OPERATING SEGMENTS The Company has several operating segments, each having a strategic focus. An operating segment is distinguished by products, channels of distribution, and/or other strategic distinctions. The Company periodically evaluates its operating segments and makes adjustments to its segment reporting as needed. A brief description of each segment follows.  The Life Marketing segment markets fixed universal life (UL), indexed universal life (IUL), variable universal life (VUL), bank-owned life insurance (BOLI), and level premium term insurance (traditional) products on a national basis primarily through networks of independent insurance agents and brokers, broker-dealers, financial institutions, independent marketing organizations, and affinity groups.  The Acquisitions segment focuses on acquiring, converting, and servicing policies and contracts acquired from other companies. The segments primary focus is on life insurance policies and annuity products that were sold to individuals. The level of the segments acquisition activity is predicated upon many factors, including available capital, operating capacity, potential return on capital, and market dynamics. Policies acquired through the Acquisitions segment are typically blocks of business where no new policies are being marketed. Therefore earnings and account values are expected to decline as the result of lapses, deaths, and other terminations of coverage unless new acquisitions are made.  The Annuities segment markets fixed and VA products. These products are primarily sold through broker-dealers, financial institutions, and independent agents and brokers.  The Stable Value Products segment sells fixed and floating rate funding agreements directly to the trustees of municipal bond proceeds, money market funds, bank trust departments, and other institutional investors. This segment also issues funding agreements to the FHLB, and markets guaranteed investment contracts (GICs) to 401(k) and other qualified retirement savings plans. The Company also has an unregistered funding agreement-backed notes program which provides for offers of notes to both domestic and international institutional investors.  The Asset Protection segment markets extended service contracts, guaranteed asset protection (GAP) products, credit life and disability insurance, and other specialized ancillary products to protect consumers investments in automobiles, recreational vehicles, watercraft, and powersports. GAP products are designed to cover the difference between the scheduled loan pay-off amount and an assets actual cash value in the case of a total loss. Each type of specialized ancillary product protects against damage or other loss to a particular aspect of the underlying asset.  The Corporate and Other segment primarily consists of net investment income on assets supporting our equity capital, unallocated corporate overhead and expenses not attributable to the segments above (including interest on corporate debt). This segment includes earnings from several non-strategic or runoff lines of business, various financing and investment related transactions, and the operations of several small subsidiaries. The Company's management and Board of Directors analyzes and assesses the operating performance of each segment using "pre-tax adjusted operating income (loss)" and "after-tax adjusted operating income (loss)". Consistent with GAAP accounting guidance for segment reporting, pre-tax adjusted operating income (loss) is the Company's measure of segment performance. Pre-tax adjusted operating income (loss) is calculated by adjusting "income (loss) before income tax," by excluding the following items:  realized gains and losses on investments and derivatives,  changes in the GLWB embedded derivatives exclusive of the portion attributable to the economic cost of the GLWB,  actual GLWB incurred claims, and  the amortization of deferred policy acquisition costs (DAC), value of business acquired (VOBA), and certain policy liabilities that is impacted by the exclusion of these items. The items excluded from adjusted operating income (loss) are important to understanding the overall results of operations. Pre-tax adjusted operating income (loss) and after-tax adjusted operating income (loss) are not substitutes for income before income taxes or net income (loss), respectively. These measures may not be comparable to similarly titled measures reported by other companies. The Company believes that pre-tax and after-tax adjusted operating income (loss) enhances managements and the Board of Directors understanding of the ongoing operations, the underlying profitability of each segment, and helps facilitate the allocation of resources. After-tax adjusted operating income (loss) is derived from pre-tax adjusted operating income (loss) with the inclusion of income tax expense or benefits associated with pre-tax adjusted operating income. Income tax expense or benefits is allocated to the items excluded from pre-tax adjusted operating income (loss) at the statutory federal income tax rate for the associated period. Income tax expense or benefits allocated to after-tax adjusted operating income (loss) can vary period to period based on changes in the Companys effective income tax rate. In determining the components of the pre-tax adjusted operating income (loss) for each segment, premiums and policy fees, other income, benefits and settlement expenses, and amortization of DAC and VOBA are attributed directly to each operating segment. Net investment income is allocated based on directly related assets required for transacting the business of that segment. Realized investment gains (losses) and other operating expenses are allocated to the segments in a manner that most appropriately reflects the operations of that segment. Investments and other assets are allocated based on statutory policy liabilities net of associated statutory policy assets, while DAC/VOBA and goodwill are shown in the segments to which they are attributable. There were no significant intersegment transactions during the three months ended March 31, 2019 and 2018 . The following tables present a summary of results and reconciles pre-tax adjusted operating income (loss) to consolidated income before income tax and net income: For The Three Months Ended March 31, 2019 2018 (Dollars In Thousands) Revenues Life Marketing $ 457,340 $ 434,916 Acquisitions 609,942 379,094 Annuities 139,217 150,713 Stable Value Products 59,579 53,868 Asset Protection 76,198 76,375 Corporate and Other 71,754 70,866 Total revenues $ 1,414,030 $ 1,165,832 Pre-tax Adjusted Operating Income (Loss) Life Marketing $ 1,234 $ (17,849 ) Acquisitions 74,912 55,520 Annuities 54,216 40,531 Stable Value Products 22,239 29,080 Asset Protection 9,743 6,218 Corporate and Other (19,674 ) (20,679 ) Pre-tax adjusted operating income 142,670 92,821 Realized (losses) gains on investments and derivatives 32,245 (1,023 ) Income before income tax 174,915 91,798 Income tax expense (36,631 ) (17,686 ) Net income $ 138,284 $ 74,112 Pre-tax adjusted operating income $ 142,670 $ 92,821 Adjusted operating income tax (expense) benefit (29,859 ) (18,044 ) After-tax adjusted operating income 112,811 74,777 Realized (losses) gains on investments and derivatives 32,245 (1,023 ) Income tax benefit (expense) on adjustments (6,772 ) 358 Net income $ 138,284 $ 74,112 Realized investment (losses) gains: Derivative financial instruments $ (119,671 ) $ 78,059 All other investments 129,590 (87,599 ) Net impairment losses recognized in earnings (3,142 ) (3,645 ) Less: related amortization (1) (4,361 ) 9,156 Less: VA GLWB economic cost (21,107 ) (21,318 ) Realized (losses) gains on investments and derivatives $ 32,245 $ (1,023 ) (1) Includes amortization of DAC/VOBA and benefits and settlement expenses that are impacted by realized gains (losses). Operating Segment Assets As of March 31, 2019 (Dollars In Thousands) Life Marketing Acquisitions Annuities Stable Value Products Investments and other assets $ 15,038,044 $ 31,805,017 $ 20,690,159 $ 5,401,470 DAC and VOBA 1,496,282 431,788 885,926 5,249 Other intangibles 258,010 32,776 153,452 7,222 Goodwill 215,254 23,862 343,247 113,924 Total assets $ 17,007,590 $ 32,293,443 $ 22,072,784 $ 5,527,865 Asset Protection Corporate and Other Total Consolidated Investments and other assets $ 1,025,637 $ 14,088,375 $ 88,048,702 DAC and VOBA 167,441  2,986,686 Other intangibles 120,046 30,097 601,603 Goodwill 129,224  825,511 Total assets $ 1,442,348 $ 14,118,472 $ 92,462,502 Operating Segment Assets As of December 31, 2018 (Dollars In Thousands) Life Marketing Acquisitions Annuities Stable Value Products Investments and other assets $ 14,575,702 $ 31,859,520 $ 20,199,597 $ 5,107,334 DAC and VOBA 1,499,386 458,977 889,697 6,121 Other intangibles 262,758 31,975 156,785 7,389 Goodwill 215,254 23,862 343,247 113,924 Total assets $ 16,553,100 $ 32,374,334 $ 21,589,326 $ 5,234,768 Asset Protection Corporate and Other Total Consolidated Investments and other assets $ 1,019,297 $ 12,715,208 $ 85,476,658 DAC and VOBA 168,973  3,023,154 Other intangibles 122,590 31,934 613,431 Goodwill 129,224  825,511 Total assets $ 1,440,084 $ 12,747,142 $ 89,938,754