Segment Information

12 Months Ended

Dec. 31, 2016

Segment Reporting [Abstract]

Segment Information

Segment Information

The Chief Operating Decision Maker (“CODM”) of the Company is also the Chief Executive Officer (“CEO”) of the Company and 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. and other U.S. affiliates 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, Empower Retirement, 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.

Empower Retirement

The Empower Retirement reporting and operating segment provides various retirement plan products and investment options as well as comprehensive administrative and recordkeeping 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, 2016
	Individual		Empower
	Markets		Retirement		Other		Total
Revenue:
Premium income	$	379,127	$	1,853	$	84,369	$	465,349
Fee income	99,514		851,620		5,683		956,817
Other revenue	—		12,261		—		12,261
Net investment income	798,557		428,327		49,675		1,276,559
Realized investments gains (losses), net	40,899		51,209		774		92,882
Total revenues	1,318,097		1,345,270		140,501		2,803,868
Benefits and expenses:
Policyholder benefits	969,182		206,143		65,698		1,241,023
Operating expenses	175,016		1,002,129		69,096		1,246,241
Total benefits and expenses	1,144,198		1,208,272		134,794		2,487,264
Income before income taxes	173,899		136,998		5,707		316,604
Income tax expense	58,601		25,144		1,767		85,512
Net income	$	115,298	$	111,854	$	3,940	$	231,092

	December 31, 2016
	Individual		Empower
	Markets		Retirement		Other		Total
Assets:
Investments	$	16,770,772	$	12,195,748	$	1,634,330	$	30,600,850
Other assets	1,453,717		1,057,148		141,666		2,652,531
Separate account assets	7,521,475		19,516,290		—		27,037,765
Assets of continuing operations	$	25,745,964	$	32,769,186	$	1,775,996	60,291,146
Assets of discontinued operations							17,652
Total assets							$	60,308,798

	Year Ended December 31, 2015
	Individual		Empower
	Markets		Retirement		Other			Total
Revenue:
Premium income	$	360,783	$	533	$	84,234		$	445,550
Fee income	87,471		853,076		3,979			944,526
Other revenue	—		13,563		—			13,563
Net investment income	801,935		398,639		53,856			1,254,430
Realized investments gains (losses), net	28,864		54,752		94			83,710
Total revenues	1,279,053		1,320,563		142,163			2,741,779
Benefits and expenses:
Policyholder benefits	931,631		201,791		101,205			1,234,627
Operating expenses	159,719		992,564		65,890			1,218,173
Total benefits and expenses	1,091,350		1,194,355		167,095			2,452,800
Income (loss) before income taxes	187,703		126,208		(24,932		)	288,979
Income tax expense (benefit)	64,360		43,058		(8,894		)	98,524
Net income (loss)	$	123,343	$	83,150	$	(16,038	)	$	190,455

	December 31, 2015
	Individual		Empower
	Markets		Retirement		Other		Total
Assets:
Investments	$	16,074,681	$	10,966,096	$	1,770,249	$	28,811,026
Other assets	1,358,934		927,061		149,655		2,435,650
Separate account assets	7,031,013		19,600,180		—		26,631,193
Assets of continuing operations	$	24,464,628	$	31,493,337	$	1,919,904	57,877,869
Assets of discontinued operations							21,910
Total assets							$	57,899,779

	Year Ended December 31, 2014
	Individual		Empower
	Markets		Retirement		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