OPERATING SEGMENTS (Tables)

3 Months Ended

Mar. 31, 2017

Summary of Financial Information for the Company's Segments

The following tables presents 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 March 31,
	2017			2016
	(Dollars In Thousands)
Revenues
Life Marketing	$	421,392		$	409,082
Acquisitions	401,367			424,807
Annuities	108,642			138,414
Stable Value Products	40,843			29,902
Asset Protection	80,083			64,248
Corporate and Other	52,970			60,460
Total revenues	$	1,105,297		$	1,126,913
Pre-tax Adjusted Operating Income (Loss)
Life Marketing	$	18,945		$	13,701
Acquisitions	53,667			68,653
Annuities	53,007			53,629
Stable Value Products	23,899			14,448
Asset Protection	5,599			5,300
Corporate and Other	(19,728		)	(13,721		)
Pre-tax adjusted operating income	135,389			142,010
Realized (losses) gains on investments and derivatives	(23,040		)	29,832
Income before income tax	112,349			171,842
Income tax expense	(36,935		)	(56,494		)
Net income	$	75,414		$	115,348

Pre-tax adjusted operating income	$	135,389		$	142,010
Adjusted operating income tax (expense) benefit	(44,999		)	(46,053		)
After-tax adjusted operating income	90,390			95,957
Realized (losses) gains on investments and derivatives	(23,040		)	29,832
Income tax benefit (expense) on adjustments	8,064			(10,441		)
Net income	$	75,414		$	115,348

Realized investment (losses) gains:
Derivative financial instruments	$	(69,878	)	$	(73,499	)
All other investments	22,841			81,728
Net impairment losses recognized in earnings	(7,831		)	(2,617		)
Less: related amortization⁽¹⁾	(10,744		)	(4,050		)
Less: VA GLWB economic cost	(21,084		)	(20,170		)
Realized (losses) gains on investments and derivatives	$	(23,040	)	$	29,832


(1) Includes amortization of DAC/VOBA and benefits and settlement expenses that are impacted by realized gains (losses).



	Operating Segment Assets As of March 31, 2017
	(Dollars In Thousands)
	Life Marketing		Acquisitions		Annuities		Stable Value Products
Investments and other assets	$	14,257,164	$	19,629,308	$	20,485,877	$	3,486,857
DAC and VOBA	1,246,081		102,691		680,597		4,999
Other intangibles	296,638		36,465		180,116		8,556
Goodwill	200,274		14,524		336,677		113,813
Total assets	$	16,000,157	$	19,782,988	$	21,683,267	$	3,614,225



	Asset Protection		Corporate and Other		Total Consolidated
Investments and other assets	$	1,005,914	$	13,612,582	$	72,477,702
DAC and VOBA	30,906		—		2,065,274
Other intangibles	141,216		12,516		675,507
Goodwill	128,182		—		793,470
Total assets	$	1,306,218	$	13,625,098	$	76,011,953



	Operating Segment Assets As of December 31, 2016
	(Dollars In Thousands)
	Life Marketing		Acquisitions		Annuities		Stable Value Products
Investments and other assets	$	14,050,170	$	19,679,690	$	20,243,333	$	3,373,646
DAC and VOBA	1,218,944		106,532		655,618		5,455
Other intangibles	301,399		37,103		183,449		8,722
Goodwill	200,274		14,524		336,677		113,813
Total assets	$	15,770,787	$	19,837,849	$	21,419,077	$	3,501,636



	Asset Protection		Corporate and Other		Total Consolidated
Investments and other assets	$	1,013,399	$	13,141,759	$	71,501,997
DAC and VOBA	33,280		—		2,019,829
Other intangibles	143,865		13,545		688,083
Goodwill	128,182		—		793,470
Total assets	$	1,318,726	$	13,155,304	$	75,003,379