MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS U.S. OPERATIONS, continued (in thousands) Non-Traditional Asset- Financial Total FOR THE YEAR ENDED DECEMBER 31, 2002 Traditional Intensive Reinsurance U.S. Revenues: Net premiums $1,407,751 $ 3,786 $ – $1,411,537 Investment income, net of related expenses 161,869 110,019 191 272,079 Realized investment losses, net (6,194) (4,135) – (10,329) Other revenues 2,802 7,277 26,586 36,665 Total revenues 1,566,228 116,947 26,777 1,709,952 Benefits and expenses: Claims and other policy benefits 1,097,998 17,376 – 1,115,374 Interest credited 56,675 65,504 – 122,179 Policy acquisition costs and other insurance expenses  228,800 18,560 8,196 255,556 Other operating expenses 30,505 1,242 9,295 41,042 Total benefits and expenses 1,413,978 102,682 17,491 1,534,151 Income before income taxes $ 152,250 $ 14,265 $ 9,286 $ 175,801 Non-Traditional Asset- Financial Total FOR THE YEAR ENDED DECEMBER 31, 2001 Traditional Intensive Reinsurance U.S. Revenues: Net premiums $1,234,817 $ 3,248 $ – $1,238,065 Investment income, net of related expenses 152,068 93,252 474 245,794 Realized investment gains (losses), net (30,764) 1,193 – (29,571) Other revenues 2,344 2,379 25,958 30,681 Total revenues 1,358,465 100,072 26,432 1,484,969 Benefits and expenses: Claims and other policy benefits 983,460 4,658 – 988,118 Interest credited 52,428 58,087 – 110,515 Policy acquisition costs and other insurance expenses  187,422 21,632 9,925 218,979 Other operating expenses 34,056 740 7,980 42,776 Total benefits and expenses 1,257,366 85,117 17,905 1,360,388 Income before income taxes $ 101,099 $ 14,955 $ 8,527 $ 124,581 25 THIS IS RGA. 2003 ANNUAL REPORT