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

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

3. Quarterly Mortality Volatility 5 Yr Average = 80.7%

4. 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

5. 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

6. 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

7. 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
* Split-adjusted
December 31, 2004
Share Price $48.45
Market Cap $3.0B
Assets $14.0B
Net Income $221.9M
Premiums $3.3B
Employees

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

9. Top 10 North American Life
Reinsurers in 2004
($ in billions)
Reinsurer In Force Market Share
Swiss Re $2, %
RGA ,
Munich American Re ,
Scottish Re ,
Transamerica Re
ERC
Generali
Revios (Gerling)
General Re Life
Canada Life
Top %
Next %
Source: Source: 2004 Munich American / Society of Actuaries Reinsurance Survey

10. Top 10 Life Reinsurance Groups

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

12. 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

13. 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: 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

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

15. Future Growth Underwriting Securitization Payout annuities
International expansion

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