OPERATING SEGMENTS (Tables)

9 Months Ended

Sep. 30, 2014

OPERATING SEGMENTS

Summary of financial information for the Company's segments

	For The						For The
	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2014			2013			2014			2013
	(Dollars In Thousands)
Revenues
Life Marketing	$	400,706		$	377,416		$	1,192,504		$	1,092,063
Acquisitions	408,522			240,067			1,273,714			752,247
Annuities	182,239			196,305			482,313			547,259
Stable Value Products	38,713			25,208			93,641			91,596
Asset Protection	70,584			71,495			207,837			210,879
Corporate and Other	47,322			42,203			143,978			147,820
Total revenues	$	1,148,086		$	952,694		$	3,393,987		$	2,841,864
Segment Operating Income (Loss)
Life Marketing	$	32,820		$	29,218		$	82,654		$	77,598
Acquisitions	72,929			29,429			198,807			93,241
Annuities	49,335			50,866			156,236			130,646
Stable Value Products	19,506			19,206			54,190			59,514
Asset Protection	8,530			6,827			23,433			20,292
Corporate and Other	(15,110		)	(14,251		)	(42,520		)	(35,066		)
Total segment operating income	168,010			121,295			472,800			346,225
Realized investment (losses) gains - investments(1)	(4,836		)	(36,282		)	138,617			(165,349		)
Realized investment (losses) gains - derivatives	21,709			57,108			(139,119		)	235,885
Income tax expense	(65,974		)	(49,060		)	(161,773		)	(142,210		)
Net income	$	118,909		$	93,061		$	310,525		$	274,551
Investment gains (losses)(2)	$	(1,160	)	$	(28,189	)	$	148,051		$	(150,896	)
Less: amortization related to DAC/VOBA and benefits and settlement expenses	3,676			8,093			9,434			14,453
Realized investment gains (losses) - investments	$	(4,836	)	$	(36,282	)	$	138,617		$	(165,349	)
Derivative gains (losses)(3)	$	3,781		$	41,326		$	(191,495	)	$	192,592
Less: VA GMWB economic cost	(17,928		)	(15,782		)	(52,376		)	(43,293		)
Realized investment gains (losses) - derivatives	$	21,709		$	57,108		$	(139,119	)	$	235,885

(1) Includes credit related other-than-temporary impairments of $2.3 million and $5.4 million for the three and nine months ended September 30, 2014, respectively, as compared to $8.7 million and $17.3 million for the three and nine months ended September 30, 2013, respectively.

(2) Includes realized investment gains (losses) before related amortization.

(3) Includes realized gains (losses) on derivatives before the VA GMWB economic cost.

	Operating Segment Assets
	As of September 30, 2014
	(Dollars In Thousands)
	Life						Stable Value
	Marketing		Acquisitions		Annuities		Products
Investments and other assets	$	13,699,580	$	19,895,240	$	20,595,599	$	2,260,840
Deferred policy acquisition costs and value of business acquired	1,950,507		635,336		637,752		706
Goodwill	10,192		30,194		—		—
Total assets	$	15,660,279	$	20,560,770	$	21,233,351	$	2,261,546

	Asset		Corporate				Total
	Protection		and Other		Adjustments		Consolidated
Investments and other assets	$	917,926	$	9,802,176	$	15,428	$	67,186,789
Deferred policy acquisition costs and value of business acquired	38,596		402		—		3,263,299
Goodwill	62,670		83		—		103,139
Total assets	$	1,019,192	$	9,802,661	$	15,428	$	70,553,227

	Operating Segment Assets
	As of December 31, 2013
	(Dollars In Thousands)
	Life						Stable Value
	Marketing		Acquisitions		Annuities		Products
Investments and other assets	$	13,135,914	$	20,188,321	$	19,974,246	$	2,558,551
Deferred policy acquisition costs and value of business acquired	2,071,470		799,255		647,485		1,001
Goodwill	10,192		32,517		—		—
Total assets	$	15,217,576	$	21,020,093	$	20,621,731	$	2,559,552

	Asset		Corporate				Total
	Protection		and Other		Adjustments		Consolidated
Investments and other assets	$	852,273	$	8,355,618	$	16,762	$	65,081,685
Deferred policy acquisition costs and value of business acquired	50,358		646		—		3,570,215
Goodwill	62,671		83		—		105,463
Total assets	$	965,302	$	8,356,347	$	16,762	$	68,757,363