,723		$	2,562,042		$	247,599		$	8,311,240	$	7,739,053	$	572,187
Net income	262,765			202,698			169,507			110,039			301,199			(38,434		)	634,970		605,803		29,167
Adjusted operating income	256,291			210,846			167,155			221,751			259,417			(3,126		)	634,292		567,217		67,075
Return on equity - annualized	9.5		%	8.0		%	7.5		%	5.2		%	14.0		%	(4.5		)%
Return on equity - trailing 12 months	7.6		%	8.5		%	8.9		%	8.1		%	20.8		%	(13.2		)%
Adjusted operating return on equity (ex AOCI):
Annualized	12.6		%	10.6		%	8.5		%	11.4		%	13.5		%	(0.9		)%
Trailing 12 months	10.7		%	11.0		%	11.0		%	10.3		%	10.0		%	0.7		%
Total assets	$75,773,985			$72,043,816			$66,692,481			$64,535,245			$62,972,642			$12,801,343
Assumed Life Reinsurance In Force (in billions)
U.S. and Latin America Traditional	$	1,618.5		$	1,623.0		$	1,618.9		$	1,610.1		$	1,609.8		$	8.7
U.S. and Latin America Financial Solutions	5.2			2.0			2.0			2.1			2.1			3.1
Canada Traditional	401.7			406.1			394.1			383.5			400.4			1.3
Europe, Middle East and Africa Traditional	707.8			715.8			726.1			716.3			706.5			1.3
Asia Pacific Traditional	626.6			630.3			623.4			616.9			588.1			38.5
Asia Pacific Financial Solutions	—			—			0.1			0.3			0.3			(0.3		)
Total assumed life reinsurance in force	$	3,359.8		$	3,377.2		$	3,364.6		$	3,329.2		$	3,307.2		$	52.6
Assumed New Business Production (in billions)
U.S. and Latin America Traditional	$	23.9		$	24.7		$	28.8		$	26.3		$	27.6		$	(3.7	)	$	77.4	$	80.2	$	(2.8	)
U.S. and Latin America Financial Solutions	3.2			—			—			—			—			3.2			3.2		—		3.2
Canada Traditional	8.1			9.0			8.4			9.4			7.7			0.4			25.5		33.7		(8.2		)
Europe, Middle East and Africa Traditional	32.1			27.1			33.2			58.6			48.2			(16.1		)	92.4		131.6		(39.2		)
Asia Pacific Traditional	31.0			9.6			8.9			20.3			12.2			18.8			49.5		46.6		2.9
Total assumed new business production	$	98.3		$	70.4		$	79.3		$	114.6		$	95.7		$	2.6		$	248.0	$	292.1	$	(44.1	)
Per Share and Shares Data
Basic earnings per share
Net income	$	4.19		$	3.23		$	2.70		$	1.75		$	4.76		$	(0.57	)	$	10.13	$	9.47	$	0.66
Adjusted operating income	$	4.09		$	3.36		$	2.66		$	3.53		$	4.10		$	(0.01	)	$	10.12	$	8.87	$	1.25
Diluted earnings per share
Net income	$	4.12		$	3.18		$	2.65		$	1.72		$	4.68		$	(0.56	)	$	9.93	$	9.30	$	0.63
Adjusted operating income	$	4.02		$	3.31		$	2.61		$	3.46		$	4.03		$	(0.01	)	$	9.92	$	8.71	$	1.21
Wgt. average common shares outstanding
Basic	62,666			62,678			62,758			62,815			63,279			(613		)	62,701		63,941		(1,240		)
Diluted	63,789			63,698			64,027			64,156			64,296			(507		)	63,919		65,130		(1,211		)

Common shares issued	79,138			79,138			79,138			79,138			79,138			—			79,138		79,138		—
Treasury shares	16,529			16,380			16,594			16,324			16,187			342			16,529		16,187		342
Common shares outstanding	62,609			62,758			62,544			62,814			62,951			(342		)	62,609		62,951		(342		)

Book value per share	$	184.06		$	170.64		$	154.61		$	134.53		$	136.29		$	47.77
Per share effect of AOCI	$	52.04		$	42.10		$	28.23		$	10.14		$	12.92		$	39.12
Book value per share, excluding AOCI	$	132.02		$	128.54		$	126.38		$	124.39		$	123.37		$	8.65

Stockholders’ dividends paid	$	43,885.8		$	37,639.9		$	37,707.3		$	37,668.5		$	38,071.2		$	5,814.6		$	119,233.0	$	102,441.1	$	16,791.9



Reinsurance Group of America, Incorporated
Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations)
(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,
	2019			2019			2019			2018			2018			Quarter			2019			2018			Change
Revenues:
Net premiums	$	2,809,641		$	2,763,786		$	2,737,813		$	2,804,723		$	2,562,042		$	247,599		$	8,311,240		$	7,739,053		$	572,187
Investment income, net of related expenses	678,805			584,078			579,877			521,393			572,742			106,063			1,842,760			1,617,132			225,628
Investment related gains (losses), net
OTTI on fixed maturity securities	(8,539		)	—			(9,453		)	(14,439		)	(10,705		)	2,166			(17,992		)	(14,055		)	(3,937		)
Other investment related gains (losses), net	57,323			12,472			17,241			(124,590		)	(9,312		)	66,635			87,036			(17,004		)	104,040
Total investment related gains (losses), net	48,784			12,472			7,788			(139,029		)	(20,017		)	68,801			69,044			(31,059		)	100,103
Other revenue	90,335			107,072			94,553			91,431			112,764			(22,429		)	291,960			272,020			19,940
Total revenues	3,627,565			3,467,408			3,420,031			3,278,518			3,227,531			400,034			10,515,004			9,597,146			917,858
Benefits and expenses:
Claims and other policy benefits	2,469,981			2,515,211			2,508,324			2,467,315			2,209,920			260,061			7,493,516			6,851,614			641,902
Interest credited	226,262			157,842			133,189			92,136			143,292			82,970			517,293			333,068			184,225
Policy acquisition costs and other insurance expenses	321,855			260,345			311,881			334,703			310,639			11,216			894,081			987,817			(93,736		)
Other operating expenses	209,348			223,499			201,483			199,642			200,262			9,086			634,330			586,495			47,835
Interest expense	45,927			43,283			40,173			39,586			33,290			12,637			129,383			107,769			21,614
Collateral finance and securitization expense	7,102			7,151			8,417			7,190			7,467			(365		)	22,670			22,509			161
Total benefits and expenses	3,280,475			3,207,331			3,203,467			3,140,572			2,904,870			375,605			9,691,273			8,889,272			802,001
Income before income taxes	347,090			260,077			216,564			137,946			322,661			24,429			823,731			707,874			115,857
Provision for income taxes	84,325			57,379			47,057			27,907			21,462			62,863			188,761			102,071			86,690
Net income	$	262,765		$	202,698		$	169,507		$	110,039		$	301,199		$	(38,434	)	$	634,970		$	605,803		$	29,167
Pre-tax adjusted operating income reconciliation:
Income before income tax	$	347,090		$	260,077		$	216,564		$	137,946		$	322,661		$	24,429		$	823,731		$	707,874		$	115,857
Investment and derivative (gains) losses (1)	(77,106		)	(22,214		)	13,278			32,023			52,455			(129,561		)	(86,042		)	121,319			(207,361		)
Change in value of modified coinsurance and funds withheld embedded derivatives (1)	(8,508		)	(5,262		)	2,092			32,932			2,081			(10,589		)	(11,678		)	(20,335		)	8,657
GMXB embedded derivatives (1)	42,233			18,044			(18,161		)	77,697			(32,133		)	74,366			42,116			(62,242		)	104,358
Funds withheld (gains) losses - investment income	(152		)	(492		)	5,804			(30		)	614			(766		)	5,160			(2,194		)	7,354
EIA embedded derivatives - interest credited	35,883			18,539			1,518			12,222			(1,602		)	37,485			55,940			(29,600		)	85,540
DAC offset, net	(12,983		)	(4,050		)	(11,540		)	(12,498		)	(110		)	(12,873		)	(28,573		)	22,969			(51,542		)
Investment (income) loss on unit-linked variable annuities	(11,916		)	(2,280		)	(12,342		)	10,536			(2,402		)	(9,514		)	(26,538		)	(3,877		)	(22,661		)
Interest credited on unit-linked variable annuities	11,916			2,280			12,342			(10,536		)	2,402			9,514			26,538			3,877			22,661
Interest expense on uncertain tax positions	8,418			2,732			2,667			—			—			8,418			13,817			—			13,817
Non-investment derivatives	115			12			430			(202		)	(553		)	668			557			—			557
Adjusted operating income before income taxes	$	334,990		$	267,386		$	212,652		$	280,090		$	343,413		$	(8,423	)	$	815,028		$	737,791		$	77,237


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



Reinsurance Group of America, Incorporated
Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations)
(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,
	2019			2019			2019			2018			2018			Quarter			2019			2018			Change
After-tax adjusted operating income reconciliation:
Net income	$	262,765		$	202,698		$	169,507		$	110,039		$	301,199		$	(38,434	)	$	634,970		$	605,803		$	29,167
Investment and derivative (gains) losses (1)	(61,097		)	(17,719		)	10,668			25,067			41,548			(102,645		)	(68,148		)	95,445			(163,593		)
Change in value of modified coinsurance and funds withheld embedded derivatives (1)	(6,722		)	(4,157		)	1,653			26,017			1,644			(8,366		)	(9,226		)	(16,065		)	6,839
GMXB embedded derivatives (1)	33,364			14,255			(14,347		)	61,380			(25,385		)	58,749			33,272			(49,171		)	82,443
Funds withheld (gains) losses - investment income	(120		)	(389		)	4,585			(24		)	485			(605		)	4,076			(1,733		)	5,809
EIA embedded derivatives - interest credited	28,348			14,646			1,199			9,655			(1,266		)	29,614			44,193			(23,384		)	67,577
DAC offset, net	(10,257		)	(3,199		)	(9,117		)	(9,874		)	(86		)	(10,171		)	(22,573		)	18,146			(40,719		)
Investment (income) loss on unit-linked variable annuities	(9,414		)	(1,801		)	(9,750		)	8,324			(1,898		)	(7,516		)	(20,965		)	(3,063		)	(17,902		)
Interest credited on unit-linked variable annuities	9,414			1,801			9,750			(8,324		)	1,898			7,516			20,965			3,063			17,902
Interest expense on uncertain tax positions	6,650			2,158			2,107			—			—			6,650			10,915			—			10,915
Non-investment derivatives	91			9			340			(160		)	(437		)	528			440			—			440
Uncertain tax positions and other tax related items	3,269			2,544			560			(349		)	(58,285		)	61,554			6,373			(61,824		)	68,197
Adjusted operating income	$	256,291		$	210,846		$	167,155		$	221,751		$	259,417		$	(3,126	)	$	634,292		$	567,217		$	67,075


Wgt. average common shares outstanding (diluted)	63,789			63,698			64,027			64,156			64,296			(507		)	63,919			65,130			(1,211		)

Diluted earnings per share - adjusted operating income	$	4.02		$	3.31		$	2.61		$	3.46		$	4.03		$	(0.01	)	$	9.92		$	8.71		$	1.21

Foreign currency effect on (2):
Net premiums	$	(34,874	)	$	(60,010	)	$	(78,797	)	$	(43,803	)	$	(33,440	)	$	(1,434	)	$	(173,681	)	$	86,799		$	(260,480	)
Adjusted operating income before income taxes	$	(1,847	)	$	(4,939	)	$	(9,361	)	$	(4,914	)	$	(1,293	)	$	(554	)	$	(16,147	)	$	12,454		$	(28,601	)


(1) Included in “Investment related gains (losses), net” on Consolidated GAAP Income Statement.
(2) Compared to comparable prior year period.



Reinsurance Group of America, Incorporated
Consolidated Balance Sheets
(USD thousands)
	Sept. 30,			June 30,			March 31,			Dec. 31,			Sept. 30,
	2019			2019			2019			2018			2018
Assets
Fixed maturity securities, available-for-sale	$	49,481,267		$	46,189,305		$	41,738,443		$	39,992,346		$	39,005,212
Equity securities	134,453			146,755			89,865			82,197			101,069
Mortgage loans on real estate	5,647,265			5,405,422			5,117,545			4,966,298			4,779,074
Policy loans	1,289,868			1,319,722			1,312,349			1,344,980			1,320,050
Funds withheld at interest	5,614,363			5,696,217			5,729,838			5,761,471			5,976,301
Short-term investments	107,503			158,788			119,215			142,598			229,928
Other invested assets	2,215,275			2,121,406			2,006,870			1,915,297			1,706,979
Total investments	64,489,994			61,037,615			56,114,125			54,205,187			53,118,613
Cash and cash equivalents	2,635,596			2,287,526			2,020,396			1,889,733			1,730,489
Accrued investment income	520,301			470,074			442,956			427,893			455,296
Premiums receivable and other reinsurance balances	2,817,709			2,944,820			2,857,673			3,017,868			2,779,556
Reinsurance ceded receivables	863,027			851,380			814,806			757,572			769,324
Deferred policy acquisition costs	3,411,481			3,440,339			3,404,593			3,397,770			3,211,145
Other assets	1,035,877			1,012,062			1,037,932			839,222			908,219
Total assets	$	75,773,985		$	72,043,816		$	66,692,481		$	64,535,245		$	62,972,642

Liabilities and stockholders’ equity
Future policy benefits	$	27,085,728		$	26,995,770		$	25,976,847		$	25,285,400		$	25,139,148
Interest-sensitive contract liabilities	22,345,126			19,748,683			17,750,197			18,004,526			16,751,379
Other policy claims and benefits	6,147,432			6,136,374			5,911,554			5,642,755			5,424,347
Other reinsurance balances	512,883			512,924			517,096			487,177			482,235
Deferred income taxes	2,761,726			2,443,429			2,144,680			1,798,800			1,883,848
Other liabilities	1,405,704			1,480,914			1,278,108			1,396,200			1,213,595
Long-term debt	3,381,406			3,381,411			2,787,717			2,787,873			2,787,975
Collateral finance and securitization notes	610,246			635,300			656,174			681,961			710,792
Total liabilities	64,250,251			61,334,805			57,022,373			56,084,692			54,393,319

Stockholders’ equity:
Common stock, at par value	791			791			791			791			791
Additional paid-in-capital	1,927,943			1,920,144			1,906,291			1,898,652			1,899,144
Retained earnings	7,765,678			7,549,737			7,412,081			7,284,949			7,215,526
Treasury stock	(1,429,024		)	(1,403,774		)	(1,415,020		)	(1,370,602		)	(1,348,943		)
Accumulated other comprehensive income (AOCI):
Accumulated currency translation adjustment, net of income taxes	(157,174		)	(122,709		)	(147,312		)	(168,698		)	(119,298		)
Unrealized appreciation of securities, net of income taxes	3,472,549			2,815,893			1,964,370			856,159			982,352
Pension and postretirement benefits, net of income taxes	(57,029		)	(51,071		)	(51,093		)	(50,698		)	(50,249		)
Total stockholders’ equity	11,523,734			10,709,011			9,670,108			8,450,553			8,579,323
Total liabilities and stockholders’ equity	$	75,773,985		$	72,043,816		$	66,692,481		$	64,535,245		$	62,972,642

Total stockholders’ equity, excluding AOCI	$	8,265,388		$	8,066,898		$	7,904,143		$	7,813,790		$	7,766,518

See appendix for reconciliation of total stockholders' equity before and after impact of AOCI.



Reinsurance Group of America, Incorporated
U.S. and Latin America Traditional
GAAP 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,
	2019			2019			2019			2018			2018			Quarter			2019			2018			Change
Revenues:
Net premiums	$	1,404,164		$	1,410,503		$	1,356,882		$	1,500,210		$	1,360,076		$	44,088		$	4,171,549		$	4,033,046		$	138,503
Investment income, net of related expenses	209,874			173,310			185,534			184,823			181,396			28,478			568,718			544,934			23,784
Investment related gains (losses), net	(9,587		)	(3,950		)	(6,472		)	2,802			(33		)	(9,554		)	(20,009		)	5,375			(25,384		)
Other revenue	5,415			4,813			4,722			6,267			6,351			(936		)	14,950			18,276			(3,326		)
Total revenues	1,609,866			1,584,676			1,540,666			1,694,102			1,547,790			62,076			4,735,208			4,601,631			133,577

Benefits and expenses:
Claims and other policy benefits	1,241,332			1,292,852			1,300,065			1,347,292			1,191,489			49,843			3,834,249			3,701,457			132,792
Interest credited	19,518			19,517			19,874			20,453			20,321			(803		)	58,909			61,593			(2,684		)
Policy acquisition costs and other insurance expenses	201,784			179,947			176,003			195,437			183,433			18,351			557,734			543,137			14,597
Other operating expenses	34,690			37,185			33,070			35,708			36,219			(1,529		)	104,945			104,246			699
Total benefits and expenses	1,497,324			1,529,501			1,529,012			1,598,890			1,431,462			65,862			4,555,837			4,410,433			145,404

Income before income taxes	$	112,542		$	55,175		$	11,654		$	95,212		$	116,328		$	(3,786	)	$	179,371		$	191,198		$	(11,827	)

Loss and expense ratios:
Claims and other policy benefits	88.4		%	91.7		%	95.8		%	89.8		%	87.6		%	0.8		%	91.9		%	91.8		%	0.1		%
Policy acquisition costs and other insurance expenses	14.4		%	12.8		%	13.0		%	13.0		%	13.5		%	0.9		%	13.4		%	13.5		%	(0.1		)%
Other operating expenses	2.5		%	2.6		%	2.4		%	2.4		%	2.7		%	(0.2		)%	2.5		%	2.6		%	(0.1		)%

Foreign currency effect on (1):
Net premiums	$	(403	)	$	166		$	(520	)	$	(625	)	$	(995	)	$	592		$	(757	)	$	(659	)	$	(98	)
Income before income taxes	$	(28	)	$	(26	)	$	59		$	10		$	261		$	(289	)	$	5		$	397		$	(392	)

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



Reinsurance Group of America, Incorporated
U.S. and Latin America Traditional
Adjusted 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,
	2019			2019			2019			2018			2018			Quarter			2019			2018			Change
Revenues:
Net premiums	$	1,404,164		$	1,410,503		$	1,356,882		$	1,500,210		$	1,360,076		$	44,088		$	4,171,549		$	4,033,046		$	138,503
Investment income, net of related expenses	209,874			173,310			185,534			184,823			181,396			28,478			568,718			544,934			23,784
Other revenue	5,415			4,813			4,722			6,267			6,351			(936		)	14,950			18,276			(3,326		)
Total revenues	1,619,453			1,588,626			1,547,138			1,691,300			1,547,823			71,630			4,755,217			4,596,256			158,961

Benefits and expenses:
Claims and other policy benefits	1,241,332			1,292,852			1,300,065			1,347,292			1,191,489			49,843			3,834,249			3,701,457			132,792
Interest credited	19,518			19,517			19,874			20,453			20,321			(803		)	58,909			61,593			(2,684		)
Policy acquisition costs and other insurance expenses	201,784			179,947			176,003			195,437			183,433			18,351			557,734			543,137			14,597
Other operating expenses	34,690			37,185			33,070			35,708			36,219			(1,529		)	104,945			104,246			699
Total benefits and expenses	1,497,324			1,529,501			1,529,012			1,598,890			1,431,462			65,862			4,555,837			4,410,433			145,404

Adjusted operating income before income taxes	$	122,129		$	59,125		$	18,126		$	92,410		$	116,361		$	5,768		$	199,380		$	185,823		$	13,557

Loss and expense ratios:
Claims and other policy benefits	88.4		%	91.7		%	95.8		%	89.8		%	87.6		%	0.8		%	91.9		%	91.8		%	0.1		%
Policy acquisition costs and other insurance expenses	14.4		%	12.8		%	13.0		%	13.0		%	13.5		%	0.9		%	13.4		%	13.5		%	(0.1		)%
Other operating expenses	2.5		%	2.6		%	2.4		%	2.4		%	2.7		%	(0.2		)%	2.5		%	2.6		%	(0.1		)%

Foreign currency effect on (1):
Net premiums	$	(403	)	$	166		$	(520	)	$	(625	)	$	(995	)	$	592		$	(757	)	$	(659	)	$	(98	)
Adjusted operating income before income taxes	$	(28	)	$	(26	)	$	59		$	10		$	261		$	(289	)	$	5		$	397		$	(392	)

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



Reinsurance Group of America, Incorporated
U.S. and Latin America Financial Solutions - Asset-Intensive
GAAP 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,
	2019		2019		2019		2018			2018		Quarter			2019		2018		Change
Revenues:
Net premiums	$	12,298	$	8,220	$	7,210	$	8,427		$	6,885	$	5,413		$	27,728	$	18,776	$	8,952
Investment income, net of related expenses	254,264		203,894		197,221		169,922			200,397		53,867			655,379		530,119		125,260
Investment related gains (losses), net	56,840		17,500		1,046		(59,261		)	581		56,259			75,386		2,033		73,353
Other revenue	36,422		50,242		22,674		27,365			53,735		(17,313		)	109,338		100,759		8,579
Total revenues	359,824		279,856		228,151		146,453			261,598		98,226			867,831		651,687		216,144

Benefits and expenses:
Claims and other policy benefits	49,438		48,663		48,099		44,704			46,995		2,443			146,200		85,530		60,670
Interest credited	183,295		123,786		88,710		72,142			110,673		72,622			395,791		239,695		156,096
Policy acquisition costs and other insurance expenses	19,642		25,657		19,233		28,436			30,519		(10,877		)	64,532		130,493		(65,961		)
Other operating expenses	7,788		9,056		7,151		6,969			7,921		(133		)	23,995		22,377		1,618
Total benefits and expenses	260,163		207,162		163,193		152,251			196,108		64,055			630,518		478,095		152,423

Income (loss) before income taxes	$	99,661	$	72,694	$	64,958	$	(5,798	)	$	65,490	$	34,171		$	237,313	$	173,592	$	63,721

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



Reinsurance Group of America, Incorporated
U.S. and Latin America Financial Solutions - Asset-Intensive
Adjusted 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,
	2019		2019		2019		2018		2018		Quarter			2019		2018		Change
Revenues:
Net premiums	$	12,298	$	8,220	$	7,210	$	8,427	$	6,885	$	5,413		$	27,728	$	18,776	$	8,952
Investment income, net of related expenses	254,127		203,635		202,911		169,512		200,982		53,145			660,673		528,374		132,299
Other revenue	36,422		50,242		22,674		27,365		53,735		(17,313		)	109,338		100,759		8,579
Total revenues	302,847		262,097		232,795		205,304		261,602		41,245			797,739		647,909		149,830

Benefits and expenses:
Claims and other policy benefits	49,438		48,663		48,099		44,704		46,995		2,443			146,200		85,530		60,670
Interest credited	147,412		105,247		87,192		59,920		112,275		35,137			339,851		269,295		70,556
Policy acquisition costs and other insurance expenses	32,625		29,707		30,773		40,934		30,629		1,996			93,105		107,524		(14,419		)
Other operating expenses	7,788		9,056		7,151		6,969		7,921		(133		)	23,995		22,377		1,618
Total benefits and expenses	237,263		192,673		173,215		152,527		197,820		39,443			603,151		484,726		118,425

Adjusted operating income before income taxes	$	65,584	$	69,424	$	59,580	$	52,777	$	63,782	$	1,802		$	194,588	$	163,183	$	31,405

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



Reinsurance Group of America, Incorporated
U.S. and Latin America Financial Solutions - Asset-Intensive (continued)
(USD millions)

	Three Months Ended
	Sept. 30,			June 30,			March 31,			Dec. 31,			Sept. 30,
	2019			2019			2019			2018			2018
Annuity account values:
Fixed annuities (deferred)	$	11,149		$	10,374		$	8,311		$	8,461		$	7,447

Net interest spread (fixed annuities)	1.4		%	1.5		%	1.6		%	1.5		%	1.8		%

Equity-indexed annuities	$	3,635		$	3,656		$	3,712		$	3,782		$	3,873

Variable annuities account values
No riders	$	1,471		$	1,486		$	702		$	797		$	870
GMDB only	160			164			164			159			179
GMIB only	22			22			22			21			24
GMAB only	4			4			5			7			10
GMWB only	1,100			1,127			1,132			1,090			1,244
GMDB / WB	272			278			281			272			309
Other	17			17			18			19			23
Total variable annuities account values	$	3,046		$	3,098		$	2,324		$	2,365		$	2,659

Fair value of liabilities associated with living benefit riders	$	210		$	168		$	150		$	168		$	90

Interest-sensitive contract liabilities associated with:

Guaranteed investment contracts	$	969		$	1,003		$	999		$	991		$	945

Bank-owned life insurance (BOLI)	$	2,452		$	602		$	599		$	596		$	593

Other asset-intensive business	$	133		$	133		$	136		$	58		$	59

Future policy benefits associated with:

Payout annuities	$	4,844		$	4,906		$	4,974		$	4,943		$	5,004



Reinsurance Group of America, Incorporated
U.S. and Latin America Financial Solutions - Financial Reinsurance
GAAP 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,
	2019		2019			2019		2018		2018		Quarter			2019		2018		Change
Revenues:
Investment income, net of related expenses	$	1,002	$	1,029		$	1,016	$	1,766	$	1,491	$	(489	)	$	3,047	$	4,817	$	(1,770	)
Other revenue	21,846		20,372			25,493		24,878		27,759		(5,913		)	67,711		77,644		(9,933		)
Total revenues	22,848		21,401			26,509		26,644		29,250		(6,402		)	70,758		82,461		(11,703		)

Benefits and expenses:
Policy acquisition costs and other insurance expenses	672		(815		)	5,376		4,084		5,324		(4,652		)	5,233		11,933		(6,700		)
Other operating expenses	2,961		2,892			2,814		3,166		2,343		618			8,667		7,238		1,429
Total benefits and expenses	3,633		2,077			8,190		7,250		7,667		(4,034		)	13,900		19,171		(5,271		)

Income before income taxes	$	19,215	$	19,324		$	18,319	$	19,394	$	21,583	$	(2,368	)	$	56,858	$	63,290	$	(6,432	)

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



Reinsurance Group of America, Incorporated
U.S. and Latin America Financial Solutions - Financial Reinsurance
Adjusted 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,
	2019		2019			2019		2018		2018		Quarter			2019		2018		Change
Revenues:
Investment income, net of related expenses	$	1,002	$	1,029		$	1,016	$	1,766	$	1,491	$	(489	)	$	3,047	$	4,817	$	(1,770	)
Other revenue	21,846		20,372			25,493		24,878		27,759		(5,913		)	67,711		77,644		(9,933		)
Total revenues	22,848		21,401			26,509		26,644		29,250		(6,402		)	70,758		82,461		(11,703		)

Benefits and expenses:
Policy acquisition costs and other insurance expenses	672		(815		)	5,376		4,084		5,324		(4,652		)	5,233		11,933		(6,700		)
Other operating expenses	2,961		2,892			2,814		3,166		2,343		618			8,667		7,238		1,429
Total benefits and expenses	3,633		2,077			8,190		7,250		7,667		(4,034		)	13,900		19,171		(5,271		)

Adjusted operating income before income taxes	$	19,215	$	19,324		$	18,319	$	19,394	$	21,583	$	(2,368	)	$	56,858	$	63,290	$	(6,432	)

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



Reinsurance Group of America, Incorporated
Canada Traditional
GAAP 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,
	2019			2019			2019			2018			2018			Quarter			2019			2018			Change
Revenues:
Net premiums	$	270,749		$	264,182		$	255,257		$	267,443		$	243,105		$	27,644		$	790,188		$	756,578		$	33,610
Investment income, net of related expenses	53,162			50,002			49,693			49,148			50,145			3,017			152,857			150,264			2,593
Investment related gains (losses), net	1,067			2,564			7,404			(2,932		)	2,484			(1,417		)	11,035			2,199			8,836
Other revenue	(127		)	1,394			(21		)	265			228			(355		)	1,246			1,439			(193		)
Total revenues	324,851			318,142			312,333			313,924			295,962			28,889			955,326			910,480			44,846

Benefits and expenses:
Claims and other policy benefits	215,950			206,272			199,856			200,693			210,292			5,658			622,078			647,052			(24,974		)
Interest credited	31			73			55			51			6			25			159			32			127
Policy acquisition costs and other insurance expenses	56,528			57,049			53,908			59,461			56,224			304			167,485			171,797			(4,312		)
Other operating expenses	8,658			8,489			8,235			8,072			8,291			367			25,382			24,938			444
Total benefits and expenses	281,167			271,883			262,054			268,277			274,813			6,354			815,104			843,819			(28,715		)

Income before income taxes	$	43,684		$	46,259		$	50,279		$	45,647		$	21,149		$	22,535		$	140,222		$	66,661		$	73,561

Loss and expense ratios:
Loss ratios (creditor business)	28.7		%	27.8		%	21.4		%	29.1		%	27.2		%	1.5		%	26.0		%	26.8		%	(0.8		)%
Loss ratios (excluding creditor business)	85.8		%	83.9		%	85.1		%	80.9		%	94.7		%	(8.9		)%	84.9		%	93.8		%	(8.9		)%
Claims and other policy benefits / (net premiums + investment income)	66.7		%	65.7		%	65.5		%	63.4		%	71.7		%	(5.0		)%	66.0		%	71.4		%	(5.4		)%
Policy acquisition costs and other insurance expenses (creditor business)	62.5		%	65.3		%	64.7		%	64.7		%	64.2		%	(1.7		)%	64.1		%	65.4		%	(1.3		)%
Policy acquisition costs and other insurance expenses (excluding creditor business)	15.9		%	16.5		%	15.9		%	16.8		%	17.4		%	(1.5		)%	16.1		%	16.7		%	(0.6		)%
Other operating expenses	3.2		%	3.2		%	3.2		%	3.0		%	3.4		%	(0.2		)%	3.2		%	3.3		%	(0.1		)%

Foreign currency effect on (1):
Net premiums	$	(2,932	)	$	(9,448	)	$	(12,692	)	$	(10,704	)	$	(10,468	)	$	7,536		$	(25,072	)	$	10,600		$	(35,672	)
Income before income taxes	$	(464	)	$	(1,614	)	$	(2,563	)	$	(2,097	)	$	(1,075	)	$	611		$	(4,641	)	$	920		$	(5,561	)

Creditor reinsurance net premiums	$	28,796		$	27,370		$	27,187		$	30,299		$	29,521		$	(725	)	$	83,353		$	93,067		$	(9,714	)

See appendix for reconciliation of GAAP income before income taxes to adjusted 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
Adjusted 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,
	2019			2019			2019			2018			2018			Quarter			2019			2018			Change
Revenues:
Net premiums	$	270,749		$	264,182		$	255,257		$	267,443		$	243,105		$	27,644		$	790,188		$	756,578		$	33,610
Investment income, net of related expenses	53,147			49,769			49,807			49,528			50,174			2,973			152,723			149,815			2,908
Investment related gains, net	1,696			1,713			1,623			1,381			1,258			438			5,032			3,658			1,374
Other revenue	(127		)	1,394			(21		)	265			228			(355		)	1,246			1,439			(193		)
Total revenues	325,465			317,058			306,666			318,617			294,765			30,700			949,189			911,490			37,699

Benefits and expenses:
Claims and other policy benefits	215,950			206,272			199,856			200,693			210,292			5,658			622,078			647,052			(24,974		)
Interest credited	31			73			55			51			6			25			159			32			127
Policy acquisition costs and other insurance expenses	56,528			57,049			53,908			59,461			56,224			304			167,485			171,797			(4,312		)
Other operating expenses	8,658			8,489			8,235			8,072			8,291			367			25,382			24,938			444
Total benefits and expenses	281,167			271,883			262,054			268,277			274,813			6,354			815,104			843,819			(28,715		)

Adjusted operating income before income taxes	$	44,298		$	45,175		$	44,612		$	50,340		$	19,952		$	24,346		$	134,085		$	67,671		$	66,414

Loss and expense ratios:
Loss ratios (creditor business)	28.7		%	27.8		%	21.4		%	29.1		%	27.2		%	1.5		%	26.0		%	26.8		%	(0.8		)%
Loss ratios (excluding creditor business)	85.8		%	83.9		%	85.1		%	80.9		%	94.7		%	(8.9		)%	84.9		%	93.8		%	(8.9		)%
Claims and other policy benefits / (net premiums + investment income)	66.7		%	65.7		%	65.5		%	63.3		%	71.7		%	(5.0		)%	66.0		%	71.4		%	(5.4		)%
Policy acquisition costs and other insurance expenses (creditor business)	62.5		%	65.3		%	64.7		%	64.7		%	64.2		%	(1.7		)%	64.1		%	65.4		%	(1.3		)%
Policy acquisition costs and other insurance expenses (excluding creditor business)	15.9		%	16.5		%	15.9		%	16.8		%	17.4		%	(1.5		)%	16.1		%	16.7		%	(0.6		)%
Other operating expenses	3.2		%	3.2		%	3.2		%	3.0		%	3.4		%	(0.2		)%	3.2		%	3.3		%	(0.1		)%

Foreign currency effect on (1):
Net premiums	$	(2,932	)	$	(9,448	)	$	(12,692	)	$	(10,704	)	$	(10,468	)	$	7,536		$	(25,072	)	$	10,600		$	(35,672	)
Adjusted operating income before income taxes	$	(466	)	$	(1,647	)	$	(2,364	)	$	(2,273	)	$	(1,022	)	$	556		$	(4,477	)	$	1,090		$	(5,567	)

Creditor reinsurance net premiums	$	28,796		$	27,370		$	27,187		$	30,299		$	29,521		$	(725	)	$	83,353		$	93,067		$	(9,714	)

See appendix for reconciliation of GAAP income before income taxes to adjusted 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 Financial Solutions (1)
GAAP 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,
	2019			2019			2019			2018			2018			Quarter			2019			2018		Change
Revenues:
Net premiums	$	22,432		$	22,456		$	21,989		$	10,431		$	10,681		$	11,751		$	66,877		$	32,941	$	33,936
Investment income, net of related expenses	960			788			718			474			415			545			2,466			860		1,606
Other revenue	812			685			867			649			1,072			(260		)	2,364			3,233		(869		)
Total revenues	24,204			23,929			23,574			11,554			12,168			12,036			71,707			37,034		34,673

Benefits and expenses:
Claims and other policy benefits	20,127			19,222			21,153			9,775			10,003			10,124			60,502			27,033		33,469
Policy acquisition costs and other insurance expenses	453			447			449			188			190			263			1,349			578		771
Other operating expenses	516			447			624			396			329			187			1,587			1,042		545
Total benefits and expenses	21,096			20,116			22,226			10,359			10,522			10,574			63,438			28,653		34,785

Income before income taxes	$	3,108		$	3,813		$	1,348		$	1,195		$	1,646		$	1,462		$	8,269		$	8,381	$	(112	)

Foreign currency effect on (2):
Net premiums	$	(235	)	$	(812	)	$	(1,033	)	$	(423	)	$	(459	)	$	224		$	(2,080	)	$	478	$	(2,558	)
Income before income taxes	$	(34	)	$	(123	)	$	(84	)	$	(69	)	$	(71	)	$	37		$	(241	)	$	263	$	(504	)

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Canada Financial Solutions operations includes longevity and fee-based transactions.
(2) Compared to comparable prior year period.



Reinsurance Group of America, Incorporated
Canada Financial Solutions (1)
Adjusted 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,
	2019			2019			2019			2018			2018			Quarter			2019			2018		Change
Revenues:
Net premiums	$	22,432		$	22,456		$	21,989		$	10,431		$	10,681		$	11,751		$	66,877		$	32,941	$	33,936
Investment income, net of related expenses	960			788			718			474			415			545			2,466			860		1,606
Other revenue	812			685			867			649			1,072			(260		)	2,364			3,233		(869		)
Total revenues	24,204			23,929			23,574			11,554			12,168			12,036			71,707			37,034		34,673

Benefits and expenses:
Claims and other policy benefits	20,127			19,222			21,153			9,775			10,003			10,124			60,502			27,033		33,469
Policy acquisition costs and other insurance expenses	453			447			449			188			190			263			1,349			578		771
Other operating expenses	516			447			624			396			329			187			1,587			1,042		545
Total benefits and expenses	21,096			20,116			22,226			10,359			10,522			10,574			63,438			28,653		34,785

Adjusted operating income before income taxes	$	3,108		$	3,813		$	1,348		$	1,195		$	1,646		$	1,462		$	8,269		$	8,381	$	(112	)

Foreign currency effect on (2):
Net premiums	$	(235	)	$	(812	)	$	(1,033	)	$	(423	)	$	(459	)	$	224		$	(2,080	)	$	478	$	(2,558	)
Adjusted operating income before income taxes	$	(33	)	$	(123	)	$	(84	)	$	(68	)	$	(71	)	$	38		$	(240	)	$	263	$	(503	)

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Canada Financial Solutions operations includes longevity and fee-based transactions.
(2) Compared to comparable prior year period.



Reinsurance Group of America, Incorporated
Europe, Middle East and Africa Traditional
GAAP 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,
	2019			2019			2019			2018			2018			Quarter			2019			2018			Change
Revenues:
Net premiums	$	359,394		$	350,884		$	363,884		$	352,522		$	340,414		$	18,980		$	1,074,162		$	1,070,677		$	3,485
Investment income, net of related expenses	17,514			17,945			18,802			17,201			16,190			1,324			54,261			49,041			5,220
Investment related gains (losses), net	(112		)	112			—			(170		)	—			(112		)	—			9			(9		)
Other revenue	1,314			558			1,320			1,673			455			859			3,192			3,652			(460		)
Total revenues	378,110			369,499			384,006			371,226			357,059			21,051			1,131,615			1,123,379			8,236

Benefits and expenses:
Claims and other policy benefits	297,289			295,661			312,135			305,027			291,442			5,847			905,085			928,431			(23,346		)
Policy acquisition costs and other insurance expenses	26,538			27,594			29,953			21,651			21,817			4,721			84,085			77,330			6,755
Other operating expenses	28,941			30,123			26,494			29,688			25,430			3,511			85,558			77,359			8,199
Total benefits and expenses	352,768			353,378			368,582			356,366			338,689			14,079			1,074,728			1,083,120			(8,392		)

Income before income taxes	$	25,342		$	16,121		$	15,424		$	14,860		$	18,370		$	6,972		$	56,887		$	40,259		$	16,628

Loss and expense ratios:
Claims and other policy benefits	82.7		%	84.3		%	85.8		%	86.5		%	85.6		%	(2.9		)%	84.3		%	86.7		%	(2.4		)%
Policy acquisition costs and other insurance expenses	7.4		%	7.9		%	8.2		%	6.1		%	6.4		%	1.0		%	7.8		%	7.2		%	0.6		%
Other operating expenses	8.1		%	8.6		%	7.3		%	8.4		%	7.5		%	0.6		%	8.0		%	7.2		%	0.8		%


Foreign currency effect on (1):
Net premiums	$	(17,105	)	$	(23,296	)	$	(32,565	)	$	(12,043	)	$	(6,362	)	$	(10,743	)	$	(72,966	)	$	52,605		$	(125,571	)
Income before income taxes	$	(1,227	)	$	(968	)	$	(1,733	)	$	(875	)	$	(363	)	$	(864	)	$	(3,928	)	$	2,416		$	(6,344	)

Critical illness net premiums	$	48,636		$	43,059		$	44,446		$	45,292		$	45,601		$	3,035		$	136,141		$	142,350		$	(6,209	)

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



Reinsurance Group of America, Incorporated
Europe, Middle East and Africa Traditional
Adjusted 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,
	2019			2019			2019			2018			2018			Quarter			2019			2018			Change
Revenues:
Net premiums	$	359,394		$	350,884		$	363,884		$	352,522		$	340,414		$	18,980		$	1,074,162		$	1,070,677		$	3,485
Investment income, net of related expenses	17,514			17,945			18,802			17,201			16,190			1,324			54,261			49,041			5,220
Investment related gains (losses), net	67			(67		)	—			—			—			67			—			—			—
Other revenue	1,314			558			1,320			1,673			455			859			3,192			3,652			(460		)
Total revenues	378,289			369,320			384,006			371,396			357,059			21,230			1,131,615			1,123,370			8,245

Benefits and expenses:
Claims and other policy benefits	297,289			295,661			312,135			305,027			291,442			5,847			905,085			928,431			(23,346		)
Policy acquisition costs and other insurance expenses	26,538			27,594			29,953			21,651			21,817			4,721			84,085			77,330			6,755
Other operating expenses	28,941			30,123			26,494			29,688			25,430			3,511			85,558			77,359			8,199
Total benefits and expenses	352,768			353,378			368,582			356,366			338,689			14,079			1,074,728			1,083,120			(8,392		)

Adjusted operating income before income taxes	$	25,521		$	15,942		$	15,424		$	15,030		$	18,370		$	7,151		$	56,887		$	40,250		$	16,637

Loss and expense ratios:
Claims and other policy benefits	82.7		%	84.3		%	85.8		%	86.5		%	85.6		%	(2.9		)%	84.3		%	86.7		%	(2.4		)%
Policy acquisition costs and other insurance expenses	7.4		%	7.9		%	8.2		%	6.1		%	6.4		%	1.0		%	7.8		%	7.2		%	0.6		%
Other operating expenses	8.1		%	8.6		%	7.3		%	8.4		%	7.5		%	0.6		%	8.0		%	7.2		%	0.8		%


Foreign currency effect on (1):
Net premiums	$	(17,105	)	$	(23,296	)	$	(32,565	)	$	(12,043	)	$	(6,362	)	$	(10,743	)	$	(72,966	)	$	52,605		$	(125,571	)
Adjusted operating income before income taxes	$	(1,235	)	$	(959	)	$	(1,733	)	$	(884	)	$	(363	)	$	(872	)	$	(3,927	)	$	2,416		$	(6,343	)

Critical illness net premiums	$	48,636		$	43,059		$	44,446		$	45,292		$	45,601		$	3,035		$	136,141		$	142,350		$	(6,209	)

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



Reinsurance Group of America, Incorporated
Europe, Middle East and Africa Financial Solutions (1)
GAAP 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,
	2019			2019			2019			2018			2018			Quarter			2019			2018		Change
Revenues:
Net premiums	$	54,692		$	56,660		$	52,101		$	49,115		$	49,104		$	5,588		$	163,453		$	146,218	$	17,235
Investment income, net of related expenses	54,937			46,593			48,665			24,045			37,548			17,389			150,195			109,810		40,385
Investment related gains (losses), net	2,165			2,550			3,364			(8,568		)	(87		)	2,252			8,079			9,123		(1,044		)
Other revenue	5,006			8,183			5,291			4,812			5,099			(93		)	18,480			15,331		3,149
Total revenues	116,800			113,986			109,421			69,404			91,664			25,136			340,207			280,482		59,725

Benefits and expenses:
Claims and other policy benefits	33,333			47,551			48,878			34,615			24,211			9,122			129,762			88,536		41,226
Interest credited	11,916			2,280			12,342			(10,536		)	2,402			9,514			26,538			3,877		22,661
Policy acquisition costs and other insurance expenses	562			1,181			631			1,033			814			(252		)	2,374			2,948		(574		)
Other operating expenses	9,743			11,173			9,180			8,643			8,032			1,711			30,096			24,383		5,713
Total benefits and expenses	55,554			62,185			71,031			33,755			35,459			20,095			188,770			119,744		69,026

Income before income taxes	$	61,246		$	51,801		$	38,390		$	35,649		$	56,205		$	5,041		$	151,437		$	160,738	$	(9,301	)

Foreign currency effect on (2):
Net premiums	$	(3,097	)	$	(3,380	)	$	(3,608	)	$	(1,627	)	$	(241	)	$	(2,856	)	$	(10,085	)	$	8,114	$	(18,199	)
Income before income taxes	$	(3,440	)	$	(2,949	)	$	(2,796	)	$	(1,164	)	$	(676	)	$	(2,764	)	$	(9,185	)	$	6,981	$	(16,166	)

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Europe, Middle East and Africa Financial Solutions operations includes longevity, asset-intensive and fee-based transactions.
(2) Compared to comparable prior year period.



Reinsurance Group of America, Incorporated
Europe, Middle East and Africa Financial Solutions (1)
Adjusted 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,
	2019			2019			2019			2018			2018			Quarter			2019			2018		Change
Revenues:
Net premiums	$	54,692		$	56,660		$	52,101		$	49,115		$	49,104		$	5,588		$	163,453		$	146,218	$	17,235
Investment income, net of related expenses	43,021			44,313			36,323			34,581			35,146			7,875			123,657			105,933		17,724
Investment related gains (losses), net	(226		)	—			—			—			—			(226		)	(226		)	—		(226		)
Other revenue	5,121			8,195			5,361			4,769			5,238			(117		)	18,677			15,533		3,144
Total revenues	102,608			109,168			93,785			88,465			89,488			13,120			305,561			267,684		37,877

Benefits and expenses:
Claims and other policy benefits	33,333			47,551			48,878			34,615			24,211			9,122			129,762			88,536		41,226
Policy acquisition costs and other insurance expenses	562			1,181			631			1,033			814			(252		)	2,374			2,948		(574		)
Other operating expenses	9,743			11,173			9,180			8,643			8,032			1,711			30,096			24,383		5,713
Total benefits and expenses	43,638			59,905			58,689			44,291			33,057			10,581			162,232			115,867		46,365

Adjusted operating income before income taxes	$	58,970		$	49,263		$	35,096		$	44,174		$	56,431		$	2,539		$	143,329		$	151,817	$	(8,488	)

Foreign currency effect on (2):
Net premiums	$	(3,097	)	$	(3,380	)	$	(3,608	)	$	(1,627	)	$	(241	)	$	(2,856	)	$	(10,085	)	$	8,114	$	(18,199	)
Adjusted operating income before income taxes	$	(3,318	)	$	(2,813	)	$	(2,552	)	$	(1,400	)	$	(687	)	$	(2,631	)	$	(8,683	)	$	6,328	$	(15,011	)

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Europe, Middle East and Africa Financial Solutions operations includes longevity, asset-intensive and fee-based transactions.
(2) Compared to comparable prior year period.



Reinsurance Group of America, Incorporated
Asia Pacific Traditional
GAAP 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,
	2019			2019			2019			2018			2018			Quarter			2019			2018			Change
Revenues:
Net premiums	$	655,911		$	606,418		$	646,741		$	616,428		$	551,695		$	104,216		$	1,909,070		$	1,680,007		$	229,063
Investment income, net of related expenses	26,643			24,732			25,335			23,676			23,169			3,474			76,710			71,845			4,865
Investment related gains (losses), net	(1		)	—			8			(1		)	—			(1		)	7			8			(1		)
Other revenue	3,333			2,267			1,088			13,651			3,171			162			6,688			11,234			(4,546		)
Total revenues	685,886			633,417			673,172			653,754			578,035			107,851			1,992,475			1,763,094			229,381

Benefits and expenses:
Claims and other policy benefits	584,005			567,994			546,454			522,999			431,570			152,435			1,698,453			1,362,356			336,097
Policy acquisition costs and other insurance expenses	40,114			(11,584		)	50,323			56,256			42,063			(1,949		)	78,853			138,429			(59,576		)
Other operating expenses	40,314			42,232			39,771			40,754			42,395			(2,081		)	122,317			118,553			3,764
Total benefits and expenses	664,433			598,642			636,548			620,009			516,028			148,405			1,899,623			1,619,338			280,285

Income before income taxes	$	21,453		$	34,775		$	36,624		$	33,745		$	62,007		$	(40,554	)	$	92,852		$	143,756		$	(50,904	)

Loss and expense ratios:
Claims and other policy benefits	89.0		%	93.7		%	84.5		%	84.8		%	78.2		%	10.8		%	89.0		%	81.1		%	7.9		%
Policy acquisition costs and other insurance expenses	6.1		%	(1.9		)%	7.8		%	9.1		%	7.6		%	(1.5		)%	4.1		%	8.2		%	(4.1		)%
Other operating expenses	6.1		%	7.0		%	6.1		%	6.6		%	7.7		%	(1.6		)%	6.4		%	7.1		%	(0.7		)%

Foreign currency effect on (1):
Net premiums	$	(11,939	)	$	(23,196	)	$	(27,166	)	$	(18,381	)	$	(14,915	)	$	2,976		$	(62,301	)	$	15,625		$	(77,926	)
Income before income taxes	$	3,090		$	541		$	(2,166	)	$	698		$	1,181		$	1,909		$	1,465		$	2,069		$	(604	)

Critical illness net premiums	$	294,380		$	242,818		$	252,072		$	198,428		$	191,099		$	103,281		$	789,270		$	607,672		$	181,598

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



Reinsurance Group of America, Incorporated
Asia Pacific Traditional
Adjusted 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,
	2019			2019			2019			2018			2018			Quarter			2019			2018			Change
Revenues:
Net premiums	$	655,911		$	606,418		$	646,741		$	616,428		$	551,695		$	104,216		$	1,909,070		$	1,680,007		$	229,063
Investment income, net of related expenses	26,643			24,732			25,335			23,676			23,169			3,474			76,710			71,845			4,865
Investment related gains (losses), net	(1		)	1			4			(1		)	(1		)	—			4			2			2
Other revenue	3,333			2,267			1,088			13,651			3,171			162			6,688			11,234			(4,546		)
Total revenues	685,886			633,418			673,168			653,754			578,034			107,852			1,992,472			1,763,088			229,384

Benefits and expenses:
Claims and other policy benefits	584,005			567,994			546,454			522,999			431,570			152,435			1,698,453			1,362,356			336,097
Policy acquisition costs and other insurance expenses	40,114			(11,584		)	50,323			56,256			42,063			(1,949		)	78,853			138,429			(59,576		)
Other operating expenses	40,314			42,232			39,771			40,754			42,395			(2,081		)	122,317			118,553			3,764
Total benefits and expenses	664,433			598,642			636,548			620,009			516,028			148,405			1,899,623			1,619,338			280,285

Adjusted operating income before income taxes	$	21,453		$	34,776		$	36,620		$	33,745		$	62,006		$	(40,553	)	$	92,849		$	143,750		$	(50,901	)

Loss and expense ratios:
Claims and other policy benefits	89.0		%	93.7		%	84.5		%	84.8		%	78.2		%	10.8		%	89.0		%	81.1		%	7.9		%
Policy acquisition costs and other insurance expenses	6.1		%	(1.9		)%	7.8		%	9.1		%	7.6		%	(1.5		)%	4.1		%	8.2		%	(4.1		)%
Other operating expenses	6.1		%	7.0		%	6.1		%	6.6		%	7.7		%	(1.6		)%	6.4		%	7.1		%	(0.7		)%

Foreign currency effect on (1):
Net premiums	$	(11,939	)	$	(23,196	)	$	(27,166	)	$	(18,381	)	$	(14,915	)	$	2,976		$	(62,301	)	$	15,625		$	(77,926	)
Adjusted operating income before income taxes	$	3,088		$	542		$	(2,191	)	$	697		$	1,181		$	1,907		$	1,439		$	2,031		$	(592	)

Critical illness net premiums	$	294,380		$	242,818		$	252,072		$	198,428		$	191,099		$	103,281		$	789,270		$	607,672		$	181,598

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



Reinsurance Group of America, Incorporated
Asia Pacific Financial Solutions (1)
GAAP 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,
	2019			2019			2019			2018			2018			Quarter			2019			2018		Change
Revenues:
Net premiums	$	29,995		$	44,453		$	33,795		$	83		$	75		$	29,920		$	108,243		$	783	$	107,460
Investment income, net of related expenses	10,482			10,383			10,269			10,006			10,145			337			31,134			30,723		411
Investment related gains (losses), net	(1,062		)	(816		)	4,069			(15,211		)	(438		)	(624		)	2,191			4,933		(2,742		)
Other revenue	6,287			5,538			6,395			5,596			6,385			(98		)	18,220			17,566		654
Total revenues	45,702			59,558			54,528			474			16,167			29,535			159,788			54,005		105,783

Benefits and expenses:
Claims and other policy benefits	28,399			37,107			31,719			2,576			3,894			24,505			97,225			10,767		86,458
Interest credited	6,081			6,730			6,702			6,454			6,875			(794		)	19,513			19,929		(416		)
Policy acquisition costs and other insurance expenses	5,095			9,530			5,379			756			786			4,309			20,004			2,711		17,293
Other operating expenses	4,241			4,273			4,645			5,019			4,406			(165		)	13,159			12,233		926
Total benefits and expenses	43,816			57,640			48,445			14,805			15,961			27,855			149,901			45,640		104,261

Income (loss) before income taxes	$	1,886		$	1,918		$	6,083		$	(14,331	)	$	206		$	1,680		$	9,887		$	8,365	$	1,522

Foreign currency effect on (2):
Net premiums	$	837		$	(44	)	$	(1,213	)	$	—		$	—		$	837		$	(420	)	$	36	$	(456	)
Income (loss) before income taxes	$	373		$	218		$	161		$	272		$	(41	)	$	414		$	752		$	95	$	657

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Asia Pacific Financial Solutions operations includes asset-intensive and fee-based transactions.
(2) Compared to comparable prior year period.



Reinsurance Group of America, Incorporated
Asia Pacific Financial Solutions (1)
Adjusted 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,
	2019		2019			2019			2018			2018			Quarter			2019			2018			Change
Revenues:
Net premiums	$	29,995	$	44,453		$	33,795		$	83		$	75		$	29,920		$	108,243		$	783		$	107,460
Investment income, net of related expenses	10,482		10,383			10,269			10,006			10,145			337			31,134			30,723			411
Investment related gains, net	1,672		705			1,321			1,140			695			977			3,698			2,049			1,649
Other revenue	6,287		5,538			6,395			5,596			6,385			(98		)	18,220			17,566			654
Total revenues	48,436		61,079			51,780			16,825			17,300			31,136			161,295			51,121			110,174

Benefits and expenses:
Claims and other policy benefits	28,399		37,107			31,719			2,576			3,894			24,505			97,225			10,767			86,458
Interest credited	6,081		6,730			6,702			6,454			6,875			(794		)	19,513			19,929			(416		)
Policy acquisition costs and other insurance expenses	5,095		9,530			5,379			756			786			4,309			20,004			2,711			17,293
Other operating expenses	4,241		4,273			4,645			5,019			4,406			(165		)	13,159			12,233			926
Total benefits and expenses	43,816		57,640			48,445			14,805			15,961			27,855			149,901			45,640			104,261

Adjusted operating income before income taxes	$	4,620	$	3,439		$	3,335		$	2,020		$	1,339		$	3,281		$	11,394		$	5,481		$	5,913

Foreign currency effect on (2):
Net premiums	$	837	$	(44	)	$	(1,213	)	$	—		$	—		$	837		$	(420	)	$	36		$	(456	)
Adjusted operating income before income taxes	$	55	$	(27	)	$	(100	)	$	(94	)	$	(34	)	$	89		$	(72	)	$	(10	)	$	(62	)

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Asia Pacific Financial Solutions operations includes asset-intensive and fee-based transactions.
(2) Compared to comparable prior year period.



Reinsurance Group of America, Incorporated
Corporate and Other
GAAP 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,
	2019			2019			2019			2018			2018			Quarter			2019			2018			Change
Revenues:
Net premiums	$	6		$	10		$	(46	)	$	64		$	7		$	(1	)	$	(30	)	$	27		$	(57	)
Investment income, net of related expenses	49,967			55,402			42,624			40,332			51,846			(1,879		)	147,993			124,719			23,274
Investment related losses, net	(526		)	(5,488		)	(1,631		)	(55,688		)	(22,524		)	21,998			(7,645		)	(54,739		)	47,094
Other revenue	10,027			13,020			26,724			6,275			8,509			1,518			49,771			22,886			26,885
Total revenues	59,474			62,944			67,671			(9,017		)	37,838			21,636			190,089			92,893			97,196

Benefits and expenses:
Claims and other policy benefits	108			(111		)	(35		)	(366		)	24			84			(38		)	452			(490		)
Interest credited	5,421			5,456			5,506			3,572			3,015			2,406			16,383			7,942			8,441
Policy acquisition costs and other insurance income	(29,533		)	(28,661		)	(29,374		)	(32,599		)	(30,531		)	998			(87,568		)	(91,539		)	3,971
Other operating expenses	71,496			77,629			69,499			61,227			64,896			6,600			218,624			194,126			24,498
Interest expense	45,927			43,283			40,173			39,586			33,290			12,637			129,383			107,769			21,614
Collateral finance and securitization expense	7,102			7,151			8,417			7,190			7,467			(365		)	22,670			22,509			161
Total benefits and expenses	100,521			104,747			94,186			78,610			78,161			22,360			299,454			241,259			58,195

Loss before income taxes	$	(41,047	)	$	(41,803	)	$	(26,515	)	$	(87,627	)	$	(40,323	)	$	(724	)	$	(109,365	)	$	(148,366	)	$	39,001

Foreign currency effect on (1):
Loss before income taxes	$	(37	)	$	196		$	(73	)	$	(524	)	$	(636	)	$	599		$	86		$	282		$	(196	)

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



Reinsurance Group of America, Incorporated
Corporate and Other
Adjusted 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,
	2019			2019			2019			2018			2018			Quarter			2019			2018			Change
Revenues:
Net premiums	$	6		$	10		$	(46	)	$	64		$	7		$	(1	)	$	(30	)	$	27		$	(57	)
Investment income, net of related expenses	49,967			55,402			42,624			40,332			51,846			(1,879		)	147,993			124,719			23,274
Investment related gains, net	2,195			688			2,049			1,103			434			1,761			4,932			1,974			2,958
Other revenue	10,027			13,020			27,084			6,116			7,817			2,210			50,131			22,684			27,447
Total revenues	62,195			69,120			71,711			47,615			60,104			2,091			203,026			149,404			53,622

Benefits and expenses:
Claims and other policy benefits	108			(111		)	(35		)	(366		)	24			84			(38		)	452			(490		)
Interest credited	5,421			5,456			5,506			3,572			3,015			2,406			16,383			7,942			8,441
Policy acquisition costs and other insurance income	(29,533		)	(28,661		)	(29,374		)	(32,599		)	(30,531		)	998			(87,568		)	(91,539		)	3,971
Other operating expenses	71,496			77,629			69,499			61,227			64,896			6,600			218,624			194,126			24,498
Interest expense	37,509			40,551			37,506			39,586			33,290			4,219			115,566			107,769			7,797
Collateral finance and securitization expense	7,102			7,151			8,417			7,190			7,467			(365		)	22,670			22,509			161
Total benefits and expenses	92,103			102,015			91,519			78,610			78,161			13,942			285,637			241,259			44,378

Adjusted operating loss before income taxes	$	(29,908	)	$	(32,895	)	$	(19,808	)	$	(30,995	)	$	(18,057	)	$	(11,851	)	$	(82,611	)	$	(91,855	)	$	9,244

Foreign currency effect on (1):
Adjusted operating loss before income taxes	$	90		$	114		$	(396	)	$	(902	)	$	(558	)	$	648		$	(192	)	$	(61	)	$	(131	)

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



Reinsurance Group of America, Incorporated
Summary of Segment GAAP Income
(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,
	2019			2019			2019			2018			2018			Quarter			2019			2018			Change
U.S. and Latin America:
Traditional	$	112,542		$	55,175		$	11,654		$	95,212		$	116,328		$	(3,786	)	$	179,371		$	191,198		$	(11,827	)
Financial Solutions:
Asset Intensive	99,661			72,694			64,958			(5,798		)	65,490			34,171			237,313			173,592			63,721
Financial Reinsurance	19,215			19,324			18,319			19,394			21,583			(2,368		)	56,858			63,290			(6,432		)
Total U.S. and Latin America	231,418			147,193			94,931			108,808			203,401			28,017			473,542			428,080			45,462
Canada:
Traditional	43,684			46,259			50,279			45,647			21,149			22,535			140,222			66,661			73,561
Financial Solutions	3,108			3,813			1,348			1,195			1,646			1,462			8,269			8,381			(112		)
Total Canada	46,792			50,072			51,627			46,842			22,795			23,997			148,491			75,042			73,449
Europe, Middle East and Africa:
Traditional	25,342			16,121			15,424			14,860			18,370			6,972			56,887			40,259			16,628
Financial Solutions	61,246			51,801			38,390			35,649			56,205			5,041			151,437			160,738			(9,301		)
Total Europe, Middle East and Africa	86,588			67,922			53,814			50,509			74,575			12,013			208,324			200,997			7,327
Asia Pacific:
Traditional	21,453			34,775			36,624			33,745			62,007			(40,554		)	92,852			143,756			(50,904		)
Financial Solutions	1,886			1,918			6,083			(14,331		)	206			1,680			9,887			8,365			1,522
Total Asia Pacific	23,339			36,693			42,707			19,414			62,213			(38,874		)	102,739			152,121			(49,382		)
Corporate and Other	(41,047		)	(41,803		)	(26,515		)	(87,627		)	(40,323		)	(724		)	(109,365		)	(148,366		)	39,001
Consolidated income before income taxes	$	347,090		$	260,077		$	216,564		$	137,946		$	322,661		$	24,429		$	823,731		$	707,874		$	115,857

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



Reinsurance Group of America, Incorporated
Summary of Segment Adjusted Operating Income
(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,
	2019			2019			2019			2018			2018						2019			2018			Change
U.S. and Latin America:
Traditional	$	122,129		$	59,125		$	18,126		$	92,410		$	116,361		$	5,768		$	199,380		$	185,823		$	13,557
Financial Solutions:
Asset Intensive	65,584			69,424			59,580			52,777			63,782			1,802			194,588			163,183			31,405
Financial Reinsurance	19,215			19,324			18,319			19,394			21,583			(2,368		)	56,858			63,290			(6,432		)
Total U.S. and Latin America	206,928			147,873			96,025			164,581			201,726			5,202			450,826			412,296			38,530
Canada:
Traditional	44,298			45,175			44,612			50,340			19,952			24,346			134,085			67,671			66,414
Financial Solutions	3,108			3,813			1,348			1,195			1,646			1,462			8,269			8,381			(112		)
Total Canada	47,406			48,988			45,960			51,535			21,598			25,808			142,354			76,052			66,302
Europe, Middle East and Africa:
Traditional	25,521			15,942			15,424			15,030			18,370			7,151			56,887			40,250			16,637
Financial Solutions	58,970			49,263			35,096			44,174			56,431			2,539			143,329			151,817			(8,488		)
Total Europe, Middle East and Africa	84,491			65,205			50,520			59,204			74,801			9,690			200,216			192,067			8,149
Asia Pacific:
Traditional	21,453			34,776			36,620			33,745			62,006			(40,553		)	92,849			143,750			(50,901		)
Financial Solutions	4,620			3,439			3,335			2,020			1,339			3,281			11,394			5,481			5,913
Total Asia Pacific	26,073			38,215			39,955			35,765			63,345			(37,272		)	104,243			149,231			(44,988		)
Corporate and Other	(29,908		)	(32,895		)	(19,808		)	(30,995		)	(18,057		)	(11,851		)	(82,611		)	(91,855		)	9,244
Consolidated adjusted operating income before income taxes	$	334,990		$	267,386		$	212,652		$	280,090		$	343,413		$	(8,423	)	$	815,028		$	737,791		$	77,237

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



Reinsurance Group of America, Incorporated
Investments
(USD thousands)

Cash and Invested Assets

	Sept. 30,		June 30,		March 31,		Dec. 31,		Sept. 30,
	2019		2019		2019		2018		2018
Fixed maturity securities, available-for-sale (1)	$	49,481,267	$	46,189,305	$	41,738,443	$	39,992,346	$	39,005,212
Equity securities	134,453		146,755		89,865		82,197		101,069
Mortgage loans on real estate	5,647,265		5,405,422		5,117,545		4,966,298		4,779,074
Policy loans	1,289,868		1,319,722		1,312,349		1,344,980		1,320,050
Funds withheld at interest	5,614,363		5,696,217		5,729,838		5,761,471		5,976,301
Short-term investments	107,503		158,788		119,215		142,598		229,928
Other invested assets	2,215,275		2,121,406		2,006,870		1,915,297		1,706,979
Cash and cash equivalents	2,635,596		2,287,526		2,020,396		1,889,733		1,730,489
Total cash and invested assets	$	67,125,590	$	63,325,141	$	58,134,521	$	56,094,920	$	54,849,102

(1) The Company holds the various types of fixed maturity securities available-for-sale and classifies them as corporate securities (“Corporate”), Canadian and Canadian provincial government securities (“Canadian government”), residential mortgage-backed securities (“RMBS”), asset-backed securities (“ABS”), commercial mortgage-backed securities (“CMBS”), U.S. government and agencies (“U.S. government”), state and political subdivisions, and other foreign government, supernational and foreign government-sponsored enterprises (“Other foreign government”).



Reinsurance Group of America, Incorporated
Investments
(USD thousands)

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

	September 30, 2019
	Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value		% of Total		Other-than- temporary Impairment in AOCI
Available-for-sale:
Corporate	$	28,154,301	$	2,277,070	$	78,152	$	30,353,219	61.3	%	$	—
Canadian governments	2,962,729		1,670,680		190		4,633,219		9.4	%	—
RMBS	2,360,691		81,367		2,216		2,439,842		4.9	%	—
ABS	2,809,008		27,621		13,994		2,822,635		5.7	%	275
CMBS	1,698,334		84,345		461		1,782,218		3.6	%	—
U.S. government	1,570,540		98,193		228		1,668,505		3.4	%	—
State and political subdivisions	1,078,019		113,684		1,600		1,190,103		2.4	%	—
Other foreign government	4,226,819		370,109		5,402		4,591,526		9.3	%	—
Total fixed maturity securities	$	44,860,441	$	4,723,069	$	102,243	$	49,481,267	100.0	%	$	275



	December 31, 2018
	Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value		% of Total		Other-than- temporary Impairment in AOCI
Available-for-sale:
Corporate	$	24,006,407	$	530,804	$	555,092	$	23,982,119	59.9	%	$	—
Canadian governments	2,768,466		1,126,227		2,308		3,892,385		9.7	%	—
RMBS	1,872,236		22,267		25,282		1,869,221		4.7	%	—
ABS	2,171,254		10,779		32,829		2,149,204		5.4	%	275
CMBS	1,428,115		9,153		18,234		1,419,034		3.5	%	—
U.S. government	2,233,537		10,204		57,867		2,185,874		5.5	%	—
State and political subdivisions	721,290		39,914		9,010		752,194		1.9	%	—
Other foreign government	3,680,863		109,320		47,868		3,742,315		9.4	%	—
Total fixed maturity securities	$	38,882,168	$	1,858,668	$	748,490	$	39,992,346	100.0	%	$	275



Reinsurance Group of America, Incorporated
Investments
(USD thousands)

Corporate Fixed Maturity Securities by Sector

	September 30, 2019							December 31, 2018
	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	$	5,334,464	$	5,672,957	18.7	%	A-	$	4,853,921	$	4,835,124	20.1	%	A-
Brokerage/asset managers/exchanges	760,094		811,024		2.7	%	A-	582,082		582,624		2.4	%	A-
Finance companies	229,071		243,438		0.8	%	BBB	184,843		179,219		0.7	%	BBB
Insurance	3,076,259		3,310,569		10.9	%	A-	2,293,651		2,263,918		9.4	%	BBB+
REITs	754,601		802,123		2.6	%	A-	639,466		638,511		2.7	%	BBB+
Other finance	449,801		487,213		1.6	%	A-	239,779		231,172		1.0	%	A-
Total financial institutions	$	10,604,290	$	11,327,324	37.3	%		$	8,793,742	$	8,730,568	36.3	%
Industrials
Basic	$	1,694,559	$	1,816,595	6.0	%	BBB	$	1,296,617	$	1,287,773	5.4	%	BBB
Capital goods	1,325,176		1,397,036		4.6	%	BBB+	1,197,773		1,185,024		4.9	%	BBB
Communications	2,051,180		2,258,847		7.5	%	BBB+	1,903,510		1,917,240		8.0	%	BBB
Consumer cyclical	1,455,929		1,553,738		5.1	%	BBB+	1,188,006		1,187,639		5.0	%	A-
Consumer noncyclical	2,715,408		2,956,042		9.7	%	BBB+	2,584,174		2,581,539		10.8	%	BBB+
Energy	1,878,983		2,040,230		6.7	%	BBB+	1,799,801		1,814,668		7.6	%	BBB+
Technology	925,114		979,496		3.2	%	A-	767,069		768,807		3.2	%	A-
Transportation	1,729,454		1,867,459		6.2	%	A-	1,321,537		1,320,565		5.5	%	A-
Other industrial	323,693		343,813		1.1	%	BBB+	278,370		278,856		1.2	%	BBB+
Total industrials	$	14,099,496	$	15,213,256	50.1	%		$	12,336,857	$	12,342,111	51.6	%
Utilities
Electric	$	2,692,343	$	2,960,424	9.8	%	A-	$	2,245,526	$	2,254,770	9.4	%	A-
Natural gas	451,574		498,243		1.6	%	A-	359,308		365,514		1.5	%	A-
Other utility	306,598		353,972		1.2	%	A-	270,974		289,156		1.2	%	A-
Total utilities	$	3,450,515	$	3,812,639	12.6	%		$	2,875,808	$	2,909,440	12.1	%
Total	$	28,154,301	$	30,353,219	100.0	%	BBB+	$	24,006,407	$	23,982,119	100.0	%	BBB+

(1) The Average Credit Rating designations are based on the ratings from nationally recognized statistical rating organizations (NRSRO), primarily those assigned by Moody’s, S&P and Fitch.



Ratings of Fixed Maturity Securities

		September 30, 2019						June 30, 2019						March 31, 2019						December 31, 2018						September 30, 2018
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	$	28,621,572	$	32,128,170	64.9	%	$	27,571,234	$	30,513,833	66.1	%	$	25,496,994	$	27,673,531	66.3	%	$	24,904,526	$	26,180,440	65.5	%	$	24,627,894	$	25,837,847	66.2	%
2	BBB	14,129,529		15,213,511		30.7	%	12,941,492		13,705,079		29.7	%	11,872,478		12,244,807		29.3	%	12,141,601		12,023,426		30.1	%	11,466,201		11,526,902		29.6	%
3	BB	1,585,829		1,610,553		3.3	%	1,389,207		1,407,595		3.0	%	1,318,883		1,319,201		3.2	%	1,409,235		1,371,328		3.4	%	1,187,035		1,168,627		3.0	%
4	B	443,401		444,260		0.9	%	489,829		495,219		1.1	%	419,764		422,390		1.0	%	395,694		385,670		1.0	%	425,572		424,040		1.1	%
5	CCC	29,558		29,186		0.1	%	15,120		15,890		—	%	13,414		14,357		—	%	13,183		12,860		—	%	27,341		30,106		0.1	%
6	In or near default	50,552		55,587		0.1	%	50,736		51,689		0.1	%	67,094		64,157		0.2	%	17,929		18,622		—	%	17,089		17,690		—	%
	Total	$	44,860,441	$	49,481,267	100.0	%	$	42,457,618	$	46,189,305	100.0	%	$	39,188,627	$	41,738,443	100.0	%	$	38,882,168	$	39,992,346	100.0	%	$	37,751,132	$	39,005,212	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 ratings 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, 2019				June 30, 2019				March 31, 2019				December 31, 2018				September 30, 2018
	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
RMBS
Agency	$	786,882	$	834,399	$	893,169	$	928,931	$	798,669	$	815,317	$	811,044	$	814,568	$	813,762	$	795,873
Non-agency	1,573,809		1,605,443		1,321,794		1,347,584		1,171,025		1,178,869		1,061,192		1,054,653		1,003,187		984,889
Total RMBS	2,360,691		2,439,842		2,214,963		2,276,515		1,969,694		1,994,186		1,872,236		1,869,221		1,816,949		1,780,762
CMBS	1,698,334		1,782,218		1,687,024		1,747,285		1,404,852		1,431,746		1,428,115		1,419,034		1,282,015		1,273,534
ABS	2,809,008		2,822,635		2,482,012		2,494,664		2,243,449		2,241,986		2,171,254		2,149,204		1,867,650		1,863,017
Total	$	6,868,033	$	7,044,695	$	6,383,999	$	6,518,464	$	5,617,995	$	5,667,918	$	5,471,605	$	5,437,459	$	4,966,614	$	4,917,313



Reinsurance Group of America, Incorporated
Investments
(USD thousands)

Gross Unrealized Losses Aging
Fixed Maturity Securities

	September 30, 2019				June 30, 2019				March 31, 2019				December 31, 2018				September 30, 2018
	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%	$	75,658	74.0	%	$	73,351	76.1	%	$	208,034	90.3	%	$	721,015	96.3	%	$	640,481	98.1	%
20% or more for less than six months	10,064		9.8	%	21,995		22.8	%	20,845		9.1	%	21,336		2.9	%	309		—	%
20% or more for six months or greater	16,521		16.2	%	1,035		1.1	%	1,344		0.6	%	6,139		0.8	%	12,293		1.9	%
Total	$	102,243	100.0	%	$	96,381	100.0	%	$	230,223	100.0	%	$	748,490	100.0	%	$	653,083	100.0	%



Reinsurance Group of America, Incorporated
Investments
(USD thousands)

Fixed Maturity Securities Below Amortized Cost

	As of September 30, 2019
	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	$	1,570,113	$	25,598	$	410,462	$	11,576	$	1,980,575	$	37,174
Canadian governments	867		10		17,509		180		18,376		190
RMBS	222,644		987		116,037		1,218		338,681		2,205
ABS	765,223		4,861		413,297		9,133		1,178,520		13,994
CMBS	48,699		218		32,638		232		81,337		450
U.S. government	2,758		7		65,220		221		67,978		228
State and political subdivisions	11,129		97		13,838		1,503		24,967		1,600
Other foreign government	198,170		3,474		45,430		761		243,600		4,235
Total investment grade securities	$	2,819,603	$	35,252	$	1,114,431	$	24,824	$	3,934,034	$	60,076

Below-investment grade securities:
Corporate	$	206,108	$	24,561	$	122,670	$	16,417	$	328,778	$	40,978
RMBS	—		—		939		11		939		11
CMBS	1,042		11		—		—		1,042		11
Other foreign government	12,914		290		13,173		877		26,087		1,167
Total below investment grade securities	$	220,064	$	24,862	$	136,782	$	17,305	$	356,846	$	42,167
Total fixed maturity securities	$	3,039,667	$	60,114	$	1,251,213	$	42,129	$	4,290,880	$	102,243



Reinsurance Group of America, Incorporated
Investments
(USD thousands)

Fixed Maturity Securities Below Amortized Cost

	As of December 31, 2018
	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	$	8,505,371	$	302,604	$	3,611,266	$	195,082	$	12,116,637	$	497,686
Canadian governments	25,169		419		131,806		1,612		156,975		2,031
RMBS	269,558		2,488		836,741		22,760		1,106,299		25,248
ABS	1,102,677		24,271		381,609		8,523		1,484,286		32,794
CMBS	384,259		4,304		414,719		13,930		798,978		18,234
U.S. government	8,616		80		1,086,694		57,787		1,095,310		57,867
State and political subdivisions	103,504		1,538		157,330		7,472		260,834		9,010
Other foreign government	789,859		24,509		472,934		17,446		1,262,793		41,955
Total investment grade securities	$	11,189,013	$	360,213	$	7,093,099	$	324,612	$	18,282,112	$	684,825

Below-investment grade securities:
Corporate	$	755,679	$	42,760	$	122,559	$	14,646	$	878,238	$	57,406
Canadian governments	443		34		1,770		243		2,213		277
RMBS	—		—		1,026		34		1,026		34
ABS	—		—		1,063		35		1,063		35
Other foreign government	128,725		5,574		7,479		339		136,204		5,913
Total below investment grade securities	$	884,847	$	48,368	$	133,897	$	15,297	$	1,018,744	$	63,665
Total fixed maturity securities	$	12,073,860	$	408,581	$	7,226,996	$	339,909	$	19,300,856	$	748,490



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,
	2019			2019			2019			2018			2018						2019			2018			Change
Fixed maturity securities available-for-sale:
Other-than-temporary impairment losses on fixed maturities	$	(8,539	)	$	—		$	(9,453	)	$	(14,439	)	$	(10,705	)	$	2,166		$	(17,992	)	$	(14,055	)	$	(3,937	)
Gain on investment activity	67,980			20,384			28,045			13,065			20,040			47,940			116,409			52,146			64,263
Loss on investment activity	(12,996		)	(6,870		)	(18,723		)	(64,676		)	(37,880		)	24,884			(38,589		)	(94,194		)	55,605
Net gains (losses) on fixed maturity securities available-for-sale	46,445			13,514			(131		)	(66,050		)	(28,545		)	74,990			59,828			(56,103		)	115,931

Net gains (losses) on equity securities	3,828			2,673			3,817			(16,433		)	7,297			(3,469		)	10,318			(4,259		)	14,577
Other impairment losses and change in mortgage loan provision	(4,030		)	(5,609		)	(1,859		)	(3,684		)	(6,566		)	2,536			(11,498		)	(8,235		)	(3,263		)
Other non-derivative gain, net	3,977			4,757			5,428			4,244			5,336			(1,359		)	14,162			16,150			(1,988		)

Free-standing derivatives:
Credit default swaps	1,961			5,078			14,500			(7,521		)	4,689			(2,728		)	21,539			5,371			16,168
Interest rate swaps - non-hedged	38,701			33,404			23,974			26,085			(12,228		)	50,929			96,079			(47,399		)	143,478
Interest rate swaps - hedged	—			—			—			8			(8		)	8			—			(31		)	31
Foreign currency swaps - non-hedged	867			(6,380		)	723			(3,695		)	—			867			(4,790		)	—			(4,790		)
Foreign currency swaps - hedged	(1,907		)	(2,600		)	(1,412		)	(3,100		)	574			(2,481		)	(5,919		)	4,382			(10,301		)
Financial futures	322			(7,685		)	(22,278		)	28,512			(6,544		)	6,866			(29,641		)	(7,312		)	(22,329		)
CPI swaps	(8,235		)	(6,812		)	(8,851		)	(9,051		)	(4,223		)	(4,012		)	(23,898		)	(996		)	(22,902		)
Equity options	243			(4,828		)	(22,684		)	22,522			(9,793		)	10,036			(27,269		)	(15,207		)	(12,062		)
Foreign currency forwards	337			(258		)	492			(237		)	(58		)	395			571			3			568
Total free-standing derivatives	32,289			9,919			(15,536		)	53,523			(27,591		)	59,880			26,672			(61,189		)	87,861

Embedded derivatives:
Modified coinsurance and funds withheld treaties	8,508			5,262			(2,092		)	(32,932		)	(2,081		)	10,589			11,678			20,335			(8,657		)
GMXB	(42,233		)	(18,044		)	18,161			(77,697		)	32,133			(74,366		)	(42,116		)	62,242			(104,358		)
Total embedded derivatives	(33,725		)	(12,782		)	16,069			(110,629		)	30,052			(63,777		)	(30,438		)	82,577			(113,015		)

Net gain (loss) on total derivatives	(1,436		)	(2,863		)	533			(57,106		)	2,461			(3,897		)	(3,766		)	21,388			(25,154		)

Total investment related gains (losses), net	$	48,784		$	12,472		$	7,788		$	(139,029	)	$	(20,017	)	$	68,801		$	69,044		$	(31,059	)	$	100,103



Reinsurance Group of America, Incorporated
Reconciliations of GAAP Income to Adjusted Operating Income
(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,
	2019			2019			2019			2018			2018			Quarter			2019			2018			Change
U.S. & Latin America Traditional
Income before income taxes	$	112,542		$	55,175		$	11,654		$	95,212		$	116,328		$	(3,786	)	$	179,371		$	191,198		$	(11,827	)
Investment and derivative (gains) losses (1)	(65		)	(44		)	(3		)	76			90			(155		)	(112		)	141			(253		)
Change in value of modified coinsurance and
funds withheld embedded derivatives (1)	9,652			3,994			6,475			(2,878		)	(57		)	9,709			20,121			(5,516		)	25,637
Adjusted operating income before income taxes	$	122,129		$	59,125		$	18,126		$	92,410		$	116,361		$	5,768		$	199,380		$	185,823		$	13,557

U.S. & Latin America Asset-Intensive
Income (loss) before income taxes	$	99,661		$	72,694		$	64,958		$	(5,798	)	$	65,490		$	34,171		$	237,313		$	173,592		$	63,721
Investment and derivative (gains) losses (1)	(80,913		)	(26,288		)	21,498			(54,246		)	29,414			(110,327		)	(85,703		)	75,028			(160,731		)
Change in value of modified coinsurance and
funds withheld embedded derivatives (1)	(18,160		)	(9,256		)	(4,383		)	35,810			2,138			(20,298		)	(31,799		)	(14,819		)	(16,980		)
GMXB embedded derivatives (1)	42,233			18,044			(18,161		)	77,697			(32,133		)	74,366			42,116			(62,242		)	104,358
Funds withheld (gains) losses - investment income	(137		)	(259		)	5,690			(410		)	585			(722		)	5,294			(1,745		)	7,039
EIA embedded derivatives - interest credited	35,883			18,539			1,518			12,222			(1,602		)	37,485			55,940			(29,600		)	85,540
DAC offset, net	(12,983		)	(4,050		)	(11,540		)	(12,498		)	(110		)	(12,873		)	(28,573		)	22,969			(51,542		)
Adjusted operating income before income taxes	$	65,584		$	69,424		$	59,580		$	52,777		$	63,782		$	1,802		$	194,588		$	163,183		$	31,405

U.S. & Latin America Financial Reinsurance
Income before income taxes	$	19,215		$	19,324		$	18,319		$	19,394		$	21,583		$	(2,368	)	$	56,858		$	63,290		$	(6,432	)
Adjusted operating income before income taxes	$	19,215		$	19,324		$	18,319		$	19,394		$	21,583		$	(2,368	)	$	56,858		$	63,290		$	(6,432	)

Canada Traditional
Income before income taxes	$	43,684		$	46,259		$	50,279		$	45,647		$	21,149		$	22,535		$	140,222		$	66,661		$	73,561
Investment and derivative (gains) losses (1)	629			(851		)	(5,781		)	4,313			(1,226		)	1,855			(6,003		)	1,459			(7,462		)
Funds withheld (gains) losses - investment income	(15		)	(233		)	114			380			29			(44		)	(134		)	(449		)	315
Adjusted operating income before income taxes	$	44,298		$	45,175		$	44,612		$	50,340		$	19,952		$	24,346		$	134,085		$	67,671		$	66,414

Canada Financial Solutions
Income before income taxes	$	3,108		$	3,813		$	1,348		$	1,195		$	1,646		$	1,462		$	8,269		$	8,381		$	(112	)
Adjusted operating income before income taxes	$	3,108		$	3,813		$	1,348		$	1,195		$	1,646		$	1,462		$	8,269		$	8,381		$	(112	)

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



Reinsurance Group of America, Incorporated
Reconciliations of GAAP Income to Adjusted Operating Income
(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,
	2019			2019			2019			2018			2018			Quarter			2019			2018			Change
Europe, Middle East and Africa Traditional
Income before income taxes	$	25,342		$	16,121		$	15,424		$	14,860		$	18,370		$	6,972		$	56,887		$	40,259		$	16,628
Investment and derivative (gains) losses (1)	179			(179		)	—			170			—			179			—			(9		)	9
Adjusted operating income before income taxes	$	25,521		$	15,942		$	15,424		$	15,030		$	18,370		$	7,151		$	56,887		$	40,250		$	16,637

Europe, Middle East and Africa Financial Solutions
Income before income taxes	$	61,246		$	51,801		$	38,390		$	35,649		$	56,205		$	5,041		$	151,437		$	160,738		$	(9,301	)
Investment and derivative (gains) losses (1)	(2,391		)	(2,550		)	(3,364		)	8,568			87			(2,478		)	(8,305		)	(9,123		)	818
Investment (income) loss on unit-linked variable annuities	(11,916		)	(2,280		)	(12,342		)	10,536			(2,402		)	(9,514		)	(26,538		)	(3,877		)	(22,661		)
Interest credited on unit-linked variable annuities	11,916			2,280			12,342			(10,536		)	2,402			9,514			26,538			3,877			22,661
Non-investment derivatives	115			12			70			(43		)	139			(24		)	197			202			(5		)
Adjusted operating income before income taxes	$	58,970		$	49,263		$	35,096		$	44,174		$	56,431		$	2,539		$	143,329		$	151,817		$	(8,488	)

Asia Pacific Traditional
Income before income taxes	$	21,453		$	34,775		$	36,624		$	33,745		$	62,007		$	(40,554	)	$	92,852		$	143,756		$	(50,904	)
Investment and derivative (gains) losses (1)	—			1			(4		)	—			(1		)	1			(3		)	(6		)	3
Adjusted operating income before income taxes	$	21,453		$	34,776		$	36,620		$	33,745		$	62,006		$	(40,553	)	$	92,849		$	143,750		$	(50,901	)

Asia Pacific Financial Solutions
Income (loss) before income taxes	$	1,886		$	1,918		$	6,083		$	(14,331	)	$	206		$	1,680		$	9,887		$	8,365		$	1,522
Investment and derivative (gains) losses (1)	2,734			1,521			(2,748		)	16,351			1,133			1,601			1,507			(2,884		)	4,391
Adjusted operating income before income taxes	$	4,620		$	3,439		$	3,335		$	2,020		$	1,339		$	3,281		$	11,394		$	5,481		$	5,913

Corporate and Other
Loss before income taxes	$	(41,047	)	$	(41,803	)	$	(26,515	)	$	(87,627	)	$	(40,323	)	$	(724	)	$	(109,365	)	$	(148,366	)	$	39,001
Investment and derivative losses (1)	2,721			6,176			3,680			56,791			22,958			(20,237		)	12,577			56,713			(44,136		)
Interest expense on uncertain tax positions	8,418			2,732			2,667			—			—			8,418			13,817			—			13,817
Non-investment derivatives	—			—			360			(159		)	(692		)	692			360			(202		)	562
Adjusted operating loss before income taxes	$	(29,908	)	$	(32,895	)	$	(19,808	)	$	(30,995	)	$	(18,057	)	$	(11,851	)	$	(82,611	)	$	(91,855	)	$	9,244

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



Reinsurance Group of America, Incorporated
Reconciliations of Stockholders’ Equity to Stockholders’ Equity Excluding AOCI
(USD thousands except per share data)

	Sept. 30,			June 30,			March 31,			Dec. 31,			Sept. 30,
	2019			2019			2019			2018			2018

Stockholders’ equity	$	11,523,734		$	10,709,011		$	9,670,108		$	8,450,553		$	8,579,323
Less effect of AOCI:
Accumulated currency translation adjustments	(157,174		)	(122,709		)	(147,312		)	(168,698		)	(119,298		)
Unrealized appreciation of securities	3,472,549			2,815,893			1,964,370			856,159			982,352
Pension and postretirement benefits	(57,029		)	(51,071		)	(51,093		)	(50,698		)	(50,249		)
Stockholders’ equity, excluding AOCI	$	8,265,388		$	8,066,898		$	7,904,143		$	7,813,790		$	7,766,518



Reconciliations of Book Value Per Share to Book Value Per Share Excluding AOCI

	Sept. 30,			June 30,			March 31,			Dec. 31,			Sept. 30,
	2019			2019			2019			2018			2018

Book value per share	$	184.06		$	170.64		$	154.61		$	134.53		$	136.29
Less effect of AOCI:
Accumulated currency translation adjustments	(2.51		)	(1.96		)	(2.36		)	(2.69		)	(1.90		)
Unrealized appreciation of securities	55.46			44.87			31.41			13.63			15.61
Pension and postretirement benefits	(0.91		)	(0.81		)	(0.82		)	(0.80		)	(0.79		)
Book value per share, excluding AOCI	$	132.02		$	128.54		$	126.38		$	124.39		$	123.37



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
		Senior 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, Ltd.	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
Omnilife Insurance Company Limited	A+	NR	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
	Sept. 30,			June 30,			March 31,			Dec. 31,			Sept. 30,					Sept. 30,			Sept. 30,
	2019			2019			2019			2018			2018					2019			2018			Change
Average invested assets at amortized cost (1)	$	29,043,254		$	28,486,745		$	28,096,587		$	27,387,965		$	27,029,073		$	2,014,181	$	28,221,792		$	26,689,086		$	1,532,706
Net investment income (1)	$	344,363		$	306,805		$	310,229		$	298,902		$	303,860		$	40,503	$	961,397		$	886,165		$	75,232
Annualized investment yield (ratio of net investment income to average invested assets at amortized cost) (1)	4.83		%	4.38		%	4.49		%	4.44		%	4.57		%	26 bps		4.57		%	4.45		%	12 bps

(1) Excludes spread related business (e.g. coinsurance of annuities).