OPERATING SEGMENTS (Tables)

3 Months Ended

Mar. 31, 2019

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 March 31,
	2019			2018
	(Dollars In Thousands)
Revenues
Life Marketing	$	457,340		$	434,916
Acquisitions	609,942			379,094
Annuities	139,217			150,713
Stable Value Products	59,579			53,868
Asset Protection	76,198			76,375
Corporate and Other	71,754			70,866
Total revenues	$	1,414,030		$	1,165,832
Pre-tax Adjusted Operating Income (Loss)
Life Marketing	$	1,234		$	(17,849	)
Acquisitions	74,912			55,520
Annuities	54,216			40,531
Stable Value Products	22,239			29,080
Asset Protection	9,743			6,218
Corporate and Other	(19,674		)	(20,679		)
Pre-tax adjusted operating income	142,670			92,821
Realized (losses) gains on investments and derivatives	32,245			(1,023		)
Income before income tax	174,915			91,798
Income tax expense	(36,631		)	(17,686		)
Net income	$	138,284		$	74,112

Pre-tax adjusted operating income	$	142,670		$	92,821
Adjusted operating income tax (expense) benefit	(29,859		)	(18,044		)
After-tax adjusted operating income	112,811			74,777
Realized (losses) gains on investments and derivatives	32,245			(1,023		)
Income tax benefit (expense) on adjustments	(6,772		)	358
Net income	$	138,284		$	74,112

Realized investment (losses) gains:
Derivative financial instruments	$	(119,671	)	$	78,059
All other investments	129,590			(87,599		)
Net impairment losses recognized in earnings	(3,142		)	(3,645		)
Less: related amortization⁽¹⁾	(4,361		)	9,156
Less: VA GLWB economic cost	(21,107		)	(21,318		)
Realized (losses) gains on investments and derivatives	$	32,245		$	(1,023	)

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



	Operating Segment Assets As of March 31, 2019
	(Dollars In Thousands)
	Life Marketing		Acquisitions		Annuities		Stable Value Products
Investments and other assets	$	15,038,044	$	31,805,017	$	20,690,159	$	5,401,470
DAC and VOBA	1,496,282		431,788		885,926		5,249
Other intangibles	258,010		32,776		153,452		7,222
Goodwill	215,254		23,862		343,247		113,924
Total assets	$	17,007,590	$	32,293,443	$	22,072,784	$	5,527,865



	Asset Protection		Corporate and Other		Total Consolidated
Investments and other assets	$	1,025,637	$	14,088,375	$	88,048,702
DAC and VOBA	167,441		—		2,986,686
Other intangibles	120,046		30,097		601,603
Goodwill	129,224		—		825,511
Total assets	$	1,442,348	$	14,118,472	$	92,462,502



	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