OPERATING SEGMENTS (Tables)

6 Months Ended

Jun. 30, 2017

Segment Reporting [Abstract]

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 June 30,						For The Six Months Ended June 30,
	2017			2016			2017			2016
	(Dollars In Thousands)
Revenues
Life Marketing	$	407,046		$	412,892		$	828,438		$	821,974
Acquisitions	387,464			453,848			788,831			878,655
Annuities	112,322			97,243			220,964			235,657
Stable Value Products	42,087			26,237			82,930			56,139
Asset Protection	82,462			67,487			162,545			131,735
Corporate and Other	55,686			58,694			108,656			119,154
Total revenues	$	1,087,067		$	1,116,401		$	2,192,364		$	2,243,314
Pre-tax Adjusted Operating Income (Loss)
Life Marketing	$	23,243		$	24,562		$	42,188		$	38,263
Acquisitions	68,278			45,285			121,945			113,938
Annuities	46,578			56,901			99,585			110,530
Stable Value Products	22,367			15,178			46,266			29,626
Asset Protection	6,536			5,462			12,135			10,761
Corporate and Other	(20,868		)	(16,737		)	(40,596		)	(30,457		)
Pre-tax adjusted operating income	146,134			130,651			281,523			272,661
Realized (losses) gains on investments and derivatives	(20,366		)	38,010			(43,406		)	67,842
Income before income tax	125,768			168,661			238,117			340,503
Income tax expense	(41,500		)	(56,541		)	(78,435		)	(113,035		)
Net income	$	84,268		$	112,120		$	159,682		$	227,468
Pre-tax adjusted operating income	$	146,134		$	130,651		$	281,523		$	272,661
Adjusted operating income tax (expense) benefit	(48,628		)	(43,237		)	(93,627		)	(89,290		)
After-tax adjusted operating income	97,506			87,414			187,896			183,371
Realized (losses) gains on investments and derivatives	(20,366		)	38,010			(43,406		)	67,842
Income tax benefit (expense) on adjustments	7,128			(13,304		)	15,192			(23,745		)
Net income	$	84,268		$	112,120		$	159,682		$	227,468
Realized investment (losses) gains:
Derivative financial instruments	$	(108,188	)	$	(83,366	)	$	(178,066	)	$	(156,865	)
All other investments	53,717			88,783			76,558			170,511
Net impairment losses recognized in earnings	(2,785		)	(967		)	(10,616		)	(3,584		)
Less: related amortization(1)	(15,703		)	(13,073		)	(26,447		)	(17,123		)
Less: VA GLWB economic cost	(21,187		)	(20,487		)	(42,271		)	(40,657		)
Realized (losses) gains on investments and derivatives	$	(20,366	)	$	38,010		$	(43,406	)	$	67,842
(1)  Includes amortization of DAC/VOBA and benefits and settlement expenses that are impacted by realized gains (losses).

	Operating Segment Assets As of June 30, 2017
	(Dollars In Thousands)
	Life Marketing		Acquisitions		Annuities		Stable Value Products
Investments and other assets	$	14,507,558	$	19,543,986	$	20,775,682	$	3,896,076
DAC and VOBA	1,265,342		91,168		704,256		5,512
Other intangibles	291,880		35,825		176,782		8,389
Goodwill	200,274		14,524		336,677		113,813
Total assets	$	16,265,054	$	19,685,503	$	21,993,397	$	4,023,790

	Asset Protection		Corporate and Other		Total Consolidated
Investments and other assets	$	1,050,098	$	13,721,652	$	73,495,052
DAC and VOBA	28,219		—		2,094,497
Other intangibles	138,557		14,474		665,907
Goodwill	128,182		—		793,470
Total assets	$	1,345,056	$	13,736,126	$	77,048,926

	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