DEFERRED POLICY ACQUISITION COSTS AND VALUE OF BUSINESS ACQUIRED (Tables)

12 Months Ended

Dec. 31, 2011

DEFERRED POLICY ACQUISITION COSTS AND VALUE OF BUSINESS ACQUIRED.

Schedule of the effect of the adjustments on the company's balance sheet due to retrospectively adoption of ASU No. 2010-26

	As of December 31, 2011
	As originally reported		As adjusted		Effect of Change
	(Dollars In Thousands)
Assets:
Deferred policy acquisition costs and value of business acquired	$	4,036,757	$	3,248,041	$	(788,716	)
Total Assets	$	52,932,085	$	52,143,369	$	(788,716	)
Liabilities:
Deferred income taxes	$	1,540,397	$	1,260,629	$	(279,768	)
Total liabilities	$	48,712,370	$	48,432,602	$	(279,768	)
Equity:
Retained earnings	$	2,719,492	$	2,191,319	$	(528,173	)
Accumulated other comprehensive income (loss):
Net unrealized gain (losses) on investments, net of income tax		1,074,878		1,094,103		19,225
Total Equity	$	4,219,715	$	3,710,767	$	(508,948	)
Total liabilities and shareowners' equity	$	52,932,085	$	52,143,369	$	(788,716	)

	As of December 31, 2010
	As originally reported		As adjusted		Effect of Change
	(Dollars In Thousands)
Assets:
Deferred policy acquisition costs and value of business acquired	$	3,851,743	$	3,092,580	$	(759,163	)
Total Assets	$	47,562,786	$	46,803,623	$	(759,163	)
Liabilities:
Deferred income taxes	$	1,022,130	$	752,866	$	(269,264	)
Total liabilities	$	44,232,683	$	43,963,419	$	(269,264	)
Equity:
Retained earnings	$	2,432,925	$	1,928,430	$	(504,495	)
Accumulated other comprehensive income (loss):
Net unrealized gain (losses) on investments, net of income tax		362,321		376,917		14,596
Total Equity	$	3,330,103	$	2,840,204	$	(489,899	)
Total liabilities and shareowners' equity	$	47,562,786	$	46,803,623	$	(759,163	)

Schedule of the effect of the adjustments on the company's income statement due to retrospectively adoption of ASU No. 2010-26

	For The Year Ended December 31, 2011
	As originally reported		As adjusted		Effect of Change
	(Dollars In Thousands)
Expenses:
Amortization of deferred policy acquisition costs and value of business acquired	$	315,923	$	264,993	$	(50,930	)
Other operating expenses		509,594		597,200		87,606
Total benefits and expenses		3,058,990		3,095,666		36,676
Income before income tax		507,152		470,476		(36,676	)
Income tax (benefit) expense		167,837		154,839		(12,998	)
Net income	$	339,315	$	315,637	$	(23,678	)
Less: Net loss attributable to noncontrolling interests		245		245		—
Net Income available to PLC's common shareowners	$	339,070	$	315,392	$	(23,678	)
Net income available to PLC's common shareowners—basic	$	3.98	$	3.70	$	(0.28	)
Net income available to PLC's common shareowners—diluted	$	3.92	$	3.65	$	(0.27	)

	For The Year Ended December 31, 2010
	As originally reported			As adjusted			Effect of Change
	(Dollars In Thousands)
Expenses:
Amortization of deferred policy acquisition costs and value of business acquired	$	209,722		$	164,963		$	(44,759	)
Other operating expenses		409,741			508,591			98,850
Total benefits and expenses		2,708,892			2,762,983			54,091
Income before income tax		388,863			334,772			(54,091	)
Income tax (benefit) expense		129,067			109,903			(19,164	)
Net income	$	259,796		$	224,869		$	(34,927	)
Less: Net loss attributable to noncontrolling interests		(445	)		(445	)		—
Net Income available to PLC's common shareowners	$	260,241		$	225,314		$	(34,927	)
Net income available to PLC's common shareowners—basic	$	3.01		$	2.60		$	(0.41	)
Net income available to PLC's common shareowners—diluted	$	2.97		$	2.57		$	(0.40	)

	For The Year Ended December 31, 2009
	As originally reported		As adjusted		Effect of Change
	(Dollars In Thousands)
Expenses:
Amortization of deferred policy acquisition costs and value of business acquired	$	345,569	$	277,882	$	(67,687	)
Other operating expenses		327,700		429,980		102,280
Total benefits and expenses		2,651,248		2,685,841		34,593
Income before income tax		416,778		382,185		(34,593	)
Income tax (benefit) expense		145,290		133,048		(12,242	)
Net income	$	271,488	$	249,137	$	(22,351	)
Less: Net loss attributable to noncontrolling interests		—		—		—
Net Income available to PLC's common shareowners	$	271,488	$	249,137	$	(22,351	)
Net income available to PLC's common shareowners—basic	$	3.37	$	3.10	$	(0.27	)
Net income available to PLC's common shareowners—diluted	$	3.34	$	3.07	$	(0.27	)

Schedule of the effect of the adjustments on the company's cash flow statement due to retrospectively adoption of ASU No. 2010-26

	For The Year Ended December 31, 2011
	As originally reported			As adjusted			Effect of Change
	(Dollars In Thousands)
Cash flows from operating activities
Net income	$	339,315		$	315,637		$	(23,678	)
Amortization of deferred policy acquisition costs and value of business acquired		315,923			264,993			(50,930	)
Capitalization of deferred policy acquisition costs		(453,761	)		(366,156	)		87,605
Deferred income tax		98,890			85,893			(12,997	)
Other, net		97,382			97,382			—
Change to net cash (used in) provided by operating activities	$	397,749		$	397,749		$	—

	For The Year Ended December 31, 2010
	As originally reported			As adjusted			Effect of Change
	(Dollars In Thousands)
Cash flows from operating activities
Net income	$	259,796		$	224,869		$	(34,927	)
Amortization of deferred policy acquisition costs and value of business acquired		209,722			164,963			(44,759	)
Capitalization of deferred policy acquisition costs		(480,383	)		(382,553	)		97,830
Deferred income tax		101,317			82,516			(18,801	)
Other, net		(8,631	)		(7,974	)		657
Change to net cash (used in) provided by operating activities	$	81,821		$	81,821		$	—

	For The Year Ended December 31, 2009
	As originally reported			As adjusted			Effect of Change
	(Dollars In Thousands)
Cash flows from operating activities
Net income	$	271,488		$	249,137		$	(22,351	)
Amortization of deferred policy acquisition costs and value of business acquired		345,569			277,882			(67,687	)
Capitalization of deferred policy acquisition costs		(408,001	)		(377,013	)		30,988
Deferred income tax		66,651			79,817			13,166
Other, net		88,608			134,492			45,884
Change to net cash (used in) provided by operating activities	$	364,315		$	364,315		$	—

Schedule of balances and changes in DAC

	As of December 31,
	2011			2010
	(Dollars In Thousands)
Balance, beginning of period	$	2,124,327		$	1,992,246
Capitalization of commissions, sales, and issue expenses		370,830			360,665
Amortization		(215,600	)		(93,928	)
Change in unrealized investment gains and losses		(59,656	)		(134,656	)
Balance, end of period	$	2,219,901		$	2,124,327

Schedule of balances and changes in VOBA

	As of December 31,
	2011			2010
	(Dollars In Thousands)
Balance, beginning of period	$	968,253		$	943,069
Acquisitions		137,418			75,351
Amortization		(66,163	)		(57,797	)
Change in unrealized gains and losses		(21,907	)		—
Other		10,539			7,630
Balance, end of period	$	1,028,140		$	968,253

Schedule of expected amortization of VOBA for the next five years

Years	Expected Amortization
	(Dollars In Thousands)
2012	$	76,152
2013		67,129
2014		59,232
2015		51,455
2016		46,744