Segment Information

12 Months Ended

Dec. 31, 2014

Segment Reporting [Abstract]

Segment Information

Segment Information

The Chief Operating Decision Maker (“CODM”) of the Company is also the Chief Executive Officer (“CEO”) of Lifeco U.S. The CODM reviews the financial information for the purposes of assessing performance and allocating resources based upon the results of Lifeco U.S. prepared in accordance with International Financial Reporting Standards. The CODM, in his capacity as CEO of the Company, reviews the Company’s financial information only in connection with the quarterly and annual reports that are filed with the Securities and Exchange Commission (“SEC”). Consequently, the Company does not provide its discrete financial information to the CODM to be regularly reviewed to make decisions about resources to be allocated or to assess performance. For purposes of SEC reporting requirements, the Company has chosen to present its financial information in three segments, notwithstanding the above. The three segments are: Individual Markets, Retirement Services and Other.

Individual Markets

The Individual Markets reporting and operating segment distributes life insurance and individual annuity products to both individuals and businesses through various distribution channels.  Life insurance products in-force include participating and non-participating term life, whole life, universal life and variable universal life.

Retirement Services

The Retirement Services reporting and operating segment provides various retirement plan products and investment options as well as comprehensive administrative and record-keeping services for financial institutions and employers, which include educational, advisory, enrollment and communication services for employer-sponsored defined contribution plans and associated defined benefit plans.

Other

The Company’s Other reporting segment is substantially comprised of activity under the assumption of reinsurance between GWSC and CLAC (“the GWSC operating segment”), corporate items not directly allocated to the other operating segments and interest expense on long-term debt.

The accounting principles used to determine segment results are the same as those used in the consolidated financial statements.  The Company evaluates performance of its reportable segments based on their profitability from operations after income taxes.  Inter-segment transactions and balances have been eliminated in consolidation.  The Company’s operations are not materially dependent on one or a few customers, brokers or agents.

The following tables summarize segment financial information:

	Year Ended December 31, 2014
	Individual		Retirement
	Markets		Services		Other			Total
Revenue:
Premium income	$	360,305	$	1,215	$	84,875		$	446,395
Fee income	95,631		629,533		4,015			729,179
Other revenue	—		7,506		—			7,506
Net investment income	748,015		426,340		54,033			1,228,388
Realized investments gains (losses), net	44,381		102,597		393			147,371
Total revenues	1,248,332		1,167,191		143,316			2,558,839
Benefits and expenses:
Policyholder benefits	902,982		206,339		113,124			1,222,445
Operating expenses	136,850		647,165		79,107			863,122
Total benefits and expenses	1,039,832		853,504		192,231			2,085,567
Income (loss) before income taxes	208,500		313,687		(48,915		)	473,272
Income tax expense (benefit)	68,719		104,162		(16,978		)	155,903
Net income (loss)	$	139,781	$	209,525	$	(31,937	)	$	317,369

	December 31, 2014
	Individual		Retirement
	Markets		Services		Other		Total
Assets:
Investments	$	15,928,591	$	10,621,831	$	1,772,821	$	28,323,243
Other assets	1,283,256		855,728		142,824		2,281,808
Separate account assets	7,247,463		20,471,381		—		27,718,844
Assets of continuing operations	$	24,459,310	$	31,948,940	$	1,915,645	58,323,895
Assets of discontinued operations							24,324
Total assets							$	58,348,219

	Year Ended December 31, 2013
	Individual		Retirement
	Markets		Services			Other			Total
Revenue:
Premium income	$	354,202	$	3,954		$	105,937		$	464,093
Fee income	94,037		519,842			4,365			618,244
Other revenue	7,355		—			—			7,355
Net investment income	688,279		351,729			51,381			1,091,389
Realized investments gains (losses), net	19,071		(33,233		)	26			(14,136		)
Total revenues	1,162,944		842,292			161,709			2,166,945
Benefits and expenses:
Policyholder benefits	921,096		196,115			114,880			1,232,091
Operating expenses	142,141		538,209			66,971			747,321
Total benefits and expenses	1,063,237		734,324			181,851			1,979,412
Income (loss) before income taxes	99,707		107,968			(20,142		)	187,533
Income tax expense (benefit)	34,265		33,240			(8,714		)	58,791
Net income (loss)	$	65,442	$	74,728		$	(11,428	)	$	128,742

	December 31, 2013
	Individual		Retirement
	Markets		Services		Other		Total
Assets:
Investments	$	14,563,978	$	10,370,421	$	1,582,024	$	26,516,423
Other assets	1,179,332		839,755		128,106		2,147,193
Separate account assets	6,321,135		20,309,769		—		26,630,904
Assets of continuing operations	$	22,064,445	$	31,519,945	$	1,710,130	55,294,520
Assets of discontinued operations							29,007
Total assets							$	55,323,527

	Year Ended December 31, 2012
	Individual		Retirement
	Markets		Services		Other			Total
Revenue:
Premium income	$	314,350	$	3,670	$	104,133		$	422,153
Fee income	74,985		456,052		4,786			535,823
Net investment income	729,885		414,114		47,552			1,191,551
Realized investments gains (losses), net	55,959		60,726		32			116,717
Total revenues	1,175,179		934,562		156,503			2,266,244
Benefits and expenses:
Policyholder benefits	882,726		204,296		111,288			1,198,310
Operating expenses	136,895		492,427		65,193			694,515
Total benefits and expenses	1,019,621		696,723		176,481			1,892,825
Income (loss) before income taxes	155,558		237,839		(19,978		)	373,419
Income tax expense	50,869		78,150		6,286			135,305
Net income (loss)	$	104,689	$	159,689	$	(26,264	)	$	238,114