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SIGNIFICANT ACQUISITIONS (Tables)
12 Months Ended
Dec. 31, 2014
SIGNIFICANT ACQUISITIONS.  
Summary of fair values of the net assets acquired

 

 

Fair Value
As of
October 1, 2013

 

 

 

(Dollars In Thousands)

 

Assets

 

 

 

 

Fixed maturities, at fair value

 

$

6,557,853 

 

Equity securities, at fair value

 

 

108,413 

 

Mortgage loans

 

 

830,415 

 

Policy loans

 

 

967,534 

 

Short-term investments

 

 

130,963 

 

​  

​  

Total investments

 

 

8,595,178 

 

Cash

 

 

216,164 

 

Accrued investment income

 

 

114,695 

 

Accounts and premiums receivable, net of allowance for uncollectible amounts

 

 

26,055 

 

Reinsurance receivables

 

 

422,692 

 

Value of business acquired

 

 

205,767 

 

Other assets

 

 

5,104 

 

Income tax receivables

 

 

21,197 

 

Deferred income taxes

 

 

188,142 

 

Separate account assets

 

 

195,452 

 

​  

​  

Total assets

 

$

9,990,446 

 

​  

​  

Liabilities

 

 

 

 

Future policy benefits and claims

 

$

7,645,969 

 

Unearned premiums

 

 

3,066 

 

​  

​  

Total policy liabilities and accruals

 

 

7,649,035 

 

Annuity account balances

 

 

752,163 

 

Other policyholders' funds

 

 

636,448 

 

Other liabilities

 

 

66,124 

 

Non-recourse funding obligation

 

 

2,548 

 

Separate account liabilities

 

 

195,344 

 

​  

​  

Total liabilities

 

 

9,301,662 

 

​  

​  

Net assets acquired

 

$

688,784 

 

​  

​  

​  

​  

​  

 

Schedule of (unaudited) pro forma condensed consolidated results of operations

                                                                                                                                                                                  

 

 

Unaudited
For The Year Ended
December 31,

 

 

 

2013

 

2012

 

 

 

(Dollars In Thousands)

 

Revenue

 

$

4,599,718 

(1)

$

4,497,881 

 

Net income

 

$

427,645 

(2)

$

359,120 

 

EPS—basic

 

$

5.39 

 

$

4.43 

 

EPS—diluted

 

$

5.28 

 

$

4.34 

 

 

(1)

Includes $203.8 million of revenue recognized for the year ended December 31, 2013.

(2)

Includes $27.9 million of pre-tax net income recognized for the year ended December 31, 2013.