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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. 

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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. 

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 

