OPERATING SEGMENTS (Tables)

9 Months Ended

Sep. 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 September 30,						For The Nine Months Ended September 30,
	2017			2016			2017			2016
	(Dollars In Thousands)
Revenues
Life Marketing	$	424,165		$	409,423		$	1,252,603		$	1,231,397
Acquisitions	375,819			391,017			1,164,650			1,269,672
Annuities	97,488			174,798			318,452			410,455
Stable Value Products	49,933			27,380			132,863			83,519
Asset Protection	83,597			69,306			246,142			201,041
Corporate and Other	53,386			51,722			162,042			170,876
Total revenues	$	1,084,388		$	1,123,646		$	3,276,752		$	3,366,960
Pre-tax Adjusted Operating Income (Loss)
Life Marketing	$	8,969		$	(1,306	)	$	51,157		$	36,957
Acquisitions	62,880			70,157			184,825			184,095
Annuities	62,000			53,666			161,585			164,196
Stable Value Products	27,992			14,700			74,258			44,326
Asset Protection	6,963			5,455			19,098			16,216
Corporate and Other	(26,870		)	(29,774		)	(67,466		)	(60,231		)
Pre-tax adjusted operating income	141,934			112,898			423,457			385,559
Realized (losses) gains on investments and derivatives	(31,084		)	20,181			(74,490		)	88,023
Income before income tax	110,850			133,079			348,967			473,582
Income tax expense	(28,308		)	(39,785		)	(106,743		)	(152,820		)
Net income	$	82,542		$	93,294		$	242,224		$	320,762
Pre-tax adjusted operating income	$	141,934		$	112,898		$	423,457		$	385,559
Adjusted operating income tax (expense) benefit	(39,187		)	(32,722		)	(132,815		)	(121,982		)
After-tax adjusted operating income	102,747			80,176			290,642			263,577
Realized (losses) gains on investments and derivatives	(31,084		)	20,181			(74,490		)	88,023
Income tax benefit (expense) on adjustments	10,879			(7,063		)	26,072			(30,838		)
Net income	$	82,542		$	93,294		$	242,224		$	320,762
Realized investment (losses) gains:
Derivative financial instruments	$	(82,341	)	$	116		$	(260,407	)	$	(156,749	)
All other investments	18,150			24,152			94,708			194,663
Net impairment losses recognized in earnings	(273		)	(3,308		)	(10,889		)	(6,892		)
Less: related amortization(1)	(12,123		)	21,532			(38,570		)	4,409
Less: VA GLWB economic cost	(21,257		)	(20,753		)	(63,528		)	(61,410		)
Realized (losses) gains on investments and derivatives	$	(31,084	)	$	20,181		$	(74,490	)	$	88,023
(1)  Includes amortization of DAC/VOBA and benefits and settlement expenses that are impacted by realized gains (losses).

	Operating Segment Assets As of September 30, 2017
	(Dollars In Thousands)
	Life Marketing		Acquisitions		Annuities		Stable Value Products
Investments and other assets	$	14,700,406	$	19,681,306	$	20,617,917	$	4,664,251
DAC and VOBA	1,295,708		77,157		752,540		7,605
Other intangibles	287,120		35,187		173,450		8,222
Goodwill	200,274		14,524		336,677		113,813
Total assets	$	16,483,508	$	19,808,174	$	21,880,584	$	4,793,891

	Asset Protection		Corporate and Other		Total Consolidated
Investments and other assets	$	914,658	$	14,773,285	$	75,351,823
DAC and VOBA	25,806		—		2,158,816
Other intangibles	135,895		33,714		673,588
Goodwill	128,182		—		793,470
Total assets	$	1,204,541	$	14,806,999	$	78,977,697

	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