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OPERATING SEGMENTS (Tables)
12 Months Ended
Dec. 31, 2014
OPERATING SEGMENTS  
Summary of financial information for the Company's segments

 

 

For The Year Ended December 31,

 

 

 

2014

 

2013

 

2012

 

 

 

(Dollars In Thousands)

 

Revenues

 

 

 

 

 

 

 

Life Marketing

 

$

1,421,795

 

$

1,324,409

 

$

1,233,654

 

Acquisitions

 

1,720,179

 

1,186,579

 

1,064,295

 

Annuities

 

785,176

 

569,004

 

610,489

 

Stable Value Products

 

127,708

 

122,974

 

123,274

 

Asset Protection

 

305,396

 

296,782

 

294,146

 

Corporate and Other

 

103,953

 

104,922

 

130,202

 

Total revenues

 

$

4,464,207

 

$

3,604,670

 

$

3,456,060

 

Segment Operating Income (Loss)

 

 

 

 

 

 

 

Life Marketing

 

$

116,875

 

$

106,812

 

$

102,114

 

Acquisitions

 

254,021

 

154,003

 

171,060

 

Annuities

 

204,015

 

166,278

 

117,778

 

Stable Value Products

 

73,354

 

80,561

 

60,329

 

Asset Protection

 

26,274

 

20,148

 

9,765

 

Corporate and Other

 

(99,048

)

(74,620

)

1,119

 

Total segment operating income

 

575,491

 

453,182

 

462,165

 

Realized investment (losses) gains - investments(1)

 

151,035

 

(140,236

)

188,729

 

Realized investment (losses) gains - derivatives

 

12,263

 

109,553

 

(191,315

)

Income tax expense

 

(246,838

)

(130,897

)

(151,043

)

Net income

 

$

491,951

 

$

291,602

 

$

308,536

 

 

 

 

 

 

 

 

 

Investment gains (losses)(2)

 

$

198,027

 

$

(143,984

)

$

174,692

 

Less: amortization related to DAC/VOBA and benefits and settlement expenses

 

46,992

 

(3,748

)

(14,037

)

Realized investment gains (losses)- investments

 

$

151,035

 

$

(140,236

)

$

188,729

 

 

 

 

 

 

 

 

 

Derivative gains (losses)(3)

 

$

(13,492

)

$

82,161

 

$

(227,816

)

Less: VA GMWB economic cost

 

(25,755

)

(27,392

)

(36,501

)

Realized investment gains (losses)- derivatives

 

$

12,263

 

$

109,553

 

$

(191,315

)

 

 

 

 

 

 

 

 

Net investment income

 

 

 

 

 

 

 

Life Marketing

 

$

553,006

 

$

521,219

 

$

486,374

 

Acquisitions

 

874,653

 

617,298

 

550,334

 

Annuities

 

465,849

 

468,329

 

504,342

 

Stable Value Products

 

107,170

 

123,798

 

128,239

 

Asset Protection

 

18,830

 

19,046

 

19,698

 

Corporate and Other

 

78,505

 

86,498

 

100,351

 

Total net investment income

 

$

2,098,013

 

$

1,836,188

 

$

1,789,338

 

 

 

 

 

 

 

 

 

Amortization of DAC and VOBA

 

 

 

 

 

 

 

Life Marketing

 

$

175,807

 

$

25,774

 

$

45,079

 

Acquisitions

 

60,031

 

72,762

 

77,251

 

Annuities

 

47,448

 

31,498

 

45,319

 

Stable Value Products

 

380

 

398

 

947

 

Asset Protection

 

24,169

 

23,603

 

22,569

 

Corporate and Other

 

485

 

625

 

1,018

 

Total amortization of DAC and VOBA

 

$

308,320

 

$

154,660

 

$

192,183

 

 

(1)

Includes credit related other-than-temporary impairments of $7.3 million, $22.4 million, and $58.1 million for the year ended December 31, 2014, 2013, and 2012, 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 December 31, 2014

 

 

 

(Dollars In Thousands)

 

 

 

Life

 

 

 

 

 

Stable Value

 

 

 

Marketing

 

Acquisitions

 

Annuities

 

Products

 

Investments and other assets

 

$

13,858,491 

 

$

19,858,284 

 

$

20,678,948 

 

$

1,958,867 

 

Deferred policy acquisition costs and value of business acquired

 

1,973,156 

 

600,482 

 

539,965 

 

621 

 

Goodwill

 

 

29,419 

 

 

 

Total assets

 

$

15,831,647 

 

$

20,488,185 

 

$

21,218,913 

 

$

1,959,488 

 

 

 

 

Asset

 

Corporate

 

 

 

Total

 

 

 

Protection

 

and Other

 

Adjustments

 

Consolidated

 

Investments and other assets

 

$

832,887 

 

$

9,557,226 

 

$

14,792 

 

$

66,759,495 

 

Deferred policy acquisition costs and value of business acquired

 

40,503 

 

319 

 

 

3,155,046 

 

Goodwill

 

48,158 

 

 

 

77,577 

 

Total assets

 

$

921,548 

 

$

9,557,545 

 

$

14,792 

 

$

69,992,118 

 

 

 

 

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

 

$

777,387 

 

$

8,006,256 

 

$

16,762 

 

$

64,712,501 

 

Deferred policy acquisition costs and value of business acquired

 

49,276 

 

646 

 

 

3,476,622 

 

Goodwill

 

48,158 

 

 

 

80,675 

 

Total assets

 

$

874,821 

 

$

8,006,902 

 

$

16,762 

 

$

68,269,798