OPERATING SEGMENTS (Tables)

6 Months Ended

Jun. 30, 2018

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 June 30,						For The Six Months Ended June 30,
	2018			2017			2018			2017
	(Dollars In Thousands)
Revenues
Life Marketing	$	383,484		$	379,880		$	787,366		$	776,952
Acquisitions	509,639			387,464			888,733			788,831
Annuities	125,699			136,863			211,494			246,719
Stable Value Products	45,748			42,087			99,616			82,930
Asset Protection	88,130			93,290			175,821			183,634
Corporate and Other	16,944			23,879			70,125			31,753
Total revenues	$	1,169,644		$	1,063,463		$	2,233,155		$	2,110,819
Pre-tax Adjusted Operating Income (Loss)
Life Marketing	$	(6,805	)	24,342			(21,973		)	$	44,419
Acquisitions	59,038			68,278			114,558			121,945
Annuities	45,817			36,288			75,985			78,349
Stable Value Products	19,992			22,367			49,072			46,266
Asset Protection	5,641			4,674			9,940			8,624
Corporate and Other	(38,800		)	(35,325		)	(77,547		)	(69,686		)
Pre-tax adjusted operating income	84,883			120,624			150,035			229,917
Realized (losses) gains on investments and derivatives	(23,989		)	12,662			(67,205		)	(9,987		)
Income before income tax	60,894			133,286			82,830			219,930
Income tax expense	(8,626		)	(43,654		)	(12,287		)	(71,959		)
Net income	$	52,268		$	89,632		$	70,543		$	147,971

Pre-tax adjusted operating income	$	84,883		$	120,624		$	150,035		$	229,917
Adjusted operating income tax (expense) benefit	(13,664		)	(39,222		)	(26,400		)	(75,454		)
After-tax adjusted operating income	71,219			81,402			123,635			154,463
Realized (losses) gains on investments and derivatives	(23,989		)	12,662			(67,205		)	(9,987		)
Income tax benefit (expense) on adjustments	5,038			(4,432		)	14,113			3,495
Net income	$	52,268		$	89,632		$	70,543		$	147,971

Realized investment (losses) gains:
Derivative financial instruments	$	17,060		$	(63,794	)	$	63,886		$	(124,694	)
All other investments	(49,643		)	53,535			(137,194		)	76,376
Net impairment losses recognized in earnings	(5		)	(2,785		)	(3,650		)	(7,986		)
Less: related amortization⁽¹⁾	1,763			(15,703		)	10,919			(26,447		)
Less: VA GLWB economic cost	(10,362		)	(10,003		)	(20,672		)	(19,870		)
Realized (losses) gains on investments and derivatives	$	(23,989	)	$	12,662		$	(67,205	)	$	(9,987	)

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



	Operating Segment Assets As of June 30, 2018
	(Dollars In Thousands)
	Life Marketing		Acquisitions		Annuities		Stable Value Products
Investments and other assets	$	14,667,187	$	32,435,800	$	20,721,319	$	4,897,132
DAC and VOBA	1,421,313		437,538		840,715		7,284
Other intangibles	271,976		33,267		163,451		7,722
Goodwill	200,274		14,524		336,677		113,813
Total assets	$	16,560,750	$	32,921,129	$	22,062,162	$	5,025,951



	Asset Protection		Corporate and Other		Total Consolidated
Investments and other assets	$	818,643	$	12,635,125	$	86,175,206
DAC and VOBA	168,893		—		2,875,743
Other intangibles	127,912		34,594		638,922
Goodwill	128,182		—		793,470
Total assets	$	1,243,630	$	12,669,719	$	90,483,341



	Operating Segment Assets As of December 31, 2017
	(Dollars In Thousands)
	Life Marketing		Acquisitions		Annuities		Stable Value Products
Investments and other assets	$	14,917,752	$	19,588,133	$	20,774,566	$	4,569,639
DAC and VOBA	1,320,776		74,862		772,634		6,864
Other intangibles	281,705		34,548		170,117		8,056
Goodwill	200,274		14,524		336,677		113,813
Total assets	$	16,720,507	$	19,712,067	$	22,053,994	$	4,698,372



	Asset Protection		Corporate and Other		Total Consolidated
Investments and other assets	$	708,605	$	14,893,253	$	75,451,948
DAC and VOBA	30,265		—		2,205,401
Other intangibles	133,234		35,256		662,916
Goodwill	128,182		—		793,470
Total assets	$	1,000,286	$	14,928,509	$	79,113,735