OPERATING SEGMENTS (Tables)

9 Months Ended

Sep. 30, 2017

Summary of Financial Information for the Company's Segments

The following tables present 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 September 30,						For The Nine Months Ended September 30,
	2017			2016			2017			2016
	(Dollars In Thousands)
Revenues
Life Marketing	$	397,096		$	382,224		$	1,174,048		$	1,148,121
Acquisitions	375,819			391,017			1,164,650			1,269,672
Annuities	110,870			139,265			357,589			546,378
Stable Value Products	49,933			27,380			132,863			83,519
Asset Protection	93,799			79,030			277,433			229,128
Corporate and Other	77,875			34,872			109,628			111,714
Total revenues	$	1,105,392		$	1,053,788		$	3,216,211		$	3,388,532
Pre-tax Adjusted Operating Income (Loss)
Life Marketing	$	10,798		(512		)	55,217			$	37,712
Acquisitions	62,880			70,157			184,825			184,095
Annuities	51,779			43,033			130,128			135,789
Stable Value Products	27,992			14,700			74,258			44,326
Asset Protection	5,187			4,099			13,812			12,496
Corporate and Other	(38,054		)	(46,509		)	(107,741		)	(111,499		)
Pre-tax adjusted operating income	120,582			84,968			350,499			302,919
Realized (losses) gains on investments and derivatives	45,400			9,299			35,413			286,907
Income before income tax	165,982			94,267			385,912			589,826
Income tax expense	(49,016		)	(20,965		)	(120,975		)	(185,114		)
Net income	$	116,966		$	73,302		$	264,937		$	404,712

Pre-tax adjusted operating income	$	120,582		$	84,968		$	350,499		$	302,919
Adjusted operating income tax (expense) benefit	(33,126		)	(17,710		)	(108,580		)	(84,697		)
After-tax adjusted operating income	87,456			67,258			241,919			218,222
Realized (losses) gains on investments and derivatives	45,400			9,299			35,413			286,907
Income tax benefit (expense) on adjustments	(15,890		)	(3,255		)	(12,395		)	(100,417		)
Net income	$	116,966		$	73,302		$	264,937		$	404,712

Realized investment (losses) gains:
Derivative financial instruments	$	5,302		$	532		$	(119,392	)	$	75,988
All other investments	18,150			24,152			94,526			194,644
Net impairment losses recognized in earnings	(273		)	(3,308		)	(8,259		)	(6,892		)
Less: related amortization⁽¹⁾	(12,123		)	21,532			(38,570		)	4,409
Less: VA GLWB economic cost	(10,098		)	(9,455		)	(29,968		)	(27,576		)
Realized (losses) gains on investments and derivatives	$	45,400		$	9,299		$	35,413		$	286,907

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



	Operating Segment Assets As of September 30, 2017
	(Dollars In Thousands)
	Life Marketing		Acquisitions		Annuities		Stable Value Products
Investments and other assets	$	14,700,306	$	19,681,306	$	20,442,345	$	4,664,251
DAC and VOBA	1,295,708		77,157		752,540		7,605
Other intangibles	286,444		35,187		173,450		8,222
Goodwill	200,274		14,524		336,677		113,813
Total assets	$	16,482,732	$	19,808,174	$	21,705,012	$	4,793,891



	Asset Protection		Corporate and Other		Total Consolidated
Investments and other assets	$	735,538	$	14,591,801	$	74,815,547
DAC and VOBA	31,440		—		2,164,450
Other intangibles	135,895		33,714		672,912
Goodwill	128,182		—		793,470
Total assets	$	1,031,055	$	14,625,515	$	78,446,379



	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