LETTER TO THE SHAREHOLDERS A DV ANCEMENT ALTHOUGH LIFE REINSURANCE HISTORICALL HAS NEVER BEEN A TECHNOLOGY-DRIVEN  BUSINESS, RGA NEVERTHELESS HAS CONTINUED T O ADEPTLY APPLY TECHNOLOGY IN SMALL BUT IMPORTANT WAYS. RGA developed and promoted the Facultative Application Console SM system to facilitate the electronic transmission of facultative cases from life insurers to reinsurers. This system has gained wide acceptance, and some direct insurers have reduced to near zero their marginal cost of sending a case facultatively for reinsurance. RGA’s ASAP TM system uses technology to automatically deliver single impairment offers on borderline risks. RGA has developed an increasing niche business using this tool. ASAP was installed with a few clients in 2003, and we expect to expand the program in the future. Our software business, RGA Technology Partners, Inc. SM , had a solid year with growing revenues and an increasingly broad acceptance of AURA TM , RGA’s automated underwriting system. AURA has been installed in six countries and five languages in the last three years, with more implementations planned in 2004. Meanwhile, RGA continues to build its own infrastructure to keep pace with the increasing demands of the business. Our next-generation administration system made its debut in South Africa at year-end, and over the next couple of years will be implemented in all of our markets. RGA also continues to expand the value and variety of reinsurance it provides to clients. RGA Financial Markets leads the field in Despite a sometimes-turbulent 2003 for the life reinsurance industry, RGA continued to demonstrate its reliability, achieve exceptional growth, and mark further advancements in the scope of our business. These elements underpinned our success in the past year and position us well as we move forward. In 2003 RGA became the first foreign-owned life reinsurer to obtain a branch license in Japan. Our efforts to pave this path reflect our belief in and commitment to the Japanese market, and our desire to build a fully staffed local support capability. In addition, we also incorporated an Irish-domiciled subsidiary in 2003, with our long-term plans calling for RGA International Re to receive a rating and become the main vehicle for our business outside North America. creating effective solutions for short-term capital needs. Our Distribution Solutions team works with distributors to help address their needs and concerns, and our traditional domestic and international mortality businesses continue to innovate and advance the spectrum of offerings from RGA. 6 THIS IS RGA. 2003 ANNUAL REPORT A. Greig Woodring President and Chief Executive Officer GL Dan Ale