NOTES TO CONSOLIDATED FINANCIAL STATEMENTS RGA fully and unconditionally guarantees, on a subordinated  basis, the obligations of the Trust under the preferred securities. The Trust exists for the sole purpose of issuing the PIERS units. The discounted value of the preferred securities ($158.1 million) and the market value of the warrants ($66.9 million) at the time  of issuance are reflected in the consolidated balance sheet in the line items “Company-obligated mandatorily redeemable preferred securities of subsidiary trust holding solely junior subordinated debentures of the Company” and “Warrants,” respectively.  If on any date after December 18, 2004, the closing price of RGA common stock exceeds and has exceeded a price per share equal  to $47.97 for at least 20 trading days within the immediately  preceding 30 consecutive trading days, the Company may redeem the warrants in whole for cash, RGA common stock, or a combination of cash and RGA common stock. Associated with the issuance of the PIERS units, the Company  capitalized issuance expenses of $5.4 million to “Other assets”  and recorded $2.3 million directly to “Additional paid in capital.” Prior to January 1, 2003, the Company aggregated the results of its five main operational segments into three reportable segments: U.S., Canada, and Other International. The Other International reportable segment formerly included operations in Latin America, Asia Pacific, and Europe & South Africa. Effective January 1, 2003, as a result of the Company’s declining presence in Argentina and changes in management responsibilities for part of the Latin America region, the Other International reportable segment no longer included Latin America operations. Latin America results relating to the Argentine privatized pension business as well as direct insurance operations in Argentina are now reported in the Corporate and Other segment. The results for all other Latin America business, primarily traditional reinsurance business in Mexico, are now reported as part of U.S. 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 continuing operations are summarized below  (in thousands): The accounting policies of the segments are the same as those described in the Summary of Significant Accounting Policies in Note 2. 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. operations in the Traditional sub-segment. Additionally, the remaining operations of the Other International reportable segment, Asia Pacific and Europe & South Africa, are now presented herein as separate reportable segments. Prior-period segment information  has been reclassified to conform to this new presentation. The U.S. operations provide traditional life, asset-intensive, and financial reinsurance to domestic clients. Asset-intensive products primarily include reinsurance of corporate-owned life insurance and annuities. The Canada operations provide insurers with reinsurance of traditional life products as well as reinsurance of critical illness products. Asia Pacific operations provide primarily traditional life reinsurance and, to a lesser extent, financial reinsurance through RGA Reinsurance Company of Australia, Limited (“RGA Australia”) and RGA Reinsurance Company (“RGA Reinsurance”). Europe & South Africa operations include traditional life reinsurance and critical illness business from Europe & South Africa, in addition to other markets being developed by the Company. The Company’s discontinued accident and health operations are not reflected in the continuing operations of the Company. The Company measures segment  performance based on income or loss before income taxes. 73 THIS IS RGA. 2003 ANNUAL REPORT NOTE 17 SEGMENT INFORMATION  FOR THE YEARS ENDED DECEMBER 31,  2003 2002 2001 Revenues: U.S.  $2,191,210 $1,709,952 $1,484,969  Canada  315,161 251,715 247,624 Europe & South Africa 373,138 230,813 96,455 Asia Pacific 270,132 169,351 126,653 Corporate and Other 24,692 20,132 12,583 Total from continuing operations $3,174,333 $2,381,963 $1,968,284