LETTER TO THE SHAREHOLDERS A. Greig Woodring President and Chief Executive Officer TO SHAREHOLDERS DESPITE A CHALLENGING ENVIRONMENT FOR THE INDUSTRY AT LARGE, 2003 WAS A STRONG YEAR FOR RGA. WE ONCE AGAIN DEMONSTRAT ED OUR RELIABILITY AND STABILITY, ACHIEVED SIGNIFICANT GROWTH, AND ADV ANCED OUR BUSINESS ON SEVERAL FRONTS. On top of solid performance by our existing businesses in 2003, RGA assumed the life reinsurance business of Allianz Life through a coinsurance transaction. This transaction consists of  a relatively large, well-managed block of mortality risk business that significantly overlaps with RGA’s existing client base—in other words, it tucks neatly into our existing large base and markedly expands it with similar business. Assuming a large  in force block of business allows for more predictable pricing than writing a similar amount of organic new business. Assuming the Allianz business required a significant amount  of the capital we had set aside for growth at the time. When it became apparent that we would need to access the market, we opted to go as quickly as conditions allowed, successfully raising $427 million of equity in the fourth quarter. This capital should provide support for at least a couple of years of normalized growth (including Allianz). These two events—Allianz and the capital raise—stacked on top of an already strong performance made 2003 a memorable year for RGA. 1 THIS IS RGA. 2003 ANNUAL REPORT