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Segment Information | 3 Months Ended
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Mar. 31, 2024
Segment Reporting [Abstract] |
Segment Information | 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 2023 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 credited 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 March 31,
Revenues: |  |  |  |  |  | 2024 |  | 2023
U.S. and Latin America: |  |  |  |  |  |  |  |
Traditional |  |  |  |  |  | $ | 1,914 |  |  | $ | 1,812 |
Financial Solutions |  |  |  |  |  | 2,309 |  |  | 515 |
Total |  |  |  |  |  | 4,223 |  |  | 2,327 |
Canada: |  |  |  |  |  |  |  |
Traditional |  |  |  |  |  | 386 |  |  | 359 |
Financial Solutions |  |  |  |  |  | 27 |  |  | 27 |
Total |  |  |  |  |  | 413 |  |  | 386 |
Europe, Middle East and Africa: |  |  |  |  |  |  |  |
Traditional |  |  |  |  |  | 525 |  |  | 460 |
Financial Solutions |  |  |  |  |  | 211 |  |  | 169 |
Total |  |  |  |  |  | 736 |  |  | 629 |
Asia Pacific: |  |  |  |  |  |  |  |
Traditional |  |  |  |  |  | 791 |  |  | 729 |
Financial Solutions |  |  |  |  |  | 143 |  |  | 131 |
Total |  |  |  |  |  | 934 |  |  | 860 |
Corporate and Other |  |  |  |  |  | 31 |  |  | 49 |
Total |  |  |  |  |  | $ | 6,337 |  |  | $ | 4,251 |
|  |  |  | Three months ended March 31,
Income (loss) before income taxes: |  |  |  |  |  | 2024 |  | 2023
U.S. and Latin America: |  |  |  |  |  |  |  |
Traditional |  |  |  |  |  | $ | 116 |  |  | $ | 121 |
Financial Solutions |  |  |  |  |  | 17 |  |  | 114 |
Total |  |  |  |  |  | 133 |  |  | 235 |
Canada: |  |  |  |  |  |  |  |
Traditional |  |  |  |  |  | 47 |  |  | 29 |
Financial Solutions |  |  |  |  |  | 7 |  |  | 10 |
Total |  |  |  |  |  | 54 |  |  | 39 |
Europe, Middle East and Africa: |  |  |  |  |  |  |  |
Traditional |  |  |  |  |  | 28 |  |  | 27 |
Financial Solutions |  |  |  |  |  | 64 |  |  | 59 |
Total |  |  |  |  |  | 92 |  |  | 86 |
Asia Pacific: |  |  |  |  |  |  |  |
Traditional |  |  |  |  |  | 109 |  |  | 79 |
Financial Solutions |  |  |  |  |  | 13 |  |  | (13) |
Total |  |  |  |  |  | 122 |  |  | 66 |
Corporate and Other |  |  |  |  |  | (129) |  |  | (75) |
Total |  |  |  |  |  | $ | 272 |  |  | $ | 351 |
Assets: |  | March 31, 2024 |  | December 31, 2023
U.S. and Latin America: |  |  |  |
Traditional |  | $ | 24,272 |  |  | $ | 24,320 |
Financial Solutions |  | 29,571 |  |  | 28,385 |
Total |  | 53,843 |  |  | 52,705 |
Canada: |  |  |  |
Traditional |  | 5,164 |  |  | 5,111 |
Financial Solutions |  | 233 |  |  | 219 |
Total |  | 5,397 |  |  | 5,330 |
Europe, Middle East and Africa: |  |  |  |
Traditional |  | 4,486 |  |  | 4,334 |
Financial Solutions |  | 7,652 |  |  | 5,656 |
Total |  | 12,138 |  |  | 9,990 |
Asia Pacific: |  |  |  |
Traditional |  | 9,886 |  |  | 9,925 |
Financial Solutions |  | 19,986 |  |  | 14,680 |
Total |  | 29,872 |  |  | 24,605 |
Corporate and Other |  | 4,750 |  |  | 4,993 |
Total |  | $ | 106,000 |  |  | $ | 97,623 |

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