(25) Industry Segments The Company’s reportable segments include the following two business segments, plus a corporate segment: The accounting policies of the segments are the same as those described in the summary of significant accounting policies. Income tax expense and benefits are calculated based upon the Company’s overall effective tax rate. Summary financial information about the Company’s reporting segments is presented in the following table. Income before income taxes by segment includes allocated investment income. Identifiable assets by segment are those assets used in or allocated to the operation of each segment. 101 • Insurance - predominantly commercial insurance business, including excess and surplus lines, admitted lines and specialty personal lines throughout the United States, as well as insurance business in the United Kingdom, Continental Europe, South America, Canada, Mexico, Scandinavia, Asia and Australia. • Reinsurance - reinsurance business on a facultative and treaty basis, primarily in the United States, United Kingdom, Continental Europe, Australia, the Asia-Pacific region and South Africa. Revenues (In thousands) Earned Premiums Investment Income Other Total (1) Pre-Tax Income (Loss) Net Income (Loss) to Common Stockholders Year ended December 31, 2018 Insurance $ 5,864,981 $ 518,733 $ 72,727 $ 6,456,441 $ 856,011 $ 682,028 Reinsurance 506,524 94,291 — 600,815 62,144 50,144 Corporate, other and eliminations (2) — 61,211 418,696 479,907 (260,549) (213,469) Net investment gains — — 154,488 154,488 154,488 122,046 Consolidated $ 6,371,505 $ 674,235 $ 645,911 $ 7,691,651 $ 812,094 $ 640,749 Year ended December 31, 2017 Insurance $ 5,706,443 $ 436,178 $ 86,864 $ 6,229,485 $ 756,153 $ 535,186 Reinsurance 604,976 91,146 — 696,122 (15,276) (5,131) Corporate, other and eliminations (2) — 48,464 374,835 423,299 (303,965 ) (199,269 ) Net investment gains — — 335,858 335,858 335,858 218,308 Consolidated $ 6,311,419 $ 575,788 $ 797,557 $ 7,684,764 $ 772,770 $ 549,094 Year ended December 31, 2016 Insurance $ 5,618,842 $ 431,489 $ 97,879 $ 6,148,210 $ 799,139 $ 534,613 Reinsurance 674,506 102,617 — 777,123 98,277 68,400 Corporate, other and eliminations (2) — 30,057 431,789 461,846 (267,983) (174,650) Net investment gains — — 267,005 267,005 267,005 173,553 Consolidated $ 6,293,348 $ 564,163 $ 796,673 $ 7,654,184 $ 896,438 $ 601,916