Cammack Lecture at University of Illinois Greig Woodring October 7, 2005

Individual Life In-Force 2004 Source: National Underwriter Life & Health | August 15, 2005

Quarterly Mortality Volatility 5 Yr Average = 80.7%

Observed Claims Volatility Monthly Claims Variance for Selected US Business Quarterly Claims Variance for Selected US Business 40% 40% 20% 20% 0% 0% -20% -20% -40% -40% 1 2 3 4 1 2 3 4 Variation by Count Variation by Average Size Total Variation Variation by Count Variation by Average Size Total Variation Annual Claims Variance for Selected US Business 40% 20% 0% -20% -40% 1 2 3 4 Variation by Count Variation by Average Size Total Variation

Life Reinsurance Inforce – North America Market Continues to Grow ($ in billions) 5 year CAGR 15% 5 year CAGR 29% +13% +16% +8% +16% +15% +76% +22% +30% +13% +20% Source: Munich American / Society of Actuaries Reinsurance Surveys

Life Reinsurance Penetration – New Ordinary Business Production ($ in billions) (C$ in billions) 78% 71% 70% 74% 61% 60% 62% 59% 59% 59% Source: Munich American / Society of Actuaries Reinsurance Surveys, ACLI, CLHIA *Estimate

Financial Snapshot December 31, 1993 December 31, 2004 Share Price $12.28* Market Cap $480M Assets $1.2B Net Income $34.1M Premiums $380M Employees 198 * Split-adjusted December 31, 2004 Share Price $48.45 Market Cap $3.0B Assets $14.0B Net Income $221.9M Premiums $3.3B Employees 778

Shareholder “Book” Value Per Share 5 Year Trend 5 year CAGR 13%

Top 10 North American Life Reinsurers in 2004 ($ in billions) Reinsurer In Force Market Share Swiss Re $2,129.3 28.7% RGA 1,097.5 14.8 Munich American Re 1,020.7 13.8 Scottish Re 1,020.1 13.8 Transamerica Re 600.8 8.1 ERC 491.5 6.6 Generali 230.9 3.1 Revios (Gerling) 147.5 2.0 General Re Life 135.8 1.8 Canada Life 132.9 1.8 Top 5 79.2% Next 5 15.3% Source: Source: 2004 Munich American / Society of Actuaries Reinsurance Survey

Top 10 Life Reinsurance Groups

Life Reinsurance Consolidation North American Market Share Based on Inforce Source: Munich American / Society of Actuaries Reinsurance Surveys

Expanding Geographic Presence YTD Premiums by Operating Segment - June 30, 2005 Operating segments segregated by geographic region U.S. Canada Europe & South Africa Asia Pacific Asia Pacific 14% Europe & South Africa 15% U.S. 63% Canada 8% YTD 2005 Total Premiums - $1.8 Billion {FIG}\CLIENT FOLDERS\RGA (CORE 92740)\FINANCING 08_2001\ROADSHOW PRES\AUXILLIARY FILES\ROADSHOW_PRES_V1(LTM).XLS!SLIDE

RGA – Highly Regarded by Clients 2005 Flaspöhler Research Group Survey “RGA earned the highest scores overall” “RGA was named by 61.4% of cedants as a reinsurer that they work with that they believe is best overall – placing the company 1st of the 19 reinsurers tested” “RGA, overall, is in the top quartile of all 9 factors” 1 of only 2 companies ranked top quartile in all 9 factors Factors include: Underwriting Capabilities, Financial Value, Financial Security, Strong Client Orientation, Leading Expertise & Market Knowledge, Timely Service, Technology, Quality Actuaries and Innovation/Creativity Source: 2005 Flaspöhler Research Group survey of the major life reinsurance buyers (direct insurance company executives) in the U.S. market. Survey was based on +/- 225 interviews. {FIG}\CLIENT FOLDERS\RGA (CORE 92740)\FINANCING 08_2001\ROADSHOW PRES\AUXILLIARY FILES\ROADSHOW_PRES_V1(LTM).XLS!SLIDE

International Markets - Challenges Increasing competition Market volatility Foreign currency fluctuations Unstable interest rate environments Systems and communications Infrastructure and regulation

Future Growth Underwriting Securitization Payout annuities International expansion

Cammack Lecture at University of Illinois Greig Woodring October 7, 2005