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Segment Information | 9 Months Ended
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Sep. 30, 2023
Segment Reporting [Abstract] |
Segment Information | The accounting policies of the segments are the same as those described in Note 2 – “Significant Accounting Policies and Pronouncements” in the Notes to Consolidated Financial Statements included in the Company’s 2022 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 millions):
|  | Three months ended September 30, |  | Nine months ended September 30,
Revenues: |  | 2023 |  | 2022 |  | 2023 |  | 2022
U.S. and Latin America: |  |  |  |  |  |  |  |
Traditional |  | $ | 1,949 |  |  | $ | 1,855 |  |  | $ | 5,693 |  |  | $ | 5,552 |
Financial Solutions |  | 1,115 |  |  | 292 |  |  | 1,908 |  |  | 811 |
Total |  | 3,064 |  |  | 2,147 |  |  | 7,601 |  |  | 6,363 |
Canada: |  |  |  |  |  |  |  |
Traditional |  | 366 |  |  | 359 |  |  | 1,098 |  |  | 1,095 |
Financial Solutions |  | 26 |  |  | 27 |  |  | 79 |  |  | 82 |
Total |  | 392 |  |  | 386 |  |  | 1,177 |  |  | 1,177 |
Europe, Middle East and Africa: |  |  |  |  |  |  |  |
Traditional |  | 471 |  |  | 456 |  |  | 1,382 |  |  | 1,372 |
Financial Solutions |  | 160 |  |  | 142 |  |  | 459 |  |  | 460 |
Total |  | 631 |  |  | 598 |  |  | 1,841 |  |  | 1,832 |
Asia Pacific: |  |  |  |  |  |  |  |
Traditional |  | 801 |  |  | 720 |  |  | 2,282 |  |  | 2,124 |
Financial Solutions |  | 130 |  |  | 171 |  |  | 397 |  |  | 234 |
Total |  | 931 |  |  | 891 |  |  | 2,679 |  |  | 2,358 |
Corporate and Other |  | 135 |  |  | 28 |  |  | 262 |  |  | 140 |
Total |  | $ | 5,153 |  |  | $ | 4,050 |  |  | $ | 13,560 |  |  | $ | 11,870 |
|  | Three months ended September 30, |  | Nine months ended September 30,
Income (loss) before income taxes: |  | 2023 |  | 2022 |  | 2023 |  | 2022
U.S. and Latin America: |  |  |  |  |  |  |  |
Traditional |  | $ | 105 |  |  | $ | (69) |  |  | $ | 288 |  |  | $ | 81 |
Financial Solutions |  | 108 |  |  | 53 |  |  | 290 |  |  | 153 |
Total |  | 213 |  |  | (16) |  |  | 578 |  |  | 234 |
Canada: |  |  |  |  |  |  |  |
Traditional |  | 6 |  |  | 12 |  |  | 70 |  |  | 54 |
Financial Solutions |  | 30 |  |  | 6 |  |  | 46 |  |  | 22 |
Total |  | 36 |  |  | 18 |  |  | 116 |  |  | 76 |
Europe, Middle East and Africa: |  |  |  |  |  |  |  |
Traditional |  | (60) |  |  | 5 |  |  | (29) |  |  | 43 |
Financial Solutions |  | 84 |  |  | 34 |  |  | 195 |  |  | 126 |
Total |  | 24 |  |  | 39 |  |  | 166 |  |  | 169 |
Asia Pacific: |  |  |  |  |  |  |  |
Traditional |  | 134 |  |  | (73) |  |  | 302 |  |  | 94 |
Financial Solutions |  | (16) |  |  | 47 |  |  | (9) |  |  | (63) |
Total |  | 118 |  |  | (26) |  |  | 293 |  |  | 31 |
Corporate and Other |  | (11) |  |  | (92) |  |  | (157) |  |  | (173) |
Total |  | $ | 380 |  |  | $ | (77) |  |  | $ | 996 |  |  | $ | 337 |
Assets: |  | September 30, 2023 |  | December 31, 2022
U.S. and Latin America: |  |  |  |
Traditional |  | $ | 22,527 |  |  | $ | 22,612 |
Financial Solutions |  | 24,117 |  |  | 25,203 |
Total |  | 46,644 |  |  | 47,815 |
Canada: |  |  |  |
Traditional |  | 4,936 |  |  | 4,826 |
Financial Solutions |  | 221 |  |  | 177 |
Total |  | 5,157 |  |  | 5,003 |
Europe, Middle East and Africa: |  |  |  |
Traditional |  | 3,649 |  |  | 3,652 |
Financial Solutions |  | 6,247 |  |  | 5,215 |
Total |  | 9,896 |  |  | 8,867 |
Asia Pacific: |  |  |  |
Traditional |  | 9,894 |  |  | 9,254 |
Financial Solutions |  | 13,362 |  |  | 12,023 |
Total |  | 23,256 |  |  | 21,277 |
Corporate and Other |  | 2,469 |  |  | 1,942 |
Total |  | $ | 87,422 |  |  | $ | 84,904 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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