OPERATING SEGMENTS (Tables)

9 Months Ended

Sep. 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 September 30,						For The Nine Months Ended September 30,
	2018			2017			2018			2017
	(Dollars In Thousands)
Revenues
Life Marketing	$	438,585		$	424,165		$	1,288,455		$	1,252,603
Acquisitions	581,054			375,819			1,469,787			1,164,650
Annuities	129,280			97,488			413,170			318,452
Stable Value Products	59,328			49,933			158,944			132,863
Asset Protection	79,158			83,597			233,347			246,142
Corporate and Other	59,763			53,386			193,205			162,042
Total revenues	$	1,347,168		$	1,084,388		$	3,756,908		$	3,276,752
Pre-tax Adjusted Operating Income (Loss)
Life Marketing	$	2,521		$	8,969		$	(23,065	)	$	51,157
Acquisitions	93,648			62,880			208,206			184,825
Annuities	45,587			62,000			142,052			161,585
Stable Value Products	27,126			27,992			76,198			74,258
Asset Protection	8,029			6,963			21,413			19,098
Corporate and Other	(19,937		)	(26,870		)	(58,413		)	(67,466		)
Pre-tax adjusted operating income	156,974			141,934			366,391			423,457
Realized (losses) gains on investments and derivatives	(20,255		)	(31,084		)	(39,102		)	(74,490		)
Income before income tax	136,719			110,850			327,289			348,967
Income tax expense	(26,619		)	(28,308		)	(61,582		)	(106,743		)
Net income	$	110,100		$	82,542		$	265,707		$	242,224

Pre-tax adjusted operating income	$	156,974		$	141,934		$	366,391		$	423,457
Adjusted operating income tax (expense) benefit	(30,873		)	(39,187		)	(69,793		)	(132,815		)
After-tax adjusted operating income	126,101			102,747			296,598			290,642
Realized (losses) gains on investments and derivatives	(20,255		)	(31,084		)	(39,102		)	(74,490		)
Income tax benefit (expense) on adjustments	4,254			10,879			8,211			26,072
Net income	$	110,100		$	82,542		$	265,707		$	242,224

Realized investment (losses) gains:
Derivative financial instruments	$	(27,465	)	$	(82,341	)	$	62,859		$	(260,407	)
All other investments	(19,869		)	18,150			(157,070		)	94,708
Net impairment losses recognized in earnings	(14		)	(273		)	(3,664		)	(10,889		)
Less: related amortization⁽¹⁾	(5,859		)	(12,123		)	5,060			(38,570		)
Less: VA GLWB economic cost	(21,234		)	(21,257		)	(63,833		)	(63,528		)
Realized (losses) gains on investments and derivatives	$	(20,255	)	$	(31,084	)	$	(39,102	)	$	(74,490	)

(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, 2018
	(Dollars In Thousands)
	Life Marketing		Acquisitions		Annuities		Stable Value Products
Investments and other assets	$	14,687,943	$	32,234,422	$	21,118,911	$	5,083,328
DAC and VOBA	1,468,989		455,343		876,390		7,001
Other intangibles	267,684		32,622		160,118		7,556
Goodwill	200,274		14,524		336,677		113,813
Total assets	$	16,624,890	$	32,736,911	$	22,492,096	$	5,211,698



	Asset Protection		Corporate and Other		Total Consolidated
Investments and other assets	$	1,026,634	$	13,222,621	$	87,373,859
DAC and VOBA	166,570		—		2,974,293
Other intangibles	125,251		33,193		626,424
Goodwill	128,182		—		793,470
Total assets	$	1,446,637	$	13,255,814	$	91,768,046



	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