A.M. Best views RGA’s debt servicing capabilities favorably, with cash flows supported by its consistently profitable operations and its financial leverage ratios remain within A.M. Best’s guidelines for its current ratings. RGA also maintains strong overall liquidity.The company is well positioned at its current rating level. Key rating factors that could result in negative rating actions include a sustained decline in RGA and its subsidiaries risk-adjusted capital and /or operating performance or a material adverse change in RGA’s market leadership position in its core reinsurance markets. The following debt ratings have been affirmed: Reinsurance Group of America, Inc—- “a-” on $300 million 5.625% senior unsecured notes, due 2017- “a-” on $400 million 6.45% senior unsecured notes, due 2019- “a-” on $400 million 5% senior unsecured notes, due 2021-“bbb+” on $400 million 6.2% fixed to floating subordinated debentures, due 2042- “bbb” on $400 million 6.75 % fixed to floating junior subordinated debentures, due 2065 The following indicative ratings available under shelf registration have been affirmed: Reinsurance Group of America, Inc—- “a-” on senior debt- “bbb+” on subordinated debt- “bbb” on preferred stock RGA Capital Trust III and IV“bbb” on trust preferred securities The methodology used in determining these ratings is Best’s Credit Rating Methodology, which provides a comprehensive explanation of A.M. Best’s rating process and contains the different rating criteria employed in the rating process. Best’s Credit Rating Methodology can be found at www.ambest.com/ratings/methodology. Founded in 1899, A.M. Best Company is the world's oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com. Copyright © 2013 by A.M. Best Company, Inc. ALL RIGHTS RESERVED.