RGA - 2009 2Q - Supplement

Financial Supplement
Second Quarter 2009

(Unaudited)
World Headquarters
1370 Timberlake Manor Parkway
Chesterfield, Missouri 63017
U.S.A.
Internet address
www.rgare.com
Contacts:
Jack B. Lay
Senior Executive Vice President
and Chief Financial Officer
Phone: (636) 736-7000
e-mail: jlay@rgare.com
Current Ratings
Financial Strength Ratings

RGA Reinsurance Company
RGA Life Reinsurance Company of Canada
RGA International Reinsurance Company Limited
RGA Global Reinsurance Company Limited
Senior Debt Ratings
Reinsurance Group of America, Incorporated
Standard & Poor's
A.M. Best
Moody's
AAAAAAAA-
A+
A+
NR
NR
A1
NR
NR
NR
A-
a-
Baa1
Our common stock is traded on the New York Stock Exchange under the symbol "RGA."
John Hayden
Vice President
Investor Relations
Phone: (636) 736-7243
e-mail: jhayden@rgare.com

2nd Quarter 2009
Table of Contents
Non-GAAP Disclosure.
Page
1
Consolidated
Financial Highlights.
Consolidated Income Statement (incl. Operating Income Reconciliation)
Consolidated Operating Income Statement
Consolidated Balance Sheets
Segment Pre-tax Operating Income Summaries and Reconciliations to U.S. GAAP

U.S. Operations.
Canada Operations
10
Europe & South Africa Operations..
11
Asia Pacific Operations
12
Corporate and Other
13
Summary of Pre-tax Segment Operating Income..
14
Investments
Cash and Invested Assets, Yield Summary
15
Amortized cost, Gross Unrealized Gains and Losses, Estimated Fair Values of Fixed Maturity and Equity Securities
16
Corporate Securities by Sector (Fixed Maturities and Equities)
17
Quality of Fixed Maturity Securities and Structured Fixed Maturity Securities
18
Subprime Mortgage Exposure (Including Funds Withheld Portfolios)
19
CMBS Exposure (Including Funds Withheld Portfolios)
20
Gross Unrealized Losses Aging
21
Fixed Maturity and Equity Securities Below Amortized Cost
22
Consolidated Gross Gains and Losses.
23

This Financial Supplement is for information purposes only and includes unaudited figures. This report should be read in conjunction with documents filed by Reinsurance
Group of America, Incorporated with the SEC.
Non-GAAP Disclosures
RGA uses a non-GAAP financial measure called operating income as a basis for analyzing financial results. This measure also serves as a basis for establishing target
levels and awards under RGAs management incentive programs. Management believes that operating income, on a pre-tax and after-tax basis, better measures the
ongoing profitability and underlying trends of the companys 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 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 companys underlying businesses. Additionally, operating income
excludes any net gain or loss from discontinued operations and the cumulative effect of any accounting changes, which management believes are not indicative of the
companys ongoing operations. The definition of operating income can vary by company and is not considered a substitute for GAAP net income. A reconciliation of
income before income taxes of the operating segments to pre-tax operating income (loss) is presented herein.
Additionally, RGA evaluates its stockholder equity position excluding the impact of Accumulated Other Comprehensive Income ("AOCI") since the net unrealized gains or
losses included in AOCI primarily relate to changes in interest rates, credit spreads on its investment securities and foreign currency fluctuations that are not permanent
and can fluctuate significantly from period to period.
Page 1

Financial Highlights
Second Quarter 2009
Three Months Ended or As of

March 31,
Dec. 31,
Sept. 30,
2009
2008
2008
(USD thousands, except inforce & per share data)

June 30,
2009
Net premiums
Net income - continuing operations
Operating income
Total assets
Assumed Ordinary Life Reinsurance in Force (in billions)
U.S.
Canada
Europe & South Africa
Asia Pacific
Total Life Reinsurance in Force
Assumed New Business Production (in billions)
U.S.
Canada
Europe & South Africa
Asia Pacific
Total New Business Production
Per Share and Shares Data
Basic earnings per share from continuing operations
Net income
Operating income
Diluted earnings per share from continuing operations
Net income
Operating income
$ 1,375,181
153,179
130,562
22,649,349
1,346,047
23,290
67,355
21,634,314
1,280.5
234.3
382.9
321.6
2,219.3
25.8
9.6
22.7
3.3
61.4
$
$
$
$
June 30,
2008
June 30,
2009
Year-to-Date
June 30,
2008
$ 2,721,228
176,469
197,917
$ 2,656,620
147,395
180,645
21.9
3.4
(36.5)
(9.0)
(20.2)
1,280.5
234.3
382.9
321.6
2,219.3
1,258.6
230.9
419.4
330.6
2,239.5
70.2
24.6
37.9
15.2
147.9
61.3
19.5
58.7
7.1
146.6
(8.9)
(5.1)
20.8
(8.1)
(1.3)
Current Qtr
vs. PY
Quarter
$ 1,389,091
15,170
99,966
21,658,818
$ 1,303,590
25,250
118,542
21,844,347
1,358,555
110,806
109,688
22,410,167
1,285.6
209.9
332.8
293.0
2,121.3
1,274.5
209.5
325.2
298.9
2,108.1
1,265.6
231.4
368.9
310.6
2,176.5
1,258.6
230.9
419.4
330.6
2,239.5
35.5
11.7
19.4
4.9
71.5
30.5
14.5
21.4
7.5
73.9
33.7
12.1
28.2
9.2
83.2
35.5
9.9
36.0
3.8
85.2
(9.7)
(2.1)
3.3
(1.6)
(10.1)
2.11
1.79
$
$
0.32
0.93
$
$
0.22
1.45
$
$
0.41
1.90
$
$
1.78
1.76
$
$
0.33
0.03
$
$
2.43
2.72
$
$
2.37
2.90
$
$
0.06
(0.18)
2.10
1.79
$
$
0.32
0.92
$
$
0.22
1.45
$
$
0.40
1.86
$
$
1.73
1.71
$
$
0.37
0.08
$
$
2.42
2.71
$
$
2.30
2.82
$
$
0.12
(0.11)
16,626
42,373
20,874
239,182
Wgt. average common shares outstanding (basic)

Wgt. average common shares outstanding (diluted)
72,770
72,939
72,710
72,884
68,831
69,176
62,323
63,607
62,284
63,982
10,486
8,957
72,740
72,912
62,214
64,106
Common shares issued

Treasury shares
Common shares outstanding
73,364
589
72,775
73,363
600
72,763
73,363
741
72,622
63,128
803
62,325
63,128
812
62,316
10,236
(223)
10,459
73,364
589
72,775
63,128
812
62,316
Book value per share

Per share effect of accumulated other comprehensive income (AOCI)
Book value per share, excluding AOCI
$
$
$
Change
42.59
(3.31)
45.90
$
$
$
33.99
(9.79)
43.78
$
$
$
36.03
(7.55)
43.58
$
$
$
41.83
(3.56)
45.39
$
$
$
64,608
29,074
17,272
21.9
3.4
(36.5)
(9.0)
(20.2)
10,526
8,806
49.13
4.09
45.04
Page 2

Consolidated GAAP Income Statement (incl. Operating Income Reconciliation)
June 30,
2009
(USD thousands)
Revenues:
Net premiums
Investment income, net of related expenses
Investment related gains (losses), net
OTTI on fixed maturity securities
OTTI on fixed maturity securities transferred to AOCI
Other investment related gains (losses), net
Total investment related gains (losses), net
Other revenue
Total revenues
Benefits and expenses:

Claims and other policy benefits
Interest credited
Policy acquisition costs and other insurance expenses
Other operating expenses
Interest expense
Collateral finance facility expense
Total benefits and expenses
Income before income taxes - continuing operations
Income tax expense
Income - continuing operations
Loss from discontinued operations
Net income
1,375,181
284,636
March 31,
2009
1,346,047
223,196
Three Months Ended

Dec. 31,
2008
1,389,091
196,634
Sept. 30,
2008
1,303,590
220,248
Current Qtr
vs. PY
Quarter
June 30,
2008
1,358,555
254,868
16,626
29,768
Year-to-Date
June 30,
2008
June 30,
2009
$ 2,721,228
507,832
2,656,620
454,394
Change
64,608
53,438
(36,942)
16,135
98,995
78,188
75,161
1,813,166
(34,395)
(37,867)
(72,262)
33,859
1,530,840
(15,226)
(228,333)
(243,559)
25,869
1,368,035
(92,388)
(148,919)
(241,307)
27,764
1,310,295
(548)
(6,531)
(7,079)
36,262
1,642,606
(36,394)
16,135
105,526
85,267
38,899
170,560
(71,337)
16,135
61,128
5,926
109,020
3,344,006
(5,699)
(156,640)
(162,339)
54,198
3,002,873
(65,638)
16,135
217,768
168,265
54,822
341,133
1,123,696
72,897
308,403
71,095
19,595
2,057
1,597,743
1,169,744
36,909
198,801
66,749
22,117
2,314
1,496,634
1,150,645
86,989
27,529
53,694
21,552
7,432
1,347,841
1,062,948
9,293
124,836
63,886
9,935
6,851
1,277,749
1,128,827
63,000
189,272
61,997
21,580
6,966
1,471,642
(5,131)
9,897
119,131
9,098
(1,985)
(4,909)
126,101
2,293,440
109,806
507,204
137,844
41,712
4,371
3,094,377
2,248,339
136,897
205,534
125,337
44,674
14,440
2,775,221
45,101
(27,091)
301,670
12,507
(2,962)
(10,069)
319,156
215,423
34,206
20,194
32,546
170,964
44,459
249,629
227,652
21,977
62,244
153,179
153,179
10,916
23,290
23,290
5,024
15,170
(5,809)
9,361
7,296
25,250
(22)
25,228
60,158
110,806
(104)
110,702
2,086
42,373
104
42,477
73,160
176,469
176,469
80,257
147,395
(5,188)
142,207
(7,097)
29,074
5,188
34,262
Pre-tax Operating Income Reconciliation:

Income before income taxes - continuing operations
Investment and Derivative losses (gains) - non-operating (1)
Change in value of B36 embedded derivatives (1)
GMXB embedded derivatives (1)
EIA embedded derivatives - interest credited
EIA embedded derivatives - policy acq. costs
DAC offset, net
Gain on debt repurchase
Operating Income Before Income Taxes
215,423
148,794
(64,337)
(161,237)
(12,772)
1,748
92,846
(38,875)
181,590
34,206
68,312
40,425
(35,213)
(8,124)
1,304
1,529
102,439
20,194
(146,818)
161,021
230,775
48,896
(5,697)
(157,941)
150,430
32,546
99,801
106,797
35,772
(43,871)
8,274
(63,394)
175,925
170,964
1,962
11,452
(5,357)
(9,248)
2,390
(2,817)
169,346
44,459
146,832
(75,789)
(155,880)
(3,524)
(642)
95,663
(38,875)
12,244
249,629
217,106
(23,912)
(196,450)
(20,896)
3,052
94,375
(38,875)
284,029
227,652
2,824
159,980
935
55,238
(9,700)
(158,118)
278,811
21,977
214,282
(183,892)
(197,385)
(76,134)
12,752
252,493
(38,875)
5,218
After-tax Operating Income Reconciliation:

Income - continuing operations
Investment and Derivative losses (gains) - non-operating (1)
DAC offset, net
Operating Income
153,179
96,091
(41,819)
(104,805)
(8,301)
1,136
60,350
(25,269)
130,562
23,290
44,117
26,276
(22,888)
(5,281)
848
993
67,355
15,170
(95,289)
104,664
150,003
31,782
(3,703)
(102,661)
99,966
25,250
64,967
69,418
23,252
(28,516)
5,378
(41,207)
118,542
110,806
1,207
7,444
(3,482)
(6,011)
1,554
(1,830)
109,688
42,373
94,884
(49,263)
(101,323)
(2,290)
(418)
62,180
(25,269)
20,874
176,469
140,208
(15,543)
(127,693)
(13,582)
1,984
61,343
(25,269)
197,917
147,395
1,831
103,987
608
35,905
(6,305)
(102,776)
180,645
29,074
138,377
(119,530)
(128,301)
(49,487)
8,289
164,119
(25,269)
17,272
(1) Included in "Investment related gains (losses), net" on Consolidated GAAP Income Statement
Page 3

Consolidated Operating Income Statement
June 30,
2009
(USD thousands, except per share data)

Revenues:
Net premiums
Other revenue
Total revenues

Interest credited
Interest expense
Operating income before income taxes
Operating income tax expense
Operating income
Wgt. Average Common Shares Outstanding (Diluted)

Diluted Earnings Per Share - Operating Income
Foreign currency effect on*:

Net premiums
1,375,181
284,636
1,408
36,286
1,697,511
March 31,
2009
$
$
1,389,091
196,634
1,419
25,869
1,613,013
Sept. 30,
2008
1,303,590
220,248
1,063
27,764
1,552,665
June 30,
2008
1,358,555
254,868
978
36,262
1,650,663
1,123,696
85,669
213,809
71,095
19,595
2,057
1,515,921
1,169,744
45,033
195,968
66,749
22,117
2,314
1,501,925
1,150,645
38,093
191,167
53,694
21,552
7,432
1,462,583
1,062,948
53,164
179,956
63,886
9,935
6,851
1,376,740
1,128,827
72,248
189,699
61,997
21,580
6,966
1,481,317
181,590
102,439
150,430
175,925
51,028
35,084
50,464
57,383
130,562
72,939
$
1,346,047
223,196
1,262
33,859
1,604,364
Three Months Ended

Dec. 31,
2008
1.79
(103,209)
(9,666)
67,355
72,884
$
$
$
0.92
(144,690)
(10,993)
99,966
69,176
$
$
$
1.45
(111,669)
(17,348)
118,542
63,607
Current Qtr
vs. PY
Quarter
16,626
29,768
430
24
46,848
Year-to-Date
June 30,
2008
June 30,
2009
$ 2,721,228
507,832
2,670
70,145
3,301,875
2,656,620
454,394
1,400
54,198
3,166,612
Change
64,608
53,438
1,270
15,947
135,263
2,293,440
130,702
409,777
137,844
41,712
4,371
3,017,846
2,248,339
81,659
373,352
125,337
44,674
14,440
2,887,801
169,346
(5,131)
13,421
24,110
9,098
(1,985)
(4,909)
34,604
12,244
284,029
278,811
5,218
59,658
(8,630)
86,112
98,166
(12,054)
109,688
63,982
20,874
8,957
1.86
1.71
$
$
(5,676)
(1,337)
$
$
20,565
5,608
$
$
0.08
(123,774)
(15,274)
197,917
72,912
$
$
$
2.71
(247,899)
(20,659)
180,645
45,101
49,043
36,425
12,507
(2,962)
(10,069)
130,045
17,272
64,106
8,806
2.82
(0.11)
$
$
67,027
13,480
$
$
(314,926)
(34,139)
* Represents effect as compared to comparable prior year period
Page 4

Consolidated Balance Sheets
(USD thousands)
Assets
Fixed maturity securities (available for sale):
Mortgage loans on real estate
Policy loans
Funds withheld at interest
Short-term investments
Other invested assets
Total investments
Cash and cash equivalents
Accrued investment income
Premiums receivable and other reinsurance balances
Reinsurance ceded receivables
Deferred policy acquisition costs
Other assets
Total assets
Liabilities and Stockholders' Equity
Future policy benefits
Interest-sensitive contract liabilities
Other policy claims and benefits
Other reinsurance balances
Deferred income taxes
Other liabilities
Short-term debt
Long-term debt
Collateral finance facility
Company-obligated mandatorily redeemable preferred securities of subsidiary
trust holding solely junior subordinated debentures of the Company
Total liabilities
Stockholders' Equity:
Common stock, at par value
Warrants
Additional paid-in-capital
Retained earnings
Accumulated other comprehensive income (AOCI):
Accumulated currency translation adjustment, net of income taxes
Unrealized appreciation (depreciation) of securities, net of income taxes
Pension and postretirement benefits, net of income taxes
Total stockholders' equity before treasury stock
Less treasury shares
Total stockholders' equity
Total liabilities and stockholders' equity
Total stockholders' equity, excluding AOCI
June 30,
2009
$
9,842,793
757,501
1,085,752
4,675,191
53,953
482,028
16,897,218
416,947
119,411
743,643
738,926
3,615,456
117,748
22,649,349
7,054,930
7,454,907
2,046,887
144,234
456,701
566,805
816,575
850,014
March 31,
2009
$
8,831,920
764,038
1,081,030
4,505,054
54,552
582,784
15,819,378
586,542
118,140
657,647
746,736
3,602,857
103,014
21,634,314
6,636,919
7,613,489
1,956,834
197,695
251,261
577,909
917,913
850,019
Dec. 31,
2008
$
8,531,804
775,050
1,096,713
4,520,398
58,123
628,649
15,610,737
875,403
87,424
640,235
735,155
3,610,334
99,530
21,658,818
6,431,530
7,690,942
1,923,018
173,645
310,360
585,199
918,246
850,035
Sept. 30,
2008
$
9,121,953
782,282
1,048,517
4,806,642
32,520
432,982
16,224,896
412,255
138,414
691,120
746,790
3,498,152
132,720
21,844,347
6,552,508
7,517,782
2,064,578
127,021
399,669
548,844
95,000
922,994
850,094
June 30,
2008
$
9,667,961
798,896
1,048,517
4,825,297
47,081
418,864
16,806,616
362,689
106,679
800,404
752,203
3,460,294
121,282
22,410,167
6,619,084
7,220,659
2,239,868
173,162
561,912
599,034
926,095
850,000
159,123
19,550,176
159,081
19,161,120
159,035
19,042,010
158,990
19,237,480
158,946
19,348,760
734
66,912
1,457,711
1,841,497
734
66,912
1,455,022
1,691,292
734
66,914
1,450,041
1,682,087
631
66,915
1,118,288
1,679,568
631
66,915
1,115,540
1,660,041
105,631
(332,664)
(14,373)
3,125,448
(26,275)
3,099,173
22,649,349
(3,050)
(695,070)
(14,456)
2,501,384
(28,190)
2,473,194
21,634,314
19,794
(553,407)
(14,658)
2,651,505
(34,697)
2,616,808
21,658,818
143,729
(358,273)
(7,790)
2,643,068
(36,201)
2,606,867
21,844,347
215,582
47,478
(8,082)
3,098,105
(36,698)
3,061,407
22,410,167
3,340,579
3,185,770
3,165,079
2,829,201
2,806,429
Page 5

U.S. Traditional Sub-segment Operating Income
June 30,
2009
(USD thousands)
Revenues:
Net premiums
Other revenue
Total revenues

Interest credited
Operating to U.S. GAAP Reconciliation:

Investment and Derivative (losses) gains - non-operating
Income before income taxes
Loss and Expense Ratios:

807,181
104,616
920
912,717
March 31,
2009
786,748
102,561
570
889,879
Three Months Ended

Dec. 31,
2008
874,348
100,033
(193)
974,188
Sept. 30,
2008
740,502
99,991
(42)
840,451
June 30,
2008
752,831
97,462
552
850,845
Current Qtr
vs. PY
Quarter
June 30,
2009
54,350
7,154
368
61,872
$ 1,593,929
207,177
1,490
1,802,596
Year-to-Date
June 30,
2008
1,478,224
194,893
612
1,673,729
Change
115,705
12,284
878
128,867
668,870
15,701
115,325
12,600
812,496
695,932
15,233
91,533
14,603
817,301
753,545
15,513
118,637
9,828
897,523
632,258
15,221
107,199
12,756
767,434
624,310
14,924
103,231
12,121
754,586
44,560
777
12,094
479
57,910
1,364,802
30,934
206,858
27,203
1,629,797
1,276,160
29,714
189,281
25,359
1,520,514
88,642
1,220
17,577
1,844
109,283
100,221
72,578
76,665
73,017
96,259
3,962
172,799
153,215
19,584
100,221
(16,934)
83,287
72,578
(38,228)
34,350
76,665
(6,694)
69,971
73,017
(62,065)
10,952
96,259
(637)
95,622
3,962
(16,297)
(12,335)
172,799
(55,162)
117,637
153,215
(3,145)
150,070
19,584
(52,017)
(32,433)
82.9%
14.3%
1.6%
88.5%
11.6%
1.9%
86.2%
13.6%
1.1%
85.4%
14.5%
1.7%
82.9%
13.7%
1.6%
0.0%
0.6%
0.0%
85.6%
13.0%
1.7%
86.3%
12.8%
1.7%
-0.7%
0.2%
0.0%
Page 6

U.S. Asset Intensive Sub-segment Operating Income
June 30,
2009
(USD thousands except account values)

Revenues:
Net premiums
Other revenue
Total revenues
1,639
105,167
(8)
16,962
123,760
March 31,
2009
Three Months Ended

Dec. 31,
Sept. 30,
2008
2008
1,709
55,827
15,123
72,659
1,584
26,428
16,018
44,030
1,719
43,727
15,051
60,497
June 30,
2008
1,592
80,920
14,211
96,723
Current Qtr
vs. PY
Quarter
47
24,247
(8)
2,751
27,037
June 30,
2009
3,348
160,994
(8)
32,085
196,419
Year-to-Date
June 30,
2008
3,255
105,951
25,706
134,912
Change
93
55,043
(8)
6,379
61,507

Interest credited
(341)
69,941
35,910
2,265
107,775
1,274
29,752
42,476
2,898
76,400
8,151
22,512
14,535
1,649
46,847
2,040
37,866
10,077
2,167
52,150
865
57,243
27,513
1,840
87,461
(1,206)
12,698
8,397
425
20,314
933
99,693
78,386
5,163
184,175
1,050
51,725
63,154
4,174
120,103
(117)
47,968
15,232
989
64,072
15,985
(3,741)
(2,817)
8,347
9,262
6,723
12,244
14,809
(2,565)
(3,741)
(23,360)
(40,425)
35,213
8,124
(1,304)
(1,529)
(27,022)
(2,817)
159,276
(161,021)
(230,775)
(48,896)
5,697
157,941
$ (120,595)

Investment and Derivative (losses) gains - non-operating (1)
DAC offset, net
15,985
(139,792)
64,337
161,237
12,772
(1,748)
(92,846)
$
19,945
8,347
10,289
(106,797)
(35,772)
43,871
(8,274)
63,394
$ (24,942)
9,262
(2,949)
(11,452)
5,357
9,248
(2,390)
2,817
9,893
6,723
(136,843)
75,789
155,880
3,524
642
(95,663)
$
10,052
12,244
(163,152)
23,912
196,450
20,896
(3,052)
(94,375)
$
(7,077)
14,809
2,317
(159,980)
(935)
(55,238)
9,700
158,118
$ (31,209)
(2,565)
(165,469)
183,892
197,385
76,134
(12,752)
(252,493)
$
24,132
(1) Included in "Investment related gains (losses), net" on Consolidated GAAP Income Statement
Page 7

U.S. Asset Intensive Sub-segment
(Cont'd)
June 30,
2009
Three Months Ended

March 31,
Dec. 31,
Sept. 30,
2009
2008
2008
June 30,
2008
Annuity account values (in millions):

Fixed annuities (deferred)
Net interest spread (fixed annuities):

Equity-indexed annuities
Variable annuities:
No riders
GMDB only
GMIB only
GMAB only
GMWB only
GMDB / WB
Other
Total VA account values
Fair value of living benefit riders
Other annuities:
1,374
2.7%
1,406
2.4%
1,625
1.9%
1,670
1.9%
1,527
2.0%
3,885
3,813
3,806
3,677
3,645
1,251
49
4
45
708
257
26
2,340
1,063
54
4
44
795
287
24
2,271
1,041
58
4
48
1,180
316
26
2,673
1,090
65
5
54
1,327
361
30
2,932
1,359
32
4
44
537
170
23
2,169
80
241
276
46
10
199
199
199
199
Page 8

U.S. Financial Reinsurance Sub-segment Operating Income
(USD thousands)
Revenues:
Other revenue
Total revenues
June 30,
2009
Three Months Ended

March 31,
Dec. 31,
Sept. 30,
2009
2008
2008
June 30,
2008
Current Qtr
vs. PY
Quarter

(99)
4,118
4,019
(65)
6,571
6,506
4,578
4,578
192
3,644
3,836
356
4,314
4,670
(455)
(196)
(651)
June 30,
2009
(164)
10,689
10,525
Year-to-Date
June 30,
2008
396
7,058
7,454
Change
(560)
3,631
3,071
262
801
1,063
338
679
1,017
341
577
918
252
747
999
250
767
1,017
12
34
46
600
1,480
2,080
448
1,413
1,861
152
67
219
2,956
5,489
3,660
2,837
3,653
(697)
8,445
5,593
2,852
2,956
38
2,994
5,489
32
5,521
3,660
(110)
3,550
2,837
(136)
2,701
3,653
(2)
3,651
(697)
40
(657)
8,445
70
8,515
5,593
(3)
5,590
2,852
73
2,925
Page 9

Canadian Segment Operating Income
June 30,
2009
(USD thousands)
Revenues:
Net premiums
Other revenue
Total revenues
$ 154,862
32,115
1,433
(618)
187,792

Interest credited

Loss ratios (creditor business)
Loss ratios (excluding creditor business)
Claims and other policy benefits / (net premiums + investment
income)
March 31,
2009
138,056
30,360
1,262
1,697
171,375
Three Months Ended

Dec. 31,
2008
126,819
32,873
1,419
826
161,937
Sept. 30,
2008
128,930
35,836
1,063
4,289
170,118
June 30,
2008
139,530
35,692
978
13,204
189,404
Current Qtr
vs. PY
Quarter
15,332
(3,577)
455
(13,822)
(1,612)
June 30,
2009
292,918
62,475
2,695
1,079
359,167
Year-to-Date
June 30,
2008
278,522
71,725
1,400
13,217
364,864
Change
14,396
(9,250)
1,295
(12,138)
(5,697)
128,312
27
36,367
5,523
170,229
115,635
48
33,067
4,868
153,618
102,316
68
30,634
5,591
138,609
104,339
77
27,591
6,132
138,139
134,146
81
25,526
5,899
165,652
(5,834)
(54)
10,841
(376)
4,577
243,947
75
69,434
10,391
323,847
249,417
220
51,952
11,345
312,934
(5,470)
(145)
17,482
(954)
10,913
17,563
17,757
23,328
31,979
23,752
(6,189)
35,320
51,930
(16,610)
17,563
7,951
25,514
17,757
(1,571)
16,186
23,328
(1,244)
22,084
31,979
(2,246)
29,733
23,752
3,026
26,778
(6,189)
4,925
(1,264)
35,320
6,380
41,700
51,930
(1,481)
50,449
(16,610)
7,861
$ (8,749)
44.1%
98.6%
41.2%
99.4%
35.5%
91.4%
42.3%
89.1%
90.4%
97.3%
-46.3%
1.3%
42.8%
99.0%
64.1%
95.3%
-21.3%
3.7%
68.6%
23.5%
3.6%
68.7%
24.0%
3.5%
64.1%
24.2%
4.4%
63.3%
21.4%
4.8%
76.6%
18.3%
4.2%
-8.0%
5.2%
-0.6%
68.6%
23.7%
3.5%
71.2%
18.7%
4.1%
-2.6%
5.0%
-0.6%
Note: The loss ratios on creditor reinsurance business are normally lower than traditional reinsurance, while allowances are normally higher as a percentage of premiums.
Net premiums
$
$
(22,954)
(3,697)
$
$
(32,673)
(5,477)
$
$
(29,546)
(6,164)
$
$
626
(264)
$
$
11,315
2,397
$
$
(34,269)
(6,094)
$
$
(55,627)
(9,174)
$
$
31,152
7,112
$ (86,779)
$ (16,286)
Page 10

Europe & South Africa Segment Operating Income
(USD thousands)
Revenues:
Net premiums
Other revenue
Total revenues
June 30,
2009
$ 180,017
8,120
538
188,675


March 31,
2009
173,256
6,749
260
180,265
Three Months Ended

Dec. 31,
Sept. 30,
2008
2008
156,898
7,599
240
164,737
176,184
9,065
33
185,282
June 30,
2008
185,490
8,778
68
194,336
Current Qtr
vs. PY
Quarter
(5,473)
(658)
470
(5,661)
June 30,
2009
353,273
14,869
798
368,940
Year-to-Date
June 30,
2008
374,686
16,329
128
391,143
Change
(21,413)
(1,460)
670
(22,203)
147,018
10,369
18,911
176,298
144,218
10,817
17,117
172,152
106,776
14,607
16,945
138,328
122,521
21,559
15,708
159,788
144,460
16,026
16,678
177,164
2,558
(5,657)
2,233
(866)
291,236
21,186
36,028
348,450
302,995
33,256
32,422
368,673
(11,759)
(12,070)
3,606
(20,223)
12,377
8,113
26,409
25,494
17,172
(4,795)
20,490
22,470
(1,980)
12,377
(14)
12,363
8,113
422
8,535
26,409
(4,598)
21,811
25,494
(4,703)
20,791
17,172
(131)
17,041
(4,795)
117
(4,678)
20,490
408
20,898
22,470
614
23,084
(1,980)
(206)
(2,186)
81.7%
5.8%
10.5%
83.2%
6.2%
9.9%
68.1%
9.3%
10.8%
69.5%
12.2%
8.9%
77.9%
8.6%
9.0%
3.8%
-2.8%
1.5%
82.4%
6.0%
10.2%
80.9%
8.9%
8.7%
1.5%
-2.9%
1.5%

Net premiums
$ (41,195)
$ (1,747)
$
$
(56,890)
(3,991)
$
$
(43,150)
(7,816)
$
$
(9,380)
(2,015)
$
$
588
606
$
$
(41,783)
(2,353)
$
$
(98,085)
(5,738)
$
$
4,835
1,277
$
$
(102,920)
(7,015)
Critical illness net premiums
46,323
49,471
59,227
67,284
(14,587)
99,020
127,726
(28,706)
52,697
Page 11

Asia Pacific Segment Operating Income
June 30,
2009
(USD thousands)
Revenues:
Net premiums
Other revenue
Total revenues


229,430
14,877
4,471
248,778
March 31,
2009
243,728
12,697
9,729
266,154
Three Months Ended

Dec. 31,
2008
227,666
11,317
5,106
244,089
Sept. 30,
2008
254,497
12,272
2,811
269,580
June 30,
2008
277,716
12,397
1,851
291,964
Current Qtr
vs. PY
Quarter
June 30,
2009
(48,286)
2,480
2,620
(43,186)
$ 473,158
27,574
14,200
514,932
Year-to-Date
June 30,
2008
518,651
23,811
4,403
546,865
Change
(45,493)
3,763
9,797
(31,933)
179,556
26,526
18,031
224,113
212,414
30,429
16,171
259,014
178,989
25,556
17,235
221,780
201,707
25,053
17,774
244,534
225,011
28,386
15,801
269,198
(45,455)
(1,860)
2,230
(45,085)
391,970
56,955
34,202
483,127
418,680
56,467
30,903
506,050
(26,710)
488
3,299
(22,923)
24,665
7,140
22,309
25,046
22,766
1,899
31,805
40,815
(9,010)
24,665
855
25,520
7,140
(3,567)
3,573
22,309
2,156
24,465
25,046
(3,821)
21,225
22,766
(1,510)
21,256
1,899
2,365
4,264
31,805
(2,712)
29,093
40,815
(996)
39,819
(9,010)
(1,716)
(10,726)
78.3%
11.6%
7.9%
87.2%
12.5%
6.6%
78.6%
11.2%
7.6%
79.3%
9.8%
7.0%
81.0%
10.2%
5.7%
-2.7%
1.4%
2.2%
82.8%
12.0%
7.2%
80.7%
10.9%
6.0%

Net premiums
$
$
(39,082)
(2,785)
$
$
(55,173)
(246)
$
$
(39,028)
(1,972)
$
$
3,036
1,078
$
$
8,629
2,307
$
$
(47,711)
(5,092)
$ (94,255)
$
(3,031)
$
$
30,984
4,423
Critical illness net premiums
29,223
54,152
48,591
51,979
67,348
(38,125)
113,210
83,375
2.1%
1.1%
1.2%
$ (125,239)
$
(7,454)
Page 12
(29,835)

Corporate and Other Segment Operating Income
(Includes A&H beginning 1/1/09)
June 30,
2009
(USD thousands)
Revenues:
Net premiums
Other revenue
Total revenues

Interest expense
2,052
19,840
(17)
9,895
31,770
March 31,
2009
2,550
15,067
(91)
17,526
281
(10,950)
12,964
19,595
2,057
23,947
271
(12,692)
10,413
22,117
2,314
22,423
7,823
(4,897)
(4,897)
(2,040)
(6,937)
$
$
46
(1,279)

7,823
(898)
38,875
45,800

Net premiums
$
$
22
(1,437)
Three Months Ended

Dec. 31,
2008
1,776
18,384
(706)
19,454
Sept. 30,
2008
868
(13,143)
1,869
21,552
7,432
18,578
876
1,758
19,165
1,978
22,901
June 30,
2008
1,396
19,263
2,062
22,721
Current Qtr
vs. PY
Quarter
656
577
(17)
7,833
9,049
June 30,
2009
4,602
34,907
(17)
9,804
49,296
Year-to-Date
June 30,
2008
3,282
41,289
3,074
47,645
Change
1,320
(6,382)
(17)
6,730
1,651
83
(11,775)
8,602
9,935
6,851
13,696
35
(11,233)
8,891
21,580
6,966
26,239
246
283
4,073
(1,985)
(4,909)
(2,292)
552
(23,642)
23,377
41,712
4,371
46,370
37
(21,206)
19,721
44,674
14,440
57,666
515
(2,436)
3,656
(2,962)
(10,069)
(11,296)
9,205
(3,518)
11,341
2,926
(10,021)
12,947
(3,518)
241
(3,277)
11,341
(1,139)
38,875
49,077
2,926
(2,938)
38,875
38,863
(10,021)
(130)
(10,151)
12,947
(2,808)
38,875
49,014
$
$
$
$
(11)
(1,735)
$
$
68
(2,716)
$
$
$
$
12
(3,384)
876
(1,968)
(1,092)
9,205
(37,119)
(27,914)
$
$
55
(1,396)
$
$
42
(136)
33
298
56
668
Page 13

Summary of Pre-tax Segment Operating Income
(USD thousands)
U.S. Traditional
U.S. Asset Intensive
U.S. Financial Reinsurance
Total U.S. Segment
Canadian Segment
Europe & South Africa Segment
Asia Pacific Segment
Corporate and Other
Consolidated
June 30,
2009
$ 100,221
15,985
2,956
119,162
17,563
12,377
24,665
7,823
$ 181,590
March 31,
2009
$
72,578
(3,741)
5,489
74,326
17,757
8,113
7,140
(4,897)
102,439
Three Months Ended

Dec. 31,
Sept. 30,
2008
2008
$
76,665
(2,817)
3,660
77,508
23,328
26,409
22,309
876
150,430
73,017
8,347
2,837
84,201
31,979
25,494
25,046
9,205
175,925
June 30,
2008
$
96,259
9,262
3,653
109,174
23,752
17,172
22,766
(3,518)
169,346
Current Qtr
vs. PY
Quarter
$
3,962
6,723
(697)
9,988
(6,189)
(4,795)
1,899
11,341
12,244
June 30,
2009
$
172,799
12,244
8,445
193,488
35,320
20,490
31,805
2,926
284,029
Year-to-Date
June 30,
2008
$
153,215
14,809
5,593
173,617
51,930
22,470
40,815
(10,021)
278,811
Change
$
19,584
(2,565)
2,852
19,871
(16,610)
(1,980)
(9,010)
12,947
5,218
Page 14

Investments
Cash and Invested Assets

(USD thousands)
June 30,
2009
Fixed maturity securities, available-for-sale

Mortgage loans on real estate
Policy loans
Funds withheld at interest
Short-term investments
Other invested assets
Cash and cash equivalents
Total cash and invested assets
9,842,793
757,501
1,085,752
4,675,191
53,953
482,028
416,947
17,314,165
March 31,
2009
$ 8,831,920
764,038
1,081,030
4,505,054
54,552
582,784
586,542
$ 16,405,920
Dec. 31,
2008
$
8,531,804
775,050
1,096,713
4,520,398
58,123
628,649
875,403
16,486,140
Sept. 30,
2008
$
9,121,953
782,282
1,048,517
4,806,642
32,520
432,982
412,255
16,637,151
June 30,
2008
$
9,667,961
798,896
1,048,517
4,825,297
47,081
418,864
362,689
$ 17,169,305
Investment Income and Yield Summary

(Excludes Funds Withheld)
(USD thousands)
Average invested assets at amortized cost

Net investment income
Investment yield (ratio of net investment income
to average invested assets)
June 30,
2009
$
$
12,976,510
183,823
5.79%
March 31,
2009
$ 12,776,598
$
174,300
5.57%
Three Months Ended

Dec. 31,
2008
$
$
12,245,727
177,358
5.92%
Sept. 30,
2008
$
$
12,185,216
179,193
6.01%
Current Qtr
vs. PY
Quarter
June 30,
2008
$ 11,696,386
$
173,587
6.07%
$
$
1,280,124
10,236
-0.28%
Year-to-Date
June 30,
2008
June 30,
2009
$ 12,737,497
$
358,123
5.70%
$
$
11,531,787
344,487
Change
$
$
1,205,710
13,636
6.06%
-0.36%
Page 15

Investments
Amortized cost, gross unrealized gains and losses, and estimated fair values of fixed maturity and equity securities
June 30, 2009
(USD thousands)
Available-for-sale:
U.S. corporate securities
Canadian and Canadian provincial governments
Residential mortgage-backed securities
Foreign corporate securities
Asset-backed securities
Commercial mortgage-backed securities
U.S. government and agencies
State and political subdivisions
Other foreign government securities
Total fixed maturity securities
Non-redeemable preferred stock
Common stock
Total equity securities
Amortized
Cost
$
3,805,149
1,679,425
1,202,888
1,443,541
503,191
1,086,649
62,763
105,867
456,387
10,345,860
163,300
48,378
211,678
Unrealized
Gains
$
73,700
341,467
30,323
40,851
6,434
7,212
2,118
2,027
6,119
510,251
1,057
644
1,701
Estimated
Fair
Value
Unrealized
Losses
$
396,521
21,651
74,907
77,531
132,243
281,549
14,712
14,204
1,013,318
46,825
3,488
50,313
% of
Total
3,482,328
1,999,241
1,158,304
1,406,861
377,382
812,312
64,881
93,182
448,302
9,842,793
35.4%
20.3%
11.8%
14.3%
3.8%
8.3%
0.7%
0.9%
4.5%
100.0%
117,532
45,534
163,066
72.1%
27.9%
100.0%
Other-than
temporary
impairment
in AOCI
`
(13,415)
(5,220)
(4,333)
(22,968)
December 31, 2008
(USD thousands)
Available-for-sale:
Common stock
Total equity securities
Amortized
Cost
$
3,577,116
1,500,511
1,231,123
1,112,018
484,577
1,085,062
7,555
46,537
338,349
9,382,848
187,510
40,582
228,092
Unrealized
Gains
34,262
397,899
24,838
14,335
2,098
2,258
876
20,062
496,628
49
49
Estimated
Fair
Value
Unrealized
Losses
$
598,745
7,171
106,776
152,920
147,297
326,730
7,883
150
1,347,672
64,160
4,607
68,767
% of
Total
3,012,633
1,891,239
1,149,185
973,433
339,378
760,590
8,431
38,654
358,261
8,531,804
35.3%
22.2%
13.5%
11.4%
4.0%
8.9%
0.1%
0.4%
4.2%
100.0%
123,399
35,975
159,374
77.4%
22.6%
100.0%
Page 16

Investments
Corporate Securities by Sector (Fixed Maturities and Equities)
June 30, 2009
December 31, 2008
(USD thousands)
Financial Institutions
Banking
Brokerage
Finance Comp.
Insurance
REITs
Other Finance
Total Financial Institutions
Industrials
Basic
Capital Goods
Communications
Consumer Cyclical
Consumer Noncyclical
Energy
Technology
Transportation
Other Industrial
Total Industrials
Utilities
Electric
Natural Gas
Other Utility
Total Utilities
Other Sectors
Total
Amortized Cost
Estimated Fair
Value
1,267,644
85,241
259,163
366,708
156,818
202,572
2,338,146
% of Total
Average Credit
Ratings
1,090,384
76,250
230,569
309,570
135,977
161,607
2,004,357
21.6%
1.5%
4.6%
6.1%
2.7%
3.2%
39.7%
A
BBB+
A
ABBB
A-
249,308
204,498
545,547
256,674
387,640
348,053
95,124
225,691
57,504
2,370,039
238,133
199,016
554,577
237,805
389,158
349,981
96,994
209,923
32,381
2,307,968
4.7%
3.9%
11.0%
4.7%
7.7%
6.9%
1.9%
4.2%
0.7%
45.7%
BBB
BBB+
BBB+
BBB
BBB+
BBB+
BBB+
BBB
BBB
459,515
242,659
24,196
726,370
25,813
5,460,368
445,643
244,912
23,462
714,017
25,913
5,052,255
8.8%
4.8%
0.5%
14.1%
0.5%
100.0%
BBB+
BBB
A-
Amortized Cost
Estimated Fair
Value
AA
$
1,138,663
104,169
278,132
309,703
153,626
191,650
2,175,943
% of Total
Average Credit
Ratings
924,098
96,516
228,659
222,116
110,172
140,161
1,721,722
22.2%
2.3%
5.5%
5.4%
2.7%
3.4%
41.5%
A
A
A+
ABBB+
A
213,540
187,041
449,334
244,476
341,126
248,579
55,043
217,515
55,898
2,012,552
173,826
172,958
425,633
198,485
323,239
215,634
43,998
190,303
28,314
1,772,390
4.2%
4.2%
10.3%
4.8%
7.8%
5.2%
1.1%
4.6%
0.7%
42.9%
BBB+
ABBB+
BBB+
BBB+
BBB+
BBB+
BBB+
BBB+
446,048
200,636
22,320
669,004
59,728
4,917,227
399,235
174,308
20,447
593,990
57,338
4,145,440
9.6%
4.2%
0.5%
14.3%
1.3%
100.0%
BBB+
BBB+
A-
AA
Page 17

Investments
Ratings of Fixed Maturity Securities

(USD thousands)
June 30, 2009
NAIC Designation
1
1
1
2
3
4
5
6
Rating Agency
Designation
Amortized Cost
Estimated Fair
Value
$2,936,383
2,346,453
2,051,459
2,377,473
413,840
134,827
79,407
6,018
$10,345,860
AAA
AA
A
BBB
BB
B
CCC and lower
In or near default
Total
March 31, 2009
Amortized
Cost
% of Total
$2,750,636
2,372,392
2,030,369
2,212,591
322,158
94,647
53,901
6,099
$9,842,793
Estimated Fair
Value
$2,887,693
2,205,621
1,952,386
2,284,836
386,137
88,213
61,502
7,061
$9,873,449
27.9%
24.1%
20.6%
22.5%
3.3%
1.0%
0.5%
0.1%
December 31, 2008
Amortized
Cost
% of Total
$2,631,984
2,188,305
1,777,195
1,877,063
260,276
53,946
36,804
6,347
$8,831,920
29.8%
24.8%
20.1%
21.3%
2.9%
0.6%
0.4%
0.1%
September 30, 2008
Estimated Fair
Value
$2,851,818
2,147,187
2,002,963
1,991,276
268,276
77,830
33,945
9,553
$9,382,848
Amortized
Cost
% of Total
$2,594,429
2,161,537
1,851,764
1,649,513
195,088
50,064
22,538
6,871
$8,531,804
30.4%
25.3%
21.7%
19.3%
2.3%
0.6%
0.3%
0.1%
$2,931,176
2,601,007
1,947,355
1,817,281
253,665
58,868
31,336
2,636
$9,643,324
Estimated
Fair Value
$2,780,454
2,624,357
1,779,129
1,632,806
231,706
43,503
27,361
2,637
$9,121,953
June 30, 2008
% of Total
30.5%
28.8%
19.5%
17.9%
2.5%
0.5%
0.3%
0.0%
Amortized
Cost
$2,856,457
2,572,375
2,012,559
1,812,894
267,856
51,320
18,375
3,074
$9,594,910
Estimated
Fair Value
$2,777,642
2,809,406
2,028,840
1,730,612
253,695
46,722
17,250
3,794
$9,667,961
Structured Fixed Maturity Securities

(USD thousands)
June 30, 2009
Residential mortgage-backed securities:

Agency
Non-agency
Total residential mortgage-backed securities
Total
March 31, 2009
Amortized Cost
Estimated Fair
Value
736,056
466,832
1,202,888
1,086,649
503,191
2,792,728
760,316
397,988
1,158,304
812,312
377,382
2,347,998
Amortized
Cost
796,869
447,844
1,244,713
1,087,722
511,088
2,843,523
December 31, 2008
Estimated Fair
Value
Amortized Cost
Estimated Fair
Value
829,447
377,842
1,207,289
721,992
385,205
2,314,486
851,507
379,616
1,231,123
1,085,062
484,577
2,800,762
868,479
280,706
1,149,185
760,590
339,378
2,249,153
September 30, 2008

Amortized
Cost
859,530
443,461
1,302,991
1,029,457
483,308
$ 2,815,756
June 30, 2008
Estimated Fair
Value
857,249
405,466
1,262,715
905,431
395,907
2,564,053
Amortized
Cost
872,914
428,089
1,301,003
889,792
505,193
2,695,988
Estimated Fair
Value
871,337
401,199
1,272,536
842,140
452,347
2,567,023
Page 18
% of Total
28.7%
29.1%
21.0%
17.9%
2.6%
0.5%
0.2%
0.0%

Investments
Subprime Mortgage Exposure
(Includes Funds Withheld Portfolios)
June 30, 2009
(USD thousands)
AAA
Underwriting Year
2003 & Prior
2004
2005
2006
2007
2008
2009
Total
Amortized Cost
$
8,316
8,458
17,030
6,607
7,024
47,435
AA
Estimated Fair
Value
$
6,400
6,001
12,137
2,850
7,024
34,412
Amortized Cost
$
BBB
2,005
16,719
32,254
50,978
Estimated
Fair Value
$
1,166
10,161
18,765
30,092
Below Investment Grade
7,926
21,305
14,040
4,989
48,260
Amortized Cost
Estimated Fair
Value
Amortized Cost
Estimated
Fair Value
Amortized Cost
2003 & Prior

2004
2005
2006
2007
2008
2009
Total
8,218
2,080
306
10,604
1,172
2,954
27,251
1,279
6,895
39,551
188
3,089
3,985
249
4,131
11,642
4,294
10,808
4,116
1,801
21,019
Total
Underwriting Year
15,737
4,500
887
21,124
Estimated
Fair Value
Amortized Cost
Estimated
Fair Value
19,419
49,436
106,312
10,768
14,389
7,024
207,348
12,048
30,059
47,221
4,130
7,287
7,024
107,769
December 31, 2008

(USD thousands)
AAA
Underwriting Year
2003 & Prior
2004
2005
2006
2007
2008
Total
Amortized Cost
$
11,007
37,134
135
48,276
AA
Estimated Fair
Value
$
9,116
27,793
134
37,043
Amortized Cost
$
BBB
6,509
21,220
36,424
4,500
888
69,541
A
Estimated
Fair Value
$
4,320
13,437
26,471
2,076
283
46,587
Amortized Cost
$
1,813
33,728
6,514
4,998
47,053
Amortized Cost
Estimated Fair
Value
Amortized Cost
Estimated
Fair Value
Amortized Cost
2003 & Prior

2004
2005
2006
2007
2008
Total
77
6,529
2,618
9,224
807
7,900
17,905
3,287
19,588
49,487
106
5,727
5,739
449
10,880
22,901
1,227
26,228
2,582
1,991
32,028
Total
Underwriting Year
413
11,908
3,442
15,763
Estimated
Fair Value
20,549
62,848
109,885
16,362
20,476
230,120
Estimated
Fair Value
$
14,846
45,392
69,114
7,268
11,163
147,783
Page 19

Investments
CMBS Exposure
(Includes Funds Withheld Portfolios)
June 30, 2009
(USD thousands)
AAA
AA
Underwriting Year
Amortized Cost
Estimated Fair
Value
Amortized Cost
Estimated
Fair Value
Amortized Cost
Estimated Fair
Value
2003 & Prior

2004
2005
2006
2007
2008
2009
Total
213,506
46,946
194,808
291,833
366,769
35,410
3,942
1,153,214
217,090
42,224
148,261
235,305
286,517
32,891
3,962
966,250
BBB
Underwriting Year
Amortized Cost
2003 & Prior

2004
2005
2006
2007
2008
2009
Total
18,839
1,218
818
12,230
8,505
21,797
63,407
20,031
11,557
40,840
20,563
67,497
9,628
170,116

Estimated Fair
Value
5,674
23,282
18,958
10,170
58,084
23,388
2,357
2,536
24,155
40,750
33,605
126,791
5,601
15,258
9,850
7,223
37,932
12,285
4,668
21,082
12,931
17,921
2,139
71,026
Total
Amortized Cost
Estimated
Fair Value
Amortized Cost
Estimated Fair
Value
23,390
3,589
17,532
5,159
49,670
17,549
726
10,070
838
29,183
285,989
60,860
265,055
373,041
485,186
83,802
3,942
1,557,875
271,364
48,110
186,145
280,386
320,166
57,665
3,962
1,167,798
NOTE: Totals include directly held investments with amortized cost of $1,086.7 million and fair value of $812.3 million as well as
investments in funds withheld with amortized cost of $471.2 million and fair value of $355.5 million.
December 31, 2008

(USD thousands)
AAA
AA
Underwriting Year
Amortized Cost
Estimated Fair
Value
2003 & Prior

2004
2005
2006
2007
2008
Total
250,720
50,245
200,140
306,478
362,226
30,017
1,199,826
254,690
46,737
136,101
234,575
256,163
28,501
956,767
Amortized Cost
Amortized Cost
Estimated Fair
Value
BBB
Underwriting Year
Amortized Cost
2003 & Prior

2004
2005
2006
2007
2008
Total
24,276
2,147
2,530
16,219
50,648
23,387
119,207
17,518
999
682
6,074
14,343
10,698
50,314
28,432
10,603
54,173
45,346
59,013
18,342
215,909

Estimated Fair
Value
18,144
3,679
15,283
37,106
A
Estimated
Fair Value
11,938
776
8,709
21,423
16,744
3,835
30,079
31,379
20,636
11,186
113,859
Total
Amortized Cost
Estimated
Fair Value
Amortized Cost
Estimated Fair
Value
1,305
1,305
941
941
321,572
62,995
260,522
384,631
471,887
71,746
1,573,353
300,890
51,571
167,638
281,678
291,142
50,385
1,143,304
NOTE: Totals include directly held investments with amortized cost of $1,085.1 million and fair value of $760.6 million as well as
investments in funds withheld with amortized cost of $488.3 million and fair value of $382.7 million.
Page 20

Investments
Gross Unrealized Losses Aging
Fixed Maturity Securities

(USD thousands)
June 30, 2009

Gross Unrealized
Losses
Less than 20%

20% or more for less than
six months
20% or more for six
months or greater
Total
March 31, 2009
% of Total
304,595
28.6%
152,606
14.4%
$
$
556,117
1,013,318
52.3%
95.3%
Gross Unrealized
Losses
$
December 31, 2008
% of Total
320,296
20.6%
406,885
26.2%
735,831
1,463,012
47.4%
94.2%
Gross Unrealized
Losses
$
September 30, 2008
% of Total
322,159
22.7%
766,789
54.1%
258,724
1,347,672
18.3%
95.1%
Gross Unrealized
Losses
$
June 30, 2008
% of Total
466,855
48.5%
323,511
33.7%
94,982
885,348
9.9%
92.1%
Gross Unrealized
Losses
$
% of Total
315,350
64.7%
97,591
20.1%
38,715
451,656
8.0%
92.8%
Equity Securities
(USD thousands)
June 30, 2009

Gross Unrealized
Losses
Less than 20%

20% or more for less than
six months
20% or more for six
months or greater
Total
March 31, 2009
% of Total
5,452
0.5%
3,951
0.4%
40,910
50,313
3.8%
4.7%
Gross Unrealized
Losses
$
December 31, 2008
% of Total
1,070
0.1%
10,675
0.7%
78,062
89,807
5.0%
5.8%
Gross Unrealized
Losses
$
September 30, 2008
% of Total
2,231
0.2%
29,958
2.1%
36,578
68,767
2.6%
4.9%
Gross Unrealized
Losses
$
June 30, 2008
% of Total
5,293
0.6%
57,710
6.0%
12,291
75,294
1.3%
7.9%
Gross Unrealized
Losses
$
10,562
% of Total
2.2%
21,904
4.5%
2,550
35,016
0.5%
7.2%
Page 21

Investments
Fixed Maturities and Equity Securities Below Amortized Cost
As of June 30, 2009
(USD thousands)
Less than 12 months

Estimated Fair
Value
Investment grade securities:

Investment grade securities
Non-investment grade securities:
Non-investment grade securities
Common stock
Equity securities
Total number of securities in an unrealized loss
position
460,442
323,489
131,783
329,259
51,225
164,047
14,684
257,500
1,732,429
83,289
3,666
8,089
26,943
121,987
1,854,416
25,146
13,207
38,353
Equal to or greater than 12 months
Gross Unrealized
Losses
53,092
11,729
15,862
21,486
13,426
49,928
1,657
13,750
180,930
21,194
5,928
3,583
12,811
43,516
224,446
5,847
1,578
7,425
Estimated Fair
Value
1,370,743
118,952
232,358
237,533
204,070
498,516
43,380
3,685
2,709,237
220,355
9,297
18,451
33,294
209
4,000
285,606
2,994,843
89,751
4,902
94,653
516
Total
Gross Unrealized
Losses
252,696
9,922
26,280
46,620
95,932
230,034
9,010
454
670,948
69,539
16,957
5,842
19,954
1,587
4,045
117,924
788,872
40,979
1,909
42,888
Estimated Fair
Value
Gross Unrealized
Losses
1,831,185
442,441
364,141
566,792
255,295
662,563
58,064
261,185
4,441,666
305,788
21,651
42,142
68,106
109,358
279,962
10,667
14,204
851,878
303,644
12,963
26,540
60,237
209
4,000
407,593
4,849,259
90,733
22,885
9,425
32,765
1,587
4,045
161,440
1,013,318
114,897
18,109
133,006
46,826
3,487
50,313
1,042
1,558
As of December 31, 2008

Less than 12 months
(USD thousands)
Estimated Fair
Value
Investment grade securities:
Investment grade securities
Non-investment grade securities:
Non-investment grade securities
Common stock
Equity securities
Total number of securities in an unrealized loss
position
1,407,547
114,754
190,525
508,102
118,608
523,475
20,403
16,419
2,899,833
140,426
3,465
24,637
8,089
176,617
3,076,450
49,376
11,804
61,180
1,039
Equal to or greater than 12 months
Gross Unrealized
Losses
240,299
2,751
58,026
82,490
40,139
200,567
1,947
33
626,252
36,615
2,060
7,227
5,944
51,846
678,098
22,316
4,607
26,923
Estimated Fair
Value
810,115
89,956
213,310
140,073
173,505
188,638
18,250
4,125
1,637,972
60,378
11,156
2,032
4,496
78,062
1,716,034
61,249
61,249
677
Total
Gross Unrealized
Losses
281,947
4,420
39,794
59,816
99,147
126,163
5,936
117
617,340
39,884
5,951
3,387
3,012
52,234
669,574
41,844
41,844
Estimated Fair
Value
2,217,662
204,710
403,835
648,175
292,113
712,113
38,653
20,544
4,537,805
Gross Unrealized
Losses
522,246
7,171
97,820
142,306
139,286
326,730
7,883
150
1,243,592
200,804
14,621
26,669
12,585
254,679
4,792,484
76,499
8,011
10,614
8,956
104,080
1,347,672
110,625
11,804
122,429
64,160
4,607
68,767
1,716
Page 22

Investments
Consolidated Investment Related Gains and Losses
(USD thousands)
June 30,
2009
Fixed Maturity and Equity Securities:
Other-than-temporary impairment losses on fixed maturities
Portion of loss recognized in other accumulated
comprehensive income (before taxes)
Net other-than-temporary impairment losses on fixed
maturities recognized in earnings
Impairment losses on equity securities
Gain on investment activity
Loss on investment activity
Net gain/(loss) on fixed maturity and equity securities
Other non-derivative gain/(loss), net
Embedded Derivatives:
B36
GMXB
Total embedded derivatives
Net gain/(loss) on total derivatives
$
(34,395)
Three Months Ended

Dec. 31,
2008
(15,226)
16,135
(20,807)
25,281
(18,828)
(14,354)
(34,395)
(5,430)
12,230
(19,649)
(47,244)
(15,226)
(337)
10,204
(5,759)
(11,118)
2,998
Free-standing Derivatives:
Credit Default Swaps
Interest Rate Swaps
Futures
Other
Currency Forwards
Total free-standing derivatives
Total investment related losses, net
(36,942)
March 31,
2009
430
Sept. 30,
2008
(92,388)
(548)
(36,394)
Year-to-Date
June 30,
2008
June 30,
2009
(71,337)
(5,699)
Change
(65,638)
16,135
16,135
16,135
(548)
5,928
(4,378)
1,002
(20,259)
19,353
(14,450)
(15,356)
(55,202)
(5,430)
37,511
(38,477)
(61,598)
(5,699)
16,009
(9,739)
571
(49,503)
(5,430)
21,502
(28,738)
(62,169)
1,376
1,533
1,465
3,428
1,902
1,526
(92,388)
(16,895)
6,169
(8,564)
(111,678)
1,481
Current Qtr
vs. PY
Quarter
June 30,
2008
9,288
(99,016)
(48,059)
592
1,165
(136,030)
(1,911)
(38,864)
22,311
270
(2,042)
(20,236)
(6,732)
152,098
10,870
1,638
157,874
(2,526)
7,681
6,120
289
11,564
1,413
(6,462)
2,294
(764)
(3,519)
7,875
(92,554)
(50,353)
592
1,929
(132,511)
7,377
(137,880)
(25,748)
862
(877)
(156,266)
64,337
161,237
225,574
(40,425)
35,213
(5,212)
(161,021)
(230,775)
(391,796)
(106,797)
(35,772)
(142,569)
(11,452)
5,357
(6,095)
75,789
155,880
231,669
23,912
196,450
220,362
(159,980)
(935)
(160,915)
183,892
197,385
381,277
89,544
(25,448)
(233,922)
(131,005)
(9,614)
99,158
64,096
(164,812)
228,908
78,188
(72,262)
(243,559)
(241,307)
(7,079)
85,267
5,926
(5,074)
(945)
2,109
13
(3,897)
(162,339)
12,451
(136,935)
(27,857)
862
(890)
(152,369)
168,265
Page 23

RGA - 2009 2Q - Supplement

Uploaded by

Document Information

Original Description:

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

RGA - 2009 2Q - Supplement

Uploaded by

Copyright:

Available Formats

Financial Supplement

Second Quarter 2009

Financial Strength Ratings

Standard & Poor's

Reinsurance Group of America, Incorporated

Consolidated Income Statement (incl. Operating Income Reconciliation)

Consolidated Operating Income Statement

Consolidated Balance Sheets

Segment Pre-tax Operating Income Summaries and Reconciliations to U.S. GAAP

Europe & South Africa Operations..

Asia Pacific Operations

Corporate and Other

Summary of Pre-tax Segment Operating Income..

Corporate Securities by Sector (Fixed Maturities and Equities)

Quality of Fixed Maturity Securities and Structured Fixed Maturity Securities

Subprime Mortgage Exposure (Including Funds Withheld Portfolios)

CMBS Exposure (Including Funds Withheld Portfolios)

Gross Unrealized Losses Aging

Fixed Maturity and Equity Securities Below Amortized Cost

Consolidated Gross Gains and Losses.

Reinsurance Group of America, Incorporated

Reinsurance Group of America, Incorporated

Three Months Ended or As of

(USD thousands, except inforce & per share data)

Wgt. average common shares outstanding (basic)

Common shares issued

Book value per share

Reinsurance Group of America, Incorporated

Benefits and expenses:

Three Months Ended

Pre-tax Operating Income Reconciliation:

After-tax Operating Income Reconciliation:

Reinsurance Group of America, Incorporated

(USD thousands, except per share data)

Benefits and expenses:

Wgt. Average Common Shares Outstanding (Diluted)

Foreign currency effect on*:

Three Months Ended

* Represents effect as compared to comparable prior year period

Reinsurance Group of America, Incorporated

Total stockholders' equity, excluding AOCI

Reinsurance Group of America, Incorporated

Benefits and expenses:

Operating to U.S. GAAP Reconciliation:

Loss and Expense Ratios:

Three Months Ended

Reinsurance Group of America, Incorporated

(USD thousands except account values)

Three Months Ended

Benefits and expenses:

Operating income before income taxes

Operating to U.S. GAAP Reconciliation:

Reinsurance Group of America, Incorporated

Three Months Ended

Annuity account values (in millions):

Net interest spread (fixed annuities):

Reinsurance Group of America, Incorporated

Three Months Ended

Benefits and expenses:

Reinsurance Group of America, Incorporated

Benefits and expenses:

Loss and Expense Ratios:

Three Months Ended