CONSOLIDATED BALANCE SHEETS (Dollars in thousands) 47 THIS IS RGA. 2003 ANNUAL REPORT See accompanying “Notes to Consolidated Financial Statements.” AT DECEMBER 31, 2003 2002 Assets: Fixed maturity securities available for sale, at fair value $4 ,575,735 $3,502,703  Mortgage loans on real estate 479,312 227,492 Policy loans 902,857 841,120 Funds withheld at interest 2,717,278 1,975,071 Short-term investments 28,917 4,269 Other invested assets 179,320 99,540 Total investments 8,883,419 6,650,195 Cash and cash equivalents 84,586 88,101 Accrued investment income 47,961 35,514 Premiums receivable 412,413 253,892 Reinsurance ceded receivables 463,557 425,387 Deferred policy acquisition costs 1,757,096 1,084,936 Other reinsurance balances 387,108 288,833 Other assets 77,234 65,739 Total assets $12,113,374  $8,892,597  Liabilities and Stockholders’ Equity: Future policy benefits $3 ,550,156 $2,430,042  Interest sensitive contract liabilities 4,170,591 3,413,462 Other policy claims and benefits 1,091,038 760,166 Other reinsurance balances 267,706 233,286 Deferred income taxes 438,973 291,980 Other liabilities 90,749 55,235 Long-term debt 398,146 327,787 Company-obligated mandatorily redeemable preferred securities of subsidiary trust holding solely junior subordinated debentures of the Company 158,292 158,176 Total liabilities 10,165,651 7,670,134  Commitments and contingent liabilities – – Stockholders’ Equity: Preferred stock (par value $.01 per share; 10,000,000 shares authorized;  no shares issued or outstanding) – – Common stock (par value $.01 per share; 75,000,000 shares authorized, 63,128,273  and 51,053,273 shares issued at December 31, 2003 and 2002, respectively) 631 511 Warrants 66,915 66,915 Additional paid-in-capital 1,042,444 613,042 Retained earnings 641,502 480,301 Accumulated other comprehensive income: Accumulated currency translation adjustment, net of income taxes 53,601 715 Unrealized appreciation of securities, net of income taxes 170,658 102,768 Total stockholders’ equity before treasury stock 1,975,751 1,264,252 Less treasury shares held of 967,927 and 1,596,629 at cost at December 31, 2003 and December 31, 2002, respectively (28,028) (41,789) Total stockholders’ equity 1,947,723 1,222,463 Total liabilities and stockholders’ equity $12,113,374  $8,892,597 