OPERATING SEGMENTS (Tables)

6 Months Ended

Jun. 30, 2018

Summary of Financial Information for the Company's Segments

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 June 30,						For The Six Months Ended June 30,
	2018			2017			2018			2017
	(Dollars In Thousands)
Revenues
Life Marketing	$	414,954		$	407,046		$	849,870		$	828,438
Acquisitions	509,639			387,464			888,733			788,831
Annuities	133,177			112,322			283,890			220,964
Stable Value Products	45,748			42,087			99,616			82,930
Asset Protection	77,814			82,462			154,189			162,545
Corporate and Other	62,576			55,686			133,442			108,656
Total revenues	$	1,243,908		$	1,087,067		$	2,409,740		$	2,192,364
Pre-tax Adjusted Operating Income (Loss)
Life Marketing	$	(7,737	)	$	23,243		$	(25,586	)	$	42,188
Acquisitions	59,038			68,278			114,558			121,945
Annuities	55,934			46,578			96,465			99,585
Stable Value Products	19,992			22,367			49,072			46,266
Asset Protection	7,166			6,536			13,384			12,135
Corporate and Other	(17,797		)	(20,868		)	(38,476		)	(40,596		)
Pre-tax adjusted operating income	116,596			146,134			209,417			281,523
Realized (losses) gains on investments and derivatives	(17,824		)	(20,366		)	(18,847		)	(43,406		)
Income before income tax	98,772			125,768			190,570			238,117
Income tax expense	(17,277		)	(41,500		)	(34,963		)	(78,435		)
Net income	$	81,495		$	84,268		$	155,607		$	159,682

Pre-tax adjusted operating income	$	116,596		$	146,134		$	209,417		$	281,523
Adjusted operating income tax (expense) benefit	(20,877		)	(48,628		)	(38,920		)	(93,627		)
After-tax adjusted operating income	95,719			97,506			170,497			187,896
Realized (losses) gains on investments and derivatives	(17,824		)	(20,366		)	(18,847		)	(43,406		)
Income tax benefit (expense) on adjustments	3,600			7,128			3,957			15,192
Net income	$	81,495		$	84,268		$	155,607		$	159,682

Realized investment (losses) gains:
Derivative financial instruments	$	12,265		$	(108,188	)	$	90,324		$	(178,066	)
All other investments	(49,602		)	53,717			(137,201		)	76,558
Net impairment losses recognized in earnings	(5		)	(2,785		)	(3,650		)	(10,616		)
Less: related amortization⁽¹⁾	1,763			(15,703		)	10,919			(26,447		)
Less: VA GLWB economic cost	(21,281		)	(21,187		)	(42,599		)	(42,271		)
Realized (losses) gains on investments and derivatives	$	(17,824	)	$	(20,366	)	$	(18,847	)	$	(43,406	)

(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, 2018
	(Dollars In Thousands)
	Life Marketing		Acquisitions		Annuities		Stable Value Products
Investments and other assets	$	14,652,367	$	32,435,800	$	20,770,915	$	4,897,132
DAC and VOBA	1,421,313		437,538		840,715		7,284
Other intangibles	272,592		33,267		163,451		7,722
Goodwill	200,274		14,524		336,677		113,813
Total assets	$	16,546,546	$	32,921,129	$	22,111,758	$	5,025,951



	Asset Protection		Corporate and Other		Total Consolidated
Investments and other assets	$	1,019,950	$	12,945,521	$	86,721,685
DAC and VOBA	163,770		—		2,870,620
Other intangibles	127,912		34,594		639,538
Goodwill	128,182		—		793,470
Total assets	$	1,439,814	$	12,980,115	$	91,025,313



	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