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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