Fitch Ratings Affirms RGA; Outlook Stable.

CHICAGO -- Fitch Ratings has affirmed Reinsurance Group of America, Inc.'s (NYSE:RGA) long-term issuer rating at 'A-' and the ratings of all the company's outstanding debt (as listed below). Fitch has also affirmed RGA Reinsurance Company's (RGA Re) insurer financial strength (IFS) 'AA-' rating. The Rating Outlook is Stable.

The ratings action follows majority owner MetLife, Inc.'s (MET) announcement that it may finance a portion of its agreement to purchase Travelers Life & Annuity (the transaction) through select assets sales, including its 52% ownership position in RGA. MET's decision to sell its interest in RGA, which is currently valued at approximately $1.5 billion, will be dependent on market conditions, timing, and valuation considerations.

Fitch's ratings on RGA reflect the company's standalone profile. Potential benefits associated with MET's majority ownership of RGA have not been factored into the RGA's ratings based on Fitch's view that RGA is a strategic investment for MET that could be sold. Fitch will continue to maintain an ongoing dialogue with MET management, and will react to MET's specific plans with regard to RGA as they become available.

Based on Fitch's current view of RGA, a potential disposition of RGA by MET through a secondary offering will likely have no effect on RGA's ratings. A potential sale of MET's ownership position in RGA to a single strategic buyer may have an impact on RGA's ratings depending on the details of the transaction.

RGA's ratings reflect the company's well-established and successful North American traditional life reinsurance operations. The purchase of the in-force life reinsurance liabilities of Allianz Life Insurance Company of North America (Allianz) in 2003 boosted RGA's market share in the United States to approximately 17% of ordinary life reinsurance assumed. Rating strengths include RGA's underwriting expertise and facultative focus, good investment performance, liquid investment portfolio, and earnings diversification through nontraditional product offerings. Statutory capitalization at RGA Reinsurance Company (RGA Re) remains within Fitch's expectations with a NAIC risk-based capital (RBC) ratio of 294% at year-end 2003.

Rating concerns include RGA's reliance on the capital markets to fund internal growth and acquisitions, and reliance on the continuing availability of affordable retrocession, including surplus relief, as a risk and capital management tool. The performance of certain ancillary businesses outside of the company's core expertise was not as expected and has resulted in losses that will run off over time.

RGA reported GAAP net income of $222 million for 2004, up 28% over the prior year. Equity-adjusted leverage was 17.7% at Sept. 30, 2004 and was within Fitch's ratings expectations. GAAP EBIT fixed-charge coverage was 9.9x through the nine months ended Sept. 30, 2004.

The noted ratings were initiated by Fitch as a service to users of Fitch ratings and are based primarily on public information.

Entity/Issue/Type                  Action        Rating/Outlook

    RGA Reinsurance Company

    -- Insurer financial strength      Affirm        'AA-'/Stable.

    Reinsurance Group of America, Inc.

    -- Long-term issuer;

    -- 7.25% senior notes due April 1, 2006;

    -- 6.75% senior notes due Dec. 15, 011;

                                       Affirm        'A-'/Stable.

    RGA Capital Trust I

    -- Convertible trust preferred securities (PIERS)

                                       Affirm        'BBB+'/Stable.