NOTES TO CONSOLIDATED FINANCIAL STATEMENTS The table above includes amortization of deferred acquisition costs and the DAC offset to the change in value of embedded derivatives related to Issue B36. Subsidiaries in which RGA has an ownership position greater than twenty percent, but less than or equal to fifty percent 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. THIS IS RGA. 2003 ANNUAL REPORT 74 AS OF DECEMBER 31,  2003 2002 Assets: U.S.  $ 8,474,954 $6,302,237 Canada  1,935,604 1,533,339 Europe & South Africa 483,876 263,136 Asia Pacific 413,628 273,503 Corporate and Other and discontinued operations 805,312 520,382 Total assets $12,113,374 $8,892,597 During 2003, two clients represented $96.0 million or 40.2% of gross premiums for the Canada operations. Four other clients individually represented more than 5% of Canada’s gross premiums. Together, these four clients represented 27.2% of Canada’s gross premiums. Three clients of the Company’s United Kingdom operations generated approximately $287.3 million, or 74.5% of the total gross premiums for the Europe & South Africa operations. Two clients, one each in Australia and Hong Kong, generated approximately $62.3 million, or 22.2% of the total gross premiums for the Asia Pacific operations. NOTE 18 STOCK OPTIONS FOR THE YEARS ENDED DECEMBER 31,  2003 2002 2001 Income (loss) from continuing operations before income taxes: U.S.  $ 216,088 $ 175,801 $ 124,581 Canada  59,564 38,631 51,516 Europe & South Africa 20,272 3,409 (963) Asia Pacific 19,262 6,316 3,007 Corporate and Other (43,576) (30,179) (111,991) Total from continuing operations $ 271,610 $ 193,978 $ 66,150 FOR THE YEARS ENDED DECEMBER 31,  2003 2002 2001 Interest expense: Europe & South Africa $1 ,043  $ 680 $ 681 Asia Pacific 1,096 842 867 Corporate and Other 34,650 33,994 16,549 Total from continuing operations $ 36,789 $ 35,516 $ 18,097 FOR THE YEARS ENDED DECEMBER 31,  2003 2002 2001 Depreciation and amortization: U.S.  $310,548 $ 267,341 $ 248,581 Canada  9,315 22,537 33,048 Europe & South Africa 85,657 33,251 15,620 Asia Pacific 39,723 25,542 30,681 Corporate and Other 1,981 12,186 537 Total from continuing operations $447,224 $ 360,857 $ 328,467