OPERATING SEGMENTS (Tables)

12 Months Ended

Dec. 31, 2018

Segment Reporting [Abstract]

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 Year Ended December 31,
	2018			2017			2016
	(Dollars In Thousands)
Revenues
Life Marketing	$	1,689,795		$	1,667,118		$	1,627,848
Acquisitions	2,027,195			1,569,083			1,676,017
Annuities	545,922			450,306			574,934
Stable Value Products	219,501			190,006			114,580
Asset Protection	310,243			327,573			269,145
Corporate and Other	248,298			214,706			221,423
Total revenues	$	5,040,954		$	4,418,792		$	4,483,947
Pre-tax Adjusted Operating Income (Loss)
Life Marketing	$	(19,376	)	$	50,778		$	39,745
Acquisitions	282,715			249,749			260,511
Annuities	167,186			213,080			213,293
Stable Value Products	102,328			105,261			61,294
Asset Protection	29,911			24,356			16,487
Corporate and Other	(84,229		)	(136,332		)	(87,961		)
Pre-tax adjusted operating income	478,535			506,892			503,369
Realized gains (losses) on investments and derivatives	(95,517		)	(71,835		)	90,628
Income before income tax	383,018			435,057			593,997
Income tax expense (benefit)	80,657			(671,475		)	200,968
Net income	$	302,361		$	1,106,532		$	393,029
Pre-tax adjusted operating income	$	478,535		$	506,892		$	503,369
Adjusted operating income tax (expense) benefit	(100,716		)	646,333			(169,247		)
After-tax adjusted operating income	377,819			1,153,225			334,122
Realized gains (losses) on investments and derivatives	(95,517		)	(71,835		)	90,628
Income tax benefit (expense) on adjustments	20,059			25,142			(31,721		)
Net income	$	302,361		$	1,106,532		$	393,029
Realized investment (losses) gains:
Derivative financial instruments	$	60,988		$	(305,828	)	$	(40,288	)
All other investments	(223,649		)	121,428			90,659
Net impairment losses recognized in earnings	(29,724		)	(11,742		)	(17,748		)
Less: related amortization(1)	(11,856		)	(39,480		)	24,360
Less: VA GLWB economic cost	(85,012		)	(84,827		)	(82,365		)
Realized (losses) gains on investments and derivatives	$	(95,517	)	$	(71,835	)	$	90,628

(1) Includes amortization of DAC/VOBA and benefits and settlement expenses that are impacted by realized gains (losses).

	For The Year Ended December 31,
	2018		2017			2016
	(Dollars In Thousands)
Net investment income
Life Marketing	$	551,781	$	553,999		$	525,495
Acquisitions	1,108,218		752,520			764,571
Annuities	340,685		321,844			322,608
Stable Value Products	217,778		186,576			107,010
Asset Protection	30,457		27,325			22,082
Corporate and Other	234,831		209,324			200,690
Total net investment income	$	2,483,750	$	2,051,588		$	1,942,456
Amortization of DAC and VOBA
Life Marketing	$	116,917	$	120,753		$	130,708
Acquisitions	18,690		(6,939		)	8,178
Annuities	24,274		(54,471		)	(11,031		)
Stable Value Products	3,201		2,354			1,176
Asset Protection	62,726		16,524			20,033
Corporate and Other	—		—			—
Total amortization of DAC and VOBA	$	225,808	$	78,221		$	149,064

	Operating Segment Assets As of December 31, 2018
	(Dollars In Thousands)
	Life Marketing		Acquisitions		Annuities		Stable Value Products
Investments and other assets	$	14,575,702	$	31,859,520	$	20,199,597	$	5,107,334
DAC and VOBA	1,499,386		458,977		889,697		6,121
Other intangibles	262,758		31,975		156,785		7,389
Goodwill	215,254		23,862		343,247		113,924
Total assets	$	16,553,100	$	32,374,334	$	21,589,326	$	5,234,768

	Asset Protection		Corporate and Other		Total Consolidated
Investments and other assets	$	1,019,297	$	12,715,208	$	85,476,658
DAC and VOBA	168,973		—		3,023,154
Other intangibles	122,590		31,934		613,431
Goodwill	129,224		—		825,511
Total assets	$	1,440,084	$	12,747,142	$	89,938,754

	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