OPERATING SEGMENTS (Tables)

3 Months Ended

Mar. 31, 2017

Summary of Financial Information for the Company's Segments

The following tables presents a summary of results and reconciles pre-tax adjusted operating income (loss) to consolidated income before income tax and net income:



	For The Three Months Ended March 31,
	2017			2016
	(Dollars In Thousands)
Revenues
Life Marketing	$	397,072		$	381,074
Acquisitions	401,367			424,807
Annuities	109,856			218,516
Stable Value Products	40,843			29,902
Asset Protection	90,344			73,679
Corporate and Other	7,874			31,924
Total revenues	$	1,047,356		$	1,159,902
Pre-tax Adjusted Operating Income (Loss)
Life Marketing	$	20,077		13,126
Acquisitions	53,667			68,653
Annuities	42,061			45,276
Stable Value Products	23,899			14,448
Asset Protection	3,951			4,257
Corporate and Other	(34,362		)	(34,743		)
Pre-tax adjusted operating income	109,293			111,017
Realized (losses) gains on investments and derivatives	(22,649		)	123,962
Income before income tax	86,644			234,979
Income tax expense	(28,305		)	(76,362		)
Net income	$	58,339		$	158,617

Pre-tax adjusted operating income	$	109,293		$	111,017
Adjusted operating income tax (expense) benefit	(36,232		)	(32,975		)
After-tax adjusted operating income	73,061			78,042
Realized (losses) gains on investments and derivatives	(22,649		)	123,962
Income tax benefit (expense) on adjustments	7,927			(43,387		)
Net income	$	58,339		$	158,617

Realized investment (losses) gains:
Derivative financial instruments	$	(60,900	)	$	31,908
All other investments	22,841			81,709
Net impairment losses recognized in earnings	(5,201		)	(2,617		)
Less: related amortization⁽¹⁾	(10,744		)	(4,050		)
Less: VA GLWB economic cost	(9,867		)	(8,912		)
Realized (losses) gains on investments and derivatives	$	(22,649	)	$	123,962

(1) Includes amortization of DAC/VOBA and benefits and settlement expenses that are impacted by realized gains (losses).



	Operating Segment Assets As of March 31, 2017
	(Dollars In Thousands)
	Life Marketing		Acquisitions		Annuities		Stable Value Products
Investments and other assets	$	14,257,880	$	19,629,308	$	20,337,137	$	3,486,857
DAC and VOBA	1,246,081		102,691		680,597		4,999
Other intangibles	295,923		36,465		180,116		8,556
Goodwill	200,274		14,524		336,677		113,813
Total assets	$	16,000,158	$	19,782,988	$	21,534,527	$	3,614,225



	Asset Protection		Corporate and Other		Total Consolidated
Investments and other assets	$	852,905	$	13,335,847	$	71,899,934
DAC and VOBA	35,760		—		2,070,128
Other intangibles	141,216		12,516		674,792
Goodwill	128,182		—		793,470
Total assets	$	1,158,063	$	13,348,363	$	75,438,324



	Operating Segment Assets As of December 31, 2016
	(Dollars In Thousands)
	Life Marketing		Acquisitions		Annuities		Stable Value Products
Investments and other assets	$	14,050,905	$	19,679,690	$	20,076,818	$	3,373,646
DAC and VOBA	1,218,944		106,532		655,618		5,455
Other intangibles	300,664		37,103		183,449		8,722
Goodwill	200,274		14,524		336,677		113,813
Total assets	$	15,770,787	$	19,837,849	$	21,252,562	$	3,501,636



	Asset Protection		Corporate and Other		Total Consolidated
Investments and other assets	$	858,648	$	12,920,083	$	70,959,790
DAC and VOBA	37,975		—		2,024,524
Other intangibles	143,865		13,545		687,348
Goodwill	128,182		—		793,470
Total assets	$	1,168,670	$	12,933,628	$	74,465,132