OPERATING SEGMENTS (Tables)

6 Months Ended

Jun. 30, 2019

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 Three Months Ended June 30,						For The Six Months Ended June 30,
	2019			2018			2019			2018
	(Dollars In Thousands)
Revenues
Life Marketing	$	441,559		$	414,954		$	898,899		$	849,870
Acquisitions	667,031			509,639			1,276,973			888,733
Annuities	100,407			133,177			239,624			283,890
Stable Value Products	67,585			45,748			127,164			99,616
Asset Protection	76,014			77,814			152,212			154,189
Corporate and Other	66,179			62,576			137,933			133,442
Total revenues	$	1,418,775		$	1,243,908		$	2,832,805		$	2,409,740
Pre-tax Adjusted Operating Income (Loss)
Life Marketing	$	(462	)	$	(7,737	)	$	772		$	(25,586	)
Acquisitions	69,810			59,038			144,722			114,558
Annuities	45,271			55,934			99,487			96,465
Stable Value Products	28,106			19,992			50,345			49,072
Asset Protection	9,211			7,166			18,954			13,384
Corporate and Other	(20,445		)	(17,797		)	(40,119		)	(38,476		)
Pre-tax adjusted operating income	131,491			116,596			274,161			209,417
Realized (losses) gains on investments and derivatives	(1,417		)	(17,824		)	30,828			(18,847		)
Income before income tax	130,074			98,772			304,989			190,570
Income tax expense	(21,963		)	(17,277		)	(58,594		)	(34,963		)
Net income	$	108,111		$	81,495		$	246,395		$	155,607
Pre-tax adjusted operating income	$	131,491		$	116,596		$	274,161		$	209,417
Adjusted operating income tax (expense) benefit	(22,261		)	(20,877		)	(52,120		)	(38,920		)
After-tax adjusted operating income	109,230			95,719			222,041			170,497
Realized (losses) gains on investments and derivatives	(1,417		)	(17,824		)	30,828			(18,847		)
Income tax benefit (expense) on adjustments	298			3,600			(6,474		)	3,957
Net income	$	108,111		$	81,495		$	246,395		$	155,607
Realized investment (losses) gains:
Derivative financial instruments	$	(148,049	)	$	12,265		$	(267,720	)	$	90,324
All other investments	99,502			(49,602		)	229,092			(137,201		)
Net impairment losses recognized in earnings	(698		)	(5		)	(3,840		)	(3,650		)
Less: related amortization(1)	(26,840		)	1,763			(31,201		)	10,919
Less: VA GLWB economic cost	(20,988		)	(21,281		)	(42,095		)	(42,599		)
Realized (losses) gains on investments and derivatives	$	(1,417	)	$	(17,824	)	$	30,828		$	(18,847	)
(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, 2019
	(Dollars In Thousands)
	Life Marketing		Acquisitions		Annuities		Stable Value Products
Investments and other assets	$	15,433,940	$	52,753,065	$	21,206,967	$	5,688,707
DAC and VOBA	1,494,118		914,610		890,214		6,877
Other intangibles	253,243		38,291		172,420		7,056
Goodwill	215,254		23,862		343,247		113,924
Total assets	$	17,396,555	$	53,729,828	$	22,612,848	$	5,816,564

	Asset Protection		Corporate and Other		Total Consolidated
Investments and other assets	$	1,055,887	$	16,390,407	$	112,528,973
DAC and VOBA	168,738		—		3,474,557
Other intangibles	117,374		28,547		616,931
Goodwill	129,224		—		825,511
Total assets	$	1,471,223	$	16,418,954	$	117,445,972

	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