OPERATING SEGMENTS (Tables)

12 Months Ended

Dec. 31, 2020

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,
	2020		2019		2018
	(Dollars In Thousands)
Revenues
Retail Life and Annuity	$	2,567,305	$	2,318,472	$	2,045,971
Acquisitions	3,283,725		2,901,650		2,027,195
Stable Value Products	176,286		246,587		219,501
Asset Protection	275,405		290,655		355,501
Corporate and Other	(5,299)		131,464		110,848
Total revenues	$	6,297,422	$	5,888,828	$	4,759,016
Pre-tax Adjusted Operating Income (Loss)
Retail Life and Annuity	$	65,092	$	118,881	$	115,429
Acquisitions	406,799		346,825		282,715
Stable Value Products	89,610		93,183		102,328
Asset Protection	41,845		37,205		24,371
Corporate and Other	(242,999)		(161,248)		(156,722)
Pre-tax adjusted operating income	360,347		434,846		368,121
Realized gains (losses) and adjustments	53,177		248,602		(120,533)
Income before income tax	413,524		683,448		247,588
Income tax expense (benefit)	71,162		130,464		53,661
Net income	$	342,362	$	552,984	$	193,927

Pre-tax adjusted operating income	$	360,347	$	434,846	$	368,121
Adjusted operating income tax (expense) benefit	(59,995)		(78,257)		(78,973)
After-tax adjusted operating income	300,352		356,589		289,148
Realized gains (losses) and adjustments	53,177		248,602		(120,533)
Income tax (expense) benefit on adjustments	(11,167)		(52,207)		25,312
Net income	$	342,362	$	552,984	$	193,927

Realized gains (losses) and adjustments:
Derivative financial instruments	$	8,679	$	(131,459)	$	79,097
All other investments	(39,806)		308,545		(253,000)
Less: related amortization(1)	(30,362)		(23,021)		(11,856)
Less: VA GLWB economic cost	(53,942)		(48,495)		(41,514)
Realized gains (losses) and adjustments	$	53,177	$	248,602	$	(120,533)

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


	For The Year Ended December 31,
	2020		2019		2018
	(Dollars In Thousands)
Net Investment Income
Retail Life and Annuity	$	1,008,016	$	939,304	$	888,079
Acquisitions	1,648,122		1,532,605		1,108,218
Stable Value Products	230,217		243,775		217,778
Asset Protection	23,379		28,291		25,070
Corporate and Other	(26,771)		74,855		99,757
Total net investment income	$	2,882,963	$	2,818,830	$	2,338,902

Amortization of DAC and VOBA
Retail Life and Annuity	$	116,021	$	98,947	$	141,191
Acquisitions	23,445		10,693		18,690
Stable Value Products	3,322		3,382		3,201
Asset Protection	65,684		62,631		62,984
Corporate and Other	—		—		—
Total amortization of DAC and VOBA	$	208,472	$	175,653	$	226,066


	Operating Segments As of December 31, 2020
	(Dollars In Thousands)
	Retail Life and Annuity		Acquisitions		Stable Value Products
Investments and other assets	$	40,689,134	$	55,628,003	$	5,927,866
DAC and VOBA	2,479,781		761,475		8,336
Other intangibles	367,144		32,948		6,056
Goodwill	558,501		23,862		113,924
Total assets	$	44,094,560	$	56,446,288	$	6,056,182


	Asset Protection		Corporate and Other		Total Consolidated
Investments and other assets	$	880,738	$	18,541,628	$	121,667,369
DAC and VOBA	170,092		—		3,419,684
Other intangibles	101,349		32,873		540,370
Goodwill	129,224		—		825,511
Total assets	$	1,281,403	$	18,574,501	$	126,452,934


	Operating Segment Assets As of December 31, 2019
	(Dollars In Thousands)
	Retail Life and Annuity		Acquisitions		Stable Value Products
Investments and other assets	$	37,448,239	$	54,074,450	$	5,317,885
DAC and VOBA	2,416,616		924,090		5,221
Other intangibles	401,178		36,321		6,722
Goodwill	558,501		23,862		113,924
Total assets	$	40,824,534	$	55,058,723	$	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