of operating systems ; performance and valuation of our investments , including the impact of realized losses ( including other-than-temporary impairment charges ) ; our ability to identify products and markets in which we can compete effectively against competitors with greater market share , higher ratings , greater financial resources and stronger brand recognition ; our ability to generate sufficient liquidity to meet our debt service obligations and other cash needs ; changes in capital deployment opportunities ; our ability to maintain effective controls over financial reporting ; our ability to continue to recruit and retain productive agents and distribution partners ; customer response to new products , distribution channels and marketing initiatives ; our ability to maintain the financial strength ratings of cno and our insurance company subsidiaries as well as the impact of our ratings on our business , our ability to access capital , and the cost of capital ; regulatory changes or actions , including : those relating to regulation of the financial affairs of our insurance companies , such as the calculation of risk-based capital and minimum capital requirements , and payment of dividends and surplus debenture interest to us ; regulation of the sale , underwriting and pricing of products ; and health care regulation affecting health insurance products ; changes in the federal income tax laws and regulations which may affect or eliminate the relative tax advantages of some of our products or affect the value of our deferred tax assets ; availability and effectiveness of reinsurance arrangements , as well as the impact of any defaults or failure of reinsurers to perform ; the performance of third party service providers and potential difficulties arising from outsourcing arrangements ; the growth rate of sales , collected premiums , annuity deposits and assets ; interruption in telecommunication , information technology or other operational systems or failure to maintain the security , confidentiality or privacy of sensitive data on such systems ; events of terrorism , cyber attacks , natural disasters or other catastrophic events , including losses from a disease pandemic ; ineffectiveness of risk management policies and procedures in identifying , monitoring and managing risks ; and the risk factors or uncertainties listed from time to time in our filings with the sec . other factors and assumptions not identified above are also relevant to the forward-looking statements , and if they prove incorrect , could also cause actual results to differ materially from those projected . all written or oral forward-looking statements attributable to us are expressly qualified in their entirety by the foregoing cautionary statement . our forward-looking statements speak only as of the date made . we assume no obligation to update or to publicly announce the results of any revisions to any of the forward-looking statements to reflect actual results , future events or developments , changes in assumptions or changes in other factors affecting the forward-looking statements . the reporting of rbc measures is not intended for the purpose of ranking any insurance company or for use in connection with any marketing , advertising or promotional activities . 48 overview we are a holding company for a group of insurance companies operating throughout the united states that develop , market and administer health insurance , annuity , individual life insurance and other insurance products . we focus on serving the senior and middle-income markets , which we believe are attractive , underserved , high growth markets . we sell our products through three distribution channels : career agents , independent producers ( some of whom sell one or more of our product lines exclusively ) and direct marketing . we measure segment performance by excluding the loss related to reinsurance transaction , net realized investment gains ( losses ) , fair value changes in embedded derivative liabilities ( net of related amortization ) , fair value changes related to the agent deferred compensation plan , loss on extinguishment of debt , income taxes and other non-operating items consisting primarily of earnings attributable to vies ( `` pre-tax operating earnings `` ) because we believe that this performance measure is a better indicator of the ongoing business and trends in our business . our primary investment focus is on investment income to support our liabilities for insurance products as opposed to the generation of net realized investment gains ( losses ) , and a long-term focus is necessary to maintain profitability over the life of the business . the loss related to reinsurance transaction , net realized investment gains ( losses ) , fair value changes in embedded derivative liabilities ( net of related amortization ) , fair value changes related to the agent deferred compensation plan , loss on extinguishment of debt , and other non-operating items consisting primarily of earnings attributable to vies depend on market conditions or represent unusual items that do not necessarily relate to the underlying business of our segments . net realized investment gains ( losses ) and fair value changes in embedded derivative liabilities ( net of related amortization ) may affect future earnings levels since our underlying business is long-term in nature and changes in our investment portfolio may impact our ability to earn the assumed interest rates needed to maintain the profitability of our business . the company 's insurance segments are described below : bankers life , which underwrites , markets and distributes medicare supplement insurance , interest-sensitive life insurance , traditional life insurance , fixed annuities and long-term care insurance products to the middle-income senior market through a dedicated field force of career agents , financial and investment advisors , and sales managers supported by a network of community-based sales offices . the bankers life segment includes primarily the business of bankers life . story_separator_special_tag present value of future profits and deferred acquisition costs in conjunction with the implementation of fresh start accounting , we eliminated the historical balances of our predecessor 's deferred acquisition costs and the present value of future profits and replaced them with the present value of future profits as calculated on the effective date . the value assigned to the right to receive future cash flows from contracts existing at the effective date is referred to as the present value of future profits . the balance of this account is amortized , evaluated for recovery , and adjusted for the impact of unrealized gains ( losses ) in the same manner as the deferred acquisition costs described below . we expect to amortize the balance of the present value of future profits as of december 31 , 2019 as follows : 11 percent in 2020 , 9 percent in 2021 , 8 percent in 2022 , 7 percent in 2023 and 7 percent in 2024 . deferred acquisition costs represent incremental direct costs related to the successful acquisition of new or renewal insurance contracts . for interest-sensitive life or annuity products , we amortize these costs in relation to the estimated gross profits using the interest rate credited to the underlying policies . for other products , we generally amortize these costs in relation to future anticipated premium revenue using the projected investment earnings rate . insurance acquisition costs are amortized to expense over the lives of the underlying policies in relation to future anticipated premiums or gross profits . the insurance acquisition costs for policies other than interest-sensitive life and annuity products are amortized with interest ( using the projected investment earnings rate ) over the estimated premium-paying period of the policies , in a manner which recognizes amortization expense in proportion to each year 's premium income . the insurance acquisition costs for interest-sensitive life and annuity products are amortized with interest ( using the interest rate credited to the underlying policy ) in proportion to estimated gross profits . the interest , mortality , morbidity and persistency assumptions used to amortize insurance acquisition costs are consistent with those assumptions used to estimate liabilities for insurance products . for interest-sensitive life and annuity products , these assumptions are reviewed on a regular basis . when actual profits or our current best estimates of future profits are different from previous estimates , we adjust cumulative amortization of insurance acquisition costs to maintain amortization expense as a constant percentage of gross profits over the entire life of the policies . when we realize a gain or loss on investments backing our interest-sensitive life or annuity products , we adjust the amortization of insurance acquisition costs to reflect the change in estimated gross profits from the products due to the gain or loss realized and the effect on future investment yields . we increased ( decreased ) amortization expense for such changes by $ .6 million , $ ( .4 ) million and $ 1.0 million during the years ended december 31 , 2019 , 2018 and 2017 , respectively . we also adjust 55 insurance acquisition costs for the change in amortization that would have been recorded if fixed maturity securities , available for sale , had been sold at their stated aggregate fair value and the proceeds reinvested at current yields . such adjustments are commonly referred to as `` shadow adjustments `` and may include adjustments to : ( i ) deferred acquisition costs ; ( ii ) the present value of future profits ; ( iii ) loss recognition reserves ; and ( iv ) income taxes . we include the impact of this adjustment in accumulated other comprehensive income ( loss ) within shareholders ' equity . the total pre-tax impact of such adjustments on accumulated other comprehensive income was a decrease of $ 343.3 million at december 31 , 2019 ( including $ 135.5 million for premium deficiencies that would exist on certain blocks of business if unrealized gains on the assets backing such products had been realized and the proceeds from our sales of such assets were invested at then current yields ) . the total pre-tax impact of such adjustments on accumulated other comprehensive income at december 31 , 2018 was a decrease of $ 45.3 million ( including $ 2.5 million for premium deficiencies that would exist on certain blocks of business if unrealized gains on the assets backing such products had been realized and the proceeds from our sales of such assets were invested at then current yields ) . at december 31 , 2019 , the balance of insurance acquisition costs was $ 1.5 billion . the recoverability of this amount is dependent on the future profitability of the related business . each year , we evaluate the recoverability of the unamortized balance of insurance acquisition costs . these evaluations are performed to determine whether estimates of the present value of future cash flows , in combination with the related liability for insurance products , will support the unamortized balance . these future cash flows are based on our best estimate of future premium income , less benefits and expenses . the present value of these cash flows , plus the related balance of liabilities for insurance products , is then compared with the unamortized balance of insurance acquisition costs . in the event of a deficiency , such amount would be charged to amortization expense . if the deficiency exceeds the balance of insurance acquisition costs , a premium deficiency reserve is established for the excess . the determination of future cash flows involves significant judgment . revisions to the assumptions which determine such cash flows could have a significant adverse effect on our results of operations and financial position . the long-term care business in the long-term care in run-off segment is not expected to generate significant future profits . while we expect the long-term care business in

interest expense on corporate debt was $ 52.4 million , $ 48.0 million and $ 46.5 million in 2019 , 2018 and 2017 , respectively . our average corporate debt outstanding was $ 966.1 million in 2019 and $ 925.0 million in both 2018 and 2017 . the average interest rate on our debt was 5.1 percent , 4.8 percent and 4.8 percent in 2019 , 2018 and 2017 , respectively . average corporate debt outstanding and the average interest rate were impacted by the debt refinancing transaction completed in june 2019 ( as further discussed in the note to the consolidated financial statements entitled `` notes payable - direct corporate obligations '' ) along with the mix of interest rates on the related outstanding borrowings . net investment income on general investment portfolio fluctuates based on the amount and type of invested assets in the corporate operations segment . net investment income on other special-purpose portfolios includes the income ( loss ) from : ( i ) investments related to deferred compensation plans held in a rabbi trust ( which is offset by amounts included in other operating costs and expenses as the investment results are allocated to participants ' account balances ) ; ( ii ) trading account activities ; and ( iii ) income ( loss ) from company-owned life insurance ( `` coli '' ) equal to the difference between the return on these investments ( representing the change in value of the underlying investments ) and our overall portfolio yield . coli is utilized as an investment vehicle to fund bankers life 's agent deferred compensation plan .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```interest expense on corporate debt was $ 52.4 million , $ 48.0 million and $ 46.5 million in 2019 , 2018 and 2017 , respectively . our average corporate debt outstanding was $ 966.1 million in 2019 and $ 925.0 million in both 2018 and 2017 . the average interest rate on our debt was 5.1 percent , 4.8 percent and 4.8 percent in 2019 , 2018 and 2017 , respectively . average corporate debt outstanding and the average interest rate were impacted by the debt refinancing transaction completed in june 2019 ( as further discussed in the note to the consolidated financial statements entitled `` notes payable - direct corporate obligations '' ) along with the mix of interest rates on the related outstanding borrowings . net investment income on general investment portfolio fluctuates based on the amount and type of invested assets in the corporate operations segment . net investment income on other special-purpose portfolios includes the income ( loss ) from : ( i ) investments related to deferred compensation plans held in a rabbi trust ( which is offset by amounts included in other operating costs and expenses as the investment results are allocated to participants ' account balances ) ; ( ii ) trading account activities ; and ( iii ) income ( loss ) from company-owned life insurance ( `` coli '' ) equal to the difference between the return on these investments ( representing the change in value of the underlying investments ) and our overall portfolio yield . coli is utilized as an investment vehicle to fund bankers life 's agent deferred compensation plan .
```    
 Suspicious Activity Report : of operating systems ; performance and valuation of our investments , including the impact of realized losses ( including other-than-temporary impairment charges ) ; our ability to identify products and markets in which we can compete effectively against competitors with greater market share , higher ratings , greater financial resources and stronger brand recognition ; our ability to generate sufficient liquidity to meet our debt service obligations and other cash needs ; changes in capital deployment opportunities ; our ability to maintain effective controls over financial reporting ; our ability to continue to recruit and retain productive agents and distribution partners ; customer response to new products , distribution channels and marketing initiatives ; our ability to maintain the financial strength ratings of cno and our insurance company subsidiaries as well as the impact of our ratings on our business , our ability to access capital , and the cost of capital ; regulatory changes or actions , including : those relating to regulation of the financial affairs of our insurance companies , such as the calculation of risk-based capital and minimum capital requirements , and payment of dividends and surplus debenture interest to us ; regulation of the sale , underwriting and pricing of products ; and health care regulation affecting health insurance products ; changes in the federal income tax laws and regulations which may affect or eliminate the relative tax advantages of some of our products or affect the value of our deferred tax assets ; availability and effectiveness of reinsurance arrangements , as well as the impact of any defaults or failure of reinsurers to perform ; the performance of third party service providers and potential difficulties arising from outsourcing arrangements ; the growth rate of sales , collected premiums , annuity deposits and assets ; interruption in telecommunication , information technology or other operational systems or failure to maintain the security , confidentiality or privacy of sensitive data on such systems ; events of terrorism , cyber attacks , natural disasters or other catastrophic events , including losses from a disease pandemic ; ineffectiveness of risk management policies and procedures in identifying , monitoring and managing risks ; and the risk factors or uncertainties listed from time to time in our filings with the sec . other factors and assumptions not identified above are also relevant to the forward-looking statements , and if they prove incorrect , could also cause actual results to differ materially from those projected . all written or oral forward-looking statements attributable to us are expressly qualified in their entirety by the foregoing cautionary statement . our forward-looking statements speak only as of the date made . we assume no obligation to update or to publicly announce the results of any revisions to any of the forward-looking statements to reflect actual results , future events or developments , changes in assumptions or changes in other factors affecting the forward-looking statements . the reporting of rbc measures is not intended for the purpose of ranking any insurance company or for use in connection with any marketing , advertising or promotional activities . 48 overview we are a holding company for a group of insurance companies operating throughout the united states that develop , market and administer health insurance , annuity , individual life insurance and other insurance products . we focus on serving the senior and middle-income markets , which we believe are attractive , underserved , high growth markets . we sell our products through three distribution channels : career agents , independent producers ( some of whom sell one or more of our product lines exclusively ) and direct marketing . we measure segment performance by excluding the loss related to reinsurance transaction , net realized investment gains ( losses ) , fair value changes in embedded derivative liabilities ( net of related amortization ) , fair value changes related to the agent deferred compensation plan , loss on extinguishment of debt , income taxes and other non-operating items consisting primarily of earnings attributable to vies ( `` pre-tax operating earnings `` ) because we believe that this performance measure is a better indicator of the ongoing business and trends in our business . our primary investment focus is on investment income to support our liabilities for insurance products as opposed to the generation of net realized investment gains ( losses ) , and a long-term focus is necessary to maintain profitability over the life of the business . the loss related to reinsurance transaction , net realized investment gains ( losses ) , fair value changes in embedded derivative liabilities ( net of related amortization ) , fair value changes related to the agent deferred compensation plan , loss on extinguishment of debt , and other non-operating items consisting primarily of earnings attributable to vies depend on market conditions or represent unusual items that do not necessarily relate to the underlying business of our segments . net realized investment gains ( losses ) and fair value changes in embedded derivative liabilities ( net of related amortization ) may affect future earnings levels since our underlying business is long-term in nature and changes in our investment portfolio may impact our ability to earn the assumed interest rates needed to maintain the profitability of our business . the company 's insurance segments are described below : bankers life , which underwrites , markets and distributes medicare supplement insurance , interest-sensitive life insurance , traditional life insurance , fixed annuities and long-term care insurance products to the middle-income senior market through a dedicated field force of career agents , financial and investment advisors , and sales managers supported by a network of community-based sales offices . the bankers life segment includes primarily the business of bankers life . story_separator_special_tag present value of future profits and deferred acquisition costs in conjunction with the implementation of fresh start accounting , we eliminated the historical balances of our predecessor 's deferred acquisition costs and the present value of future profits and replaced them with the present value of future profits as calculated on the effective date . the value assigned to the right to receive future cash flows from contracts existing at the effective date is referred to as the present value of future profits . the balance of this account is amortized , evaluated for recovery , and adjusted for the impact of unrealized gains ( losses ) in the same manner as the deferred acquisition costs described below . we expect to amortize the balance of the present value of future profits as of december 31 , 2019 as follows : 11 percent in 2020 , 9 percent in 2021 , 8 percent in 2022 , 7 percent in 2023 and 7 percent in 2024 . deferred acquisition costs represent incremental direct costs related to the successful acquisition of new or renewal insurance contracts . for interest-sensitive life or annuity products , we amortize these costs in relation to the estimated gross profits using the interest rate credited to the underlying policies . for other products , we generally amortize these costs in relation to future anticipated premium revenue using the projected investment earnings rate . insurance acquisition costs are amortized to expense over the lives of the underlying policies in relation to future anticipated premiums or gross profits . the insurance acquisition costs for policies other than interest-sensitive life and annuity products are amortized with interest ( using the projected investment earnings rate ) over the estimated premium-paying period of the policies , in a manner which recognizes amortization expense in proportion to each year 's premium income . the insurance acquisition costs for interest-sensitive life and annuity products are amortized with interest ( using the interest rate credited to the underlying policy ) in proportion to estimated gross profits . the interest , mortality , morbidity and persistency assumptions used to amortize insurance acquisition costs are consistent with those assumptions used to estimate liabilities for insurance products . for interest-sensitive life and annuity products , these assumptions are reviewed on a regular basis . when actual profits or our current best estimates of future profits are different from previous estimates , we adjust cumulative amortization of insurance acquisition costs to maintain amortization expense as a constant percentage of gross profits over the entire life of the policies . when we realize a gain or loss on investments backing our interest-sensitive life or annuity products , we adjust the amortization of insurance acquisition costs to reflect the change in estimated gross profits from the products due to the gain or loss realized and the effect on future investment yields . we increased ( decreased ) amortization expense for such changes by $ .6 million , $ ( .4 ) million and $ 1.0 million during the years ended december 31 , 2019 , 2018 and 2017 , respectively . we also adjust 55 insurance acquisition costs for the change in amortization that would have been recorded if fixed maturity securities , available for sale , had been sold at their stated aggregate fair value and the proceeds reinvested at current yields . such adjustments are commonly referred to as `` shadow adjustments `` and may include adjustments to : ( i ) deferred acquisition costs ; ( ii ) the present value of future profits ; ( iii ) loss recognition reserves ; and ( iv ) income taxes . we include the impact of this adjustment in accumulated other comprehensive income ( loss ) within shareholders ' equity . the total pre-tax impact of such adjustments on accumulated other comprehensive income was a decrease of $ 343.3 million at december 31 , 2019 ( including $ 135.5 million for premium deficiencies that would exist on certain blocks of business if unrealized gains on the assets backing such products had been realized and the proceeds from our sales of such assets were invested at then current yields ) . the total pre-tax impact of such adjustments on accumulated other comprehensive income at december 31 , 2018 was a decrease of $ 45.3 million ( including $ 2.5 million for premium deficiencies that would exist on certain blocks of business if unrealized gains on the assets backing such products had been realized and the proceeds from our sales of such assets were invested at then current yields ) . at december 31 , 2019 , the balance of insurance acquisition costs was $ 1.5 billion . the recoverability of this amount is dependent on the future profitability of the related business . each year , we evaluate the recoverability of the unamortized balance of insurance acquisition costs . these evaluations are performed to determine whether estimates of the present value of future cash flows , in combination with the related liability for insurance products , will support the unamortized balance . these future cash flows are based on our best estimate of future premium income , less benefits and expenses . the present value of these cash flows , plus the related balance of liabilities for insurance products , is then compared with the unamortized balance of insurance acquisition costs . in the event of a deficiency , such amount would be charged to amortization expense . if the deficiency exceeds the balance of insurance acquisition costs , a premium deficiency reserve is established for the excess . the determination of future cash flows involves significant judgment . revisions to the assumptions which determine such cash flows could have a significant adverse effect on our results of operations and financial position . the long-term care business in the long-term care in run-off segment is not expected to generate significant future profits . while we expect the long-term care business in

