REPOR OF MANAGEMENT RESPONSIBILITY FOR FINANCIAL STATEMENTS The consolidated balance sheets of Reinsurance Group of America, Incorporated and subsidiaries as of December 31, 2003 and 2002, and the related consolidated statements of income, cash flows and stockholders’ equity for the years ended December 31, 2003, 2002 and 2001, have been prepared by management, which is responsible for their integrity and objectivity. The statements have been prepared in accordance with accounting principles generally accepted in the United States of America and include some amounts that are based upon management’ best estimates and judgments. The financial information contained elsewhere in this annual report is consistent with that contained in the consolidated financial statements.  Management is responsible for establishing and maintaining a system of internal control designed to provide reasonable assurance as to  the integrity and reliability of financial reporting. The concept of reasonable assurance is based on the recognition that there are inherent limitations in all systems of internal control, and that the cost of such systems should not exceed the benefits derived therefrom. A  professional staff of internal auditors reviews, on an ongoing basis, the related internal control system design, the accounting policies  and procedures supporting this system, and compliance therewith. Management believes this system of internal control effectively meets  its objective of reliable financial reporting. In connection with annual audits, independent certified public accountants perform an audit in accordance with auditing standards  generally accepted in the United States of America, which includes the consideration of the system of internal control to the extent  necessary to form an independent opinion on the consolidated financial statements prepared by management. The Board of Directors, through its Audit Committee, which is composed solely of directors who are not employees of the Company, is responsible for overseeing the integrity and reliability of the Company’s  accounting and financial reporting practices and the effectiveness of its system of internal controls. The independent certified public accountants and internal auditors meet regularly with, and have access to, this committee, with and without management present, to discuss the results of their audit work. Jack B. Lay Executive Vice President and Chief Financial Officer A. Greig Woodring President and Chief Executive Officer fi Dan, We 3. Xen TI Ce. Lues Todd C. Larson Senior Vice President, Controller and Treasurer THIS IS RGA. 2003 ANNUAL REPORT 81