Quarterly Results of Operations (Unaudited)

12 Months Ended

Dec. 31, 2013

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16. QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)

Theunaudited quarterly results of operations for the years ended December 31, 2013 and 2012are summarized in the table below:

	Three months ended
		March 31		June 30		September 30		December 31
2013	(in thousands)
Total revenues	$	290,576	$	283,524	$	250,028	$	286,154
Total benefits and expenses		93,190		96,720		(332,523)		72,431
Income (loss) from operations before income taxes and cumulative effect of accounting change		197,386		186,804		582,551		213,723
Net income (loss)	$	147,388	$	143,670	$	400,296	$	156,738

	Three months ended
		March 31		June 30		September 30		December 31
	(in thousands)
2012
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

Results for the fourth quarter of 2013 include a pre-tax expense of $22 million related to an out of period adjustment recorded by the Company primarily due to additional DAC amortization related to the overstatement of reinsured reserves in the third quarter of 2013. The overstatement resulted from the use of incorrect data inputs to calculate the impact of the market's perception of our own non-performance risk on the reserves for certain annuities with guaranteed benefits. This item impacted only the third and fourth quarters of 2013 and had no impact to full year 2013 reported results.