MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS FORWARD-LOOKING AND CA UTION AR Y STATEMENTS This Annual Report contains forward-looking statements within  the meaning of the Private Securities Litigation Reform Act of 1995 including, among others, statements relating to projections  of the earnings, revenues, income or loss, future financial  performance, and growth potential of Reinsurance Group of America, Incorporated and its subsidiaries (referred to in the  following paragraphs as “we,” “us,” or “our”). The words “intend,” “expect,” “project,” “estimate,” “predict,” “anticipate,” “should,” “believe,” and other similar expressions also are intended to  identify forward-looking statements. Forward-looking statements  are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Future events and actual  results, performance, and achievements could differ materially  from those set forth in, contemplated by, or underlying the  forward-looking statements. (15) changes in laws, regulations, and accounting standards  applicable to us, our subsidiaries, or our business, and (16) other risks and uncertainties described in this document and in our other filings with the Securities and Exchange Commission (“SEC”). Forward-looking statements should be evaluated together with the many risks and uncertainties that affect our business, including those mentioned in this document and the cautionary statements described in the periodic reports we file with the SEC. You are  cautioned not to place undue reliance on the forward-looking  statements, which speak only as of the date on which they are made. We do not undertake any obligations to update these  forward-looking statements, even though our situation may change in the future. We qualify all of our forward-looking statements by these cautionary statements. For a discussion of these risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements, you are advised to consult the sections named “Risk Factors” and “Cautionary Statement Regarding Forward-Looking Statements” contained in our Registration Statement on Form S-3, as amended, filed with the SEC on August 25, 2003. Numerous important factors could cause actual results and  events to differ materially from those expressed or implied  by forward-looking statements including, without limitation,  (1) adverse changes in mortality, morbidity or claims experience, (2) changes in our financial strength and credit ratings or those  of MetLife, Inc. (“MetLife”), the beneficial owner of a majority  of our common shares, or its subsidiaries, and the effect of such changes on our future results of operations and financial condition, (3) general economic conditions affecting the demand for insurance and reinsurance in our current and planned markets, (4) market or economic conditions that adversely affect our ability to make timely sales of investment securities, (5) changes in investment portfolio yields due to interest rate or credit quality changes, (6) fluctuations in U.S. or foreign currency exchange rates, interest rates, or securities and real estate markets, (7) adverse litigation or arbitration results, (8) the stability of governments and economies in the markets in which we operate, (9) competitive factors and competitors’ responses to our initiatives, (10) the success of our clients, (11) successful execution of our entry into new markets, (12) successful development and introduction of new products, (13) our ability to successfully integrate and operate reinsurance business that we acquire, including without limitation, the traditional life reinsurance business of Allianz Life, (14) regulatory action that may be taken by state Departments of Insurance with respect to us, MetLife, or its subsidiaries, 2003 NET PREMIUMS BY BUSINESS UNIT U.S. operations represent RGA’s largest business segment, although more than 30% of premiums come from other operations. U.S. 68% International 24% Canada 8% THIS IS RGA. 2003 ANNUAL REPORT 19