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Segment Information
 9 Months Ended
Sep. 30, 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 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 September 30,
 
Nine months ended September 30,
Total revenues:
 
2015
 
2014
 
2015
 
2014
U.S. and Latin America:
 
 
 
 
 
 
 
 
Traditional
 
$
1,312,638

 
$
1,310,879

 
$
3,910,176

 
$
3,922,598

Non-Traditional
 
87,099

 
261,128

 
471,547

 
843,197

Total
 
1,399,737

 
1,572,007

 
4,381,723

 
4,765,795

Canada:
 
 
 
 
 
 
 
 
Traditional
 
241,438

 
289,678

 
776,532

 
862,523

Non-Traditional
 
11,040

 
7,662

 
34,372

 
21,679

Total
 
252,478

 
297,340

 
810,904

 
884,202

Europe, Middle East and Africa:
 
 
 
 
 
 
 
 
Traditional
 
284,350

 
310,483

 
863,774

 
925,333

Non-Traditional
 
69,238

 
82,429

 
199,922

 
224,754

Total
 
353,588

 
392,912

 
1,063,696

 
1,150,087

Asia Pacific:
 
 
 
 
 
 
 
 
Traditional
 
421,970

 
418,017

 
1,227,159

 
1,270,444

Non-Traditional
 
11,420

 
10,415

 
38,066

 
56,188

Total
 
433,390

 
428,432

 
1,265,225

 
1,326,632

Corporate and Other
 
(559
)
 
25,897

 
68,039

 
80,065

Total
 
$
2,438,634

 
$
2,716,588

 
$
7,589,587

 
$
8,206,781


 
 
Three months ended September 30,
 
Nine months ended September 30,
Income (loss) before income taxes:
 
2015
 
2014
 
2015
 
2014
U.S. and Latin America:
 
 
 
 
 
 
 
 
Traditional
 
$
55,652

 
$
77,833

 
$
156,288

 
$
222,793

Non-Traditional
 
36,255

 
77,500

 
161,153

 
256,098

Total
 
91,907

 
155,333

 
317,441

 
478,891

Canada:
 
 
 
 
 
 
 
 
Traditional
 
34,072

 
24,160

 
79,535

 
75,602

Non-Traditional
 
3,257

 
884

 
10,482

 
4,526

Total
 
37,329

 
25,044

 
90,017

 
80,128

Europe, Middle East and Africa:
 
 
 
 
 
 
 
 
Traditional
 
15,910

 
21,281

 
35,551

 
47,076

Non-Traditional
 
29,234

 
23,895

 
80,300

 
74,627

Total
 
45,144

 
45,176

 
115,851

 
121,703

Asia Pacific:
 
 
 
 
 
 
 
 
Traditional
 
11,276

 
24,302

 
68,239

 
71,382

Non-Traditional
 
5,412

 
(3,889
)
 
14,152

 
10,270

Total
 
16,688

 
20,413

 
82,391

 
81,652

Corporate and Other
 
(50,931
)
 
(14,151
)
 
(67,648
)
 
(30,584
)
Total
 
$
140,137

 
$
231,815

 
$
538,052

 
$
731,790


Total Assets:
 
September 30, 2015
 
December 31, 2014
U.S. and Latin America:
 
 
 
 
Traditional
 
$
16,090,309

 
$
14,159,824

Non-Traditional
 
13,644,806

 
11,572,251

Total
 
29,735,115

 
25,732,075

Canada:
 
 
 
 
Traditional
 
3,720,003

 
3,946,942

Non-Traditional
 
20,900

 
49,186

Total
 
3,740,903

 
3,996,128

Europe, Middle East and Africa:
 
 
 
 
Traditional
 
2,949,206

 
2,514,868

Non-Traditional
 
1,992,788

 
2,178,454

Total
 
4,941,994

 
4,693,322

Asia Pacific:
 
 
 
 
Traditional
 
3,028,691

 
2,951,723

Non-Traditional
 
733,268

 
667,645

Total
 
3,761,959

 
3,619,368

Corporate and Other
 
5,426,149

 
6,638,718

Total
 
$
47,606,120

 
$
44,679,611