OPERATING SEGMENTS (Tables)

6 Months Ended

Jun. 30, 2013

OPERATING SEGMENTS

Summary of financial information for the Company's segments

	For The						For The
	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2013			2012			2013			2012
	(Dollars In Thousands)
Revenues
Life Marketing	$	317,549		$	310,244		$	656,228		$	625,750
Acquisitions	261,693			261,296			512,180			560,805
Annuities	101,062			181,197			265,415			320,259
Stable Value Products	34,608			34,785			66,528			69,441
Asset Protection	76,241			75,123			147,552			147,767
Corporate and Other	24,888			4,394			53,721			44,772
Total revenues	$	816,041		$	867,039		$	1,701,624		$	1,768,794
Segment Operating Income (Loss)
Life Marketing	$	23,870		$	29,796		$	47,347		$	59,793
Acquisitions	29,435			43,615			63,812			82,714
Annuities	33,566			28,364			76,435			63,823
Stable Value Products	22,464			15,958			40,308			28,604
Asset Protection	5,512			4,506			9,982			7,346
Corporate and Other	(8,041		)	(16,257		)	(27,937		)	5,009
Total segment operating income	106,806			105,982			209,947			247,289
Realized investment (losses) gains - investments(1)	(98,474		)	50,496			(108,331		)	72,926
Realized investment (losses) gains - derivatives	70,595			(39,413		)	87,125			(62,082		)
Income tax expense	(25,923		)	(35,438		)	(61,859		)	(80,650		)
Net Income	$	53,004		$	81,627		$	126,882		$	177,483
Investment gains (losses)(2)	$	(114,227	)	$	54,437		$	(123,057	)	$	71,324
Less: related amortization of DAC/VOBA	(15,753		)	3,941			(14,726		)	(1,602		)
Realized investment gains (losses) in investments	$	(98,474	)	$	50,496		$	(108,331	)	$	72,926
Derivative gains (losses)(3)	$	66,591		$	(47,768	)	$	70,198		$	(77,677	)
Less: VA GMWB economic cost	(4,004		)	(8,355		)	(16,927		)	(15,595		)
Realized investment gains (losses) - derivatives	$	70,595		$	(39,413	)	$	87,125		$	(62,082	)

(1)  Includes credit related other-than-temporary impairments of $4.0 million and $8.6 million for the three and six months ended June 30,  2013, respectively, as compared to $13.4 million and $32.0 million for the three and six months ended June 30, 2012, respectively.

(2)  Includes realized investment gains (losses) before related amortization.

(3)  Includes realized gains (losses) on derivatives before settlements on interest rate swaps and the VA GMWB economic cost.

	Operating Segment Assets
	As of June 30, 2013
	(Dollars In Thousands)
	Life						Stable Value
	Marketing		Acquisitions		Annuities		Products
Investments and other assets	$	12,645,616	$	11,147,145	$	18,750,589	$	2,577,950
Deferred policy acquisition costs and value of business acquired	2,070,988		674,028		510,305		1,222
Goodwill	—		34,066		—		—
Total assets	$	14,716,604	$	11,855,239	$	19,260,894	$	2,579,172

	Asset		Corporate				Total
	Protection		and Other		Adjustments		Consolidated
Investments and other assets	$	754,909	$	8,442,721	$	17,712	$	54,336,642
Deferred policy acquisition costs and value of business acquired	51,026		825		—		3,308,394
Goodwill	48,158		—		—		82,224
Total assets	$	854,093	$	8,443,546	$	17,712	$	57,727,260

	Operating Segment Assets
	As of December 31, 2012
	(Dollars In Thousands)
	Life						Stable Value
	Marketing		Acquisitions		Annuities		Products
Investments and other assets	$	12,171,384	$	11,312,550	$	17,649,488	$	2,509,160
Deferred policy acquisition costs and value of business acquired	2,001,708		679,746		491,184		1,399
Goodwill	—		35,615		—		—
Total assets	$	14,173,092	$	12,027,911	$	18,140,672	$	2,510,559

	Asset		Corporate				Total
	Protection		and Other		Adjustments		Consolidated
Investments and other assets	$	740,153	$	9,446,057	$	19,662	$	53,848,454
Deferred policy acquisition costs and value of business acquired	50,253		1,066		—		3,225,356
Goodwill	48,158		—		—		83,773
Total assets	$	838,564	$	9,447,123	$	19,662	$	57,157,583