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 2016 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.

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 has geographic-based and business-based operational segments. Geographic-based operations are further segmented into traditional and financial solutions businesses. 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 June 30,				Six months ended June 30,
Revenues:	2017		2016		2017		2016
U.S. and Latin America:
Traditional	$	1,522,698	$	1,494,003	$	3,011,201	$	2,894,820
Financial Solutions	271,976		305,077		570,822		343,982
Total	1,794,674		1,799,080		3,582,023		3,238,802
Canada:
Traditional	269,273		288,912		533,548		546,912
Financial Solutions	12,003		11,854		23,810		22,538
Total	281,276		300,766		557,358		569,450
Europe, Middle East and Africa:
Traditional	345,920		301,642		664,006		591,276
Financial Solutions	73,405		80,977		153,394		148,733
Total	419,325		382,619		817,400		740,009
Asia Pacific:
Traditional	561,529		477,571		1,066,759		871,770
Financial Solutions	17,984		17,045		38,436		37,116
Total	579,513		494,616		1,105,195		908,886
Corporate and Other	54,488		61,987		76,040		94,489
Total	$	3,129,276	$	3,039,068	$	6,138,016	$	5,551,636



	Three months ended June 30,					Six months ended June 30,
Income (loss) before income taxes:	2017		2016			2017			2016
U.S. and Latin America:
Traditional	$	90,594	$	111,430		$	120,554		$	162,528
Financial Solutions	106,985		108,854			210,571			93,958
Total	197,579		220,284			331,125			256,486
Canada:
Traditional	32,836		43,309			52,164			63,404
Financial Solutions	4,425		2,128			8,017			2,720
Total	37,261		45,437			60,181			66,124
Europe, Middle East and Africa:
Traditional	11,354		6,834			25,330			5,718
Financial Solutions	28,905		27,469			60,823			52,893
Total	40,259		34,303			86,153			58,611
Asia Pacific:
Traditional	53,322		34,482			95,010			75,642
Financial Solutions	5,377		(73		)	11,249			8,480
Total	58,699		34,409			106,259			84,122
Corporate and Other	5,517		18,790			(36,559		)	(4,540		)
Total	$	339,315	$	353,223		$	547,159		$	460,803



Assets:	June 30, 2017		December 31, 2016
U.S. and Latin America:
Traditional	$	18,588,924	$	18,140,825
Financial Solutions	16,370,238		13,712,106
Total	34,959,162		31,852,931
Canada:
Traditional	3,965,235		3,846,682
Financial Solutions	104,804		85,405
Total	4,070,039		3,932,087
Europe, Middle East and Africa:
Traditional	2,852,309		2,559,124
Financial Solutions	4,016,788		3,876,131
Total	6,869,097		6,435,255
Asia Pacific:
Traditional	4,449,350		3,968,081
Financial Solutions	1,179,010		676,281
Total	5,628,360		4,644,362
Corporate and Other	6,611,414		6,233,244
Total	$	58,138,072	$	53,097,879