INTERNATIONAL OPERA TIONAL REVIEW INTERNA TIONAL DIVISION NET PREMIUMS* (in millions) 99 00 01 02 03 $623 $99 $124 $215 $387 INTERN ATIONAL FROM ITS HEADQUARTERS IN TORONTO, CANADA, THE INTERNATIONAL DIVISION IS  RESPONSIBLE FOR SERVICING CLIENTS OUTSIDE THE NORTH AMERICAS. THE DIVISION  HAS OFFICES IN 10 COUNTRIES SERVING BOTH LO CAL AND REGIONAL CLIENTS, BRINGING  AN ATTITUDE OF RESPONSIVENESS AND  A SPIRIT OF PARTNERSHIP TO ALL ASPECTS  OF RGA’S BUSINESS. THE DIVISION EXPERIENCED  STRONG GROWTH IN 2003; PRE-TAX INCOME ROSE TO $39.5 MILLION FROM $9.7 MILLION IN 2002. WHILE EACH RGA OFFICE FACES UNIQUE CHALLENGES IN TERMS OF CLIENT NEEDS, MARKET INTRICACIES, LOCAL CULTURE, ECONOMIC CONDITIONS AND INSURANCE REGULATION, RGA’S FUNDAMENTAL COMMITMENT TO INDUSTRY-LEADING CUSTOMER SER VICE IS ONE CONSTANT UPON WHICH ALL RGA CLIENTS CAN RELY. AUSTRALIA AND NEW ZEALAND Consolidation activity and regulatory change in the Australian market continued to play out in 2003, evidenced by higher retention rates by direct insurers and less reliance on reinsurer capital. In Australia and New Zealand, individual insurance sales appear to have hit a plateau. In spite of this challenge, RGA thrived in 2003, exceeding revenue goals and processing more than 8,900 facultative applications. RGA consolidated its  position in Australia and New Zealand, and is increasingly recognized as the local expert reinsurer. In 2004, RGA will focus on expanding its position in the growing Australian group coverage market and also monitoring potential regulatory developments  in New Zealand, which may affect RGA’s mode of operation in  the future. *International Division net premiums do not include Latin American countries, which were reorganized into the North American division in 2003. THIS IS RGA. 2003 ANNUAL REPORT 11