SIGNIFICANT TRANSACTIONS (Tables)

12 Months Ended

Dec. 31, 2019

Insurance [Abstract]

Summary of fair values of the net assets acquired

The following table details the purchase consideration and allocation of assets acquired and liabilities assumed from the Life Business reinsurance transaction as of the transaction date.

	Fair Value As of May 1, 2018
	(Dollars in Thousands)
Assets
Fixed maturities	$	12,588,512
Mortgage loans	435,405
Policy loans	131,489
Total investments	13,155,406
Cash	38,457
Accrued investment income	152,030
Reinsurance receivables	272
Value of business acquired	374,739
Other assets	916
Total assets	13,721,820
Liabilities
Future policy benefits and claims	$	11,750,196
Unearned premiums	—
Total policy liabilities and accruals	11,750,196
Annuity account balances	1,864,141
Other policyholders’ funds	41,936
Other liabilities	65,547
Total liabilities	13,721,820
Net assets acquired	$	—

The following table details the preliminary allocation of assets acquired and liabilities assumed from the Individual Life Business reinsurance transaction as of the date of the GWL&A Closing. The Company has not completed the process of determining the fair value of assets acquired and liabilities assumed, but will do so in the twelve month measurement period subsequent to the date of the GWL&A Closing. These estimates are provisional and subject to adjustment. Any adjustments to these fair value estimates will be reflected, retroactively, as of the date of the acquisition, and may result in adjustments to the value of business acquired.

	Fair Value as of June 1, 2019
	(Dollars In Thousands)
ASSETS
Fixed maturities	$	8,697,966
Mortgage loans	1,386,228
Policy loans	44,002
Other long-term investments	1,521,965
Total investments	11,650,161
Cash	34,835
Accrued investment income	101,452
Accounts and premiums receivable	62
Premium due and deferred	1,642
Value of business acquired	514,124
Other intangibles	21,300
Other assets	5,525
Assets related to separate accounts	9,583,217
Total assets	21,912,318
LIABILITIES
Future policy benefits and claims	$	11,000,822
Annuity account balances	220,064
Other policyholders’ funds	220,117
Other liabilities	75,456
Liabilities related to separate accounts	9,583,217
Total liabilities	21,099,676
NET ASSETS ACQUIRED	$	812,642

Pro forma information

The following unaudited pro forma condensed consolidated results of operations assumes that the aforementioned transactions of the Life Business were completed as of January 1, 2017. The unaudited pro forma condensed results of operations are presented solely for information purposes and are not necessarily indicative of the consolidated condensed results of operations that might have been achieved had the transaction been completed as of the date indicated:

	Unaudited
	For The Year Ended December 31, 2018		For The Year Ended December 31, 2017
	(Dollars In Thousands)
Revenue	$	5,082,755	$	5,548,132
Net income	$	240,071	$	1,309,876

The unaudited pro forma condensed results of operations are presented solely for information purposes and are not necessarily indicative of the consolidated condensed results of operations that might have been achieved had the transaction been completed as of the date indicated:

	Unaudited
	For The Year Ended December 31,
	2019		2018
	(Dollars In Thousands)
Revenue	$	6,322,962	$	5,592,419
Net income	$	570,079	$	253,238

Intangible Assets Acquired

Intangible assets recognized by the Company included the following (excluding goodwill):

	Estimated Fair Value on Acquisition Date		Estimated Useful Life
	(Dollars In Thousands)		(In Years)
Distribution relationships	$	15,000	18
Technology	6,300		10
Total intangible assets	$	21,300

Amortizable Intangible Assets, Future Amortization Expense

The following is a schedule of future estimated aggregate amortization expense:

Year	Amount
	(Dollars In Thousands)
2020	$	54,350
2021	51,746
2022	48,206
2023	46,519
2024	45,406

Amortizable intangible assets will be amortized on a straight line basis over their assigned useful lives. The following is a schedule of future estimated aggregate amortization expense:

Year	Amount
	(Dollars In Thousands)
2020	$	1,463
2021	1,463
2022	1,463
2023	1,463
2024	1,463

Schedule of Expected Amortization Expense of (VOBA)

Based on the balance recorded as of June 1, 2019, the expected amortization of value of business acquired ("VOBA") for the next five years is as follows:

Year	Amount
	(Dollars In Thousands)
2020	$	(19,741)
2021	(12,153)
2022	(5,090)
2023	1,143
2024	6,184