Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Components of Income Taxes

The following table discloses significant components of income taxes for each year presented:

	Year Ended December 31,
	2024		2023		2022
Income tax expense (benefit) from operations:
Current income tax expense (benefit)	$	218,135	$	145,880	$	138,968
Deferred income tax expense (benefit)	37,740		77,631		68,757
	255,875		223,511		207,725
Shareholders’ equity:
Other comprehensive income (loss)	197,427		4,762		384,035
	$	453,302	$	228,273	$	591,760

Schedule of Effective Income Tax Rate

The effective income tax rate differed from the expected U.S. federal statutory rate of 21% as shown below:

	Year Ended December 31,
	2024		%	2023		%	2022		%
Expected federal income tax expense (benefit)	$	278,594	21.0	$	250,796	21.0	$	231,443	21.0
Increase (reduction) in income taxes resulting from:
Low-income housing investments	(9,700)		(0.7)	(14,291)		(1.2)	(11,443)		(1.1)
Share-based awards	1,341		0.1	(4,724)		(0.4)	(5,251)		(0.5)
Tax-exempt investment income	(9,644)		(0.7)	(9,644)		(0.8)	(8,961)		(0.8)
Other tax credits	(5,000)		(0.4)	—		—	—		—
Other	284		—	1,374		0.1	1,937		0.2
Income tax expense (benefit)	$	255,875	19.3	$	223,511	18.7	$	207,725	18.8

Schedule of Significant Portions of Deferred Tax Assets and Deferred Tax Liabilities

The tax effects of temporary differences that gave rise to significant portions of the deferred tax assets and deferred tax liabilities are presented below:

	December 31,
	2024		2023
Deferred tax assets:
Unrealized losses	$	532,756	$	732,750
Carryover of tax losses	10,342		4,227
Total gross deferred tax assets	543,098		736,977
Less valuation allowance	(3,383)		—
Net deferred tax assets	539,715		736,977
Deferred tax liabilities:
Employee and agent compensation	104,385		100,689
Deferred acquisition costs	961,406		892,149
Future policy benefits, unearned and advance premiums, and policy claims	228,117		267,564
Other liabilities	24,432		17,466
Total gross deferred tax liabilities	1,318,340		1,277,868
Net deferred tax liability	$	778,625	$	540,891