Reinsurance Group of America, Incorporated – Q3 2017
Financial Results and Business Highlights
On October 26, 2017, Reinsurance Group of America, Incorporated (NYSE: RGA) reported
financial results for the third quarter of 2017. “This was an exceptionally good quarter, as
bottom-line results were particularly strong and our top line remained vibrant,” said Anna
Manning, president and chief executive officer, RGA. “Furthermore, diversity of earnings
sources, inherent to our global model, continues to be an important contributor to oursuccess.
“A highlight of the quarter was the strong performance of the U.S. segment, driven primarily
by very favorable individual mortality experience and above-average variable investment
income. Earnings in our U.S. Traditional business segment reached a record level.
“We closed a number of smaller in-force and other transactions during the quarter, and weremain optimistic about the pipeline. We ended the quarter with an excess capital position of
approximately $1.0 billion, after repurchasing approximately 209,000 shares for $26.9 million.
“Looking forward, we are well positioned in our markets, we have a proven strategy, and weare confident about our ability to continue to deliver attractive financial returns.”
The RGA Board of Directors declared a regular dividend of $0.50, payable November 28 toshareholders of record as of November 7.
Q3 2017 Financial Results*•Net income increased to $227.6 million, or $3.47 per diluted share, compared to $198.7
million, or $3.07 per diluted share in Q3 2016

•Adjusted operating income** totaled $226.0 million, or $3.44 per diluted share, compared
to $159.4 million, or $2.46 per diluted share in Q3 2016

•Consolidated net premiums increased 11% to $2.5 billion from Q3 2016

•Book value per share was $125.79 including accumulated other comprehensive income(AOCI), and $100.54 excluding AOCI*** All figures in U.S. dollars.
** See “Use of Non-GAAP Financial Measures” at end of this document.

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Q3 2017 News and Highlights•On October 2, the U.S. underwriting team received its three millionth facultative case,an unprecedented milestone for the U.S. mortality market. RGA’s vast database ofmortality experience, expertise in risk assessment, and commitment to clients haveestablished the Company as a world leader in facultative underwriting.

•In September, CEO Anna Manning was named to Fortune Magazine’s “50 Most
Powerful Women” list. The list is compiled by Fortune editors who consider fourcriteria: the size and importance of the woman's business in the global economy, thehealth and direction of the business, the arc of the woman's career, and social andcultural influence.

•RGAx announced that it is the primary distributor of the Everplans platform to all U.S.
life insurance carriers. Clients now include Kansas City Life Insurance Company,
which began offering Everplans as part of its group insurance product portfolio
effective September 1, and Western & Southern Financial Group, which kicked off amass media and employee campaign including the Everplans platform effective
September 29.

•In August, RGA hosted its fifth annual Fraud Conference in St. Louis. The event,which was the largest yet, has become a leading industry gathering on thisincreasingly important topic.

•RGA France and RGA Italy both celebrated their 10th anniversaries in July.

Financial strength ratings for RGA’s principal operating subsidiaries remained unchanged,
and are shown in the following chart:
RGA
Reinsurance
Company

RGAAmericas
Reinsurance
Company,Ltd.

RGA Life
Reinsurance
Company ofCanada

RGAInternational
Reinsurance
Company dac

RGA Global
Reinsurance
Company,Ltd.

RGA
Reinsurance
Company ofAustralia
LimitedRGA Atlantic
Reinsurance
Company Ltd.

S&P Global
Ratings

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

A.M. Best
Company

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

Moody’sInvestorsServiceA1(not rated)(not rated)(not rated)(not rated)(not rated)(not rated)

For more complete information and the full text of RGA’s announcement of third-quarter
financial results, please refer to RGA’s Investor Relations website at www.rgare.com.
About RGA2

Reinsurance Group of America, Incorporated (RGA), a Fortune 500 company, is among theleading global providers of life reinsurance and financial solutions, with approximately $3.3
trillion of life reinsurance in force and assets of $58.7 billion as of September 30, 2017.
Founded in 1973, RGA today is recognized for its deep technical expertise in risk and capitalmanagement, innovative solutions, and commitment to serving its clients. With headquartersin St. Louis, Missouri, and operations in 26 countries, RGA delivers expert solutions inindividual life reinsurance, individual living benefits reinsurance, group reinsurance, healthreinsurance, facultative underwriting, product development, and financial solutions. To learn
more about RGA and its businesses, visit the Company’s website at www.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. Beginning with the announcement of first-quarter 2017 results,
the Company modified the labeling of its non-GAAP measure “operating income” to “adjusted operatingincome”.
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 aschanges 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 and the cumulative effect of any accountingchanges, which management believes are not indicative of the Company’s ongoing operations. The definition ofadjusted 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 SUBSIDIARIESReconciliation 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 September 30,2017
2016
Diluted
DilutedEarnings Per
Earnings PerShare
Share
227,591$
3.47$ 198,719$
3.07(2,254)(0.05)(19,745)(0.31)(4,838)(0.07)(2,159)(0.03)(10,946)(888)
17,450(1,609)1,609(67)226,048(0.17)(0.01)
0.27(0.02)
0.02
3.44(37,093)28
20,719(3,601)
3,601(1,108)$ 159,361(0.57)
0.32(0.06)
0.06(0.02)
2.46$$

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 outstnading, before impact of AOCI$$

At September 30,
2017
2016
125.79$124.50(1.62)
27.51(0.64)
100.54$(1.90)
37.09(0.73)
90.04

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