Reinsurance Group of America, Incorporated – Q2 2017
Financial Results and Business Highlights
On July 27, 2017, Reinsurance Group of America, Incorporated (NYSE: RGA) reported
financial results for the second quarter of 2017. Anna Manning, President and Chief Executive
Officer, commented, “We are very pleased with the quarter as the bottom-line number wasvery strong, all key segments performed well, and we deployed a significant amount ofcapital both into block transactions and organic business growth. Further, in recognition ofthe strong, ongoing financial results, the board increased the common stock dividend by 22
percent, marking the seventh straight year of double-digit percentage increases.
“Highlights of the quarter included solid overall top-line growth, favorable U.S. individual
mortality claims, and ongoing strength in our EMEA and Asia Pacific segments. Australia wasprofitable, and Asia was particularly strong.
“We ended the quarter with an excess capital position of approximately $1.0 billion, and thus
we remain positioned to continue pursuing a balanced approach to capital management bydeploying capital into in-force and other attractive transactions, share repurchases, andshareholder dividends.
“In summary, this was an excellent quarter, providing further evidence that we aresuccessfully executing our strategy. Looking forward, we are well positioned in our markets,
we have a proven approach, and we are optimistic about our ability to deliver attractive
financial returns.”
The RGA Board of Directors increased the quarterly dividend by 22 percent, to $0.50 from
$0.41, payable August 29 to shareholders of record as of August 8.
Q2 2017 Financial Results*•Net income declined to $232.2 million, or $3.54 per diluted share, compared to $236.1
million, or $3.64 per diluted share in Q2 2016•

Adjusted operating income** totaled $193.7 million, or $2.95 per diluted share, compared
to $181.2 million, or $2.80 per diluted share in Q2 2016•

Consolidated net premiums increased 6% to $2.5 billion from Q2 2016•

Book value per share was $123.60 including accumulated other comprehensive income(AOCI), and $97.68 excluding AOCI*** All figures in U.S. dollars.
** See “Use of Non-GAAP Financial Measures” at end of this document.
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Q2 2017 News and Highlights•

RGA was ranked #246 on the 2017 Fortune 500 list, moving up 25 positions from its
2016 rank. The annual list, which ranks U.S.-based publicly held companies by total
revenue, appeared in the June 15 issue of Fortune magazine.

•RGA announced the completion of an asset-intensive transaction with Farmers NewWorld Life, a subsidiary of Zurich Insurance Group. RGA will reinsure a closed block ofU.S. annuity business representing reserves of approximately $2.3 billion. Farmers willcontinue to service and administer the policies. The transaction closed on May 17, with
an effective date of April 1.

•RGA partnered with Berlin-based insurtech start-up Getsurance to develop the first
digital life insurance products for the German market. Getsurance announced its launchof a new disability insurance offering in June.

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

RGA Life
Reinsurance
Company ofCanadaRGAInternational
Reinsurance
Company dac

RGA GlobalReinsurance
Company,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’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 second-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 theleading global providers of life reinsurance and financial solutions, with approximately $3.2
trillion of life reinsurance in force and assets of $58.1 billion as of June 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.
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** 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 is changing 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.
Adjusted operating return on equity is a non-GAAP financial measure calculated as adjusted operating income
divided by average shareholders’ equity excluding AOCI. 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 Supplement on RGA’s Investor Relations website atwww.rgare.com in the “Earnings” 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 June 30,2017
2016
Diluted
DilutedEarnings Per
Earnings PerShareShare
232,190$
3.54$ 236,103$
3.64(25,420)(0.40)(46,490)(0.71)(2,771)(0.04)(7,577)(0.12)(10,054)(4,771)
4,462
189
(189)
38
193,674(0.15)(0.07)
0.07
2.95(31,739)(11,287)
42,147(1,928)1,928
71$ 181,228(0.49)(0.17)
0.65(0.03)
0.03
2.80

$

$

Reconciliation of Book Value Per Share to Book Value Per ShareExcluding Accumulated Other Comprehensive Income ("AOCI")Book value per share outstandingLess 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 June 30,
2017
2016
123.60$118.32(2.34)
28.91(0.65)
97.68$(1.46)
33.20(0.75)
87.33

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