Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

Income tax expense (benefit) consists of:

(In thousands)	Current Expense		Deferred (Benefit) Expense		Total
December 31, 2022
Domestic	$	295,849	$	(27,544)	$	268,305
Foreign	42,890		23,532		66,422
Total expense (benefit)	$	338,739	$	(4,012)	$	334,727
December 31, 2021
Domestic	$	239,090	$	2,752	$	241,842
Foreign	—		10,048		10,048
Total expense	$	239,090	$	12,800	$	251,890
December 31, 2020
Domestic	$	162,305	$	17	$	162,322
Foreign	23,375		(13,880)		9,495
Total expense (benefit)	$	185,680	$	(13,863)	$	171,817

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the income tax expense and the amounts computed by applying the Federal and foreign income tax rate of 21% for 2022, 2021 and 2020 to pre-tax income are as follows:

(In thousands)	2022		2021		2020
Computed “expected” tax expense	$	361,133	$	269,410	$	148,008
Tax-exempt investment income	(10,815)		(11,380)		(12,770)
Change in valuation allowance	(28,064)		2,974		46,238
Impact of foreign tax rates	(453)		(2,368)		6,753
State and local taxes	8,976		4,230		2,561
Other, net	3,950		(10,976)		(18,973)
Total expense	$	334,727	$	251,890	$	171,817

Schedule of Deferred Tax Assets and Liabilities

(In thousands)	2022		2021		2020
Computed “expected” tax expense	$	361,133	$	269,410	$	148,008
Tax-exempt investment income	(10,815)		(11,380)		(12,770)
Change in valuation allowance	(28,064)		2,974		46,238
Impact of foreign tax rates	(453)		(2,368)		6,753
State and local taxes	8,976		4,230		2,561
Other, net	3,950		(10,976)		(18,973)
Total expense	$	334,727	$	251,890	$	171,817

At December 31, 2022 and 2021, the tax effects of differences that give rise to significant portions of the deferred tax asset and deferred tax liability are as follows:

(In thousands)	2022		2021
Deferred tax asset:
Loss reserve discounting	$	192,181	$	162,636
Unearned premiums	180,326		163,143
Unrealized investment losses	228,456		—
Net operating losses & foreign tax credits	58,182		88,502
Other-than-temporary impairments	5,935		5,176
Employee compensation plans	63,313		61,301
Other	72,536		54,269
Gross deferred tax asset	800,929		535,027
Less valuation allowance	(47,166)		(75,230)
Deferred tax asset	753,763		459,797
Deferred tax liability:
Amortization of intangibles	13,973		12,787
Loss reserve discounting - transition rule	14,843		19,796
Deferred policy acquisition costs	157,055		137,893
Unrealized investment gains	—		36,850
Property, furniture and equipment	45,887		43,186
Investment funds	125,525		101,999
Other	67,479		67,331
Deferred tax liability	424,762		419,842
Net deferred tax asset	$	329,001	$	39,955