Segment Information

12 Months Ended

Dec. 31, 2012

Segment Information [Abstract]

Segment Information

Note 15 SEGMENT INFORMATION

The Company has five geographic-based operational segments, each of which is a distinct reportable segment: U.S., Canada, Europe & South Africa, Asia Pacific and Corporate and Other. The U.S. operations provide traditional life, long-term care, group life and health reinsurance, annuity and financial reinsurance products. The Canada operations provide insurers with reinsurance of traditional life products as well as creditor reinsurance, group life and health reinsurance, non-guaranteed critical illness products and longevity reinsurance. Europe & South Africa operations include traditional life reinsurance and critical illness business from Europe & South Africa, in addition to other markets the Company is developing. Asia Pacific operations provide primarily traditional and group life reinsurance, critical illness and, to a lesser extent, financial reinsurance. Corporate and Other includes results from, among others, RGA Technology Partners, Inc., a wholly-owned subsidiary that develops and markets technology solutions for the insurance industry and the investment income and expense associated with the Company's collateral finance facility. The Company measures segment performance based on income before income taxes.

The accounting policies of the segments are the same as those described in Note 2 – “Summary of Significant Accounting Policies.” 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, interest expense, depreciation and amortization, and assets of the Company's operations are summarized below (dollars in thousands).

For the years ended December 31,			2012		2011		2010
Revenues:
	U.S.		$	5,722,634	$	4,915,055	$	4,966,353
	Canada			1,140,264		1,056,031		980,170
	Europe & South Africa			1,372,291		1,249,859		960,235
	Asia Pacific			1,495,545		1,430,414		1,243,464
	Corporate and Other			110,177		178,179		111,508
		Total	$	9,840,911	$	8,829,538	$	8,261,730

For the years ended December 31,			2012		2011		2010
Income (loss) before income taxes:
	U.S.		$	636,410	$	425,637	$	526,127
	Canada			186,971		164,953		121,738
	Europe & South Africa			73,947		83,102		72,125
	Asia Pacific			45,378		42,234		73,882
	Corporate and Other			(23,483)		47,645		12,309
		Total	$	919,223	$	763,571	$	806,181

For the years ended December 31,			2012		2011		2010
Interest expense:
	Corporate and Other		$	105,348	$	102,638	$	90,996
		Total	$	105,348	$	102,638	$	90,996

For the years ended December 31,			2012		2011		2010
Depreciation and amortization:
	U.S.		$	781,483	$	467,266	$	753,130
	Canada			182,914		168,874		164,120
	Europe & South Africa			69,718		58,714		60,121
	Asia Pacific			154,362		191,957		141,001
	Corporate and Other			4,040		9,002		8,405
		Total	$	1,192,517	$	895,813	$	1,126,777
The table above includes amortization of deferred acquisition costs, including the effect from investment related gains and losses.

For the years ended December 31,			2012		2011		2010
Assets:
	U.S.		$	24,924,363	$	17,965,559	$	17,301,434
	Canada			3,764,002		3,347,771		3,341,062
	Europe & South Africa			2,235,199		1,846,751		1,513,323
	Asia Pacific			3,208,732		2,902,101		2,369,435
	Corporate and Other			6,228,142		5,571,791		4,144,926
		Total	$	40,360,438	$	31,633,973	$	28,670,180

Companies in which RGA has significant influence over the operating and financing decisions but are not required to be consolidated, are reported on the equity basis of accounting. The equity in the net income of such subsidiaries is not material to the results of operations or financial position of individual segments or the Company taken as a whole. Capital expenditures of each reporting segment were immaterial in the periods noted.

The following table presents gross premiums generated from each of the segment's five largest clients in 2012 and 2011 (dollars in thousands):

		Gross Premiums from				Percentage of Segment
		Five Largest Clients				Gross Premiums
For the years ended December 31,		2012		2011		2012		2011
	U.S.	$	1,511,414	$	1,401,487	33.4	%	33.5	%
	Canada		513,945		503,472	53.1		53.6
	Europe & South Africa		671,511		634,156	50.2		51.8
	Asia Pacific		550,975		603,541	39.6		45.0
	Consolidated		1,913,475		1,887,095	23.2		24.5

No individual client generated 10% or more of the Company's total gross premiums on a consolidated basis in 2012 and 2011. For the purpose of this disclosure, companies that are within the same insurance holding company structure are combined. The Corporate and Other segment is excluded from the table above due to immateriality.