OPERATING SEGMENTS (Tables)

6 Months Ended

Jun. 30, 2019

Segment Reporting [Abstract]

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,
	2019			2018			2019			2018
	(Dollars In Thousands)
Revenues
Life Marketing	$	408,409		$	383,484		$	833,388		$	787,366
Acquisitions	667,031			509,639			1,276,973			888,733
Annuities	164,847			125,699			332,622			211,494
Stable Value Products	67,585			45,748			127,164			99,616
Asset Protection	88,908			88,130			177,649			175,821
Corporate and Other	38,151			16,944			67,486			70,125
Total revenues	$	1,434,931		$	1,169,644		$	2,815,282		$	2,233,155
Pre-tax Adjusted Operating Income (Loss)
Life Marketing	$	381		(6,805		)	2,188			$	(21,973	)
Acquisitions	69,810			59,038			144,722			114,558
Annuities	36,997			45,817			82,202			75,985
Stable Value Products	28,106			19,992			50,345			49,072
Asset Protection	8,459			5,641			17,308			9,940
Corporate and Other	(38,906		)	(38,800		)	(83,112		)	(77,547		)
Pre-tax adjusted operating income	104,847			84,883			213,653			150,035
Realized (losses) gains on investments and derivatives	80,876			(23,989		)	148,797			(67,205		)
Income before income tax	185,723			60,894			362,450			82,830
Income tax expense	(31,309		)	(8,626		)	(65,938		)	(12,287		)
Net income	$	154,414		$	52,268		$	296,512		$	70,543
Pre-tax adjusted operating income	$	104,847		$	84,883		$	213,653		$	150,035
Adjusted operating income tax (expense) benefit	(14,325		)	(13,664		)	(34,691		)	(26,400		)
After-tax adjusted operating income	90,522			71,219			178,962			123,635
Realized (losses) gains on investments and derivatives	80,876			(23,989		)	148,797			(67,205		)
Income tax benefit (expense) on adjustments	(16,984		)	5,038			(31,247		)	14,113
Net income	$	154,414		$	52,268		$	296,512		$	70,543
Realized investment (losses) gains:
Derivative financial instruments	$	(55,266	)	$	17,060		$	(128,574	)	$	63,886
All other investments	99,509			(49,643		)	229,037			(137,194		)
Net impairment losses recognized in earnings	(698		)	(5		)	(3,840		)	(3,650		)
Less: related amortization(1)	(26,840		)	1,763			(31,201		)	10,919
Less: VA GLWB economic cost	(10,491		)	(10,362		)	(20,973		)	(20,672		)
Realized (losses) gains on investments and derivatives	$	80,876		$	(23,989	)	$	148,797		$	(67,205	)
(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, 2019
	(Dollars In Thousands)
	Life Marketing		Acquisitions		Annuities		Stable Value Products
Investments and other assets	$	15,481,646	$	52,753,065	$	21,040,280	$	5,688,707
DAC and VOBA	1,494,118		914,610		890,214		6,877
Other intangibles	252,704		38,291		172,420		7,056
Goodwill	215,254		23,862		343,247		113,924
Total assets	$	17,443,722	$	53,729,828	$	22,446,161	$	5,816,564

	Asset Protection		Corporate and Other		Total Consolidated
Investments and other assets	$	852,018	$	16,104,523	$	111,920,239
DAC and VOBA	171,841		—		3,477,660
Other intangibles	117,374		28,549		616,394
Goodwill	129,224		—		825,511
Total assets	$	1,270,457	$	16,133,072	$	116,839,804

	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