OPERATING SEGMENTS (Tables)

6 Months Ended

Jun. 30, 2014

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,
	2014			2013			2014			2013
	(Dollars In Thousands)
Revenues
Life Marketing	$	376,713		$	317,549		$	729,536		$	656,228
Acquisitions	438,244			261,693			865,192			512,180
Annuities	190,304			101,061			382,279			265,414
Stable Value Products	27,125			34,608			54,975			66,528
Asset Protection	77,122			76,241			149,969			147,552
Corporate and Other	29,678			24,889			46,584			53,722
Total revenues	$	1,139,186		$	816,041		$	2,228,535		$	1,701,624
Segment Operating Income (Loss)
Life Marketing	$	25,403		$	23,870		$	47,900		$	47,347
Acquisitions	64,882			29,435			125,878			63,812
Annuities	48,603			33,565			93,931			76,434
Stable Value Products	17,287			22,464			34,683			40,308
Asset Protection	6,764			5,512			11,574			9,982
Corporate and Other	(26,696		)	(8,040		)	(50,377		)	(27,936		)
Total segment operating income	136,243			106,806			263,589			209,947
Realized investment (losses) gains - investments(1)	66,742			(98,474		)	124,672			(108,331		)
Realized investment (losses) gains - derivatives	(30,370		)	70,595			(64,035		)	87,125
Income tax expense	(56,572		)	(25,923		)	(105,634		)	(61,859		)
Net Income	$	116,043		$	53,004		$	218,592		$	126,882
Investment gains (losses)(2)	$	79,006		$	(114,227	)	$	149,561		$	(123,057	)
Less: related amortization of DAC/VOBA	12,264			(15,753		)	24,889			(14,726		)
Realized investment gains (losses) in investments	$	66,742		$	(98,474	)	$	124,672		$	(108,331	)
Derivative gains (losses)(3)	$	(36,620	)	$	66,591		$	(76,194	)	$	70,198
Less: VA GMWB economic cost	(6,250		)	(4,004		)	(12,159		)	(16,927		)
Realized investment gains (losses) - derivatives	$	(30,370	)	$	70,595		$	(64,035	)	$	87,125

(1) Includes credit related other-than-temporary impairments of $1.5 million and $3.1 million for the three and six months ended June 30, 2014, respectively, as compared to $4.0 million and $8.6 million for the three and six months ended June 30, 2013, respectively.

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

(3)Includes realized gains (losses) on derivatives before the VA GMWB economic cost.

	Operating Segment Assets
	As of June 30, 2014
	(Dollars In Thousands)
	Life						Stable Value
	Marketing		Acquisitions		Annuities		Products
Investments and other assets	$	13,575,287	$	20,179,754	$	20,740,329	$	2,435,193
Deferred policy acquisition costs and value of business acquired	2,000,329		605,799		510,999		802
Goodwill	—		30,968		—		—
Total assets	$	15,575,616	$	20,816,521	$	21,251,328	$	2,435,995

	Asset		Corporate				Total
	Protection		and Other		Adjustments		Consolidated
Investments and other assets	$	808,338	$	9,688,445	$	15,644	$	67,442,990
Deferred policy acquisition costs and value of business acquired	44,784		487		—		3,163,200
Goodwill	48,158		—		—		79,126
Total assets	$	901,280	$	9,688,932	$	15,644	$	70,685,316

	Operating Segment Assets
	As of December 31, 2013
	(Dollars In Thousands)
	Life						Stable Value
	Marketing		Acquisitions		Annuities		Products
Investments and other assets	$	13,135,914	$	20,186,839	$	20,029,310	$	2,558,551
Deferred policy acquisition costs and value of business acquired	2,071,470		799,255		554,974		1,001
Goodwill	—		32,517		—		—
Total assets	$	15,207,384	$	21,018,611	$	20,584,284	$	2,559,552

	Asset		Corporate				Total
	Protection		and Other		Adjustments		Consolidated
Investments and other assets	$	777,388	$	8,006,256	$	16,762	$	64,711,020
Deferred policy acquisition costs and value of business acquired	49,275		646		—		3,476,621
Goodwill	48,158		—		—		80,675
Total assets	$	874,821	$	8,006,902	$	16,762	$	68,268,316