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OPERATING SEGMENTS
 9 Months Ended
Sep. 30, 2020
Segment Reporting [Abstract]  
OPERATING SEGMENTS OPERATING SEGMENTS
The Company has several operating segments, each having a strategic focus. An operating segment is distinguished by products, channels of distribution, and/or other strategic distinctions. The Company periodically evaluates its operating segments and makes adjustments to its segment reporting as needed. A brief description of each segment follows.

In the first quarter of 2020, as a result of changes in the way the chief operating decision maker makes decisions about the allocation of resources and assesses the performance of the business, the Company combined two of its former six segments into one segment, Retail Life and Annuity. These changes enable the Company to better serve the needs of its customer and to help achieve the goals of the organization.

Prior period amounts were adjusted retrospectively to reflect the change in the Company’s reportable segments.

•The Retail Life and Annuity segment primarily markets fixed universal life (“UL”), indexed universal life (“IUL”), variable universal life (“VUL”), level premium term insurance (“traditional”), fixed annuity, and variable annuity (“VA”) products on a national basis primarily through networks of independent insurance agents and brokers, broker-dealers, financial institutions, independent marketing organizations, and affinity groups.

•The Acquisitions segment focuses on acquiring, converting, and servicing policies and contracts acquired from other companies. The segment’s primary focus is on life insurance policies and annuity products that were sold to individuals. Additionally, this segment recently increased its focus on identifying transactions which present ongoing retail opportunities. The level of the segment’s acquisition activity is predicated upon many factors, including available capital, operating capacity, potential return on capital, and market dynamics. Policies acquired through the Acquisitions segment are typically blocks of business where no new policies are being marketed, however, some recent acquisitions have included ongoing new business activities. Ongoing new product sales written by the Company from these acquisitions are included in the Retail Life and Annuity segment. As a result, earnings and account values are expected to decline as the result of lapses, deaths, and other terminations of coverage unless new acquisitions are made.

•The Stable Value Products segment sells fixed and floating rate funding agreements directly to the trustees of municipal bond proceeds, money market funds, bank trust departments, and other institutional investors. This segment also issues funding agreements to the FHLB, and markets guaranteed investment contracts (“GICs”) to 401(k) and other qualified retirement savings plans. The Company also has an unregistered funding agreement-backed notes program which provides for offers of notes to both domestic and international institutional investors.

•The Asset Protection segment markets extended service contracts, GAP products, credit life and disability insurance, and other specialized ancillary products to protect consumers’ investments in automobiles and recreational vehicles. GAP products are designed to cover the difference between the scheduled loan pay-off amount and an asset’s actual cash value in the case of a total loss. Each type of specialized ancillary product protects against damage or other loss to a particular aspect of the underlying asset.

•The Corporate and Other segment primarily consists of net investment income on assets supporting our equity capital, unallocated corporate overhead and expenses not attributable to the segments above. This segment includes earnings from several non-strategic or runoff lines of business, various financing and investment-related transactions, and the operations of several small subsidiaries.
 The Company’s management and Board of Directors analyzes and assesses the operating performance of each segment using pre-tax adjusted operating income (loss) and after-tax adjusted operating income (loss). Consistent with GAAP accounting guidance for segment reporting, pre-tax adjusted operating income (loss) is the Company’s measure of segment performance. Pre-tax adjusted operating income (loss) is calculated by adjusting income (loss) before income tax, by excluding the following items:
•realized gains and losses on investments and derivatives,
•changes in the GLWB embedded derivatives exclusive of the portion attributable to the economic cost of the GLWB,
•actual GLWB incurred claims, and
•the amortization of DAC, VOBA, and certain policy liabilities that is impacted by the exclusion of these items.
The items excluded from adjusted operating income (loss) are important to understanding the overall results of operations. Pre-tax adjusted operating income (loss) and after-tax adjusted operating income (loss) are not substitutes for income before income taxes or net income (loss), respectively. These measures may not be comparable to similarly titled measures reported by other companies. The Company believes that pre-tax and after-tax adjusted operating income (loss) enhances management’s and the Board of Directors’ understanding of the ongoing operations, the underlying profitability of each segment, and helps facilitate the allocation of resources.
After-tax adjusted operating income (loss) is derived from pre-tax adjusted operating income (loss) with the inclusion of income tax expense or benefits associated with pre-tax adjusted operating income. Income tax expense or benefits is allocated to the items excluded from pre-tax adjusted operating income (loss) at the statutory federal income tax rate for the associated period. Income tax expense or benefits allocated to after-tax adjusted operating income (loss) can vary period to period based on changes in the Company’s effective income tax rate.
In determining the components of the pre-tax adjusted operating income (loss) for each segment, premiums and policy fees, other income, benefits and settlement expenses, and amortization of DAC and VOBA are attributed directly to each operating segment. Net investment income is allocated based on directly related assets required for transacting the business of that segment. Realized gains (losses) - investments/derivatives and other operating expenses are allocated to the segments in a manner that most appropriately reflects the operations of that segment. Investments and other assets are allocated based on statutory policy liabilities net of associated statutory policy assets, while DAC/VOBA and goodwill are shown in the segments to which they are attributable.
As of April 1, 2020, the Company refined its method of allocating the realized gains and losses associated with its derivative portfolios to the Acquisitions and Retail Life and Annuity operating segments. The impact of the change in allocation was not considered material to the operation segment results for the three and nine months ended September 30, 2019.
There were no significant intersegment transactions during the three and nine months ended September 30, 2020 and 2019.
The following tables present a summary of results and reconciles pre-tax adjusted operating income (loss) to consolidated income before income tax and net income: 
For The
Three Months Ended
September 30,		For The
Nine Months Ended
September 30,
2020201920202019
 (Dollars In Thousands)
Revenues  
Retail Life and Annuity$664,525 $651,222 $1,995,041 $1,817,232 
Acquisitions802,200 859,524 2,399,362 2,136,497 
Stable Value Products48,081 59,954 137,222 187,118 
Asset Protection68,198 72,729 209,790 218,995 
Corporate and Other50,223 22,597 81,138 90,082 
Total revenues$1,633,227 $1,666,026 $4,822,553 $4,449,924 
Pre-tax Adjusted Operating Income (Loss)  
Retail Life and Annuity$14,927 3,015 22,642 $87,405 
Acquisitions64,999 103,210 238,121 247,932 
Stable Value Products20,129 20,863 62,119 71,208 
Asset Protection9,484 9,637 32,851 26,945 
Corporate and Other(32,125)(36,563)(103,897)(119,675)
Pre-tax adjusted operating income77,414 100,162 251,836 313,815 
Realized gains (losses) and adjustments(4,802)139,679 118,090 288,476 
Income before income tax72,612 239,841 369,926 602,291 
Income tax expense(12,850)(49,417)(71,094)(115,355)
Net income$59,762 $190,424 $298,832 $486,936 
Pre-tax adjusted operating income$77,414 $100,162 $251,836 $313,815 
Adjusted operating income tax expense(13,859)(20,085)(46,295)(54,775)
After-tax adjusted operating income63,555 80,077 205,541 259,040 
Realized gains (losses) and adjustments(4,802)139,679 118,090 288,476 
Income tax (expense) benefit on adjustments1,009 (29,332)(24,799)(60,580)
Net income$59,762 $190,424 $298,832 $486,936 
Realized gains (losses) and adjustments:
Derivative financial instruments$15,337 $42,286 $92,899 $(86,288)
Investments22,819 77,399 (72,752)302,596 
Less: related amortization(1)
56,313 (6,205)(58,065)(37,406)
Less: VA GLWB economic cost(13,355)(13,789)(39,878)(34,762)
Total realized gains (losses) and adjustments$(4,802)$139,679 $118,090 $288,476 
(1)  Includes amortization of DAC/VOBA and benefits and settlement expenses that are impacted by realized gains (losses).
For The
Three Months Ended
September 30,		For The
Nine Months Ended
September 30,
2020201920202019
 (Dollars In Thousands)
Net investment income
Retail Life and Annuity$249,122 $235,318 $748,470 $697,786 
Acquisitions405,458 426,510 1,235,231 1,106,782 
Stable Value Products54,210 59,707 169,279 184,450 
Asset Protection5,438 7,164 19,144 21,015 
Corporate and Other23,943 11,012 59,462 56,294 
Total net investment income$738,171 $739,711 $2,231,586 $2,066,327 
Amortization of DAC and VOBA  
Retail Life and Annuity$76,982 37,277 69,978 $57,471 
Acquisitions14,114 7,388 23,720 18,349 
Stable Value Products872 857 2,439 2,584 
Asset Protection17,173 15,828 48,459 47,156 
Corporate and Other— — — — 
Total amortization of DAC and VOBA$109,141 $61,350 $144,596 125,560 

Operating Segment Assets
As of September 30, 2020
 (Dollars In Thousands)
Retail Life & AnnuityAcquisitionsStable Value
Products
Investments and other assets$39,070,453 $54,395,295 $5,889,432 
DAC and VOBA2,476,357 808,377 7,681 
Other intangibles375,851 33,831 6,222 
Goodwill558,501 23,862 113,924 
Total assets$42,481,162 $55,261,365 $6,017,259 

Asset
Protection		Corporate
and Other		Total
Consolidated
Investments and other assets$869,456 $19,872,380 $120,097,016 
DAC and VOBA169,505 — 3,461,920 
Other intangibles104,019 33,161 553,084 
Goodwill129,224 — 825,511 
Total assets$1,272,204 $19,905,541 $124,937,531 
Operating Segment Assets
As of December 31, 2019
 (Dollars In Thousands)
Retail Life & AnnuityAcquisitionsStable Value
Products
Investments and other assets$37,448,239 $54,074,450 $5,317,885 
DAC and VOBA2,416,616 924,090 5,221 
Other intangibles401,178 36,321 6,722 
Goodwill558,501 23,862 113,924 
Total assets$40,824,534 $55,058,723 $5,443,752 

Asset
Protection		Corporate
and Other		Total
Consolidated
Investments and other assets$878,386 $17,830,217 $115,549,177 
DAC and VOBA173,628 — 3,519,555 
Other intangibles112,032 27,173 583,426 
Goodwill129,224 — 825,511 
Total assets$1,293,270 $17,857,390 $120,477,669