CONSOLIDATED QUARTERLY RESULTS — UNAUDITED

The Company’s unaudited consolidated quarterly operating data for the year ended December 31, 2018 and 2017 is presented below. In the opinion of management, all adjustments (consisting only of normal recurring items) necessary for a fair statement of quarterly results have been reflected in the following data. It is also management’s opinion, however, that quarterly operating data for insurance enterprises are not necessarily indicative of results that may be expected in succeeding quarters or years. In order to obtain a more accurate indication of performance, there should be a review of operating results, changes in shareowner’s equity, and cash flows for a period of several quarters.



	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
	(Dollars In Thousands)
For The Year Ended December 31, 2018
Premiums and policy fees	$	883,413		$	935,928		$	871,892		$	965,275
Reinsurance ceded	(345,624		)	(391,864		)	(267,910		)	(378,112		)
Net of reinsurance ceded	537,789			544,064			603,982			587,163
Net investment income	489,418			578,414			631,955			639,115
Realized investment gains (losses)	(40,725		)	(32,583		)	(46,866		)	(24,005		)
Net impairment losses recognized in earnings	(3,645		)	(5		)	(14		)	(26,060		)
Other income	80,674			79,754			80,906			79,685
Total revenues	1,063,511			1,169,644			1,269,963			1,255,898
Total benefits and expenses	1,041,575			1,108,750			1,174,793			1,186,310
Income before income tax	21,936			60,894			95,170			69,588
Income tax expense	3,661			8,626			16,646			24,728
Net income	$	18,275		$	52,268		$	78,524		$	44,860

	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
	(Dollars In Thousands)
For The Year Ended December 31, 2017
Premiums and policy fees	$	855,579		$	862,906		$	849,743		$	888,134
Reinsurance ceded	(319,055		)	(344,208		)	(326,572		)	(377,261		)
Net of reinsurance ceded	536,524			518,698			523,171			510,873
Net investment income	474,709			475,722			477,011			495,614
Realized investment gains (losses)	(38,059		)	(10,259		)	23,452			8,912
Net impairment losses recognized in earnings	(5,201		)	(2,785		)	(273		)	(853		)
Other income	79,383			82,087			82,031			81,910
Total revenues	1,047,356			1,063,463			1,105,392			1,096,456
Total benefits and expenses	960,712			930,177			939,410			1,018,360
Income before income tax	86,644			133,286			165,982			78,096
Income tax expense	28,305			43,654			49,016			(839,384		)
Net income	$	58,339		$	89,632		$	116,966		$	917,480