OPERATING SEGMENTS (Tables)

12 Months Ended

Dec. 31, 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 Year Ended December 31,
	2019		2018		2017
	(Dollars In Thousands)
Revenues
Life Marketing	$	1,694,618	$	1,567,857	$	1,556,207
Acquisitions	2,901,650		2,027,195		1,569,083
Annuities	623,854		478,114		486,847
Stable Value Products	246,587		219,501		190,006
Asset Protection	353,896		355,501		370,449
Corporate and Other	131,464		110,848		140,075
Total revenues	$	5,952,069	$	4,759,016	$	4,312,667
Pre-tax Adjusted Operating Income (Loss)
Life Marketing	$	(26,697)	$	(13,726)	$	55,152
Acquisitions	346,825		282,715		249,749
Annuities	145,578		129,155		171,269
Stable Value Products	93,183		102,328		105,261
Asset Protection	37,205		24,371		17,638
Corporate and Other	(161,248)		(156,722)		(189,645)
Pre-tax adjusted operating income	434,846		368,121		409,424
Realized gains (losses) on investments and derivatives	248,602		(120,533)		54,584
Income before income tax	683,448		247,588		464,008
Income tax expense (benefit)	130,464		53,661		(718,409)
Net income	$	552,984	$	193,927	$	1,182,417
Pre-tax adjusted operating income	$	434,846	$	368,121	$	409,424
Adjusted operating income tax (expense) benefit	(78,257)		(78,973)		737,513
After-tax adjusted operating income	356,589		289,148		1,146,937
Realized gains (losses) on investments and derivatives	248,602		(120,533)		54,584
Income tax (expense) benefit on adjustments	(52,207)		25,312		(19,104)
Net income	$	552,984	$	193,927	$	1,182,417
Realized investment gains (losses):
Derivative financial instruments	$	(131,459)	$	79,097	$	(137,041)
All other investments	342,998		(223,276)		121,087
Net impairment losses recognized in earnings	(34,453)		(29,724)		(9,112)
Less: related amortization(1)	(23,021)		(11,856)		(39,480)
Less: VA GLWB economic cost	(48,495)		(41,514)		(40,170)
Realized gains (losses) on investments and derivatives	$	248,602	$	(120,533)	$	54,584

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

	For The Year Ended December 31,
	2019		2018		2017
	(Dollars In Thousands)
Net investment income
Life Marketing	$	571,654	$	552,697	$	550,714
Acquisitions	1,532,605		1,108,218		752,520
Annuities	367,650		335,382		316,582
Stable Value Products	243,775		217,778		186,576
Asset Protection	28,291		25,070		22,298
Corporate and Other	74,855		99,757		94,366
Total net investment income	$	2,818,830	$	2,338,902	$	1,923,056
Amortization of DAC and VOBA
Life Marketing	$	157,854	$	116,917	$	120,753
Acquisitions	10,693		18,690		(6,939)
Annuities	(58,907)		24,274		(54,471)
Stable Value Products	3,382		3,201		2,354
Asset Protection	62,631		62,984		17,746
Corporate and Other	—		—		—
Total amortization of DAC and VOBA	$	175,653	$	226,066	$	79,443

	Operating Segments As of December 31, 2019
	(Dollars In Thousands)
	Life Marketing		Acquisitions		Annuities		Stable Value Products
Investments and other assets	$	16,013,892	$	54,074,450	$	21,434,347	$	5,317,885
DAC and VOBA	1,486,699		924,090		929,917		5,221
Other intangibles	243,210		36,321		157,968		6,722
Goodwill	215,254		23,862		343,247		113,924
Total assets	$	17,959,055	$	55,058,723	$	22,865,479	$	5,443,752

	Asset Protection		Corporate and Other		Total Consolidated
Investments and other assets	$	878,386	$	17,830,217	$	115,549,177
DAC and VOBA	173,628		—		3,519,555
Other intangibles	112,032		27,173		583,426
Goodwill	129,224		—		825,511
Total assets	$	1,293,270	$	17,857,390	$	120,477,669

	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