OPERATING SEGMENTS (Tables)

9 Months Ended

Sep. 30, 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 September 30,						For The Nine Months Ended September 30,
	2019		2018		2019		2018
	(Dollars In Thousands)
Revenues
Life Marketing	$	472,649	$	438,585	$	1,371,548	$	1,288,455
Acquisitions	859,524		581,054		2,136,497		1,469,787
Annuities	92,565		129,280		332,189		413,170
Stable Value Products	59,954		59,328		187,118		158,944
Asset Protection	75,884		79,158		228,096		233,347
Corporate and Other	58,135		59,763		196,068		193,205
Total revenues	$	1,618,711	$	1,347,168	$	4,451,516	$	3,756,908
Pre-tax Adjusted Operating Income (Loss)
Life Marketing	$	(25,347)	$	2,521	$	(24,575)	$	(23,065)
Acquisitions	103,210		93,648		247,932		208,206
Annuities	35,860		45,587		135,347		142,052
Stable Value Products	20,863		27,126		71,208		76,198
Asset Protection	10,405		8,029		29,359		21,413
Corporate and Other	(22,664)		(19,937)		(62,783)		(58,413)
Pre-tax adjusted operating income	122,327		156,974		396,488		366,391
Realized gains (losses) on investments and derivatives	5,516		(20,255)		36,344		(39,102)
Income before income tax	127,843		136,719		432,832		327,289
Income tax expense	(27,217)		(26,619)		(85,811)		(61,582)
Net income	$	100,626	$	110,100	$	347,021	$	265,707

Pre-tax adjusted operating income	$	122,327	$	156,974	$	396,488	$	366,391
Adjusted operating income tax expense	(26,059)		(30,873)		(78,179)		(69,793)
After-tax adjusted operating income	96,268		126,101		318,309		296,598
Realized gains (losses) on investments and derivatives	5,516		(20,255)		36,344		(39,102)
Income tax (expense) benefit on adjustments	(1,158)		4,254		(7,632)		8,211
Net income	$	100,626	$	110,100	$	347,021	$	265,707

Realized investment gains (losses):
Derivative financial instruments	$	(102,403)	$	(27,465)	$	(370,123)	$	62,859
All other investments	88,409		(19,869)		317,501		(157,070)
Net impairment losses recognized in earnings	(10,818)		(14)		(14,658)		(3,664)
Less: related amortization⁽¹⁾	(6,205)		(5,859)		(37,406)		5,060
Less: VA GLWB economic cost	(24,123)		(21,234)		(66,218)		(63,833)
Realized gains (losses) on investments and derivatives	$	5,516	$	(20,255)	$	36,344	$	(39,102)

(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, 2019
	(Dollars In Thousands)
	Life Marketing		Acquisitions		Annuities		Stable Value Products
Investments and other assets	$	15,780,011	$	52,877,466	$	21,500,280	$	5,324,149
DAC and VOBA	1,467,865		885,600		895,121		6,019
Other intangibles	248,475		37,287		161,509		6,889
Goodwill	215,254		23,862		343,247		113,924
Total assets	$	17,711,605	$	53,824,215	$	22,900,157	$	5,450,981


	Asset Protection		Corporate and Other		Total Consolidated
Investments and other assets	$	1,059,284	$	18,363,134	$	114,904,324
DAC and VOBA	170,269		—		3,424,874
Other intangibles	114,703		27,473		596,336
Goodwill	129,224		—		825,511
Total assets	$	1,473,480	$	18,390,607	$	119,751,045


	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