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 achieve additional upgrades of 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 amount we may need to pay to a reinsurer and the earnings charge we may incur in connection with a long-term care reinsurance transaction ; 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 . 48 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 . 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 on reinsurance transaction , net realized investment gains ( losses ) , fair value changes in embedded derivative liabilities ( net of related amortization ) , fair value changes and amendment related to the agent deferred compensation plan , loss on extinguishment of debt , income taxes and other non-operating items consisting primarily of equity in earnings of certain non-strategic investments and 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 on reinsurance transaction , net realized investment gains ( losses ) , fair value changes in embedded derivative liabilities ( net of related amortization ) , fair value changes and amendment related to the agent deferred compensation plan , loss on extinguishment of debt and other non-operating items consisting primarily of equity in earnings of certain non-strategic investments and 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 . in the fourth quarter of 2016 , we began reporting the long-term care block recaptured from bre as further described in `` management 's discussion and analysis of consolidated financial condition and results of operations - consolidated financial condition - termination of long-term care reinsurance agreements and recapture of related long-term care business in run-off `` as an additional business segment . the company 's insurance segments are described below : bankers life , which 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 . story_separator_special_tag financial liabilities in this category include our insurance liabilities for interest-sensitive products , which includes embedded derivatives ( including embedded derivatives related to our fixed index annuity products and to a modified coinsurance arrangement ) since their values include significant unobservable inputs including actuarial assumptions . at each reporting date , we classify assets and liabilities into the three input levels based on the lowest level of input that is significant to the measurement of fair value for each asset and liability reported at fair value . this classification is impacted by a number of factors , including the type of financial instrument , whether the financial instrument is new to the market and not yet established , the characteristics specific to the transaction and overall market conditions . our assessment of the significance of a particular input to the fair value measurement and the ultimate classification of each asset and liability requires judgment and is subject to change from period to period based on the observability of the valuation inputs . below-investment grade corporate debt securities typically have different characteristics than investment grade corporate debt securities . based on historical performance , probability of default by the borrower is significantly greater for below-investment grade corporate debt securities and in many cases severity of loss is relatively greater as such securities are generally unsecured and often subordinated to other indebtedness of the issuer . also , issuers of below-investment grade corporate debt securities frequently have higher levels of debt relative to investment-grade issuers , hence , all other things being equal , are generally more sensitive to adverse economic conditions . the company attempts to reduce the overall risk related to its investment in below-investment grade securities , as in all investments , through careful credit analysis , strict investment policy guidelines , and diversification by issuer and or guarantor and by industry . our fixed maturity investments are generally purchased in the context of long-term strategies , including funding insurance liabilities , so we do not generally seek to generate short-term realized gains through the purchase and sale of such securities . in certain circumstances , including those in which securities are selling at prices which exceed our view of their underlying economic value , or when it is possible to reinvest the proceeds to better meet our long-term asset-liability objectives , we may sell certain securities . during 2017 , we sold $ 427.6 million of fixed maturity investments which resulted in gross investment losses ( before income taxes ) of $ 24.2 million . we actively manage the relationship between the duration and cash flows of our invested assets and the estimated duration and cash flows of benefit payments arising from contract liabilities . these efforts may cause us to sell investments before their maturity date and could result in the realization of net realized investment gains ( losses ) . when the estimated durations of assets and liabilities are similar , the effect of changes in market interest rates shall have largely offsetting effects on the value of the related assets and liabilities . in certain circumstances , a mismatch of the durations or related cash flows of invested assets and insurance liabilities could have a significant impact on our results of operations and financial position . for more information on our investment portfolio and our critical accounting policies related to investments , see the note to our consolidated financial statements entitled `` investments `` . 54 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 , 2017 as follows : 11 percent in 2018 , 10 percent in 2019 , 9 percent in 2020 , 7 percent in 2021 and 7 percent in 2022 . 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

interest expense on corporate debt has been primarily impacted by : ( i ) the debt refinancing transactions completed in may 2015 ; and ( ii ) the timing and amount of debt repayments in 2015 , along with the mix of interest rates on the related outstanding borrowings . such transactions are further discussed in the note to the consolidated financial statements entitled `` notes payable - direct corporate obligations '' . our average corporate debt outstanding was $ 925.0 million , $ 925.0 million and $ 888.6 million in 2017 , 2016 and 2015 , respectively . the average interest rate on our debt was 4.8 percent , 4.7 percent and 4.7 percent in 2017 , 2016 and 2015 , respectively . interest expense in periods subsequent to the debt refinancing transactions also reflects lower amortization of discount and issuance costs primarily due to the extended maturity profile of the debt incurred in our refinancing transactions . 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 ; ( iii ) income ( loss ) from 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 ; and ( iv ) other alternative strategies . 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 has been primarily impacted by : ( i ) the debt refinancing transactions completed in may 2015 ; and ( ii ) the timing and amount of debt repayments in 2015 , along with the mix of interest rates on the related outstanding borrowings . such transactions are further discussed in the note to the consolidated financial statements entitled `` notes payable - direct corporate obligations '' . our average corporate debt outstanding was $ 925.0 million , $ 925.0 million and $ 888.6 million in 2017 , 2016 and 2015 , respectively . the average interest rate on our debt was 4.8 percent , 4.7 percent and 4.7 percent in 2017 , 2016 and 2015 , respectively . interest expense in periods subsequent to the debt refinancing transactions also reflects lower amortization of discount and issuance costs primarily due to the extended maturity profile of the debt incurred in our refinancing transactions . 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 ; ( iii ) income ( loss ) from 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 ; and ( iv ) other alternative strategies . coli is utilized as an investment vehicle to fund bankers life 's agent deferred compensation plan .
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 Suspicious Activity Report : 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 achieve additional upgrades of 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 amount we may need to pay to a reinsurer and the earnings charge we may incur in connection with a long-term care reinsurance transaction ; 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 . 48 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 . 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 on reinsurance transaction , net realized investment gains ( losses ) , fair value changes in embedded derivative liabilities ( net of related amortization ) , fair value changes and amendment related to the agent deferred compensation plan , loss on extinguishment of debt , income taxes and other non-operating items consisting primarily of equity in earnings of certain non-strategic investments and 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 on reinsurance transaction , net realized investment gains ( losses ) , fair value changes in embedded derivative liabilities ( net of related amortization ) , fair value changes and amendment related to the agent deferred compensation plan , loss on extinguishment of debt and other non-operating items consisting primarily of equity in earnings of certain non-strategic investments and 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 . in the fourth quarter of 2016 , we began reporting the long-term care block recaptured from bre as further described in `` management 's discussion and analysis of consolidated financial condition and results of operations - consolidated financial condition - termination of long-term care reinsurance agreements and recapture of related long-term care business in run-off `` as an additional business segment . the company 's insurance segments are described below : bankers life , which 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 . story_separator_special_tag financial liabilities in this category include our insurance liabilities for interest-sensitive products , which includes embedded derivatives ( including embedded derivatives related to our fixed index annuity products and to a modified coinsurance arrangement ) since their values include significant unobservable inputs including actuarial assumptions . at each reporting date , we classify assets and liabilities into the three input levels based on the lowest level of input that is significant to the measurement of fair value for each asset and liability reported at fair value . this classification is impacted by a number of factors , including the type of financial instrument , whether the financial instrument is new to the market and not yet established , the characteristics specific to the transaction and overall market conditions . our assessment of the significance of a particular input to the fair value measurement and the ultimate classification of each asset and liability requires judgment and is subject to change from period to period based on the observability of the valuation inputs . below-investment grade corporate debt securities typically have different characteristics than investment grade corporate debt securities . based on historical performance , probability of default by the borrower is significantly greater for below-investment grade corporate debt securities and in many cases severity of loss is relatively greater as such securities are generally unsecured and often subordinated to other indebtedness of the issuer . also , issuers of below-investment grade corporate debt securities frequently have higher levels of debt relative to investment-grade issuers , hence , all other things being equal , are generally more sensitive to adverse economic conditions . the company attempts to reduce the overall risk related to its investment in below-investment grade securities , as in all investments , through careful credit analysis , strict investment policy guidelines , and diversification by issuer and or guarantor and by industry . our fixed maturity investments are generally purchased in the context of long-term strategies , including funding insurance liabilities , so we do not generally seek to generate short-term realized gains through the purchase and sale of such securities . in certain circumstances , including those in which securities are selling at prices which exceed our view of their underlying economic value , or when it is possible to reinvest the proceeds to better meet our long-term asset-liability objectives , we may sell certain securities . during 2017 , we sold $ 427.6 million of fixed maturity investments which resulted in gross investment losses ( before income taxes ) of $ 24.2 million . we actively manage the relationship between the duration and cash flows of our invested assets and the estimated duration and cash flows of benefit payments arising from contract liabilities . these efforts may cause us to sell investments before their maturity date and could result in the realization of net realized investment gains ( losses ) . when the estimated durations of assets and liabilities are similar , the effect of changes in market interest rates shall have largely offsetting effects on the value of the related assets and liabilities . in certain circumstances , a mismatch of the durations or related cash flows of invested assets and insurance liabilities could have a significant impact on our results of operations and financial position . for more information on our investment portfolio and our critical accounting policies related to investments , see the note to our consolidated financial statements entitled `` investments `` . 54 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 , 2017 as follows : 11 percent in 2018 , 10 percent in 2019 , 9 percent in 2020 , 7 percent in 2021 and 7 percent in 2022 . 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

