Reinsurance Group of America, Incorporated – Q1 2018
Financial Results and Business Highlights

On April 26, 2018, Reinsurance Group of America, Incorporated (NYSE: RGA) reported financial
results for the first quarter of 2018. “Our operating results were below our expectations this quarter,
but this reflects normal volatility of claims that is inherent in our business,” said Anna Manning,President and Chief Executive Officer, RGA. “As we have pointed out in the past, the nature of ourbusiness is such that we can experience some volatility of claims, in both directions, in the shortterm. However, any volatility tends to even out over longer periods, and our diversified global platform
has helped mitigate overall relative volatility in recent periods. We tend to see the highest claims in
our first quarters when winter weather and influenza seasons can cause higher claims experience.
“In this quarter, the biggest source of variability was in our U.S. Individual Mortality business where
we had elevated claims, influenced by a severe influenza season and a difficult winter. We also
experienced some volatility in the Asia Pacific Traditional segment, attributable to modest swings inunderwriting results in a few different countries. Our operations in EMEA and Canada performed welloverall. Again, we view the claims experience in the quarter to be a normal part of our business andnot indicative of any systemic issues.
“Reported premium growth was 9 percent, favorably influenced by foreign currency, representing asolid quarter and continued good momentum.
“We had a fairly active quarter as we deployed approximately $90 million of capital into in-force andother transactions, and we remain well-positioned and optimistic about the environment and ourpipeline. We ended the quarter with an excess capital position of approximately $1.3 billion, downfrom the previous quarter. We continue to pursue a balanced approach to capital management
through deployment of capital into in-force and other attractive transactions, share repurchases andshareholder dividends.
“Although our first-quarter earnings were below our expectations, our view of the underlying businessfundamentals and intermediate-term financial outlook remain unchanged. Looking forward, we areexcited about our ability to serve clients, execute on our strategies and deliver attractive financialreturns.”
The RGA Board of Directors declared a regular dividend of $0.50, payable May 29, 2018 to shareholdersof record as of May 8, 2018.

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Q1 2018 Financial Results*••••

Net income for the quarter totaled $100.2 million, or $1.52 per diluted share, versus $145.5 million,
or $2.22 per diluted share, in the prior-year quarter.
Adjusted operating income** totaled $105.7 million, or $1.61 per diluted share, compared with$122.1 million, or $1.86 per diluted share, the year before.
Consolidated net premiums totaled $2.6 billion, up 9 percent from last year’s first quarter of $2.4billion, with favorable net foreign currency effects of $79.3 million.
Book value per share was $139.64 including accumulated other comprehensive income (AOCI),
and $117.49 excluding AOCI.*** All figures in U.S. dollars.
** See “Use of Non-GAAP Financial Measures” at end of this document.

Q1 2018 News and Highlights•For the sixth consecutive year, RGA was ranked #1 on NMG Consulting’s 2017 Global All
Respondent Business Capability Index (BCI), based on feedback from insurance executives inmore than 50 countries.

•In 2017, RGA also ranked #1 on NMG’s All Respondent BCI in Canada, Germany, Hong
Kong, Japan, Malaysia, Mexico, Philippines, Singapore, South Africa, South Korea, Taiwan,Thailand, and the United States, as well as in regional aggregates in Asia, Central andEastern Europe, EMEA, and the Middle East region, respectively.

•In a deal finalized in January 2018, RGA and RenaissanceRe partnered to launch Langhorne
Re, a global reinsurer targeting large in-force life and annuity blocks.

•On January 8, RGAx, a subsidiary of RGA, announced that it had agreed to acquire LOGiQ3Inc., a group of companies that provides technology, consulting, and outsourcing solutions tothe North American life insurance and reinsurance industry.

Financial strength ratings for RGA’s principal operating subsidiaries remained unchanged, and areshown in the following chart:
RGA
Reinsurance
CompanyRGA
Americas
Reinsurance
Company,Ltd.

RGA Life
Reinsurance
Company ofCanadaRGAInternational
Reinsurance
Company dac

RGA Global
ReinsuranceCompany,Ltd.

RGA
Reinsurance
Company ofAustralia
LimitedRGA Atlantic
Reinsurance
Company Ltd.

S&P GlobalRatings

AA-AA-AA-AA-AA-AA-(not rated)

A.M. BestCompany

A+A+A+(not rated)(not rated)(not rated)A+

Moody’s
Investors
ServiceA1(not rated)(not rated)(not rated)(not rated)(not rated)(not rated)2

For more complete information and the full text of RGA’s announcement of first-quarter financial
results, please refer to RGA’s Investor Relations site at www.rgare.com.
About RGA
Reinsurance Group of America, Incorporated (RGA), a Fortune 500 company, is among the leading
global providers of life reinsurance and financial solutions, with approximately $3.4 trillion of life
reinsurance in force and assets of $61.0 billion as of March 31, 2018. Founded in 1973, RGA today isrecognized for its deep technical expertise in risk and capital management, innovative solutions, andcommitment to serving its clients. With headquarters in St. Louis, Missouri, and operations around theworld, RGA delivers expert solutions in individual life reinsurance, individual living benefits
reinsurance, group reinsurance, health reinsurance, facultative underwriting, product development,and financial solutions. To learn more about RGA and its businesses, visit the company’s website atwww.rgare.com.

** Use of Non-GAAP Financial Measures: 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 the effect of net
investment related gains and losses, as well as changes in the fair value of certain embedded derivatives andrelated 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 and thecumulative effect of any accounting changes, which 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.
Book value per share excluding the impact of AOCI is a non-GAAP financial measure that management
believes is important in evaluating the balance sheet in order to ignore the effects of unrealized amounts
primarily associated with mark-to-market adjustments on investments and foreign currency translation.
Adjusted operating income per diluted share is a non-GAAP financial measure calculated as adjusted operating
income divided by weighted average diluted shares outstanding. Similar to adjusted operating income,management believes this non-GAAP financial measure better reflects the ongoing profitability and underlying
trends of the Company’s continuing operations. It also serves as a basis for establishing target levels andawards under RGA’s management incentive programs.
Reconciliations from GAAP net income, book value per share, and net income per diluted share are provided in
the accompanying tables. Additional financial information can be found in the Quarterly Financial Supplementon RGA’s Investor Relations website at www.rgare.com in the “Financial Information” section.

[See tables on next page]3

REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
Reconciliation of Consolidated Net Income to Adjusted Operating Income(Dollars in thousands, except per share data)(Unaudited)

Net income
Reconciliation to adjusted operating income:Capital (gains) losses, derivatives and other, included ininvestment related gains/losses, net
Capital (gains) losses on funds withheld, included ininvestment income, net of related expenses
Embedded derivatives:
Included in investment related gains/losses, net
Included in interest credited
DAC offset, net
Investment (income) loss on unit-linked variable annuities
Interest credited on unit-linked variable annuities
Non-investment derivatives
Adjusted operating income$$

Three Months Ended March 31,2018
2017
Diluted
DilutedEarnings Per
Earnings Per
Share
Share
100,230$
1.52$ 145,512$
2.22

25,4770.39

20,253

0.31

8,131

0.12

(425)

(0.01)(22,433)(22,565)
16,846
2,095(2,095)
60
105,746(0.34)(0.34)
0.26
0.03(0.03)
1.61(59,192)(18,173)
34,021(2,673)2,673
69$ 122,065(0.90)(0.28)
0.52(0.04)
0.04
1.86

$

$

Reconciliation of Book Value Per Share to Book Value Per ShareExcluding Accumulated Other Comprehensive Income ("AOCI")Book value per share outstanding
Less effect of AOCI:
Accumulated currency translation adjustments
Unrealized appreciation of securities
Pension and postretirement benefits
Book value per share outstanding, before impact of AOCI$$At March 31,2018
2017
139.64$115.24(1.36)
24.29(0.78)
117.49$(3.02)
24.20(0.66)
94.72

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