Segment Information

3 Months Ended

Mar. 31, 2016

Segment Reporting [Abstract]

Segment Information

Segment Information

The accounting policies of the segments are the same as those described in the Summary of Significant Accounting Policies in Note 2 of the consolidated financial statements accompanying the 2015 Annual Report. The Company measures segment performance primarily based on profit or loss from operations before income taxes. There are no intersegment reinsurance transactions and the Company does not have any material long-lived assets. Investment income is allocated to the segments based upon average assets and related capital levels deemed appropriate to support the segment business volumes.

The Company allocates capital to its segments based on an internally developed economic capital model, the purpose of which is to measure the risk in the business and to provide a basis upon which capital is deployed. The economic capital model considers the unique and specific nature of the risks inherent in the Company’s businesses. As a result of the economic capital allocation process, a portion of investment income is attributed to the segments based on the level of allocated capital. In addition, the segments are charged for excess capital utilized above the allocated economic capital basis. This charge is included in policy acquisition costs and other insurance expenses.

The Company’s reportable segments are strategic business units that are primarily segregated by geographic region. Information related to revenues, income (loss) before income taxes and total assets of the Company for each reportable segment are summarized below (dollars in thousands).

	Three months ended March 31,
Revenues:	2016		2015
U.S. and Latin America:
Traditional	$	1,400,817	$	1,255,290
Non-Traditional	38,905		192,673
Total	1,439,722		1,447,963
Canada:
Traditional	258,000		265,004
Non-Traditional	10,684		11,874
Total	268,684		276,878
Europe, Middle East and Africa:
Traditional	289,634		295,232
Non-Traditional	67,756		55,376
Total	357,390		350,608
Asia Pacific:
Traditional	394,199		393,875
Non-Traditional	20,071		19,570
Total	414,270		413,445
Corporate and Other	32,502		31,719
Total	$	2,512,568	$	2,520,613

	Three months ended March 31,
Income (loss) before income taxes:	2016			2015
U.S. and Latin America:
Traditional	$	51,098		$	17,843
Non-Traditional	(14,896		)	54,505
Total	36,202			72,348
Canada:
Traditional	20,095			22,727
Non-Traditional	592			4,131
Total	20,687			26,858
Europe, Middle East and Africa:
Traditional	(1,116		)	10,482
Non-Traditional	25,424			19,634
Total	24,308			30,116
Asia Pacific:
Traditional	41,160			52,648
Non-Traditional	8,553			10,145
Total	49,713			62,793
Corporate and Other	(23,330		)	(7,990		)
Total	$	107,580		$	184,125

Assets:	March 31, 2016		December 31, 2015
U.S. and Latin America:
Traditional	$	17,622,125	$	16,554,509
Non-Traditional	13,907,045		13,405,878
Total	31,529,170		29,960,387
Canada:
Traditional	3,673,055		3,604,344
Non-Traditional	31,338		27,543
Total	3,704,393		3,631,887
Europe, Middle East and Africa:
Traditional	2,651,864		2,757,593
Non-Traditional	4,309,700		4,162,703
Total	6,961,564		6,920,296
Asia Pacific:
Traditional	3,552,912		3,227,530
Non-Traditional	761,868		742,528
Total	4,314,780		3,970,058
Corporate and Other	5,676,717		5,900,524
Total	$	52,186,624	$	50,383,152