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Segment Information
 3 Months Ended
Mar. 31, 2017
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 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 March 31,
Revenues:
2017
 
2016
U.S. and Latin America:
 
 
 
Traditional
$
1,488,503

 
$
1,400,817

Financial Solutions
298,846

 
38,905

Total
1,787,349

 
1,439,722

Canada:
 
 
 
Traditional
264,275

 
258,000

Financial Solutions
11,807

 
10,684

Total
276,082

 
268,684

Europe, Middle East and Africa:
 
 
 
Traditional
318,086

 
289,634

Financial Solutions
79,989

 
67,756

Total
398,075

 
357,390

Asia Pacific:
 
 
 
Traditional
505,230

 
394,199

Financial Solutions
20,452

 
20,071

Total
525,682

 
414,270

Corporate and Other
21,552

 
32,502

Total
$
3,008,740

 
$
2,512,568


 
 
Three months ended March 31,
Income (loss) before income taxes:
 
2017
 
2016
U.S. and Latin America:
 
 
 
 
Traditional
 
$
29,960

 
$
51,098

Financial Solutions
 
103,586

 
(14,896
)
Total
 
133,546

 
36,202

Canada:
 
 
 
 
Traditional
 
19,328

 
20,095

Financial Solutions
 
3,592

 
592

Total
 
22,920

 
20,687

Europe, Middle East and Africa:
 
 
 
 
Traditional
 
13,976

 
(1,116
)
Financial Solutions
 
31,918

 
25,424

Total
 
45,894

 
24,308

Asia Pacific:
 
 
 
 
Traditional
 
41,688

 
41,160

Financial Solutions
 
5,872

 
8,553

Total
 
47,560

 
49,713

Corporate and Other
 
(42,076
)
 
(23,330
)
Total
 
$
207,844

 
$
107,580


Assets:
 
March 31, 2017
 
December 31, 2016
U.S. and Latin America:
 
 
 
 
Traditional
 
$
18,237,867

 
$
18,140,825

Financial Solutions
 
13,715,786

 
13,712,106

Total
 
31,953,653

 
31,852,931

Canada:
 
 
 
 
Traditional
 
3,843,409

 
3,846,682

Financial Solutions
 
83,533

 
85,405

Total
 
3,926,942

 
3,932,087

Europe, Middle East and Africa:
 
 
 
 
Traditional
 
2,670,923

 
2,559,124

Financial Solutions
 
3,908,594

 
3,876,131

Total
 
6,579,517

 
6,435,255

Asia Pacific:
 
 
 
 
Traditional
 
4,267,498

 
3,968,081

Financial Solutions
 
686,523

 
676,281

Total
 
4,954,021

 
4,644,362

Corporate and Other
 
6,391,687

 
6,233,244

Total
 
$
53,805,820

 
$
53,097,879