XML 78 R57.htm IDEA: XBRL DOCUMENT v3.8.0.1
OPERATING SEGMENTS (Tables)
 12 Months Ended
Dec. 31, 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 (Predecessor and Successor periods are not comparable):
 
Successor Company
 
Predecessor Company
 
For The Year Ended
December 31, 2017
 
For The Year Ended December 31, 2016
 
February 1, 2015
to
December 31, 2015
 
January 1, 2015
to
January 31, 2015
 
(Dollars In Thousands)
 
(Dollars In Thousands)
Revenues
 

 
 
 
 

 
 

Life Marketing
$
1,667,118

 
$
1,627,848

 
$
1,426,090

 
$
145,595

Acquisitions
1,569,083

 
1,676,017

 
1,333,430

 
139,761

Annuities
450,306

 
574,934

 
443,419

 
7,884

Stable Value Products
190,006

 
114,580

 
79,670

 
8,181

Asset Protection
327,573

 
269,145

 
261,693

 
21,953

Corporate and Other
214,706

 
221,423

 
166,367

 
17,535

Total revenues
$
4,418,792

 
$
4,483,947

 
$
3,710,669

 
$
340,909

Pre-tax Adjusted Operating Income (Loss)
 

 
 
 
 

 
 

Life Marketing
$
50,778

 
$
39,745

 
$
57,414

 
$
(1,618
)
Acquisitions
249,749

 
260,511

 
194,654

 
20,134

Annuities
213,080

 
213,293

 
180,231

 
13,164

Stable Value Products
105,261

 
61,294

 
56,581

 
4,529

Asset Protection
24,356

 
16,487

 
20,627

 
2,420

Corporate and Other
(136,332
)
 
(87,961
)
 
(25,067
)
 
(10,144
)
Pre-tax adjusted operating income
506,892

 
503,369

 
484,440

 
28,485

Realized gains (losses) on investments and derivatives
(71,835
)
 
90,628

 
(84,598
)
 
(27,303
)
Income before income tax
435,057

 
593,997

 
399,842

 
1,182

Income tax (benefit) expense
(671,475
)
 
200,968

 
131,543

 
(327
)
Net income
$
1,106,532

 
$
393,029

 
$
268,299

 
$
1,509

 
 
 
 
 
 
 
 
Pre-tax adjusted operating income
$
506,892

 
$
503,369

 
$
484,440

 
$
28,485

Adjusted operating income tax benefit (expense)
646,333

 
(169,247
)
 
(161,153
)
 
(9,228
)
After-tax adjusted operating income
1,153,225

 
334,122

 
323,287

 
19,257

Realized gains (losses) on investments and derivatives
(71,835
)
 
90,628

 
(84,598
)
 
(27,303
)
Income tax (expense) benefit on adjustments
25,142

 
(31,721
)
 
29,610

 
9,555

Net income
$
1,106,532

 
$
393,029

 
$
268,299

 
$
1,509

 
 
 
 
 
 
 
 
Realized investment (losses) gains:
 
 
 
 
 
 
 
Derivative financial instruments
$
(305,828
)
 
$
(40,288
)
 
$
29,997

 
$
(123,274
)
All other investments
121,428

 
90,659

 
(166,886
)
 
81,153

Net impairment losses recognized in earnings
(11,742
)
 
(17,748
)
 
(26,993
)
 
(481
)
Less: related amortization(1)
(39,480
)
 
24,360

 
(8,726
)
 
(9,143
)
Less: VA GLWB economic cost
(84,827
)
 
(82,365
)
 
(70,558
)
 
(6,156
)
Realized (losses) gains on investments and derivatives
$
(71,835
)
 
$
90,628

 
$
(84,598
)
 
$
(27,303
)
(1) Includes amortization of DAC/VOBA and benefits and settlement expenses that are impacted by realized gains (losses).
 
Successor Company
 
Predecessor Company
 
For The Year Ended
December 31, 2017
 
For The Year Ended
December 31, 2016
 
February 1, 2015
to
December 31, 2015
 
January 1, 2015
to
January 31, 2015
 
(Dollars In Thousands)
 
(Dollars In Thousands)
Net investment income
 

 
 
 
 

 
 

Life Marketing
$
553,999

 
$
525,495

 
$
446,439

 
$
47,460

Acquisitions
752,520

 
764,571

 
639,422

 
71,088

Annuities
321,844

 
322,608

 
297,114

 
37,189

Stable Value Products
186,576

 
107,010

 
78,459

 
6,888

Asset Protection
27,325

 
22,082

 
17,459

 
1,878

Corporate and Other
209,324

 
200,690

 
154,055

 
10,677

Total net investment income
$
2,051,588

 
$
1,942,456

 
$
1,632,948

 
$
175,180

Amortization of DAC and VOBA
 

 
 
 
 

 
 

Life Marketing
$
120,753

 
$
130,708

 
$
107,811

 
$
4,813

Acquisitions
(6,939
)
 
8,178

 
2,035

 
5,033

Annuities
(54,471
)
 
(11,031
)
 
(41,071
)
 
(7,706
)
Stable Value Products
2,354

 
1,176

 
43

 
25

Asset Protection
16,524

 
20,033

 
25,211

 
1,820

Corporate and Other
—

 
—

 
27

 
87

Total amortization of DAC and VOBA
$
78,221

 
$
149,064

 
$
94,056

 
$
4,072

Successor Company
 
Operating Segment Assets
As of December 31, 2017
 
(Dollars In Thousands)
 
Life
Marketing
 
Acquisitions
 
Annuities
 
Stable Value
Products
Investments and other assets
$
14,914,418

 
$
19,588,133

 
$
20,938,409

 
$
4,569,639

DAC and VOBA
1,320,776

 
74,862

 
772,634

 
6,864

Other intangibles
282,361

 
34,548

 
170,117

 
8,056

Goodwill
200,274

 
14,524

 
336,677

 
113,813

Total assets
$
16,717,829

 
$
19,712,067

 
$
22,217,837

 
$
4,698,372

 
Asset
Protection
 
Corporate
and Other
 
Total
Consolidated
Investments and other assets
$
918,952

 
$
15,043,597

 
$
75,973,148

DAC and VOBA
24,441

 
—

 
2,199,577

Other intangibles
133,234

 
35,256

 
663,572

Goodwill
128,182

 
—

 
793,470

Total assets
$
1,204,809

 
$
15,078,853

 
$
79,629,767

Successor Company
 
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