Income Taxes (Tables)

12 Months Ended

Dec. 31, 2013

Income Taxes

Components of the deferred income tax assets and liabilities

($ in millions)		2013		2012
Deferred assets
Sale of subsidiary	$	196	$	27
Difference in tax bases of investments		44		53
Other assets		6		1
Total deferred assets		246		81
Deferred liabilities
Unrealized net capital gains		(501)		(883)
DAC		(470)		(444)
Life and annuity reserves		(273)		(193)
Other liabilities		(94)		(85)
Total deferred liabilities		(1,338)		(1,605)
Net deferred liability before classification as held for sale		(1,092)		(1,524)
Deferred taxes classified as held for sale		(151)		--
Net deferred liability	$	(941)	$	(1,524)

Components of income tax expense

($ in millions)		2013		2012		2011
Current	$	71	$	(82)	$	29
Deferred		(52)		261		196
Total income tax expense	$	19	$	179	$	225

Reconciliation of the statutory federal income tax rate to the effective income tax rate on income from operations

	2013		2012		2011
Statutory federal income tax rate - (benefit) expense	(35.0)	%	35.0	%	35.0	%
Tax credits	(181.8)		(3.8)		(1.4)
Dividends received deduction	(46.1)		(1.4)		(1.2)
Adjustments to prior year tax liabilities	(14.1)		(0.3)		(0.2)
Sale of subsidiary	351.3		--		--
State income taxes	15.3		--		0.3
Non-deductible expenses	6.8		0.1		--
Other	0.1		--		--
Effective income tax rate - expense	96.5	%	29.6	%	32.5	%