OPERATING SEGMENTS (Tables)

3 Months Ended

Mar. 31, 2019

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 March 31,
	2019			2018
	(Dollars In Thousands)
Revenues
Life Marketing	$	424,979		$	403,882
Acquisitions	609,942			379,094
Annuities	167,775			85,795
Stable Value Products	59,579			53,868
Asset Protection	88,741			87,691
Corporate and Other	29,335			53,181
Total revenues	$	1,380,351		$	1,063,511
Pre-tax Adjusted Operating Income (Loss)
Life Marketing	$	1,807		(15,168		)
Acquisitions	74,912			55,520
Annuities	45,205			30,168
Stable Value Products	22,239			29,080
Asset Protection	8,849			4,299
Corporate and Other	(44,206		)	(38,747		)
Pre-tax adjusted operating income	108,806			65,152
Realized (losses) gains on investments and derivatives	67,921			(43,216		)
Income before income tax	176,727			21,936
Income tax expense	(34,629		)	(3,661		)
Net income	$	142,098		$	18,275

Pre-tax adjusted operating income	$	108,806		$	65,152
Adjusted operating income tax (expense) benefit	(20,365		)	(12,736		)
After-tax adjusted operating income	88,441			52,416
Realized (losses) gains on investments and derivatives	67,921			(43,216		)
Income tax benefit (expense) on adjustments	(14,264		)	9,075
Net income	$	142,098		$	18,275

Realized investment (losses) gains:
Derivative financial instruments	$	(73,308	)	$	46,826
All other investments	129,528			(87,551		)
Net impairment losses recognized in earnings	(3,142		)	(3,645		)
Less: related amortization⁽¹⁾	(4,361		)	9,156
Less: VA GLWB economic cost	(10,482		)	(10,310		)
Realized (losses) gains on investments and derivatives	$	67,921		$	(43,216	)

(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, 2019
	(Dollars In Thousands)
	Life Marketing		Acquisitions		Annuities		Stable Value Products
Investments and other assets	$	15,077,156	$	31,805,017	$	20,597,864	$	5,401,470
DAC and VOBA	1,496,282		431,788		885,926		5,249
Other intangibles	257,453		32,776		153,452		7,222
Goodwill	215,254		23,862		343,247		113,924
Total assets	$	17,046,145	$	32,293,443	$	21,980,489	$	5,527,865



	Asset Protection		Corporate and Other		Total Consolidated
Investments and other assets	$	832,407	$	13,768,803	$	87,482,717
DAC and VOBA	170,620		—		2,989,865
Other intangibles	120,046		30,097		601,046
Goodwill	129,224		—		825,511
Total assets	$	1,252,297	$	13,798,900	$	91,899,139



	Operating Segment Assets As of December 31, 2018
	(Dollars In Thousands)
	Life Marketing		Acquisitions		Annuities		Stable Value Products
Investments and other assets	$	14,607,822	$	31,859,520	$	20,160,279	$	5,107,334
DAC and VOBA	1,499,386		458,977		889,697		6,121
Other intangibles	262,181		31,975		156,785		7,389
Goodwill	215,254		23,862		343,247		113,924
Total assets	$	16,584,643	$	32,374,334	$	21,550,008	$	5,234,768



	Asset Protection		Corporate and Other		Total Consolidated
Investments and other assets	$	827,416	$	12,356,003	$	84,918,374
DAC and VOBA	172,149		—		3,026,330
Other intangibles	122,590		31,934		612,854
Goodwill	129,224		—		825,511
Total assets	$	1,251,379	$	12,387,937	$	89,383,069