OPERATING SEGMENTS (Tables)

9 Months Ended

Sep. 30, 2014

OPERATING SEGMENTS

Summary of financial information for the Company's segments

	For The						For The
	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2014			2013			2014			2013
	(Dollars In Thousands)
Revenues
Life Marketing	$	368,479		$	346,294		$	1,098,015		$	1,002,522
Acquisitions	408,522			240,067			1,273,714			752,247
Annuities	200,366			170,065			582,645			435,480
Stable Value Products	38,719			25,207			93,696			91,735
Asset Protection	77,277			76,157			227,244			223,709
Corporate and Other	23,397			22,804			69,981			76,525
Total revenues	$	1,116,760		$	880,594		$	3,345,295		$	2,582,218
Segment Operating Income (Loss)
Life Marketing	$	31,571		$	28,158		$	79,471		$	75,505
Acquisitions	72,929			29,429			198,807			93,241
Annuities	42,659			43,825			136,590			120,260
Stable Value Products	19,506			19,206			54,190			59,514
Asset Protection	6,962			5,365			18,535			15,347
Corporate and Other	(25,986		)	(17,856		)	(76,363		)	(45,793		)
Total segment operating income	147,641			108,127			411,230			318,074
Realized investment (losses) gains - investments(1)	(11,903		)	(31,968		)	112,769			(140,299		)
Realized investment (losses) gains - derivatives	48,382			37,196			(15,653		)	124,321
Income tax expense	(62,287		)	(37,107		)	(167,921		)	(98,966		)
Net income	$	121,833		$	76,248		$	340,425		$	203,130
Investment gains (losses)(2)	$	(2,470	)	$	(27,949	)	$	147,091		$	(151,006	)
Less: amortization related to DAC/VOBA and benefits and settlement expenses	9,433			4,019			34,322			(10,707		)
Realized investment gains (losses) in investments	$	(11,903	)	$	(31,968	)	$	112,769		$	(140,299	)
Derivative gains (losses)(3)	$	41,769		$	32,212		$	(34,425	)	$	102,410
Less: VA GMWB economic cost	(6,613		)	(4,984		)	(18,772		)	(21,911		)
Realized investment gains (losses) - derivatives	$	48,382		$	37,196		$	(15,653	)	$	124,321

⁽¹⁾ Includes credit related other-than-temporary impairments of $2.3 million and $5.4 million for the three and nine months ended September 30, 2014, respectively, as compared to $8.7 million and $17.3 million for the three and nine months ended September 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 September 30, 2014
	(Dollars In Thousands)
	Life						Stable Value
	Marketing		Acquisitions		Annuities		Products
Investments and other assets	$	13,699,580	$	19,895,241	$	20,599,817	$	2,260,840
Deferred policy acquisition costs and value of business acquired	1,950,507		635,336		519,441		706
Goodwill	—		30,193		—		—
Total assets	$	15,650,087	$	20,560,770	$	21,119,258	$	2,261,546

	Asset		Corporate				Total
	Protection		and Other		Adjustments		Consolidated
Investments and other assets	$	825,404	$	9,560,639	$	15,428	$	66,856,949
Deferred policy acquisition costs and value of business acquired	42,313		402		—		3,148,705
Goodwill	48,158		—		—		78,351
Total assets	$	915,875	$	9,561,041	$	15,428	$	70,084,005

	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	$	20,188,321	$	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	$	21,020,093	$	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	$	64,712,502
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	$	68,269,798