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Quarterly Results of Operations (Unaudited)
 12 Months Ended
Dec. 31, 2016
Quarterly Financial Data [Abstract]  
Quarterly Results of Operations (Unaudited)
QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)

Prior period amounts in the table below have been revised to correct previously reported amounts. These prior period revisions have also been reflected in the consolidated financial statements. See Note 16 for a more detailed description of the revisions.

The unaudited quarterly results of operations for the years ended December 31, 2016 and 2015 are summarized in the table below:

 
 
Three months ended
 
 
March 31
 
June 30
 
September 30
 
December 31
 
 
(in thousands)
2016
 
 
 
 
 
 
 
 
Total revenues
 
$
791,393

 
$
140,925

 
$
231,010

 
$
47,874

Total benefits and expenses
 
1,163,700

 
(588,114
)
 
182,006

 
132,262

Income (loss) from operations before income taxes
 
(372,307
)
 
729,039

 
49,004

 
(84,388
)
Net income (loss)
 
$
(328,199
)
 
$
723,984

 
$
84,897

 
$
(85,465
)
2015
 
 
 
 
 
 
 
 
Total revenues
 
$
833,689

 
$
601,620

 
$
762,424

 
$
662,173

Total benefits and expenses
 
738,702

 
365,827

 
920,714

 
337,301

Income (loss) from operations before income taxes
 
94,987

 
235,793

 
(158,290
)
 
324,872

Net income (loss)
 
$
81,934

 
$
214,381

 
$
(136,506
)
 
$
348,194



The variability in the quarterly results for 2016 was primarily due to the Variable Annuities Recapture. See Note 1 for additional information.