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Quarterly Results of Operations (Unaudited)

12 Months Ended

Dec. 31, 2012

16. QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)

The unaudited quarterly results of operations for the years ended December 31, 2012 and 2011 are summarized in the table below:

	Three months ended
		March 31		June 30		September 30		December 31
2012	(in thousands)
Total revenues	$	313,201	$	375,418	$	280,135	$	310,807
Total benefits and expenses		(217,998)		716,619		(131,867)		55,114
Income (loss) from operations before income taxes and cumulative effect of accounting change		531,199		(341,201)		412,002		255,693
Net income (loss)	$	372,347	$	(237,147)	$	309,747	$	189,112

	Three months ended
		March 31		June 30		September 30		December 31
	(in thousands)
2011
Total revenues	$	370,862	$	402,919	$	413,949	$	335,148
Total benefits and expenses		210,284		358,357		1,133,796		138,059
Income (loss) from operations before income taxes and cumulative effect of accounting change		160,578		44,562		(719,847)		197,089
Net income (loss)	$	121,521	$	34,652	$	(439,731)	$	132,003

The quarterly historical information presented in the table above has been revised to reflect the impact of the retrospective adoption of the amended guidance related to the deferral of acquisition costs.

- Definition

The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished.

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