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Segment Information
 3 Months Ended
Mar. 31, 2015
Segment Reporting [Abstract]  
Segment Information
Segment Information
Effective January 1, 2015, the Company further refined its reporting of the Canada; Europe, Middle East and Africa; and Asia Pacific segments into traditional and non-traditional businesses to reflect the expanded product offerings within its geographic-based segments. The Company’s traditional and non-traditional segments are now managed separately and have discrete financial information available that is reviewed regularly by the Company’s chief operating decision maker. The Company has recently experienced growth and opportunity in its non-traditional businesses resulting from its efforts to meet the needs of its clients and adapt to the changing regulatory environment within the insurance industry. The non-traditional business primarily consists of asset-intensive, longevity, financial reinsurance and capital motivated transactions that are sourced and managed by the Company’s Global Financial Solutions unit. The prior period presentation has been adjusted to conform to the new segment reporting structure.
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 2014 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 and investment related gains and losses are 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,
Total revenues:
 
2015
 
2014
U.S. and Latin America:
 
 
 
 
Traditional
 
$
1,255,290

 
$
1,278,692

Non-Traditional
 
192,673

 
288,621

Total
 
1,447,963

 
1,567,313

Canada:
 
 
 
 
Traditional
 
265,004

 
271,444

Non-Traditional
 
11,874

 
6,305

Total
 
276,878

 
277,749

Europe, Middle East and Africa:
 
 
 
 
Traditional
 
295,232

 
307,750

Non-Traditional
 
55,376

 
58,107

Total
 
350,608

 
365,857

Asia Pacific:
 
 
 
 
Traditional
 
393,875

 
386,889

Non-Traditional
 
19,570

 
28,140

Total
 
413,445

 
415,029

Corporate and Other
 
31,719

 
31,225

Total
 
$
2,520,613

 
$
2,657,173


 
 
Three months ended March 31,
Income (loss) before income taxes:
 
2015
 
2014
U.S. and Latin America:
 
 
 
 
Traditional
 
$
17,843

 
$
50,972

Non-Traditional
 
54,505

 
83,124

Total
 
72,348

 
134,096

Canada:
 
 
 
 
Traditional
 
22,727

 
19,433

Non-Traditional
 
4,131

 
631

Total
 
26,858

 
20,064

Europe, Middle East and Africa:
 
 
 
 
Traditional
 
10,482

 
(992
)
Non-Traditional
 
19,634

 
16,197

Total
 
30,116

 
15,205

Asia Pacific:
 
 
 
 
Traditional
 
52,648

 
18,867

Non-Traditional
 
10,145

 
7,444

Total
 
62,793

 
26,311

Corporate and Other
 
(7,990
)
 
3,764

Total
 
$
184,125

 
$
199,440


Total Assets:
 
March 31, 2015
 
December 31, 2014
U.S. and Latin America:
 
 
 
 
Traditional
 
$
14,835,231

 
$
14,159,824

Non-Traditional
 
11,548,878

 
11,572,251

Total
 
26,384,109

 
25,732,075

Canada:
 
 
 
 
Traditional
 
3,859,043

 
3,946,942

Non-Traditional
 
43,708

 
49,186

Total
 
3,902,751

 
3,996,128

Europe, Middle East and Africa:
 
 
 
 
Traditional
 
2,438,389

 
2,514,868

Non-Traditional
 
2,075,279

 
2,178,454

Total
 
4,513,668

 
4,693,322

Asia Pacific:
 
 
 
 
Traditional
 
2,953,837

 
2,951,723

Non-Traditional
 
657,826

 
667,645

Total
 
3,611,663

 
3,619,368

Corporate and Other
 
6,279,077

 
6,638,718

Total
 
$
44,691,268

 
$
44,679,611